Stock Report | May 07, 2022 | NYSE Symbol: PATH

UiPath Inc.
Recommendation Price 12-Mo. Target Price Report Currency Investment Style
BUY « « « « « USD 17.13 (as of market close May 06, 2022) USD 34.00 USD Mid-Cap Blend
Equity Analyst David Holt

GICS Sector Information Technology Summary UiPath enables clients to automate repetitive business tasks through software automation
Sub-Industry Systems Software so employees can focus on value-added work.

Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports)
52-Wk Range USD 90.0 - 16.1 Oper.EPS2023E USD 0.01 Market Capitalization[B] USD 9.33 Beta N/A
Trailing 12-Month EPS USD -1.16 Oper.EPS2024E USD 0.09 Yield [%] N/A 3-yr Proj. EPS CAGR[%] NM
Trailing 12-Month P/E NM P/E on Oper.EPS2023E 1,713.00 Dividend Rate/Share N/A SPGMI's Quality Ranking NR
USD 10K Invested 5 Yrs Ago N/A Common Shares Outstg.[M] 541.00 Trailing 12-Month Dividend N/A Institutional Ownership [%] 47.0

Price Performance Analyst's Risk Assessment

LOW MEDIUM HIGH

Our risk assessment considers PATH’s unique combination
of a differentiated user interface, ML/AI capabilities, and
complementary solutions, including task mining, which we
think is difficult to replicate. Potential offsets include
internally developed solutions from existing/future
customers and share loss to other large software
conglomerates (i.e., Microsoft’s Power Automate platform).
A steep drop-off in global demand for automation
solutions or reduced effectiveness of its “land and expand”
strategy could result in reduced operating performance.

Revenue/Earnings Data

Revenue (Million USD)

1Q 2Q 3Q 4Q Year
2024 E 296 E 311 E 360 E 452 E 1,419
2023 E 224 E 229 E 271 E 360 E 1,084
2022 186 196 221 290 892
Source: CFRA, S&P Global Market Intelligence
2021 113 139 147 208 608
Past performance is not an indication of future performance and should not be relied upon as such.
2020 -- -- -- -- 336
Analysis prepared by David Holt on Apr 08, 2022 12:24 AM ET, when the stock traded at USD 21.08.
Earnings Per Share (USD)
Highlights Investment Rationale/Risk 1Q 2Q 3Q 4Q Year
u We estimate revenues rise by 21.5% in FY 23, u We rate PATH a Buy -- admittingly, our call has 2024 E -0.02 E -0.02 E 0.02 E 0.11 E 0.09
marking a deceleration from prior periods. To be been mistimed, as shares have been pushed 2023 E -0.05 E -0.03 E -0.01 E 0.10 E 0.01
clear, paused business in Russia is a lower due to 1) negative sentiment toward 2022 -1.11 -0.19 -0.23 0.05 -0.01
manageable headwind (two-points of growth), higher-growth names, and 2) macro factors out 2021 -0.30 -- -0.41 0.15 -0.55
but European exposure (~30% of business) of the company’s control, as clients discern how 2020 -- -- -- -- -3.41
drove PATH to display an abundance of caution geopolitical issues unfold. That said, we argue Fiscal Year ended Jan 31. EPS Estimates based on CFRA's
around the timing of deal closures and was the our long-term thesis remains intact, even more Operating Earnings; historical GAAP earnings are as reported in
key factor to its tempered near-term growth so, given wage inflation pressures and labor Company reports.
outlook. On the other hand, expansion metrics shortages. With little signs of share loss to
in FQ4 (Jan-Q) remain healthy, with a 78% competitors (Blue Prism takeaway cited on Dividend Data
increase in $1M+ annual recurring revenue recent conference call), and ample white space No cash dividends have been paid in the last year.
(ARR) customers and a dollar-based net for newly created automation use cases to fast-
retention rate (NRR) of 145%, leading us to track platform adoption, we think the longer-
believe impacts will be temporary and revenue term story remains attractive.
levels work higher by 31% in FY 24. u Risks to our rating and target include the
u PATH has displayed solid gross margin capital-intensive nature of the software
performance, with 87% to 87.5% expected in FY industry. Unfavorable macro factors, rising
23 and FY 24, as it intentionally strikes a costs of skilled human capital, and a reduced
balance between growth and profitability. ability to acquire new clients, could delay a
Partner-enabled sales remain a longer-term transition to profitability and negatively impact
margin tailwind, as it de-emphasizes internal the stock.
integration of automated solutions. u Our 12-month target of $34 is derived by using
u PATH should remain FCF neutral in FY 23, as the a DCF (60% weighting) and EV/Revenue multiple
pause in deal momentum is met with increased (40% weighting). We think the blended analysis
sales productivity. We would also point out that provides a more accurate gauge around future
sales capacity additions should taper off after a growth, profitability, and helps account for
stretch of heavy investment, leading to FCF potential risks around higher interest rates for
levels of ~$50M in FY 24. longer-duration assets.

