UiPath, Inc.

Welcome to the UiPath third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference, please press star zero on your telephone keypad. Please note that this call is being recorded. I will now turn the conference over to your host, Elise Ferlani, Vice President of Investor Relations. Thank you. You may begin.

Good afternoon, and thank you for joining us today to review UiPath's third quarter fiscal 2026 financial results, which we announced in our earnings press release issued after the close of the market today. On the call with me are Daniel Dines, founder and chief executive officer, and Ashim Gupta, chief operating and financial officer, to deliver our prepared comments and answer questions. Our earnings press release and financial supplemental materials are posted on the UiPath investor relations website. These materials include gaps and on-gap reconciliations, we will be discussing non-GAAP metrics on today's call. This afternoon's call includes forward-looking statements regarding our financial guidance for the fourth quarter fiscal year 2026 and our ability to drive and accelerate future growth and operational efficiency and grow our platform, product offerings, and market opportunity. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements. For discussion of the material risks and uncertainties that could affect our actual results, please refer to our annual report on Form 10-K for the year ended January 31st, 2025, and our subsequent reports filed with the SEC. Forward-looking statements made on this call reflect our views as of today. We undertake no obligation to update them. I would like to highlight that this webcast is being accompanied by slides. We will post the slides and a copy of our prepared comments to our investor relations website immediately following the conclusion of this call. In addition, please note that all comparisons are year-over-year and less otherwise indicated. Now, I would like to hand the call over to Daniel.

