PATH 8-K

UiPath, Inc. (PATH)

8-K 2021-12-08 For: 2021-12-08

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Exhibit No.						Description
99.1						Press release of UiPath, Inc., dated December 8, 2021
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


UiPath, Inc.

By:						/s/ Brad Brubaker
						Chief Legal Officer and Corporate Secretary

Dated: December 8, 2021


UiPath, Inc.
Condensed Consolidated Statements of Operations
in thousands, except per share data
(unaudited)

	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
Revenue:
Licenses	$	111,608	$	78,555	$	307,371	$	221,827
Subscription services	97,963		61,508		265,924		156,636
Professional services and other	11,245		7,226		29,259		21,305
Total revenue	220,816		147,289		602,554		399,768
Cost of revenue:
Licenses	2,626		1,720		7,514		4,773
Subscription services	15,659		6,092		42,076		17,136
Professional services and other	24,815		9,573		78,114		23,812
Total cost of revenue	43,100		17,385		127,704		45,721
Gross profit	177,716		129,904		474,850		354,047
Operating expenses:
Sales and marketing	172,906		99,512		522,925		280,774
Research and development	61,559		27,456		212,245		80,726
General and administrative	59,498		65,951		189,747		117,461
Total operating expenses	293,963		192,919		924,917		478,961
Operating loss	(116,247)		(63,015)		(450,067)		(124,914)
Interest income	899		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 taxes	3,139		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 diluted	531,718		171,280		426,811		164,438


UiPath, Inc.
Condensed Consolidated Balance Sheets
in thousands
(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 securities	102,009		102,828
Accounts receivable, net of allowance for doubtful accounts of $2,566 and $2,879, respectively	196,427		172,286
Contract assets	63,621		34,221
Deferred contract acquisition costs	24,077		10,653
Prepaid expenses and other current assets	44,668		49,752
Total current assets	2,207,219		734,430
Restricted cash, non-current	—		6,500
Marketable securities, non-current	13,079		—
Contract assets, non-current	1,255		2,085
Deferred contract acquisition costs, non-current	77,849		32,553
Property and equipment, net	14,188		14,822
Operating lease right-of-use assets	50,895		17,260
Intangible assets, net	18,467		10,191
Goodwill	54,457		28,059
Deferred tax asset, non-current	6,846		8,118
Other assets, non-current	23,433		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 liabilities	82,439		36,660
Accrued compensation and employee benefits	107,788		110,736
Deferred revenues	253,120		211,078
Total current liabilities	467,289		365,156
Deferred revenues, non-current	58,869		61,325
Operating lease liabilities, non-current	51,164		14,152
Other liabilities, non-current	6,961		7,564
Total liabilities	584,283		448,197
Commitments and contingencies
Convertible preferred stock	—		1,221,968
Stockholders' equity (deficit)
Preferred stock	—		—
Class A common stock	4		1
Class B common stock	1		1
Additional paid-in capital	3,312,405		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


UiPath, Inc.
Condensed Consolidated Statements of Cash Flows
in thousands (unaudited)
	Nine Months Ended October 31,
	2021		2020
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 amortization	10,697		9,383
Amortization of deferred contract acquisition costs	19,904		28,478
Amortization of deferred loan cost	199		—
Net amortization of premium on marketable securities	1,391		—
Loss on fixed asset disposal	772		—
Stock-based compensation expense	438,551		65,794
Amortization of operating lease right-of-use assets	6,013		5,522
(Benefit from) provision for bad debt	(194)		1,382
Provision for uncertain tax position	822		—
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 payable	17,549		1,983
Accrued expense and other liabilities	17,756		8,009
Accrued compensation and employee benefits	(822)		24,233
Operating lease liabilities, net	(5,261)		(6,075)
Deferred revenue	46,544		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 securities	89,383		—
Maturities of marketable securities	58,109		—
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 commissions	692,369		—
Payments of initial public offering costs	(3,734)		—
Proceeds from issuance of convertible preferred stock	750,000		225,903
Payments of issuance costs for convertible preferred stock	(164)		(324)
Proceeds from exercise of stock options	9,687		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 transactions	20,418		—
Proceeds from employee stock purchase plan contributions	13,766		—
Proceeds from credit facility	—		78,587
Repayment of credit facility	—		(78,587)
Payment of deferred loan costs related to senior secured credit facility	—		(808)
Net cash provided by financing activities	1,472,042		244,608
Effect of exchange rates	11,254		(8,402)
Net increase in cash, cash equivalents, and restricted stock	1,405,227		226,525
Cash, cash equivalents and restricted cash - beginning of period	371,190		234,131
Cash, cash equivalents and restricted cash - end of period	$	1,776,417	$	460,656


UiPath, Inc.
Reconciliation of GAAP Cost of Revenue, Gross Profit and Margin to Non-GAAP Cost of Revenue, Gross Profit and Margin
in thousands, except percentages
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2021			2020			2021			2020
Licenses
GAAP cost of licenses	$	2,626		$	1,720		$	7,514		$	4,773
Less: Stock-based compensation expense	—			—			—			—
Less: Amortization of acquired intangible assets	628			634			1,910			1,837
Less: Employer payroll tax expense related to employee equity transactions	—			—			—			—
Non-GAAP cost of licenses	$	1,998		$	1,086		$	5,604		$	2,936

Subscription services
GAAP cost of subscription services	$	15,659		$	6,092		$	42,076		$	17,136
Less: Stock-based compensation expense	2,045			133			9,916			359
Less: Amortization of acquired intangible assets	330			—			770			—
Less: Employer payroll tax expense related to employee equity transactions	701			—			887			—
Non-GAAP cost of subscription services	$	12,583		$	5,959		$	30,503		$	16,777

