UiPath, Inc. (PATH) Earnings Call Transcript & Summary

Ladies and gentlemen, welcome to sunny Las Vegas and this live broadcast of the UiPath Investor Day.

Please welcome Kelsey Turcotte, Senior Vice President of Investor Relations with UiPath.

We may have just set a precedent for a first ever, which should be great. Thank you so much for coming. We know that you guys are back to full-on travel. You cover a lot of companies. And so we really appreciate you taking the time and spending it with us. So today, we have a full agenda. First, I'm supposed to share with you the safe harbor language. But now that, that is done and it is there for your future reference, I will get straight to the agenda. We have a full day for you, and this is the order of our speakers. You're going to first hear from Daniel and Rob, then hear from Ted about our fantastic product launch, our product strategy and where we're going in the future. Then we'll give you a little break. And then we actually have a really exciting customer panel. And we're going to keep that interactive. Chris Weber is going to host it for us. But the first piece of it is going to be questions that are -- he'll pose, and then after that, we'll open up to the floor for you. Following that, Chris will go a little bit more in depth into our go-to-market strategy, which I know a lot of you are very interested in. And then we'll close with Ashim, and then we'll go back to questions. So really appreciate it. Thank you a lot. And I'll let our customers tell you what UiPath is all about. [Presentation]

Please welcome Daniel Dines, Co-Founder and Co-Chief Executive Officer.

What an amazing story. I hope that you guys all feel as inspired as I am. It is always better to let customers speak, not just us presenting our bombastic version of the future. To me, this is really what matters. And I remember vividly when I met first time Generali, it was 7 years ago in a cold winter in Munich. And I don't think they heard about RPA term at that time, and they were skeptical about it. But look where they are now. And it's one of the most complex organization in the world. Insurance business is very decentralized. They have many countries, many organizations, but they made it really working. And you heard the outcomes. We are talking a lot today about business outcomes, but these are amazing outcomes, EUR 80 million in savings, EUR 125 million projected savings within the next couple of years. This is really transformational for a business. And I am very proud to be, as a company, part of their journey. But I missed saying welcome to all of you. Thanks for coming here. I am privileged to know many of you personally. I can call friends, some of you. It's been always a pleasure to speak to analysts, to investors. I personally believe this is one of the smartest crowd that the company can have access to, to see how they can shape their business to understand how you guys think. To us, it's a tremendous importance. I advise you to spend the next couple of days talking to our customers, talking to our partners, attending some sessions, see what is -- what we are up to. I think we are kind of at an inflection point when automation is progressing from a tool to a platform to something that is way more meaningful into how we deliver work. It's always very energizing for me to see customers, to see this type of events. We have an amazing Chief Customer Officer, Bobby, that really enjoyed putting this together. I hope that you guys will have a lot of fun and get equally energized like myself and the rest of executive team here. But we've come a long way really to get here. And I still remember early days. It's -- to me, I always said I made the worst decision in my life to leave a good career at Microsoft as a software engineer and just plunge into the unknown in Romania in Eastern Europe to build a company. We had to bootstrap, doing some kind of software outsourcing. And I'm not ashamed to track back the early development of this platform to what is called today like screen scraping. And then from screen scraping, we advance to UI automation and then we advanced to way more complex AI computer vision to understand the screens like a human user. And after the 10 years, which were really a lot of hardship, a lot of death-like moments, spending 10 years with just a small team, we've seen the big scale. And our big scale started in 2015 when we really had a very tiny revenue. But throughout the years 2015 to 2019, we've really built the concept of an automation platform. And we've been really the first company that seized this opportunity to build a platform. We combined -- we realized that we have to combine not only RPA, which to me is basically UI automation, but we have to combine API. We have to combine AI. We have to get into process mining, into task mining. We have to build apps to connect people with the robots. And this is what we deliver as a part of our Business Automation Platform. But if we look at the numbers, we scale also a long way from almost no revenue, sub-$1 million in revenue in 2015, we crossed recently $1 billion in ARR. I think this is a massive achievement. And it's almost unparalleled in the world of how fast you can build a SaaS business. We crossed 10,000 customers, 10,000 enterprise customers. We have customers in more than 100 countries. And this is in just 7 years. And I believe that our technology really shaped the market. We've been the first company to define a really big market. I think we've been really rewarded by our bold ambition and by our fast execution in the market. It was $1 billion -- it's $1 billion in ARR, and we capture a clear market leadership position in just 7 years. And again, we started from a small apartment in Eastern Europe. But given the size of this market, we are really into building a generational company. We believe that automation and a business automation platform presents us one of the greatest opportunities of our time, to build a company that will be a generational company and will sustain the test of time. And what do we have to do to build this? I think we just have to continue with some of the best things that we did in our history. We've built a platform, and we have to continue to deliver on this platform. This -- the value of this platform, it's more than a sum of its constituents. And we are seeing more and more winning deals because of the value of the platform. And we are -- this is the year, this new release, 22.10, and Ted will talk in greater detail later on today about it. It's a good evolution into making this platform real, integrated and giving our developers a really good way of building meaningful automations and applications on this platform. We also have to continue to be customer-centric. To me, that was the biggest pivot that I've done in my life. It was from a software engineer that used to live in a crystal bubble, to getting to talk to customers, to understand customers' needs. And I'm an introvert, as the nature. It was tough to go and talk to customers. But you have to do it in the end. So I think that UiPath is now a team that is really customer-centric, enjoys building something that will deliver great outcomes for our customers. And another really amazing thing that we built in a short period of time was our community. And we have really a huge impact in a lot of countries and a lot of people. We have 1.3 million users that's been through our academy. So they've been trained on our platform. We have more than 2,000 colleges and universities that offer some sort of courses on our platform. And this is instrumental in building the next generation of developers for our practitioners on our platform. But at the core, we value innovations. We value bringing, changing -- I think bringing the best in people. I mean, I know it sounds like just maybe like a slogan, but I believe in how we articulate it: accelerate human achievement. I think innovation is at the core of accelerating human achievement. And automation is one of the best way to think of freeing our people's best minds from routine work and focusing them on innovation. So automation is becoming a new way of operating and a new way of innovating. And it has -- why it's a new way of operating? Because by connecting our people, our processes, enterprise application systems, by this glue of automation will allow us to generate the highest level of efficiency that enterprises have ever seen. It's the fastest time to value type of technology out there. It's the technology that provides some of the greatest return on investment ever in the software businesses. And it's also a way of giving back to our people something that is humane, something that is a different way of working. When you bring automation at scale in an enterprise, our people will focus on handling exceptions, on talking to customers, on solving more complex problem than just dealing with simple copy pasting between applications. And this is why automation is a segue into innovations for companies because how can you open new business lines if all your people are bogged down in the current operations? How can you scale if you don't bring automation into your operations? And I think this is kind of next to the cloud and next to AI, automation has been recognized as one of the pillar of digital transformation. And our discussions with the customers has been switched from more tactical discussions into really transformational discussions. We are talking about how we can deliver great business outcomes, how we can connect everybody into an enterprise. Like Generali said, like how can you offer a digital twin to everyone in an enterprise? How can we engage everyone into the beauty of automation? So I cannot say really with more passion of how much we believe in our mission. Ultimately, what UiPath is, is a mission company. So it's a company whose mission is to bring this automation platform and change the way people are operating and change the way people are innovating. I cannot stress it enough. And to help me bring this vision alive, I was really thrilled to bring a partner to run the company together. And this is Rob Enslin, which is a known guy in the industry. And you all know, guys, in this type of role, it either works well or it doesn't. There is no middle ground. And fortunately, for us, it's -- we are on the -- it's working really well. It's working well better than we expected. And Rob has a lot of humility. I've seen his roots into engineering. He's always a great partner to me. Rob, please come on the stage.

