UiPath Inc (PATH) 2021 Q3 法說會逐字稿

Greetings. Welcome to the UiPath Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

你好。歡迎參加 UiPath 2022 年第三季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Kelsey Turcotte, SVP of Investor Relations. Thank you. You may begin.

我現在將會議轉交給您的主持人，投資者關係高級副總裁 Kelsey Turcotte。謝謝你。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's third quarter fiscal 2022 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, UiPath's Co-Founder and Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. We will open with prepared remarks followed by a Q&A session.

下午好，感謝您今天加入我們，回顧 UiPath 的 2022 財年第三季度財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。與我通話的是 UiPath 的聯合創始人兼首席執行官 Daniel Dines；和首席財務官 Ashim Gupta。我們將以準備好的評論開始，然後是問答環節。

Our earnings press release and financial supplemental are posted on the UiPath Investor Relations website, ir.uipath.com. These materials include reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. GAAP. We will be discussing non-GAAP metrics on today's call. The non-GAAP financial measures provided should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter fiscal year 2022 performance in addition to the impact these items and events have on the financial results.

我們的收益新聞稿和財務補充發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括非公認會計原則財務指標與根據美國公認會計原則計算的最直接可比財務指標的對賬。我們將在今天的電話會議上討論非 GAAP 指標。所提供的非公認會計原則財務指標不應被視為替代或優於根據美國公認會計原則編制的財務業績指標。除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司 2022 財年第三季度的業績。

This afternoon's call includes forward-looking statements about future events, including statements regarding our financial guidance for the fourth fiscal quarter and fiscal year-end 2022, our expectations regarding seasonality, our strategic plans or objectives, the estimated addressable market opportunity for our platform and our position in the market, future growth opportunities, the success of our platform and new platform releases, the success of our investments in our partnerships, the success of our collaborations with third parties, the ability of our platform to deliver our customers a return on investment and our customers' behaviors and potential automation spend.

今天下午的電話會議包括關於未來事件的前瞻性陳述，包括關於我們對第四財季和 2022 財年末的財務指導、我們對季節性的預期、我們的戰略計劃或目標、我們平台的估計潛在市場機會和我們在市場中的地位、未來的增長機會、我們平台和新平台發布的成功、我們對合作夥伴關係的投資成功、我們與第三方合作的成功、我們平台為客戶提供回報的能力投資以及我們客戶的行為和潛在的自動化支出。

Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements. For a discussion of the material risks and uncertainties that could affect our actual results, please refer to the earnings release and other reports filed with the SEC. Forward-looking statements made on this call reflect our views as of today. We undertake no obligation to update them.

由於許多因素，實際結果可能與前瞻性陳述中表達的結果存在重大差異，因此，投資者不應過分依賴這些陳述。有關可能影響我們實際業績的重大風險和不確定性的討論，請參閱提交給 SEC 的收益發布和其他報告。在本次電話會議上發表的前瞻性陳述反映了我們截至今天的觀點。我們不承擔更新它們的義務。

Before I turn the call over to Daniel, I would like to highlight that this webcast is being accompanied by slides. We will post the slides and a copy of our prepared remarks to our Investor Relations website immediately following the conclusion of this call.

在我把電話轉給 Daniel 之前，我想強調一下，這個網絡廣播伴隨著幻燈片。我們將在本次電話會議結束後立即將幻燈片和我們準備好的評論副本發佈到我們的投資者關係網站。

Now I would like to hand the call over to Daniel.

現在我想把電話交給丹尼爾。

Thank you, Kelsey, and good afternoon, everyone. We continued to have very good momentum in our third quarter as ARR increased 58% year-over-year to $818 million driven by net new ARR of $92 million. Our continued growth at scale is fueled by our market-leading end-to-end automation platform. Automation fundamentally changes how employees experience work and businesses interact with customers and partners.

謝謝你，凱爾西，大家下午好。我們在第三季度繼續保持良好的勢頭，在淨新 ARR 為 9200 萬美元的推動下，ARR 同比增長 58% 至 8.18 億美元。我們市場領先的端到端自動化平台推動了我們的持續規模增長。自動化從根本上改變了員工體驗工作以及企業與客戶和合作夥伴互動的方式。

I continue to hear from customers that UiPath's automation platform is one of the most important technologies in their digital transformation road map, driving operational efficiencies, generating revenue and creating significant competitive advantages. As Forrester put it in their Predictions 2022: Automation report, automation is emerging out of the back office to become a potent enabler of new business and operating models. Companies with advanced automation programs will obliterate, not merely beat, the competition. Automation also presents a truly strategic solution for the kind of challenges presented by secular trends like the global labor shortage and supply chain constraints.

我不斷從客戶那裡聽到，UiPath 的自動化平台是其數字化轉型路線圖中最重要的技術之一，可提高運營效率、創造收入並創造顯著的競爭優勢。正如 Forrester 在其《2022 年預測：自動化》報告中所說，自動化正在從後台出現，成為新業務和運營模式的有力推動者。擁有先進自動化程序的公司將消滅競爭對手，而不僅僅是擊敗競爭對手。自動化還為全球勞動力短缺和供應鏈限制等長期趨勢帶來的挑戰提供了真正的戰略解決方案。

For example, Hana Bank, 1 of the top 3 banks in South Korea, had a twin goal of reducing menial tasks done by employees and preparing for future labor shortages. They started by automating tasks, which yielded not only cost reduction but more efficient HR management, then moved to cross-bank mega processes and have recently entered their fourth phase of deployment. All in, Hana Bank has applied automation to 80 processes and estimate saving of around 1.5 million hours per year.

例如，韓國三大銀行之一的韓亞銀行有一個雙重目標，即減少員工做的瑣碎工作，並為未來的勞動力短缺做準備。他們從任務自動化開始，不僅降低了成本，還提高了人力資源管理效率，然後轉向跨銀行的大型流程，最近進入了第四階段的部署。總而言之，韓亞銀行已將自動化應用於 80 個流程，估計每年可節省約 150 萬小時。

Now turning to the quarter, I am pleased with our results, which reflect our constant focus on customer success. At the end of the third quarter, we had more than 9,630 customers, including new logos like Chegg Inc., Dr. Oetker, Colgate University, Loblaw Companies and Aspen Medical. On the expansion side, we now have 1,363 customers that accounted for at least $100,000 in ARR, up 52% from 899 in the prior year. This includes 135 customers at $1 million-plus in ARR, up 82% from 74 in the prior year.

現在轉向本季度，我對我們的結果感到滿意，這反映了我們對客戶成功的持續關注。在第三季度末，我們擁有超過 9,630 名客戶，其中包括 Chegg Inc.、Dr. Oetker、Colgate University、Loblaw Companies 和 Aspen Medical 等新標識。在擴張方面，我們現在有 1,363 名客戶，其 ARR 至少為 100,000 美元，比去年的 899 名增長了 52%。其中包括 135 名 ARR 超過 100 萬美元的客戶，比去年的 74 名增長了 82%。

The Saudi Ministry of Tourism is a great expansion story, which highlights how relevant automation is across verticals. They began their smart automation in 2020 to expedite integration and reporting on their enterprise systems platforms. In less than 1 year, using both attended and unattended robots, they reduced the time needed to collect, process and analyze data by 95% from 30 minutes per record to 40 seconds.

沙特旅遊部是一個偉大的擴張故事，它突出了相關自動化在垂直領域的重要性。他們在 2020 年開始了智能自動化，以加快在其企業系統平台上的集成和報告。在不到 1 年的時間裡，他們同時使用有人值守和無人值守的機器人，將收集、處理和分析數據所需的時間從每條記錄 30 分鐘減少到 40 秒，減少了 95%。

While NRG, an energy provider in the U.S. and Canada, drives home our competitive positioning. NRG has deployed over 100 automations and achieved millions in annual savings, having expanded across finance, HR, IT, customer operations and their contact center. They recently acquired Direct Energy and are in the process of migrating Direct Energy's automation program from a competitor to UiPath, increasing their automation count by 50% in a matter of months.

而美國和加拿大的能源供應商 NRG 推動了我們的競爭定位。 NRG 已經部署了 100 多個自動化系統，每年節省數百萬美元，並已擴展到財務、人力資源、IT、客戶運營及其聯絡中心。他們最近收購了 Direct Energy，並正在將 Direct Energy 的自動化程序從競爭對手遷移到 UiPath，從而在幾個月內將其自動化數量增加了 50%。

Customer stories like these are inspiring. And it was great to gather approximately 2,000 automation practitioners at FORWARD IV, our first in-person user conference in 2 years. FORWARD strengthened relationships and resulted in new business as well as pipeline expansion. It was clear from the interaction on our show floor and attendance in breakout sessions led by practitioners including Amazon, Chevron, Spotify and Palo Alto Networks that customers are enthusiastic about the power of automation and our newest platform release.

像這樣的客戶故事是鼓舞人心的。很高興在 FORWARD IV 上聚集了大約 2,000 名自動化從業者，這是我們兩年來的第一次面對面的用戶會議。 FORWARD 加強了關係，並帶來了新業務和管道擴展。從我們展廳的互動和由亞馬遜、雪佛龍、Spotify 和 Palo Alto Networks 等從業者領導的分組會議的出席情況可以清楚地看出，客戶對自動化的力量和我們最新的平台發布充滿熱情。

2021.10 again expands our UI, API and AI capabilities and extends our competitive moat with the addition of more than 100 features and enhancements across every stage of the automation life cycle. Updates to our new platform capabilities like 21.10 are first released in the cloud. That gives our cloud customers the benefit of a continuous 2-week release cadence and us a continuous feedback cycle, which results in high-quality semi-annual releases to our entire customer base. We have great excitement around our cloud offerings, particularly with the release of 21.10. Over half of our new customers chose cloud as part of their first purchase in the third quarter, and we now have more than 3,250 cloud customers.

