UiPath Inc (PATH) 2026 Q3 法說會逐字稿

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

各位好，歡迎參加 UiPath 2026 年第三季財報電話會議。（操作員指示）請注意，本次通話正在錄音。

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

現在我將把會議交給主持人，投資者關係副總裁艾莉絲·弗拉尼。謝謝。你可以開始了。

Good afternoon and thank you for joining us today to review UiPath's third 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. Our earnings press release and financial supplemental materials are posted on the UI Pass Investor Relations website. These materials include GAAP to non-GAAP reconciliations.

下午好，感謝各位今天與我們一起回顧 UiPath 2026 財年第三季度的財務業績，該業績已在今天股市收盤後發布的盈利新聞稿中公佈。與我一同參加電話會議的有創始人兼首席執行官丹尼爾·迪內斯，以及首席營運官兼財務官阿希姆·古普塔，我們將發表事先準備好的評論並回答問題。我們的獲利新聞稿和財務補充資料已發佈在 UI Pass 投資者關係網站上。這些資料包括 GAAP 與非 GAAP 的調整表。

We will be discussing non-GAAP metrics on today's call. This afternoon's call includes forward-looking statements regarding our financial guidance for the fourth quarter 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.

我們將在今天的電話會議上討論非GAAP指標。今天下午的電話會議包含有關我們對 2026 財年第四季度財務指引的前瞻性聲明，以及我們推動和加速未來成長和營運效率、擴大平台產品供應和市場機會的能力。由於諸多因素，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，投資人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業績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 日止年度的 10-K 表格年度報告，以及我們隨後向美國證券交易委員會提交的報告。本次電話會議中所做的前瞻性陳述反映了我們截至目前為止的觀點。我們不承擔更新這些資訊的義務。

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，本次網路直播附有投影片。本次電話會議結束後，我們將立即把投影片和我們準備好的評論稿發佈到我們的投資人關係網站上。此外，請注意，除非另有說明，所有比較均為同比比較。

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. We are pleased with our performance in the quarter, which was driven by team's focus, consistent execution and progress across our strategic priorities. Our automation strategy combining the reliability of deterministic automation with the intelligence and adaptability of agentic AI continues to align with what customers want most: trusted enterprise-grade automation that delivers tangible ROI fast.

謝謝你，艾莉絲。大家下午好。謝謝您的參與。我們對本季的業績感到滿意，這得益於團隊的專注、持續的執行以及在各項策略重點方面所取得的進展。我們的自動化策略將確定性自動化的可靠性與智慧人工智慧的智慧性和適應性相結合，繼續與客戶最想要的東西保持一致：值得信賴的企業級自動化，能夠快速帶來實際的投資回報。

We've always believed that our approach to automation, agents and orchestration creates a durable competitive edge. This quarter's results reinforce the value of our platform and the improved execution from our teams. We beat the high end of our guidance across all metrics levering third quarter ARR of $1.78 billion, up 11%. Further reinforcing my conviction that our business is stabilizing and being driven by $59 million in net new ARR. Revenue was $411 million, an increase of 16%.

我們始終相信，我們在自動化、代理和編排方面的方法能夠創造持久的競爭優勢。本季的業績鞏固了我們平台的價值以及我們團隊執行力的提升。我們各項指標均超出預期上限，第三季年度經常性收入 (ARR) 達到 17.8 億美元，成長 11%。這進一步鞏固了我的信念，即我們的業務正在趨於穩定，並由 5900 萬美元的新增淨 ARR 推動。營收為 4.11 億美元，成長 16%。

Our disciplined approach to operational efficiency continues to strengthen profitability, resulting in our first GAAP profitable third quarter while increasing non-GAAP operating income to $88 million or a 21% margin, and we are on track to be GAAP profitable for the full year 2026 for the first time.

我們嚴謹的營運效率提升方法持續增強獲利能力，使我們在第三季實現了GAAP獲利，同時將非GAAP營業收入提高到8,800萬美元，利潤率達到21%，我們預計在2026年全年首次實現GAAP獲利。

The momentum we are seeing in the market isn't just in our results. It's in how customers and partners are engaging with UiPath. You could see that momentum in action at Fusion where thousands of customers, partners and developers joined us in Las Vegas to see how agentic AI is delivering measurable ROI today. We showcased advancements across the UiPath platform, including new integrations with partners like OpenAI, Microsoft, NVIDIA, Google and Snowflake.

我們在市場上看到的勢頭不僅僅體現在我們的業績上。關鍵在於客戶和合作夥伴如何與 UiPath 互動。在 Fusion 大會上，您可以親眼見證這一發展勢頭。成千上萬的客戶、合作夥伴和開發人員齊聚拉斯維加斯，共同見證智慧 AI 如何帶來可衡量的投資報酬率。我們展示了 UiPath 平台的各項改進，包括與 OpenAI、微軟、NVIDIA、Google和 Snowflake 等合作夥伴的新整合。

And real customer storage where we had leading enterprises across key verticals, sharing how they are transforming mission-critical processes with agentic automation. Customers tell us they get the most impact from a unified platform, bringing together deterministic automation, agentic intelligence and process orchestration.

以及真實的客戶存儲，其中我們與各主要垂直領域的領先企業分享了他們如何利用智能體自動化來改變關鍵任務流程。客戶告訴我們，他們從統一的平台中獲得了最大的影響，該平台將確定性自動化、智慧代理和流程編排結合在一起。

And we are seeing that play out that enterprises move quickly from pilots to production. Over 950 companies are developing agents, and there have been more than 365,000 processes orchestrated with Maestro across our platform. A powerful example is one of the world's largest investment management firms which shows UiPath for Maestro's vendor-agnostic architecture and ability to connect systems.

我們看到，企業正迅速從試點階段過渡到生產階段。超過 950 家公司正在開發代理商，並且透過 Maestro 在我們的平台上協調了超過 365,000 個流程。一個強有力的例子是全球最大的投資管理公司之一，它展示了 UiPath for Maestro 與供應商無關的架構和連接系統的能力。

They've already demonstrated measurable impact through multiple agentic POCs integrating with ServiceNow, Confluence and specialized teams to orchestrate end-to-end workflows and delivering a 95% reduction in time to value and tens of millions in projected savings. With more than 260 automations, they expanded this quarter to increase their adoption of agentic automation. And together with ash link, has identified over 40 high-value use cases expect it to generate more than $200 million in savings over the next three years.

他們已經透過多個代理 POC 與 ServiceNow、Confluence 和專業團隊集成，實現了可衡量的影響，從而協調端到端的工作流程，並將價值實現時間縮短了 95%，預計節省了數千萬美元。本季度，他們透過增加自動化功能（超過 260 個）來提高代理自動化的採用率。並且與 Ash Link 合作，已經確定了 40 多個高價值用例，預計在未來三年內將節省超過 2 億美元。

These stories demonstrate how our innovation is meeting customers where they are and helping them scale. And it's that customer energy that inspire many of the new capabilities we announced at FUSION. One of the most exciting is UiPath screen play, where we are combining traditional RPA with the power of LLM build more reliable automation. Screen play, unstrand intent, build multistep plans and execute them autonomously, giving developers and business users a faster way to automate complex UI tasks.

這些案例表明，我們的創新如何滿足客戶的需求並幫助他們擴大規模。正是這種客戶熱情激發了我們在 FUSION 大會上宣布的許多新功能。其中最令人興奮的是 UiPath 螢幕播放，我們將傳統的 RPA 與 LLM 的強大功能結合，建立更可靠的自動化。螢幕劇本、解構意圖、建立多步驟計畫並自主執行，為開發人員和業務用戶提供了一種更快的自動化複雜 UI 任務的方法。

Our screenplay technology is one of the best position in the computer use benchmark or OS. We are also helping customers move from pilot to production faster through continued enhancement to agent builders, including a new visual canvas for debugging and optimization and reusable templates that make automation easier to scale that focus on usability is driving real customer success.

我們的劇本創作技術在電腦使用基準測試或作業系統中處於最佳地位之一。我們還透過不斷改進代理構建器，幫助客戶更快地從試點階段過渡到生產階段，包括新增用於調試和優化的可視化畫布以及可重用的模板，使自動化更容易擴展，這種對可用性的關注正在推動客戶取得真正的成功。

A great example is USI Insurance Services which selected UiPath because of our multi-agent orchestration capabilities. Working with, are automating a complex workflow where UiPath agents and robots process incoming requests and generate output, all orchestrated by Maestro. USI expects over $32 million in savings over the next three years.

USI 保險服務公司就是一個很好的例子，他們選擇 UiPath 是因為我們擁有強大的多代理編排能力。我們正在與 Maestro 合作，實現複雜工作流程的自動化，其中 UiPath 代理和機器人處理傳入的請求並產生輸出，所有這些都由 Maestro 協調。USI預計未來三年將節省超過3200萬美元。

As more customers scale their agentic automation programs, we're expanding that what agents can do, especially in document heavy processes. This quarter, we introduced agentic capabilities to our intelligent extraction and processing, our IXP product which delivers specialized extraction and validation agents that handle complex nondeterministic scenarios and reduce manual review. And with UiPath's autopilot for IXP, customers can automatically generate document template saving hours of setup time per project.