Thank you, Daniel.

And most importantly, Rob, you are sold on bringing the automation to the customers and to the market. You are the most customer-centric person I know.

Yes. I love seeing what we can do for our customers because ultimately, that's what matters, like whatever you bring to your customers is what matters. So Daniel, thank you. Appreciate it.

Thank you, Rob. Thank you.

And yes, we do get along, guys. So that's a common question. I brought my own water to the stage because I have this little throat thing happening here. Isn't it great to be in Vegas again? No, you're lying. It's not that good to be in Vegas again. It's exactly the way we left it 4 years ago to come back. But I'm excited to be -- to talk with you today at my first FORWARD. I'm quite impressed already with what I've seen. So why UiPath? I've worked for 2 really iconic companies in my time, both having defined technologies of the era, SAP and Google. And I feel like I get an opportunity to do it again with UiPath. I was convinced before and I'm convinced now that automation is, at scale, an enterprise game-changer for innovation. I spent the first 3 months -- it's actually 4 months, so I should have changed the slide, it's 4 months -- meeting customers traveling all over the world. I've met more than 100 companies, most of them in the C-suite, and I met lots of partners. And I'm going to showcase some partners to you today as well. What I'd say is they are really engaged with the UiPath story, and they understand the value of automation. When you look at what the conclusions are for me, we've got a crazy good foundation to build upon. We are the undisputed leader in enterprise automation. Customers love UiPath. And the platform really delivers meaningful business outcomes. So there's no question for me that UiPath does what companies really need, not only in the time saved and the dollar saved, right? But even in discussion with a health care institution the other day where they said, we are making the patient outcomes better. The bottom line, UiPath has all the tangible and intangible attributes to be the defining company in this space. And we all hear this time and time again, when you talk to companies, it's been difficult to realize the promise of technology, Robert. I know this from my personal experience. Even with all these investments we have in employees, the productivity is dropping. CIOs today, they just can't move fast enough for their business. And as new technologies emerge, they simply get layered on top. The fragmentation is absolutely real. The average enterprise has hundreds of applications, enterprise applications they have to deal with every single day. And the challenge is being compounded with the realities of doing business in today's environment. If you look at supply chain disruptions, you look at the labor force. I know we're talking about, are you coming to work? Are you staying in the office? Well, the workforce has changed forever, everyone. It's not really about whether we're going to be in office or not. People are doing different jobs than they did before. They're not going back to the old jobs. We have to deal with a completely new workforce in the future. It's changing evolving environment. The regulatory environment is changing all the time, and you'll see a partner talk about that in Europe and how we can deal with that. These are the things that make automation great. The ManpowerGroup, many of you know them as a staffing company, workforce solutions. But if you look at the staffing industry, it has never been driven by technology. Never. It's a crazy thing to think about, staffing and automation going together. But it is because they will be able to offer more value to their customers in a shorter period of time and deliver at a higher value and have better margins for it because companies will have better outcomes. And working with the ManpowerGroup, and you'll see an announcement come out, this is what we do. This is what makes automation really, really positive. Automation will drive down the internal costs, right? And it will allow us to provide more robust solutions. It's very, very disruptive and helps change globally. Customers need to do all of this while their customer expectations are increasing. This is where the power of automation comes in. So if you look at the Forrester report of 2022 -- you can all take a picture, it's okay. I knew you would. I knew this would be the slide that would get you guys, right? But if you think about it, automation-native companies achieve better growth, profitability and competitive advantage. That is what the Forrester reported of 2022. UiPath is the largest group of AI and automation engineers anywhere in the world. If you go -- going beyond our roots of RPA to a platform that covers the full life cycle of automation, capabilities that companies need in the enterprise, they absolutely have to have it. In order to discover, automate and operate, they have to have things like analytics. They have to have management. They have to have governance. They have to have testing. These might not be the sexiest, most exciting things, but this is how you manage an enterprise at scale and make it work. This is all powered by native, integrated natural language processing AI and ML. And when you look at our customers, and you'll see a demo of an acquisition we just did with Re:infer, you'll understand how this value pops to the company. McKinsey said it. Automation brings digital transformation over the last mile as the third leg of the stool with cloud and AI. With that as the backdrop, I want to take a few of the questions you've all been asking me. Is this a stand-alone real market? The data says yes. We looked at the TAM 2 ways. First, bottoms up. What does our installed base tell us of the opportunity by vertical, by customer size and what that means applied across a pool of potential customers? Then we triangulate it with industry analyst estimates. And we're going to take you through a lot of additional data today that will show we have just begun to tap the potential of our current installed base even before we look at new logo acquisition. Obviously, I believe the market is here. But here is what I see and hear. We got to $1 billion quickly, and we did it by selling to RPA centers of excellence on a process-by-process basis. This isn't what is going to get us beyond $1 billion. And it isn't going to sustain the kind of growth rates of the past. It undersells the potential that automation can offer our customers. It is reflected in our pricing and how we organize the go-to-market organization to date. We haven't been efficient in how we sell, and we aren't delivering the platform in a way -- in ways that clearly articulate the holistic value automation can deliver. This is shelfware. I want to be clear. Every technology company has shelfware. And yes, we do too. But to give you some perspective, this is an actual scattergram of our customer base, an actual scattergram of our customer base. This is an opportunity. Customers by employee size is on the Y axis. And as we move up the axis, there are enterprises with hundreds of thousands of employees. And the ARR to us is on the Y axis. And I think there are 2 powerful points that can be made. There is a tremendous amount of untapped potential for UiPath in our installed base, which we'll talk about in more detail. And automation truly is ubiquitous, regardless of customer size, location or vertical. We should be selling more into these customers. Organizations of these sizes have thousands of processes that can benefit from automation. There is a tremendous amount of untapped potential for UiPath in the installed base, which, as I said, we'll talk about in more detail. So where do we go from here? Repositioning this company makes sense based on what we have just showed you in the scattergram. The foundation is absolutely in place. We're going to double down on what we do really well today with the platform, build on a widely acknowledged technology leadership, stay engaged with our customers and their success, and we're going to continue to make it easier to deploy our technology, identify opportunities for automation and deploy. Our release 22.10 has some great proof points, assisted task mining, new capabilities in process mining, and Ted is going to talk about all of this, and it's on show over there. So we'll be able to show it to you, out living our conversations into the C-suite to make certain we reach the folks that own the budget, that make the decisions that need automation; branding and marketing that resonates with our target customer base; and selling business outcomes. We're repositioning our go-to-market engine to better understand our customer base, identify customers with a propensity to invest and align our coverage model; delivering packaging and pricing to accelerate adoption. Drive growth, operating leverage and cash flow and have a powerful financial model. The team we are assembling has executed before. This is a standard enterprise playbook we have run. And we know from experience, it works. UiPath has a history of innovation. Industry analysts wildly accept and acknowledge this leadership. From inception, innovation and engineering have been at the core of UiPath's DNA. Daniel's passion for engineering, his vision for the potential of automation and his leadership has been instrumental. We're a cloud-first company, and we introduce new capabilities every 2 weeks. And we'll unveil the full platform upgrades and offerings twice a year, and Ted will take you through that in more detail about what we're going to unveil this week. I mentioned we have 3 demo booths there. Clearly, there's 5 for those that can count. There, we will share Process Mining, Discovery, Test Suite and some of the apps there for you. I think it's during the break and afterwards. So please make sure to go chat to our experts. In the end, platforms win. It's true across technology, and it's even more true across automation. Ask the Everest Group, companies that deploy automation capabilities with a holistic strategic approach improve operational efficiency plus 50%. The approach needs to be integrated and must action the findings, it has to belong to a virtuous cycle and allow customers to not only automate but to improve those automations, those processes and redesign them. Everyone thinks of hours saved and time. That's just one set of metrics. Holistic programs accelerate revenue growth, improve customer engagement, retention, allow capital to be redeployed. This is true competitive differentiation. We will continue to add more capabilities like Re:infer in communication mining. It is an incredible capability we have as well. And there's no one better to talk about the power of the UiPath platform than a customer. So Takeda is going to take you through this right now. [Presentation]

This is the story of Takeda. Founded in 1781 in Tokyo, for the past 241 years, they've been guided by their core values of integrity, fairness, honesty and perseverance. They start each day by asking one question: how can we do more for our patients? So how on Earth can automation help? Let's ask Kyle.

This is definitely not about automation per se. It's about thinking differently about how we can help our patients. So if we take a step back, right, for a second, and we look at every aspect of our business, back-office invoicing, billing, that's a low-hanging fruit, that's what comes to mind. But we've extended beyond that, to R&D, manufacturing, regulatory submissions, commercial. Can we do that smarter with less error, with less manual inputting?

