UiPath Inc (PATH) 2025 Q4 法說會逐字稿

Greetings, and welcome to the UiPath fourth-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 UiPath 2025 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係副總裁 Allise Furlani。謝謝你，艾麗絲。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's fourth quarter and full year fiscal 2025 financial results, which we announced in our earnings press release issued after the close of the market today.

下午好，感謝您今天加入我們，共同回顧 UiPath 2025 財年第四季度和全年財務業績，我們在今天收盤後發布的收益新聞稿中公佈了這些業績。

On the call with me are Daniel Dines, Founder and Chief Executive Officer; and Ashim Gupta, Chief Operating and Financial Officer, to deliver our prepared comments and answer questions.

與我一起通話的有創辦人兼執行長 Daniel Dines；以及首席營運和財務長 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. These materials include GAAP to non-GAAP reconciliations, which we will be discussing non-GAAP metrics on today's call. This afternoon's call includes forward-looking statements regarding our financial guidance for the first quarter and full fiscal year 2026 and our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings, and market opportunity.

我們的收益新聞稿和財務補充資料發佈在 UiPath 投資者關係網站上。這些資料包括 GAAP 與非 GAAP 的對賬，我們將在今天的電話會議上討論非 GAAP 指標。今天下午的電話會議包括有關我們對 2026 財年第一季和全年財務指導的前瞻性聲明，以及我們推動和加速未來成長和營運效率以及發展我們的平台、產品供應和市場機會的能力。

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.

由於多種因素，實際結果可能與前瞻性陳述中表達的結果有重大差異，因此，投資者不應過度依賴這些陳述。

For a discussion of these 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 annual report on Form 10-K for the year ended January 31, 2025, 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.

有關可能影響我們實際結果的重大風險和不確定因素的討論，請參閱我們截至 2024 年 1 月 31 日的年度報告（表 10-K）以及我們向美國證券交易委員會提交的後續報告，包括我們截至 2025 年 1 月 31 日的年度報告（表 10-K）。本次電話會議中的前瞻性陳述反映了我們截至今天的觀點。我們不承擔更新它們的義務。

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 the call. In addition, please note that all comparisons are year over year, unless otherwise indicated.

我想強調的是，本次網路直播附有投影片。電話會議結束後，我們將立即將投影片和我們準備好的發言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，所有比較都是同比進行的。

Now I would like to turn 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 thank the UiPath team and our partners for their hard work and focus throughout the year as well as our customers for placing their trust in us. We delivered revenue of $424 million. Excluding the $2 million FX headwind, revenue would have totaled $426 million.

謝謝你，艾麗絲。大家下午好。感謝您的加入。我要感謝 UiPath 團隊和我們的合作夥伴全年的辛勤工作和專注，以及客戶對我們的信任。我們實現了 4.24 億美元的收入。除去 200 萬美元的外匯不利因素，總收入將達到 4.26 億美元。

We ended the year with ARR of $1.666 billion, an increase of 14% year over year. These results included an impact from the ongoing geopolitical climate. While we remain confident in our public sector business, the transition in the government that began in January impacted the timing of deal closures and as a result, we came in slightly below our expectations for ARR in the fourth quarter. We continue to work closely with our federal customers, and their feedback is consistent.

我們今年的 ARR 為 16.66 億美元，年增 14%。這些結果包括當前地緣政治氣候的影響。雖然我們對我們的公共部門業務仍然充滿信心，但 1 月開始的政府過渡影響了交易完成的時間，因此，我們第四季的 ARR 略低於我們的預期。我們繼續與聯邦客戶密切合作，他們的回饋也是一致的。

Our Agentic platform drives tangible efficiencies and is a part of their go-forward roadmap. At the same time, we acknowledge that in the short term, the government is working through administration priorities, which we will work to support, and we have factored this into our linearity and our overall guidance for the year. There has also been a significant increase in volatility in the overall macroeconomic environment, particularly in the last two weeks.

我們的 Agentic 平台可提高實際的效率，並且是其未來發展路線圖的一部分。同時，我們承認，短期內政府正在落實行政重點，我們將盡力支持，並且已將此納入我們的線性和年度總體指導之中。整體宏觀經濟環境的波動性也顯著增加，尤其是最近兩週。

In recent discussions with customers, the external environment has created uncertainty around their budgets. Foreign exchange rates have also significantly fluctuated over the last week. Given these trends, we are taking a measured approach for fiscal 2026 adding additional prudence to our overall guidance, given the volatile environment.

在最近與客戶的討論中，外部環境為他們的預算帶來了不確定性。過去一周，外匯匯率也出現大幅波動。鑑於這些趨勢，我們將對 2026 財政年度採取審慎態度，考慮到動盪的環境，在我們的整體指導上更加審慎。

We are confident that we are appropriately factoring in the macro trends as we see them today. Looking beyond these near-term headwinds, we have done a lot of work to strengthen the company. We have built a strong foundation where we are seeing uncertainty in the market, we are focused on positioning the company for long-term success and believe we are in a strong position to weather the current environment.

我們相信，我們正在適當地考慮今天所看到的宏觀趨勢。除了這些短期不利因素之外，我們還做了很多工作來增強公司實力。我們已經建立了堅實的基礎，儘管市場充滿不確定性，但我們專注於讓公司獲得長期成功，並相信我們有能力抵禦當前的環境。

As we look ahead for fiscal 2026, we remain focused on three key strategic priorities: accelerating innovation across our Agentic roadmap, increasing adoption across our customer base, and continuing to drive operational rigor and efficiencies across the organization. I continue to spend the majority of my time traveling and engaging with customers, partners, and our team.

展望 2026 財年，我們仍將專注於三個關鍵策略重點：加速 Agentic 路線圖的創新、提高整個客戶群的採用率，以及持續推動整個組織的營運嚴謹性和效率。我繼續將大部分時間花在旅行以及與客戶、合作夥伴和我們的團隊交流上。

Our product and engineering teams are innovating faster than ever delivering cutting-edge solutions to our customers and our innovation roadmap is driving deeper and more meaningful relationships with customers and strategic partners. We have also made strong progress executing against the priorities we laid out last year and are on track to complete our go-to-market changes and restructuring. Our sales leaders continue to drive alignment across their teams while enhancing our focus on customer centricity.

我們的產品和工程團隊正在以前所未有的速度進行創新，為我們的客戶提供尖端的解決方案，我們的創新路線圖正在推動與客戶和策略夥伴建立更深、更有意義的關係。我們在執行去年制定的優先事項方面也取得了重大進展，並有望完成上市變革和重組。我們的銷售領導繼續推動團隊之間的協調，同時增強我們對客戶中心的專注。

The team is energized and we are fully aligned on our strategy to drive success for our customers in fiscal 2026 and beyond. Over the last six months, we completed in-depth reviews of our top customers to understand their respective health and created programmatic executive sponsor plans to accelerate adoption and innovation and maximize ROI.

團隊充滿活力，我們完全一致地制定策略，以在 2026 財年及以後幫助客戶取得成功。在過去的六個月中，我們對頂級客戶進行了深入審查，以了解他們的各自健康狀況，並製定了程序化執行發起人計劃，以加速採用和創新並最大化投資回報率。

These initiatives are already generating strong customer engagement and momentum. While there is always more work to do, our innovation engine is running at full speed. Our Agentic Automation products continue to gain traction in the market, and we have substantial opportunities to execute on.

這些措施已經激發了強大的客戶參與度和發展動力。儘管還有更多工作要做，但我們的創新引擎正在全速運轉。我們的 Agentic Automation 產品在市場上持續受到青睞，我們擁有大量的實施機會。

Fiscal 2025 was UiPath's most innovative year delivering groundbreaking products and capabilities like autopilot, Agent Builder, Agentic orchestration, hearing agent, intelligent extraction processing, Agentic testing, the AI trust layer context grounding and expanded GI connectors, and we are just getting stuffed. Agentic automation is transforming the way businesses operate.

2025 財年是 UiPath 最具創新性的一年，提供了自動駕駛儀、Agent Builder、Agentic 編排、聽力代理、智慧提取處理、Agentic 測試、AI 信任層上下文基礎和擴展的 GI 連接器等突破性的產品和功能，而我們正在逐漸成熟。代理自動化正在改變企業的運作方式。

And we continue to redefine what's possible with what we believe is the most advanced and comprehensive Agentic automation platform in the industry. Customers already view us as the platform for delivering results, not just promises. After testing competitive Agenetic vendors, a leading provider of scientific instruments and supplies has chosen our platform because of our unique ability to use agents that work across applications. They are now in the process of building and deploying Agentic use cases with UiPath Agent Builder for customer relations, customer due diligence and equipment warranty data.

