UiPath Inc (PATH) 2023 Q1 法說會逐字稿

Greetings. Welcome to the UiPath First Quarter 2023 Earnings Conference Call. (Operator Instructions) At this time, all participants are in a listen-only mode.

問候。歡迎參加 UiPath 2023 年第一季度收益電話會議。 （操作員說明）此時，所有參與者都處於只聽模式。

A question-and-answer session will follow the formal presentation. If Please note that this conference is being recorded. I would now like to turn the conference over to your host, Kelsey Turcotte, Senior Vice President of

正式演講之後將進行問答環節。如果請注意正在錄製此會議。我現在想將會議轉交給您的主持人，Kelsey Turcotte，高級副總裁

Investor Relations for UiPath. Kelsey, you may begin.

UiPath 的投資者關係。凱爾西，你可以開始了。

Good afternoon, and thank you for joining us today to review UiPath's First quarter fiscal 2023 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 Dinos, UiPath Co-Founder and Co-Chief Executive Officer; Rob Enslin, Co-Chief Executive Officer; and Ashim Gupta, Chief Financial Officer. We will open with prepared remarks followed by a Q&A session.

下午好，感謝您今天加入我們，回顧 UiPath 的 2023 財年第一季度財務業績，我們在今天收盤後發布的收益新聞稿中宣布了這一結果。與我通話的是 UiPath 聯合創始人兼聯合首席執行官 Daniel Dinos； Rob Enslin，聯合首席執行官；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。

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

我們的收益新聞稿和財務補充材料發佈在 UiPath 投資者關係網站 ir.uipath.com 上。這些材料包括公認會計原則與非公認會計原則的對賬。我們將在今天的電話會議上討論非 GAAP 指標。

This afternoon's call includes forward-looking statements about the impact of FedRAMP authorization, our ability to drive growth and operational efficiency and our financial guidance for the second fiscal quarter and fiscal year-end 2023.

今天下午的電話會議包括關於 FedRAMP 授權的影響、我們推動增長和運營效率的能力以及我們對第二財季和 2023 財年末的財務指導的前瞻性陳述。

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. 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 fiscal year ended January 31, 2022, and our other reports filed with the SEC, including our quarterly report on Form 10-Q for the quarterly period ended April 30, 2022, to be filed with the SEC. Forward-looking statements made on this call reflect our views as of today.

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。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 2022 年 1 月 31 日的財政年度的 10-K 表格年度報告，以及我們向 SEC 提交的其他報告，包括我們的季度報告在截至 2022 年 4 月 30 日的季度期間的 10-Q 表格上，將提交給 SEC。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。

We undertake no obligation to update them. 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.

我們不承擔更新它們的義務。我想強調的是，本次網絡廣播附有幻燈片。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。

Before I turn the call over to Daniel, I'd like to inform you we will be holding our 2022 Investor Day during our FORWARD IV user Conference on Tuesday, September 27 at the Venetian Hotel in Las Vegas starting at noon Pacific Time. Please save the date.

在我將電話轉給丹尼爾之前，我想通知您，我們將於太平洋時間中午 9 月 27 日星期二在拉斯維加斯威尼斯人酒店舉行的 FORWARD IV 用戶大會期間舉行 2022 年投資者日。請保存日期。

Invitations with registration information will be forthcoming. Now I'd like to hand the call over to Daniel.

即將收到帶有註冊信息的邀請。現在我想把電話交給丹尼爾。

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us. I'd like to start by thanking the UiPath team for their hard work and their dedication to our customers during this turbulent time. I'm pleased that first quarter results exceeded expectations.

謝謝你，凱爾西，大家下午好。感謝您加入我們。首先，我要感謝 UiPath 團隊在這個動盪時期的辛勤工作和對客戶的奉獻。我很高興第一季度業績超出預期。

We reported ARR of $977 million, which grew 50% year-over-year. Net new ARR was $52 million, net of a $5.5 million due to Russian sanctions. When we provided guidance in late March, we knew it would be a choppy quarter, particularly in Europe, given the ongoing geopolitical situation and macroeconomic environment. At the same time, both prospects and existing accounts tell us that automation is a long-term solution to this kind of volatility, which leaves us very optimistic about the business long term.

我們報告的 ARR 為 9.77 億美元，同比增長 50%。淨新 ARR 為 5200 萬美元，扣除俄羅斯制裁造成的 550 萬美元。當我們在 3 月下旬提供指導時，我們知道鑑於當前的地緣政治局勢和宏觀經濟環境，這將是一個波動的季度，尤其是在歐洲。同時，前景和現有賬戶都告訴我們，自動化是解決這種波動的長期解決方案，這讓我們對長期業務非常樂觀。

This year, we expect to cross the $1 billion mark in both ARR and revenue. And as we look ahead, we have aspirations to be multiples of the size we are today, which is why we have brought together a global team that has scaled technology businesses of size, their leadership and experience built upon our current foundation and will help drive the next chapter of sustained profitable growth at UiPath.

今年，我們預計 ARR 和收入都將突破 10 億美元大關。展望未來，我們渴望成為當今規模的倍數，這就是為什麼我們組建了一個全球團隊，該團隊在我們目前的基礎上擴大了規模的技術業務、他們的領導力和經驗，並將幫助推動UiPath 持續盈利增長的新篇章。

Choppy macro environments typically reveal areas that can be improved. To that end, the team is focused on simplifying our go-to-market approach, starting with an alignment that will result in better market segmentation, higher sales productivity and best-in-class customer experience and outcomes. We will be scaling through our emerging enterprise teams, which are more cost-effective while at the same time, increasing our presence with key accounts where the expansion opportunities are significant, where we haven't had enough dedicated attention.

不穩定的宏觀環境通常會揭示可以改進的領域。為此，該團隊專注於簡化我們的上市方法，首先要進行調整，以實現更好的市場細分、更高的銷售效率和一流的客戶體驗和成果。我們將通過我們的新興企業團隊進行擴展，這些團隊更具成本效益，同時增加我們在擴展機會顯著但我們沒有足夠專注的關鍵客戶的存在。

Chris Weber, our new Chief Business Officer, is already writing teams to reach higher to C-level executives and instilling even better operational rigor on deal execution, while reducing bureaucracy and organizational complexity.

我們新任首席商務官克里斯·韋伯（Chris Weber）已經在組建團隊，以接觸更高級別的高管，並在交易執行方面灌輸更高的運營嚴謹性，同時減少官僚作風和組織複雜性。

Our market opportunity continues to be significant as the amount of many on working organizations and need for agility is only increasing. We continue to win in the market, given the measurable return on investment we create for our customers and the breadth and depth of our platform.

我們的市場機會仍然很重要，因為工作組織中的許多人以及對敏捷性的需求只會增加。鑑於我們為客戶創造的可衡量的投資回報以及我們平台的廣度和深度，我們將繼續在市場上獲勝。

I have never felt more confident in the leadership team, the direction of the company and our ability to build operating leverage while continuing to win this large market.

我對領導團隊、公司的發展方向以及我們在繼續贏得這個大市場的同時建立運營槓桿的能力感到前所未有的自信。

Turning back to the quarter. We continue to see broad adoption across industries, ending April with more than 10,330 customers including new logos, Briton Americas, Korea Investment Savings Bank, Dato, Udemy and Virtua. We also had great competitive wins in this quarter with new logos like Zales and DocuSign, which selected the UiPath platform including the UiPath test suite to accelerate the time to value for new automations and UiPath integration service to combine the power of both Ui automation and API integrations in a single workflow.

回到季度。我們繼續看到各行各業的廣泛採用，截至 4 月份有超過 10,330 名客戶，包括新徽標、Briton Americas、韓國投資儲蓄銀行、Dato、Udemy 和 Virtua。在本季度，我們還通過 Zales 和 DocuSign 等新徽標獲得了巨大的競爭勝利，它們選擇了 UiPath 平台，包括 UiPath 測試套件，以加快新自動化和 UiPath 集成服務的價值實現時間，以結合 Ui 自動化和 API 的強大功能集成在一個工作流程中。

We now have 1,574 customers that accounted for at least $1,000 in error on an annual basis. This includes 168 customers over $1 million in annual ARR. During the quarter, a global financial services and insurance company chose us to standardize on our entire platform while phasing out a competitor.

