0001734722-21-000023.txt : 20211210 0001734722-21-000023.hdr.sgml : 20211210 20211209184049 ACCESSION NUMBER: 0001734722-21-000023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 94 CONFORMED PERIOD OF REPORT: 20211031 FILED AS OF DATE: 20211210 DATE AS OF CHANGE: 20211209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UiPath, Inc. CENTRAL INDEX KEY: 0001734722 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 474333187 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-40348 FILM NUMBER: 211483174 BUSINESS ADDRESS: STREET 1: 452 FIFTH AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: (844) 432-0455 MAIL ADDRESS: STREET 1: 452 FIFTH AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 10-Q 1 path-20211031.htm 10-Q path-20211031
false00017347222022Q301-31http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrent00017347222021-02-012021-10-310001734722dei:FormerAddressMember2021-02-012021-10-310001734722us-gaap:CommonClassAMember2021-12-06xbrli:shares0001734722us-gaap:CommonClassBMember2021-12-0600017347222021-10-31iso4217:USD00017347222021-01-31iso4217:USDxbrli:shares0001734722us-gaap:CommonClassAMember2021-01-310001734722us-gaap:CommonClassAMember2021-10-310001734722us-gaap:CommonClassBMember2021-10-310001734722us-gaap:CommonClassBMember2021-01-310001734722us-gaap:LicenseMember2021-08-012021-10-310001734722us-gaap:LicenseMember2020-08-012020-10-310001734722us-gaap:LicenseMember2021-02-012021-10-310001734722us-gaap:LicenseMember2020-02-012020-10-310001734722path:SubscriptionServicesMember2021-08-012021-10-310001734722path:SubscriptionServicesMember2020-08-012020-10-310001734722path:SubscriptionServicesMember2021-02-012021-10-310001734722path:SubscriptionServicesMember2020-02-012020-10-310001734722path:ProfessionalServicesAndOtherMember2021-08-012021-10-310001734722path:ProfessionalServicesAndOtherMember2020-08-012020-10-310001734722path:ProfessionalServicesAndOtherMember2021-02-012021-10-310001734722path:ProfessionalServicesAndOtherMember2020-02-012020-10-3100017347222021-08-012021-10-3100017347222020-08-012020-10-3100017347222020-02-012020-10-310001734722us-gaap:ConvertiblePreferredStockMember2021-01-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-01-310001734722us-gaap:AdditionalPaidInCapitalMember2021-01-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-310001734722us-gaap:RetainedEarningsMember2021-01-310001734722us-gaap:ConvertiblePreferredStockMember2021-02-012021-04-300001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-02-012021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-02-012021-04-3000017347222021-02-012021-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-02-012021-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-02-012021-04-300001734722us-gaap:RetainedEarningsMember2021-02-012021-04-300001734722us-gaap:ConvertiblePreferredStockMember2021-04-300001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-300001734722us-gaap:RetainedEarningsMember2021-04-3000017347222021-04-300001734722us-gaap:AdditionalPaidInCapitalMember2021-05-012021-07-3100017347222021-05-012021-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-05-012021-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-012021-07-310001734722us-gaap:RetainedEarningsMember2021-05-012021-07-310001734722us-gaap:ConvertiblePreferredStockMember2021-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-07-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-07-310001734722us-gaap:AdditionalPaidInCapitalMember2021-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-310001734722us-gaap:RetainedEarningsMember2021-07-3100017347222021-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:AdditionalPaidInCapitalMember2021-08-012021-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-08-012021-10-310001734722us-gaap:RetainedEarningsMember2021-08-012021-10-310001734722us-gaap:ConvertiblePreferredStockMember2021-10-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-10-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-10-310001734722us-gaap:AdditionalPaidInCapitalMember2021-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-310001734722us-gaap:RetainedEarningsMember2021-10-310001734722us-gaap:ConvertiblePreferredStockMember2020-01-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-01-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-01-310001734722us-gaap:AdditionalPaidInCapitalMember2020-01-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-310001734722us-gaap:RetainedEarningsMember2020-01-3100017347222020-01-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-02-012020-04-300001734722us-gaap:AdditionalPaidInCapitalMember2020-02-012020-04-3000017347222020-02-012020-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-02-012020-04-300001734722us-gaap:RetainedEarningsMember2020-02-012020-04-300001734722us-gaap:ConvertiblePreferredStockMember2020-04-300001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-04-300001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-04-300001734722us-gaap:AdditionalPaidInCapitalMember2020-04-300001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-300001734722us-gaap:RetainedEarningsMember2020-04-3000017347222020-04-300001734722us-gaap:ConvertiblePreferredStockMember2020-05-012020-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-05-012020-07-310001734722us-gaap:AdditionalPaidInCapitalMember2020-05-012020-07-3100017347222020-05-012020-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-012020-07-310001734722us-gaap:RetainedEarningsMember2020-05-012020-07-310001734722us-gaap:ConvertiblePreferredStockMember2020-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-07-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-07-310001734722us-gaap:AdditionalPaidInCapitalMember2020-07-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-310001734722us-gaap:RetainedEarningsMember2020-07-3100017347222020-07-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-08-012020-10-310001734722us-gaap:AdditionalPaidInCapitalMember2020-08-012020-10-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-08-012020-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-012020-10-310001734722us-gaap:RetainedEarningsMember2020-08-012020-10-310001734722us-gaap:ConvertiblePreferredStockMember2020-10-310001734722us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-10-310001734722us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-10-310001734722us-gaap:AdditionalPaidInCapitalMember2020-10-310001734722us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-310001734722us-gaap:RetainedEarningsMember2020-10-3100017347222020-10-310001734722path:HybridSolutionsMember2021-10-31path:performance_obligationpath:country0001734722us-gaap:IPOMemberus-gaap:CommonClassAMember2021-04-232021-04-230001734722us-gaap:IPOMemberus-gaap:CommonClassAMember2021-04-230001734722us-gaap:OverAllotmentOptionMemberus-gaap:CommonClassAMember2021-04-232021-04-230001734722us-gaap:IPOMemberus-gaap:CommonClassAMember2021-04-212021-04-210001734722us-gaap:OtherNoncurrentAssetsMember2021-01-310001734722us-gaap:IPOMember2021-04-232021-04-230001734722us-gaap:ForeignExchangeForwardMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-10-310001734722path:AccruedExpensesAndOtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMember2021-01-310001734722us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-10-310001734722us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-01-310001734722us-gaap:ForeignExchangeForwardMember2021-08-012021-10-310001734722us-gaap:ForeignExchangeForwardMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberpath:CashCashEquivalentsAndRestrictedCashMemberpath:UnitedStatesEuropeanUnionEUCountriesAndJapanMember2021-02-012021-10-31xbrli:pure0001734722us-gaap:GeographicConcentrationRiskMemberpath:CashCashEquivalentsAndRestrictedCashMemberpath:UnitedStatesEuropeanUnionEUCountriesAndJapanMember2020-02-012021-01-310001734722srt:MinimumMember2021-02-012021-10-310001734722srt:MaximumMember2021-02-012021-10-31path:segment0001734722us-gaap:OtherNoncurrentAssetsMember2021-10-310001734722srt:AmericasMember2021-08-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMembersrt:AmericasMember2021-08-012021-10-310001734722srt:AmericasMember2020-08-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMembersrt:AmericasMember2020-08-012020-10-310001734722us-gaap:EMEAMember2021-08-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMember2021-08-012021-10-310001734722us-gaap:EMEAMember2020-08-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMember2020-08-012020-10-310001734722srt:AsiaPacificMember2021-08-012021-10-310001734722us-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMember2021-08-012021-10-310001734722srt:AsiaPacificMember2020-08-012020-10-310001734722us-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMember2020-08-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2021-08-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-08-012020-10-310001734722us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:RevenueFromContractWithCustomerMember2021-08-012021-10-310001734722us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:RevenueFromContractWithCustomerMember2020-08-012020-10-310001734722country:JPus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2021-08-012021-10-310001734722country:JPus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-08-012020-10-310001734722srt:AmericasMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMembersrt:AmericasMember2021-02-012021-10-310001734722srt:AmericasMember2020-02-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMembersrt:AmericasMember2020-02-012020-10-310001734722us-gaap:EMEAMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMember2021-02-012021-10-310001734722us-gaap:EMEAMember2020-02-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:EMEAMemberus-gaap:RevenueFromContractWithCustomerMember2020-02-012020-10-310001734722srt:AsiaPacificMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMember2021-02-012021-10-310001734722srt:AsiaPacificMember2020-02-012020-10-310001734722us-gaap:GeographicConcentrationRiskMembersrt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMember2020-02-012020-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-02-012020-10-310001734722us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:RevenueFromContractWithCustomerMember2021-02-012021-10-310001734722us-gaap:GeographicConcentrationRiskMembercountry:USus-gaap:RevenueFromContractWithCustomerMember2020-02-012020-10-310001734722country:JPus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2021-02-012021-10-310001734722country:JPus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-02-012020-10-310001734722us-gaap:BilledRevenuesMember2021-10-310001734722us-gaap:UnbilledRevenuesMember2021-10-3100017347222021-11-012021-10-310001734722us-gaap:CommercialPaperMember2021-10-310001734722us-gaap:CorporateBondSecuritiesMember2021-10-310001734722us-gaap:MunicipalBondsMember2021-10-310001734722us-gaap:CommercialPaperMember2021-01-310001734722us-gaap:CorporateBondSecuritiesMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-10-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-01-310001734722us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-01-310001734722path:CloudElementsIncMember2021-03-192021-03-190001734722path:CloudElementsIncMember2021-03-190001734722us-gaap:DevelopedTechnologyRightsMemberpath:CloudElementsIncMember2021-03-192021-03-190001734722path:CloudElementsIncMemberus-gaap:CustomerRelationshipsMember2021-03-192021-03-190001734722path:CloudElementsIncMemberus-gaap:TradeNamesMember2021-03-192021-03-190001734722path:CloudElementsIncMember2021-10-310001734722path:CloudElementsIncMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-02-012021-10-310001734722us-gaap:DevelopedTechnologyRightsMember2021-10-310001734722us-gaap:DevelopedTechnologyRightsMember2021-02-012021-10-310001734722us-gaap:CustomerRelationshipsMember2021-10-310001734722us-gaap:CustomerRelationshipsMember2021-02-012021-10-310001734722us-gaap:TrademarksAndTradeNamesMember2021-10-310001734722us-gaap:TrademarksAndTradeNamesMember2021-02-012021-10-310001734722us-gaap:OtherIntangibleAssetsMember2021-10-310001734722us-gaap:OtherIntangibleAssetsMember2021-02-012021-10-310001734722us-gaap:DevelopedTechnologyRightsMember2021-01-310001734722us-gaap:DevelopedTechnologyRightsMember2020-02-012021-01-310001734722us-gaap:CustomerRelationshipsMember2021-01-310001734722us-gaap:CustomerRelationshipsMember2020-02-012021-01-310001734722us-gaap:TrademarksAndTradeNamesMember2021-01-310001734722us-gaap:TrademarksAndTradeNamesMember2020-02-012021-01-310001734722srt:MinimumMember2021-10-310001734722srt:MaximumMember2021-10-310001734722srt:ScenarioForecastMember2023-03-012038-03-310001734722us-gaap:ComputerEquipmentMember2021-10-310001734722us-gaap:ComputerEquipmentMember2021-01-310001734722us-gaap:LeaseholdImprovementsMember2021-10-310001734722us-gaap:LeaseholdImprovementsMember2021-01-310001734722us-gaap:FurnitureAndFixturesMember2021-10-310001734722us-gaap:FurnitureAndFixturesMember2021-01-310001734722us-gaap:PropertyPlantAndEquipmentOtherTypesMember2021-10-310001734722us-gaap:PropertyPlantAndEquipmentOtherTypesMember2021-01-310001734722path:SeniorSecuredCreditFacilityMember2020-07-012020-07-310001734722path:SeniorSecuredCreditFacilityMember2020-07-310001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2020-10-300001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2021-01-310001734722path:HSBCVenturesUSAIncSiliconValleyBankSumitomoMitsuiBankingCorporationAndMizuhoBankLTDMemberpath:SeniorSecuredCreditFacilityMember2021-10-310001734722path:AccruedExpensesAndOtherCurrentLiabilitiesMember2021-10-310001734722path:AccruedExpensesAndOtherCurrentLiabilitiesMember2021-01-310001734722path:SeriesFConvertiblePreferredStockMember2021-02-280001734722path:SeriesFConvertiblePreferredStockMember2021-04-220001734722us-gaap:CommonClassAMember2021-04-222021-04-220001734722us-gaap:CommonClassAMember2021-04-300001734722us-gaap:CommonClassBMember2021-04-300001734722srt:MinimumMember2021-04-012021-04-300001734722srt:MaximumMember2021-04-012021-04-3000017347222021-04-012021-04-30path:vote0001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-01-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-02-012021-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-02-012021-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2021-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2020-01-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2020-02-012020-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-02-012020-10-310001734722us-gaap:AccumulatedTranslationAdjustmentMember2020-10-310001734722us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-10-310001734722path:TwoThousandFifteenStockPlanMember2018-06-300001734722path:TwoThousandEighteenStockPlanMember2021-04-300001734722path:TwoThousandTwentyOneStockPlanMemberus-gaap:CommonClassAMember2021-04-220001734722path:TwoThousandTwentyOneStockPlanMember2021-04-012021-04-220001734722path:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-04-220001734722path:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-04-012021-04-220001734722us-gaap:CommonClassAMemberpath:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-04-212021-04-210001734722srt:ScenarioForecastMemberus-gaap:CommonClassAMemberpath:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-12-202021-12-200001734722path:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-10-310001734722path:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-02-012021-10-3100017347222020-02-012021-01-310001734722us-gaap:EmployeeStockOptionMember2021-02-012021-10-310001734722us-gaap:EmployeeStockOptionMember2020-02-012020-10-310001734722us-gaap:EmployeeStockOptionMember2021-10-310001734722path:EarlyExercisedOptionsMember2021-10-310001734722path:EarlyExercisedOptionsMember2021-01-310001734722us-gaap:RestrictedStockUnitsRSUMember2021-01-310001734722us-gaap:RestrictedStockUnitsRSUMember2021-02-012021-10-310001734722us-gaap:RestrictedStockUnitsRSUMember2021-10-310001734722us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2021-10-310001734722us-gaap:RestrictedStockUnitsRSUMember2020-02-012020-10-310001734722us-gaap:RestrictedStockUnitsRSUMember2021-04-232021-04-230001734722us-gaap:RestrictedStockMember2020-09-012020-09-300001734722us-gaap:RestrictedStockMember2021-10-310001734722us-gaap:RestrictedStockMember2021-02-012021-10-310001734722us-gaap:CostOfSalesMember2021-08-012021-10-310001734722us-gaap:CostOfSalesMember2020-08-012020-10-310001734722us-gaap:CostOfSalesMember2021-02-012021-10-310001734722us-gaap:CostOfSalesMember2020-02-012020-10-310001734722us-gaap:SellingAndMarketingExpenseMember2021-08-012021-10-310001734722us-gaap:SellingAndMarketingExpenseMember2020-08-012020-10-310001734722us-gaap:SellingAndMarketingExpenseMember2021-02-012021-10-310001734722us-gaap:SellingAndMarketingExpenseMember2020-02-012020-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2021-08-012021-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2020-08-012020-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2021-02-012021-10-310001734722us-gaap:ResearchAndDevelopmentExpenseMember2020-02-012020-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2021-08-012021-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2020-08-012020-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2021-02-012021-10-310001734722us-gaap:GeneralAndAdministrativeExpenseMember2020-02-012020-10-310001734722country:JP2021-10-310001734722us-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:CommonClassBMember2021-08-012021-10-310001734722us-gaap:CommonClassAMember2020-08-012020-10-310001734722us-gaap:CommonClassBMember2020-08-012020-10-310001734722us-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:CommonClassBMember2021-02-012021-10-310001734722us-gaap:CommonClassAMember2020-02-012020-10-310001734722us-gaap:CommonClassBMember2020-02-012020-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassBMember2021-08-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2020-08-012020-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassBMember2020-08-012020-10-310001734722us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2020-08-012020-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2020-08-012020-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassBMember2021-08-012021-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2020-08-012020-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassBMember2020-08-012020-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassAMember2021-08-012021-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassBMember2021-08-012021-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassAMember2020-08-012020-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassBMember2020-08-012020-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-08-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2021-08-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2020-08-012020-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2020-08-012020-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassBMember2021-02-012021-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassAMember2020-02-012020-10-310001734722us-gaap:ConvertiblePreferredStockMemberus-gaap:CommonClassBMember2020-02-012020-10-310001734722us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2021-02-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2020-02-012020-10-310001734722us-gaap:CommonClassBMemberus-gaap:RestrictedStockUnitsRSUMember2020-02-012020-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassBMember2021