UiPath Inc (PATH) 2024 Q2 法說會逐字稿

Greetings and welcome to the UiPath Second Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) This conference is being recorded. It is now my pleasure to turn it over to our host, Kelsey Turcotte, Senior Vice President, Investor Relations. Thank you, you may begin.

歡迎參加 UiPath 2024 財年第二季度收益電話會議。 （操作員指示）本次會議正在錄製中。現在我很高興將其交給我們的東道主投資者關係高級副總裁凱爾西·特科特 (Kelsey Turcotte)。謝謝，你可以開始了。

Great. Good afternoon, and thank you for joining us today to review UiPath's Second 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.

偉大的。下午好，感謝您今天與我們一起回顧 UiPath 2024 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。與我通話的有：UiPath 聯合創始人兼聯合首席執行官 Daniel Dines；羅布·恩斯林，聯席首席執行官；和首席財務官 Ashim Gupta。羅布將開始討論，然後將電話轉給丹尼爾。之後，阿希姆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.uipass.com. These materials include GAAP to non-GAAP reconciliations. We will be discussing non-GAAP metrics on today's call.

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.uipass.com 上。這些材料包括 GAAP 與非 GAAP 調節表。我們將在今天的電話會議上討論非公認會計準則指標。

This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and our financial guidance for the third quarter and full year fiscal 2024. 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 July 31, 2023, to be filed with the SEC. Forward-looking statements made on this call reflect our views as of today. We undertake no obligation to update them.

今天下午的電話會議包括有關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2024 財年第三季度和全年的財務指導。由於許多因素和影響，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 日的年度10-K 表格年度報告以及我們向SEC 提交的其他報告，包括我們的10-K 表格季度報告截至 2023 年 7 月 31 日的期間的 10-Q 報告將提交給 SEC。本次電話會議中所做的前瞻性陳述反映了我們截至目前的觀點。我們不承擔更新它們的義務。

Finally, we invite you to join our user conference, FORWARD VI, next month in Las Vegas from the evening of Monday, October 9 through Wednesday, the 11th. Please reach out to the Investor Relations team for details. I would like to highlight that this webcast is being accompanied by slides, which 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.

最後，我們邀請您參加下個月在拉斯維加斯舉行的用戶大會 FORWARD VI，時間為 10 月 9 日星期一晚上到 11 日星期三。請聯繫投資者關係團隊了解詳情。我想強調的是，本次網絡廣播附有幻燈片，其中包括嵌入式人工智能演示視頻。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上。

And with that, I'll hand the call over to Rob.

這樣，我就把電話轉給羅布。

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us. Second quarter was incredibly busy. Highlights include the delivery of exciting new AI platform capabilities and several high-energy in-person customer events around the world. All of them standing room only. Not surprisingly, AI is at the top of everyone's agenda. Digital transformation, where automation plays a strategic role has never been more important or, with the latest evolutions in AI, more powerful.

謝謝凱爾西，大家下午好。感謝您加入我們。第二季度非常忙碌。亮點包括提供令人興奮的新人工智能平台功能以及在世界各地舉辦的幾場高能量的現場客戶活動。他們所有人都只有站立的空間。毫不奇怪，人工智能成為每個人議程的重中之重。自動化發揮著戰略作用的數字化轉型從未如此重要，或者隨著人工智能的最新發展，其力量也變得更加強大。

Customers are excited about the value we deliver and recognize that our platform, which has been infused with AI since inception, provides an integrated set of capabilities that combines the best of our specialized AI and governance with the creative power of Gen AI making the potential of automation almost limitless. And we aren't just talking about AI. We deliver on the promise of AI and automation today across our platform. In particular, communications mining and document understanding are generating a lot of excitement which Graham Sheldon, our Chief Product Officer, will demo in a few minutes.

客戶對我們提供的價值感到興奮，並認識到我們的平台自成立以來就融入了人工智能，提供了一套集成的功能，將我們最好的專業人工智能和治理與Gen AI 的創造力相結合，使自動化幾乎是無限的。我們談論的不僅僅是人工智能。今天，我們在我們的平台上兌現了人工智能和自動化的承諾。特別是，通信挖掘和文檔理解正在引起人們的極大興趣，我們的首席產品官 Graham Sheldon 將在幾分鐘內進行演示。

Turning to the numbers. We ended the quarter with ARR of $1,000,308,000, an increase of 25% year-over-year, driven by second quarter net new ARR of $59 million. We have approximately 10,890 customers, including new logos like Australian Postal Corporation, Lerøy Seafood, Holmes Murphy & Associates, Daewoong Pharmaceutical and Arrow Foods Distribution. Customers with $1 million or more in ARR increased more than 30% year-over-year to 254. While customers with $100,000 or more in ARR increased to 1,930.

轉向數字。截至本季度末，我們的 ARR 為 1,000,308,000 美元，同比增長 25%，這得益於第二季度淨新 ARR 5,900 萬美元的推動。我們擁有大約 10,890 名客戶，其中包括澳大利亞郵政公司、樂利海鮮公司、Holmes Murphy & Associates、Daewoong Pharmaceutical 和 Arrow Foods Distribution 等新徽標。 ARR 為 100 萬美元或以上的客戶同比增長超過 30%，達到 254 家。ARR 為 100,000 美元或以上的客戶則增加到 1,930 家。

Second quarter revenue was $287 million, an increase of 19% year-over-year. Non-GAAP operating margin increased from negative 5% in the second quarter of last year to positive 10% in the second quarter of this year. As we progress towards our 20%-plus long-term operating margin target and we delivered $47 million in non-GAAP adjusted free cash flow, a continuing reflection of our growing scale and focus on efficiency.

第二季度營收為2.87億美元，同比增長19%。非 GAAP 營業利潤率從去年第二季度的負 5% 增至今年第二季度的正 10%。隨著我們朝著 20% 以上的長期營業利潤率目標邁進，我們實現了 4700 萬美元的非 GAAP 調整後自由現金流，這持續反映了我們不斷擴大的規模和對效率的關注。

Given that the macro environment continues to be variable, I am pleased with our execution and results. The cohort of customers of $100,000 or more in net new ARR is performing well. Value selling is driving platform adoption. And these deals are typically expansion, where we have a good line of sight into deal progression. The low end of the market has been harder to call, particularly in new customer acquisition. I want to be clear we feel good about the business and the role automation plays in digital transformation. We continue to execute against our strategic initiatives and there is a nice pipeline building. as we move into the second half of the year.

鑑於宏觀環境持續變化，我對我們的執行和結果感到滿意。淨新 ARR 為 100,000 美元或以上的客戶群表現良好。價值銷售正在推動平台的採用。這些交易通常是擴張性的，我們對交易進展有很好的視野。低端市場更難預測，尤其是在新客戶獲取方面。我想澄清的是，我們對業務以及自動化在數字化轉型中發揮的作用感覺良好。我們繼續執行我們的戰略舉措，並且有一個很好的管道建設。當我們進入下半年時。

Two quarters ago, we formally launched our new go-to-market strategy to improve productivity, sell the platform and intensify focus on customers that represent the longest and largest long-term opportunities for us. The team transitioned well to our new segmentation model and is embracing the broader platform opportunity. In go-to-market, we continue to invest in industry verticalization both in people and enablement tools, which is yielding nice results. We saw particular strength in banking and financial services, manufacturing and technology in the second quarter, including great new logos like Performance Healthcare Solutions, First City Monument Bank and Saint Peter's Health Care System. Expansion deals in the quarter included Mitsubishi Materials Corporation, a customer since 2017 who expanded to the full platform as they look to grow the automation program across the company.

兩個季度前，我們正式啟動了新的上市戰略，以提高生產力、銷售平台並加強對代表我們最長和最大長期機會的客戶的關注。該團隊很好地過渡到我們的新細分模型，並正在擁抱更廣泛的平台機會。在進入市場方面，我們繼續在人員和支持工具方面投資於行業垂直化，並取得了良好的成果。第二季度，我們看到銀行和金融服務、製造和技術領域尤其強勁，包括 Performance Healthcare Solutions、First City Monument Bank 和 Saint Peter's Health Care System 等出色的新徽標。本季度的擴張交易包括三菱綜合材料公司（Mitsubishi Materials Corporation），該公司自 2017 年以來一直是該客戶，由於希望在整個公司範圍內發展自動化計劃，該公司擴展到了整個平台。

In addition, our industry expertise gives us unique insights that we can leverage across our customer base, including tools like our solution accelerators. We now have more than 60 available to customers. A Texas-based digital health system recently automated their claims form intake process. Using our accelerators, they expedited their design-too deploy time from more than 8 weeks down to just 2. The foundation of every sales engagement is defining the value of our end-to-end platform, which helps customers accelerate their automation programs, drive operational efficiencies and consolidate spend.

