UiPath Inc (PATH) 2022 Q2 法說會逐字稿

Hello, and welcome to the UiPath Second Quarter 2022 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Kelsey Turcotte, Investor Relations. Please go ahead.

您好，歡迎來到 UiPath 2022 年第二季度收益電話會議和網絡直播。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係部的 Kelsey Turcotte。請繼續。

Good afternoon, and thank you for joining us today to review UiPath's second 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 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 財年第二季度財務業績，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 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 UI Pass 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. Unless otherwise specified, we will refer to non-GAAP metrics on today's call.

我們的收益新聞稿和財務補充發佈在 UI Pass 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。除非另有說明，否則我們將在今天的電話會議上參考非 GAAP 指標。

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 second quarter fiscal year 2022 performance in addition to the impact these items and events have on the financial results. In addition, please note that we define ARR as annualized renewal run rate.

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 財年第二季度的業績。此外，請注意我們將 ARR 定義為年化續訂運行率。

This afternoon's call includes forward-looking statements about future events, including statements related to our market and future growth opportunities, our planned investments, our vision and the benefits of our product platform, customer behaviors, our customers' potential automation spend, the ability of our platform to deliver a return on investment to our customers and our financial guidance and the assumptions underlying such guidance. 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.

今天下午的電話會議包括關於未來事件的前瞻性陳述，包括與我們的市場和未來增長機會、我們計劃的投資、我們的願景和產品平台的好處、客戶行為、客戶的潛在自動化支出、我們為客戶提供投資回報的平台，以及我們的財務指導和此類指導所依據的假設。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。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to our 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.

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，請參閱我們向美國證券交易委員會提交的收益報告和其他報告。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 comments to our Investor Relations website.

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。我們會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。

Finally, we'd like to invite you to attend FORWARD IV, our annual user conference. We will be holding this event in person in Las Vegas on October 4 through 6. To register, please go to the home page of our Investor Relations website for further information.

最後，我們想邀請您參加我們的年度用戶大會 FORWARD IV。我們將於 10 月 4 日至 6 日在拉斯維加斯親自舉辦此活動。要註冊，請訪問我們的投資者關係網站主頁了解更多信息。

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 thank you to everyone for joining us this afternoon.

謝謝你，凱爾西，也感謝大家今天下午加入我們。

The momentum in our business continued in our second fiscal quarter as ARR increased 60% year-over-year to $726.5 million, driven by record net new ARR of $73.9 million. We believe we have a long-term opportunity to drive durable growth and build a company that will transform how organizations compete, employees experience work and companies interact with their customers.

我們的業務勢頭在第二財季繼續保持，ARR 同比增長 60% 至 7.265 億美元，受創紀錄的淨新 ARR 7390 萬美元的推動。我們相信，我們有一個長期的機會來推動持久增長並建立一家能夠改變組織競爭方式、員工體驗工作方式以及公司與客戶互動方式的公司。

The opportunity to unlock human potential is vast, and we are in the very early stages of the market ahead of us. This is why we plan to continue to invest across the business. We are hiring the best engineers to deliver market-leading capabilities across our platform, increase our sales teams to reach more customers faster, investing in partner enablement to help our customers scale and growing our vibrant community ecosystem that has crossed 1.5 million members. These are just a few of the investments that we expect will further widen the competitive moat and sustain our leadership position.

釋放人類潛力的機會是巨大的，我們正處於市場的早期階段。這就是為什麼我們計劃繼續對整個業務進行投資的原因。我們正在招聘最優秀的工程師，以在我們的平台上提供市場領先的功能，增加我們的銷售團隊以更快地接觸更多客戶，投資於合作夥伴支持以幫助我們的客戶擴大規模並發展我們擁有超過 150 萬成員的充滿活力的社區生態系統。這些只是我們預計將進一步擴大競爭護城河並維持我們的領導地位的投資中的一小部分。

Just a few short years ago, we introduced our first set of capabilities built on our unique combination of our UI automation, API management and AI-based computer vision that address the needs of the core RPA market. Back then, our customer count number in the hundreds. Since then, we have evolved those capabilities into an end-to-end platform that covers the full life cycle of automation, drives fast time-to-value and ROI for customers.

就在幾年前，我們推出了第一套功能，這些功能建立在我們獨特的 UI 自動化、API 管理和基於 AI 的計算機視覺組合之上，可滿足核心 RPA 市場的需求。那時，我們的客戶數以百計。從那時起，我們將這些功能發展為一個端到端平台，涵蓋自動化的整個生命週期，為客戶推動快速實現價值和投資回報。

As of the end of the second quarter, our customer base was more than 9,100. And the number of our customers who are leveraging our platform to accelerate automation is growing quickly. We have 1,247 customers that accounted for at least $100,000 in ARR, up 59% from 785 in the second quarter of last year. This includes 118 customers at $1 million-plus in ARR, up 100% from 59. These numbers demonstrate not only the significant demand for automation, but demand for automation at scale.

截至第二季度末，我們的客戶群已超過 9,100 家。利用我們的平台加速自動化的客戶數量正在迅速增長。我們有 1,247 名客戶的 ARR 至少為 100,000 美元，比去年第二季度的 785 名增長了 59%。其中包括 118 家 ARR 超過 100 萬美元的客戶，比 59 家增長了 100%。這些數字不僅表明對自動化的巨大需求，而且對大規模自動化的需求。

A great example is Handelsbanken, one of the largest banks in the Nordics, which chose to work with UiPath as the strategic part of their digitalization journey. Our entire platform offering and vision was a key factor in their selection, and they now have plans to utilize attended robots, AI, Process Mining and Task Mining with the goal of automating at least 75 processes within the next year.

Handelsbanken 就是一個很好的例子，它是北歐最大的銀行之一，它選擇與 UiPath 合作作為其數字化之旅的戰略部分。我們的整個平台產品和願景是他們選擇的關鍵因素，他們現在計劃利用有人值守的機器人、人工智能、流程挖掘和任務挖掘，目標是在明年實現至少 75 個流程的自動化。

Task Mining, which was introduced this past spring, is generating a lot of interest from both new prospects and existing customers. It is a great example of our commitment to innovation and how we can help take the friction out of adoption. With Task Mining, customers can now discover and recommend new automations with the help of AI. And when combined with Process Mining, like Handelsbanken has done in Automation Hub in the discovery pillar of our platform, we expect this will accelerate our customers' automation journey and drive adoption across our platform.

去年春天推出的 Task Mining 引起了新潛在客戶和現有客戶的極大興趣。這是我們致力於創新以及我們如何幫助消除採用中的摩擦的一個很好的例子。通過任務挖掘，客戶現在可以在 AI 的幫助下發現和推薦新的自動化。當與流程挖掘相結合時，就像 Handelsbanken 在我們平台發現支柱的自動化中心所做的那樣，我們預計這將加速我們客戶的自動化之旅並推動整個平台的採用。

Another example of scaling customers is Chipotle, which continues to lead digital transformation in retail and deliver on their vision for intelligent restaurants. Chipotle has been a UiPath Automation Cloud customer since 2019. And in the second quarter, they added Automation Hub and additional unattended robot to help manage and support their growing pipeline of automation opportunities. They are also investigating UiPath Task Mining for automation opportunities in their restaurants.

另一個擴大客戶規模的例子是 Chipotle，它繼續引領零售業的數字化轉型，並實現他們對智能餐廳的願景。自 2019 年以來，Chipotle 一直是 UiPath Automation Cloud 的客戶。在第二季度，他們添加了 Automation Hub 和其他無人值守機器人，以幫助管理和支持他們不斷增長的自動化機會管道。他們還在調查 UiPath Task Mining 以尋找餐廳的自動化機會。

Not only for Chipotle, but for most of our customers, flexibility of deployment is an important consideration when they are choosing an automation partner. This is where Automation Cloud plays a key role in our end-to-end strategy. It allows customers to many software robots where they are needed, on-premise or in the cloud, through a single web portal delivered as a service.

不僅對於 Chipotle，而且對於我們的大多數客戶來說，部署的靈活性是他們選擇自動化合作夥伴時的一個重要考慮因素。這就是自動化雲在我們的端到端戰略中發揮關鍵作用的地方。它允許客戶通過作為服務交付的單個 Web 門戶在需要的地方使用許多軟件機器人，無論是在本地還是在雲端。

And we continue to make Automation Cloud even easier to use, recently creating a tool to simplify the process of moving on-premises Orchestrator to Automation Cloud. This has helped customers such as Dentsu whose strategic vision is to elevate its employees' potential by integrated automation and AI in both internal processes and client-facing services. Automation Cloud has grown at an amazing pace from GA in December of 2019 to approximately 2,850 customers in 2021. In fact, more than 45% of our new customers purchased Automation Cloud in the quarter, many of them deploying in a hybrid environment.

我們繼續使 Automation Cloud 更易於使用，最近創建了一個工具來簡化將本地 Orchestrator 遷移到 Automation Cloud 的過程。這幫助了電通等客戶，其戰略願景是通過內部流程和麵向客戶的服務中的集成自動化和人工智能來提升員工的潛力。 Automation Cloud 以驚人的速度從 2019 年 12 月的 GA 增長到 2021 年的約 2,850 名客戶。事實上，我們超過 45% 的新客戶在本季度購買了 Automation Cloud，其中許多客戶部署在混合環境中。

Because of our ability to support customers across deployment bundles, we can put customer requirements first every time. Even with all of this recent innovation, including the spring release of 21.4 which has more customers using it within 3 months than any release in our history, we are constantly pushing to see what we can achieve next.