The answer was yes. Since Takeda began their automation journey in 2019, they've witnessed some remarkable changes. With roughly 760 live bots doing a myriad of tasks, they've seen roughly 1 million hours in savings, and they're on track to reach over 2 million hours in savings. That's time that can be spent focusing on identifying new drugs, getting vaccines to market safer and faster, and improving the patient experience.

Our CEO, Christophe Weber, stated his vision, that every Takeda employee will be empowered by artificial intelligence assistants. If we free up just 15 minutes per day and multiply that by the fact that we have 55,000 employees, that's 70,000 hours per week or approximately 3.5 million hours per year. So what is that time worth to our patients, for ideas or for new medicines? The nature of what we do is precise. It's complex. It's deeply serious. This is people's lives. Our journey isn't about a bot to do time sheets. It's about our culture. It's really driven by the patient.

This is how automation is helping Takeda not merely flourish in the 21st century, but also deliver on their nearly 3 centuries old promise.

So how are we going to help every customer drive this kind of outcome? It's about customer centricity and alignment around the right opportunities. We have an incredible enterprise -- emerging enterprise go-to-market motion. It's working incredibly well. We have a great team in Austin, Texas that works with customers by phone. We're going to make certain that we expand that globally. It's highly efficient and effective. We will continue to invest in that. We're increasing our scope to larger companies who were formerly targeted with enterprise reps, new muscle, a propensity model to identify customers with the capacity to invest. We want to graduate these companies to a coverage model with a lower ratio of reps so they get higher touch points to accounts that drive more customer success and expansion. This is where the most change will be: more targeted and a simpler approach, better for everyone. And Chris will talk about it in a lot more detail. He'll show you where we were and where we're going. You'll see new branding and marketing elevate our conversations, the mindshare in the C-suite. Our propensity model is informed by multiple vectors which include customer verticals, the size of the companies, what tools they're using, what software they're using, what will be the propensity for them to expand with UiPath. We'll introduce new tools to leverage these insights with great package solutions, taking customer insights that already exist and experience that already exists by line of business, by industry. We'll accelerate the time to value. We'll compress the time it takes for companies to get benefit from our solutions. With packaged solutions, we'll have platform pricing. This will take friction out of the sales cycle. It is easier for customers to understand and appreciate value with platform pricing. And it's easier for reps. It removes the line item negotiation. We've been testing this in North America, and we'll roll it out globally. We know this makes a difference. We'll focus on our partners. We'll focus on global systems integrators. We'll focus on the channel ecosystems, the managed service providers. This started in Romania. It's part of the DNA of the company. We always had a partner-first mentality. We want to maintain a very friendly partner culture. We believe it's key to success. You'll notice I actually had public sector separately broken out, and that will be globally that way. We'll pivot the partner state to lean in with those that have the most influence, the most reach. And we'll focus on the GSIs so that they build practices around UiPath, where they can also add intellectual property to the value they bring to their customers. I also want to focus on some partners that we're working with because I think it's very important to showcase our partners in Europe. We -- a large system integrator is working with us, a new focus on public sector and health care, and we learn from that. And then we'll talk about embedding our software with partners. And our partners benefit from taking our software embedded to drive better outcomes for their customers. This is a significant opportunity for us. So with that... [Presentation]

Hello, this is Adel Al-Saleh from Deutsche Telekom T-Systems. I'm at Digital X, which is our premier digital event in the middle of Cologne. So I apologize if you hear any background noise, it's because of the people around me. T-Systems is a vertically focused IT service provider. We focus on the following industries: public sector, health care, automotive and public transportation. Of course, we support other industries as well with our horizontal offerings. Our portfolio goes from clouds to digital security and other capabilities that the clients need in their digital journey. First of all, digitalization is now becoming a must-have for every company in the world, regardless of what industry you're in. And at the core of digitalization is automation. It's all about workflows, processes, simplifying how you do business. And in today's world, where there is a shortage of skilled labor, automation is becoming even more critical. T-Systems, being a European-headquartered company, grow up with data privacy, data sovereignty being at the core of every solution that we build. We've developed a reputation in Europe where we are the trusted partner, especially when it comes to sovereign cloud, multi-cloud environment, treating your data. And therefore, with that trust, we have been able to develop our opportunities and relationships with the governments to deliver their digitization agenda. We have been tracking UiPath for many years now. And we have seen a steady progression in your innovation and the type of functionality and capabilities that you have in your products and on your road maps. We've been very impressed with them. We're also very impressed with the references that we see, especially in the public and health care space. So our focus on automation within our digital offerings and digital agenda makes UiPath a very interesting partner for us to build partnership over many years. As I said earlier, UiPath brings leading technology and leading vision in the market of automation. T-Systems brings deep expertise and experience in specific industries where we're focused that require digitalization at scale. Bringing the 2 together will offer compelling propositions to our clients and enable them in their digitalization journey. [Presentation]

