UiPath Inc (PATH) 2026 Q1 法說會逐字稿

Greetings, and welcome to the new UiPath first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加新的 UiPath 2026 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興向你們介紹主持人、投資者關係副總裁 Allise Furlani。謝謝你，Allise，你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's first quarter fiscal 2026 financial results, which we announced in our earnings press release issued after the close of the market today. On the call me with me are Daniel Dines, Founder and Chief Executive Officer; and Ashism Gupta, Chief Operating and Financial Officer, to deliver our prepared comments and answer questions.

下午好，感謝您今天加入我們，共同回顧 UiPath 2026 財年第一季的財務業績，我們在今天收盤後發布的收益新聞稿中公佈了這一業績。與我一起通話的還有創辦人兼執行長 Daniel Dines；以及首席營運和財務長 Ashism Gupta 發表我們準備好的評論並回答問題。

Our earnings release and financial supplemental materials are posted on the UiPath's Investor Relations website, ir.uipath.com. These materials include GAAP to non-GAAP reconciliations. We will be discussing non-GAAP metrics on today's call.

我們的收益報告和財務補充資料發佈在 UiPath 的投資者關係網站 ir.uipath.com 上。這些資料包括 GAAP 與非 GAAP 的對帳。我們將在今天的電話會議上討論非公認會計準則指標。

This afternoon call includes forward-looking statements regarding our financial guidance for the second quarter and full fiscal year 2026 and our ability to drive and accelerate future growth and operational efficiency and grow our platforms, product offerings, and market opportunities. 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.

本次下午電話會議包括有關我們對 2026 年第二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。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 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, 2025, and in other filings and reports that we may file from time to time with the SEC.

有關可能影響我們實際結果的重大風險和不確定性的討論，請參閱我們截至 2025 年 1 月 31 日的 10-K 表年度報告，以及我們可能不時向美國證券交易委員會提交的其他文件和報告。

Forward-looking statements made on this call reflect our views as of today, and we undertake no obligation to update them. I would like to highlight that this webcast is being accompanied by slides. We will the 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.

本次電話會議中所做的前瞻性陳述反映了我們截至今天的觀點，我們不承擔更新這些觀點的義務。我想強調的是，這次網路直播附有投影片。本次電話會議結束後，我們將立即將投影片和我們準備好的評論的副本發佈到我們的投資者關係網站上。此外，請注意，除非另有說明，所有比較均為同比比較。

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

現在我想把電話交給丹尼爾。

Thank you, Allise. Good afternoon, everyone. Thanks for joining us.

謝謝你，艾麗絲。大家下午好。感謝您的加入。

Before we dive into the results, I want to take a moment to reflect on the momentum we're seeing across the business, especially around the launch of our agentic automation platform. This has been one of the most important and successful product introductions in our history. The progress we've made is a testament to the relentless innovation of our teams, the deep trust of our customers, and the strength of our partner ecosystem. Together, we've turned the promise of agentic automation into a powerful reality, and we are just getting started.

在深入研究結果之前，我想花點時間來回顧我們在整個業務中看到的勢頭，特別是在我們的代理商自動化平台推出後。這是我們歷史上最重要、最成功的產品發布之一。我們所取得的進步證明了我們團隊的不懈創新、客戶的深切信任以及合作夥伴生態系統的強大。我們共同將代理自動化的希望變成了強大的現實，而這只是個開始。

The momentum following our launch been exciting and was matched by strong first quarter financial performance. We executed with discipline and focus in what continues to be a variable macroeconomical environment, exceeding expectations on the top and bottom line.

我們推出產品後的發展勢頭令人興奮，並且與第一季強勁的財務業績相匹配。在持續變化的宏觀經濟環境中，我們嚴格執行並集中精力，超越了頂線和底線的預期。

We delivered first-quarter revenue of $357 million and ended the quarter with ARR of $1.693 billion, an increase of 12 % year over year. Our ongoing emphasis on operational efficiency draws strong bottom-line results, significantly improving our GAAP operating loss to $16 million compared to a loss of $49 million in the prior year. On a non-GAAP basis, we achieved operating income of $70 million, representing a 20% margin, an improvement of 450 basis points year over year.

我們第一季的營收為 3.57 億美元，本季末的 ARR 為 16.93 億美元，年增 12%。我們持續強調營運效率，這帶來了強勁的獲利業績，使我們的 GAAP 營運虧損顯著改善至 1,600 萬美元，而上一年的虧損為 4,900 萬美元。以非公認會計準則計算，我們的營業收入達到 7,000 萬美元，利潤率為 20%，比去年同期提高了 450 個基點。

What's driving this result is clear. Our end-to-end automation platform, now enhanced with agentic automation and agentic orchestration capabilities is resonating deeply with customers. Over the last several months, I have spent considerable time deeply engaged in product sessions and customer conversations all centered around agentic automation. The energy and potential I'm seeing are palpable and I've never been more confident about the path we are on.

造成這結果的原因很明顯。我們的端到端自動化平台現已增強了代理自動化和代理編排功能，引起了客戶的強烈共鳴。在過去的幾個月裡，我花了大量時間深入參與以代理自動化為中心的產品會議和客戶對話。我所看到的活力和潛力是顯而易見的，我對我們所走的道路從未如此有信心。

The customer energy has been reinforced by several high-impact events this quarter, each amplifying our platform's potential and setting the stage for our next phase of growth. Our Annual Agentic AI Summit and an unforgettable DevCon 2025 laid the foundation for the most significant product launch in UiPath's 20-year history. Over 15,000 participants registered for the launch in our agentic automation products and witnesses firsthand how UiPath transforms work by unifying AI agents, robots, and people into a single intelligent system.

本季發生的幾起重大事件增強了客戶的積極性，每起事件都擴大了我們平台的潛力，為我們下一階段的成長奠定了基礎。我們的年度 Agentic AI 高峰會和令人難忘的 DevCon 2025 為 UiPath 20 年歷史上最重要的產品發布奠定了基礎。超過 15,000 名參與者註冊參加了我們的代理自動化產品發布會，並親眼見證了 UiPath 如何透過將 AI 代理、機器人和人員統一到一個智慧系統中來改變工作。

As we bring our agentic platform to market, it's clear we are positioned to lead. Our right to win is grounded in five powerful advantages. First, our extensive install base of robots and AI capabilities already operating autonomously across more than 10,000 customers gives us unparalleled insight into real enterprise processes and workflows where agents are a natural extension.

當我們將代理平台推向市場時，很明顯我們已準備好引領市場。我們的勝利基於五大強大優勢。首先，我們廣泛的機器人和人工智慧功能安裝基礎已在超過 10,000 個客戶中自主運行，這讓我們對代理商作為自然延伸的實際企業流程和工作流程有了無與倫比的洞察力。

Second, we uniquely bridge deterministic automation, or RPA; and probabilistic automation, or agentic, allowing customers to extend automation into more complex adaptive workflows. Third, our vendor-agnostic architecture enables seamless integration with any agent framework, whether prIo code or low code, providing unmatched flexibility.

其次，我們以獨特的方式連接確定性自動化（RPA）；以及機率自動化或代理，讓客戶將自動化擴展到更複雜的自適應工作流程。第三，我們的與供應商無關的架構能夠與任何代理框架無縫集成，無論是 prIo 代碼還是低代碼，提供無與倫比的靈活性。

Fourth, we've built a secure, compliant, and enterprise-grade platform that meets the highest standards of governance critical for enterprise grade automation. And fifth, our unified end-to-end platform architecture delivers fully integrated experience from discovery to deployment all governed centrally, enabling customers to scale automation with confidence and control. Customers and partners across the industry see our differentiation and are quickly embracing the transformative potential of our newly launched platform.

第四，我們建構了一個安全、合規的企業級平台，滿足企業級自動化至關重要的最高治理標準。第五，我們統一的端到端平台架構提供了從發現到部署的完全整合體驗，所有這些都由集中管理，使客戶能夠自信地、有控制地擴展自動化。整個產業的客戶和合作夥伴都看到了我們的差異化，並迅速接受了我們新推出的平台的變革潛力。

Since launching Agent Builder in preview this January, we've seen accelerating adoption, with customers creating thousands of autonomous agents and generating over 250,000 agent runs to date. Momentum is also building for Maestro, our agentic orchestration solution, which entered preview in March and has already powered more than 11,000 process instances, highlighting strong early demand for coordinated enterprise-grade agentic automation. To support this momentum, we've introduced a monetization strategy designed to drive adoption featuring a new consumption-based pricing SKU.

自今年 1 月預覽版推出 Agent Builder 以來，我們看到其採用速度不斷加快，迄今為止，客戶已創建數千個自主代理，並產生了超過 250,000 個代理運行。我們的代理編排解決方案 Maestro 的發展勢頭也十分強勁，該解決方案於 3 月份進入預覽階段，目前已為超過 11,000 個流程實例提供支持，凸顯了對協調企業級代理自動化的強勁早期需求。為了支持這一勢頭，我們推出了一項旨在推動採用新消費定價 SKU 的貨幣化策略。

Let me share a few examples that reinforce the strength and differentiation of our platform. Organizations are under increasing pressure to accelerate digital transformation and as they embrace AI. The word I hear most from customers is trust. They want confidence in the agents they deploy.

