UiPath Inc (PATH) 2026 Q2 法說會逐字稿

Greetings, and welcome to the UiPath second-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 UiPath 2026 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Allise Furlani, Vice President of Investor Relations. Thank you. You may begin.

現在，我將會議交給主持人、投資人關係副總裁 Allise Furlani。謝謝。你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's second-quarter fiscal 2026 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, Founder and Chief Executive Officer; and Ashim 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 財年第二季度的財務業績，我們在今天收盤後發布的收益新聞稿中公佈了這一業績。與我一起參加電話會議的還有創始人兼執行長 Daniel Dines 和首席營運兼財務長 Ashim Gupta，他們將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 Investor Relations website. 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 投資者關係網站上。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's call includes forward-looking statements regarding our financial guidance for the third-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. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

今天下午的電話會議包括有關我們對 2026 年第三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 our subsequent reports 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性的討論，請參閱我們截至 2025 年 1 月 31 日的年度報告 10-K 表以及我們向美國證券交易委員會提交的後續報告。本次電話會議中所做的前瞻性陳述反映了我們今天的觀點。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 comments to our Investor Relations website immediately following the conclusion of this call. In addition, please note that all comparisons are year over year unless otherwise indicated.

我想強調的是，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準備好的評論副本發佈到我們的投資人關係網站上。此外，請注意，除非另有說明，所有比較都是同比的。

Now I would 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. I want to begin by thanking our partners and customers for their continued trust. I also want to thank the entire UiPath team for their progress on improving execution, consistency, and discipline. And the progress is evident in our platform's innovation, customer outcomes, and financial results. Together, we are shaping the future of enterprise transformation.

謝謝你，艾麗絲。大家下午好。感謝您的加入。首先我要感謝我們的合作夥伴和客戶一直以來的信任。我還要感謝整個 UiPath 團隊在提高執行力、一致性和紀律性方面的進步。我們的平台的創新、客戶成果和財務表現都取得了明顯的進步。我們共同塑造企業轉型的未來。

In every conversation with customers and partners, the message is clear. Automation and AI are stronger together. Our deterministic foundation, enterprise-grade RPA and API automation capabilities deliver the trust, scale and reliability mission-critical processes demand. On top of that, our leading AI capabilities, Intelligent Document Processing, or IDP, and our Agentic AI offerings that can reason, plan, and act bring adaptability, intelligence, and speed.

在與客戶和合作夥伴的每次對話中，訊息都很明確。自動化和人工智慧結合起來更加強大。我們的確定性基礎、企業級 RPA 和 API 自動化功能可提供關鍵任務流程所需的信任、規模和可靠性。除此之外，我們領先的人工智慧功能、智慧文件處理 (IDP) 以及能夠推理、計劃和行動的 Agentic AI 產品帶來了適應性、智慧和速度。

In addition, what brings it all together is orchestration. With UiPath Maestro, we unify agents, robots and people across systems with governance and transparency so outcomes are measurable and repeatable. This combination is delivering tangible ROI, fueling increasing commercial momentum, and positioning UiPath to lead in this new era of automation.

此外，將這一切結合在一起的是編排。借助 UiPath Maestro，我們透過治理和透明度統一跨系統的代理、機器人和人員，使結果可衡量且可重複。這一組合帶來了切實的投資回報，推動了商業發展勢頭，並使 UiPath 佔據了自動化新時代的領先地位。

It has also translated into strong second-quarter results, where we exceeded the high end of our guidance across all key financial metrics. Second-quarter ARR grew 11% to $1.723 billion, driven by $31 million in net new ARR. Second-quarter revenue was $362 million, an increase of 14% from the prior-year period. Importantly, our AI and Agentic solutions are helping us win deals and increase deal sizes faster than traditional automation engagements and now represent a growing share of commercial activity.

這也轉化為強勁的第二季業績，我們所有關鍵財務指標都超出了預期的上限。第二季 ARR 成長 11%，達到 17.23 億美元，主要得益於 3,100 萬美元的淨新 ARR。第二季營收為3.62億美元，較去年同期成長14%。重要的是，我們的 AI 和 Agentic 解決方案正在幫助我們贏得交易並比傳統自動化工作更快地增加交易規模，現在佔據著越來越大的商業活動份額。

We continue to deliver growth while driving operational efficiencies across the organization. Non-GAAP operating income increased to $62 million, representing a 17% margin and an improvement of more than 1,500 basis points year over year, reflecting the operating leverage and discipline we are achieving in the business while capturing the benefits of agentifying UiPath from within. This momentum reflects the work we've completed to elevate execution.

我們在提高整個組織的營運效率的同時，持續實現成長。非公認會計準則營業收入增至 6,200 萬美元，利潤率為 17%，同比增長超過 1500 個基點，反映了我們在業務中實現的營運槓桿和紀律，同時從內部獲得了 UiPath 代理化的好處。這一勢頭反映了我們為提升執行力所完成的工作。

Over the past year, we rebuilt our go-to-market for scale, stabilizing our structure, adding sales capacity, and specialists and instituting value-based plays with tighter pipeline inspection. We are seeing the impact: higher-quality pipeline, more predictable forecasting, better customer adoption and implementation, and larger multi-solution opportunities, especially where Agentic and IDP land on top of our RPA and API foundation. You can see this execution showing up in the field. We continue to acquire high-quality new logos.

在過去的一年裡，我們重建了市場規模，穩定了結構，增加了銷售能力和專家，並透過更嚴格的管道檢查制定了基於價值的策略。我們看到了影響：更高品質的管道、更可預測的預測、更好的客戶採用和實施以及更大的多解決方案機會，特別是 Agentic 和 IDP 在我們的 RPA 和 API 基礎之上。您可以看到此執行顯示在欄位中。我們不斷獲取高品質的新標誌。

For new customers, deterministic automation remains a high ROI, low-barrier entry point. That's why over 95% of new logos this quarter included our core automation capabilities. For our large installed base, our new AI and Agentic capabilities are translating into real momentum. Since launching our Agentic platform, customers executed almost 1 million agent runs. Maestro orchestrated over 170,000 process instances, and over 450 customers are actively developing agents.

對於新客戶來說，確定性自動化仍然是一個高投資報酬率、低門檻的切入點。這就是為什麼本季超過 95% 的新標誌都包含我們的核心自動化功能。對於我們龐大的安裝基礎，我們的新 AI 和 Agentic 功能正在轉化為真正的動力。自從推出我們的 Agentic 平台以來，客戶已執行了近 100 萬次代理運行。Maestro 已編排了超過 170,000 個流程實例，並且有超過 450 個客戶正在積極開發代理。

Now let me share a few examples of how customers are using these capabilities in practice. One example is Voya Financial. After automating more than 100 processes, they expanded this quarter to adopt our Agentic capabilities. With Agent Builder, they are targeting over 40 high-impact use cases in accidental claims, and Maestro is orchestrating the workflows.

現在讓我分享一些客戶在實踐中如何使用這些功能的範例。Voya Financial 就是一個例子。在實現了 100 多個流程的自動化之後，他們在本季度進行了擴展以採用我們的 Agentic 功能。借助 Agent Builder，他們瞄準了意外索賠中超過 40 個影響重大的用例，而 Maestro 則負責協調工作流程。

Another great example is an international mobility service provider, which shows how quickly customers can scale Agentic Automation across their business. This quarter, they purchased our Agentic products with the vision to deploy AI agents in more than 2,000 branches. They will begin with complaints management, using Maestro as the orchestration layer and Autopilot to summarize and draft responses. From there, they plan to extend into other departments to deliver cost savings, higher customer satisfaction, and greater efficiency.

另一個很好的例子是國際行動服務供應商，它展示了客戶能夠多快地在其業務中擴展 Agentic Automation。本季度，他們購買了我們的 Agentic 產品，計劃在 2,000 多個分店部署 AI 代理程式。他們將從投訴管理開始，使用 Maestro 作為編排層，並使用 Autopilot 來總結和起草回應。從此，他們計劃擴展到其他部門，以節省成本、提高客戶滿意度和提高效率。

Our Agentic product are not only deepening engagement within our installed base. They are also helping us win major new customers. A standout example is a seven-figure deal with a Fortune 15 global technology company. In a competitive win, they chose UiPath to power their SAP transformation and reinvent employee operations across functions like supply chain and manufacturing. They chose UiPath for our broad platform, including application testing, process intelligence, and Agentic Automation and our proven ROI in complex enterprise environments.