我們現在有 1,574 位客戶，每年的錯誤金額至少為 1,000 美元。這包括 168 位年 ARR 超過 100 萬美元的客戶。在本季度，一家全球金融服務和保險公司選擇我們在我們的整個平台上進行標準化，同時逐步淘汰競爭對手。

They are implementing automation across lines of business and plan to use document understanding, AI/ML and test suite as well as scale up citizen development. They have a corporate initiative to remove $100 million in cost by 2025 and see automation as instrumental in achieving their goal. We consistently hear from customers that our end-to-end platform focused on innovation and vision for the future of automation are important differentiators for UiPath and key to winning in the market.

他們正在跨業務線實施自動化，併計劃使用文檔理解、AI/ML 和測試套件以及擴大公民發展。他們有一項企業計劃，即到 2025 年減少 1 億美元的成本，並將自動化視為實現目標的重要工具。我們不斷從客戶那裡聽到，我們專注於創新和對自動化未來願景的端到端平台是 UiPath 的重要差異化因素，也是贏得市場的關鍵。

In the recent Forrester RPA inquiry spotlight 2022 between February 2020 and December 2021, Forester analyst received the most inquiries about UiPath, 2.7x the next vendor while 72% of total conversations were focused on automation platforms.

在最近 2020 年 2 月至 2021 年 12 月期間的 Forrester RPA 查詢聚焦 2022 中，Forrester 分析師收到了關於 UiPath 的最多查詢，是下一個供應商的 2.7 倍，而總對話的 72% 集中在自動化平台上。

We continue to deliver on our promise to make platform deployment easier, faster and similar with the introduction of 22.4, our most recent platform release. A few highlights include: General availability of automation cloud robots with 2 SaaS offerings, a VM automation cloud robot created on-demand in automation cloud, providing unattended robots and serverless automation cloud robots, a pool of robots that we run selected automation jobs on demand, expanded integration options in our integration service, controls and templates to streamline app development and new citizen developer access to AI-powered tools like Forms AI, document understanding and test capture, security and compliance upgrades that include every UiPath service now in scope for SO2, and automation cloud hearttation and support for Mac expansion in ready-to-go attended automation and support for long-running workflows in Linux.

我們繼續兌現我們的承諾，通過引入我們最新的平台版本 22.4，使平台部署更容易、更快和類似。一些亮點包括：具有 2 個 SaaS 產品的自動化雲機器人的普遍可用性，在自動化雲中按需創建的 VM 自動化雲機器人，提供無人值守機器人和無服務器自動化雲機器人，我們按需運行選定自動化作業的機器人池，在我們的集成服務、控件和模板中擴展了集成選項，以簡化應用程序開發和新公民開發人員對 AI 驅動工具（如 Forms AI）的訪問、文檔理解和測試捕獲、安全性和合規性升級，包括現在 SO2 範圍內的每項 UiPath 服務，以及自動化雲中心化和對 Mac 擴展的支持，支持隨時可用的有人值守自動化，並支持 Linux 中長期運行的工作流。

During the quarter, we also announced automation cloud public sector achieved Fedrem in-process status. Fedrem authorization will increase our addressable market in the federal space where we already have a meaningful presence. All of these points to the considerable momentum that continues to build in our cloud business, which continues to be in hyper growth with cloud ARR more than doubling year-over-year and to provide customers even more flexibility.

在本季度，我們還宣布自動化雲公共部門實現了 Fedrem 進程狀態。 Fedrem 授權將增加我們在聯邦空間中的可尋址市場，我們已經擁有有意義的存在。所有這些都表明我們的雲業務繼續建立相當大的勢頭，該業務繼續保持高速增長，雲 ARR 同比增長一倍以上，並為客戶提供更大的靈活性。

We recently introduced a new pricing model that allows for oral migration between on-prem and cloud. A great cloud customer case study is global health care exchange, which started its automation journey with automation cloud. During this past quarter, they expanded with multiyear road map to apply automation to address more complex business problems leveraging document understanding for large-scale document conversion, AI computer vision to source images reliably from vendor websites, while rolling out a new citizen development program to accelerate internal adoption.

我們最近推出了一種新的定價模型，允許在本地和雲之間進行口頭遷移。一個偉大的雲客戶案例研究是全球醫療保健交換，它通過自動化雲開始了它的自動化之旅。在過去的這個季度，他們擴展了多年路線圖，以應用自動化解決更複雜的業務問題，利用文檔理解進行大規模文檔轉換，人工智能計算機視覺從供應商網站可靠地獲取圖像，同時推出新的公民發展計劃加速內部採用。

We also continue to expand our partner ecosystem, making automation easier as both go-to-market and technical partners, help customers deploy automations quickly and realize fast time to value.

我們還繼續擴展我們的合作夥伴生態系統，使自動化作為上市和技術合作夥伴更容易，幫助客戶快速部署自動化並實現快速實現價值。

On the go-to-market side, partners like NCS are both deploying our platform internally as well as leveraging it to generate revenue and better serve their customers. leading technology services for in Asia Pacific, NCS expects to deploy hundreds of automations within their organization and to create a UiPath automation practice focused on the delivery of the fully automated enterprise to their customers.

在上市方面，像 NCS 這樣的合作夥伴既在內部部署我們的平台，又利用它來創造收入並更好地為客戶服務。 NCS 為亞太地區提供領先的技術服務，預計將在其組織內部署數百個自動化，並創建一個 UiPath 自動化實踐，專注於向客戶交付全自動化企業。

From a technical perspective, we announced integrations with Adobe's document services and end-to-end document processes to drive productivity and scale in a secure manner. Mind shift, a leading provider of automated prior authorization and real-time medical benefits check technology to enable better patient care faster by reducing manual operational tasks and introducing significant operational efficiencies and Air Slate, a fast-growing workflow automation company to empower individuals and small businesses to create, innovate and automate to digitally transform their organizations to run faster, easier and more efficiently.

從技術角度來看，我們宣布與 Adobe 的文檔服務和端到端文檔流程集成，以安全的方式提高生產力和擴展能力。 Mind shift 是一家領先的自動事先授權和實時醫療福利檢查技術提供商，通過減少手動操作任務和引入顯著的運營效率來更快地提供更好的患者護理，Air Slate 是一家快速發展的工作流程自動化公司，旨在為個人和小型企業提供支持企業創建、創新和自動化，以對其組織進行數字化轉型，以更快、更輕鬆、更高效地運行。

Before I turn the call over to Ashim I'd like to welcome our new co-CEO, Rob Enslin. When I met Rob, I knew that he would be the right partner to help me lead UiPath. His roots were in development at SAP where he went on to a series of increasingly senior executive roles.

在我將電話轉給 Ashim 之前，我想歡迎我們的新聯合首席執行官 Rob Enslin。當我遇到 Rob 時，我知道他將是幫助我領導 UiPath 的合適夥伴。他的根源在於 SAP 的開發，在那裡他擔任了一系列越來越高級的管理職位。

Based on his ability to build on lead organizations, his operational skills and commitment to customers.

基於他建立領先組織的能力、他的運營技能和對客戶的承諾。

Most recently as President of Google Cloud, he led the team of several thousand employees that drove considerable growth at scale. While his experience and skills are important, it's Rob's personality and his passion for the power of automation, which are a great fit for UiPath. I'll turn the call over to Rob for a few minutes to share his perspective.

最近擔任 Google Cloud 總裁時，他領導了由數千名員工組成的團隊，推動了大規模的可觀增長。雖然他的經驗和技能很重要，但 Rob 的個性和他對自動化力量的熱情非常適合 UiPath。我將把電話轉給 Rob 幾分鐘，分享他的觀點。

Thanks, Daniel. It's exciting to be on the first of many earnings calls at UiPath. It's been just over 2 weeks since I formally joined, but I've been watching the company for some time. I've studied UiPath's platform, market opportunity and competitive moat. And I'm convinced that in the automation, AI and ML space, UiPath will be a leader that all companies will embrace server time.