我們將繼續利用我們認為是業界最先進、最全面的 Agentic 自動化平台來重新定義一切可能。客戶已經將我們視為實現成果而非僅僅做出承諾的平台。在測試了有競爭力的 Agenetic 供應商之後，一家領先的科學儀器和耗材供應商選擇了我們的平台，因為我們具有使用跨應用程式工作的代理商的獨特能力。他們目前正在使用 UiPath Agent Builder 建置和部署 Agentic 用例，用於客戶關係、客戶盡職調查和設備保固資料。

Another great example is one of the largest global semiconductor companies who signed a seven-figure deal in the quarter, purchasing our Agentic products to elevate their employee experience and drive competitive differentiation. Agent Builder, which launched into private preview in December, is our most successful preview in company history. Hundreds of customers are testing use cases that span evolving, resolving vendor disputes, processing claims, streamlining sales operations, fraud detection and compliance customer complaints, coordination of benefits, optimizing revenue cycle management, and improving logistics operations.

另一個很好的例子是，全球最大的半導體公司之一在本季度簽署了一筆七位數的協議，購買我們的 Agentic 產品以提升其員工體驗並推動競爭差異化。Agent Builder 於 12 月推出私人預覽版，這是我們公司歷史上最成功的預覽版。數百名客戶正在測試用例，涵蓋發展、解決供應商糾紛、處理索賠、簡化銷售營運、詐欺偵測和合規客戶投訴、福利協調、優化收入週期管理和改善物流營運。

Enthusiasm among both partners and customers has been very strong, and we are seeing incredible engagement across the board with approximately 3,000 agents creating and mission-critical processes. For example, Allegis Global Solutions is piloting adding agents in their workflows for invoice reconciliation by implementing UiPath agents, AGS gains the flexibility to resolve previously unseen variations of documents, delivering nearly a 30% improvement in their accuracy rate and driving increased scalability of their automation program through a 50% reduction in development time. Building high-quality agent is valuable, but what truly delivers transformative outcomes is orchestrating agents, robots, and people together to optimize end-to-end enterprise business processes.

合作夥伴和客戶之間的熱情都非常高漲，我們看到了全面的參與度，大約有 3,000 名代理商正在創建關鍵任務流程。例如，Allegis Global Solutions 正在透過實施 UiPath 代理，試行在其發票核對工作流程中添加代理，AGS 獲得了解決以前未見過的文件變體的靈活性，從而將其準確率提高了近 30%，並透過將開發時間縮短 50% 來提高其自動化程序的可擴展性。建立高品質的代理商很有價值，但真正帶來變革性成果的是協調代理商、機器人和人員，以優化端到端的企業業務流程。

That's where our new Agentic orchestration product comes into play. Launching to public review this week, Agentic orchestration provides real differentiation for our platform for its unique ability to orchestrate teams of specialized agents that are focused on executing their gold-based staff while working in tandem with robots to execute deterministic paths and collaborating with people as needed.

這就是我們的新 Agentic 編排產品發揮作用的地方。Agentic 編排本週開始接受公開評審，它為我們的平台提供了真正的差異化，因為它具有獨特的能力，可以編排專門的代理團隊，這些代理團隊專注於執行其金牌員工，同時與機器人協同執行確定性路徑並根據需要與人員合作。

I can't emphasize enough the power of robots and agents working together to control the level of autonomy that an agent provides ensuring that when money is changing hands, patient records are being updated, what claims are being paid, our platform delivers accurate and dependable business outcomes. And we are not only doing this within the UiPath ecosystem, but genetic orchestration will be able to orchestrate agents across an enterprise's entire application ecosystem including APIs, models and now agents. Moreover, we plan to add support to host, manage and orchestrate agents built with leading open-source Agentic frameworks.

我不能過度強調機器人和代理商共同控制代理商提供的自主權水平的力量，以確保當資金轉手、病患記錄得到更新、索賠得到支付時，我們的平台能夠提供準確可靠的業務成果。我們不僅在 UiPath 生態系統中做到這一點，而且基因編排還能夠編排企業整個應用程式生態系統中的代理，包括 API、模型和現在的代理。此外，我們計劃增加使用領先的開源 Agentic 框架建立的代理程式的託管、管理和協調支援。

We believe that orchestrating these agents together makes our platform unique as the most integrated and comprehensive way for our customers to tackle complex end-to-end processes while avoiding vendor lock-in.

我們相信，將這些代理商協調在一起可以使我們的平台獨一無二，成為我們的客戶處理複雜的端到端流程同時避免供應商鎖定的最整合和最全面的方式。

Customers are already leveraging Agentic orchestration to drive efficiencies. An example is a multinational food and beverage corporation. They plan to leverage the solution to streamline and optimize their supply chain planning process, orchestrating robots, agents and people across applications to reduce many of the interventions and drive a more streamlined approach. Launching to general availability today, Agentic testing is a good example of specialized Agentic solution that is disrupting the legacy application testing market by augmented testers with AI agents for greater productivity.

客戶已經在利用 Agentic 編排來提高效率。一個例子是一家跨國食品和飲料公司。他們計劃利用該解決方案簡化和優化他們的供應鏈規劃流程，跨應用程式協調機器人、代理商和人員，以減少許多幹預並推動更精簡的方法。Agentic 測試現已全面推出，它是專業 Agentic 解決方案的一個很好的例子，它透過增強測試人員和 AI 代理來提高生產力，從而顛覆了傳統的應用程式測試市場。

Our out-of-the-box agent, autopilot for testers speeds up the entire testing life cycle by enabling Agentic testing design, test automation and test management while Agent Builder empowers our customers to build their own custom agents tailored to their specific testing needs. We continue to see healthy adoption of our application testing products, including an expansion deal with the global animal health company in the quarter.

我們開箱即用的代理、測試人員自動駕駛儀透過啟用 Agentic 測試設計、測試自動化和測試管理來加快整個測試生命週期，而 Agent Builder 使我們的客戶能夠根據其特定的測試需求建立自己的客製化代理商。我們繼續看到我們的應用測試產品的健康採用，包括本季與全球動物保健公司達成的擴張協議。

In a competitive win, they expanded the test program to support automated application testing for the ERP migration. They plan to have 90% of their application testing automating with an overall cost saving of approximately $5 million.

在競爭中獲勝後，他們擴展了測試程序以支援 ERP 遷移的自動化應用程式測試。他們計劃將 90% 的應用程式測試自動化，整體成本節省約 500 萬美元。

We are also focused on building verticalized solutions, and we are happy to announce the acquisition of Peak AI, a vertical specialized agent for price and inventory use cases across a wide range of industries, including manufacturing, retail and consumer packaged goods. This acquisition is a natural extension of our path to a genetic automation, strengthening our vertical specialized agents, and we will work to integrate Peak's agents into our orchestration framework.

我們也專注於建立垂直化解決方案，我們很高興地宣布收購了 Peak AI，這是一個垂直專業代理，適用於製造業、零售業和消費包裝商品等廣泛行業的價格和庫存用例。此次收購是我們走向基因自動化的自然延伸，加強了我們的垂直專業代理，我們將努力將Peak的代理整合到我們的編排框架中。

Turning to autopilot for everyone. It is of use and enhanced user experience continues to drive adoption, including a sequential increase of over 300% in unique customers in the quarter, including a financial technology and services company who recently implemented Autopilot to streamline their merchant category validation process. Autopilot now troubleshoots these workflows by identifying errors and optimizing performance, enabling the company to operationalize AI safety and effectively. The innovation of our product roadmap has also reenergized our partner ecosystem, and we continue to drive new avenues of growth through strategic partnerships.

每個人都啟用自動駕駛儀。它的實用性和增強的用戶體驗繼續推動其採用，包括本季獨立客戶數量連續增長 300% 以上，其中包括一家金融科技和服務公司，該公司最近實施了 Autopilot 以簡化其商家類別驗證流程。Autopilot 現在可以透過識別錯誤和最佳化效能來排除這些工作流程的故障，使公司能夠安全有效地運作 AI。我們產品路線圖的創新也為我們的合作夥伴生態系統注入了新的活力，我們將繼續透過策略合作夥伴關係推動新的成長途徑。

We are excited to strengthen our partnership with Deloitte by jointly launching Agentic ERP solution to integrate UiPath Agentic automation with industry-leading ERP platforms. This solution will empower organizations to autonomously orchestrate end-to-end business process workflows, leveraging generative outputs executing tasks without constant human intervention, and continuously improving through feedback loops.