讓我分享一些例子來增強我們平台的優勢和差異化。隨著企業加速數位轉型並擁抱人工智慧，企業面臨越來越大的壓力。我從顧客那裡聽到最多的話就是信任。他們希望對其部署的特工有信心。

And that's where our platform stands out. We offer the control, governance, and predictability they need to automate complex end-to-end processes with confidence. A powerful example of this is a Fortune 15 global health company where we are driving agentic automation at scale.

這就是我們的平台脫穎而出的地方。我們提供他們所需的控制、治理和可預測性，以便他們可以自信地實現複雜的端到端流程自動化。一個有力的例子是財富 15 強全球健康公司，我們正在大規模推動代理商自動化。

In our first agentic deal since launching our product into general availability, they signed a multi-year, multimillion dollar expansion to adopt UiPath Maestro and Agent Builder to design, deploy, and manage AI agents across complex, cross-functional workflows. These capabilities enable them to integrate agents into real business processes with the governance, scalability, and human-in-the-loop controls required for enterprise adoption.

在我們的產品全面上市以來的首份代理協議中，他們簽署了一項為期多年、價值數百萬美元的擴展協議，採用 UiPath Maestro 和 Agent Builder 來設計、部署和管理跨複雜、跨職能工作流程的 AI 代理。這些功能使他們能夠將代理商整合到實際業務流程中，並具有企業採用所需的治理、可擴展性和人機互動控制。

We're also seeing a fundamental shift in how customers think about automation. It's no longer about isolated tasks, but a move toward a more intelligent and connected approach. This is where UiPath Maestro truly differentiates us. Our vendor-agnostic architectures enable seamless orchestration between robots, AI agents, and people, and unlocks complex cross-functional workflows that traditional automation couldn't address.

我們也看到客戶對自動化的看法有了根本性的轉變。它不再是孤立的任務，而是朝著更聰明和互聯的方式邁進。這就是 UiPath Maestro 真正與眾不同的地方。我們的與供應商無關的架構可實現機器人、人工智慧代理和人員之間的無縫協調，並解鎖傳統自動化無法解決的複雜跨職能工作流程。

A great example is the leading global apparel retailer using UiPath Maestro to orchestrate the end-to-end user query process with the master support agent. With Maestro, they've automated the entire workflow from intelligent task routing and ticket generation to resolution and closure, resulting in a streamlined, highly efficient support operation by seamlessly connecting robots AI agents and systems both inside and outside UiPath. Maestro enables smooth coordination across multiple complex automated processes.

一個很好的例子是全球領先的服裝零售商使用 UiPath Maestro 與主支援代理商協調端到端用戶查詢流程。借助 Maestro，他們實現了從智慧任務路由和票證生成到解決和關閉的整個工作流程的自動化，透過無縫連接 UiPath 內部和外部的機器人 AI 代理和系統，實現了簡化、高效的支援操作。Maestro 能夠實現多個複雜自動化流程之間的順暢協調。

Leaders across industries see agentic automation as the key to expanding AI's role from supporting operations to actively guiding them. And they increasingly recognize the need for both deterministic and probabilistic automation. Our platform approach uniquely addresses this demand and is helping us win new customers, including a competitive displacement this quarter with the global healthcare technology company.

各行各業的領導者都認為代理自動化是將人工智慧的角色從支援營運擴展到積極指導營運的關鍵。他們越來越認識到確定性自動化和機率自動化的必要性。我們的平台方法以獨特的方式滿足了這一需求，並幫助我們贏得了新客戶，包括本季與全球醫療技術公司的競爭。

After selecting UiPath to consolidate on a single platform with deep expertise in both agentic automation and RPA, they are planning to migrate all of their existing automations to our platform and are designing a solution to automate the complex inbound sales order process by integrating agents, Autopilot, and RPA within expecting reduction in processing time of 25%.

在選擇 UiPath 將代理自動化和 RPA 的深厚專業知識整合到一個平台上後，他們計劃將所有現有的自動化遷移到我們的平台，並正在設計一種解決方案，透過整合代理、自動駕駛儀和 RPA 來自動化複雜的入站銷售訂單流程，預計處理時間將減少 25%。

The leadership of UiPath's platform is also validated by industry analysts, and we're proud to see continued recognition in intelligent document processing. For the third year in a row, UiPath was named a leader in the Everest Group's IDP product, peak metrics assessment 2025, another strong validation of our innovation, performance, and industry impact.

UiPath 平台的領導地位也得到了產業分析師的認可，我們很自豪地看到其在智慧文件處理領域繼續獲得認可。UiPath 連續第三年被 Everest Group 的 IDP 產品、2025 年高峰指標評估評為領導者，這再次有力地證明了我們的創新、性能和行業影響力。

But we are not standing still. This quarter, we introduced our next-generation IDP solution, intelligent extraction processing, or IXP. IXP transforms how enterprises handle complex unstructured content far beyond the limits of traditional IDP, enabling faster processing, a smoother user experience, and less friction in even the most challenging workflows.

但我們並沒有停滯不前。本季度，我們推出了下一代 IDP 解決方案、智慧提取處理（IXP）。IXP 改變了企業處理複雜非結構化內容的方式，遠遠超出了傳統 IDP 的限制，即使在最具挑戰性的工作流程中也能實現更快的處理速度、更流暢的用戶體驗和更少的摩擦。

Hub International is a great example of the value IXP delivers. With multiple use cases already in development and production, they are leveraging ISP to efficiently extract both structured and unstructured data from documents. Our IXP solution also enables seamless data extraction across various carrier files, supporting their financial reconciliation processes and establishing a scalable solution that can be extended to similar use cases across other business units.

Hub International 是 IXP 提供的價值的一個很好的例子。由於已有多個用例處於開發和生產階段，他們正在利用 ISP 從文件中有效地提取結構化和非結構化資料。我們的 IXP 解決方案還支援跨各種承運人文件無縫提取數據，支援其財務對帳流程，並建立可擴展的解決方案，可擴展到其他業務部門的類似用例。

The breadth of the UiPath platform continues to drive adoption across high-impact use cases. One of the most exciting being agentic testing. Customers are responding enthusiastically to its ability to combine AI-powered automation with customizable agents, enabling faster, smarter testing across a wide range of enterprise applications.

UiPath 平台的廣度持續推動其在高影響力用例中的採用。最令人興奮的一項是代理測試。客戶對其將人工智慧自動化與可自訂代理相結合的能力反應熱烈，從而能夠在廣泛的企業應用程式中進行更快、更智慧的測試。

A great example is a competitive win with Continental Resources we expanded in the quarter by adopting our agentic testing solutions. They chose UiPath for our platform sending approach and industry-leading capabilities and plan to leverage our testing technology to automate key processes in well operations and support their upcoming SAP migration.

一個很好的例子就是我們在本季透過採用代理測試解決方案擴大了與大陸資源公司的競爭。他們選擇 UiPath 是因為我們的平台發送方法和業界領先的功能，並計劃利用我們的測試技術來自動化油井作業中的關鍵流程並支援他們即將進行的 SAP 遷移。

As we continue expanding the role of AI across the platform, Autopilot remains the core driver of productivity and continues to gain strong traction across our customer base with monthly engaged users up over 60% sequentially and an 86% increase in actions taken.

隨著我們繼續在整個平台上擴大人工智慧的作用，自動駕駛儀仍然是生產力的核心驅動力，並繼續在我們的客戶群中獲得強勁的吸引力，每月參與用戶數環比增長 60% 以上，採取的行動增加了 86%。

A great example is a global financial and mobility services provider. After standardizing on the UiPath platform, they deployed Autopilot in their banking services department, where hundreds of employees have realized significant time savings by leveraging it for claims management processes. Building on this success, they are preparing to scale Autopilot to over 5,000 employees across all financial services department.

一個很好的例子是一家全球金融和行動服務供應商。在 UiPath 平台上實現標準化後，他們在銀行服務部門部署了 Autopilot，數百名員工透過利用它進行索賠管理流程節省了大量時間。基於這項成功，他們正準備將 Autopilot 擴展到所有金融服務部門的 5,000 多名員工。

As we continue to build the unique horizontal capabilities of the UiPath agentic automation platform, we are also focused on delivering industry-specific AI solutions that accelerate adoption, solving complex problems, and driving measurable outcomes in line with that strategy.

在我們繼續建立 UiPath 代理自動化平台獨特的橫向功能的同時，我們也專注於提供行業特定的 AI 解決方案，以加速採用、解決複雜問題並根據該策略推動可衡量的成果。

Our integration of Peak, which was announced last quarter, is progressing well and gaining momentum among our customer base. We're encouraged by early customer feedback, particularly as they leverage Peak's inventory pricing capabilities, which are proving even more valuable in today's macroeconomic environment. especially as companies navigate tariffs.

