UiPath Inc (PATH) 2025 Q1 法說會逐字稿

Greetings, and welcome to the UiPath First Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 UiPath 2025 年第一季財報電話會議。 （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, Allise Furlani, Senior Director of Investor Relations. Thank you, Allise. You may begin.

現在我很高興向您介紹主持人，投資者關係高級總監 Allise Furlani。謝謝你，艾莉絲。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's First Quarter Fiscal 2025 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 Founder and Chief Innovation Officer; and Ashim Gupta, Chief Financial Officer, to deliver our prepared comments and answer questions.

下午好，感謝您今天與我們一起回顧 UiPath 2025 財年第一季財務業績，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 創辦人兼首席創新長 Daniel Dines；財務長 Ashim Gupta 發表我們準備好的評論並回答問題。

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 grow our platform as well as our financial guidance for the second 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, 2024, and our subsequent reports filed with the SEC, including our Quarterly Report on Form 10-Q for the period ended April 30, 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 年第二季和整個財年的財務指導。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 2024 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，包括我們的季度報告截至2024年4 月30 日的期間的10-Q 表將提交給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 remarks 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。

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

現在我想把電話轉給丹尼爾。

Thank you, Allise. Good afternoon, everyone. Thanks for joining us. I'd like to start today by addressing the announcements we made this afternoon, and then I'll give a quick summary of our first quarter results and revised outlook including an update on our path forward. I will then walk through a few highlights from the quarter before I hand it over to Ashim to go through our financials and guidance in more detail.

謝謝你，艾莉絲。大家下午好。感謝您加入我們。我想從今天下午發布的公告開始，然後我將快速總結我們第一季的業績和修訂後的前景，包括我們前進道路的最新情況。然後，我將介紹本季度的一些亮點，然後將其交給 Ashim，以更詳細地介紹我們的財務數據和指導。

As you may have seen in our press release this afternoon, Rob Enslin is leaving the company and has also resigned as a member of the Board. Rob played a significant role over the last 2 years, and I know I'm speaking for the entire company when I say that we are very grateful for his contribution to UiPath. With Rob leaving the company, I'm excited to step back into the CEO role and look forward to leading us through our next phase of profitable growth and innovation.

正如您可能在今天下午的新聞稿中看到的那樣，羅布·恩斯林 (Rob Enslin) 將離開公司，並辭去董事會成員職務。 Rob 在過去兩年中發揮了重要作用，當我說我們非常感謝他對 UiPath 的貢獻時，我知道我代表整個公司。隨著 Rob 離開公司，我很高興重新擔任首席執行官，並期待帶領我們進入下一階段的盈利增長和創新。

During the past year, I had the privilege of immersing myself in our product and engineering efforts. This experience gives me invaluable clarity on our path forward. At the time, when companies are looking to optimize costs and drive efficiencies without sacrificing innovation, especially around generative AI, our platform enables them to harness the power of AI to achieve actionable outcomes. As we look to the future of automation, our focus isn't just on boosting productivity and efficiency, it's also about redefining what's possible with the breadth of our AI-powered platform as capability.

在過去的一年裡，我有幸全心投入我們的產品和工程工作。這段經歷讓我對我們的前進道路有了無比清晰的認識。目前，當公司希望在不犧牲創新的情況下優化成本並提高效率時，尤其是在生成式人工智慧方面，我們的平台使他們能夠利用人工智慧的力量來實現可行的結果。當我們展望自動化的未來時，我們的重點不僅是提高生產力和效率，還包括重新定義人工智慧驅動的平台作為功能的廣度的可能性。

The impact that the combination of generative AI and automation provides our customers a significant, and it's expanding from our early customers like SMBC and Orange to customers that have grown and expanded significantly over the last year, like USDA and ACA. They continue to emphasize how the combination of automation and AI delivered through our platform is transforming their business and enabling them to thrive in today's environment. We view generative AI as a secular tailwind that will continue to benefit our business and the catalyst for continuing to innovate across our platform to expand our competitive moat.

生成式人工智慧和自動化的結合為我們的客戶帶來了巨大的影響，並且它正在從我們的早期客戶（如 SMBC 和 Orange）擴展到去年顯著成長和擴張的客戶（如 USDA 和 ACA）。他們繼續強調透過我們的平台提供的自動化和人工智慧的結合如何改變他們的業務並使他們在當今的環境中蓬勃發展。我們將生成式人工智慧視為長期的順風車，將繼續有利於我們的業務，也是我們平台上持續創新以擴大我們的競爭護城河的催化劑。

Turning to our first quarter results. ARR grew 21% year-over-year to $1.508 billion, driven by first quarter net new ARR of $44 million. Excluding the FX headwind of $3 million, net new ARR totaled $47 million. Revenue grew to $335 million, an increase of 16% year-over-year. Normalizing for the FX headwind of approximately $8 million, revenue grew 18% year-over-year. While our top line results were generally in line with our guidance range, we are not satisfied with our performance, and I'd like to give you more color on a few key factors that impacted first quarter results.

轉向我們第一季的業績。在第一季淨新 ARR 4,400 萬美元的推動下，ARR 年增 21% 至 15.08 億美元。排除 300 萬美元的外匯阻力，淨新 ARR 總計 4700 萬美元。營收成長至 3.35 億美元，年增 16%。考慮到約 800 萬美元的外匯逆風，營收年增 18%。雖然我們的頂線業績總體上符合我們的指導範圍，但我們對我們的業績並不滿意，我想為您提供更多關於影響第一季業績的幾個關鍵因素的資訊。

First, while we had a healthy start to the quarter, we saw the pace slow as we progressed through the second half of March and into April. This was primarily due to the impact of a challenging macroeconomic environment that we see persisting with mid-market customers as well as a change in customer behavior, particularly with large multiyear deals. As a result, several large expansion opportunities closed with the reduced size were pushed out of the quarter.

首先，雖然我們本季開局良好，但隨著 3 月下半月和 4 月的進展，我們的步伐逐漸放緩。這主要是由於我們認為中端市場客戶持續面臨充滿挑戰的宏觀經濟環境的影響，以及客戶行為的變化，尤其是大型多年交易。結果，幾個因規模縮小而關閉的大型擴張機會被擠出了本季。

Second, we saw inconsistent execution, which included contract execution challenges on large deals and certain sales compensation changes, which we are working to rectify. While customer behavior is often a function of the broader macroeconomic environment, execution is something we can control. And we recognize that we need to improve predictability on large multiyear deals.

其次，我們發現執行不一致，其中包括大宗交易的合約執行挑戰以及某些銷售薪酬變化，我們正在努力糾正這些問題。雖然客戶行為通常是更廣泛的宏觀經濟環境的函數，但執行是我們可以控制的。我們認識到，我們需要提高大型多年期交易的可預測性。

Third, our growth products such as IDP and test automation are producing positive results. However, there is a need to have a deeper execution strategy to scale these products to reach their full potential.

第三，我們的IDP和測試自動化等成長產品正在產生積極的結果。然而，需要有更深入的執行策略來擴展這些產品以充分發揮其潛力。

And lastly, the investments we have made to reaccelerate growth have fallen short of our expectations, made us less agile in responding to customer needs and created short-term pressure on operating margins, all of which we are committed to rectifying.

最後，我們為重新加速成長而進行的投資沒有達到我們的預期，使我們在響應客戶需求方面不夠敏捷，並對營運利潤率造成了短期壓力，所有這些我們都致力於糾正。

Now let me address our outlook going forward. Our revised second quarter and fiscal 2025 guidance are not where we expect them to be. That being said, we don't expect the macro environment to improve materially in the near term. And we believe it is prudent to guide assuming variability we saw at the end of the first quarter will continue. It also takes into account the leadership transition, which can create some short-term disruption.

現在讓我談談我們的未來展望。我們修訂後的第二季和 2025 財年指引並未達到我們的預期。話雖如此，我們預期宏觀環境短期內不會有實質改善。我們認為，假設我們在第一季末看到的變化將持續下去，那麼指導是謹慎的。它還考慮到了領導層換屆，這可能會造成一些短期幹擾。

As we look to the future, we are laser focused on enhancing our execution including improved sales linearity and deal scrutiny, driving higher efficiency across sales and the broader organization and driving a deeper and more execution-oriented strategy for our growth products. We are also shifting the way we engage with customers to reinvigorate our line of business engagement with an industry tailored approach.

