UiPath Inc (PATH) 2025 Q2 法說會逐字稿

Hello, and welcome to the UiPath second quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 UiPath 2025 年第二季財報電話會議和網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Allise Furlani, Investor Relations. Please go ahead.

現在我很高興將電話轉給投資者關係部的 Allise Furlani。請繼續。

Good afternoon, and thank you for joining us today to review UiPath's second quarter fiscal 2025 financial results, which we announced in our earnings press release issued after the market closed today. On the call with me are Daniel Dines, UiPath's Chief Executive 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 財年第二季財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。與我通話的是 UiPath 執行長 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, which we will be discussing 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。這些資料包括我們將在今天的電話會議上討論的 GAAP 與非 GAAP 調整表。

This afternoon's call includes forward-looking statements about our ability to drive growth and operational efficiency and grow our platform as well as financial guidance for the third 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.

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，以及第三季和2025 年整個財年的財務指導。重大差異由於多種因素的影響，因此投資者不應過度依賴這些陳述。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to our annual report on Form 10-K for the year ended January 31, 2024, in our subsequent reports filed with the SEC, including our quarterly report on Form 10-Q for the period ended July 31, 2024, to be filed with the SEC. Forward-looking statements made on this call reflect our views as of today, and we undertake no obligation to update them.

有關可能影響我們實際業績的重大風險和不確定性的討論，請參閱我們截至 2024 年 1 月 31 日止年度的 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7 月31 日的期間的10-Q 表將提交給SEC。本次電話會議中所做的前瞻性陳述反映了我們截至目前為止的觀點，我們不承擔更新這些陳述的義務。

I would like to highlight that this webcast is being accompanied by slides, which this quarter includes an embedded AI demonstration video. We encourage everyone to join our webcast in order to view the demo.

我想強調的是，本次網路廣播附有幻燈片，本季其中包括嵌入式人工智慧簡報影片。我們鼓勵每個人加入我們的網路廣播以觀看演示。

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.

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'd 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 want to take a moment to thank our team for their improved execution and everything they do to make UiPath successful.

謝謝你，艾莉絲。大家下午好。感謝您加入我們。我想花點時間感謝我們的團隊改進的執行力以及他們為使 UiPath 取得成功所做的一切。

We are pleased with our second quarter results, which exceeded the high end of our guidance across all key financial metrics, a testament to our improved execution and the compelling value that our AI-powered automation platform delivers to our customers.

我們對第二季的業績感到滿意，該業績超出了我們所有關鍵財務指標的指導上限，這證明了我們改進的執行力以及我們的人工智慧驅動的自動化平台為客戶提供的令人信服的價值。

We ended the quarter with ARR of [$1.551 billion], an increase of 19%, driven by net new era of $43 million. Second quarter revenue was $360 million, and we delivered non-GAAP adjusted free cash flow of $49 million.

本季結束時，我們的 ARR 為 [15.51 億美元]，成長了 19%，這得益於新紀元淨值 4,300 萬美元。第二季營收為 3.6 億美元，非 GAAP 調整後自由現金流為 4,900 萬美元。

I'm excited and energized about my first quarter back in the CEO role. I spent much of my time during the last few months traveling to visit customers, partners, prospects and employees. Customers globally continue to ask for our help leveraging the power of AI and automation to transform their businesses and is becoming more clear to customers that AI is about automation.

我對重新擔任執行長一職的第一個季度感到興奮和充滿活力。在過去的幾個月裡，我花了很多時間去拜訪客戶、合作夥伴、潛在客戶和員工。全球客戶不斷尋求我們的幫助，利用人工智慧和自動化的力量來改造他們的業務，客戶越來越清楚人工智慧就是自動化。

To quote the CIO of one of our largest customers, we went through a series of workshops internally to develop our AI strategy, and the outcome was more automation. Building an AI-powered automation strategy isn't just about technology, it's about aligning our capabilities with core business challenges to enhance customer experiences and optimize operational efficiency. And we continue to strengthen our position as the platform of choice for capturing the opportunities that AI brings to an enterprise.

引用我們最大客戶之一的資訊長的話說，我們在內部舉辦了一系列研討會來製定我們的人工智慧策略，結果是更加自動化。建立人工智慧驅動的自動化策略不僅涉及技術，還涉及將我們的能力與核心業務挑戰結合起來，以增強客戶體驗並優化營運效率。我們將繼續鞏固我們作為抓住人工智慧為企業帶來的機會的首選平台的地位。

On our first-quarter earnings call, we discussed our commitment to improving execution and streamlining the organization. driving a deeper strategy around our growth products, continuing to enhance our relationships with meaningful partners and becoming a more customer-centric organization. I am encouraged with the progress we are making, and I would like to take a few minutes to talk to each of these initiatives in more detail.

在第一季的財報電話會議上，我們討論了我們對提高執行力和精簡組織的承諾。圍繞我們的成長產品推動更深入的策略，繼續加強我們與有意義的合作夥伴的關係，並成為一個更以客戶為中心的組織。我對我們所取得的進展感到鼓舞，我想花幾分鐘時間更詳細地討論每項舉措。

First, as I have gone deeper into the operational side of the business, I am committed to continuing to sharpen our focus on operational rigor while learning into areas where the return on investment is the strongest. As the leader in enterprise automation, we have and we will continue to invest in innovation to support our growth initiatives and best serve our customers.

首先，隨著我更深入了解業務的營運方面，我致力於繼續加強對營運嚴謹性的關注，同時了解投資回報最強的領域。作為企業自動化領域的領導者，我們已經並將繼續投資於創新，以支持我們的成長計劃並為我們的客戶提供最好的服務。

With that in mind, our go-forward priority will be balancing these investments while expanding non-GAAP operating margin and delivering sustainable investments and delivering sustainable non-GAAP adjusted free cash flow. During the quarter, we made the difficult decision to reduce our workforce, streamlining the organization and driving further operational efficiencies while better prioritizing our go-to-market investments and continued focus on innovation.

考慮到這一點，我們的前進重點將是平衡這些投資，同時擴大非公認會計原則營業利潤率，提供可持續投資和可持續的非公認會計原則調整後自由現金流。在本季度，我們做出了艱難的決定，即減少員工隊伍、精簡組織並進一步提高營運效率，同時更好地優先考慮我們的上市投資並繼續專注於創新。

With these strategic actions, we now expect non-GAAP operating income of $170 million for full fiscal 2025. Second, we are focused on driving a deeper strategy around our growth products, and we've begun the process of identifying and prioritizing high potential solutions and use cases and ensuring all of our teams from sales to partners, to services and products are focused on a common set of priorities that have largest scalable impacts for our customers.

透過這些策略行動，我們現在預計2025 財年的非GAAP 營業收入將達到1.7 億美元。的流程和用例，並確保我們所有的團隊，從銷售到合作夥伴，再到服務和產品，都專注於一組共同的優先事項，這些優先事項對我們的客戶具有最大的可擴展影響。

While these changes are in the early stages and will take time to build, these enhancements are already having a positive impact, and I'm particularly excited about the successes we've seen with our IDP solutions. For example, a Central American financial institution began their automation journey by automating back-office processes across treasury management, payments and customer service, enabling them to reduce their banking transaction clarifications from eight days to one and migrate over 50% of their physical banking transactions to their online channel.