Thank you, Alice. Good afternoon, everyone. Thanks for joining us. We are pleased with our performance in the quarter, which was driven by teams' focus, consistent execution, and progress across our strategic priorities. Our automation strategy, combining the reliability of deterministic automation with the intelligence and adaptability of agentic AI, continues to align with what customers want most, trusted enterprise-grade automation that delivers tangible ROI fast. We've always believed that our approach to automation, agents, and orchestration creates a durable competitive edge. This quarter's results reinforce the value of our platform and the improved execution from our teams. We beat the high end of our guidance across all metrics, delivering third quarter ARR of $1.782 billion, up 11%, further reinforcing my conviction that our business is stabilizing and being driven by $59 million in net new ARR. Revenue was $411 million, an increase of 16%. Our disciplined approach to operational efficiency continues to strengthen profitability, resulting in our first GAAP profitable third quarter. while increasing non-GAAP operating income to $88 million, or a 21% margin. And we are on track to be GAAP profitable for the full year 2026 for the first time. The momentum we're seeing in the market isn't just in our results. It's in how customers and partners are engaging with UiPath. You could see that momentum in action at Fusion where thousands of customers, partners, and developers joined us in Las Vegas to see how a Gentic AI is delivering measurable ROI today. We showcased advancements across the UiPath platform, including new integrations with partners like OpenAI, Microsoft, NVIDIA, Google, and Snowflake, and real customer stories where we had leading enterprises across key verticals sharing how they are transforming mission-critical processes with agentic automation. Customers tell us they get the most impact from a unified platform bringing together deterministic automation, agentic intelligence, and process orchestration. And we are seeing that play out as enterprises move quickly from pilots to production. Over 950 companies are developing agents. and there have been more than 365,000 processes orchestrated with Maestro across our platform. A powerful example is one of the world's largest investment management firms, which chose UiPath for Maestro's vendor-agnostic architecture and ability to connect systems. They've already demonstrated measurable impact through multiple genetic POCs, integrating with ServiceNow, Confluence, and specialized LLMs to orchestrate end-to-end workflows and delivering a 95% reduction in time to value and tens of millions in projected savings. With more than 260 automations, they expanded this quarter to increase their adoption of agentic automation, and together with Ashling, has identified over 40 high-value use cases expected to generate more than $200 million in savings over the next few years. These stories demonstrate how our innovation is meeting customers where they are and helping them scale, and it's that customer energy that inspire many of the new capabilities we announced at Fusion. One of the most exciting is UiPath screenplay, where we are combining traditional RPA with the power of LLMs to build more reliable automations. Screenplay understands intent, builds multi-step plans, and executes them autonomously, giving developers and business users a faster way to automate complex UI tasks. Our screenplay technology is one of the best positioned in the computer use benchmark world OS. We are also helping customers move from pilot to production faster through continued enhancement to agent builder, including a new visual canvas for debugging and optimization and reusable templates that make automation easier to scale that focus on usability is driving real customer success great example is usi insurance services which selected uipath because of our multi-agent orchestration capabilities working with lidonia their automating a complex workflow where uipath agents and robots process incoming requests and generate outputs all orchestrated by maestro usi expects over 32 million dollars in in savings over the next three years as more customers scale their agentic automation programs We're expanding what agents can do, especially in document-heavy processes. This quarter, we introduce agentic capabilities to our intelligent extraction and processing, our IXP product, which delivers specialized extraction and validation agents that handle complex, non-deterministic scenarios and reduce manual review. And with UiPath Autopilot for IXP, customers can automatically generate document templates, saving hours of setup time per project. A great example is CoreWell Health, which plans to leverage IXP to automate the processing of referral information into EPIC. In addition to improving efficiency and accuracy, they are on track to redirect $1.5 million of labor saving this year and expect over $3 million next year. Stories like this show how our innovation is helping customers turn manual, document-heavy work into intelligent, automated processes. And these strong results continue to earn us third-party recognition. We were named a leader in the inaugural Gartner Magic Quadrant for Intelligent Document Processing, which we believe highlights our capabilities for data and information extraction to help enterprises unlock value from their documents in the age of AI and agentic automation. We were also recently recognized as a leader in the Gartner Magic Quadrant for AI Augmented Software Testing Tools, which in our view validates our vision for agentic testing and the results our customers achieve with UiPath Test Cloud. One example is NRG Energy, which adopted UiPath Test Cloud to address testing challenges across SAP and its digital apps. With agentic testing and autonomous self-healing, they expect 30% better coverage 1.5 times faster cycles and almost 2.9 million dollars in savings over three years and lastly we are proud to be recognized by everest group as both a leader and the star performer in the 2025 intelligent process automation platform and full suite ipap peak matrix assessment this recognition underscores the strength of our end-to-end platform, our innovation in agentic automation and AI integration, and the tangible business impact we are delivering for customers. These recognitions highlight the strength of our unified platform, which connects every layer of automation from discovery to orchestration within a single governed system. They also reinforce what we hear directly from customers The power of our platform comes from how it works together. And at the center of that platform is Maestro, our orchestration engine. Maestro goes beyond managing automation. It serves as the control plane for how work is orchestrated across the enterprise, powering through end-to-end automation at scale. A powerful example is the leading US managed care provider, that is leveraging UiPath agents, robots, and Maestro to tackle a backlog of more than 140,000 provider appeals. They automated the entire workflow using agents to classify forms, robots to handle processing, and Maestro to orchestrate the process. The result is a streamlined operation targeting 80% autonomy in year one. As Maestro becomes more deeply embedded in customer operations, we are continuing to enhance its capabilities with new features like case management and process apps. Case management helps customers model and manage long-running processes, while process apps enable customers to build tailor end-user experiences with real-time visibility and actionable insights to drive proactive operational improvement. In order to realize the value of Agentech, customers need a strong foundation in deterministic, and this quarter, we announced the general availability of API workflows, which delivers API-centric automations that complement RPA and Agents. We believe this strengthens our position as one of the industry's most comprehensive automation platforms. We are continuing to expand our cloud footprint in important markets like Switzerland. And at Jitex, we announced the launch of Automation Cloud in the UAE. This expansion gives customers the ability to run automations, AI agents, and orchestration in a secure, locally hosted environment that meets regional data residency and governance requirements. The power of our platform really comes to life when it's applied to industry-specific challenges. We are focused on building vertical solutions that help customers accelerate outcomes and ROI. The capabilities we gained through our peak acquisition earlier this year are extending these vertical capabilities by combining their industry-leading pricing and inventory optimization technology with Maestro and our broader platform capabilities. We've created an agentic merchandising pricing and inventory solution with the Debenhams Group. We are taking this joint agentic solution to market with other leading retailers and manufacturers. expanding the reach of our platform across key verticals. These industry solutions are just one way we're helping customers realize faster value. We're also enabling them through deep collaborations with global technology leaders. At Fusion, this collaboration came to life through new integrations, including with Microsoft Azure AI Foundry, enabling UiPath agents to work seamlessly with Azure agents and models. Using model context protocol, UiPath expands integrations with Microsoft Copilot and empowers organizations with the trust and governance needed to run agents at scale. We announced a collaboration with OpenAI to deliver a chat GPT connector, bringing OpenAI's frontier model directly into enterprise workflows, simplifying AI agent development, and accelerating time to value. We also launched a new conversational agent with Google's Gemini models, enabling natural voice-driven automation without complex coding. Additionally, we introduced a new integration with NVIDIA, allowing organizations to enhance high trust workflows like fraud detection and healthcare with AI models deployed through NVIDIA NIM microservices. And finally, We partner with Snowflake to combine agentic automation with Snowflake Cortex AI, helping businesses turn data insights into fast, autonomous action. While our technology partnerships expand what's possible with our platform, our go-to-market partners make that innovation real for customers. During the quarter, We expanded our collaboration with Deloitte to help organizations accelerate how they build, test, and release software. By combining the agentic testing capabilities of UiPath Test Cloud with Deloitte Ascend, we are transforming the testing lifecycle with agentic AI to automate repetitive tasks, detect changes, and execute tests autonomously. And with Autopilot for testers and agent builder embedded in Ascend, Deloitte teams can leverage over 1,500 pre-built testing bots and AI agents. Lastly, we are encouraged by our federal sector performance this quarter, where efficiency mandates are creating a long-term tailwind for automation. Highlights this quarter include expansions with the US Coast Guard to modernize core systems and improve mission readiness through automation and AI. The Department of Veterans Affairs, which is automating disability claims and enhancing contact center service for veterans. And the Social Security Administration, which is migrating to the cloud to expand to our IDP solutions to help accelerate benefits processing. Our unified platform and innovation continue to strengthen these partnerships and underscore the significant opportunity ahead in the public sector, even as the federal purchasing environment remains dynamic with pockets of strength. Looking ahead, our continued innovation is expanding what's possible for customers and delivering measurable results through the power of deterministic and agentic automation. What continues to set UiPath apart is our unified end-to-end platform architecture, delivering one connected experience from discovery to deployment with maestro orchestrating work across systems and our built-in governance capabilities, ensuring control, compliance, and trust. I am pleased with the progress we are making in improving the execution of our teams And the pace of innovation across product organization is delivering for customers. We feel well positioned as we close out the year and continue executing on our vision for the future. With that, I'll turn the call over to Ashim.