2021.10 再次擴展了我們的 UI、API 和 AI 功能，並通過在自動化生命週期的每個階段添加了 100 多項功能和增強功能來擴展我們的競爭護城河。對我們新平台功能（如 21.10）的更新首先在雲中發布。這使我們的雲客戶受益於連續 2 週的發布節奏和連續的反饋週期，從而為我們的整個客戶群帶來了高質量的半年度發布。我們對我們的雲產品感到非常興奮，特別是隨著 21.10 的發布。我們超過一半的新客戶在第三季度首次購買時選擇了雲，我們現在擁有超過 3,250 家云客戶。

Toll Group, a leader in logistics, transport and supply chain in Australia is a great customer success story. They are leveraging our automation cloud for both attended and unattended robots as well as Document Understanding, AI Center and Test Suite. To date, their rapidly growing automation program has freed up 170,000 hours, and they are on track for savings of $1.6 million annually.

拓領集團是澳大利亞物流、運輸和供應鏈的領導者，是一個偉大的客戶成功案例。他們正在為有人值守和無人值守的機器人以及文檔理解、人工智能中心和測試套件利用我們的自動化雲。迄今為止，他們快速發展的自動化程序已經釋放了 170,000 小時，而且他們有望每年節省 160 萬美元。

To continue to offer our customers adoption optionality, we launched Automation Suite with 21.10. Automation Suite enables our customers to leverage the power of the full UiPath platform with the benefit of a cloud-native architecture however they choose: on-prem, public cloud or third-party hosted with a single install on Linux. 21.10 also included the introduction of Linux-based software robots, a capability that is required to be a truly cloud-native company. This allows our customers to achieve scalability and auto scalability in a cost-effective manner.

為了繼續為我們的客戶提供採用選擇性，我們在 21.10 中推出了自動化套件。 Automation Suite 使我們的客戶能夠利用完整的 UiPath 平台的強大功能以及雲原生架構的優勢，但他們可以選擇：在 Linux 上進行一次安裝的本地、公共雲或第三方託管。 21.10 還引入了基於 Linux 的軟件機器人，這是成為真正的雲原生公司所必需的能力。這使我們的客戶能夠以具有成本效益的方式實現可擴展性和自動可擴展性。

Our focus on innovation continues to strengthen our lead in the automation market and has also won us recognition by some of the foremost industry analysts in our space. First, we are very pleased to have been named a leader in the inaugural IDC MarketScape Worldwide Robotic Process Automation Software 2021 to 2022 Vendor Assessment, which positions UiPath as the leader for overall technical capabilities and the strong capitalization structure for extending our end-to-end automation platform.

我們對創新的關注繼續加強我們在自動化市場的領先地位，也贏得了我們領域一些最重要的行業分析師的認可。首先，我們很高興在首屆 IDC MarketScape 全球機器人過程自動化軟件 2021 至 2022 年供應商評估中被評為領導者，該評估將 UiPath 定位為整體技術能力和強大資本結構的領導者，以擴展我們的端到端-終端自動化平台。

And we were named a robotic process automation Leader and Star Performer in the technology vendor landscape for the fifth consecutive year according to Everest Group's Robotic Process Automation Products PEAK Matrix Assessment 2021. We emerged as the only Star Performer who is also a Leader in this year's assessment, which analyzes the changing dynamics of the RPA landscape and assesses 23 service providers across several key dimensions.

根據 Everest Group 的 2021 年機器人過程自動化產品峰值矩陣評估，我們連續第五年被評為機器人過程自動化領導者和技術供應商領域的明星表演者。我們成為今年唯一一位同時也是領導者的明星表演者評估，它分析了 RPA 格局不斷變化的動態，並在幾個關鍵方面評估了 23 家服務提供商。

Acknowledgments like these are important for our customers and our UiPath ecosystem, which continues to grow meaningfully. In fact, last month, we announced an offering that enables our partners, community contributors and independent automation vendors to distribute and monetize their RPA content to our more than 100,000 existing marketplace users.

像這樣的感謝對我們的客戶和我們的 UiPath 生態系統很重要，我們的 UiPath 生態系統將繼續有意義地增長。事實上，上個月，我們宣布了一項產品，使我們的合作夥伴、社區貢獻者和獨立自動化供應商能夠向我們超過 100,000 名現有市場用戶分發他們的 RPA 內容並從中獲利。

We are also making meaningful strategic investments in go-to-market partnerships, where we work together to drive customer success. The number of our partners is increasing and now have more than 4,900, and our relationships are deepening. This increased focus is driving growth, particularly with global systems integrators, where we are working to become one of the top practices in this influential and global organizations.

我們還對進入市場的合作夥伴關係進行有意義的戰略投資，共同推動客戶成功。我們的合作夥伴數量不斷增加，現已超過 4,900 家，我們的關係也在不斷加深。這種增加的關注正在推動增長，特別是與全球系統集成商，我們正在努力成為這個有影響力的全球組織的頂級實踐之一。

We recently expanded our strategic collaboration with Accenture to help drive the adoption of enterprise-wide automation among clients, accelerate their technology transformation efforts and create new growth opportunities. As an Uber executive said recently, "At Uber, it is about how we can apply technology and innovation to serve our customers. Partnering with UiPath and Accenture enable us to tap into the power of both UiPath's intelligent automation platform and Accenture's business and digital transformation expertise." This powerful combination has helped Uber to achieve unparalleled results in its digital transformation journey to enhance internal operations productivity, quality, performance and user experience.

我們最近擴大了與埃森哲的戰略合作，以幫助推動客戶在企業範圍內採用自動化，加速他們的技術轉型工作並創造新的增長機會。正如優步高管最近所說，“在優步，我們如何應用技術和創新來服務我們的客戶。與 UiPath 和埃森哲合作使我們能夠利用 UiPath 的智能自動化平台以及埃森哲的業務和數字化轉型的力量專業知識。”這種強大的組合幫助優步在其數字化轉型之旅中取得了無與倫比的成果，以提高內部運營的生產力、質量、性能和用戶體驗。

In addition, we announced that our end-to-end automation platform is being incorporated into PwC Perform, their proprietary operational improvement methodology and management system. By embedding our platform, PwC can harness the power and scope of UiPath's automation product to expedite time to value for customers engaged in rapidly advancing digital transformation initiatives.

此外，我們宣布將我們的端到端自動化平台整合到 PwC Perform 中，這是他們專有的運營改進方法和管理系統。通過嵌入我們的平台，普華永道可以利用 UiPath 自動化產品的功能和範圍，為參與快速推進的數字化轉型計劃的客戶加快實現價值的時間。

Customers like Mercy, a St. Louis-based health care system, also benefits from the expertise of our vertical partner specialists like Amitech, a health care data analytics and automation consulting firm and UiPath's Diamond Partner. Mercy started their automation journey in finance and continues to scale on our platform, adding Task Mining and Test Suite this quarter while steadily deploying more automations. To date, they have hundreds of automations deployed across 84 use cases with an estimated total benefit of tens of millions of dollars and additional time for nurses and doctors to provide better outcomes for their patients.

位於聖路易斯的醫療保健系統 Mercy 等客戶也受益於我們垂直合作夥伴專家的專業知識，如醫療保健數據分析和自動化諮詢公司 Amitech 和 UiPath 的鑽石合作夥伴。 Mercy 開始了他們在金融領域的自動化之旅，並繼續在我們的平台上擴展，本季度添加了任務挖掘和測試套件，同時穩步部署了更多自動化。迄今為止，他們在 84 個用例中部署了數百個自動化系統，估計總收益達數千萬美元，並為護士和醫生提供更多時間為患者提供更好的結果。

This is our vision, to automate mundane tasks to allow employees to make a meaningful difference. All of this is about driving customer success, which includes technical integrations that make it easier to deploy automation.

這是我們的願景，將平凡的任務自動化，讓員工做出有意義的改變。所有這一切都是為了推動客戶成功，其中包括使部署自動化變得更容易的技術集成。

And this quarter, we made several strategic announcements with major technology providers. We partnered with CrowdStrike to provide customers a new level of security and visibility by extending endpoint security to RPA through their CrowdStrike Falcon platform. This is a first of its kind in the industry. We integrated UiPath Insights with Snowflake to provide customers with faster data processing and analytic capabilities to scale their automation programs. We expanded our strategic relationship with Alteryx to include new integrations, making it easier to invoke UiPath bots in an Alteryx workflow.

本季度，我們與主要技術提供商發布了幾項戰略公告。我們與 CrowdStrike 合作，通過他們的 CrowdStrike Falcon 平台將端點安全性擴展到 RPA，為客戶提供更高級別的安全性和可見性。這是業內首創。我們將 UiPath Insights 與 Snowflake 集成，為客戶提供更快的數據處理和分析能力，以擴展他們的自動化程序。我們擴展了與 Alteryx 的戰略關係，包括新的集成，從而更容易在 Alteryx 工作流程中調用 UiPath 機器人。

Finally, we partnered with Qlik to enable Qlik Cloud Analytics users to leverage UiPath automations to drive action and prioritize tasks in downstream applications. Connectors like these make automations that combine API integrations for high-volume transactions with our comprehensive UI computer vision easy to build, deliver, govern and manage. A comprehensive automation program requires a combination of emulation, particularly for the long tail of manual processes and API integration for high-volume transactions, both of which are foundational to our platform.