雖然這些變化還處於早期階段，需要時間來構建，但這些增強功能已經產生了積極的影響，我對我們的 IDP 解決方案所取得的成功感到特別興奮。例如，一家中美洲金融機構透過自動化財務管理、支付和客戶服務等後台流程開始了自動化之旅，使他們能夠將銀行交易澄清時間從八天減少到一天，並遷移超過 50% 的實體銀行交易到他們的線上頻道。

After seeing the substantial benefits from our automation capabilities, they implemented document understanding to digitally onboard over 500,000 clients per year and are now piloting IDP for unstructured documents by leveraging our generative classification, extraction and validation capabilities. Additionally, they will be implementing communication mining in sales force to better understand customer issues and reduce clarifications. Our test suite capabilities are also resonating enabling customers to accelerate time to value while maintaining the stability and reliability of processes and applications in production.

在看到我們的自動化功能帶來的巨大好處後，他們每年以數位方式為超過 50 萬名客戶實施文件理解，並且現在正在利用我們的生成分類、提取和驗證功能試點非結構化文件的 IDP。此外，他們還將在銷售人員中實施溝通挖掘，以更好地了解客戶問題並減少澄清。我們的測試套件功能也引起了客戶的共鳴，使客戶能夠加快實現價值的速度，同時保持生產流程和應用程式的穩定性和可靠性。

During the quarter, we closed our largest test suite deal ever with one of the world's largest technology companies. With the help of UiPath team, they will be implementing our solution to automate testing for their CPQ process in Salesforce and several other processes, including ordering, billing allocation, incentive compensation and forecasting with an expected cost saving of approximately $23 million a year.

在本季度，我們與世界上最大的科技公司之一完成了有史以來最大的測試套件交易。在 UiPath 團隊的幫助下，他們將實施我們的解決方案，以自動測試 Salesforce 中的 CPQ 流程和其他幾個流程，包括訂購、帳單分配、激勵補償和預測，預計每年節省約 2,300 萬美元的成本。

Third, partners are a cornerstone of our go-to-market strategy, enabling us to scale our market reach and elevating our customer success initiatives. And I'm excited about our continued progress with SAP, including an expansion deal with an Australian multinational corporation and customers since 2021 who originally used UiPath test suite to support the SAP S/4HANA migration.

第三，合作夥伴是我們進入市場策略的基石，使我們能夠擴大市場覆蓋範圍並提升客戶成功計畫。我對我們與 SAP 的持續進展感到興奮，包括自 2021 年以來與一家澳洲跨國公司和客戶達成的擴展協議，這些客戶最初使用 UiPath 測試套件來支援 SAP S/4HANA 遷移。

After successfully completing their migration, they expanded in the quarter and are working with UiPath team to establish an automation program globally encompassing core automation, testing and AI. Our SAP partnership is also helping us secure new logos like Gold Peak technology grew will be automating their order input processes to extract and input data into SAP, eliminating manual inputs and avoiding human errors.

成功完成遷移後，他們在本季度進行了擴張，並與 UiPath 團隊合作在全球範圍內建立了一個涵蓋核心自動化、測試和人工智慧的自動化計劃。我們的 SAP 合作夥伴關係還幫助我們獲得新徽標，例如 Gold Peak 技術的發展將自動化其訂單輸入流程，以提取資料並將其輸入 SAP，從而消除手動輸入並避免人為錯誤。

During the quarter, we also expanded our relationship with Deloitte, integrating our capabilities into Deloitte's Ascend platform to transform SAP project delivery and help companies accelerate and refine the execution of business transformation. For this program, automations are available across various projects faces and SAP functional areas facilitating an effective and efficient deployment process, fostering an automation-first project delivery and driving faster value for Deloitte's global customers.

本季度，我們也擴大了與德勤的合作關係，將我們的能力整合到德勤的 Ascend 平台中，以實現 SAP 專案交付轉型，幫助企業加速和完善業務轉型的執行。對於該計劃，自動化可用於各個專案面和 SAP 功能領域，促進有效且高效的部署流程，促進自動化優先的專案交付，並為德勤的全球客戶帶來更快的價值。

And finally, our success is deeply rooted in our ability to serve our customers, making a customer-centric mindset more crucial than ever. We understand the importance of successful implementation and the entire company is focused on ensuring our customers achieve it. This includes taking steps to improve alignment and communication between our teams and our customers through deeper account level reviews, ensuring the appropriate connections happen across all customer stakeholders.

最後，我們的成功深植於我們為客戶服務的能力，這使得以客戶為中心的心態比以往任何時候都更加重要。我們了解成功實施的重要性，整個公司都致力於確保我們的客戶實現這一目標。這包括採取措施，透過更深入的帳戶層級審核來改善我們的團隊和客戶之間的協調和溝通，確保所有客戶利害關係人之間建立適當的聯繫。

Turning to product highlights from the quarter. In our July release, we launched a series of product innovations that deeply infuse Genii into our automation platform. This included new specialized LLMs for IDP, gen AI activities and the launch of Autopilot for developers and testers.

轉向本季的產品亮點。在 7 月的版本中，我們推出了一系列產品創新，將 Genii 深深融入我們的自動化平台中。其中包括針對 IDP、gen AI 活動的新專業法學碩士，以及為開發人員和測試人員推出 Autopilot。

Since launching Autopilot, we've seen great early adoption of positive feedback from customers. A great example is the multinational digital communications company, an early adopter of Autopilot for testers. The company's generative AI testing road map centers our -- leveraging our LLM capabilities throughout the entire testing life cycle from creating user stories to generating test cases and to reporting.

自從推出 Autopilot 以來，我們看到客戶的正面回饋得到了很好的早期採用。一個很好的例子是跨國數位通訊公司，它是測試人員自動駕駛儀的早期採用者。該公司的生成式人工智慧測試路線圖以我們的中心為中心——在從創建用戶故事到生成測試案例和報告的整個測試生命週期中利用我們的法學碩士能力。

With the power of Autopilot, they believe they will be able to consolidate the tools using their testing framework and reduce manual testing by up to 50%. And we are excited for the next phase of Autopilot, Autopilot for everyone, which we expect to launch into general availability this fall.

借助 Autopilot 的強大功能，他們相信他們將能夠使用其測試框架整合工具，並將手動測試減少多達 50%。我們對 Autopilot 的下一階段感到興奮，即為所有人提供 Autopilot，我們預計將於今年秋天全面推出。

Over the past few months, we've been working closely with a few customers in private preview. And we consistently hear that Autopilot for everyone is not only giving better responses than other LLM-based chat solutions but is also more valuable because it provides the ability to immediately automate an action.

在過去的幾個月裡，我們一直在私人預覽中與一些客戶密切合作。我們一直聽說，面向所有人的 Autopilot 不僅比其他基於 LLM 的聊天解決方案提供更好的回應，而且更有價值，因為它提供了立即自動化操作的能力。

To give you an idea of how Autopilot for everyone is different from other gen AI chat solutions, we'd like to share a quick demo of a real Autopilot use case that we have been working to develop with a US-based biotech company. If you are not on the webcast, please go to our Investor Relations website for the demo link.

為了讓您了解面向所有人的 Autopilot 與其他一代 AI 聊天解決方案有何不同，我們想分享一個我們一直在與美國生物技術公司合作開發的真實 Autopilot 用例的快速演示。如果您沒有參加網路廣播，請造訪我們的投資者關係網站以取得示範連結。

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To be more specific, we are the only platform that can bring together business documents and data, execute UI and API-based automations across systems and utilize a mix of specialized AI and generative AI grounded in organizational data and process information. These capabilities enable users to take real action on enterprise-grade platform that is secure and governed.

更具體地說，我們是唯一一個能夠整合業務文件和資料、跨系統執行基於 UI 和 API 的自動化，並利用基於組織資料和流程資訊的專業人工智慧和產生人工智慧組合的平台。這些功能使用戶能夠在安全且受監管的企業級平台上採取實際行動。

There are a few things I find more satisfying than seeing customers leverage our automation platform to flourish and succeed. Their stories are inspiring.