Redistribution or reproduction is prohibited without written permission. Copyright © 2022 CFRA. This document is not intended to provide personal investment advice and it does not take into account the specific investment
objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment
or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any,
may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on
their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless
otherwise indicated, there is no intention to update this document.
1
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Business Summary Apr 08, 2022 Corporate information

CORPORATE OVERVIEW. UiPath, Inc. was incorporated in Delaware in June 2015 and is headquartered in New Investor contact
York. The company offers an end-to-end automation platform that provides a range of robotic process K. D. Turcotte (844 432 0455)
automation (RPA) solutions via a suite of interrelated software offerings. As of January 31, 2021 (fiscal
year-end), the company had approximately 3,000 full-time employees who mostly reside overseas in Office
Romania given its heritage. Currently, the company has principal operations in the United States, Romania, 452 5th Avenue, 22nd Floor, New York, New York, 10018
and Japan.
Telephone
BUSINESS MODEL. PATH’s platform is designed to identify and accelerate the design and deployment of
844 432 0455
automation that can be executed by robots under the management and control of its customers. The
platform leverages the power of artificial intelligence (AI) to enable software robots to perform a vast array Fax
of actions as a human would when executing business processes. Examples could include, but are not N/A
limited to, extracting information from documents, filing forms, and automatically updating databases.
Website
The platform and ancillary solutions are offered in various ways to meet customer needs that include: 1) on-
www.uipath.com
prem, public and/or private cloud, or hybrid environments, 2) licensed software through multi-year
agreements, and 3) professional services including process automation, use case development, consulting,
and customer training services. Officers
PATH’s go-to-market strategy primarily consists of an enterprise sales force that is complemented by a Co-Founder, CEO, & Co-Founder & CTO
sales team that targets small and mid-sized customers that include Adobe, Applied Materials, Chipotle Chairman of the Board M. Tirca
Mexican Grill, and CVS Health. From there, the company deploys its ‘land-and-expand’ strategy focused on D. S. Dines
Co-Founder, CEO, &
expanding use of the platform through an increased user base or added functional areas of expertise. Most Chief Financial Officer Chairman of the Board
of its products are designed to be additive, with capabilities that improve as more robots are deployed. As A. Gupta D. S. Dines
customers further lean on the platform, the return-on-investment generally increases for customers and is
referred to as the company’s “Automation Flywheel.” General Counsel, Chief
Another important factor of its selling strategy is its extensive ecosystem system integrators and consulting Legal Officer & Secretary
companies, such as Accenture, Cognizant, McKinsey, Deloitte, and KPMG, that help extend global reach and B. C. Brubaker
help rapidly build, deploy, and scale its platform for customers. PATH’s business partners include more than
3,700 global and regional system integrators, value-added resellers, and business consultants. Board Members
MAJOR DEVELOPMENTS. UiPath was founded in 2005 in Bucharest, Romania by Daniel Dines. Mr. Dines, a A. P. Chopra M. L. Gordon
past engineer at Microsoft, originally started a business process outsourcing (BPO) firm called DeskOver, C. M. Eschenbach M. Lira
which eventually was changed to UiPath in 2013 following a more centralized view on robotic process
automation (RPA). The company completed its initial public offering in April 2021 and began trading on the D. D. Springer O. Etzioni
New York Stock Exchange under the ticker symbol PATH. The company routinely looks for complementary D. S. Dines P. Botteri
acquisitions and/or investment opportunities. PATH acquired Cloud Elements, a provider of an API G. Khanna R. P. Wong
integration platform for digital enterprises on March 19, 2021. Total consideration was $40.5 million in cash
and stock. J. A. Zangardi S. Kent

COMPETITIVE ENVIRONMENT. The company mainly competes against 1) large conglomerate software J. G. Tejada S. Metzenbaum
systems that offer RPA and automated solutions, such as SAP and Microsoft Power Automate, 2) horizontal K. L. Hammonds T. Cowen
RPA vendors, such as Automation Anywhere, Blue Prism, and Kofax, and 3) Business Process Management L. Sturdy
(BPM) providers, including, Appian, Pegasystems, and Celonis. PATH believes principal competitive factors
include overall customer success using its RPA product, measured as productivity gains, overall capabilities
of its solution, and ability to seamlessly integrate throughout its business. Domicile Auditor
Delaware N/A
Per UiPath’s S-1, the company estimates its market opportunity to be more than $60 billion, with room for
growth as customers uncover new use cases that its platform can address. To arrive at its total estimated Founded
opportunity, PATH identified the number of potential customers worldwide with at least 200 employees then 2005
segmented them into three cohorts based on headcount as follows: companies with 200-4,999 employees,
companies with 5,000-19,999 employees, and companies with 20,000 or more employees. PATH then Employees
multiplied the number of companies in each segment by the 90th percentile of ARR per customer, reflecting 2,863
the belief that it accurately represents a customer that has deployed its platform across the enterprise,
then summed results from each category. Stockholders
N/A
FINANCIAL TRENDS. UiPath generates revenues from the sale of software licenses (57% in FY 21),
maintenance and support for licenses (38%), and professional services (5%). Total revenues grew by 81% to
$607.6 million in FY 21, driven primarily by expansion of existing customers (75% of the total increase) and
newly landed customers (other 25%). PATH’s total customer count rose 32.5% to 7,968 customers in FY 21
and included 80% of the Fortune 10 and 63% of the Fortune Global 500.
Gross margin widened to 89% in FY 21, from 82% in FY 20, primarily due to higher recognized revenues
from increased adoption of software offerings. Sales and marketing (S&M) declined 21% in FY 21 driven by
a decline in travel, sales events, and trade conference expenses. Net losses totaled $92.4 million in FY 21,
down from $519.9 million in FY 20. Operating cash flow came in at $29.2 million in FY 21, from a use of cash
of $359.4 million the year prior. As of January 31, 2021, the company’s balance sheet was in good shape,
with a net cash position of $440M ($20M in debt and $460M in cash).
PATH manages its business based on annualized renewal run-rate (ARR), which swelled by 65% to $580.4
million in FY 21, from $351.4 million in FY 20. Notably, the company also points to other key performance
indicators (KPIs) to monitor its financial progress, which includes dollar-based net expansion rate (i.e.,
yearly growth of annual recurring revenue divided by customer base over last twelve months), which was
145% in FY 21 and slightly down from 153% in FY 20.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 2
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Quantitative Evaluations Expanded Ratio Analysis

