UiPath Inc (PATH) 2021 Q4 法說會逐字稿

Greetings, and welcome to the UiPath Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 UiPath 2022 年第四季度收益電話會議。 （操作員說明）

Please note that this conference is being recorded. I will now turn the conference over to our host, Kelsey Turcotte of Investor Relations. Thank you. You may begin.

請注意，本次會議正在錄製中。我現在將把會議轉交給我們的主持人，投資者關係部的 Kelsey Turcotte。謝謝你。你可以開始了。

Good afternoon, and thank you for joining us to review UiPath's fourth quarter and full-year fiscal 2022 financial results, which we announced in our earnings press release, issued after the close of the market today.

下午好，感謝您加入我們審查 UiPath 的第四季度和 2022 財年全年財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這些業績。

On the call with me are Daniel Dines, UiPath Co-Founder and Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. We will open with prepared remarks, followed by a Q&A session. Our earnings press release and financial supplemental are posted on the UiPath Investor Relations website, ir.uipath.com.

與我通話的是 UiPath 聯合創始人兼首席執行官 Daniel Dines；和首席財務官 Ashim Gupta。我們將以準備好的評論開始，然後是問答環節。我們的收益新聞稿和財務補充發佈在 UiPath 投資者關係網站 ir.uipath.com 上。

These materials include reconciliations of non-GAAP financial measures to the most directly comparable financial measures, calculated in accordance with U.S. GAAP. We will be discussing non-GAAP metrics on today's call. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with U.S. GAAP.

這些材料包括根據美國公認會計原則計算的非公認會計原則財務指標與最直接可比財務指標的對賬。我們將在今天的電話會議上討論非 GAAP 指標。所提供的非公認會計原則財務指標不應被視為替代或優於根據美國公認會計原則編制的財務業績指標。

This afternoon's call includes forward-looking statements about future events, including statements regarding our financial guidance for the first fiscal quarter of 2023 and fiscal year 2023, our expectations regarding the acceleration of digital transformation, the impact and duration of headwinds and expectations regarding our dollar-based net retention rate and fiscal year 2023 ARR.

今天下午的電話會議包括關於未來事件的前瞻性陳述，包括關於我們對 2023 年第一財季和 2023 財年的財務指導的陳述、我們對加速數字化轉型的預期、逆風的影響和持續時間以及對美元的預期基於淨保留率和 2023 財年 ARR。

Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

由於許多因素，實際結果可能與前瞻性陳述中表達的結果存在重大差異，因此，投資者不應過分依賴這些陳述。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to our earnings release and other 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，請參閱我們向美國證券交易委員會提交的收益報告和其他報告。在本次電話會議上發表的前瞻性陳述反映了我們截至今天的觀點。我們不承擔更新它們的義務。

Before I turn the call over to Daniel, 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.

在我把電話轉給 Daniel 之前，我想強調一下，這個網絡廣播伴隨著幻燈片。我們將在本次電話會議結束後立即將幻燈片和我們準備好的評論副本發佈到我們的投資者關係網站。

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

現在我想把電話交給丹尼爾。

Thank you, Kelsey, and good afternoon, everyone. We have a lot to discuss. So I'm going to break my comments down into sections. I'll start with a quick review of our business, followed by some highlights from the fourth quarter, including new products and partnerships. I'll finish with guidance and give you some details about what our new Chief Business Officer.

謝謝你，凱爾西，大家下午好。我們有很多要討論的。所以我要把我的評論分成幾個部分。我將從快速回顧我們的業務開始，然後是第四季度的一些亮點，包括新產品和合作夥伴關係。最後，我將提供指導，並為您提供一些有關我們新任首席商務官的詳細信息。

Before any of that, I want to acknowledge the events unfolding in Ukraine. Our support and prayers are with the entire country, and we are deeply saddened by the crisis that has been created.

在此之前，我要承認烏克蘭正在發生的事件。我們的支持和祈禱與整個國家同在，我們對造成的危機深感悲痛。

For me, this is very personal. I grew up in Romania, when it was still under communist control, so I understand the freedoms the Ukrainians are fighting to protect.

對我來說，這是非常私人的。我在羅馬尼亞長大，當時它仍處於共產主義控制之下，所以我理解烏克蘭人正在努力保護的自由。

Amidst all of this, I'm extremely proud of the UiPath team. Among the many things we are doing, we have donated more than $1.5 million in support, and our colleagues across the region have opened their homes to refugees.

在這一切之中，我為 UiPath 團隊感到非常自豪。在我們正在做的許多事情中，我們捐贈了超過 150 萬美元的支持，我們在該地區的同事已經向難民開放了家園。

We have also made our automation platform available to organizations like International Red Cross, which is using automation to manage millions of dollars of donations, and we will continue to look for ways to help.

我們還為國際紅十字會等組織提供了我們的自動化平台，這些組織正在使用自動化來管理數百萬美元的捐款，我們將繼續尋找提供幫助的方法。

Turning to the business. We delivered a very strong fiscal year 2022, marked by important milestones like our IPO, market-leading product introductions, industry analysts' acknowledgment of our leadership position and meaningful growth.

轉向業務。我們在 2022 財年實現了非常強勁的業績，其標誌是我們的首次公開募股、市場領先的產品推出、行業分析師對我們的領導地位和有意義的增長等重要里程碑的認可。

We have executed well, laying the foundation and attracted leaders who have experience to help us scale. We expect that by the end of fiscal 2023, we will have exceeded the $1 billion mark in ARR and revenue.

我們執行得很好，奠定了基礎，並吸引了有經驗的領導者來幫助我們擴大規模。我們預計到 2023 財年末，我們的 ARR 和收入將超過 10 億美元。

Fourth quarter net new ARR grew 72% year-over-year, reaching a record $107 million. This drove total ARR to $925 million, an increase of 59% year-over-year. Our continued growth at scale reflects broad-based adoption of our end-to-end automation platform and our focused execution. Automation is critical to digital transformation and to unlock new levels of innovation, agility and productivity.

第四季度淨新 ARR 同比增長 72%，達到創紀錄的 1.07 億美元。這使總 ARR 達到 9.25 億美元，同比增長 59%。我們的持續規模增長反映了我們端到端自動化平台的廣泛採用和我們專注的執行。自動化對於數字化轉型以及解鎖新水平的創新、敏捷性和生產力至關重要。

Our land and expand model continues to drive best-in-class dollar-based net retention of 145%. As of the end of the fourth quarter, we had approximately 10,100 customers, including new logos, Deliveroo, Auburn University, ABM Industries and Bechtle AG. We now have 1,493 customers that accounted for at least $100,000 in ARR on an annual basis, up 49% from the prior year. This includes 158 customers over $1 million in annual ARR, up 78%.

我們的土地和擴張模式繼續推動以美元為基礎的 145% 的一流淨留存率。截至第四季度末，我們擁有大約 10,100 名客戶，包括新標識、Deliveroo、奧本大學、ABM Industries 和 Bechtle AG。我們現在有 1,493 名客戶，每年的 ARR 至少為 100,000 美元，比上一年增長 49%。其中包括 158 位年 ARR 超過 100 萬美元的客戶，增長 78%。

From a product perspective, these results are driven both by customers deploying more software robots and by accelerating adoption of our broad suite of capabilities. Our end-to-end automation platform is the key differentiator for us as we help customers accelerate their automation life cycle.

從產品的角度來看，這些結果是由部署更多軟件機器人的客戶和加速採用我們廣泛的功能套件推動的。我們的端到端自動化平台是我們的關鍵差異化因素，因為我們幫助客戶加快他們的自動化生命週期。

This includes Paychex. Paychex has saved more than 425,000 manual hours with more than 35 million bot transactions. They now have over 40 workflows in production and are expanding adoption and operationalizing intelligent automation capabilities for Task Mining and Process Mining, which help them identify opportunities to save another 40,000 hours annually.

這包括 Paychex。 Paychex 通過超過 3500 萬筆機器人交易節省了超過 425,000 小時的人工時間。他們現在在生產中擁有 40 多個工作流，並且正在擴大對任務挖掘和流程挖掘的智能自動化功能的採用和操作，這有助於他們發現每年額外節省 40,000 小時的機會。

We continue to expand platform deployment options with Automation Cloud Robots, which allows our customers to deploy unattended robots instantly without IT resources or infrastructure. We already offer a SaaS option for almost every UiPath product, and Automation Cloud Robot brings us even closer to a fully-SaaS platform, hosted in our cloud.

我們繼續通過 Automation Cloud Robots 擴展平台部署選項，使我們的客戶無需 IT 資源或基礎設施即可立即部署無人值守機器人。我們已經為幾乎所有 UiPath 產品提供了 SaaS 選項，Automation Cloud Robot 讓我們更接近託管在我們雲中的完全 SaaS 平台。

As of the end of the fourth quarter, cloud, which includes both hybrid and SaaS deployments, has grown to more than $140 million in ARR in just over 2 years. We ended the quarter with more than 3,800 cloud customers, with approximately 55% of our new logos selecting cloud in the quarter. This includes companies like Snowflake and Recipe Unlimited.

截至第四季度末，包括混合部署和 SaaS 部署在內的雲計算在短短兩年內的 ARR 已增長到超過 1.4 億美元。我們在本季度結束時擁有超過 3,800 名云客戶，本季度約有 55% 的新徽標選擇了雲。這包括像 Snowflake 和 Recipe Unlimited 這樣的公司。

Our focus on innovation continues to strengthen our leadership in the automation market, and we are excited about our upcoming platform release in May. UiPath 2022.4 delivers the next-gen Automation Cloud, which continues our progress towards frictionless development and faster time to value, expand automation access for all and raises the bar on security and compliance.

我們對創新的關注繼續加強我們在自動化市場的領導地位，我們對即將在 5 月發布的平台感到興奮。 UiPath 2022.4 提供了下一代自動化雲，它繼續我們朝著無摩擦開發和更快的價值實現時間邁進，擴大了所有人的自動化訪問，並提高了安全性和合規性的標準。

We also continue to expand our go-to-market ecosystem. We ended the quarter with approximately 5,100 partners. Building a best-in-breed go-to-market ecosystem requires us to sell with global GSIs and automation experts as well as enable a broad range of organizations with distribution capabilities like Ingram Micro.