我發現有一些事情比看到客戶利用我們的自動化平台蓬勃發展並取得成功更令人滿意。他們的故事鼓舞人心。

For example, Health Service Executive, a customer since 2020. With automations across their HR, finance and community care departments, they have processed over 6 million transactions, saving over 700,000 hours and EUR 28 million today.

例如，自 2020 年起成為客戶的 Health Service Executive。

Driven by the quick time to value and tangible ROI, they were able to achieve. HSE expanded in the quarter to urgently extend these automated solutions across their hospital waitlist. Partnering with Deloitte, they are in the process of accelerating the deployment of this solution to an additional 20 hospitals before the end of 2024.

在快速實現價值和實際投資報酬率的推動下，他們得以實現。 HSE 在本季度進行了擴展，並緊急將這些自動化解決方案擴展到其醫院候補名單中。他們正在與德勤合作，加速在 2024 年底前將解決方案部署到另外 20 家醫院。

These stories along with the conversations I had with customers, partners and our product team all directly influence how I think about the strategic direction of our business. And I have never been more enthusiastic about where we stand from a product perspective.

這些故事以及我與客戶、合作夥伴和產品團隊的對話都直接影響我對我們業務策略方向的看法。從產品角度來看，我對我們的立場從未如此熱情。

As a market leader, it's critical that we continue to innovate to further differentiate our product and I am excited by the next (inaudible) typically start with the top-down approach that is often disconnected from how work really gets done, our approach differentiates by allowing organizations to build a unified data-driven bottom-up view.

作為市場領導者，至關重要的是我們繼續創新以進一步差異化我們的產品，我對下一個（聽不清楚）通常從自上而下的方法開始感到興奮，這種方法通常與工作的實際完成方式脫節，我們的方法的區別在於允許組織建立統一的資料驅動的自下而上的視圖。

This enables customers to discover, automate, optimize and monitor business processes from start to finish, providing complete visibility into how work is executed by people, automations and in systems. We believe that process orchestration is the key ingredient for the future agent process automation.

這使客戶能夠從頭到尾發現、自動化、優化和監控業務流程，從而提供對人員、自動化和系統如何執行工作的完整可見性。我們相信流程編排是未來代理流程自動化的關鍵要素。

We are really excited about the progress we are making on this vision and our overall product road map, and we invite you to join us in person to hear more about these product innovations at our user conference Forward in Las Vegas next month. We hope to see many of you there.

我們對這個願景和整體產品路線圖所取得的進展感到非常興奮，我們邀請您親自加入我們，在下個月於拉斯維加斯舉行的用戶大會 Forward 上了解有關這些產品創新的更多資訊。我們希望在那裡見到你們中的許多人。

Finally, I wanted to take a moment to thank Ashim. Since joining UiPath in 2018, he has played an instrumental role in transforming our company with his extensive financial and operational capabilities.

最後，我想花點時間感謝阿希姆。自 2018 年加入 UiPath 以來，他憑藉其豐富的財務和營運能力，在我們公司的轉型過程中發揮了重要作用。

Over the last several months, it has also been a driving force behind our efforts to refocus the company on its core strengths, improve our operational rigor and reestablish a customer-centric foundation to support our growth initiatives. While Ashim will continue to oversee his traditional CFO responsibilities, I am pleased to share that he will now take on an expanded role as Chief Operating Officer where he will work with me to maximize financial and operating efficiencies across the organization.

在過去的幾個月裡，它也一直是我們努力重新聚焦公司核心優勢、提高營運嚴謹性並重新建立以客戶為中心的基礎以支持我們的成長計畫的推動力。雖然阿希姆將繼續監督他的傳統財務長職責，但我很高興地告訴大家，他現在將擔任首席營運官，他將與我合作，最大限度地提高整個組織的財務和營運效率。

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.

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。

Turning to the second quarter, ARR totaled $1.551 billion, an increase of 19%, driven by net new ARR of $43 million. Our cloud-first approach is driving adoption across our customer base and we ended the quarter with more than $850 million in cloud ARR, which includes both hybrid and SaaS, an increase of more than 65%.

轉向第二季度，ARR 總額為 15.51 億美元，成長 19%，其中淨新 ARR 為 4,300 萬美元。我們的雲端優先方法正在推動整個客戶群的採用，本季結束時，我們的雲端 ARR 超過 8.5 億美元，其中包括混合雲和 SaaS，成長了 65% 以上。

A great example is Ontario Power Generation, a customer since 2018, who expanded in the quarter as they begin to migrate to the cloud. They are also planning to expand to additional departments across the organization, while incorporating document understanding and communications mining into their program. We ended the quarter with approximately 10,810 customers, including new logos like IXM, Veness, Masson Associates and Piedmont Healthcare.

一個很好的例子是 Ontario Power Generation，該公司自 2018 年以來一直是客戶，隨著開始遷移到雲端，該公司在本季度進行了擴張。他們還計劃擴展到整個組織的其他部門，同時將文件理解和通訊挖掘納入他們的計劃中。本季末，我們約有 10,810 名客戶，其中包括 IXM、Veness、Masson Associates 和 Piedmont Healthcare 等新商標。

Moving on to customer metrics. Customers with $100,000 or more in ARR increased to 2,163 while customers with $1 million or more in ARR increased to 293. Dollar-based gross retention of 97% continues to be best-in-class, and our dollar-based net retention rate for the quarter was 115%.

繼續討論客戶指標。 ARR 為 100,000 美元或以上的客戶增加到 2,163 家，ARR 為 100 萬美元或以上的客戶增加到 293 家。

Expansions are driven by the quick time to value and the broad applicability of our automation platform. A great example is AGS Health, a customer since 2021 that currently uses UiPath to automate their claims tracking, eligibility verification and payment posting processes.

我們的自動化平台的快速實現價值和廣泛的適用性推動了擴張。 AGS Health 就是一個很好的例子，該客戶自 2021 年以來一直在使用 UiPath 來自動化其索賠追蹤、資格驗證和付款過帳流程。

In a competitive win, they expanded their usage of document understanding, highlighting our unique AI capabilities, such as our AI trust layer and human-in-the-loop model training as competitive advantages, scaling from 6 million documents to over 20 million documents processed and saw a 95% accuracy improvement. With support from their CFO and CTO, they will be adopting document understanding across their payer and provider departments for medical record patient indexing.

在競爭中，他們擴大了文件理解的使用範圍，強調了我們獨特的人工智慧功能，例如我們的人工智慧信任層和人機循環模型訓練作為競爭優勢，處理的文件數量從600 萬份擴展到超過2000 萬份準確率提高了 95%。在財務長和技術長的支持下，他們將在付款人和提供者部門之間採用文件理解來對病歷患者進行索引。

Turning back to our results. Revenue grew to $316 million, an increase of 10% year over year. Remaining performance obligations increased to [$1.081 billion], up 19% year over year. Current RPO increased to $686 million.

回到我們的結果。營收成長至3.16億美元，年增10%。剩餘履約義務增加至[10.81億美元]，年增19%。目前 RPO 增至 6.86 億美元。

Turning to expenses. We delivered a second quarter overall gross margin of 83% driven by continued adoption of our cloud products and software gross margin was 87%. For the full fiscal year 2025, we continue to expect gross margin to be approximately 85%.

