UiPath(PATH) - 2026 Q1 - Quarterly Report

Revenue and Growth - Revenue for the three months ended April 30, 2025, was $356.6 million, representing a 6$1,692.7 million, up 12% year-over-year, with 24% of this growth attributed to new customers[142][146]. - Total revenue for the three months ended April 30, 2025, was $356.6 million, an increase of$21.5 million or 6% compared to $335.1 million in the same period of 2024[167]. - Subscription services revenue increased by$32.2 million or 17%, reaching $217.3 million, while licenses revenue decreased by$11.8 million or 8% to $128.3 million[167]. - The company attributed 43$(16.4) million for the three months ended April 30, 2025, compared to $(49.5) million in the same period of 2024[166]. - Net loss for the period was$(22.6) million, an improvement from $(28.7) million in the prior year[166]. - Interest income decreased by$1.2 million, or 9%, to $12.6 million for the three months ended April 30, 2025, compared to$13.8 million in the same period of 2024[173]. - Provision for income taxes decreased by $1.0 million, or 25$2.8 million for the three months ended April 30, 2025, compared to $3.8 million in the same period of 2024[175]. Cash Flow and Liquidity - Cash flow from operations for the three months ended April 30, 2025, was$119.0 million, compared to $100.0 million for the same period in 2024[142]. - Cash and cash equivalents, restricted cash, and marketable securities totaled$1,591.9 million as of April 30, 2025, down from $1,724.1 million as of January 31, 2025[142]. - Net cash provided by operating activities was$119.0 million for the three months ended April 30, 2025, compared to $100.0 million in the same period of 2024[180]. - Net cash used in investing activities was$79.9 million for the three months ended April 30, 2025, driven by $153.4 million in purchases of marketable securities[184]. - Net cash used in financing activities was$235.2 million for the three months ended April 30, 2025, primarily due to $227.5 million in repurchases of Class A common stock[186]. - As of April 30, 2025, the company had cash, cash equivalents, and marketable securities totaling$1,591.5 million, with an accumulated deficit of $2,010.4 million[176]. Customer Metrics - The number of customers with ARR of$1 million or more increased to 316 as of April 30, 2025, from 288 in 2024[148]. - The dollar-based net retention rate was 108% as of April 30, 2025, down from 118% in 2024[148]. Expenses and Cost Management - Total cost of revenue rose by $8.5 million or 15$63.9 million, driven by a $8.2 million increase in professional services costs[168]. - Sales and marketing expenses decreased by$20.5 million or 11% to $159.7 million, representing 45$24.1 million, primarily due to higher third-party subcontractor costs[168]. - Research and development expenses are expected to increase in absolute dollars as the company invests in new technology and product enhancements[160]. - Research and development expenses increased by $9.2 million, or 11$94.8 million for the three months ended April 30, 2025, compared to $85.6 million in the same period of 2024[171]. - General and administrative expenses decreased by$8.8 million, or 14%, to $54.7 million for the three months ended April 30, 2025, compared to$63.5 million in the same period of 2024[172]. Strategic Initiatives - The Fiscal Year 2025 Workforce Restructuring is substantially completed, aimed at streamlining operations and focusing on AI and innovation[144]. - The company continues to monitor macroeconomic impacts, including foreign currency fluctuations and interest rate volatility, which may affect demand and profitability[139][141]. Foreign Currency Impact - Approximately 55% of the company's revenues and 39% of its expenses were denominated in non-U.S. dollar currencies, with net foreign currency transaction losses of $13.1 million recognized[196]. - Other expense, net increased by$26.6 million for the three months ended April 30, 2025, primarily due to a $15.9 million increase in losses from foreign currency transactions[174].