最後，我們與 Qlik 合作，讓 Qlik Cloud Analytics 用戶能夠利用 UiPath 自動化來推動行動並確定下游應用程序中的任務優先級。像這樣的連接器使自動化將用於大容量交易的 API 集成與我們全面的 UI 計算機視覺相結合，易於構建、交付、管理和管理。一個全面的自動化程序需要結合仿真，特別是對於手動流程的長尾和大容量交易的 API 集成，這兩者都是我們平台的基礎。

In summary, we had a strong Q3, and we continue to drive growth at scale. The market is very healthy, and we see considerable demand for our automation platform. I feel very good about what we have been able to accomplish across the business since our IPO, and we remain focused on innovation and our customers, which we believe is key to our ongoing success.

總之，我們有一個強勁的第三季度，我們繼續推動規模增長。市場非常健康，我們看到對我們的自動化平台的巨大需求。自首次公開募股以來，我對我們在整個業務中所取得的成就感到非常滿意，我們仍然專注於創新和客戶，我們認為這是我們持續成功的關鍵。

With that, Ashim will take over to talk in more detail about our third quarter results and our fourth quarter guidance.

有了這個，阿希姆將接手更詳細地討論我們的第三季度業績和第四季度的指導。

Thank you, Daniel, and thank you, everyone, for joining us today. As Daniel said, we are very pleased with our third quarter as we again delivered meaningful growth at scale. We had strong adoption across our platform, including our core product portfolio and Automation Cloud as well as new product offerings and added great new customers like Prudential, Hermes, Breakthru Beverage Group, M Moser, WebBeds and Sprout Mortgage. We also helped the EPA start their RPA journey in their office of their technology solutions.

謝謝丹尼爾，謝謝大家今天加入我們。正如丹尼爾所說，我們對第三季度非常滿意，因為我們再次實現了大規模的有意義的增長。我們在我們的平台上得到了廣泛的採用，包括我們的核心產品組合和自動化雲以及新產品，並增加了像 Prudential、Hermes、Breakthru Beverage Group、M Moser、WebBeds 和 Sprout Mortgage 等優秀的新客戶。我們還幫助 EPA 在他們的技術解決方案辦公室開始了他們的 RPA 之旅。

At the same time, we continue to drive market-leading expansion rates across our customer base. For example, Isbank, the largest private bank in Turkey, has successfully automated nearly 400 processes across 42 departments in 2 years. This has translated to 15 million transactions handled with savings of 600,000 working hours annually. They are also deploying UiPath Process Mining and AI technologies with chatbots. We are also working with companies like Seiko Holdings and Canon, which have successfully implemented RPA and are expanding use cases to enable greater automation across their organizations.

與此同時，我們繼續在我們的客戶群中推動市場領先的擴張速度。例如，土耳其最大的私人銀行 Isbank 在 2 年內成功實現了 42 個部門近 400 個流程的自動化。這意味著每年處理 1500 萬筆交易，節省 600,000 個工作小時。他們還在使用聊天機器人部署 UiPath Process Mining 和 AI 技術。我們還與 Seiko Holdings 和 Canon 等公司合作，它們已成功實施 RPA，並正在擴展用例以在其組織中實現更高的自動化。

Rather than diving into the P&L, I'm going to change things up a little bit. First, I'm going to focus on the relationship between ARR and revenue. Then I'll give you some color around Q3 and provide guidance. Then we will take questions.

我不會深入研究損益表，而是要稍微改變一下。首先，我將關注 ARR 和收入之間的關係。然後我會給你一些關於 Q3 的顏色並提供指導。然後我們會回答問題。

Fiscal third quarter revenue grew 50% to $220.8 million. Reflecting the strength in the business, we closed the third quarter with ARR of $818.4 million, up 58% year-over-year. Net new ARR was $91.9 million, up 42%. We have a highly recurring subscription business driven by a true land-and-expand model with customers deploying more robots, adopting more platform products and expanding use cases as they realize the considerable value of automation.

第三財季收入增長 50% 至 2.208 億美元。反映業務實力，我們在第三季度結束時的 ARR 為 8.184 億美元，同比增長 58%。淨新 ARR 為 9190 萬美元，增長 42%。我們擁有由真正的土地和擴展模型驅動的高重複訂閱業務，客戶部署更多機器人，採用更多平台產品並擴展用例，因為他們意識到自動化的巨大價值。

We run the business and evaluate our performance based on ARR. In our case, ARR is defined as annualized renewal run rate, which is annualized invoice amounts per solution SKU from subscription license and maintenance obligations, assuming no increases or reductions in their subscriptions. In other words, ARR is invoice based, and we calculate it by taking the invoiced amount divided by the subscription term multiplied by 365.

我們經營業務並根據 ARR 評估我們的績效。在我們的案例中，ARR 定義為年化續訂運行率，即訂閱許可和維護義務中每個解決方案 SKU 的年化發票金額，假設訂閱沒有增加或減少。換句話說，ARR 是基於發票的，我們通過將發票金額除以訂閱期限乘以 365 來計算它。

We have a structured process in place to calculate and report ARR. Because it is invoice based, we believe that it is the most accurate and reliable measure of our true business activity. It most closely aligns to long-term cash flow and best aligns to renewals. And given our strong dollar-based gross retention rate, which was 98% in the third quarter, ARR is most reflective of customer commitment regardless of deployment model.

我們有一個結構化的流程來計算和報告 ARR。因為它是基於發票的，我們相信它是我們真實業務活動的最準確和最可靠的衡量標準。它最接近長期現金流，最適合續約。鑑於我們基於美元的強勁總保留率（第三季度為 98%），無論部署模型如何，ARR 都最能反映客戶的承諾。

Revenue recognition, on the other hand, is based on total contract value, or TCV, under ASC 606 accounting. And unlike ARR, it is impacted by contract duration, deployment model and license delivery, which makes revenue highly variable quarter-to-quarter.

另一方面，根據 ASC 606 會計，收入確認基於合同總價值或 TCV。與 ARR 不同的是，它受到合同期限、部署模式和許可證交付的影響，這使得收入在季度間變化很大。

Before I move on, a quick reminder. Under ASC 606, license revenue is recognized at the point in time when the customer has access to the license key, which while generally occurs in the first quarter of the contract can vary. Subscription services revenue is recognized ratably over the duration of the contract upon license delivery.

在我繼續之前，快速提醒一下。根據 ASC 606，許可收入在客戶有權訪問許可密鑰的時間點確認，雖然這通常發生在合同的第一季度，但可能會有所不同。訂閱服務收入在許可證交付時在合同期限內按比例確認。

These next slides do a good job showing the impact that ASC 606 has on revenue, the reasons why we believe ARR is the best way to drive and measure the business and how both these metrics ultimately are connected. The first example is a 1-year on-prem deal. It takes the impact of duration out of the revenue equation and reinforces that trailing 12-month revenue equals ARR, which is also what we invoiced in that period.

下一張幻燈片很好地展示了 ASC 606 對收入的影響，我們認為 ARR 是推動和衡量業務的最佳方式的原因，以及這兩個指標最終如何相互關聯。第一個示例是為期 1 年的本地交易。它將持續時間的影響排除在收入等式之外，並強化了過去 12 個月的收入等於 ARR，這也是我們在該期間開具的發票。

The next example shows the impact of multiyear contracts on revenue. In this 3-year on-prem deal with a $6 million TCV, license revenue recognition is front-loaded in the first year, which sets up a decline in revenue between year 1 and year 2 and no growth between year 2 and year 3. In contrast, ARR is constant for the duration of the contract.

下一個示例顯示了多年合同對收入的影響。在這項 600 萬美元 TCV 的為期 3 年的本地交易中，許可收入確認在第一年提前完成，這導致第 1 年和第 2 年之間的收入下降，第 2 年和第 3 年之間沒有增長。相反，ARR 在合同期間是恆定的。

While we aren't going to focus on trailing 12-month revenue as a metric going forward, this slide does reinforce my point. Remember, annualized renewal run rate is a cumulative metric compared to revenue, which is a point in time. While there is no perfect way to bridge the 2, looking at trailing 12-month revenue over a multiyear period does help normalize some of the difference. In fact, over the last 8 quarters, the CAGR of 62% for ARR and 65% for trailing 12-month revenue underscores this correlation over time.

雖然我們不會將過去 12 個月的收入作為未來的衡量標準，但這張幻燈片確實強化了我的觀點。請記住，年化續訂運行率是與收入相比的累積指標，收入是一個時間點。雖然沒有完美的方法來彌合兩者，但查看多年期間過去 12 個月的收入確實有助於使一些差異正常化。事實上，在過去 8 個季度中，ARR 的 62% 和過去 12 個月收入的 65% 的複合年增長率突顯了這種相關性。

To quickly summarize before I move on, we don't manage the business to quarterly revenue growth because of the mechanics of ASC 606. We manage the business on ARR as it more accurately reflects customer commitment period-over-period, which lays the right foundation for the company.

在我繼續之前快速總結一下，由於 ASC 606 的機制，我們不會按季度收入增長來管理業務。我們在 ARR 上管理業務，因為它更準確地反映了客戶承諾期，這是正確的為公司奠定了基礎。

Before I close, I want to make a few comments on third quarter results and provide fourth quarter guidance. I will be discussing results on a non-GAAP basis, unless otherwise noted.

