UiPath Inc (PATH) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to the UiPath First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

下午好，歡迎來到 UiPath 2024 年第一季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to our host, Kelsey Turcotte, Senior Vice President, Investor Relations. Thank you. You may begin.

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

Good afternoon, and thank you for joining us today to review UiPath's First quarter fiscal 2024 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 Co-Chief Executive Officer; Rob Enslin, Co-Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. Rob will start the discussion and then turn the call over to Daniel. After that, Ashim will review our results and provide guidance, then we'll open the call for questions.

下午好，感謝您今天加入我們，回顧我們在今天收盤後發布的收益新聞稿中公佈的 UiPath 2024 財年第一季度財務業績。與我通電話的是 UiPath 的聯合創始人兼聯合首席執行官 Daniel Dines； Rob Enslin，聯席首席執行官；和首席財務官 Ashim Gupta。 Rob 將開始討論，然後將電話轉給 Daniel。之後，Ashim 將審查我們的結果並提供指導，然後我們將開始提問。

Our earnings press release and financial supplemental materials are posted on the UiPath Investor Relations website, ir.uipath.com. These materials include GAAP to non-GAAP reconciliations. We will be discussing non-GAAP metrics on today's call. This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and our financial guidance for the fiscal second quarter and full year 2024.

我們的收益新聞稿和財務補充材料發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括 GAAP 與非 GAAP 對賬。我們將在今天的電話會議上討論非 GAAP 指標。今天下午的電話會議包括關於我們推動增長和運營效率的能力的前瞻性陳述，以及我們對第二財季和 2024 年全年的財務指導。

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 our annual report on Form 10-K for the year ended January 31, 2023, and our other reports filed with the SEC including our quarterly report on Form 10-Q for the period ended April 30, 2023, to be filed with the SEC.

由於多種因素，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結果的重大風險和不確定性的討論，請參閱我們截至 2023 年 1 月 31 日止年度的 10-K 表格年度報告，以及我們向美國證券交易委員會提交的其他報告，包括我們的季度報告表格將向 SEC 提交截至 2023 年 4 月 30 日止期間的 10-Q。

Forward-looking statements made on this call reflect our views as of today. We undertake no obligation to update them. I would like to highlight that this webcast is being accompanied by slides, which this quarter includes an embedded AI demonstration video. We will post the slides and a copy of our prepared comments to our Investor Relations website immediately following the conclusion of this call.

此次電話會議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。我想強調的是，此網絡廣播附有幻燈片，本季度其中包括一個嵌入式 AI 演示視頻。本次電話會議結束後，我們將立即將幻燈片和準備好的評論副本發佈到我們的投資者關係網站。

Now I'd like to hand the call over to Rob.

現在我想把電話轉給 Rob。

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us. As always, I want to take a moment to thank our team and partners for everything you do to make UiPath successful and our customers for placing their trust in us.

謝謝你，凱爾西，大家下午好。感謝您加入我們。與往常一樣，我想花點時間感謝我們的團隊和合作夥伴為使 UiPath 取得成功所做的一切，感謝我們的客戶對我們的信任。

It was a good start to the fiscal year with first quarter results reflecting our commitment to driving growth at scale coupled with increasing profitability and cash flow. While the broader environment continues to be variable, the level of engagement with prospects and momentum in our large customers gives us confidence in the strategic role automation will continue to play in digital transformation.

這是本財年的良好開端，第一季度的業績反映了我們對推動規模增長以及提高盈利能力和現金流的承諾。雖然更廣泛的環境繼續變化，但與我們大客戶的前景和勢頭的參與程度使我們對自動化將繼續在數字化轉型中發揮戰略作用充滿信心。

Turning to the numbers, we ended the quarter with ARR of $1.249 billion, an increase of 28%, driven by net new ARR of $45 million. Excluding FX headwind of $6 million, net new ARR totaled $51 million.

談到數字，我們在本季度結束時的 ARR 為 12.49 億美元，增長 28%，這得益於 4500 萬美元的淨新 ARR。排除 600 萬美元的外匯逆風，淨新 ARR 總計 5100 萬美元。

First quarter revenue was $290 million. Excluding the impact of foreign exchange, revenue was $297 million and grew 21% year-over-year.

第一季度收入為 2.9 億美元。排除外匯影響，收入為 2.97 億美元，同比增長 21%。

Non-GAAP operating margin increased from negative 4% in the first quarter of last year to positive 17% in the first quarter of this year, a significant acceleration of our path to the 20% plus long-term operating target we laid out at Investor Day. I am very pleased with the progress we are making to better align the team to customer requirements and the resulting efficiency improvements.

非 GAAP 營業利潤率從去年第一季度的負 4% 增加到今年第一季度的正 17%，這大大加快了我們向 Investor 制定的超過 20% 的長期經營目標的步伐天。我對我們在使團隊更好地滿足客戶需求以及由此帶來的效率提升方面取得的進展感到非常高興。

Non-GAAP adjusted free cash flow was a first quarter record of $73 million, the first time we delivered positive non-GAAP adjusted free cash flow at the outset of the year. We ended the quarter with approximately 10,850 customers reflecting our focus on acquiring customers with a high propensity to invest in automation. New customers included Liberty Bank, New York City Health and Hospitals, Vermont Federal Credit Union, and Navia Benefit Solutions. And we have seen good momentum in our large customers. Customers with $1 million or more in ARR increased 43% year-over-year to 240, while customers with $100,000 or more in ARR increased to approximately 1,860.

非 GAAP 調整後的自由現金流創下第一季度 7300 萬美元的記錄，這是我們在年初首次實現正的非 GAAP 調整後自由現金流。我們在本季度結束時擁有大約 10,850 名客戶，這反映出我們專注於獲取高度傾向於投資自動化的客戶。新客戶包括自由銀行、紐約市健康與醫院、佛蒙特聯邦信用合作社和 Navia Benefit Solutions。我們在大客戶中看到了良好的勢頭。 ARR 為 100 萬美元或以上的客戶同比增長 43% 至 240 名，而 ARR 為 100,000 美元或以上的客戶增加至約 1,860 名。

Customers choose UiPath because of our market-leading technology and breadth of platform capabilities which allow for stack consolidation, vendor rationalization, and accelerate ROI, helping them achieve speed and agility while driving efficiency and improving employee and customer experiences. For example, Colgate-Palmolive. With more than 70 automations across various departments, they expanded to broader platform capabilities in the first quarter as they migrate to an integrated platform, consolidate vendor spend, and utilize our governance capabilities. And US Silica, which started their UiPath journey with Test Suite, expanded to additional platform capabilities as they look to improve cost savings, productivity, and employee and customer experiences.

客戶選擇 UiPath 是因為我們市場領先的技術和廣泛的平台功能，可實現堆棧整合、供應商合理化和加速投資回報，幫助他們實現速度和敏捷性，同時提高效率並改善員工和客戶體驗。例如，高露潔-棕欖。隨著跨部門的 70 多個自動化，他們在第一季度擴展到更廣泛的平台功能，因為他們遷移到集成平台、整合供應商支出並利用我們的治理能力。 US Silica 以 Test Suite 開始他們的 UiPath 之旅，隨著他們希望提高成本節約、生產力以及員工和客戶體驗，擴展到其他平台功能。

It has been a busy start to the fiscal year. We launched our new segmentation model; nearly doubled the number of Solution Accelerators; added SAP Solutions Accelerators to complement our partnership; hosted our annual AI Summit for a record number of participants; introduced our next platform release, 2023.4; announced several strategic partnerships; and strengthened our Board and management team.

本財年的開局很忙碌。我們推出了新的細分模型；解決方案加速器的數量幾乎翻了一番；添加了 SAP Solutions Accelerators 以補充我們的合作夥伴關係；舉辦了我們的年度 AI 峰會，參與人數創歷史新高；介紹了我們的下一個平台版本 2023.4；宣布了多項戰略合作夥伴關係；並加強了我們的董事會和管理團隊。

We also recently hosted two incredible events, our first ever UiPath Summit, an exclusive event for our digital C-suite and most forward-thinking customers, and our UiPath Together Public Sector event in Washington. There were two clear takeaways: our platform is driving meaningful ROI for our customers and they want to understand how they can leverage the UiPath platform to deliver the power of generative AI responsibly and at scale.

我們最近還舉辦了兩場令人難以置信的活動，我們有史以來第一次 UiPath 峰會，這是為我們的數字最高管理層和最具前瞻性思維的客戶舉辦的獨家活動，以及我們在華盛頓舉辦的 UiPath Together 公共部門活動。有兩個明確的要點：我們的平台正在為我們的客戶帶來有意義的投資回報率，他們想了解他們如何利用 UiPath 平台負責任地大規模提供生成人工智能的力量。

Since inception our platform has been infused with AI. We offer customers best in class models to read communications, understand documents, and see screens and interfaces. Coupled with this next wave of generative AI we can help customers make automation even more accessible across their employees and significantly expand use cases. Equally as important, our automation platform provides the guarantees, guardrails, and governance our customers require to deliver generative AI safely. We are investing, like the market, we are moving fast, which Daniel will talk about in a few minutes.