iCIMS is what we call the talent cloud company. And really simply, we help the best companies in the world find and hire the best talents in the world. And I think we all know that right now, especially now, finding great talent is really, really hard. And it's hard enough to do when it's just one person. But what iCIMS specializes in is not just helping organizations find that one person, but helping organizations find and hire literally thousands, tens of thousands, with some of our larger customers even in hundreds of thousands of people per year, orchestrating all that in hundreds of countries in dozens of different languages, just hiring at scale. It's incredibly challenging. But that's what we solve. Automation now more than ever is the paramount business priority that I hear from every CEO, every CLO, every CHRO I talk to. And part of that is the world of hiring for us, when you think about it, there are literally millions and millions of job postings that are driven through iCIMS every single month, millions and millions, if not sometimes tens of millions. UiPath specifically has become the critical success factor for us in our growth and journey in and around automation. There are technologies from, in this case, UiPath, these robots that pre-populate templates with resource assignments and project details and then notification e-mails are automatically sent out. And this literally saves hundreds and hundreds of hours per month. And this would be extraordinarily, I would even say, prohibitively expensive for us to do with people. We want our technology to be more manageable, more deployable upfront in UiPath, and just the robots that we'll deploy with that are an incredibly critical element of that planned success for us. So where we decided to start to embed UiPath with our strategic customers was to provide that automation and orchestration that dramatically reduces the myriad tasks that an individual would have to pursue. When you think about it, especially for large organizations, are you literally going to put the orchestration burden on your recruiters? They should be out recruiting, not doing tasks that, frankly, a hyper-intelligent automation platform like UiPath can achieve. So we're deploying the technology in areas where it just releases and unshackles human beings to go do the jobs that they were intended to do and to be hyper-productive. The depth and breadth of our partnership with UiPath is due to the incredible leadership, and we are really looking forward to a bright future with UiPath. And I just want to thank you and your amazing team.

Thanks, Steve and Adel. As I said earlier, we are committed to investing for long-term growth while expanding operating margin. This is a big market. We are the market-defining leader. We'll invest, and there's opportunity with technology and partners and people at scale of $1 billion already. We are committed to delivering operating margin expansion that is appropriate for a company at our stage in the growth cycle and being great stewards of capital to build a generational company. UiPath has built the foundation, has the intangibles that are so hard to create. And as Daniel said, moving away from a tool to a way of operating, innovating, imagining and doing, automation transforms and drives outcomes. We can and will be the defining technology in the automation space. You're going to hear more from Ted, Chris and Ashim about our automation platform, our go-to-market, the financial profile. We're going to close with Q&A. But first, thank you for joining us. Glad to be in Vegas. Glad to be at my first FORWARD 5. I'm super glad to invite, I think, he's already up, Ted, to the stage. He's got an incredible repertoire here, a long and distinguished career at Microsoft. Ted, thanks for joining us.

Thank you.

Thank you.

Thanks, Rob.

You're very welcome.