我們的 Agentic 產品不僅加深了我們已安裝基礎的參與度。他們也幫助我們贏得重要的新客戶。一個突出的例子是與財富 15 強全球科技公司達成的七位數交易。在競爭中獲勝後，他們選擇 UiPath 來支援他們的 SAP 轉型並重塑供應鏈和製造等職能部門的員工營運。他們選擇 UiPath 是因為我們平台廣泛，包括應用程式測試、流程智慧和 Agentic Automation，以及我們在複雜企業環境中經過驗證的投資報酬率。

What I consistently hear in conversations with our customers is the need for transparency and control. That's why we built Maestro to unify AI, automation, and human decision-making so outputs can be trusted with RPA playing a critical role alongside Agentic Automation.

在與客戶的對話中，我不斷聽到的是透明度和控制力的必要性。這就是我們建立 Maestro 的原因，它將人工智慧、自動化和人類決策統一起來，這樣輸出就可以被信任，而 RPA 則可以與 Agentic Automation 一起發揮關鍵作用。

A great example is a leading US health care provider that is piloting our Agentic products to streamline their accounts payable process. Agents monitor the mailbox, extract metadata, retrieve status updates, and draft replies, while robots process attachments, send mails, and create tickets. At the same time, UiPath Maestro orchestrates the workflow, involving humans only for exceptions and final reviews, reducing manual effort by 60% and cutting processing time by up to 75%.

一個很好的例子是一家領先的美國醫療保健提供者正在試用我們的 Agentic 產品來簡化其應付帳款流程。代理監控郵箱、提取元資料、檢索狀態更新和起草回复，而機器人處理附件、發送郵件和創建票證。同時，UiPath Maestro 可以協調工作流程，僅在處理例外情況和最終審核時才需要人工參與，從而減少 60% 的人工工作量，並將處理時間縮短高達 75%。

Another strong example is a Fortune 500 American manufacturer, consumer, and professional products who expanded to our Agentic products with a successful proof of concept in procurement operations. What was once a manual purchase order review is now handled by agents before a robot updates SAP. With UiPath Maestro orchestrating they cut latency and manual work while ensuring full policy compliance. And we believe it's results like this that contributed to UiPath being recognized for the seventh consecutive year as a leader in the 2025 Gartner Magic Quadrant for Robotic Process Automation for both ability to execute and completeness of vision.

另一個有力的例子是財富 500 強美國製造商、消費品和專業產品公司，該公司擴展到我們的 Agentic 產品，並在採購營運中成功驗證了概念。曾經的手動採購訂單審核現在由代理商處理，然後機器人更新 SAP。透過 UiPath Maestro 的協調，他們減少了延遲和手動工作，同時確保完全遵守政策。我們相信，正是這樣的成果使得 UiPath 連續第七年被 Gartner 2025 年機器人流程自動化魔力像限評為領導者，在執行能力和願景完整性方面均名列前茅。

As customers continue to scale their Agentic Automation programs, we are focused on helping them accelerate adoption. This quarter, we introduced two initiatives to support the journey. A team of deployed engineers to codevelop solutions and guide complex strategic implementations and UiPath Playground, a frictionless, no sign-up environment where customers and prospects can test, prebuild, verticalize agentic solutions and see the differentiated value of our platform.

隨著客戶不斷擴展其 Agentic 自動化程序，我們致力於幫助他們加速採用。本季度，我們推出了兩項措施來支持這趟旅程。部署的工程師團隊共同開發解決方案並指導複雜的策略實施和 UiPath Playground，這是一個無摩擦、無需註冊的環境，客戶和潛在客戶可以在其中測試、預先建置、垂直化代理解決方案並了解我們平台的差異化價值。

Customers choose UiPath for our unified end-to-end platform that brings together API UI and AI-powered automation. This quarter, we are extending that advantage with API Workflows, our new foray into simplifying deployment and using APIs in our platform, giving customers greater control over how automation securely interacts with their business systems and data. This capability is essential to scaling agents securely and giving them a deterministic foundation to interact with enterprise systems.

客戶選擇 UiPath 是因為我們統一的端對端平台，將 API UI 和 AI 驅動的自動化結合在一起。本季度，我們將透過 API 工作流程擴展這一優勢，這是我們在簡化部署和在平台中使用 API 的新嘗試，讓客戶能夠更好地控制自動化如何安全地與其業務系統和資料互動。此功能對於安全地擴展代理以及為其與企業系統互動提供確定性基礎至關重要。

Our focus is to continue building an open agentic ecosystem. While low code has made agent building accessible, growing complexity is driving demand for pro-code flexibility. That's why we launched UiPath Coded Agents. Now developers can fully customize and deploy secure and auditable agents built around their data and systems. A great example is Cato Networks, a cybersecurity company specializing in secure access service edge, who has deployed UiPath Coded Agents in production for IT ticket classification and analysis and is now piloting a master IT support agent expected to resolve up to 30% of tickets.

我們的重點是繼續建構一個開放的代理生態系統。雖然低程式碼使代理建置變得易於實現，但日益增長的複雜性正在推動對專業程式碼靈活性的需求。這就是我們推出 UiPath Coded Agents 的原因。現在，開發人員可以完全自訂和部署圍繞其資料和系統建置的安全且可審計的代理程式。一個很好的例子是 Cato Networks，一家專注於安全存取服務邊緣的網路安全公司，該公司已在生產中部署了 UiPath Coded Agents 用於 IT 票證分類和分析，目前正在試行主 IT 支援代理，預計可解決高達 30% 的票證問題。

Following our initial integrations with LangChain and LangGraph, we have continued to expand support for other open source frameworks in the market, including LlamaIndex. This makes it even easier for developers to build in Llama and deploy directly into UiPath, leveraging our orchestration, security and monitoring for mission-critical processes.

繼我們最初與 LangChain 和 LangGraph 整合之後，我們繼續擴大對市場上其他開源框架的支持，包括 LlamaIndex。這使得開發人員可以更輕鬆地在 Llama 中建置並直接部署到 UiPath 中，利用我們的編排、安全性和監控功能來實現關鍵任務流程。

As enterprise automation evolves into agentic automation, the effectiveness of AI agents and automation depends on the quality of the data they can access. To address this, we recently introduced UiPath Data Fabric, a unified data layer that powers agents, apps and workflows across the enterprise. By giving agents on automation access to trusted context-rich data, Data Fabric eliminates delays and ensure seamless integration across systems.

隨著企業自動化發展為代理自動化，人工智慧代理和自動化的有效性取決於它們可以存取的資料的品質。為了解決這個問題，我們最近推出了 UiPath Data Fabric，這是一個統一的資料層，為整個企業的代理、應用程式和工作流程提供支援。透過讓自動化代理存取可信任的、內容豐富的數據，Data Fabric 消除了延遲並確保了跨系統的無縫整合。

Complementing this, our IXP capabilities help customers unlock unstructured information and turn complex documents into actionable data. This quarter, we launched IXP to general availability. And customers like Coronis Ajuba Solutions are already seeing an impact, automating data extraction from over 20 million pages and reducing errors by 35%. Building on this success, Coronis plans to adopt Agent Builder and Maestro to scale denial processing across payers. UiPath's human-in-the-loop experience and flexibility to integrate custom LLMs are key drivers to support their enterprise-wide Agentic Automation vision.

除此之外，我們的 IXP 功能還可以幫助客戶解鎖非結構化資訊並將複雜文件轉換為可操作的資料。本季度，我們推出了 IXP 全面上市。Coronis Ajuba Solutions 等客戶已經看到了效果，他們自動從超過 2000 萬頁頁面中提取數據，並將錯誤減少了 35%。在這個成功的基礎上，Coronis 計劃採用 Agent Builder 和 Maestro 來擴大付款人的拒絕處理規模。UiPath 的人機互動體驗和整合客製化 LLM 的靈活性是支援其企業範圍的 Agentic Automation 願景的關鍵驅動因素。

The excitement around our agentic capabilities extends beyond customers with partners embracing them to create joint solutions that deliver greater value and faster transformation. A great proof point is one of our top GSIs. After leveraging our agentic products to automate order-to-cash collections, they highlighted UiPath Maestro as one of the most robust agentic orchestrators on the market. They are now committed to building over 20 agentic solutions across core finance process and claims and contract management and are already deploying them with joint customers like a global fintech company where initial POCs in corporate finance are focused on contract validation and revenue recognition.