Fair Value Rank NR 1 2 3 4 5 2022

Lowest Highest Price/Sales 18.61
Based on CFRA's proprietary quantitative model, Price/EBITDA NM
stocks are ranked from most overvalued (1) to most Price/Pretax Income NM
undervalued (5). P/E Ratio NM
Avg. Diluted Shares Outstg. (M) 454.62
Fair Value N/A
Calculation Figures based on fiscal year-end price

Volatility LOW AVERAGE HIGH

Technical N/A Key Growth Rates and Averages

Evaluation
Past Growth Rate (%) 1 Year 3 Years 5 Years
Insider Activity UNFAVORABLE NEUTRAL FAVORABLE Net Income 468.86 NM NM
Sales 46.84 N/A N/A

Ratio Analysis (Annual Avg.)

Net Margin (%) NM NM NM
% LT Debt to Capitalization N/A N/A N/A
Return on Equity (%) -44.92 -24.99 -14.99

Company Financials Fiscal year ending Jan 31

Per Share Data (USD) 2022 2021 2020
Tangible Book Value 3.42 -4.53 -5.31
Free Cash Flow -0.15 0.15 -2.50
Earnings -1.16 -0.55 -3.41
Earnings (Normalized) -0.70 -0.35 -2.07
Dividends N/A N/A N/A
Payout Ratio (%) NM NM NM
Prices: High 90.00 N/A N/A
Prices: Low 31.47 N/A N/A
P/E Ratio: High NM NM NM
P/E Ratio: Low NM NM NM

Income Statement Analysis (Million USD)

Revenue 892.00 608.00 336.00
Operating Income -501.00 -110.00 -506.00
Depreciation + Amortization 15.00 11.00 8.00
Interest Expense N/A N/A N/A
Pretax Income -511.00 -95.00 -517.00
Effective Tax Rate -2.90 2.40 -0.50
Net Income NM NM NM
Net Income (Normalized) NM NM NM

Balance Sheet and Other Financial Data (Million USD)

Cash 1,865 461.00 232.00
Current Assets 2,277 734.00 401.00
Total Assets 2,572 866.50 508.20
Current Liabilities 528.00 365.00 239.00
Long Term Debt N/A N/A N/A
Total Capital 1,972 438.00 223.00
Capital Expenditures 9.00 2.00 16.00
Cash from Operations -55.00 29.00 -359.00
Current Ratio 4.32 2.01 1.68
% Long Term Debt of Capitalization N/A N/A N/A
% Net Income of Revenue -58.90 -15.20 NM
% Return on Assets -18.21 -10.03 NM
% Return on Equity -44.90 -30.00 NM

Source: S&P Global Market Intelligence. Data may be preliminary or restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends; EPS diluted.
E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 3
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Sub-Industry Outlook Industry Performance