自成立以來，我們的平台就注入了人工智能。我們為客戶提供一流的模型來閱讀通信、理解文檔以及查看屏幕和界面。結合下一波生成式人工智能，我們可以幫助客戶讓員工更容易實現自動化，並顯著擴展用例。同樣重要的是，我們的自動化平台提供了我們的客戶安全交付生成式人工智能所需的保證、護欄和治理。我們正在投資，就像市場一樣，我們正在快速發展，丹尼爾將在幾分鐘後談到這一點。

AI is not new to UiPath, and we are delivering real value to our customers today. During the quarter Grupo Boticario, a UiPath customer since 2022, decided to replace a competitor and migrate their entire automation program to us with a strategic focus on AI as they work to accelerate development and deliver better governance. They also purchased Document Understanding to process invoices and plan to roll it out across other use cases.

人工智能對 UiPath 來說並不陌生，我們今天正在為我們的客戶提供真正的價值。在本季度，自 2022 年以來成為 UiPath 客戶的 Grupo Boticario 決定更換競爭對手並將他們的整個自動化程序遷移到我們，戰略重點是人工智能，因為他們致力於加速開發和提供更好的治理。他們還購買了 Document Understanding 來處理髮票，併計劃將其推廣到其他用例。

Another great example is Hyundai Capital, which is innovating the car buying experience for Genesis, Hyundai, and Kia dealerships and their customers by leveraging Document Understanding to streamline the loan and lease process. Reducing the time it takes to fund loans translates into a better experience both for the dealership and the customer. And with C-level sponsorship, they are exploring additional opportunities to further streamline their organization and drive efficiencies to the bottom-line using AI and UiPath automation.

另一個很好的例子是 Hyundai Capital，它通過利用 Document Understanding 簡化貸款和租賃流程，為 Genesis、Hyundai 和 Kia 經銷商及其客戶創新購車體驗。減少為貸款提供資金所需的時間可以為經銷商和客戶帶來更好的體驗。在 C 級贊助下，他們正在探索更多機會，以進一步精簡組織並使用 AI 和 UiPath 自動化將效率提高到底線。

Our partner ecosystem also continues to play a critical role in our success. During the quarter we expanded our partnership with Snowflake, launching a pre-built solution for their Manufacturing Data Cloud to instantly connect data to business processes without using complex code. These technical integrations enhance our customers' ability to seamlessly integrate across applications.

我們的合作夥伴生態系統也繼續在我們的成功中發揮關鍵作用。在本季度，我們擴大了與 Snowflake 的合作夥伴關係，為他們的製造數據云推出了一個預構建的解決方案，無需使用複雜的代碼即可立即將數據連接到業務流程。這些技術集成增強了我們的客戶跨應用程序無縫集成的能力。

In addition, go-to-market partners expand our reach to customers in a scalable and cost-effective manner. A great example is KION, a German multinational and UiPath customer since 2019. Working with PwC, Kion continues to scale across their organization as they look to incorporate AI and Test Suite into their automation program.

此外，上市合作夥伴以可擴展且具有成本效益的方式擴大了我們對客戶的影響力。一個很好的例子是 KION，它是一家德國跨國公司，自 2019 年以來一直是 UiPath 的客戶。Kion 與 PwC 合作，繼續在整個組織中擴展，因為他們希望將 AI 和測試套件整合到他們的自動化程序中。

We also recently announced a partnership with T-Systems, the "Trusted Cloud" provider as classified by the German Federal Ministry for Economic Affairs and Energy, to deliver our end-to-end platform at scale to public sector organizations and large enterprises across Germany, Austria, and Switzerland. As part of the partnership, we plan to work with T-Systems to develop industry-specific offerings for joint customers. One of the first of these is Deutschlandticket, where T-Systems and UiPath anticipate helping them manage demand for the new flat rate transport ticket in Germany.

我們最近還宣布與德國聯邦經濟事務和能源部歸類為“可信雲”提供商 T-Systems 建立合作夥伴關係，以向德國各地的公共部門組織和大型企業大規模提供我們的端到端平台、奧地利和瑞士。作為合作夥伴關係的一部分，我們計劃與 T-Systems 合作，為共同客戶開發行業特定的產品。其中第一個是 Deutschlandticket，T-Systems 和 UiPath 預計將幫助他們管理德國新的統一票價交通票的需求。

And finally, we announced an expansion of our partnership with SAP to jointly offer automation capabilities to customers. This partnership will help enterprises build a clean core on S/4HANA CLOUD which complements SAP Build Process Automation enabling organizations to improve efficiency and productivity across SAP and non-SAP workloads.

最後，我們宣布擴大與 SAP 的合作夥伴關係，共同為客戶提供自動化功能。這種夥伴關係將幫助企業在 S/4HANA CLOUD 上構建一個乾淨的核心，它補充了 SAP Build Process Automation，使組織能夠提高跨 SAP 和非 SAP 工作負載的效率和生產力。

We are pleased to be a premier sponsor for all three of SAP's Sapphire events in Orlando, Barcelona, and Sao Paolo. And tomorrow I will join the SAP team on stage at Sapphire Barcelona to underscore the partnership we now have in place. Our partners are also very excited about the announcement. Jay Persaud, EY's Americas Vice Chair, told us that having two alliances within EY's ecosystem that leverage the strength of the UiPath Automation Platform to help clients drive even more value from their SAP investment makes a lot of strategic sense. There is a significant amount of inbound interest and I am convinced that together we can help customers achieve game-changing results.

我們很高興成為 SAP 在奧蘭多、巴塞羅那和聖保羅舉行的所有三項 Sapphire 活動的主要贊助商。明天我將加入 SAP 團隊，在巴塞羅那藍寶石酒店的舞台上強調我們現在已經建立的合作夥伴關係。我們的合作夥伴也對這一消息感到非常興奮。安永美洲區副主席 Jay Persaud 告訴我們，在安永的生態系統中建立兩個聯盟，利用 UiPath 自動化平台的優勢幫助客戶從 SAP 投資中獲得更多價值，具有重要的戰略意義。有大量的入境興趣，我相信我們可以一起幫助客戶實現改變遊戲規則的結果。

In summary, I am pleased with the progress we have made on our strategic initiatives which are raising our profile and relevancy not only with our customers, but also with go-to-market and technical partners. That being said, we are mindful of ongoing macroeconomic variability and know we have more work to do, extending our market leadership, helping customers get the most out of automation, and continuing to improve our execution.

總而言之，我對我們在戰略舉措方面取得的進展感到滿意，這些舉措不僅提高了我們在客戶中的知名度和相關性，而且也提高了我們在上市和技術合作夥伴中的知名度。話雖如此，我們注意到持續的宏觀經濟變化，並且知道我們還有更多工作要做，以擴大我們的市場領導地位，幫助客戶充分利用自動化，並繼續改進我們的執行力。

With that, I'll turn the call over to Daniel.

有了這個，我會把電話轉給丹尼爾。

Thanks Rob, good afternoon everyone.

謝謝羅布，大家下午好。

We are very excited to have introduced our newest platform release, 2023.4, earlier this month. This release further accelerates our customers' ability to discover, automate, and operate at scale and continues to expand our leadership position in UI, AI, and API automation.

我們很高興在本月早些時候推出了我們最新的平台版本 2023.4。此版本進一步加速了我們客戶大規模發現、自動化和運營的能力，並繼續擴大我們在 UI、AI 和 API 自動化方面的領導地位。

Our customers are very excited about this new release and our plans to use generative AI to further increase adoption of our platform.

我們的客戶對這個新版本以及我們使用生成 AI 進一步提高平台採用率的計劃感到非常興奮。

We believe that generative AI will be a very important part of our Enterprise AI foundation along with domain specific AI and automation. And it is our platform that will allow us to deliver in a secure and governed manner that enterprise customers require.

我們相信，生成式 AI 將與特定領域的 AI 和自動化一起成為我們企業 AI 基礎中非常重要的一部分。我們的平台將使我們能夠以企業客戶所需的安全和受監管的方式交付產品。

Generative AI is very powerful, but by itself has a limited scope of capabilities in the enterprise. It can read and generate text but not take action. AI without automation is like a brain without a body. However, when AI is combined with an enterprise automation platform it opens a whole new set of use cases and opportunities for customers.

生成式 AI 非常強大，但其本身在企業中的功能範圍有限。它可以讀取和生成文本，但不能執行操作。沒有自動化的人工智能就像沒有身體的大腦。然而，當 AI 與企業自動化平台相結合時，它會為客戶打開一整套全新的用例和機會。

Our software robots can already read screens and documents, and now with generative AI they can answer customer emails, create summaries of complex documents, and respond to support questions. Customers can use these new generative skills to extend existing automations in areas such as customer service and imagine entirely new ones.

我們的軟件機器人已經可以閱讀屏幕和文檔，現在藉助生成式 AI，它們可以回复客戶電子郵件、創建複雜文檔的摘要並回答支持問題。客戶可以使用這些新的生成技能來擴展客戶服務等領域的現有自動化，並想像全新的自動化。

We also believe generative AI will democratize access to our platform, making it easier for both knowledge workers and developers to create automations using just natural language descriptions. Generative AI will upskill every employee.