我們上個季度宣布的與 Peak 的整合進展順利，並在我們的客戶群中獲得了發展勢頭。早期客戶的回饋令我們感到鼓舞，特別是當他們利用 Peak 的庫存定價功能時，這在當今的宏觀經濟環境中被證明更有價值。尤其是在企業應對關稅問題時。

This quarter, we announced a strategic AI partnership with Google Cloud aimed at transforming healthcare operations through an AI-powered UiPath medical record summarization agent. Leveraging Google Cloud's Vertex AI and Gemini models, this solution is designed to dramatically improve efficiency and streamline critical medical workflows, with the potential to reduce prior authorization times by up to 50%, a game changer for both healthcare providers and the patients they serve. And this is just the beginning.

本季度，我們宣布與 Google Cloud 建立策略 AI 合作夥伴關係，旨在透過 AI 驅動的 UiPath 醫療記錄摘要代理商改變醫療保健營運。該解決方案利用 Google Cloud 的 Vertex AI 和 Gemini 模型，旨在大幅提高效率並簡化關鍵醫療工作流程，並有可能將事先授權時間縮短高達 50%，這對醫療保健提供者及其服務的患者來說都將是一個重大改變。而這只是個開始。

We are committed to continuing to develop targeted vertical solutions. Central to this strategy is deep focused collaboration with strategic partners, where we are able to co-create solutions that accelerate customer value and drive measurable outcomes at scale. A great example is our continued partnership with Deloitte, including our recently completed customer zero initiative, which led UiPath's internal migration to SAP S/4HANA.

我們致力於繼續開發有針對性的垂直解決方案。該策略的核心是與策略合作夥伴進行深度合作，我們能夠共同創造解決方案，加速客戶價值並推動大規模可衡量的成果。一個很好的例子是我們與德勤的持續合作，包括我們最近完成的客戶零計劃，這促使 UiPath 內部遷移到 SAP S/4HANA。

Working with Deloitte and leveraging our own automation capabilities, we reimagined the entire process and pioneered an automation-first agentic ERP approach that now serves as a model for the market. As a result, more than 200 automations were delivered across core processes like quote-to-cash and treasury, with nearly 60% of test cases automated, significantly reducing the load on business users and accelerating delivery timelines.

透過與德勤合作並利用我們自己的自動化能力，我們重新構想了整個流程，並開創了自動化優先的代理 ERP 方法，現在已成為市場的典範。結果，在報價到現金和財務等核心流程中實現了 200 多項自動化，其中近 60% 的測試案例實現了自動化，大大減輕了業務用戶的負擔並加快了交付時間。

With our internal implementation life, we are now focused on the next phase, embedding agentic AI capabilities into the ERP environment. Powered by UiPath Maestro, this next-generation architecture will enable smart agents to handle decision-making, identify exceptions, and orchestrate tasks across SAP and non-SAP applications.

隨著我們內部實施的進行，我們現在專注於下一階段，將代理 AI 功能嵌入到 ERP 環境中。在 UiPath Maestro 的支援下，此新一代架構將使智慧代理能夠處理決策、識別異常並協調 SAP 和非 SAP 應用程式中的任務。

And we are already replicating this with joint customers, including a recent win with the Fortune 20 oil and gas company. In one of the largest SAP implementations today, they will be leveraging UiPath and Deloitte's automation playbook to significantly reduce implementation time and expect to automate 70% of all manual tests.

我們已經與共同客戶複製了這一點，包括最近與財富 20 強石油和天然氣公司的合作。在當今最大的 SAP 實施之一中，他們將利用 UiPath 和 Deloitte 的自動化劇本來顯著縮短實施時間，並有望實現 70% 的所有手動測試的自動化。

As we scale our agentic solutions across our customer base, technical partnerships remain a key priority, playing a critical role in enabling seamless integrations and driving automation at scale. This quarter, we took another big step forward by expanding our collaboration with Microsoft through a new bidirectional integration with Microsoft Copilot Studio. This integration enables developers to embed UiPath automations and AI agents directly into Copilot Studio and brings Copilot agents into UiPath Studio, unlocking powerful new use cases and making cross-platform collaboration a reality.

當我們在客戶群中擴展我們的代理解決方案時，技術合作夥伴關係仍然是一個關鍵優先事項，在實現無縫整合和推動大規模自動化方面發揮關鍵作用。本季度，我們透過與 Microsoft Copilot Studio 的全新雙向整合擴大了與 Microsoft 的合作，並向前邁出了一大步。透過這種集成，開發人員能夠將 UiPath 自動化和 AI 代理直接嵌入到 Copilot Studio 中，並將 Copilot 代理引入 UiPath Studio，從而解鎖強大的新用例並使跨平台協作成為現實。

Great example is a global diversified technology and industrial company that is currently implementing UiPath agents to work in conjunction with Microsoft Copilot to support their customer invoicing workflow, enabling an end-to-end touchless approach to this process.

一個很好的例子是一家全球多元化技術和工業公司，該公司目前正在實施 UiPath 代理與 Microsoft Copilot 協同工作，以支援其客戶發票工作流程，從而實現該流程的端到端非接觸式方法。

We also teamed up with LangChain to give developers even more flexibility and power. Now, UiPath developers can bring Lang Graph-built agents right into their workflows and Lang Graph developers can deploy their agents on our secure enterprise-grade platform, giving them the confidence to scale with compliance and reliability built in.

我們也與 LangChain 合作，為開發人員提供更大的靈活性和權力。現在，UiPath 開發人員可以將 Lang Graph 建置的代理直接引入他們的工作流程，而 Lang Graph 開發人員可以在我們安全的企業級平台上部署他們的代理，讓他們有信心透過內建的合規性和可靠性進行擴展。

Our end-to-end automation platform sets us apart and continues to earn third-party recognition. We are humbled to be named a leader in the first-ever IDC Marketscape Worldwide Business Automation Platform, 2025 vendor assessment, which we believe is a testament to the strength of our technology, our customer first mindset and our proven ability to deliver meaningful ROI at scale.

我們的端到端自動化平台使我們脫穎而出，並不斷贏得第三方的認可。我們很榮幸在首屆 IDC Marketscape 全球業務自動化平台 2025 年供應商評估中被評為領導者，我們相信這證明了我們技術的實力、我們的客戶至上的理念以及我們大規模提供有意義的投資回報的成熟能力。

Lastly, I'd like to provide a quick update on our US public sector vertical. We are encouraged by the progress we are seeing in our public sector business as we support federal customers through the transition. The highlight this quarter was our annual public sector On Tour event, which brought together senior leaders from the Navy, Air Force, DLA, and DHS to share their vision for the future of agentic automation and underscore our growing role in helping federal agencies modernize and scale automation across their organizations.

最後，我想簡單介紹一下我們美國公共部門的垂直情況。在我們為聯邦客戶提供過渡支援的過程中，公共部門業務所取得的進展令我們感到鼓舞。本季度的亮點是我們一年一度的公共部門巡迴活動，該活動匯集了海軍、空軍、國防後勤局和國土安全部的高級領導人，分享他們對代理自動化未來的願景，並強調我們在幫助聯邦機構實現其整個組織自動化現代化和規模化方面發揮的日益重要的作用。

Great example is a deal this quarter with the United States Air Force to accelerate digital transformation through its agentic airmen initiative. Building on the successful RPA foundation, the initiative integrates UiPath intelligent digital agents, advance decision-making capabilities and AI-driven insights and is designed to reduce operational inefficiencies, enhance mission readiness, and standardize automation and scale across 70,000-plus airmen and guardians.

一個很好的例子是本季度與美國空軍達成的一項協議，透過其代理飛行員計劃加速數位轉型。該計劃以成功的 RPA 基礎為基礎，整合了 UiPath 智慧數位代理、先進的決策能力和人工智慧驅動的洞察力，旨在減少營運效率低下、提高任務準備度，並在 70,000 多名飛行員和監護人中實現自動化和規模標準化。

Looking forward, we'll continue building on our conversations with administration officials united by a shared goal of transforming the government. At the same time, we recognize that this transition is still evolving, and we remain prudent in our guidance for the remainder of the year.

展望未來，我們將繼續與政府官員對話，共同致力於政府改革的目標。同時，我們也意識到這種轉變仍在發展中，我們對今年剩餘時間的指導仍持謹慎態度。

Before I hand it over to Ashim, I'd like to invite you to join a virtual fireside chat and product demonstration at 11:00 Eastern Time on June 18, where I'll be joined by our Chief Product Officer, Graham Sheldon, to showcase the powerful capabilities of our latest agentic AI products. Please reach out to our Investor Relations team for more information.

在將工作交給 Ashim 之前，我想邀請您參加 6 月 18 日美國東部時間 11:00 的虛擬爐邊談話和產品演示，屆時我將與我們的首席產品官 Graham Sheldon 一起展示我們最新的 agentic AI 產品的強大功能。請聯絡我們的投資者關係團隊以獲取更多資訊。

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

說完這些，我將把電話轉給 Ashim。

Thank you, Daniel, and good afternoon, everyone. I'd like to begin by providing an update on the key operating priorities we have been focused on.

謝謝你，丹尼爾，大家下午好。首先，我想介紹一下我們一直在關注的關鍵營運重點。

First, we've made meaningful progress in connecting and strengthening our partner ecosystem, which continues to play a central role in driving adoption and accelerating UiPath's strategy in the market. This quarter, we officially launched our new partner program, which has been well received and places a strong emphasis on enabling our partners in conjunction with the agentic launch. This collaborative approach is becoming a powerful engine for shared customer success.