此外，我們的行業專業知識為我們提供了獨特的見解，我們可以在整個客戶群中利用這些見解，包括解決方案加速器等工具。我們現在有 60 多個可供客戶使用。位於德克薩斯州的數字醫療系統最近實現了索賠表受理流程的自動化。使用我們的加速器，他們將設計部署時間從超過 8 週縮短至僅 2 週。每次銷售活動的基礎都是定義我們端到端平台的價值，該平台可幫助客戶加速他們的自動化計劃，推動運營效率並整合支出。

During the quarter, Saudi National Bank expanded to the full platform as they plan to take their already mature automation program to the next level. Driving rapid digital transformation and using the full range of our capabilities in our platform is a Board-level priority that is actively sponsored by the Chief Technology Officer and the Chief Operating Officer. Platform adoption is also driving competitive displacements. A great example is a Fortune 500 oil producer and a UiPath customer since 2018, with over $10 million in cost savings to date. In a competitive takeout, they expanded to incorporate document understanding and process mining into the automation program as they look to consolidate one AI-enabled platform.

在本季度，沙特國家銀行擴展到整個平台，因為他們計劃將其已經成熟的自動化計劃提升到一個新的水平。推動快速數字化轉型並在我們的平台上充分利用我們的能力是董事會級別的優先事項，並得到首席技術官和首席運營官的積極支持。平台的採用也推動了競爭的取代。一個很好的例子是，一家財富 500 強石油生產商自 2018 年以來一直是 UiPath 的客戶，迄今為止已節省了超過 1000 萬美元的成本。在一場競爭中，他們擴展將文檔理解和流程挖掘納入自動化程序，因為他們希望整合一個人工智能平台。

Looking forward, they plan to leverage our NorthStar value model to identify expansion opportunities across additional lines of business. Not only is NorthStar helping to build pipeline, it also drove several strategic deals in the quarter. Using NorthStar, the team delivered a comprehensive view of operational excellence and tangible value automation could deliver to a financial services company. And as a result, the customer expanded to the full platform, including process mining, document understanding, communications mining and test suites.

展望未來，他們計劃利用我們的 NorthStar 價值模型來尋找其他業務領域的擴張機會。 NorthStar 不僅幫助建立管道，還在本季度推動了幾項戰略交易。利用 NorthStar，該團隊全面了解了自動化可以為金融服務公司帶來的卓越運營和有形價值。結果，客戶擴展到了完整的平台，包括流程挖掘、文檔理解、通信挖掘和測試套件。

As part of our new segmentation, we have tasked our emerging enterprise team with driving both customer acquisition and early stage expansion. And as an example, Apprio, a provider of specialized IT solutions started their automation journey several years ago and recently engaged with UiPath to clearly define how automation can accelerate their growth trajectory. This resulted in a multiyear 7-figure full platform deal to help them achieve rapid market expansion in health care operations.

作為我們新細分的一部分，我們要求新興企業團隊推動客戶獲取和早期擴張。舉個例子，專業 IT 解決方案提供商 Apprio 幾年前就開始了自動化之旅，最近與 UiPath 合作，明確定義了自動化如何加速其增長軌跡。這促成了一項價值 7 位數的多年全平台交易，幫助他們實現醫療保健業務的快速市場擴張。

Industry analysts are also recognizing our platform capabilities. UiPath was recently designated as a leader in the Everest Group Intelligent Document Processing Products PEAK Matrix Assessment 2023. This is the first time UiPath has been named as a leader in intelligent document processing and the only leader recognized as a star performer for the biggest year-over-year advances. We're also named the leader in the Everest Group Process Mining Products PEAK Matrix Assessment 2023 and the Everest Group Task Mining Products PEAK Matrix Assessment 2023.

行業分析師也認可我們的平台能力。 UiPath 最近在 Everest Group 智能文檔處理產品 PEAK Matrix 評估 2023 中被評為領導者。這是 UiPath 首次被評為智能文檔處理領域的領導者，也是唯一被評為最大年度明星表現者的領導者 -較上年進步。我們還在 Everest Group Process Mining Products PEAK Matrix Assessment 2023 和 Everest Group Task Mining Products PEAK Matrix Assessment 2023 中被評為領導者。

Our partner ecosystem is key to evaluating our market leadership position, growing our share of wallet across key accounts and delivering best outcomes for our customers. One of many partner-led customer success stories is with Ashling Partners, who has helped ADT build a transformational automation program across its operations and customer service. This quarter, that program expanded to ADT's call center to provide customer service agents with a single pane of glass to reduce data entry, troubleshooting and other time-intensive tasks. We're also making great progress with SAP, engaging with customers and building a joint pipeline.

我們的合作夥伴生態系統對於評估我們的市場領導地位、增加我們在關鍵客戶中的錢包份額以及為客戶提供最佳結果至關重要。 Ashli​​ng Partners 是眾多合作夥伴主導的客戶成功案例之一，他們幫助 ADT 在運營和客戶服務方面構建了一個轉型自動化計劃。本季度，該計劃擴展到 ADT 的呼叫中心，為客戶服務代理提供單一管理平台，以減少數據輸入、故障排除和其他耗時的任務。我們與 SAP 的合作也取得了巨大進展，與客戶互動並建立了聯合管道。

During the quarter, a German agricultural company challenged by the S/4 migration selected UiPath in a competitive win based on our holistic integrated platform. They are in the process of implementing test suite for regression testing on the S/4 migration and testing of all SAP modules. They also plan to automate processes in the finance department and incorporate process mining and AI into the automation program.

本季度，一家面臨 S/4 遷移挑戰的德國農業公司基於我們的整體集成平台在競爭中獲勝，選擇了 UiPath。他們正在實施測試套件，以對 S/4 遷移進行回歸測試並測試所有 SAP 模塊。他們還計劃實現財務部門的流程自動化，並將流程挖掘和人工智能納入自動化程序中。

Before I move on, I want to highlight that our Board of Directors has authorized a $500 million stock repurchase program, which underscores the confidence we have in our business our ongoing cash flow generation and the strength of our balance sheet. In summary, we delivered another solid quarter of execution against the variable economic backdrop. We started to see the benefits from the go-to-market changes we implemented 2 quarters ago, and we'll continue to exercise expense discipline while investing to extend our market leadership.

在我繼續之前，我想強調一下，我們的董事會已批准一項 5 億美元的股票回購計劃，這突顯了我們對我們的業務、持續的現金流生成和資產負債表實力的信心。總之，在多變的經濟背景下，我們又實現了穩健的季度執行。我們開始看到兩個季度前實施的上市變革帶來的好處，我們將繼續實行費用紀律，同時進行投資以擴大我們的市場領先地位。

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

然後，我會將電話轉給丹尼爾。

Thanks, Rob. Good afternoon, everyone. Before I begin, I want to thank our team members for their relentless commitment to building UiPath, serving our customers and delivering our market-leading AI-powered automation platform. I believe we have now at an inflection point with AI, and I'm excited to have more time to focus on this next important evolution for the company. This is a time of unprecedented technology advances. Having said that, AI has been an integral part of our platform since inception, starting with our original core capability, computer vision, which allows software robots to see and understand screens.

謝謝，羅布。大家下午好。在開始之前，我要感謝我們的團隊成員對構建 UiPath、為我們的客戶提供服務並提供市場領先的人工智能驅動的自動化平台的不懈承諾。我相信我們現在正處於人工智能的拐點，我很高興有更多時間專注於公司的下一個重要發展。這是一個技術空前進步的時代。話雖如此，自我們平台誕生以來，人工智能一直是我們平台不可或缺的一部分，從我們最初的核心能力——計算機視覺開始，它讓軟件機器人能夠看到並理解屏幕。

Today, our entire platform is infused with AI and we have at the cutting edge of the quickly evolving intersection of AI and automation. To be effective, generative AI needs context which our software robots can deliver by gathering information from across the enterprise in data, documents, CRM, ERP and beyond. It also needs our platform to take action and operationalize the promise of AI today with an integrated set of capabilities that combines our specialized AI with generative AI. And finally, it needs the governance our platform provides to help customers overcome a significant barrier to adoption. Looking ahead, we expect this next evolution of Gen AI to be a tailwind to the business, helping customers create better, more resilient automation more quickly and opening up novel use cases that facilitate the automation of even more processes.