我們還相信，生成式 AI 將使對我們平台的訪問民主化，使知識工作者和開發人員更容易僅使用自然語言描述來創建自動化。生成式人工智能將提升每位員工的技能。

One of our biggest competitive advantages in leveraging the power of generative AI is our long-time investment in AI Computer Vision. With Computer Vision we understand screens, from legacy to modern applications. And our knowledge of screens continues to grow exponentially with more than 2 million calls every day to our AI Computer Vision Service in the UiPath Automation Cloud.

我們在利用生成式 AI 的力量方面的最大競爭優勢之一是我們對 AI Computer Vision 的長期投資。通過計算機視覺，我們了解屏幕，從傳統應用程序到現代應用程序。我們對屏幕的了解繼續呈指數級增長，每天有超過 200 萬次調用我們在 UiPath 自動化雲中的人工智能計算機視覺服務。

We are uniquely able to combine this understanding of screens with the cognitive intelligence of generative AI to watch work happen, understand what is being done, and automate it in our enterprise ready platform.

我們獨特地能夠將這種對屏幕的理解與生成式 AI 的認知智能相結合，以觀察工作的進行，了解正在做什麼，並在我們的企業就緒平台中將其自動化。

Let me show you a quick video of a research project codenamed Wingman that we are currently working on, which illustrates this. If you are not on the webcast, please go to our investor relations website for the link.

讓我給你看一段我們目前正在進行的代號為 Wingman 的研究項目的快速視頻，它說明了這一點。如果您不在網絡廣播中，請訪問我們的投資者關係網站以獲取鏈接。

(presentation)

（推介會）

This shows how generative AI and Computer Vision can create robust workflows without writing any code.

這展示了生成式 AI 和計算機視覺如何在不編寫任何代碼的情況下創建強大的工作流。

As this technology matures from research into products, we expect to extend the capabilities beyond developers to knowledge workers who will be able to simply describe tasks in natural language and have them executed directly by our platform.

隨著這項技術從研究到產品的成熟，我們期望將能力從開發人員擴展到知識工作者，他們將能夠簡單地用自然語言描述任務並讓它們直接由我們的平台執行。

At our Forward 4 user conference in the fall of 2021, I described the potential of generative AI using the phrase "semantic automation". I am very pleased to report that our first offering in this space, Clipboard AI is now in preview. Clipboard AI intelligently transfers data between documents, spreadsheets, and apps. Understanding the content and automatically inserting the data into the right places. This use case has the power to transform how people work and is made possible by the depth of our expertise in combining AI Computer Vision, our own domain specific models, and generative AI.

在 2021 年秋季的 Forward 4 用戶大會上，我用“語義自動化”這個詞描述了生成式人工智能的潛力。我很高興地報告我們在這個領域的第一個產品，Clipboard AI 現在處於預覽狀態。 Clipboard AI 智能地在文檔、電子表格和應用程序之間傳輸數據。了解內容並自動將數據插入正確的位置。這個用例有能力改變人們的工作方式，並且由於我們在結合 AI 計算機視覺、我們自己的領域特定模型和生成 AI 方面的專業知識深度而成為可能。

Generative AI also creates a compelling opportunity in automating manual tests. Today application testing often still requires manual intervention which makes it slow, unresponsive, and highly repetitive. The opportunity for a combination of generative AI and Computer Vision prompted through natural language descriptions and delivered through our platform has the potential to meaningfully transform the testing market and we are well positioned to execute here.

生成式 AI 還為自動化手動測試創造了一個極具吸引力的機會。今天的應用程序測試通常仍然需要人工干預，這使得它變得緩慢、反應遲鈍和高度重複。通過自然語言描述提示並通過我們的平台交付的生成式 AI 和計算機視覺相結合的機會有可能對測試市場進行有意義的變革，我們有能力在這裡執行。

Generative AI represents a massive opportunity for UiPath and I am working closely with the team and our customers as we infuse it across our platform and realize its potential.

生成式 AI 對 UiPath 來說是一個巨大的機遇，我正在與團隊和我們的客戶密切合作，將其註入我們的平台並發揮其潛力。

This is why I am so excited to welcome Karenann Terrell to our board of directors. As a former practitioner with C-level technology roles at GSK, Walmart, Baxter International and DaimlerChrysler, Karenann brings a wealth of experience and a customer perspective which I believe will benefit the entire company. Before I close and hand the call over to Ashim, I would like to thank everyone who has contributed to UiPath's success. We remain focused on building an enduring Rule of 40 company and are pleased that our first quarter represents another step on that journey.

這就是為什麼我如此興奮地歡迎 Karenann Terrell 加入我們的董事會。作為曾在 GSK、沃爾瑪、百特國際和戴姆勒克萊斯勒擔任 C 級技術職位的從業者，Karenann 帶來了豐富的經驗和客戶視角，我相信這將使整個公司受益。在我結束電話並將電話轉給 Ashim 之前，我要感謝所有為 UiPath 的成功做出貢獻的人。我們仍然專注於建立一個持久的 40 人規則，並且很高興我們的第一季度代表了這一旅程的又一步。

With that I will turn it over to Ashim.

有了這個，我會把它交給 Ashim。

Thank you, Daniel. And good afternoon everyone.

謝謝你，丹尼爾。大家下午好。

Unless otherwise indicated I will be discussing results on a non-GAAP basis and all growth rates are year over year. I also want to note that since we price and sell in local currency, fluctuations in FX rates impact results.

除非另有說明，否則我將在非 GAAP 基礎上討論結果，所有增長率均為同比增長。我還想指出，由於我們以當地貨幣定價和銷售，因此匯率波動會影響結果。

We continue to execute against our strategic imperatives of balanced growth and profitability which resulted in first quarter revenue outperformance as well as record non-GAAP operating margin and non-GAAP adjusted free cash flow. As a result, we are meaningfully increasing both our full year non-GAAP operating income and non-GAAP adjusted free cash flow outlook this afternoon.

我們繼續執行我們平衡增長和盈利能力的戰略要求，這導致第一季度收入表現出色以及創紀錄的非 GAAP 營業利潤率和非 GAAP 調整後自由現金流。因此，今天下午我們將顯著增加全年非 GAAP 營業收入和非 GAAP 調整後的自由現金流量展望。

Turning to the first quarter, ARR totaled $1.249 billion, an increase of 28%, driven by net new ARR of $45 million. Excluding the FX headwind of $6 million, net new ARR totaled $51 million.

談到第一季度，ARR 總計 12.49 億美元，增長 28%，這主要得益於 4500 萬美元的淨新增 ARR。排除 600 萬美元的外匯逆風，淨新 ARR 總計 5100 萬美元。

We ended the quarter with approximately 10,850 customers, including great new logos like Asda, Jubilant Life Sciences, Robert Weed Corporation, Task Rabbit, and Tionale. As Rob mentioned, we saw strength in large customers as they continue to increase their UiPath footprint with broader platform adoption and increased consumption. A great example is Tetra Pak, a customer since 2018, who continues to expand on our platform adding additional products this quarter like Document Understanding, Action Center, and Automation Hub as they migrate to the Cloud. Our strategy is to focus on customers with higher propensity to invest in automation as we transition our smaller accounts to a distribution channel.

本季度結束時，我們擁有大約 10,850 名客戶，其中包括 Asda、Jubilant Life Sciences、Robert Weed Corporation、Task Rabbit 和 Tiona 等優秀的新徽標。正如 Rob 所提到的，我們看到了大客戶的實力，因為他們通過更廣泛的平台採用和增加的消費繼續增加他們的 UiPath 足跡。一個很好的例子是 Tetra Pak，它自 2018 年以來一直是我們的客戶，他們在本季度繼續擴展我們的平台，在遷移到雲時添加了其他產品，例如 Document Understanding、Action Center 和 Automation Hub。我們的策略是在將較小的客戶轉移到分銷渠道時，將重點放在更傾向於投資自動化的客戶身上。

AI is also a central part of our strategy and is infused across our platform. A great example is Canon USA. Working with Greenlight Consulting, Canon has built an automation program that leverages Document Understanding and customized machine-learning models, to process over 5,000 invoices each month. Automation gives them greater accuracy and efficiency and requires far less need for human interaction, saving their employees over 6,000 hours of manual work annually.

人工智能也是我們戰略的核心部分，並融入了我們的整個平台。美國佳能就是一個很好的例子。 Canon 與 Greenlight Consulting 合作構建了一個自動化程序，該程序利用 Document Understanding 和定制的機器學習模型，每月處理 5,000 多張發票。自動化為他們提供了更高的準確性和效率，並且對人機交互的需求大大減少，每年為他們的員工節省超過 6,000 小時的手動工作時間。

Our dollar-based net retention rate for the quarter was 122%. Normalizing for FX, our dollar based net retention rate was 127%. Dollar based gross retention of 97% continues to be best in class. Revenue grew to $290 million. Normalizing for the FX headwind of approximately $7 million, revenue grew 21%. Remaining performance obligations increased to $904 million, up 34% year-over-year. FX adjusted, RPO was $891 million. Current RPO increased to $559 million.