轉向開支。由於雲端產品的持續採用，我們第二季的整體毛利率為 83%，軟體毛利率為 87%。對於 2025 年整個財年，我們繼續預期毛利率約為 85%。

Second quarter operating expenses were $257 million. GAAP operating loss of $103 million included $94 million of stock-based compensation expense. Non-GAAP operating income was $6 million, resulting in a second quarter non-GAAP operating margin of 2%.

第二季營運費用為 2.57 億美元。 GAAP 營運虧損 1.03 億美元，其中包括 9,400 萬美元的股票補償費用。非 GAAP 營業收入為 600 萬美元，第二季非 GAAP 營業利潤率為 2%。

Second quarter non-GAAP adjusted free cash flow was $49 million. As of July 31, we had $1.7 billion in cash, cash equivalents and marketable securities and no debt. Our strong balance sheet, combined with our free cash flow generation, has enabled us to return capital to our shareholders in a meaningful way through our share repurchase program.

第二季非 GAAP 調整後自由現金流為 4,900 萬美元。截至 7 月 31 日，我們擁有 17 億美元現金、現金等價物和有價證券，沒有債務。我們強大的資產負債表加上自由現金流的產生，使我們能夠透過股票回購計畫以有意義的方式向股東返還資本。

During the quarter, we repurchased 16.3 million shares of our Class A common stock at an average price of $12.05 from May 1, 2024, through July 31, 2024. Since July 31, under a 10b5-1 plan, we repurchased an additional 10.7 million shares at an average price of $11.67 through August 30, 2024.

本季度，我們從2024 年5 月1 日到2024 年7 月31 日以平均價格12.05 美元回購了1,630 萬股A 類普通股。購了1,070 萬股A 類普通股。

And as you may have seen in today's earnings press release, our Board of Directors has approved a $500 million expansion of our share repurchase program, underscoring our confidence in the business, our conviction and the long-term opportunities ahead and our commitment to delivering shareholder value.

正如您可能在今天的收益新聞稿中看到的那樣，我們的董事會已批准擴大5 億美元的股票回購計劃，強調了我們對業務的信心、我們的信念和未來的長期機會以及我們對為股東提供回報的承諾價值。

Moving on to guidance. We are pleased with the progress and improved execution that we delivered in the quarter. At the same time, we are taking a prudent approach to guidance, which assumes the global macroeconomic environment continues to be variable.

繼續指導。我們對本季取得的進展和執行的改進感到滿意。同時，我們採取審慎的指導方針，假設全球宏觀經濟環境持續變化。

As Daniel mentioned, during the quarter, we took a number of actions to drive operational efficiencies and streamline the business. And as a result, we are raising our non-GAAP operating income and non-GAAP adjusted free cash flow guidance for the full year 2025.

正如丹尼爾所提到的，在本季度，我們採取了一系列行動來提高營運效率並簡化業務。因此，我們提高了 2025 年全年的非 GAAP 營業收入和非 GAAP 調整後自由現金流指引。

For the third quarter of fiscal 2025, we expect revenue in the range of $345 million to $350 million. ARR in the range of $1.6 billion to $1.605 billion, non-GAAP operating income of approximately $27 million and we expect third quarter basic share count to be approximately 552 million shares.

2025 財年第三季度，我們預計營收在 3.45 億美元至 3.5 億美元之間。 ARR 為 16 億至 16.05 億美元，非 GAAP 營業收入約為 2,700 萬美元，我們預計第三季基本股數約為 5.52 億股。

For the fiscal full year 2025, we expect revenue in the range of $1.420 billion to $1.425 billion, ARR in the range of $1.665 billion to $1.670 billion, non-GAAP operating income of approximately $170 million. And finally, we now expect fiscal year 2025 non-GAAP adjusted free cash flow of approximately $325 million.

對於 2025 財年，我們預計營收在 14.20 億美元至 14.25 億美元之間，ARR 在 16.65 億美元至 16.70 億美元之間，非 GAAP 營業收入約為 1.7 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 3.25 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) Raimo Lenschow, Barclays.

（操作說明）Raimo Lenschow，巴克萊銀行。

Congrats on a good quarter. My first question was like, if you think about the -- the changes that you wanted to make in terms of selling more on a departmental level going back a little bit to your roots, Daniel, you talked about it last quarter.

恭喜季度表現良好。我的第一個問題是，如果你考慮一下你想要在部門層面上進行更多銷售方面做出的改變，回到你的根源，丹尼爾，你上個季度談到過這一點。

What progress have you seen there? And like what are you seeing in the numbers? Is that showing in the numbers already? Is that showing up in pipeline? Talk us through a little bit about the progress you're seeing there.

您在那裡看到了什麼進展？你在數字中看到了什麼？這已經體現在數字上了嗎？這是否出現在管道中？請與我們談談您所看到的進展。

Well, I want to be very specific that we want to address both C-level suite type of selling with departmental level. And look, it's still early to comment about the progress, but we've made quite a few organizational changes.

嗯，我想非常具體地說，我們希望解決 C 級套件類型和部門級別的銷售問題。看，現在評論進展還為時過早，但我們已經進行了相當多的組織變革。

We have appointed a new leader in North America that I think he was with the company previously and he can definitely understand our land and expand business while it's very versed into talking to executives. We've done quite a few changes on the central organizational level, we regionalize some of our functions, and we made clear to the entire company that customer centricity is going to be the core principle to our business.

我們在北美任命了一位新的領導者，我認為他以前就在公司工作過，他絕對能夠了解我們的土地並拓展業務，同時非常擅長與高階主管交談。我們在中央組織層級做了相當多的改變，我們對一些職能進行了區域化，我們向整個公司明確表示，以客戶為中心將成為我們業務的核心原則。

Okay. Okay. Perfect. And then, Ashim, like how do we -- like congrats on the expanded role, like with a lot of other organizations. I mean with so much to do, you're growing at a high scale, at a healthy clip. Do you think that that's a permanent thing for you? Or should we think about this more as a temporary solution?

好的。好的。完美的。然後，阿希姆，就像我們一樣，祝賀角色擴大，就像許多其他組織一樣。我的意思是，有這麼多事情要做，你正在以健康的速度高速成長。你認為這對你來說是永久的事嗎？或者我們應該更多地將其視為臨時解決方案？

Look, I think Daniel looks at it as giving me long-term goals for the company. We don't treat -- but anything could change, Raimo, from that perspective, as Daniel always will evaluate the organization.

聽著，我認為丹尼爾將其視為給我公司的長期目標。我們不對待——但任何事情都可能改變，雷莫，從這個角度來看，丹尼爾總是會評估這個組織。

My mandate and my goals that Daniel has given is really make sure that our enabling functions really become in service of the customer and over the field and to drive connectivity across our organization, which we talked about is something that we needed to improve on, and as well as continue to drive the operational efficiency and streamline the organization and continue to drive and streamline organizational processes, et cetera.

丹尼爾給出的我的任務和目標是真正確保我們的支援功能真正為客戶和現場服務，並推動整個組織的連接，我們談到了這是我們需要改進的事情，並且以及繼續推動營運效率和精簡組織，並持續推動和精簡組織流程等。

I'm excited about the opportunity just to continue to work with broader sets of teams. And we look at this as an entire leadership team that is really focused on the goals that have been laid out on, and that's really what we're focused on today.

我很高興有機會繼續與更廣泛的團隊合作。我們將其視為整個領導團隊，並真正專注於已製定的目標，這正是我們今天關注的重點。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Nice to see the stability in the operating results this quarter. Daniel, we've been noticing the term agenetic is suddenly becoming very popular. Salesforce came out its agent force branding recently. And part of the notion is that agents are going to have independence and autonomy.