由於我們能夠跨部署捆綁支持客戶，因此我們每次都可以將客戶需求放在首位。即使有所有這些最近的創新，包括 21.4 的春季版本，在 3 個月內使用它的客戶比我們歷史上的任何版本都多，我們仍在不斷努力，看看我們接下來可以實現什麼。

One of those challenges is addressing unstructured data, which, if we can accomplish it, substantially broadens what customers can accomplish with automation and increases our total addressable market. Right now, we leverage AI and ML across our platform, offering more than 25 prebuilt machine learning models to help customers automate more quickly. Customers of all sizes see the value in AI and ML and frequently ask us to deliver new functionality in the platform.

這些挑戰之一是解決非結構化數據，如果我們能夠做到這一點，它將大大拓寬客戶可以通過自動化完成的工作，並增加我們的總目標市場。目前，我們在整個平台上利用 AI 和 ML，提供超過 25 個預構建的機器學習模型，以幫助客戶更快地實現自動化。各種規模的客戶都看到了 AI 和 ML 的價值，並經常要求我們在平台中提供新功能。

In the second quarter, this led to the introduction of a new ML model to public preview that identifies key elements from text then classifies them to enhance automation in use cases like e-mail processing. It also led to delivery of a highly requested new feature in Document Understanding. Document Understanding now sends validation test to end users via UiPath Action Center and also enables the auto training of ML models for continuous learning and accuracy improvements over time.

在第二季度，這導致將新的 ML 模型引入公共預覽版，該模型從文本中識別關鍵元素，然後對其進行分類，以增強電子郵件處理等用例的自動化。它還導致交付了文檔理解中要求很高的新功能。 Document Understanding 現在通過 UiPath Action Center 向最終用戶發送驗證測試，還可以自動訓練 ML 模型，以便隨著時間的推移持續學習和提高準確性。

This is where we see the potential for semantic automation. We believe the market will evolve from what is now rules and instructions based, frequently requiring human intervention, to software that follows the process and learns how to emulate humans. Achieving semantic automation, as we envision it, is not going to be easy, and it is going to take time, but we have always been at the forefront of automation, and we are excited by the challenge. Our constant innovation results in broad recognition of our market leadership by practitioners, thought leaders and industry analysts. It also attracts partners to either join our go-to-market ecosystem or expand the depth of their relationship with us.

這就是我們看到語義自動化潛力的地方。我們相信市場將從現在基於規則和指令、經常需要人工干預的軟件發展為遵循流程並學習如何模仿人類的軟件。正如我們所設想的那樣，實現語義自動化並不容易，而且需要時間，但我們一直處於自動化的最前沿，我們對挑戰感到興奮。我們不斷的創新使從業者、思想領袖和行業分析師廣泛認可我們的市場領導地位。它還吸引合作夥伴加入我們的市場生態系統或擴大他們與我們的關係深度。

Investing in partners to promote their success is fundamental to our strategy. Our UiPath Services Network, or USN, was designed to provide our partners with training, certification and marketing programs. USN recognizes an elite network of service and delivery partners that work with our customers to offer skills on par with our professional services team. This quarter, both EY and Cognizant successfully completed the rigorous requirements of USN certification.

投資於合作夥伴以促進他們的成功是我們戰略的基礎。我們的 UiPath 服務網絡 (USN) 旨在為我們的合作夥伴提供培訓、認證和營銷計劃。 USN 認可服務和交付合作夥伴的精英網絡，他們與我們的客戶合作，提供與我們的專業服務團隊相媲美的技能。本季度，安永和 Cognizant 均成功完成了 USN 認證的嚴格要求。

Before I turn the call over to Ashim, I want to quickly highlight Automation for Good, one of the many initiatives that demonstrate how we put our values into action. We believe in the transformative power of automation to bring out the best in people and the potential of people to bring out the best in our world.

在我將電話轉給 Ashim 之前，我想快速強調一下 Automation for Good，這是展示我們如何將價值觀付諸行動的眾多舉措之一。我們相信自動化的變革力量可以激發人們的潛能，相信人們有潛力激發世界上最好的事物。

By way of example, automation has the power to help neurodiverse individuals finally retain meaningful employment. The unemployment rate for autistic individuals is staggering with over 80% of individuals unable to find work. To help address this challenge, UiPath is supporting AutonomyWorks, a company that employs people with autism to deliver business services. You may have seen them on 60 Minutes. By creating software robots designed to make workloads manageable, this allows those with autism the opportunity to flourish in highly skilled roles and work with cutting-edge automation software. We are proud of this partnership, which is just one example of the impact of our efforts around the world.

例如，自動化有能力幫助具有神經多樣性的個體最終保留有意義的就業。自閉症患者的失業率驚人，超過 80% 的人找不到工作。為了幫助應對這一挑戰，UiPath 正在支持 AutonomyWorks，這是一家僱傭自閉症患者提供商業服務的公司。您可能已經在 60 分鐘節目中看到了它們。通過創建旨在使工作負載易於管理的軟件機器人，這使自閉症患者有機會在高技能的角色中蓬勃發展，並使用尖端的自動化軟件工作。我們為這種夥伴關係感到自豪，這只是我們在全球範圍內努力產生影響的一個例子。

Finally, we invite you to join our user conference, FORWARD IV, next month in Las Vegas, where you will get to see all of our latest innovations firsthand. We are very excited about the upcoming introduction of 21.10, our newest platform release, which will include multi-cloud, multi-platform capabilities that we believe will further expand our addressable market and leadership position.

最後，我們邀請您參加我們下個月在拉斯維加斯舉行的用戶大會 FORWARD IV，在那裡您將親眼目睹我們所有的最新創新。我們對即將推出的最新平台版本 21.10 感到非常興奮，其中將包括多雲、多平台功能，我們相信這將進一步擴大我們的潛在市場和領導地位。

With that, I'll turn the call over to Ashim to discuss our Q2 performance and guidance in more detail.

有了這個，我將把電話轉給 Ashim，以更詳細地討論我們的第二季度業績和指導。

Thank you, Daniel, and thank you, everyone, for joining us today. Before I get started, please note that all growth rates are year-over-year unless otherwise indicated.

謝謝丹尼爾，謝謝大家今天加入我們。在我開始之前，請注意，除非另有說明，否則所有增長率都是同比增長的。

I am pleased with our second quarter results, which yet again delivered meaningful growth at scale, driven by our market-leading automation platform that drives fast time-to-value and tangible benefits. In fact, in an upcoming IDC white paper sponsored by UiPath, IDC estimates that the economic benefits driven by UiPath will grow from $7 billion worldwide in 2021 to $55 billion in 2025.

我對我們的第二季度業績感到滿意，在我們市場領先的自動化平台的推動下，這再次實現了大規模的有意義的增長，該平台推動了快速實現價值和實實在在的利益。事實上，在即將發布的由 UiPath 贊助的 IDC 白皮書中，IDC 估計 UiPath 帶來的經濟效益將從 2021 年的全球 70 億美元增長到 2025 年的 550 億美元。

Of the 3 benefit vectors: increased revenue, decreased expenses and increased quality, the expected benefit from revenue gains will be larger than expense cuts and job growth from increased revenue to outpace job losses from expense reduction.

在 3 個收益向量中：收入增加、費用減少和質量提高，收入收益的預期收益將大於費用削減，收入增加帶來的就業增長超過費用減少帶來的就業損失。

We ended the second quarter with ARR of $726.5 million, up 60%. Net new ARR was $73.9 million, growing 33% driven by increased adoption of our core product portfolio, Automation Cloud, as well as new product offerings. We run the business and evaluate our performance based on ARR.

我們在第二季度結束時的 ARR 為 7.265 億美元，增長了 60%。淨新 ARR 為 7390 萬美元，增長 33%，主要得益於我們的核心產品組合、自動化雲以及新產品的採用率增加。我們經營業務並根據 ARR 評估我們的績效。

This quarter's strong results were driven once again by a world-class land-and-expand go-to-market model. New logos included the State of New Mexico, the New York Power Authority and the University of Washington Medicine.

本季度的強勁業績再次受到世界級土地和擴張上市模式的推動。新標誌包括新墨西哥州、紐約電力局和華盛頓大學醫學院。

In the second quarter, Prospect Medical started their automation journey with broad platform adoption, including test suite and insights. Accuity, a LexisNexis Risk Solutions company, selected UiPath Automation Cloud and plans to utilize Automation Hub as well as Task Mining among other products to stand up a citizen developer program.

在第二季度，Prospect Medical 通過廣泛的平台採用開始了他們的自動化之旅，包括測試套件和洞察力。 LexisNexis 風險解決方案公司 Accuity 選擇了 UiPath 自動化雲，併計劃利用自動化中心和任務挖掘等產品來建立公民開發者計劃。

On the expand side, our second quarter dollar-based net retention rate of 144% continues to be best-in-class as customers expand platform adoption, add users and deploy more software robots. And even with these strong expansion metrics, the opportunity for our installed base to grow remains significant as we estimate that we have only captured 3% to 5% of their potential automation spend.

在擴展方面，隨著客戶擴大平台採用、增加用戶和部署更多軟件機器人，我們第二季度 144% 的基於美元的淨保留率繼續保持一流水平。即使有這些強大的擴展指標，我們的安裝基礎增長的機會仍然很大，因為我們估計我們只獲得了他們潛在自動化支出的 3% 到 5%。

Another way to look at this expansion dynamic is ARR lifetime value, or ARR LTV, and the purchasing frequency of our largest customers. For those of you who are not on the webcast, we have added 2 slides to our earnings deck for reference.