Professional services and other
GAAP cost of professional services and other	$	24,815		$	9,573		$	78,114		$	23,812
Less: Stock-based compensation expense	4,305			532			27,140			1,329
Less: Amortization of acquired intangible assets	—			—			—			—
Less: Employer payroll tax expense related to employee equity transactions	2,527			—			3,606			—
Non-GAAP cost of professional services and other	$	17,983		$	9,041		$	47,368		$	22,483

Gross Profit and Margin
GAAP gross profit	$	177,716		$	129,904		$	474,850		$	354,047
GAAP gross margin	80		%	88		%	79		%	89		%
Plus: Stock-based compensation expense	6,350			665			37,056			1,688
Plus: Amortization of acquired intangible assets	958			634			2,680			1,837
Plus: Employer payroll tax expense related to employee equity transactions	3,228			—			4,493			—
Non-GAAP gross profit	$	188,252		$	131,203		$	519,079		$	357,572
Non-GAAP gross margin	85		%	89		%	86		%	89		%


UiPath, Inc.
Reconciliation of GAAP Operating Expenses, Loss, and Margin to Non-GAAP Operating Expenses, Income (Loss) and Margin
in thousands, except percentages
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2021			2020			2021			2020
Sales and Marketing
GAAP sales and marketing	$	172,906		$	99,512		522,925			280,774
Less: Stock-based compensation expense	41,823			5,116			202,122			10,744
Less: Amortization of acquired intangible assets	405			35			993			88
Less: Employer payroll tax expense related to employee equity transactions	23,839			—			32,518			—
Non-GAAP sales and marketing	$	106,839		$	94,361		$	287,292		$	269,942

Research and Development
GAAP research and development	$	61,559		$	27,456		$	212,245		$	80,726
Less: Stock-based compensation expense	24,866			3,169			114,460			7,796
Less: Amortization of acquired intangible assets	—			—			—			—
Less: Employer payroll tax expense related to employee equity transactions	1,312			—			1,637			—
Non-GAAP research and development	$	35,381		$	24,287		$	96,148		$	72,930

General and Administrative
GAAP general and administrative	$	59,498		$	65,951		$	189,747		$	117,461
Less: Stock-based compensation expense	22,064			39,814			84,913			45,566
Less: Amortization of acquired intangible assets	44			—			44			—
Less: Employer payroll tax expense related to employee equity transactions	455			—			1,045			—
Non-GAAP general and administrative	$	36,935		$	26,137		$	103,745		$	71,895

Operating Loss
GAAP operating loss	$	(116,247)		$	(63,015)		$	(450,067)		$	(124,914)
GAAP operating margin	(53)		%	(43)		%	(75)		%	(31)		%
Plus: Stock-based compensation expense	95,103			48,764			438,551			65,794
Plus: Amortization of acquired intangible assets	1,407			669			3,717			1,925
Plus: Employer payroll tax expense related to employee equity transactions	28,834			—			39,693			—
Non-GAAP operating income (loss)	$	9,097		$	(13,582)		$	31,894		$	(57,195)
Non-GAAP operating margin	4		%	(9)		%	5		%	(14)		%


UiPath, Inc.
Reconciliation of GAAP Net Loss and GAAP Net Loss Per Share to Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share
in thousands, except per share data
(unaudited)

	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
GAAP net loss	$	(122,787)	$	(70,796)	$	(462,476)	$	(118,649)

Plus: Stock-based compensation expense	95,103		48,764		438,551		65,794
Plus: Amortization of acquired intangible assets	1,407		669		3,717		1,925
Plus: Employer payroll tax expense related to employee equity transactions	28,834		—		39,693		—
Tax adjustments to add-backs (1)	(462)		—		(1,545)		—
Non-GAAP net income (loss)	$	2,095	$	(21,363)	$	17,940	$	(50,930)

GAAP net loss per share, basic and diluted	$	(0.23)	$	(0.41)	$	(1.08)	$	(0.72)
GAAP weighted average common shares outstanding, basic and diluted	531,718		171,280		426,811		164,438
Plus: Unweighted adjustment for conversion of preferred to common stock in connection with IPO	—		306,300		90,880		306,300
Plus: Unweighted adjustment for common stock issued in connection with IPO	—		13,000		3,857		13,000
Non-GAAP weighted average common shares outstanding, basic	531,718		490,580		521,548		483,738
Plus: Dilutive potential common shares from outstanding equity awards	28,192		—		37,806		—
Non-GAAP weighted average common shares outstanding, diluted	559,910		490,580		559,354		483,738
Non-GAAP net income (loss) per share, basic	$	0.00	$	(0.04)	$	0.03	$	(0.11)
Non-GAAP net income (loss) per share, diluted	$	0.00	$	(0.04)	$	0.03	$	(0.11)
(1) Estimated using blended annual effective tax rate and net operating losses available to offset.


UiPath, Inc.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
in thousands
(unaudited)

	Nine Months Ended October 31,
	2021		2020
GAAP net cash (used in) provided by operating activities	$	(48,949)	$	10,998
Purchases of property and equipment	(5,719)		(989)
Capitalization of software development costs	(2,950)		—
Cash paid for employer payroll taxes related to employee equity transactions	34,623		—
Net receipts of employee tax withholdings on stock option exercises	(8,272)		—
Non-GAAP adjusted free cash flow	$	(31,267)	$	10,009