首先，我們在連接和加強合作夥伴生態系統方面取得了有意義的進展，這在推動採用和加速 UiPath 在市場上的策略方面繼續發揮核心作用。本季度，我們正式啟動了新的合作夥伴計劃，該計劃受到了廣泛好評，並非常重視與代理商發布相結合為我們的合作夥伴提供支援。這種協作方式正成為共同實現客戶成功的強大引擎。

At our DevCon event in late April, four of our leading GSIs: Accenture, EY, Cognizant, and CGI, showcased live Agentic customer use cases that brought our platform's potential to life. And this quarter, more than 40 partners, including GSIs, like Deloitte, EY, and PwC as well as regional partners like Lydonia, TQA, and Accelerate, completed our agentic fast-track program, a hands-on immersive training in agentic automation and a clear reflection of how invested our partners in driving the agentic era forward for our customers.

在 4 月底舉行的 DevCon 活動上，我們的四大領先 GSI：埃森哲、安永、Cognizant 和 CGI​​ 展示了 Agentic 客戶實際使用案例，將我們平台的潛力變為現實。本季度，包括德勤、安永和普華永道等全球系統整合商以及 Lydonia、TQA 和 Accelerate 等區域合作夥伴在內的 40 多家合作夥伴完成了我們的代理快速通道計劃，這是一項代理自動化實踐沉浸式培訓，清楚地反映了我們的合作夥伴為推動客戶代理時代向前發展所做的投入。

A great example is a leading GSI's close partnership with Sonic Automotive. Following last year's expansion, our IDP and testing solutions, Sonic expanded in the quarter to purchase our agentic capabilities and they work to transform their enterprise with AI. Working with EY, they will begin identifying use cases across their enterprise and finance, supply chain, shared services, and customer service.

一個很好的例子就是領先的 GSI 與 Sonic Automotive 的密切合作。繼去年擴展我們的 IDP 和測試解決方案之後，Sonic 在本季度進行了擴展，購買了我們的代理能力，並致力於利用人工智慧改造他們的企業。透過與安永合作，他們將開始確定企業和財務、供應鏈、共享服務和客戶服務中的用例。

And Schulz & Partner, an early adopter of our agentic automation solutions, with support from Cronos automation, one of our platinum and fast-track partners, they're implementing two high-impacted agentic use cases. One automates the extraction and matching of company data from incoming documents, cutting down on manual research. The other uses multiple agents to analyze client self-disclosures and generate tailored settlement offers, enabling faster, more consistent decision-making at scale.

Schulz & Partner 是我們代理自動化解決方案的早期採用者，在我們的白金和快速通道合作夥伴之一 Cronos automation 的支援下，他們正在實施兩個影響深遠的代理用例。一種方法是自動從傳入的文件中提取和匹配公司數據，從而減少手動研究。另一種方法是使用多個代理商來分析客戶的自我揭露並產生客製化的解決方案，從而實現更快、更一致的大規模決策。

We are also pleased with the progress we're making in driving customer adoption, supported by tighter cross-functional alignment, proactive engagement, and clearer accountability and focus. This coordination is fueling real momentum, and there's a strong sense of energy and focus as we bring our agentic automation solutions to more customers.

我們也對在推動客戶採用方面所取得的進展感到滿意，這得益於更緊密的跨職能協調、積極主動的參與以及更明確的責任和重點。這種協調正在激發真正的動力，當我們將代理商自動化解決方案帶給更多客戶時，我們感受到強烈的活力和專注感。

Finally, we have substantially completed the overall transformation which has yielded significant operating leverage as seen in our results. Looking ahead, we are also focused on driving internal adoption of our platform to unlock the next wave of operational efficiency as we scale. By agentifying our internal processes with UiPath Maestro and our new agentic capabilities, alongside our existing RPA automations, we're setting a powerful example of how our platform can streamline work and deliver measurable value.

最後，我們已基本完成整體轉型，從業績來看，轉型已產生顯著的經營槓桿作用。展望未來，我們也致力於推動我們平台的內部採用，以便在擴大規模的同時釋放下一波營運效率。透過使用 UiPath Maestro 和我們的新代理功能以及我們現有的 RPA 自動化來代理我們的內部流程，我們為我們的平台如何簡化工作並提供可衡量的價值樹立了一個有力的榜樣。

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 rates impacts results.

轉向本季。除非另有說明，我將以非 GAAP 為基礎討論結果，並且所有成長率均為同比增長。我還想指出，由於我們以當地貨幣定價和銷售，外匯匯率的波動會影響結果。

We had a solid start to the year, with first-quarter revenue growing $357 million, an increase of 6%. ARR totaled $1.693 billion, an increase of 12%, driven by first-quarter net new ARR of $27 million. 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 McLaren Health, Paylocity, Norwegian Cruise Line and in a competitive displacement this quarter, Delta Airlines, who will be migrating their current automations to UiPath in adopting our full suite of capabilities. Our seamless ability to deliver in the cloud and leading agentic automation capabilities were key in choosing UiPath as their automation partner.

我們今年開局良好，第一季營收成長 3.57 億美元，成長 6%。ARR 總額達到 16.93 億美元，成長 12%，這得益於第一季淨新 ARR 為 2,700 萬美元。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，包括麥克拉倫健康、Paylocity、挪威郵輪公司等新標識，以及本季度競爭性替代的達美航空，達美航空將把他們目前的自動化系統遷移到 UiPath，以採用我們的全套功能。我們在雲端的無縫交付能力和領先的代理自動化功能是選擇 UiPath 作為其自動化合作夥伴的關鍵。

We ended the quarter with approximately 10,750 customers. As with prior quarters, the vast majority of customer attrition continues to be at the lower end. Customers with $100,000 or more in ARR increased to 2,365, while customers with $1 million or more in ARR increased to 316.

本季結束時，我們約有 10,750 名客戶。與前幾季一樣，絕大多數客戶流失仍然處於較低水準。年平均收入 (ARR) 為 10 萬美元或以上的客戶增加至 2,365 人，而年平均收入 (ARR) 為 100 萬美元或以上的客戶增加至 316 人。

Moving on, dollar-based gross retention of 97% continues to be best-in-class, and our dollar-based net retention rate as of the first quarter was 108%. Remaining performance obligations increased to $1.231 billion, up 12%. Current RPO increased $776 million, up 14%.

繼續說，97% 的基於美元的總保留率繼續保持最佳水平，截至第一季度，我們的基於美元的淨保留率為 108%。剩餘履約義務增至12.31億美元，成長12%。目前RPO增加了7.76億美元，成長了14%。

Turning to expenses. First-quarter overall gross margin was 84%, and software gross margin was 90%. First quarter operating expenses were $231 million. First quarter GAAP operating loss of $16 million included $76 million of stock-based compensation expense.

談到費用。第一季整體毛利率為84%，軟體毛利率為90%。第一季營運費用為 2.31 億美元。第一季 GAAP 營業虧損 1,600 萬美元，其中包括 7,600 萬美元的股票薪酬費用。

Non-GAAP operating income in the first quarter was $70 million, representing a 20% margin, an improvement of 450 basis points year over year and a testament to our ongoing focus on operational discipline and efficiency. Our first-quarter non-GAAP adjusted free cash flow generation was $117 million, representing a 33% margin, up over 250 basis points year over year.

第一季非公認會計準則營業收入為 7,000 萬美元，利潤率為 20%，比去年同期提高了 450 個基點，證明了我們持續關注營運紀律和效率。我們第一季的非公認會計準則調整後自由現金流為 1.17 億美元，利潤率為 33%，年成長超過 250 個基點。

We ended the quarter with a healthy balance sheet, consisting of $1.6 billion in cash, cash equivalents, and marketable securities, and no debt. This quarter, we repurchased a significant number of shares reflecting our continued commitment to delivering value to shareholders, repurchasing 21.9 million shares of our Class A common stock at an average price of $10.40.

本季結束時，我們的資產負債表狀況良好，包括 16 億美元現金、現金等價物和有價證券，且沒有債務。本季度，我們回購了大量股票，體現了我們繼續致力於為股東創造價值，以平均 10.40 美元的價格回購了 2,190 萬股 A​​ 類普通股。

Now, turning to guidance. We are pleased with the team's execution in a variable macroeconomic environment that is similar to the first quarter. We continue to guide to what's in front of us and therefore, have updated our revenue linearity based on the favorable timing and mix of deals between second and third quarter. We are encouraged by early traction with our newly launched agentic solutions. However, adoption is still in its early phases, and as such, we don't expect a material revenue contribution in fiscal 2026.

現在，轉向指導。我們對團隊在與第一季類似的多變宏觀經濟環境下的表現感到滿意。我們將繼續指導我們面臨的情況，因此，我們根據第二季和第三季之間的有利時機和交易組合更新了我們的收入線性。我們新推出的代理解決方案的早期發展令我們感到鼓舞。然而，該技術的採用仍處於早期階段，因此，我們預計 2026 財年不會帶來實質的收入貢獻。

We are approaching the year with strong energy and focus, partnering closely with customers to lay the groundwork through pilots, proof of concepts, and early deployments. We view fiscal 2026 as a foundational year that will position us to drive meaningful new revenue streams in fiscal 2027 and beyond as agentic automation scales more broadly across our customer base.