CFRA has a positive fundamental outlook for the
S&P 500 Systems Software sub-industry, as we
also have for the S&P 500 Application Software
sub-industry. In an increasingly “cloud world”, the
distinction between application and systems
software becomes fuzzier and less relevant from
an investor’s perspective, as the client-server
era's clear demarcations dissolve into an
increasingly distributed and functionally federated
micro-services architecture. Not to mention the
fact that Microsoft and Oracle, which together
make up 95% of the S&P 500 System Software
sub-industry by market cap, generate less than
50% of their revenue from what would be
considered "systems software".
Now including results from 4Q21, TTM revenue for
the S&P 500 Software Industry constituents was
$459B, +19.9% Y/Y, accelerating from 19.2%
growth in 3Q21 and 17.5% Y/Y growth in 2Q.
Software industry growth has been accelerating
since 2H20 as many enterprises delayed projects
and cut spending due to the initial uncertainty at
the start of the Covid-19 pandemic. We continue
to forecast S&P 500 Software Industry revenue for
2022 to grow 16% Y/Y, primarily driven by cloud
migration and Covid-19-related digital
transformation projects and partially hindered by
declining revenue from sales of legacy client-
server software licenses and maintenance and
support, decelerating only modestly to 14% in
2023.
Compared to the S&P 500 Software Industry, the
larger overall global software industry, which grew
2.3% Y/Y in 2020 to $571B, contains many
smaller, niche-oriented, or country-specific
vendors more dependent on legacy maintenance
revenue from the client-server era (and even from
lingering mainframe software). We project the
overall global software industry to grow 10.7% in
2021 to $632B (IDC's numbers for 2021 are
expected to be published later in 2022) and 9.1%
in 2022 to $690. In August 2020, we formalized
CFRA’s “Four Key Trends in Enterprise Software,”
which we see as crucial to understanding the
software industry and distilling investment-
relevant insights as it evolves: Cloud Migration, GICS Sector: Information Technology
Digital Transformation, The Rise of Meta- Sub-Industry: Systems Software
Software, and Artificial Intelligence (AI). While Based on S&P 1500 Indexes
the lingo has changed, the investment-relevant Five-Year market price performance through May 07, 2022
impact of these trends has been building for
over a decade, though, in our view, only cloud
migration is now hitting “peak impact.” Similar
to the financial crisis of 2008, Covid-19’s
impact on the overall economy, especially on
energy, travel, restaurants, and many brick-
and-mortar retailers, led to a dip in IT spending
growth in 2020. Yet, like 2008, Covid-19 has
accelerated these trends as enterprises
reacted with aggressive cost-cutting and
streamlining for greater operational agility. On
top of that, the massive surge in remote
workers and the sudden need to serve
customers while minimizing physical contact
catalyzed faster cloud adoption and greater
investment in digital transformation projects,
a.k.a. substituting software for labor and
capital in the means of production (e.g., Uber’s
software substitutes for taxi dispatch systems
and dispatchers).
Despite the sharp tech sell-off in the first week
of 2022, the S&P 500 Systems Software sub-
industry is still up 28.0% TTM vs. 14.8% for the
overall S&P 500. At a P/E of 32.7x vs. the
overall S&P 500 P/E of 22.3x, the relative
valuation for this sub-industry is roughly in line
with history, though it is on the high-side
historically on an absolute basis.
/ John Freeman NOTE: A sector chart appears when the sub-industry does not have
sufficient historical index data.
All Sector & Sub-Industry information is based on the Global Industry
Classification Standard (GICS).
Past performance is not an indication of future performance and should
not be relied upon as such.
Source: CFRA, S&P Global Market Intelligence

Sub-Industry: Systems Software Peer Group*: Systems Software

Recent 30-Day 1-Year Fair Return
Stock Stock Stk. Mkt. Price Price P/E Value Yield on Equity LTD to
Peer Group Symbol Exchange Currency Price Cap. (M) Chg. (%) Chg. (%) Ratio Calc. (%) (%) Cap (%)

UiPath Inc. PATH NYSE USD 17.13 9,334.0 -19.4 -75.3 NM N/A N/A -44.9 N/A
CyberArk Software Ltd. CYBR NasdaqGS USD 126.38 5,066.0 -23.0 9.0 NM N/A N/A -11.7 N/A
Datto Holding Corp. MSP NYSE USD 34.38 5,662.0 20.6 43.1 111.0 N/A N/A 2.9 N/A
Dolby Laboratories, Inc. DLB NYSE USD 71.54 7,218.0 -6.7 -26.2 34.0 63.22 1.4 8.3 N/A
GitLab Inc. GTLB NasdaqGS USD 42.37 6,254.0 -20.9 N/A NM N/A N/A -31.7 N/A
Mandiant, Inc. MNDT NasdaqGS USD 22.04 5,118.0 -1.5 15.5 NM N/A N/A -28.5 N/A
Qualys, Inc. QLYS NasdaqGS USD 119.32 4,637.0 -13.0 21.5 50.0 N/A N/A 23.3 N/A
SailPoint Technologies Holdings, Inc. SAIL NYSE USD 63.51 5,988.0 26.2 38.5 NM N/A N/A -20.3 N/A
SentinelOne, Inc. S NYSE USD 26.11 7,253.0 -26.4 N/A NM N/A N/A -27.8 N/A
Tenable Holdings, Inc. TENB NasdaqGS USD 48.47 5,360.0 -12.8 31.5 NM N/A N/A -31.8 N/A
monday.com Ltd. MNDY NasdaqGS USD 123.55 5,550.0 -17.4 N/A NM N/A N/A -35.9 N/A

*For Peer Groups with more than 10 companies or stocks, selection of issues is based on market capitalization.
NA-Not Available; NM-Not Meaningful.
Note: Peers are selected based on Global Industry Classification Standards and market capitalization. The peer group list includes companies with similar characteristics, but may not include all the companies within the same
industry and/or that engage in the same line of business.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 4
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Analyst Research Notes and other Company News