我們還將繼續擴展我們的上市生態系統。我們在本季度結束時擁有大約 5,100 個合作夥伴。建立一個同類最佳的上市生態系統要求我們與全球 GSI 和自動化專家一起銷售，並為英邁微等具有分銷能力的廣泛組織提供支持。

These collaborations include sell-to, like with Deloitte, which has decided to expand their UiPath usage for their internal automation journey, sell-with and sell-through. During the quarter, we closed several new and expanded partnerships, including Finastra and ISID.

這些合作包括與 Deloitte 的合作，後者已決定將 UiPath 的使用範圍擴大到內部自動化之旅、sell-with 和 sell-through。在本季度，我們關閉了幾個新的和擴大的合作夥伴關係，包括 Finastra 和 ISID。

Finastra, a U.K.-based global financial software company, plans to bring the power of UiPath automation to financial institutions worldwide. The first phase of this partnership, we leverage Finastra's secure cloud platform to allow partners and automation creators to build and sell offerings to the financial market.

總部位於英國的全球金融軟件公司 Finastra 計劃將 UiPath 自動化的強大功能帶給全球金融機構。該合作夥伴關係的第一階段，我們利用 Finastra 的安全雲平台，允許合作夥伴和自動化創建者構建並向金融市場銷售產品。

Additionally, Finastra expects to include UiPath capabilities in their own offerings, which they will monetize directly with their customers.

此外，Finastra 希望在他們自己的產品中包含 UiPath 功能，他們將直接從客戶那裡獲利。

While ISID Group, a leading Japanese system integrator, is using automation to respond to Japan's tightening employment environment. Many leading Japanese companies are responding to this issue through digital technologies, and ISID is developing a unique digital human resources development service, based on the UiPath platform, to offer to the wider market.

而日本領先的系統集成商 ISID Group 正在使用自動化來應對日本日益緊縮的就業環境。許多領先的日本公司正在通過數字技術應對這一問題，ISID 正在開發基於 UiPath 平台的獨特數字人力資源開發服務，以提供給更廣泛的市場。

As we continue to scale, we are building a go-to-market team that is driving long-term durable growth. And I want to welcome Chris Weber, who is joining us to lead that effort as Chief Business Officer, responsible for our global go-to-market strategy and execution.

隨著我們不斷擴大規模，我們正在建立一支推動長期持久增長的上市團隊。我要歡迎 Chris Weber，他將作為首席商務官加入我們，領導這項工作，負責我們的全球上市戰略和執行。

Chris brings over 25 years of experience to this role, having most recently helped transform sales and marketing across Microsoft as Corporate Vice President of their Corporate and SMB Commercial team. He also led Nokia's reentry into the North American market.

Chris 為這個職位帶來了超過 25 年的經驗，最近作為公司和 SMB 商業團隊的公司副總裁幫助改變了整個 Microsoft 的銷售和營銷。他還帶領諾基亞重新進入北美市場。

He has scaled multiple businesses to billions of dollars and brings an entrepreneurial approach, a genuine customer-first orientation and the passion for the role that automation plays in digital transformation.

他已經將多項業務擴展到數十億美元，並帶來了一種創業方法、真正的客戶至上導向以及對自動化在數字化轉型中所扮演角色的熱情。

I would also like to thank Thomas Hansen for his partnership and contributions to UiPath over the last 2 years and for his assistance during this transition.

我還要感謝 Thomas Hansen 在過去 2 年中對 UiPath 的合作和貢獻，以及他在過渡期間的幫助。

Now, I want to give you my thoughts on the guidance we provided this afternoon. I just returned from two weeks in Europe, where I spent time with our employees in Romania and customers across the region.

現在，我想就我們今天下午提供的指導談談我的看法。我剛從歐洲兩週回來，在那裡我與我們在羅馬尼亞的員工和該地區的客戶共度了一段時間。

We have a meaningful business in Europe that has been growing well over the last several years. This includes both employees and customers in Ukraine and in Russia, where we have paused business.

我們在歐洲擁有一項有意義的業務，在過去幾年中一直在增長。這包括我們暫停業務的烏克蘭和俄羅斯的員工和客戶。

I can tell you firsthand, this war is having a profound impact on the sense of physical and economic security across the continent and in the U.K. We are also starting to hear customers in the U.S. express reservations about both political uncertainty and rising interest rates.

我可以直接告訴你，這場戰爭對整個非洲大陸和英國的物質和經濟安全感產生了深遠的影響。我們也開始聽到美國的客戶對政治不確定性和利率上升表示保留。

As we start the fiscal year, we believe it is prudent to guide assuming the uncertainty we are seeing in the first quarter, will continue. It also takes into account our decision to transition our go-to-market leader, which can create short-term disruption.

在我們開始本財年之際，我們認為謹慎的做法是假設我們在第一季度看到的不確定性將持續下去。它還考慮了我們轉變市場領導者的決定，這可能會造成短期中斷。

Our financial model is powerful, and we believe there is considerable opportunity to continue to drive durable growth and improve profitability as we scale the business.

我們的財務模式非常強大，我們相信隨著我們擴大業務規模，有相當大的機會可以繼續推動持久增長並提高盈利能力。

In summary, we had a strong close to our first year as a public company. I've said it before, and I truly believe it: we are building a multigenerational company that will change how employees experience, work and unlock human potential. Looking ahead, fiscal 2023 digital transformation is accelerating, and UiPath is at the forefront of that evolution.

總而言之，作為上市公司的第一年，我們的表現非常出色。我之前說過，我真的相信：我們正在建立一家多代人的公司，它將改變員工體驗、工作和釋放人類潛力的方式。展望未來，2023 財年數字化轉型正在加速，而 UiPath 處於這一演變的最前沿。

With that, Ashim will take over talk in more detail about our fourth quarter results and our fiscal 2023 guidance.

有了這個，阿希姆將更詳細地討論我們的第四季度業績和我們的 2023 財年指導。

Thank you, Daniel. I want to echo your thanks to Thomas, and welcome Chris to the team.

謝謝你，丹尼爾。我想對 Thomas 表示感謝，並歡迎 Chris 加入團隊。

Before I get started, please note that unless otherwise indicated, I will be discussing results on a non-GAAP basis and all growth rates are year-over-year.

在開始之前，請注意，除非另有說明，否則我將在非公認會計原則的基礎上討論結果，並且所有增長率都是同比增長。

We are very pleased with our fourth quarter results, which capped off a milestone year and continues to demonstrate our strong execution and market leadership. We ended the fourth quarter with total ARR of $925.3 million, up 59%, driven by record net new ARR of $106.9 million, which grew 72% and exceeded the $100 million mark for the first time.

我們對第四季度的業績感到非常滿意，這是具有里程碑意義的一年，並繼續展示我們強大的執行力和市場領導地位。我們在第四季度結束時的總 ARR 為 9.253 億美元，增長了 59%，這得益於創紀錄的淨新 ARR 為 1.069 億美元，增長了 72%，首次超過 1 億美元大關。

Full-year net new ARR totaled $344.8 million, an increase of 51%. Our results were driven by broad-based demand across our platform and strong performance across geographies. Our dollar-based net retention rate of 145% for the quarter and gross retention rate of 98% continue to underscore the stickiness of our platform.

全年淨新增 ARR 總計 3.448 億美元，增長 51%。我們的業績是由我們平台上的廣泛需求和跨地區的強勁表現推動的。我們本季度 145% 的基於美元的淨保留率和 98% 的總保留率繼續強調了我們平台的粘性。

Two great examples of expansion business closed during the quarter. Wireless provider T-Mobile U.S., a leader in 5G, which began their automation journey with UiPath a couple of years ago. Initially, T-Mobile was focused on process automation in supply chain and finance.

本季度關閉了兩個很好的擴展業務示例。無線提供商 T-Mobile U.S. 是 5G 領域的領導者，幾年前開始使用 UiPath 開始他們的自動化之旅。最初，T-Mobile 專注於供應鍊和金融領域的流程自動化。

They have recently expanded their use of the entire UiPath platform by adopting Process and Task Mining, Document Understanding and Automation Cloud.

他們最近通過採用流程和任務挖掘、文檔理解和自動化雲擴展了對整個 UiPath 平台的使用。

Going forward, T-Mobile intends to leverage Process and Task Mining to aggressively expand their automation portfolio, freeing up team members to further focus on enhancing the customer experience, increasing process velocity and delivering more synergy savings post merger.

展望未來，T-Mobile 打算利用流程和任務挖掘來積極擴展其自動化產品組合，讓團隊成員騰出更多精力來進一步專注於增強客戶體驗、提高流程速度並在合併後提供更多的協同節約。

And Vodacom, one of Africa's largest telecom companies by revenue and market cap. To achieve their objectives, which are also tightly linked to the customer experience, Vodacom has deployed 135 unattended software robots, which have delivered today over 1.2 million hours saved, $1.3 million in OpEx savings and $19.5 million in revenue enablement.

還有 Vodacom，按收入和市值計算，它是非洲最大的電信公司之一。為了實現與客戶體驗密切相關的目標，Vodacom 部署了 135 台無人值守的軟件機器人，如今這些機器人已節省超過 120 萬小時，節省了 130 萬美元的運營支出和 1950 萬美元的收入。

Their next step is to launch an organization-wide citizen development program for their more than 6,000 employees to drive discovery, scale and unleash frontline innovation.

他們的下一步是為其 6,000 多名員工啟動一個組織範圍內的公民發展計劃，以推動發現、擴大和釋放一線創新。

Turning back to the numbers. Fiscal fourth quarter revenue grew 39% to $289.7 million. On a year-over-year basis, FX created an approximately 600 basis point headwind to revenue growth. For the full fiscal year, we reported revenue of $892.3 million, an increase of 47% year-over-year.

回到數字。第四財季收入增長 39% 至 2.897 億美元。與去年同期相比，外匯對收入增長造成了約 600 個基點的阻力。整個財年，我們報告的收入為 8.923 億美元，同比增長 47%。

Fourth quarter remaining performance obligations increased 65% to $682.8 million. This includes an approximately 800 basis points FX headwind to RPO growth. CRPO increased 57% to $422.2 million.

