UiPath, Inc.

Hello, and welcome to the UiPath first quarter 2022 earnings conference call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Kelsey Turcotte, Investor Relations. Please go ahead.

Good afternoon and thank you for joining us today to review UiPath first quarter fiscal 2022 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, 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. at ir.uipath.com. These materials include reconciliations of differences of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. GAAP. Unless otherwise specified, we will refer to 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. They are included as additional clarifying items to aid investors in further understanding the company's first quarter of fiscal year 2022 performance, in addition to the impact these items and events have on the financial results. In addition, please note that we define ARR as annualized renewal run rate. This afternoon's call includes forward-looking statements about future events, including statements related to our market and future growth opportunities, our vision, and the benefits of our product platform. customer behaviors, the competitive landscape, our financial guidance, and our business results in the macroeconomic environment. Actual results may differ materially from these 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 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. Now I'd like to turn the call over to Daniel.

Thank you, Kelsey, and thank you to everyone for joining us on our first earnings call as a public company. We had a very strong start to the year. Before I begin, I'd like to acknowledge the impact COVID-19 continues to have around the world. and especially in India. We are actively supporting our colleagues and their families in the region and recently contributed over a million in corporate and employee donations to send and distribute oxygen supplies in the region. Our thoughts are with everyone impacted by this ongoing pandemic. Turning to the business, Our leadership position in the RPA market is again demonstrated by our ARR growth, which increased 64% year over year to 653 million, while net new ARR reached a record 72 million. We continue to grow multiples of the market and take market share. In fact, For 2020, IDC announced that UiPath ranked number one in RPA, capturing eight points of share versus 2019. Separated in Gartner's latest market share research, UiPath added more revenue in 2020 than our top nine competitors combined. We believe that automation will be the next layer in the software stack. It brings together IT and knowledge workers to deliver the agility necessary to quickly adapt and respond to constantly changing business conditions. And it simplifies the sprawl of applications and databases. Our vision is to enable the fully automated enterprise through our unique combination of UI automation, API management, and AI-based computer vision to emulate human workers and assign all automatable work to robots. This is an incredible market opportunity and automation is in our DNA. We have more than 15 years of market experience, including insights, from our over 8,500 customers, which we believe gives us a significant advantage in the market. The result is the unique combination of, first, our end-to-end automation platform that addresses the broadest number of use cases. Second, flexible deployment models, including on-prem, hybrid, multi-cloud, and SaaS. And third, a large and growing ecosystem of go-to-market and technology partners as well as the vast community of trained automation professionals. All of this results in fast time to value for our customers and tremendous return on investment that drives an automation-first mindset. And we are not standing still as we continue to expand our competitive mode. Our ultimate product vision is for our users not only to automate existing processes, but to design new processes on our platform. This is a bold objective and one we think is possible to achieve in the coming years as we push the boundaries of innovation to that end in May we announced important new platform capabilities with the introduction of UiPath 21.4. These include three new products, Cloud Insights, Automation Cloud Robot, and Task Mining, as well as over 100 major new features and deeper integrations across every pillar of our end-to-end platform. new enterprise-scale management and governance control, and AI power discovery, prioritization, and integrated development of the most impactful automation, including general availability of test mining. We also significantly expanded our automation cloud capabilities, to migrate, build, manage, and measure enterprise-scale automation in the cloud. Automation cloud software robots deliver unattended robot capacity as needed, with no infrastructure or management required by customers. As of the end of the first quarter, more than 2,200 customers have adopted automation clouds, Feedback during the beta process for 21.4 has been extremely positive, and I am incredibly proud of what the team has accomplished. 21.4 truly reflects the cutting-edge capabilities our customers need to accelerate their automation programs. It is the combination of user interface and API automation along with AI computer vision that differentiates us and enables human emulation in a resilient manner. In March, we expanded our API capabilities with the acquisition of cloud elements. This is a great example of how strategic token acquisitions accelerate our product roadmap and bring talent to the team. To further accelerate customer success, we have built an ecosystem of go-to-market and technical partners as well as a thriving UiPath community. For example, we are very pleased to have recently launched a Tableau activity with the world's leader in visual analytics. Users can now easily utilize data fully automated, produced or retrieved by robotic automations in their Tableau reports. In addition, the UiPath extension for Tableau enables users to trigger a robot directly from a Tableau report or dashboard. On the go-to-market side, we grew our worldwide partner base by more than 35% year-over-year to more than 4,000 We also expanded several partnerships, including Deloitte, which is now the first GSI to become a certified UiPath service network partner. They now have the most advanced training and resources to deliver UiPath implementations with a certified level of quality and rigor. In addition, we announced a global agreement with Ingram Micro, introducing a dedicated Ingram Micro team of UiPath experts to raise brand awareness and help channel partners sell solutions and provide RPA to their business clients. Ingram Micro is also a UiPath customer using our end-to-end platform to bring more efficiency and automation for thousands of its internal citizen developers worldwide. Today, their team has automated a hundred plus processes and has plans in place to do even more. And finally, we continue to expand our UiPath community with the addition of seven historically black colleges and universities to our academic alliance. Robotic engineering is one of the fastest emerging jobs globally, and we are committed to democratize RPA technology and skills through our academic alliances so that more people can be successful in the future of work. We will continue to push the boundaries of the fully automated enterprise and have recently been very gratified by important industry recognition. For example, in March, we were named a leader in the Forrester Wave robotic process automation. Among the 14 vendors evaluated, UiPath earned the highest ranking in each of three categories. Current offering, strategy, and market presence We are humbled by this acknowledgement and we will strive to maintain our leadership position. Before I turn the call over to Ashin and we take questions, I would like to thank our employees, partners, and shareholders for their confidence in UiPath as we take this next step in our journey. We firmly believe that we are at the beginning of a unique market opportunity that will truly change how people experience work. With that, I'll turn the call over to Ashim to discuss our QM performance and guidance in more detail.