隨著越來越多的客戶擴大其代理自動化程序的規模，我們正在擴展代理可以執行的操作，尤其是在文件繁多的流程中。本季度，我們在智慧提取和處理（即我們的 IXP 產品）中引入了代理功能，該產品提供專門的提取和驗證代理，可以處理複雜的非確定性場景並減少人工審核。透過 UiPath 的 IXP 自動駕駛功能，客戶可以自動產生文件模板，從而節省每個項目的數小時設定時間。

A great example is Core Well Health, which plans to leverage IXP to automate the processing of referral information into Epic, in addition to improving efficiency and currency, they are on track to redirect $1.5 million of labor savings this year and expect over $3 million next year. Something like this show how our innovation is helping customers turn manual document heavy work into intelligent automating processes.

Core Well Health 就是一個很好的例子，該公司計劃利用 IXP 將轉診資訊自動處理到 Epic 系統中。除了提高效率和及時性之外，他們今年預計將節省 150 萬美元的勞動成本，並預計明年將節省超過 300 萬美元。類似這樣的例子表明，我們的創新如何幫助客戶將繁重的人工文件工作轉變為智慧自動化流程。

And these strong results continue to earn us third-party recognition. We were named a leader in the inaugural Gartner Magic Quadrant for intelligent document processing which we believe highlights our capabilities for data and information extraction to help enterprises unlock value from their documents in the age of AI and agentic automation.

這些優異的成績也持續為我們贏得第三方認可。我們在首屆 Gartner 智慧型文件處理魔力像限中被評為領導者，我們相信這突顯了我們在資料和資訊擷取方面的能力，可以幫助企業在人工智慧和智慧體自動化時代從文件中釋放價值。

We are also recently recognized as a leader in the Gartner Maj quadrant for AI augmented software testing tools, which, in our view, validates our vision for a genetic testing and the results our customers achieved with UiPath Test cloud. One example is energy, which adopted at test cloud to address testing challenges across SAP and its digital apps. With a genetic testing and autonomous cells healing, they expect 30% better coverage faster cycles and almost $2.9 million in savings over three years.

我們最近也被 Gartner 評為 AI 增強型軟體測試工具主要像限的領導者，我們認為這驗證了我們對基因測試的願景以及我們的客戶使用 UiPath Test 雲端所取得的成果。例如，SAP 及其數位應用程式在測試雲端中採用了能源技術，以應對測試挑戰。透過基因檢測和自主細胞修復，他們預計三年內可提高 30% 的覆蓋率，加快治療週期，並節省近 290 萬美元。

And lastly, we are proud to be recognized by Everest Group as both a leader and star performer in the 2025 intelligent process automation platform and full suite IPAP peak metrics assessment, this recognition underscores the strength of our end-to-end platform, our innovation in agentic automation and AI integration and the tangible business impact we are delivering for customers. These recognitions highlight the strength of our unified platform, which connects every layer of automation from discovery to orchestration within a single governed system.

最後，我們很榮幸被 Everest Group 評為 2025 年智慧流程自動化平台和全套 IPAP 尖峰指標評估的領導者和明星表現者，這項認可凸顯了我們端到端平台的實力、我們在代理自動化和 AI 整合方面的創新以及我們為客戶帶來的切實業務影響。這些認可凸顯了我們統一平台的強大實力，該平台將從發現到編排的每一層自動化連接在一個統一的系統中。

They also reinforce what we hear directly from customers. The power of our platform comes from how it works together. And at the center of that platform is Maestro, our orchestration engine. Maestro builds beyond managing automation it serves as the control plane for how work is orchestrated across the enterprise, powering through end-to-end automation at scale.

它們也印證了我們直接從客戶那裡聽到的回饋。我們平台的力量源自於各個組件之間的協同運作。而這個平台的核心是 Maestro，我們的編曲引擎。Maestro 的功能不僅限於管理自動化，它還作為企業內部工作協調的控制平台，大規模地實現端到端自動化。

A powerful example is the leading US managed care provider that is leveraging UiPath agents, robots and my stroke to tackle a backlog of more than 140,000 provided appeals. They automated the entire workflow using agents to classify forms, robots to handle processing and Maestro to orchestrate the process.

一個強有力的例子是美國領先的醫療管理提供商，他們利用 UiPath 代理、機器人和我的中風來處理超過 140,000 份已提交的申訴積壓。他們使用代理商對表單進行分類，使用機器人處理流程，並使用 Maestro 來協調整個流程，從而實現了整個工作流程的自動化。

The result is a streamlined operation targeting 80% autonomy in year one. As Maestro becomes more deeply embedded in customer operations, we are continuing to enhance its capabilities with new features like case management and process apps, Case management helps customers model and manage now running processes, while process apps enable customers to build tailored end user experiences with real-time visibility and actionable insights to drive proactive operational improvement.

最終目標是在第一年實現 80% 的自主化，從而簡化營運流程。隨著 Maestro 越來越深入地融入客戶運營，我們不斷透過案例管理和流程應用程式等新功能來增強其功能。案例管理可協助客戶建模和管理當前正在運行的流程，而流程應用程式使客戶能夠建立客製化的最終用戶體驗，並提供即時可見性和可操作的見解，從而推動主動的營運改進。

In order to realize the value of agentic, customers need a strong foundation in deterministic. And this quarter, we announced the general availability of API workflows, which delivers API-centric automations that complement RPA and agents. We believe this strengthens our position as one of the industry's most comprehensive automation platform. We are continuing to expand our cloud footprint in important markets like Switzerland.

為了實現代理的價值，客戶需要有堅實的確定性基礎。本季度，我們宣布 API 工作流程正式上線，它提供以 API 為中心的自動化功能，可與 RPA 和代理程式相輔相成。我們相信這將鞏固我們作為業內最全面的自動化平台之一的地位。我們正在持續擴大在瑞士等重要市場的雲端業務規模。

And at GITEX, we announced the launch of Automation Cloud in the UAE. This expansion gives customers the ability to run automation, AI agents and orchestration in a secure, locally hosted environment that meets regional data residency and governance requirement. The power of our platform really comes to life when it's applied to industry-specific challenges. We are focused on building vertical solutions that help customers accelerate our constant ROI.

在 GITEX 展會上，我們宣佈在阿聯酋推出自動化雲端服務。此次擴展使客戶能夠在安全的本地託管環境中運行自動化、AI 代理和編排，從而滿足區域資料駐留和治理要求。我們的平台真正發揮作用，是在應對特定行業的挑戰時。我們專注於建立垂直解決方案，幫助客戶加速實現持續的投資報酬率。

The capabilities we gained through our peak acquisition earlier this year, are extending these vertical capabilities. By combining their industry-leading pricing and inventory optimization technology with Maestro and our broader platform capabilities with creating an agent merchandising, pricing and inventory solution with Debenhaams Group. We are taking this point genic solution to market with other leading retailers and manufacturers expanding the reach of our platform across key verticals.

我們透過今年稍早的大規模收購所獲得的能力，正在擴展這些垂直領域的能力。透過將他們業界領先的定價和庫存優化技術與 Maestro 以及我們更廣泛的平台功能相結合，與 Debenhaams Group 一起創建代理商商品銷售、定價和庫存解決方案。我們將與領先的零售商和製造商合作，把這種基因檢測解決方案推向市場，從而擴大我們平台在關鍵垂直領域的覆蓋範圍。

These industry solutions are just one way we're helping customers realize fast term value. We're also enabling them through deep collaborations with global technology leaders. At FUSION, this collaboration came to life through new integrations, including with Microsoft Azure AI foundry, enabling UiPath agents to work seamlessly with Azure agents and models.

這些行業解決方案只是我們幫助客戶快速實現短期價值的一種方式。我們也透過與全球技術領導者的深度合作來賦能他們。在 FUSION 大會上，這種合作透過新的整合得以實現，包括與 Microsoft Azure AI Foundry 的集成，使 UiPath 代理程式能夠與 Azure 代理程式和模型無縫協作。

Using model context protocol, UiPath, expands integrations with Microsoft Copilot and empowers organizations with the trust and governance needed to run agents at scale. We announced a collaboration with open AI to deliver a ChatGPT connector bringing open AI's frontier model directly into enterprise workflow simplifying AI agent development and accelerating time to value. We also launched a new conversational agent with Google's Gemini models enabling natural voice-driven automation without complex coding.