第四季度剩餘履約義務增加 65% 至 6.828 億美元。這包括對 RPO 增長的大約 800 個基點的外匯逆風。 CRPO 增長 57% 至 4.222 億美元。

Total gross margin was 88%, and software gross margin was 93%, reflecting revenue seasonality, offset by ongoing investments in services and cloud hosting. Fourth quarter non-GAAP operating expenses of $213.7 million increased 39%.

總毛利率為 88%，軟件毛利率為 93%，反映了收入的季節性，但被服務和雲託管的持續投資所抵消。第四季度非公認會計原則運營費用為 2.137 億美元，增長 39%。

The increase in expenses was primarily driven by headcount additions, and we ended the year with 4,013 employees. As we look ahead to fiscal year 2023, we expect hiring to be measured, given our investments in fiscal year 2022.

費用的增加主要是由於員工人數增加，到年底我們有 4,013 名員工。展望 2023 財年，鑑於我們在 2022 財年的投資，我們預計招聘將得到衡量。

Fourth quarter GAAP operating loss of $50.9 million included $77 million of stock-based compensation expense. Full-year GAAP operating loss was $500.9 million. Fourth quarter non-GAAP operating income was $41.9 million. Full-year non-GAAP operating income was $73.8 million. Fourth quarter non-GAAP adjusted free cash flow was $9.8 million.

第四季度 GAAP 運營虧損 5090 萬美元，其中包括 7700 萬美元的股票補償費用。全年 GAAP 經營虧損為 5.009 億美元。第四季度非公認會計原則營業收入為 4190 萬美元。全年非公認會計原則營業收入為 7380 萬美元。第四季度非公認會計原則調整後的自由現金流為 980 萬美元。

For the full fiscal year, we delivered non-GAAP adjusted free cash flow of negative $21.5 million. This is in line with our stated objective of being roughly cash flow neutral for the fiscal year. And we have $1.9 billion in cash, cash equivalents and marketable securities and no debt.

在整個財年，我們實現了非 GAAP 調整後的負 2150 萬美元自由現金流。這符合我們在本財年保持現金流大致中性的既定目標。我們有 19 億美元的現金、現金等價物和有價證券，而且沒有債務。

Let me now turn to first quarter and full-year fiscal 2023 guidance, which we believe encapsulates a realistic view of what we are seeing in our business today. Our roots are in Romania and the European market, which was a major focus from the beginning and is an important part of our growth profile.

現在讓我談談 2023 財年第一季度和全年的指導，我們認為這些指導概括了我們今天在業務中看到的現實觀點。我們的根植於羅馬尼亞和歐洲市場，這從一開始就是我們的主要關注點，也是我們增長概況的重要組成部分。

Approximately 30% of our business is in Europe, and we serve customers across the eastern part of the region and in Russia. We also price in local currency, which has created FX headwinds, given the recent strengthening of the U.S. dollar. Both have a direct impact on our growth profile and guidance.

我們大約 30% 的業務在歐洲，我們為該地區東部和俄羅斯的客戶提供服務。鑑於近期美元走強，我們還以當地貨幣定價，這造成了外匯逆風。兩者都對我們的增長概況和指導產生直接影響。

For fiscal year 2023, we have included the impact of pausing business in Russia, which is approximately a $15 million reduction in ARR, of which $5.5 million will be in the first quarter. In addition, at current FX rates, we estimated an ARR headwind of approximately $5 million to $10 million for the first quarter and approximately $20 million to $25 million for the full-year fiscal 2023.

對於 2023 財年，我們已將暫停俄羅斯業務的影響包括在內，這將使 ARR 減少約 1500 萬美元，其中 550 萬美元將在第一季度產生。此外，按照目前的匯率，我們估計第一季度的 ARR 逆風約為 500 萬至 1000 萬美元，2023 財年全年約為 2000 萬至 2500 萬美元。

For revenue, we expect an FX headwind of approximately $10 million to $15 million for the first quarter and $25 million to $30 million for the full-year fiscal 2023.

對於收入，我們預計第一季度的外匯逆風約為 1000 萬美元至 1500 萬美元，2023 財年全年為 2500 萬美元至 3000 萬美元。

We have also made prudent assumptions around the profile of large deals in our pipeline, given the current environment, and factored in the risks that exist with any sales leadership transition.

鑑於當前環境，我們還對我們管道中的大宗交易的概況做出了謹慎的假設，並考慮了任何銷售領導層過渡所存在的風險。

Our 2023 pipeline is strong and growing broadly. We hear from customers their continued desire to expand their automation programs and the strategic importance of the UiPath platform to their digital transformation efforts and our differentiation from our competitors.

我們的 2023 年管道很強大，並且正在廣泛增長。我們從客戶那裡聽到他們繼續希望擴展他們的自動化程序，以及 UiPath 平台對他們的數字化轉型工作以及我們與競爭對手的差異化的戰略重要性。

I also want to give you insight into our operating framework. We are committed to investing in this large and growing market, while balancing growth and profitability, which we have been consistently demonstrating over the last 2 years. Our financial model has healthy unit cost economics and strong cash flow, and we expect non-GAAP adjusted free cash flow to be neutral to slightly positive this year.

我還想讓您深入了解我們的運營框架。我們致力於投資這個龐大且不斷增長的市場，同時平衡增長和盈利能力，我們在過去 2 年中一直在證明這一點。我們的財務模型具有健康的單位成本經濟學和強勁的現金流，我們預計非公認會計原則調整後的自由現金流今年將保持中性至略微正數。

Moving to the specifics of guidance, I want to reinforce that we run and manage the business to ARR, which is where we believe investors should be focused. For modeling, we are adding both full-year revenue and full-year non-GAAP operating income guidance to our quarterly cadence.

轉向指導的細節，我想強調我們經營和管理業務到 ARR，這是我們認為投資者應該關注的地方。對於建模，我們將全年收入和全年非公認會計準則營業收入指導添加到我們的季度節奏中。

For the first quarter of fiscal 2023, we expect ARR to be in the range of $960 million to $965 million. We expect revenue to be in the range of $223 million to $225 million. We expect non-GAAP operating loss to be in the range of negative $30 million to negative $25 million. And we expect first quarter basic share count to be approximately 542 million shares outstanding.

對於 2023 財年第一季度，我們預計 ARR 將在 9.6 億美元至 9.65 億美元之間。我們預計收入將在 2.23 億美元至 2.25 億美元之間。我們預計非 GAAP 運營虧損將在負 3000 萬美元至負 2500 萬美元之間。我們預計第一季度基本股數約為 5.42 億股流通股。

For the full-year fiscal 2023, we expect ARR to be in the range of $1.2 billion to $1.21 billion. We expect revenue to be in the range of $1.075 billion to $1.085 billion, and we expect non-GAAP operating income to be in the range of $0 million to $10 million.

對於 2023 財年全年，我們預計 ARR 將在 12 億美元至 12.1 億美元之間。我們預計收入將在 10.75 億美元至 10.85 億美元之間，我們預計非美國通用會計準則營業收入將在 000 萬美元至 1000 萬美元之間。

Before I close, I want to leave you with a few guidance assumptions and modeling points. First, for the fiscal year, we expect first-half net new ARR to comprise approximately 35% of full-year net new ARR and to grow sequentially each quarter. For revenue, we expect first-half revenue to be equally split between the first and second quarter and to grow sequentially each quarter thereafter.

在結束之前，我想給您一些指導假設和建模要點。首先，對於本財年，我們預計上半年淨新 ARR 將佔全年淨新 ARR 的約 35%，並且每個季度都會連續增長。對於收入，我們預計上半年收入將在第一季度和第二季度平均分配，之後每個季度都會連續增長。

Second, we are extremely pleased with the growth of our cloud business. While this is a net positive, we expect growth in our SaaS offerings to be an estimated 4% headwind to full-year revenue growth this year.

其次，我們對雲業務的增長非常滿意。雖然這是一個淨積極因素，但我們預計我們的 SaaS 產品的增長預計將是今年全年收入增長的 4%。

Third, we started amortizing sales compensation expenses at the beginning of fiscal year 2022. Given last fiscal year was the first full year, we amortized these expenses, we are facing a 300 basis point headwind to non-GAAP operating margins in fiscal year 2023, relative to 2022.

第三，我們在 2022 財年年初開始攤銷銷售補償費用。鑑於上一財年是第一個全年，我們攤銷了這些費用，我們在 2023 財年面臨非 GAAP 營業利潤率 300 個基點的逆風，相對於 2022 年。

Finally, please note that we pay our annual corporate bonus in our fourth quarter sales commissions in the first quarter, which will result in a substantial cash outflow in the first quarter. We expect non-GAAP adjusted free cash flow to be driven by normal seasonal patterns and to be neutral to slightly positive for the fiscal year.

最後，請注意，我們在第一季度的第四季度銷售佣金中支付了年度公司獎金，這將導致第一季度大量現金流出。我們預計非 GAAP 調整後的自由現金流將受到正常季節性模式的推動，並且在本財年保持中性至略微積極。

In summary, we are pleased with our fourth quarter results, and we are confident in the opportunity ahead of us and the transformational potential of automation. We look forward to speaking with many of you in the coming weeks. We'll now take questions, and I will turn the call over to the operator. Operator, please poll for questions.

總之，我們對第四季度的業績感到滿意，我們對擺在我們面前的機會和自動化的轉型潛力充滿信心。我們期待在接下來的幾週內與你們中的許多人交談。我們現在將回答問題，我將把電話轉給接線員。接線員，請投票提問。

(Operator Instructions)

（操作員說明）

And our first question comes from Raimo Lenschow with Barclays.

我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Two quick questions from me and congrats on a strong end of the year. The first question is, I appreciate it's tough to come up with guidance with all the uncertainties out there, can you talk a little bit about how you did it? Was it just -- did you kind of assume lower closure rates because you know your pipeline? So I would assume it's a closure rate thing that drove the guidance.

我提出了兩個簡單的問題，並祝賀今年的圓滿結束。第一個問題是，我很欣賞在存在所有不確定性的情況下很難提出指導，你能談談你是如何做到的嗎？是不是因為您知道自己的管道，所以您是否假設關閉率較低？所以我認為這是推動指導的關閉率。

And then the second point is on the changes to the go-to-market model. I know we have a new leader and it's, kind of, maybe a little bit too early to talk about it, but would we expect like significant changes there?