在結束之前，我想對第三季度的業績發表一些評論並提供第四季度的指導。除非另有說明，否則我將在非公認會計原則的基礎上討論結果。

Remaining performance obligations increased 80% to $579.5 million. Total gross margin of 85% and software gross margin of 93% reflect investments in our services and product support teams as well as increased cloud hosting costs. Third quarter operating expenses of $179 million increased 24%, including ongoing investment across the business and expenses related to our user conference held in October. Heading into the fourth quarter, guidance assumes there will be some back to the office as we continue to monitor the impact of COVID.

剩餘的履約義務增加了 80%，達到 5.795 億美元。 85% 的總毛利率和 93% 的軟件毛利率反映了對我們的服務和產品支持團隊的投資以及增加的雲託管成本。第三季度運營費用為 1.79 億美元，增長了 24%，其中包括整個業務的持續投資以及與 10 月份舉行的用戶會議相關的費用。進入第四季度，指導假設隨著我們繼續監測 COVID 的影響，將會有一些人返回辦公室。

GAAP operating loss of $116 million included $95 million of stock-based compensation expense related to our equity program. Non-GAAP operating income was $9.1 million. Adjusted free cash flow was negative $7.7 million.

GAAP 運營虧損 1.16 億美元，其中包括與我們的股權計劃相關的 9500 萬美元的股票補償費用。非美國通用會計準則營業收入為 910 萬美元。調整後的自由現金流為負 770 萬美元。

Our subscription model drives considerable cash flow. While we expect to run the business to roughly cash flow neutral this year, we will continue to invest across the business, including R&D talent, sales and customer-related activities. We also plan to make strategic investments with partners to drive further customer acceleration and success. This market is big and early stage. And given the opportunity in front of us, we plan to continue to lean in to drive growth. We ended the third quarter with $1.9 billion in cash, cash equivalents and marketable securities and no debt.

我們的訂閱模式推動了可觀的現金流。雖然我們預計今年業務的現金流大致保持中性，但我們將繼續投資於整個業務，包括研發人才、銷售和與客戶相關的活動。我們還計劃與合作夥伴進行戰略投資，以進一步推動客戶加速和成功。這個市場很大而且處於早期階段。鑑於我們面前的機會，我們計劃繼續努力推動增長。我們在第三季度結束時擁有 19 億美元的現金、現金等價物和有價證券，並且沒有債務。

Turning to guidance. For the fourth quarter of fiscal 2022, we expect ARR to be in the range of $901 million to $903 million, an increase from prior guidance of $876 million to $881 million. We expect revenue to be in the range of $281 million to $283 million, and we expect non-GAAP operating income to be in the range of $10 million to $20 million. We expect to be profitable in the largest revenue quarter of the year while continuing to invest meaningfully in the business. We expect basic share count for the fourth quarter to be approximately 537 million shares outstanding.

轉向指導。對於 2022 財年第四季度，我們預計 ARR 將在 9.01 億美元至 9.03 億美元之間，高於之前的 8.76 億美元至 8.81 億美元的指導。我們預計收入將在 2.81 億美元至 2.83 億美元之間，我們預計非美國通用會計準則營業收入將在 1000 萬美元至 2000 萬美元之間。我們預計將在今年最大的收入季度實現盈利，同時繼續對業務進行有意義的投資。我們預計第四季度的基本股數約為 5.37 億股流通股。

Finally, we will guide to fiscal year 2023 when we announce our fourth quarter results, but I want to highlight that we expect fourth quarter to first quarter seasonality to emerge in the business in both net new ARR and revenue results.

最後，當我們宣布第四季度業績時，我們將指導 2023 財年，但我想強調的是，我們預計第四季度至第一季度的季節性將在淨新 ARR 和收入結果中出現。

In summary, we are pleased with our third quarter results as the team's ongoing execution continues to drive meaningful growth at scale. The opportunity in front of us is enormous. We have a strong pipeline, and we feel very good heading into the end of our first fiscal year as a public company. We are building a truly multigenerational company that will change how people experience work. This is what excites us and motivates the team every day. It also keeps our focus on the long-term value creation for our employees, customers, partners and stockholders.

總之，我們對第三季度的業績感到滿意，因為團隊的持續執行繼續推動大規模的有意義的增長。擺在我們面前的機會是巨大的。我們有一個強大的管道，作為一家上市公司，我們在進入第一個財政年度結束時感覺非常好。我們正在建立一個真正的多代公司，這將改變人們的工作體驗。這就是每天讓我們興奮和激勵團隊的原因。它還使我們專注於為我們的員工、客戶、合作夥伴和股東創造長期價值。

We hope you, your family and friends have a healthy and happy holiday season. We'll now take questions, and I will turn the call over to the operator. Operator, please poll for questions.

我們希望您、您的家人和朋友度過一個健康快樂的假期。我們現在將回答問題，我將把電話轉給接線員。接線員，請投票提問。

(Operator Instructions) Our first question comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Excellent. Very nice quarter. I have one question for Ashim and maybe like a clarification question and one broader picture question for Daniel.

優秀。非常好的季度。我有一個要問阿希姆的問題，也許想問一個澄清問題和一個更廣泛的問題給丹尼爾。

Ashim, thank you so much for taking us through that ARR explanation. I thought the slide was really great. It really illuminates kind of sort of why ARR is the right metric to look at. When we're thinking about net new ARR addition this quarter, a year ago I believe you had some pull forward. So you had really strong growth against a tough comp because you had pulled forward from Q4 into Q3. Was there any onetime items or any pull forwards of ARR into this quarter that we should be aware of? Or is this quarter pretty clean?

Ashim，非常感謝你帶我們完成了 ARR 的解釋。我覺得幻燈片真的很棒。它確實說明了為什麼 ARR 是正確的指標。當我們考慮本季度淨新增 ARR 時，一年前我相信你有一些進步。所以你在艱難的競爭中取得了非常強勁的增長，因為你從第四季度進入了第三季度。我們應該注意本季度的任何一次性項目或 ARR 的任何前推嗎？還是這個季度很乾淨？

And then on the revenue side of the equation, a good explanation of how sort of contract durations and the like and the type of the contracts impact revenues. Any particular impacts in terms of changing contract durations or billing durations that occurred this quarter that might have changed like kind of the revenue or the billings that we should be aware of?

然後在等式的收入方面，很好地解釋了合同期限等類型以及合同類型如何影響收入。本季度發生的合同期限或計費期限變更方面的任何特殊影響可能已經改變，例如我們應該注意的收入或計費類型？

Yes. Keith, great to hear from you, and I hope all is well. Just in terms of the first question, no, there was no significant item that was a pull forward in any which way or that can be considered from other quarters. So it's a very clean quarter on the ARR front in particular.

是的。基思，很高興收到你的來信，我希望一切都好。就第一個問題而言，不，沒有任何重要的項目可以以任何方式向前推進，或者可以從其他方面考慮。因此，特別是在 ARR 方面，這是一個非常乾淨的季度。

And then in terms of the question around duration, billings duration will continue to contract for us, and we've talked about this multiple times in terms of just our focus now with the cash in the bank that we are going to prioritize more 1-year deals and reduce our dependency on multiyear prepaid deals from a cash flow standpoint. That trend continued in the quarter. It's just gradual every single quarter, and we're happy actually and very deliberate in the intention on it.

然後關於持續時間的問題，賬單持續時間將繼續為我們縮短，我們已經多次討論過這個問題，只是我們現在關注銀行中的現金，我們將優先考慮更多 1-年交易並從現金流的角度減少我們對多年預付交易的依賴。這一趨勢在本季度繼續。每個季度都是漸進的，我們實際上很高興，而且在這個意圖上也很深思熟慮。

With regard to contract duration, there was nothing significant that I would say is to be called out for this quarter in particular. Duration as a whole is going to be volatile because the way that we drive the business to ARR allows for customer choice to drive and customer economics to drive the decision on contract duration versus our internal teams pushing it. So duration moves with every single quarter, and there was no 1 or 2 deals in particular. You see just kind of a relatively normal quarter with the mix of deals following the way customers have driven it.

關於合同期限，我想說本季度沒有什麼特別重要的事情。整個工期將是不穩定的，因為我們推動業務實現 ARR 的方式允許客戶選擇來推動和客戶經濟來推動關於合同期限的決定，而不是我們的內部團隊推動它。因此，持續時間每個季度都會變化，沒有特別的 1 或 2 筆交易。您會看到一個相對正常的季度，按照客戶的驅動方式進行交易組合。

Our next question comes from the line of Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on the strong quarter and the outlook. A question for you, Daniel, and a quick question follow-up for you, Ashim.

祝賀強勁的季度和前景。 Daniel 給你一個問題，Ashim 給你一個快速的問題跟進。

Daniel, I mean, obviously, we've tracked your company for almost 4 years now. And one of the things that really jumped out at us is how you've expanded your platform, what you call the tapestry. Obviously, we've seen a lot of consolidation and partnerships announced across the RPA industry, process mining over the past, call it, 3 to 6 months here. Wondering if you could help us understand your competitive landscape, how this tapestry differentiates you and how this expanded platform is helping you out with customers.