我們很高興透過共同推出 Agentic ERP 解決方案將 UiPath Agentic 自動化與業界領先的 ERP 平台結合，加強與德勤的合作夥伴關係。此解決方案將使組織能夠自主協調端到端業務流程工作流程，利用生成輸出執行任務而無需不斷的人工幹預，並透過回饋迴路不斷改進。

Ultimately, this collaboration is not just about cost savings. It's about operating at unprecedented levels of efficiency and intelligence that will unlock dynamic decisions making a competitive advantage. With our advancements in Agentic Automation, our relationship with Microsoft continues to deepen and to quote Jason Greive, CVP, ISD and digital native team at Microsoft.

最終，這種合作不僅僅是為了節省成本。它是關於以前所未有的效率和智慧水平運作，從而解鎖動態決策並帶來競爭優勢。隨著我們在 Agentic Automation 方面的進步，我們與微軟的關係不斷加深，並引用微軟 ISD 和數位原生團隊的 CVP Jason Greive 的話。

We share a common vision for a Agentic automation, and we are excited to partner with to bring the best of Asure, MicroSolv 65 and copilot to customers with IPF agents. This collaboration highlights our commitment to innovation, driving value for our customers and setting new standards in the industry that leverage the combined agenting capabilities of Microsoft and UiPath. Our strong vision and continuous investments in product innovation and capability expansion continues to earnest industry analyst recognition.

我們對 Agentic 自動化有著共同的願景，我們很高興與您合作，為擁有 IPF 代理程式的客戶帶來 Asure、MicroSolv 65 和 copilot 的最佳功能。此次合作彰顯了我們對創新的承諾，利用微軟和 UiPath 的綜合代理功能為客戶創造價值並樹立行業新標準。我們對產品創新和能力擴展的強大願景和持續投資繼續贏得行業分析師的認可。

During the quarter, we were positioned the highest in the leader category in the inaugural Everest Group Intelligent Automation Platforms PEAK Matrix assessment 2024, a testament to our relentless focus on innovation and the power of our holistic automation platform delivers for our customers.

在本季度，我們在首屆 Everest Group 智慧自動化平台 PEAK Matrix 評估 2024 中在領導者類別中名列最高，證明了我們對創新的不懈關注以及我們為客戶帶來的整體自動化平台的強大功能。

Finally, we invite you to join our Annual Agentic AI Summit where we will showcase how Agentic Automation is transforming businesses. The event will be live streamed on our website on March 25. Please reach out to our Investor Relations team for additional details.

最後，我們邀請您參加我們的年度 Agentic AI 高峰會，我們將在會議上展示 Agentic Automation 如何改變企業。活動將於 3 月 25 日在我們的網站上進行直播。請聯絡我們的投資者關係團隊以獲取更多詳細資訊。

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

說完這些，我將把電話轉給阿什姆。

Thank you, Daniel, and good afternoon, everyone. I'd also like to extend a thank you to the team for their hard work and dedication. Your efforts drive our success, and we appreciate everything you do to serve our customers, innovate across our platform and execute against our strategic initiatives.

謝謝你，丹尼爾，大家下午好。我也要向團隊的辛勤工作和奉獻精神表示感謝。您的努力推動了我們的成功，我們感謝您為服務我們的客戶、在我們的平台上進行創新以及執行我們的策略計劃所做的一切。

Before turning to the financials, I would like to share an update on our key operating priorities. Starting with our partner ecosystem, we have made significant progress over the last nine months, driving alignment across our organization. This has resulted in a more connected team with an improved overall incentive structure that is better aligned to performance and rewards higher-performing partners.

在討論財務狀況之前，我想先分享我們的主要營運重點的最新情況。從我們的合作夥伴生態系統開始，我們在過去九個月中取得了重大進展，推動了整個組織的協調。這使得團隊聯繫更加緊密，整體激勵結構得到改善，與績效更加一致，並獎勵表現較高的合作夥伴。

We have also more closely integrated our partners with our go-to-market teams and have been proactively focusing on enabling them to drive adoption of our Agentic solutions, along with our professional services team. In addition, I'm encouraged with the progress we are making in driving greater and more proactive visibility and discipline in our pipeline and customer health.

我們也將合作夥伴與行銷團隊更加緊密地結合起來，並積極致力於讓他們與我們的專業服務團隊一起推動我們 Agentic 解決方案的採用。此外，我們在推動通路和客戶健康方面取得更大、更主動的可見性和紀律性方面所取得的進展令我感到鼓舞。

Overall, our operational rigor is improving, thanks to the effective and cross-functional collaboration of our teams. I'm pleased by the progress we have made in fiscal 2025 and believe our highly differentiated Agentic platform transforms -- automation platform positions us well for long-term growth and profitability.

總體而言，由於我們團隊有效的跨職能協作，我們的營運嚴謹性正在提高。我對我們在 2025 財年的進展感到高興，並相信我們高度差異化的 Agentic 平台轉型——自動化平台為我們實現長期成長和獲利奠定了良好的基礎。

As we move forward, as Daniel has said, innovation is our number one priority, and we will continue to invest in driving AI and Agentic while delivering margin expansion through more disciplined expense management.

正如丹尼爾所說，在我們前進的過程中，創新是我們的首要任務，我們將繼續投資推動人工智慧和 Agentic，同時透過更嚴格的費用管理來擴大利潤。

Turning to the quarter. 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 impacts results. Fourth quarter revenue grew to $424 million, an increase of 5% year over year. Excluding an FX headwind of $2 million, revenue would have totaled $426 million.

轉向本季。除非另有說明，我將在非 GAAP 基礎上討論結果，並且所有增長率均為同比增長。第四季營收成長至4.24億美元，年增5%。除去 200 萬美元的外匯不利因素，總收入將達到 4.26 億美元。

Total revenue for fiscal year 2025 was $1.43 billion, an increase of 9% year over year. ARR totaled $1.666 billion, an increase of 14% and driven by net new ARR of $60 million. Excluding the FX headwind, net new ARR would have totaled $61 million. As we have discussed, our AI products and our overall platform are key differentiators driving both growth and customer retention. Over the last several years, we have introduced products like document understanding and communications mining.

2025財年總營收為14.3億美元，較去年同期成長9%。ARR 總額達到 16.66 億美元，成長 14%，主要得益於 6,000 萬美元的淨新 ARR。除去外匯不利因素，淨新 ARR 總額將達到 6,100 萬美元。正如我們所討論的，我們的人工智慧產品和整體平台是推動成長和客戶保留的關鍵差異因素。在過去的幾年裡，我們推出了文件理解和通訊挖掘等產品。

Our sales team has done a great job integrating them into customer solutions and driving adoption, which has resulted in an AI product attach rate of approximately 20% of our total customers. More importantly, for our customers with greater than $1 million in ARR, our attach rate is over 85%. A great example of the tangible ROI our customers achieve with our AI solutions is a European security company. They expanded to the full UiPath platform to leverage AI for far more advanced automation use cases to automate e-mail routing of unstructured data and document attachments, aiming to achieve net annual savings of $30 million by 2030. In order to fully take advantage of our AI products, our customers are accelerating their move to the cloud.

我們的銷售團隊在將它們融入客戶解決方案並推動採用方面做得非常出色，這使得 AI 產品的配售率達到了我們總客戶的約 20%。更重要的是，對於 ARR 超過 100 萬美元的客戶，我們的附加率超過 85%。一家歐洲安全公司就是我們的客戶利用我們的人工智慧解決方案實現的實際投資回報的一個很好的例子。他們擴展到完整的 UiPath 平台，利用 AI 實現更先進的自動化用例，自動執行非結構化資料和文件附件的電子郵件路由，旨在到 2030 年實現每年淨節約 3000 萬美元。為了充分利用我們的AI產品，我們的客戶正在加速向雲端遷移。

We ended the year with over $975 million in cloud ARR, up over 50% year over year. including both hybrid and SaaS offerings. An example of this is one of our largest customers, a leading US financial services firm who expanded in the quarter as they migrate their extensive automation program, spending thousands of processes across multiple divisions to the cloud. With this transition, they plan to accelerate their adoption of Autopilot, communications mining and while enabling a faster integration of our Agentic capabilities to drive efficiency and innovation.

我們今年的雲端運算 ARR 超過 9.75 億美元，年成長超過 50%。包括混合和 SaaS 產品。例如，我們最大的客戶之一是美國領先的金融服務公司，該公司在本季度擴展了其廣泛的自動化程序，將多個部門的數千個流程遷移到雲端。透過此次轉變，他們計劃加速採用自動駕駛、通訊挖掘，同時更快地整合我們的 Agentic 功能，以提高效率和創新。

We ended the quarter with approximately 10,750 customers. Normalizing for customer hierarchy changes, our customer count was flat year over year. We continue to be successful in signing valuable new enterprise logos that align with our strategy for targeting long-term customers with a propensity to invest, including new logos like Nutanix, Lake Michigan Credit Union, Southern Illinois Hospital Services, ACS Industries and living spaces. As with prior quarters, the vast majority of customer attrition continues to be at the lower end.