我們代理能力的興奮點不僅限於客戶，合作夥伴也擁抱它們來創造能夠提供更大價值和更快轉型的聯合解決方案。一個很好的證明點就是我們的頂級 GSI 之一。在利用我們的代理產品實現訂單到現金收款自動化後，他們強調 UiPath Maestro 是市場上最強大的代理協調器之一。他們目前致力於在核心財務流程、索賠和合約管理方面建立 20 多個代理解決方案，並且已經與一家全球金融科技公司等聯合客戶一起部署這些解決方案，其中企業財務的初始 POC 專注於合約驗證和收入確認。

Cognizant is another strong example of how our partners are embracing our Agentic products to co-create next-generation solutions. They are leveraging a variety of our solutions such as Maestro, Agent Builder, RPA, and IDP to build an intelligent claims processing suite. With this solution, we will jointly work with customers to reduce human involvement, streamline the intake process and de-silo processing across the entire claims value chain.

Cognizant 是我們的合作夥伴如何採用我們的 Agentic 產品共同創造下一代解決方案的另一個有力例證。他們正在利用我們的各種解決方案（例如 Maestro、Agent Builder、RPA 和 IDP）來建立智慧索賠處理套件。透過此解決方案，我們將與客戶共同合作，減少人工參與，簡化接收流程，並消除整個索賠價值鏈中的孤立處理。

We also deepened our collaboration with Deloitte as they launched Agentic Global Business Services, a pioneering solution combining Deloitte's advancements in agentic AI with the UiPath platform to move enterprises from task automation to intelligent orchestration. Alongside our GSI partnerships, we continue to strengthen alliances with leading technology platforms.

我們也深化了與德勤的合作，他們推出了 Agentic Global Business Services，這是一項開創性的解決方案，將德勤在代理 AI 方面的進步與 UiPath 平台相結合，幫助企業從任務自動化轉向智慧編排。除了與 GSI 的合作夥伴關係外，我們還將繼續加強與領先技術平台的聯盟。

We are proud to expand our long-standing relationship with Microsoft who has reinforced UiPath as their preferred enterprise Agentic Automation platform for their customers. This strengthened alliance brings the power of Microsoft's industry-leading cloud and AI to customers through cutting-edge agentic products on the UiPath platform, like the UiPath Autopilot plug-in for Copilot and Teams and the bidirectional connector for Copilot Studio, which is growing in adoption and usage.

我們很榮幸能夠擴大與微軟的長期合作關係，微軟已將 UiPath 鞏固為其客戶首選的企業代理自動化平台的地位。這項加強的聯盟透過 UiPath 平台上的尖端代理產品將微軟業界領先的雲端和人工智慧的強大功能帶給客戶，例如用於 Copilot 和 Teams 的 UiPath Autopilot 插件以及用於 Copilot Studio 的雙向連接器，這些產品的採用和使用正在不斷增長。

Lastly, in the US public sector, with budgets now largely finalized, buying patterns are returning to a more normalized state and agencies are turning to automation and AI for mission-critical initiatives. The United States Navy is a great example with over 200 automations already deployed. The Navy expanded their IDP initiatives to streamline quarterly account reviews as part of its effort to achieve a clean audit opinion by 2028. As we look ahead, we have deep relationships across agencies, a strong team on the ground and we are well positioned.

最後，在美國公共部門，預算現已基本確定，購買模式正在恢復到更正常化的狀態，各機構正在轉向自動化和人工智慧來執行關鍵任務計畫。美國海軍就是一個很好的例子，它已經部署了 200 多項自動化系統。海軍擴大了 IDP 計劃，以簡化季度帳戶審查，這是其到 2028 年實現清晰審計意見的努力的一部分。展望未來，我們與各機構之間有著深厚的關係，擁有一支強大的實地團隊，並且我們已做好充分準備。

Before I turn it over to Ashim, I'd like to invite you to UiPath FUSION, our flagship user conference taking place September 29 to October 2 in Las Vegas. FUSION brings together customers, partners, and innovators from around the world, and we're excited to showcase how Agentic Automation is transforming enterprises and share more about our product vision and customer success.

在將麥克風交給 Ashim 之前，我想邀請您參加 UiPath FUSION，這是我們的旗艦用戶會議，將於 9 月 29 日至 10 月 2 日在拉斯維加斯舉行。FUSION 匯集了來自世界各地的客戶、合作夥伴和創新者，我們很高興展示 Agentic Automation 如何改變企業，並分享更多有關我們的產品願景和客戶成功的資訊。

The future isn't about choosing between agents and automation. It's about combining them. Together, they are stronger and we are delivering best-in-class innovation in both categories to lead this next era of enterprise transformation for our customers and partners. Please reach out to our Investor Relations team for more information.

未來不是要在代理和自動化之間做出選擇。這是關於如何將它們結合起來。合併後，它們會變得更加強大，我們將在這兩個領域提供一流的創新，為我們的客戶和合作夥伴引領企業轉型的新時代。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. Before turning to the financials, I would like to reiterate the progress we've made on our operating priorities. First, on operational rigor and efficiency, we completed our restructuring and remain focused on driving productivity and disciplined execution. As a part of this, we've established a stronger cadence around predictability and key operating decisions, bringing product and field teams closer together to drive growth.

謝謝你，丹尼爾，大家下午好。在談到財務狀況之前，我想重申我們在營運重點方面取得的進展。首先，在營運嚴謹性和效率方面，我們完成了重組，並繼續專注於提高生產力和嚴格執行。作為其中的一部分，我們在可預測性和關鍵營運決策方面建立了更強的節奏，使產品和現場團隊更加緊密地聯繫在一起以推動成長。

Second, on customer adoption, our teams, field organizations and partners are working hand-in-hand to deepen customer centricity and expand usage across our installed base. This includes strong momentum from partners leaning into our Agentic platform, such as Ashling Partners, calling it the natural evolution of RPA, and TQA underscoring how UiPath enabled their teams to help customers reimagine their operations and is driving record demand from both existing and new customers who want to lead their industries with game-changing automation strategies. These collaborations are critical to accelerating adoption at scale and moving customers from pilots to production deployments.

其次，在客戶採用方面，我們的團隊、現場組織和合作夥伴正在攜手合作，深化以客戶為中心，擴大我們安裝基礎上的使用範圍。這包括來自合作夥伴對我們 Agentic 平台的強勁支持，例如 Ashli​​ng Partners，他們稱其為 RPA 的自然演變，而 TQA 則強調 UiPath 如何使他們的團隊能夠幫助客戶重新構想他們的運營，並推動希望通過改變遊戲規則的自動化戰略引領行業的新老客戶的創紀錄需求。這些合作對於加速大規模採用以及將客戶從試點轉向生產部署至關重要。

Lastly, while we continue to drive efficiencies across the business, we remain focused on investing in innovation as we look to capture the significant and expanding opportunity that automation and AI brings to the enterprise.

最後，在我們持續提高整個業務效率的同時，我們仍然專注於投資創新，以期抓住自動化和人工智慧為企業帶來的重大且不斷擴大的機會。

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 impact results.

轉向本季。除非另有說明，我將以非公認會計準則 (non-GAAP) 為基礎討論結果，並且所有增長率均為同比增長。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。

Second-quarter revenue grew to $362 million, an increase of 14%. Normalizing for the year-over-year FX tailwind of approximately $9 million, revenue grew 12%. ARR totaled $1.723 billion, an increase of 11%, driven by net new ARR of $31 million. Normalizing for the year-over-year FX tailwind of approximately $5 million, ARR grew 11%.

第二季營收成長至 3.62 億美元，成長 14%。由於外匯順風效應年增約 900 萬美元，營收成長了 12%。ARR 總額達 17.23 億美元，成長 11%，主要得益於 3,100 萬美元的淨新 ARR。由於外匯收入年增約 500 萬美元，ARR 成長了 11%。

With the launch of our Agentic Automation platform, we continue to see customers moving to the cloud. We ended the quarter with more than $1.08 billion in cloud ARR, which includes both hybrid and SaaS, an increase of more than 25%. A great example is KLM Royal Dutch Airlines. After saving over 200,000 hours in 2024 with UiPath automation, they are migrating to the cloud, exploring Agentic Automation initiatives, and implementing UiPath Test Cloud for SAP.

隨著我們的 Agentic Automation 平台的推出，我們不斷看到客戶轉向雲端。本季結束時，我們的雲端 ARR 超過 10.8 億美元，其中包括混合雲和 SaaS，增幅超過 25%。荷蘭皇家航空公司就是一個很好的例子。在 2024 年利用 UiPath 自動化節省了超過 200,000 小時之後，他們正在遷移到雲端，探索 Agentic 自動化計劃，並為 SAP 實施 UiPath Test Cloud。

We ended the quarter with approximately 10,820 customers. As with prior quarters, the vast majority of customer attrition continues to be on the lower end. We continue to be successful in signing new enterprise logos that align with our strategy of targeting long-term customers with a propensity to invest, including new logos like Henry Schein, a Fortune 500 global health care solutions provider, who selected UiPath due to the breadth of our Agentic Automation platform capabilities and other notable logos in key sectors like the Watches of Switzerland Group, Community Financial Credit Union and the Vita Coco Company.

