UiPath Inc (PATH) 2024 Q4 法說會逐字稿

Greetings, and welcome to the UiPath Fourth Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 UiPath 2024 財年第四季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Kelsey Turcotte, Senior Vice President of Investor Relations. Thank you, Kelsey. You may begin.

現在我很高興向您介紹主持人，投資者關係高級副總裁凱爾西·特科特 (Kelsey Turcotte)。謝謝你，凱爾西。你可以開始了。

Great. Thank you. Good afternoon, and thank you for joining us today to review UiPath's fourth quarter and full year fiscal 2024 financial results, which we announced in our earnings press release issued after the close of the market today.

偉大的。謝謝。下午好，感謝您今天與我們一起回顧 UiPath 的第四季度和 2024 財年全年財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。

On the call with me are Rob Enslin, Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. They will deliver our prepared comments and answer questions. Also on the call is Daniel Dines, UiPath's Co-Founder and Chief Innovation Officer; who will be available for questions. Rob will start the discussion and then turn the call over to Ashim, who will review our results and provide guidance. Then we will open the call for questions.

與我通話的是執行長 Rob Enslin；和財務長 Ashim Gupta。他們將發表我們準備好的評論並回答問題。 UiPath 聯合創辦人兼首席創新長 Daniel Dines 也參加了電話會議。誰可以回答問題。 Rob 將開始討論，然後將電話轉給 Ashim，他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.

我們的收益新聞稿和財務補充資料發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括 GAAP 與非 GAAP 調整表。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 to grow our platform as well as our financial guidance first fiscal quarter and full fiscal year 2025. 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 subsequent reports filed with the SEC, including our annual report on Form 10-K for the year ended January 31, 2024, 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成長和營運效率以及發展我們平台的能力的前瞻性陳述，以及我們對2025 年第一財季和整個財年的財務指導。實際結果可能與前瞻性陳述中表達的結果存在重大差異聲明的內容受多種因素影響，因此，投資者不應過度依賴這些聲明。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 10-K 表格年度報告，以及我們向 SEC 提交的後續報告，包括我們關於截至2024 年1月31 日的年度10-K 表格將提交給SEC。本次電話會議所做的前瞻性陳述反映了我們截至目前為止的觀點。我們不承擔更新它們的義務。

I would like to highlight that this webcast is being accompanied by slides. We will post the slides and a copy of our prepared comments to our Investor Relations website immediately following the conclusion of this call. In addition, please note that all comparisons are year-over-year unless otherwise indicated.

我想強調的是，本次網路廣播配有幻燈片。本次電話會議結束後，我們將立即將投影片和準備好的評論副本發佈到我們的投資人關係網站上。此外，請注意，除非另有說明，所有比較均為逐年比較。

Finally, we invite you to join our annual AI Summit, which will be live-streamed on our website at 11 a.m. Eastern Time on March 19. You can register at uipath.com.

最後，我們邀請您參加我們的年度人工智慧高峰會，該峰會將於美國東部時間 3 月 19 日上午 11 點在我們的網站上進行直播。您可以在 uipath.com 上註冊。

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

現在我想把電話轉給羅布。

Thank you, Kelsey. Good afternoon, everyone. Thanks for joining us. I want to start by extending a massive thank you to our team. the hard work, dedication and innovative spirit are the driving forces behind our success, and I can't wait to see what we accomplished together in 2025.

謝謝你，凱爾西。大家下午好。感謝您加入我們。首先，我想向我們的團隊表達衷心的感謝。勤奮、奉獻和創新精神是我們成功的動力，我迫不及待地想看到我們在 2025 年共同取得的成就。

We reported a strong close to the fiscal year, exceeding our guidance across both top and bottom line metrics, driven by demand for the depth and breadth of our platform and the team's focus on customer success, which is at the core of everything we do. Our momentum also reinforces my confidence in the strategic role we play for our customers and the investments we are making in our future.

在對我們平台的深度和廣度的需求以及團隊對客戶成功的關注（這是我們所做的一切的核心）的推動下，我們在接近本財年的時候取得了強勁的業績，在營收和利潤指標上都超出了我們的指導。我們的發展動能也增強了我對我們為客戶發揮的策略角色以及我們對未來進行的投資的信心。

We delivered fourth quarter net new ARR of $86 million, ending the year with a total ARR of $1.46 billion, an increase of 22% year-over-year, and record quarterly revenue of $405 million, up 31% year-over-year.

我們第四季的淨新 ARR 為 8,600 萬美元，年末總 ARR 為 14.6 億美元，年增 22%，季度營收創紀錄的 4.05 億美元，年增 31%。

On the bottom line, fourth quarter non-GAAP operating margin was a record 27%. This drove fiscal year non-GAAP operating margin to 18%, an increase of over 1,100 basis points year-over-year. This was also our first quarter of GAAP profitability as a public company. I am very pleased with the team's ongoing cost management and discipline around capital deployment, which focuses our energy on the right initiatives and sets us up for future success.

從利潤來看，第四季非 GAAP 營業利潤率為創紀錄的 27%。這使得本財年非 GAAP 營業利潤率達到 18%，較去年同期成長超過 1,100 個基點。這也是我們以公認會計準則作為上市公司獲利的第一季。我對團隊持續的成本管理和資本部署紀律感到非常滿意，這使我們將精力集中在正確的舉措上，並為我們未來的成功奠定了基礎。

C-level executives are no longer solely prioritizing digital transformation; they're also prioritizing AI transformation. In a recent UiPath and Bain joint study, The State of AI-Powered Automation, 70% of executives asserted that AI-driven automation is either very important or critical in fulfilling their organization's strategic objectives. Our business automation platform is the foundation to deliver the value across every organization. We make AI actionable, unlocking the promise of this next evolution in technology. And I believe that the combination of AI and automation is the strategic change enabler for our customers.

C 級主管不再只優先考慮數位轉型；他們也優先考慮人工智慧轉型。在 UiPath 和 Bain 最近的一項聯合研究《人工智慧驅動的自動化現狀》中，70% 的高階主管表示，人工智慧驅動的自動化對於實現其組織的策略目標非常重要或至關重要。我們的業務自動化平台是為每個組織提供價值的基礎。我們讓人工智慧變得可行，釋放下一次技術變革的希望。我相信人工智慧和自動化的結合是我們客戶策略變革的推動者。

For example, a leading U.S.-based financial services firm and one of our top 25 customers started their automation journey with RPA in 2018 and have since adopted our full platform. This includes Process Mining, Document Understanding and Test Suite. As their automation program has expanded across business lines, they have over 15,000 robots in production with automations across several thousand processes. And as part of a 7-figure fourth quarter deal, they plan to deploy Communications Mining in their corporate investment bank, commercial bank and HR departments.

例如，一家領先的美國金融服務公司和我們的 25 大客戶之一於 2018 年開始使用 RPA 進行自動化之旅，並從此採用了我們的完整平台。這包括流程挖掘、文件理解和測試套件。隨著他們的自動化計劃擴展到各個業務線，他們在生產中擁有超過 15,000 台機器人，並在數千個流程中實現自動化。作為第四季 7 位數交易的一部分，他們計劃在企業投資銀行、商業銀行和人力資源部門部署 Communications Mining。

Our platform drives ROI for both large organizations and smaller ones like Innovative Toll Solutions, a compliance and toll management solution for trucking fleets, which has leveraged automation to drive efficient growth. In the fourth quarter, they invested in additional AI-powered automation, including Document Understanding to automate complex toll documents for their customers; Test Suite for QA and application testing; and Automation Hub to grow and prioritize their automation pipeline.

我們的平台可以為大型組織和小型組織提高投資報酬率，例如創新收費解決方案，這是一種針對貨運車隊的合規性和收費管理解決方案，利用自動化來推動高效成長。在第四季度，他們投資了額外的人工智慧驅動的自動化，包括文件理解，為客戶自動化複雜的收費文件；用於 QA 和應用程式測試的測試套件；和 Automation Hub 來發展和優先考慮其自動化管道。

The value of our business automation platform has never been more evident to regional partners, global SIs, go-to-market partners like SAP, who understand the power of AI combined with automation and the value it provides to our joint customers.

我們的業務自動化平台的價值對於區域合作夥伴、全球 SI、SAP 等入市合作夥伴來說從未如此明顯，他們了解人工智慧與自動化相結合的力量及其為我們的共同客戶提供的價值。

Our SAP partnership is progressing well, and we are pleased with the momentum and pipeline generation across geographies. During the quarter, we continued to see combined success in closing deals, including one of Switzerland's largest retail and wholesale companies, a new logo to UiPath. Disappointed with the performance of a competitor's RPA and application performance monitoring solutions, they are migrating both of these to UiPath. They are also in the process of rolling out Document Understanding to automate invoice processing, with the goal of expanding company-wide.

我們的 SAP 合作夥伴關係進展順利，我們對跨地區的勢頭和通路產生感到滿意。在本季度，我們繼續看到在達成交易方面取得了共同的成功，其中包括瑞士最大的零售和批發公司之一、UiPath 的新標誌。由於對競爭對手的 RPA 和應用程式效能監控解決方案的效能感到失望，他們正在將這兩種解決方案遷移到 UiPath。他們還正在推出文件理解以實現發票處理自動化，目標是在全公司範圍內擴展。

Another great example combines the power of UiPath, SAP and EY. Working with EY, Marks & Spencer selected UiPath based on our ability to both automate and test across all applications. They also plan to utilize UiPath to assist in their migration to SAP S/4HANA on RISE and to automate finance processes, with the goal of reducing complexity and vendor spend.