第二點是關於上市模式的變化。我知道我們有一個新的領導者，現在談論它可能有點為時過早，但我們會期待那裡會有重大變化嗎？

Raimo, nice to hear from you. So on the guidance, you guys know that we always guide looking at what is in front of us. And right now, we are seeing the impact of the war in Ukraine.

雷莫，很高興收到你的來信。所以在指導上，你們知道我們總是指導著看我們面前的東西。而現在，我們正在看到烏克蘭戰爭的影響。

And as you know, we have a sizable business in Europe, and it's more than 30% of our business, and we are seeing uncertainty in Europe. In the last month, we have all experienced some deterioration on the global macroeconomical climate. And we have accounted for kind of normal distractions caused by the leadership transition.

如你所知，我們在歐洲有相當大的業務，占我們業務的 30% 以上，我們在歐洲看到了不確定性。上個月，我們都經歷了全球宏觀經濟環境的一些惡化。我們已經考慮了領導層換屆造成的正常乾擾。

On the leadership transition, first of all, I can thank once again to Thomas for his contribution. He is a great leader, and he helped us, in the last 2 years, scale from less than $0.5 billion to what we guide today, more than $1 billion in ARR and revenue.

關於領導層交接，首先，我要再次感謝托馬斯的貢獻。他是一位偉大的領導者，在過去 2 年裡，他幫助我們從不到 5 億美元擴大到我們今天的指導，ARR 和收入超過 10 億美元。

And as for the folks that know us, we always are proactively trying to bring best talent in the company, the talent that is capable of taking us to the next stage of growth. And this is exactly the stage where we are today.

至於認識我們的人，我們一直在積極努力為公司引進最優秀的人才，這些人才能夠帶領我們進入下一個發展階段。而這正是我們今天所處的階段。

And I know Chris for a while. He has been in my network for a while. He's an amazing business leader that has experience of scaling businesses at this stage and beyond, is an inspirational leader. He is really well connected to our customers. And I believe that he and the rest of executive team will continue to drive this business to really solid growth.

我認識克里斯有一段時間了。他在我的網絡中已經有一段時間了。他是一位了不起的商業領袖，擁有在這個階段及以後擴展業務的經驗，是一位鼓舞人心的領導者。他與我們的客戶關係很好。我相信他和其他執行團隊將繼續推動這項業務實現真正穩健的增長。

The business opportunity is here. Demand is here. We are bullish for the business for the rest of the year. We've been capable of distancing ourselves from the pack. We are the undisputed leaders in the automation. And overall, we are all seeing really good -- great business prospects. Ashim, you can add to this.

商機就在這裡。需求就在這裡。我們看好今年剩餘時間的業務。我們已經有能力讓自己遠離人群。我們是自動化領域無可爭議的領導者。總的來說，我們都看到了非常好的 - 巨大的商業前景。阿希姆，你可以添加到這個。

Yes, I think, Raimo, just on guidance, in terms of the assumptions that we had, half of our guidance is very quantifiable, directly. So I just want to make sure we walk down the impacts.

是的，我認為，Raimo，就指導而言，就我們所擁有的假設而言，我們的指導中有一半是可以直接量化的。所以我只是想確保我們能夠消除影響。

So with Russia, it is quantifiable that we have a $15 million impact on Russia. We mentioned in the script that $5.5 million of that $15 million is literally just from the appropriate accounting of the businesses that are there. And then the balance is just from the fact that Daniel has made the decision to -- for now, to take a pause with our Russia business.

因此，對於俄羅斯，我們對俄羅斯產生 1500 萬美元的影響是可以量化的。我們在腳本中提到，這 1500 萬美元中的 550 萬美元實際上只是來自對現有業務的適當會計處理。然後，平衡就在於丹尼爾已經決定——現在，暫停我們的俄羅斯業務。

The second piece of it is FX. So FX has between $20 million and $25 million impact for us. We rolled forward our guidance to current FX rates. And that both includes our sizable business in Europe with the euro weakening, but also with Japan, where just even in the last 30 days, you've seen a significant movement with the yen.

第二部分是FX。所以外匯對我們有 2000 萬到 2500 萬美元的影響。我們將我們的指引前推至當前匯率。這既包括我們在歐元走弱的歐洲的規模龐大的業務，也包括與日本的業務，即使在過去 30 天裡，你也看到了日元的顯著波動。

The remaining balance that we see there is, we look at our pipeline, and we have a very strong pipeline, as Daniel mentioned. There's a number of large deals, which we're excited about. We've won those deals, in the sense of they're not being baked off by competition.

正如丹尼爾所說，我們看到的剩餘平衡是，我們看看我們的管道，我們有一個非常強大的管道。有許多大宗交易，我們對此感到興奮。我們已經贏得了這些交易，因為它們並沒有因為競爭而被淘汰。

But given the macro climate, there's just uncertainty around that. And we've quantified that and incorporated that into our guidance to date, which is the balance after you subtract out the 15 for Russia and the 20 to 25 for FX.

但考慮到宏觀氣候，這只是不確定性。我們已經量化了這一點並將其納入我們迄今為止的指導，這是減去俄羅斯的 15 和外彙的 20 到 25 後的餘額。

Next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

A very nice quarter in Q4. Maybe, sort of, tailing on Raimo's question, so obviously, we're trying to wrap our heads around sort of the juxtaposition of what was a really strong Q4 and seeing, even on an adjusted basis, [50%] growth in net new ARR. And if I'm doing my math right, the forward guide assumes that $18 million -- or sort of 18% decline in net new ARR for the full fiscal year FY '23.

第四季度的一個非常好的季度。也許，有點追隨 Raimo 的問題，所以很明顯，我們正試圖將我們的頭腦圍繞在第四季度真正強勁的情況下，並看到，即使在調整的基礎上，淨新增長 [50%] ARR。如果我的數學計算正確，前瞻指南假設 1800 萬美元——或者說 23 財年整個財政年度的淨新 ARR 下降 18%。

If we think about, sort of, the operating margin side of the equation and the OpEx side of the equation, can you walk us through kind of the response on that side? You mentioned just kind of slowing down hiring.

如果我們考慮一下，等式的運營利潤率方面和等式的運營支出方面，你能引導我們了解那方面的反應嗎？你剛才提到了放慢招聘的速度。

But if you're expecting to sell 20% less, basically, net new ARR, is there more that you should be doing on that side of the equation to sort of soak up some of the slack, in terms of the salesforce? And how are you thinking about kind of preserving that bottom line, if we are going through this period of weaker demand?

但是，如果您預計銷售量減少 20%，基本上是淨新 ARR，那麼您是否應該在等式的那一側做更多的事情來彌補銷售人員方面的一些不足？如果我們正在經歷這段需求疲軟的時期，您如何考慮保持這一底線？

Thank you. First of all, I would like to thank you for your nice words about the quarter. We believe that we had a solid year. We are really pleased with the results.

謝謝你。首先，我要感謝您對本季度的好話。我們相信我們度過了充實的一年。我們對結果感到非常滿意。

Going on to the guide, again, I will reiterate that we are guiding from what is in front of us. We assume that the headwinds will continue for the rest of the year. We are looking always to balance the growth and the productivity for the company.

再一次談到指南，我將重申我們正在從我們面前的事物中引導。我們假設逆風將持續到今年剩餘時間。我們一直在尋求平衡公司的增長和生產力。

Our business, we grow -- we are looking to drive our business to in excess of rule of 40, taking ARR and free cash flow into account for the longer-term prospect of the business. Nothing has changed in the fundamentals of the business, and I will let Ashim to comment more on the margins.

我們的業務，我們的增長——我們希望將我們的業務推向超過 40 條規則，同時考慮到 ARR 和自由現金流，以考慮業務的長期前景。業務的基本面沒有任何變化，我會讓 Ashim 對利潤發表更多評論。

Yes. I mean, Keith, let me -- I also just want to start with the point on the 18% decline in net new ARR.

是的。我的意思是，基思，讓我 - 我也只想從淨新 ARR 下降 18% 的觀點開始。

When you actually factor in the impact of Russia and FX, when you normalize for that, that really is talking about an 8% decline, which in the current environment that we talked about, we believe just kind of stays in line with our -- with the guidance philosophy that we -- the prudent guidance philosophy that we have had from the very beginning of our journey here.

當您實際考慮俄羅斯和外彙的影響時，當您對此進行正常化時，實際上是在談論下降 8%，在我們談到的當前環境中，我們相信這與我們的 -帶著我們的指導理念——我們從這裡的旅程一開始就擁有的審慎指導理念。

In terms of operating margin, I don't characterize the hiring as the slowing down. I'd characterize it as just measured, given the investment that we put into the company in 2022. And we are very pleased, right now, with the performance of our investment.

就營業利潤率而言，我不認為招聘是放緩。考慮到我們在 2022 年對公司的投資，我認為它只是衡量過的。我們現在對我們的投資表現感到非常高興。

We feel confident about the size of our field force and the sales capacity to be able to really take advantage of the market, not just for '23, but also for '24, in the sense of we'll continue to invest for the long term.

我們對我們的現場團隊規模和能夠真正利用市場的銷售能力充滿信心，不僅是 23 年，而且是 24 年，從某種意義上說，我們將繼續長期投資學期。

At the same time, at our scale, we're crossing $1 billion, we believe that it is important to demonstrate and show that we can both grow as well as grow profitably. And the balance of leverage is something that is important to us and our leadership team.

與此同時，在我們的規模上，我們的規模已超過 10 億美元，我們相信證明和證明我們既可以增長又可以盈利增長是很重要的。槓桿的平衡對我們和我們的領導團隊很重要。

Our next question comes from Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on a strong close of the year. Just actually, my question is sort of in that context of a strong close because as you pointed out, the net new ARR actually accelerated strongest quarter of the year. But if I kind of break it down into dollar-based net retention as well as just new customer growth, it seemed like new customer growth was particularly strong and DBNR was high.

祝賀今年的強勁收官。實際上，我的問題是在強勁收盤的背景下，因為正如您所指出的，淨新 ARR 實際上加速了今年最強勁的季度。但是，如果我將其分解為基於美元的淨留存率以及新客戶增長，那麼新客戶增長似乎特別強勁，DBNR 也很高。

So I guess, going to the guidance, if you can maybe sort of unpack it another way, how are you thinking about the guidance in the context of, sort of, new customer acquisition and the DBNR? Are you hearing from existing customers that they're going to be pausing forward plans?