截至本季末，我們擁有約 10,750 名客戶。由於客戶層級變化正常化，我們的客戶數量較去年同期持平。我們繼續成功簽署有價值的新企業標識，這些標識符合我們針對具有投資傾向的長期客戶的策略，包括 Nutanix、密西根湖信用合作社、南伊利諾伊醫院服務、ACS 工業和生活空間等新標識。與前幾季一樣，絕大多數客戶流失仍然處於較低水準。

To provide a bit more color, when we take a closer look into our total logo count, customers that spend over $30,000 in ARR increased 7% year over year. This is also reinforced by our continued growth in customers with $100,000 or more in ARR, which increased to 2,292 and customers with $1 million or more in ARR, which increased to 317. Our largest customers are continuing to expand on our platform and during fiscal year 2025, customers with $5 million or more in ARR, grew 30%.

為了提供更多的信息，當我們仔細觀察我們的總標誌數量時，發現在 ARR 上花費超過 30,000 美元的客戶同比增長了 7%。這也得益於我們年收入 10 萬美元或以上的客戶數量的持續增長，增至 2,292 名，年收入 100 萬美元或以上的客戶數量也增加至 317 名。我們最大的客戶正在我們的平台上繼續擴展，在 2025 財年，ARR 為 500 萬美元或以上的客戶成長了 30%。

Moving on, dollar-based gross retention of 98% continues to be best in class, and our dollar-based net retention rate as of the fourth quarter was 110%. Remaining performance obligations increased to $1.243 billion, up 7%. Current RPO increased to $806 million, up 14%.

接下來，98% 的美元總留存率繼續保持同類最佳，截至第四季度，我們的美元淨留存率為 110%。剩餘履約義務增加至 12.43 億美元，成長 7%。目前RPO增加至8.06億美元，成長14%。

Turning to expenses. Fourth quarter overall gross margin was 87%, and software gross margin was 91%. Fourth-quarter operating expenses were $236 million. We ended the year with 3,868 total employees.

談到費用。第四季整體毛利率為87%，軟體毛利率為91%。第四季營運費用為2.36億美元。截至今年年底，我們的員工總數為 3,868 名。

In the fourth quarter, we achieved GAAP profitability for the second year in a row and delivered GAAP operating income of $34 million. This included $88 million of stock-based compensation expense. Full-year GAAP operating loss was $163 million, including $358 million of stock-based compensation.

第四季度，我們連續第二年實現 GAAP 獲利，實現 GAAP 營業收入 3,400 萬美元。其中包括8,800萬美元的股票薪酬費用。全年 GAAP 營業虧損為 1.63 億美元，其中包括 3.58 億美元的股票薪酬。

Non-GAAP operating income in the fourth quarter was $134 million, resulting in a record non-GAAP operating margin of 32%, an improvement of over 400 basis points year over year and a reflection of our continued efforts to streamline the business. Full-year non-GAAP operating income was $241 million, and full-year non-GAAP operating margin was 17%.

第四季非公認會計準則營業收入為 1.34 億美元，非公認會計準則營業利潤率達到創紀錄的 32%，較去年同期提高超過 400 個基點，這也反映了我們持續努力簡化業務。全年非公認會計準則營業收入為 2.41 億美元，全年非公認會計準則營業利益率為 17%。

I am pleased with our non-GAAP adjusted free cash flow generation for the fourth quarter and full year of $145 million, $328 million, respectively. We ended the year with a healthy balance sheet of $1.7 billion in cash, cash equivalents and marketable securities and no debt.

我對我們第四季和全年非 GAAP 調整後自由現金流分別為 1.45 億美元和 3.28 億美元感到滿意。截至今年年底，我們的資產負債表狀況良好，現金、現金等價物和有價證券總額達 17 億美元，且無債務。

During the fourth quarter, we continued to return capital to shareholders, repurchasing 744,000 shares of our Class A common stock at an average price of $12.57. For the full fiscal year, we returned approximately $390 million to shareholders through share repurchases, repurchasing 31.8 million shares of our common stock at an average price of $12.30 per share. Since January 31, under our 10b5-1 plan, we repurchased an additional 1.4 million shares at an average price of $12.19 through March 11, 2025.

第四季度，我們繼續向股東返還資本，以平均 12.57 美元的價格回購了 744,000 股 A 類普通股。整個財年，我們透過股票回購向股東返還了約 3.9 億美元，以平均每股 12.30 美元的價格回購了 3,180 萬股普通股。自 1 月 31 日起，根據我們的 10b5-1 計劃，截至 2025 年 3 月 11 日，我們以平均 12.19 美元的價格額外回購了 140 萬股。

Now turning to guidance. Our guidance philosophy remains unchanged, and we continue to guide to what we see in front of us, while factoring in relevant trends, opportunities and potential constraints. We are actively monitoring the many moving parts in the macroeconomic landscape, including the US public sector and global economic conditions.

現在轉向指導。我們的指導理念保持不變，我們將繼續引導我們眼前的事物，同時考慮相關的趨勢、機會和潛在的限制。我們正積極監測宏觀經濟情勢中許多的變化因素，包括美國公共部門和全球經濟狀況。

Our guidance takes into account the following. First, as Daniel mentioned, while we remain optimistic about the long-term opportunity in the US public sector, the ongoing transition has created short-term uncertainty for deal closures and we have factored this into our guidance for fiscal 2026 with a more pronounced impact in the first half of the year. Second, we have seen an increase in volatility in the overall macroeconomic environment, particularly in the last two weeks. And as a result, we have made prudent assumptions to our guidance.

我們的指導考慮了以下幾點。首先，正如丹尼爾所提到的，雖然我們仍然對美國公共部門的長期機會持樂觀態度，但正在進行的轉型為交易的完成帶來了短期的不確定性，我們已將此因素納入 2026 財年指引中，並將在上半年產生更為明顯的影響。第二，我們看到整體宏觀經濟環境波動性加大，尤其是最近兩週。因此，我們對我們的指導做出了審慎的假設。

Third, we are pleased with the progress our customers are making to move more of their workloads to the cloud, particularly as customers continue to adopt our AI product, and plan their Agentic roadmaps. While this is an overall positive, we expect growth in our SaaS offerings to be a 2% headwind to full year revenue growth this year.

第三，我們很高興看到客戶在將更多工作負載遷移到雲端方面取得的進展，特別是當客戶繼續採用我們的 AI 產品並規劃他們的 Agentic 路線圖時。雖然這總體上是積極的，但我們預計今年 SaaS 產品的成長將對全年收入成長造成 2% 的阻力。

Turning to the specifics of our guide. For the first fiscal quarter 2026, we expect revenue in the range of $330 million to $335 million; ARR in the range of $1.686 billion to $1.691 billion; non-GAAP operating income of approximately $45 million. And we expect first-quarter basic share count to be approximately 553 million shares. For the fiscal full year 2026, we expect revenue in the range of $1.525 billion to $1.530 billion; ARR in the range of $1.816 billion to $1.821 billion; non-GAAP operating income of approximately $270 million.

談談我們指南的具體內容。對於 2026 財年第一季，我們預計營收在 3.3 億至 3.35 億美元之間； ARR 在 16.86 億美元至 16.91 億美元之間；非 GAAP 營業收入約 4,500 萬美元。我們預計第一季基本股數約為 5.53 億股。對於 2026 財年全年，我們預計營收在 15.25 億美元至 15.3 億美元之間； ARR 在 18.16 億美元至 18.21 億美元之間；非GAAP營業收入約2.7億美元。

Before I close, I want to leave you with a few final modeling points, including the following: first half revenue to be approximately $665 million. First-half net new ARR to be approximately $48 million and second half net new ARR and revenue to reflect similar seasonality as fiscal year 2025. While we have substantially completed our go-to-market transition, we expect the final stages to create a more pronounced seasonal pattern in fiscal '26 with the second half of the year being stronger than the first.

在結束之前，我想給你們留下幾個最後的建模要點，包括以下內容：上半年收入約為 6.65 億美元。上半場淨新 ARR 約為 4,800 萬美元，下半年淨新 ARR 和收入將反映與 2025 財年類似的季節性。雖然我們已基本完成市場轉型，但我們預計最後階段將在 26 財年形成更明顯的季節性模式，下半年將比上半年更為強勁。

Fiscal year non-GAAP gross margin to be approximately 85% as we scale our cloud offerings. Non-GAAP operating income to reflect similar seasonality to our top line metrics. Fiscal year 2026 non-GAAP adjusted free cash flow of approximately $370 million also to follow normal seasonal patterns.