另一個很好的例子結合了 UiPath、SAP 和 EY 的力量。 Marks & Spencer 與 EY 合作，基於我們在所有應用程式中實現自動化和測試的能力而選擇了 UiPath。他們還計劃利用 UiPath 協助遷移到 RISE 上的 SAP S/4HANA 並實現財務流程自動化，目標是降低複雜性和供應商支出。

Partners also help customers build a holistic approach to automation. Together with Deloitte and C-level sponsorship, Indosat, a leading Indonesian communications provider and a UiPath customer since 2021, expanded to the full platform this quarter. They are looking to drive further operational efficiencies, increase revenue growth and improve their customer and employee experience. Using our NorthStar program, the team crafted a 3-year road map, encompassing hundreds of automations across all business lines within the organization. Beyond Indosat's internal use, we are forming a strategic go-to-market collaboration, expanding our presence in Indonesia to empower local businesses to revolutionize operations, equip workers to focus on higher-value tasks.

合作夥伴也幫助客戶建立整體自動化方法。 Indosat 是印尼領先的通訊供應商，自 2021 年以來一直是 UiPath 的客戶，在德勤和高階主管的贊助下，本季擴展到了整個平台。他們希望進一步提高營運效率、增加收入成長並改善客戶和員工體驗。使用我們的 NorthStar 計劃，團隊制定了一份 3 年路線圖，涵蓋組織內所有業務線的數百個自動化。除了 Indosat 的內部使用之外，我們正在形成策略性市場合作，擴大我們在印尼的業務，使當地企業能夠徹底改變營運方式，讓員工能夠專注於更高價值的任務。

And in partnership with a GSI, we supported TD Bank through our NorthStar program to create a list of top automation opportunities across various lines of business, focusing on improving customer experience, empowering colleagues, optimizing controls, driving productivity and cost efficiencies. And as a result, they have expanded the UiPath deployment in this quarter as they look to accelerate this and scale the automation program across the bank.

我們與 GSI 合作，透過 NorthStar 計劃為道明銀行提供支持，創建一系列跨業務線的頂級自動化機會，重點是改善客戶體驗、增強同事能力、優化控制、提高生產力和成本效率。因此，他們在本季度擴大了 UiPath 的部署，因為他們希望加快這一進程並在整個銀行範圍內擴展自動化計劃。

We also recently announced the first-of-its-kind co-innovation market collaboration between UiPath and Deloitte. Deloitte's Smart Finance for Growth Companies leverages automation built by UiPath and customized by Deloitte into value-driven packages tailored for the needs of early-stage innovative companies, which require speed and agility.

我們最近也宣布了 UiPath 和德勤之間的首次聯合創新市場合作。德勤的成長型公司智慧財務利用 UiPath 建構的自動化系統，並由德勤客製化為價值驅動的軟體包，以滿足早期創新公司對速度和敏捷性的需求。

And finally, we continue to deepen our partnership with Microsoft to build best-in-class automation experiences and integration. This brings AI-powered automation to customers using Microsoft Azure. We see opportunities to expand this collaboration to accelerate our joint customers' move to the cloud with AI-infused industry solutions and enterprise modernization with Microsoft. This quarter, we have some notable joint wins, including an expansion deal on Microsoft Marketplace. This includes a British multinational company, which is in the process of migrating to the cloud while growing their automation program.

最後，我們繼續深化與 Microsoft 的合作夥伴關係，以創造一流的自動化體驗和整合。這為使用 Microsoft Azure 的客戶帶來了人工智慧驅動的自動化。我們看到了擴大這種合作的機會，透過與 Microsoft 合作的人工智慧產業解決方案和企業現代化，加速我們的共同客戶向雲端的遷移。本季度，我們取得了一些顯著的聯合勝利，包括 Microsoft Marketplace 的擴張交易。其中包括一家英國跨國公司，該公司正在遷移到雲端，同時發展其自動化計劃。

We plan to continue making strategic investments in our partner ecosystem in 2025, focused on cultivating quality partners with expertise in automation, which can fully enable our customers to realize the benefits of our platform. This updated approach includes a dedicated partner deal desk as well as new enablement plans and certifications to better align UiPath with our most trusted partners as we work side by side.

我們計劃在2025年繼續對合作夥伴生態系統進行策略性投資，重點培養具有自動化專業知識的優質合作夥伴，使我們的客戶能夠充分實現我們平台的優勢。這項更新的方法包括專門的合作夥伴交易台以及新的支援計劃和認證，以便在我們並肩工作時更好地使 UiPath 與我們最值得信賴的合作夥伴保持一致。

The momentum we bring into 2025 was evident at our February DevCon event held in India. Hosted by Daniel and the team, more than 1,000 professionals, including developers, partners and customer specialists, learned about new features that bring AI-powered productivity to the developer community. They also participated in over 24 breakout sessions, featuring growth products like Intelligence Document Processing, or IDP, and Test Suite.

我們為 2025 年帶來的動力在 2 月在印度舉行的 DevCon 活動中顯而易見。在 Daniel 和團隊的主持下，包括開發人員、合作夥伴和客戶專家在內的 1,000 多名專業人士了解了可為開發人員社群帶來人工智慧驅動的生產力的新功能。他們還參加了超過 24 個分組會議，其中包括智慧型文件處理 (IDP) 和測試套件等成長產品。

18 months ago, we drove the evolution of the automation market from RPA to a full AI-powered business automation platform. Our growth products have played a key role in our platform's evolution, setting us apart from the competition and serving as the link that connects AI and automation into actionable results. Our platform also enables us to close larger, more strategic deals.

18 個月前，我們推動自動化市場從 RPA 發展到完全由人工智慧驅動的業務自動化平台。我們的成長產品在我們平台的發展中發揮了關鍵作用，使我們在競爭中脫穎而出，並成為將人工智慧和自動化連接成可操作結果的紐帶。我們的平台也使我們能夠完成規模更大、更具策略性的交易。

Almost every organization has to process an onslaught of forms, invoices and documents, which is why Document Understanding resonates so well with customers, particularly in finance, insurance, health care and public sector. In the fourth quarter, 65 of our top 100 deals included Intelligent Document Processing, a testament to customer engagement and the power of our platform.

幾乎每個組織都必須處理大量的表格、發票和文件，這就是為什麼文件理解能與客戶產生如此好的共鳴，特別是在金融、保險、醫療保健和公共部門。第四季度，我們前 100 筆交易中有 65 筆涉及智慧文件處理，證明了客戶參與度和我們平台的強大功能。

Our unique approach combines specialized AI and more than 70 pre-trained models and verticalized package solutions to help customers streamline processes, identify continuous process improvements and rapidly scale their Document Understanding projects.

我們獨特的方法結合了專業人工智慧和 70 多個預訓練模型以及垂直化套件解決方案，幫助客戶簡化流程、識別持續流程改進並快速擴展其文件理解項目。

At CareSource, a customer since 2019, our platform has played a vital role in their digital transformation journey. Leveraging core automation and Document Understanding, they've been able to efficiently process over 2.5 million transactions in 2023. Given their success to date, they expanded their Document Understanding initiative across finance and claims processing departments and plan to move into medical records processing.

CareSource 自 2019 年起成為客戶，我們的平台在他們的數位轉型之旅中發揮了至關重要的作用。利用核心自動化和文件理解，他們已經能夠在 2023 年有效處理超過 250 萬筆交易。鑑於迄今為止的成功，他們將文件理解計劃擴展到財務和索賠處理部門，併計劃進入醫療記錄處理領域。

The combination of IDP and automation not only drives efficiency and quality, but allows UiPath customers to change how they interact with the external stakeholders.

IDP 和自動化的結合不僅提高了效率和質量，而且允許 UiPath 客戶改變他們與外部利害關係人互動的方式。

At our AI Summit next week, we are planning to unveil a new UiPath Large Language Model, which combines open-source LLMs, our specialized AI, proprietary knowledge of business documents and communication data. This robust LLM, combined with our industry-leading IDP solution, provides customers access to what we believe is the most powerful documents and communications AI model on the market, and we plan to continue to invest to widen our leadership in the IDP space.

在下週的人工智慧高峰會上，我們計劃推出新的 UiPath 大型語言模型，該模型結合了開源法學碩士、我們的專業人工智慧、商業文件和通訊資料的專有知識。這種強大的法學碩士與我們領先業界的IDP 解決方案相結合，使客戶能夠存取我們認為是市場上最強大的文件和通訊人工智慧模型，我們計劃繼續投資以擴大我們在IDP 領域的領導地位。

Test Suite, which initially emerged as a tool for automation testing, is quickly becoming a disruptor in the application testing market, with Test Suite customers growing more than 75% year-over-year in the fourth quarter. A recent UiPath and IDC joint study found that customers using our capabilities have experienced, on average, more than $4 million in annualized benefits, a 529% 3-year ROI, and have only 6 months payback on investment.

Test Suite 最初是作為自動化測試工具出現的，但很快就成為應用測試市場的顛覆者，第四季 Test Suite 客戶年增超過 75%。 UiPath 和 IDC 最近的一項聯合研究發現，使用我們功能的客戶平均獲得超過 400 萬美元的年化收益、529% 的 3 年投資回報率，並且投資回收期僅為 6 個月。

A great example of the significant ROI Test Suite delivers to our customers is a Fortune 100 global digital communications corporation. In just 6 months, they were able to automate 80% of their 3,000 end-to-end test cases in their global logistics department, improving test coverage from 30% to 93%. This resulted in significantly fewer operational incidents and enabled them to keep their complex IT landscape running smoothly.

財富 100 強全球數位通訊公司是向我們的客戶提供重要 ROI 測試套件的一個很好的例子。在短短 6 個月內，他們就能夠實現全球物流部門 3,000 個端到端測試案例中 80% 的自動化，將測試覆蓋率從 30% 提高到 93%。這大大減少了營運事件，並使他們能夠保持複雜的 IT 環境平穩運行。

We expect returns like these to be further accelerated with the introduction of our latest innovation, Autopilot, our newest set of AI-powered experiences that leverage generative AI, specialized AI and automation across the platform. Autopilot makes it easier for people of all skills to build automations, accelerate time to development and discover process improvements. Both Autopilot for Studio, where we have the largest number of preview participants in company history, and Autopilot for Test are in public preview, while Autopilot for Process Mining and Autopilot for Communications Mining are in private preview.