謝謝，丹尼爾。參加 UiPath 的眾多財報電話會議中的第一個令人興奮。從我正式加入到現在才兩個多星期，但我已經關注公司有一段時間了。我研究了 UiPath 的平台、市場機會和競爭護城河。而且我相信，在自動化、人工智能和機器學習領域，UiPath 將成為所有公司都將擁抱服務器時間的領導者。

I've also been impressed by Daniel's focus on culture, which is the intangible that can create success or undermine potential. We have the opportunity to build a company that not only delivers disruptive technology to our customers but is also defined by how we develop and empower our employees, care for our communities and give back to our society.

丹尼爾對文化的關注也給我留下了深刻的印象，文化是可以創造成功或破壞潛力的無形資產。我們有機會建立一家公司，該公司不僅為我們的客戶提供顛覆性技術，而且還取決於我們如何發展和賦予員工權力、關心我們的社區和回饋社會。

I've spent my early days being what you would expect, meeting the team and some of our customers and starting to form my view on where I can have the most impact. We have a powerful financial model. And at this scale, we can drive both growth and operational efficiency.

我的早期生活就像你所期望的那樣，與團隊和我們的一些客戶會面，並開始形成我對在哪裡可以產生最大影響的看法。我們擁有強大的財務模型。在這種規模下，我們可以推動增長和運營效率。

I look forward to digging deeper into the business and meeting many of you over the coming months. I will turn it back to Daniel.

我期待著在未來幾個月內更深入地研究業務並與你們中的許多人會面。我會把它還給丹尼爾。

Thanks, Rob. I'll turn the call over to Ashim to talk in more detail about our first quarter results and provide guidance.

謝謝，羅伯。我會將電話轉給 Ashim，以更詳細地討論我們的第一季度業績並提供指導。

Thank you, Daniel. I also want to welcome Rob to the team. 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.

謝謝你，丹尼爾。我也想歡迎 Rob 加入團隊。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的。

We ended the first quarter with total ARR of $977.1 million, up 50%, driven by net new ARR of $51.8 million. On a year-over-year basis, FX created an approximately $5 million headwind in the quarter, and we wrote down $5.5 million in ARR as a result of Russian sanctions. Our dollar-based net retention rate of 138% for the quarter reflects the write-down of Russia ARR.

我們在第一季度結束時的總 ARR 為 9.771 億美元，增長了 50%，這得益於淨新 ARR 為 5180 萬美元。與去年同期相比，FX 在本季度創造了約 500 萬美元的逆風，由於俄羅斯的製裁，我們減記了 550 萬美元的 ARR。我們本季度以美元為基礎的淨保留率為 138%，這反映了俄羅斯 ARR 的減記。

Net of the Russia impact, dollar-based net retention rate was 139%, dollar-based gross retention rate was 98%. First quarter revenue grew 32% to $245.1 million. Normalizing for the year-over-year FX impact, which was an approximately $14 million headwind, revenue grew 39% year-over-year.

扣除俄羅斯影響後，基於美元的淨保留率為 139%，基於美元的總保留率為 98%。第一季度收入增長 32% 至 2.451 億美元。將同比外匯影響正常化，這是一個大約 1400 萬美元的逆風，收入同比增長 39%。

We are seeing the large deals that have been in our pipeline starting to take shape including one that we closed with the customer in the health care vertical in the first quarter, which helped to drive some of our first quarter revenue upside. First quarter remaining performance obligations increased 46% to $675.6 million. Normalizing for the year-over-year FX impact, which is an approximately $47 million headwind, RPO grew 56% year-over-year.

我們看到我們正在籌備中的大筆交易開始形成，包括我們在第一季度與醫療保健垂直領域的客戶達成的交易，這有助於推動我們第一季度的部分收入增長。第一季度剩餘履約義務增加 46% 至 6.756 億美元。將同比外匯影響正常化，即約 4700 萬美元的逆風，RPO 同比增長 56%。

Current RPO increased 45% to $424 million. Total gross margin was 85%, reflecting first quarter revenue seasonality and investment in cloud infrastructure. Software gross margin was 92%.

當前的 RPO 增長了 45%，達到 4.24 億美元。總毛利率為 85%，反映了第一季度收入的季節性和對雲基礎設施的投資。軟件毛利率為92%。

We continue to invest in services and cloud hosting as we scale our cloud business. First quarter operating expenses of $219.1 million increased 49% driven in part by headcount additions and our annual employee merit cycle as we reward our top talent and focus on long-term employee retention.

隨著我們擴展雲業務，我們將繼續投資於服務和雲託管。第一季度運營費用為 2.191 億美元，增長了 49%，部分原因是員工人數增加和我們的年度員工績效週期，因為我們獎勵我們的頂尖人才並專注於長期員工保留。

First quarter GAAP operating loss of $116 million included $101.5 million of stock-based compensation expense. Non-GAAP operating loss was $10.9 million. First quarter non-GAAP adjusted free cash flow was negative $53.8 million.

第一季度 GAAP 運營虧損 1.16 億美元，其中包括 1.015 億美元的股票補償費用。非美國通用會計準則營業虧損為 1090 萬美元。第一季度非 GAAP 調整後的自由現金流為負 5380 萬美元。

As we mentioned on our last earnings call, we pay our annual corporate bonus and our fourth quarter sales commission in the first quarter. We continue to 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.

正如我們在上次財報電話會議上提到的，我們在第一季度支付年度公司獎金和第四季度銷售佣金。我們繼續預計非 GAAP 調整後的自由現金流將由正常的季節性模式驅動，並在本財年保持中性至略微正數。

And we have $1.8 billion in cash, cash equivalents and marketable securities and no debt. Let me now turn to guidance. One of UiPath strengths is our global presence, which gives us diverse perspectives and access to talent. We price in local currency and with more than 50% of our business conducted outside North America, our results are subject to foreign exchange volatility.

我們有 18 億美元的現金、現金等價物和有價證券，而且沒有債務。現在讓我轉向指導。 UiPath 的優勢之一是我們的全球影響力，這為我們提供了多元化的視角和人才渠道。我們以當地貨幣定價，並且超過 50% 的業務在北美以外開展，我們的業績受到外匯波動的影響。

We recognize that macroeconomic and geopolitical issues are impacting global markets and the strengthening of the U.S. dollar continues to create a currency headwind for our business. As we did in March, the guidance we are providing this afternoon contemplates the current operating environment and includes an FX headwind offset by growing momentum in the business.

我們認識到宏觀經濟和地緣政治問題正在影響全球市場，而美元走強繼續為我們的業務帶來貨幣逆風。正如我們在 3 月份所做的那樣，我們今天下午提供的指導考慮了當前的運營環境，並包括因業務增長勢頭而抵消的外匯逆風。

Please note FX commentary is the incremental headwind to the numbers we discussed at the end of March. First, for fiscal second quarter 2023, we expect ARR in the range of $1.04 billion to $1.042 billion.

請注意，外匯評論是我們在 3 月底討論的數字的增量逆風。首先，對於 2023 財年第二季度，我們預計 ARR 在 10.4 億美元至 10.42 億美元之間。

This includes absorbing an approximately $3 million FX headwind. We expect revenue in the range of $229 million to $231 million. This includes absorbing an approximately $5 million FX headwind. We expect non-GAAP operating loss to be in the range of negative $60 million to negative $55 million. This includes absorbing an approximately $2 million incremental FX headwind.

這包括吸收大約 300 萬美元的外匯逆風。我們預計收入在 2.29 億美元至 2.31 億美元之間。這包括吸收大約 500 萬美元的外匯逆風。我們預計非 GAAP 運營虧損將在負 6000 萬美元至負 5500 萬美元之間。這包括吸收大約 200 萬美元的增量外匯逆風。

And we expect second quarter basic share count to be approximately 546 million shares outstanding. As a result of our strong first quarter, we are absorbing incremental FX headwinds and raising our full year guide for ARR revenue and non-GAAP operating margin.