看待這種擴張動態的另一種方式是 ARR 生命週期價值或 ARR LTV，以及我們最大客戶的購買頻率。對於那些沒有參加網絡直播的人，我們在收益平台中添加了 2 張幻燈片以供參考。

First, our customers by annual cohort. These cohorts demonstrate continual year-over-year expansion, with many of them making repeat purchases within the first 12 months. This kind of growth comes from our ability to quickly create value and drive meaningful ROI for our customers. Second, our top 25 customers, where we see the momentum driven by automation at scale. This lens on our customer base shows not only the applicability of automation across a diverse set of business verticals, but also the repetitive nature of buying, which happens quarter after quarter.

首先，我們的客戶按年度隊列。這些群體表現出持續的逐年擴張，其中許多人在前 12 個月內重複購買。這種增長來自於我們為客戶快速創造價值和推動有意義的投資回報率的能力。其次，我們的前 25 名客戶，我們看到了大規模自動化驅動的勢頭。我們客戶群的這個鏡頭不僅顯示了自動化在各種垂直業務領域的適用性，而且還顯示了購買的重複性，這種情況一個季度又一個季度發生。

For example, a top 25 customer in the health care industry made their initial purchase to automate a handful of use cases in IT. Over time, they found additional automation opportunities across IT and shared services, ultimately setting up a Center of Excellence to service numerous federated automation teams around the globe. And while they have tied automation to an enterprise objective of saving more than $1 billion, they have also expanded their adoption by leveraging automation across subsidiaries, acquisitions and to drive top line revenue, having adopted capabilities across our platform.

例如，醫療保健行業的前 25 位客戶首次購買是為了自動化 IT 中的少數用例。隨著時間的推移，他們在 IT 和共享服務中發現了更多的自動化機會，最終建立了一個卓越中心，為全球眾多聯合自動化團隊提供服務。雖然他們將自動化與節省超過 10 億美元的企業目標聯繫起來，但他們還通過在子公司、收購中利用自動化來擴大其採用範圍，並在我們的平台上採用各種功能來推動收入增長。

And finally, ARR LTV multiples. Among our top customers, ARR expansion has been strong, a theme that carries through to our top 25 customer cohort, which has grown to approximately 233x their initial investment. If we expand the ARR LTV analysis to include our top 50 customers, they have an LTV of 90x. And what I see as the most illustrative of the potential of our customer base is the LTV for our top 100 customers of 62x. All of the customers in this top 100 cohort are included in the 118 customers that account for $1 million-plus in ARR.

最後，ARR LTV 倍數。在我們的頂級客戶中，ARR 的擴張一直很強勁，這一主題一直延續到我們的前 25 名客戶群中，這些客戶群已增長到其初始投資的約 233 倍。如果我們將 ARR LTV 分析擴大到包括我們的前 50 名客戶，他們的 LTV 為 90 倍。我認為最能說明我們客戶群潛力的是我們的前 100 名客戶的 62 倍 LTV。前 100 名中的所有客戶都包含在 ARR 超過 100 萬美元的 118 位客戶中。

To ensure that as many of our customers as possible see these kinds of results, we work side-by-side with our partners, which now number more than 4,700, to enable and accelerate adoption. Partners also expand our global reach and bring us into strategic digital transformation programs. A great example of this is Shopify, a recently acquired UiPath customer. Working with 1 of our big 4 partners, Shopify selected our automation platform to enable them to deliver an even better experience to their users.

為了確保我們的盡可能多的客戶看到這些結果，我們與我們的合作夥伴（現在數量超過 4,700 家）並肩合作，以實現並加速採用。合作夥伴還擴大了我們的全球影響力，並將我們帶入戰略數字化轉型計劃。一個很好的例子是最近收購的 UiPath 客戶 Shopify。 Shopify 與我們的 4 大合作夥伴中的 1 家合作，選擇了我們的自動化平台，以使他們能夠為用戶提供更好的體驗。

As always, we also look at ways to innovate. And in the second quarter, we signed a strategic partnership with Deloitte to invest in their Smart Factory at Wichita State. This joint ecosystem play is focused on creating the factory of the future and integrating industry-leading capabilities like UiPath to redefine how factories operate. This will be a groundbreaking showcase of the benefits of software and physical robot collaboration. We are committed to investing in our partners and helping them scale their UiPath business.

與往常一樣，我們也在尋找創新的方法。在第二季度，我們與德勤簽署了戰略合作夥伴關係，以投資他們在威奇托州的智能工廠。這種聯合生態系統遊戲的重點是創建未來的工廠，並整合 UiPath 等行業領先的能力，以重新定義工廠的運作方式。這將是軟件和物理機器人協作優勢的開創性展示。我們致力於投資於我們的合作夥伴並幫助他們擴大 UiPath 業務。

Now turning to our second quarter. I will be discussing results on a non-GAAP basis unless otherwise noted. Second quarter revenue increased 40% to $195.5 million compared to $139.4 million in the prior year period.

現在轉向我們的第二季度。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。第二季度收入增長 40% 至 1.955 億美元，而去年同期為 1.394 億美元。

Looking at our pipeline, which is strong across geographies, we see the opportunity to move customers to deal structures with annual ramping, which we expect will lower our overall discounts. This structure creates better ROI for our customers, long-term engagement opportunities for our partners and will yield better overall margins for UiPath. It is also positive for ARR growth, which is our most important metric, but it can create short-term revenue variability due to the timing of license delivery and GAAP revenue recognition.

看看我們在各個地區都很強大的管道，我們看到了將客戶轉移到每年增加的交易結構的機會，我們預計這將降低我們的整體折扣。這種結構為我們的客戶創造了更好的投資回報率，為我們的合作夥伴創造了長期的參與機會，並將為 UiPath 帶來更好的整體利潤。這也有利於 ARR 增長，這是我們最重要的指標，但由於許可證交付的時間和 GAAP 收入確認，它可能會造成短期收入波動。

The durability of our long-term growth can be seen in remaining performance obligations, or RPO, which were $519.9 million in the second quarter, an increase of 80% year-over-year.

我們的長期增長的持久性可以從剩餘的履約義務或 RPO 中看出，第二季度為 5.199 億美元，同比增長 80%。

Gross profit margin in the quarter was 86% compared to 90% in the prior year period. Software gross margin of 94% was offset by services gross margin of negative 65%. While we continue to run the services business to be approximately cash flow neutral, we expect the timing of revenue recognition as well as investment in customer adoption through partner enablement to create fluctuations in service gross margin over time.

本季度毛利率為 86%，而去年同期為 90%。 94%的軟件毛利率被負65%的服務毛利率所抵消。雖然我們繼續經營服務業務以保持現金流大致中性，但我們預計收入確認的時間以及通過合作夥伴支持對客戶採用的投資會隨著時間的推移造成服務毛利率的波動。

Operating expenses for the second quarter totaled $161 million. We continue to invest in headcount across our sales force and customer success teams as well as engineering.

第二季度的運營費用總計1.61億美元。我們將繼續投資於我們的銷售團隊和客戶成功團隊以及工程部門的員工人數。

GAAP operating loss of $97.8 million included $92.6 million of stock-based compensation expense related to our equity program. Non-GAAP operating income was $6.7 million compared to a loss of $7.6 million in the prior year period.

GAAP 運營虧損 9780 萬美元，其中包括與我們的股權計劃相關的 9260 萬美元的股票補償費用。非美國通用會計準則營業收入為 670 萬美元，而去年同期虧損 760 萬美元。

Adjusted free cash flow in the quarter was negative $3.5 million compared to a positive $28.1 million in the prior year period as we continue to invest in the business. We ended the quarter with $1.9 billion in cash, cash equivalents and marketable securities and no debt.

由於我們繼續投資該業務，本季度調整後的自由現金流為負 350 萬美元，而去年同期為正 2810 萬美元。我們在本季度結束時擁有 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 our financial outlook. Guidance reflects our confidence in our market leadership, differentiated technology and focused execution. For the third quarter fiscal 2022, we expect ARR to be in the range of $796 million to $798 million. As I have emphasized repeatedly, ARR is the key metric for measuring UiPath, and it lays a strong foundation for the company as we scale. We expect revenues to be in the range of $207 million to $209 million.

轉向我們的財務前景。指導反映了我們對我們的市場領導地位、差異化技術和專注執行的信心。對於 2022 財年第三季度，我們預計 ARR 將在 7.96 億美元至 7.98 億美元之間。正如我反復強調的那樣，ARR 是衡量 UiPath 的關鍵指標，它為我們擴大規模的公司奠定了堅實的基礎。我們預計收入將在 2.07 億美元至 2.09 億美元之間。

As a reminder, given the variability introduced by ASC 606, we do not focus the business on short-term revenue growth, which can be lumpy quarter-to-quarter and dislocated from ARR and the long-term growth and health of the business.

提醒一下，鑑於 ASC 606 引入的可變性，我們不會將業務重點放在短期收入增長上，這可能會出現季度間波動，並與 ARR 以及業務的長期增長和健康狀況脫節。

And we expect non-GAAP operating loss to be in the range of negative $30 million to negative $15 million as we continue to invest in the business while still driving efficient operations. For fiscal 2022, we expect ARR to be in the range of $876 million to $881 million, an increase from prior guidance of $850 million to $855 million provided on our fiscal first quarter 2022 earnings call.