我們預計，隨著我們最新的創新產品 Autopilot 的推出，這種回報將進一步加速。 Autopilot 是我們最新的一套人工智慧驅動的體驗，在整個平台上利用生成式人工智慧、專業人工智慧和自動化。 Autopilot 讓各種技能的人員都能更輕鬆地建立自動化、加快開發時間並發現流程改善。 Autopilot for Studio（我們擁有公司歷史上最多的預覽參與者）和 Autopilot for Test 都處於公開預覽狀態，而 Autopilot for Process Mining 和 Autopilot for Communications Mining 則處於私人預覽狀態。

Lastly, on the technology front, our business automation platform is now available on the Google Cloud Marketplace, making it easier for joint customers to deploy and scale their automation initiatives on Google Cloud infrastructure.

最後，在技術方面，我們的業務自動化平台現已在 Google Cloud Marketplace 上提供，使聯合客戶能夠更輕鬆地在 Google Cloud 基礎架構上部署和擴展其自動化計劃。

To help customers and prospects get the most out of our capabilities, we plan to continue our investments in targeted sales areas, weighting our resources towards large enterprise customers where we see the biggest opportunity for expansion. This includes investments in growth product specialists, sales engineers to support our customers and further industry verticalization in areas like financial services, insurance, health care and public sector. This approach has been instrumental in driving momentum in North America, including large strategic deals, and we are investing in other regions where we are seeing early traction. Our team did an excellent job of positioning our platform for a strategic customer in the U.K., which resulted in a competitive displacement of Blue Prism. The customer will be migrating their more than 250 processes to UiPath. They're also creating an intelligent automation team to strategically manage the UiPath deployment, while working to identify use cases for Communications Mining and Document Understanding.

為了幫助客戶和潛在客戶充分利用我們的能力，我們計劃繼續在目標銷售領域進行投資，將我們的資源分配給我們認為最大擴張機會的大型企業客戶。這包括對成長產品專家、銷售工程師的投資，以支持我們的客戶，以及金融服務、保險、醫療保健和公共部門等領域的進一步行業垂直化。這種方法對於推動北美的發展勢頭發揮了重要作用，包括大型戰略交易，我們正在投資於我們看到早期吸引力的其他地區。我們的團隊出色地為英國的策略客戶定位了我們的平台，導致 Blue Prism 的競爭被取代。客戶將把他們的 250 多個流程遷移到 UiPath。他們還創建了一個智慧自動化團隊來策略性地管理 UiPath 部署，同時努力確定通訊挖掘和文件理解的用例。

This kind of industry focus is also driving growth in our public sector business. This quarter, the Scottish government doubled their adoption of UiPath on renewal as they continue to automate core areas of finance and HR. They're also expanding their reach to additional departments and agencies that include Social Security Scotland, Student Awards, Scottish Public Pensions Agency, and Agriculture and Rural Economy. In addition, they are scaling our AI products, particularly Document Understanding and Process Discovery.

這種對產業的關注也推動了我們公共部門業務的成長。本季度，蘇格蘭政府在續約時將 UiPath 的採用率增加了一倍，因為他們繼續實現財務和人力資源核心領域的自動化。他們還將業務範圍擴大到其他部門和機構，包括蘇格蘭社會保障局、學生獎勵局、蘇格蘭公共退休金局以及農業和農村經濟局。此外，他們正在擴展我們的人工智慧產品，特別是文件理解和流程發現。

And in our U.S. federal government vertical, UiPath partner, FedResults, was awarded an Enterprise Software Initiative Agreement for UiPath products and services by the U.S. Department of Defense for up to $95 million. The 5-year base period agreement will streamline the acquisition process and reduce the cost of delivery of UiPath products and services to the DoD, Department of Defense, Intelligence Community and the U.S. Coast Guard. This will enable these federal organizations to significantly accelerate the adoption of UiPath and put AI to work in a safe and secure manner.

在我們的美國聯邦政府垂直領域，UiPath 合作夥伴 FedResults 獲得了美國國防部授予的 UiPath 產品和服務企業軟體計畫協議，價值​​高達 9,500 萬美元。這項為期 5 年的基期協議將簡化採購流程，並降低向國防部、國防部、情報界和美國海岸防衛隊交付 UiPath 產品和服務的成本。這將使這些聯邦組織能夠顯著加速 UiPath 的採用，並使人工智慧以安全可靠的方式發揮作用。

Before I hand over the call to Ashim, I'd like to personally welcome June Yang to our Board of Directors. June is a proven, strategic and transformational executive who brings extensive experience in AI and cloud as well as decades of experience in fostering emerging technologies. I am confident we will benefit from her technical expertise and industry insights and look forward to many years of collaboration.

在將電話轉交給 Ashim 之前，我想親自歡迎 June Yang 加入我們的董事會。 June 是一位久經考驗的策略性和變革性主管，她在人工智慧和雲端領域擁有豐富的經驗，以及數十年培育新興技術的經驗。我相信我們將從她的技術專業知識和行業見解中受益，並期待多年的合作。

In summary, we delivered a strong close to the year, demonstrating the continued momentum of our AI-powered business automation platform. We're transforming industries and revolutionizing the way businesses operate. And as we look to 2025, I believe our strategic investments in innovation and our go-to-market ecosystem position us well for continued momentum.

總而言之，我們在今年取得了強勁的業績，展示了我們人工智慧驅動的業務自動化平台的持續發展勢頭。我們正在改變產業並徹底改變企業的運作方式。展望 2025 年，我相信我們對創新的策略投資和進入市場的生態系統使我們能夠保持良好的發展勢頭。

And with that, I'll hand over to Ashim.

接下來，我將把工作交給 Ashim。

Thank you, Rob, 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. Please note that year-over-year foreign exchange rates had an immaterial impact on fourth quarter and full year 2024 results.

謝謝你，羅布，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。請注意，年比匯率對 2024 年第四季和全年業績影響不大。

Turning to the quarter. We had a strong close to the year, which is a testament to the team's execution in what continued to be a variable environment and our laser focus on operational excellence and profitable growth initiatives.

轉向季度。我們在這一年中取得了強勁的業績，證明了團隊在不斷變化的環境中的執行力，以及我們對卓越營運和獲利成長計畫的高度關注。

ARR totaled $1.464 billion, an increase of 22%, driven by net new ARR of $86 million.

在淨新 ARR 8,600 萬美元的推動下，ARR 總計 14.64 億美元，成長 22%。

Our cloud-first approach is driving automation -- is driving adoption across our customer base, and we ended the year with over $650 million in cloud ARR, up 70% year-over-year. A great example is a global media and entertainment company. After successfully completing their cloud migration, they expanded this quarter, selecting UiPath as their preferred automation vendor due to the breadth of our platform capabilities, specifically testing and specialized AI products like Document Understanding.

我們的雲端優先方法正在推動自動化，正在推動我們客戶群的採用，到年底，我們的雲端 ARR 超過 6.5 億美元，年增 70%。一個很好的例子是一家全球媒體和娛樂公司。在成功完成雲端遷移後，他們在本季度進行了擴張，由於我們平台功能的廣泛性，特別是測試和專門的人工智慧產品（如文件理解），他們選擇 UiPath 作為他們的首選自動化供應商。

A major Japanese telecommunications operator expanded to the full platform during the fourth quarter. They plan to migrate the cloud -- to the cloud and drive their automation program across multiple divisions by leveraging Document Understanding, Communications Mining and Process Mining, with the goal of an additional 1 million hours saved.

日本一家主要電信業者在第四季擴展到整個平台。他們計劃將雲端遷移到雲端，並利用文件理解、通訊挖掘和流程挖掘跨多個部門驅動自動化程序，目標是額外節省 100 萬小時。

We ended the quarter with 10,830 customers, including new logos like Five Guys, Workday, Coca-Cola Beverages Florida, Allegis Global Solutions and Tesco, a testament to our strategy of acquiring enterprise customers with a propensity to invest. The vast majority of customer attrition continues to be in smaller customers, which, in aggregate, represent an immaterial portion of the overall business.

截至本季末，我們擁有 10,830 名客戶，其中包括 Five Guys、Workday、Coca-Cola Beverages Florida、Allegis Global Solutions 和 Tesco 等新徽標，這證明了我們獲取具有投資傾向的企業客戶的策略。絕大多數客戶流失仍然是小客戶，這些客戶總的來說只佔整體業務的一小部分。

Customers with $100,000 or more in ARR increased to 2,054, while customers with $1 million or more in ARR grew 26% to 288. Our largest customers are also continuing to expand on our platform. And during fiscal year 2024, customers with $5 million or more in ARR grew 50%.

ARR 為 100,000 美元或以上的客戶增加至 2,054 家，ARR 為 100 萬美元或以上的客戶增長了 26% 至 288 家。我們最大的客戶也在我們的平台上繼續擴張。在 2024 財年，ARR 達到或超過 500 萬美元的客戶成長了 50%。

Moving on, dollar-based gross retention of 98% continues to be best in class, and our dollar-based net retention rate as of the fourth quarter was 119%. Expansions are driven by the quick time to ROI and the broad applicability of our automation. At Fujitsu, automation has revolutionized their business operations globally across their accounting, HR and IT departments. With C-level sponsorships, they are incorporating the UiPath platform into their company-wide digital transformation project, including automating mission-critical systems such as Salesforce, ServiceNow and SAP.

繼續前進，以美元計算的總保留率為 98%，仍然是同類中最好的，截至第四季度以美元計算的淨保留率為 119%。快速實現投資回報和自動化的廣泛適用性推動了擴張。在富士通，自動化徹底改變了其會計、人力資源和 IT 部門的全球業務運作。在 C 級的贊助下，他們正在將 UiPath 平台整合到全公司的數位轉型專案中，包括自動化關鍵任務系統，例如 Salesforce、ServiceNow 和 SAP。

Fourth quarter revenue grew to $405 million, an increase of 31% year-over-year. We had good linearity in the quarter as we benefited from a strong calendar year close and demand from our enterprise customers. Please remember that under ASC 606, revenue growth rates vary quarter-to-quarter depending on timing of license deliveries and renewals. Looking at revenue on a trailing 12-month basis, our revenue and ARR growth continues to be aligned. Total revenue for the fiscal year 2024 was $1.3 billion, an increase of 24% year-over-year.