如今，我們的整個平台都融入了人工智能，我們處於人工智能和自動化快速發展的交叉領域的最前沿。為了發揮作用，生成式人工智能需要上下文，我們的軟件機器人可以通過收集整個企業的數據、文檔、CRM、ERP 等信息來提供上下文。它還需要我們的平台採取行動，通過將我們的專業人工智能與生成人工智能相結合的一套集成功能來實現當今人工智能的承諾。最後，它需要我們平台提供的治理來幫助客戶克服採用的重大障礙。展望未來，我們預計 Gen AI 的下一次發展將成為業務的順風車，幫助客戶更快地創建更好、更有彈性的自動化，並開闢新的用例，促進更多流程的自動化。

First, we are enhancing developer productivity by reducing barriers to development with copilot like experiences on project Wingman, which we showed you during last quarter's earnings call. At the Ai4 Conference in mid-August, we officially launched Wingman into private preview, and we are already seeing strong demand from customers. Wingman brings together our AI Computer Vision's deep understanding of computer screens with Gen AI and is designed to enhance automation creation for both business users and developers through a user-friendly experience.

首先，我們通過 Wingman 項目的副駕駛體驗來減少開發障礙，從而提高開發人員的生產力，我們在上季度的財報電話會議上向您展示了該項目。在8月中旬的Ai4大會上，我們正式推出了Wingman的私人預覽版，我們已經看到了客戶的強烈需求。 Wingman 將我們的 AI 計算機視覺對計算機屏幕的深刻理解與 Gen AI 結合在一起，旨在通過用戶友好的體驗增強業務用戶和開發人員的自動化創建。

Second, we are leveraging Gen AI to make our products better. For example, in document understanding and communications mining, we leverage Specialized UiPath models to classify and extract information augmented by generative models to achieve faster time to value and higher accuracy for unstructured data processing. And third, the next wave of innovation will allow our customers to identify and enable more advanced automations capable of handling even the most complex processes.

其次，我們正在利用 Gen AI 來改進我們的產品。例如，在文檔理解和通信挖掘中，我們利用 Specialized UiPath 模型對生成模型增強的信息進行分類和提取，以實現更快的價值實現和更高的非結構化數據處理準確性。第三，下一波創新將使我們的客戶能夠識別並實現更先進的自動化，能夠處理最複雜的流程。

To give you a better sense of how this all comes together, I'm going to share a demo narrated by Graham. While this scenario has been simplified for earnings format, this is a use case that should resonate with many of you. If you are not on the webcast, please go to our Investor Relations website homepage for the demo link.

為了讓您更好地了解這一切是如何結合在一起的，我將分享一個由 Graham 講述的演示。雖然此場景已針對收入格式進行了簡化，但這個用例應該會引起很多人的共鳴。如果您沒有參加網絡廣播，請訪問我們的投資者關係網站主頁獲取演示鏈接。

(presentation)

（推介會）

What you saw in the demo is our ability to: first, provide context; second, leverage both Specialized AI and Gen AI with an open, flexible and responsible platform. And third, allow customers to drive action through our built-in models, their own custom models and deployment of best-in-class external models. The result is a speedy resolution and smoother experience for Connor efficiently and savings for Goldner Bank and more time for lease-up to spend with customers. Our constant innovation drives our growth and is essential to providing our customers with market-leading capabilities.

您在演示中看到的是我們的能力：首先，提供上下文；其次，通過開放、靈活和負責任的平台利用專業人工智能和通用人工智能。第三，允許客戶通過我們的內置模型、他們自己的定制模型以及一流的外部模型的部署來推動行動。其結果是為 Connor 提供快速的解決方案和更順暢的體驗，為 Goldner Bank 節省開支，並為客戶提供更多的租賃時間。我們不斷的創新推動著我們的成長，對於為我們的客戶提供市場領先的能力至關重要。

Looking across the platform, we have established a competitive mode, which is bolstered by our more than 850 patents globally, either granted or in the application process. Inside that number, there are more than 300 specific to AI, which we expect will grow as we continue to invest.

縱觀整個平台，我們已經建立了一種競爭模式，這得益於我們在全球範圍內擁有超過850項已授權或正在申請的專利。在這個數字中，有超過 300 個專門針對人工智能的，我們預計隨著我們繼續投資，這個數字將會增長。

Finally, we invite you to join our user conference, FORWARD VI, next month in Las Vegas, where you are invited to kick off cocktails on Monday, 9th, followed by our main event on the 10 and 11. We will be showcasing our latest platform release, 23.10, which introduces new generative AI developer and end user experiences across our platform to help customers build real work automation faster than ever before. Please reach out to the Investor Relations team for details.

最後，我們邀請您參加下個月在拉斯維加斯舉行的用戶大會FORWARD VI，您將受邀在9 日星期一舉行雞尾酒會，隨後在10 日和11 日舉行主要活動。我們將展示我們最新的產品平台版本 23.10，在我們的平台上引入了新的生成式 AI 開發人員和最終用戶體驗，以幫助客戶比以往更快地構建真正的工作自動化。請聯繫投資者關係團隊了解詳情。

With that, I will turn it over to Ashim.

這樣，我就把它交給阿希姆了。

Thank you, Daniel, and good afternoon, everyone. Unless otherwise indicated, I will be discussing results on a non-GAAP basis, and all growth rates are year-over-year. Turning to the second quarter. ARR totaled $1.308 billion, an increase of 25%, driven by net new ARR of $59 million. Excluding the FX headwind, net new ARR totaled $61 million. Included in this total is more than $500 million in cloud ARR, both hybrid and SaaS, an increase of more than 125% as customers continue to adopt our cloud offerings. For example, Scotiabank, who chose UiPath to further scale their global automation program as they move to the cloud and plan to utilize our AI capabilities, document understanding and unattended automation.

謝謝丹尼爾，大家下午好。除非另有說明，我將在非公認會計原則的基礎上討論結果，所有增長率均為同比增長率。轉向第二季度。在淨新 ARR 5,900 萬美元的推動下，ARR 總計 13.08 億美元，增長 25%。排除外匯不利因素，淨新 ARR 總計 6100 萬美元。其中包括超過 5 億美元的雲 ARR（包括混合雲和 SaaS），隨著客戶繼續採用我們的雲產品，增長了 125% 以上。例如，豐業銀行在遷移到雲端時選擇 UiPath 來進一步擴展其全球自動化計劃，併計劃利用我們的人工智能功能、文檔理解和無人值守自動化。

Our dollar-based net retention rate for the quarter was 121%. Normalizing for FX, our dollar-based net retention rate was 125%. The dollar-based gross retention of 97% continues to be best-in-class. Revenue grew to $287 million, an increase of 19% year-over-year. Normalizing for FX impact, which was an approximately $3 million tailwind, revenue grew 17%. Remaining performance obligations increased to $905 million, up 28% year-over-year. Normalizing for FX impact, which was an approximately $4 million tailwind, RPO grew 27%. Current RPO increased to $560 million.

本季度以美元計算的淨保留率為 121%。外匯正常化後，我們以美元為基礎的淨保留率為 125%。以美元計算的總留存率為 97%，繼續保持同類最佳。收入增長至 2.87 億美元，同比增長 19%。外匯影響正常化後，收入增長了 17%，帶來了約 300 萬美元的有利影響。剩餘履約義務增至 9.05 億美元，同比增長 28%。外匯影響正常化後，RPO 增長了 27%，這帶來了約 400 萬美元的有利影響。當前 RPO 增至 5.6 億美元。

Turning to expenses. We delivered a second quarter total gross margin of 86%. Software gross margin was 91%. Second quarter operating expenses were $217 million. The restructurings we announced in fiscal 2023, combined with our go-to-market segmentation, have created an organization that's increasingly efficient and scalable and one which gives us ample room to continue to expand margins without sacrificing investments to grow the business. GAAP operating loss of $78 million included $102 million of stock-based compensation expense.

轉向開支。我們第二季度的總毛利率為 86%。軟件毛利率為91%。第二季度運營費用為 2.17 億美元。我們在2023 財年宣布的重組，加上我們的市場細分，創建了一個越來越高效和可擴展的組織，並為我們提供了足夠的空間來繼續擴大利潤率，而無需犧牲投資來發展業務。 GAAP 運營虧損為 7800 萬美元，其中包括 1.02 億美元的股票補償費用。

Non-GAAP operating income was $30 million, resulting in a second quarter operating margin of 10%. Second quarter non-GAAP adjusted free cash flow was $47 million. We ended the quarter with $1.8 billion in cash, cash equivalents and marketable securities and no debt. And as Rob mentioned, we are pleased to announce a $500 million stock repurchase program this afternoon.