展望未來，我們專注於增強執行力，包括改善銷售線性和交易審查，提高銷售和更廣泛的組織效率，並為我們的成長產品推動更深入、更以執行為導向的策略。我們也正在改變與客戶互動的方式，透過業界客製化的方法重振我們的業務線互動。

Lastly, we plan to go back to our roots, building a truly customer-centric organization, where co-innovating with our customers and partners is at the heart of everything we do. We believe that this foundational work will help us better address customer needs, accelerate adoption of our platform and position us to drive market share gains over the medium and long term.

最後，我們計劃回歸本源，建立一個真正以客戶為中心的組織，與客戶和合作夥伴共同創新是我們所做一切的核心。我們相信，這項基礎工作將幫助我們更好地滿足客戶需求，加速我們平台的採用，並使我們能夠在中長期推動市場份額的成長。

I want to be clear, we are optimistic about the role of our business automation platform plays in digital transformation. The core foundation of our business remains strong, and we are making progress on our long-term strategic plan, which includes releasing innovative new features and products like Autopilot, continuing to deepen our relationships with meaningful partners like SAP and building a strong community of developers. Lastly, despite some of the top line challenges, we are still expecting to generate $300 million of non-GAAP adjusted free cash flow for the full fiscal year 2025.

我想明確的是，我們對業務自動化平台在數位轉型中所扮演的角色持樂觀態度。我們業務的核心基礎依然強勁，我們的長期策略計畫正在取得進展，其中包括發布 Autopilot 等創新的新功能和產品，繼續深化與 SAP 等有意義的合作夥伴的關係，以及建立強大的開發者社群。最後，儘管面臨一些收入挑戰，我們仍預計 2025 年整個財年將產生 3 億美元的非 GAAP 調整後自由現金流。

Turning to a few highlights from the quarter. I am energized by the incredible events we hosted, including our annual AI Summit, which once again proved to be a great success with over 5,000 registered attendees. We introduced new innovations focused around the key factors that business leaders are looking for when they embed AI in their automation program: business context, AI model flexibility, actionability and trust. These innovations included our family of large language models, or LLMs, DocPath and CommPath, which combine the best of generative AI and specialized AI to empower our customers to understand and process any document and a huge variety of message types. By narrowing the focus, but retaining the vast power of gen AI, our specialized LLM significantly outperformed the output accuracy of currently available out-of-the-box LLM. We also introduced context grounding, a new feature within the UiPath AI trust layer that helps businesses improve the accuracy of gen AI models by extracting information from company-specific data sets.

轉向本季的一些亮點。我們舉辦的精彩活動讓我深受鼓舞，其中包括我們的年度人工智慧高峰會，該高峰會再次獲得了巨大成功，註冊參加人數超過 5,000 人。我們推出了新的創新，重點關注企業領導者在將人工智慧嵌入自動化程式時所尋求的關鍵因素：業務環境、人工智慧模型的靈活性、可操作性和信任。這些創新包括我們的大型語言模型系列（LLM、DocPath 和 CommPath），它們結合了最好的生成式 AI 和專業 AI，使我們的客戶能夠理解和處理任何文件和各種訊息類型。透過縮小關注範圍，但保留 gen AI 的強大功能，我們的專業 LLM 顯著優於目前可用的開箱即用 LLM 的輸出準確性。我們還引入了上下文基礎，這是 UiPath AI 信任層中的一項新功能，可協助企業透過從公司特定資料集中提取資訊來提高 gen AI 模型的準確性。

And lastly, we announced exciting new updates for Autopilot, including the release of Autopilot for Developers and Testers into general availability in June. We have seen tremendous interest from our customers across diverse industries, ranging from technology and automotive to pharmaceuticals and advertising and including some of the largest companies in the world, such as Dentsu, Wesco and Cigniti. While still in its early days, Autopilot has already garnered positive feedback and excitement among customers for its innovative use of generative AI to take action across application stacks, lowering barriers to entry and accelerating time to value.

最後，我們宣布了 Autopilot 的令人興奮的新更新，包括開發人員和測試人員的 Autopilot 將於 6 月全面上市。我們看到了來自不同行業的客戶的巨大興趣，從科技和汽車到製藥和廣告，其中包括一些世界上最大的公司，如 Dentsu、Wesco 和 Cigniti。儘管仍處於早期階段，Autopilot 已經獲得了客戶的積極反饋和興奮，因為它創新地使用生成式人工智慧跨應用程式堆疊採取行動，降低了進入障礙並加快了價值實現時間。

On the go-to-market front, momentum continued with our first UiPath on Tour event: AI at Work, Public Sector, in Washington, D.C. The energy and engagement in the room were palpable, with over 1,000 public sector leaders and implementation partners in attendance. It was truly inspiring to witness firsthand how our platform is empowering public sector agencies to modernize their IT infrastructure and navigate the cloud with confidence.

在進入市場方面，我們的第一場UiPath 巡演活動繼續保持勢頭：在華盛頓特區舉行的公共部門人工智慧工作活動。合作夥伴參加了此次活動。親眼目睹我們的平台如何幫助公共部門機構實現 IT 基礎設施現代化並充滿信心地駕馭雲，這確實令人鼓舞。

We also had the opportunity to highlight our recently achieved FedRAMP authorization. This milestone creates opportunities for public sector organizations to elevate their operations through the transformative power of automation. And we are already seeing customer interest closing several deals in the first quarter, including an existing customer we expanded as they plan to leverage FedRAMP to move to the cloud while purchasing Document Understanding to drive efficiencies throughout their organization.

我們還有機會強調我們最近獲得的 FedRAMP 授權。這一里程碑為公共部門組織透過自動化的變革力量提升營運創造了機會。我們已經看到客戶有興趣在第一季完成幾筆交易，其中包括我們擴大的現有客戶，因為他們計劃利用 FedRAMP 遷移到雲端，同時購買文件理解來提高整個組織的效率。

Moving on to our partner ecosystem. Partners continue to be a core pillar of our go-to-market strategy and GSIs are building long-term differentiated businesses with us. During the quarter, we had the great partner supported expansion with WEC Energy Group, with consolidating their automation efforts onto our end-to-end platform. With Accenture's continued strategic support, they are now planning to leverage our AI-enabled capabilities, including Document Understanding, aimed at enhancing customer care and agent productivity and driving additional operational efficiencies and insights. Partners are also driving new logo wins, including Vhi Group, the largest private health insurer in Ireland.

繼續我們的合作夥伴生態系統。合作夥伴仍然是我們進入市場策略的核心支柱，GSI 正在與我們建立長期差異化業務。在本季度，我們得到了優秀的合作夥伴 WEC Energy Group 的支持，將他們的自動化工作整合到我們的端對端平台上。在埃森哲持續的策略支援下，他們現在計劃利用我們的人工智慧功能，包括文件理解，旨在增強客戶服務和座席生產力，並提高營運效率和洞察力。合作夥伴也在推動新標誌的贏得，其中包括愛爾蘭最大的私人健康保險公司 Vhi Group。

With the help of EY, we develop a plan to drive long-term digital transformation across their organization. They are in the process of leveraging Document Understanding to automate elements of their claims journey and Core Automation to drive the digitalization across the organization. Strategic partnerships are an important element of our strategy, and we continue to strengthen our relationship with SAP, which provides us with access to large transformation budgets, new buying centers and the SAP enterprise sales machine.

在安永的幫助下，我們制定了一項計劃來推動整個組織的長期數位轉型。他們正在利用文件理解來自動化索賠流程的各個要素，並利用核心自動化來推動整個組織的數位化。策略夥伴關係是我們策略的重要組成部分，我們將繼續加強與 SAP 的關係，這使我們能夠獲得大量轉型預算、新的採購中心和 SAP 企業銷售機器。

During the quarter, we saw continued success, including an expansion with an Italian eyewear conglomerate, who will be leveraging our platform capabilities to support their migration to SAP S/4HANA. They are also in the process of expanding their usage of Document Understanding to optimize invoice and payments processing.

在本季度，我們看到了持續的成功，包括與一家義大利眼鏡集團的擴張，該集團將利用我們的平台功能支援其遷移到 SAP S/4HANA。他們還正在擴大文件理解的使用範圍，以優化發票和付款處理。

From a technical partnership perspective, just last week, we announced our expanded partnership with Microsoft, launching a powerful integration with Copilot for Microsoft 365. This integration enables joint customers to automate end-to-end business processes and enhance the end user experience with UiPath. Our focus on innovation is consistently recognized by third-party research analysts. And over the last several months, we received multiple industry awards. This has included a recognition in Everest Group's Intelligent Document Processing products PEAK Matrix Assessment 2024, where we were named a leader for the second year in a row being recognized for our vision capabilities and market impact.