我們正以充沛的精力和專注迎接新的一年，與客戶密切合作，透過試點、概念驗證和早期部署奠定基礎。我們將 2026 財年視為一個基礎年，隨著代理商自動化在我們的客戶群中更廣泛地擴展，這一年將使我們能夠在 2027 財年及以後推動有意義的新收入來源。

Turning to the specifics of our guide. For the second fiscal quarter 2026, we expect revenue in the range of $345 million to $350 million, ARR in the range of $1.715 billion to $1.720 billion, Non-GAAP operating income of approximately $40 million. And we expect second-quarter basic share count to be 537 million shares.

轉向我們指南的具體內容。對於 2026 財年第二季度，我們預計營收在 3.45 億美元至 3.5 億美元之間，ARR 在 17.15 億美元至 17.20 億美元之間，非 GAAP 營業收入約為 4,000 萬美元。我們預計第二季基本股數為 5.37 億股。

For the fiscal full year of 2026, we expect revenue in the range of $1.549 billion to $1.554 billion, ARR in the range of $1.820 billion to $1.825 billion, non-GAAP operating income of approximately $305 million. And finally, we continue to expect fiscal year 2026 non-GAAP adjusted free cash flow of approximately $370 million and non-GAAP gross margin to be approximately 85%.

對於 2026 財年全年，我們預計營收在 15.49 億美元至 15.54 億美元之間，ARR 在 18.20 億美元至 18.25 億美元之間，非 GAAP 營業收入約為 3.05 億美元。最後，我們繼續預期 2026 財年非 GAAP 調整後自由現金流約為 3.7 億美元，非 GAAP 毛利率約為 85%。

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) Raimo Lenschow, Barclays.

（操作員指示）巴克萊銀行的 Raimo Lenschow。

This is Sheldon McMeans for Raimo. Thanks for taking the question. When you reported in March, it did seem like we were near peak levels of uncertainty, and you prudently factored that into your guidance. It does seem like some of the uncertainty has decreased then. And so would love to hear what -- a little bit more on what you're seeing, how you factor that in.

我是謝爾頓·麥克米恩斯 (Sheldon McMeans)，代表雷莫 (Raimo) 報道。感謝您回答這個問題。當您在三月報告時，我們確實似乎已經接近不確定性的頂峰，並且您謹慎地將這一點納入了您的指導中。看起來某些不確定性確實已經減少了。所以我很想聽聽您看到了什麼，以及您是如何考慮這些因素的。

And then if I could tie in second part here. We have seen some dollar weakening since you last reported. Bloomberg dollar spot index down about 4% since mid-March. And if you could flesh out the FX impact in the quarter and then the potential tailwind to the full-year guide, that would be great.

然後，如果我可以在這裡加入第二部分。自從您上次報告以來，我們看到美元有所走弱。彭博美元現貨指數自3月中旬以來下跌約4%。如果您能詳細說明本季度的外匯影響以及全年指南的潛在順風，那就太好了。

Yes. Great question, Sheldon. Good to hear from you. So look, I think that in many ways, the macroeconomic environment, it's still variable. I think when you talk to customers, even when you read the news, every day, there's an evolving set of facts and set of circumstances. So we look at the environment as variable.

是的。問得好，謝爾頓。很高興收到你的來信。所以，我認為，從很多方面來看，宏觀經濟環境仍然存在變數。我認為，當你與客戶交談時，甚至當你閱讀新聞時，每天都會有一系列不斷變化的事實和情況。因此我們將環境視為變數。

I think we're pleased with how we executed through it in the first quarter. We have good line of sight in terms of our second quarter. And therefore, we kind of adjusted our linearity as such, which for me is a favorable move from a revenue standpoint. I think when you look at the overall year, I think there's still uncertainty in variable, and we continue to have a prudent economic environment from that standpoint.

我認為我們對第一季的執行感到滿意。我們對第二季的前景看好。因此，我們對線性進行了某種調整，從收入的角度來看，這對我來說是一個有利的舉措。我認為，當你縱觀全年時，我認為變數中仍然存在不確定性，從這個角度來看，我們仍然擁有審慎的經濟環境。

The second thing from an FX standpoint, it really was pretty minimal. We actually specifically looked at the exact FX rates at the time. It was within 2%, 3%, so to speak. And I think FX fluctuations are pretty high, meaning they can shift up and down very pretty significantly, depending on the day of the month.

第二件事從 FX 的角度來看，它確實非常小。我們實際上特意查看了當時的具體外匯匯率。可以說，在 2%、3% 以內。我認為外匯波動相當大，這意味著它們可能會根據月份的不同而出現相當大的上下波動。

So we've maintained our FX assumptions materially to have no impact really for the year at this point. There's nothing significant or material that we would factor in.

因此，我們實質上維持了外匯假設，目前對今年沒有真正的影響。我們不會考慮任何重要或實質的事情。

Understood. Great. And a quick follow-up. It was great to see the several new solutions around AI agents coming out and the new monetization strategy there. What's been the customer feedback of the unified pricing model and the platform units? Thank you.

明白了。偉大的。並進行快速跟進。很高興看到圍繞人工智慧代理的幾種新解決方案的出現以及新的貨幣化策略。客戶對統一定價模式和平台單位的回饋如何？謝謝。

Well, we have experience already with the concept of AI units in pricing our more traditional IDP solution. And it's a bit early to tell, but the initial reaction is positive because the new pricing model is tied closer to the adoption of the software. And here, we went a long way to simplify the model and make it easier to like create a business model and to understand.

嗯，我們已經在為我們更傳統的 IDP 解決方案定價時運用了 AI 單元的概念。現在說這個還為時過早，但最初的反應是積極的，因為新的定價模式與軟體的採用更加緊密地聯繫在一起。在這裡，我們做了大量工作來簡化模型，使其更容易創建和理解商業模型。

Especially in this new world of agentic, this is one of the most interesting challenge to solve, how can you price a use case. And we are working closely with customers in making them really understand better how pricing works and how it's tied to the use cases.

特別是在這個新的代理世界中，如何為用例定價是最有趣的挑戰之一。我們正在與客戶密切合作，讓他們真正更了解定價如何運作以及定價如何與用例相關。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Congrats on reaching all the targets and exceeding them. Daniel, I wanted to ask you regarding public sector and US federal. You said you're encouraged. You closed a deal with the US Air Force. You recognize that the transition is still evolving.

恭喜您達到並超越了所有目標。丹尼爾，我想問你有關公共部門和美國聯邦的問題。你說你受到了鼓舞。您與美國空軍達成了協議。您認識到轉變仍在發展中。

Could you just help us understand how did your US federal business perform? Did it grow faster or slower than the broader business? Did you did you exceed or miss bookings targets? And I think what I'm trying to understand is, do you think that public sector is already through the worst of the pressure washing of the budgets? Or do you think that we're -- do you think that that trough is still out there on the horizon?

您能否幫助我們了解一下您的美國聯邦業務表現如何？它的成長速度比整體業務快還是慢？您是否超出或未達到預訂目標？我想了解的是，您是否認為公部門已經度過了預算壓力最大的時期？或者您認為我們——您認為那個低谷仍然存在於地平線上嗎？

Yes. So I'll let Ashim comment more on the impact on the quarter, but I want to give you my perspective seeing our event. So I was there in DC. I think there is a really enthusiasm about what the agentic automation can bring to bring efficiency into the federal government.

是的。因此，我將讓 Ashim 就本季的影響發表更多評論，但我想向您提供我對我們活動的看法。所以我在華盛頓特區。我認為，人們對於代理自動化能夠提高聯邦政府效率抱持濃厚的興趣。

And yes, the deal with the US Air Force is very encouraging. They come with this initiative called agentic airmen. That is very ambitious, and it aims to a broader transformation across their business. I think the same time, we see continued -- they continue to be in the transition. Renewals are progressing well, but there is continued pressure on the new budgets being finalized. Ashim?

是的，與美國空軍的協議非常令人鼓舞。他們提出了一項名為「代理飛行員」的倡議。這是一項雄心勃勃的計劃，旨在實現整個業務的更廣泛的轉型。我認為同時，我們看到他們繼續處於轉型之中。續約工作進展順利，但新預算的最終確定仍面臨壓力。阿希姆？

Yeah. No. I think Daniel said it well. So like, one, I just -- I'll reemphasize just super kudos and thanks to our federal team. I think they've done a fantastic job of keeping us surprised and connecting with customers and really managing the enthusiasm that we have from our federal customers.

是的。不。我認為丹尼爾說得很好。所以，首先，我要再次強調，我要對我們的聯邦團隊表示崇高的敬意和感謝。我認為他們做得非常出色，讓我們不斷感到驚喜，與客戶保持聯繫，並真正管理聯邦客戶的熱情。

In terms of the exact numbers, Mark, we obviously don't disclose segment information on a quarterly basis. So I clearly can't do that here. I would reemphasize, I think, the renewals were on track, as Daniel said.