非 GAAP 營業收入為 3000 萬美元，第二季度營業利潤率為 10%。第二季度非 GAAP 調整後自由現金流為 4700 萬美元。本季度結束時，我們擁有 18 億美元的現金、現金等價物和有價證券，沒有債務。正如 Rob 提到的，我們很高興今天下午宣布一項 5 億美元的股票回購計劃。

Now let me turn to guidance, which assumes the overall macroeconomic environment continues to be globally variable. For the fiscal third quarter 2024 we expect ARR in the range of $1.359 billion to $1.364 billion; revenue in the range of $313 million to $318 million; non-GAAP operating income to be approximately $32 million. And we expect third quarter basic share count to be approximately 567 million shares. For the fiscal full year 2024, we expect ARR in the range of $1.432 billion to $1.437 billion; revenue in the range of $1.273 billion to $1.278 billion; non-GAAP operating income to be approximately $188 million. This translates to a non-GAAP operating margin of approximately 14.7%, an 850 basis point increase year-over-year. And finally, we expect fiscal year 2024 non-GAAP adjusted free cash flow of more than $250 million or 20% adjusted free cash flow margin.

現在讓我談談指導意見，該指導意見假設總體宏觀經濟環境繼續在全球範圍內變化。對於 2024 財年第三季度，我們預計 ARR 在 13.59 億美元至 13.64 億美元之間；收入在3.13億美元至3.18億美元之間；非公認會計準則營業收入約為 3200 萬美元。我們預計第三季度基本股數約為 5.67 億股。對於 2024 財年全年，我們預計 ARR 在 14.32 億美元至 14.37 億美元之間；收入在12.73億美元至12.78億美元之間；非公認會計準則營業收入約為 1.88 億美元。這意味著非 GAAP 運營利潤率約為 14.7%，同比增長 850 個基點。最後，我們預計 2024 財年非 GAAP 調整後自由現金流將超過 2.5 億美元，即調整後自由現金流利潤率為 20%。

As we head into the second half of the fiscal year, the team remains focused on innovation and driving the best possible outcomes for our customers and partners. Customer success is at the core of everything we do, and also the foundation for profitable growth and long-term shareholder value. Thank you for joining us today, and we look forward to speaking with many of you during the quarter.

當我們進入本財年下半年時，該團隊仍然專注於創新並為我們的客戶和合作夥伴帶來最佳結果。客戶成功是我們一切工作的核心，也是盈利增長和長期股東價值的基礎。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. Operator, please poll for questions.

這樣，我現在將把電話轉給接線員。接線員，請投票詢問問題。

(Operator Instructions). Our first question comes from Raimo Lenschow with Barclays.

（操作員說明）。我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

One question on the -- in this new world where AI is getting more and more important, what do you see in terms of your customer conversations with budget still kind of limited from the budgeting cycle last year? Like how does it play out for you? And how are you competing for budget dollars in this sort of environment where you know you need to spend more on AI, but the money needs to come from somewhere, and how does it fit to like overall spending?

一個問題是——在人工智能變得越來越重要的新世界中，您認為與去年的預算週期相比，預算仍然有限的客戶對話中會發生什麼？比如說你覺得結果如何？在這種環境下，你知道自己需要在人工智能上投入更多資金，但資金需要來自某個地方，你如何競爭預算資金，以及它如何適應總體支出？

Yes, Raimo, I would say it's positive for us the discussion around AI. I think it helps infuse the platform. Our message around Specialized AI and Generative AI together has really come through. Customers are generally confused by all the announcements that happened in the market, and they like our approach of showcasing how we've actually bolted into the product with Wingman and Jarvis and other solutions, which actually -- and document understanding, which we actually showed, which actually helps the platform be more valuable to them and helps us drive the platform to more important consequences.

是的，Raimo，我想說，圍繞人工智能的討論對我們來說是積極的。我認為這有助於注入平台。我們關於專業人工智能和生成人工智能的信息已經真正實現。客戶通常對市場上發生的所有公告感到困惑，他們喜歡我們展示我們如何通過 Wingman 和 Jarvis 以及其他解決方案實際融入產品的方法，以及文檔理解，我們實際上展示了這一點，這實際上有助於平台對他們來說更有價值，並幫助我們推動平台取得更重要的成果。

Yes, I would like to add that more customers are realizing that automation is a great mean to get more value from Generative AI. Actually, even today, I was talking to one of the largest airline in the world, one of our biggest customers, and they highlight how they plan to combine Gen AI with automation in their customer service. So I would say that it's a great tailwind for automation adoption across most of our customers.

是的，我想補充一點，越來越多的客戶意識到自動化是從生成式人工智能中獲取更多價值的好方法。事實上，即使在今天，我也在與世界上最大的航空公司之一、我們最大的客戶之一交談，他們強調了他們計劃如何將 Gen AI 與客戶服務自動化相結合。所以我想說，這對於我們大多數客戶採用自動化來說是一個巨大的推動力。

Okay. Perfect. And a quick follow-up for Ashim. Like a great increase on the free cash flow outlook. Were any special factors in there that we should be aware of? Or just the better profitability is starting to play through?

好的。完美的。以及 Ashim 的快速跟進。比如自由現金流前景的大幅增長。其中有什麼特殊因素值得我們注意嗎？或者只是更好的盈利能力開始發揮作用？

Thanks, Raimo. No, just we feel really good about the changes that we made last year. We are continuing to see benefits of that come through. So that's organic. There's no special items to mention. And we feel like that is a sustainable path forward.

謝謝，雷莫。不，只是我們對去年所做的改變感到非常滿意。我們正在繼續看到其帶來的好處。所以這是有機的。沒有什麼特別值得提及的。我們認為這是一條可持續的前進道路。

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。

Ashim, are you able to provide the Q3 ARR growth guidance if we converted it into constant currency terms? And/or what is implied for the fiscal year now in constant currency terms? I'm not sure if any of that has moved around.

Ashim，如果我們將其轉換為固定貨幣條件，您能否提供第三季度 ARR 增長指導？和/或按固定匯率計算，本財年意味著什麼？我不確定其中是否有任何移動。

Yes, nothing has really moved around. We talked about it in the script of the headwinds, Raimo -- sorry, Mark. And so like I think that what we provided is there. Normalized for foreign exchange, it's 26% growth in terms of the year-over-year comparison. And I'd say very similar outlook here for third and fourth quarter in terms of FX. It's not much of an impact as we go forward.

是的，沒有什麼真正發生過變化。我們在《逆風》的劇本中討論過這個問題，Raimo——對不起，Mark。所以我認為我們提供的東西就在那裡。外匯標準化後，同比增長 26%。我想說的是，就外匯而言，第三季度和第四季度的前景非常相似。對我們前進的影響並不大。

Okay. Got it. And then, Rob, I'm curious just how commonly you see UiPath being pulled into some of the boardroom discussions out there that are maybe being led by the Accentures and Deloittes and Capgeminis of the world. When they're sitting down with a large company and trying to formulate a Generative AI road map for a customer and they made sense that some RPA would be involved as part of that tapestry, do you see much volume along those lines popping up into the deal pipeline because I think you had some pretty upbeat commentary on that, how that pipeline is developing.

好的。知道了。然後，Rob，我很好奇你是否經常看到 UiPath 被拉入一些董事會討論中，這些討論可能是由世界各地的埃森哲、德勤和凱捷領導的。當他們與一家大公司坐下來，試圖為客戶制定生成式 AI 路線圖時，他們意識到一些 RPA 將作為該掛毯的一部分參與其中，您是否看到沿著這些路線出現的大量內容？交易管道，因為我認為您對此管道的發展情況發表了一些非常樂觀的評論。

Yes. Mark, what I'd say we're having much more significant conversations with the systems integrators and with customers together with the systems integrators, where we actually are working on joint opportunities with them. I would not classify it only as RPA. It is about the platform, it's about document understanding, communication, mining, test mining, the moat that makes a difference. And infusing our Gen AI capabilities, which are actually visual for customers to see and how that benefits them.

是的。馬克，我想說的是，我們正在與系統集成商以及客戶和系統集成商進行更重要的對話，我們實際上正在與他們一起尋找聯合機會。我不會僅將其歸類為 RPA。它與平台有關，與文檔理解、溝通、挖掘、測試挖掘以及產生影響的護城河有關。並註入我們的 Gen AI 功能，這些功能實際上可以讓客戶看到，並了解這對他們有何好處。

So that's happening much more. I mean I spoke a lot about our NorthStar in the script. And our NorthStar is having -- is placing us in the boardroom. I mean the value proposition that we are able to showcase with our customers even at a conservative level, is very, very strong.