Yes. It's great to be here with you today. I was thinking this morning, coincidentally, an investment decision is actually what got me to this point. So I'm an operator, to be clear. There's 3 main segments to my operating career. I spent 24 years at Microsoft. I tell people Microsoft's like the town I was raised in. That's where I grew up, became a business leader, ran some fantastic products like SQL Server, the run of a lifetime. The second segment in my operating career, I did the growth-to-IPO stage run at Apptio in the same position that I'm in today. And the third is, of course, UiPath, where I've now been for 2.5 years. In between Apptio and UiPath, I was a venture partner at the Madrona Venture Group. And once upon a time, they were evaluating investment in UiPath. And that was honestly the first moment where I really meaningfully encountered RPA, understood it for what it was and meaningfully encountered the company and understood it for what it was. And as I say a lot, that's where I came to believe that this is one of the most important enterprise platforms of this time. There certainly -- everyone has a slide like this and a slogan that sounds something like this. But I will say in my history of building software and some of the leading software products historically in the software technology market, I've never seen anything that so directly connects to impact on a person. When that automation goes into production, that person is then freed up from something they never wanted to do in the first place. That's a powerful thing to think about and very motivating as we build out the capabilities. There's also a sense of it's a little bit of a hero maker, that person who created that thing, that did that thing for that person or that entire organization. You see that with technologies like business intelligence, the same kind of hero-making thing that we can do for the practitioners who use this platform. It's also about -- we have a very expansive platform vision that covers not only what I believe is the future of personal productivity, but also, of course, enterprise business process, helping drive digital transformation, helping drive process transformation, a very bold and expansion vision. So in our time today, I hope to do 3 things. I hope to educate you a little bit on our product strategy, our vision and where we're headed. You get a sense of our point of view on how we think about things and where we're going. I want to connect that to our market opportunity. So you understand how where we're headed, where we are with the platform and where it's going is creating more opportunity for us with customers and in the market. The third thing is to talk about just some of the areas where we differentiate and are still investing to maintain differentiation, especially as this competitive market continues to change. And along all the way, I would say code speaks better than I do. We've got some exciting demos both here and during the walk-around time that you'll have an opportunity to experience as well. So our platform journey. I view it in 3 chapters. So Chapter 1 is the RPA chapter. If you're a historian in the software market at all, one of the things you observe is the problems don't change but the implementations do. And every once in a while, something disruptive comes in that really changes things up. And that disruptive thing was a platform, RPA, built around UI automation. And UI automation is powerful in that first and foremost, it enables us to capture all the work people do, not just to integrate systems and transactions. That's interesting, but it's not all of the work. Because it emulates the work that people do, it's also very natural and intuitive to develop for. So it's got this characteristic of very fast time to solution. The other thing is it's very easy to measure the impact once you've got an automation in production. And the last thing, when it comes to integration, integrating -- integration is a 100% problem, not an 80% problem. You need to reach everything. And because it's based on UI automation, it can reach any application in data that the eye can see. So there's Chapter 1. Chapter 1 comes together as our core run time, that's the robot, centered on UI automation, the visual low-code developer experience in Studio and then the management and governance in UiPath Orchestrator. So Chapter 2 gets us to 3 years ago in Vegas in FORWARD 3, where UiPath was really the first to articulate the broader vision for an automation platform and what it could be: an end-to-end platform that goes all the way from discover to measure. Broader capabilities for the robot, API integration in addition to UI automation, incorporating humans' long-running workflows, then being able to seamlessly use AI and ML model and skills within those automations, integrated document processing. The developer experiences went from just a professional developer to professional and citizen developers. Then really connecting with end users wherever they are on the desktop with UiPath Assistant and then via immersive user experiences with UiPath Apps, and then Discovery to enable you to discover more opportunities to automate. And this was also the beginning of the cloud journey for us that we've now been in for a couple of years, but all of this then came together in a platform that our customers can deploy and manage in their data center, in their public cloud of choice, now in the cloud-native platform with Automation Suite or using our multi-tenant SaaS service, the Automation Cloud. So that was Chapter 2. We also outlined last year the pillars of our forward-looking vision, and these pillars continue to guide us forward. One of the things you observe about platforms over time is that the healthy ones continue to expand. They find more things to generalize and bring in, so you can do more and more things with that platform. It gets more coverage. We think a lot about our developers here. And we see a future where the categories of RPA as we know it, core automation, iPaaS, BPM, low-code application platforms, those are all coming together as part of one larger platform, good for customers, one platform that covers a broader and broader set of needs. No customers looking every day to add more vendors and more capabilities. So this one, this idea of platform expansion. The second thing, this discovery idea, we see that becoming more and more continuous. So the idea that you're always observing. You're always observing processes. You're always observing work. And then you find opportunities to automate. You find near-term anomalies. You help customers dynamically adapt and mitigate. And then this idea of semantic automation. This idea that the platform can be more intelligent as you deal with documents and screens and data, we understand it less at a low level and more at a high level. So examples like our developers spend a lot of time working with screen elements. Still, even with things like document understanding, they're dealing with document constructs. In the future, throw a document at it and it knows what it is. I see that's an invoice. That's a receipt. That's a bill. I see what that screen's about. I know how you -- I can help you get from data from here to here. I can help you with an automation. The purpose of that is let's get developers out of dealing with mechanism and elevate them to their spending more and more time on their business problem. So this gets us to Chapter 3, and we're terming the platform now the Business Automation Platform, reflecting our belief that it's really at the heart of how customers are running their business. Sitting between their application landscape, their processes, their people, helping those move forward at the rate they need to, and coming together in 3 elements. So let's talk first about the core automation platform. This is where our developers are creating automations and applications. Core elements of that are, of course, the low-code visual developer experiences. The capabilities of the run time, UI automation plus API integration, plus being able to seamlessly use AI and ML modeling skills, including, and very importantly, because a lot of business processes include document processing, integrated document processing. It's the core automation layer. Discovery is about finding those opportunities to automate. So process mining is an existing category, but we think there's something unique we can do in terms of connecting the full cycle around. So we can -- this discovery promise can be not only about business process transformation and helping you have a better business process but also accelerating automation. And we think that's one of our unique differentiated capabilities. We've got a set of important products across this covering the full landscape. You need to understand the customers' processes. We do that with process mining. You need to observe the work. We do that with task mining, watching what people are doing. We, of course, deal with the privacy aspects of that. We reason it over with an ML-based system, and then we can find those high-value repetitive tasks. That's the vision for task mining. Another important aspect is to harness the wisdom of the crowd, the experts. What is the best source of automation