我們本季度以美元為基礎的淨保留率為 122%。將外匯標準化，我們基於美元的淨保留率為 127%。基於美元的總保留率為 97%，仍然是同類產品中最好的。收入增長至 2.9 億美元。將約 700 萬美元的外匯逆風正常化後，收入增長了 21%。剩餘履約義務增加至 9.04 億美元，同比增長 34%。經外匯調整後，RPO 為 8.91 億美元。目前的 RPO 增至 5.59 億美元。

Turning to expenses. We delivered a strong first quarter total gross margin of 87%. Software gross margin was 93%. First quarter operating expenses were $205 million, reflecting disciplined cost control. We continue to find opportunities to optimize the business which allows us to both re-invest in growth and increase profitability. We have built a strong foundation to scale the company and will continue to leverage automation and improve operational excellence to grow the business efficiently.

談到開支。我們在第一季度實現了 87% 的強勁總毛利率。軟件毛利率為93%。第一季度運營費用為 2.05 億美元，反映了嚴格的成本控制。我們繼續尋找優化業務的機會，這使我們能夠重新投資於增長並提高盈利能力。我們已經為擴大公司規模奠定了堅實的基礎，並將繼續利用自動化和提高卓越運營以有效發展業務。

Before I move on, please note the year-over-year decrease in G&A reflects both cost efficiencies as well as a reallocation of software expense to other line-items.

在我繼續之前，請注意 G&A 的同比下降反映了成本效率以及軟件費用向其他項目的重新分配。

GAAP operating loss of $46 million included $85 million of stock-based compensation expense. Non-GAAP operating income was $48 million, resulting in a record first quarter operating margin of 17%. The combination of revenue outperformance and disciplined expense management resulted in record first quarter non-GAAP adjusted free cash flow of $73 million. I am very pleased with this achievement and we expect to be non-GAAP adjusted free cash flow positive every quarter for the remainder of the year.

4600 萬美元的 GAAP 運營虧損包括 8500 萬美元的股票補償費用。非 GAAP 營業收入為 4800 萬美元，第一季度營業利潤率達到創紀錄的 17%。收入的優異表現和嚴格的費用管理相結合，導致第一季度非 GAAP 調整後自由現金流達到創紀錄的 7300 萬美元。我對這一成就感到非常高興，我們希望在今年剩餘時間內每個季度的非 GAAP 調整後自由現金流量為正。

We also have a strong balance sheet which is an important asset in the current operating environment, with $1.8 billion in cash, cash equivalents, and marketable securities and no debt. Now, let me turn to guidance which assumes the overall macroeconomic environment continues to be variable, including in North America, and that we are in the midst of executing our new go-to-market strategy which includes account segmentation and the transition of smaller customers to distribution partners.

我們還擁有強大的資產負債表，這是當前運營環境中的一項重要資產，擁有 18 億美元的現金、現金等價物和有價證券，沒有債務。現在，讓我轉向假設整體宏觀經濟環境繼續變化的指導方針，包括在北美，並且我們正在執行我們新的進入市場戰略，其中包括賬戶細分和小客戶的過渡給分銷合作夥伴。

For the fiscal second quarter 2024, we expect; ARR in the range of $1.301 billion to $1.306 billion, revenue in the range of $279 million to $284 million, non-GAAP operating income to be approximately $10 million. And, we expect second quarter basic share count to be approximately 563 million shares.

對於 2024 財年第二季度，我們預計； ARR 在 13.01 億美元至 13.06 億美元之間，收入在 2.79 億美元至 2.84 億美元之間，非 GAAP 營業收入約為 1000 萬美元。而且，我們預計第二季度的基本股數約為 5.63 億股。

For the fiscal full year 2024, we expect: ARR in the range of $1.427 billion to $1.432 billion, revenue in the range of $1.267 billion to $1.272 billion, non-GAAP operating income to be approximately $168 million. This translates to a non-GAAP operating margin of 13%, a 700 basis point increase year over year.

對於 2024 財年全年，我們預計：ARR 在 14.27 億美元至 14.32 億美元之間，收入在 12.67 億美元至 12.72 億美元之間，非 GAAP 營業收入約為 1.68 億美元。這意味著非 GAAP 營業利潤率為 13%，同比增長 700 個基點。

Before I close, I want to leave you a few final details. First, given our first quarter gross margin outperformance, we now expect gross margin for fiscal year 2024 to be 85%. And, finally, we expect fiscal year 2024 non-GAAP adjusted free cash flow of more than $160 million or 13% adjusted free cash flow margin. Looking forward, the team remains focused on delivering growth at scale in a disciplined manner which allows us to both invest in extending our market leadership while expanding operating margin and increasing adjusted free cash flow.

在我結束之前，我想給你留下一些最後的細節。首先，鑑於我們第一季度的毛利率表現出色，我們現在預計 2024 財年的毛利率為 85%。最後，我們預計 2024 財年非 GAAP 調整後自由現金流量將超過 1.6 億美元或 13% 的調整後自由現金流量利潤率。展望未來，該團隊將繼續專注於以有紀律的方式實現規模增長，這使我們能夠投資於擴大我們的市場領導地位，同時擴大營業利潤率和增加調整後的自由現金流。

Thank you for joining us today and we look forward to speaking with many of you during the quarter.

感謝您今天加入我們，我們期待在本季度與你們中的許多人交談。

With that, I will now turn the call over to the Operator.

有了這個，我現在將把電話轉給接線員。

(Operator Instructions) Our first question comes from Terry Tillman with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Terry Tillman。

This is Joe Meares on for Terry. So you recently announced your new business automation platform with SAP. It sounds like a big deal to us. Can you just explain what drove the decision to make this integration and what you think the opportunity is here?

這是特里的喬米爾斯。因此，您最近宣布了與 SAP 合作的新業務自動化平台。這對我們來說聽起來很重要。您能否解釋一下是什麼促使您做出這種整合的決定，以及您認為這裡的機會是什麼？

Terry, this is Robert here. Thank you for the question. Look, I'm here in Barcelona with many of SAP's customers and it's a really exciting event for us. We were key sponsors in both Orlando, Barcelona and Sao Paolo. I think it's best in terms of our customer, a large global apparel footwear company this morning in Barcelona mentioned why the partnership for them is important to them. And it's basically around the ability to migrate to S/4HANA, drive a clean core, accelerate their digital transformation, combining some of SAP's technologies around Signavio, which is process modeling, connected with our UiPath Test Mining and driving of the UiPath platform.

特里，我是羅伯特。感謝你的提問。看，我和許多 SAP 的客戶在巴塞羅那，這對我們來說是一個非常激動人心的事件。我們是奧蘭多、巴塞羅那和聖保羅的主要贊助商。我認為這對我們的客戶來說是最好的，今天早上在巴塞羅那的一家大型全球服裝鞋類公司提到了為什麼對他們來說合作夥伴關係對他們很重要。它基本上是圍繞遷移到 S/4HANA 的能力，驅動一個乾淨的核心，加速他們的數字化轉型，結合 SAP 圍繞 Signavio 的一些技術，這是過程建模，與我們的 UiPath 測試挖掘和 UiPath 平台的驅動相連接。

Together, that global footwear apparel company is working with robots over a couple of thousand hours with the SAP system seeing significant benefit. Together with customers wanting to move faster customers wanting to actually see how automation on top of their existing environments, whether they're actually going to go through digital transformation or not. And we believe that our go-to-market organizations on both sides will be able to deliver the value to these customers much, much faster.

這家全球鞋類服裝公司與機器人一起工作了數千小時，SAP 系統看到了顯著的收益。與希望更快移動的客戶一起，客戶希望真正了解他們現有環境的自動化程度，無論他們是否真的要經歷數字化轉型。我們相信我們雙方的上市組織將能夠更快地為這些客戶提供價值。

So it's a significant partnership. The feedback we've got from global systems integrators has been exceptionally positive. We've mentioned a couple of them, and we've had a lot of positive inbound interest in this partnership with SAP. Today, we also have customers that have already utilized it in the test suite, the capabilities we have. You can see as we've mentioned previously with Oracle and the benefits they've got of it. So we think at the end of the day, customers are going to see significant benefits by connecting ERP systems, world-class mission-critical ERP systems together with a world-class automation system.

所以這是一個重要的伙伴關係。我們從全球系統集成商那裡得到的反饋非常積極。我們已經提到了其中的幾個，並且我們對與 SAP 的這種合作關係產生了很多積極的入站興趣。今天，我們也有客戶已經在測試套件中使用了它，即我們擁有的功能。您可以看到我們之前提到的 Oracle 以及他們從中獲得的好處。因此，我們認為最終，客戶將通過將 ERP 系統、世界級的關鍵任務 ERP 系統與世界級的自動化系統連接在一起而獲得顯著的收益。

Super helpful. And then just as a follow-up, we recently saw UiPath product administration that used ChatGPT to come with test scenarios for the test suite. It seems very adequate to the platform. Can you just explain at a high level how ChatGPT augments the product? And then what your product does that ChatGPT cannot do?