-02-012021-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassAMember2020-02-012020-10-310001734722us-gaap:EmployeeStockOptionMemberus-gaap:CommonClassBMember2020-02-012020-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassAMember2021-02-012021-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassBMember2021-02-012021-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassAMember2020-02-012020-10-310001734722path:SharesSubjectToRepurchaseFromRestrictedStockAwardsAndEarlyExercisedStockOptionsMemberus-gaap:CommonClassBMember2020-02-012020-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-02-012021-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2021-02-012021-10-310001734722us-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2020-02-012020-10-310001734722us-gaap:CommonClassBMemberus-gaap:EmployeeStockMember2020-02-012020-10-310001734722us-gaap:CommonClassAMemberus-gaap:ImmediateFamilyMemberOfManagementOrPrincipalOwnerMember2021-03-012021-03-310001734722srt:ChiefExecutiveOfficerMember2021-08-012021-10-310001734722path:ExecutivesAndEmployeesMemberus-gaap:SubsequentEventMember2021-11-012021-11-300001734722path:ExecutivesAndEmployeesMemberus-gaap:SubsequentEventMembersrt:WeightedAverageMember2021-11-012021-11-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________
FORM 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 001-40348
___________________________________________
path-20211031_g1.jpg
UiPath, Inc.
(Exact Name of Registrant as Specified in its Charter)
___________________________________________
Delaware47-4333187
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
452 5th Avenue, 22nd Floor
New York, New York
10018
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (844) 432-0455
90 Park Avenue, 20th Floor
New York, New York
10016
(Former address)(Former Zip Code)
___________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value
$0.00001 per share
PATHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
As of December 6, 2021, the registrant had 442,775,415 shares of Class A common stock and 82,452,748 shares of Class B common stock, each with a par value of $0.00001 per share, outstanding.



Table of Contents
Page



SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about UiPath, Inc. and its consolidated subsidiaries (“UiPath,” the “Company,” “we,” “us,” or “our”) and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
our expectations regarding our annualized renewal run-rate, or ARR, revenue, expenses, and other operating results;
our ability to acquire new customers and successfully retain existing customers;
our ability to increase the number of users who access our platform and the number of automations built on our platform by our existing customers;
our ability to effectively manage our growth and achieve or maintain profitability;
future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
the costs and success of our marketing efforts and our ability to maintain and enhance our brand;
our growth strategies, including any further expansion into the top 25 countries as measured by gross domestic product;
the estimated addressable market opportunity for our platform and automation generally;
our reliance on key personnel and our ability to attract and retain highly-qualified personnel;
our ability to obtain, maintain, protect, and enforce our intellectual property rights and any costs associated therewith;
the effect of global events, such as the COVID-19 pandemic or other public health crises, on our business, industry, and the global economy;
our ability to compete effectively with existing competitors and new market entrants; and
the size and growth rates of the markets in which we compete.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe,” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive


inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
UiPath, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands except per share data
(unaudited)
As of
October 31,
2021
January 31, 2021
ASSETS
Current assets
Cash and cash equivalents$1,776,417 $357,690 
Restricted cash 7,000 
Marketable securities102,009 102,828 
Accounts receivable, net of allowance for doubtful accounts of $2,566 and $2,879, respectively
196,427 172,286 
Contract assets63,621 34,221 
Deferred contract acquisition costs24,077 10,653 
Prepaid expenses and other current assets44,668 49,752 
Total current assets2,207,219 734,430 
Restricted cash, non-current 6,500 
Marketable securities, non-current13,079  
Contract assets, non-current1,255 2,085 
Deferred contract acquisition costs, non-current77,849 32,553 
Property and equipment, net14,188 14,822 
Operating lease right-of-use assets50,895 17,260 
Intangible assets, net18,467 10,191 
Goodwill54,457 28,059 
Deferred tax asset, non-current6,846 8,118 
Other assets, non-current23,433 12,443 
Total assets$2,467,688 $866,461 
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable$23,942 $6,682 
Accrued expenses and other current liabilities82,439 36,660 
Accrued compensation and employee benefits107,788 110,736 
Deferred revenues253,120 211,078 
Total current liabilities467,289 365,156 
Deferred revenues, non-current58,869 61,325 
Operating lease liabilities, non-current51,164 14,152 
Other liabilities, non-current6,961 7,564 
Total liabilities584,283 448,197 
Commitments and contingencies (Note 11)
Convertible preferred stock, $0.00001 par value per share, 0 and 297,973 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 and 294,257 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively
 1,221,968 
Stockholders' equity (deficit)
Preferred stock, $0.00001 par value per share, 20,000 and 0 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 shares issued and outstanding as of October 31, 2021 and January 31, 2021
  
Class A common stock, $0.00001 par value per share, 2,000,000 and 581,000 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 442,357 and 75,177 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively
4 1 
Class B common stock, $0.00001 par value per share, 115,741 shares authorized as of October 31, 2021 and January 31, 2021; 82,453 and 110,653 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively
1 1 
Additional paid-in capital3,312,405 179,175 
Accumulated other comprehensive income (loss)3,831 (12,521)
Accumulated deficit(1,432,836)(970,360)
Total stockholders’ equity (deficit)1,883,405 (803,704)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)$2,467,688 $866,461 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

UiPath, Inc.