從技術合作夥伴的角度來看，就在上週，我們宣布擴大與Microsoft 的合作夥伴關係，推出與Copilot for Microsoft 365 的強大整合。 UiPath 增強最終使用者體驗。我們對創新的關注得到了第三方研究分析師的一致認可。在過去的幾個月裡，我們獲得了許多行業獎項。其中包括在 Everest Group 的智慧文件處理產品 PEAK Matrix Assessment 2024 中獲得認可，我們連續第二年被評為領導者，並因其視覺能力和市場影響力而受到認可。

Our leadership position in IDP is driving demand across our customer base. For example, Schaeffler Technologies, a customer since 2018, expanded to Communications Mining and Document Understanding in the quarter as they look to automate invoice processing, quality control document, shipping document and maintenance records. Our continuous discovery capabilities are also fueling our momentum, and we were recently recognized as a leader in the 2024 Gartner Magic Quadrant for Process Mining platform's research report.

我們在 IDP 領域的領導地位正在推動我們客戶群的需求。例如，自 2018 年起成為客戶的捨弗勒技術公司 (Schaeffler Technologies) 在本季度擴展到了通訊挖掘和文件理解，因為他們希望實現發票處理、品質控製文件、運輸文件和維護記錄的自動化。我們的持續發現能力也推動了我們的發展勢頭，最近我們在 2024 年 Gartner 流程​​挖掘平台魔力像限研究報告中被評為領導者。

Customers recognize that transformational outcomes they can achieve when they combine our discovery capabilities with our automation products, including a new logo this quarter with one of the largest pharmaceutical companies in North America. The customer had been using Celonis, but realized they needed a tool that not only identifies bottlenecks, but also give them the ability to take action. Our outcome-focused messaging and full platform of capabilities resonated with the customer, resulting in competitive displacement.

客戶認識到，當他們將我們的發現能力與自動化產品相結合時，他們可以實現變革性成果，包括本季度與北美最大的製藥公司之一合作的新標誌。客戶一直在使用 Celonis，但意識到他們需要一種工具，不僅可以識別瓶頸，還可以讓他們採取行動。我們以結果為中心的訊息傳遞和完整的功能平台引起了客戶的共鳴，導致了競爭的取代。

We see an opportunity to share our experience and passion for fostering the next generation of innovative technology solutions, and this includes our recent investment in the H company. Founded by leading AI scientists and researchers, their vision is to reach full artificial general intelligence, as they commercially deploy foundational action models. In addition to our investment, we are collaborating with them on a commercial partnership. We believe what the H Company is building goes beyond the capabilities of LLMs and will be helpful as we drive a new era of Agentic Process Automation where AI agents collaborate with workers dynamically to reinvent business processes. Personally, I am thrilled to be working with such an exceptional founding team on their journey.

我們看到了分享我們培育下一代創新技術解決方案的經驗和熱情的機會，其中包括我們最近對 H 公司的投資。他們由領先的人工智慧科學家和研究人員創立，他們的願景是在商業部署基礎行動模型時實現全面的通用人工智慧。 除了我們的投資之外，我們還與他們建立商業夥伴關係。我們相信，H 公司正在建立的內容超出了法學碩士的能力，並將有助於我們推動代理流程自動化的新時代，其中人工智慧代理與員工動態協作以重塑業務流程。就我個人而言，我很高興能與如此出色的創始團隊一起踏上他們的旅程。

Before I turn it over to Ashim, I'd like to extend a warm welcome to Raghu Malpani, our new appointed Chief Technology Officer. Raghu comes to us with a wealth of experience in fostering and guiding forward thinking, collaborative and customer-focused engineering team. We are incredibly excited to have him on board and we are confident that his expertise will further elevate our team while delivering best-in-class innovative solutions to our customers.

在將其交給 Ashim 之前，我要熱烈歡迎我們新任命的技術長 Raghu Malpani。 Raghu 在培養和指導具有前瞻性思維、協作性和以客戶為中心的工程團隊方面擁有豐富的經驗。我們非常高興他的加入，我們相信他的專業知識將進一步提升我們的團​​隊，同時為我們的客戶提供一流的創新解決方案。

I am proud of the advancements we have made over the last year including the great talent we've added to our P&E team, and it gives me great confidence in their ability to drive our long-term product strategy while I am transitioning back to the CEO role. As I said several times, we are not satisfied with our results and outlook. As the Founder of UiPath, I am energized to step back into the CEO role, improve execution and refocus the company on our customers and partners. We remain committed to driving durable growth while maintaining strong profitability.

我為我們在過去一年中取得的進步感到自豪，包括我們為 P&E 團隊添加的優秀人才，這讓我對他們在我過渡回 P&E 期間推動我們長期產品戰略的能力充滿信心。 。正如我多次說過的，我們對我們的結果和前景並不滿意。身為 UiPath 的創辦人，我充滿活力地重新擔任執行長的角色，提高執行力並重新將公司的重點放在我們的客戶和合作夥伴身上。我們仍致力於推動持久成長，同時保持強勁的獲利能力。

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

這樣，我會將電話轉給 Ashim。

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. I also want to note that since we price and sell in local currency, fluctuations in FX rates impact results.

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。我還想指出，由於我們以當地貨幣定價和銷售，因此匯率波動會影響結果。

Turning to the first quarter. ARR totaled $1.508 billion, an increase of 21%, driven by net new ARR of $44 million. Excluding the FX headwind of $3 million, net new ARR totaled $47 million.

轉向第一季。在 4,400 萬美元的淨新 ARR 的推動下，ARR 總計 15.08 億美元，成長 21%。排除 300 萬美元的外匯阻力，淨新 ARR 總計 4700 萬美元。

We ended the quarter with approximately 10,800 customers, including new logos like Boomi, Flexjet, Zen Business, True Consulting and Calix. As we mentioned over the last several quarters, the vast majority of our customer attrition continues to be in smaller customers, which in aggregate represents an immaterial portion of our overall business.

本季末，我們約有 10,800 名客戶，其中包括 Boomi、Flexjet、Zen Business、True Consulting 和 Calix 等新標誌。正如我們在過去幾季提到的，我們的絕大多數客戶流失仍然是小客戶，這些客戶總的來說只占我們整體業務的一小部分。

Moving on to customer metrics. Customers with $100,000 or more in ARR increased to 2,092, while customers with $1 million or more in ARR totaled 288. Our largest customers are also continuing to expand on our platform, and we added a record number of customers with $5 million or more in ARR.

繼續討論客戶指標。 ARR 為100,000 美元或以上的客戶增加到2,092 家，ARR 為100 萬美元或以上的客戶總數為288 家。美元或以上的客戶數量。

Dollar-based gross retention of 98% continues to be best-in-class, and our dollar-based net retention rate for the quarter was 118%. The breadth of our platform capabilities continues to drive expansion across our customer base, including Red Bull, who began with Core Automation and expanded in the quarter, purchasing Test Suite and Document Understanding. They plan to leverage Test Suite to accelerate their S/4HANA migration while utilizing Document Understanding to automate various use cases across their finance, operations and HR departments. And Etihad Airways, who expanded to the full platform this quarter as they plan to leverage our platform to support and build more AI automations across commercial and operational functions.

以美元計算的總保留率為 98%，繼續保持同類最佳水平，本季以美元計算的淨保留率為 118%。我們平台功能的廣度繼續推動我們客戶群的擴展，其中包括紅牛，該公司從核心自動化開始，並在本季度進行了擴展，購買了測試套件和文件理解。他們計劃利用測試套件加速 S/4HANA 遷移，同時利用文件理解自動化財務、營運和人力資源部門的各種用例。阿提哈德航空在本季度擴展到了整個平台，因為他們計劃利用我們的平台來支援和建立更多跨商業和營運功能的人工智慧自動化。

Revenue grew to $335 million, an increase of 16% year-over-year. Normalizing for the FX headwind of approximately $8 million, revenue grew 18%. Remaining performance obligations increased to $1.101 billion, up 22% year-over-year. Current RPO increased to $683 million.