很高興看到本季經營業績的穩定。丹尼爾，我們注意到「遺傳」一詞突然變得非常流行。 Salesforce 最近推出了其代理商團隊品牌。這個概念的一部分是代理人將擁有獨立性和自主權。

And I'm wondering how you might think about the line of demarcation. Like if we think of a bot, and it's following predefined workload -- workflows, excuse me, it feels like predefined logic, you need humans to set up the models and all that.

我想知道你會如何看待分界線。就像我們想到一個機器人一樣，它遵循預先定義的工作負載——工作流程，對不起，這感覺就像預先定義的邏輯，你需要人類來設定模型等等。

And then if you think about an agent, it's acting independently, they can adapt, right, maybe sometimes without instructions. How are you thinking about that line of demarcation because I think it might be at the root of some of the customer confusion on where RPA might fit into the AI landscape? And then I have a quick follow-up.

然後，如果你考慮一個代理，它是獨立行動的，他們可以適應，對吧，也許有時不需要指示。您如何看待這條分界線，因為我認為這可能是一些客戶對 RPA 可能適合人工智慧領域的困惑的根源？然後我會進行快速跟進。

Yes. That's a great question, Mark. We really think of a agentic process automation as an evolution of robotic process automation, I actually we started to socialize the agentic process automation term during our tour event in London, in Paris at the beginning of the summer. And we introduced the concept of robots and agents working together.

是的。這是一個很好的問題，馬克。我們確實將代理流程自動化視為機器人流程自動化的演變，實際上，我們在夏初在倫敦和巴黎舉行的巡迴活動期間開始社會化代理流程自動化術語。我們引入了機器人和代理商協同工作的概念。

And to me, an AI agent is basically a robot, if you want, that has some more new skills. And I think there will be multiple type of agents. For instance, there will be agents that are capable of extracting information from long and complex documents.

對我來說，人工智慧代理基本上是一個機器人，如果你願意的話，它具有更多新技能。我認為會有多種類型的代理。例如，將有能夠從長而複雜的文件中提取資訊的代理程式。

And users, human users will be capable of interacting with these agents asking questions. And in turn, they can ask the agents to perform actions for them. There will be agents that can make more intelligent decisions based on data, and they can route a process in a more dynamic way.

用戶，人類用戶將能夠與這些代理進行互動並提出問題。反過來，他們可以要求代理為他們執行操作。將會有代理可以根據資料做出更智慧的決策，並且可以以更動態的方式路由流程。

As you can -- as you know, for sure. Robotic means that the series, the steps in the process are stitched together in a fixed way. And agentic workflow might have dynamic routine as part of the process. I want to iterate where is really our strength here.

如你所知，當然可以。機器人意味著流程中的一系列、步驟以固定的方式縫合在一起。代理程式工作流程可能具有動態例程作為流程的一部分。我想重申一下我們真正的優勢在哪裡。

And it is in combining actually, robotic automation with agentic automation as part of our process orchestrate platform because I think the key differentiator in customers deploying agents will be in how well they are integrated within the business platform and how well we can orchestrate between robots, agents and humans. And I think we are uniquely positioned to bring the power of LLM based agents into our platform and offer this level of orchestration.

實際上，它是將機器人自動化與代理自動化相結合，作為我們流程編排平台的一部分，因為我認為客戶部署代理的關鍵區別在於它們在業務平台中的整合程度以及我們在機器人之間編排的程度，特工和人類。我認為我們處於獨特的地位，可以將基於法學碩士的代理的力量引入我們的平台並提供這種級別的編排。

Okay. That's a great explanation. And Ashim, I wanted to ask you, do you see any line of sight to a point in time where some of the AI confusion might dissipate and maybe begin to turn into a full-blown AI tailwind for UiPath?

好的。這是一個很好的解釋。 Ashim，我想問你，你是否認為某些人工智慧混亂可能會消散，並可能開始變成 UiPath 全面的人工智慧順風車？

Like in other words, customers might reeducate and understand and how to move jointly with AI and automation because I guess I'm curious. Could we look on this period of softer ARR growth, could we look back on it and maybe say that it was just -- there was a bit of a temporary period of confusion before customers figured it out?

換句話說，客戶可能會接受再教育並了解如何與人工智慧和自動化共同行動，因為我想我很好奇。我們是否可以回顧這段 ARR 成長疲軟的時期，是否可以回顧一下，也許會說這只是——在客戶弄清楚之前存在一段暫時的混亂時期？

Look, I want to be careful about giving any type of long-term guidance implied in that, Mark. At the same time, what I can say is we're investing in the platform, and we'll continue to invest in the platform and our AI capabilities because we see it as a meaningful opportunity to drive value and differentiation with customers, which in our minds, reflects on the conviction that we have in the company.

聽著，馬克，我想在提供任何類型的長期指導時要小心。同時，我可以說的是，我們正在投資該平台，並且我們將繼續投資該平台和我們的人工智慧功能，因為我們認為這是一個為客戶帶來價值和差異化的有意義的機會，這在我們的思想中反映了我們對公司的信念。

In the script and other areas, Daniel has already talked about, customer conversations are already becoming clearer for us, right? Like people are seeing the linkages between AI and automation. So we're already seeing positive response and more clarity from our customers, how the AI narrative translates in the broader market, confusion moving in and out because of broader factors and as that area evolves.

在劇本和其他方面，丹尼爾已經談到，客戶對話對我們來說變得更加清晰了，對嗎？就像人們看到人工智慧和自動化之間的連結一樣。因此，我們已經看到客戶的積極回應和更清晰的認識，人工智慧的敘述如何在更廣泛的市場中轉化，由於更廣泛的因素和該領域的發展，混亂不斷出現和消失。

I think we're all going to -- we all take it day by day and quarter by quarter. But long term, we feel very good about what AI is bringing, and we're investing because we do believe it has a meaningful ROI and reinforces the durability of our growth rate.

我想我們都會——我們都會日復一日、季復一季地對待它。但從長遠來看，我們對人工智慧帶來的東西感覺非常好，我們進行投資是因為我們確實相信它具有有意義的投資回報率並增強了我們成長率的持久性。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Congrats Ashim on the expanded role. My first question, just on demand. Is it macro variability has been a pretty consistent message in how you've described, how enterprises are behaving now for several quarters, we understand things deteriorated last quarter, I guess, late March into April. Can you just comment on what you saw through the balance of 2Q and into August as well?

恭喜 Ashim 的角色擴大。我的第一個問題，只是按需提出的。您所描述的宏觀變化是否一直是一個非常一致的訊息，企業現在幾個季度的表現如何，我們知道上個季度情況惡化了，我猜是從三月下旬到四月。您能否評論一下您在第二季和八月期間看到的情況？

I think we saw things pretty stable, Bryan. We still describe the macroeconomic environment is variable. We've talked about the commercial end or the lower end of the market, having a higher degree of impact, and we see that to be -- to remain consistent.

我認為我們看到的情況相當穩定，布萊恩。我們仍然描述宏觀經濟環境是可變的。我們已經討論過商業端或低端市場，它們具有更大的影響力，我們認為這一點要保持一致。

And we see that just really broadly across all geographies, et cetera. I do think that as our execution improves, and as we've made -- as we've streamlined different areas, I think we're adopting well to the environment. But I do feel like the environment is stable versus last quarter. And we didn't really see any ups and downs month-to-month within the quarter.

我們看到這一點在所有地區都非常廣泛，等等。我確實認為，隨著我們執行力的提高，以及我們精簡不同領域的工作，我認為我們正在很好地適應環境。但我確實覺得環境與上季相比是穩定的。我們並沒有真正看到本季內每個月的任何起伏。

Okay. And then as it relates to restructuring and how we should think about potential yield from that, can you comment on whether that the restructuring actions you're taking, does that impact that 20% long-term adjusted operating margin target you had? And is it going to provide upside there? Or is it more of a means to achieving that?