UiPath 利用模型上下文協議，擴展了與 Microsoft Copilot 的集成，並為組織提供了大規模運行代理程式所需的信任和治理能力。我們宣布與 open AI 合作，推出 ChatGPT 連接器，將 open AI 的前沿模型直接引入企業工作流程，簡化 AI 代理開發，並加快價值實現速度。我們還推出了一款基於Google Gemini 模型的全新對話代理，無需複雜的編碼即可實現自然語音驅動的自動化。

Additionally, we introduced a new integration with NVIDIA, allowing organizations to enhance high trust workflows like fraud detection and health care with AI models deployed through NVIDIA NIM micro services. And finally, we partner with Snowflake's combined agentic automation with Snowflake Cortex AI, helping businesses to data insights into fast autonomous action.

此外，我們還引入了與 NVIDIA 的新集成，使組織能夠透過 NVIDIA NIM 微服務部署 AI 模型來增強高信任工作流程，例如詐欺檢測和醫療保健。最後，我們與 Snowflake 合作，利用 Snowflake Cortex AI 實現智慧體自動化，幫助企業將資料洞察轉化為快速的自主行動。

While our technology partnerships expand what's possible with our platform, our go-to-market partners make that innovation real for customers. During the quarter, we expanded our collaboration with Deloitte to help organizations accelerate how they build, test and release software. By combining the genetic testing capabilities of UiPath, Tesla would Deloitte Ascend, we are transforming the testing life cycle with Agent I to automate repetitive tasks, we take changes and execute tests autonomously.

我們的技術合作夥伴關係拓展了我們平台的可能性，而我們的市場推廣合作夥伴則讓這種創新真正惠及客戶。本季度，我們擴大了與德勤的合作，以幫助企業加快軟體的建置、測試和發布速度。透過結合 UiPath 的基因檢測能力，特斯拉將與 Deloitte Ascend 合作，我們正在利用 Agent I 改變測試生命週期，實現重複性任務的自動化，我們可以自主地進行更改並執行測試。

And with autopilot for testers and agent builder embedded in Ascend, Deloitte teams can leverage over 1,500 prebuilt testing bots and AI agent. Lastly, we are encouraged by our federal sector performance this quarter, where efficiency mandates are creating a long-term tailwind for automation. Highlights this quarter include expansions with the US Coast Guard to modernize core systems and improve mission readiness for automation and AI.

Ascend 內建了測試人員自動駕駛功能和代理構建器，德勤團隊可以利用 1500 多個預先建置的測試機器人和 AI 代理程式。最後，我們對本季度聯邦部門的表現感到鼓舞，因為提高效率的要求正在為自動化創造長期的順風。本季度的亮點包括與美國海岸防衛隊擴大合作，以實現核心系統的現代化，並提高自動化和人工智慧的任務準備度。

The Department of Veterans Affairs which is automating disability claims and enhancing contact center service for veterans and the social security administration which is migrated to the cloud to expand to our IDP solutions to help accelerate benefits processing. Our unified platform and innovation continue to strengthen these partnerships and underscore the significant opportunity ahead in the public sector, even as the federal purchasing environment remains dynamic with pockets of strength.

退伍軍人事務部正在實現殘疾索賠的自動化，並加強退伍軍人聯絡中心的服務；社會安全管理局也已遷移到雲端，以擴展到我們的 IDP 解決方案，從而幫助加快福利處理速度。我們統一的平台和創新不斷加強這些合作關係，並凸顯了公共部門未來面臨的巨大機遇，即使聯邦採購環境仍充滿活力，並存在一些優勢領域。

Looking ahead, our continued innovation is expanding what's possible for customers and delivering measurable results for the power of deterministic and agentic automation. What continues to set UiPath apart is our unified end-to-end platform architecture, delivering one connected experience from discovery to deployment with Maestro orchestrating work across systems and our built-in governance capabilities, ensuring control, compliance and trust I am pleased with the progress we are making in improving the execution of our teams and the pace of innovation across product organization is delivering for customers. We feel well positioned as we close out the year and continue executing on our vision for the future.

展望未來，我們持續的創新將拓展客戶的可能性，並為確定性自動化和智慧自動化帶來可衡量的成果。UiPath 的獨特之處在於我們統一的端到端平台架構，它提供從發現到部署的一體化體驗，Maestro 可協調跨系統的工作，而我們內建的治理功能則確保了控制、合規性和信任。我對我們在提高團隊執行力方面取得的進展以及產品組織創新步伐為客戶帶來的成果感到滿意。值此年末之際，我們感到情況良好，並將繼續推進我們面向未來的願景。

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

接下來，我將把電話交給阿希姆。

Thank you, Daniel, and good afternoon, everyone. Before turning to the financials, I'd like to provide a quick operational update. This quarter reflects the meaningful progress we've made in sharpening execution across the strategic priorities Daniel outlined earlier this year, including strengthening customer relationships, accelerating innovation and driving operational rigor across the organization.

謝謝你，丹尼爾，大家下午好。在介紹財務數據之前，我想先簡單回報一下營運狀況。本季反映了我們在加強丹尼爾今年稍早概述的各項策略重點的執行方面取得的實質進展，包括加強客戶關係、加速創新以及推動整個組織的營運嚴格性。

Through these areas of strategic focus, we have improved performance of our sales team. Deepened areas of strategic focus, we have improved performance of our sales team, deepen engagement and strengthened alignment with our customers' priorities. We're partnering earlier co-developing solutions and scaling automation faster. Our broad installed base gives us unique visibility into enterprise workflows helping customers connect people, robots and AI agents to deliver measurable outcomes at scale.

透過這些策略重點領域，我們提高了銷售團隊的績效。透過深化策略重點領域，我們提高了銷售團隊的業績，加深了與客戶的互動，並加強了與客戶優先事項的一致性。我們正在更早進行合作，共同開發解決方案，並更快地擴展自動化規模。我們龐大的用戶群使我們能夠獨特地了解企業工作流程，幫助客戶將人、機器人和人工智慧代理商連接起來，從而大規模地交付可衡量的成果。

Our pace of innovation continues to accelerate, supported by deeper ecosystems, integrations and advancements in our genic automation platform. Combined with disciplined execution, these efforts contributed to another solid another quarter of solid top line and bottom line performance, including our first GAAP profitable third quarter and putting us on track for our first GAAP profitable year.

在更深入的生態系統、整合和基因自動化平台進步的支持下，我們的創新步伐不斷加快。加上嚴謹的執行，這些努力促成了又一個季度穩健的營收和利潤表現，包括我們第一個實現GAAP盈利的第三季度，並使我們有望實現第一個GAAP盈利的年度。

And we're seeing customers lean in a great proof point of our end-to-end platform is a leading cybersecurity company that expanded to our agentic products. With support from our four deployed engineers, they are leveraging UiPath agents, robots, IXP and Maestro to create seamless end-to-end workflow. IXP extracts data from purchase orders across 700 vendors, robots retrieve quote details from SAP, and agent supply confidence before passing the data to sales order creation.

我們看到客戶正在積極採用我們的端到端平台，這是一個很好的證明，一家領先的網路安全公司已經擴展到我們的代理產品領域。在四位已部署工程師的支援下，他們利用 UiPath 代理、機器人、IXP 和 Maestro 創建無縫的端到端工作流程。IXP 從 700 家供應商的採購訂單中提取數據，機器人從 SAP 檢索報價詳情，代理商在將數據傳遞給銷售訂單創建之前提供信心資訊。

Maestro orchestrates the process, ensuring speed, accuracy and control, which is expected to help them improve their accuracy rate from 50% to 90%. 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.

Maestro 負責統籌整個流程，確保速度、準確性和控制力，預計這將有助於他們將準確率從 50% 提高到 90%。轉向四分之一。除非另有說明，否則我將以非GAAP準則討論業績，所有成長率均為年增速。我還想指出，由於我們以當地貨幣定價和銷售，因此匯率波動會影響業績。

Rates have remained largely stable since the time of our last earnings call through the end of the quarter. And as a result, there is no incremental FX impact to our third quarter results. Third quarter revenue grew to $411 million, an increase of 16%. The Normalizing for the year-over-year FX tailwind of approximately $5 million, revenue grew 14%. ARR totaled $1.72 billion, an increase of 11%. This included a $6 million year-over-year FX tailwind. Net new ARR was $59 million.

從上次財報電話會議到本季末，利率基本上保持穩定。因此，匯率波動不會對我們的第三季業績產生額外影響。第三季營收成長至 4.11 億美元，增幅達 16%。剔除年比約 500 萬美元的外匯利好因素後，營收成長了 14%。年度經常性收入總計 17.2 億美元，成長 11%。其中包括同比 600 萬美元的外匯利好。新增年度經常性收入淨額為5,900萬美元。

We ended the quarter with approximately 10,860 customers. 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 Newfield Health, Resue Holding and an Australian brick manufacturer, which selected UiPath due to the breadth of our agentic automation platform, and they will be leveraging UiPath robots, agents, IXP Maestro and process mining to auto sales order processing. As with prior quarters, the vast majority of customer attrition continues to be on the lower end.