所以我想，如果你可以用另一種方式解開它，那麼我想，在新客戶獲取和 DBNR 的背景下，你如何看待指導？您是否從現有客戶那裡聽說他們將暫停未來計劃？

Or is this more of just new customers do you think are going to be hard to acquire? Maybe just kind of break it down that way and then just one follow-up.

或者這只是您認為很難獲得的新客戶？也許只是以這種方式分解它，然後只是一個後續行動。

Yes. When you look back historically at us, Phil, we're a 70 -- we've historically been between 70% and 80% expansion and 20% to 30% new logos, right?

是的。菲爾，當你回顧我們的歷史時，我們已經 70 歲了——歷史上，我們的擴張速度在 70% 到 80% 之間，新標誌在 20% 到 30% 之間，對吧？

So that is -- I put that in context of the impacts that are beyond our control, which is Russia and foreign exchange, I kind of put -- I would continue to split within those two realms and then that math and that modeling, obviously, that you can do in terms of what that equates to.

所以——我把它放在我們無法控制的影響的背景下，即俄羅斯和外匯，我有點說——我會繼續在這兩個領域內分裂，然後是數學和模型，顯然，您可以根據等同的內容來執行此操作。

In terms of the other pieces of the guidance, like we talked about, we're going through a leadership transition as well as kind of with the macro environment. We're really just looking at the prudent assumption around large deals, which, again, I think I would just assume the same split as kind of the historical expansion versus new logos.

就指導的其他部分而言，就像我們談到的那樣，我們正在經歷領導層過渡以及宏觀環境的變化。我們實際上只是在考慮圍繞大宗交易的審慎假設，我想我會再次假設與歷史擴張與新標識相同的分裂。

What I do want to reiterate, and Daniel can obviously comment on this further is, customers aren't talking about a pause in their automation program as much as what we hear is really just -- they're kind of working through the environment themselves, and that just creates the uncertainty of the profile and the timing of the deals at this moment.

我確實想重申，Daniel 顯然可以進一步評論的是，客戶並沒有像我們聽到的那樣談論他們的自動化程序的暫停——他們自己正在通過環境工作，而這只會在此時造成概況的不確定性和交易的時間安排。

Our customers are very excited about it, I can say personally, like we talked about in the script around some of the customers, and Daniel can comment on T-Mobile and other areas, like we still feel enthusiasm from our customer base, and we're investing like that. I'll turn it over to Daniel to give more color on that.

我們的客戶對此非常興奮，我個人可以說，就像我們在腳本中談到的一些客戶一樣，Daniel 可以評論 T-Mobile 和其他領域，就像我們仍然感受到我們客戶群的熱情一樣，我們'正在這樣投資。我將把它交給丹尼爾，以提供更多的色彩。

Yes. It's -- we are seeing really good momentum across customers, partners, I spend a lot of time with -- on the field with our people. Demand is there. The -- we are -- I want to remind you that we are operating in a very big [TAM]. It's in the early innings of this industry. and we remain very bullish on our prospects.

是的。這是 - 我們在客戶、合作夥伴中看到了非常好的勢頭，我花了很多時間與我們的員工一起在球場上。需求就在那裡。 - 我們是 - 我想提醒你，我們正在一個非常大的 [TAM] 中運作。它處於這個行業的早期階段。我們仍然非常看好我們的前景。

Got it. And then just in terms of sales productivity, I mean, it seems like we've seen a slight trend up in that over the course of the year. When you think of, sort of -- well, first, I wonder if you could comment on that, sort of, what has been driving some of that uptick, I mean, excluding obviously the impact from the amortization you talked about?

知道了。然後就銷售生產力而言，我的意思是，我們似乎在這一年中看到了輕微的上升趨勢。當您想到時，首先，我想知道您是否可以對此發表評論，或者說，是什麼推動了這種上漲，我的意思是，顯然排除了您談到的攤銷的影響？

But wondering, if you can talk about the sort of sales productivity and the trend over the course of this year?

但是想知道，您能否談談今年的銷售效率和趨勢？

Well, sales productivity has been increased constantly over the past 3 years. And it's really one of the main driver of net new ARR that we want to bring in the company.

好吧，在過去的 3 年裡，銷售效率不斷提高。這確實是我們希望引入公司的淨新 ARR 的主要驅動力之一。

We really put a lot of focus on driving sales productivity, measuring across the field. Velocity, we made great investment in our velocity team. It's performing extremely well. So it's really one of the levers that we pull hard on driving our business.

我們確實非常注重提高銷售效率，在整個領域進行衡量。 Velocity，我們對我們的 Velocity 團隊進行了大量投資。它的表現非常好。因此，這確實是我們努力推動業務發展的槓桿之一。

Our next question comes from Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

I wanted to ask about some of the comments you made around U.S. in North America. I think you were saying, you're being prudent on your kind of forecast backing your guidance in the region, just based on potential uncertainty. Or was that more just a pause that you're already seeing from customers in the region?

我想問一下你在北美對美國發表的一些評論。我認為您是在說，您對支持您在該地區的指導的預測持謹慎態度，只是基於潛在的不確定性。或者這只是您已經從該地區的客戶那裡看到的停頓？

Yes, Brad, like we -- one is, I think the macro environment is just, overall, on large deals. I wouldn't pin it to any specific geography. Of course, Europe is the one which is everything is onshore to. But we've also accounted for, and we've said the leadership transition, which is out there.

是的，布拉德，就像我們一樣——一個是，我認為宏觀環境總體上只是大宗交易。我不會將其固定到任何特定的地理位置。當然，歐洲是一切都在陸上的地方。但我們也考慮到了，我們已經說過領導層的交接，這已經存在。

Again, it is nothing that we're seeing anywhere. I would like to emphasize that what we see in front of us is a healthy pipeline. We do not see pauses. We just see uncertainty, given the environment. And so we -- with our guidance philosophy that we've had from the beginning, we do feel like being prudent is the right way to think about it.

同樣，這不是我們在任何地方看到的。我想強調的是，我們眼前看到的是一條健康的管道。我們沒有看到停頓。鑑於環境，我們只是看到了不確定性。所以我們 - 憑藉我們從一開始就擁有的指導理念，我們確實覺得謹慎是思考它的正確方式。

The second piece of it is the profile of the large deals. So like in terms of just whether that be duration or size, those are things that with the environment, we see customers kind of reworking their own internal budgets just across the board. Automation is still well funded.

第二部分是大宗交易的概況。因此，無論是持續時間還是規模，這些都是與環境有關的事情，我們看到客戶在全面修改他們自己的內部預算。自動化的資金仍然充足。

The question is, just kind of what are the commitments that we have? And I think we're going to get more clarity of that through the year. And so starting the year, we feel like this is the right way to inform our investors.

問題是，我們的承諾是什麼？我認為我們將在這一年中更加清楚這一點。因此，從今年開始，我們覺得這是通知投資者的正確方式。

Understood. And one more, if I may, please, just on your comments around the SaaS business providing a 4% headwind. Any color you can provide on just interest in the cloud? Are you seeing acceleration in moving RPA to the cloud? What are you hearing from customers there? And any more color you could help with understanding that impact?

明白了。還有一個，如果可以的話，請就您對 SaaS 業務的評論提供 4% 的逆風。您可以提供任何對雲感興趣的顏色嗎？您是否看到將 RPA 遷移到雲端的速度正在加快？你從那裡的客戶那裡聽到了什麼？還有更多顏色可以幫助您了解這種影響嗎？

Cloud is our fast-growing business at this moment. We are investing heavily into the cloud. We are very happy with the release of robots that are hosted into the cloud, that will further accelerate the cloud business. And for -- our entire product strategy is around cloud.

雲是我們目前快速增長的業務。我們正在大力投資雲計算。我們對託管在雲中的機器人的發布感到非常高興，這將進一步加速雲業務。而且，我們的整個產品戰略都是圍繞雲計算的。

I want to remind you that we are a cloud-first company. We deliver everything in the cloud first, and then we go to achieve priority on on-prem and hybrid deployments. I will let Ashim to comment more on the revenue headwinds because of the cloud transition.

我想提醒您，我們是一家云優先的公司。我們首先在雲中交付一切，然後我們去實現本地和混合部署的優先級。我會讓 Ashim 就雲過渡帶來的收入不利因素發表更多評論。

Yes. So we mentioned in the script, we've crossed $140 million and change, so to speak, on our cloud business. We're really -- we're very pleased with that progress. Like we talked about, in terms of return on investment, we're happy.

是的。所以我們在劇本中提到，我們已經超過 1.4 億美元，並且可以說改變了我們的雲業務。我們真的 - 我們對這一進展感到非常滿意。就像我們談到的那樣，就投資回報而言，我們很高興。

And I would actually say, we're even ahead, and we're trending ahead, in terms of cloud adoption with our customers, given the strength of the offering, and the flexibility that we provide our customers.

實際上，我想說的是，鑑於產品的實力以及我們為客戶提供的靈活性，我們甚至在客戶採用雲計算方面處於領先地位。

The second piece of that is just in terms of modeling. We've assumed, right now, that we're moving a little bit ahead of where we've historically thought, in terms of where we are, and we feel very good about the quantification of the headwind that cloud gives to revenue.

第二部分只是在建模方面。我們現在假設，就我們所處的位置而言，我們正在比我們歷史上認為的要領先一點，並且我們對雲計算給收入帶來的不利因素的量化感到非常滿意。

I do want to, again, emphasize is, we do run the business to ARR. And so the cloud is -- the ARR normalizes for that, and this is one of the reasons why we started disclosing and guiding from the very beginning, in terms of how that looks, and it has an impact on that metric. So we're actually very happy with the numbers and the overall progress.

我確實想再次強調的是，我們確實將業務運營到 ARR。所以雲是——ARR 對此進行了規範化，這就是我們從一開始就開始披露和指導的原因之一，就其外觀而言，它對該指標有影響。所以我們實際上對這些數字和整體進展感到非常滿意。

And lastly, the margin rates have really maintained. So we said that we've guided that cloud, we would be a greater than 80% gross margin business. Within our results and our guidance, you can see that continue. And we're happy with the execution by our product teams and maintaining our margin basis, even with the cloud adoption.

