UiPath, Inc. Citi’s 2026 Global TMT Conference

Thanks. Thank you for having me.

Nine years. Oh, wow. Coming on nine.

Yeah. Look, my role, I joined UiPath in 2018 and it's progressed. I've seen very different parts of the organization. I actually started in customer success because I was a customer of UiPath. It was the highest ROI software, and I really enjoyed it. I took the company public in 2019 as I got into the CFO job in 2021, sorry. It has been a steady movement up. Two years ago, I took the COO role and, in addition to the finance organization, I led parts of go-to-market, different operational connectivity across the groups, and I'm super happy. He just walked in perfectly at that time. That's Hitesh Ramani. Hitesh has been my Chief Accounting Officer and then my Deputy CFO for the last five years, and I just am thrilled to have him ascend to the CFO position and allow myself to focus and support the operations of the company in a more focused way.

Well, Hitesh gave me an interesting stat, I think the other day, is the average CFO lifespan is 2.5 years, and it's been seven plus years, for me in the job. Look, I actually think this actually drives long-term stability from the company. When you're with a company for nine years and Hitesh for five, there needs to be continued growth for incredible talent like Hitesh. So I think that is really one piece. It solidifies our leadership team and it strengthens us overall. There's things that frankly, he's much better at, in my opinion, than me as we kind of move into these next chapters. The second piece is, look, I think I can use the cliché or the boilerplate line. It is kind of an unprecedented market with a lot of change, and I think that's the market, but it's also UiPath.

We've really transformed from an RPA company to a business automation and transformation company, and there is so much to do. Our product has expanded its surface area in an incredible way. We are structuring deals across the globe with the demand that we see coming in and really helping Daniel and the team just connect the functions and move through is, it's a moment that I think requires more focus.

Look, I think delivering the sixth quarter where we beat and raised against consensus kind of continues to strengthen the credibility of our overall predictability and operating model as a company. ARR is $1.938 billion. It is up 12.5%. Revenue is up 13%. Stock-based compensation is down 42%. We are GAAP profitable for the third straight quarter in a row. We are on track to be GAAP profitable for the year. Of course, when you just kind of chart the path forward in a meaningful way, we are generating $400 million plus of free cash flow. I would say a stable quarter in an unstable time is a good quarter. A lot of people had us continuing to decelerate. When you look at this quarter and you look at how we ended last year, end of last year we were 106% net dollar retention rate. Today we are 109%. I think when you look at it, we are really positive about our execution, the trajectory, the breadth of the platform that is getting in there, and the customer feedback.

From my standpoint, when you look at the puts and takes of the quarter, I think we had a huge run-up in the software market leading up to this. We are still in good position, and I do think some of the questions that we get around customer count, I think those are some of the newer investors. People who know us can see that our million-dollar and hundred-thousand-dollar-plus customers are really the focus and the engine of the business. Million-dollar-plus customers are up 21%. Hundred thousand dollar plus customers are expanding and actually that net dollar expansion rate is increasing.