Condensed Consolidated Statements of Operations
Amounts in thousands except per share data
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
Revenue:
Licenses$111,608 $78,555 $307,371 $221,827 
Subscription services97,963 61,508 265,924 156,636 
Professional services and other11,245 7,226 29,259 21,305 
Total revenue220,816 147,289 602,554 399,768 
Cost of revenue:
Licenses2,626 1,720 7,514 4,773 
Subscription services15,659 6,092 42,076 17,136 
Professional services and other24,815 9,573 78,114 23,812 
Total cost of revenue43,100 17,385 127,704 45,721 
Gross profit177,716 129,904 474,850 354,047 
Operating expenses:
Sales and marketing172,906 99,512 522,925 280,774 
Research and development61,559 27,456 212,245 80,726 
General and administrative59,498 65,951 189,747 117,461 
Total operating expenses293,963 192,919 924,917 478,961 
Operating loss(116,247)(63,015)(450,067)(124,914)
Interest income899 144 2,606 751 
Other (expense) income, net(4,300)(6,303)(8,743)9,870 
Loss before income taxes(119,648)(69,174)(456,204)(114,293)
Provision for income taxes3,139 1,622 6,272 4,356 
Net loss$(122,787)$(70,796)$(462,476)$(118,649)
Net loss per share attributable to common stockholders, basic and diluted$(0.23)$(0.41)$(1.08)$(0.72)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted531,718 171,280 426,811 164,438 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

UiPath, Inc.
Condensed Consolidated Statements of Comprehensive Loss
Amounts in thousands
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
Net loss$(122,787)$(70,796)$(462,476)$(118,649)
Other comprehensive income (loss), net of tax:
Unrealized loss on available-for-sale marketable securities, net(81) (72) 
Foreign currency translation adjustments8,510 5,546 16,424 (10,083)
Other comprehensive income (loss), net8,429 5,546 16,352 (10,083)
Comprehensive loss$(114,358)$(65,250)$(446,124)$(128,732)
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

UiPath, Inc.
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Amounts in thousands
(unaudited)
Convertible Preferred
Stock
Common StockAdditional
Paid-in
Capital
Amount
Accumulated Other
Comprehensive Income (Loss)
Amount
Accumulated
Deficit
Amount
Total
Stockholders’
(Deficit) Equity
Amount
Class AClass B
SharesAmountSharesAmountSharesAmount
Balance as of January 31, 2021294,257 $1,221,968 75,177 $1 110,653 $1 $179,175 $(12,521)$(970,360)$(803,704)
Issuance of convertible preferred stock, net of issuance costs12,043 749,836 — — — — — — — — 
Conversion of convertible preferred stock to common stock upon initial public offering(306,300)(1,971,804)306,300 3 — — 1,971,801 — — 1,971,804 
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs— — 13,000 — — — 687,903 — — 687,903 
Conversion of shares of Class B common stock into shares of Class A common stock— — 28,200 — (28,200)— — — — — 
Shares issued as consideration for business acquisition— — 543 — — — 30,446 — — 30,446 
Issuance of common stock upon exercise of stock options— — 1,881 — — — 3,114 — — 3,114 
Vesting of early exercised stock options— — — — — — 1,646 — — 1,646 
Issuance of common stock upon settlement of restricted stock units— — 389 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (164)— — — (9,218)— — (9,218)
Stock-based compensation expense— — — — — — 252,986 — — 252,986 
Other comprehensive income, net of tax— — — — — — — 4,227 — 4,227 
Net loss— — — — — — — — (239,663)(239,663)
Balance as of April 30, 2021 $ 425,326 $4 82,453 $1 $3,117,853 $(8,294)$(1,210,023)$1,899,541 
Shares issued as consideration for business acquisition— — — — — — 21 — — 21 
Issuance of common stock upon exercise of stock options— — 2,993 — — — 3,537 — — 3,537 
Vesting of early exercised stock options— — — — — — 615 — — 615 
Issuance of common stock upon settlement of restricted stock units— — 2,492 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (18)— — — (1,175)— — (1,175)
Stock-based compensation expense— — — — — — 92,744 — — 92,744 
Other comprehensive income, net of tax— — — — — — — 3,696 — 3,696 
Net loss— — — — — — — — (100,026)(100,026)
Balance as of July 31, 2021 $ 430,793 $4 82,453 $1 $3,213,595 $(4,598)$(1,310,049)$1,898,953 
Issuance of common stock upon exercise of stock options— — 2,848 — — — 3,209 — — 3,209 
Vesting of early exercised stock options— — — — — — 462 — — 462 
Issuance of common stock upon settlement of restricted stock units— — 8,720 — — — — — — — 
Tax withholdings on settlement of restricted stock units— — (4)— — — (199)— — (199)
Stock-based compensation expense— — — — — — 95,338 — — 95,338 
Other comprehensive income, net of tax— — — — — — — 8,429 — 8,429 
Net loss— — — — — — — — (122,787)(122,787)
Balance as of October 31, 2021 $ 442,357 $4 82,453 $1 $3,312,405 $3,831 $(1,432,836)$1,883,405 


4



UiPath, Inc.