就具體數字而言，馬克，我們顯然不會按季度揭露分部資訊。所以我顯然不能在這裡這樣做。我想再次強調，我認為續約工作正在按計劃進行，正如丹尼爾所說的那樣。

And I think it depends on the agency. Some agencies, I feel like performed better than we expected. Some of the moratoriums are lifted policy-wise. And then some of those moratoriums were also -- while they're lifted policy-wise, they're still finalizing their current procurement routines, and you see some of the same slowdown that we saw that's there. So on balance, I would say they're in transition, and we are going to continue to have a prudent approach as we navigate the year, even though we're --

我認為這取決於代理商。我覺得有些機構的表現比我們預期的還要好。一些禁令從政策上已被取消。然後，其中一些禁令也被取消了——雖然從政策上來說這些禁令已經被取消，但他們仍在敲定當前的採購程序，你會看到我們在那裡看到的一些相同的放緩現象。所以總的來說，我認為他們正處於轉型期，我們將繼續採取謹慎的態度來度過這一年，儘管我們--

Okay. Got it. And then, Ashim, just as a quick follow-up, you commented positively on linearity, which is great to hear in terms of what's happening currently. How do you feel about the quality and depth of the pipeline that's sitting out there towards the end of the year? And curious if you think you can avoid some of the challenges that you might see from time to time coming off of Q3 or coming off of Q4, which then I think would be a function of the pipeline and how it closes then.

好的。知道了。然後，Ashim，作為一個快速的後續問題，您對線性做出了積極的評價，就當前正在發生的事情而言，聽到這樣的評價真是太好了。您對今年年底管道的品質和深度有何看法？我很好奇，您是否認為您可以避免在第三季或第四季時不時遇到的一些挑戰，我認為這將取決於管道及其關閉方式。

I feel really good. Just a shut out to Ben Fiechtner and Mark Gibbs, our sales leaders. I think they do a good job of not just current quarter, but moving ahead and really taking a good look at our pipeline as our sales ops function does as well.

我感覺非常好。我們的銷售主管 Ben Fiechtner 和 Mark Gibbs 除外。我認為他們不僅在本季度做得很好，而且在未來也做得很好，並且像我們的銷售營運職能一樣認真審視我們的管道。

We feel good about the quality. And I would say, beyond it being kind of like a blanket statement, I think what bolsters that confidence is just the activity that we have on the agentic front. So several of the customer conversations, they've solidified that they feel very good about our niche in their long-term architecture or our placed in their long-term architecture, and they're doing a lot of agentic exploration, pilots, and POCs.

我們對品質感到滿意。我想說，除了這有點像是籠統的聲明之外，我認為增強這種信心的正是我們在代理方面所開展的活動。因此，在與客戶的幾次對話中，他們已經確認，他們對我們的長期架構中的利基市場或我們在其長期架構中的地位感到非常滿意，並且他們正在進行大量的代理探索、試點和 POC。

When you couple that with what we're seeing in the pipeline, it means that the quality feels good. It's not just things that are in there, but it's in there with real new commercial activity as well. And that honestly has generated a lot of excitement, a lot of work for us, but a lot of excitement for the business.

當你將其與我們在管道中看到的情況結合起來時，就意味著品質感覺良好。這裡不僅有物質，還有真正的新商業活動。說實話，這給我們帶來了很多興奮，也增加了許多工作量，但對企業來說也帶來了許多興奮。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Congrats on the solid results. Helpful commentary on the demand you're seeing for some of your new AI solutions. Just specifically on Maestro, we're obviously hearing about a lot of different agentic orchestration solutions in the market. You called out some solid metrics on that front. So can you talk about what you're hearing from customers as to why Maestro is kind of the best pick compared to some of the other solutions in the market?

祝賀您取得如此豐碩的成果。對於您所看到的一些新的 AI 解決方案的需求，有幫助的評論。具體到 Maestro，我們顯然聽說了市場上許多不同的代理商編排解決方案。您在這方面提出了一些可靠的指標。那麼，您能否談談您從客戶那裡聽到的關於為什麼與市場上其他一些解決方案相比，Maestro 是最好的選擇？

Yeah. I think we need to clarify one thing. Many companies when speak about orchestration, they mean mostly an agent-to-agent orchestration, means the capability of managing a swarm of agents. Our Maestro is more ambitious in a way. We connect agents with robots and people. And its ability to deliver fixed workflows at the enterprise level that can be executed in an autonomous way, it makes it a very powerful proposition in the market.

是的。我認為我們需要澄清一件事。許多公司在談到編排時，主要指的是代理到代理的編排，即管理大量代理的能力。從某種程度上來說，我們的大師更加雄心勃勃。我們將代理與機器人和人類聯繫起來。它能夠在企業層級提供可以自主執行的固定工作流程，這使得它在市場上具有非常強大的競爭力。

We spent a lot of time in order to create better analytics to understand better how you're -- or how to see -- to get great insights into your workflows, how your agents operates, how your robots operate, what's the human impact? We even combine process mining data into these insights. So this, in itself, it's a very unique proposition in the market.

我們花了大量時間來創建更好的分析方法，以便更好地了解您如何——或者如何看待——深入了解您的工作流程、您的代理商如何運作、您的機器人如何運作以及對人類的影響是什麼？我們甚至將流程挖掘資料結合到這些見解中。因此，這本身就是市場上非常獨特的主張。

So overall, I think, that our agentic orchestration is built on a very new modern technology. It has all the whistles and bells of modern workflow technology plus with amazing insights into your operational data. So I think it's a pretty unique offering in the market.

所以總的來說，我認為我們的代理商編排是建立在一項非常新的現代技術之上的。它擁有現代工作流程技術的所有功能，並且對您的營運數據有驚人的洞察力。所以我認為這是市場上非常獨特的產品。

Okay, that's helpful. And then, Ashim, just on the go-to-market and operational changes you've made over the past year, do you feel like things are kind of stable at this point? Or are there any other things that you're looking to tweak in the model this year?

好的，這很有幫助。然後，Ashim，就過去一年來您所做的市場進入和營運變革而言，您是否覺得目前情況已經比較穩定了？或者今年您希望對模型進行其他調整嗎？

Yeah. So I think I cant to be clear on it. I think things are stable. Like I look at our leadership, I look at our core teams, I look at the motions, I look at even some of the supporting functions. We feel really good about the leaders that are in place. They're tenure with UiPath as well as the structure. So we are substantially complete.

是的。所以我認為我無法清楚地說明這一點。我認為情況是穩定的。就像我觀察我們的領導力、觀察我們的核心團隊、觀察我們的行動，甚至觀察一些支援功能。我們對現任領導人感到非常滿意。他們在 UiPath 任職並擔任該職位。所以我們基本上已經完成了。

Are there tweaks that we will make? I think the activity and the energy around the new agentic platform is really -- it's real. I think we're always going to be looking for ways to go faster, be more focused, and address the needs of our customers. But nothing that I see is disruptive. I actually think it's going to be more about coping with the opportunity in front of us.

我們會做出哪些調整？我認為圍繞新代理平台的活動和能量是真實的。我認為我們總是會尋找更快、更專注的方法並滿足客戶的需求。但就我所見，沒有什麼會造成破壞。我實際上認為這更多的是為了應對我們面前的機會。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

This is Ryan on for Sanjit. Just curious, any additional color you can provide around the trends you're seeing in retention just with some continued pressure there in the quarter? And maybe how should we think about the trajectory of retention going forward? Thank you.

這是 Ryan 代替 Sanjit 上場的。只是好奇，在本季度持續存在壓力的情況下，您能否提供更多關於保留趨勢的更多資訊？也許我們該如何思考未來的保留軌跡？謝謝。

I think we've always talked about, one, law of large numbers. But second, I think first quarter and a lot of the transition that we were seeing and the disruption of the macro, and of course, some of the transition with the federal government. That explains, as we did in the first quarter, the trend around the expansion rate.

我認為我們一直在談論大數定律。但其次，我認為第一季我們看到了許多轉變和宏觀經濟的混亂，當然還有聯邦政府的一些轉變。正如我們在第一季所做的那樣，這解釋了擴張率的趨勢。

Look, what we feel positive about is two things. I think first, you look at the energy that we have around the agentic. You look at -- as we continue to -- we beat our first-quarter estimates, our execution is strengthening.

瞧，我們對兩件事感到樂觀。我認為首先你要看看我們在代理方面所擁有的能量。你看——隨著我們繼續——我們超出了第一季的預期，我們的執行力正在增強。

So from our perspective, I think we're really reaching at a point where we feel like we can continue to scale our biggest customers. I would point to our customers greater than $100,000, growing 13% year over year. So those are the key trends. I think the pressure points are more related right now to macro and federal, the way we've talked about it. And we're hoping that those things stabilize as everybody else does. At the same time, we've been prudent in our guidance as we go forward, as we mentioned.