營收成長至 3.35 億美元，年增 16%。在外匯逆風約為 800 萬美元的情況下正常化後，收入增長了 18%。剩餘履約義務增至11.01億美元，年增22%。目前 RPO 增至 6.83 億美元。

Turning to expenses. We delivered a first quarter overall gross margin of 86%, and software gross margin was 90%. First quarter operating expenses were $238 million. GAAP operating loss of $49 million included $89 million of stock-based compensation expense. Non-GAAP operating income was $50 million, resulting in a first quarter non-GAAP operating margin of 15%. Including the FX headwind of $6 million, non-GAAP operating income was $57 million or a non-GAAP operating margin of 17%. We are pleased with the progress we are making with our AI products such as Autopilot and our new LLMs and we plan to continue to invest in the necessary hosting costs to drive product development and adoption.

轉向開支。我們第一季的整體毛利率為 86%，軟體毛利率為 90%。第一季營運費用為 2.38 億美元。 GAAP 營運虧損 4,900 萬美元，其中包括 8,900 萬美元的股票補償費用。非 GAAP 營業收入為 5,000 萬美元，第一季非 GAAP 營業利潤率為 15%。包括 600 萬美元的外匯逆風在內，非 GAAP 營業收入為 5,700 萬美元，非 GAAP 營業利潤率為 17%。我們對 Autopilot 等人工智慧產品和新的法學碩士所取得的進展感到高興，我們計劃繼續投資必要的託管成本，以推動產品開發和採用。

The market is evolving rapidly, and we view these investments as key to unlocking growth opportunities in the future. That said, our first half spend is timing related as we feel appropriately budgeted for the overall year. We expect to continue to drive strong cost discipline across the organization. First quarter non-GAAP adjusted free cash flow was $101 million. As of April 30, we had $1.9 billion in cash, cash equivalents and marketable securities and no debt. We remain committed to our $500 million buyback program as we repurchased 938,000 shares of our Class A common stock at an average price of $23.46 from February 1, 2024, through April 30, 2024.

市場正在迅速發展，我們認為這些投資是釋放未來成長機會的關鍵。也就是說，我們上半年的支出與時間有關，因為我們認為全年的預算是適當的。我們希望繼續在整個組織內推行嚴格的成本紀律。第一季非 GAAP 調整後自由現金流為 1.01 億美元。截至 4 月 30 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。我們仍然致力於實施 5 億美元的回購計劃，從 2024 年 2 月 1 日到 2024 年 4 月 30 日，我們以平均價格 23.46 美元回購了 938,000 股 A 類普通股。

Turning to guidance. I'd like to provide context around our updated outlook for the second quarter and remainder of the fiscal year. As Daniel mentioned, in mid-March, we began seeing increased deal scrutiny and longer sales cycle with our large multiyear deals. Our updated guidance takes into consideration both the macroeconomic environment, our leadership transition and improved operating discipline, which will take time to implement. Because of the complexities of ASC 606, we run and manage our business on ARR, which is most representative of the underlying performance of our business.

轉向指導。我想提供有關我們對第二季度和本財年剩餘時間的最新展望的背景資訊。正如丹尼爾所提到的，在三月中旬，我們開始看到我們的大型多年交易的交易審查越來越嚴格，銷售週期也越來越長。我們更新的指導意見考慮了宏觀經濟環境、領導層換屆和改進的營運紀律，這需要時間來實施。由於 ASC 606 的複雜性，我們在 ARR 上運作和管理我們的業務，ARR 最能代表我們業務的基礎績效。

We are taking a prudent view on the contribution of large multiyear deals. And as a result, there is an outsized impact to our revenue guidance due to ASC 606 revenue recognition. This outsized revenue impact is the main driver of our reduction in non-GAAP operating income and non-GAAP adjusted free cash flow for the remainder of the year. Profitability remains a core pillar of our go-forward strategy, and we will continue to drive efficiencies across our business to generate strong operating margins and meaningful non-GAAP adjusted free cash flow.

我們對大型多年期交易的貢獻持謹慎態度。因此，ASC 606 收入確認對我們的收入指引產生了巨大影響。這種巨大的收入影響是我們今年剩餘時間內非公認會計準則營業收入和非公認會計準則調整後自由現金流減少的主要驅動因素。獲利能力仍然是我們前進策略的核心支柱，我們將繼續提高整個業務的效率，以產生強勁的營業利潤率和有意義的非公認會計原則調整後的自由現金流。

For the second quarter of fiscal 2025, we expect revenue in the range of $300 million to $305 million; ARR in the range of $1.543 billion to $1.548 billion; non-GAAP operating income of approximately breakeven; and we expect second quarter basic share count to be approximately 574 million shares. For the fiscal full year 2025, we now expect revenue in the range of $1.405 billion to $1.410 billion; ARR in the range of $1.660 billion to $1.665 billion; non-GAAP operating income of approximately $145 million. And finally, we now expect fiscal year 2025 non-GAAP adjusted free cash flow of approximately $300 million.

2025財年第二季度，我們預計營收在3億至3.05億美元之間； ARR 在 15.43 億美元至 15.48 億美元之間；非公認會計準則營業收入約為損益兩平；我們預計第二季基本股數約為 5.74 億股。對於 2025 財年，我們目前預計營收在 14.05 億美元至 14.10 億美元之間； ARR 在 16.60 億美元至 16.65 億美元之間；非公認會計準則營業收入約 1.45 億美元。最後，我們現在預計 2025 財年非 GAAP 調整後自由現金流約為 3 億美元。

Thank you for joining us today, and we look forward to speaking with many of you during the quarter. With that, I will now turn the call over to the operator. Operator, please poll for questions.

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。這樣，我現在將把電話轉給接線生。接線員，請投票詢問問題。

(Operator Instructions) Our first question comes from the line of Jake Roberge with William Blair.

（操作員說明）我們的第一個問題來自傑克·羅伯格和威廉·布萊爾的對話。

Just if we could just start off, could you help us better understand kind of what's changed over the last few months? I understand the environment has gotten worse. But when you referenced the issues for those large multiyear deals, is that just scrutiny on deals? Are you seeing more competitive pressures that are causing customers to churn off of certain deployments or completely drop out of the pipeline? Just curious if you could flesh out some of the issues that you're seeing with the large deals.

如果我們可以開始，您能否幫助我們更了解過去幾個月發生的變化？我知道環境變得更糟了。但是，當您提到那些大型多年期交易的問題時，這只是對交易的審查嗎？您是否看到更多的競爭壓力導致客戶放棄某些部署或完全退出管道？只是好奇您是否可以充實您在大宗交易中看到的一些問題。

Jake, thank you for the question. Yes. I think that around 6, 7 weeks ago, we were starting to see some pressure, especially on the large multiyear deals. Some of them got shrank. Some of them got postponed. We are not seeing the cause as being from a competitive standpoint. But it's -- I think it's a combination of factors. Macroeconomical environment is variable and customers are a bit more cautious, and they do more scrutiny into the deals.

傑克，謝謝你的提問。是的。我認為大約六、七週前，我們開始看到一些壓力，特別是在大型多年期交易方面。其中一些縮小了。其中一些被推遲了。我們不認為這是從競爭角度出發的原因。但我認為這是多種因素的結合。宏觀經濟環境多變，客戶更加謹慎，對交易的審查更加嚴格。

Another factor for us was a change in the sales comp that happened at the beginning of this fiscal year. And we incentivized a little bit less the multiyear deals, which in retrospect, it was an execution issue. And also, I would say, for us, some late-stage deal execution challenges were identified. We had some -- to give you some examples, some kind of, in one deal, it was procurement error that happened late into the quarter. Another deal, it was a budget reprioritization that we got, were a little bit too late in the quarter.

對我們來說，另一個因素是本財年初銷售補償發生的變化。我們對多年期交易的誘因有所減少，回想起來，這是一個執行問題。而且，我想說，對我們來說，也發現了一些後期交易執行的挑戰。我們有一些 - 給你一些例子，在一筆交易中，在本季末發生了採購錯誤。我們達成的另一項協議是重新調整預算優先順序，但在本季有點晚了。

Okay. Helpful. And then for the customers that are renewing at lower rates, how pronounced has that partial churn been in those contracts? And to the extent that you have visibility into it, why are customers turning off those use cases? Is it just digesting what they overbought in prior contracts? Or are there any other issues that play there?