丹尼爾，我的意思是，很明顯，我們已經跟踪你的公司將近 4 年了。真正讓我們興奮的一件事是你如何擴展你的平台，你稱之為掛毯。顯然，我們已經看到 RPA 行業宣布了很多合併和合作夥伴關係，過去的流程挖掘，稱之為，這裡是 3 到 6 個月。想知道您是否可以幫助我們了解您的競爭格局，這個掛毯如何使您與眾不同，以及這個擴展的平台如何幫助您贏得客戶。

Thank you for the question. In the last quarter, we have not seen any material moves in terms of the competitive landscape. And I would start by pointing to the first IDC MarketScape report that put us in a very clear leadership position. And I would quote them saying that when it comes to real enterprise automation, real scaled enterprise automation, customers are choosing UiPath.

感謝你的提問。在上個季度，我們在競爭格局方面沒有看到任何實質性的變化。我首先要指出第一份 IDC MarketScape 報告，該報告使我們處於非常明確的領導地位。我會引用他們的話說，當談到真正的企業自動化、真正規模化的企業自動化時，客戶會選擇 UiPath。

And this is, of course, because we offer an end-to-end platform that is suitable from small use cases to the most complex use cases. And indeed, we have this tapestry that we believe it's what helps our customers drive adoption from the process discovery, which is becoming really a driver of growth and helping the adoption, to building automation for both professional developers and citizen developers to strong analytic platforms and to our engagement layer, which is basically our low code, no code app platform, which is really dedicated to automation and integration use cases.

當然，這是因為我們提供了一個端到端的平台，適用於從小型用例到最複雜的用例。事實上，我們有這樣一張掛毯，我們相信它可以幫助我們的客戶推動從流程發現的採用，這正在成為增長和幫助採用的真正驅動力，為專業開發人員和公民開發人員構建自動化，再到強大的分析平台和到我們的參與層，這基本上是我們的低代碼、無代碼應用程序平台，它真正致力於自動化和集成用例。

So I would finish my answer saying that automation is really becoming a critical piece of accelerating digital transformation. We are the clear leader. And we continue to win deals in very large scores because of our technology and our platform.

因此，我要結束我的回答，說自動化確實正在成為加速數字化轉型的關鍵部分。我們是明確的領導者。由於我們的技術和平台，我們繼續贏得大量交易。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Daniel, can you talk a little bit about what you see in your customer conversations around the increased need for automation just coming from the tight labor market? So what we're hearing in our calls is that you just can't hire a lot of people just to do a little bit repeatable kind of job. So you're kind of forced to automate. Is that coming through already in your customer conversations? That would be interesting.

我也祝賀你。丹尼爾，你能談談你在客戶對話中看到的關於勞動力市場緊張導致自動化需求增加的情況嗎？所以我們在電話會議中聽到的是，你不能僅僅為了做一些可重複的工作而僱傭很多人。所以你有點被迫自動化。這是否已經在您的客戶對話中體現出來了？那會很有趣。

And then Ashim, just quickly on dollar net retention. Is there any commentary? Maybe I missed it in the call, I only heard the gross retention, but any comment around how that was tracking.

然後是 Ashim，很快就獲得了美元淨留存。有評論嗎？也許我在電話中錯過了它，我只聽到了總留存率，但有任何關於如何跟踪的評論。

This is a great point. Even yesterday, I had a face-to-face discussion with a large investment banking company. And one of the highlights was really that they are facing almost like 40% attrition in the bank, which is really huge. So we basically talked about how can we partner in order to offer the new guys out of college the best working environment, how can we offer them the best technologies out there.

這是一個很好的觀點。就在昨天，我還與一家大型投資銀行公司進行了面對面的討論。其中一個亮點是，他們在銀行面臨著幾乎 40% 的減員，這真的是巨大的。所以我們基本上討論了我們如何合作，以便為剛畢業的新人提供最好的工作環境，我們如何為他們提供最好的技術。

People want to join companies that are modern, that put them in the driving seat, that give them the technology to help them avoid this repetitive, menial tasks that make a lot of people to really quit in large masses. So I believe this is really a great opportunity for us in the coming quarters.

人們想加入現代化的公司，讓他們坐在駕駛座上，為他們提供技術來幫助他們避免這種重複的、卑微的任務，這些任務讓很多人真正大規模地辭職。所以我相信這對我們未來幾個季度來說確實是一個很好的機會。

And one of the customers that I mentioned during the script is Hana Bank. And really, they are -- they've done already a lot of investments in automation because they anticipated this tight talent market, and this is their approach.

我在腳本中提到的客戶之一是 Hana Bank。事實上，他們已經在自動化方面進行了大量投資，因為他們預見到人才市場緊張，這就是他們的方法。

And just in terms of dollar-based net retention rate, Raimo, we see that there's really no material change from our last quarter. As we've talked about in the past, we will release the actual number periodically. We continue to feel very strong and confident about our execution and our customers' execution. And that continued expansion rate is something we feel very confident and strong about as a company.

僅就基於美元的淨保留率 Raimo 而言，我們看到與上一季度相比確實沒有實質性變化。正如我們過去所說，我們將定期發布實際數字。我們繼續對我們的執行和客戶的執行感到非常強大和自信。作為一家公司，我們對這種持續的擴張速度感到非常自信和強大。

Our next question comes from the line of Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

I'll echo the congratulations on a nice quarter. One of the things that struck me in the press release that you just put out today on the partnership with Accenture and also your comments with PwC partnership is company-wide deployment. When we think of UiPath, we think of that kind of rinse-and-repeat departmental expansion that you guys have been executing so well on. Are you seeing more company-wide deals come into the pipeline? How does that global SI channel help with that type of activity?

我會在一個不錯的季度回應祝賀。在您今天剛剛發布的關於與埃森哲的合作夥伴關係以及您對普華永道合作夥伴關係的評論中，讓我印象深刻的一件事是全公司範圍內的部署。當我們想到 UiPath 時，我們會想到你們執行得如此出色的那種反復進行的部門擴張。您是否看到更多公司範圍內的交易正在醞釀中？全球 SI 渠道對此類活動有何幫助？

Well, I can say that among our customers that are over $1 million in ARR for us, all of them, without exception, are using our platform -- are using various products part of our platform. So this is not only -- it's not something marginal. This is really something that we are seeing more and more. Our growth products that are basically part of our tapestry is one of the highest growth, if not the highest growth, technology within our platform. So that's definitely a growth driver for us. It's the usage of the entire platform.

好吧，我可以說，在我們的 ARR 超過 100 萬美元的客戶中，他們無一例外都在使用我們的平台——使用我們平台的各種產品。所以這不僅僅是——它不是邊緣的東西。這確實是我們越來越多地看到的東西。我們的增長產品基本上是我們掛毯的一部分，是我們平台內增長最快的技術之一，如果不是最高增長的話。所以這絕對是我們的增長動力。這是整個平台的使用。

And then just, Brad, the other thing we see is we do see continued momentum. I talked about our dollar-based net retention rate being very strong. One of the drivers of that is cross-company deals, where multiple functions are finding automation. And I think that's a really important thing as a former customer to just emphasize as people continue to learn about UiPath, is our platform is horizontal.

然後，布拉德，我們看到的另一件事是我們確實看到了持續的勢頭。我談到我們基於美元的淨保留率非常強勁。其驅動力之一是跨公司交易，其中多種功能正在尋找自動化。我認為作為前客戶，我認為隨著人們繼續了解 UiPath，我們需要強調的是，我們的平台是橫向的。

So we are talking to CHROs, COOs, customer call center leaders, CEOs, across the board, even CROs in terms of how they want to use automation. And our best customers are using -- are able to replicate what they do in one function and replicate those wins across functions. And that is really a core part of our dollar-based net retention rate and why we have conviction about the size of our TAM.

因此，我們正在與 CHRO、COO、客戶呼叫中心負責人、CEO，甚至 CRO 討論他們希望如何使用自動化。我們最好的客戶正在使用——能夠複製他們在一個功能中所做的事情，並在各個功能中復制這些勝利。這確實是我們基於美元的淨保留率的核心部分，也是我們對 TAM 規模有信心的原因。

Our next question comes from the line of Michael Turits with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Michael Turits。

Perhaps another take on Keith's question. You commented that you'd see seasonality in net new ARR. I thought of it as really bookings, I guess, in Q1. So I mean does it stand to reason that it's pretty clear since you didn't see it last year because of that pull forward that more typically you would see stronger bookings in the fourth quarter from an ARR perspective?

也許對基思的問題有另一種看法。您評論說您會在淨新 ARR 中看到季節性。我認為這是第一季度的真正預訂。所以我的意思是有理由說這是很清楚的，因為你去年沒有看到它，因為從 ARR 的角度來看，你通常會在第四季度看到更強勁的預訂量？

Yes. Generally, what we see right now is definitely momentum between second half and first half. When I look at the pipeline today, I'm encouraged between fourth quarter in terms of the emergence of the fourth quarter seasonality that we talked about. So yes, I see that seasonality as a potential here.

是的。一般來說，我們現在看到的肯定是下半年和上半年之間的勢頭。當我今天查看管道時，就我們談到的第四季度季節性的出現而言，我在第四季度之間感到鼓舞。所以是的，我認為這種季節性是一種潛力。

One thing I'll just address because -- just anticipating the question behind the question is related to our guidance. Our guidance philosophy continues to be to guide what I see in front of us today, and we'll continue to execute and drive the company. We feel very confident about not just our execution but the dynamics of our pipeline and the response of our customers.