我們預計第二季度基本股數約為 5.46 億股流通股。由於我們強勁的第一季度，我們正在吸收增加的外匯逆風，並提高了我們的 ARR 收入和非 GAAP 營業利潤率的全年指南。

For ARR, we now expect ARR in the range of $1.22 billion to $1.225 billion. This includes absorbing an FX headwind of approximately $10 million. For revenue, we now expect revenue to be in the range of $1.085 billion to $1.090 billion. This includes absorbing an FX headwind of approximately $20 million.

對於 ARR，我們現在預計 ARR 在 12.2 億美元至 12.25 億美元之間。這包括吸收大約 1000 萬美元的外匯逆風。對於收入，我們現在預計收入將在 10.85 億美元至 10.90 億美元之間。這包括吸收大約 2000 萬美元的外匯逆風。

For non-GAAP operating income, we now expect non-GAAP operating income to be in the range of $10 million to $15 million. This includes absorbing an FX headwind of approximately $10 million. In summary, our pipeline continues to strengthen as some of our large deals take shape and progress through the sales process.

對於非 GAAP 營業收入，我們現在預計非 GAAP 營業收入將在 1000 萬美元至 1500 萬美元之間。這包括吸收大約 1000 萬美元的外匯逆風。總之，隨著我們的一些大宗交易在銷售過程中形成並取得進展，我們的管道將繼續加強。

Crossing the $1 billion mark, we remain laser-focused on realizing the efficiency that comes with scale to drive both short- and long-term operating leverage and further increase our speed, agility and customer centricity. Looking forward, we expect this combination of top line growth and bottom line efficiency to drive positive cash flow in the second half of the year.

跨越 10 億美元大關，我們仍然專注於實現規模帶來的效率，以推動短期和長期運營槓桿，並進一步提高我們的速度、敏捷性和以客戶為中心。展望未來，我們預計這一頂線增長和底線效率的結合將在下半年推動正現金流。

As Kelsey mentioned, please note that we will be hosting Investor Day on September 27 in Las Vegas, followed by our FORWARD IV user conference. 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.

正如 Kelsey 提到的，請注意，我們將於 9 月 27 日在拉斯維加斯舉辦投資者日，隨後是我們的 FORWARD IV 用戶大會。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）

q's

q的

At this time, we will be conducting a question-and-answer session. If you confirmation start if you'd like to move your question from the queue. We ask that you limit your questions to 1 so that others may have an opportunity to ask questions. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Raimo Lenschow with Barclays.

此時，我們將進行問答環節。如果您確認開始，如果您想將您的問題從隊列中移出。我們要求您將問題限制在 1 個，以便其他人有機會提問。對於使用揚聲器設備的與會者，可能需要在按星號鍵之前拿起您的聽筒。我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Thank you

謝謝

Congrats for me for the quarter and Rob, all the best in the new role. The question I had is, well, for all of you, probably more Ashim, is around the deals taking shape. So you remember last quarter, you were one of the first to talk about it because you kind of reported later. And that created a lot of questions amongst investors in terms of how this will play out for you this was like macro as kind of people not signing deals or people kind of need to think how they shape the deals.

祝賀我本季度和 Rob，在新角色中一切順利。我的問題是，對你們所有人來說，可能是更多的 Ashim，是圍繞正在形成的交易。所以你記得上個季度，你是第一個談論它的人，因為你後來報導了。這在投資者中產生了很多問題，即這將如何影響你，這就像宏觀上的人不簽署交易或人們需要思考他們如何塑造交易。

You kind of made a couple of comments, Ashim, about that. Now can you speak a little bit more to that one. You mentioned the one health care deal, but it's a little bit more color that you can give us there very much and congrats again.

Ashim，您對此發表了一些評論。現在你能多說一點嗎？您提到了一項醫療保健協議，但您可以在那裡給我們更多的顏色，再次祝賀您。

Ramon, thank you for the question. And let me start first, and then I'll let Ashim give you more color. Look, I've been in a long trip before this earnings call Europe and Asia. And I'm talking with a lot of customers. We are seeing a renewed interest for automation. And that to -- we are seeing also kind big deal evolution through our pipe.

拉蒙，謝謝你的提問。讓我先開始，然後我會讓阿希姆給你更多的顏色。聽著，在這次歐洲和亞洲的財報電話會議之前，我已經進行了很長時間的旅行。我正在與很多客戶交談。我們看到了對自動化的新興趣。而且，我們也看到了通過我們的管道進行的重大變革。

But overall, the -- in this macro economical and we put a lot of pressure on our customers to become more efficient. And they are turning to automation in one of the easiest way to navigate through these more key waters. Ashim, over to you.

但總的來說，在這個宏觀經濟環境中，我們向客戶施加了很大的壓力，要求他們提高效率。他們正在以一種最簡單的方式轉向自動化，以在這些更重要的水域中導航。阿希姆，交給你了。

I think -- Raimo, thanks for the question. What we talked about last quarter was there was no denying the macro volatility. And we reiterated the fact that we weren't losing deals. Automation was important. These deals existed in our pipeline. It was just a question of uncertainty as our customers were gripping with the new realities that we're hitting a new war inflation, et cetera.

我想——Raimo，謝謝你的提問。我們上個季度談到的是不可否認的宏觀波動。我們重申了我們沒有失去交易的事實。自動化很重要。這些交易存在於我們的管道中。這只是一個不確定性的問題，因為我們的客戶正在應對我們正在遭遇新的戰爭通貨膨脹等新現實。

We're 30, 60 days later. And what we see is we see deals progressing through the stages of our pipeline. And as Daniel said, positive maturation in terms of the way they take shape. So we -- as we look and we track deals through our pipeline and we see that movement, we really feel we have more confidence or we've had moderated confidence on the conversion of those deals, and we reflected it appropriately in our guidance.

我們是 30、60 天后。我們看到的是，我們看到交易在我們管道的各個階段取得進展。正如丹尼爾所說，就它們的形成方式而言，積極成熟。所以我們——當我們觀察和跟踪交易通過我們的管道時，我們看到了這種變化，我們真的覺得我們有更多的信心，或者我們對這些交易的轉換有信心，我們在我們的指導中適當地反映了這一點。

from Bryan Bergin with Cowen.

來自 Bryan Bergin 和 Cowen。

Got a question here for Rob. So Rob, just as you step back and look at the business, can you just talk about maybe one of your top 1 or 2 priorities as you think about the go-to-market function?

這裡有一個問題要問 Rob。所以 Rob，當您退後一步審視業務時，您能否談談您在考慮進入市場功能時的首要 1 或 2 個優先事項之一？

Sure. So 3 weeks in, so observations, talking to customers, I reiterate what Daniel and Ashim said UiPath can play a meaningful role in these economies, and I see that happening. Now we're going to focus on digital sales. We're going to drive digital sales. We're going to get up into the key customer accounts drive further adoption, higher customer satisfaction to ensure that we actually get better returns for those customers, and we're going to expand the ecosystem and channel business.

當然。 3 週後，通過觀察，與客戶交談，我重申 Daniel 和 Ashim 所說的 UiPath 可以在這些經濟體中發揮有意義的作用，我看到這種情況正在發生。現在我們將專注於數字銷售。我們將推動數字銷售。我們將進入關鍵客戶帳戶，推動進一步採用，提高客戶滿意度，以確保我們實際上為這些客戶獲得更好的回報，我們將擴大生態系統和渠道業務。

Next question, please. Our next question is from Kirk Materne with Evercore ISI.

下一個問題，請。我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

And Rob, congrats on the new post. Daniel, I was wondering if you could just go a little bit deeper on some of the sort of sales changes you guys are making under Chris, and I'm sure Rob is going to quite a big role there, just in terms of how you're also leveraging partners to try to drive the sales higher in the C-suite.