第四季營收成長至 4.05 億美元，年增 31%。我們在本季度取得了良好的線性，因為我們受益於強勁的日曆年結帳和企業客戶的需求。請記住，根據 ASC 606，收入成長率每季都會有所不同，具體取決於許可證交付和續訂的時間。從過去 12 個月的收入來看，我們的收入和 ARR 成長持續保持一致。 2024財年總營收為13億美元，年增24%。

As of the end of fourth quarter, our customers with ARR of $100,000 accounted for approximately 86% of total revenue, while customers with ARR of $1 million or more accounted for 52% of our revenue.

截至第四季末，我們的ARR為10萬美元的客戶約佔總營收的86%，而ARR為100萬美元或以上的客戶占我們營收的52%。

Strategic investments made by customers in our platform also drove growth in remaining performance obligations, which increased to $1.16 billion, up 30%.

客戶在我們平台上進行的策略性投資也推動了剩餘履約義務的成長，增至 11.6 億美元，成長了 30%。

Current RPO increased to $707 million, up 26%.

目前 RPO 增至 7.07 億美元，成長 26%。

Turning to expenses. Fourth quarter overall gross margin was 89%, driven by cost control and efficiencies. Software gross margin was 92%.

轉向開支。在成本控制和效率的推動下，第四季整體毛利率為 89%。軟體毛利率為92%。

Fourth quarter operating expenses were $250 million, highlighting the leverage in our business and our commitment to expense management and operating discipline. We ended the year with 4,035 total employees.

第四季營運費用為 2.5 億美元，凸顯了我們業務的槓桿作用以及我們對費用管理和營運紀律的承諾。截至年底，我們的員工總數為 4,035 名。

In the fourth quarter, we achieved our first quarter of GAAP profitability as a public company, delivering operating income of $15 million. This included $89 million of stock-based compensation expense. Full year GAAP operating loss was $165 million, including $372 million of stock-based compensation.

第四季度，我們實現了上市公司第一季 GAAP 獲利能力，實現營業收入 1,500 萬美元。其中包括 8,900 萬美元的股票補償費用。全年 GAAP 營運虧損為 1.65 億美元，其中包括 3.72 億美元的股票薪酬。

Non-GAAP operating income was $111 million, resulting in a fourth quarter non-GAAP operating margin of 27%, reflecting both our operational rigor and fourth quarter seasonality. Full year non-GAAP operating income was $233 million. Full year non-GAAP operating margin increased over 1,100 basis points year-over-year to 18%, a testament to the team's disciplined execution and well ahead of the plan we laid out at the beginning of the year.

非 GAAP 營業收入為 1.11 億美元，第四季非 GAAP 營業利潤率為 27%，反映了我們的營運嚴謹性和第四季的季節性。全年非 GAAP 營業收入為 2.33 億美元。全年非 GAAP 營業利潤率同比增長 1,100 個基點，達到 18%，這證明了團隊嚴格的執行力，並且遠遠超出了我們年初制定的計劃。

I'm really pleased with our adjusted non-GAAP free cash flow generation for the fourth quarter and full year. Fourth quarter non-GAAP adjusted free cash flow was $146 million. And for the full fiscal year, non-GAAP adjusted free cash flow was $309 million.

我對第四季度和全年調整後的非公認會計原則自由現金流產生感到非常滿意。第四季非 GAAP 調整後自由現金流為 1.46 億美元。整個財年，非 GAAP 調整後自由現金流為 3.09 億美元。

As of January 31, we had $1.9 billion in cash, cash equivalents and marketable securities and no debt. Under our $500 million buyback program, we repurchased 2.6 million shares of our Class A common stock at an average price of $19.21 from November 1, 2023, through January 31, 2024. Since January 31, under a 10b5-1 plan, we repurchased an additional 938,000 shares at an average price of $23.46 through March 12, 2024.

截至 1 月 31 日，我們擁有 19 億美元現金、現金等價物和有價證券，沒有債務。根據我們的5 億美元回購計劃，我們從2023 年11 月1 日到2024 年1 月31 日以平均價格19.21 美元回購了260 萬股A 類普通股。自1 月31 日起，根據10b5 -1 計劃，我們回購了截至 2024 年 3 月 12 日，以平均價格 23.46 美元增發 938,000 股。

Now turning to guidance. I'm going to start with some color.

現在轉向指導。我將從一些顏色開始。

We are initiating full year guidance for ARR, revenue and non-GAAP operating income above current expectations.

我們正在啟動高於目前預期的全年 ARR、收入和非 GAAP 營業收入指引。

Starting on the top line. As the business has grown past $1 billion, it has matured into a consistent seasonal pattern with the second half of the year being stronger than the first. This is a reflection of our renewal portfolio, which is weighted to our fourth quarter, consistent with other companies in the software industry, and our growing U.S. federal vertical.

從頂行開始。隨著業務成長超過 10 億美元，它已經成熟為一致的季節性模式，下半年比上半年強勁。這反映了我們的更新投資組合（與軟體產業的其他公司一致，以第四季度為權重）以及我們不斷成長的美國聯邦垂直市場。

As a result, we expect first half revenue to be approximately $675 million; first half net new ARR to be approximately $105 million; and second half net new ARR and revenue to reflect similar seasonality as fiscal year 2024.

因此，我們預計上半年營收約為 6.75 億美元；上半年淨新ARR約1.05億美元；下半年的淨新 ARR 和收入反映了與 2024 財年類似的季節性。

On the bottom line, as I mentioned earlier, we significantly outperformed our non-GAAP operating margin expectations, which we laid out at the beginning of this fiscal year, and I'm really proud of the team for this achievement. We have a strong business model with high gross margins and increasing economies of scale, which when combined with our disciplined operating cadence, we expect to deliver considerable shareholder value over time.

就底線而言，正如我之前提到的，我們的業績顯著超出了我們在本財年年初制定的非公認會計原則營業利潤率預期，我為團隊取得的這一成就感到非常自豪。我們擁有強大的商業模式，毛利率高，規模經濟不斷增強，與我們嚴格的營運節奏相結合，我們預計隨著時間的推移，將為股東帶來可觀的價值。

Our platform is highly differentiated and customers are making meaningful commitments to UiPath. We don't just allow customers to use AI, we enable them to take action. We believe there is a tremendous opportunity in front of us, and we plan to continue to make strategic investments in technology like IDP and generative AI, as well as our go-to-market resources to help capture this large and growing market. With this as the background, we plan to deliver growth and profitability in fiscal year 2025, with our goal of driving at least 100 basis points of non-GAAP operating margin expansion year-over-year.

我們的平台具有高度差異化，客戶正在對 UiPath 做出有意義的承諾。我們不僅允許客戶使用人工智慧，還讓他們能夠採取行動。我們相信我們面前有巨大的機會，我們計劃繼續對 IDP 和生成人工智慧等技術以及我們的市場資源進行策略性投資，以幫助佔領這個龐大且不斷增長的市場。以此為背景，我們計劃在 2025 財年實現成長和獲利，目標是推動非 GAAP 營業利潤率年增至少 100 個基點。

Turning to the specifics of our guide, which assumes the macroeconomic environment continues to be variable.

轉向我們指南的具體內容，該指南假設宏觀經濟環境繼續變化。

For the first fiscal quarter 2025, we expect revenue in the range of $330 million to $335 million; ARR in the range of $1.508 billion to $1.513 billion; non-GAAP operating income of approximately $55 million.

2025 年第一財季，我們預計營收在 3.3 億至 3.35 億美元之間； ARR在15.08億美元至15.13億美元之間；非公認會計準則營業收入約 5,500 萬美元。

And we expect first quarter basic share count to be approximately 570 million shares.

我們預計第一季基本股數量約為 5.7 億股。

For the fiscal year 2025, we expect revenue in the range of $1.555 billion to $1.560 billion; ARR in the range of $1.725 billion to $1.730 billion; non-GAAP operating income of approximately $295 million.

2025財年，我們預計營收在15.55億美元至15.60億美元之間； ARR 在 17.25 億美元至 17.30 億美元之間；非公認會計準則營業收入約 2.95 億美元。

Before I close, I want to leave you with a few modeling points.

在結束之前，我想向您介紹一些建模要點。

We expect full year non-GAAP gross margins to be approximately 85% as we scale our cloud platform and offerings; non-GAAP operating income to reflect similar seasonality to our top line metrics; fiscal year 2025 non-GAAP adjusted free cash flow of approximately $350 million, also to follow normal seasonal patterns; and we're assuming FX to be net neutral year-over-year.

隨著我們擴展雲端平台和產品，我們預計全年非 GAAP 毛利率約為 85%；非公認會計準則營業收入反映了與我們的營收指標類似的季節性； 2025 財年，非 GAAP 調整後的自由現金流量約為 3.5 億美元，也遵循正常的季節性模式；我們假設外匯同比呈淨中性。

Lastly, we are committed to managing stock-based compensation, and for the fiscal year 2025, we expect dilution to be approximately 3% year-over-year.

最後，我們致力於管理以股票為基礎的薪酬，在 2025 財年，我們預期稀釋率年比約為 3%。

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. As a reminder, Daniel is in the room with us to answer questions as well. Operator, please poll for questions.

這樣，我現在將把電話轉給接線生。提醒一下，丹尼爾也和我們一起在房間裡回答問題。接線員，請投票詢問問題。

(Operator Instructions) Our first question comes from the line of Kirk Materne with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Rob, I was wondering, based on the study you referenced earlier, when your customers are thinking about automation and sort of their AI strategy, do they need to wait on automation to get their AI strategy mapped out or vice versa? I'm just kind of curious how there's a lot of experimentation going on with gen AI right now. I was just kind of wondering what that means in terms of people making bigger bets with you all. Obviously, this quarter looks good. But just wondering, if you could add some more color there because I think the cadence is what I think some folks get tripped up on a little bit.