本季結束時，我們約有 10,820 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。我們繼續成功簽署新的企業標識，這些標識符合我們瞄準具有投資傾向的長期客戶的策略，其中包括像財富 500 強全球醫療解決方案提供商 Henry Schein 這樣的新標識，他們選擇 UiPath 是因為我們 Agentic Automation 平台功能的廣泛性，以及其他關鍵領域的知名標識，如瑞士手錶集團、社區金融信用合作社和 Vita Coco 公司。

In addition to key customer adds in the quarter, our agentic capabilities and go-to-market improvements have resulted in deepening relationships in strategic cohorts. Customers with $100,000 or more in ARR increased to 2,432, while customers with $1 million or more in ARR increased to 320. Dollar-based gross retention remained best-in-class at 98%, and our dollar-based net retention rate remained at 108%, underscoring the durability of our customer base as they embrace our Agentic Automation solutions.

除了本季增加的關鍵客戶之外，我們的代理能力和市場進入能力的改善也加深了與策略群體的關係。年平均收入 (ARR) 為 10 萬美元或以上的客戶增加至 2,432 人，而年平均收入 (ARR) 為 100 萬美元或以上的客戶增加至 320 人。基於美元的總留存率仍保持在 98% 的最佳水平，基於美元的淨留存率仍保持在 108%，這凸顯了我們的客戶群在接受我們的 Agentic Automation 解決方案時的持久性。

Adjusting for foreign exchange, dollar-based net retention rate was 108%. Remaining performance obligations increased to $1.209 billion, up 12%. Normalizing for the FX tailwind, which was an approximately $19 million tailwind, RPO grew 10%. Current RPO increased to $789 million, up 15%.

經外匯調整後，基於美元的淨留存率為 108%。剩餘履約義務增至12.09億美元，成長12%。對於外匯順風而言，其正常化約為 1,900 萬美元，RPO 成長了 10%。目前RPO增至7.89億美元，成長15%。

Turning to expenses. We delivered second-quarter overall gross margins of 84% and software gross margin was 90%. Second-quarter operating expenses were $243 million, a reduction of 6% from the prior year. Second-quarter GAAP operating loss improved $83 million versus the prior year to $20 million and included $78 million of stock-based compensation expense. Our continued growth and disciplined expense management for cloud, operating expenses, and stock-based compensation positions us well to achieve GAAP profitability in the near term.

談到費用。我們第二季的整體毛利率為 84%，軟體毛利率為 90%。第二季營運費用為 2.43 億美元，較前一年減少 6%。第二季 GAAP 營業虧損較上年同期改善 8,300 萬美元，至 2,000 萬美元，其中包括 7,800 萬美元的股票薪酬費用。我們在雲端運算、營運費用和股票薪酬方面的持續成長和嚴格的費用管理使我們在短期內能夠實現 GAAP 獲利。

Second-quarter non-GAAP operating income was $62 million, representing a 17% margin, up more than 1,500 basis points year over year and driven by our continued focus on operational efficiencies. Second-quarter non-GAAP adjusted free cash flow was $45 million. We ended the quarter with a healthy balance sheet of $1.5 billion in cash, cash equivalents and marketable securities and no debt. Our disciplined buyback activity reflects both confidence in our long-term opportunity and our ongoing commitment to return capital to shareholders. During the second quarter, we repurchased 8.3 million shares of our Class A common stock at an average price of $12.10.

第二季非公認會計準則營業收入為 6,200 萬美元，利潤率為 17%，年成長超過 1,500 個基點，這得益於我們持續關注營運效率。第二季非公認會計準則調整後自由現金流為 4,500 萬美元。本季結束時，我們的資產負債表狀況良好，現金、現金等價物和有價證券為 15 億美元，且沒有債務。我們嚴謹的回購活動既體現了我們對長期機會的信心，也體現了我們持續向股東返還資本的承諾。第二季度，我們以平均 12.10 美元的價格回購了 830 萬股 A​​ 類普通股。

Now turning to guidance. We are pleased with the team's execution in a variable macroeconomic environment, which is consistent with what we experienced over the last several quarters. And as Daniel mentioned, we are pleased with the progress of our public sector team. With this, we continue to maintain a prudent outlook and guide to what we see in front of us.

現在轉向指導。我們對團隊在多變的宏觀經濟環境中的表現感到滿意，這與我們過去幾季的經驗一致。正如丹尼爾所提到的，我們對公共部門團隊的進步感到滿意。以此，我們將繼續對眼前的事物保持審慎的態度和指導。

Lastly, as a reminder, while we are encouraged by the early traction with our newly launched Agentic capabilities, adoption is still in its early phases, and as such, we don't expect a material top line contribution in fiscal 2026. Lastly, as a reminder, FX impact is recognized at the time of renewal and contract signing and is driven by European currencies and the yen.

最後，提醒一下，雖然我們對新推出的 Agentic 功能的早期發展感到鼓舞，但採用仍處於早期階段，因此，我們預計 2026 財年不會產生實質的收入貢獻。最後，需要提醒的是，外匯影響在續約和簽訂合約時得到確認，並受歐洲貨幣和日圓的影響。

Turning to the specifics of our guide. We are raising guidance for the progress we've made on our operating priorities and the incremental FX tailwind since we provided guidance on our first-quarter earnings call. For the third fiscal quarter 2026, we expect revenue in the range of $390 million to $395 million. This range reflects an approximately $2 million tailwind, driven by FX rate movements since we provided guidance on our first-quarter earnings call.

轉向我們指南的具體內容。自從我們在第一季財報電話會議上提供指引以來，我們正在提高營運重點進度和增量外匯順風的指引。對於 2026 財年第三季度，我們預計營收將在 3.9 億美元至 3.95 億美元之間。這一範圍反映了約 200 萬美元的順風，自我們在第一季財報電話會議上提供指導以來，受外匯匯率變動的推動。

ARR in the range of $1.771 billion to $1.776 billion. This range reflects an approximately $2 million tailwind driven by FX rate movements since we provided guidance on our first quarter earnings call. Non-GAAP operating income of approximately $70 million. And we expect third-quarter basic share count to be approximately 532 million shares. For the full fiscal year 2026, we expect revenue in the range of $1.571 billion to $1.576 billion. This range reflects an approximately $7 million tailwind driven by FX rate movements since we provided guidance on our first quarter earnings call.

ARR 在 17.71 億美元至 17.76 億美元之間。這個範圍反映了自我們在第一季財報電話會議上提供指引以來，外匯匯率變動帶來的約 200 萬美元的順風。非公認會計準則營業收入約 7,000 萬美元。我們預計第三季基本股數約為 5.32 億股。對於 2026 財年全年，我們預計營收將在 15.71 億美元至 15.76 億美元之間。這個範圍反映了自我們在第一季財報電話會議上提供指引以來，外匯匯率變動帶來的約 700 萬美元的順風。

ARR in the range of $1.834 billion to $1.839 billion. This range reflects an approximately $7 million tailwind driven by FX rate movements since we provided guidance on our first quarter earnings call. Non-GAAP operating income of approximately $340 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%.

ARR 在 18.34 億美元至 18.39 億美元之間。這個範圍反映了自我們在第一季財報電話會議上提供指引以來，外匯匯率變動帶來的約 700 萬美元的順風。非公認會計準則營業收入約 3.4 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。

Thank you. And at this time we'll be conducting our question-and-answer session. (Operator Instructions) Bryan Bergin, TD Cowen.

謝謝。現在我們將進行問答環節。（操作員指示） Bryan Bergin，TD Cowen。

Wanted to ask as it relates to the client demand progression on your agentic solutions. Can you just talk about how the pacing is progressing in those accounts where they have moved from kind of POC and pilots to production? I don't know if I missed it but the mix of the clients that are developing agents here. And as you look at these accounts, I think you mentioned you're seeing agentic solutions increase deal sizes at a faster pace than the traditional RPA work in the past. Any context you could provide around that?

想問一下這是否與客戶對您的代理商解決方案的需求進度有關。您能否談談從 POC 和試播集轉向製作階段的進展？我不知道我是否錯過了這裡開發代理的客戶組合。當您查看這些帳戶時，我想您提到過，您看到代理解決方案以比過去傳統的 RPA 工作更快的速度增加交易規模。您能提供任何相關背景資訊嗎？

Yeah. Bryan, let me start with the product overall, the Agentic product, and I will let Ashim comment more on the increased deal sizes. We launched our Agentic Orchestration and Agent Builder in May this year. And the progress that we are seeing is very encouraging. Having like 450 customers actively working with our technology, building agents with the intention to deploy in production is really a meaningful -- it has a meaningful impact.