本季末，我們約有 10,860 名客戶。我們持續成功地簽下新的企業客戶，這些客戶符合我們瞄準有投資意願的長期客戶的策略，其中包括 Newfield Health、Resue Holding 和一家澳洲磚塊製造商等新客戶。這家澳洲磚塊製造商選擇 UiPath 是因為我們代理自動化平台的廣泛性，他們將利用 UiPath 機器人、代理商、IXP Maestro 和流程挖掘來實現銷售訂單的自動化處理。與前幾季一樣，絕大多數客戶流失仍屬於較低水準。

Customers with $100,000 or more in ARR increased to 2,506 and continue to have a strong dollar-based net retention rates. While customers with $1 million or more in ARR increased to $333 million. Dollar-based gross retention remained best-in-class at 98%, and our dollar-based net retention rate was 107%, underscoring the durability of our customer base as they embrace our agentic automation solutions. Adjusting for FX, dollar-based net retention rate was 100%. Remaining performance obligations increased to $1.265 billion, up 12%. Normalizing for the FX tailwind, which was approximately $20 million, RPO grew 10%. Current RPO increased to $840 million, up 17%.

ARR 達到 10 萬美元或以上的客戶增加到 2,506 家，並且繼續保持強勁的美元淨留存率。ARR 達到 100 萬美元或以上的客戶數量增加到 3.33 億美元。以美元計的總留存率保持在 98% 的行業領先水平，而以美元計的淨留存率則達到了 107%，這凸顯了我們客戶群的持久性，因為他們接受了我們的代理自動化解決方案。經匯率調整後，以美元計價的淨留存率為 100%。剩餘履約義務增加至 12.65 億美元，成長 12%。剔除外匯利好因素（約 2,000 萬美元）的影響，RPO 成長了 10%。目前 RPO 增加至 8.4 億美元，成長 17%。

Turning to expenses. We delivered third quarter overall gross margin of 85%, and software gross margin was 91%. Third quarter operating expenses were $261 million. We delivered our first GAAP profitable third quarter, with GAAP operating income of $13 million, up from the prior year GAAP operating loss of $43 million. GAAP operating income included $71 million of stock-based compensation expense.

接下來談談費用。第三季整體毛利率為 85%，軟體毛利率為 91%。第三季營運支出為2.61億美元。我們實現了 GAAP 年度首次獲利的第三季度，GAAP 營業收入為 1,300 萬美元，而上年同期 GAAP 營業虧損為 4,300 萬美元。GAAP營業收入包含7,100萬美元的股權激勵費用。

Third quarter non-GAAP operating income was $88 million, representing a 21% margin, up more than 700 basis points year-over-year and driven by our continued focus on operational efficiency. Third quarter non-GAAP net income was $85 million, which excludes a nonrecurring noncash tax benefit of $184 million from the release of a valuation allowance on certain deferred tax assets. Third quarter non-GAAP adjusted free cash flow was $28 million.

第三季非GAAP營業收入為8,800萬美元，利潤率為21%，年成長超過700個基點，這主要得益於我們對營運效率的持續關注。第三季非GAAP淨收入為8,500萬美元，其中不包括因釋放某些遞延所得稅資產的估值準備而產生的1.84億美元的非經常性非現金稅收收益。第三季非GAAP調整後的自由現金流為2,800萬美元。

We ended the quarter with a healthy balance sheet of $1.5 billion in cash, cash equivalents and marketable securities and no debt. Now turning to guidance. We are pleased with the team's execution in what continues to be a variable macroeconomic environment. We continue to maintain a prudent outlook and guide to what we see in front of us.

本季末，我們擁有健康的資產負債表，現金、現金等價物和有價證券總額達 15 億美元，且無任何債務。現在進入指導環節。在當前宏觀經濟環境持續波動的情況下，我們對團隊的執行力感到滿意。我們將繼續保持謹慎的態度和指導方針，以應對我們眼前的情況。

As Daniel mentioned, we are pleased with the progress of our public sector team. As a reminder, while we are encouraged by early traction with our agentic capabilities, adoption is still in its early phases, and we don't expect a material top line contribution in fiscal 2026.

正如丹尼爾所說，我們對公共部門團隊的進展感到滿意。需要提醒的是，雖然我們對代理能力的早期進展感到鼓舞，但其應用仍處於早期階段，我們預計在 2026 財年不會產生實質的收入貢獻。

Lastly, since the end of the quarter, the Japanese yen has depreciated against the US dollar, creating a headwind to fourth quarter guidance. Turning to the specifics of our guide. Despite the incremental FX headwind from the yen, we are raising guidance for the progress we've made on our operating priorities and the strength we are seeing in the business.

最後，自上一季末以來，日圓對美元貶值，為第四季業績預期帶來了不利影響。接下來我們來看看指南的具體內容。儘管日圓匯率波動帶來了額外的匯率不利因素，但我們提高了對我們在營運重點方面取得的進展以及業務強勁表現的預期。

For the fourth fiscal quarter 2026, we expect revenue in the range of $462 million to $467 million. This range reflects an approximately $3 million headwind driven by FX rate movements since we provided guidance on our second quarter earnings call. ARR in the range of $1.844 billion to $1.849 billion. This range reflects an approximately $3 million headwind driven by FX rate movements since we provided guidance on our second quarter earnings call.

我們預計 2026 財年第四季的營收將在 4.62 億美元至 4.67 億美元之間。這一區間反映了自我們在第二季財報電話會議上給出業績指引以來，受外匯匯率波動影響而導致的約 300 萬美元的不利因素。年度經常性收入 (ARR) 預計在 18.44 億美元至 18.49 億美元之間。這一區間反映了自我們在第二季財報電話會議上給出業績指引以來，受外匯匯率波動影響而導致的約 300 萬美元的不利因素。

Non-GAAP operating income of approximately $140 million. And we expect fourth quarter basic share count to be approximately 536 million shares. And finally, we continue to expect fiscal year 2026 non-GAAP adjusted free cash flow of approximately $370 million and non-GAAP gross margin of approximately 85%. Thank you for joining us today, and we look forward to speaking with many of you during the quarter.

非GAAP營業收入約1.4億美元。我們預計第四季基本股數約為 5.36 億股。最後，我們仍預期 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%。感謝各位今天蒞臨，我們期待在本季與各位交流。

With that, I will now turn the call over to the operator. Operator, please poll for questions.

接下來，我將把電話轉接給接線生。操作員，請進行投票徵求問題。

(Operator Instructions)

（操作說明）

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hey guys, good afternoon. Thank you. Maybe just starting off here on some of the Agentic solution traction. Daniel, I had you mentioned, I think, 950-plus clients. Just first, is that comparable to the, I think, the 450 or so last quarter using Agent Builder? Or is that a broader kind of view across your Agentic solutions?

各位，下午好。謝謝。或許可以先從 Agentic 解決方案的進展開始著手。丹尼爾，我記得你好像有提到過，你有950多個客戶。首先，這和上個季度使用 Agent Builder 的 450 左右的使用者數量相比，是否具有可比性？或者，這是您代理解決方案的更廣泛視角？

Just trying to get a sense of kind of that quantitative traction, if you could share that. And for the cases where you are seeing scaling past the proof of concepts, is it more about the underlying clients and their capabilities or more so about the specific types of use cases that they're pursuing? Thank you.

我只是想了解一下這方面的量化進展情況，如果您能分享一下就太好了。對於那些已經超越概念驗證階段並實現規模化發展的案例，這更多取決於底層客戶及其能力，還是更多取決於他們正在追求的具體用例類型？謝謝。

Thanks, Bryan. Yeah, we are seeing really good momentum across our agentic offering. And this creates a pull-through across the entirety of our platform. we are seeing some kind of consistent buying patterns emerging from POC to pilots and to some use cases into production.

謝謝你，布萊恩。是的，我們的代理產品發展勢頭非常強勁。這在我們整個平台上產生了連鎖反應。我們看到，從概念驗證到試點項目，再到一些實際生產應用案例，都出現了某種一致的購買模式。

I would say that it's more the highest ROI use cases are very customer specific. I don't see necessarily a single one across multiple industries or different departments. But overall, it's pretty encouraging to see the movement from again, from pilots into production for some of them.

我認為，投資報酬率最高的用例往往與客戶的具體情況密切相關。我並不認為在多個行業或不同部門中一定存在單一案例。但總的來說，看到其中一些項目從試播集發展到正式製作，還是相當令人鼓舞的。

Okay. And then my follow-up is on the federal business. So you had positive commentary here, probably a surprise for some given the shutdown. Just curious, was there any shutdown impact just worth calling out here in October and into November?

好的。接下來，我的後續工作是處理聯邦事務。所以這裡出現了一些正面評論，考慮到疫情期間的停擺，這可能會讓一些人感到驚訝。我只是好奇，10月到11月的停工是否造成了值得特別關注的影響？

No, there is no direct impact from the shutdown. You got to remember, Bryan, a lot of our projects are just funded through the bills. So and many of them are considered are in critical operations like in areas like the Department of Defense, et cetera. So we had no major impact from the shutdown.