羅布，我想知道，根據您之前引用的研究，當您的客戶考慮自動化和人工智慧策略時，他們是否需要等待自動化來製定人工智慧策略，反之亦然？我只是有點好奇現在如何對新一代人工智慧進行大量實驗。我只是想知道這對人們與你們一起下更大的賭注意味著什麼。顯然，這個季度看起來不錯。但只是想知道，你是否可以在那裡添加更多顏色，因為我認為節奏是我認為有些人會被絆倒的一點。

Thanks, Kirk. Yes, we feel -- and in my discussions -- I've just come back from Europe. In my discussions in Europe, what you see now is the Head of AI Hubs and the Chief AI Officer calling us into conversations to expand automation using gen AI and they really like how we've infused gen AI into our solution and they get immediate benefits from the gen AI work that we're doing today. So we see more and more automation expanding to the broader set of C-level executives in companies today.

謝謝，柯克。是的，我們覺得——在我的討論中——我剛從歐洲回來。在我在歐洲的討論中，你現在看到的是人工智慧中心負責人和首席人工智慧長呼籲我們進行對話，以使用人工智慧擴展自動化，他們非常喜歡我們將人工智慧融入我們的解決方案中，並且他們立即受益來自我們今天正在進行的人工智慧工作。因此，我們看到越來越多的自動化擴展到當今公司更廣泛的 C 級管理人員。

And that was what we had positioned the platform early on. And I think we're getting a tailwind with AI and automation in that space in terms of the discussions that we're having today. And we're very real and practical in what customers are looking for. We're not looking to deliver use cases to them. We're actually showing that our product, infused with AI, adds significant more value and adds it much faster.

這就是我們早期對平台的定位。我認為，就我們今天的討論而言，我們在該領域獲得了人工智慧和自動化的順風。我們對客戶的需求非常真實且務實。我們不打算向他們提供用例。我們實際上正在證明，我們的產品注入了人工智慧，可以顯著增加價值，並且增加速度更快。

If I could just ask a quick follow-up for Ashim. Ashim, I know you managed the business to ARR, but obviously a pretty big jump in licenses this quarter. Can you just address that? Just what sort of drove that? And then obviously, I realized it doesn't have much to do with the go-forward ARR guidance, but just curious about what drove that this quarter.

如果我能要求阿希姆快速跟進就好了。 Ashim，我知道您將業務管理到了 ARR，但顯然本季度的許可證數量出現了相當大的增長。你能解決這個問題嗎？到底是什麼樣的驅動力呢？顯然，我意識到這與未來的 ARR 指導沒有太大關係，但只是好奇是什麼推動了本季的發展。

Yes. I mean it was a mix of various things. I mean fourth quarter is typically a heavier quarter for us in general. And then we did have a significant number of license deliveries. Some of that was from prior deals, but the volume of current quarter deals obviously was very good as well.

是的。我的意思是它是各種東西的混合體。我的意思是，第四季對我們來說通常是一個比較沉重的季度。然後我們確實交付了大量許可證。其中一些來自先前的交易，但本季的交易量顯然也非常好。

Our next question comes from the line of Jake Roberge with William Blair.

我們的下一個問題來自傑克·羅伯格和威廉·布萊爾的對話。

Congrats on strong results. Clearly, the combination of AI and automation is helping raise the profile of the broader platform. But I'm curious, when you look across the base, are there any specific use cases that, that infusion of AI and automation is really resonating with, whether it be front office or back office or any vertical use cases that's helping you maybe break down new doors for the platform?

祝賀取得了優異的成績。顯然，人工智慧和自動化的結合正在幫助提升更廣泛的平台形象。但我很好奇，當你縱觀整個基礎時，是否有任何特定的用例，人工智慧和自動化的注入確實引起了共鳴，無論是前台、後台還是任何可能幫助你突破的垂直用例為平台打開新大門？

Yes, I would say, we clearly feel that in the health care insurance space, we are pretty advanced with our Intelligent Document Processing and what we're doing in that space. We also see, as I mentioned earlier, Test Suite taking on broader applicability, more than just automation testing and becoming more relevant in that space. And then we mentioned a little earlier as well in that our Autopilot preview customers. It's the largest in the history of UiPath that we have preview customers having a look at it. And in some cases, up to 1,000 companies are looking at Autopilot. So in all of those aspects, it's adding more value to the platform. And I would actually add to that discussion is because the platform has a discovery piece to it where Process Mining and Test Mining and Communications Mining is able to uncover automation, together with that process tied to the gen AI and our specialized AI capabilities, I think many, many companies are now starting to see the benefit of actually driving it faster.

是的，我想說，我們清楚地感覺到，在醫療保險領域，我們的智慧文件處理以及我們在該領域所做的事情相當先進。正如我之前提到的，我們還看到測試套件具有更廣泛的適用性，而不僅僅是自動化測試，並且在該領域變得更加相關。然後我們之前也提到過我們的 Autopilot 預覽版客戶。這是 UiPath 歷史上最大的一次，我們有預覽客戶來查看它。在某些情況下，多達 1,000 家公司正在關注 Autopilot。因此，在所有這些方面，它都為平台增加了更多價值。我實際上想補充這個討論，因為該平台有一個發現部分，流程挖掘、測試挖掘和通信挖掘能夠發現自動化，以及與一代人工智能和我們的專業人工智能能力相關的流程，我認為現在，許多公司開始看到實際駕駛速度更快的好處。

Okay. Helpful. And then it was great to hear that comment on the 1,000 early adopters of Autopilot. Just curious what the early feedback that you've gotten from those early adopters have been. And then anything that you've seen in terms of the speed at which those customers are now able to develop new automations after adopting Autopilot?

好的。有幫助。然後很高興聽到對 Autopilot 的 1,000 名早期採用者的評論。只是好奇您從那些早期採用者那裡得到的早期回饋是什麼。那麼，您在採用 Autopilot 後，這些客戶現在能夠開發新的自動化系統的速度方面有什麼發現嗎？

Yes, I can take this one. We are seeing quite good retention week after week of the people that are using the Autopilot. And for instance, in the Autopilot for Developers, we are seeing an acceptance rate of in excess of 65% of the automation that we are proposing to them, which is quite good. It's really early to come with a number estimate on how much they save in the development time, but we feel there is material savings. And in our industry, the implementation and maintenance of automation is the largest part of total cost of ownership. So we estimate really a broad adoption that will increase also the adoption of our platform.

是的，我可以接受這個。我們發現使用 Autopilot 的用戶每週都有很好的保留率。例如，在開發人員的 Autopilot 中，我們看到我們向他們提議的自動化的接受率超過 65%，這非常好。現在對他們節省了多少開發時間進行數字估計還為時過早，但我們認為確實節省了材料。在我們的產業中，自動化的實施和維護是總擁有成本的最大部分。因此，我們估計真正的廣泛採用也將增加我們平台的採用。

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

我們的下一個問題來自馬克墨菲與摩根大通的對話。

And I'll add my congrats. So Rob, you have this very strong partnership with SAP. Clearly, you have some momentum with the Test Suite. Could you comment on the tailwind that you're seeing for this ERP cloud migrations? And I'm wondering if you -- since that tailwind can grow into the SAP end of support deadline, but there's a pretty big one, I believe, coming up in 2027.

我還要表示祝賀。 Rob，您與 SAP 有著非常牢固的合作關係。顯然，您對測試套件有一些動力。您能否評論一下您所看到的 ERP 雲端遷移的推動力？我想知道您是否會——因為這種順風可能會持續到 SAP 支援截止日期結束，但我相信，2027 年將會出現一個相當大的順風。

Mark, thank you. We feel really positive about where we are with the SAP partnership. I feel like the new logos, the Swiss large retailer is one, what we're doing with Marks & Spencer is another one. In both cases, Test Suite is predominant or is a dominant factor together with the rest of the platform. So we feel really, really positive about that. But I would also not underestimate the announcement with Google Cloud and the Marketplace, right? I mean, many, many companies are now starting to see that when they combine their automation play together with SAP and the S/4HANA on RISE momentum, which has, as you said, an end date, they also want to benefit from the investments in the marketplace. And we feel like that those investments with marketplace will also benefit us in the future.

馬克，謝謝你。我們對 SAP 合作夥伴關係的進展感到非常積極。我覺得新的標誌，瑞士大型零售商是其中之一，我們與馬莎百貨所做的事情是另一個。在這兩種情況下，測試套件都是主導因素，或者與平台的其餘部分一起是主導因素。所以我們對此感到非常非常積極。但我也不會低估 Google Cloud 和 Marketplace 的公告，對嗎？我的意思是，很多很多公司現在開始看到，當他們將自動化與 SAP 和 S/4HANA 結合起來時，他們也希望從投資中受益，正如你所說，RISE 動力有一個結束日期在市場上。我們認為，這些市場投資也將使我們在未來受益。

Okay. And as a quick follow-up for Ashim. I'm looking at the net new ARR, it grew year-over-year in Q3. It almost got there in Q4, but it still looks good. You're guiding that -- this fiscal year, I think you're guiding the net new similar to what it was in FY '24. I'm wondering what ingredients you think might have to align to see that grow -- sort of get back to pretty meaningful growth. For instance, if we do end up with a soft landing scenario this year, then do you think that, that might be in the cards with some good execution?

好的。作為阿希姆的快速跟進。我正在查看淨新 ARR，它在第三季度同比增長。它幾乎在第四季度就達到了這個目標，但看起來仍然不錯。你正在指導——本財年，我認為你正在指導淨新，類似於 24 財年。我想知道您認為可能需要結合哪些要素才能實現成長——某種程度回到相當有意義的成長。例如，如果我們今年確實實現了軟著陸，那麼您認為如果有良好的執行力，這可能會實現嗎？

Mark, the way I look at it is we continue to make great progress as a company. I look at last year and this first half, if you look at the net new ARR, it was down, the second half was basically close to neutral. As you mentioned, when you look at our guidance right now, at the midpoint, we are growing net new ARR overall and in the first quarter. I think we continue to execute. Our strategy is really clear. The value proposition and our product road map is also very clear. And I think if we continue to execute, we have a lot of optimism. That being said, our guide is our guide, and we are very clear in terms of the assumptions that are there. And our focus is just on executing this quarter and continuing to execute on our strategy.