好的。然後，由於它涉及重組以及我們應該如何考慮重組的潛在收益，您能否評論一下您正在採取的重組行動是否會影響您設定的 20% 的長期調整後營業利潤率目標？它會提供上行空間嗎？或者它更多的是實現這一目標的一種手段？

Look, I think that we're going to update our long-term guidance at the appropriate time. What I -- what we do feel in our restructuring efforts that we've taken and that we're going to continue to look at different ways to streamline the organization.

我認為我們將在適當的時候更新我們的長期指導。我對我們所採取的重組工作的感受以及我們將繼續尋找不同的方法來精簡組織。

We do feel like there's more efficiency to be had there, Bryan, and then we'll update that on our long-term margins as we go. We have always said that we're going to be 20%-plus in terms of our long-term margin. So what that plus looks like, that's what we'll update at the appropriate time.

布萊恩，我們確實覺得那裡的效率更高，然後我們將在我們的長期利潤率上更新這一點。我們一直說我們的長期利潤率將達到 20% 以上。那麼這個加號是什麼樣子的，這就是我們將在適當的時候更新的內容。

Matthew Hedberg, RBC Capital Markets.

馬修‧赫德伯格，加拿大皇家銀行資本市場部。

This is Mike Richards on for Matt. Maybe going off that last question there. I was wondering if you could provide some more details on the restructuring just in terms of like [resizing] and what areas were impacted. And then also if you're accounting for any disruption between the restructuring or the general organization changes and guidance?

我是麥克理查茲 (Mike Richards) 替馬特 (Matt) 發言。也許可以放棄最後一個問題。我想知道您是否可以提供有關重組的更多詳細信息，例如[調整規模]以及哪些領域受到影響。然後，您是否要考慮重組或一般組織變更和指導之間的任何干擾？

Yes. Maybe let me start with high level overview and then I'll let Ashim to bring more color. I think largely, we have restructured our central functions. And we like -- we were looking at more like sales operation, sales enablement functions and especially.

是的。也許讓我從高層次的概述開始，然後我會讓 Ashim 帶來更多的色彩。我認為很大程度上，我們已經重組了我們的核心職能。我們喜歡—我們更專注於銷售營運、銷售支援功能，尤其是。

Also part of restructuring, I can tell you, we are -- basically, we look in all areas of the company. And I think we -- our goal is longer term that this restructuring into bringing a great level of efficiency and agility into the company.

我可以告訴你，這也是重組的一部分，我們基本上會關注公司的所有領域。我認為我們的長期目標是透過這次重組為公司帶來更高的效率和敏捷性。

And then just in terms of disruption, we provided our guidance in the last quarter earnings. I think there's no incremental impact to that, that I would say from a disruption standpoint, we would account for at this time. Again, as Daniel said, when it's a -- lot of the streamline -- a lot of the central organizations, they didn't really impact the growth of the company, right, and growth rate of the company.

然後，就顛覆而言，我們在上個季度的收益中提供了指導。我認為，從破壞的角度來看，我們目前不會對此產生增量影響。再一次，正如丹尼爾所說，當有很多精簡的中央組織時，它們並沒有真正影響公司的成長，對的，以及公司的成長率。

They really were -- there was a larger disconnect between those organizations and the field. So that's one of the reasons why we did not see that disruption or why we don't feel like there is a meaningful disruption that needs to be singled out.

他們確實是──這些組織和現場之間有更大的脫節。因此，這就是為什麼我們沒有看到這種破壞，或者為什麼我們不認為存在需要單獨指出的有意義的破壞的原因之一。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

This is Sanjit Singh for Keith Weiss. Dan, you laid out a number of initiatives across operations, products, partners, that customer success. I was wondering as you look at the near to midterm, where do you see the lowest hanging fruit in terms of getting back to a better growth trajectory? And then I have a follow-up.

我是基思·韋斯 (Keith Weiss) 的桑吉特·辛格 (Sanjit Singh)。丹，您在營運、產品、合作夥伴方面提出了一系列旨在幫助客戶成功的措施。我想知道，當您展望近中期時，您認為在回到更好的成長軌跡方面最容易實現的目標在哪裡？然後我有一個後續行動。

Look, I think we continue to see, as we said in the last earnings call, it's to make our teams working well together. This is basically -- it was our first goal to break the silos into the organization and make sure that we align everything in the interest of the customer.

聽著，我認為我們繼續看到，正如我們在上次財報電話會議中所說，這是為了讓我們的團隊能夠很好地合作。這基本上是我們的首要目標，打破組織內部的孤島，並確保我們按照客戶的利益調整一切。

So for example, some of the low-hanging fruit was to put back customer success into the region while keeping some centralized program about it and same with our technical account management. We have simplified some of the row nomenclature.

例如，一些容易實現的目標是將客戶的成功帶回該地區，同時保留一些集中的計劃，這與我們的技術客戶管理相同。我們簡化了一些行命名法。

And yes, it's -- I think -- it was a lot about simplification and moving people into the regions. Ashim, anything to comment?

是的，我認為，這很大程度上是為了簡化和將人們轉移到這些地區。阿希姆，有什麼要評論的嗎？

No, I think so. Look, I think the first step was improving execution, as Daniel said, and that meant breaking down the silos and really connecting the teams.

不，我想是的。看，我認為第一步是提高執行力，正如丹尼爾所說，這意味著打破孤島並真正連接團隊。

I do think the investments that we're making that Daniel talked about in terms of agentic, the investments in process orchestration, we gave examples of the test deal that we won in the quarter. Those are all evidence of different parts of our strategy that as we continue to drive and execute, we feel reinforce the durability of our growth.

我確實認為丹尼爾在代理方面談到了我們正在進行的投資，在流程編排方面的投資，我們給出了我們在本季度贏得的測試交易的例子。這些都是我們策略的不同部分的證據，隨著我們繼續推動和執行，我們感覺增強了我們成長的持久性。

I really appreciate that perspective. And then reason to my follow-up. On the product side of the house, clearly, there's a lot of innovation going on. We have Autopilot GA coming up, communications mining, process orchestration, Dan, what you highlighted.

我真的很欣賞這種觀點。然後對我的後續行動進行推理。顯然，在產品方面，正在進行大量創新。我們即將推出 Autopilot GA、通訊挖掘、流程編排，Dan，您強調的是什麼。

Historically, when you've talked to customers in the past, some of them have commented that the breadth and depth of the product portfolio was a little overwhelming in terms of where to invest that incremental dollar. Can you talk speak to how the pricing packaging side is evolving along with some of the restructuring changes in terms of making the solution more digestible into the enterprise.

從歷史上看，當你過去與客戶交談時，他們中的一些人評論說，就增量資金的投資方向而言，產品組合的廣度和深度有點難以承受。您能否談談定價包裝方面如何隨著一些重組變化而發展，以使解決方案更容易被企業消化。

Yes. We -- I think one of the major initiatives that is actually in progress is to look at our pricing and packaging and come up with -- maybe even quite a different model that should tie our pricing more to the value that we deliver. I think it's a bit too early to comment on this one.

是的。我們——我認為實際上正在進行的主要舉措之一是研究我們的定價和包裝，並提出——甚至可能是一個完全不同的模型，應該將我們的定價更多地與我們提供的價值聯繫起來。我認為現在對此發表評論還為時過早。

But on the -- also on the platform in itself, we are having some key initiatives. Maybe we talk a little bit about them. But -- internally, we call it like Unify build type. So we aim to present our platform in a much more consistent way to the developer.