因此，從我們的角度來看，我認為我們確實已經達到了可以繼續擴大我們最大客戶規模的階段。我想指出的是，我們的客戶金額超過 10 萬美元，年增 13%。這些就是主要趨勢。我認為目前的壓力點更多地與宏觀和聯邦有關，就像我們談論的那樣。我們希望這些情況能夠像其他人一樣穩定下來。同時，正如我們所提到的，我們在前進的道路上一直保持謹慎的指導。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

So as it relates to the fiscal '26 growth outlook, can you just unpack the comments you made on the favorable timing and mix of deals between the second and third quarter? It sounded like some things shifted around in there versus the prior plan. I'm just curious, is there just better sales cycles in select clients or other factors driving that?

那麼，就 26 財年的成長前景而言，您能否解釋一下您對第二季和第三季之間的有利時機和交易組合的評論？聽起來好像有些事情與之前的計畫有所不同。我只是好奇，是否特定客戶的銷售週期比較好，還是有其他因素推動了這一點？

Yeah. No, I think it's just a mix of deals, Bryan. And when you look at it, when we were guiding in the first quarter, we obviously had tremendous uncertainty. We guided in -- what was in front of us.

是的。不，我認為這只是一些交易的混合，布萊恩。當你看到它時，當我們在第一季進行指導時，我們顯然面臨著巨大的不確定性。我們引導著我們面前的事物。

I think as we get to the second quarter, I think the shift in the deal mix is favorable. And so we wanted to reflect that in our numbers. It's really that simple. And we're encouraged by the activity of what's moving into second quarter, particularly around some of the larger deals that with 606, obviously drives the favorable revenue recognition..

我認為，隨著進入第二季度，交易組合的轉變是有利的。因此我們希望在數字中反映這一點。真的就這麼簡單。我們對第二季的活動感到鼓舞，特別是圍繞 606 的一些較大的交易，顯然推動了有利的收入確認。

Okay, okay. And then as it relates to the margin outperformance, you had pretty notable leverage on S&M year over year. Can you just talk about where you're being more disciplined to drive that? And are you at an optimized level to allow for a growth acceleration there really just thinking about the trade-off of optimization of S&M versus growth potential?

好的，好的。然後，由於它與保證金超額表現相關，您在 S&M 方面的槓桿作用逐年顯著。您能否談談您在哪些方面更加自律以推動這一目標？您是否處於優化水平以實現成長加速，真的只是考慮 S&M 優化與成長潛力之間的權衡？

I think we're continuing to invest, to be very clear. We did complete our -- the substantial portion of our restructuring, where we, to our minds, removed a lot of or got efficiency from non-customer-facing functions. I'll let Daniel comment a little bit on the activity and investment. But we are investing in key areas, key markets. But I think there's enough efficiency that we can self-fund some of that, but we're not afraid also to double down where we need to to capture the opportunity.

我認為我們會繼續投資，這是非常明確的。我們確實完成了重組的大部分工作，我們認為，我們去除了許多不面向客戶的功能，或是提高了效率。我會讓丹尼爾對活動和投資發表一些評論。但我們正在對關鍵領域、關​​鍵市場進行投資。但我認為我們有足夠的效率來自行籌措部分資金，但我們也不怕在需要的地方加倍努力抓住機會。

Yeah. I think the fact that we brought to market in basically in the last two, three quarters five new products shows our commitment to invest in growth and innovation. And certainly, we think of ourselves as a company that can grow faster. And agentic is a great opportunity for us, and we will continue to focus agentic automation. It's our top priority as a company.

是的。我認為，我們在過去兩三個季度向市場推出了五款新產品，這表明我們致力於投資成長和創新。當然，我們認為我們是一家可以更快發展的公司。對我們來說，agentic 是一個很好的機會，我們將繼續專注於 agentic 自動化。這是我們公司的首要任務。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

I had two questions, a question and a follow-up. I heard it several times, and I think I'm a relatively good listener replacement. So I heard a large airline, global airline. I think there was another one.

我有兩個問題，一個問題和一個後續問題。我聽過幾次，我認為我是一個比較好的聽眾替代者。我聽說這是一家大型航空公司，全球性航空公司。我認為還有另外一個。

I'm curious, as agentic and other things are evolving, is this creating a kind of go back and look at our existing vendor base and thinking about maybe we consolidate with vendors that are further along agentic? Or am I reading too much into the word replacement because I heard it a couple of times?

我很好奇，隨著 agentic 和其他事物的發展，這是否會產生一種回顧並審視我們現有的供應商基礎並思考我們是否可能與 agentic 上更進一步的供應商進行整合？或者我是不是對替換這個詞過度解讀了，因為我已經聽過好幾次了？

And then I have a follow-up.

然後我有一個後續問題。

Yeah. In a way, there are traditional RPA vendors that cannot keep the pace with the innovation. And naturally, some of our customers are looking into their portfolio and they want to consolidate. There is a tremendous benefit of combining AI agents with robots. And when you go and decide on an AI agentic automation platform, it's a natural way to think maybe we should bring the robots into the same platform.

是的。從某種程度上來說，傳統的 RPA 供應商無法跟上創新的步伐。當然，我們的一些客戶正在研究他們的投資組合併希望進行整合。將人工智慧代理與機器人結合可以帶來巨大的好處。當你決定採用人工智慧代理自動化平台時，很自然地我們會想到，也許我們應該將機器人納入同一個平台。

Again, the benefits from the security and governance perspective and having agents and robots and managing humans also in the same platform are tremendous. So yeah, replacements will come more naturally into the picture.

再次，從安全和治理的角度來看，在同一個平台上擁有代理商、機器人和管理人員的好處是巨大的。所以，替換將會更加自然地出現。

Yeah, thanks for that. And just a follow-up question. You all kind of redesigned and evolved the partner program. I'm curious, and it does, like you said, include regional partners, large GSIs, et cetera, and even ISV, going forward, maybe the next two to four quarters, will we see more probably getting more from your existing customers, whether it's the $100,000, the $1 million, sort of $5 million? Or is there something that could be more incremental on just bringing new quality customers in the boat?

是的，謝謝。這只是一個後續問題。你們都重新設計並改進了合作夥伴計畫。我很好奇，正如您所說，它確實包括區域合作夥伴、大型 GSI 等，甚至 ISV，展望未來，也許在接下來的兩到四個季度，我們是否會看到您從現有客戶那裡獲得更多收益，無論是 10 萬美元、100 萬美元還是 500 萬美元？或者，除了吸引新的優質客戶之外，還有什麼其他更漸進的措施嗎？

Just trying to understand maybe kind of the relative importance there. Thank you.

只是想了解那裡的相對重要性。謝謝。

On the partner program, I think one is it's super important that our partners are high quality and properly incentivized because they are often very close to our key customers, especially that mid-tier customers. So if I look at that $100,000-plus customers, yes, we want our RSIs to be growing that base and engaging and driving consumption and adoption. So we look at everything that partners do as net positive.

關於合作夥伴計劃，我認為首先，我們的合作夥伴必須是高品質的，並且有適當的激勵，這一點非常重要，因為他們通常與我們的關鍵客戶，特別是中端客戶非常接近。因此，如果我看看那些價值 100,000 美元以上的客戶，是的，我們希望我們的 RSI 能夠擴大這個基礎，並參與並推動消費和採用。因此，我們將合作夥伴所做的一切視為淨收益。

Do we have a specific transfer function between the partner program and the dynamics of those customer cohorts? No, I don't think there's anything that we would fully disclose in terms of a specific transfer function. But it is very important that customers who are working with our partners they're on the same playing field with us in terms of our agent capabilities and have the right incentives.

我們是否有合作夥伴計畫和這些客戶群的動態之間的特定傳遞函數？不，我認為我們不會完全披露有關具體傳遞函數的任何資訊。但非常重要的是，與我們的合作夥伴合作的客戶在代理能力方面與我們處於同一競爭環境，並擁有正確的激勵措施。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is Suraj on for Kirk, and congratulations on the results. Can you talk more about the GCP partnership, the partnership with Microsoft Copilot Studio in terms of how the economics of something like that would work for you and other opportunities to develop additional vertical solutions beyond what you've talked about.

我是蘇拉傑，代替柯克，祝賀你取得的成績。您能否詳細談談 GCP 合作夥伴關係、與 Microsoft Copilot Studio 的合作夥伴關係，談談這樣的合作關係對您有何經濟效益，以及除了您談到的內容之外，開發其他垂直解決方案的其他機會。

Well, let me start with the vertical solutions we believe that in this early adoption phase of Agentic AI is becoming critical to solutionize our offering. Our aim is always to build a horizontal platform that offers the building blocks to build more dedicated solutions. So we are -- this is one of the reasons we bought peak because they offer a great vertical agents for inventory and pricing. And we are leveraging their expertise and building vertical AI solutions into other domains.

好吧，讓我從垂直解決方案開始，我們認為在 Agentic AI 的早期採用階段，垂直解決方案對於解決我們的產品問題至關重要。我們的目標始終是建立一個橫向平台，提供建立更多專用解決方案的基礎。所以我們——這是我們收購 Peak 的原因之一，因為他們為庫存和定價提供了優秀的垂直代理。我們正在利用他們的專業知識，將垂直人工智慧解決方案建置到其他領域。

And yes -- and this is also pertain to the partnership with GCP, which basically it helps combining our forces to build a vertical solution on medical summarization field. With Microsoft, it's actually a more broader horizontal integration between our technologies. And in the end, we always said we are an open platform, and we want to be a good citizen.