馬克，我的看法是我們作為一家公司繼續取得巨大進步。我看看去年和今年上半年，如果你看看淨新ARR，它是下降的，下半年基本上接近中性。正如您所提到的，當您現在查看我們的指導時，在中點，我們總體上和第一季的淨新 ARR 都在成長。我認為我們會繼續執行。我們的策略非常明確。價值主張和我們的產品路線圖也非常清楚。我認為如果我們繼續執行，我們就會非常樂觀。話雖如此，我們的指南就是我們的指南，我們對其中的假設非常清楚。我們的重點只是執行本季並繼續執行我們的策略。

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

我們的下一個問題來自 RBC 的 Matt Hedberg。

What really stood out to me, too, Ashim, I think you noted your cloud ARR was $650 million. I believe you said it grew 70%, if I wrote that down right. I'm sort of curious, how should we think about that mix in fiscal '25 because it feels like that could be a significant portion of reacceleration as well?

Ashim，對我來說真正突出的一點是，我想您注意到您的雲端 ARR 為 6.5 億美元。我相信你說過它成長了 70%，如果我沒記錯的話。我有點好奇，我們應該如何考慮 25 財年的這種組合，因為感覺這也可能是重新加速的重要組合部分？

Yes. Like our flex offering is really popular with customers, and we continue to see customer momentum moving to the cloud. So we feel very good about that momentum. I would say the mix and the growth rates would consider -- will continue on the trends that we've seen historically and the overall trend of the company as we disclose the numbers every quarter. So I think we feel very good about it.

是的。就像我們的彈性產品非常受客戶歡迎一樣，我們繼續看到客戶遷移到雲端的勢頭。所以我們對這種勢頭感覺非常好。我想說的是，當我們每季揭露數據時，我們會考慮的組合和成長率將繼續我們歷史上看到的趨勢以及公司的整體趨勢。所以我認為我們對此感覺很好。

That's great to hear. And the other thing, obviously, the progress on the margins is great and the 100 bps is really good to hear this year. I think seeing GAAP profitable in 4Q was also really nice. Thoughts on GAAP profitability in fiscal '25. I mean do you think you could get there? I don't know if it's every quarter, but just sort of thoughts on GAAP profitability on a go-forward basis.

聽到這個消息我很高興。顯然，另一件事是，利潤方面的進步很大，今年聽到 100 個基點真的很不錯。我認為看到 GAAP 在第四季度實現盈利也非常好。關於 25 財年 GAAP 獲利能力的思考。我的意思是你認為你能到達那裡嗎？我不知道是否每個季度都會如此，但只是對未來 GAAP 盈利能力的一些想法。

Look, we obviously don't guide to GAAP profitability, so I won't comment there. What I would say is 2 things. We have really good cost discipline and capital allocation. And for us, whether that is cash that is going out the door or whether that is equity, we look at them as equal components of capital now, and that's what we're focused on. Really pleased with the progress in terms of just overall GAAP profitability even for the year, cutting the overall GAAP operating loss significantly and, like you said, achieving GAAP profitability in the fourth quarter. We'll have seasonal patterns, right, that will be a part of that in different quarters. And I just like the overall trend line. We can give more information as we need -- we'll update more information at the appropriate times in terms of long-term margins.

看，我們顯然不以 GAAP 盈利能力為指導，所以我不會在那裡發表評論。我想說的是兩件事。我們有非常好的成本控制和資本配置。對我們來說，無論是流出的現金還是股權，我們現在都將它們視為資本的平等組成部分，這就是我們關注的重點。即使是今年，我們對整體 GAAP 盈利能力方面取得的進展感到非常滿意，大幅削減了整體 GAAP 營運虧損，並且正如您所說，在第四季度實現了 GAAP 盈利能力。我們將有季節性模式，對吧，這將是不同季度的一部分。我只是喜歡整體趨勢線。我們可以根據需要提供更多資訊——我們將在適當的時間更新更多關於長期利潤的資訊。

Our next question comes from the line of 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. Rob, I had a question actually on the partners. You mentioned, I think, Deloitte and Ernst & Young as highlighting some deals for you guys this quarter. Broadly, where do we stand in terms of partner contribution? I know it's been a big focus for the company. But in terms of partner-sourced revenue or partner-influenced revenue, how does that look this year in terms of mix? And where do you plan on taking that to going into fiscal year '25?

我是基思·韋斯 (Keith Weiss) 的桑吉特·辛格 (Sanjit Singh)。羅布，我實際上有一個關於合作夥伴的問題。我想，您提到德勤和安永會計師事務所為您強調了本季的一些交易。整體而言，我們在合作夥伴貢獻方面處於什麼位置？我知道這一直是公司的重點。但就合作夥伴來源的收入或夥伴影響的收入而言，今年的組合情況如何？您計劃在 25 財年採取哪些措施？

Yes. I mean we don't disclose, obviously, those numbers, but we feel really strong about where we are with Accenture and E&Y, PwC and Deloitte. Many of those programs that we're talking about, like, there's a super exciting program from Deloitte and focusing on fast-growing companies using their smart finance solution, combining it with automation and then repackaging it into a vertical solution. We feel those are really going to drive activity. We also feel that our partners are extremely important, and we're driving more and more partner connections. Over 70% of our deals are touched by partners. And we'll continue to see us focused on driving partners in the future as well, both the channel and the GSIs.

是的。我的意思是，顯然我們不會透露這些數字，但我們對埃森哲、安永、普華永道和德勤的處境感到非常強烈。我們正在談論的許多計劃，例如德勤有一個超級令人興奮的計劃，專注於使用其智慧財務解決方案的快速成長的公司，將其與自動化相結合，然後將其重新打包成垂直解決方案。我們認為這些確實會推動活動。我們也認為我們的合作夥伴極為重要，並且我們正在推動越來越多的合作夥伴聯繫。我們超過 70% 的交易是由合作夥伴接觸的。未來我們將繼續專注於推動合作夥伴，包括通路和 GSI。

Understood. And then a follow-up question, maybe for Daniel or Ashim, actually. It's about cloud and that sort of $650 million, which is, my math, north of 40% of total ARR, which sort of means that you guys are going to cross the chasm eventually relatively soon to become a majority cloud company. As you think through some of the things that are coming online with some of the gen AI initiatives and the copilot initiatives that you have, if those start to gain traction, does that come through the cloud line and essentially that's where we're going to one way to sort of track your gen AI traction by the mix of cloud steadily increasing? Or just how do we think about the cloud mix evolving from here as you drive the platform story?

明白了。然後是一個後續問題，實際上可能是針對丹尼爾或阿希姆的。這是關於雲端的，大約 6.5 億美元，據我計算，超過總 ARR 的 40%，這意味著你們最終將相對較快地跨越鴻溝，成為一家佔多數的雲端公司。當你思考一些與一些新一代人工智慧計畫和副駕駛計畫一起上線的事情時，如果這些開始受到關注，那麼它們是否會透過雲端產品線實現，本質上這就是我們要實現的目標有一種方法可以透過不斷增長的雲端混合來追蹤一代人工智慧的吸引力嗎？或者，當您推動平台發展時，我們如何看待從這裡開始演變的雲端組合？

Yes. I would say all of our new offerings, we have a cloud-first mentality in terms of that, and many of the offerings start with the cloud. So of course, that means that the cloud mix as we continue to scale, we feel optimistic will continue on the same trend that is there. I do want to remind everybody, we have a hybrid kind of cloud environment. So from a SaaS headwind standpoint, I would look at that as not impacted by that mix shifting as we move up that area. So from that perspective, we feel very confident about the direction of cloud overall.

是的。我想說的是，我們所有的新產品，在這方面我們都有雲端優先的心態，而且許多產品都是從雲端開始的。當然，這意味著隨著我們繼續擴展雲端混合，我們樂觀地認為將繼續保持現有的趨勢。我確實想提醒大家，我們有一個混合雲環境。因此，從 SaaS 逆風的角度來看，我認為隨著我們向該領域的升級，這一點不會受到混合轉變的影響。所以從這個角度來看，我們對雲端整體的方向非常有信心。

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

我們的下一個問題來自 Bryan Bergin 和 TD Cowen 的對話。

So I appreciate the Document Understanding at that point and the test traction -- Test Suite traction you mentioned. I'm curious if you could comment more on the mix of deal wins you may have signed in 4Q with clients attaching the full platform or maybe the mix of the pipeline where you see clients pursuing that holistic approach. Any further commentary you could share there?

因此，我很欣賞當時的文件理解和測試牽引力——您提到的測試套件牽引力。我很好奇您是否可以對您可能在第四季度與附加完整平台的客戶簽署的交易組合進行更多評論，或者您看到客戶追求整體方法的管道組合。還有什麼進一步的評論可以分享嗎？

Yes, Bryan, I think I mentioned 65 out of 100 of our top deals had some sort of the platform attached to those deals. So that kind of showcases it. I think if you look at our deals above $1 million, I think that will tell you a story there. We also had more than -- we more than doubled our deals above $5 million, which will tell a story around the platform as well. And I think those are proof points around where we are with the platform. Also, the messaging around the GSIs, the partners, that's where the platform becomes even more important.

是的，Bryan，我想我提到過，我們的 100 筆頂級交易中有 65 筆都附帶了某種平台。所以這就是展示它的方式。我想如果你看看我們超過 100 萬美元的交易，我想這會告訴你一個故事。我們的交易額也超過 500 萬美元，增加了一倍以上，這也將講述圍繞該平台的故事。我認為這些都是我們在平台上所處位置的證據。此外，圍繞 GSI、合作夥伴的消息傳遞也是平台變得更加重要的地方。

In my discussions, though, I was in Saudi Arabia, we are met with numerous of the financial institutions and insurance companies and many of the Kingdom of Saudi government officials. I mean they actually recognize the platform and the relevance of the platform. And actual fact, one of the largest banks in Saudi just -- was about to sign with a competitor for RPA. And after they saw the platform, changed their mind completely almost on the spot. And we're seeing more and more of that kind of interaction with customers.