所以這種情況發生得更多。我的意思是我在劇本中談到了很多關於我們的北極星的事情。我們的北極星正在將我們安排在董事會會議室。我的意思是，即使在保守的水平上，我們也能夠向客戶展示的價值主張非常非常強大。

And I mentioned a very large insurance company, where we went out to a pretty detailed process level on explaining how automation and the full platform can benefit them. That customer is going to replace the document, the existing document understanding with their communication and test mining and process money and go all-in on the platform. So we're very positive about our approach to the SIs and being in the boardroom with customers, and we feel like it's fulfilling the -- what we said 2 quarters ago that, that's what we needed to do.

我提到了一家非常大的保險公司，我們進行了非常詳細的流程級別來解釋自動化和完整平台如何使他們受益。該客戶將用他們的溝通和測試挖掘和處理資金來替換文檔、現有的文檔理解，並在平台上全力以赴。因此，我們對我們處理 SI 的方法以及與客戶一起在董事會中的態度非常積極，我們覺得這正在實現我們兩個季度前所說的，這就是我們需要做的。

Our next question comes from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

First one, on just the go-to-market progress. So is there any additional metrics you can share that would really demonstrate that the change in the go-to-market in really selling down through the C-suite is gaining that traction? I think I heard 30% growth in that 1 million cohort year-over-year, which is certainly encouraging. But just anything else there you can give, KPI-wise, sales force productivity, anything the like?

第一個，關於上市進展。那麼，您是否可以分享任何其他指標來真正證明通過高管層真正進行銷售的進入市場的變化正在獲得這種吸引力？我想我聽說這 100 萬隊列同比增長了 30%，這當然令人鼓舞。但你還可以提供其他任何東西，比如關鍵績效指標（KPI）、銷售人員生產力等等？

I think when you look at it, that is the primary metric that we look at, Bryan, because the $1 million-plus customers really shows the value of the platform in terms of what's moving and that is up 34% that we feel -- customers greater than $1 million that we feel really contend with. The intangible piece that you also can look at is just overall, like our RPO balance is growing very well, which shows continued commitment on deals from our top customers.

Bryan，我認為當你看到它時，這就是我們關注的主要指標，因為超過 100 萬美元的客戶確實顯示了該平台在移動方面的價值，我們認為這一價值增長了 34%——我們認為真正需要應對的價值超過100 萬美元的客戶。您還可以查看整體的無形部分，例如我們的 RPO 餘額增長得非常好，這表明我們的頂級客戶對交易的持續承諾。

And then Rob has commented, but we really like the activity and the way that the sales force and the intimacy of customer relationships is happening. We talked about it in the first quarter among some of the changes. And we feel like those discussions and those deal discussions are progressing very well. And that's the intangible factor that we really monitor.

然後 Rob 發表了評論，但我們真的很喜歡這項活動以及銷售人員和客戶關係的親密性。我們在第一季度談到了一些變化。我們覺得這些討論和交易討論進展順利。這就是我們真正監控的無形因素。

And I would just add, we feel, Bryan, that we're also benefiting globally now in Asia Pacific and in Europe from the activity we implemented as well. We can see it coming through. And then one last item on that is more and more differential partners are actually speaking to us, partners that typically would not -- not in the ASI space, not in the existing space that are trying to understand how they can utilize the UiPath platform in their business. So we feel really strong about all the activity.

我想補充一點，布萊恩，我們認為，我們現在在亞太地區和歐洲也從我們實施的活動中受益。我們可以看到它的實現。最後一點是，越來越多的差異化合作夥伴實際上正在與我們交談，這些合作夥伴通常不會——不是在 ASI 領域，也不是在現有領域，他們試圖了解如何利用 UiPath 平台他們的事。所以我們對所有的活動都感覺很強烈。

Okay. I appreciate that. And then just as it relates to pricing dynamics, can you just talk about what you're seeing in market pricing over the last several quarters, really as it relates to competitive deals as well as what you're seeing on average across renewals?

好的。我很感激。然後，正如它與定價動態相關一樣，您能否談談過去幾個季度您在市場定價中看到的情況，實際上它與競爭性交易以及您在續訂中看到的平均價格有關？

Yes. We see it relatively stable. There's nothing -- people see the value and the ROIs that we provide. You can see that in many of the case studies and the stories and even in some of the demos, Bryan. And I think that ROI has given us a good moat around pricing. And so really price is not as much of a factor at deals for us, especially with competition. People will try to undercut it, but they can't deliver the ROI that our platform delivers. And that's really why we've been able to maintain a pretty steady pricing and discounting set of metrics here, regardless of the economic conditions and competitive environment.

是的。我們認為它相對穩定。沒什麼——人們看到的是我們提供的價值和投資回報率。你可以在許多案例研究和故事中甚至在一些演示中看到這一點，布萊恩。我認為投資回報率為我們在定價方面提供了良好的護城河。因此，對於我們來說，價格實際上並不是交易的重要因素，尤其是在競爭中。人們會試圖削弱它，但他們無法提供我們平台提供的投資回報率。這就是為什麼我們能夠在這裡保持相當穩定的定價和折扣指標，無論經濟狀況和競爭環境如何。

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基思韋斯。

A little bit on sort of the competitive environment around generative AI. All of us are going around and listening to a lot of companies talk to us about trying to infuse Generative AI into their portfolios. And it seems like a big benefit they expect to accrue is automation and a lot more automation within their solutions. Does that muddy the waters for you guys at all?

關於生成式人工智能的競爭環境的一些信息。我們所有人都在四處走動，聆聽許多公司與我們談論如何將生成式人工智能注入他們的投資組合。他們期望獲得的一大好處似乎是自動化，以及解決方案中更多的自動化。這會讓你們的水變得渾濁嗎？

And is there anything you have to do in your messaging to sort of help customers understand what they're going to get from a UiPath versus application vendors saying, hey, Generative AI is going to help take care of all these road casts and do all these automations for you? Like how do you make sure that you ensure that clarity in the marketplace?

您是否需要在消息傳遞中做一些事情來幫助客戶了解他們將從 UiPath 獲得什麼，而不是應用程序供應商說，嘿，生成式 AI 將幫助處理所有這些道路投射並完成所有工作這些自動化適合您嗎？比如你如何確保市場的透明度？

Well, first of all, I would like to make clear that we believe Generative AI doesn't change the competitive dynamic when it comes to automation platform. In the end, most of the use cases for Generative AI are in the creator space. So you use Generative AI to create artifacts that are deployed on the platform. I think that plays into our advantage. I think there is no secret for everyone that we have the best automation platform, most complete. The enterprise-grade platform that offer governance and security to our customers.

首先，我想明確表示，我們相信生成式人工智能不會改變自動化平台的競爭動態。最後，生成式人工智能的大部分用例都在創作者領域。因此，您可以使用生成式人工智能來創建部署在平台上的工件。我認為這對我們有利。我想每個人都知道我們擁有最好、最完整的自動化平台。為我們的客戶提供治理和安全性的企業級平台。

Generative AI helps us to even increase the adoption because it can appeal to a broader audience, less technical people can create better automation. But our platform runs both automation much more reliable, much more secure than any other platform. So clearly, to me, that's an advantage.

生成式人工智能甚至可以幫助我們提高采用率，因為它可以吸引更廣泛的受眾，更少的技術人員可以創建更好的自動化。但我們的平台運行自動化比任何其他平台都更可靠、更安全。很明顯，對我來說，這是一個優勢。

And I want to also point out that there is no company that has an exclusivity to a particular Gen AI technology. We are using, for instance, OpenAI, Google Vertex, Amazon Lambda, everything that is in the market. So I think that long term, mid to long term, the creator Gen AI will be basically commoditized. And the essence would be that the best platform is going to win even with better chances in the market because the adoption will be also democratized.

我還想指出，沒有一家公司擁有特定 Gen AI 技術的排他性。例如，我們正在使用 OpenAI、Google Vertex、Amazon Lambda 以及市場上的所有工具。所以我認為長期、中長期來看，創世者Gen AI基本上會商品化。本質是，即使市場機會更好，最好的平台也將獲勝，因為採用也將實現民主化。

I'll tell you, Keith, this is from my side. I think it's given us an incredible amount of tailwind to articulate first our AI story at UiPath, and give us a platform to showcase where we are with AI and how far we've come. And I think that's really surprised a lot of customers in space. In the last -- since we announced the summit year, I think it was March, we announced the Summit AI in New York City, we had 16 events in Asia Pacific, and they were standing room only.

我告訴你，基思，這是我這邊的。我認為它為我們在 UiPath 上首次闡明我們的人工智能故事提供了令人難以置信的順風，並為我們提供了一個平台來展示我們在人工智能方面的進展以及我們已經走了多遠。我認為這確實讓很多太空客戶感到驚訝。自從我們宣布峰會年份以來，我想是在三月份，我們在紐約宣布了人工智能峰會，我們在亞太地區舉辦了 16 場活動，但都只有站位。

And I can tell you from those discussions, and I've spoken to a number of C-level executives that actually attended in person, and the comment back was we are so surprised at how far you are. We're super excited about the opportunity that automation can bring and how far you can take it. So from a go-to-market perspective, from our team's perspective, I think it's been an incredible opportunity to showcase UiPath, the platform and the decisions we made in September of last year to bring it out. And I think people will be very excited at FORWARD VI to see how far we've come as well.