好的。有幫助。那麼對於以較低費率續約的客戶來說，這些合約中的部分流失有多明顯？如果您了解的話，為什麼客戶會關閉這些用例？難道只是消化他們在之前合約中超買的東西嗎？或是有其他問題嗎？

I would -- this is Ashim. When you look at our churn rates, actually, when you look at it as a percentage of our renewable base, we've said this historically, they're relatively constant, right? So I don't look at churn as something that is having an outsized impact versus our expectations. Of course, we always want to work harder to drive those numbers to be -- to have better benefits, so to speak, or have more productivity year-over-year with respect to those down-sells, but it is not actually a driver. So we don't see customers turning off use cases, so to speak, to be...

我會－－這是阿希姆。實際上，當您查看我們的流失率時，當您查看它佔可再生能源基礎的百分比時，我們歷史上已經說過，它們相對穩定，對嗎？因此，我並不認為客戶流失對我們的預期產生了過大的影響。當然，我們總是希望更加努力地推動這些數字——可以說是為了獲得更好的福利，或者相對於這些降價銷售來說，逐年提高生產力，但這實際上並不是一個驅動因素。因此，我們沒有看到客戶關閉用例，可以這麼說…

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。

This is Arti Vula on for Mark Murphy. First question is, I think you mentioned during the prepared remarks, if I understood correctly, a shift towards sales motion that's more verticalized. I'd love to hear why you think that's like the right approach and why now and what the timeline is towards kind of making that happen.

我是阿蒂烏拉 (Arti Vula) 為馬克墨菲 (Mark Murphy) 發言。第一個問題是，如果我理解正確的話，我認為您在準備好的發言中提到了向更垂直化的銷售活動的轉變。我很想聽聽為什麼您認為這是正確的方法，為什麼是現在，以及實現這一目標的時間表。

Yes. So we announced our strategy to verticalize our approach in go-to-market for quite some time, Mark. And I think with all the -- that happened in the AI world, it's even a better time today. For instance, we are seeing some of our best return on our investments in go-to-market in health care, in financial services, in public sector. And they were driven largely by our investments in AI, particularly in IDP. And it was -- we built more than like 70 dedicated models, industry models that are really helping with our sales effort.

是的。因此，我們宣布了在相當長一段時間內垂直化我們的上市方法的策略，馬克。我認為，考慮到人工智慧世界中發生的所有事情，今天是一個更好的時代。例如，我們在醫療保健、金融服務和公共部門的市場投資中看到了最好的回報。它們主要是由我們對人工智慧（尤其是 IDP）的投資所推動的。我們建立了 70 多個專用模型、行業模型，它們確實對我們的銷售工作有幫助。

Great. And then just some of the headwinds that you described, I know you called out macro versus kind of some internal things together trying to improve on. Is there any way you can help us kind of understand, is it more macro, more than internal challenges to kind of get a qualitative sense of what the proportion is.

偉大的。然後就是您所描述的一些不利因素，我知道您提出了宏觀與一些內部事物一起試圖改進的問題。您有什麼方法可以幫助我們理解，是否比內在挑戰更宏觀，更能對比例有一個定性的認識。

Yes. It really is a combination of both. It's very hard to quantify and give you an accurate distinction between the two. That said, I think we understand the macroeconomic environment is going to be variable. So we're focused on what we can control. And as Daniel talked about, improving deal execution, driving increased alignment in terms of just across our overall teams and being closer to the customer. We're confident both in our market leadership and our strategy. And if we nail those execution things. Those are the items that are in our control and positions us well for the long term.

是的。它確實是兩者的結合。很難量化並準確區分兩者。也就是說，我認為我們了解宏觀經濟環境將會改變。所以我們專注於我們可以控制的事情。正如丹尼爾所說，改善交易執行，推動我們整個團隊的協調一致，並拉近與客戶的距離。我們對我們的市場領導地位和策略充滿信心。如果我們把這些執行的事情搞清楚。這些是我們可以控制的項目，並且從長遠來看對我們有利。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Sheldon McMeans on for Raimo. So it seems like part of the issue is around lengthening sales cycles from large multiyear deals, and you discussed the change in sales comp incentivized these large deals less. Given the current macro, is the solution to break these deals down and land smaller? Or is it to incentivize larger deals more? And do you see a need to change the messaging there?

我是雷莫的謝爾頓·麥克米恩斯。因此，問題的一部分似乎在於延長大型多年交易的銷售週期，並且您討論了銷售補償的變化減少了這些大型交易的激勵。鑑於當前的宏觀形勢，解決方案是分解這些交易並縮小規模嗎？還是為了更多地激勵更大的交易？您認為有必要改變那裡的訊息傳遞嗎？

Well, I think that there is a need to rectify some of our -- the sales comp, but we are not going back to the same level as last year. So Sheldon, I would say that I think we kind of -- we are tuning right now our sales comp. We went a little bit too much in the opposite direction and in regard to incentivizing multiyear deals. So I think I am positive that we can land in a middle ground that will really help us in our growth rates for this year and into next year.

嗯，我認為有必要糾正我們的一些銷售競爭，但我們不會回到去年的水平。謝爾頓，我想說，我認為我們現在正在調整我們的銷售競爭。在激勵多年期交易方面，我們在相反的方向上走得有點太多了。因此，我認為我們可以採取中間立場，這將真正有助於我們今年和明年的成長率。

Understood. And a quick follow-up. Can you speak to the investment in H.AI and how does that play into your overall AI strategy? And any color on the commercial relationship and maybe what's expected there? And then how do you see potential success around developing these models that are capable of reasoning and performing more complex tasks? Is that -- do you expect that to change the automation market?

明白了。並快速跟進。您能談談對 H.AI 的投資嗎？商業關係有什麼色彩嗎？那麼您如何看待開發這些能夠推理和執行更複雜任務的模型的潛在成功？您認為這會改變自動化市場嗎？

I'm very excited about our investment into H.AI company. Actually, I was driving it directly from our side. And I got to know them pretty well. It's a great team of researchers. They have previous experience into relevant build in AI and we have kind of a common goal to advance our agenda of what we call right now, Agentic Process Automation. And to me, it's the ability of a model to get the knowledge of a particular task and combine this knowledge with the ability to execute the task on the top of our platform.

我對我們對 H.AI 公司的投資感到非常興奮。事實上，我是直接從我們這邊開車的。我對他們非常了解。這是一支優秀的研究團隊。他們之前在人工智慧相關建構方面擁有豐富的經驗，我們有一個共同的目標，即推進我們現在所說的代理流程自動化議程。對我來說，它是模型獲取特定任務知識並將這些知識與在我們平台頂部執行任務的能力相結合的能力。

I think if we combine our -- the assets that we have, our understanding of processes with their prowess into -- in this dedicated research, we are in a very good position to build one of the most advanced agentic model today. To be clear, where I feel that this model has the most applicability is still in the personal productivity space where people are facing a lot of tasks with varied types of complexity. But the tasks are in itself very diverse. And it's not economically feasible to go to have pay developers to go and automate these tasks.

我認為，如果我們將我們擁有的資產、我們對流程的理解及其能力結合到這項專門的研究中，我們就處於非常有利的位置，可以建立當今最先進的代理模型之一。需要明確的是，我認為該模型最適用的地方仍然是個人生產力領域，人們面臨許多具有不同類型複雜性的任務。但任務本身是非常多元的。聘請開發人員來自動化這些任務在經濟上是不可行的。

A lot of times, they have a lot of unstructured data. The steps in the tasks are extremely diverse. So this is where, in my opinion, is going to be the sweet spot of this Agentic Process Automation, especially in the first phase. If I can say I would think it more like the self-driving cars that today, it's more of an assisted technology. And it requires really significantly into getting into autonomous cell driving. It's going to be, in my opinion, the same trajectory for agentic model.

很多時候，他們擁有大量非結構化資料。任務的步驟極為多元。因此，在我看來，這將是代理流程自動化的最佳點，尤其是在第一階段。如果我可以說，我認為它更像是今天的自動駕駛汽車，它更多的是一種輔助技術。它確實需要大力投入自動細胞駕駛。在我看來，代理模型也將遵循同樣的軌跡。

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

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is Chirag Ved on for Kirk. Following up on the first question that was asked, when you're thinking about large customers extending their cycles, are you seeing them stay on the sidelines as they're reevaluating their gen AI strategies? And how do you see UiPath's positioning within these companies evolve as their AI strategies mature over time?