但在平臺本身上，我們正​​在採取一些關鍵措施。也許我們可以談談他們。但是，在內部，我們稱之為「統一建置類型」。因此，我們的目標是以更一致的方式向開發人員展示我們的平台。

So basically, anyone using the platform, we have all the tools better integrated. So they will create an application easier.

所以基本上，任何使用該平台的人，我們都可以更好地整合所有工具。所以他們會更容易創建應用程式。

For instance, to give you an example. If you want to create like an onboarding application, you can start with building the user interface and then you can connect very easy the user interface with some automations and then the automations can take advantage of our communication mining or document understanding or data service and everything will be completely integrated.

舉個例子，給大家舉個例子。如果您想像入門應用程式一樣創建，您可以從建立使用者介面開始，然後您可以非常輕鬆地將使用者介面與一些自動化連接，然後自動化可以利用我們的通訊挖掘或文件理解或資料服務等等將完全整合。

So it doesn't look like you go to different systems. So I think that will also help customers to understand better our offering.

所以看起來您並沒有進入不同的系統。所以我認為這也將幫助客戶更了解我們的產品。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

Ashim, congratulations on the expanded role. So going back to the, let's say, new business, you talked about challenging macro environment and even some confusion between this AI and RPA, where to invest. But if we dig into the expansion side of your installed base, what are the opportunities or challenges you're seeing at this point?

Ashim，恭喜角色擴大。回到新業務，您談到了充滿挑戰的宏觀環境，甚至談到了人工智慧和 RPA 之間的一些困惑，以及投資方向。但如果我們深入了解您的安裝基礎的擴展方面，您目前看到的機會或挑戰是什麼？

I think when we look at our expansion, I think the first thing I would just note is like our customers that are between $100,000 and $1 million, they are continuing to expand at 120%-plus. So really making sure that our customers get to a certain scale steady across our 10,800 customers, that's important. That goes down to what Daniel has reinforced not just the C-level, but the grassroots level of adoption and making sure we're connected at that base area.

我認為，當我們考慮我們的擴張時，我想我要注意的第一件事是，我們的客戶規模在 10 萬美元到 100 萬美元之間，他們正在繼續以 120% 以上的速度擴張。因此，真正確保我們的客戶在 10,800 名客戶中穩定地達到一定規模，這一點非常重要。這取決於丹尼爾不僅加強了 C 級，還加強了基層的採用，並確保我們在該基礎區域保持聯繫。

The second piece is the more people adopt our full platform and features document understanding, intelligent document processing. When you look at many of the larger deals in the quarter, they're not core RPA alone, and they haven't been for a while.

第二塊是更多的人採用我們的完整平台和功能文件理解、智慧文件處理。當您查看本季度許多較大的交易時，您會發現它們不僅僅是核心 RPA，而且已經有一段時間了。

Those deals have multiple elements of our platform, if not the entire platform and continuing to drive that awareness and continue to driving that within our customer base, those are like our two biggest areas. And frankly, the personal productivity side, that is an increasing competitive area. We've always talked about that.

這些交易具有我們平台的多個要素，即使不是整個平台，並且繼續提高這種意識並繼續在我們的客戶群中推動這種意識，這些就像我們最大的兩個領域。坦白說，個人生產力方面，這是一個競爭日益激烈的領域。我們一直在談論這個。

That's not the majority of where we want to play. So continue to drive enterprise grade use cases and solutions with our customer. That also continues to be a priority that really bolsters the dollar expansion rate for us.

這不是我們想要玩的大部分地方。因此，請繼續與我們的客戶一起推動企業級用例和解決方案。這也仍然是真正提高我們美元擴張速度的優先事項。

That's great. And a follow-up to, I think, Mark's question earlier about the agentic automation. It's certainly now increasing competition. There are other vendors now with agent AI coming in, but it's good to see the innovation and the investment you're doing on the product side.

那太棒了。我認為，這是馬克之前關於代理自動化的問題的後續。現在的競爭無疑正在加劇。現在還有其他供應商推出了人工智慧代理，但很高興看到您在產品方面所做的創新和投資。

But where do you see the sweet spot? Is it more your product is more addressing the installed base that you have, that's where you have the sweet spot? Or do you think you can effectively compete with the new deals against the new set of competitors?

但你在哪裡看到了最佳點呢？您的產品是否更能滿足您現有的安裝基礎，這才是您的最佳選擇？或者您認為您可以透過新交易有效地與新的競爭對手競爭嗎？

Well, I think we have some distinctive advantages. First of all, we have a low code platform that our developers are used to. And they are using our low code platform to build agents as well. A lot of the like new entrants, new startups are targeting more like professional developers.

嗯，我認為我們有一些獨特的優勢。首先，我們有一個開發人員習慣的低程式碼平台。他們也使用我們的低程式碼平台來建立代理。許多新進業者、新創公司的目標更像是專業開發人員。

We work more with our automation developers, and it's quite a large population. So we aim to give them all the building blocks to build agents. So that's one of our advantage.

我們與自動化開發人員合作更多，而且人口相當多。因此，我們的目標是為他們提供建置代理程式的所有建置模組。這是我們的優勢之一。

Second is these agents are not so useful if you don't pair them with actions. And this is, I think, where we will shine and we have a unique advantage to actually deliver agents that understand data or can make decisions and can call actions.

其次，如果不將它們與操作配對，這些代理就不會那麼有用。我認為，這就是我們將大放異彩的地方，我們擁有獨特的優勢，可以真正提供能夠理解數據或能夠做出決策並可以採取行動的代理。

And first of all -- and also think about it's not enough to build one single agent. An enterprise will have maybe hundreds and thousands of agents over time. So it's equally important to orchestrate these agents, manage them, offer them in a secure and governed environment.

首先，也要考慮建立單一代理是不夠的。隨著時間的推移，企業可能會擁有成百上千的代理商。因此，編排、管理這些代理商並在安全且受監管的環境中提供它們也同樣重要。

And this is actually built in, in our platform. And it's not -- we spent many years to build the scalable orchestration platform, it takes really a long time to have it. And we have -- we have it already. We just are taking the best of LLM work, embed it into our platform and deliver easy to our customers.

這實際上是內建在我們的平台中的。事實並非如此——我們花了很多年的時間來建立可擴展的編排平台，確實需要很長時間才能擁有它。我們已經擁有了。我們只是充分利用法學碩士的工作成果，將其嵌入到我們的平台中，並輕鬆地為我們的客戶提供服務。

Kirk Materne, Evercore.

柯克·馬特納，Evercore。

This is (inaudible) on for Kirk. Congratulations on the quarter. So following up on one of the prior themes that was brought up, how are you finding the right balance between selling the automation platform versus selling core RPA?

這是柯克（聽不清楚）的。恭喜本季。因此，跟進之前提出的主題之一，您如何在銷售自動化平台與銷售核心 RPA 之間找到適當的平衡？

You're clearly seeing success with large customers and platform adoption. But are you finding that certain customers are just looking for core RPA when they land? And what's your philosophy on approaching those accounts?

您清楚地看到大客戶和平台採用的成功。但您是否發現某些客戶落地時只是在尋找核心 RPA？您處理這些帳戶的理念是什麼？

Well, RPA is a pretty powerful technology. And it can go to really a long distance in addressing customers' automation needs. And if you think of how we build our platform is really going after white spaces around RPA, so RPA naturally evolve into a business automation platform.

