UiPath, Inc. (PATH): restructuring charge — UiPath reports preliminary Q3 FY2023 revenue ~$260M, ARR ~$1.108B; announces additional 6% workforce reduction

UiPath, Inc.

2023-Q3 EPS reported -$0.55 revenue$750,032,000

Preliminary Q3 revenue ~$260M, ARR ~$1.108B; both above prior guidance issued Sept 6, 2022.
GAAP operating loss ~$70M; non-GAAP operating income ~$15M.
Board approved additional restructuring, cutting ~6% of global workforce (~4,025 as of Oct 31, 2022).
Total expected restructuring charges now ~$30M, up from previous estimate of $15M in June 8-K.
Most workforce reductions expected by end of FY2023 (Jan 31, 2023).

item 2.02 item 2.05

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UiPath, Inc. reported fiscal third quarter 2023 ended October 31, 2022 results: revenue $260 million.

Period: fiscal third quarter 2023 ended October 31, 2022
Revenue: $260 million
Result: preliminary results

Exact text from the filing

Based on preliminary unaudited financial information, the Company expects to report the following: • Revenue of approximately $260 million. • ARR of approximately $1.108 billion as of October 31, 2022. • GAAP operating loss of approximately $(70) million. • Non-GAAP operating income of approximately $15 million.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

UiPath, Inc. announced a restructuring with charges of approximately $30 million (approximately 6% of the Company’s global workforce of approximately 4,025 as of October 31, 2022).

Type: restructuring
Charge: approximately $30 million
Headcount: approximately 6% of the Company’s global workforce of approximately 4,025 as of October 31, 2022

Exact text from the filing

On November 10, 2022, UiPath’s Board approved further restructuring actions (in addition to those restructuring actions announced in a Current Report on Form 8-K filed on June 27, 2022 (the “June 8-K”)). These actions are expected to include an additional reduction across functions of approximately 6% of the Company’s global workforce of approximately 4,025 as of October 31, 2022, with most of these reductions expected to occur by the end of fiscal year 2023. Worldwide, the Company expects the workforce reductions to comply with applicable laws including consultation requirements. This workforce reduction will further support the Company’s strategic positioning designed to increase execution velocity, operational efficiency, and customer centricity. Including charges recognized in the third quarter of fiscal year 2023 and charges anticipated to be recognized in the fourth quarter of fiscal year 2023, the Company now expects total restructuring expenses of approximately $30 million (the

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UiPath, Inc. filing history →

Source: SEC EDGAR

accession 0001734722-22-000056

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