我們預計非 GAAP 運營虧損將在負 3000 萬美元至負 1500 萬美元之間，因為我們繼續投資於業務，同時仍推動高效運營。對於 2022 財年，我們預計 ARR 將在 8.76 億美元至 8.81 億美元之間，高於我們在 2022 財年第一季度財報電話會議上提供的 8.5 億美元至 8.55 億美元的先前指導。

Before I conclude, I'd like to provide a few incremental modeling points.

在結束之前，我想提供一些增量建模點。

First, we expect sales and marketing spend to increase in the back half of the year. This includes expenses related to our third quarter user conference, FORWARD, as we start to return to some of our pre-COVID marketing activities. Second, our guidance includes an assumption that there will be a return to office when possible. We continue to monitor the impact of the Delta variant on our teams worldwide and are actively supporting employees and their families where needed. And finally, we expect basic share count for the third quarter to be approximately 531 million shares outstanding.

首先，我們預計下半年的銷售和營銷支出將會增加。這包括與我們的第三季度用戶會議 FORWARD 相關的費用，因為我們開始恢復一些 COVID 之前的營銷活動。其次，我們的指導包括一個假設，即在可能的情況下將重返辦公室。我們將繼續監控 Delta 變體對我們全球團隊的影響，並在需要時積極支持員工及其家人。最後，我們預計第三季度的基本流通股數量約為 5.31 億股。

In summary, the team delivered a strong second quarter, reflecting our market leadership and focus on execution. Looking ahead, we have a very strong pipeline, and we expect to continue our momentum in the second half of the year. In the near term, we are excited to host our user conference FORWARD IV. We invite you to come and speak with our executive team, customers and partners, which include global tech sponsors, AWS and Microsoft, as well as Diamond sponsors, Accenture, CGI, Cognizant, Deloitte and PwC. This significant partner presence underscores their strong support for UiPath and the industry's largest dedicated automation event. We hope to see you there.

總之，該團隊第二季度表現強勁，反映了我們的市場領導地位和對執行的關注。展望未來，我們擁有非常強大的管道，我們預計下半年將繼續保持勢頭。在短期內，我們很高興能夠舉辦我們的用戶大會 FORWARD IV。我們邀請您前來與我們的執行團隊、客戶和合作夥伴進行交流，其中包括全球技術贊助商 AWS 和微軟，以及鑽石贊助商 Accenture、CGI、Cognizant、Deloitte 和 PwC。這一重要合作夥伴的存在突顯了他們對 UiPath 和業界最大的專用自動化活動的大力支持。我們希望看到你在那裡。

We'll now take questions, and I'll turn over the call to the operator. Operator, please poll for questions.

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 today is coming from Raimo Lenschow from Barclays.

（操作員說明）我們今天的第一個問題來自 Barclays 的 Raimo Lenschow。

Congrats from me on a great quarter. One question on the demand signals you are seeing. You obviously delivered really well throughout the pandemic, but now that we're coming out, what do you see in terms of customer appetite to accelerate even further the digital transformation do more around your RPA offering, Process Mining offering, et cetera? So how do you see this demand? Is it going to be stable for you? Or would you kind of think this could accelerate even further?

我祝賀你取得了一個偉大的季度。關於您所看到的需求信號的一個問題。顯然，您在整個大流行期間交付得非常好，但是現在我們要出來了，您認為客戶對進一步加速數字化轉型的興趣如何？圍繞您的 RPA 產品、流程挖掘產品等做更多的事情？那麼您如何看待這種需求呢？對你來說會穩定嗎？或者你會認為這可能會進一步加速嗎？

Thank you for the question. We always said that COVID was net neutral for us. We've seen some business industries accelerating, where some deceleration in other industries. As we are getting, hopefully, in the last phase of COVID, we see solid demand in -- for our technology, for our platform. We are seeing quite a solid pipeline for the second part of the year.

感謝你的提問。我們總是說 COVID 對我們來說是網絡中立的。我們看到一些商業行業加速發展，而其他行業則減速。隨著我們希望在 COVID 的最後階段，我們看到對我們的技術和平台的強勁需求。我們看到今年下半年的管道相當穩固。

And our extended line of products like Process Mining and Task Mining are starting to show really good traction with our customers. Maybe, Ashim, you want to add something?

我們的擴展產品線（例如 Process Mining 和 Task Mining）開始在我們的客戶中顯示出非常好的吸引力。也許，阿希姆，你想添加一些東西？

No. I concur. I look at the long-term demand signals that we see. Daniel talked about the strength of our pipeline. We love our competitive position. The awareness in the market around our platform is higher than ever, as you can see from a lot of the industry reports that have also come out. So we actually feel very positive about the long-term demand coming out of COVID.

不，我同意。我著眼於我們看到的長期需求信號。 Daniel 談到了我們管道的實力。我們熱愛我們的競爭地位。圍繞我們平台的市場認知度比以往任何時候都高，正如您從許多也出現的行業報告中看到的那樣。因此，我們實際上對 COVID 帶來的長期需求感到非常樂觀。

Our next question is coming from Keith Weiss from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Congrats on the very nice quarter. Ashim, I just wanted to dig in a little bit on the guidance. So you raised the full year guide by about $26 million in ARR after beating Q2 by $24 million, and Q3 is about $20 million ahead of where consensus was. So I was just wondering, with that setup, are you signaling to us like consensus was a little bit too weak for Q3 and strong for Q4 and you're trying to readjust it? Or is there a demand signal in Q4 you're trying to make us aware? Because implicitly, Q4 comes down a little bit in terms of ARR.

恭喜這個非常好的季度。 Ashim，我只是想深入了解一下指導。因此，在超過第二季度 2400 萬美元之後，您將全年指南的 ARR 提高了約 2600 萬美元，而第三季度比共識高出約 2000 萬美元。所以我只是想知道，通過這種設置，你是否向我們發出信號，比如共識對第三季度來說有點太弱而對第四季度來說太強了，你正在嘗試重新調整它？還是您想讓我們意識到第四季度的需求信號？因為隱含地，第四季度的 ARR 有所下降。

Keith, we can follow up. But the way that I look at it is I really flowed through the beat from third quarter in terms of what we saw as consensus that was through there as we look out. In terms of just the overall demand signal, I would say everything that we talk about is from a macro trends, we still see in line for the year, which is a continued healthy best-in-class dollar-based net retention rate, a really steady execution on new logos.

基思，我們可以跟進。但是我看待它的方式是，就我們所看到的共識而言，我真的從第三季度開始經歷了我們所期待的共識。就整體需求信號而言，我想說我們談論的一切都來自宏觀趨勢，我們仍然看到今年保持一致，這是一個持續健康的一流的基於美元的淨保留率，a真正穩定地執行新徽標。

In terms of the specific guidance, really, as I look out to third and fourth quarter, I continue to guide based on what I see right in front of me, and our teams are continuing to execute in terms of driving the demand, driving the expansion in the field.

在具體指導方面，真的，當我展望第三和第四季度時，我繼續根據我眼前的情況進行指導，我們的團隊正在繼續執行驅動需求，驅動領域的擴張。

And I feel like we're set up to continue to execute well in the second half.

我覺得我們已經準備好在下半場繼續表現出色。

Your next question is coming from Mark Murphy from JPMorgan.

您的下一個問題來自摩根大通的 Mark Murphy。

Yes. I'll add my congrats. So Ashim, you had commented on seeing an opportunity to move customers, I think you said to contracts with annual ramping, but I'm not sure if I assimilated that correctly or heard that correctly. Could you just walk us through how those contracts are structured and maybe how quickly the mix might change? Any kind of -- any way we might play that through and roll that forward into our revenue forecast?

是的。我會添加我的祝賀。所以 Ashim，你曾評論說看到了一個吸引客戶的機會，我想你說過每年增加合同，但我不確定我是否正確地吸收了這一點或聽錯了。您能否簡單介紹一下這些合同的結構以及組合可能會以多快的速度發生變化？任何一種 - 我們可能會以任何方式發揮作用並將其推向我們的收入預測？

Yes, sure. So when I talk about an annual ramping contract, one of the things that is really positive for us is digital transformation is a long-term trend. And what has happened with the strength of UiPath's platform is automation is a staple for the long-term requirements for customers to transform the way they work in digital transformation.

是的，當然。因此，當我談到年度爬坡合同時，對我們來說真正積極的一件事是數字化轉型是一個長期趨勢。借助 UiPath 平台的優勢，自動化是客戶轉變數字化轉型工作方式的長期需求的主要內容。

So what that means is instead of buying simple annual contracts, what we see a larger demand for is getting larger-term commitments from some of our customers. But the way they look at that is instead of buying 10,000 robots today, they may buy 1,000 robots today, 5,000 next year, 10,000 in year 3. And those -- the license deliveries would happen into those years as we go down.

所以這意味著不是購買簡單的年度合同，我們看到更大的需求是從我們的一些客戶那裡獲得更長期的承諾。但他們看待這個問題的方式不是今天購買 10,000 台機器人，他們可能會在今天購買 1,000 台機器人，明年購買 5,000 台，第三年購買 10,000 台。而那些——許可證交付將發生在我們下降的那些年。

And so one of the things that we look at is that we like that because that is better ROI for our customers. And I -- when we think about the impact on financial metrics, two things. One is, remember, we -- and I repeat this, we really drive our company to ARR. From an ARR perspective, there is no impact that is there. Based on the way the contracts are structured, if license delivery happens in the out years, then that does have -- that creates variability in revenue because we only can recognize the revenue upon delivery of the license. And so that is kind of the way that I think about it from a modeling perspective on revenue. But again, I stress ARR really, there's no impact, and that's how we drive the business.