隨著我們擴大雲端產品範圍，財政年度非 GAAP 毛利率將達到約 85%。非公認會計準則營業收入反映與我們的頂線指標類似的季節性。2026 財年非 GAAP 調整後自由現金流約為 3.7 億美元，也遵循正常的季節性模式。

Lastly, we are committed to managing stock-based compensation and for fiscal year 2026, we expect dilution to be between 2% to 3% year over year.

最後，我們致力於管理股票薪酬，對於 2026 財年，我們預期稀釋度將比去年同期介於 2% 至 3% 之間。

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進行交談。說完這些，我現在將電話轉給接線生。接線員，請投票詢問問題。

(Operator Instructions) Jake Roberge, William Blair.

（操作員指示） Jake Roberge、William Blair。

Just wanted to follow up on the headwinds that you've seen over the past few weeks. I understand the public sector dynamic in January, but could you flesh out those comments about the significant volatility over the past two weeks and just what you're starting to see and hear from customers on that front?

只是想跟進一下過去幾週您看到的逆風。我了解一月份公共部門的動態，但您能否詳細說明過去兩週的大幅波動，以及您在這方面開始從客戶那裡看到和聽到的情況？

Well, I would say that everybody is seeing the volatility. It's not only us. And we are in constant contact with customers.

嗯，我想說每個人都看到了波動。不只有我們。我們與客戶保持持續的聯繫。

And look, some of the deals are being delayed. For instance, we were talking this week on Monday with Canadian bank. And they told us that all approval in the last 90 days are now being reviewed. And look, we have to pay the appropriate prudence for the year, given what we are seeing right now.

而且，有些交易正在被推遲。例如，本週一我們與加拿大銀行進行了談判。他們告訴我們，過去 90 天內的所有批准現在都在審查之中。而且，從目前的情況來看，我們必須為今年付出適當的謹慎。

Okay. That's helpful. And then great to hear about the 3,000 agents that have already been created on the platform. Can you talk a little bit more about the early areas or use cases that you're gaining traction with agents? And then maybe just comparing interest, how agents are being monetized versus your existing RPA deployments.

好的。這很有幫助。很高興聽到這個平台上已經創建了 3,000 名代理。您能否再多談談您與代理商取得聯繫的早期領域或用例？然後可能只是比較興趣，代理商如何透過現有的 RPA 部署來實現盈利。

Yes. Look, we focus on delivering agents that work in the context of end-to-end enterprise business processes. So I think many agents that we were seeing so far were more like chat-based agents like chatting, chat-outs, type of agents. We are delivering agents that basically are triggered by enterprise workflow, they receive data. They process data and they make action recommendations.

是的。你看，我們專注於提供在端到端企業業務流程中工作的代理商。所以我認為到目前為止我們看到的許多代理更像是基於聊天的代理，例如聊天、聊天外的代理。我們提供的代理基本上是由企業工作流程觸發的，它們接收資料。他們處理數據並提出行動建議。

And after a few months review, the recommendation are carried on by robots. So we are seeing in many industries. We are actually collecting quite a set of use cases, especially across financial services, in healthcare, I can give you top of my mind examples like in general ledger coding or healthcare, prior authorization, denials and insurance claims processing. So all across the spectrum of processes, there are pockets where we can apply agents. And it really works into our strength because we -- as our initial deployment strategy is to go after all the processes where we already have robots in place.

經過幾個月的審核後，推薦由機器人進行。我們在許多行業都看到了這種情況。我們實際上收集了相當多的用例，特別是在金融服務、醫療保健領域，我可以給你提供我認為最好的例子，例如總帳編碼或醫療保健、事先授權、拒絕和保險索賠處理。因此，在整個過程範圍內，都有我們可以應用代理程式的地方。這確實發揮了我們的優勢，因為我們的初始部署策略是追蹤所有已經安裝機器人的流程。

And we look -- what is the human input in conjunction with the robots. And then let's bring some agents that help the people in their job. And this is also how we come with this concept of Agentic orchestration because as we take more and more of the tasks that humans used to do, we have more and more the need to orchestrate between agents, robots, and humans.

讓我們來看看——人類與機器人結合的輸入是什麼。然後讓我們帶來一些代理人來幫助人們完成工作。這也是我們提出代理編排這個概念的原因，因為隨著我們承擔過去越來越多由人類完成的任務，我們越來越需要在代理、機器人和人類之間進行編排。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

First on the public sector pressure. Is there any way you can help frame the scale of this and maybe the mix of business, that is for you, particularly the US federal within public sector? And just maybe how you see that part of the portfolio performing just so we can segment that out from the broader commercial portfolio.

首先是公共部門的壓力。您能以什麼方式幫助確定這個規模以及對您來說的業務組合嗎，特別是美國聯​​邦在公共部門內的規模？也許您只是看到該部分投資組合的表現，以便我們可以將其從更廣泛的商業投資組合中分離出來。

Yes. Generally, we are not breaking it forward, but Federal has been one of our best-performing verticals. And we have confidence with our federal customers. But government is going through a transition. And we are staying close to our customers. We saw the disruption starting in January. In the conversations with customers, the disruption has continued, and we expect it to continue for the near future.

是的。一般來說，我們不會突破它，但聯邦一直是我們表現最好的垂直產業之一。我們對聯邦客戶充滿信心。但政府正在經歷轉型。我們與客戶始終保持密切聯繫。我們從一月就開始看到這種混亂。在與客戶的對話中，中斷的情況仍在繼續，我們預計這種情況在不久的將來還會繼續。

So Brian, what I would add, if you go back to our investor conference, it's our third largest vertical across the company.

布萊恩，我想補充一點，如果你回顧我們的投資者會議，你會發現這是我們公司範圍內第三大垂直業務。

And just to add a little bit more flavor. In some of the cases, there are moratoriums on procurement for new contracts. So while something may be funded, they're working through reconciliation bills, overall things and they are just working through the transition, and that is really changing some of the procurement processes.

只是為了增加一點點味道。在某些情況下，新合約的採購被暫停。因此，雖然有些事情可能會得到資助，但他們正在處理和解法案，總的來說，他們只是在處理過渡，這確實改變了一些採購流程。

Again, we're in constant touch with them are our customers there. Everybody feels good about the value. Actually, they see us as a real avenue to meet a lot of DOGE goals. But we have to give the appropriate space to let them work through the transition and continue to demonstrate our partnership and value.

再次，我們與他們保持密切聯繫，他們是我們的客戶。每個人都對其價值感到滿意。實際上，他們將我們視為實現許多 DOGE 目標的真正途徑。但我們必須給予適當的空間，讓他們度過過渡期，並繼續展示我們的夥伴關係和價值。

Okay. Understood. As we think about the shape of '26 as you see it now, any finer points on how and maybe some of the net new ARR comments you had assumed based on your current plan, give us a sense of where you see that stabilization or trough potentially of net new ARR as you move through the year?

好的。明白了。當我們思考您現在看到的 26 年情況時，您根據當前計劃對淨新 ARR 做出的任何詳細評論，能否讓我們了解一下您認為全年淨新 ARR 的穩定或低谷在哪裡？

Yes. I think when you look at the guidance that we provided, both in terms of the modeling points for the first half and the second half, you can clearly see that first quarter and first half is going to be under pressure just given the macroeconomic environment, getting the public sector space and time to kind of stabilize themselves.

是的。我認為，當您查看我們提供的指導時，無論是就上半年還是下半年的建模點而言，您都可以清楚地看到，考慮到宏觀經濟環境，第一季和上半年將面臨壓力，需要公共部門的空間和時間來自我穩定。

From our team's perspective, frankly, like we feel really good about the stabilization and progress on a number of areas. Health care, financial services certain geographies, they're really performing well. We feel really good about the progress that they've made there. And you can see that in the second half, while our overall -- while we've baked improvements for overall during the year, we can see more pronounced seasonality in the first half.

坦白說，從我們團隊的角度來看，我們對許多領域的穩定和進展感到非常滿意。醫療保健、金融服務等某些地區的表現確實很好。我們對他們在那裡取得的進展感到非常高興。您可以看到，在下半年，儘管我們的整體情況 - 雖然我們在今年整體上取得了進步，但我們可以看到上半年的季節性更加明顯。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

This is Ari on for Mark Murphy. As you're seeing this increase in -- certainty in the market out there kind of probably putting a damper customer willingness to invest in new technologies and one could extrapolate that to AI. But do you think this incremental uncertainty is kind of going to make customers a little bit less reluctant to invest in new technologies? Or do you think you're going to see it as maybe the way out of what's going on in the lever for more efficiency and cost savings.