March 31, 2022

09:53 AM ET... CFRA Maintains Buy Rating on Shares of UiPath Inc. (PATH
23.63****):
PATH printed FQ4 (Jan-Q) results yesterday after market close (3/30) that featured
a top and bottom-line beat, but its FY 23 revenue outlook of $1.075B to $1.085B
(vs. $1.118B expected) came up short and is leading shares sharply lower this
morning. PATH attributed the lower revenue target to paused business in Russia
($25M-$30M) and FX headwinds ($10M-$15M). Additionally, deal slippage in
European regions also led to the more tempered outlook, but we would point out
that increasing competition, not a stall in expansion across larger customers were
driving factors, leading us to believe setbacks are temporary while clients assess
business continuity plans of their own. FQ4 revenues were $290M (+39% Y/Y),
compared to consensus of $283M, and adj-EPS of $0.05 topped consensus by
$0.03. Our 12-month target of $34 (from $63) is derived by using a blended DCF
analysis (60% weighting) and EV/revenue multiple (40% weighting). We expect PATH
to deliver an adj-EPS of $0.01 (from $0.11) in FY 23 and $0.09 in FY 24. / David Holt

December 09, 2021

10:59 AM ET... CFRA Maintains Buy Rating on Shares of UiPath Inc. (PATH
46.62****):
PATH printed FQ3 (Oct-Q) results yesterday after the close (12/8), highlighted by a
top and bottom-line beat, and a sequential revenue target that cleared
expectations. Initial commentary around FY 23 was also encouraging, with seasonal
tailwinds forming around net new client momentum. Key performance metrics are
also shaping up well, with a net retention rate (NRR) holding steady at ~145% and
remaining performance obligations (RPO) of $579.5M (+80% Y/Y), as both lean
toward the notion that broadening customer expansion seems likely, especially as
PATH benefits from tight labor markets and its leading competitive positioning in
enterprise automation. Oct-Q revenues were $221M (+50% Y/Y), compared to
consensus of $209M, and breakeven adj-EPS was better than consensus by $0.04.
Our 12-month target of $63 (from $69) is derived by using a blended DCF analysis
(60% weighting) and EV/revenue multiple (40% weighting). We expect PATH to
deliver an adj-EPS of $0.06 (from $0.04) in FY 22 and $0.11 (from $0.05) in FY 23. /
David Holt

September 16, 2021

12:19 PM ET... CFRA Initiates Coverage on Shares of UiPath with a Buy Rating (PATH
55.89****):
Our 12-month blended target of $69 is derived by using a two-stage DCF analysis
(60% weighting) and EV/revenue multiple (40% weighting). We estimate PATH will
post an EPS of $0.04 in FY 22 and $0.05 in FY 23, as the company favors landing
and expanding new and existing customers over the medium-term. Shares have
experienced pressure since going public in April 2021 due to questions around
competitive dynamics and near-term revenue interruptions temporarily masking
secular growth opportunities in robotic process automation (RPA). However, we
think recent investor apprehension presents an opportunity, given its severely
underpenetrated install base (5% currently), and proxies measuring future growth
potential (annualized renewal run-rate or ARR, which rose 60% in July-Q) make a
strong case for increased client expansion in future periods as the company fully
scales new products (e.g., task mining). PATH’s industry-best gross margin profile
and strides toward consistent profitability add to our bullish tone. / David Holt

Note: Research notes reflect CFRA's published opinions and analysis on the stock at the time the note was published. The note reflects the views of the equity analyst as of
the date and time indicated in the note, and may not reflect CFRA's current view on the company.
Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 5
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Analysts Recommendations Wall Street Consensus Opinion

Buy/Hold

Wall Street Consensus vs. Performance

For fiscal year 2023, analysts estimate that PATH will earn
USD -0.02. For fiscal year 2024, analysts estimate that
PATH's earnings per share will grow by -574.52% to USD
0.07.

No. of
Recommendations % of Total 1 Mo.Prior 3 Mos.Prior
Buy 10 45 10 11
Buy/Hold 4 18 4 4
Hold 7 32 7 7
Weak hold 0 0 0 0
Sell 1 5 1 1
No Opinion 0 0 0 0
Total 22 100 22 23

Wall Street Consensus Estimates

Fiscal Year Avg Est. High Est. Low Est. # of Est. Est. P/E
2024 0.07 0.26 0.01 20 229.87
2023 -0.02 0.06 -0.07 22 -1000.00
2024 vs. 2023 p 574% p 333% p 114% q -9% p 121%

Q1'24 -0.03 0.01 -0.08 14 -660.62

Q1'23 -0.06 -0.02 -0.07 19 -304.80
Q1'24 vs. Q1'23 p 54% p 150% q -14% q -26% q -117%
Forecasts are not reliable indicator of future performance.
Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes the earnings estimates of over 2,300 Wall Street analysts, and
provides their consensus of earnings over the next two years, as well as how those earnings estimates have changed over time. Note that the information provided in relation to consensus
estimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.
Note: For all tables, graphs and charts in this report that do not cite any reference or source, the source is S&P Global Market Intelligence.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 6
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Glossary