是的。布萊恩，讓我先從整體產品，即 Agentic 產品開始，然後我會讓 Ashim 對增加的交易規模進行更多評論。我們在今年 5 月推出了 Agentic Orchestration 和 Agent Builder。我們所看到的進展非常令人鼓舞。大約有 450 名客戶積極使用我們的技術，建立有意在生產中部署的代理商確實很有意義——它具有重大影響。

I would say another good momentum for us is that most of those deals actually uncover even more opportunities for automation, scoring really on our strength, which is combining the orchestration, RPA plus API and the agent. And so I would say that the results so far are very encouraging. We've seen some significant deals that were driven by -- again, by the combination between agentic and automation.

我想說，對我們來說另一個好的勢頭是，大多數交易實際上發現了更多的自動化機會，真正發揮了我們的優勢，即結合了編排、RPA 加 API 和代理。所以我想說，迄今為止的結果非常令人鼓舞。我們已經看到一些重要的交易，這些交易再次受到代理和自動化的結合所推動。

Yeah. And then, Bryan, I think when you look at what Daniel talked about, because people see the value in the Agentic platform, that is actually new product that we are monetizing, so it naturally increases the deal sizes for there. But what's interesting is the fact that it reinforces often the need for deterministic automation with our RPA and AI capabilities. So it has a twofold effect as they're going through their process transformations in our POCs as well as our pilots. That's really what's affecting our deal sizes.

是的。然後，布萊恩，我認為當你看看丹尼爾所說的內容時，因為人們看到了 Agentic 平台的價值，這實際上是我們正在貨幣化的新產品，因此它自然會增加那裡的交易規模。但有趣的是，它常常強化了我們對 RPA 和 AI 功能確定性自動化的需求。因此，當他們在我們的 POC 和試點中經歷流程轉型時，它具有雙重效果。這才是真正影響我們交易規模的因素。

Okay. All right, understood. Just a follow-up on DBNR, stable here 1Q to 2Q. Do you expect that to sustain as you go through the second half?

好的。好的，明白了。只是對 DBNR 的後續關注，第一季到第二季這裡保持穩定。您是否預計這種情況在下半年能夠持續下去？

When you look at DBNR implied in our guidance, obviously, you can calculate and see what the normal ratio is. I would say we're stabilizing. That's what we feel. I won't make a commentary at this point to out quarters too far. But we feel, as we talked about in our guidance, we're assuming -- we continue to have a prudent outlook on the macroeconomic environment.

當您查看我們的指南中隱含的 DBNR 時，顯然，您可以計算並了解正常比率是多少。我想說我們正在穩定下來。這就是我們的感受。我現在不會對太過分的事情做出評論。但我們認為，正如我們在指導下所討論的那樣，我們假設——我們繼續對宏觀經濟環境持謹慎態度。

We do see the government returning back to kind of normal buying behavior, which in my mind is positive. But with the macroeconomic condition, et cetera, we're still embedding the guidance as we did in the script.

我們確實看到政府恢復了正常的購買行為，我認為這是積極的。但考慮到宏觀經濟狀況等，我們仍將按照腳本中的方式嵌入指導。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Great to hear about the nice start with some of your new Agentic solutions. There's obviously a lot of people talking about Agent Orchestration. When you're talking with customers about Maestro, what's the key pitch that gets you in the door? And who are you seeing most in those types of deals?

很高興聽到你們的一些新的 Agentic 解決方案取得了良好的開端。顯然有很多人在談論代理編排。當您與客戶談論 Maestro 時，吸引您購買的關鍵宣傳語是什麼？您最重視的是哪一方參與了這類交易？

So our key pitch is being really agnostic. I think most of the customers right now are concerted into being completely on one side of a business platform. Because if you look at Agentic and Orchestration, most of the processes actually spend multiple business systems. So you will have to make a choice if you choose an orchestration or an agentic solution that is provided that one of the business systems. How you are going to move data between business system? Where you are going to ultimately store your data? And many of our customers are really reluctant to choose for orchestration, one major business system, and they prefer an agnostic approach.

因此，我們的關鍵論點是真正的不可知論。我認為現在大多數客戶完全站在商業平台的一邊。因為如果你看一下 Agentic 和 Orchestration，大多數流程實際上要花費多個業務系統。因此，如果您選擇的是業務系統提供的編排或代理解決方案，那麼您就必須做出選擇。您將如何在業務系統之間移動資料？您最終要將資料儲存在哪裡？我們的許多客戶確實不願意選擇一個主要的業務系統來編排，他們更喜歡一種不可知的方法。

Also, our Maestro is very tightly integrated with our automation platform. So it makes it extremely easy to combine agents and people-in-the-loop and actions that are provided by our robots. And I think our platform is really the breadth of our platform in the terms of the offering of Orchestration, Automation, and Agentic is one of the best in the market today, so this together makes it a very compelling offering for our customers. And we are seeing really interesting wins against major orchestration platform providers.

此外，我們的 Maestro 與我們的自動化平台緊密整合。因此，將代理商、人員在環以及我們的機器人提供的動作結合起來變得非常容易。我認為我們的平台在業務流程編排、自動化和 Agentic 方面的產品範圍確實是我們平台的廣度，也是當今市場上最好的產品之一，因此這些共同使其成為對我們的客戶非常有吸引力的產品。我們看到了與主要編排平台提供者相比真正有趣的勝利。

Okay, that's helpful. And then now that we're a year or so into some of the go-to-market changes that you all have made, how would you assess kind of the overall health of the go-to-market motion? I know things are always evolving, but do you feel like things are largely stable at this point in that motion?

好的，這很有幫助。那麼，現在我們已經進入你們所做的一些市場進入變革一年左右了，您如何評估市場進入行動的整體健康狀況？我知道事情總是在不斷發展變化，但您是否覺得目前的情況基本上穩定？

Yes, I would say stable is a good word. I think we made really solid progress on making our entire go-to-market much closer to the customer. As we said, like in the past year, one of our major strategy was to be much more customer-centric and to break the silos.

是的，我認為穩定是一個好詞。我認為我們在使整個市場更加貼近客戶方面取得了切實的進展。正如我們所說，就像在過去的一年裡，我們的主要策略之一就是更加以客戶為中心，打破孤島。

And I think our go-to-market, it's also working much closer with the product right now. And this is important in an era of where the iterations are largely driven by customer interactions. So we are pleased of how our go-to-market is structured and is functioning right now.

我認為我們的行銷現在也與產品更加緊密地聯繫在一起。在迭代主要由客戶互動驅動的時代，這一點很重要。因此，我們對我們的行銷結構和目前的運作方式感到滿意。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

This is Austin Williams on for Michael. I just wanted to double-click on the US federal business. And just any other color that you can add on how that business performed and just how you're navigating the uncertainty there.

這是奧斯汀威廉斯 (Austin Williams) 為邁克爾 (Michael) 表演的。我只是想雙擊美國聯邦業務。您還可以添加任何其他顏色來表示該業務的表現以及您如何應對其中的不確定性。

We don't break out our segments, as you know. But I would say our public sector had just a really good quarter in terms of the momentum of selling with Agentic. We are encouraged by the progress in the public sector. The budget finalization, we see signs of stabilization there. The teams are really executing well so we feel we're well positioned for the second half.

如您所知，我們不會細分我們的部分。但我想說，從 Agentic 的銷售動能來看，我們的公共部門本季表現非常好。公共部門的進步令我們感到鼓舞。預算最終確定後，我們看到了穩定的跡象。球隊的表現確實很好，所以我們覺得我們已經為下半場做好了準備。

We just had a recent win with the Veterans Affairs and the Coast Guard. So we're really happy with both the wins in the quarter and the feedback we're getting from customers, including large customers like the Navy and the IRS as well.

我們最近剛與退伍軍人事務部和海岸警衛隊取得了勝利。因此，我們對本季的勝利以及從客戶那裡得到的回饋感到非常高興，其中包括海軍和國稅局等大客戶。

Got it, helpful. And then just one follow-up on the big sequential step-up in subscription revenue this quarter. Was there anything specific to call out like related to that line? Is there anything onetime in nature that impacted that?

明白了，有幫助。然後我們再來看看本季訂閱營收的大幅連續成長。有沒有什麼與那條線相關的具體內容需要強調？自然界中是否存在什麼事物對此產生了影響？

Yeah. Going back to last quarter, we had kind of a leap-year impact that was there that just kind of caught up in that, and so that was the kind of the movement that you saw. And now this quarter, it's back to stable.

