UiPath Inc. (NYSE:PATH) Q3 2023 Earnings Call Transcript

Scott Berg: Got it. Very helpful. And then kind of a follow-up along the sales side there is, what are you hearing from customers in terms of automation and RPA on the priority list today. We continue to hear positive things about the technology, and obviously, it’s great for reducing costs and macro such as this. But are you seeing any changes in terms of how customers kind of look at this priority today?

Ashim Gupta: I think two ways to look at it. I definitely feel like customers understand now or getting to understand how automation can help them achieve their objectives in terms of efficiencies and actually expanding it into more customer experiences, I mean, that — what Daniel — as Daniel described, we are really good at dealing with mundane tasks, standardizing tasks, seeing regulation. But we are also getting really good at implementing new business models that are really complex across the Board, which is the broader aspect of automation. So we are confident that there’s a market. We are confident that the market is in front of us and we really feel good that our strategy that we launched at Investor Day is aligned to where the market is headed.

Scott Berg: Wonderful.

Ashim Gupta: Thanks.

Scott Berg: Thanks for taking my questions.

Ashim Gupta: Thank you.

Operator: Our next question comes from Alex Zukin with Wolfe Research. Please state your question.

Unidentified Analyst: Hey, guys. This is Ryan on for Alex. Thanks for taking the question. So I just wanted to go back to the vertical question from earlier. You talked about a good win in finserv. I think you talked positively about healthcare. I know those are two areas where you are prioritizing efforts, but any verticals that you would maybe call out that underperformed your expectations or surprised you from a lander expansion perspective?

Rob Enslin: Yeah. So I would say we obviously saw financial services, healthcare, technology, media and telecom. I would not say I didn’t mention and maybe I should have, I think, it was in — the government we have done — we feel like we have really done well with the government in different departments there expanding. So I would say, for the most part, I can’t say there’s a laggard that stands out, but there’s definitely industries where we have actually seen, obviously, stronger progress in this quarter. I don’t know, Ashim, do you — can you think of any, I honestly can’t think of an industry that’s a laggard right now.

Ashim Gupta: No. I think what, I mean, we have talked about this, it’s very ubiquitous and I would even tag on to the previous question in terms of priorities. I mean we meet with CFOs. It aligns — our platform aligns perfectly with their priorities. Rob and I actually went to a joint customer, one of the leading construction companies in the U.S. and we — as 5 minutes, 6 minutes going into the platform were sold, we just want to now work on how do we implement this.

Rob Enslin: How fast can we do it?

Ashim Gupta: How fast can we

Rob Enslin: How fast can we implement it. Can it help us fast.

Ashim Gupta: fast and so I think that speaks to the priority and it also speaks to how ubiquitous construction as we were going through it. They themselves started rattling off use cases.

Unidentified Analyst: Great. Thank you very much.

Operator: Our next question comes from Fred Havemeyer with Macquarie. Please state your question.

Fred Havemeyer: Hi. Thank you. I wanted to ask about the solutions-based selling motion that was discussed back at Forward 5. I know it’s relatively early days here, but any thoughts or updates about this strategy, any sort of solution sets that are coming together based on perhaps some of your prior experience with professional services is particularly compelling or do you have any early feedback on how customers are responding to this?