STARS Abbreviations Used in Equity Research Reports

Since January 1, 1987, CFRA Equity and Fund Research Services, and its CAGR - Compound Annual Growth Rate
predecessor S&P Capital IQ Equity Research has ranked a universe of U.S. CAPEX - Capital Expenditures
common stocks, ADRs (American Depositary Receipts), and ADSs (American CY - Calendar Year
Depositary Shares) based on a given equity's potential for future performance. DCF - Discounted Cash Flow
Similarly, we have ranked Asian and European equities since June 30, 2002. DDM - Dividend Discount Model
Under proprietary STARS (Stock Appreciation Ranking System), equity analysts EBIT - Earnings Before Interest and Taxes
rank equities according to their individual forecast of an equity's future total EBITDA - Earnings Before Interest, Taxes, Depreciation & Amortization
return potential versus the expected total return of a relevant benchmark (e.g., EPS - Earnings Per Share
a regional index (MSCI AC Asia Pacific Index, MSCI AC Europe Index or S&P 500® EV - Enterprise Value
Index)), based on a 12-month time horizon. STARS was designed to help FCF - Free Cash Flow
investors looking to put their investment decisions in perspective. Data used to FFO - Funds From Operations
assist in determining the STARS ranking may be the result of the analyst's own FY - Fiscal Year
models as well as internal proprietary models resulting from dynamic data P/E - Price/Earnings
inputs. P/NAV - Price to Net Asset Value
PEG Ratio - P/E-to-Growth Ratio
S&P Global Market Intelligence's Quality Ranking PV - Present Value
(also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth and R&D - Research & Development
S&P Capital IQ Earnings & Dividend Rankings stability of earnings and dividends ROCE - Return on Capital Employed
are deemed key elements in establishing S&P Global Market Intelligence's ROE Return on Equity
earnings and dividend rankings for common stocks, which are designed to ROI - Return on Investment
capsulize the nature of this record in a single symbol. It should be noted, ROIC - Return on Invested Capital
however, that the process also takes into consideration certain adjustments ROA - Return on Assets
and modifications deemed desirable in establishing such rankings. The final SG&A - Selling, General & Administrative Expenses
score for each stock is measured against a scoring matrix determined by SOTP - Sum-of-The-Parts
analysis of the scores of a large and representative sample of stocks. The range WACC - Weighted Average Cost of Capital
of scores in the array of this sample has been aligned with the following ladder
of rankings: Dividends on American Depository Receipts (ADRs) and American Depository
Shares (ADSs) are net of taxes (paid in the country of origin).
A+ Highest B Below Average
Qualitative Risk Assessment
A High B- Lower
A Above C Lowest
Reflects an equity analyst's view of a given company's operational risk, or the
risk of a firm's ability to continue as an ongoing concern. The Qualitative Risk
B+ Average D In Reorganization
Assessment is a relative ranking to the U.S. STARS universe, and should be
NC Not Ranked reflective of risk factors related to a company's operations, as opposed to risk
and volatility measures associated with share prices. For an ETF this reflects on
EPS Estimates a capitalization-weighted basis, the average qualitative risk assessment
CFRA's earnings per share (EPS) estimates reflect analyst projections of future assigned to holdings of the fund.
EPS from continuing operations, and generally exclude various items that are
viewed as special, non-recurring, or extraordinary. Also, EPS estimates reflect STARS Ranking system and definition:
either forecasts of equity analysts; or, the consensus (average) EPS estimate, ««««« 5-STARS (Strong Buy):
which are independently compiled by S&P Global Market Intelligence, a data Total return is expected to outperform the total return of a relevant benchmark,
provider to CFRA. Among the items typically excluded from EPS estimates are by a notable margin over the coming 12 months, with shares rising in price on
asset sale gains; impairment, restructuring or merger-related charges; legal an absolute basis.
and insurance settlements; in process research and development expenses; ««««« 4-STARS (Buy):
gains or losses on the extinguishment of debt; the cumulative effect of Total return is expected to outperform the total return of a relevant benchmark
accounting changes; and earnings related to operations that have been over the coming 12 months.
classified by the company as discontinued. The inclusion of some items, such
as stock option expense and recurring types of other charges, may vary, and ««««« 3-STARS (Hold):
depend on such factors as industry practice, analyst judgment, and the extent Total return is expected to closely approximate the total return of a relevant
to which some types of data is disclosed by companies. benchmark over the coming 12 months.
««««« 2-STARS (Sell):
12-Month Target Price Total return is expected to underperform the total return of a relevant
The equity analyst's projection of the market price a given security will benchmark over the coming 12 months.
command 12 months hence, based on a combination of intrinsic, relative, and
««««« 1-STAR (Strong Sell):
private market valuation metrics, including Fair Value.
Total return is expected to underperform the total return of a relevant
benchmark by a notable margin over the coming 12 months, with shares falling
in price on an absolute basis.
Relevant benchmarks:
In North America, the relevant benchmark is the S&P 500 Index, in Europe and
in Asia, the relevant benchmarks are the MSCI AC Europe Index and the MSCI AC
Asia Pacific Index, respectively.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 7
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
Disclosures