是的。回顧上個季度，我們受到了閏年的影響，這種影響只是被趕上了，這就是您所看到的變化。而本季度，情況已恢復穩定。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

First, a quick number question for Ashim and then one for Daniel. The -- on the number side, if I look at your ARR guidance for the full year and FX and total revenue, given FX -- so thank you for that, that's really helpful. You raised by a touch more than you beat. Can you speak to what's driving the confidence?

首先，問 Ashim 一個快速的數字問題，然後問 Daniel 一個問題。從數位方面來看，如果我查看您對全年的 ARR 指導以及外匯和總收入（考慮到外匯），那麼謝謝您，這真的很有幫助。您的加註金額比您擊敗的金額略多。您能說說是什麼推動了這種信心嗎？

Yeah. I think we're continuing to maintain a consistent philosophy. So when you look at the field sentiment, we look at what's in front of us in terms of the pipeline and just the momentum we are seeing with both the improvements that Daniel talked about on the go-to-market side as well as Agentic, Raimo, and that we wanted to reflect and really put that into the numbers for everybody to see.

是的。我認為我們將繼續保持一致的理念。因此，當您觀察現場情緒時，我們會觀察眼前的通路情況，以及我們所看到的勢頭，包括 Daniel 談到的市場進入方面以及 Agentic、Raimo 方面的改進，我們希望反映這些改進，並將其真正轉化為數字，讓每個人都能看到。

Yeah. Okay, perfect. That's really encouraging. And then, Daniel, one for you is like if you think about talking with customers at the moment, is there still kind of the market is still twofold -- like in two camps that you have some projects where people really understand RPA and process automation, et cetera, want to do that? Or is it all now like modeled together with agents, AI, et cetera?

是的。好的，完美。這真是令人鼓舞。然後，丹尼爾，你要問的問題是，如果你想與現在的客戶交談，市場是否仍然有兩種類型 - 例如在兩個陣營中，有一些項目，人們真正了解 RPA 和流程自動化等等，想要這樣做嗎？或者現在一切都像與代理商、人工智慧等一起建模一樣？

So in other words, is there like a core part of the business that can still continue to be sized? And then others is just kind of newer and hence, you have like you need to think about that? Or how is the market kind of behaving at the moment when you talk with customers?

換句話說，業務的核心部分是否仍能持續保持規模？而其他的只是比較新的，因此，您需要考慮這一點嗎？或者當您與客戶交談時，目前的市場表現如何？

Raimo, I think you can see the entire spectrum among our customers. There are -- in all fairness, there are customers that believe that AI agents will do everything. So they think very far-fetched in terms of swarm of agents that talk together. In the same time, I think I would say that majority of our customers are starting to realize that their automation programs are actually quite important to power their agentic initiatives.

雷莫，我想您可以看到我們的客戶的整個範圍。平心而論，有些客戶相信人工智慧代理可以做所有事情。因此，他們對於群體代理人相互交流的想法非常牽強。同時，我想說我們的大多數客戶都開始意識到他們的自動化程序對於推動他們的代理計劃實際上非常重要。

I think it's becoming more clear in the market that the combination of Orchestration, Automation, and Agentic is really essential into delivering basically AI into predictable manner into enterprises. And as I said before, I think all the agentic exercises that we are seeing happening with our customers uncover more and more automation opportunities. They come -- typically, I can say they can come up with like 100 ideas that they call it agentic. And then when we look deeply, we discussed that 50 of them are better suited for automation.

我認為市場上越來越清楚的是，編排、自動化和代理商的結合對於以可預測的方式向企業提供基本人工智慧至關重要。正如我之前所說，我認為我們看到的客戶進行的所有代理練習都揭示了越來越多的自動化機會。他們來了——通常，我可以說他們可以想出大約 100 個他們稱之為代理的想法。然後，當我們深入研究時，我們發現其中 50 種更適合自動化。

Matthew Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修‧赫德伯格 (Matthew Hedberg)。

This is Mike Richards on for Matt. I was kind of just wondering, now that we're more than a quarter in here, what the reception has been to the pricing of the Agentic portfolio? What have customers been saying? What are some of the learnings that you guys have had? Have you evolved that pricing as more customers have adopted the solution?

我是麥克理查茲，代替馬特發言。我只是有點好奇，現在我們已經過了四分之一以上的時間，人們對 Agentic 產品組合的定價有何反應？顧客們都說了什麼？你們學到了什麼？隨著越來越多的客戶採用該解決方案，您是否調整了定價？

Yes. I think we are monetizing Agentic through a consumption-based model, which basically align very well with customer interest. I think one of the issues that is not UiPath-specific is the predictability of the pricing. I think everyone is trying to understand better how can you make a business case.

是的。我認為我們正在透過基於消費的模式將 Agentic 貨幣化，這基本上與客戶的興趣非常吻合。我認為與 UiPath 無關的問題之一是定價的可預測性。我認為每個人都在試圖更好地理解如何提出商業案例。

We are working with quite a few of our customers to understand better this aspect of the business. But overall, I think the reaction to our Agentic pricing is positive and well understood.

我們正在與不少客戶合作，以更好地了解業務的這一方面。但總體而言，我認為對我們的 Agentic 定價的反應是積極的並且很好理解。

Got it. And then just thinking through the go-to-market motion, you talked about bringing on specialized sellers. Is that specific for the Agentic solutions? Any incentives for the go-to-market motion to go after the Agentic opportunity? Or are you guys still sort of evolving that motion?

知道了。然後，透過考慮進入市場的動議，您談到了引入專業賣家。這是 Agentic 解決方案所特有的嗎？是否有任何激勵措施來推動進入市場並爭取 Agentic 機會？還是你們仍在發展這種動作？

I would not say that we bring specialty sellers for our Agentic motion. We -- Agentic -- our idea about agentic go-to-market is twofold. One is the horizontal Agentic as part of our automation platform, basically completing our automation platform. So everyone in our go-to-market is equipped to deliver on this horizontal Agentic Orchestration and Agent Builder and the combination between Orchestration, Agentic, and humans-in-the-loop.

我不會說我們為我們的代理商活動引入了專業賣家。我們——Agentic——我們對 Agentic 進入市場的想法有兩個面向。一個是水平的Agentic作為我們自動化平台的一部分，基本上完成了我們的自動化平台。因此，我們進入市場的每個人都有能力實現這種橫向的 Agentic Orchestration 和 Agent Builder，以及 Orchestration、Agentic 和人類在環之間的結合。

At the same time, we have initiatives around vertical agents. Like we mentioned in the past, Peak is a great example where we have specialty sellers that deliver -- that are tasked with a dedicated task to basically inform customers about what that type of vertical solutions. And this motion is going to continue.

同時，我們也圍繞著垂直代理商採取了一些措施。正如我們過去提到的，Peak 就是一個很好的例子，我們有專門的銷售人員來交付產品——他們的專門任務基本上是告知客戶這種類型的垂直解決方案是什麼。這項議案還將繼續下去。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Ashim, I wanted to start with you. When I look at the guidance and I take a peek out to what that implies for Q4. If I sort of take the high end, it kind of implies a return to positive net new ARR growth, which I think for a lot of investors is kind of what we've been waiting for in terms of at least in terms of inflection from UiPath.

阿什姆，我想從你開始。當我查看指南時，我會了解這對第四季度意味著什麼。如果我採取高端的話，它有點暗示著回歸正的淨新 ARR 增長，我認為對於許多投資者來說，這正是我們一直在等待的，至少從 UiPath 的拐點來看。

I know you don't want to look out beyond the next quarter. But if you can maybe talk to the stability of the go-to-market organization and maybe the leadership that you've put in place. Are you confident enough that you've seen enough execution on the ground for multiple quarters in a row where that starts to become more likely in terms of seeing net start to inflect some flip from negative to positive?

我知道你不想關注下個季度之後的情況。但您是否可以談談行銷組織的穩定性以及您所設立的領導力。您是否有足夠的信心，已經連續多個季度看到了足夠的實際執行情況，並且從淨值開始從負面轉為正面的可能性開始增加？

Yeah. I think -- let me answer it just also by looking in the context of third quarter. One is, I do want to acknowledge, like foreign exchange had some of that lift in there, which we acknowledged in our guidance, Sanjit, so I want to be -- make sure that we are transparent on that. But even when you look at third quarter versus second quarter, we're narrowing the year-over-year gap both operationally and then, obviously, some of the macroeconomic factors like foreign exchange helps that for us. So that's kind of one piece.