不過，在我的討論中，我在沙烏地阿拉伯，我們會見了許多金融機構和保險公司以及許多沙烏地王國政府官員。我的意思是他們實際上認識到這個平台以及該平台的相關性。事實上，沙烏地阿拉伯最大的銀行之一即將與 RPA 競爭對手簽約。而當他們看到這個平台後，幾乎當場就徹底改變了主意。我們看到越來越多的與客戶的這種互動。

So in my discussions with customers, I'm extremely positive in how we are enabling them to do digital transformation faster. We're enabling them to get value quicker and the most important thing, they're getting speed into what they want to do in their businesses to change their business. Without having to touch many of their systems, they can get the value. And many of the comments I made was around NorthStar and how we did that -- how we're doing that.

因此，在與客戶的討論中，我對我們如何幫助他們更快地進行數位轉型非常樂觀。我們使他們能夠更快地獲得價值，最重要的是，他們能夠快速實現他們想要在業務中做的事情以改變他們的業務。無需接觸許多系統，他們就可以獲得價值。我發表的許多評論都是圍繞著北極星以及我們是如何做到的——我們正在如何做到這一點。

Okay. Very clear. And then just on the demand front. So I understand -- I appreciate the variable comment there. Can you talk maybe more about as you're going through 1Q and as you're planning for the year, what you may be seeing by region or verticals, those have been maybe more aggressively leaning in versus those that are more cautious?

好的。非常清楚。然後就在需求方面。所以我理解——我很欣賞那裡的可變評論。您能否更多地談談在第一季和今年的計劃中，您可能會看到哪些地區或垂直行業，那些可能更積極地傾向於而不是那些更謹慎的行業？

Yes, look, we feel -- when you look at the region, we feel really good about our continued strength in North America and continuing to drive where we've been focused on. I don't think public sector is a region, but I would say -- if you look at public sector vertically, what we're doing in the U.K., the Scottish government, the U.S. federal environment, super, super positive results. And I would say you can extrapolate that globally. We have both -- we have a solution that is really applicable in markets that are concerned about sovereignty.

是的，我們感覺——當你看看該地區時，我們對我們在北美的持續實力以及繼續推動我們一直關注的領域感到非常滿意。我不認為公共部門是一個地區，但我想說——如果你垂直地看待公共部門，我們在英國、蘇格蘭政府、美國聯邦環境中所做的事情，會帶來非常非常積極的結果。我想說你可以在全球範圍內推斷這一點。我們兩者都有——我們有一個真正適用於關心主權的市場的解決方案。

You take the French for instance where we're able to deploy in a cloud-based model, to their liking, their deployment model of choice. So that's hugely beneficial. We like what we saw in Japan. We continue to see significant progress in Europe. Our leadership there is really strengthened, and they are delivering consistently every quarter. And when you deliver consistently, you can start really attacking growth and drive growth. And so we see an opportunity for AI environment combined with the platform to markedly change the trajectory in the future.

以法國人為例，我們能夠根據他們的喜好、他們選擇的部署模型來部署基於雲端的模型。所以這是非常有益的。我們喜歡在日本看到的一切。我們繼續看到歐洲取得了重大進展。我們在那裡的領導確實得到了加強，他們每個季度都始終如一地交付成果。當您始終如一地交付時，您就可以開始真正攻擊成長並推動成長。因此，我們看到人工智慧環境與平台結合的機會，可以顯著改變未來的軌跡。

(Operator Instructions) Our next question comes from the line of Keith Bachman with BMO Capital Markets.

（操作員說明）我們的下一個問題來自 BMO 資本市場的 Keith Bachman。

Terrific results. I will, in the spirit of keep my question to one. Rob, I wanted to come back on what you're just talking about with Bryan. You mentioned 65 of the top 100 deals had some element of platform. I wonder if you could expand the answer a bit, but just talk a little bit about what the penetration is versus your installed base. Because I would think there's a lot of room for opportunities there. And any difference that you could highlight, say, on DBNR or gross retention or size of deals for those customers that are adopting some element, not necessarily the full element, but some element of the platform versus those that are not.

非常棒的結果。我會本著只問一個問題的精神。羅布，我想回顧一下你剛才和布萊恩談論的事情。您提到前 100 筆交易中有 65 筆涉及平台元素。我想知道您是否可以稍微擴展一下答案，但只是談談滲透率與您的安裝基礎的關係。因為我認為那裡有很大的機會空間。您可以強調的任何差異，例如，對於那些採用某些元素（不一定是全部元素，而是平台的某些元素）的客戶而言，DBNR 或總保留率或交易規模。

Yes, appreciate the question. So yes, when we look at -- we said our focus was to -- to target the high-propensity customers that would invest in automation in a significant way. And we feel that that's coming through with our $1 million customers and deals above $5 million, it's definitely coming through.

是的，感謝這個問題。所以，是的，當我們考慮時——我們說我們的重點是——瞄準那些會大力投資自動化的高傾向客戶。我們認為，我們的 100 萬美元客戶和超過 500 萬美元的交易正在實現這一目標，這肯定會實現。

When you look at customers in terms of the platform and solution sets, I would say, IDP and test is a driver for the platform. But once they've seen what they can do with IDP, or Intelligent Document Processing, they want to then start to uncover more and more opportunities. And I would use an example of Indosat, where the CEO of Indosat looked at what we can do with the NorthStar and with the opportunities in Process Mining and Communications Mining and getting that whole organization behind understanding how to drive efficiencies and more importantly, look for new revenue streams, that's what excites the customers. So I would -- we're in the early stages of driving the platform through the customer base. I feel like many, many more customers will take on the platform in a significant way. And there's a lot of opportunity in the future.

當您從平台和解決方案集的角度看待客戶時，我會說，IDP 和測試是平台的驅動力。但是，一旦他們了解了 IDP（即智慧型文件處理）可以做什麼，他們就希望開始發現越來越多的機會。我會使用 Indosat 的一個例子，Indosat 的執行長研究了我們可以用 NorthStar 以及流程挖掘和通訊挖掘中的機會做什麼，並讓整個組織了解如何提高效率，更重要的是，尋找新的收入來源，這才是讓客戶興奮的地方。所以我想——我們正處於透過客戶群推動該平台的早期階段。我覺得越來越多的客戶將會以重要的方式使用這個平台。未來還有很多機會。

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

我們的下一個問題來自美國銀行的布拉德希爾斯 (Brad Sils)。

This is Adam Bergere on for Brad Sills. So you guys have all done a great job flowing back into the customer base, and that's been a relative focus. How are you thinking about the go-to-market mission for FY '25?

我是亞當伯吉爾 (Adam Bergere) 替補布拉德希爾斯 (Brad Sils)。所以你們在回流客戶群方面都做得很好，這是一個相對的焦點。您如何看待 25 財年的上市任務？

Yes, Brad. So pretty much the same: execution; productivity; continue to drive the platform; driving more industry verticalization as we see more and more solutions are successful; and then bringing them globally into different markets. We are investing in product specialists in these areas where companies are interested in understanding more. So we'll see some more product specialists in our growth products in the platform. But we feel really good about all the go-to-market changes we have made and the execution of those changes. And so in 2025, it's all about execution.

是的，布拉德。幾乎相同：執行；生產率;繼續推動平台發展；隨著我們看到越來越多的解決方案取得成功，推動更多的產業垂直化；然後將它們帶到全球不同的市場。我們正在投資這些公司有興趣了解更多領域的產品專家。因此，我們將在平台上看到更多關於我們的成長產品的產品專家。但我們對我們所做的所有進入市場的改變以及這些改變的執行感到非常滿意。因此，到 2025 年，一切都取決於執行力。

Our next question comes from the line of Fred Havemeyer with Macquarie.

我們的下一個問題來自 Fred Havemeyer 與 Macquarie 的對話。

I'm at risk of being repetitive here because I want to go back to a theme of question I asked last quarter because there's a lot happening with autonomous agents since we really last called out. Like last night, Cognition, the start-up, launched their new AI software engineer and posted some demos about it. And with this, you can see that some of these new AI initiatives, generative AI initiatives are giving computers access to work environment, machine vision and a number of things here. So I'd like to ask, how are you thinking about the cooperative or even competitive environment for UiPath platform with the rise of this kind of autonomous, self-reasoning technology? .

我在這裡有重複的風險，因為我想回到我上個季度提出的問題主題，因為自從我們上次呼籲以來，自主代理發生了很多事情。就像昨晚一樣，新創公司 Cognition 推出了新的人工智慧軟體工程師，並發布了一些相關演示。由此，您可以看到，其中一些新的人工智慧計畫、生成​​式人工智慧計畫正在讓電腦能夠存取工作環境、機器視覺和這裡的許多東西。所以我想問一下，隨著這種自主、自我推理技術的興起，您如何看待UiPath平台的合作甚至競爭環境？ 。

Yes. Let me take this one. We are thinking quite a lot in how we can build our own, what we call, like digital assistants. So we put together the best team that we have in UiPath, the best AI team. And we are working to build our own like foundational model that combine the knowledge of a subject matter expert, like an accountant or like an auditor, with the knowledge of how to use the system applications that facilitate these type of tasks. We as a company are in a great position to build this type of assistance. We have tremendous access to computer screens, application data. Our computer vision service is one of the most used. We have -- we scaled actually to like 5 million calls a month, and it's growing up consistently month-over-month. In the end, all these autonomous agents require a great platform to operate on. You will have a platform to ensure the security, the governance, the audit that are required to performing autonomous work. And this is where I think that we really shine, combining our great offering, our existing data and building the AI trends on the top of the platform.