Stocks are ranked in accordance with the following ranking methodologies:
STARS Stock Reports:
Qualitative STARS rankings are determined and assigned by equity analysts. For reports
containing STARS rankings refer to the Glossary section of the report for detailed
methodology and the definition of STARS rankings.
Quantitative Stock Reports:
Quantitative rankings are determined by ranking a universe of common stocks based on 5
measures or model categories: Valuation, Quality, Growth, Street Sentiment, and Price
Momentum. In the U.S., a sixth sub-category for Financial Health will also be displayed.
Percentile scores are used to compare each company to all other companies in the same
universe for each model category. The five (six) model category scores are then weighted
and rolled up into a single percentile ranking for that company. For reports containing
quantitative rankings refer to the Glossary section seof the report for detailed methodology
and the definition of Quantitative rankings.
STARS Stock Reports and Quantitative Stock Reports:
The methodologies used in STARS Stock Reports and Quantitative Stock Reports
(collectively, the "Research Reports") reflect different criteria, assumptions and analytical
methods and may have differing rankings. The methodologies and data used to generate
the different types of Research Reports are believed by the author and distributor
reasonable and appropriate. Generally, CFRA does not generate reports with different
ranking methodologies for the same issuer. However, in the event that different
methodologies or data are used on the analysis of an issuer, the methodologies may lead
to different views on the issuer, which may at times result in contradicting assessments of
an issuer. CFRA reserves the right to alter, replace or vary models, methodologies or
assumptions from time to time and without notice to clients.
STARS Stock Reports:
Global STARS Distribution as of February 08, 2022
Ranking North America Europe Asia Global
Buy 43.8% 46.2% 40.0% 43.4%
Hold 50.0% 47.4% 55.7% 50.7%
Sell 6.2% 6.4% 4.3% 5.9%
Total 100.0% 100.0% 100.0% 100.0%
Analyst Certification:
STARS Stock Reports are prepared by the equity research analysts of CFRA and its
affiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All of the
views expressed in STARS Stock Reports accurately reflect the research analyst's
personal views regarding any and all of the subject securities or issuers; all of the views
expressed in the Quantitative Stock Reports accurately reflect the output of CFRA's
algorithms and programs. Analysts generally update STARS Stock Reports at least four
times each year. Quantitative Stock Reports are generally updated weekly. No part of
analysts’ or CFRA’s compensation was, is, or will be directly or indirectly related to the
specific rankings or views expressed in any Stock Report.
About CFRA Equity Research:
This Research Report is published and originally distributed by Accounting Research &
Analytics, LLC d/b/a CFRA ("CFRA US"), with the following exceptions: In the UK/EU/EEA, it
is published and originally distributed by CFRA UK Limited ("CFRA UK"), which is regulated
by the Financial Conduct Authority (No. 775151), and in Malaysia by CFRA MY Sdn Bhd
(Company No. 683377-A) ("CFRA Malaysia"), which is regulated by Securities Commission
Malaysia, (No. CMSL/A0181/2007) under license from CFRA US. These parties and their
subsidiaries maintain no responsibility for reports redistributed by third parties such as
brokers or financial advisors.
not a reliable indicator of future performance.
This report is not intended to, and does not, constitute an offer or solicitation to buy and sell
securities or engage in any investment activity. This report is for informational purposes
only. Statements in this report are not made with respect to any particular investor or type
of investor. Securities, financial instruments or strategies mentioned herein may not be
suitable for all investors and this material is not intended for any specific investor and does
not take into account an investor's particular investment objectives, financial situations or
needs. Before acting on anything in this report, you should consider whether it is suitable
for your particular circumstances and, if necessary, seek professional advice. CFRA may
license certain intellectual property or provide services to, or otherwise have a business
relationship with, certain issuers of securities that are the subject of CFRA research reports,
including exchange-traded investments whose investment objective is to substantially
replicate the returns of a proprietary index of CFRA. In cases where CFRA is paid fees that
are tied to the amount of assets invested in a fund or the volume of trading activity in a fund,
investment in the fund may result in CFRA receiving compensation in addition to the
subscription fees or other compensation for services rendered by CFRA, however, no part
of CFRA's compensation for services is tied to any particular viewpoint or rating. Additional
information on a subject company may be available upon request.
CFRA's financial data provider is S&P Global Market Intelligence. THIS DOCUMENT CONTAINS
COPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTED UNDER LICENSE FROM S&P
GLOBAL MARKET INTELLIGENCE. FOR RECIPIENT'S INTERNAL USE ONLY.
The Global Industry Classification Standard (GICS®) was developed by and/or is the
exclusive property of MSCI, Inc. and S&P Global Market Intelligence. GICS is a service mark
of MSCI and S&P Global Market Intelligence and has been licensed for use by CFRA.
Other Disclaimers and Notices
Certain information in this report is provided by S&P Global, Inc. and/or its affiliates and
subsidiaries (collectively "S&P Global"). Such information is subject to the following
disclaimers and notices: "Copyright © 2018, S&P Global Market Intelligence (and its
affiliates as applicable). All rights reserved. Nothing contained herein is investment advice
and a reference to a particular investment or security, a credit rating or any observation
concerning a security or investment provided by S&P Global is not a recommendation to buy,
sell or hold such investment or security or make any other investment decisions. This may
contain information obtained from third parties, including ratings from credit ratings
agencies. Reproduction and distribution of S&P Global's information and third party content
in any form is prohibited except with the prior written permission of S&P Global or the related
third party, as applicable. Neither S&P Global nor its third party providers guarantee the
accuracy, completeness, timeliness or availability of any information, including ratings, and
are not responsible for any errors or omissions (negligent or otherwise), regardless of the
cause, or for the results obtained from the use of such information or content. S&P GLOBAL
AND ITS THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE OR USE AND ALL S&P INFORMATION IS PROVIDED ON AN AS-IS
BASIS. S&P GLOBAL AND ITS THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR
ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR
CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST
INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN
CONNECTION WITH ANY USE OF THEIR INFORMATION OR CONTENT, INCLUDING RATINGS.
Credit ratings are statements of opinions and are not statements of fact or
recommendations to purchase, hold or sell securities. They do not address the suitability
of securities or the suitability of securities for investment purposes, and should not be relied
on as investment advice."