這是馬克墨菲 (Mark Murphy) 的阿里 (Ari)。正如您所看到的，市場確定性的增加可能會抑制客戶投資新技術的意願，人們可以將這種趨勢推斷到人工智慧。但您是否認為，這種逐漸增加的不確定性是否會讓客戶不那麼猶豫地投資新技術？或者您認為您可能會將其視為解決槓桿問題的方法，以提高效率並節省成本。

No, I don't think this is related in any way with investing in new technologies or not. I think the uncertainty is it applies to all sorts of investments. On the contrary, in our discussions with our customers, we are seeing quite a good pull towards genic.

不，我認為這與是否投資新技術沒有任何關係。我認為不確定性適用於各種投資。相反，在我們與客戶的討論中，我們看到了對基因的強烈吸引力。

Agentic really opens up many doors and informally, we were talking with the CIO of a major bank here in New York. So he saw the demo of our product. And basically, that guys, you are onto something really, really cool that it's quite differentiated in the market, and we are interested in it. So the full exists there, but the reluctance, it's really related to uncertainty.

Agentic 確實打開了許多扇門，非正式地，我們正在與紐約一家大型銀行的資訊長交談。所以他看到了我們產品的示範。基本上，夥計們，你們發現了一些非常非常酷的東西，它在市場上相當有差異化，我們對此很感興趣。因此，充分性是存在的，但是不情願性實際上與不確定性有關。

Yes. I would just add to it. I think just in the CFO position, a few -- and I've talked to a few of the CFOs over the last two weeks. I think everybody is feeling the uncertainty. And so the general reaction is to make sure that your budgets are kind of -- and controls are put in place to make sure that you are measured as more clarity comes about in a macroeconomic standpoint.

是的。我只是想補充一點。我認為僅在財務長職位上，就有幾個——過去兩週我已經與幾位財務長進行了交談。我想每個人都感受到了不確定性。因此，一般的反應是確保您的預算是——並且實施控制措施以確保在宏觀經濟角度變得更加清晰時對您進行衡量。

So while we see that in the deal closure and while we see that in budgets tightening. We really don't see that in the short term in terms of the activity of POCs and the interest around Agentic. In SAP, we are shipping more and more of our teams to cope with the demand of getting to under Agentic, running the pilots and running the POCs, and that continues to be a positive sign for us. So that's just from my perspective as well.

因此，我們在交易完成和預算緊縮的同時看到了這一點。從 POC 的活動和圍繞 Agentic 的興趣來看，我們短期內確實看不到這種情況。在 SAP，我們正在派遣越來越多的團隊來應對 Agentic 的運作需求，運行試點和 POC，這對我們來說仍然是一個正面的訊號。這也只是從我的角度來看的。

And just as a quick follow-up. If we're kind of looking at the commercial side of things, do you see any difference in the impact of these stresses to the US versus Europe kind of in the other international markets? Or is it pretty evenly distributed?

這只是快速的後續行動。如果我們從商業角度來看，您是否認為這些壓力對美國、歐洲和其他國際市場的影響有何不同？或者說分佈相當均勻嗎？

I think it's a general statement. I think the entire globe is feeling the environmental pressures. I will say, as we've stayed closer to our Canadian customers, like, of course, with kind of the current events that are there, there's definitely more pronounced sensitivity around just as Daniel gave you some of those examples. But we see that really broad spread, whether it's around healthcare, financial services or different geographies. I think everybody is feeling the uncertainty of the current environment.

我認為這是一個普遍的說法。我認為整個地球都感受到了環境壓力。我想說的是，隨著我們與加拿大客戶的密切聯繫，當然，對於那裡發生的當前事件，我們的敏感性肯定會更加明顯，就像丹尼爾給你舉的一些例子一樣。但我們看到這種影響非常廣泛，無論是在醫療保健、金融服務或不同地區。我認為每個人都感受到了當前環境的不確定性。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

This is Sheldon McMeans on for Raimo. So UiPath has worked with federal government agencies like the IRS to increase automation and efficiency. And I think the ROI is clearly there, but when there's a widespread efficiency initiative like we're seeing, there could be screens at show shelf ware that's not indicative of value, particularly for the IRS that sees more activity around this time of the year.

這是 Sheldon McMeans，代替 Raimo。因此，UiPath 與 IRS 等聯邦政府機構合作，以提高自動化程度和效率。我認為投資回報率是顯而易見的，但是當出現像我們所看到的廣泛的效率舉措時，展示貨架上的屏幕可能並不代表價值，特別是對於在每年這個時候活動較多的國稅局來說。

My question is, is there an opportunity to shift to more of a consumption-based model to help more tangibly align monetization to value? Or could you give us any more color on what proactive approaches you're taking here?

我的問題是，是否有機會轉向更多基於消費的模式，以幫助更切實地將貨幣化與價值結合？或者您能否向我們詳細介紹一下您在此採取的主動措施？

Yes. Look, IRS is a big customer for our document understanding solution, which is, in fact, monetized based on consumption. And yes, of course, we believe that our platform is very aligned with the new administration goals of government efficiency. And we are looking forward to really help achieving these goals. At the same time, you mentioned Iris, I think they are one of the agencies that are under moratorium for 30 days.

是的。你看，IRS 是我們文件理解解決方案的大客戶，事實上，它是根據消費來實現盈利的。是的，當然，我們相信我們的平台與新政府的政府效率目標非常一致。我們期待著真正幫助實現這些目標。同時，您提到了 Iris，我認為他們是暫停 30 天的機構之一。

We still work closely with many of our agencies. The interest is there, but it's prudent, I think, to not assume very much for the time being.

我們仍與許多機構保持著密切的合作。興趣是存在的，但我認為，明智的做法是暫時不要想太多。

Understood. And a few quarters ago, you called out some hesitation and decision making due to the rapidly evolving AI landscape. And I was wondering, is that part of the change that you're seeing maybe customers waiting for more maturity around Agentic AI before putting new automation use cases into production?

明白了。幾個季度前，您指出，由於人工智慧領域的快速發展，人們在決策過程中會出現一些猶豫。我想知道，您看到的變化是否是客戶在等待 Agentic AI 更加成熟之後再將新的自動化用例投入生產？

Yes. In a way, if I can say, there is a continued wave of like confusion and clarity around AI. I would say we initially, everybody thought the new AI would do basically everything will replace everything. I think now customers are taking a much more moderate stands to AI. This is why Agentic is getting a lot of interest because Agentic is pragmatic.

是的。在某種程度上，如果我可以這麼說的話，圍繞人工智慧的混亂和清晰的浪潮仍在持續。我想說，最初，每個人都認為新的人工智慧基本上可以做所有事情並取代一切。我認為現在客戶對人工智慧的立場更加溫和。這就是 Agentic 受到如此多關注的原因，因為 Agentic 非常務實。

And it promises real value game because I think we all -- even if we take our experience with robots, which are -- it's suspicious of AI that imitates people. So I think we have a lot of experience in delivering tangible values to our customers. So the real value is when you can shift work from people, then you can deliver autonomously. This is the real, real value, and that was true for our platform, where our unattended robots deliver more revenue and more value for our customers than the attended robot. Not to say we attended are not valuable, but the ratio dramatically shifts into autonomously use cases.

它承諾真正的價值遊戲，因為我認為我們所有人——即使我們有與機器人打交道的經驗——也會對模仿人類的人工智慧持懷疑態度。所以我認為我們在提供客戶有形價值方面擁有豐富的經驗。因此，真正的價值在於，當你能夠將工作從人們手中轉移出去，然後你就可以自主交付。這是真正的價值，對我們的平台也是如此，我們的無人值守機器人比有人值守機器人為我們的客戶帶來更多的收入和價值。並不是說我們參加的活動沒有價值，而是說自主使用案例的比例急遽上升。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Dan, I was wondering if we could get an update and then sort of followed on the previous question about monetization with respect to some of the government use cases. But broadly, can you walk us through your pricing and monetization strategy for your agent portfolio?

丹，我想知道我們是否可以得到最新消息，然後繼續之前關於一些政府用例的貨幣化問題。但總體來說，您能向我們介紹一下代理商組合的定價和貨幣化策略嗎？

Yeah. So we are going to monetize our agents and the Agentic orchestration via a consumption-based model. We are going to announce pretty soon our monetization strategy as we plan to enter in GA and towards the end of April, beginning of May.