超級有幫助。然後作為後續行動，我們最近看到 UiPath 產品管理使用 ChatGPT 來為測試套件提供測試場景。這個平台似乎很合適。您能否從高層次上解釋一下 ChatGPT 如何增強產品？那麼您的產品有哪些是 ChatGPT 做不到的？

We're very excited about the opportunities that generative AI is going to bring to our platform. We are seeing a good opportunity to increase the adoption of our platform by making the existing use cases easier to implement and democratizing access to the platform in the sense that even more and more less technical users can use it. We are building -- as part of this project codename Wingman, we are building a copilot like technology, where users can specify in natural language what is the task they want to automate, and we use our computer vision to read application screens and by combining our own technology with the cognitive power of ChatGPT, we can actually create very easy-to-use workflows that can be deployed and run by our platform.

我們對生成式人工智能將給我們的平台帶來的機會感到非常興奮。我們看到了一個很好的機會來增加我們平台的採用率，方法是讓現有的用例更容易實施，並使對平台的訪問民主化，因為越來越多的非技術用戶可以使用它。我們正在構建——作為這個代號為 Wingman 的項目的一部分，我們正在構建一個類似副駕駛的技術，用戶可以用自然語言指定他們想要自動化的任務是什麼，我們使用我們的計算機視覺來讀取應用程序屏幕，並通過結合我們自己的技術和 ChatGPT 的認知能力，我們實際上可以創建非常易於使用的工作流，可以通過我們的平台部署和運行。

Moreover, we feel that in our document understanding business, we can accelerate the creation of domain-specific models by training them using generative AI but then deploy them in a secure and governed matter. So this domain-specific models have the advantage that they are very precise and they don't have a scene and they don't pose business risks.

此外，我們認為在我們的文檔理解業務中，我們可以通過使用生成 AI 訓練它們來加速特定領域模型的創建，然後將它們部署在安全和受監管的事物中。所以這種特定領域的模型的優勢在於它們非常精確並且它們沒有場景並且它們不會帶來業務風險。

And you mentioned testing. The explorative testing was very difficult traditionally to automate because people iterate very fast through building an application and user interface usually change quite a lot. But now we see the opportunity to have a description of the tests in pure English like you do for the manual testers. And then by our automation platform with employees, Computer Vision and generative AI, we'll simply explore the user interface, and we'll be capable of understanding an application and testing more like a human user. That will result in an acceleration of -- actually implementing a large application because people will test much more often. So development cycles will shorten.

你提到了測試。傳統上，探索性測試很難實現自動化，因為人們在構建應用程序時迭代速度非常快，而且用戶界面通常會發生很大變化。但是現在我們看到了用純英語描述測試的機會，就像您對手動測試人員所做的那樣。然後通過我們的員工自動化平台、計算機視覺和生成人工智能，我們將簡單地探索用戶界面，我們將能夠更像人類用戶一樣理解應用程序和測試。這將加速——實際實施大型應用程序，因為人們會更頻繁地進行測試。所以開發週期會縮短。

So all in all, we believe this is an amazing opportunity for our platform. And I want stress again that the power of it really puts into highlights the power of our computerization, that red screens, the power of our execution platform that can execute with screens through applications and the power of our end-to-end platform that can orchestrate and deliver automation in an enterprise-grade manner.

所以總而言之，我們相信這對我們的平台來說是一個絕佳的機會。我想再次強調，它的力量真正體現了我們計算機化的力量，即紅色屏幕，我們的執行平台可以通過應用程序在屏幕上執行的力量，以及我們端到端平台的力量可以以企業級方式編排和交付自動化。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats for another solid quarter, guys. I wanted to stay on the testing theme and actually also the SAP theme from the first question. I'm thinking about like testing in an SAP migration environment, because as a lot of customers have to go to S/4HANA, a lot of customers need to redo and we think they're customization, et cetera, should that not be like a significant opportunity for you guys around testing there and work there? And am I dreaming here? Or do you see that? And what's the opportunity there? And I have one follow-up.

恭喜又一個穩定的季度，伙計們。我想留在測試主題上，實際上也是第一個問題中的 SAP 主題。我正在考慮在 SAP 遷移環境中進行測試，因為很多客戶必須轉到 S/4HANA，很多客戶需要重做，我們認為他們是定制的，等等，不應該像你們在那裡測試和工作的重要機會？我在這裡做夢嗎？或者你看到了嗎？那裡有什麼機會？我有一個跟進。

Yes. Raimo, Robert here. Now when we mentioned the Oracle Test Suite announcement earlier, that is in a combination with S/4HANA migration they're doing. So we're in an integral part of that migration. It was also automation on top of on S/4HANA migration with Test Suite. So we actually have customers today that are actually utilizing significant part of both platforms. An opportunity is significant because it also ties in SAP's P2P platform together with S/4 migration.

是的。雷莫，這裡是羅伯特。現在，當我們之前提到 Oracle 測試套件公告時，它與他們正在進行的 S/4HANA 遷移相結合。所以我們是遷移的一個組成部分。它也是基於測試套件的 S/4HANA 遷移的自動化。所以我們今天實際上有客戶實際上正在使用這兩個平台的重要部分。機會很重要，因為它還將 SAP 的 P2P 平台與 S/4 遷移聯繫在一起。

So that's why we feel really confident about it. We also feel like it changes the discussion in front of customers, and it drives a significant amount of efficiency in the migration process as well. We've also deliver SAP heat maps and SAP solution accelerator to help move that motion even faster. So we do see that as a significant opportunity with our partner SAP.

這就是為什麼我們對此充滿信心。我們還覺得它改變了客戶面前的討論，並且它也大大提高了遷移過程的效率。我們還提供了 SAP 熱圖和 SAP 解決方案加速器，以幫助更快地推動這一行動。因此，我們確實認為這是與我們的合作夥伴 SAP 合作的一個重要機會。

Yes. Okay. Perfect. Makes sense. And then Ashim, great results on cost control and what you're doing there. How do we -- how do you think about your cadence -- investment cadence here for the reminder of the year in terms of kind of controlling costs but also kind of getting ready for in case things are kind of looking better in the second half of the year with the view on 2024? Like how do you kind of run the business at the moment?

是的。好的。完美的。說得通。然後是 Ashim，在成本控制和你在那裡所做的事情方面取得了很好的成果。我們如何 - 你如何看待你的節奏 - 這裡的投資節奏是為了提醒今年在控製成本方面的表現，同時也為下半年的情況做好準備2024 年的觀點？比如你現在是如何經營這家公司的？

Yes. I think first is we will consistently invest in areas that we see opportunity, Raimo. That is both in the go-to-market side as well as in product and you can see that in the results of the road map that Daniel talked about in the product and the excitement that we have there. And things like -- and deals like the SAP partnership that happen through the investment of time of our resources.

是的。我認為首先是我們將持續投資於我們認為有機會的領域，Raimo。這既體現在上市方面，也體現在產品方面，您可以在 Daniel 在產品中談到的路線圖的結果以及我們在那裡的興奮中看到這一點。諸如 SAP 合作夥伴之類的交易是通過我們的資源時間投資而發生的。

So we focus people in the right places with the highest return. We've talked about it. I think we have enough scale now where a big chunk of our base is really globally. You look at our G&A structure, I think we've built the foundation to scale across every single country and support the customers and the strategy that's in place today. And on the go-to-market side, Rob brings a ton of expertise and the leadership of the go-to-market teams really are constantly looking for the best opportunity and focusing on customers with the highest propensity to invest automatically leads to better ROIs in terms of the investments we put in.

因此，我們將人員集中在回報最高的正確位置。我們已經談過了。我認為我們現在有足夠的規模，我們的很大一部分基地實際上是全球性的。你看看我們的 G&A 結構，我認為我們已經建立了基礎，可以在每個國家/地區進行擴展，並支持客戶和今天實施的戰略。在進入市場方面，Rob 帶來了大量的專業知識，進入市場團隊的領導層確實在不斷尋找最佳機會，並專注於最有投資傾向的客戶，從而自動獲得更好的投資回報率就我們投入的投資而言。

So while I think that we will continue to operate the company efficiently, that efficiently for us means investing in great opportunities and deemphasizing areas where we don't. And that formula, I think, has shown positive results by you can see not just the generation of free cash flow, but also us raising our overall operating margin guidance here to 13% for the remainder of the year.

因此，雖然我認為我們將繼續高效地運營公司，但對我們而言，高效意味著投資於巨大的機會並淡化我們不重視的領域。我認為，這個公式已經顯示出積極的結果，你不僅可以看到自由現金流的產生，還可以看到我們將今年剩餘時間的整體營業利潤率指引提高到 13%。

Our next question comes from Matthew Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matthew Hedberg。

Rob, maybe I'll start with you. Upselling the platform beyond RPA is clearly a big opportunity for you guys. And when we look at your growth in large customers, it seems like it's showing up there. Can you talk a little bit more about the success you're seeing there moving customers beyond RPA to the broader platform? And what does that do to ARR per customer?

羅布，也許我會從你開始。在 RPA 之外追加銷售平台顯然對你們來說是一個巨大的機會。當我們看到你在大客戶中的增長時，它似乎就在那裡出現了。您能否多談談您所看到的將客戶從 RPA 轉移到更廣泛平台的成功？這對每位客戶的 ARR 有何影響？

Yes. Maybe Ashim can comment on the ARR per customer. But certainly, when you look at our customers above $1 million, that's improving over time. I would say, Matt, the discussions we're having with customers today using our NorthStar model is significant. It's really around how we can help their businesses how we can help drive efficiency and how we can help them deal with this environment that we're working in today. So we see lots of opportunity on that.