因此，我們關注的一件事是我們喜歡這樣，因為這對我們的客戶來說是更好的投資回報率。我 - 當我們考慮對財務指標的影響時，有兩件事。一個是，請記住，我們 - 我重複一遍，我們真的將我們的公司推向了 ARR。從 ARR 的角度來看，沒有任何影響。根據合同的結構方式，如果許可證交付發生在未來幾年，那麼確實會產生收入變化，因為我們只能在交付許可證時確認收入。這就是我從收入建模的角度來考慮的一種方式。但我再次強調 ARR，沒有任何影響，這就是我們推動業務的方式。

The next question today is coming from Terry Tillman from Truist Securities.

今天的下一個問題來自 Truist Securities 的 Terry Tillman。

Congrats on the $1 million-plus deal productivity. Everyone likes seeing that. My question just relates to all the partner activity. There's been lots of press releases from you and your partners in terms of working together. And I think you said you're up to 4,700 now. It's a 2-part question in terms of, are they more helpful, this emerging partner ecosystem with landing customers, or more of the strategic expansion? And where are you with the productivity curve of these partners?

祝賀超過 100 萬美元的交易生產力。每個人都喜歡看到這一點。我的問題只與所有合作夥伴活動有關。在合作方面，您和您的合作夥伴發布了很多新聞稿。我想你說你現在達到了 4,700。這是一個由兩部分組成的問題，它們是否更有幫助，這個具有登陸客戶的新興合作夥伴生態系統，還是更多的戰略擴張？這些合作夥伴的生產力曲線在哪裡？

We are very proud of growing our partner network. We've been able to grow to more than 4,700 partners, up from 4,400 last quarter. And the partner network is quite a big focus. It's a central piece of our growing strategy. It's both for bringing new logos, but also quite a bit in expanding into our existing customers.

我們為發展我們的合作夥伴網絡感到非常自豪。我們已經能夠從上一季度的 4,400 個增加到 4,700 多個合作夥伴。合作夥伴網絡是一個很大的焦點。這是我們發展戰略的核心部分。這既是為了帶來新的標誌，也是為了擴展到我們現有的客戶。

And then just to add on is in terms of the productivity curve, we see a lot of customers investing. So that is why you see a lot of the USN press releases that we have out there. E&Y, PwC, Cognizant, these just underscore the commitment of our customer -- of our partners to come up the productivity curve.

然後再補充一點，就生產力曲線而言，我們看到很多客戶進行了投資。這就是為什麼您會看到我們提供的大量 USN 新聞稿的原因。安永、普華永道、高知特，這些只是強調了我們的客戶——我們的合作夥伴對提高生產力曲線的承諾。

At the same time, relative to the importance that this is going to play for our customers, we look at this as a tremendous opportunity that we'll continue to invest in. And we invest in that directly with our partners as well as with our organizations to help enable our partners come up the curve and ensure the right service quality to our customers who are really counting on this to meet their ROI needs.

與此同時，相對於這將對我們的客戶發揮的重要性而言，我們認為這是一個巨大的機會，我們將繼續投資。我們直接與我們的合作夥伴以及我們的合作夥伴一起投資。組織幫助我們的合作夥伴走上曲線，並確保為我們的客戶提供正確的服務質量，這些客戶真正依靠它來滿足他們的 ROI 需求。

Next question today is coming from Kirk Materne from Evercore ISI.

今天的下一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on the strong ARR numbers. Daniel, can you just talk about -- actually, it follows up on Terry's question around partners. But are the partners getting trained up on the full portfolio? I guess are they starting just with sort of the more basic automation and then moving into process lining? It seemed to me that having your partners fully equipped, understanding Process Mining, the cloud automation technologies could help accelerate customer adoption of that. I guess, how influential are they in terms of customers taking on the whole platform versus maybe just the starting automation points.

祝賀強大的 ARR 數字。丹尼爾，你能談談——實際上，它是對特里關於合作夥伴的問題的跟進。但是合作夥伴是否接受了完整投資組合的培訓？我猜他們是從更基本的自動化開始，然後進入工藝襯裡嗎？在我看來，讓您的合作夥伴裝備齊全，了解流程挖掘，云自動化技術可以幫助加速客戶採用它。我想，就客戶使用整個平台而言，它們的影響力有多大，而不僅僅是自動化的起點。

Great question. We are looking always to train our partners in the full array of components of our platform. And especially, we are seeing really growth interest in the Task Mining technology that was catching up quite well with our customers. And we aim to really make all of them capable of delivering this to the entire network of customers that we are having.

好問題。我們一直在尋求就我們平台的所有組件對我們的合作夥伴進行培訓。尤其是，我們看到我們的客戶對任務挖掘技術的興趣正在增長。我們的目標是真正讓他們都能夠將其交付給我們擁有的整個客戶網絡。

I believe that understanding the entire platform as a whole is central to how we want to scale up our big customers. This is why we basically invested in all the pillars of delivering automation. You cannot just -- if we start only with the core, what traditionally was used to be called RPA, there is just a certain number where you can get into really automating most of the manual repetitive tasks. But bringing all the pieces together, it's what increases the velocity of widespread adoption within our enterprise customers.

我相信，了解整個平台是我們如何擴大大客戶規模的核心。這就是為什麼我們基本上投資於實現自動化的所有支柱。你不能只是——如果我們只從核心開始，傳統上被稱為 RPA，那麼只有一定數量的人可以真正實現大多數手動重複性任務的自動化。但是，將所有部分組合在一起，它可以提高我們企業客戶的廣泛採用速度。

Our next question is coming from Michael Turrin from Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

Certainly, appreciate it and it's clear the focus on ARR, given the moving pieces. I wanted to hopefully just focus on the net new number there as well. The ARR growth has been pretty consistent at 60%. That net new number has bounced around a bit more in the past few quarters. Just wondering if there's anything you can add to help us smooth those trends. And maybe if there's any impact on the uptick Automation Cloud is having there or anywhere else in the model would be helpful as well.

當然，欣賞它，鑑於移動部件，很明顯關注 ARR。我希望也能專注於那裡的淨新數字。 ARR 增長率一直保持在 60% 左右。在過去幾個季度中，這一淨新數字反彈得更多。只是想知道您是否可以添加任何內容來幫助我們平滑這些趨勢。也許如果對自動化雲的上升有任何影響，或者模型中的其他任何地方也會有幫助。

Look, I look at our incremental ARR numbers, the net new ARR that we've been posting, we're very pleased with it. It reflects the investment. It reflects both the strong dollar base -- the impact of the strong dollar-based net retention rate as well as the steady execution of new logos. We continue to invest in our sales force.

看，我查看了我們的增量 ARR 數字，我們一直在發布的淨新 ARR，我們對此非常滿意。它反映了投資。它既反映了強勁的美元基礎——強勁的美元淨保留率的影響，也反映了新標識的穩定執行。我們繼續投資於我們的銷售隊伍。

So as we continue to bring up our sales team and ramp up additional reps, which we've been doing, I feel very good about the overall trajectory to fulfill the pipeline that we have in front of us, which has grown and is very strong.

因此，隨著我們繼續培養我們的銷售團隊並增加我們一直在做的更多代表，我對完成我們面前的管道的整體軌跡感到非常滿意，它已經成長並且非常強大.

In terms of Automation Cloud, I look at cloud overall, and I think, remember that the majority of what we do is in hybrid, meaning they are run at -- so from a revenue standpoint, from a demand standpoint, while it's a differentiator we'll win the deal, it doesn't really impact the difference of ARR, right? It's more of an impact on revenue.

就自動化雲而言，我從整體上看雲，我認為，請記住，我們所做的大部分工作都是混合的，這意味著它們是在運行的——所以從收入的角度來看，從需求的角度來看，雖然它是一個差異化因素我們會贏得這筆交易，它不會真正影響 ARR 的差異，對吧？對收入的影響更大。

And then when you think about just the cloud metrics, Automation Cloud has grown to approximately 2,850 customers since its launching in December 2019. Overall, the feedback from our customers is great. They love the investment in the road map, so they have choice. And they have different deployment options, which is a real strength and competitive differentiator for us as a company. And it's instrumental as we continue to win deals, and we continue to gain traction in the market.

然後，當您僅考慮雲指標時，Automation Cloud 自 2019 年 12 月推出以來已增長到大約 2,850 個客戶。總體而言，我們客戶的反饋非常好。他們喜歡對路線圖的投資，所以他們有選擇。他們有不同的部署選項，這對我們公司來說是一個真正的優勢和競爭優勢。這對我們繼續贏得交易很有幫助，我們繼續在市場上獲得牽引力。

The next question today is coming from Siti Panigrahi from Mizuho.

今天的下一個問題來自瑞穗的 Siti Panigrahi。

I just wanted to ask about adoption of this attended versus unattended bots. What sort of trends are you seeing? And is there the mix vary between new deals versus extension deals?

我只是想問一下這種有人值守機器人與無人值守機器人的採用情況。你看到什麼樣的趨勢？新交易與延期交易之間是否存在差異？

We didn't see any major change in the adoption of attended versus unattended this quarter. We are largely seeing the businesses adopting both, which is a big strength of our platform. We are the only platform that can provide best-in-class unattended and attended robots. And we have continued to invest on this front.