我將只解決一件事，因為——只是預測問題背後的問題與我們的指導有關。我們的指導理念仍然是指導我今天在我們面前看到的東西，我們將繼續執行和推動公司。我們不僅對我們的執行充滿信心，而且對我們管道的動態和客戶的反應充滿信心。

Daniel, I don't know if you want to talk further just in terms of what you're seeing in the market around that.

丹尼爾，我不知道你是否想進一步談談你在市場上看到的情況。

Yes. It's -- we are very pleased with what we are seeing in front of us. We are seeing a strong Q4. It's -- the demand is there. We are seeing really very engaged partners. So overall, we are very pleased with the direction where our business is going.

是的。這是 - 我們對我們眼前所見感到非常滿意。我們看到了強勁的第四季度。它是 - 需求就在那裡。我們看到了非常投入的合作夥伴。所以總的來說，我們對我們的業務發展方向感到非常滿意。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Maybe just a question around pipeline and then just a clarification on the retention rate. New business and specifically in the return of in-person events, the conference in Vegas, all the things that you're doing, how has that impacted the pipeline? Any material change to the pipe now versus a year ago heading into 4Q?

也許只是一個關於管道的問題，然後只是對保留率的澄清。新業務，特別是面對面活動的回歸，拉斯維加斯的會議，你正在做的所有事情，這對管道有何影響？與一年前進入第四季度相比，現在管道有什麼重大變化嗎？

And then maybe just a clarification, the fact that it wasn't a material change in terms of NRR. It was a pretty wide variance between NRR in Q1 of 131% and Q2 of 144%. So I just want to understand. Is that within that range between those 2 numbers? Is it lower? Is it higher? It would be good kind of to get that.

然後也許只是澄清一下，就 NRR 而言，這不是實質性變化。第一季度的 NRR 為 131% 和第二季度的 144% 之間存在相當大的差異。所以我只想明白。這在這兩個數字之間的範圍內嗎？是不是更低了？是不是更高？得到它會很好。

Well, the partial return to normal face-to-face meetings, it's a very welcome novelty for us. We made the bold decision to have our annual FORWARD meeting in person. And I can tell you that besides an acceleration in pipeline, it's been a great acceleration in the energy of the company. Seeing happy customers, happy partners talking about how important this technology is for them, it's really -- I think it gave us the real energy to push forward this Q3, and we are really into a great start into the Q4.

好吧，部分恢復正常的面對面會議，這對我們來說是一個非常受歡迎的新奇事物。我們做出了一個大膽的決定，親自召開年度 FORWARD 會議。我可以告訴你，除了管道的加速外，這也是公司能量的極大加速。看到滿意的客戶、滿意的合作夥伴談論這項技術對他們來說有多重要，這真的——我認為它給了我們推動第三季度的真正能量，我們真的進入了第四季度的良好開端。

I personally have started traveling quite a bit in Europe and in the U.S., and that makes a difference. In person, we are capable of presenting and articulating our vision to large customers, establishing C-level connections. And this is one of the particularity of our technology. We need an executive sponsor in order to go big enterprise-wide. So the return to normal face-to-face is only going to help us.

我個人已經開始在歐洲和美國旅行了很多次，這很重要。親自，我們能夠向大客戶展示和闡明我們的願景，建立 C 級聯繫。這是我們技術的特殊性之一。我們需要一個執行發起人才能在整個企業範圍內發展壯大。因此，恢復正常的面對面只會對我們有所幫助。

Now I'll let Ashim comment more a bit on NRR.

現在，我將讓 Ashim 對 NRR 發表更多評論。

Yes. So Alex, just one thing I'd like to correct is first quarter was not 131%. It was greater than 145% is the way that we talked about it in some of the questions and calls. So really, when you look at where we have been, that has been relatively consistent all year and no material change.

是的。所以亞歷克斯，我想糾正的一件事是第一季度不是 131%。超過 145% 是我們在一些問題和電話中談到的方式。所以真的，當你看看我們過去的位置時，全年都相對一致，沒有實質性變化。

And I always like to emphasize the operational pieces. We continue to execute very strongly because the demand for automation is high within our customers. High ROIs drive a lot of interest from internal executives. We continue to see it, and it speaks to our land-and-expand model. So first quarter was in line with what we've talked about at 145-plus percent, and we've materially not changed since -- our numbers throughout the year here.

我總是喜歡強調操作部分。我們繼續非常強勁地執行，因為我們的客戶對自動化的需求很高。高投資回報率引起了內部高管的極大興趣。我們繼續看到它，它說明了我們的土地和擴張模式。因此，第一季度與我們所談論的 145% 以上的數據一致，並且自那以後我們基本上沒有改變——我們全年的數據。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

I'll add my congrats. So Daniel, at your user conference in Las Vegas, one of your partners was saying that this market in the past was a 3-horse race and that 2 of the horses got broken legs. And there were so many stories of Blue Prism and Automation Anywhere customers migrating to UiPath. I was just wondering if you can shed some light on whether you have a little extra tailwind from that type of activity.

我會添加我的祝賀。所以丹尼爾，在你在拉斯維加斯舉行的用戶大會上，你的一位合作夥伴說，過去這個市場是三匹馬比賽，其中兩匹馬斷了腿。還有很多關於 Blue Prism 和 Automation Anywhere 客戶遷移到 UiPath 的故事。我只是想知道您是否可以了解您是否從這種類型的活動中獲得了一點額外的順風。

And then, Ashim, just going back to Michael Turits' question, the comment about Q1 seasonality emerging in net new ARR. I believe consensus is already modeling that. I know we certainly have lower net new ARR in Q1. Can you just clarify if any -- are you signaling that some kind of a change is needed? Or do you think it's kind of reflected already?

然後，Ashim，回到 Michael Turits 的問題，關於淨新 ARR 中出現的第一季度季節性的評論。我相信共識已經在建模。我知道我們在第一季度的淨新 ARR 肯定較低。你能否澄清一下——你是否表示需要進行某種改變？還是您認為它已經有所反映？

Mark, indeed, we are engaging in a few replacement deals of both Automation Anywhere and Blue Prism, especially within large financial institution. There are territories, particularly, I would say, like in the Nordics, Canada and the U.S., where they are withdrawing their presence significantly. At the same time, I would not necessarily call it like a tailwind. Our -- the untapped opportunity in this market is huge for us. We are -- our growth is not coming from replacement of our existing competitors but really by delighting our customers, evolving our platform, getting new customers. This is really our driver of growth.

馬克，確實，我們正在參與一些 Automation Anywhere 和 Blue Prism 的替代交易，尤其是在大型金融機構內。我想說，有些地區，特別是北歐、加拿大和美國，他們正在顯著撤出他們的存在。同時，我不一定會把它稱為順風。我們——這個市場上尚未開發的機會對我們來說是巨大的。我們是——我們的增長不是來自於替換我們現有的競爭對手，而是來自於取悅我們的客戶、發展我們的平台、獲得新客戶。這確實是我們增長的動力。

And then, Mark, just no -- to be very clear, no, I am not signaling anything that is different from what I am seeing out there in terms of the models that I've come across. I would say given our discussions on seasonality, especially last fourth quarter, between 3Q, 4Q and 1Q of our -- of the past 12 months, I just think it never hurts to repeat things. And this is our first cycle as a public company crossing between years. So I just wanted to make sure that everybody knew where I stood and how the business looks at seasonality now and what we're seeing as our business matures.

然後，馬克，只是不 - 非常清楚，不，就我遇到的模型而言，我並沒有發出任何與我所看到的不同的信號。我想說，鑑於我們在過去 12 個月中關於季節性的討論，尤其是上個第四季度，在我們的第三季度、第四季度和第一季度之間，我只是認為重複這些事情永遠不會有壞處。這是我們作為上市公司跨年的第一個週期。所以我只是想確保每個人都知道我的立場以及業務現在如何看待季節性以及我們在業務成熟時所看到的。

Our next question comes from the line of Matt Hedberg with RBC Capital.

我們的下一個問題來自 RBC Capital 的 Matt Hedberg。

This is [Anasha] for Matt Hedberg. Congrats on the strong quarter. Maybe double-clicking on the question on demand environment. During Q2 earnings call, you noted the impact of COVID thus far as neutral. With the new Omicron variant, have you baked in any conservatism on your fiscal '22 guidance?

這是馬特·海德伯格的 [Anasha]。祝賀強勁的季度。也許雙擊需求環境的問題。在第二季度財報電話會議上，您注意到 COVID 的影響迄今為止是中性的。使用新的 Omicron 變體，您是否對 22 財年的指導意見持保守態度？

I think it's a bit too early to tell if the new variant is having an impact or not on the business. We continue to say and to see that COVID is net neutral to us. It was -- COVID is a bit of a headwind with 2 new logos, and it's a tailwind to adoption across a few other industries in existing customers. When the COVID will end, we see a real market opportunity for us to drive growth across all industries, all sectors.

我認為現在判斷新變體是否對業務產生影響還為時過早。我們繼續說並看到 COVID 對我們來說是網絡中立的。它是 - COVID 有點逆風，有 2 個新標識，它是現有客戶在其他幾個行業中採用的順風。當 COVID 結束時，我們看到了一個真正的市場機會，可以推動所有行業、所有部門的增長。

And then just in terms of our guidance, I hesitate to use the word conservatism, as I talk about. As we approach these calls, the guidance that we provide is based on what I see in front of us. I don't handicap it. I have not handicapped it in any way for [Omni] to answer that question directly. I just really look and evaluate the data that I have in my hands today, and that is the basis of our guidance.