ideas out there? It's actually the people who are doing the work, trying to do the work, being able to capture what they find frustrating. And so we've got a tool called Task Capture, which is about making it easy for them to do that. And all that funnels into our idea management and collaboration platform, the Automation Hub. And that's a place where those ideas can be further curated, evaluated. ROI can be modeled and then they can eventually get prioritized and picked up to be developed. Automation discovery, and then it's important to spend a few minutes on the platform foundation. It's very important. You succeed or fail in the enterprise by how you deliver against these, what we would call the core abilities. You have to have the goods around performance, scalability, availability, security. In delivering a platform, they need things like unified management and governance. It's got to be easier to use the next product from you than to go to a competitor, so having those capabilities. And governance is a big word, but it's critically important. Governance is, in one sense, how they can assure that what is happening is compliant with what they want to have happened. So they know those citizen developers who are developing apps, working against the right systems or not. We continue on a strategy in terms of deployment that is very much let the customer decide. This business began on-premises. And we are maintaining that as a full tier in our platform as well as now delivering that in the cloud and giving customers the full freedom and flexibility in how they're going to deploy and use our software. And the last thing I'll mention here is the built-in testing because this is something fairly unique. Daniel had the observation a couple of years back that if you have the world's best UI automation technology and workflow system, you have a very leveraged play to apply that to the test automation market. And that is, first and foremost, important for your RPA program. You need to be testing it. These automations are now critical to your processes, the work that people do, you need testing attached to that. And that formed our first go-to market. And then we've gone on with our second, which is now to go after the app dev testing market. So that's the Business Automation Platform. Now to connect this to our market opportunity, it's fairly straightforward. So looking at the core automation area. Certainly, we've got the core automation market, plus the document processing market with our document understanding product and now with Re:infer that we'll talk a little bit more in a minute. And then these other categories where we've got capabilities already we're delivering in each of these other app platform categories. iPaaS, the capabilities that came as a part of the acquisition of Cloud Elements, deep API integration now a part of the platform. In low-code application platforms, this is UiPath Apps. And then in BPM, things like long-running workflows and tax management with Action Center, our capabilities. And you're going to see over time more and more of those capabilities, which is going to enable us to say to a customer, you can use us instead of using one of those platforms as well. And then of course, in discover, we have the process mining and task mining markets and then the test automation market, which, again, we're going at this from an RPA testing standpoint as well as now with a general app dev testing market. So why am I optimistic? The first is because of the customer success that we're seeing. Automation Cloud is 2.5 -- roughly 2.5 years old at this point, started in 1 region with 1 product. Now it's all of our products in 6 regions worldwide. We're very much operating at scale, and we've got great customers. What better testament can you have than a customer like VMware with their history in the infrastructure software market betting now on the Automation Cloud and have migrated all of their automations to the Automation Cloud, which I believe represents over 400 of their processes. In process mining, we've got customers like KPN who've used it to instrument procure-to-pay and found over $3 million in savings. We have customers like [ Sensier ] that have taken task mining and looked at their invoice processing and discovered that now 65% of their invoice processing can be automated. We've got customers like LexisNexis that have taken Task Capture and Automation Hub, crowd-sourced ideas that helped them identify over 300,000 hours of savings. With UiPath's Test Suite, Cisco has applied that to their generalized app dev testing, and they've gone to -- I think it's 80% coverage by automation, reduced maintenance by half and increased -- importantly, increased their QA cycle times. With document understanding, we've got a customer like Thermo Fisher, who've applied it to invoice processing. They've reduced the cost of their invoice processing by 70%, processing over 800,000 documents a year. And then UiPath Apps in the keynote tomorrow, I'm going to highlight a couple of great use cases but we have more and more customers now seeing the power of connecting an immersive user experience to their automation. The other reason I'm optimistic -- and I'll be careful to couch this, you'll never buy the hard problems in the software game. You'll never buy them. But there's a lot of hard things we're now starting to put in the rearview mirror. And I think of the term potential energy from physics. I think software development sometimes looks like that, where you put a lot of effort in before you start to see the outcomes and before you start to accelerate. Us going from on-premises to cloud, we're largely by that. The challenge, of course, you step up to is how do I do on-premises and cloud at the rate of cloud? We're largely through that transformation. We're now talking about cross-platform. We've delivered now cross-platform deployment into Linux. We've got cross-platform execution in our robots, Linux, serverless, Mac, and we're announcing this week a cross-platform development story with the first web-based version of Studio. That's also a heavy lift in the code, all of what I just said there that we're now starting to put behind us. We've undergone an important platform transformation in Process Mining as well, where we've got a complete modernized foundation that we're now using for process mining going forward. And so this is another reason I'm optimistic. The last thing is getting into these new categories, it takes some time, takes some energy, takes some energy and time on the product perspective. And it takes energy for us to be able to sell them effectively and get in our ecosystem. And I feel like the momentum we're starting to see is reflecting. We're getting past the knee of the curve. So I want to show you some of this. And so the demo stations -- and a lot of this is oriented around new capabilities we're going to be announcing and talking to customers about as a part of 22.10, which will GA at the end of October, get launched in November. In Discovery, we'll show the new Process Mining platform. There's some great new analytics, root cause analysis there. We'll show this new feature in task mining, then I'll talk more about co-assisted task mining. In the core automation platform, we'll show you Studio Web and UiPath Apps, and then we'll also show you the capabilities of the Test Suite. We want to do one live. So I'm going to set up the scenario here. So we announced the acquisition of Re:infer at the beginning of August. And Re:infer pioneered a category of software we're calling communications mining. And basically, communications mining is a deep understanding of communications data. Think e-mail, chats, things you see in service desk tickets, what not, anything, in terms of communication. And mining, it's the understanding of what is this conversation about? What are they trying to accomplish? What is the tone of this conversation? Those are interesting attributes. And if you've identified those, then you can apply automation. A great example is e-mail automation. Every consumer-facing brand in the world has anonymous e-mail addresses that get massive amounts of e-mail that they want to follow up on. And this can completely automate the processing of that e-mail. And Re:infer has several customers that have done this, one of which is going to appear tomorrow, Deutsche Bank, who's going to talk about the value they've seen in applying this to e-mail automation. It's a pretty exciting direction. So to set up the demo scenario, Vishal here from the product team is going to play the role of an insurance underwriter. And the left in the blue is meant to illustrate what their life was pre-automation. And what you'll see there is once you get the e-mail, well, you've got to figure out what it's about, you've got to figure out what they're trying to accomplish. And once you figure out that, then you can actually forward it and lead to the processing. And then, of course, on the right, shows that how, with this natural language system paired with automation, can actually automate a high percentage, very high percentage of the transactions, and you not only get better efficiency, but you get a customer experience. So now to hand it over to you, Vishal.