是的 - 這也與與 GCP 的合作有關，它基本上有助於結合我們的力量在醫學總結領域建立垂直解決方案。與微軟的合作其實是我們技術之間更廣泛的橫向整合。最後，我們總是說我們是一個開放的平台，我們希望成為一個好公民。

So if our customers want to use Microsoft Copilot agents and combine with our robots, that's a great way to integrate in this point with our reciprocal connectors. And it's kind of the same, we can use various Microsoft technologies and agents from our Maestro orchestration technology.

因此，如果我們的客戶想要使用 Microsoft Copilot 代理並與我們的機器人結合，那麼這是與我們的互惠連接器整合的好方法。這有點類似，我們可以使用來自 Maestro 編排技術的各種 Microsoft 技術和代理程式。

[Siti Panigrahi], Mizuho Securities.

[Siti Panigrahi]，瑞穗證券。

Ashim, just wanted to ask about net NRR, which is, I think, 108%, slightly down from last quarter. I understand there is a trailing 12 months. But as you are investing in this new platform launched, when do you think we should start seeing some kind of stabilition on the NRR side?.

Ashim，我只是想問一下淨 NRR，我認為是 108%，比上一季略有下降。我知道還有接下來的 12 個月。但是，由於您正在投資這個新推出的平台，您認為我們什麼時候應該開始看到 NRR 方面的某種穩定？

Yes. I think we've obviously given our guidance for the year. From our standpoint, though, as we talked about, I think this year, we see POCs, particularly on the Agentic side and no material impact to revenue. So I would -- I think that's some of the discussion we can have in the second half of the year as we progress with our Agentic launch and going into next year. from that standpoint.

是的。我認為我們顯然已經給出了今年的指導。不過，從我們的角度來看，正如我們所討論的，我認為今年我們看到了 POC，特別是在 Agentic 方面，並且對收入沒有實質影響。所以我想——我認為這是我們在下半年推進 Agentic 的發布並進入明年時可以進行的一些討論。從這個角度來看。

Okay. And then quick follow-up to your comment on FX. I guess you said it was immaterial. So I assume the net new and other FX adjusted, this is probably same as 27%. And what's your assumption in terms of FX impact for your fiscal year guidance?

好的。然後快速跟進您對 FX 的評論。我猜你會說這無關緊要。因此，我假設淨新增和其他外匯調整後，這可能與 27% 相同。您對外匯對財政年度指引的影響有何假設？

We used the most recent FX rates like over the last couple of days. That's -- over the last week, that's typically what we do.

我們使用了最新的外匯匯率，例如過去幾天的匯率。這就是——過去一周我們通常會做的事情。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

So maybe a lot of my questions have been asked, but just was just maybe double down on what drove so much of the license outperformance in the quarter? Was there any inorganic contribution? Was there kind of FX helping that number? I know we've talked about it a little bit on the call, but just trying to really understand what drove that? Were there pull-ins from prior quarters or pushouts?

所以也許我的許多問題已經被問過了，但也許只是加倍思考是什麼推動了本季許可證表現如此出色？有無機貢獻嗎？是否有某種 FX 因素有助於達到這個數字？我知道我們在電話中已經討論過這個問題了，但只是想真正了解是什麼導致了這種情況？前幾季是否有拉動或擠出？

No, I think it's just a mix of deals. Again, with revenue, we have 606 accounting, so just the mix of deals in terms of both duration as well as deployment method, there's nothing, frankly, unusual to comment on. We were happy with overall the overall mix of deals and kind of the balance of duration, et cetera, but nothing consequential that drove that specifically.

不，我認為這只是一些交易的混合。再說一次，就收入而言，我們有 606 個會計，因此，就持續時間和部署方法而言，交易的組合，坦率地說，沒有什麼不尋常的評論。總體而言，我們對交易的整體組合、持續時間的平衡等感到滿意，但沒有什麼特別重要的因素推動這一點。

Okay. And then maybe just back to Siti's question, but I'll ask it a little differently. Should we continue to see NRR trend down from the current level as we get through the year? And then froth and start to rebound potentially as you start selling a new solution as it troughed at 108.

好的。然後也許回到 Siti 的問題，但我會以稍微不同的方式來問。隨著今年的到來，我們是否應該繼續看到 NRR 趨勢從當前水準下降？然後，當你開始銷售新的解決方案時，泡沫就會開始反彈，因為價格在 108 處跌至谷底。

And then just maybe anything in terms of the -- any further operational adjustments or efficiencies from a go-to-market perspective? It looked like there was a little bit of restructuring that hit this quarter that maybe gives you the opportunity to further reinvest.

那麼，從市場進入的角度來看，還有什麼進一步的營運調整或效率提升嗎？看起來本季有一些重組，這也許會給你進一步再投資的機會。

Yes. So the first one, I feel like I answered the dollar-based net retention rate. I think it's embedded within our guidance. We don't see a meaningful shift between expansion and new logos versus historical mix. So I think that calculation can -- is easily embeddable as you go forward.

是的。所以第一個問題，我覺得我回答了基於美元的淨留存率。我認為它已融入我們的指導中。我們沒有看到擴張和新標誌與歷史組合之間發生有意義的轉變。因此我認為，隨著您的前進，計算可以輕鬆嵌入。

As we talk about, we're very bullish in terms of the early activity on agentic. We'll revisit the conversation as we get further into that launch. But for this year, there's no material impact. But of course, stabilization and acceleration is what we're all playing for. So we'll update on the timing of that.

正如我們所談論的，我們對 agentic 的早期活動非常看好。隨著發表會的進一步推進，我們將重新討論這個話題。但就今年而言，沒有實質影響。但當然，穩定和加速才是我們所追求的。因此我們將更新該時間。

In terms of the reinvestment of our go-to-market, as we said, and we've been very transparent. We finished our go-to-market restructuring in first quarter. And we feel very good about the stability of the teams that are there. We are investing in specific pockets. So where we see opportunity and the largest opportunities, we are doing that.

正如我們所說，就我們進入市場的再投資而言，我們一直非常透明。我們在第一季完成了市場重組。我們對那裡的團隊的穩定性感到非常滿意。我們正在對特定領域進行投資。因此，只要我們看到機會，而且是最大的機會，我們就會去做。

I think we want to hold ourselves to a discipline as any investor would want us to, to be investing in the highest return segments and really making sure that we have clear focus and accountability and there were areas that we are investing. So is there opportunity to reinvest with go-to-market Yes, we have been, we'll continue to do so, but we still, overall, we'll always look for ways to become more efficient.

我認為，正如任何投資者希望我們做的那樣，我們要嚴格遵守紀律，投資於回報率最高的領域，並確保我們有明確的重點和責任，並且有我們正在投資的領域。那麼，是否有機會透過進入市場進行再投資？是的，我們一直在這樣做，我們將繼續這樣做，但總的來說，我們仍然會一直尋找提高效率的方法。

Nick Altmann, Scotia Bank.

尼克·阿爾特曼，加拿大豐業銀行。

Awesome. In the prepared remarks, you guys noted how the Agentic automation capabilities are actually driving some net new customers to the platform. You also talked about some competitive displacement. So just in regards to the pipeline, how should we think about the mix of net new ACV maybe changing and tilting a little bit more towards net new customers versus expansion.

驚人的。在準備好的評論中，你們指出了 Agentic 自動化功能實際上是如何為該平台帶來一些新客戶的。您還談到了一些競爭性取代。因此，僅就管道而言，我們應該如何看待淨新 ACV 的組合可能會發生變化，並且更傾向於淨新客戶而不是擴張。

Yes. I don't honestly don't see that mix that's there. I think we like -- we definitely want to give examples of the various dynamics, but I don't see a disproportionate amount of replacements coming in. I think we've always expanded beyond RPA with IDP test communications mining, et cetera, process discovery that many traditional RPA vendors did not have. So I think that is just a constant, consistent flow that's there.

是的。說實話，我沒有看到那裡有這種混合物。我認為我們喜歡——我們肯定想給出各種動態的例子，但我沒有看到過多的替換。我認為我們一直在透過 IDP 測試通訊挖掘等超越 RPA 的範圍，進行許多傳統 RPA 供應商所沒有的流程發現。所以我認為這只是一種持續不斷的、一致的流動。

genetic is just a further differentiation like putting space in between there. So at this time, I think the mix is the same, but it is exciting, the discussions, whether new or an expansion that agentic is giving to us. And that is really what our aim was in highlighting that.

基因只是進一步的區分，就像在其中留出空間一樣。因此，目前，我認為組合是相同的，但令人興奮的是，討論無論是新的還是 agentic 給我們的擴展。這正是我們強調這一點的目的。

Thank you. With that, this concludes our Q&A session. I would like to turn the floor back over to management for closing remarks.

謝謝。我們的問答環節到此結束。我想將發言權交還給管理階層，請他們作最後發言。

Thank you so much for all the questions, and we are looking forward to meeting most of you throughout the quarter. Thank you.

非常感謝大家提出的所有問題，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。現在您可以斷開線路。感謝您的參與。