是的。也許 Ashim 可以評論每個客戶的 ARR。但可以肯定的是，當您查看我們超過 100 萬美元的客戶時，這種情況會隨著時間的推移而改善。我會說，馬特，我們今天使用我們的 NorthStar 模型與客戶進行的討論意義重大。這實際上是圍繞著我們如何幫助他們的企業，我們如何幫助提高效率，以及我們如何幫助他們應對我們今天工作的環境。所以我們看到了很多機會。

I think Daniel mentioned document understanding the return on document understanding the results that we have with customers today in health care providers and financial institutions is absolutely significant. And we see more and more customers expand. And then as customers start to see areas if they -- I would say, when we engage in a sales cycle and we're going with Test Suite and we look at the full platform, we're seeing more and more customers select us because of the platform, the opportunity that it provides.

我認為 Daniel 提到了文檔理解文檔的回報理解我們今天在醫療保健提供者和金融機構中與客戶取得的結果絕對重要。我們看到越來越多的客戶在擴張。然後，當客戶開始看到區域時，如果他們——我會說，當我們參與銷售週期並且我們將使用 Test Suite 並查看整個平台時，我們看到越來越多的客戶選擇我們，因為平台，它提供的機會。

So I would say RPA and automation today, the enterprise version -- the way the companies look at enterprise automation, UIPath is clearly the leader in that space. The partnerships that we have got in place with big GSIs and big technical partners is making a big difference. And I'm very confident of where we're headed with our focus on industries and these partnerships.

所以我會說今天的 RPA 和自動化，企業版——公司看待企業自動化的方式，UIPath 顯然是該領域的領導者。我們與大型 GSI 和大型技術合作夥伴建立的合作夥伴關係正在產生重大影響。我對我們專注於行業和這些合作夥伴關係的方向充滿信心。

Great. And maybe just, Ashim, following on Raimo's question on margins. Obviously, super impressive 9.5% to now 13% for the year. Just sort of curious, like when we think about that longer-term margin progression, how should we think about the cadence beyond this year, which has obviously been pretty dramatic this year so far?

偉大的。也許只是，Ashim，跟隨 Raimo 關於邊距的問題。顯然，從 9.5% 到現在的 13%，這一數字令人印象深刻。只是有點好奇，比如當我們考慮長期利潤率增長時，我們應該如何考慮今年以後的節奏，今年到目前為止這顯然非常戲劇化？

Yes. I think we're really pleased with the progress and the pace of execution by every single employee of UiPath, frankly, working to both serve our customers and find efficiencies together. We've talked about 20% margin in terms of a long-term operating margin goal. We'll update that at the appropriate time as we see the need to. But we're more than halfway there. we feel really good about that progress. We're committed to being a Rule of 40 company. And I think just continuing that progress is what we're focused on.

是的。我認為我們對 UiPath 每位員工的進步和執行速度感到非常滿意，坦率地說，他們致力於為我們的客戶服務並共同提高效率。就長期營業利潤率目標而言，我們已經談到了 20% 的利潤率。我們會在適當的時候更新它，因為我們認為有必要。但我們已經完成了一半以上。我們對這一進展感到非常滿意。我們致力於成為一家 40 人規則的公司。我認為繼續取得進展是我們關注的重點。

And our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

This is Arti on for Mark Murphy. I wanted to ask, is there a material portion of your pipeline where you look at it and you feel like you're being involved in generative AI and LLMs with external products. To be clear, I understand you guys have generative AI and LLM products, but specifically if you're kind of seeing any incremental pipeline with adoption of these kind of emerging LLMs?

這是馬克墨菲的藝術作品。我想問，你的管道中是否有一個重要的部分，你在看它的地方，你覺得你正在參與生成人工智能和帶有外部產品的法學碩士。需要明確的是，我知道你們有生成式 AI 和 LLM 產品，但具體來說，如果你們看到採用這些新興 LLM 的任何增量管道？

I don't think we look at our pipeline in that vein. When we go around and we -- and Rob can talk through the customer portion and the customer stories, every customer in our pipeline reflects the continued interest in understanding that automation and AI go hand in hand, and the power of generative AI really makes us the right long-term fit for their platform. So we see that in the pipeline in terms of just the continued throughput of the deals and the deals with our largest customers reflecting our strategy. So that's the way we see it. Do we have a specific set of pipeline or deals just around AI? We don't look at it that way. And I don't believe our customers do either.

我認為我們不會以這種方式看待我們的管道。當我們四處走動時——Rob 可以通過客戶部分和客戶故事來談談，我們管道中的每個客戶都反映出對理解自動化和人工智能齊頭並進的持續興趣，而生成人工智能的力量確實讓我們長期適合他們的平台。因此，我們在交易的持續吞吐量以及與反映我們戰略的最大客戶的交易方面看到了這一點。這就是我們的看法。我們是否有一套特定的管道或交易圍繞人工智能？我們不這樣看。我不相信我們的客戶也這樣做。

Let me just add to that because I think it's really important, and I think Daniel -- in Daniel's prepared remarks, I thought it came across really well. Look, when you look at the way we look at enterprise AI, and we are getting significant amount of discussions with our customers. You have to go back to domain-specific AI. And in domain-specific A, we've had years of work in this space at our customers, whether it be task mining, document, understanding our computer vision technology and don't forget communication mining as well. So we've got years of understanding in that.

讓我補充一點，因為我認為這非常重要，而且我認為 Daniel - 在 Daniel 準備好的發言中，我認為它傳達得非常好。看，當你看看我們看待企業 AI 的方式時，我們正在與客戶進行大量討論。你必須回到特定領域的人工智能。在特定領域 A 中，我們已經在客戶的這個領域進行了多年的工作，無論是任務挖掘、文檔、理解我們的計算機視覺技術，也不要忘記通信挖掘。所以我們對此有多年的了解。

We spoke about Clipboard AI previously on generative AI. The customers really want to understand how we can benefit them in the future with automation and how these 2 go hand-in-hand. And I think that's going to be something that UiPath will continue to evolve really, really fast in the next month. And I would believe that we are seen as a leader -- a thought leader in the space as well.

我們之前在生成 AI 上談到了剪貼板 AI。客戶真的很想了解我們將來如何通過自動化使他們受益，以及這兩者如何齊頭並進。而且我認為這將是 UiPath 將在下個月繼續真正、非常快速地發展的東西。我相信我們被視為領導者——也是該領域的思想領袖。

I mean, Daniel, do you want to make some comments on that?

我的意思是，丹尼爾，你想對此發表一些評論嗎？

Yes. As I said, it's -- I really believe that from a strategic standpoint, AI development will follow a bit like our human brain development. We have a very powerful cognitive engine, but we have a lot of specialized models, if I can say so that help us to do many tasks on autopilot. For instance, if I try to learn tennis, initially, I'm training using my cognitive, I'm understanding the game but then I will play on autopilot because it's much more effective, it's more precise. It's actually much less intensive in terms of resources that it requires.

是的。正如我所說，我真的相信，從戰略的角度來看，人工智能的發展將有點像我們人類大腦的發展。我們有一個非常強大的認知引擎，但我們有很多專門的模型，如果我可以這麼說的話，可以幫助我們在自動駕駛儀上完成許多任務。例如，如果我嘗試學習網球，最初，我會使用我的認知進行訓練，我會理解比賽，但隨後我會自動駕駛，因為它更有效，更精確。實際上，就所需資源而言，它的密集程度要低得多。

So obviously, this is going to be the model that will prevail in the enterprise world. And this is why I believe we have an extensive moat here with -- based on our world computer vision technology and actually, our ability to execute actions on screens, which is a very hard thing to do reliably. So it's part of our IP for the past 15 years. In a way, I really believe that generative way, it's exactly the missing piece for RPA to really go to the next level of adoption.

很明顯，這將成為企業界盛行的模式。這就是為什麼我相信我們在這裡有一條廣泛的護城河——基於我們的世界計算機視覺技術，實際上，我們在屏幕上執行操作的能力，這是一件很難可靠地做到的事情。所以它是我們過去 15 年 IP 的一部分。在某種程度上，我真的相信這種生成方式，它正是 RPA 真正進入下一個採用水平所缺少的部分。

And our next question comes from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss. I wanted to start first with Ashim, In terms of the demand environment, you guys talked about sustained deal scrutiny similar to last quarter. As you look into the trends in May and look into the pipeline for the rest of the year, how are -- like what is sort of the customer buying behavior? How is that shaping up? Any sort of changes you've seen in May versus what you see in Q1 and what you saw in Q4?

我是 Keith Weiss 的 Sanjit Singh。我想首先從 Ashim 開始，在需求環境方面，你們談到了與上個季度類似的持續交易審查。當您研究 5 月份的趨勢並研究今年剩餘時間的管道時，客戶的購買行為是怎樣的？情況如何？您在 5 月份看到的任何變化與您在第一季度和第四季度看到的相比有何變化？

No, I think it reflects just the way that we've described it, which is it's -- it reflects the variability of the macroeconomic environment. That, I think, goes -- changes every single day, and we're akin to that with our customers. But there's no consistent change that we see a major difference in from that perspective.