最後，保證金率確實保持不變。所以我們說我們已經引導了那個雲，我們將是一個超過 80% 的毛利率業務。在我們的結果和指導中，您可以看到這種情況仍在繼續。我們對我們的產品團隊的執行和維持我們的利潤基礎感到滿意，即使採用雲計算也是如此。

Next question comes from Fred Havemeyer with Macquarie.

下一個問題來自麥格理的 Fred Havemeyer。

Congratulations on the strong numbers coming out of Q4. And I certainly appreciate what you're describing, Ashim and Daniel, in terms of guidance.

祝賀第四季度的強勁數據。我當然很欣賞你在指導方面所描述的內容，Ashim 和 Daniel。

I wanted to ask, are you seeing any significant changes in the competition disappearing in your deals? Or who your customers are considering, now that ServiceNow and others are more aggressively positioning themselves in RPA and more broadly, automation?

我想問一下，您是否看到競爭中的任何重大變化在您的交易中消失了？或者您的客戶正在考慮誰，現在 ServiceNow 和其他人正在更積極地將自己定位在 RPA 和更廣泛的自動化中？

We are not seeing really any increase in the competition. On the contrary, we are seeing less competitive pressure in the deals. We are -- so we can comment, if you are interested on various major players that we are seeing in the business.

我們並沒有看到競爭真的有任何增加。相反，我們看到交易中的競爭壓力較小。如果您對我們在業務中看到的各種主要參與者感興趣，我們是 - 所以我們可以發表評論。

And in terms of the -- our traditional specialized competitors, we are really seeing less and less of them. We are replacing Blue Prism on automation anywhere in many customers. And speaking about the new entrants like Microsoft and ServiceNow, we are -- we really -- we are not seeing them that much. I can comment on both, specifically, if you are interested.

就我們傳統的專業競爭對手而言，我們確實看到的越來越少。我們正在許多客戶的任何地方取代 Blue Prism 的自動化。談到像微軟和 ServiceNow 這樣的新進入者，我們 - 我們真的 - 我們並沒有看到他們那麼多。如果您有興趣，我可以對兩者發表評論。

And then just on the numbers basis, I think it's really important. We see -- when you look at our win rates, we continue to look and analyze win rates between where Microsoft and where some of these large players are playing and where they're not. We don't see them a lot.

然後就數字而言，我認為這非常重要。我們看到 - 當您查看我們的贏率時，我們會繼續查看和分析微軟與這些大型玩家中的一些在哪裡玩以及他們不在哪里之間的贏率。我們很少見到他們。

But even when we do, our win rate has no difference, compared to where they are not playing. So we're really -- the trend of continuing to feel us is the dominant player in the industry. Right now, that is continuing from the data that I see and that we see as a team.

但即使我們這樣做了，與他們沒有比賽的地方相比，我們的勝率也沒有什麼不同。所以我們真的 - 繼續感覺我們是這個行業的主導者的趨勢。現在，我看到的數據以及我們作為一個團隊看到的數據仍在繼續。

And then I'll sneak another one in here. Your ability to scale to $1 billion-plus in ARR, is already a significant success. But also scaling above $1 billion in ARR and durably scaling above, that can present new challenges.

然後我會偷偷溜進來一個。您將 ARR 擴展到 10 億美元以上的能力已經取得了重大成功。但也將 ARR 擴大到 10 億美元以上並持續擴大，這可能會帶來新的挑戰。

So I'd like to ask, did you see anything in your go-to-market organization that made you question your ability to durably drive that growth above that $1 billion in ARR scale that catalyze your sales leadership change? Or is this something a little more tactical, perhaps?

所以我想問一下，您是否在您的上市組織中看到任何讓您質疑您能否持久推動增長超過 10 億美元的 ARR 規模以促進您的銷售領導層變化的能力？或者這可能是更具戰術性的東西？

No, we believe that the leadership change is the one that will catalyze our business at this scale. We are a business of land and expand. And I want to give you some data points that convinced me that our growth profile is going to stay in high numbers for many years to come.

不，我們相信領導層的更替將在這種規模上促進我們的業務。我們是土地和擴張的企業。我想給你一些數據點，這些數據點讓我相信我們的增長狀況將在未來很多年保持高水平。

If we look at customers over 1 million, we have improved this number by 78% this year, up to 158 customers. If you look at customers over 100,000, we have increased that number by 50% to almost 1,500 customers. They represent a great pipeline for us to grow the business for many years to come.

如果我們查看超過 100 萬的客戶，我們今年將這個數字提高了 78%，達到 158 位客戶。如果您查看超過 100,000 名客戶，我們將這個數字增加了 50%，達到近 1,500 名客戶。它們代表了我們在未來多年發展業務的絕佳渠道。

This year, we added 2,000 new customers to our total base of customers. So given our land-and-expand profile, our net retention rate, that is one of the best in business, we are very bullish on our growth profile.

今年，我們的客戶總數增加了 2,000 名新客戶。因此，鑑於我們的土地和擴張概況，我們的淨保留率，這是業務中最好的之一，我們非常看好我們的增長概況。

Our next question comes from Scott Berg with Needham.

我們的下一個問題來自 Scott Berg 和 Needham。

Daniel and the team, congrats on the strong sales in the fourth quarter. I guess I want to start off with following up on the CRO addition here is, Daniel, I know you talked about some potential sales disruptions, which makes it sounds like maybe Mr. Weber will do something different in the organization. But I guess what are you expecting him to come in and do that might be different than what you've done before? Is there anything from his background and experiences that we should particularly look for as you make this transition?

丹尼爾和他的團隊，祝賀第四季度的強勁銷售。我想我想首先跟進 CRO 的補充，丹尼爾，我知道你談到了一些潛在的銷售中斷，這聽起來韋伯先生可能會在組織中做一些不同的事情。但我猜你希望他進來做什麼，這可能與你以前所做的不同？在您進行這種過渡時，我們應該特別關注他的背景和經驗嗎？

Look, I think that every time we bring a new leader in the company, the -- that leader has the potential to reignite the passion, to improve the desire of people, to bring new talent in the company, to bring a partner recognition that help us improve our business. I believe I and Ashim will be great partners to Chris. I want to tell you that I personally led the go-to-market before Thomas for a few quarters. So we are really passionate about go-to-market. We are always looking at ways to improve, like we talked about, sales productivity. And I believe that we will make great partners with Chris, and we will continue to improve the talent acquisition and the overall performance.

聽著，我認為每次我們在公司帶來新的領導者時，那個領導者都有可能重新點燃激情，提高人們的願望，為公司帶來新的人才，帶來合作夥伴的認可，幫助我們改善業務。我相信我和 Ashim 會成為 Chris 的好夥伴。我想告訴你，我個人在 Thomas 之前領導了上市幾個季度。所以我們非常熱衷於進入市場。我們一直在尋找提高銷售效率的方法，就像我們談到的那樣。我相信我們會和克里斯成為很好的合作夥伴，我們會繼續提高人才的獲取和整體表現。

Got it. Helpful. And then on the SaaS transition for this year, Ashim, you talked about the 4% headwind. I actually think it's great to see that you're seeing some acceleration in that opportunity since that's where most of the space likely goes over time. But how should we think about pricing of the SaaS product for what you're seeing early relative to the kind of standard term license that you sell? Is pricing -- I guess, 2 parts there. One, is pricing consistent, or the same, or is it different? And then two, how are you seeing customers buy in that model? Are they buying or consuming the software any differently that we should think about in terms of maybe contract structure or size?

知道了。有幫助。然後關於今年的 SaaS 過渡，Ashim，你談到了 4% 的逆風。實際上，我認為很高興看到您在該機會中看到了一些加速，因為隨著時間的流逝，大部分空間可能會流逝。但是，相對於您銷售的標準期限許可，我們應該如何考慮 SaaS 產品的定價？定價 - 我猜，有 2 個部分。一，定價是一致的，還是相同的，還是不同的？然後兩個，您如何看待客戶購買該模型？他們購買或使用軟件的方式是否與我們在合同結構或規模方面應該考慮的不同？

Yes. In terms of pricing, the list pricing is very similar. It's the same. We actually have what we call universal pricing to ensure that we stay by our values of making this a customer choice versus our choice. And I think that is a big differentiation for us in the market.

是的。在定價方面，清單定價非常相似。一樣的。實際上，我們擁有所謂的通用定價，以確保我們堅持將其作為客戶選擇而不是我們的選擇的價值觀。我認為這對我們來說是一個很大的市場差異化。

In terms of discount discipline, given that there is a cost of -- a higher cost of goods sold component, we obviously are putting the appropriate controls in from a discounting basis to ensure that we meet the gross margin standards that we've set for ourselves. And right now, we do not see pressure to that at all. We feel very confident about where we are relative to it.

在折扣紀律方面，鑑於存在成本 - 更高的商品銷售成本，我們顯然正在從折扣基礎上進行適當的控制，以確保我們達到我們設定的毛利率標準我們自己。而現在，我們根本看不到這方面的壓力。我們對自己所處的位置非常有信心。

In terms of buying patterns, it's still early, right? We are very happy with the cloud acceleration. Initial signs show all the benefits of the cloud platform. Upgrades are obviously just are flowing. Features are flowing, which is good. It continues to have our customers in on the front end. And having been a customer, not weighing down the COEs with that allows them to focus on building pipeline and driving automation. And we expect this to be a good supportive metric of a great and healthy expansion as we go forward and a faster ramp time in terms of customers coming on board. Like I said, it's early. We're excited about what we see, and we'll continue to report out the progress throughout this year and beyond.

就購買模式而言，現在還為時尚早，對吧？我們對雲加速非常滿意。初步跡象顯示了雲平台的所有好處。升級顯然只是在流動。功能正在流動，這很好。它繼續讓我們的客戶站在前端。並且作為客戶，沒有壓低 COE 的壓力，使他們能夠專注於構建管道和推動自動化。我們預計，隨著我們的前進，這將是一個很好的支持性指標，可以很好地支持我們的健康擴張，並加快客戶加入的速度。就像我說的，現在還早。我們對我們所看到的感到興奮，我們將在今年及以後繼續報告進展情況。

Next question comes from David Hynes with Canaccord.