我可以從這些討論中告訴你，我已經與一些親自參加的 C 級高管進行了交談，得到的評論是我們對你們所取得的進展感到非常驚訝。我們對自動化帶來的機會以及您能走多遠感到非常興奮。因此，從進入市場的角度來看，從我們團隊的角度來看，我認為這是展示 UiPath、該平台以及我們去年 9 月為推出該平台而做出的決定的絕佳機會。我認為人們也會對 FORWARD VI 感到非常興奮，因為他們會看到我們已經取得了多大的進步。

Our next question comes from Matt Hedberg with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬特·赫德伯格。

Maybe just continuing the Gen AI line of questioning, a lot of good content today. And I'm curious, Rob, how do you expect to articulate success monetarily? Do you think in a couple of quarters or a year, you're going to be able to specifically call out the actual tailwind or benefit to growth from Gen AI?

也許只是繼續Gen AI的提問，今天有很多好內容。我很好奇，羅布，你希望如何在金錢上表達成功？您認為在幾個季度或一年內，您將能夠具體指出 Gen AI 對增長的實際推動力或好處嗎？

I think we will be able to say -- look, I think our strategy that we'll continue to execute again. We'll continue to drive that. We'll continue to look at how we benefit from Gen AI. And I believe we are already showcasing how it's impacting our results as part of our strategy. And I think that will continue as we continue to drive NorthStar and the value creation that customers are receiving as we get more and more reference customers. We think we'll scale as we speak more in the boardroom and we bring the SIs to the fore, all of those will be in our favor.

我認為我們將能夠說——看，我認為我們將繼續再次執行我們的戰略。我們將繼續推動這一進程。我們將繼續研究如何從 Gen AI 中受益。我相信，作為我們戰略的一部分，我們已經展示了它如何影響我們的業績。我認為，隨著我們繼續推動 NorthStar 的發展，隨著我們獲得越來越多的參考客戶，客戶所獲得的價值創造將會繼續下去。我們認為，隨著我們在董事會中發言的增多以及讓 SI 脫穎而出，我們的規模將會擴大，所有這些都會對我們有利。

And honestly, when you look at communication, mining, document understanding of what we're doing in that space, these are game changers for customers and the value they receive. And that's what's going to showcase and that's what we'll showcase in terms of the return that we will get in the next quarters and the next years.

老實說，當你審視我們在該領域所做的事情的溝通、挖掘、文檔理解時，這些都是客戶及其獲得的價值的遊戲規則改變者。這就是我們將要展示的內容，這就是我們將在未來幾個季度和未來幾年獲得的回報方面展示的內容。

Got it. Maybe just a quick one for Ashim. Realizing that NRR is more of a trailing metric. It did tick down a little bit here sequentially. Do you think we're closer to a bottom in that number as we sort of think towards the second half of this year?

知道了。也許對阿希姆來說只是一個快速的過程。意識到 NRR 更多的是一個跟踪指標。它確實在這裡依次下降了一點。您認為今年下半年我們的數字是否已經接近底部？

Yes. I mean the way that I look at this is I feel really good about the progress that we've made on the go-to-market changes that we've articulated earlier this year and last year. And I think as those continue to pay dividends, our expansion rate is the area that you're going to see benefit, you'll see benefit come through in that area.

是的。我的意思是，我看待這個問題的方式是，我對我們在今年早些時候和去年闡明的進入市場變革方面所取得的進展感到非常滿意。我認為，隨著這些繼續帶來紅利，我們的擴張速度是您將看到收益的領域，您將看到該領域帶來的收益。

So we still are navigating a variable environment, but the changes that we made, we just -- we're 2 quarters from having done it, 1 quarter from stabilization. So I really look forward to seeing the benefits of that come through our metrics here as we continue to execute.

因此，我們仍然在不斷變化的環境中航行，但我們所做的改變，距離完成還差兩個季度，距離穩定還差一個季度。因此，我真的很期待在我們繼續執行的過程中看到通過我們的指標帶來的好處。

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

我們的下一個問題來自美國銀行的布拉德·希爾斯。

I wanted to ask about the verticals. It sounds like you're seeing some strength here in banking, manufacturing, tech. Any color as to where you're seeing that strength? Are there certain solutions that customers are expanding with more use cases? Is it new business that you're seeing strong in those verticals? And then any commentary on perhaps a vertical with this new pivot towards solution selling that we might start to see on that list in the coming quarters?

我想問一下垂直領域的問題。聽起來你在銀行、製造業和科技領域看到了一些優勢。你在哪裡看到了這種力量，有什麼顏色嗎？客戶是否正在通過更多用例擴展某些解決方案？您在這些垂直領域看到了強勁的新業務嗎？然後，對於我們可能在未來幾個季度開始在該列表中看到的解決方案銷售的新支點的垂直方向有任何評論嗎？

Yes, Brad. Great question. We definitely see the full platform around process mining, document understanding and communication driving a lot of that as an integrated platform as customers want to expand automation from pure RPA into broader categories, where we're able to use NorthStar. You see that in financial services, banking, in particular, both in Europe and in North America insurance for sure, across payers and providers in that space.

是的，布拉德。很好的問題。我們肯定會看到圍繞流程挖掘、文檔理解和通信的完整平台作為一個集成平台推動了很多工作，因為客戶希望將自動化從純粹的RPA 擴展到更廣泛的類別，而我們可以在這些類別中使用NorthStar 。你可以在金融服務、銀行業、尤其是歐洲和北美的保險業、該領域的付款人和提供商中看到這一點。

Remember, we've also implemented go-to-market, which has got industry skills, part of it and our industry solutions team is pretty strong. So we're seeing it in those industries. I would also -- and we forgot to mention public sector, some really strength in public sector that's driving that as well in the federal government. So we're seeing it in multiple areas. And I mentioned oil and gas as well, including other areas of energy opportunities as well.

請記住，我們還實施了進入市場，其中包括行業技能，而且我們的行業解決方案團隊非常強大。所以我們在這些行業中看到了這種情況。我也會——我們忘記提及公共部門，公共部門的一些真正的力量也在推動聯邦政府的發展。所以我們在多個領域都看到了這種情況。我還提到了石油和天然氣，包括其他領域的能源機會。

Wonderful. And one more, if I may, just on land versus expand. I guess where are you in that balance? Could we start to see more land? You mentioned some top of funnel softness here but just maybe in the big enterprise or even medium enterprise. Could we see some progress with more land accounts going forward?

精彩的。如果可以的話，還有一個問題是在陸地上而不是擴張。我想你在這個平衡中處於什麼位置？我們可以開始看到更多的土地嗎？您在這裡提到了漏斗頂部的一些軟性，但可能只是在大型企業甚至中型企業中。我們能否看到更多土地賬戶的進展？

Yes, we're working -- I mean, we see -- obviously, we see -- we like we are on the $1 million ARR and above in the $100,000 ARR and above, and we continue to work on the distribution model in the space. And we'll continue to treat some of those models that we've had previously in that space. Ashim?

是的，我們正在努力 - 我的意思是，我們看到 - 顯然，我們看到 - 我們希望我們的 ARR 為 100,000 美元及以上，ARR 為 100,000 美元及以上，並且我們將繼續致力於空間。我們將繼續處理我們之前在該領域擁有的一些模型。阿希姆？

Yes. I feel like the quality of what we have is much better. When we're looking at the customers and the logos that we're acquiring. So our enterprise presence or enterprise connections, I think we've seen meaningful progress there. We talk about kind of smaller mid-market, emerging enterprise, we say that in various -- so I think that particular segment is going to be more impacted by the variability of the macroeconomic conditions.

是的。我覺得我們所擁有的質量要好得多。當我們關注我們正在獲取的客戶和徽標時。因此，我們的企業存在或企業聯繫，我認為我們已經看到了有意義的進展。我們談論的是較小的中端市場、新興企業，我們說的是各種不同的企業，所以我認為特定的細分市場將更容易受到宏觀經濟條件變化的影響。

So I think, Brad, the area for us is not a quantity play necessarily that's going to churn up and down. It's quality. And then where we want to get even better and better is then advancing those quality customers up through better and better sales specialists to increase our expansion. That's kind of how we are measuring it and how we look to it.