還有 Rob，恭喜你獲得新職位。丹尼爾，我想知道你是否可以更深入地了解你們在克里斯領導下所做的一些銷售變化，我相信羅伯將在那裡扮演相當重要的角色，就你如何'還利用合作夥伴來努力提高最高管理層的銷售額。

And I was wondering how those 2 things are interplaying with each other and what you're seeing with partners that gives you confidence that, that sort of upsell or higher level sales in the C-suite is something you guys can do a lot more of going forward?

我想知道這兩件事是如何相互影響的，以及您與合作夥伴所看到的讓您有信心的事情，在 C 套件中進行這種追加銷售或更高級別的銷售是你們可以做的更多的事情往前走？

Sure. We are looking to drive some incremental changes in our go-to-market. That will focus us to be more customer-centric. And we will also put more emphasis on the emerging enterprise sector that we believe will help us get more new logos in a more efficient way.

當然。我們希望在我們的上市過程中推動一些漸進式的變化。這將使我們更加以客戶為中心。我們還將更加重視新興企業部門，我們認為這將幫助我們以更有效的方式獲得更多新標識。

I think the new partner strategy is to focus the top GSIs more on the key accounts, while we will have the long tail of partners focusing more on the emerging enterprise sector. We believe that the strategy -- this new strategy will allow us to focus more and provide faster adoption to our key accounts. Maybe, Rob, you also have something to add.

我認為新的合作夥伴戰略是將頂級 GSI 更多地集中在關鍵客戶上，而我們的長尾合作夥伴將更多地關注新興企業領域。我們相信該戰略——這一新戰略將使我們能夠更加專注並為我們的主要客戶提供更快的採用。也許，Rob，你還有一些東西要補充。

I'll just I think we can be very relevant in the office of the CFO, the head of supply chain, sales leadership, marketing and HR departments. I think we together with the big GSIs, that's where we'll actually have some focus because that's where they actually have -- they -- their strength is in those departments and our solutions really add value to that. So that's where we're going to focus for the big GSIs and the systems integrated.

我只是認為我們可以在首席財務官辦公室、供應鏈負責人、銷售領導、營銷和人力資源部門非常重要。我認為我們與大型 GSI 一起，這就是我們真正關注的地方，因為那是他們實際擁有的地方 - 他們 - 他們的優勢在於這些部門，我們的解決方案確實為此增加了價值。這就是我們將重點關注大型 GSI 和集成系統的地方。

Our next question is from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

And nice to see that pipeline developing better than expected. I guess, carrying on sort of that last question, the -- it sounds like there's like some sense of that sales are going. Am I reading that correctly that is this a larger than typical sales reorganization? And is there kind of execution risk that we should be aware of with Rob coming on board and sort of the changes that you're trying to put into place? I'm just trying to make sure that we ascertain sort of the level of change and the potential risk of disruption with what you guys are doing on the sales side of the equation.

很高興看到該管道的發展比預期的要好。我想，繼續最後一個問題，這聽起來像是某種意義上的銷售正在進行中。我是否正確地閱讀了這比典型的銷售重組更大？隨著 Rob 的加入以及你試圖實施的一些改變，我們是否應該意識到執行風險？我只是想確保我們確定變化的程度以及你們在銷售方面所做的事情的潛在破壞風險。

Well, we are at the scale right now where we have to prepare this company to grow consistently and officially into the next stage. This is why largely well on this stage. So at this point, we are looking, as I said in my previous answer, to be more customer-centric, scale our emerging enterprise teams. We are looking also to globalize on function to be capable to be more consistent across the regions.

好吧，我們現在的規模已經達到了我們必須準備這家公司持續增長並正式進入下一階段的規模。這就是為什麼在這個階段基本上很好。所以在這一點上，正如我在之前的回答中所說，我們正在尋求更加以客戶為中心，擴大我們新興的企業團隊。我們還希望在功能上實現全球化，以便能夠在各個地區更加一致。

So it's a balancing act between efficiency, consistency and agility that we are trying to bring into our go-to-market. (inaudible) Rob, if you want to comment more...

因此，這是我們試圖將其引入市場的效率、一致性和敏捷性之間的平衡行為。 （聽不清）Rob，如果您想發表更多評論...

I think that -- Keith, I think, as Daniel said, that's exactly where our focus is.

我認為——基思，我認為，正如丹尼爾所說，這正是我們的重點所在。

Our next question is from Mike Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Mike Turrin。

Ashim, in terms of the outlook and just following up on the first question around large deals, I wanted to just focus in on what else changed versus last time. You've referenced guiding for what you're seeing most recently. So maybe if you can just expand upon any increased visibility you have now versus when you were guiding initially in March?

Ashim，就前景而言，只是跟進關於大宗交易的第一個問題，我只想關注與上次相比還有哪些變化。您已經參考了您最近看到的內容的指導。因此，如果您可以擴展您現在擁有的任何增加的可見性，而不是您最初在 3 月份指導時？

And then the impacts of things like cloud, large deal assumptions. And I just want to be clear, the FX headwinds that you referenced were those incremental versus what you had called attention to -- in 4Q, which you think was the $20 million to $25 million in ARR. Just want to be crisp and clear given the moving pieces here as best we can.

然後是雲計算、大宗交易假設等事物的影響。我只是想澄清一下，你提到的外匯逆風是那些增量而不是你所關注的——在第四季度，你認為這是 2000 萬美元到 2500 萬美元的 ARR。只是想盡可能地清晰明了。

Yes. No, that's great. Great question. When we sit back and we look at our guidance, we continue our guidance philosophy, we guide with what's in front of us. I think you stated that correctly. So let me start with FX as that was a theme. We -- the FX is a fact that's out there as the euro and the yen continue to depreciate, and we factor that into our guidance as we've provided guidance in our current guidance that we've provided. We talked about the large deals.

是的。不，那太好了。好問題。當我們坐下來看看我們的指導時，我們會繼續我們的指導理念，我們會用我們面前的東西來指導。我認為你說得對。所以讓我從 FX 開始，因為那是一個主題。我們 - 外匯是一個事實，隨著歐元和日元繼續貶值，我們將其納入我們的指導，因為我們在我們提供的當前指導中提供了指導。我們談到了大宗交易。

We just -- we monitor our pipeline very closely and of course, the top deals that are there. And we're pleased with the momentum and the movement. And I think that relates to the fact that our customers themselves are starting to get a handle in terms of navigating the environment, which takes some time to digest.

我們只是 - 我們非常密切地監控我們的管道，當然還有那裡的頂級交易。我們對勢頭和運動感到滿意。我認為這與我們的客戶自己開始掌握導航環境的事實有關，這需要一些時間來消化。

In terms of what else has changed, I would say, everything else strategically with the business remains on course. So our cloud business remain strong. We're very optimistic about the customer response and the metrics around our cloud business. And we -- 1 of the other areas is I think we see -- we continue to see opportunities for efficiencies in our company.

就其他發生的變化而言，我想說的是，與業務相關的所有其他戰略性因素都在進行中。因此，我們的雲業務依然強勁。我們對客戶的反應和圍繞我們雲業務的指標非常樂觀。我們 - 我認為我們看到的其他領域之一 - 我們繼續看到我們公司提高效率的機會。

And that's why we've also increased our operating margin targets for the year. As we look -- as we see opportunities both in emerging enterprises as we talked about some of the sales realignment that Daniel referenced in the earlier comments.

這就是為什麼我們還提高了今年的營業利潤率目標。正如我們所看到的——當我們談到丹尼爾在之前的評論中提到的一些銷售調整時，我們看到了新興企業的機會。

Yes. And I just want to be clear. This is Kelcy. When you asked about FX, it is an incremental headwind to when we gave guidance at the fourth quarter call. And we also had some commentary on cloud that we expected it to be about -- I think it was a 4% headwind as we went through the full year.