嗯，RPA 是一項非常強大的技術。它可以在滿足客戶的自動化需求方面發揮真正的作用。如果你想到我們建立平台的方式實際上是在追求 RPA 周圍的空白，那麼 RPA 自然會演變成一個業務自動化平台。

But our ability to emulate human users is the core principle that is behind our platform. In a way, this is why if you think today, AI fits so naturally -- gen AI fits so naturally into our platform because gen AI, it's an imitative of how human mind works type of technology.

但我們模擬人類使用者的能力是我們平台背後的核心原則。在某種程度上，這就是為什麼如果你認為今天人工智慧如此自然地融入我們的平台，因為一代人工智慧是一種模仿人類思維工作方式的技術。

And that's -- again, that's even since our IPO, we made it clear. Our platform emulates human users. That's the core tenet of what we are building. So in this sense, it's a natural extension from RPA to broader automation to an AI-powered automation platform.

再次強調，自從我們首次公開募股以來，我們就明確表示了這一點。我們的平台模擬人類使用者。這是我們正在建立的核心宗旨。因此從這個意義上說，它是從 RPA 到更廣泛的自動化再到人工智慧驅動的自動化平台的自然延伸。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

This is [Dominique Masala] on for Terry. So just looking at the recently achieved FedRAMP authorization, could you provide more details on your progress and customer interest in the pipeline you've seen in the public sector so far? And are there any specific government agencies or verticals where you see the greatest potential for automation adoption?

我是特里 (Terry) 的[多米尼克·馬薩拉 (Dominique Masala)]。那麼，只要看看最近獲得的 FedRAMP 授權，您能否提供更多有關您迄今為止在公共部門看到的管道的進展和客戶興趣的詳細資訊？您認為有哪些特定的政府機構或垂直產業採用自動化的潛力最大？

Well, I think public sector is one of the fastest growth industry for us. I'm very happy having achieved the FedRAMP authorization. I think this is going to accelerate our business in public sector.

嗯，我認為公共部門是我們成長最快的產業之一。我很高興獲得 FedRAMP 授權。我認為這將加速我們在公共部門的業務。

We also are looking forward to take the lessons learned while building FedRAMP into other countries and territories. And power more of our public sector business. So I think long term, we are seeing an increase of the percentage of revenue in our company coming from the public sector for sure.

我們也期待在其他國家和地區建設 FedRAMP 時汲取經驗教訓。並為我們的公共部門業務提供更多動力。因此，我認為從長遠來看，我們公司來自公共部門的收入百分比肯定有所增加。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

We've touched on the transition a bit and the slight shift in priorities with Daniel stepping back into the CEO role. Maybe I'm curious just to go back and if you could provide us with an update on how those efforts are progressing?

隨著丹尼爾重新擔任首席執行官，我們已經談到了一些過渡和優先事項的輕微轉變。也許我只是想回去看看您能否向我們提供有關這些工作進展的最新資訊？

And in particular, we're looking at the customer metric and noticed an uptick there for the first time in a couple of quarters. And so I'm wondering if that's at all reflective of some of the changes in focus you're implementing? Any commentary on just new customer additions and what you're seeing there is also helpful.

特別是，我們正在研究客戶指標，並注意到幾個季度以來首次出現上升。所以我想知道這是否完全反映了您正在實施的一些重點變化？任何有關新客戶添加以及您在那裡看到的內容的評論也很有幫助。

Look, I think -- like we said, I think we feel like a better connected team and a more streamlined team will execute better. And I think that should reflect more and more across every part of our core metrics and our core financial results.

聽著，我認為——就像我們說的，我認為我們感覺一個聯繫更好的團隊和一個更精簡的團隊會更好地執行。我認為這應該越來越反映在我們核心指標和核心財務表現的各個部分。

What I'd still say, Michael, is I don't think our philosophy has changed. We're still looking after quality of new logos versus quantity. I think the uptick, it's a good quarter that we have there. But I don't look at that as a change in philosophy or strategy.

邁克爾，我仍然想說的是，我認為我們的理念沒有改變。我們仍在關注新徽標的品質與數量。我認為成長是我們的一個很好的季度。但我並不認為這是理念或策略的改變。

I just think about it as better execution overall, and it's an area that we'll continue to monitor. We still feel like the land and expand is an important part of who we are, but that expansion motion also continues to be a primary driver.

我只是認為這是整體上更好的執行，這是我們將繼續監控的領域。我們仍然覺得土地和擴張是我們的重要組成部分，但擴張運動也仍然是主要驅動力。

And frankly, when we're talking into and inspecting our pipeline looking into our different regions and territories, we ask about both new customers as well as expansions, and we're really pleased with the response that our teams right now are giving us and the execution levels of this quarter that we're starting to see.

坦白說，當我們討論和檢查不同地區和地區的管道時，我們會詢問新客戶和擴張情況，我們對我們的團隊現在給予我們的回應感到非常滿意我們開始看到本季度的執行水平。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

I'll just go with one in the essence of time here. Ashim, one of the things you mentioned was cloud revenues up 65% year over year to, I think it was just over $850 million. Help us understand, I guess, what deal composition looks like.

我將在時間的本質上選擇其中之一。 Ashim，您提到的其中一件事是雲端收入年增 65%，我認為剛剛超過 8.5 億美元。我想，幫助我們了解交易構成是什麼樣的。

That's a big number. It's up a lot. I know you're pushing that platform or some of those modules and use cases more. But as we think about the business maybe for the balance of the year, how much of the balance is, I guess, squared on those types of use cases in modules versus maybe what you've seen over the last year or two?

這是一個很大的數字。漲了很多。我知道您正在推動該平台或其中一些模組以及更多用例。但是，當我們考慮今年剩餘時間的業務時，我想，與您在過去一兩年所看到的情況相比，模組中這些類型的用例有多少是平衡的？

I think we've seen a consistent growth rate of like strong and elevated growth rate on our cloud-enabled customers and just our cloud in general. One of it is just overall awareness that continues to drive across our customer base, but more so their own readiness to move to the cloud and start adopting those cloud products.

我認為我們已經看到我們的支援雲端的客戶以及整個雲端的持續成長率強勁且高成長。其中之一是繼續推動我們客戶群的整體意識，但更重要的是他們自己準備好遷移到雲端並開始採用這些雲端產品。

When you look at things like communications mining, when you look at things like document understanding, I think the value to move to be a part of the cloud continues to accrete, and we really like that. At the same time, like we've always said, we want to be customer-centric in this regard and make sure customers have the flexible choice.

當你看到通信挖掘之類的事情時，當你看到文檔理解之類的事情時，我認為成為雲端的一部分的價值不斷增加，我們真的很喜歡這一點。同時，就像我們一直說的，我們希望在這方面以客戶為中心，確保客戶有靈活的選擇。

And that's really what we're providing and allowing them to move to their own journeys. I do think as our platform expands, I think -- and we have a cloud-first mindset in our releases, et cetera, I think that continues to drive more and more value for that customers can derive for the cloud itself.

這確實是我們所提供的，並允許他們繼續自己的旅程。我確實認為，隨著我們平台的擴展，我們在版本中具有雲端優先的心態，等等，我認為這將繼續為客戶從雲端本身獲得越來越多的價值。

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

我們的問答環節已經結束。我想重新發言以徵求進一步的意見或結束意見。

Thank you so much, everyone, for your questions. I would like to remind you that our user conference event is coming in just six weeks. I would like to see many of you in Vegas, and I'm looking forward to meeting also many of you over this quarter. Thank you.

非常感謝大家提出的問題。我想提醒您，我們的用戶大會活動將在六週後舉行。我希望在維加斯見到你們中的許多人，並且我期待在本季度與你們中的許多人見面。謝謝。

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

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。