這是柯克的奇拉格韋德。緊接著提出的第一個問題，當您考慮大客戶延長週期時，您是否看到他們在重新評估他們的人工智慧策略時保持觀望？隨著人工智慧策略的不斷成熟，您如何看待 UiPath 在這些公司中的定位？

I want to start by saying that AI and gen AI is a tailwind for us. And we have invested significantly over the years and in particular, over last year in gen AI. In June, we are going to launch our first series of Autopilots in GA. And there is a lot of excitement around our customers about using our Autopilot to drive more adoption to reduce the time to value and overall reduce the total cost of ownership.

首先我想說人工智慧和新一代人工智慧對我們來說是順風。多年來，我們在人工智慧領域投入了大量資金，特別是去年。六月，我們將在 GA 推出我們的第一個系列自動駕駛儀。我們的客戶對使用我們的 Autopilot 來推動更多採用、縮短價值實現時間並整體降低總擁有成本感到非常興奮。

This being said, I think that AI is creating a little bit of confusion with our customers. And they are evaluating what kind of tasks are better suitable to automate the AI, what tasks are better with using our platform. But what I hear from many of our customers, it's actually the combination between gen AI and automation, it's something that makes a lot of sense to them. We said it before, but it's like the human body, and it's -- AI is the brain and our platform is the arms and the legs. And the combination makes a lot of sense for most of our customers.

話雖如此，我認為人工智慧正在為我們的客戶帶來一些困惑。他們正在評估哪些任務更適合人工智慧自動化，哪些任務更適合使用我們的平台。但我從許多客戶那裡聽到的，這實際上是人工智慧和自動化的結合，這對他們來說很有意義。我們之前說過，但這就像人體一樣，人工智慧是大腦，我們的平台是手臂和腿。這種組合對於我們的大多數客戶來說都很有意義。

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。

Wanted to ask, as far as the deal scrutiny goes, the smaller deal sizes, the postponements, is that broad-based across the business? Or has it been more so in particular industries or regions?

我想問一下，就交易審查而言，較小的交易規模、延遲是否在整個業務範圍內都有廣泛的基礎？還是在特定行業或地區更是如此？

Bryan, it's broad-based. I don't think -- it's not that we're zoned in on one particular area. So from a multiyear deal perspective, that's broad. When we talk about the macroeconomic environment and the variability, we definitely see a more pronounced impact on the smaller mid-market customers as we've seen and been talking about historically.

布萊恩，它的基礎廣泛。我不認為——這並不是說我們被劃定在某一特定區域。因此，從多年交易的角度來看，這是廣泛的。當我們談論宏觀經濟環境和變化時，我們肯定會看到對較小的中型市場客戶的更顯著的影響，正如我們在歷史上看到和談論的那樣。

Okay. And then on the execution issues or the strategic initiatives that were not working as intended here, you mentioned the sales comp dynamic. Are there other notable examples that you've identified you could talk about? And how are you thinking about the time frame over which some of the intended changes may take?

好的。然後，關於執行問題或未按預期發揮作用的策略性舉措，您提到了銷售競爭動態。您認為還有其他可以談論的值得注意的例子嗎？您如何考慮某些預期變化可能需要的時間範圍？

Well, I think the sales comp, it's fixable pretty quickly. And we see as having an impact into the second part of the year. There are other initiatives that we are focusing on. For instance, one of the big change that I want to bring to UiPath right now is to come back and become a fanatical customer-centric company.

嗯，我認為銷售補償很快就能解決。我們認為這會對今年下半年產生影響。我們也關注其他一些措施。例如，我現在想為 UiPath 帶來的重大變化之一就是回來成為一家狂熱的以客戶為中心的公司。

I think we went to a distance to go and pitch our business to C-level, which is actually great. But the reality is that we have to increase our adoption by taking care of our traditional line of business customers within the CIO suite, which I think, will benefit a lot more for a new reinvigorated customer-centric approach. Other things that work I think where segmentation was really working, and we feel positive about it.

我認為我們竭盡全力將我們的業務提升到 C 級，這實際上很棒。但現實是，我們必須透過在 CIO 套件中照顧傳統業務線客戶來提高採用率，我認為這對於重振以客戶為中心的新方法將帶來更多好處。其他有效的事情我認為細分確實有效，我們對此感到積極。

We have a lot to do in the partnership side of the business. We have also created some of our global structures that, in some ways, I think, are slowing down our decision-making process. So I'm considering changes into and to bring some of our global teams into the regions. But overall, we have a strong foundation, both in product and go-to-market. And I am pretty bullish on what we can execute into this year and into subsequent years.

我們在業務合作方面還有很多工作要做。我們也創建了一些全球結構，我認為這些結構在某些方面正在減慢我們的決策過程。因此，我正在考慮進行變革，並將我們的一些全球團隊引入這些地區。但總的來說，我們在產品和市場推廣方面都擁有堅實的基礎。我非常看好我們今年和隨後幾年可以執行的任務。

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

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

It's [Mike Richards] on for Matt. Maybe Daniel, going off your last answer there, maybe you could talk more to kind of what broader strategy changes you're going to make coming back into your role as CEO? And are you going to be stepping more away from the product side, especially with bringing in Raghu? Would just love some more color on that.

由 [邁克·理查茲] 替補馬特。也許丹尼爾，離開你最後的答案，也許你可以更多地談談你將在回到執行長的職位上做出哪些更廣泛的策略改變？你們是否會進一步遠離產品方面，尤其是在引入 Raghu 後？只是喜歡在上面多一些顏色。

Yes. Thank you, [Mike]. I'm actually quite happy to be back in the CEO role. I had time in doing the product and engineering for the past year or so to reflect on what I am doing best, how can I have the biggest impact? And I think that right now, I would like to bring more together the big functional teams in UiPath. I think when I say customer centricity, I don't mean only go-to-market. I mean product, go-to-market, marketing and even HR and finance. Because we -- for instance, I don't think we pitch enough to our customers how well our internal automation program is, and it spans multiple divisions in UiPath. And also, I have -- there is something that is more maybe on the intangible side that I want to bring back in this company. And it's more on the joy of working together.

是的。謝謝你，[麥克]。事實上，我很高興重新擔任執行長。在過去一年左右的時間裡，我有時間做產品和工程，反思自己在哪些方面做得最好，怎麼樣才能產生最大的影響？我認為現在，我希望將 UiPath 中的大型職能團隊更多地聚集在一起。我認為當我說以客戶為中心時，我的意思不僅僅是進入市場。我指的是產品、上市、行銷，甚至人力資源和財務。因為我們——例如，我認為我們沒有向客戶充分宣傳我們的內部自動化程序有多好，而且它跨越 UiPath 的多個部門。而且，我想把一些無形的東西帶回這家公司。更多的是一起工作的樂趣。

I have a feeling that we've become maybe a little bit having the mentality of too big of a company, and we've become a bit siloed. So I want to bring back the ethos of how we won in the business, how we grew our business. And it was when all our functions collaborated really well. Everyone in this company was willing to help, we communicate to each other. It was more -- I think it was, I see more fluidity. So this is another important change that I want to drive.

我有一種感覺，我們可能已經變得有點像太大的公司了，而且我們已經變得有點孤立。因此，我想恢復我們如何在業務中獲勝、如何發展業務的精神。正是在那時，我們所有的職能部門都很好地協作了。公司裡的每個人都願意幫忙，我們互相溝通。我認為是，我看到了更多的流動性。所以這是我想要推動的另一個重要改變。

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。

This is Connor Passarella on for Terry. I appreciate you taking the questions. I just wanted to start, one, Daniel, you talked about the key pillar of go-to-market strategy being to partners, kind of want to dig into how are you working with your partners to, I guess, promote solid execution through a continued shift in the go-to-market strategy, especially some of the bigger ones you mentioned, SAP, Microsoft, Deloitte, just kind of curious on what's kind of driving the partnership ecosystem.

我是特里的康納·帕薩雷拉。感謝您提出問題。我只是想開始，一，丹尼爾，你談到了進入市場策略的關鍵支柱是合作夥伴，有點想深入了解你如何與你的合作夥伴合作，我想，透過進入市場策略的持續轉變，特別是你提到的一些較大的公司，SAP、微軟、德勤，只是對是什麼推動了合作夥伴生態系統感到好奇。

Yes. I think that we have emphasized in the past our focus on going with large GSIs. Accenture is, as you name it, is one of our biggest partner, and we continue to drive to deal with them. We have also named EY into our earnings transcripts and they help us landing sizable deals.