是的。我認為——讓我從第三季的背景來回答這個問題。首先，我確實想承認，外匯確實有一定的提升，我們在指導中承認了這一點，桑吉特，所以我想確保我們對此保持透明。但即使將第三季與第二季進行比較，我們也在縮小同比差距，無論是在營運方面，而且顯然，外匯等一些宏觀經濟因素對我們有所幫助。所以這算是其中的一部分。

So you see the progression through the year, which frankly is kind of what we talked about at the beginning of the year, right, in terms of the federal government stabilizing, being really disrupted in the first half, stabilizing here in 3Q and 4Q as well as just the changes in momentum that we've seen in the go-to-market organization. Specifically, am I seeing those signals within the go-to-market organization? The answer is yes.

所以你可以看到全年的進展，坦白說，這就是我們在年初談論的內容，就聯邦政府的穩定而言，上半年確實受到了乾擾，但在第三季度和第四季度趨於穩定，以及我們在上市組織中看到的勢頭變化。具體來說，我是否在行銷組織中看到了這些訊號？答案是肯定的。

I think the commercial activity that we're seeing in pilots and POCs, it does two things. It reinforces -- it gives us opportunities to upsell, whether that's now or in the future, but it reinforces the importance of our platform and the architecture and the transformation journeys of a lot of our customers. And as Daniel said, we're really pleased with the execution that we're seeing in the ground. Field, our field is empowered. They are customer-centric.

我認為我們在試點和 POC 中看到的商業活動有兩個作用。它強化了——它為我們提供了追加銷售的機會，無論是現在還是將來，但它強化了我們的平台、架構和許多客戶的轉型歷程的重要性。正如丹尼爾所說，我們對現場看到的執行感到非常滿意。領域，我們的領域被賦予了力量。他們以客戶為中心。

We've reduced that bureaucracy. And we've really also closed the feedback loop between the field, product and management where we're able to react and really integrate with customers better. So all of that, combined with a consistent strategy of evaluating our pipeline, our data, et cetera, I feel very comfortable in terms of the guidance that we provided.

我們已經減少了官僚主義。我們也確實關閉了現場、產品和管理之間的回饋迴路，以便我們能夠做出反應並更好地與客戶整合。因此，所有這些，再加上評估我們的管道、數據等的一致策略，我對我們提供的指導感到非常滿意。

That's great color, Ashim. Daniel, for you, I had the opportunity to talk to some of the third-party industry analysts who we all sort of know, and they tell me two things. The first thing is that the real estate that UiPath is trying to occupy is where there's most value to be had and where there's value to be created. And the second thing they tell me that there's a lot of players trying to occupy some of that positioning where it comes not just being Agent Builder, but also being sort of the management layer, the Orchestration layer.

顏色真棒，阿什姆。丹尼爾，對你來說，我有機會與一些我們都認識的第三方產業分析師交談，他們告訴我兩件事。首先，UiPath 試圖佔據的領域是最有價值的地方，也是可以創造價值的地方。他們告訴我的第二件事是，有很多參與者試圖佔據某些位置，這些位置不僅是 Agent Builder，而且是管理階層、業務流程層。

And then the third thing they tell me is that this is really difficult to pull off. And so when I think about some of these 450 customers that are taking the leap with you guys on the Agentic, are there like initial processes that you are targeting, whether it's quote to cash or something around inventory or supply chain in terms of just trying to build that flywheel, build that trust, get those early successes? Do you have the sales and go-to-market organization sort of prioritizing specific processes that cut through various systems of records?

他們告訴我的第三件事是，這真的很難實現。因此，當我想到這 450 位客戶中的一部分與你們一起在 Agentic 上邁出這一步時，你們是否有針對性的初始流程，無論是報價到現金，還是圍繞庫存或供應鏈的某些流程，只是為了嘗試構建飛輪，建立信任，獲得早期的成功？您的銷售和行銷組織是否能夠優先考慮貫穿各種記錄系統的特定流程？

Yeah, that's a great question. I think that we are both strategic and opportunistic in our approach. Indeed, we prioritize a few processes in health care, revenue cycle management, in particular, financial services, I would say, procure to pay, order to cash are areas of much interest to us. In claims management as well, we are seeing quite good movement. But we are interested at this point to learn a lot about the blueprints of large-scale agentic deployment.

是的，這是一個很好的問題。我認為我們的做法既有戰略性，又有機遇性。事實上，我們優先考慮醫療保健、收入週期管理，特別是金融服務中的幾個流程，我想說，採購到付款、訂單到現金是我們非常感興趣的領域。在索賠管理方面，我們也看到了相當好的進展。但我們此時感興趣的是了解大規模代理部署的藍圖。

I agree with you that the market is very complex at this point. And it's a great value to be extracted from this market. I think that we have some unique advantage because we are incumbent in this type of markets for a long time. As a reminder, we are in the business of automating manual processes since our inception. And most of the agentic initiatives are actually completing what we have started.

我同意你的觀點，目前的市場非常複雜。從這個市場中可以獲得巨大的價值。我認為我們擁有一些獨特的優勢，因為我們長期以來在這種類型的市場中佔據主導地位。提醒一下，自成立以來，我們就致力於手動流程的自動化業務。大多數代理舉措實際上都在完成我們已經開始的工作。

You just go beyond what RPA and automation was capable and just automate the steps of the process that couldn't automate before. But as an incumbent, having already robots that work as an action, it's a natural extension for us to add orchestration to provide better end-to-end process automation and agents that interact with our robots in order to get access to enterprise systems.

您只需超越 RPA 和自動化的能力，並自動執行以前無法自動化的流程步驟。但作為現有企業，我們已經擁有了可以採取行動的機器人，因此我們自然會添加編排功能，以提供更好的端到端流程自動化和與我們的機器人交互的代理，以便訪問企業系統。

I think it's a really palpable advantage that we are seeing. So this is why with the product only a few months into production, we are seeing a lot of interest from our customers.

我認為這是我們所看到的一個非常明顯的優勢。這就是為什麼該產品投入生產僅幾個月後，我們就看到了客戶的極大興趣。

(Operator Instructions)

（操作員指示）

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I wanted to ask about the partnership that you announced here with Deloitte. Is this indicative of just a greater focus on the SI channel as you embark on this agentic journey with company? Or is this more kind of indicative of a three-way partnership with SAP and Deloitte? So just curious, really two parts to that question.

我想詢問一下您在這裡宣布的與德勤的合作關係。這是否表明，當您與公司一起踏上代理之旅時，您會更加關注 SI 管道？或者這更顯示了與 SAP 和 Deloitte 的三方合作關係？只是好奇，這個問題其實分成兩個部分。

One, what's the state of the SI channel? Is this indicative of a greater focus there as you get into agentic? And then the second part would be, what does this mean for your partnership with SAP?

一、SI通道現況如何？這是否表明當您進入代理領域時，您會更加關注這一點？第二部分是，這對您與 SAP 的合作意味著什麼？

I'd say this is indicative of both. Our three-part partnership between us, SAP, and Deloitte is bearing fruit and progressing really well. And at the same time, we are traditionally focused on extending our relationship with GSI.

我想說這兩者都有。我們、SAP 和德勤之間的三方合作正在取得成果並且進展順利。同時，我們傳統上致力於擴大與 GSI 的關係。

I think the major GSIs that we are talking to are basically in the process of understanding the market, making the bets on their platforms of choice for orchestration and agentic. And I'm happy to tell you that we are in many of these discussions, and we are seen as one of the major platforms they want to bet on.

我認為，我們正在與之交談的主要 GSI 基本上正處於了解市場的過程中，並對其選擇的平台進行押注以進行編排和代理。我很高興地告訴你們，我們參與了許多這樣的討論，我們被視為他們想要押注的主要平台之一。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

This is Ian Black on for Scott Berg. Great quarter. Does the new Agentic portfolio enable you to implement RPA in additional workflows? Or is the focus on adding agentic capabilities to existing workflows right now?

我是伊恩布萊克 (Ian Black)，為斯科特伯格 (Scott Berg) 主持節目。很棒的一個季度。新的 Agentic 產品組合是否允許您在其他工作流程中實施 RPA？或者現在的重點是為現有工作流程添加代理功能？

We can extend our RPA and broader automation capabilities with Agentic. And as I said before, it's a renewed interest on our customers to do the exercise on identifying what processes are better suited for the overall initiative of bringing agentic and automation together. And we are seeing these initiatives surfacing more opportunities that we were seeing in the past years.