我們沒有看到本季度有人參與與無人參與的採用有任何重大變化。我們在很大程度上看到企業採用兩者，這是我們平台的一大優勢。我們是唯一可以提供一流無人值守和有人值守機器人的平台。我們一直在這方面進行投資。

For instance, I am very proud that in this fall, we are going to release attended robots for Mac and for Mac users. So we are effectively expanding our total addressable market to -- from the people that are using Windows machines in the office to basically people that are using Macs. And in the future, we will go to all sorts of devices. So we continue to really look to win and extend our lead in the attended space. While I think it's clear for everyone here that in the unattended space, we've been a clear leader for a long time.

例如，我很自豪在今年秋天，我們將為 Mac 和 Mac 用戶發布有人值守機器人。因此，我們正在有效地將我們的總目標市場擴展到 - 從在辦公室使用 Windows 機器的人到基本上使用 Mac 的人。未來，我們將使用各種設備。因此，我們繼續真正尋求贏得併擴大我們在參與空間中的領先地位。雖然我認為這裡的每個人都很清楚，在無人值守的空間中，我們長期以來一直是一個明確的領導者。

And Siti, just one thing that I think is important to emphasize, when you look at the use cases, as you think about driving durable growth, use cases like the contact center that -- sometimes we put attended with simplicity really, you need a robust attended offering to solve the complexities and drive the meaningful ROIs for our customers that is there. And that's important not just for the land but also for the expand. As people go and take advantage of more use cases, the need for both technologies working in concert is more important than ever for our customers. .

還有 Siti，我認為只有一件事需要強調，當您查看用例時，當您考慮推動持久增長時，像聯絡中心這樣的用例 - 有時我們真的很簡單，您需要一個強大的有人參與的服務，以解決複雜性並為我們的客戶帶來有意義的投資回報。這不僅對土地很重要，對擴張也很重要。隨著人們利用更多用例，對兩種技術協同工作的需求對我們的客戶來說比以往任何時候都更加重要。 .

Next question today is coming from Scott Berg from Needham.

今天的下一個問題來自 Needham 的 Scott Berg。

Congrats on the quarter. I guess I have one because it's come up, I think, in every investor conversation I've had on you guys this quarter is, how should we think about the progression of the deployment model moving from your term model to a cloud model over time? You guys obviously highlighted some recent successes there, but it's probably the #1 question I get, considering most of the companies we all cover here do have a family of SaaS-based distribution [today].

祝賀本季度。我想我有一個，因為它出現了，我認為，在本季度我與你們進行的每一次投資者對話中，我們應該如何考慮隨著時間的推移，部署模型從您的術語模型轉變為雲模型的進展?你們顯然強調了那裡最近取得的一些成功，但這可能是我得到的第一個問題，考慮到我們在這裡所涵蓋的大多數公司確實有一個基於 SaaS 的發行系列 [今天]。

So when you think about it, I -- we've always talked about a shift which we've factored into a lot of the discussions we've had at the IPO time of around 20% movement to the cloud. So a lot of that is already baked into how we think about the future. We're on that trajectory. I think what we see is the demand for different cloud components is there. So when I say 2,850 customers are using Automation Cloud, that doesn't necessarily mean -- that doesn't mean they're on a full SaaS offering. That means they're on a hybrid deployment offering, which uses some components that are in the cloud and some that is on-prem.

因此，當您考慮它時，我 - 我們一直在談論一種轉變，我們在 IPO 時進行的很多討論中都考慮到了這種轉變，即大約 20% 的遷移到雲計算。因此，其中很多已經融入了我們對未來的看法。我們正走在這條軌道上。我認為我們看到的是對不同雲組件的需求。因此，當我說 2,850 名客戶正在使用 Automation Cloud 時，這並不一定意味著——這並不意味著他們使用的是完整的 SaaS 產品。這意味著他們使用的是混合部署產品，該產品使用雲中的一些組件和本地的一些組件。

And that is not forced by UiPath. We actually respect our customers' choices because they have certain infrastructure requirements, certain security requirements, their own journey to the cloud that we want to be able to support rather than forcing them into our mechanism.

這不是 UiPath 強制要求的。我們實際上尊重客戶的選擇，因為他們有某些基礎設施要求、某些安全要求、他們自己的雲之旅，我們希望能夠支持而不是強迫他們進入我們的機制。

The feedback and -- the other point on the cloud is our execution has been really world-class. When you look at what our product and engineering team has done with Ted Kummert's leadership, the feedback from the customers has been extraordinary. Customers like Chipotle, Accuity, which is a LexisNexis service company, they're starting their journey with the cloud. right?

反饋和 - 關於雲的另一點是我們的執行確實是世界一流的。當您查看我們的產品和工程團隊在 Ted Kummert 的領導下所做的工作時，客戶的反饋非常出色。像 Chipotle、Accuity（一家 LexisNexis 服務公司）這樣的客戶，他們開始了他們的雲之旅。對？

And so we like the mix that we're seeing. It's in line with what we've talked about historically. And so far, I'd say we're going to continue to execute to that trend. There is no major deviations that are worth highlighting.

所以我們喜歡我們所看到的混合。這與我們在歷史上所談論的一致。到目前為止，我想說我們將繼續執行這一趨勢。沒有值得強調的重大偏差。

Next question is coming from Matt Hedberg from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

I wanted to ask about StudioX. I know it's still a little early, but can you talk about how perhaps that's influencing expansion? And what it really means for -- from a seat count perspective to be able to expand the opportunity with that offering?

我想問一下 StudioX。我知道現在還為時過早，但你能談談這可能如何影響擴張嗎？它的真正意義是什麼——從座位數量的角度來看，能夠通過該產品擴大機會？

StudioX was for us perhaps the most successful product launch after our core RPA technology. And it effectively allowed us to go into the citizen development market and could extend quite a bit the people able to deliver our -- to deliver automation on the top of our platform.

StudioX 對我們來說可能是繼我們的核心 RPA 技術之後最成功的產品發布。它有效地使我們能夠進入公民發展市場，並且可以擴展相當多的人能夠提供我們的 - 在我們平台的頂部提供自動化。

Now, we continue to invest in StudioX as a major tool to foster the community of citizen developers. We are going to extend it also to be available multi-platform. So you will expect quite a bit of investment from us in the coming few quarters.

現在，我們繼續投資 StudioX，將其作為培育公民開發者社區的主要工具。我們還將擴展它以提供多平台。因此，您將期待我們在未來幾個季度進行相當多的投資。

It's -- right now, we are doing really a major advance into multi-cloud and multi-platform. And we are launching Linux-based robots. We just announced yesterday the public review available. We are launching Mac support. We are going to launch early next year, the web-based StudioX that will make it even easier to adopt. But overall, we really believe that it's important to have a suite of tools that cater to a large array of options from professional developers to citizen developers and to all business users.

這是 - 現在，我們在多雲和多平台方面取得了重大進展。我們正在推出基於 Linux 的機器人。我們昨天剛剛宣布了可用的公開評論。我們正在啟動 Mac 支持。我們將於明年初推出基於 Web 的 StudioX，它將使其更易於採用。但總的來說，我們真的認為擁有一套工具來滿足從專業開發人員到公民開發人員和所有業務用戶的大量選擇非常重要。

Our next question is coming from Bryan Bergin from Cowen.

我們的下一個問題來自 Cowen 的 Bryan Bergin。

I had a follow-up question on incremental ARR from new logos. Can you just comment on the drivers there and how we should be thinking about incremental ARR from new logos within that 2022 outlook? Perhaps can you comment on average deal size you might be seeing in the pipeline as well?

我有一個關於新徽標的增量 ARR 的後續問題。您能否就那裡的驅動因素發表評論，以及在 2022 年的展望中，我們應該如何考慮新徽標的增量 ARR？也許您能評論一下您可能在管道中看到的平均交易規模嗎？

Thanks for the question, Bryan. Average deal size to us has been relatively constant as customers tend to land in similar ways, as we speak, even though they may land at different portions of our platform. So we've always talked about that average land size somewhere between $15,000 and $25,000, somewhere in there.

謝謝你的問題，布萊恩。對我們而言，平均交易規模相對穩定，因為客戶傾向於以類似的方式登陸，正如我們所說，即使他們可能登陸我們平台的不同部分。所以我們一直在談論平均土地面積在 15,000 美元到 25,000 美元之間，在某個地方。

In terms of the factors that are driving new logos, one is the macro factors. We see more and more awareness that is there. And at the same time, customers who are not familiar with automation still are looking for education. I do think that we are continuing to be in the early phase of this market. So the long-term trend in the pipeline, we feel really bullish about.

就推動新標誌的因素而言，一個是宏觀因素。我們看到越來越多的意識在那裡。同時，不熟悉自動化的客戶仍在尋求教育。我確實認為我們將繼續處於這個市場的早期階段。因此，我們對管道中的長期趨勢感到非常看好。

In terms of just execution internally, our team has done a great job with the investment that we've made in an inside sales team, both in the Americas as well as in Europe, that is driving really good execution and really great unit cost economics in terms of the customer acquisition cost. And that for us is something that is very positive, and we're going to continue to invest in those areas as they're generating the return that we expected and continuing to drive momentum there.

