On this page of StockholderLetter.com we present the latest annual shareholder letter from UiPath, Inc. — ticker symbol PATH. Reading current and past PATH letters to shareholders can bring important insights into the investment thesis.

 •  5/9/2024 Letter Continued (Full PDF)
 •  4/28/2023 PATH Stockholder Letter
 •  More "Application Software" Category Stockholder Letters
 •  PATH Benford's Law Stock Score = 60

PATH Shareholder/Stockholder Letter Transcript:

The Foundation
of Innovation
TM
The UiPath Business Automation Platform is The Foundation
of Innovation because it can be used everywhere, by
everyone, for everything. To benefit every business.
TM
UiPath Fiscal Year 2024 Annual Report

Our purpose:
To accelerate human achievement

Dear Shareholders,
In fiscal year 2024 we made significant
progress executing against our strategic
initiatives and delivering market-leading
innovation to our customers. With AIpowered automation we   re transforming
industries and revolutionizing the way
businesses operate. Our platform delivers
a broad suite of capabilities that empowers
our approximately 10,830 customers to drive
better business outcomes more easily and
efficiently than ever before.
Our team   s hard work and laser focus
on delivering game-changing results
for our customers resulted in top line
growth at scale, while driving significant
operating margin expansion. Fiscal year
2024 revenue grew 24% year-over-year to
$1.308 billion, ARR1 grew 22% year-overyear to $1.464 billion, and our disciplined
cost management drove our non-GAAP
operating margin2 to 18%, an expansion
of over 1,100 basis points year-over-year.
We are committed to building long-term
shareholder value and in the third quarter
we initiated a $500 million share repurchase
program, underscoring our confidence in
the future.
AI and automation are reinventing
businesses, industries, and the way we live
and work. C-level executives are no longer
solely prioritizing digital transformation;
they are also prioritizing AI-powered
transformation, and our platform is the
foundation to deliver that value across every
organization by empowering customers to
make AI more efficient and more valuable
wherever it   s deployed. We believe that the
acceleration of AI is fundamentally changing
our world, while creating incredible new
growth opportunities for us.
AI-fueled innovation is part of UiPath   s
DNA. We have been leveraging AI in our
platform since our inception, starting with
   Our biggest goal is to bring agility to business. We   ve done that
using UiPath. Instead of having
multiple tools, we have a one-stop
shop using UiPath to accelerate
digital transformation.   
Siddharth Shah
Automation Leader, Intel

machine learning and computer vision,
and our use of it has only intensified
over the past two years. To cite just a few
examples, AI powers our process, task,
and communications mining capabilities
and enables our robots to understand and
work with complex documents across
many different systems and environments.
Generative AI, in conjunction with our
specialized AI, has enabled a broad array of
recent innovations   for example, speeding
up automation building, test development,
and model training.
One of the most exciting innovations we
announced this year3 was AutopilotTM,
a new set of AI-powered capabilities
for developers, testers, analysts, and
knowledge workers, designed to
enhance the user experience across the
UiPath platform. Autopilot   sTM powerful
combination of generative AI, specialized
AI, and automation allows any user
to automate work fast using natural
language. With AutopilotTM, we are
lowering the barrier between vision and
reality for organizations by using AI to
uncover previously untapped automation
opportunities, expand what can be
automated, and make automation faster,
easier, and more accessible to all.
AutopilotTM isn   t the only place that we   ve
been putting generative AI to work. We   ve
also paired it with our industry-leading
specialized AI within UiPath Document
Understanding and UiPath Communications
Mining to take our intelligent document
processing (IDP) solution to the next level.
We announced exciting new Document
Understanding capabilities in fiscal 2024
including our next-generation experience
powered by active learning and generative
AI, enabling customers to easily accelerate
model training time by up to 80%. Our IDP
capabilities are also receiving third-party
recognition including the Everest Group   s
Intelligent Document Processing Products
PEAK Matrix   Assessment 20234, where
UiPath was named as a Leader in IDP for the
first time, and the only Leader recognized as
a Star Performer for the biggest year-overyear advances, and also named a Leader in
the IDC MarketScape: Worldwide Intelligent
Document Processing (IDP) 2023-2024
Vendor Assessment5.
Our commitment to innovation also earned
us third-party recognition for our discovery
products, including the Everest Group   s Task
Mining Products PEAK Matrix   Assessment
20236 and Process Mining Products PEAK
Fiscal Year 2024 Key Highlights
$1.3B
$1.5B
ARR1
ARR1 Growth Y/Y
~10,830
2,054
288
Revenue
Total Customers
Customers
    $100K in ARR1
22%
Customers
    $1M in ARR1

Matrix   Assessment 20237. Lastly, for the
fifth year in a row we were named as a
Leader in the 2023 Garter   Magic Quadrant   
for Robotic Process Automation8 research
report.
We believe the future of any organization
in the face of a digital revolution hinges on
leveraging cutting-edge technology to its full
potential, and the AI-powered capabilities
woven throughout our platform have helped
us deliver incredible results internally
at UiPath. We utilize the capabilities of
our platform to not only streamline our
operations but also to return over 1 million
cumulative hours back to UiPathers,
resulting in over $59 million in cumulative
cost avoidance to date. I am proud of what
our team has been able to accomplish with
the transformative power of our platform,
making our employees more productive than
ever and helping UiPath drive operational rigor.
During fiscal 2024 we released our second annual
environmental, social, and governance (ESG)
impact report, showcasing our commitment to
various ESG issues and the progress we have
made in areas such as employee engagement,
data privacy, information security, AI ethics, our
environmental footprint, and more. This year,
we took our commitment to climate action
a step further, committing to set a near-term
emissions reduction target in alignment with
the Science-Based Target Initiative. We believe
people, empowered by automation and AI, can
accomplish more and better address some of
the world   s most urgent challenges, from public
health issues and humanitarian crises to climate
change, and we are committed to a goal of
becoming a more sustainable business.
   I am impressed with the efficiency and accuracy that UiPath   s AI-powered
capabilities have brought to our operations. It   s clear that the power of AI has
enabled us to streamline our processes, increasing efficiency, improving the
accuracy of invoice handling, and putting employees to work on more valueadded tasks. Looking ahead, we plan to expand our use of AI to further optimize
our workflows and enhance our overall business performance.   
Thomas Earvolino
Director of Financial Systems, Canon USA



 5/9/2024 Letter Continued (Full PDF)