是的。因此，我們將透過基於消費的模型將我們的代理商和 Agentic 編排貨幣化。我們很快就會宣布我們的貨幣化策略，我們計劃在 4 月底 5 月初進入 GA 階段。

Understood. So we'll definitely look up for that. Ashim, going back to federal, I guess, sort of two related questions. Do you have confidence that federal will be a long-term customer of UiPath. And if that's the case, this year is just going to be a headwind because of those, is there any way you can sort of frame out the underlying growth of the business ex federal, how that shaped up either in Q4 or what you think that looks like for the balance of the year?

明白了。所以我們一定會關注這一點。Ashim，我想，回到聯邦，這是兩個相關的問題。您是否有信心聯邦政府將成為 UiPath 的長期客戶？如果是這樣的話，那麼由於這些原因，今年將會面臨逆風，您能否描述一下聯邦以外業務的潛在增長情況，以及第四季度的情況如何，或者您認為今年剩餘時間的業務增長情況如何？

Yes. As we talked about, we're not breaking it out specifically. Like we said, it's one of our highest performing verticals. And we do have tremendous confidence in our connections with our federal customers. So this is very much of a short-term disruption or uncertainty that we're facing.

是的。正如我們之前所說的，我們不會具體闡述這一點。正如我們所說，這是我們表現最好的垂直行業之一。我們對於與聯邦客戶之間的聯繫確實非常有信心。所以，我們面臨的只是短期的混亂或不確定性。

And as we go forward, I think we are like in every conversation, and we're constantly in touch with our federal customers, they reinforced actually the impact we are having on productivity which is very commensurate with the goals of DOGE. So we look at this something more as a short-term impact as kind of the transition happens with the government.

隨著我們不斷前進，我想我們就像在每一次對話中一樣，並且我們不斷與聯邦客戶保持聯繫，他們實際上強調了我們對生產力的影響，這與 DOGE 的目標非常相稱。因此，我們認為這更多的是一種短期影響，因為政府正在經歷某種轉型。

Michael Turrin, Wells Fargo.

富國銀行的麥可‧圖林 (Michael Turrin)。

I guess on last quarter -- and I appreciate there's a lot going on. Last quarter, the commentary was more around stable net new ARR. Is it fair for us to sign -- it sounds like it maybe is the case. The delta between that and what we're seeing today just to the increasing uncertainty you're calling out. And just is there anything you can comment on just what you're able to do to ensure you're at least in the federal conversation appreciating this is something that's somewhat outside of your control?

我想是在上個季度——我知道有很多事情發生。上個季度的評論更多圍繞著穩定的淨新 ARR。我們簽署這份文件是否公平？聽起來似乎是這樣的。這與我們今天看到的情況之間的差異只是引起了您所呼籲的越來越大的不確定性。您能否評論一下您可以做些什麼來確保您至少參與聯邦對話並意識到這是超出您控制範圍的事情？

And then as kind of the third part to the follow-up on the AI products, how should we think about those as a potential offset? And maybe just speak overall to how you're embedding any newer products into initial forecast.

然後，作為對人工智慧產品後續發展的第三部分，我們應該如何將其視為潛在的抵消因素？也許只是總體談談如何將任何新產品嵌入初步預測中。

Yes. Let me break down the questions for it. So one is, yes, the majority of the impact we're talking about is around the macro environment inclusive of the public sector. So from a stabilization standpoint, we honestly are very encouraged by the progress we've made on execution. The changes in go-to-market, the stabilization of our teams.

是的。讓我來分解一下這些問題。所以首先，是的，我們所談論的大部分影響都來自於包括公共部門在內的宏觀環境。因此，從穩定的角度來看，我們確實對執行方面的進展感到非常鼓舞。行銷的變化以及我們團隊的穩定。

So we feel good about the stabilization of it. Really, since January, the public sector changes began or the administration transition began. And we're seeing that continue with -- I think everybody has been looking at the news and kind of talking to customers and seeing different companies react to the latest developments in the geopolitical climate. So we feel good about the stabilization. The headwind that we are breaking it into our guidance is really around those two factors for ARR.

因此我們對它的穩定性感到滿意。確實，從一月開始，公共部門的變革或行政過渡就開始了。我們看到這種情況還在繼續——我想每個人都在關注新聞，與客戶交談，觀察不同的公司對地緣政治氣候的最新發展做出反應。因此，我們對穩定感到滿意。我們將其納入指導的阻力實際上是圍繞 ARR 的這兩個因素。

We obviously are excited also about Agentic and AI. We see both of those products is continuing to gain traction. We disclosed the attach rate of 20% for AI-based products. And as Daniel commented, really the momentum on Agentic, and response from our customers has been positive. And that, of course, we baked in a two-point headwind for SaaS headwind, which explains some of the revenue decrease as well from current consensus or current models.

我們顯然也對 Agentic 和 AI 感到興奮。我們看到這兩款產品正在持續受到歡迎。我們揭露了基於人工智慧的產品的附加率為20%。正如丹尼爾所說，Agentic 的發展勢頭以及我們客戶的反應確實是積極的。當然，我們為 SaaS 逆風考慮了兩點逆風，這也解釋了當前共識或當前模型中部分收入的下降。

In terms of staying close to our customers, I'll let Daniel also comment on that. But we have very good executive sponsorship. We frequent Washington quite often, both between our go-to-market leadership as well as our executive leadership. And we are connected to very good levels within the agencies and stay connected throughout.

關於與客戶保持密切聯繫，我會讓丹尼爾也對此發表評論。但我們擁有非常好的高階主管支持。我們的市場領導階層和執行領導階層經常來往於華盛頓。我們與各機構內部的高層都保持著良好的聯繫。

Lastly, just overall on the AI and Agentic, we are incredibly excited about our customer momentum that we're seeing there and the metrics that we're seeing from our private preview. We're still in the early innings of that. We're focused on getting that successful with our customers. And while we expect momentum to build throughout the year, we don't expect it to be a material contributor to revenue in fiscal year 2026.

最後，就 AI 和 Agentic 而言，總體而言，我們對在那裡看到的客戶發展勢頭以及從私人預覽中看到的指標感到非常興奮。我們仍處於該階段的早期階段。我們致力於幫助客戶取得成功。儘管我們預計全年成長動能將會增強，但我們預計它不會成為 2026 財年收入的重大貢獻者。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

This is [Stephen] here for Alex. First of all, on the acquisition that you announced, like, can you share a little bit more about the strategic rationale? And also to what extent can we see the contribution of the acquisition in 2026. And then I have a quick follow-up.

我是 [Stephen]，為 Alex 服務。首先，關於您宣布的收購，能否進一步分享其策略基礎？以及我們在多大程度上可以看到 2026 年收購的貢獻。然後我有一個快速的後續問題。

Yes. We are pretty excited about at peak. We are welcoming here a team of great talent. And we now plan to enter into more verticalized Agentic space. This is going to be a team that will help us build around them.

是的。我們對巔峰感到非常興奮。我們在這裡歡迎一支才華橫溢的團隊。我們現在計劃進入更垂直化的 Agentic 領域。這個團隊將會幫助我們圍繞著他們來進行建設。

We are starting with these two use cases around the price and inventory. And they also have really a good team of practitioners data scientists that can help also from what our overall Agentic push. They are based in U.K. where we already have a very strong AI team, and we are building a lot of products. So from a consolidation perspective, it was really good.

我們從價格和庫存這兩個用例開始。而且他們還擁有一支非常優秀的實踐資料科學家團隊，他們也可以為我們整體的 Agentic 推動提供協助。他們的總部設在英國，我們在那裡已經擁有一支非常強大的人工智慧團隊，並且正在開發許多產品。因此，從整合的角度來看，這確實很好。

I'll let Ashim comment more on the ARR implications.

我將讓 Ashim 對 ARR 的影響發表更多評論。

Yes. I think it's really immaterial to our overall year. As with previous acquisitions, we really view this as tuck-in acquisitions. So we don't -- they're not at a disclosable level and they're not material from an overall impact for our company, so we don't disclose it.

是的。我認為這對我們的整體年度來說真的不重要。與先前的收購一樣，我們確實將此視為附加收購。所以我們不會——這些影響還沒有達到可揭露的程度，而且對我們公司的整體影響也不大，所以我們不會透露。

Got it. And then really quickly on the go-to-market changes. So I know you guys went through a lot of changes last year, and you talked about it a little bit in this call as well. So we assume that like the go-to-market changes are sort of behind it and that we are in the steady state now.

知道了。然後很快就發生了上市變化。我知道你們去年經歷了很多變化，在這通電話中你們也談到了這一點。因此，我們假設市場進入的變化已經過去，我們現在處於穩定狀態。

Yes. As we mentioned in the script, our go-to-market changes are largely complete. Yes. Think about it. We've been only three quarters into really a big change for the company.