我們可以利用 Agentic 擴展我們的 RPA 和更廣泛的自動化功能。正如我之前所說，我們的客戶重新燃起了興趣，以確定哪些流程更適合將代理商和自動化結合在一起的整體計劃。我們看到這些舉措帶來了比過去幾年更多的機會。

Keith Bachman, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Keith Bachman。

Ashim, I'll direct this to you. It looks like if I look at your ARR and the DBNR, it looks like you're still roughly 70% of your year-over-year growth is driven by existing customers and, call it, 30% for round numbers, from new logos. But your existing customers' growth is still down year over year pretty meaningfully. What causes that to flatten out as we look out over the next couple of quarters that your growth rate with existing customers improves?

阿什姆，我會把這個轉達給你。如果我看一下您的 ARR 和 DBNR，看起來您仍然有大約 70% 的同比增長是由現有客戶推動的，而 30% 左右是來自新標誌。但您現有客戶的成長速度仍大幅下降。當我們展望未來幾季時，您現有客戶的成長率是否會提高，是什麼原因導致這一趨勢趨於平穩？

And the related -- my second question, a related question. You've clearly said on the call tonight that the agentic capabilities won't contribute to ARR this year but can it contribute next year in FY27?

與此相關的是──我的第二個問題，一個相關的問題。您今晚在電話會議上明確表示，代理能力今年不會為 ARR 做出貢獻，但它明年（即 27 財年）能做出貢獻嗎？

Yeah. So let me take them one by one. I'll actually just do the second one first. I want to be clear, like we said meaningfully contribute this year. We do see ARR agentic monetization happening and we are really pleased by that. And like I said when I answered a previous question, I think it also solidifies our position even in the renewal process in terms of the value of our form.

是的。因此，讓我逐一介紹。我實際上先做第二個。我想明確一點，就像我們說的，今年要做出有意義的貢獻。我們確實看到 ARR 代理貨幣化正在發生，我們對此感到非常高興。正如我回答之前的問題時所說的那樣，我認為從我們形式的價值來看，它甚至在更新過程中也鞏固了我們的地位。

The second piece is, obviously, we believe with the momentum we have here. We see agentic to continue to contribute more and more, but I won't give specific guidance in terms of when and where and next year at this time. The question you asked about customer growth, for me, I'm assuming you're talking about the customer count. Remember that --

第二點顯然是，我們相信我們現在擁有的動力。我們看到 agentic 將繼續做出越來越多的貢獻，但我目前不會就何時、何地以及明年給予具體的指導。對於您詢問的客戶成長問題，對我來說，我假設您談論的是客戶數量。記住--

No. Sorry, the ARR from existing customers versus new logos, so really focusing on ARR from existing customers has been down pretty meaningfully over the last three, four quarters. And I'm just wondering what caused that or when does that turn around.

不。抱歉，現有客戶的 ARR 與新標誌的 ARR 相比，因此真正關注現有客戶的 ARR 在過去三、四個季度中已經大幅下降。我只是想知道是什麼原因導致了這種情況或什麼時候情況會好轉。

Yeah. I think we talked about this in terms of both the combination of the macroeconomic environment and government for the first half. And as you look at kind of our third and fourth quarter here, you can see that starting to come back from our vantage point, which is embedded within our guidance. And that's what we commented back all the way in March and it's played out very similarly.

是的。我認為我們從上半年宏觀經濟環境和政府兩個角度討論了這個問題。當您回顧我們的第三季和第四季時，您會發現，從我們的有利位置來看，情況開始回升，這已包含在我們的指導中。這正是我們在三月所評論的，而且結果非常相似。

Our existing customer base, again, if you look at the core metrics of customers greater than $100,000 and customers greater than $1 million, you actually see continued momentum in those cohorts of customers. And for us, that is very encouraging just as we navigate the macro environment and the stabilization of the US public sector.

再說一次，我們現有的客戶群，如果你看一下超過 10 萬美元的客戶和超過 100 萬美元的客戶的核心指標，你實際上會看到這些客戶群的持續成長勢頭。對我們來說，在我們應對宏觀環境和美國公共部門穩定之際，這是非常令人鼓舞的。

Terry Tillman, Truist Securities.

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

This is Dominique Manansala on for Terry. So a variable macro environment just mentioned again this quarter. Just curious as to what patterns across geographies or verticals really persisted here in the second quarter. And are there any particular industries or regions where you're seeing more tailwind or areas of relative strength that you could be into? And maybe if you could just double-click on how your assumptions about the macro are really informing your prudent outlook for the rest of the year.

這是多明尼克·馬南薩拉 (Dominique Manansala) 代替特里 (Terry)。本季再次提到了多變的宏觀環境。我只是好奇第二季度跨地域或垂直領域的模式究竟持續存在什麼。您是否認為在哪些特定行業或地區更有順風優勢或具有相對優勢，您可以涉足其中？也許您可以雙擊看看您對宏觀的假設如何真正影響您對今年剩餘時間的審慎展望。

Yeah. So when you look at pockets of strength, actually, the financial sector for us in the US in health care, we really see that as pockets of strength right now in terms of customer demand and buying. The public sector, we're starting to see that momentum, as I talked about, both in the script and as in the commentary here. And the energy we're seeing from the public sector has been really encouraging.

是的。因此，當你看到優勢領域時，實際上，對於美國醫療保健領域的金融業來說，我們確實認為，就客戶需求和購買而言，這是目前的優勢領域。正如我所說的，公共部門開始看到這種勢頭，無論是在腳本中還是在評論中。我們看到公共部門所展現的活力確實令人鼓舞。

That's been consistent across geos. And within Europe, I think some of our manufacturing customers also exhibit strength. When we talk about variable, it really is variable. I think it looks month-to-month, you kind of hear different things as companies are responding to different areas, whether that be tariffs or interest rates or geopolitical items. So variable really just -- it moves across the quarter and the year in a variable way. And I think that is felt not just by us but just if you open the news, you kind of see that in total.

這在各個地區都是一致的。在歐洲，我認為我們的一些製造業客戶也表現出實力。當我們談論變數時，它確實是變數。我認為從每個月的情況來看，你會聽到不同的消息，因為公司對不同領域的反應不同，無論是關稅、利率或地緣政治問題。因此變數實際上只是——它以可變的方式跨季度和跨年移動。我認為，不僅我們有這種感覺，只要你打開新聞，你就會發現整體情況如此。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

This is Devin on for Jason Celino today. Just one quick clarification question on the guidance, Ashim. Encouraging to hear that US fed business has normalized. But does the ARR guidance raise still bake in prudence in that business or are you expecting incremental contributions from that segment in the second half, just given the more stabilized operating environment?

今天是 Devin 代替 Jason Celino 上場。關於指導，我只想快速澄清一個問題，Ashim。聽到美國聯邦業務已恢復正常令人鼓舞。但是，ARR 指導值的提高是否仍然體現了對該業務的審慎態度，還是僅僅考慮到更穩定的營運環境，您預計下半年該部門的貢獻會增加？

Sorry, can you repeat which segment when you said incremental?

抱歉，您能重複您說的增量是哪個部分嗎？

Yeah. Yeah, the US public sector, are you expecting, I guess, incremental contributions from that in the second half just because of the more stabilized environment?

是的。是的，我想，您是否預期美國公共部門在下半年會因為環境更穩定而帶來增量貢獻？

Yes. So we see that normalizing, as Daniel mentioned, in terms of a more predictable buying behavior. I want to emphasize, I guide to what's in front of us. So as we comment, we do continue to bake in prudence. But at the same time, we're -- what's in front of us is a good amount of energy, and we obviously evaluate that with the tangible pipeline we're seeing from the US -- the federal government at this time.

是的。因此，正如丹尼爾所提到的，從更可預測的購買行為來看，我們看到了正常化。我想強調的是，我引導我們專注在眼前的事物。因此，正如我們評論的那樣，我們確實繼續謹慎地烘烤。但同時，我們面前有大量的能源，我們顯然會根據目前美國聯邦政府提供的有形管道來評估這一點。

So the answer is yes to both sides. We are baking in prudence, but at the same time, we do see more contribution from the US public sector.

所以對雙方來說答案都是肯定的。我們正在謹慎行事，但同時，我們確實看到美國公共部門做出了更多貢獻。

Thank you. And there are no further questions at this time. I'll hand it back to management for closing remarks.

謝謝。目前沒有其他問題。我將把它交還給管理層，以便他們做最後的總結。

Thank you, everybody, for the questions. And as usual, we are looking forward to meeting as many of you during the quarter. Thank you so much.

謝謝大家的提問。像往常一樣，我們期待在本季與盡可能多的你們見面。太感謝了。

This concludes today's call. All parties may disconnect. Have a good day.

今天的電話會議到此結束。各方均可斷開連線。祝你有美好的一天。