所以我認為，布拉德，對我們來說，這個領域不一定是一個會上下波動的數量遊戲。這是質量。然後，我們想要變得越來越好，然後通過越來越好的銷售專家來提升這些優質客戶，以擴大我們的擴張。這就是我們衡量它的方式以及我們看待它的方式。

Our next question comes from Terry Tillman with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

This is Joe Meares on for Terry. You mentioned the SAP relationship briefly in your prepared remarks. I'm just curious how they're helping you on the go-to-market side. And is there any way that you can quantify early benefits from the partnership?

這是喬·米爾斯（Joe Meares）替補特里。您在準備好的發言中簡要提到了 SAP 關係。我只是好奇他們如何在進入市場方面幫助您。有什麼方法可以量化合作夥伴關係的早期收益嗎？

Yes. multiple aspects. One is working with ASIs. They -- we also have joint teams working on joint accounts. We've created a common architecture to present to our customers. We're busy going through the enablement of both organizations. And that will continue to expand through the year. So we've had multiple significant discussions between both companies, and we feel really positive around the enablement. And right now, it's all about enablement and positioning with customers and working with ASIs to incorporate the automation in how they go to market as well. And we will see the benefits of that SAP partnership in '25 for sure, in FY '25.

是的。多個方面。其中之一是與 ASI 合作。他們——我們也有聯合團隊處理聯合賬戶。我們創建了一個通用架構來呈現給我們的客戶。我們正忙於支持這兩個組織。而且這一數字將在今年繼續擴大。因此，我們兩家公司之間進行了多次重要的討論，我們對這一支持感到非常積極。目前，最重要的是與客戶進行支持和定位，並與 ASI 合作，將自動化納入他們進入市場的方式中。我們肯定會在 25 年、25 財年看到 SAP 合作夥伴關係的好處。

Great. And then just as a follow-up, is there any way that you can quantify the impact of the 10 solution accelerators you have out there that they're having on the implementation cycles or ROI for customers?

偉大的。接下來，有沒有什麼方法可以量化您現有的 10 個解決方案加速器對客戶的實施週期或投資回報率的影響？

We don't disclose metrics around individual solutions or product lines at this time. What I can tell you is we continue to monitor the applicability in the sales cycle and customer uptake. And we're really pleased with the feedback, but we don't provide quantitative metrics or disclose them.

我們目前不會披露有關單個解決方案或產品線的指標。我可以告訴您的是，我們將繼續監控銷售週期和客戶吸收率的適用性。我們對反饋非常滿意，但我們不提供定量指標或披露它們。

Our next question comes from Fred Havemeyer with Macquarie.

我們的下一個問題來自麥格理的 Fred Havemeyer。

I have a single set of questions, but 2 parts here. One for Ashim, one for Daniel. I'm thinking, Dan, since we last spoke, I've had a lot of fun working with and training up various different AI models, a convolutional one working on a workstation right now. And I think what struck me through some of this experience is how many of these models are getting more and more efficient, especially being deployed in the Generative AI space, sufficiently being deployed on smaller and smaller sets of hardware.

我有一組問題，但這裡有兩部分。一份給阿希姆，一份給丹尼爾。我在想，丹，自從我們上次交談以來，我在使用和訓練各種不同的人工智能模型方面獲得了很多樂趣，其中一個卷積模型現在在工作站上運行。我認為，這些經歷中令我印象深刻的是，這些模型中的許多模型變得越來越高效，特別是部署在生成式人工智能領域，充分部署在越來越小的硬件上。

So I'm curious kind of 2 parts here. Firstly, perhaps for Daniel, is there an opportunity in the future perhaps for more the Generative AI workloads? We shifted towards the edge rather than using, say, like centralized APIs from some of the hyperscalers out there?

所以我很好奇這裡有兩部分。首先，對於丹尼爾來說，未來是否有機會進行更多的生成式人工智能工作負載？我們轉向邊緣，而不是使用一些超大規模的集中式 API？

And then secondly, for Ashim while we're in this phase right now of having Generative AI primarily hosted and available through hyperscalers, is there any impact on the gross margin line at all to some of the products that are being offered as they're run through these APIs?

其次，對於 Ashim 來說，雖然我們現在正處於生成式 AI 主要通過超大規模託管和使用的階段，但對於正在提供的某些產品的毛利率線是否有任何影響運行這些 API？

I think that's a very interesting question and perspective about what the future of Gen AI. We are experiencing quite a bit with Llama 2 at this point. And eventually, I think for some of the use cases, like the one in Wingman, we would love to be capable of deploying this on the edge because we'll significantly reduce the cost, the bandwidth required time to value. And it's kind of premature at this point to really understand if we can run a significantly large model like, I don't know, 13 billion parameters on the edge. But certainly, it's an interesting way to look forward.

我認為這是一個非常有趣的問題，也是關於人工智能未來的觀點。目前，我們在 Llama 2 上經歷了很多。最終，我認為對於某些用例，例如 Wingman 中的用例，我們希望能夠將其部署在邊緣，因為我們將顯著降低成本以及實現價值所需的帶寬時間。現在真正了解我們是否可以運行一個非常大的模型（我不知道，邊緣有 130 億個參數）還為時過早。但毫無疑問，這是一種有趣的展望方式。

And then Fred, like, when I look at it, our gross margin is 88%. We talked about 85% and long-term model of greater than 80%. These are numbers that we've done there. I think right now with what we see in front of us, we factored the uptick of both the cloud and AI capabilities in there. And we're in the early days of pricing on these areas, and those are going to be factors for us to consider in terms of workloads and where they are. So we look at this as developing tremendous value. And so it's not really a threat to our margins from that perspective right now. And we feel very good about the way we've modeled that going forward.

然後 Fred，當我看到時，我們的毛利率是 88%。我們談到了85%和大於80%的長期模型。這些是我們在那裡所做的數字。我認為現在就我們所看到的情況而言，我們將雲和人工智能能力的提升都考慮在內。我們正處於這些領域定價的早期階段，這些將成為我們在工作負載及其位置方面考慮的因素。因此，我們認為這正在創造巨大的價值。因此，從這個角度來看，目前這並不是對我們利潤率的真正威脅。我們對未來的建模方式感到非常滿意。

And then if I could ask one more, I guess, a third question here because Rob, I don't want to forget about you at all. I don't want to leave you unquestioned. I'd love to ask, as you're having conversations with executives that are considering adoption of broader suites of AI solutions, just how are you with UiPath considering and addressing privacy concerns, data governance concerns the like, especially with respect to Generative AI?

然後，如果我可以再問一個，我想，第三個問題，因為羅布，我根本不想忘記你。我不想讓你不受質疑。我很想問，當您與正在考慮採用更廣泛的人工智能解決方案套件的高管進行對話時，您在 UiPath 中如何考慮和解決隱私問題、數據治理問題等，特別是在生成人工智能方面？

Probably a question for Daniel. But I would tell you that, generally, our security folks will take -- our CSO will take -- our CSO security team will take them through how we deal with data security. Data privacy, how to land in multi-tenants, where the testing takes place and explain to them how we go through it in a way that we would normally go through any kind of sales. But so far, we're handling it, I would say, not with the ease, but in very detailed discussions. And we have detailed road maps around that as well.

可能是丹尼爾的問題。但我想告訴你，一般來說，我們的安全人員會——我們的 CSO 會——我們的 CSO 安全團隊會告訴他們我們如何處理數據安全。數據隱私，如何登陸多租戶，在哪裡進行測試，並向他們解釋我們如何以我們通常進行任何類型銷售的方式進行測試。但到目前為止，我們正在處理這個問題，我想說，不是輕鬆地處理，而是經過非常詳細的討論。我們也有詳細的路線圖。

And actually, automation offer a very good way to anonymize request to even a public Gen AI service. For instance, if you want to understand better document, we can use our on-prem services to OCR to digitize the document and then apply [TII] algorithm and then send an anonymized document to Gen AI and answer questions about it and then translate it back to the user. I think there are different approaches to privacy and security. And we are really well positioned to leverage our platform to offer this enterprise-grade use of Gen AI.

事實上，自動化提供了一種非常好的方法來匿名化對公共 Gen AI 服務的請求。例如，如果您想更好地理解文檔，我們可以使用我們的本地 OCR 服務對文檔進行數字化，然後應用 [TII] 算法，然後將匿名文檔發送給 Gen AI 並回答有關該文檔的問題，然後進行翻譯返回給用戶。我認為隱私和安全有不同的方法。我們確實處於有利位置，可以利用我們的平台提供 Gen AI 的企業級使用。

(Operator Instructions). Our next question comes from Kirk Materne with Evercore ISI.