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Continued)
Amounts in thousands
(unaudited)
Convertible Preferred
Stock
Common StockAdditional
Paid-in
Capital
Amount
Accumulated Other
Comprehensive Income (Loss)
Amount
Accumulated
Deficit
Amount
Total
Stockholders
Deficit
Amount
Class AClass B
SharesAmountSharesAmountSharesAmount
Balance as of January 31, 2020282,108 $996,389 41,883 $ 115,741 $1 $72,229 $6,226 $(877,967)$(799,511)
Issuance of common stock upon exercise of stock options— — 2,166 — — — 536 — — 536 
Compensation expense related to secondary transactions— — — — — — 35 — — 35 
Stock-based compensation expense— — — — — — 8,166 — — 8,166 
Other comprehensive income, net of tax— — — — — — — 8,313 — 8,313 
Net loss— — — — — — — — (52,840)(52,840)
Balance as of April 30, 2020282,108 $996,389 44,049 $ 115,741 $1 $80,966 $14,539 $(930,807)$(835,301)
Issuance of convertible preferred stock, net of issuance costs12,149 225,579 — — — — — — — — 
Issuance of common stock upon exercise of stock options— — 7,600 1 — — 2,183 — — 2,184 
Stock-based compensation expense— — — — — — 8,829 — — 8,829 
Other comprehensive loss, net of tax— — — — — — — (23,942)— (23,942)
Net income— — — — — — — — 4,987 4,987 
Balance as of July 31, 2020294,257 $1,221,968 51,649 $1 115,741 $1 $91,978 $(9,403)$(925,820)$(843,243)
Issuance of common stock upon exercise of stock options— — 9,097 — — — 9,348 — — 9,348 
Vesting of early exercised stock options— — — — — — 1,544 — — 1,544 
Issuance of common stock upon vesting of restricted stock awards— — 3 — — — 121 — — 121 
Compensation expense related to secondary transactions— — 2,625 — (2,625)— — — — — 
Stock-based compensation expense— — — — — — 48,643 — — 48,643 
Other comprehensive income, net of tax— — — — — — — 5,546 — 5,546 
Net loss— — — — — — — — (70,796)(70,796)
Balance as of October 31, 2020294,257 $1,221,968 63,374 $1 113,116 $1 $151,634 $(3,857)$(996,616)$(848,837)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
Amounts in thousands
(unaudited)
Nine Months Ended October 31,
20212020
Cash flows from operating activities
Net loss$(462,476)$(118,649)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization10,697 9,383 
Amortization of deferred contract acquisition costs19,904 28,478 
Amortization of deferred loan cost199  
Net amortization of premium on marketable securities1,391  
Loss on fixed asset disposal772  
Stock-based compensation expense438,551 65,794 
Amortization of operating lease right-of-use assets6,013 5,522 
(Benefit from) provision for bad debt(194)1,382 
Provision for uncertain tax position822  
Deferred income taxes(357)68 
Changes in operating assets and liabilities:
Accounts receivable(27,028)(34,191)
Contract assets(29,994)(18,459)
Deferred contract acquisition costs(80,720)(28,885)
Prepaid expenses and other assets(2,295)208 
Accounts payable17,549 1,983 
Accrued expense and other liabilities17,756 8,009 
Accrued compensation and employee benefits(822)24,233 
Operating lease liabilities, net(5,261)(6,075)
Deferred revenue46,544 72,197 
Net cash (used in) provided by operating activities(48,949)10,998 
Cash flows from investing activities
Purchases of marketable securities(161,214) 
Sales of marketable securities89,383  
Maturities of marketable securities58,109  
Purchases of property and equipment(5,719)(989)
Capitalization of software development costs(2,950) 
Payment related to business acquisition, net of cash acquired(5,498)(19,690)
Purchases of intangible assets(1,231) 
Net cash used in investing activities(29,120)(20,679)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions692,369  
Payments of initial public offering costs(3,734) 
Proceeds from issuance of convertible preferred stock750,000 225,903 
Payments of issuance costs for convertible preferred stock(164)(324)
Proceeds from exercise of stock options9,687 19,837 
Payments of tax withholdings on net settlement of equity awards(10,300) 
Net receipts of tax withholdings on sell-to-cover equity award transactions20,418  
Proceeds from employee stock purchase plan contributions13,766  
Proceeds from credit facility 78,587 
Repayments of credit facility (78,587)
Payment of deferred loan costs related to senior secured credit facility (808)
Net cash provided by financing activities1,472,042 244,608 
Effect of exchange rate changes11,254 (8,402)
Net increase in cash, cash equivalents and restricted cash1,405,227 226,525 
Cash, cash equivalents and restricted cash - beginning of period371,190 234,131 
Cash, cash equivalents and restricted cash - end of period$1,776,417 $460,656 
Supplemental disclosure of cash flow information
Cash paid for interest$512 $1,510 
Cash paid for income taxes6,680 2,642 
Supplemental disclosure of non-cash investing and financing activities
Stock-based compensation capitalized for software development$4,487 $ 
Value of shares issued in payment of business acquisition30,467  
Reduction in accrued expenses and other liabilities for vesting of early exercised stock options2,723 1,544 
Tax withholdings on net settlement of restricted stock units, accrued and unpaid445  
The accompanying notes are an integral part of these consolidated financial statements.