下一個問題來自 Canaccord 的 David Hynes。

This is Luke on for DJ. So you gave good detail around the revenue impact of the geopolitical uncertainty in Russia and Ukraine. But maybe you could share or expand on the impact you're seeing with your employees, which is to say, how much of your employee base is in Ukraine and Russia? Are they working? And what's your strategy for backfilling their responsibilities?

這是 DJ 的盧克。因此，您詳細介紹了俄羅斯和烏克蘭的地緣政治不確定性對收入的影響。但也許您可以與您的員工分享或擴展您所看到的影響，也就是說，您的員工有多少在烏克蘭和俄羅斯？他們在工作嗎？你有什麼策略來回填他們的職責？

We don't have a significant presence in Ukraine and Russia. In Ukraine, we have around 30 developers, and we've already have contingency plans in the product or around the areas that they work on. In Russia, we have a small sales team. I think it's less than 15 people. We don't have any development capabilities in Russia.

我們在烏克蘭和俄羅斯沒有重要的存在。在烏克蘭，我們有大約 30 名開發人員，我們已經在產品或他們工作的領域制定了應急計劃。在俄羅斯，我們有一個小型銷售團隊。我想不到15人。我們在俄羅斯沒有任何開發能力。

And we, since the beginning of this crisis, we really helped our people in Ukraine. We have raised more than $1.5 million. The company was matching 1 to 1 all the donations. We are providing homes for the Ukrainians. And we are in a good position to help in that regard because we have a big base in Romania. We have almost 1,000 people in Romania, which has a border with Ukraine. We have to admit that everybody is feeling the tension. But Romania, it's a country that is part of NATO. So we don't see any potential conflict that can affect, can disrupt us.

而且，自這場危機開始以來，我們確實幫助了我們在烏克蘭的人民。我們已經籌集了超過 150 萬美元。該公司對所有捐款進行了 1 比 1 匹配。我們正在為烏克蘭人提供住房。我們可以在這方面提供幫助，因為我們在羅馬尼亞擁有龐大的基地。我們在與烏克蘭接壤的羅馬尼亞有近 1000 人。我們必須承認，每個人都感到緊張。但是羅馬尼亞，它是一個屬於北約的國家。因此，我們看不到任何可能影響或擾亂我們的潛在衝突。

The next question comes from Strecker Backe with Wolfe Research.

下一個問題來自 Wolfe Research 的 Strecker Backe。

Ashim, I want to go back to Keith's question, but just in a slightly different way. As you said, hiring will be measured this year. But based on your guidance, you're still stepping up your investments back into the business. So can you help us reconcile this and dig into if not in hiring, where else are these investments going to be going? And then just from a high level, how should we think about the margin trajectory over the next 2 to 3 years?

Ashim，我想回到 Keith 的問題，但方式略有不同。正如你所說，今年將衡量招聘情況。但根據您的指導，您仍在加大對業務的投資。那麼，您能否幫助我們調和這一點，並深入研究如果不招聘，這些投資還會去哪裡？然後從高水平來看，我們應該如何看待未來 2 到 3 年的利潤率軌跡？

Yes. Thanks for the question. One is when you're looking at our expense load of this year and kind of the increase that is incorporated into the guidance, some of that is the carryover from last year. Remember, we're going to get a full annualized expense of the employees that we've hired in the second half, which is not incorporated into that. The second is there's a 3-point impact -- or a 300 basis point impact of our sales commission accounting change as a headwind that you'd have to normalize out of that number.

是的。謝謝你的問題。一個是當您查看我們今年的費用負擔以及納入指南的那種增加時，其中一些是去年的結轉。請記住，我們將獲得我們在下半年僱用的員工的全部年度費用，這不包括在內。第二個是我們的銷售佣金會計變更會產生 3 個基點的影響——或 300 個基點的影響，這是一個逆風，你必須從這個數字中恢復正常。

And then the other piece is we're thankfully going into a post-COVID world. So the other expenses that we have increased is getting teams back to the office and getting our offices functioning, which we are excited about. We feel like that's going to be a real boost to our productivity levels and to our -- and to the morale of the team as it is just on a global basis for the world.

然後另一部分是我們謝天謝地進入後COVID世界。因此，我們增加的其他費用是讓團隊回到辦公室並讓我們的辦公室正常運作，我們對此感到很興奮。我們覺得這將真正提高我們的生產力水平和我們的 - 以及團隊的士氣，因為它只是在全世界的全球基礎上。

And then we have marketing events. Getting back out and engaging customers has always been a great part of our culture. And we've incorporated the necessary investments to be able to do that. When you look at all of the post-COVID expenses, that's around a 400 basis -- around 400 basis points worth of expense that we've added in as a headwind.

然後我們有營銷活動。退出並吸引客戶一直是我們文化的重要組成部分。我們已經整合了必要的投資來做到這一點。當您查看所有後 COVID 費用時，這大約是 400 個基點——我們作為逆風添加了大約 400 個基點的費用。

And then lastly, like I said, we're going to continue to invest, just in a more measured way. So we are still hiring. You look at our R&D and our P&E, we have a great and growing platform. We're excited about our release. I'm sure Daniel will talk about it further, but our test automation has come out to be in a leading category. We're going to continue to invest in our platform and grow in those areas.

最後，就像我說的，我們將繼續投資，只是以一種更加謹慎的方式。所以我們還在招聘。你看看我們的研發和 P&E，我們有一個偉大且不斷發展的平台。我們對我們的發布感到興奮。我相信 Daniel 會進一步討論它，但我們的測試自動化已經成為領先的類別。我們將繼續投資於我們的平台並在這些領域發展。

And we are committed to expanding, like this is for the long term. So when you think about our margin rates long term, I would say we've already been expanding. If you look back on a trajectory of the last 3 to 5 years, we look at that trajectory to continue. And frankly, as we accelerate scale, that being said, we are constantly going to evaluate the balance of profitability and growth. We've reiterated we feel like we're in a large and early growing market. We're going to make investments. We're not going to be shy about it. And we're going to be good stewards of that capital and measure the right returns and have the right hurdle rates internally for it.

我們致力於擴大，就像這是長期的。因此，當您考慮我們的長期保證金率時，我會說我們已經在擴大。如果您回顧過去 3 到 5 年的軌跡，我們會看到該軌跡繼續下去。坦率地說，隨著我們擴大規模，話雖如此，我們將不斷評估盈利能力和增長之間的平衡。我們重申，我們覺得我們處於一個龐大且處於早期增長階段的市場。我們要進行投資。我們不會對此感到害羞。我們將成為該資本的好管家，衡量正確的回報，並在內部為其設置正確的門檻利率。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Wondering if you could just clarify whether you have, in fact, already seen any pipeline softness or any bookings slipping specifically in Europe or perhaps February and March actually performed well, and this is kind of just an extra dose of conservatism really just in case there are spillover effects outside of Ukraine, which might spread across Europe later this year. Just wondering if you've actually really seen anything tangible yet or not.

想知道你是否可以澄清一下，事實上，你是否已經看到任何管道疲軟或任何預訂在歐洲特別下滑，或者 2 月和 3 月實際上表現良好，這只是一種額外的保守主義，以防萬一是烏克蘭以外的溢出效應，可能會在今年晚些時候蔓延到整個歐洲。只是想知道你是否真的看到了任何有形的東西。

Yes, we've seen instances. Anecdotically, I can tell you that in Europe, there are companies that are looking at business continuity right now because they stopped their operations in Russia. Many governments in Europe are redirecting the funds to help refugees, and we have really quite a material public business. So there are tactical instances where customers are delaying some deals and are looking to face the realities of the world.

是的，我們已經看到了實例。有趣的是，我可以告訴你，在歐洲，有些公司正在考慮業務連續性，因為他們停止了在俄羅斯的業務。歐洲的許多政府正在將資金重新用於幫助難民，而我們確實有相當重要的公共業務。因此，在某些戰術實例中，客戶推遲了一些交易並希望面對世界的現實。

And then just in terms of like overall guidance, I wouldn't say any extra conservatism. We continue to feel like we're consistent. We are consistent with our historical guidance philosophy. And when we look at the big deals that are in the pipeline, we feel very strong about them, and we've appropriately reflected that impact both for first quarter and total year.

然後就整體指導而言，我不會說任何額外的保守主義。我們繼續覺得我們是一致的。我們與我們的歷史指導理念是一致的。當我們看到正在進行的大宗交易時，我們對它們感到非常強烈，我們已經適當地反映了第一季度和全年的影響。

And Ashim, when -- thank you for clarifying that. Are you sensing from customers, when you're speaking with them, do you feel like they're sort of indiscriminately kind of pulling back on all IT categories? I mean, are they sort of at that point? Or do you think within your guidance, I mean, are they reflecting to you that RPA is a category that's going to be prioritized and kind of fairly resilient through some geopolitical gyrations? Because I think our view is that they're trying to overcome wage inflation and labor shortages, and you've got this unbelievable value prop. I'm just kind of wondering if you have a feel whether it's kind of a broad-based pullback in IT spend potentially.

Ashim，什麼時候-- 謝謝你澄清這一點。您是否從客戶那裡感覺到，當您與他們交談時，您是否覺得他們有點不加選擇地撤回所有 IT 類別？我的意思是，他們是那種時候嗎？或者你認為在你的指導下，我的意思是，他們是否向你反映了 RPA 是一個將被優先考慮的類別，並且通過一些地緣政治的迴旋具有相當的彈性？因為我認為我們的觀點是，他們正在努力克服工資膨脹和勞動力短缺，而你擁有這種令人難以置信的價值支撐。我只是想知道你是否有一種感覺，這是否是一種潛在的廣泛的 IT 支出回調。

Yes, I would actually just answer it more in the affirmative in the sense of -- we've got an affirmation that automation continues to be an important part of -- a cornerstone of digital transformation. That's why we see these deals remain in our pipeline. I met just actually with 8 of our customers in one of our advisory boards within the financial industries. We spent an entire day today together. Use cases are expanding. They're innovating. This is something that continues to be in the C level.