就內部執行而言，我們的團隊在投資內部銷售團隊方面做得很好，無論是在美洲還是在歐洲，這推動了非常好的執行和非常好的單位成本經濟性在獲客成本方面。這對我們來說是非常積極的事情，我們將繼續投資這些領域，因為它們正在產生我們預期的回報並繼續推動那裡的發展勢頭。

Our next question today is coming from Michael Turits from KeyBanc.

我們今天的下一個問題來自 KeyBanc 的 Michael Turits。

This is Steve Enders on for Michael. I just wanted to ask a little bit around the competitive environment that you're seeing out there. It seems like there's been a lot of either M&A in the space and people moving into adjacent areas of the automation software market. But have you seen any kind of change in the landscape in the past quarter in the past year or so?

這是邁克爾的史蒂夫恩德斯。我只是想問一下你所看到的競爭環境。似乎在該領域有很多併購，人們進入自動化軟件市場的相鄰領域。但是在過去一年左右的時間裡，你有沒有看到過去一個季度的格局發生了任何變化？

So we all know this is a big market growing quickly, and automation is the central piece of the digital transformation. So obviously, all major players in the cloud and the business applications are in our space.

所以我們都知道這是一個快速增長的大市場，而自動化是數字化轉型的核心部分。很明顯，雲和業務應用程序中的所有主要參與者都在我們的空間中。

We -- the -- I think the most important movement in this market was done by Salesforce that acquired a small German company. And it played out -- we kind of expected this. And I think it made sense for Salesforce. And what is quite telling is that they did this small RPA company to the new suites of products.

我們——我認為這個市場上最重要的動作是由 Salesforce 完成的，它收購了一家德國小公司。它發揮了作用 - 我們有點預料到這一點。我認為這對 Salesforce 來說是有意義的。很有說服力的是，他們為這家小型 RPA 公司開發了新產品套件。

So Salesforce is seeing a consolidation between low-code/no-code integration and automation. And this is exactly what we have told the market for a long time, and we have expanded into these areas for a long time. With this big release in the fall, you should expect really a smooth integration of our Cloud Elements acquisition that was done in the beginning of this year. So we will make a very well-oiled machine around automation with low-code/no-code that we have introduced a year or something ago. And now we're really combining UI automation and API automation in a very good integrated package.

因此，Salesforce 看到了低代碼/無代碼集成和自動化之間的整合。而這正是我們長期以來一直告訴市場的，並且我們已經向這些領域擴張了很長時間。隨著秋季的這一重大發布，您應該期待我們在今年年初完成的 Cloud Elements 收購的順利整合。因此，我們將圍繞自動化製造一台運轉良好的機器，使用我們一年前推出的低代碼/無代碼。現在我們真正將 UI 自動化和 API 自動化結合在一個非常好的集成包中。

We believe that our angle towards this consolidated platform is our angle that comes from emulating people is really the one -- that is the winning angle. All these small acquisitions made me think that still the big software players don't understand how difficult it is to build emulation software.

我們相信，我們對這個整合平台的角度是我們來自模仿人的角度是真正的——這就是勝利的角度。所有這些小收購讓我覺得大型軟件玩家仍然不明白構建仿真軟件有多麼困難。

This is our bread and butter. We have built it for a long time. And starting from this angle, we -- it gives us a tremendous opportunity to extend our reach to the entire consolidated automation space.

這是我們的麵包和黃油。我們已經建造了很長時間。從這個角度開始，我們 - 它為我們提供了一個巨大的機會，可以將我們的影響力擴展到整個整合的自動化領域。

Next question is coming from Fred Havemeyer from Macquarie.

下一個問題來自麥格理的 Fred Havemeyer。

And a question for Ashim. Now, the ARR is clearly your metric for momentum here. And I wanted to ask also about the mapping of duration and ARR as that flows through the rest of your model. Because as I'm looking at this, it really looks like we're seeing less multiyear upfront deals, certainly, to your point that you are shifting more towards annual deals across the board. And between that and potentially fewer multiyear annual deals based on what I'm looking at here, it looks like that's having a number of impacts across your model in revenue as well as potentially in deferred revenue that you have in your balance sheet.

還有一個問阿希姆的問題。現在，ARR 顯然是您衡量動量的指標。我還想問一下持續時間和 ARR 的映射，因為它流經你的模型的其餘部分。因為當我看到這個時，看起來我們確實看到了更少的多年前期交易，當然，你的觀點是，你正在更多地轉向全面的年度交易。根據我在這裡看到的情況，在這和可能更少的多年年度交易之間，看起來這對你的收入模型以及資產負債表中的遞延收入產生了許多影響。

So Ashim, if you could, could you potentially walk us through some of those impacts? And then to the extent that you can provide a bit of color on some of the duration mix shifts that we're seeing here in this model.

所以，如果可以的話，Ashim 能否帶領我們度過其中的一些影響？然後在某種程度上，您可以為我們在此模型中看到的一些持續時間混合變化提供一些顏色。

Sure. So first thing to note is, remember, you can look at duration in 2 ways. There's billing duration and there's contract duration. Billing duration means typically prepaid deals that we have there, and contract duration just means the duration of the contract regardless of payments.

當然。所以首先要注意的是，請記住，您可以通過兩種方式查看持續時間。有計費期限和合同期限。計費期限通常是指我們在那裡進行的預付交易，而合同期限只是指合同的期限，無論付款如何。

The majority of our deals are 1 year, and we are -- we continue to emphasize that, as you said, with the emphasis on ARR. That being said, our contract duration is steady. When you adjust for some of the large -- some unusuals that are there, year-over-year contract duration, you do see towards a trend for us that is shorter as we put more emphasis on ARR versus history.

我們的大部分交易都是 1 年，而且我們繼續強調，正如你所說，強調 ARR。話雖如此，我們的合同期限是穩定的。當你調整一些大的 - 一些不尋常的情況，同比合同期限時，你確實看到了一個更短的趨勢，因為我們更加強調 ARR 與歷史。

Billings duration is down, and that is because we've deemphasized prepaid deals given our cash position and our gross retention rate. So when your gross retention rate is 98%, we don't feel kind of compelled to trade any type of discount for long for getting the cash in the door right today. We're able to make better and better economic decisions from the position of strength.

比林斯的持續時間減少了，這是因為考慮到我們的現金狀況和總保留率，我們已經不再強調預付交易。因此，當您的總保留率為 98% 時，我們不會覺得有必要長時間交易任何類型的折扣來獲得今天的現金。我們能夠從實力的位置做出越來越好的經濟決策。

That being said, this is all going to fluctuate based on the mix of deals, and I talked about it earlier. There is an opportunity to move customers to deal structures with annual ramping, which does provide lower overall discount levels. It's better ROI for our customers as well as they can really lock in to their automation needs that they have today and provides more predictability for themselves as well as their engagement opportunities for our partners. That shift is positive for ARR growth. But like I mentioned earlier to an earlier question, it can create short-term variability.

話雖如此，這一切都會根據交易的組合而波動，我之前已經談到過。有機會讓客戶採用年度遞增的交易結構，這確實提供了較低的整體折扣水平。這對我們的客戶來說是更好的投資回報率，他們可以真正鎖定他們今天擁有的自動化需求，並為他們自己提供更多的可預測性，並為我們的合作夥伴提供參與機會。這種轉變對 ARR 增長是積極的。但就像我之前在前面的問題中提到的那樣，它會產生短期的可變性。

And if there's any confusion on ramp, remember what I mean is you can buy robots of 100 per year for a 3-year deal or you can buy robots of 100, 200, 300 in a deal. And then the licenses for that additional 100 per year gets delivered in subsequent years. which is why there is -- why that creates variability in terms of revenue recognition. So I know that it's not the simplest of subjects, but happy to address that further in follow-ups.

如果在坡道上有任何混淆，請記住我的意思是您可以以 3 年的價格購買每年 100 台的機器人，或者您可以購買 100、200、300 台的機器人。然後每年額外 100 個的許可證將在隨後幾年交付。這就是為什麼存在 - 為什麼這會在收入確認方面造成可變性。所以我知道這不是最簡單的主題，但很高興在後續行動中進一步解決這個問題。

Our next question today is coming from DJ Hynes from Canaccord.

我們今天的下一個問題來自 Canaccord 的 DJ Hynes。

I'll add my congrats on the quarter. You guys have talked a lot with us about the synergies between RPA and AI and ML. I'm just curious, like, how do you explain this to prospective customers? And how influential would you say this in deal cycles today? I'm trying to get a sense for where we are in terms of tactical deployments versus maybe more strategic adoption, if that makes sense.

我將在本季度表示祝賀。你們和我們談了很多關於 RPA 與 AI 和 ML 之間的協同作用。我只是好奇，例如，您如何向潛在客戶解釋這一點？您認為這在今天的交易週期中有多大影響？我試圖了解我們在戰術部署方面的位置，而不是更具戰略性的採用，如果這有意義的話。

We have introduced recently an overarching concept that we call semantic automation. And this is an umbrella term that define how we are going to approach the next phase of automation that is becoming closer to how human workers perform their job.

我們最近引入了一個我們稱之為語義自動化的總體概念。這是一個概括性術語，它定義了我們將如何進入下一階段的自動化，該階段越來越接近人類工人的工作方式。

In the early phase of RPA, we were after more repetitive, completely rule-based tasks. And our robots never really understood what we were doing, what they were doing there. In this next phase, we aim to bring a lot more knowledge about the task themselves and about the data that these processes are moving from 1 application to the other. So this is a natural evolution that marries the world of automation with the world of AI. AI is quintessential into reducing the gap between how robots operate and how people operate.