是的。讓我拿走這個。我們正在思考如何建立自己的數位助理，我們稱之為數位助理。因此，我們在 UiPath 中組建了最好的團隊，最好的 AI 團隊。我們正在努力建立我們自己的基礎模型，該模型將主題專家（如會計師或審計師）的知識與如何使用促進此類任務的系統應用程式的知識結合起來。作為一家公司，我們處於提供此類援助的有利位置。我們可以大量存取電腦螢幕和應用程式資料。我們的電腦視覺服務是最常用的服務之一。我們實際上已經擴展到每月 500 萬通電話，而且這個數字還在逐月持續成長。最後，所有這些自主代理都需要一個強大的平台來運作。您將擁有一個平台來確保執行自主工作所需的安全、治理和稽核。我認為這就是我們真正閃光的地方，將我們出色的產品、我們現有的數據結合起來，並在平台頂部建立人工智慧趨勢。

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

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

Congrats from me as well on the GAAP profitability. Rob, it's a question for you in terms of just the SAP relationship. It seems like low-hanging fruit around Test Suite. But I'm curious, is the relationship evolving? And are you seeing opportunities or signed business whereby they're taking your platform and actually extending the core as they upgrade to S/4HANA? So it's not just test automation, it's actually helping build new -- almost business logic, if you will, with your platform. Just would love to learn more about how this could expand and become extensible.

我也對 GAAP 獲利能力表示祝賀。 Rob，這是一個關於 SAP 關係的問題。這似乎是測試套件周圍容易實現的目標。但我很好奇，這段關係是否正在發展？您是否看到了機會或簽署了業務，讓他們在升級到 S/4HANA 時採用您的平台並實際擴展核心？因此，它不僅僅是測試自動化，它實際上幫助建立新的——幾乎是業務邏輯，如果你願意的話，通過你的平台。只是很想了解更多關於如何擴展和擴展的信息。

Yes. I mean I think the good way to look at it is SAP is focused on clean core. We help clean core in a significant way where you can build automations on top and combined together with SAP processes and automation, customers can get a clean core and they can get what they need from the business model. When you combine with Deloitte, taking the advanced methodology, the SAP advancement methodology and they're combining UiPath automation on top, so they can take both to the customer together, tells you that the combination of both is actually how -- where customers will get the benefit.

是的。我的意思是，我認為看待它的好方法是 SAP 專注於清潔核心。我們以一種重要的方式幫助清潔核心，您可以在頂部建立自動化，並與 SAP 流程和自動化相結合，客戶可以獲得一個清潔的核心，他們可以從業務模型中獲得他們需要的東西。當您與Deloitte 結合時，採用先進的方法、SAP 改進方法，並且他們將UiPath 自動化結合在一起，這樣他們就可以將兩者一起帶給客戶，告訴您兩者的結合實際上是如何——客戶將在哪裡得到好處。

The customers that we see on the migration that are also driven from Test is not only Test, they're looking at full automation, and that's why they actually are combining UiPath. When we showcase how we demo the combination of running an SAP, invoice creation process and automation on top of that, extracting information from documents and automatically creating those invoice orders, customers are like, wow. And so that's the process we're going through. And when you start looking at new logos, Marks & Spencer and the customer in Switzerland, these are significant organizations and they are significant new logos for us to continue to win.

我們在遷移中看到的同樣由測試驅動的客戶不僅是測試，他們正在尋求完全自動化，這就是他們實際上結合 UiPath 的原因。當我們展示如何示範如何將運行 SAP、發票建立流程和自動化結合、從文件中提取資訊並自動建立這些發票訂單時，客戶會驚嘆不已。這就是我們正在經歷的過程。當你開始關注新標誌時，瑪莎百貨和瑞士的客戶，這些都是重要的組織，它們是我們繼續獲勝的重​​要新標誌。

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

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

This is Ethan Bruck on for Alex Zukin. So I just want to ask you, you called out a lot of success in more complex industries like financial services, health care, life science, public sector. I was just curious, how much of these more strategic discussions with larger customers is kind of the pull around people looking to explore more with AI versus the push from some of just the better go-to-market execution you've spoken about. And then as we think about guidance, I just want to double click on Mark's question. I'm just curious like based on all what you're seeing with demand and just on execution standpoint, like what's giving confidence in that guide for the net new ARR for fiscal '25, the puts and takes whether it's around large customer momentum, more success in certain verticals. Just anything you can share there.

我是伊森布魯克 (Ethan Bruck) 替補亞歷克斯祖金 (Alex Zukin)。所以我想問你，你在金融服務、醫療保健、生命科學、公共部門等更複雜的行業取得了許多成功。我只是很好奇，與大客戶進行的這些更具策略性的討論有多少是對人們尋求更多人工智慧探索的吸引力，而不是你所說的更好的上市執行力的推動。然後，當我們考慮指導時，我只想雙擊馬克的問題。我只是很好奇，根據您所看到的需求和執行的角度，例如對 25 財年淨新 ARR 指南的信心，看跌期權和看跌期權是否圍繞大客戶動力，在某些垂直領域取得更大成功。任何你可以在那裡分享的東西。

Yes. So let me start off and say, look, there's no doubt there's better execution, right? There's no doubt that's what we said we wanted to achieve better execution. And we also wanted to make certain that the platform was relevant for C-level executives. And there's no doubt that the whole AI movement that's happened in the past 12 months, all of those pieces together has helped UiPath move forward in a dramatically better way. And we'll continue to do that.

是的。所以讓我先說，看，毫無疑問有更好的執行，對吧？毫無疑問，這就是我們所說的我們想要實現更好的執行力。我們還想確保該平台與 C 級主管相關。毫無疑問，過去 12 個月發生的整個人工智慧運動，所有這些部分一起幫助 UiPath 以更好的方式向前發展。我們將繼續這樣做。

The reason why our AI story resonates not only with the automation folks and the AI folks is because we're able to showcase how you take a solution like it and use generative AI and improve the performance of test -- manual testing multiple times, including when you take -- as I said, in the Kingdom of Saudi Arabia. When they look at the invoice and they're looking at English and Arabic, and we're able to take both of those in their language and able to actually use automation, AI-based automation, to decipher it and uncover it. When it's only 75% visible, we're able to actually almost get it 100%. Customers are absolutely blown. Then they look at the opportunity. What else is out there? What else can you do for us? We've got all of these opportunities and what we see is pretty exciting for us. And then it's a question of how long will it take to deliver it. And that's where we -- the creativity of automation together with AI delivers what I've always said, customers need speed and agility to deliver results that they need today.

我們的人工智慧故事不僅引起自動化人員和人工智慧人員的共鳴，是因為我們能夠展示如何採用類似的解決方案並使用生成式人工智慧並提高測試性能 - 多次手動測試，包括正如我所說，在沙烏地阿拉伯王國。當他們查看發票時，他們會查看英語和阿拉伯語，我們能夠以他們的語言獲取這兩種語言，並能夠實際使用自動化、基於人工智慧的自動化來破解並發現它。當它只有 75% 可見時，我們實際上幾乎可以 100% 看到它。顧客絕對驚呆了。然後他們就會尋找機會。外面還有什麼？您還能為我們做些什麼？我們擁有所有這些機會，我們所看到的對我們來說非常令人興奮。然後就是需要多長時間才能交付的問題。這就是我們——自動化的創造力與人工智慧相結合，實現了我一直所說的，客戶需要速度和敏捷性來交付他們今天需要的結果。

And I would just say from the guidance perspective, a lot of our confidence comes to actually based on what Rob is saying and what we're seeing in the market. We always guide to what's in front of us. So we look at our pipeline, we look at kind of the business, how the business is progressing. And we had a really great year last year, and we feel like we have continued momentum going into this year, and so we feel good about our guide.

我只想說，從指導的角度來看，我們的許多信心實際上是基於羅布所說的話以及我們在市場上看到的情況。我們總是引導我們眼前的事物。因此，我們專注於我們的管道、業務類型以及業務進度。去年我們度過了非常美好的一年，我們覺得今年我們將繼續保持勢頭，因此我們對我們的指南感覺很好。

Our next question comes from the line of 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。

Congrats on the strong end of the year. I want to keep on the AI topic. I'd love to hear any updates around how you're seeing customers leverage the UiPath platform to build their own custom gen AI applications. And similarly, to the extent that AI is helping bend the curve make business automation easier to adopt, curious if this can finally really speed up the deployment and lower the need of extensive services to adopt your guys' platform.

恭喜您在今年底取得了強勁的業績。我想繼續討論人工智慧這個話題。我很想聽聽有關客戶如何利用 UiPath 平台建立自己的客製化一代 AI 應用程式的任何更新。同樣，人工智慧正在幫助扭轉曲線，使業務自動化更容易採用，很好奇這是否最終能真正加快部署速度並降低採用你們平台的廣泛服務的需求。

Yes, I can give you an interesting example that we are seeing in health care provider. We help them with building a RAG-based search, which is like retrieval augmented generative AI. And they -- imagine patient that has to fill out a formula and then it goes to -- it converts into a claim and it has to match with a certain type of procedure. So this is the -- that was one type of example that we are seeing, and there are many others in this regard. And I think it proves, again, the point that generative AI combined with specialized AI is really helping us to go more towards automating end-to-end processes. And that is really -- in the end, it results in a much better value for our customers.

是的，我可以舉一個我們在醫療保健提供者身上看到的有趣的例子。我們幫助他們建立基於 RAG 的搜索，就像檢索增強生成人工智慧一樣。他們想像患者必須填寫一個公式，然後將其轉換為索賠並且必須與某種類型的程序相匹配。這就是我們看到的一類例子，在這方面還有很多其他例子。我認為這再次證明了生成式人工智慧與專業人工智慧結合確實可以幫助我們進一步實現端到端流程的自動化。這確實是——最終，它為我們的客戶帶來了更好的價值。

Okay. I think that -- with that, that's the last question. Thank you, everybody, for joining us. We really appreciate you taking the time, and thank you again.

好的。我認為——這就是最後一個問題。謝謝大家加入我們。我們非常感謝您抽出寶貴的時間，並再次感謝您。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。