UiPath Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : <_ALACRA_META_ABSTRACT>So let's start -- like to get everyone on the same page, just Ashim, you had like really healthy Q3 results last week. Shares were up a lot. So everyone is happy probably in the organization, that's nice to see as well. But to get everyone on the same page, can you talk about the highlights you saw last quarter?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And then the -- just to stay high level a little bit longer, like federal was a big discussion all year, DOGE at the beginning of the year, and there was a lot of kind of noise on -- for our industry, then the shutdown as well, like, how does it play out for you guys? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:00PM, PATH.N - UiPath Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And to you like for the quarter itself, did the shutdown impact you? So I mean, in the quarter negatively, it could kind of drag into the next quarter. But like was there any impact?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. And then last question on this kind of more bigger picture subject is like beyond federal now, like what do you -- if you talk to customers in other regions, other industries, like how is end-demand kind of playing out at the moment? What are you hearing there?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. Okay. Perfect. And then Shifting gear a little bit, and I'm happy you are here as the CFO because I wanted to talk about AI. And I love Daniel to bit, but his explanation is almost getting too technical for me. Like how would you describe UiPath's role in this new AI now?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : That's why you're here.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes, totally. The one question I have on that one, Agentic is where everyone wants to go. And that sounds like super cool, new, exciting -- but the one thing that I hear from the field is where customers are struggling is that Agentic, the outcomes are not as predictable as deterministic. And so in your conversation, where are customers on that journey of understanding Agentic is different and kind of having the right guard rails, et cetera, to kind of still come to outcomes that they actually kind of want?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And for you as the CFO, how do you think about monetization like more -- I don't want to number I'm more thinking about the vehicles of monetization in terms of is it like a SKU model? Is it a consumption model? How do you think about that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:00PM, PATH.N - UiPath Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And just wanted to ask, and I'm not kind of trying to get the question for my sessions that I had later today. But like if I listen to the software industry at the moment, like that message of I want to be the platform, I'm going to help you, et cetera, you're going to get from quite a few players. Like how do you fit? Is it going to be competitive? Are you all working together, but for different outcomes, like how do you think about that going forward?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. And different software vendors as well.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. Okay. And then the -- yes, okay, makes sense. I'll leave it there. The other thing I wanted to discuss with you is like you guys from a more organizational perspective, have been on a journey, especially last year, there was a lot of disruption. It looks like it's getting better this year. But like maybe for the audience, it's good to understand like where you guys came from, what course did and then the changes you took to kind of try to solve it.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And the -- if you think about it, the -- on the one hand, you kind of removed a little bit the guys to kind of create like an empire -- sorry, if I say it like that. On the other hand, your momentum up market actually continues to grow better. That almost like -- it sounds like -- I remember when you did the changes last year, it was like we're going back to our roots, et cetera. But now the momentum is coming up, like how do you explain that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:00PM, PATH.N - UiPath Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. And then just as we track the progress there, like the one thing we all want to know is like, okay, what's the metrics, what are we looking at? Is it -- as you said, net new ARR, is that still kind of the one you look at?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : And then the -- is there like the one thing and then there was always kind of difficult for you is like you have 606. There's cloud and cloud mix, it kind of would make it kind of slightly easier. But how do you think -- do you think there is something that you can solve or you -- we basically -- I'm just asking for myself actually because -- LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:00PM, PATH.N - UiPath Inc at Barclays Global Technology Conference

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes, yes. Okay. So no change, but like no change like in terms of what you do, but it's more like focus us more, ARR is the kind of the metric.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Okay. Last couple of minutes, profitability. If you think about it, there's a lot of stuff that we want to do around AI. The world is evolving everything quickly. At the same time, like we need to think about profitable growth on rule of 40, like where are you on that journey?

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Okay. Perfect. And then last question for me on the last minute, like capital allocation. What should we view --

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Yes. Okay. Perfect. 10 seconds, like I'm German, so I need to give some time. That was great closing statement as well. Good to see you again.

Question: Raimo Lenschow - Barclays Capital Inc. - Analyst : Thank you.