在 RPA 的早期階段，我們追求的是更多重複性、完全基於規則的任務。我們的機器人從來沒有真正理解我們在做什麼，他們在那裡做什麼。在下一階段，我們的目標是帶來更多關於任務本身以及這些流程從一個應用程序轉移到另一個應用程序的數據的知識。因此，這是將自動化世界與人工智能世界結合起來的自然演變。人工智能對於縮小機器人操作方式與人類操作方式之間的差距至關重要。

And we are making huge investments. We are making each -- you should expect from us each quarter from on incremental progress towards this overarching vision. For instance, this release, this major release in October, we'll see the introduction of a technology called [Forms AI], which is capable of creating nice user interface forms based strictly on the data. So it's making -- creating for our customers even easier, it's creating this beautiful form that allows interaction between humans and robots. And we will have incrementally more and more of this feature that really command a lot of advanced AI techniques.

我們正在進行巨額投資。我們正在做每一個——你應該期望我們每個季度都在朝著這個總體願景逐步取得進展。例如，這個版本，這個 10 月份的主要版本，我們將看到一種稱為 [Forms AI] 的技術的引入，它能夠嚴格基於數據創建漂亮的用戶界面表單。因此，它正在為我們的客戶創造更容易，它正在創造這種美麗的形式，允許人類和機器人之間的互動。我們將擁有越來越多的真正掌握許多高級人工智能技術的功能。

Our next question today is coming from Brad Sills from Bank of America Securities.

我們今天的下一個問題來自美國銀行證券公司的 Brad Sills。

Just one on the expansion activity. Real healthy year holding in at that 144% net retention level. Wondering what is -- what does it take for a customer to kind of maybe cross that threshold? Is there a tipping point where you see multiple departments, a certain number of robots when you start to really see that acceleration of expansion into some of those metrics you provided for top 25, top 50, top 100 accounts? And then how could the Task Miner (sic) [Task Mining] help potentially accelerate that trend?

只有一個關於擴展活動。真正健康的一年保持在 144% 的淨保留水平。想知道什麼是 - 客戶需要什麼才能跨越這個門檻？當您開始真正看到您為前 25 名、前 50 名、前 100 名客戶提供的某些指標加速擴張時，您是否會看到多個部門、一定數量的機器人？然後，Task Miner (sic) [Task Mining] 如何幫助潛在地加速這一趨勢？

Well, our strategy was always to have customers accelerate their automation with the full platform. This is really the best way to quickly achieve meaningful return on investments. Our customers typically start with a handful of use cases to promote the return and expand when they realize the potential. Accelerating automation and ensuring customer success is truly a combination of technology and partners.

好吧，我們的策略始終是讓客戶使用完整平台加速他們的自動化。這確實是快速獲得有意義的投資回報的最佳方式。我們的客戶通常從少數用例開始，以促進回報並在他們意識到潛力時進行擴展。加速自動化並確保客戶成功確實是技術和合作夥伴的結合。

Our technology provides a full slate automation platform that is really instrumental into the large-scale adoption and clearly increasing the net retention rate, while our partners are instrumental into making this adoption happening at speed. And I'm sure Ashim has more to add in terms of practical numbers. .

我們的技術提供了一個完整的自動化平台，該平台對大規模採用非常有用，並明顯提高了淨保留率，而我們的合作夥伴則有助於快速實現這種採用。而且我確信 Ashim 在實際數字方面還有更多要補充的。 .

Yes. So when you look at our dollar-based net retention, you're right, Brad, we're very pleased with 144%. And we're very pleased with the percentages of customers greater than $100,000, which is crossing 1,247, which is up 50%. And $1 million-plus customers, all growing 100% plus, at 118 right now. When you ask about what's the tipping point, I'd say there's a couple of things. One is definitely interdepartmental buying. That's a huge opportunity for us that we continue to see customers take advantage of.

是的。因此，當您查看我們基於美元的淨留存率時，您是對的，布拉德，我們對 144% 感到非常滿意。我們對超過 100,000 美元的客戶百分比感到非常滿意，超過了 1,247，增長了 50%。以及超過 100 萬美元的客戶，全部增長 100% 以上，目前達到 118 家。當你問到臨界點是什麼時，我會說有幾件事。一是肯定是跨部門採購。這對我們來說是一個巨大的機會，我們將繼續看到客戶利用它。

In terms of the dollar base, the reason why we really track that $100,000 mark, that really is what we start thinking about as a scale velocity, where it shows that automation is a hugely strategic part of a customer's digital transformation journey. It has meaningful presence and investment in -- by our customers. And we are very happy to see it, which drives the LTV that I talked about earlier, that's really that escape velocity that gets you to that 62x for the top 100 in terms of expansion versus its original deal, 90x for our top 50 and 233x for our top 25. So that's how I think about the tipping point, primarily is use case expansion and department expansion.

就美元基礎而言，我們真正追踪 100,000 美元大關的原因確實是我們開始考慮的規模速度，它表明自動化是客戶數字化轉型之旅的重要戰略部分。它在我們的客戶中有有意義的存在和投資。我們很高興看到它推動了我之前談到的 LTV，這真的是逃逸速度讓你在擴張方面達到前 100 名的 62 倍，而不是原來的交易，前 50 名的 90 倍和 233 倍對於我們的前 25 名。這就是我對臨界點的看法，主要是用例擴展和部門擴展。

Our final question today is coming from Steven Koenig from SMBC Nikko.

我們今天的最後一個問題來自 SMBC Nikko 的 Steven Koenig。

I'll just ask a 2-parter here. First one, just to put a little bit of a finer point on an earlier question about ARR from new logos. I was wondering maybe just some color on the increment from new logos versus net retention. And are you seeing that new logo contribution turnaround from last year? I think it was down a little bit in the pandemic. And then just secondly, on the product road map, I'd be interested, Daniel, any color from you as we're seeing voice UIs and chatbots proliferate, kind of what are the opportunities for RPA here and the integration possibilities building on what you have today?

我只會在這裡問一個 2-parter。第一個，只是為了對較早的關於新標識的 ARR 的問題提出一些更詳細的說明。我想知道新徽標與淨保留率的增量可能只是一些顏色。您是否看到去年新徽標貢獻的轉變？我認為它在大流行中有所下降。其次，在產品路線圖上，Daniel，我很感興趣，因為我們看到語音用戶界面和聊天機器人激增，你的任何顏色，RPA 的機會是什麼，以及基於什麼的集成可能性你有今天嗎？

So I'll start with the first part. So in terms of new logos, we see roughly greater than 500 new logos that get added every quarter. We've been seeing that trend steady, and we feel very good about it for some of the questions discussed earlier. Roughly, I would say $17 million of our incremental ARR comes from that new logo -- the new logo acquisition.

所以我將從第一部分開始。因此，就新徽標而言，我們看到每個季度大約會添加超過 500 個新徽標。我們一直看到這種趨勢穩定，對於前面討論的一些問題，我們對此感到非常滿意。粗略地說，我會說我們增量 ARR 的 1700 萬美元來自那個新標誌——新標誌的收購。

And then one thing that's important is our gross retention rate is 98%. So having a robust new logo without, so to speak, a leaky pod is -- really supports why you see such robust growth numbers. And that speaks to the strength of our position and the importance of automation in the market and why we feel so strongly about durable growth.

還有一件很重要的事情是我們的總留存率是 98%。因此，擁有一個強大的新徽標，可以說，沒有漏水的豆莢 - 真的支持為什麼你會看到如此強勁的增長數字。這說明了我們地位的優勢和自動化在市場中的重要性，以及為什麼我們對持久增長有如此強烈的感覺。

I'll pass it over to Daniel for the second part of the question.

我將把它交給丹尼爾處理問題的第二部分。

Yes, I would like to make a case here that with this release, this fork, we are clearly expanding our market. Linux robots will deliver a faster, more flexible, more efficient back-end automation while extending on the Mac computers will allow us to really present our offering to a large number of Mac users that are among our customers. That was one of the most requested feature for us. I'm saying this news, to us, it's very important to put the technology in the hands of as many customers as possible. And you mentioned, if I heard correctly, about voice AI. We believe conversational AI is going to be a clear part of any big automation platform. To us, we regard it as a suspicious of low-code/no-code application development. And we -- it's clearly something that we are eyeing on our road map.

是的，我想在這裡說明，通過這個版本，這個分叉，我們顯然正在擴大我們的市場。 Linux 機器人將提供更快、更靈活、更高效的後端自動化，同時在 Mac 計算機上的擴展將使我們能夠真正向我們客戶中的大量 Mac 用戶展示我們的產品。這是我們最需要的功能之一。我說這個消息，對我們來說，將技術交到盡可能多的客戶手中是非常重要的。如果我沒聽錯的話，你提到了語音 AI。我們相信對話式人工智能將成為任何大型自動化平台的明確組成部分。對我們來說，我們認為這是對低代碼/無代碼應用程序開發的懷疑。我們 - 這顯然是我們在路線圖上關注的事情。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Daniel for any further closing comments.

我們的問答環節已經結束。我想將發言權轉回給 Daniel，以獲取任何進一步的結束意見。

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 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，感謝我們的合作夥伴的奉獻精神，感謝我們的客戶和股東的持續支持。我們期待在整個季度與你們中的許多人交談。謝謝你。

Thank you. That does conclude today's teleconference webinar. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議網絡研討會到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。