6

UiPath, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1. Organization and Description of Business
Description of Business
UiPath, Inc. (the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in June 2015 and is headquartered in New York. We offer an end-to-end automation platform which provides a range of robotic process automation (“RPA”) solutions via a suite of interrelated software offerings, including:
UiPath Studio (“Studio”) – Studio is an easy to use, drag-and-drop development platform designed for RPA developers looking to build complex process automations with built-in governance capabilities. Studio features robust debugging tools, application programming interface (“API”) automation, wizards to automate desktop or web applications, the ability to leverage custom code, and a simple way to integrate machine learning models into production workflows.
UiPath Robots (“Robots”) – Robots emulate human behavior to execute the processes built in Studio. Robots can work unattended (without human supervision in any environment) or attended (with a human triggering the process).
UiPath Orchestrator (“Orchestrator”) – Orchestrator tracks and logs Robot activity, along with what people do in tandem, to maintain strict compliance and governance through dashboards and visualization tools. Orchestrator enables seamless integration with our marketplace, which is UiPath’s database of vetted, pre-built, and reusable automation activities and components, software, and third-party products, giving users the opportunity to leverage our global RPA community and deploy automations across cloud, on-premises, and hybrid environments.
We derive revenue primarily from the sale of: (1) software licenses for use of our proprietary software and related maintenance and support; (2) the right to access certain software products we host (i.e., software as a service, or "SaaS"); (3) hybrid solutions (which are comprised of three performance obligations, consisting of a term license, maintenance and support, and SaaS); and (4) professional services.
We have legal presence in 31 countries, with our principal operations in the United States, Romania, and Japan.
Initial Public Offering
On April 23, 2021, we completed our initial public offering (“IPO”), in which we issued and sold 13.0 million shares of our Class A common stock at a public offering price of $56.00 per share, including 3.6 million shares of Class A common stock pursuant to the exercise in full of the underwriters’ option to purchase additional shares. We received net proceeds of $692.4 million after deducting underwriting discounts and commissions of $35.6 million. In addition, the selling stockholders, named in our final prospectus that forms a part of the Registration Statement on Form S-1 (File No. 333-254738) for the IPO filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on April 21, 2021 (the “Final Prospectus”), sold an additional 14.5 million shares, for which we did not receive any proceeds. In connection with the IPO, all shares of convertible preferred stock then outstanding automatically converted into an aggregate of 306.3 million shares of Class A common stock.
As of January 31, 2021, $1.5 million of deferred offering costs, which consisted primarily of accounting, legal and other fees related to the IPO, were capitalized within other assets, non-current in the condensed consolidated balance sheets. Upon the consummation of the IPO, $4.5 million of deferred offering costs were reclassified into stockholders’ equity as an offset to IPO proceeds. Deferred offering costs were paid in full as of the end of the second quarter of fiscal 2022.
7

UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
2. Summary of Significant Accounting Policies
The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in the Final Prospectus. There have been no significant changes to these policies during the nine months ended October 31, 2021.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP may be condensed or omitted. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto for the fiscal year ended January 31, 2021, which are contained in the Final Prospectus.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial information. The unaudited condensed consolidated financial statements include the financial statements of UiPath, Inc. and its wholly owned subsidiaries in which we hold a controlling financial interest or of which we are the primary beneficiary. Intercompany transactions and accounts have been eliminated in consolidation.
During the third quarter of fiscal 2022, maintenance and support revenue was renamed subscription services revenue, and services and other revenue was renamed professional services and other revenue. The Company believes that the new captions better reflect the composition of the revenue streams included in these line items on the condensed consolidated statements of operations.
The results of operations for the three and nine months ended October 31, 2021 and 2020 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2022 or for any other future interim or annual period.
Fiscal Year
Our fiscal year ends on January 31. References to fiscal year 2022, for example, refer to the fiscal year ending January 31, 2022.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the balance sheet date and the amounts of revenue and expenses reported during the period. We evaluate estimates based on historical and anticipated results, trends, and various other assumptions. Such estimates include, but are not limited to, revenue recognition, estimated expected benefit period for deferred contract acquisition costs, allowance for doubtful accounts, fair value of financial assets and liabilities including accounting for and fair value of derivatives, fair value of acquired assets and assumed liabilities, useful lives of long-lived assets, capitalized software development costs, carrying value of operating lease right-of-use (“ROU”) assets, incremental borrowing rates for operating leases, amount of stock-based compensation expense including determination of fair value of common stock prior to the IPO, timing and amount of contingencies, and valuation allowance for deferred income taxes. Actual results could differ from these estimates and assumptions.
Foreign Currency
The functional currency of our non-U.S. subsidiaries is the local currency. Asset and liability balances denominated in non-U.S. dollar currencies are translated into U.S. dollars using period-end exchange rates, while revenue and expenses are translated using the average monthly exchange rates. Differences are included in stockholders’ equity (deficit) as a component of accumulated other comprehensive income (loss). Financial assets and liabilities denominated in currencies other than the functional currency are recorded at the exchange rate at the
8

UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
time of the transaction and subsequent gains and losses related to changes in the foreign currency are included in other (expense) income, net in the condensed consolidated statements of operations. For the three months ended October 31, 2021 and 2020, we recognized transaction losses of $6.5 million and $4.8 million, respectively. For the nine months ended October 31, 2021 and 2020, we recognized transaction losses of $11.7 million and transaction gains of $12.2 million, respectively.
Derivative Financial Instruments
Since fiscal year 2021, we use derivative financial instruments, such as foreign currency forward contracts, to manage foreign currency exposures. We account for our derivative financial instruments as either assets or liabilities and carry them at fair value. These foreign currency contracts are not designated and do not qualify as hedging instruments, as defined by Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging.