是的。正如我們在腳本中提到的那樣，我們的行銷變革已基本完成。是的。想一想。公司真正重大變革才剛開始四分之三。

I am pleased with the level of change. I think the energy levels in our company is getting to healthy levels. People believe in our Agentic second deck. We are going to execute with stability towards our strategy and our plans.

我對這種程度的改變感到滿意。我認為我們公司的活力水平正在恢復到健康水平。人們相信我們的 Agentic 第二層平台。我們將穩定地執行我們的策略和計劃。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is Chirag on for Kirk. There's been a lot of energy and optimism in the Agentic space, especially at initial POC stages, and on the call, you've highlighted your attach rates, the innovation and some customer deals. So just at a high level, how would you characterize iPads competitive advantage and right to win in this category when looking out over the next year or next two years? Thank you.

這是 Chirag 代替 Kirk 上場。Agentic 領域充滿了活力和樂觀，特別是在初始 POC 階段，在電話會議中，您強調了您的附加率、創新和一些客戶交易。那麼從總體來看，您如何描述未來一年或未來兩年 iPad 的競爭優勢以及在該領域的獲勝能力？謝謝。

Yeah. Look, our strategy on Agentic is quite simple. We are starting around our existing deployments, and we are giving our community, Agent Builder, which is a low-code tool, that helps our technical business users to create agents. So in this way, it's a very easy win. So we can have our -- in our existing deployments, we can enhance the capabilities of our robots with agents.

是的。看，我們在 Agentic 上的策略非常簡單。我們從現有的部署開始，並向社群提供 Agent Builder，這是一種低程式碼工具，可協助我們的技術業務使用者建立代理程式。所以從這個角度來看，這是一場非常輕鬆的勝利。因此，我們可以在現有的部署中，使用代理來增強機器人的功能。

And on the top of it, we bring more capabilities for end-to-end process automation with our Agentic orchestration capability. This is a clear path for us. And it's I would say it's a mast have win and the traction and the response from our customers, it's spot on, on this one.

最重要的是，我們利用 Agentic 編排功能為端到端流程自動化帶來了更多功能。這對我們來說是一條清晰的道路。我想說，這是一個巨大的勝利，從我們的客戶那裡獲得的關注和回饋來看，這是非常正確的。

Second, we have realized that our Agent Builder cannot cover all possible use cases. And it's more catered to the long tail of use cases and for technical business users. This is why we know that there is a lot of interest in open-source frameworks like Crew AI, LangChain, and another few of those.

其次，我們意識到我們的 Agent Builder 無法涵蓋所有可能的用例。它更適合長尾用例和技術業務用戶。這就是為什麼我們知道人們對 Crew AI、LangChain 等開源框架很感興趣。

We plan to support integration with agents, creating with these frameworks. And by integration, I mean, actually hosting, deploying managing, orchestrating, integrating with our robots for actions, part of our orchestration platform. So we deliver a very comprehensive Agentic platform by taking this open approach.

我們計劃支援與代理商的集成，並利用這些框架進行創建。我所說的集成，實際上是指託管、部署、管理、編排以及與我們的機器人集成以執行操作，這是我們編排平台的一部分。因此，我們採用這種開放的方式，提供了一個非常全面的 Agentic 平台。

I think if I -- I don't remember any other company right now that has a similar strategy. It helps avoiding vendor lock-in. It helps internal data science teams that build agents to actually manage them, host them, work with them in a more efficient way. And that will help us to extend into other white spaces within our customers and within new logos.

我想如果我——我不記得現在有任何其他公司有類似的策略。它有助於避免供應商鎖定。它可以幫助建立代理商的內部資料科學團隊以更有效的方式實際管理、託管、與它們合作。這將幫助我們擴展到客戶和新標誌內的其他空白領域。

And third, it's our verticalized strategy. We have started with an acquisition. And around it, we plan to be more specialized agents, particularly in healthcare and financial services. This type of agents can help with faster sales cycle, easier sales conversation because our platform has been always a horizontal platform. And we need a degree of specialization in order to help our go-to-market teams have more meaningful conversations with our customers.

第三是我們的垂直化策略。我們從收購開始。圍繞著這一目標，我們計劃成為更專業的代理商，特別是在醫療保健和金融服務領域。由於我們的平台一直是橫向平台，因此這種類型的代理商可以幫助加快銷售週期，更輕鬆地進行銷售對話。我們需要一定程度的專業化，以幫助我們的行銷團隊與客戶進行更有意義的對話。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

I guess I got two probably quick ones here. Ashim, your cloud ARR has showed nice growth. I think you said over 50% for the year to $975 million. Within that growth, how much of that is coming from customers that are moving their workloads from behind the firewall to your cloud solutions? Or is the majority of it from net new business?

我想，我在這裡可能很快就能找到兩個了。Ashim，你的雲端 ARR 顯示出良好的成長。我認為您說的是今年將成長 50% 以上，達到 9.75 億美元。在這種成長中，有多少是來自於將工作負載從防火牆後面轉移到雲端解決方案的客戶？或者說其中大部分是來自淨新業務？

Actually, it's both. I think our sales team has done a great job on new logos going directly to the cloud. Our cloud platform and what our product and engineering teams have done has been actually quite remarkable in terms of the capabilities and the cloud-first mentality that GenAI was driven across the teams has really done just that.

事實上，兩者兼而有之。我認為我們的銷售團隊在將新標誌直接轉入雲端方面做得很好。我們的雲端平台以及我們的產品和工程團隊所做的工作在功能方面實際上非常出色，而 GenAI 在整個團隊中推動的雲端優先理念確實做到了這一點。

But we are seeing, as I noted, the financial services firm, moving a lot of their -- moving more and more of their workloads and their footprint to the cloud. And one of the reasons is because our pace of innovation has also increased and people want to take advantage of the AI products, and they can do that faster and more efficiently by being on our cloud platform. So it's honestly broad-based, and that's why you see the growth rates that you're seeing there from both cloud as well as hybrid.

但正如我所說，我們看到金融服務公司正在將越來越多的工作負載和足跡轉移到雲端。原因之一是我們的創新步伐也加快了，人們希望利用人工智慧產品，而透過我們的雲端平台，他們可以更快、更有效率地做到這一點。所以它確實是廣泛的，這就是為什麼你會看到雲端運算和混合雲端運算的成長率。

And the last thing to note is I think Agentic only furthers this and the customers are realizing that value. And that is another reason why we see continued cloud growth and SaaS growth in our business.

最後要注意的是，我認為 Agentic 只會進一步推動這一點，而客戶也正在意識到這一價值。這也是我們的業務持續雲端成長和 SaaS 成長的另一個原因。

Got it. Helpful. And then my follow-up is on agents. 3,000 agents is a big number, but you have nearly 11,000 customers today. Are you seeing customers kind of start small with say, pilots when they're thinking about an Agentic strategy with 1Zs, 2Zs, just kind of starting that to get a feel for it.

知道了。很有幫助。然後我的後續關注點是代理商。 3,000 名代理商是一個很大的數字，但您今天有近 11,000 名客戶。當客戶考慮採用 1Z、2Z 的 Agentic 策略時，您是否看到他們從小規模做起，例如試點，只是從中獲取一些經驗。

Are you seeing any customers kind of jump all in right away and deploy maybe tens or dozens of these agents in a single instance?

您是否看到任何客戶立即投入其中並在單一實例中部署數十個或數十個這樣的代理程式？

Well, we are seeing both. The vast majority of customers are indeed doing small type of PCs. They need to understand the technology better. But we have a few customers that have already jumped into large deployments. We mentioned one in the third quarter.

嗯，我們看到了兩者。絕大多數的客戶確實都是做小型電腦。他們需要更了解這項技術。但我們的少數客戶已開始大規模部署。我們在第三季提到過一個。

There is another one in the fourth quarter with significantly large deals. And we already have three customers in our -- it's a very limited GA. So we've built the -- because they are so excited to push agents into production. So we created a limited GA, who gives them all the support they needed. So the excitement is there, but indeed, it's still into the early innings of POCs and piloting.

第四季還有另外一筆規模相當大交易。而且我們已經有三位客戶了——這是一個非常有限的 GA。所以我們建立了——因為他們非常興奮地推動代理商投入生產。因此我們創建了一個有限的 GA，為他們提供所需的所有支援。因此，人們感到很興奮，但事實上，它仍然處於 POC 和試點的早期階段。

There are no further questions at this time. I'd like to pass it back over to management for any closing remarks.

目前沒有其他問題。我想將其交還給管理層，以便他們做最後發言。

Thank you so much for your questions, and we are looking forward to meeting many of you during the quarter. Thank you.

非常感謝您的提問，我們期待在本季與大家見面。謝謝。

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。現在您可以斷開您的線路。感謝您的參與。