不，我認為它反映了我們描述它的方式，它反映了宏觀經濟環境的可變性。我認為，這種情況每天都在變化，我們與客戶的情況類似。但是，從這個角度來看，我們沒有看到重大差異的一致變化。

Is there any sort of regional variation? There's been some inkling that Europe might be doing better than U.S. and then Asia? Or is it still pretty volatile across the various geographies?

有什麼地區差異嗎？有跡象表明歐洲可能比美國和亞洲做得更好？或者它在各個地區仍然非常不穩定？

So just in terms of what I see, and I'll let Rob comment on he's with the customers. But from a pipeline perspective, we're really pleased with the execution within -- across our teams. I think the word variable really is a global phenomenon in terms of the overall environment. I think Europe (inaudible) process for a longer period of time just since last year. And I think North America is something we commented on in the last earnings call. So from that, those are just the dynamics, and I'd say that's pretty consistent. Nothing else that I would highlight.

所以就我所看到的而言，我會讓 Rob 評論他與客戶的關係。但從管道的角度來看，我們對我們團隊內部的執行感到非常滿意。我認為變量這個詞確實是從整體環境來看的一種全球現象。我認為自去年以來，歐洲（聽不清）處理的時間較長。我認為北美是我們在上次財報電話會議上評論的內容。因此，從那以後，這些只是動態，我想說這是非常一致的。沒有其他我要強調的。

Rob, I don't know if you want to add on to that.

Rob，我不知道你是否想補充一點。

I'd pause on that. I don't think there's much to highlight. I would say that it's consistently variable. I would say the same discussion taking place with customers when you talk about our NorthStar model and to where we're speaking to customers about the broader automation platform is progressing very nicely in both the U.S. or the Americas and in EMEA, we're pretty pleased with the progress there. And we still continue to work on the progress in APJ. But the market conditions, I would say, are variable consistently.

我會暫停。我認為沒有太多值得強調的地方。我會說它始終是可變的。當您談論我們的 NorthStar 模型以及我們與客戶談論更廣泛的自動化平台時，我會說與客戶進行的相同討論在美國或美洲以及歐洲、中東和非洲都取得了非常好的進展，我們很漂亮對那裡的進展感到滿意。我們仍在繼續致力於 APJ 的進展。但我要說的是，市場條件一直在變化。

Understood. And then maybe just sneak one last one, if I may, for Daniel. You've been pretty clear about on this call about the potential for generative AI to help make RPA more useful testing seems like a very interesting use case as well as customer service. What does that mean from a pricing perspective. So as you guys incorporate this technology, do you feel like you'd be able to press on the pricing lever, given the potential productivity on the hands of debt you may extract or deliver to customers?

明白了。然後也許只是偷偷最後一張，如果可以的話，給丹尼爾。在這次電話會議上，您已經非常清楚地了解生成 AI 的潛力，以幫助使 RPA 更有用的測試似乎是一個非常有趣的用例和客戶服務。從定價的角度來看，這意味著什麼。因此，當你們採用這項技術時，考慮到您可能提取或交付給客戶的債務的潛在生產力，您是否覺得您能夠按下定價槓桿？

Yes. This is a big sales win for us. And it's going to positively impact all areas of our platform because ultimately, we will infuse generative AI across our platform. And this basically will -- with the increased adoption of our technology. I think generative AI will pave the way for itself. And we will sell more robots. We will sell more documents processing. We will sell more AI units. So I think it's going to reflect pretty nicely into our existing price model.

是的。這對我們來說是一個巨大的銷售勝利。它將對我們平台的所有領域產生積極影響，因為最終，我們將在整個平台中註入生成人工智能。這基本上會——隨著我們技術的採用越來越多。我認為生成式 AI 會為自己鋪平道路。我們會賣更多的機器人。我們將銷售更多的文件處理。我們將銷售更多的 AI 單元。所以我認為它會很好地反映到我們現有的價格模型中。

Our next question comes from Bryan Bergin with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to follow up on the go-to-market refresh. Rob, you touched on it briefly, but can you dig in a little bit more on the sales and the go-to-market reorg across the 3 operating regions, really just compare and contrast where you stand in North America versus EMEA versus APAC?

我想跟進上市更新。 Rob，你簡單地談到了它，但你能否深入了解 3 個運營區域的銷售和上市重組，真的只是比較和對比你在北美與 EMEA 與亞太地區的立場？

Yes. Look, I mean I think we've executed the go-to-market changes. As we said we would consistently those changes, I would say, has settled down really well mostly. In some of the segments, it's taken a little longer than we would have hoped. But right now, I feel really good about where we are and the rhythm we have in the second quarter and now the teams are focused. So absolutely the right decision, absolutely the right execution. And as you said a couple of times, Bryan, I think you'll see the acceleration in the second half of the year due to the changes we've implemented.

是的。看，我的意思是我認為我們已經執行了上市變更。正如我們所說，我們將始終如一地進行這些更改，我想說的是，它們大部分都已經很好地解決了。在某些細分市場中，花費的時間比我們希望的要長一些。但現在，我對我們在第二節的位置和節奏感覺非常好，現在球隊都很專注。所以絕對正確的決定，絕對正確的執行。正如你多次說過的那樣，布萊恩，我認為由於我們實施的變化，你會在下半年看到加速。

Okay. And then just on the partnership ecosystem, kind of same question here. Just any feedback from the service channel partners as you're shifting some of the long tail over to them, any learnings thus far on this plan?

好的。然後就合作夥伴生態系統而言，這裡有同樣的問題。當您將一些長尾轉移給他們時，來自服務渠道合作夥伴的任何反饋，到目前為止關於這個計劃的任何學習？

Yes. I would say the partners across the board, you got to look at the partners, if you look at the big GSIs, I think we're having way more discussions with them. They're very much involved in many of our NorthStar discussions around digital transformation, big projects. For them, that model fits really well. Our existing partners, the local channel partners are seeing bigger opportunities as we continue to showcase the platform. They get fundamentally understand how to position the platform. And actually, even in some of those partners, we see areas like document understanding where they're actually really driving it.

是的。我會說所有的合作夥伴，你必須看看合作夥伴，如果你看看大型 GSI，我認為我們正在與他們進行更多的討論。他們積極參與了我們圍繞數字化轉型、大型項目的許多 NorthStar 討論。對於他們來說，該模型非常適合。隨著我們繼續展示該平台，我們現有的合作夥伴，本地渠道合作夥伴看到了更大的機會。他們從根本上了解如何定位平台。實際上，即使在其中一些合作夥伴中，我們也看到了文檔理解等領域，他們真正在推動它的發展。

And then the distribution is where we still got some -- I wouldn't say work to do, but we've still got to see it come through. And look, the reaction, I mean, the one probably that we don't mention because maybe it's not has global, but the partnership with T-Systems with large companies in Germany, Switzerland and Austria and the public sector in Germany is significant, right? We're already working with Deutschelandticket, which is Deutsche Bank, on their flat rate ticket system for the whole of Germany. So that's a big significant opportunity for UiPath as well.

然後分發是我們仍然有一些的地方 - 我不會說工作要做，但我們仍然必須看到它通過。看，反應，我的意思是，我們可能沒有提到，因為它可能不是全球性的，但與 T-Systems 與德國、瑞士和奧地利的大公司以及德國公共部門的合作關係非常重要，正確的？我們已經在與 Deutschelandticket（即德意志銀行）合作，開發其適用於整個德國的統一票價票務系統。所以這對 UiPath 來說也是一個重要的機會。

And then the SAP partnership coming out of Sapphire will be in full execution mode, and we're really confident that the senior leadership of SAP being here in Barcelona being on stage tomorrow with their team and their customers or showcase the fundamental difference of that partnership as well.

然後來自 Sapphire 的 SAP 合作夥伴關係將處於完全執行模式，我們非常有信心 SAP 的高級領導明天將在巴塞羅那與他們的團隊和客戶一起登台，或者展示該合作夥伴關係的根本區別以及。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

This is Austin Williams on for Michael Turrin. It looks like net new ARR was down versus last year in the quarter. Is there any additional color that you could add on whether it's new logos or expansions that are impacting that? And as a follow-up, are you seeing any change in the average deal sizes for new lands?

這是邁克爾·圖林的奧斯汀·威廉姆斯。看起來本季度淨新 ARR 與去年相比有所下降。您是否可以添加任何其他顏色，無論是影響它的是新徽標還是擴展？作為後續行動，您是否看到新土地的平均交易規模有任何變化？

Yes. So just when you look at it, I wouldn't say there's a driver between new logos and expansion. Really, first thing is normalizing for FX. FX had a $5 million to $6 million impact in the quarter. So I think that's the first piece. And the second is it's more of a just a general -- the broader macroeconomic variability that we see and the transition that we have in terms of the go-to-market changes that we've made. And that's appropriate. We commented on that at the start of the quarter. So those are really the drivers versus pointing out a specific motion in terms of where it is.