General Disclosure
Notice to all jurisdictions:
Where Research Reports are made available in a language other than English and in the case
of inconsistencies between the English and translated versions of a Research Report, the
English version will control and supersede any ambiguities between such versions. Neither
CFRA nor its affiliates guarantee the accuracy of any translation.
The content of this report and the opinions expressed herein are those of CFRA based upon
publicly-available information that CFRA believes to be reliable and the opinions are subject
to change without notice. This analysis has not been submitted to, nor received approval
from, the United States Securities and Exchange Commission or any other regulatory body.
CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR
IMPLIED, to the full extent permitted by law, regarding the accuracy, completeness, or
usefulness of this information and assumes no liability with respect to the consequences
of relying on this information for investment or other purposes.
No content in this Research Report may be modified, reverse engineered, reproduced or
distributed in any form by any means, or stored in a database or retrieval system, without
the prior written permission of CFRA, or used for any unlawful or unauthorized purposes.
Neither CFRA nor its third-party providers, as well as its/their directors, officers,
shareholders, employees or agents, guarantee the accuracy, completeness, timeliness or
availability of the content herein
Past performance is not necessarily indicative of future results.
This document may contain forward-looking statements or forecasts; such forecasts are

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 8
Stock Report | May 07, 2022 | NYSE Symbol: PATH
UiPath Inc.
CFRA's Research Reports may be distributed in certain localities, countries and/or
jurisdictions by independent third parties or independent intermediaries and/or
distributors ("Intermediaries"). Intermediaries are not acting as agents or representatives
of CFRA. In territories where an Intermediary distributes CFRA's Research Reports, the
Intermediary, and not CFRA, is solely responsible for complying with all applicable
regulations, laws, rules, circulars, codes and guidelines established by local and/or regional
regulatory authorities, including laws in connection with the distribution of third party
research reports, licensing requirements, supervisory and record keeping obligations that
the Intermediary may have under the applicable laws and regulations of the territories
where it distributes the Research Reports.

For residents of the European Union/European Economic Area:

Research reports are originally distributed by CFRA UK Limited (company number
08456139 registered in England & Wales with its registered office address at New Derwent
House, 69-73 Theobalds Road, London, WC1X 8TA, United Kingdom). CFRA UK Limited is
regulated by the UK Financial Conduct Authority (No. 775151).

For residents of Malaysia:

Research reports are originally produced and distributed by CFRA MY Sdn Bhd (Company No.
683377-A) ("CFRA Malaysia"), a wholly-owned subsidiary of CFRA US. CFRA Malaysia is
regulated by Securities Commission Malaysia (License No. CMSL/A0181/2007).

For Recipients in Canada:

This report is not prepared subject to Canadian disclosure requirements and may not be
suitable for Canadian investors.

For residents of Singapore:

Recipients of the Research reports in Singapore should contact the Intermediary of the
Research Reports in respect to any matters arising from, or in connection with, the analysis
of the report. Where the recipient is not an accredited, expert or institutional investor as
defined by the Securities and Futures Act, the Intermediary accepts legal responsibility for
the contents of Research Reports in respect of such recipient in accordance with applicable
law. When reports are distributed by Intermediaries in Singapore, the Intermediary, and not
CFRA, is solely responsible for ensuring that the recipients of the Research Reports
understand the information contained in the Research Reports and that such information
is suitable based on the customer's profile and investment objectives.

For residents of all other countries:

Research reports are originally distributed Accounting Research & Analytics, LLC d/b/a
CFRA.

Copyright © 2022 CFRA. All rights reserved. CFRA and STARS are registered trademarks of
CFRA.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2022 CFRA. 9