Thank you, Ted. Good afternoon, everyone. I'm Vishal. I'm a product manager over here at UiPath. To understand this better, we'll take a customer scenario. This is related to policy renewals at an insurance company. Before UiPath and Re:infer, this process was completely manual and took more than 3 days, spanning multiple people. With UiPath and Re:infer, the underwriters just have to process the exceptions, reducing the time from 3 days to just 3 hours. This is huge. As a business SME at this insurance company, I can see what are the biggest drivers of the volumes. Over here, I can see for the customer requests that are incoming, one of the biggest drivers is policies. And more importantly, policy renewals. This is the biggest driver of incoming communication. Switching over to the trend view, I can see that for policy renewals, we have constant inbound of request, and they peak at least once a month. By double clicking on one of the data points, we can see the underlying messages. Using this system, I can identify the opportunities for automation. Over here, we see Re:infer has extracted the policy number, the effective date and has understood that it is related to policy renewal, all with very high confidence. To put this in an automation, we need to be very transparent about how the model is performing in production. Re:infer provides detailed breakdown of model performances. And not only that, it also provides us with hints as what you could do to improve the model performance. For this customer, the model turned out to be completely well trained. They were expecting a huge amount of automations or huge amount of mails to be automated. In this scenario, they were able to automate 94% of their mails, which means out of every 100 e-mails, they had to process only 6. And even out of those 6, the underwriters did not have to go through the entire process. They just had to validate the exceptions. Let's take a look at one of those exceptions. As an underwriter, for me, this is an exception. I can clearly see this is a renewal request and Re:infer has already extracted the policy number, effective date, and the UiPath robots has matched this policy number to the policy in Salesforce, and they have given us recommendations and also telling us why this exception happened. There was an e-mail mismatch between the CRM system and the sender. Over here, we can see, okay, yes, there is an e-mail mismatch. I can validate this and just approve it. With this, the policy to document will be generated and sent to the customer. That is how simple the life is of this underwriter now. Combining Re:infer with UiPath document understanding, we can also process attachments within these e-mails and solve end-to-end process like claims, where there will be a document in the e-mail, and you may want to extract and validate the contents of the document. With this solution in place for the customer, they were able to save up to GBP 370,000 in just year 1. It is huge. This is the power of UiPath and Re:infer together. Thank you. Ted, back to you.