是的。因此，就在您查看它時，我不會說新徽標和擴展之間存在驅動程序。實際上，首先要做的是對 FX 進行標準化。外彙在本季度產生了 500 萬至 600 萬美元的影響。所以我認為這是第一部分。第二，它更像是一個普遍現象——我們看到的更廣泛的宏觀經濟可變性，以及我們在進入市場方面所做的轉變。這是合適的。我們在本季度初對此發表了評論。因此，這些實際上是驅動因素，而不是指出特定運動的位置。

In terms of land sizes, we're really pleased with what segmentation has done in terms of focusing on the higher propensity customers. We see -- we're pleased with our large deal execution. Rob mentioned this, our $1 million-plus customers continue to grow. And from that standpoint, I think that's a good feeling from us in terms of both positioning the platform as well as larger deal execution, which, of course, involves average selling price being higher.

就土地面積而言，我們對專注於更高傾向客戶的細分所做的工作感到非常滿意。我們看到 - 我們對我們的大型交易執行感到滿意。 Rob 提到這一點，我們 100 萬美元以上的客戶繼續增長。從這個角度來看，我認為就平台定位和更大的交易執行而言，這對我們來說是一種很好的感覺，當然，這涉及平均售價更高。

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

我們的下一個問題來自美國銀行證券公司的 Brad Sills。

I wanted to ask a question around the transition to solution selling and the vertical approach here. I think last quarter, you called out some relative strength in the financials vertical. Just curious if you get an update on where you might be seeing some traction across the verticals with that approach.

我想問一個關於向解決方案銷售和垂直方法過渡的問題。我認為上個季度，你在金融垂直領域表現出了一些相對優勢。只是好奇，如果你得到更新，你可能會看到這種方法在垂直領域的一些牽引力。

Yes, Brad, I mean, we still continue to see benefits with financial -- the financial sector, banking, health care providers, we still see -- continue to see that, and we announced a couple of names. So that continues to be a source of strength, especially with the solution products like communication, mining and document understanding. But I would say it's variable in other industries in generic manufacturing. You see the Test Suite being driven. So we -- from an industry point of view, I think over time, as we produce more and more solution accelerators, as we get more and more focused on which solutions at which industries you're going to see the expansion by industry.

是的，布拉德，我的意思是，我們仍然繼續看到金融的好處——我們仍然看到金融部門、銀行業、醫療保健提供者——繼續看到這一點，我們宣布了幾個名字。因此，這將繼續成為力量的源泉，尤其是在通信、挖掘和文檔理解等解決方案產品方面。但我會說它在通用製造的其他行業中是可變的。您會看到正在驅動的測試套件。所以我們 - 從行業的角度來看，我認為隨著時間的推移，隨著我們生產越來越多的解決方案加速器，隨著我們越來越關注你將看到行業擴展的行業解決方案。

The PCA is significant as well as that the global system and integrated the big partners actually want to work with us in specific industry focused areas, and you're going to start to see that expand in the coming months as well. So I wouldn't say specifically, we saw a significant uptick in any particular industry in the first quarter, but still financial services, health care, are still the areas where we see that we have seen progress.

PCA 很重要，全球系統和集成的大合作夥伴實際上希望在特定的行業重點領域與我們合作，你將在未來幾個月開始看到這種擴展。所以我不會具體說，第一季度我們看到任何特定行業都有顯著增長，但金融服務、醫療保健仍然是我們看到取得進展的領域。

Understood. And one more, if I may, just on a couple of partnerships here, the Amazon SageMaker and Snowflake partnership. How do you envision these partnerships impacting the business? Are we talking about just more relevance by blending data from these data sets and AI libraries, to increase the velocity of deployment of more bots, the accuracy of bots? I mean how do you see this impacting the business as you bring in data sets from Snowflake and the AIML library from AWS SageMaker?

明白了。還有一個，如果可以的話，這裡只是關於幾個合作夥伴關係，Amazon SageMaker 和 Snowflake 合作夥伴關係。您如何看待這些合作夥伴關係對業務的影響？我們是不是在談論通過混合來自這些數據集和 AI 庫的數據來提高相關性，以提高更多機器人的部署速度和機器人的準確性？我的意思是，當您從 Snowflake 引入數據集並從 AWS SageMaker 引入 AIML 庫時，您如何看待這對業務的影響？

Well, Daniel, you can take SageMaker a one off (inaudible). I think it's pretty clear, Brad, that it just help customers automate faster, connect, quicker to Snowflake data in the manufacturing statedly box much, much faster. Actually, we see quite a significant amount at the Sapphire event they're in. We see a significant amount of customers in that space, manufacturing wanting to understand more about not the Snowflake partnership, but how they can actually deploy bots in manufacturing, supply chain, logistics much faster. So we see that as a significant opportunity as well.

好吧，Daniel，您可以試用一下 SageMaker（聽不清）。布拉德，我認為這很清楚，它只是幫助客戶更快地自動化、更快地連接到製造箱中的 Snowflake 數據，速度要快得多。實際上，我們在他們參加的 Sapphire 活動中看到了相當多的數量。我們在該領域看到了大量客戶，製造業希望更多地了解不是雪花合作夥伴關係，而是他們如何在製造、供應中實際部署機器人連鎖，物流快多了。所以我們也認為這是一個重要的機會。

Yes, obviously. I think if opportunity in our analytics platform. We use Snowflake actually foundation there in process mining and all our analytics, we kind of standardize on the platform, and we use the power of (inaudible). And of course, SageMaker is great for hosting models. It's to accelerate our AI strategy. So all in all, it's a really positive event for us.

是的，很明顯。我認為我們的分析平台是否有機會。我們在流程挖掘和所有分析中使用 Snowflake 實際上是基礎，我們在平台上進行了某種標準化，並且我們使用了（聽不清）的力量。當然，SageMaker 非常適合託管模型。這是為了加速我們的人工智能戰略。所以總而言之，這對我們來說是一個非常積極的事件。

Our next question comes from Kingsley Crane with Canaccord Genuity.

我們的下一個問題來自 Kingsley Crane 和 Canaccord Genuity。

This is [Gabriel Roth] for Kingsley. Congratulations in the quarter. I find it very questioning about the generative AI being a gateway to leverage the rest of the automation platform. So in that respect, what impact do you guys are taking into account the guidance for this year or for longer term of generative AI and the adoption of the platform overall increasing thanks to it?

這是金斯利的[加布里埃爾·羅斯]。祝賀本季度。我發現將生成人工智能作為利用自動化平台其餘部分的門戶非常值得懷疑。那麼在這方面，你們考慮到今年或更長期的生成人工智能的指導以及平台的採用整體增加會產生什麼影響？

Well, I think generative AI, it's a bit of a longer shot to have impacted the guiding for this year. My estimation is the real adoption in the enterprise would probably start more like next year rather than this current fiscal year.

好吧，我認為生成式 AI 對今年的指南產生影響的時間有點長。我的估計是，企業的真正採用可能更像是明年開始，而不是本財年。

Our next question comes from Scott Berg with Needham.

我們的下一個問題來自 Scott Berg 和 Needham。

Congrats on a good quarter. Most of my questions have been asked but just wanted to ask for one and I apologize for the background noise on the plane here. But my question is on absent of your native cloud back I think they've been in the market for a little bit more than a year now. I just wanted to see if you had an update maybe on traction numbers more traditional term latencies platform you have out there?

祝賀一個好的季度。我的大部分問題都已被問到，但我只想問一個，對於飛機上的背景噪音，我深表歉意。但我的問題是缺少您的本地雲支持，我認為它們已經在市場上銷售一年多了。我只是想看看你是否有關於牽引力數字的更新，你有更傳統的術語延遲平台嗎？

We see really good overall progress in our hybrid offering, I think, is really good. I think ACR is still early. Like there's a lot of -- our customers will still work and are developing their cloud strategies. They're full cloud strategies across enterprise automation. But the feedback from our customers, the interest continues to be very well, and it's positioned well in the market. But our -- having that on the road map, coupled with the capabilities that continue to be released on our cloud platform, we feel very good about that.

我認為，我們在混合產品方面看到了非常好的整體進展，這非常好。我覺得ACR還早。就像有很多——我們的客戶仍然會工作，並且正在製定他們的雲戰略。它們是跨企業自動化的完整雲戰略。但我們客戶的反饋，興趣仍然很好，並且在市場上定位良好。但是我們 - 將其列入路線圖，再加上我們的雲平台上繼續發布的功能，我們對此感覺非常好。

And we have reached the end of the question-and-answer session. I'll now hand the floor back to Robert Enslin for closing remarks.

我們已經結束了問答環節。我現在將發言權交還給 Robert Enslin，讓他發表閉幕詞。

Yes. Thank you, everybody, for joining us. We look forward to connecting with many of you in the coming weeks, and we appreciate you all joining us today. Thank you.

是的。謝謝大家加入我們。我們期待在接下來的幾週內與你們中的許多人建立聯繫，感謝你們今天加入我們。謝謝。

Thank you. This concludes today's conference. All parties may disconnect. Have a great day.

謝謝。今天的會議到此結束。各方可能會斷開連接。祝你有美好的一天。