不，停擺沒有直接影響。布萊恩，你要記住，我們很多計畫都是靠帳單撥款資助的。因此，其中許多都被認為在國防部等領域的關鍵行動中發揮作用。所以，停工對我們並沒有造成重大影響。

All right, very good. Thank you.

好的，非常好。謝謝。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah, thanks for taking the questions in the next quarter. Congrats on the results. I know there's some FX impact, but your Q4 guide implies that net new ARR could start growing again on a constant currency basis. Can you talk about the driver of that return to growth and just how we should think about the sustainability of net new ARR growth moving forward?

是的，謝謝你接受下一季的提問。恭喜取得好成績。我知道匯率波動會造成一定影響，但你們的第四季業績指引表明，以固定匯率計算，新增淨年度經常性收入可能會再次開始成長。您能否談談推動成長復甦的因素，以及我們應該如何看待未來新增年度經常性收入淨成長的可持續性？

Yeah. I think the entire business is positive. We are really pleased with how our team executes. We see consistent execution across the board. I would like to nominate especially our teams in Americas, where we are really seeing signs of great traction, especially in the agentic. And yes, I would say it's overall, it's things are improving and stabilizing.

是的。我認為整個業務狀況都很好。我們對團隊的執行情況非常滿意。我們看到各方面都執行得非常到位。我特別想提名我們在美洲的團隊，我們在那裡確實看到了巨大的發展勢頭，尤其是在代理商領域。是的，總的來說，情況正在好轉並趨於穩定。

Yeah. I would just echo what Daniel said as well. I think there is no magic to it. We talked about the improved execution. The focus the launch of the new products, we think, is going to continue to help us both definitely indirectly in pulling through our platform and increasing stickiness and getting us deeper in customer conversations.

是的。我完全同意丹尼爾的說法。我覺得這其中沒有什麼魔法。我們討論了執行方面的改進。我們認為，新產品的推出將繼續幫助我們雙方間接地推進平台建設，提高用戶黏性，並加深與客戶的溝通。

But then as we go through time more directly. And we look at kind of just as the business stabilizes, there's a lot of good news, both the consistency of the leadership, the talent that has been brought in as well. So those are factors that contributed. There's not one single magic button or one silver bullet that we're counting on for that.

但隨著我們時間的推移，情況就變得更直接了。隨著業務逐漸穩定，我們看到了許多好消息，包括領導層的穩定性以及引進的人才。以上就是促成因素。我們並不指望有什麼神奇的按鈕或靈丹妙藥可以解決這個問題。

Okay. That's helpful. And then I know you're not expecting a material contribution from AI solutions this year. But for customers like that cybersecurity company that you called out in the script that are starting to put these agents and Mitra processes into production. Can you help us understand what type of pricing uplift or monetization that you're seeing once we actually get these go-lives in production?

好的。那很有幫助。而且我知道你今年並不指望人工智慧解決方案能做出實質貢獻。但對於像你在腳本中提到的那家網路安全公司這樣的客戶來說，他們已經開始將這些代理商和 Mitra 流程投入生產。您能否幫助我們了解一下，一旦這些產品真正上線生產環境，您會看到什麼樣的價格提升或獲利模式？

Yeah. It's not about the pricing uplift. I think the first thing to note is we talked about the cybersecurity, Jake, is it's pulling through the entire platform. IP additional robots, process orchestration. So I think that is an important part of this. It's not agentic in isolation. It is agentic paired with the rest of our platform that really is driving value for our customers.

是的。這與價格上漲無關。我認為首先需要指出的是，我們討論的網路安全問題，傑克，正在影響整個平台。IP附加機器人，流程編排。所以我認為這是其中很重要的一部分。它本身並不具有獨立自主性。它與我們平台的其他部分配合使用，真正為我們的客戶創造了價值。

So I see this kind of the monetization, not as a pricing uplift, but increasing stickiness, giving more conviction to deepen our platform into the architecture of our customers, as customers really like the road map and are starting to experiment with agentic and find tangible ROIs through the full breadth of our platform.

所以我認為這種獲利模式不是提高價格，而是提高用戶黏性，讓用戶更有信心將我們的平台深入客戶的架構中，因為客戶真的很喜歡我們的路線圖，並且開始嘗試代理功能，並透過我們平台的全方位功能找到切實的投資回報。

Very helpful. Thanks for taking the questions.

很有幫助。謝謝您回答問題。

Mike Turrin, Wells Fargo.

麥克圖林，富國銀行。

Yeah, hey, this is Austin Williams on for Michael Turrin. I just wanted to go back to US Federal. I'm curious how results in 3Q came in versus your expectations at the beginning of the year related to Doage? And then maybe just as a follow-up. Anything you can add on the OpenAI collaboration, what exactly that could drive for UiPath?

是的，大家好，我是奧斯汀威廉斯，替麥可圖林為您報道。我只想回到美國聯邦銀行。我很想知道第三季 Doage 的業績與您年初的預期相比如何？然後或許可以作為後續跟進。OpenAI 合作計畫還能帶來什麼？這些合作究竟能為 UiPath 帶來什麼？

I would say that the federal business continues to be a dynamic environment for us with pockets of strength. We are really encouraged by the progress in I think it's returning to a new normal. The deals that we mentioned in the scripts are really already sorted. Tim is executing well with focus on efficiency positioning as well. The projects are long term and strategic, not short term.

我認為，聯邦政府業務對我們來說仍然是一個充滿活力的環境，其中也存在一些優勢領域。我們對目前的進展感到非常鼓舞，我認為這是正在回歸新常態。我們在劇本中提到的那些交易其實已經敲定了。Tim在效率定位方面也做得很好。這些項目都是長期策略性項目，而非短期項目。

We continue to be prudent in our guidance estimations about the sector. On the OpenAI, yes, we use GPT5 across the board in our platform. We highlighted especially the use in one of the most innovative parts of our platform, the product that I mentioned in the script called ScreenPlay, which is basically our own version of computer use or operator.

我們對該行業的預期預測仍將保持謹慎態度。是的，OpenAI 在我們的平台上全面使用了 GPT5。我們特別強調了在我們平台最具創新性的部分之一中的應用，即我在腳本中提到的名為 ScreenPlay 的產品，它基本上是我們自己的電腦使用或操作版本。

But the key thing here is that we can combine the reliability of UI automation with the power of adaptability of LLM driven computer use. And I think to my knowledge, we are the only company that can succeed delivering autonomous UiPath using LLMs, using this approach. Thank you.

但關鍵在於，我們可以將 UI 自動化的可靠性與 LLM 驅動的電腦使用的適應性結合起來。據我所知，我們是唯一一家能夠使用這種方法，利用 LLM 成功交付自主 UiPath 的公司。謝謝。

Matthew Hedberg, RBC Capital Markets.

Matthew Hedberg，加拿大皇家銀行資本市場。

Hey guys, This is Mike Richards on for Matt. Kind of building on that last question, there is a ton of excitement around all the partnerships you guys announced, and I think it validates your positioning and orchestration. So I was wondering, even beyond open eyes, if you could just give some more details around the partnership just in terms of is there a joint go-to-market element to any of them? I know it's early, but have you seen any pipeline build as a result of these partnerships? Just any more details so a lot of excitement around it.

大家好，我是Mike Richards，代Matt報道。承接上一個問題，你們宣布的所有合作關係都引起了大家的極大興趣，我認為這驗證了你們的定位和統籌安排。所以我想知道，除了公開資訊之外，您能否就合作關係提供更多細節，例如，其中是否有任何联合市場推廣要素？我知道現在還為時過早，但是您是否看到這些合作關係帶來了任何管道拓展？還有更多細節嗎？大家都很興奮。

I would say that at this point, our the partnership that we announced at FUSION are clearly into the technology-enabling partnerships. And they were driven largely by our customer needs. We always we praise ourselves for having an open platform that can really be flexible and customizable to customer needs. So we believe so, if we look at kind of our partnership, we believe that the foundation of delivering reliable in enterprise have different layers.

我認為，目前我們在 FUSION 大會上宣布的合作關係已經明確地轉向了技術賦能型合作關係。這些舉措主要受顧客需求驅動。我們一直引以為傲的是，我們擁有一個開放的平台，可以真正靈活地根據客戶需求進行客製化。所以我們相信，如果我們檢視一下我們的合作關係，就會發現，企業可靠交付的基礎是分不同層次的。

So it has the data layer, ontology layer, so we this is where our partnership with Snowflake is shining. We offer ourselves the automation, the RPA and API and agentic layer. But of course, with open AI and Google we use the Frontier LLMs in order to power the agentic. We use NVIDIA for security and governance in regulated industry. So I think our goal is to create a set of partnership that offer a very solid foundation to deliver reliable AI into a secure and governed manner.