是的。我認為我們過去曾強調過與大型 GSI 合作的重點。正如您所說，埃森哲是我們最大的合作夥伴之一，我們將繼續努力與他們打交道。我們也將安永列入我們的收益記錄中，他們幫助我們達成了大規模交易。

Our partnership -- I'm particularly bullish on our partnership with SAP. We are starting to see signs of improved pipe. And also, we have quite a good relationship between our leadership teams. And I'm seeing a positive impact especially into next year from our SAP relationship.

我們的合作關係－我特別看好我們與 SAP 的合作關係。我們開始看到管道改進的跡象。而且，我們的領導團隊之間有著很好的關係。我看到了我們與 SAP 關係的正面影響，尤其是明年的影響。

I would also talk a little bit about the Microsoft partnership and the recently announced cooperation with Microsoft Copilot, I think it's worth mentioning. It's -- and to my previous point about AI and automation interacting and delivering together value to the customer.

我還要談談微軟的合作關係以及最近宣布的與微軟Copilot的合作，我認為值得一提。這是——以及我之前關於人工智慧和自動化相互作用並共同為客戶提供價值的觀點。

This is actually a great example where the copilot can provide the necessary context to the automation that is taking the action. And in the recent Build show of Microsoft, both Satya and Scott Guthrie mentioned us in their keynote just to point out how important our relationship is to Microsoft and, of course, to us.

這實際上是一個很好的例子，副駕駛可以為正在採取行動的自動化系統提供必要的上下文。在 Microsoft 最近的 Build 展會上，Satya 和 Scott Guthrie 在他們的主題演講中都提到了我們，只是為了指出我們的關係對 Microsoft，當然對我們來說有多重要。

Got it. That's helpful. Maybe just as a follow-up, $300 million in free cash flow guide for the year. Balance sheet remains pretty healthy. Just kind of curious about the continued focus on capital allocation and what the strategy might be there. I know you're still buying back shares. Curious on the appetite to continue doing that and also maybe some M&A. Just kind of curious on how you're thinking about the cash balance, free cash flow for the year.

知道了。這很有幫助。也許只是作為後續行動，今年的自由現金流指南為 3 億美元。資產負債表仍然相當健康。只是對資本配置的持續關注以及可能的策略感到好奇。我知道你還在回購股票。對繼續這樣做以及可能進行一些併購的興趣感到好奇。只是有點好奇你如何看待今年的現金餘額和自由現金流。

Yes. Look, I think that we're very happy with the free cash flow generation that we're able to provide here. We're committed to driving -- continuing to drive efficiency within the company. Like you mentioned, we have a strong balance sheet, which gives us a lot of optionality. And so I think we're going to be opportunistic and do what's in the best interest of the company. And that's a discussion that we have every day and every week, and we'll just continue to have those discussions and make decisions as they become opportunistic for us.

是的。看，我認為我們對我們能夠在這裡提供的自由現金流產生感到非常滿意。我們致力於推動－持續提高公司內部的效率。正如您所提到的，我們擁有強大的資產負債表，這給了我們很多選擇。因此，我認為我們將抓住機會，做最符合公司利益的事情。這是我們每天、每週都會進行的討論，我們將繼續進行這些討論並在它們對我們變得機會主義時做出決定。

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

我們的下一個問題來自富國銀行證券公司的麥可‧特林 (Michael Turrin)。

Maybe just a 2-parter for Ashim, if I may. The free cash flow guide is down by less than the operating income guide. First part is just what's driving the difference? Any color there is helpful as we're recasting our models? And then just bigger picture, how you think about the trade-offs between shifting more towards margin if this more challenged environment remains more persistent versus investing into adjacent product opportunities given tangential interest and AI in other areas that you're closely associated with, which could help catalyze growth.

如果可以的話，也許阿希姆只是兩人合作。自由現金流指導值的下降幅度小於營業收入指引值。第一部分是什麼導致了差異？當我們重新鑄造模型時，有什麼顏色有幫助嗎？然後是更大的圖景，如果這種更具挑戰性的環境仍然更加持久，那麼您如何考慮更多地轉向利潤與考慮到與您密切相關的其他領域的切向興趣和人工智能而投資於相鄰產品機會之間的權衡，這可以幫助促進成長。

Great questions. I'll take the first one that you mentioned and address it right off the top. The first is I want to remind everybody that we follow ASC 606 accounting. And so that -- when you have multiyear deals that are impacted, that has a more or an outsized impact to revenue. And you can see that even the differential between our revenue growth rate and our ARR growth rate, right? Within our guidance, we're talking about a 14% ARR growth rate, which is significantly better than the revenue growth rate for the reasons that the complexities of 606, both deployment as well as duration impacts our accounting.

很好的問題。我將採取你提到的第一個並立即解決它。首先，我想提醒大家，我們遵循 ASC 606 會計。因此，當你的多年交易受到影響時，會對收入產生更大或更大的影響。您甚至可以看到我們的收入成長率和 ARR 成長率之間存在差異，對嗎？在我們的指導中，我們談論的是 14% 的 ARR 成長率，這明顯優於收入成長率，因為 606 的複雜性、部署以及持續時間都會影響我們的會計。

So when you impact revenue, that obviously flows through down through operating margin. And conversely, revenue does not have an impact on free cash flow. So our billings, our collections, we do see some level of volume pressure, as we've talked about, between the macroeconomic variability as well as the execution items that Daniel highlighted. So that has just a lesser impact when you look at the pure volume equation. And we obviously run a very -- we continue to run with operating discipline, which means free cash flow stays front and center.

因此，當你影響收入時，這顯然會影響營業利潤率。相反，收入不會對自由現金流產生影響。因此，正如我們所討論的，我們的帳單、我們的產品系列確實看到了宏觀經濟波動與丹尼爾強調的執行項目之間存在一定程度的數量壓力。因此，當您查看純體積方程式時，影響較小。顯然，我們的營運非常——我們繼續遵守營運紀律，這意味著自由現金流仍然處於首要地位。

With regard to your second question, I would -- I'd phrase it that we don't believe that there's a fundamental -- there are opposed forces of being able to invest and being able to generate free cash flow. So we stay committed to our long-term margins that we've talked about historically, and yet we're able to invest in the company. We're able to invest within our AI strategy. We're able to invest in great opportunities like H.AI that Daniel talked about. And we're committed to investing in our platform. We've got great response from our customers in terms of the breadth of capabilities that we continue to offer and continue to launch.

關於你的第二個問題，我想說的是，我們不相信存在根本的投資能力和產生自由現金流的對立力量。因此，我們仍然致力於我們歷史上談論過的長期利潤，但我們仍然能夠投資該公司。我們能夠對我們的人工智慧策略進行投資。我們能夠投資像 Daniel 談到的 H.AI 這樣的絕佳機會。我們致力於投資我們的平台。我們繼續提供和繼續推出的功能廣度得到了客戶的熱烈回應。

So we believe that we can do that while continuing to drive efficiencies across our company. And we believe that there are still efficiencies to be had, particularly in G&A and sales and marketing, and that's a discussion and an operating rhythm that we have with a lot of focus within the company.

因此，我們相信我們可以做到這一點，同時繼續提高整個公司的效率。我們相信，仍然需要提高效率，特別是在一般管理費用以及銷售和行銷方面，這是我們公司內部非常關注的討論和營運節奏。

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 Ryan Krieger on for Alex. I just want to circle back to something you said in the prepared remarks. You talked about some deals getting pushed out of the quarter, particularly for large contract customers. Have you started to see some of those deals close in 2Q? And are they also closing smaller than maybe originally anticipated like you saw in 1Q? Or have some of them been lost completely? Are they still in the pipeline? Just any more context around that would be super helpful.

我是瑞安·克里格 (Ryan Krieger) 替補亞歷克斯 (Alex) 發言。我只想回顧一下您在準備好的發言中所說的內容。您談到了一些交易被推遲到本季度，特別是對於大型合約客戶。您是否開始看到其中一些交易在第二季完成？它們的收盤規模是否也比您在第一季看到的最初預期要小？或者其中一些已經完全丟失了？它們還在醞釀嗎？只要有更多相關的背景資訊就會非常有幫助。

Yes. We didn't -- I would say the color that I would give is it's a mixed bag. The only thing is we don't really see losses. When we look at the deals that customers are making decisions on, our win rate continues to be very strong and consistent with what we've seen historically. In terms of closure within the second quarter, yes, there are some deals that are closing, and there are some deals that will continue to -- that we have a path that we're continuing to work through, all of which we've contemplated in the guidance numbers that we have in front of us. That being said, overall, we've taken a more prudent view just given the macroeconomic variability and the timing to work through the execution items regarding our overall guidance for the year.