As of October 31, 2021 and January 31, 2021, derivative financial instruments with a fair value totaling $0.2 million and $(0.6) million, respectively, were recorded in prepaid expenses and other current assets, and accrued expenses and other current liabilities within the condensed consolidated balance sheets, respectively. We record changes in the fair value of these derivatives as a component of other (expense) income net, in the condensed consolidated statements of operations. The notional amount of foreign currency forward contracts outstanding was $123.0 million and $138.6 million as of October 31, 2021 and January 31, 2021, respectively. The net gain associated with foreign currency forward contracts was $3.1 million and $5.1 million for the three and nine months ended October 31, 2021, respectively. We did not have foreign currency forward contracts during the three and nine months ended October 31, 2020.
Concentration of Risks
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. We maintain our cash balance at financial institutions that management believes are high-credit, quality financial institutions, where our deposits, at times, exceed Federal Deposit Insurance Corporation (“FDIC”) limits. As of October 31, 2021 and January 31, 2021, 99% and 92%, respectively, of our cash, cash equivalents, and restricted cash were concentrated in the United States, European Union (“EU”) countries, and Japan.
We extend differing levels of credit to customers based on creditworthiness, do not require collateral deposits, and when necessary maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of creditworthiness and applying other credit risk monitoring procedures.
Significant customers are those that represent 10% or more of our total revenue for the period or accounts receivable at the balance sheet date. For the three and nine months ended October 31, 2021 and 2020, no single customer accounted for 10% or more of our total revenue. As of October 31, 2021 and January 31, 2021, no single customer accounted for 10% or more of our accounts receivable.
Revenue Recognition
In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when or as a customer obtains control of the promised goods and services. The amount of revenue recognized reflects the consideration to which we expect to be entitled in exchange for those goods or services. To achieve the core principle of ASC 606, we apply the following five steps:
1.Identification of the contract, or contracts, with the customer;
2.Identification of the performance obligations in the contract;
3.Determination of the transaction price;
4.Allocation of the transaction price to the performance obligations in the contract; and
5.Recognition of the revenue when, or as, a performance obligation is satisfied.
9

UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
Our significant performance obligations and our application of ASC 606 to each of those performance obligations are discussed in further detail below.
Licenses
We primarily sell term licenses (including the term license portion of hybrid offerings), which provide customers the right to use software for a specified period of time (i.e. on a subscription basis), and perpetual licenses, which provide customers the right to use software for an indefinite period of time. For both types of licenses, revenue is recognized at the point in time at which the customer is able to use and benefit from the software, which is generally upon delivery to the customer or upon commencement of the renewal term. For licenses revenue, we generally invoice when the license(s) are provided.
Subscription Services
We generate subscription services revenue through the provision of maintenance and support services, which include technical support and unspecified updates and upgrades on a when-and-if-available basis for both term and perpetual license arrangements. Maintenance and support for perpetual licenses is renewable, generally on an annual basis, at the option of the customer. Maintenance and support services represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangements. For maintenance and support, we generally invoice when the associated license(s) are provided and upon renewals. Subscription services also includes revenue from our SaaS products, including those sold as a component of our hybrid offerings, for which customers do not have the contractual right to take possession of the underlying software without significant penalty, or for which it is not feasible for the customer to run the software on their own hardware or contract with a third party to host the software. SaaS products are stand-ready obligations to provide access to our products, and the related revenue is recognized on a ratable basis over the contractual period of the arrangement, as control of the services is transferred to the customer. We generally invoice for our SaaS products when the customer is provided access and may begin using the SaaS products.
Professional Services and Other
Revenue from professional services and other consists of fees associated with professional services for process automation, customer education and training services. A substantial majority of our professional services contracts are recognized on a time and materials basis, and the related revenue is recognized as the services are rendered. For professional services, we invoice as the services are provided or in advance.
Material Rights
Contracts with customers may include material rights, which are also performance obligations. Material rights primarily arise when the contract gives the customer the right to renew or to receive products or services at a greater discount in the future. The revenue associated with material rights is recognized at the earlier of the time of exercise or expiration of the customer’s rights.
Contracts with Multiple Performance Obligations
Most contracts with customers contain multiple performance obligations. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price (“SSP”) basis. When possible, we determine our SSP by reference to observable prices of our products and services in standalone sales. When we do not have such observable prices, we maximize the use of observable inputs when estimating the SSP; such observable inputs include historical contract pricing and industry pricing data available to the public. Our SSP reflects the amount we would charge for each performance obligation if it were sold separately in a standalone sale to similar customers in similar circumstances.
Other Policies and Judgments
Payment terms and conditions vary by contract type, although terms generally require payment within 30 to 60 days of the invoice date. In certain arrangements, we receive payment from a customer either before or after the performance obligation has been satisfied; however, our contracts do not contain a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of
10

UiPath, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(unaudited)
purchasing our products and services, not to receive financing from our customers or to provide customers with financing. We apply the practical expedient in ASC 606 and do not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recorded net of sales tax. We generally do not offer a right of refund in our contracts.
Contract Balances
Contract assets consist of unbilled accounts receivable, which occur when a right to consideration for our performance under the customer contract occurs before invoicing the customer. Accounts receivable are recorded when the customer has been billed and the right to consideration is unconditional.
Contract liabilities consist of deferred revenue. Revenue is deferred when we invoice in advance of performance under a contract.
Deferred Contract Acquisition Costs