它有資料層、本體層，而這正是我們與 Snowflake 合作的優勢所在。我們為自己提供自動化、RPA、API 和代理層。當然，透過 OpenAI 和 Google，我們使用 Frontier LLM 來驅動智能體。我們在受監管行業中使用 NVIDIA 進行安全和治理。所以我認為我們的目標是建立一系列合作關係，為以安全、受監管的方式提供可靠的人工智慧奠定非常堅實的基礎。

Super helpful. And then if I could just do a follow-up. I think before we talked about in the early days of the orchestration opportunity for you guys, it's been mostly agents created on UiPath. I was just wondering, have you seen more of a shift to third-party agents yet? Or is it still you guys are mostly orchestrating agents built within UiPath?

非常有用。然後，如果我能再做個後續跟進就好了。我認為在我們討論早期為你們提供的編排機會之前，主要都是在 UiPath 上創建的代理。我只是想問一下，您是否已經看到越來越多的客戶轉向第三方代理商？或者你們現在主要還是在UiPath中編排代理？

We are seeing many customers interested in building coded agents where we have partnered with companies like lung chain, crew AI and Lama Index. And we are seeing right now a mix of agents that are hosted and managed by our platform that are both low code and coded agents. I think at this point, it's kind of too early to see us managing external agents that are built completely outside of our platform.

我們看到許多客戶對建立編碼代理感興趣，為此我們與 Lung Chain、Crew AI 和 Lama Index 等公司建立了合作關係。目前我們看到，由我們的平台託管和管理的代理既有低程式碼代理，也有程式碼代理。我認為目前來看，要管理完全在我們平台之外建立的外部代理還為時過早。

Sanjay Singh, Morgan Stanley.

桑傑辛格，摩根士丹利。

Yeah, Hey everyone, This is Ryan Lance on for Sanjit. Just with regards to the channel, you mentioned the expansion of your partnership with Deloitte. So can you just provide some additional details around how much incremental pipeline is now partner sourced relative to a year ago? And maybe just how these partnerships can help drive additional kind of AI-related product deployments next year?

大家好，我是 Ryan Lance，代 Sanjit 為您報道。關於通路方面，您提到了擴大與德勤的合作關係。那麼，您能否提供一些關於目前透過合作夥伴管道獲得的新增銷售管道數量與一年前相比的更多細節？或許這些合作關係能夠幫助推動明年更多類型的人工智慧相關產品的部署？

Yeah. One is, I think the quantum has definitely increased, but more than the quantity, it's the quality. So when you look at the S/4HANA migrations that are happening and partners like Deloitte and their presence within many of these customers, we're now involved in those conversations. And I think that, that is helping pull us through and being in the conversation about larger scale transformation processes.

是的。一方面，我認為量子層面肯定有所提升，但更重要的是品質的提升，而不是數量的提升。因此，當您看到正在進行的 S/4HANA 遷移，以及像德勤這樣的合作夥伴及其在許多客戶中的存在時，我們現在也參與這些對話。我認為這有助於我們渡過難關，並參與更大規模的轉型過程的討論。

I think that is Deloitte has obviously done a really exceptional job and that partnership has been meaningful for us. But I think that's a motion that we're also seeing across our teams with various partners that are there. So the quality for me is much higher quality pipeline than just a superficial quantum or a quantity number that I would tell you about.

我認為德勤顯然做得非常出色，這種合作關係對我們來說意義重大。但我認為，我們在各個團隊和合作夥伴中也看到了這種趨勢。所以對我來說，品質指的是比表面上的量子或數量數字更高的管道品質。

Okay. Great. And then just one follow-up. You guys have driven some pretty meaningful OpEx leverage throughout this year. And I'm just curious if you could provide any additional details around how you're thinking about OpEx investment next year to kind of support this AI product rollout and just broader monetization path.

好的。偉大的。然後只有一次後續跟進。今年以來，你們在營運支出方面取得了相當顯著的成效。我很好奇您能否提供更多關於您明年如何考慮營運支出投資的細節，以支援這款人工智慧產品的推出和更廣泛的盈利模式。

Yeah. Of course, I'm not going to provide anything specific regarding next year at this time. But I think putting this year in context, we'll give you a sense of the strategy that Daniel and the leadership team here are employing. So I think the first thing is we've got an OpEx leverage by not austerity but by discipline and really being super focused on where we prioritize it. So we are actually hiring in our engineering segments. We are expanding sales capacity.

是的。當然，現在我不會透露任何關於明年的具體資訊。但我認為，為了更好地理解今年的情況，我們將向大家介紹丹尼爾和他的領導團隊正在採取的策略。所以我認為，首先，我們之所以能夠獲得營運支出的槓桿作用，不是靠緊縮政策，而是靠紀律和真正高度專注於我們的優先事項。所以，我們目前正在工程部門招募。我們正在擴大銷售能力。

As we talked about earlier this year, and last year, really, our focus has been continuing to drive efficiency across our processes, being selective about overlay functions in terms of where we're investing. And I think that area allows us to get operating leverage while still being able to invest in key areas. So as we're looking at our platform, whether it's for deployed engineers, whether it is more hand hands and legs at our customer sites or just core engineering capabilities.

正如我們今年早些時候和去年所討論的那樣，我們的重點一直是繼續提高我們各個流程的效率，並在投資方面對疊加功能進行選擇性投入。我認為，這一領域使我們能夠獲得營運槓桿，同時也能投資關鍵領域。因此，當我們審視我們的平台時，無論是面向已部署的工程師，或是面向客戶現場的更多實際操作，亦或是核心工程能力。

Those are areas that are in our investment zone. When you look at our line item, we're getting leverage across every area because we're really going to all of the cost structures that exist outside of those three and really seeing what are the areas of efficiency and prioritization. And that has not just given us OpEx leverage, it's also enhanced our focus and has contributed to us being better in our execution cadence as well.

這些地區都屬於我們的投資區域。當你查看我們的專案明細時，你會發現我們在各個方面都獲得了優勢，因為我們真正深入研究了這三個項目之外的所有成本結構，並真正了解了哪些領域可以提高效率並確定優先事項。這不僅讓我們在營運支出方面更有優勢，也增強了我們的專注力，並有助於我們更好地執行節奏。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

Hi everyone, nice quarter. Thanks for taking my questions. When I was at the conference a couple of months ago, so the partners I spoke with really talked about a high level of pilots and proof of concepts that your customers are going through right now with the different types of AI functionality? And I know it's not a big part of the expectations around bookings for this year but I guess, as you've seen some of them convert to actual sales or production, are there any key drivers or levers that you've learned through some of these that you can help maybe use some of these other deal cycles you're currently going through?

大家好，這季過得還不錯。謝謝您回答我的問題。幾個月前我參加會議的時候，我跟合作夥伴們聊了很多，他們都談到了你們的客戶目前正在進行的大量試點專案和概念驗證，這些專案涉及不同類型的人工智慧功能？我知道這並非今年預訂量預期中的重要組成部分，但我想，既然您已經看到其中一些訂單轉化為實際銷售或生產，您是否從中學習到一些關鍵的驅動因素或槓桿，可以幫助到您目前正在經歷的其他交易週期中？

Yeah. We see this pattern emerging. I would say that the landscape is extremely scattered right now. We have deployed our teams in various use cases across various industries. We see some particular partners emerging in health care like, for instance, in revenue cycle management, prior authorization, claims management and financial services, financial crimes, it's but again, I think it's a bit too early to mention one particular use case where we see like great replicable potential.

是的。我們看到這種模式正在出現。我認為目前的景觀非常分散。我們已將團隊部署到各行業的各種應用場景。我們看到一些特定的合作夥伴正在醫療保健領域湧現，例如收入週期管理、事先授權、索賠管理和金融服務、金融犯罪等領域，但我認為現在提及某個具有巨大可複製潛力的具體用例還為時過早。

Understood. And then, Ashim, as you look at the fourth quarter guidance, someone else had already mentioned that the implied ARR number suggests that your net new ARR is up again on a year-over-year basis, help us kind of think through maybe the construction of that. Is that just purely a result of the improved execution that you all have been working on this year?

明白了。然後，Ashim，當你查看第四季度業績指引時，有人已經提到，隱含的 ARR 數據表明，你的淨新增 ARR 同比再次增長，請你幫我們分析一下這個數字的組成。這只是因為你們今年一直在努力提升執行力嗎？

Or is there some aspect of maybe deals that were maybe slipped from Q2 and Q3 that kind of moved in to the expectation? And I know that AI, some of the functionality there is not a big driver this year. But are there some expectations around maybe some bookings improvements in that category that's helping kind of drive what your initial guidance here is?

或者說，是否有一些交易原本計劃在第二季和第三季完成，但後來卻被推遲到了預期之內？我知道人工智慧的某些功能今年並不是主要驅動力。但是，對於該類別的預訂量是否有所改善的預期，是否會影響您目前的初步指導意見？

Yeah. So let me be super clear on it. There's nothing in terms of like slip deals from third quarter or anything that is timing oriented, Scott, in any material or significant way. There's always normal course deals that move back and forth, right, deals that we're in your fourth quarter pipeline that closed early in deals that closely. That's just normal course and nothing out of the usual that I would talk about. When you look at the year-over-year growth implied within our guidance, I think there's three main factors for me. The first is execution.