是的。我只想說清楚。這是凱爾西。當您詢問外匯時，這是我們在第四季度電話會議上提供指導時的逆風。我們還對雲進行了一些評論，我們預計它會是這樣的——我認為在我們度過全年的時候，這是一個 4% 的逆風。

And that 4% is not incremental. That's consistent with the first quarter -- with what we discussed 30 days ago.

而這 4% 並不是增量的。這與第一季度一致——與我們 30 天前討論的一致。

Exactly.

確切地。

Our next question is from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

And I'll add my congrats. So Daniel, we've had a few software companies indicating that the month of April was softer, while the month of May showed some signs of maybe getting back to normal. I'm curious if that aligns at all with what UiPath has experienced. And are you optimistic that Q1 could have been perhaps the trough for how we would think about the net new ARR growth year-over-year? .

我會祝賀你。所以丹尼爾，我們有一些軟件公司表示 4 月份較為疲軟，而 5 月份則顯示出一些可能恢復正常的跡象。我很好奇這是否與 UiPath 的經歷一致。您是否樂觀地認為第一季度可能是我們如何看待淨新 ARR 同比增長的低谷？ .

Well, we knew that Q1 is going to be a choppy quarter, and we have guided accordingly. We were seeing forward the quarter a positive momentum, especially on the big deals like that deal with the health care insurance company, we closed in April, for instance, just really positive news for us that gave us some tailwinds for the entire quarter.

好吧，我們知道第一季度將是一個波濤洶湧的季度，我們已經做出了相應的指導。我們在本季度看到了積極的勢頭，尤其是在與醫療保險公司的大筆交易中，例如，我們在 4 月完成了交易，這對我們來說是非常積極的消息，給我們整個季度帶來了一些順風。

And as we are progressing into May, we are seeing a healthy pipeline creation. So we are cautiously optimistic about how the business is shaping right now.

隨著我們進入五月，我們看到了一個健康的管道創建。因此，我們對目前業務的發展方式持謹慎樂觀的態度。

And Mark, I would just point to our guidance. I think when you look at it, we guided to -- we guided between $63 million and $65 million for IRR. So I think that kind of speaks to what we see the trajectory at this moment. In terms of are we at a trough in this, we'll continue to monitor and make sure that we're executing at a high pace to be able to execute in any environment. But I think our guidance speaks to kind of like where we see the trajectory right now.

馬克，我只想指出我們的指導。我認為，當您查看它時，我們指導的內部收益率在 6300 萬美元到 6500 萬美元之間。所以我認為這說明了我們目前看到的軌跡。就我們是否處於低谷而言，我們將繼續監控並確保我們以高速度執行，以便能夠在任何環境中執行。但我認為我們的指導有點像我們現在看到的軌跡。

Our next question is from Michael Turits with KeyBanc. .

我們的下一個問題來自 KeyBanc 的 Michael Turits。 .

Looks like a nice stabilization in the business. On that front, and as some of the prior questions, there were a couple of comments you made last quarter One was about decreasing size of the deals that were in the pipeline and also some headwinds around public sector business in Europe. How have those 2 factors trended into this quarter?

看起來業務穩定。在這方面，作為之前的一些問題，您在上個季度發表了一些評論，其中一個是關於減少正在進行的交易的規模，以及歐洲公共部門業務的一些不利因素。這兩個因素在本季度的趨勢如何？

We actually were talking about the large deals and uncertainty about the size of the deals and the duration of those deals. And we -- as we've commented this quarter, those deals are taking shape. They're progressing through the pipeline. We've adjusted our guidance to kind of reflect a moderate amount of optimism in terms of the conversion of those deals, especially in the second half.

我們實際上是在談論大宗交易以及交易規模和交易持續時間的不確定性。而且我們 - 正如我們本季度所評論的那樣，這些交易正在形成。他們正在通過管道取得進展。我們已經調整了我們的指引，以反映對這些交易轉換的適度樂觀，尤其是在下半年。

In terms of Europe and in the public sector, I -- we haven't -- to my knowledge, we didn't make any specific comments like those were examples that Dan -- we were giving about anecdotes. We continue to hear anecdotes around there is pressure in Europe that I think is just understandable given the climate and the war there. But we're pleased with the movement in our pipeline. And we're also pleased with the way our sales team is executing in this environment.

在歐洲和公共部門，我——我們沒有——據我所知，我們沒有做出任何具體的評論，比如丹——我們給出的關於軼事的例子。我們繼續聽到有關歐洲壓力的軼事，我認為考慮到那裡的氣候和戰爭，這是可以理解的。但我們對管道中的進展感到滿意。我們也對我們的銷售團隊在這種環境中的執行方式感到滿意。

Our next question is from Siti Panigrahi with Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

You guys talked about the new business and pipeline. Just wondering on the dollar-based net to 10 on site, mainly from your existing customer. It's came down 145% to now 139% excluding the Russian impact you guys talked about that on the Q4 call. But wondering any kind of color you can say on that expansion in terms of your customers buying more robots versus buying other products like automation cloud. And is this some kind of trough we'll see or there are a few more quarters in that DBNR trough?

你們談到了新業務和管道。只是想知道基於美元的網絡到 10 現場，主要來自您現有的客戶。不包括你們在第四季度電話會議上談到的俄羅斯影響，它下降了 145% 到現在的 139%。但是想知道您可以在客戶購買更多機器人而不是購買其他產品（如自動化雲）方面說的任何一種顏色。這是我們將看到的某種低谷，還是 DBNR 低谷中還有幾個季度？

Look, I think we're pleased -- we continue to be pleased with our dollar-based net retention rate. It's still a leading metric when you look at peer companies at 138% in terms of reported. We talked about the impact of both FX and Russia, that's there. In terms of customer behavior, we continue to feel optimistic about what we're seeing. More customers are embracing our platform.

看，我認為我們很高興 - 我們繼續對基於美元的淨保留率感到滿意。當您以 138% 的報告率查看同行公司時，它仍然是一個領先指標。我們談到了外彙和俄羅斯的影響，就在那裡。在客戶行為方面，我們繼續對我們所看到的情況感到樂觀。越來越多的客戶正在接受我們的平台。

We see larger million-dollar-plus customers, 1 million plus customers continue to increase in number and the same in a $100,000-plus customer site. And that really reflects continued optimism and buy around the platform and the opportunity that our customers have to continue to automate more processes. So overall, we're pleased with kind of where we are in terms of that. We added 12 new customers greater than $1 million, and that's nearing 170 customers now at that rate. And when you compare that year-over-year, that shows a robust growth in terms of the adoption of our platform.

我們看到超過 100,000 美元的客戶數量更大，超過 100 萬美元的客戶數量繼續增加，並且在超過 100,000 美元的客戶網站中也是如此。這確實反映了對平台的持續樂觀和購買，以及我們的客戶必須繼續自動化更多流程的機會。所以總的來說，我們對我們在這方面的位置感到滿意。我們增加了 12 個超過 100 萬美元的新客戶，按這個速度，現在接近 170 個客戶。當您與去年同期相比時，這表明我們平台的採用率強勁增長。

Our next question is from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Congrats -- so I imagine time to value is a big focus in the current environment. What kind of stuff are you doing to help customers realize a quick return on the investment they're making? And how do you help them think about that during the sales process? .

恭喜——所以我想價值時間是當前環境中的一個重點。你正在做什麼樣的事情來幫助客戶實現他們所做的投資的快速回報？您如何幫助他們在銷售過程中考慮這一點？ .

Well, first of all, I would like to tell you that automation has become really a Board priority C-level suite priority for many of our customers. I talk to customers in different industries, public sector, they are really turning to automation at this point.

好吧，首先，我想告訴您，自動化已經成為我們許多客戶的董事會優先級 C 級套件優先級。我與不同行業、公共部門的客戶交談，他們現在真的在轉向自動化。

So it's a -- we are seeing really a good momentum into helping them with accelerating the adoption. -- our renewed focus on our key accounts and pairing our GSIs to the key accounts will help with the adoption. I believe that also on the emerging enterprise we can have a big -- we can accelerate in a big way the adoption and getting of net new logos. And I would like also to mention our 22.4 release with the big focus on cloud that is also removing some of the friction of adoption. So overall, we are really seeing positive signs on the accelerating the adoption within our customer base.