是的。我們沒有——我會說我會給出的顏色是它是一個混合包。唯一的問題是我們並沒有真正看到損失。當我們查看客戶正在做出決策的交易時，我們的勝率仍然非常高，並且與我們歷史上看到的情況一致。就第二季內完成的交易而言，是的，有一些交易正在完成，還有一些交易將繼續進行——我們有一條正在繼續努力的道路，所有這些我們都已經完成我們在面前的指導數字中考慮到了這一點。話雖這麼說，總的來說，考慮到宏觀經濟的變化以及完成有關我們今年總體指導的執行項目的時機，我們採取了更加謹慎的觀點。

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

我們的下一個問題來自尼達姆公司的 Scott Berg。

Starting to take the slightly insensitive question because I know everyone is going to ask it, kind of a 2-parter here. I guess first is can you give us any additional clarity in terms of Rob's departure because it is kind of sudden, at least relative to, I think, everyone's expectations. And then, Daniel, how do you view your current term as CEO? Is this a longer-term endeavor or something that maybe little more short term because I know you're excited to kind of just go back and focus on product, but obviously, this is a pivotal change.

開始回答這個稍微不敏感的問題，因為我知道每個人都會問這個問題，這裡有點像兩個人。我想首先是你能否就羅布的離開向我們提供任何額外的說明，因為這有點突然，至少相對於我認為每個人的期望而言。那麼，丹尼爾，您如何看待您目前的執行長任期？這是一項長期的努力，還是短期的努力，因為我知道你很高興回去專注於產品，但顯然，這是一個關鍵的變化。

Well, they are really good questions, Scott. No offense taken really. Look, Rob was leaving for personal reasons. Rob and I are in good terms, and he will continue to be an adviser to the company. We were partners in many of our strategic decisions and in a way that makes it a bit easier for me to step back into day-to-day operational role. And again, I had time to reflect on who I am, what I want from life, and UiPath is such an important part of me that it's -- I cannot see myself separated from the company, in all fairness. So I -- my intention is to take CEO for the foreseeable future. I'm fully committed to the job. And if you look back, I was the CEO of this company since its inception for like 17 years. I drove the company from 0 to $1 billion-plus through a successful IPO. I'm happy to be fully back in.

嗯，這些問題確實很好，斯科特。真的沒有冒犯。看，羅布因個人因素離開。羅布和我關係很好，他將繼續擔任公司顧問。我們在許多策略決策中都是合作夥伴，這讓我更容易重返日常營運角色。再說一遍，我有時間反思我是誰，我想從生活中得到什麼，UiPath 是我如此重要的一部分，平心而論，我不能將自己與公司分開。所以我——我的目的是在可預見的未來擔任執行長。我完全致力於這項工作。如果你回顧一下，我從這家公司成立以來就擔任了大約 17 年的執行長。透過成功的 IPO，我將公司的市值從 0 提升到了 10 億美元以上。我很高興能夠完全回歸。

Excellent. I look forward to those continued conversation with Daniel. And then just from a brief follow-up, Ashim, I appreciate all the 606 commentary and recognize the impact on the model in the short term because it's certainly unique amongst most of our software companies. But how do we think about margin leverage kind of going forward? Is this really just a function of getting sales back on track maybe over the next couple of quarters and early next year, hopefully, when the environment kind of moderates and improves for you all? Or is this -- or I guess there's some opportunities maybe to further adjust your cost structure as you maybe look into late this next year or late this year or next year?

出色的。我期待與丹尼爾繼續對話。 Ashim，從簡短的後續行動來看，我很欣賞所有 606 評論，並認識到該模型在短期內的影響，因為它在我們大多數軟體公司中無疑是獨一無二的。但我們如何看待未來的保證金槓桿？這真的只是為了讓銷售在接下來的幾季和明年初重回正軌嗎？或者是這樣——或者我想可能有一些機會進一步調整你的成本結構，因為你可能會考慮到明年年底或今年年底或明年？

Yes. Thanks for the question. The first thing I would say is we have to recognize just given the accounting standard that we follow, I think free cash flow is a great -- is a more appropriate measure of our overall margin for the company, which continues to be very robust at $300 million, right? That continues to be a very high margin rate -- free cash flow margin rate that is there. That being said, I think it comes both ways. We still feel excited about the market opportunity and the customer fit and the customer feedback that we see. It's why we're investing within AI and continuing to invest in our platform. We had great response from our customers that have expanded, like USDA, HCA, and we've had great new logos or new customers that we're excited to see start the journey with us. So we feel like growth is something that we -- that will continue to be a leverage, lever for us as we go forward.

是的。謝謝你的提問。我要說的第一件事是，我們必須認識到，鑑於我們遵循的會計標準，我認為自由現金流是一個很好的指標，是衡量我們公司整體利潤率的更合適指標，該利潤率在3億美元，對嗎？這仍然是一個非常高的保證金率——自由現金流保證金率。話雖這麼說，我認為這是雙向的。我們仍然對市場機會、客戶契合度以及我們看到的客戶回饋感到興奮。這就是我們投資人工智慧並繼續投資我們的平台的原因。我們得到了美國農業部 (USDA)、HCA 等擴大客戶的熱烈回應，並且我們擁有很棒的新徽標或新客戶，我們很高興看到他們與我們一起開始這一旅程。因此，我們認為，成長將繼續成為我們前進的槓桿。

That being said, like we talked about earlier in the Q&A, I think that there is ample opportunity both within G&A and sales and marketing for us to be able to continue to drive efficiencies and we do that smartly. We don't feel like we have to make abrupt decisions. And we're thoughtful about the strategic -- the overall strategic areas that we're investing in. So I think we can both invest in the company while continuing to drive margins, while the environment continues to moderate, as you mentioned.

話雖這麼說，就像我們之前在問答中談到的那樣，我認為 G&A 以及銷售和行銷領域都有充足的機會讓我們能夠繼續提高效率，而且我們做得很聰明。我們不覺得我們必須做出突然的決定。我們對策略—我們正在投資的整體策略領域進行了深思熟慮。

Our next question comes from the line of Jason Celino with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Great. Maybe just one for Ashim. It looks like the ARR guide for the year is coming down by about 5 points. And it sounds like you're baking in some extra conservatism, but is there any way to unpack the impact from the macro degradation, the execution challenges you've talked about and then the management changes?

偉大的。也許只是阿希姆的一個。看起來今年的 ARR 指南下降了大約 5 個百分點。聽起來你正在採取一些額外的保守主義，但有什麼方法可以消除宏觀退化、你所談論的執行挑戰以及管理層變化的影響嗎？

I think unpacking quantitatively when it's very hard to model distinctly, there's obviously reinforcing factors to all of the items, and it's hard to disaggregate them as I discussed. That being said, I think our commentary earlier really holds. I think that the macroeconomic variability impacts those larger multiyear deals. And I think there's opportunity to offset some of that pressure with the actions that Daniel talked about, which we're committed to correcting on the execution front. So I wouldn't disaggregate it. I think that there is a -- I think that there is a good opportunity for where execution can continue to help moderate the impact of the macroeconomic environment, which is what we've assumed in our guidance.

我認為，當很難清晰地建模時，進行定量分析，所有項目顯然都有強化因素，而且正如我所討論的那樣，很難將它們分解。話雖如此，我認為我們之前的評論確實成立。我認為宏觀經濟的波動會影響那些規模較大的多年期交易。我認為有機會透過丹尼爾談到的行動來抵消一些壓力，我們致力於在執行方面糾正這些行動。所以我不會分解它。我認為，執行力有一個很好的機會，可以繼續幫助減輕宏觀經濟環境的影響，而這正是我們在指導中所假設的。

There are no further questions at this time. I would like to turn the floor back over to management for closing comments.

目前沒有其他問題。我想將發言權交還給管理層以徵求結束意見。

Thank you so much, everyone, for taking the time. And I'm looking forward to meeting many of you over the next few days and going forward.

非常感謝大家抽空。我期待在接下來的幾天裡見到你們中的許多人並繼續前進。

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。