是的。所以讓我把話說清楚。斯科特，就第三季的下滑交易或其他任何與時機相關的交易而言，沒有任何實質或重要性。總是會有一些正常的交易來回推進，對吧？例如我們第四季計畫中的一些交易，這些交易很早就完成了，還有一些交易進展非常接近。這只是正常情況，沒什麼特別的，我不會刻意去說。從我們給出的績效指引中隱含的年成長來看，我認為主要有三個因素。首先是執行。

We are seeing improved execution across the board from our sales team. It is supported by good customer activity, maybe not one or two deals, but really broad-based activities of POCs and pilots and renewals that are coming in with more conviction about our long-term place in the architecture that leads to natural upsells, et cetera. there is macroeconomic environment, as I talked about in the second quarter earnings call around foreign exchange, that will play a role in that year-over-year impact that is there. And then the third one is I just think momentum.

我們看到銷售團隊的整體執行力有所提升。這得歸功於良好的客戶活動，也許不是一兩筆交易，而是廣泛的概念驗證、試點和續約活動，這些活動表明客戶對我們在架構中的長期地位更有信心，從而自然而然地帶來追加銷售等等。正如我在第二季財報電話會議上談到的，宏觀經濟環境，特別是外匯波動，也會對年比業績產生影響。第三點，我認為就是勢頭。

I think that we've had a good stable base now in terms of if you look at our sales stability six months, nine months after kind of the restructuring that we had completed at the beginning of the year. as well as just a little bit of the normalization around areas like the public sector, which we've said is kind of back to a new normal. No catch up, but at least at this time, a new normal. We feel like we're still prudent on our overall assumptions on the macroeconomic environment.

我認為，從我們年初完成重組後六個月、九個月的銷售穩定性來看，我們現在已經有了一個良好的穩定基礎。此外，公共部門等領域也逐漸恢復正常，正如我們所說，這在某種程度上已經回歸到一種新的常態。沒有趕上之前的步伐，但至少目前來說，這是一種新的常態。我們認為我們對宏觀經濟環境的整體假設仍然是謹慎的。

But it's a confluence of things that to me are at the opposite end of when net new ARR was declining. I mean would poor execution, foreign exchange having a headwind and frankly, just losing having too much inconsistency in our strategy as well as our organizational structure. So I'd say all three are contributing to that, to the stabilization of net new ARR you're seeing.

但在我看來，這是多種因素共同作用的結果，與淨新增 ARR 下降時期的情況截然相反。我的意思是，執行不力、外匯逆風，坦白說，失敗的原因在於我們的策略和組織結構有太多不一致之處。所以我認為這三者都對目前淨新增 ARR 的穩定性起到了作用。

Understood. Helpful, thank you.

明白了。很有幫助，謝謝。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hi, this is Arsenio for Alex Zukin. And I guess congrats on the results and also just kind of wanted to expand on downtick in NRR was? Was it just weakness at the low end? Or was there anything else? And then you kind of unpack what's driving that stronger new business, but is there anything that you can kind of give us in terms of Q4 applications on that new business strength given the three factors you just talked about?

您好，我是 Arsenio，代表 Alex Zukin。我想祝賀你們取得這樣的成績，另外，我還想詳細解釋一下淨收益率下降的原因？是不是低階產品性能較弱？還有其他事情嗎？然後，您分析了是什麼因素推動了新業務的強勁增長，但鑑於您剛才提到的三個因素，您能否就第四季度新業務的增長情況給我們一些建議？

Yeah. So look, I think there, I think when you look at it, definitely at the lower end of the segment. We've talked about that. It has a little bit of pressure on the net new ARR. To give you a supplemental metric, our net dollar expansion rate for customers between $100,000 and $1 million was 113%. So that can quantifiably show kind of the lower cohort having more pressure. And I think you get a little bit of the law of large numbers as well.

是的。所以你看，我覺得，當你仔細觀察時，它肯定處於這個細分市場的低端。我們討論過這個問題。這會給新增淨 ARR 帶來一些壓力。為了給您一個補充指標，我們客戶淨收入在 10 萬美元到 100 萬美元之間的美元成長率為 113%。這樣就能量化地表明，較低階層承受著更大的壓力。我覺得你也能從中體會到一點大數定律。

But as we stabilize net new ARR, obviously, the rest of the metrics begin to stabilize as well. And you can see that pattern starting both with our third quarter results and, of course, kind of the guidance that we've provided here.

但隨著淨新增 ARR 趨於穩定，其他指標顯然也會開始趨於穩定。從我們第三季的業績以及我們在此提供的指導意見中，您都可以看到這種模式。

Got it. And then just to kind of follow up on kind of the same thing. You doubled the number of customers developing agents quarter-over-quarter and Maestro process instances. What date uplift you've seen in those customers? And is it kind of fair to assume that into next year as that revenue ramps, it can help sustain that NRR and offset some of that low-end weakness that we've seen?

知道了。然後，我只是想就同樣的事情再做個後續說明。您使每季開發代理商的客戶數量和 Maestro 流程實例數量翻了一番。您在這些客戶的約會日期方面觀察到了哪些提升？假設明年隨著收入的成長，它能夠幫助維持淨收入率，並抵消我們已經看到的低端業務疲軟，這種假設是否合理？

Yeah. We will continue to contend that we're in the early innings of agentic. I think what the momentum around customer activity, it has both the direct and indirect. I think the indirect definitely has started to help us and will continue to help us. customer pulling through other parts of our platform, investing in us as a longer-term part of their enterprise architecture.

是的。我們將繼續堅持認為，我們仍處於代理的早期階段。我認為客戶活動動能既有直接影響，也有間接影響。我認為間接效應無疑已經開始幫助我們，並將繼續幫助我們。客戶透過我們平台的其他部分進行推廣，並將我們視為其企業架構中長期的一部分進行投資。

In terms of direct sale direct monetization place for agentic. We're this we'll update everybody as we kind of get into next year around assumptions there. But for the immediate short term, there's nothing material as we cited in the script.

就代理商的直接銷售和直接盈利而言。我們會根據明年的相關假設，及時向大家更新狀況。但就目前而言，正如我們在劇本中提到的那樣，並沒有什麼實質的改變。

I thank.

謝謝。

Kingsley Crane, Canaccord Genuity.

金斯利·克萊恩，Canaccord Genuity。

I think it's interesting if we think about the Code Red moments over the past couple of weeks, it's clear that competition among model providers is healthy, of course, that makes integration, orchestration even more valuable. Have you seen a shift in perception in the past quarter? And then from an integration activity perspective, how is heterogeneity trending?

我覺得很有趣的是，如果我們回顧過去幾週的「紅色警報」時刻，就會發現模型提供者之間的競爭是健康的，當然，這也使得整合和編排更有價值。在過去一個季度裡，您是否觀察到人們的看法發生了轉變？那麼從整合活動的角度來看，異質性的發展趨勢如何？

I don't think we necessarily yet a shift. I think you aim at Google Gemini release. We were using Gemini in our ISP business for a few quarters somehow. I think as a platform, we continue to assess all the frontier LLMs and we use frankly a mixture of them.

我認為我們目前還沒有必然的轉變。我認為你們的目標是谷歌雙子座計畫的發布。不知何故，我們曾在幾個季度將 Gemini 應用於我們的網路服務供應商業務中。我認為作為一個平台，我們會繼續評估所有前沿的LLM（學習領導模型），坦白說，我們會將它們混合使用。

And for instance, in our ISP business, we use GTV to understand the better the structure and inventor documents, while we can use Gemini for specific extraction like multiple tables, indicated tables. This is just an example. But across the platform, we always monitor and use the best of breed LLMs.

例如，在我們的 ISP 業務中，我們使用 GTV 來更好地了解結構和發明人文檔，而我們可以使用 Gemini 進行特定提取，例如多個表格、指定表格。這只是一個例子。但在整個平台上，我們始終監控並使用最好的LLM。

Great. And then just a quick follow-up, Ashim, you mentioned in your prepared remarks that you're partnering earlier, your co-developing solutions earlier. That's been a big focus for this year. Just to what extent did this directly translate into improved results in Q3? And then do you think that this could be more of a future predictor of success next year?

偉大的。阿希姆，我還有一個後續問題，你在事先準備好的演講稿中提到，你們之前一直在合作，共同開發解決方案。今年，這一直是我們的工作重點。這在多大程度上直接轉化為第三季業績的提升？那麼，你認為這能否更好地預測明年的成功？

I think a leading indicator, yes. I think any time you're closer to customers, you are innovating with them, you're solving problems. I think it helps. And I would say what our conviction is, is that ROI is going to be where choices are made. And so as we're co-innovating, as we're teaming up with partners around bigger problems, I think we have a chance to have meaningful impact around ROIs, which we feel we'll continue to do that. I think it also shows the relevance of UiPath. If I can like in terms of the validation of the agentic framework, it's not Merchitecture.