然後就我們的指導而言，我猶豫使用保守主義這個詞，正如我所說的。當我們接聽這些電話時，我們提供的指導是基於我在我們面前看到的。我不妨礙它。我沒有以任何方式妨礙 [Omni] 直接回答這個問題。我只是真正地查看和評估我今天掌握的數據，這是我們指導的基礎。

Our next question comes from the line of Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen 的觀點。

A question for you on the sales force. I'm curious if you've seen any challenges being caused by talent tightness in the market. And are you on plan as it relates to targeted sales force additions as you begin to plan for fiscal '23?

一個關於銷售人員的問題。我很好奇您是否看到市場人才緊缺帶來的任何挑戰。當您開始計劃 23 財年時，您是否正在計劃增加目標銷售人員？

We have invested throughout this year on our sales force. We are seeing -- we are not seeing right now significant pressure on our ability to attract talent. We have a great brand out there. We have a fantastic culture inside the company. Our compensation is topnotch. So we are really bullish in our capability of attracting talent.

我們今年全年都對我們的銷售隊伍進行了投資。我們看到了——我們現在沒有看到我們吸引人才的能力面臨巨大壓力。我們有一個很棒的品牌。我們在公司內部擁有出色的文化。我們的報酬是一流的。所以我們非常看好我們吸引人才的能力。

Our next question comes from the line of Terry Tillman with Truist.

我們的下一個問題來自Terry Tillman 和Truist 的台詞。

This is Joe Meares on for Terry. There's been a lot of press releases from you and your partners in terms of working together and you guys spoke at length earlier in the call about the Accenture and PwC partnerships. I think you're up to 4,900 now. So it's a 2-part question. Are these partnerships more helpful with landing new customers or for expansions? And then the second part is, where do you think you are in terms of the productivity curve of your relationships with these partners so far?

這是特里的喬·米爾斯。您和您的合作夥伴發布了很多關於合作的新聞稿，你們在電話會議的早些時候就埃森哲和普華永道的合作夥伴關係進行了詳細的討論。我想你現在已經達到了 4,900。所以這是一個兩部分的問題。這些合作夥伴關係是否更有助於吸引新客戶或擴展？然後第二部分是，到目前為止，就您與這些合作夥伴的關係的生產力曲線而言，您認為您處於什麼位置？

Well, I would like to answer starting with the second question, where I think this is an extremely positive momentum that we are seeing with major GSIs. We are talking with a few of them about building significant practices in UiPath. And when I -- what I mean by significant practices is like top 5, top 10 practices for them. So this is truly important.

好吧，我想從第二個問題開始回答，我認為這是我們在主要 GSI 中看到的非常積極的勢頭。我們正在與其中一些人討論如何在 UiPath 中構建重要的實踐。當我 - 我所說的重要實踐是前 5 名，前 10 名的實踐時。所以這真的很重要。

In relation to the first question, we are seeing -- they are helping us in both adoption with existing customers and getting net new logos. Of course, we are seeing the -- our top 20 partners more helpful in expansion with the existing customers. And the long tail of partners are a bit more helpful in getting net new logos. But overall, they are helpful on both fronts.

關於第一個問題，我們看到——他們正在幫助我們在現有客戶中採用並獲得全新的徽標。當然，我們看到——我們的前 20 名合作夥伴在擴大現有客戶方面更有幫助。合作夥伴的長尾對獲得全新的徽標更有幫助。但總的來說，它們在兩個方面都有幫助。

Our next question comes from the line of Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Daniel, I wanted to revisit with you on the competitive landscape. Could you speak specifically to Microsoft and how you see Microsoft as a competitor, both now and over the course of the next year or 2?

丹尼爾，我想和你一起重新審視一下競爭格局。您能否具體談談微軟，以及您如何看待微軟作為競爭對手，無論是現在還是未來一兩年？

And the dynamics that I was thinking about in terms of UiPath as a pure-play vendor with cross-functionality and many different application areas versus Microsoft, more of a Microsoft-centric versus -- but Microsoft has a pretty deep reach. You mentioned a few times that you're trying to get access to senior-level management. And so just hoping you could speak broadly about Microsoft and some of the underlying trends as you see them unfolding over the next year or so.

我在考慮 UiPath 作為具有跨功能和許多不同應用程序領域的純供應商與微軟相比的動態，更多的是以微軟為中心的對 - 但微軟有相當深的影響力。您多次提到您正試圖獲得高級管理人員的訪問權限。所以只是希望你能廣泛談論微軟和一些潛在的趨勢，因為你看到它們在接下來的一年左右展開。

Speaking about the current situation. As I said before, IDC has underscored very well where we are. In terms of real enterprise traction, UiPath is really the only tangible choice for enterprises that want to go from small to complex across different divisions that want a really high level of penetration.

談到現在的情況。正如我之前所說，IDC 很好地強調了我們所處的位置。就真正的企業牽引力而言，UiPath 確實是想要跨不同部門從小到復雜、想要真正高滲透率的企業的唯一切實選擇。

Our own data, if we take into account the deals where Microsoft is participating versus the deals where Microsoft is not participating, we are not seeing material changes in our winning rate. So right now, currently, I can say Microsoft has -- doesn't have a meaningful impact on our ability to win customers.

我們自己的數據，如果我們考慮到微軟參與的交易與微軟不參與的交易，我們並沒有看到我們的獲勝率發生重大變化。所以現在，目前，我可以說微軟已經 - 對我們贏得客戶的能力沒有產生有意義的影響。

What is going to happen in the next couple of years? First of all, I would like to make a case that Microsoft is focused with their RPA, mostly on citizen developer and personnel productivity. This is a small part of our overall TAM. So I don't see that in the coming years, Microsoft investment and competing with us will materially derail us from our growth trajectory that we are seeing and we are building right now.

未來幾年會發生什麼？首先，我想證明微軟專注於他們的 RPA，主要是公民開發人員和人員生產力。這是我們整個 TAM 的一小部分。因此，我認為在未來幾年內，微軟的投資和與我們的競爭不會使我們脫離我們正在看到的和正在建設的增長軌跡。

Our next question comes from the line of Kirk Materne with Evercore.

我們的下一個問題來自 Kirk Materne 和 Evercore 的系列。

Congrats on the quarter. Daniel, I was wondering if you could talk a little bit about your thought process on verticalization, not of the product but of your go-to-market efforts, meaning as you start to talk to companies about going deeper with automation, I would take having an understanding of those industries at a greater level of depth would be helpful in terms of maybe accelerating those conversations.

祝賀本季度。丹尼爾，我想知道你能否談談你在垂直化方面的思考過程，而不是產品，而是你的上市努力，這意味著當你開始與公司談論更深入的自動化時，我會採取更深入地了解這些行業可能有助於加速這些對話。

I realized that's hopefully what your partners are aiding you with. But I was curious how much of that do you think UiPath should take on when you think about your next steps in go-to-market, maybe not next year but over the next few years.

我意識到這就是你的合作夥伴正在幫助你的希望。但我很好奇，當你考慮進入市場的下一步時，你認為 UiPath 應該承擔多少，可能不是明年，而是未來幾年。

Well, one of the best business decisions that we made a couple of years ago was to create our industry expertise group. So we hired across a few verticals people that really are capable of speaking customer language and articulate how our technology is helping them. We have built also value engineering that is industry specific. So that was instrumental for us in landing key deals across financial services, health care and public sector especially.

好吧，我們幾年前做出的最佳商業決策之一就是創建我們的行業專家組。因此，我們在幾個垂直領域聘請了真正能夠說客戶語言並闡明我們的技術如何幫助他們的人。我們還建立了特定於行業的價值工程。因此，這對我們在金融服務、醫療保健和公共部門達成關鍵交易起到了重要作用。

We continue to invest across particularly these 3 industries, and we are also investing in partners specialized in these areas. So it's really a good point. But at this time, we don't see a need to verticalize our products specific to industries. But for -- from a go-to-market perspective, we are looking very closely into how can we better address customers, particularly across these 3 industries that I mentioned.

我們將繼續在這三個行業進行投資，同時我們也在投資專門從事這些領域的合作夥伴。所以這是一個很好的觀點。但目前，我們認為沒有必要將我們的產品垂直化到特定行業。但是，從進入市場的角度來看，我們正在非常密切地研究如何更好地解決客戶問題，特別是在我提到的這三個行業中。

Our next question comes from the line of Ari Terjanian with Cleveland Research Company.

我們的下一個問題來自 Cleveland Research Company 的 Ari Terjanian。

Just had a question about investments into next year. I saw it seems like OpEx decelerated a little bit more this quarter. How are you thinking about hiring into next year, both from R&D and sales and marketing? And any kind of specific areas you're prioritizing? Should we expect a similar pace of growth or any ramp-up as you try to address this large market opportunity ahead of you?

剛剛有一個關於明年投資的問題。我看到本季度的 OpEx 似乎減速了一點。您如何看待明年的招聘，包括研發、銷售和營銷？以及您優先考慮的任何特定領域？當您嘗試解決擺在您面前的這個巨大的市場機會時，我們是否應該期待類似的增長速度或任何增長？

I can tell you our strategy for hiring into R&D was hire like there is no tomorrow. We are joking internally saying we don't have a budget for R&D. And I'm really happy to tell you that despite the pressure in the market, Q3 was one of our best quarter for hiring into R&D.