（操作員說明）。我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is Chirag Ved on for Kirk. Congratulations on the strong quarter. Maybe just one for me. As you look into the deal trends through August and September, are you seeing more of a continuation of the same deal scrutiny that's been prevalent through the year? Or are conversations starting to get more constructive, and do customers seem more willing to invest? Are there any changes in general that you'd flag?

這是柯克的奇拉格·韋德。祝賀季度表現強勁。也許對我來說只是一件。當您研究 8 月和 9 月的交易趨勢時，您是否發現今年普遍存在的相同交易審查仍在繼續？或者對話是否開始變得更有建設性，客戶是否似乎更願意投資？您總體上是否有任何需要標記的更改？

No. Like from our standpoint, one, we don't really -- I don't want to give in-quarter updates, Kirk, which I know everybody can respect. I think we feel -- just the environment, I think Rob commented on it. I think we look at the environment relatively stable, is variable. And depending on the industry, I think conversations move up or down. That being said, Rob talked about it earlier.

不。從我們的角度來看，第一，我們真的不想提供季度更新，柯克，我知道每個人都可以尊重這一點。我想我們感覺到——只是環境，我想羅布對此發表了評論。我覺得我們看環境比較穩定，是可變的。根據行業的不同，我認為對話會向上或向下移動。話雖這麼說，羅布早些時候也談到過。

I think customer conversations are very constructive. They have been. And just having been a customer, I can tell you where there's an ROI, it's -- the conversations are constructive. And I think that's something that we've demonstrated across our customer base for a while now.

我認為客戶對話非常有建設性。他們已。作為客戶，我可以告訴你哪裡有投資回報率，對話是建設性的。我認為這是我們已經在客戶群中展示了一段時間的東西。

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

我們的下一個問題來自克利夫蘭研究公司的 Ari Terjanian。

Ari, you're on mute.

阿里，你處於靜音狀態。

Why don't we go to the next one, please?

我們為什麼不去下一個呢？

Our next question comes from Michael Turits with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

This is Billy on for Michael. Can you just talk a bit about the trends you're seeing in selling to IT and IT users versus maybe the line of business and business users, especially within the context of the opportunity for Generative AI to democratize that adoption of automation?

這是邁克爾的比利。您能否談談您在向 IT 和 IT 用戶銷售產品以及向業務線和業務用戶銷售產品時看到的趨勢，特別是在生成式 AI 實現自動化採用民主化的機會背景下？

Yes. What I would tell you is when we launched the platform, we always said we needed to get into C-level, and we needed to be more relevant with the IT, the CIO. And that would also bring in ASIs. And we feel like that we're now able to actually bring the two together, showcase why they need the platform, how the platform helps them consolidate software, allows them to focus on areas in discovery and automation, infused with AI. And then we're able to take that using NorthStar into the boardroom and articulate the value that the CFO or the CEO or the Head of HR can actually get from automation.

是的。我要告訴你的是，當我們推出該平台時，我們總是說我們需要進入 C 級，我們需要與 IT、CIO 更加相關。這也會帶來 ASI。我們覺得我們現在能夠真正將兩者結合在一起，展示他們為什麼需要該平台，該平台如何幫助他們整合軟件，使他們能夠專注於注入人工智能的發現和自動化領域。然後我們就可以利用 NorthStar 將這一點帶入董事會，並闡明首席財務官、首席執行官或人力資源主管實際上可以從自動化中獲得的價值。

So that's more and more the conversations we're having. All the NorthStar discussions we talk about exactly that. I feel like the CIOs are really starting to understand with the platform, the benefits they get and the value that they can get from it. And that's why they actually want to use more of the platform when they understand how you can connect document understanding, to communication mining, using test suite to drive that and bolt into automation. We see that as something that's differentiating us versus the competition, in a significant way. And the value equation is just -- that's really driving the issue into the boardroom as well. Super positive about it.

這就是我們正在進行的越來越多的對話。我們所有的北極星討論都正是圍繞這一點進行的。我覺得首席信息官們真的開始了解這個平台、他們獲得的好處以及他們可以從中獲得的價值。這就是為什麼當他們了解如何將文檔理解與通信挖掘聯繫起來，使用測試套件來驅動並融入自動化時，他們實際上希望使用更多的平台。我們認為這在很大程度上使我們在競爭中脫穎而出。價值方程式就是——這也確實將這個問題推向了董事會。對此非常積極。

Our next question comes from Scott Berg with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

I guess one question I have is one of the items that came up in our work in the quarter was all the kind of explosion and interest in Gen AI was kind of an accelerator. It certainly enhanced customer interest in some of the automation solutions that are out there, specifically RPA. But at the same time, it almost made some deals a little bit maybe more complex and help shift some deals around.

我想我有一個問題是，我們在本季度的工作中提出的一個項目是對 Gen AI 的爆炸式增長和興趣是一種加速器。這無疑增強了客戶對一些現有自動化解決方案（特別是 RPA）的興趣。但與此同時，它幾乎使一些交易變得更加複雜，並有助於改變一些交易。

Wanted to see how you thought about the balance of kind of that interest in making deals more complex versus maybe in generating larger deals versus maybe slowing some deals down in the quarter and thoughts on second half opportunities within that.

想知道您如何考慮使交易變得更加複雜與可能產生更大的交易與可能在本季度放慢一些交易的興趣之間的平衡，以及對其中下半年機會的想法。

Yes. I mean what I would tell you is that our customers that we've been working with, the deals we spoke about around NorthStar, our customers have been focused on value and the value creation that we can create for them. Once they've gone through that and they see what's the opportunity, they want to understand the technical environment, what the product does, how it goes. And that's kind of secondary to many of them.

是的。我的意思是，我要告訴你的是，我們一直在與我們合作的客戶，我們圍繞 NorthStar 談論的交易，我們的客戶一直專注於價值以及我們可以為他們創造的價值。一旦他們經歷了這些，他們看到了機會，他們想要了解技術環境、產品的用途以及它的運行情況。這對他們中的許多人來說是次要的。

There's a view that we are one of the best engineering organizations in automation that we actually know where we're going with Gen AI. We know AI at an incredibly detailed level, and that's why we feel like the whole movement that's happened has given us an ability in a stage to actually showcase our differentiation in this market. In other words, customers also understand. They don't want to see announcements. They want to actually see real benefits that they can showcase and how it can showcase through automation. So we feel really good about that.

有人認為，我們是自動化領域最好的工程組織之一，我們實際上知道 Gen AI 的發展方向。我們對人工智能的了解非常詳細，這就是為什麼我們覺得所發生的整個運動讓我們有能力在一個舞台上真正展示我們在這個市場的差異化。換句話說，客戶也理解。他們不想看到公告。他們希望真正看到他們可以展示的真正好處以及如何通過自動化展示它。所以我們對此感覺非常好。

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

我們的下一個問題來自富國銀行證券公司的邁克爾·特林。

The net retention rate metric looks to be stabilized in the 120s. You have a good cadence of AI-related product announcements that we're all adjusting. The Q4 guide for ARR looks more muted than what we generally expect from a seasonally stronger period from the business. And so maybe Ashim, you can just help frame how you're incorporating some of the go-to-market changes.

淨保留率指標看起來穩定在 120 左右。我們正在調整與人工智能相關的產品發布的良好節奏。第四季度的 ARR 指南看起來比我們對業務季節性強勁時期的普遍預期更加溫和。因此，也許阿希姆（Ashim）您可以幫助制定如何納入一些上市變化。

Just some of the macro commentary and any visibility you have into just deal progression between now and end of the year, and how that all stacks up into the rest of your guidance if that -- if there's any way to compare that at all to prior...

只是一些宏觀評論以及您對從現在到今年年底之間的交易進展的任何可見性，以及所有這些如何疊加到您的其餘指導中，如果有的話 - 如果有任何方法可以將其與之前進行比較...

I would actually just say the word is consistency. We've been pretty consistent about guiding what's in front of us. But also thinking about, factoring in the variability of the environment and the go-to-market transition. We're pleased with the progress of it. We feel good about our guidance.

我實際上只想說這個詞是一致性。我們在指導我們面前的事情方面一直非常一致。但也要考慮環境的變化和進入市場的轉變。我們對其進展感到滿意。我們對我們的指導感到滿意。

And there are no further questions at this time. I'll hand the floor back to management for closing remarks.

目前沒有其他問題。我將把發言權交還給管理層作結束語。

Yes. I'd just like to thank everybody for joining us, for the questions. And I would look forward to seeing you all at FORWARD VI. I appreciate your time. Thank you. Have a good evening.

是的。我想感謝大家加入我們並提出問題。我期待在 FORWARD VI 見到你們。我很感激你的時間。謝謝。祝你晚上愉快。

Thank you. This concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。