我認為這是一個領先指標，是的。我認為，任何時候你離客戶越近，你就越能與他們一起創新，越能解決問題。我覺得這很有幫助。我認為，我們堅信，投資報酬率將是做出選擇的關鍵因素。因此，當我們共同創新，與合作夥伴攜手解決更大的問題時，我認為我們有機會在投資回報率方面產生有意義的影響，我們也相信我們會繼續這樣做。我認為這也反映了 UiPath 的重要性。如果我能從代理框架的驗證角度來看，它就不是 Merchitecture。

It's real product that has real impact that both partners and customers can innovate around. And I think that is super important and a really great validation point for our product team, our sales team and all of our customer teams combined. To answer your question around third quarter, as we've cited in the script as well in the prepared remarks, there's no meaningful impact from agentic in our near-term results.

這是一個真正具有實際影響力的產品，合作夥伴和客戶都可以圍繞它進行創新。我認為這非常重要，也是我們產品團隊、銷售團隊和所有客戶團隊共同取得的非常好的成果。關於您提出的第三季度的問題，正如我們在腳本和準備好的發言稿中提到的那樣，代理業務對我們的近期業績沒有實質影響。

We feel like this is continued disciplined execution. What agentic continues to do is the closer you are to customers the more you are a part of their long-term road map and architecture, the more that they're willing to invest and pull through the existing parts of your platform today, and have higher level impacts within their organ that indirect we're definitely feeling the momentum and we're excited about it.

我們認為這是持續嚴謹執行的表現。Agentic 持續發揮作用的方式是：你與客戶的距離越近，你就越能參與到他們的長期發展路線圖和架構中，他們就越願意投資並利用你平台現有的部分，並在他們的組織內部產生更高層次的影響。我們確實感受到了這種勢頭，並對此感到興奮。

Kirk Materne, Evercore.

Kirk Materne，Evercore。

Hi, this is Chirag on for Kirk. Congratulations on the strong quarter in traction. Daniel, you've talked briefly about prebuilt Agent solutions, highlighted strong modernization use cases within certain categories in the past, which verticals do you see adopting these prebuilt genic solutions the fastest? And are you moving more aggressively into industry-specific packaged automation at all?

大家好，我是 Chirag，替 Kirk 為您報道。恭喜本季業績強勁成長。Daniel，你之前簡要地談到了預先建構的代理解決方案，並重點介紹了某些類別中強大的現代化用例，你認為哪些垂直行業會最快地採用這些預先建構的基因解決方案？你們是否正在更積極地進入行業特定的打包自動化領域？

Yeah. our verticalized approach is getting a lot of traction within UiPath. We put a lot of focus and effort. We actually did recently the rework of our product and engineering teams to better address the creation of vertical solutions. In terms of the industries, we focus on health care, financial and financial services primarily with again, with an accent on revenue cycle management in health care and in financial services, I would say, I would say, financial crimes, can be one of the know your customers anti-money laundering type of risk cases we are seeing the most interest from our customers.

是的，我們在 UiPath 內部採用的垂直整合模式正在獲得廣泛認可。我們投入了大量的精力和注意力。我們最近對產品和工程團隊進行了重組，以便更好地解決垂直解決方案的創建問題。就產業而言，我們主要關注醫療保健、金融和金融服務，尤其專注於醫療保健和金融服務的收入週期管理。我認為，金融犯罪可能是客戶最感興趣的「了解你的客戶」反洗錢風險案例之一。

Okay. Maybe just one more. What are your thoughts on the balance between deterministic automation and agentic or LLM-based automation? And do you see this balance shifting materially at any point over the next few years or few quarters?

好的。或許就再來一個。您如何看待確定性自動化與基於代理或LLM的自動化之間的平衡？您認為在未來幾年或幾個季度內，這種平衡會發生實質變化嗎？

Look, our thesis is that they are very complementary, and they address different steps in the business process. And in many processes as long as task workflow is well defined. People would use a deterministic automation. There is need to use an based. You use an LLM in order to create deterministic automation was to maintain it to make it to improve it over time, but you don't use an LLM to drive it. But of course, there are so many areas where you cannot have rules are able too complicated or process is too complex, you sift through tons of documents where or it involves conversational aspect of the process.

我們的論點是，它們是非常互補的，並且它們針對業務流程中的不同步驟。只要任務工作流程定義明確，許多流程都可以採用這種方法。人們會使用確定性自動化。需要使用基於…的使用 LLM 來創建確定性自動化是為了維護它，使其隨著時間的推移而改進，但你不會使用 LLM 來驅動它。當然，有很多領域無法制定規則，因為規則太複雜或流程太複雜，你需要篩選大量的文檔，或者流程涉及對話方面。

So in all these areas, LLMs are an amazing complement to the deterministic automation. And I also want to mention that the orchestration piece that combined the AI-based and deterministic with humans in the is an essential piece that is required in order to deliver a solution that is secure, covered for the enterprise. We continue we have continued saying that orchestration is the key. We announced our effort a year ago. And I'm pleased to see that across the industry, people are talking right now and realize that orchestration is a key technology in order to deliver a reliable AI.

因此，在所有這些領域，LLM 都是確定性自動化的絕佳補充。我還想提一下，將基於人工智慧的確定性技術與人類結合的編排環節，是交付安全可靠、覆蓋企業需求的解決方案所必需的關鍵環節。我們一直強調，統籌安排是關鍵。我們一年前就宣布了這項計劃。我很高興地看到，整個行業都在討論這個問題，並且意識到編排是實現可靠人工智慧的關鍵技術。

All right. Thank you very much. Congrats again on the quarter.

好的。非常感謝。再次恭喜你本季取得佳績。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Hi, this is Dominique on for Terry. So it was mentioned previously that one of the biggest customer hurdles with agent the consumption pricing is spend predictability. So have early deployments given you end up usage patterns to help customers forecast more reliably. And also just curious as to what else you all are doing to help customers get over that hurdle?

大家好，我是Dominique，替Terry為您報道。前面提到過，客戶在使用代理商消費定價時遇到的最大障礙之一是支出可預測性。因此，早期部署可以提供最終的使用模式，以幫助客戶更可靠地進行預測。另外，我很好奇你們還採取了哪些措施來幫助客戶克服這個障礙？

Look, we are constantly evaluating how our customers are adopting AI. And we aim to have a pricing model that really reflects the adoption of consumption of. We constantly monitor industry trends. And I would say the entire industry is dynamic at this point and is trying to figure out what's the best pricing. We are pretty flexible in our approach.

你看，我們一直在評估我們的客戶是如何採用人工智慧的。我們的目標是建立一個真正反映消費普及情況的定價模型。我們持續關注產業趨勢。我認為整個行業目前都處於動態變化之中，正在努力尋找最佳定價策略。我們的方法相當靈活。

We can price by components. We also are pretty flexible on understanding and outcome-based pricing can be for our customers. But again, I think we are in the early innings of really understanding consumption patterns across agent at scale, I mean.

我們可以按組件定價。我們對客戶的理解和基於結果的定價方式也相當靈活。但話說回來，我認為我們才剛開始真正了解大規模代理商的消費模式。

Got it. And then just as a follow-up, has the typical cycle time frame from an agentic PLC to a production deployment shortened versus earlier in the year? If so, could you just highlight what specific efforts are driving that compression? Or what do you all plan to do to accelerate it?

知道了。那麼，作為後續問題，從代理 PLC 到生產部署的典型週期時間是否比今年早些時候縮短了？如果是這樣，能否重點介紹一下推動這種壓縮的具體措施是什麼？或者你們打算採取什麼措施來加速這一進程？

Yeah. I think we, as a company, understand a bit better how various use cases. We are building internally solutions accelerators that can help us replicate experience across industries and verticals. And my estimation is this trend will continue to accelerate within next year.

是的。我認為，作為一家公司，我們對各種使用情境有了更深入的了解。我們正在內部建立解決方案加速器，以幫助我們跨行業和垂直領域複製經驗。我估計這一趨勢將在明年繼續加速發展。

I strongly believe that the key to unlock huge scale AI consumption in enterprise is the prepackaged solutions where will we can meaningfully accelerate the time to value. This is why, as I mentioned before, we put a lot of emphasis in building these solutions.

我堅信，要釋放企業大規模人工智慧應用的潛力，關鍵在於採用預先包裝解決方案，從而顯著加快實現價值的速度。這就是為什麼我之前提到的，我們非常重視建立這些解決方案。

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

太好了，謝謝。目前沒有其他問題了。現在我將把發言權交還給管理階層，請他們作總結發言。

Thank you so much for all the questions. I would like to wish you happy holidays. And as usual, we like to here from as many as you throughout the quarter. Thank you.

非常感謝大家提出的所有問題。祝您節日快樂。像往常一樣，我們希望在本季收到盡可能多的回饋。謝謝。

Thanks. This concludes today's call. All parties may disconnect.

謝謝。今天的電話會議到此結束。所有參與者均可中斷連線。