是的，我實際上只是更肯定地回答它——我們肯定自動化仍然是數字化轉型的基石的重要組成部分。這就是為什麼我們看到這些交易仍在進行中。實際上，我在金融行業的一個諮詢委員會中與我們的 8 位客戶會面。今天我們一起度過了一整天。用例正在擴大。他們在創新。這是繼續在 C 級別中的東西。

One metric we didn't talk about, but our $1 million-plus customers continue to expand, as does our $100,000-plus customers. So we crossed 1,493 customers greater than $100,000. That's up 49% last year. That customer base is broad. In our minds, automation continues to be a really strong part of our program. Our guidance really reflects just the prudence that we feel on the large deals specifically, given the macro environment. There's nothing beyond that in our minds.

一個我們沒有談論的指標，但我們超過 100 萬美元的客戶繼續擴大，我們超過 100,000 美元的客戶也是如此。因此，我們跨越了 1,493 位超過 100,000 美元的客戶。去年增長了 49%。這個客戶群很廣泛。在我們看來，自動化仍然是我們計劃中非常重要的一部分。鑑於宏觀環境，我們的指導確實反映了我們對大型交易的審慎態度。在我們的腦海中，沒有什麼比這更重要的了。

Yes. Okay, probably a very -- probably a wise thing to be doing. And I do want to echo what others have said, it's actually a pretty spectacular finish to the year with that net new ARR number. So congrats on that.

是的。好吧，這可能是一件非常 - 可能是一件明智的事情。而且我確實想回應其他人所說的話，這實際上是今年的一個非常壯觀的結束，淨新 ARR 數字。恭喜你。

Thank you.

謝謝你。

Our next question comes from Steve Koenig with SMBC.

我們的下一個問題來自 SMBC 的 Steve Koenig。

I have 2 questions. I'll ask them both at once. So one is kind of an opportunity, and one is maybe a little more of a challenge. So I'm seeing firsthand expansions at your largest customers in Q4. And when you look at what's driving your largest expansions, how do you think about the broader opportunity in the Fortune 500 type base? They're doing maybe $1 million and not $10 million.

我有 2 個問題。我會同時問他們兩個。所以一個是一種機會，一個可能是一個挑戰。所以我在第四季度看到你們最大客戶的第一手擴張。當您查看推動您最大擴張的因素時，您如何看待財富 500 強類型基地中更廣泛的機會？他們做的可能是 100 萬美元，而不是 1000 萬美元。

And then I'll just toss out the second question, maybe a little more of a challenge here. So stock-based comp is obviously an important part of motivating employees. Your stock price is way down. And how does that affect your ability to attract and retain talent? And also related to that, how do you think about stock-based comp going forward? Congrats on the great Q4.

然後我將拋出第二個問題，這裡可能更具挑戰性。因此，基於股票的薪酬顯然是激勵員工的重要組成部分。你的股票價格下跌了。這對您吸引和留住人才的能力有何影響？與此相關的是，您如何看待未來基於股票的薪酬？祝賀偉大的第四季度。

Yes. Thank you, Steve. And yes, indeed, SMBC is our largest customers. We learn a lot by deploying at SMBC, and we've seen -- it's like a North Star for us when we think in terms of adoption.

是的。謝謝你，史蒂夫。是的，事實上，SMBC 是我們最大的客戶。通過在 SMBC 進行部署，我們學到了很多東西，而且我們已經看到——當我們考慮採用率時，它就像我們的北極星。

Look, we -- I think the value prop stays the same in the -- that we described at IPO. There is a huge number of menial, repetitive tasks out there. They are not automated yet. And our technology is the only one that can really address the long day of these tasks. And the adoption is solid. Even our cloud expansion proves this is a secular trend. And we are really bullish on our prospects. We are not seeing softness in customer demand. On the contrary, this is -- from all my meetings with the field, I got energized. People are seeing it's -- the pull is really there.

看，我們 - 我認為價值支柱在我們在 IPO 中描述的 - 保持不變。那裡有大量瑣碎的重複性任務。它們還沒有自動化。我們的技術是唯一能夠真正解決這些任務的漫長一天的技術。採用是可靠的。甚至我們的雲擴展也證明這是一個長期趨勢。我們真的很看好我們的前景。我們沒有看到客戶需求疲軟。相反，這是 - 從我與該領域的所有會議中，我變得精力充沛。人們看到了它——吸引力確實存在。

And then on stock-based charges, we have a -- we continue to be, and Daniel really drives this, a progressive strategy around our compensation. I think the hiring numbers from last year are -- continue to show the strength and belief and the excitement in our platform and the relevancy to so many people's lives. And we look at our employee base and they're excited about the prospects in front of us. The durability of our growth in the market is not -- is something that is widely believed across our entire employee base.

然後在基於股票的收費方面，我們有一個 - 我們繼續這樣做，丹尼爾真正推動了這一點，這是一個圍繞我們薪酬的漸進策略。我認為去年的招聘數字——繼續顯示我們平台的力量、信念和興奮，以及與這麼多人生活的相關性。我們看看我們的員工群，他們對我們面前的前景感到興奮。我們在市場上的增長的持久性並不是我們整個員工群體普遍認為的。

In terms of stock-based compensation, we look at that as a percentage of sales to be able to get -- to have productivity as we go forward. We do not provide a forecast on this. And again, we're in the early stages of where we are. The normal dilution that you would see in any company, we look to stay within that range, 3% to 5% at maturity. That is an area that we're -- we feel very comfortable with, and we don't see that as a sacrifice in terms of attracting the talent and building the team required to deliver the numbers that we're all committed to do.

在基於股票的薪酬方面，我們將其視為能夠獲得的銷售額的百分比 - 在我們前進的過程中具有生產力。我們不提供對此的預測。再說一次，我們正處於我們所處的早期階段。您在任何公司都會看到的正常稀釋，我們希望保持在該範圍內，到期時為 3% 到 5%。這是我們的一個領域——我們感到非常舒服，而且我們不認為這是在吸引人才和建立團隊以提供我們都承諾做的數字方面的犧牲。

Yes. And I would like to add that over the years, we've been, I'd say, very good in managing the dilution in terms of stock-based compensation. Based on our own metrics, we are one of the best company out there. So definitely, we have room for -- continue to incentivize our people if this is required.

是的。我想補充一點，多年來，我想說，我們在管理基於股票的薪酬方面的稀釋方面做得非常好。根據我們自己的指標，我們是目前最好的公司之一。因此，毫無疑問，我們有空間 - 如果需要，繼續激勵我們的員工。

Next question comes from Terry Tillman with Truist Securities.

下一個問題來自 Truist Securities 的 Terry Tillman。

Most of my questions have been answered, but I actually still do have some. So I'll ask 2 really quick ones. The partner activity is impressive. I mean you're adding thousands of partners, it seems like. But what I'm curious about is if you could share where you're seeing maybe more incremental traction or momentum, whether it's ISVs, I think Paychex might be one of those, or SIs or VARs or ads? Are any of those seemingly a lot further along and really kind of lifting the ARR influencing?

我的大部分問題都已得到解答，但實際上我仍有一些問題。所以我會問2個非常快的。合作夥伴的活動令人印象深刻。我的意思是你要添加數千個合作夥伴，看起來是這樣。但我很好奇的是，您是否可以分享您看到的更多增量牽引力或動力，無論是 ISV，我認為 Paychex 可能是其中之一，還是 SI、VAR 或廣告？是否有任何一個看起來更進一步並且真的提升了 ARR 的影響？

And then my second question, I'll just throw it out there now. Daniel, I think you talked about the uniqueness of having Linux-based automation bots. What are you seeing in the market with your Linux offering?

然後我的第二個問題，我現在就把它扔掉。 Daniel，我認為您談到了擁有基於 Linux 的自動化機器人的獨特性。您的 Linux 產品在市場上看到了什麼？

In terms of partners, we are seeing solid growth across all the segments. But obviously, the ones that bring us the most significant business are the GSIs. We are -- Accenture, for instance, it's becoming one of our largest partner. The investment that we made in the relationship is paying off. PwC, for instance, it's one of our largest customers and partners. We are driving a lot of business with them. And as an anecdote, they recently announced that they are terminating their relationship with Blue Prism. So they basically are focusing on us as their automation partner.

在合作夥伴方面，我們看到所有細分市場的穩健增長。但顯然，為我們帶來最重要業務的是 GSI。我們是——例如，埃森哲正在成為我們最大的合作夥伴之一。我們在這種關係中所做的投資正在得到回報。例如，普華永道是我們最大的客戶和合作夥伴之一。我們正在與他們開展大量業務。作為軼事，他們最近宣布終止與 Blue Prism 的關係。所以他們基本上把我們作為他們的自動化合作夥伴。

And look, in terms of the Linux-based offering, what we have in the cards is that we are building what we call our serverless offering. That is the core component that will drive the adoption of robots hosting in our own cloud. And on a long-term basis, the Linux robots and the container-based robots will provide us with the economy of scale that is required to drive a large, completely SaaS cloud-based business.

並且看，就基於 Linux 的產品而言，我們所擁有的是我們正在構建我們所謂的無服務器產品。這是推動在我們自己的雲中託管機器人的核心組件。從長遠來看，Linux 機器人和基於容器的機器人將為我們提供推動大型、完全基於 SaaS 雲的業務所需的規模經濟。

And ladies and gentlemen, that ends our Q&A session for today. I'll now turn the floor back to management for closing remarks.

女士們先生們，今天的問答環節到此結束。我現在將發言權轉回管理層以結束髮言。

I want to thank you all very much for participating in this afternoon's call. I also want to thank the UiPath team for their hard work, our partners for their dedication to our customers and our shareholders for your ongoing support. And I want to reiterate our support for the people of Ukraine.

我非常感謝大家參加今天下午的電話會議。我還要感謝 UiPath 團隊的辛勤工作、我們的合作夥伴對客戶的奉獻以及我們股東的持續支持。我想重申我們對烏克蘭人民的支持。

We look forward to speaking with many of you throughout the quarter. Thank you.

我們期待在整個季度與你們中的許多人交談。謝謝你。

Thank you. This concludes today's conference. All parties may disconnect. Have a great evening.

謝謝你。今天的會議到此結束。各方都可以斷開連接。有一個美好的夜晚。