所以這是一個 - 我們看到了幫助他們加速採用的良好勢頭。 - 我們重新關注我們的關鍵客戶並將我們的 GSI 與關鍵客戶配對將有助於採用。我相信，在新興企業中，我們也可以大有作為——我們可以大大加快網絡新徽標的採用和獲取。我還想提一下我們的 22.4 版本，主要關注云，這也消除了採用的一些摩擦。因此，總體而言，我們確實看到了在我們的客戶群中加速採用的積極跡象。

Our next question is 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 maybe double-click a little bit on the cloud, Daniel. Since you have this new release, do you see this as kind of an towards the cloud. I guess what are you hearing from customers, both large and small with regard to kind of willingness to put RPA in the cloud. .

我想在雲上雙擊一下，Daniel。既然你有這個新版本，你是否認為這是一種對雲的態度。我猜你從大小客戶那裡聽到了關於將 RPA 放入雲中的意願的意見。 .

Well, I think it's both. We have a certain number of very large companies, and we mentioned them in the past that switch completely for on-prem to cloud development. But I'm very bullish right now of the opportunity on more of the mid segment.

嗯，我認為兩者兼而有之。我們有一些非常大的公司，我們過去曾提到它們完全轉向本地到雲開發。但我現在非常看好更多中段的機會。

We have launched in GA in this release for the first time the hosted robots in the cloud. We call them the automation cloud robots. And that can make a line of business progressing faster with the adoption. To a certain extent, they are independent of IT into developing an automation program. So this will will speed up quite a bit the adoption into the mid-market.

我們在此版本中首次在 GA 中推出了雲端託管機器人。我們稱它們為自動化雲機器人。這可以使業務線隨著採用而發展得更快。在一定程度上，他們獨立於 IT 開發自動化程序。因此，這將大大加快進入中端市場的速度。

Also, I would like to mention our newly -- completely newly released function that we call serverless robots that can open entire new use cases in kind of API combining RPA with API integration that previously required different vendors, different type of technology.

另外，我想提一下我們新發布的全新功能，我們稱之為無服務器機器人，它可以在 API 中打開全新的用例，將 RPA 與以前需要不同供應商、不同類型技術的 API 集成相結合。

So overall, it's -- the progress in the cloud is going very well. We have a great team just spent last week in Bellevue with them, very impressive product, world-class product they build. It's it's really a good timing right now to address the mid-market.

所以總的來說，雲計算的進展非常順利。我們有一個很棒的團隊，上周剛剛在貝爾維尤和他們一起度過，非常令人印象深刻的產品，他們打造的世界級產品。現在確實是解決中端市場的好時機。

Our next question is from Alex Zukin with Wolf Research.

我們的下一個問題來自 Wolf Research 的 Alex Zukin。

So I guess all of us who are sitting here, we're trying to figure out, kind of, I think, where the incremental confidence is stemming from? Is it the feeling that deals that were maybe previously out of the pipeline are now back into the pipeline that are large and strategic?

所以我想我們所有坐在這裡的人，我們都在試圖弄清楚，我認為，增量信心是從哪裡來的？是不是感覺以前可能不在管道中的交易現在又回到了大型和戰略性的管道中？

Is that, that your -- you've got a greater confidence in the close rates in general? Is it some of the initiatives that you're putting into place on from a sales change perspective that they're going to materialize maybe faster than you initially anticipated? Because now the guide for the year on a constant currency basis for net new ARR is flat, which I think is a really positive surprise to all

那是你的 - 你對一般收盤價有更大的信心嗎？從銷售變革的角度來看，您正在實施的一些舉措是否會比您最初預期的更快實現？因為現在以固定貨幣為基礎的淨新 ARR 年度指南是持平的，我認為這對所有人來說都是一個非常積極的驚喜

So I think just maybe touching on where that incremental confidence in the backdrop of we're all reading the same headlines from a macro perspective, that's at least for me, I think, something that stands out.

因此，我認為可能只是觸及在我們都從宏觀角度閱讀相同標題的背景下，這種增量信心在哪裡，我認為，這至少對我來說是突出的。

So Alex, good to hear your voice. I think first is we recognize the macro impact early and acknowledged it. I think that's really important to emphasize. So in some ways, we were a step ahead in terms of how we were looking at things. In terms of our confidence, our guidance is always to guide what's in front of us. So this isn't for us, just we look at our pipeline. We've talked about the strength of our pipeline overall, and that has been consistent. We've expressed confidence in our pipeline even in first quarter. We never felt like things were coming out of the pipeline. We just felt an uncertainty of how and the timing in which they were moving through. As we look at our pipeline today, we have several of those deals that we've seen movement on and the movement through a sales process gives us increased confidence of their conversion and what shape they are taking, and that is what we've been able to reflect in our guidance. In addition, when you just hear the sentiment from the field, automation continues to be a priority at a macro level. Like the market continues to be and our TAM continues to be feel big. We've invested in our company in many of our areas, in many other markets. So we're also -- we feel very good about our connection with our customer to be able to continue to execute.

所以亞歷克斯，很高興聽到你的聲音。我認為首先是我們及早認識到宏觀影響並承認它。我認為強調這一點非常重要。所以在某些方面，我們在看待事物的方式上領先了一步。就我們的信心而言，我們的指導始終是指導我們面前的事情。所以這不適合我們，只是我們看看我們的管道。我們已經談到了我們整體管道的實力，並且這是一致的。即使在第一季度，我們也對我們的管道表示了信心。我們從來沒有覺得事情正在醞釀之中。我們只是對他們通過的方式和時間感到不確定。當我們今天查看我們的管道時，我們已經看到了其中一些交易的進展，並且通過銷售過程的進展使我們對他們的轉換以及他們正在採取的形式更有信心，這就是我們一直以來的情況能夠反映在我們的指導中。此外，當您剛剛聽到來自現場的情緒時，自動化仍然是宏觀層面的優先事項。就像市場繼續存在一樣，我們的 TAM 繼續感覺很大。我們已經在我們的許多領域和許多其他市場投資了我們的公司。所以我們也 - 我們對我們與客戶的聯繫感覺非常好，能夠繼續執行。

Those are the factors that led us -- that allow us to kind of raise our guidance. And then in terms of the bottom line, that is a point of focus. So we've crossed $1 billion, and we feel like we can both grow while execute efficiency, and we reflected that in our guide as well.

這些是引導我們的因素——使我們能夠提高我們的指導。然後就底線而言，這是一個焦點。所以我們已經超過了 10 億美元，我們覺得我們可以在執行效率的同時實現增長，我們也在指南中反映了這一點。

And I would like to add our renewed confidence in the executive team. I think Rob and Chris are leading a lot of shops to our team. We are seeing really positive response from our teams. And again, I would like to mention all the discussions we are having, not only me, but every people that I"m meeting, talking to our customers are coming reenergized by this discussion.

我想補充一下我們對執行團隊的新信心。我認為 Rob 和 Chris 正在帶領很多商店加入我們的團隊。我們看到我們團隊的反應非常積極。再一次，我想提到我們正在進行的所有討論，不僅是我，而且我遇到的每一個人，與我們的客戶交談，都被這次討論重新激發了活力。

So overall, it's a better environment than we were seeing 2 months ago.

所以總的來說，這是一個比我們兩個月前看到的更好的環境。

Our

我們的

next question is from Terry Tillman with Truist.

下一個問題來自 Truist 的 Terry Tillman。

Tim, this is Connor on for Terry. So just for me, how is automation faring with internal budgets at customer companies. There's maybe a greater lot in funds that you're seeing to invest long term into transformational automation in a choppy macro environment.

蒂姆，這是特里的康納。所以就我而言，自動化在客戶公司的內部預算中表現如何。在動蕩的宏觀環境中，您可能會看到更多資金長期投資於轉型自動化。

Just from discussions with CFOs, I could tell you, digital transformation is not going away. It's only accelerating. I think we're positioned well to take -- to be able to have our share of that digital transformation budget that is there.