我可以告訴你，我們招聘研發部門的策略是像沒有明天一樣招聘。我們在內部開玩笑說我們沒有研發預算。我真的很高興地告訴你，儘管市場壓力很大，但第三季度是我們招聘研發部門的最佳季度之一。

Now on more general terms, I continue to say we really invest across the company, particularly in go-to-market, where we invest in field, we invest in velocity. And velocity is one of our best-performing things out there in terms of sales productivity. We invest in customer success to continue our great adoption story. And we invest in partners because we are ultimately a partner-led business.

現在更籠統地說，我繼續說我們真的在整個公司進行投資，特別是在進入市場方面，我們投資於領域，我們投資於速度。就銷售效率而言，速度是我們目前表現最好的因素之一。我們投資於客戶成功，以繼續我們偉大的採用故事。我們投資於合作夥伴，因為我們最終是一個以合作夥伴為主導的企業。

So it's -- at this point, we are not seeing reasons to be very concerned about our hiring ability. As I said before, we have a great brand out there. We have a great comp. Our position, we are the leader in the market that changes how people live and work. People believe in our destiny. And ultimately, we have also an amazing internal culture, as it's really expressed by our own employees.

所以它 - 在這一點上，我們沒有理由非常擔心我們的招聘能力。正如我之前所說，我們有一個很棒的品牌。我們有一個很棒的組合。我們的立場是，我們是改變人們生活和工作方式的市場領導者。人們相信我們的命運。最終，我們還擁有令人驚嘆的內部文化，正如我們自己的員工所真正表達的那樣。

And then just in terms of the metrics really quick. When we say that OpEx is decelerating, I want to remind everybody that when you look at sales and marketing expense, for the quarter, it would seem from a reported basis that we were down 13%. Please remember that there was an accounting change related to commissions. And on a pro forma basis, when you adjust for that, we are actually up 42% year-over-year, which speaks to the investments that Daniel was talking about. And R&D is up 46%. We continue to build out and support, et cetera.

然後就指標而言真的很快。當我們說運營支出正在減速時，我想提醒大家，當您查看本季度的銷售和營銷費用時，從報告的基礎上看，我們似乎下降了 13%。請記住，存在與佣金相關的會計變更。在備考基礎上，當你對此進行調整時，我們實際上同比增長了 42%，這與丹尼爾所說的投資有關。研發增長了 46%。我們繼續建設和支持，等等。

Right now, while we're committed to long-term operating margins that we've talked about of 20%-plus, our priority right now is investment. And we've talked about being roughly cash flow neutral. We're not afraid to go a little plus or minus against that. We look at the TAM as early. We look at our market position as leading. And so with that confidence, we will continue to invest in both our go-to-market and our R&D business to scale the company.

目前，雖然我們致力於實現我們所說的 20% 以上的長期營業利潤率，但我們現在的首要任務是投資。我們已經談到了大致的現金流中性。我們不怕對此有所加減。我們很早就關注 TAM。我們認為我們的市場地位是領先的。因此，有了這種信心，我們將繼續投資於我們的上市和研發業務，以擴大公司規模。

We look at that cycle to continue through next year. And you can see that even with the investments that we've talked about within our earlier call -- within the earnings call around our partner ecosystem -- partners and our ecosystem.

我們認為該週期將持續到明年。你可以看到，即使我們在之前的電話會議中討論過的投資——在我們的合作夥伴生態系統的收益電話會議中——合作夥伴和我們的生態系統。

Our next question comes from the line of Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Michael Turrin。

Ashim, just following on to some of the seasonality questions and comments, is there anything else you can add from a large deal perspective? Maybe just how you approach guiding for larger deals in particular? And maybe as part of that, you can also just help level set and remind us what the cadence of use case or broader expansion most often looks like. Is that typically an annual conversation, and that's also what goes into the second half versus first half seasonal shape you're expecting? Or just any additional context in, as you mentioned, still relatively early in your public company journey. I think it's all useful context.

Ashim，在回答一些季節性問題和評論之後，從大的角度來看，您還有什麼可以補充的嗎？也許只是你如何處理特別是大宗交易的指導？也許作為其中的一部分，您還可以幫助設置水平並提醒我們用例或更廣泛擴展的節奏最常見的樣子。這通常是一次年度對話嗎？這也是你所期待的下半年與上半年的季節性形態？或者，正如您所提到的，在您的上市公司旅程中仍處於相對早期的任何其他背景。我認為這都是有用的上下文。

Yes. Great, Mike. I appreciate the question. When I think about seasonality in large deals, one is the definition of large deal in our -- given our accounting is different between revenue and incremental ARR. So as I think about large deals from an incremental ARR standpoint, I continue to be pleased with the pipeline and demand. We haven't fully highlighted it, but our $1 million-plus customers continues to grow. And we see continued momentum in large-scale customers throughout fourth quarter.

是的。太好了，邁克。我很欣賞這個問題。當我考慮大宗交易的季節性時，一個是我們對大宗交易的定義——考慮到我們的會計核算在收入和增量 ARR 之間是不同的。因此，當我從增量 ARR 的角度考慮大宗交易時，我繼續對管道和需求感到滿意。我們還沒有完全強調它，但我們超過 100 萬美元的客戶繼續增長。而且我們看到整個第四季度大型客戶的持續增長勢頭。

The second piece of that is from a revenue standpoint, fourth quarter, we anticipate to be -- have the most deal activity in terms of there. So duration is going to be something we keep an eye on. Like I said, I really do -- we don't drive duration from a business standpoint in terms of actively from a metric standpoint, that really becomes customer and economics driven.

第二部分是從收入的角度來看，我們預計第四季度 - 就那里而言，交易活動最多。因此，持續時間將是我們密切關注的事情。就像我說的，我真的這樣做了——我們不會從業務的角度來驅動持續時間，而是從度量的角度來積極地推動持續時間，這實際上是由客戶和經濟驅動的。

In this environment, I would say our pipeline is dynamic even at the stage in the quarter, and we'll continue to monitor that as we go through the -- as we close the rest of the quarter and as we really kind of enter into the final stages there. So I see good momentum, but I can't predict that really well. In terms of the -- and when I say I can't predict that really well, meaning like in terms of duration and understanding the impact of that.

在這種環境下，我想說即使在本季度的階段，我們的管道也是動態的，我們將繼續監控這一點，因為我們會在本季度的剩餘時間結束時以及我們真正進入那裡的最後階段。所以我看到了良好的勢頭，但我無法很好地預測。就--當我說我不能很好地預測時，這意味著就持續時間和理解其影響而言。

The last thing is in terms of the cadence, we talked about this, and we could refer back to the second quarter earnings call. We talked about the life -- the contract-to-date or the life-to-date value of our customers. Many of our customers buy quarterly. It's nothing that they wait for their annual cycle to grow.

最後一件事是關於節奏，我們談到了這一點，我們可以參考第二季度的財報電話會議。我們談到了生命——我們客戶的合同至今或生命至今的價值。我們的許多客戶每季度購買一次。他們等待他們的年度週期增長沒什麼。

Really what defines when a customer expands is when they start seeing those bursts of ROI that come. For many of our customers, that actually can come 2 to 3 months out and then continue to come as they go across departments. And for other of our customers, depending on their implementation journey, they may be using some of the early pieces of their purchases and then wait for their renewals. So more often than not, we see multiple buying patterns but multiple points in the year of when customers buy. And that, again, speaks to the strength of our land-and-expand model that's there.

真正定義客戶何時擴張的是他們何時開始看到即將到來的投資回報率的爆發。對於我們的許多客戶來說，這實際上可能會在 2 到 3 個月後出現，然後隨著他們跨部門而繼續出現。對於我們的其他客戶，根據他們的實施過程，他們可能正在使用他們購買的一些早期產品，然後等待他們的續訂。因此，我們經常看到多種購買模式，但在客戶購買的年份中有多個點。這再次說明了我們現有的土地和擴張模式的力量。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call over to Ashim Gupta for closing remarks.

女士們，先生們，問答環節到此結束。我現在將把電話轉給 Ashim Gupta 做結束語。

Just one thing -- this is Ashim. Just before I turn it over to Daniel to close, we've got a lot of questions coming in around RPO. So just for everyone to hear, I want to just state the numbers clearly and so everybody can jot them down for those who had questions. Total RPO for the quarter was $579.5 million, and that's up 80% year-over-year. Current RPO was $359.3 million, and that is up 69% year-over-year. So I just wanted to clarify that. With that, I'll turn it to Daniel to close.

只有一件事——這就是阿希姆。就在我把它交給丹尼爾結束之前，我們有很多關於 RPO 的問題。因此，只是為了讓每個人都聽到，我只想清楚地說明數字，以便每個人都可以將它們記下來以供有疑問的人使用。本季度的總 RPO 為 5.795 億美元，同比增長 80%。當前的 RPO 為 3.593 億美元，同比增長 69%。所以我只是想澄清一下。有了這個，我會把它交給丹尼爾來結束。

I want to thank you all very much for participating in this afternoon's call. I also want to thank the UiPath team for their hard work, our partners for their dedication to our customers and our shareholders for your ongoing support. We hope you have a happy and healthy holiday season and look forward to speaking with many of you throughout the quarter. Thank you.

我非常感謝大家參加今天下午的電話會議。我還要感謝 UiPath 團隊的辛勤工作、我們的合作夥伴對客戶的奉獻以及我們股東的持續支持。我們希望您有一個快樂和健康的假期，並期待在整個季度與你們中的許多人交談。謝謝你。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。