從與首席財務官的討論中，我可以告訴你，數字化轉型不會消失。它只是在加速。我認為我們處於有利地位——能夠在現有的數字化轉型預算中分得一杯羹。

And with many of our customers, you could just see -- again, like our customers greater than $1 million has moved up 62% year-over-year. And our customers greater than $100,000 has crossed $1,500 and and is moving 42% up year-over-year. That speaks to the fact that budgets continue to be allocated for automation.

對於我們的許多客戶，您可以再次看到 - 就像我們超過 100 萬美元的客戶同比增長 62%。我們超過 100,000 美元的客戶已超過 1,500 美元，並且同比增長 42%。這說明了繼續為自動化分配預算的事實。

And I think in a period of labor shortage inflation, we've always felt like the secular tailwinds allow for those budgets to be allocated to us, and we see that in the strength of our pipeline right now.

而且我認為在勞動力短缺通貨膨脹時期，我們一直覺得長期順風允許將這些預算分配給我們，我們現在從我們的管道實力中看到了這一點。

Our next question is from Fred Havemeyer with Macquarie.

我們的下一個問題來自麥格理的 Fred Havemeyer。

Congratulations on the strong start to the year here. I think we've all been asking in many different ways about the macro environment. So I'll try to ask in a slightly different one. And with respect to Europe, last quarter, I think we talked about how Certainly, there's some slowness that you were seeing. And I wanted to ask, is there a way to kind of differentiate it in terms of Eastern versus Western Europe within your pipeline or within your business? Or just give any context really on how both segments of Europe are performing?

在這裡祝賀今年的強勁開局。我想我們一直在以許多不同的方式詢問宏觀環境。所以我會試著問一個稍微不同的問題。關於歐洲，上個季度，我想我們談到了當然，你看到了一些緩慢。我想問一下，有沒有辦法在您的管道或您的業務中區分東歐和西歐？或者只是給出關於歐洲兩個部分的表現如何的任何背景？

Well, our business in -- I think, we don't disclose, first of all, on the regional level. But anecdotically, I am telling you, I'm not seeing at this point a big difference between Eastern Europe and Western Europe in terms of the deal shaping. Ashim, if you want to add anything?

嗯，我們的業務——我認為，首先，我們不會在區域層面上披露。但有趣的是，我要告訴你的是，在這一點上，我沒有看到東歐和西歐在交易塑造方面存在很大差異。 Ashim，如果你想補充什麼？

No, I agree with you, Daniel. I think Europe is definitely the area that we've recognized and accounted for in terms of the most challenging of the environments, but no distinction between Eastern and Western besides, of course, the accounting of Russia specifically and our pause on doing business in Russia.

不，我同意你的看法，丹尼爾。我認為歐洲絕對是我們在最具挑戰性的環境方面所認可和考慮的地區，但東西方沒有區別，當然，特別是俄羅斯的會計和我們在俄羅斯做生意的暫停.

Our next question is 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 the strong start. I wanted to focus in on, call it, the front end of the automation journey here, process mining, as mining, test capture I mean, obviously, unique UiPath to have sort of all those front-end functions then feed a log down the automation journey. What are you hearing from customers now that you've had a couple of iterations of those solutions out you're more integrated is the sort of the full suite starting to resonate and differentiate you? Just sort of any color there would be helpful. .

恭喜開局強勁。我想專注於，稱之為自動化之旅的前端，過程挖掘，作為挖掘，測試捕獲我的意思是，顯然，獨特的 UiPath 擁有所有這些前端功能，然後將日誌輸入自動化之旅。既然您已經對這些解決方案進行了幾次迭代，那麼您從客戶那裡聽到了什麼，您的集成度更高，是那種全套開始引起您的共鳴和差異化？只要有任何顏色都會有幫助。 .

Phil, our customers are receiving our end-to-end platform in a very positive manner. And I can tell you that our -- what we call growth products internally and process mining and fast mining are part of our growth products are really performing very well, growing at much faster rate than our core businesses.

Phil，我們的客戶正在以非常積極的方式接受我們的端到端平台。我可以告訴你，我們內部所謂的增長產品、流程挖掘和快速挖掘是我們增長產品的一部分，它們的表現確實非常好，增長速度比我們的核心業務快得多。

So -- and this is one data point. Another one is this white spaces around our core automation are actually helping drive more use cases into the pipeline for automation. So overall, we are seeing really positive adoption across the entire platform.

所以 - 這是一個數據點。另一個是我們核心自動化周圍的空白實際上有助於推動更多用例進入自動化管道。總的來說，我們看到整個平台的採用率非常高。

And in particular, on -- we made some solid progress on the process mining technology. We are releasing it in the cloud. It's much more scalable. We are releasing a lot more connectors. So our -- we are trying to address the needs of most of our customers with what we are having in the process discovery pillar.

特別是，我們在流程挖掘技術方面取得了一些紮實的進展。我們正在雲端發布它。它更具可擴展性。我們正在發布更多的連接器。因此，我們正在嘗試通過我們在流程發現支柱中擁有的內容來滿足大多數客戶的需求。

Our next question is from Ari Terjanian with Cleveland Research. .

我們的下一個問題來自 Cleveland Research 的 Ari Terjanian。 .

Congrats on the start to the year. I was hoping you could provide a little bit more color on what you're seeing in the pipeline in terms of types of customers that are coming to the table, either by vertical and geography. You mentioned the big health care deal in the first quarter. Are there any patterns that you're seeing in terms of types of customers in

恭喜今年開始。我希望您可以根據即將來到餐桌的客戶類型（按垂直和地理）提供更多關於您在管道中看到的內容的顏色。你提到了第一季度的大型醫療保健交易。就客戶類型而言，您是否看到了任何模式？

the pipeline for the rest of the year?

今年剩餘時間的管道？

Like from the very beginning, automation is something that's relevant to every single vertical. Of course, our presence in the financial, in the banking financial and insurance sector in health care, those are our 2 largest areas.

就像從一開始一樣，自動化與每個垂直領域都相關。當然，我們在金融、銀行金融和醫療保險領域的存在是我們最大的兩個領域。

So I think those continue to be there. But no, we see it really across our pipeline. It's broad-based, right? We have both local governments. We have small enterprises. We have large enterprises, Fortune 500.

所以我認為那些繼續存在。但是不，我們確實在我們的管道中看到了它。這是廣泛的，對吧？我們有兩個地方政府。我們有小企業。我們有大型企業，財富500強。

Our pipeline continues to show strength and interest of expansion and adoption across our platform and across all the segments. Continuing, including flanking and replacing our competitors, those are deals that we also see more and more of especially as we have our latest releases in our product and customers are seeing the breadth of our platform.

我們的管道繼續顯示出在我們的平台和所有細分市場中擴展和採用的實力和興趣。繼續，包括側翼和替換我們的競爭對手，這些交易我們也越來越多地看到，特別是當我們在我們的產品中有最新版本並且客戶看到我們平台的廣度時。

So I wouldn't -- I would say no pattern that is different than history. We feel very good about it across our verticals with the major verticals and focus that I mentioned.

所以我不會——我會說沒有與歷史不同的模式。對於我提到的主要垂直領域和重點，我們在垂直領域感覺非常好。

We have reached the end of the question-and-answer session. And I will now turn the call over to management for closing remarks. .

我們已經到了問答環節的尾聲。我現在將把電話轉給管理層以結束髮言。 .

I want to thank you all very much for participating in this afternoon's call. We look forward to speaking with many of you throughout the quarter. Thank you.

我非常感謝大家參加今天下午的電話會議。我們期待在整個季度與你們中的許多人交談。謝謝你。

This concludes today's conference, and you may disconnect your lines

今天的會議到此結束，大家可以斷線了

at

在

this

這個

time.

時間。

Thank

感謝

you

你

for

為了

your

您的

participation.

參與。