Thank you, Vishal. One of the things along the way there, in the conversation about AI and ML in the market today, there's always a lot of conversation about the science, right? And when we see things like GPT-3 and what that can do, it's amazing, and that's always a featured conversation. In bridging the gap to where customers get value out of their AI and ML at investments, there's an unsung hero, which is mapping that to the user that's sitting in front of it. And one of the powerful things there is how we've taken things and we've mapped it to that business SME because we don't want to have every business SME that understand, say, the business rules around processing and underwriting, request into a data scientist. And the problem then of mapping to them -- there's actually some very hard engineering problems in making it understandable, safe for them to be able to use this type of technology with confidence. So we're very excited about Re:infer, the potential, the team. There's a lot of opportunities here. It goes well beyond e-mail, AI processing. It gives us some foundational assets that are then going to help us in our general pursuit of the document processing market. It's a very exciting thing for us. So talking about differentiation. Starting way back there in the beginning in Chapter 1, we talked about how the linchpin technology that really made RPA into what it is was it being built around UI automation. From my perspective, you can describe a lot of UiPath's early lead in this market as simply the engineering excellence and the technology they delivered within UI automation. It is a very difficult and detailed problem. And one of those things you can really only get right, unless you've worked with lots of customers in lots of application -- with lots of applications on lots of platforms, it's the only way to get it right. And the difference is, do I have a platform that produces automations that are reliable? Or do I have a platform where I suffer from the brittleness that a lot of especially screen scraping and other automation technologies that have suffered from in the past? This is a place that helped UiPath establish leadership and we're continuing to invest in to maintain leadership. So it starts there. Second thing I'd talk about is just delivering as a complete platform. As Daniel said, a platform is more than the sum of its parts. It takes, obviously, competitive products. Platform value is also about consistency. But the other aspect is, do I get more value because I got these products from UiPath versus getting best-of-breed separately? For example, in process mining and the general discovery space, we see our unique opportunity as not only business transformation but in closing the loop. But I have a hard time seeing how you do that if you are not the platform owner. If you're not us, how do you connect to automation? So its delivery is a complete end-to-end platform. There's also spaces where I see a data advantage as time goes. This understanding, we're calling it a work graph. There may be better terminology. But if you think about what we're going to know, we're going to know about processes. We're going to know about work. We're going to know about automation. So we're going to know about their relationships. And reasoning over that, how we can provide better understanding and better outcomes as you're trying to reason over processes, find opportunities to automate, maybe even benchmark yourself, we think this is a place where there's also a data advantage as time goes, the market leaders will be able to have. We also think this semantic automation idea, you're going to do the best job as you're the platform that understands all the -- and implements all those relationships for customers. How do we understand how all of this maps? Well, we've mapped it lots of times. And we have that insight from our data. We also see an advantage today, especially as others are entering the market, a lot of their market entries are cloud-only. We see a balance, and we see it as a differentiating advantage that we're now able to offer the same platform, both for on-premises delivery as well as in the public cloud. So it's a very exciting week for us. Back in products and engineering, we are putting the final touches on UiPath 22.10. And this is the first at FORWARD we've really talked about this extensively to the market. These are some of the highlights in process mining. I mentioned that we've got a modernized foundation we're building upon. It's going to deliver much higher scale in terms of the ability to do analytics. We've got great new analytics like root cause analysis that makes the output of process mining that much more actionable for customers. Task mining. Task mining has got to answer basically 2 questions for a customer. What don't I know about? So they use task mining to find stuff, find opportunities to automate they had not identified. The second thing is, tell me how the thing I know about actually happens. As multiple people do the same task, you're going to see real variations, exceptions or they just do it differently. And so assisted task mining, this new feature, uses both algorithmic and human-assist ways to help you consolidate down to one view of that task with all of the exceptions, which means that when a developer picks it up, they're going to be able to get the first implementation much more right. In automation, we're really excited about the first web-based experience of our studio developer tool. I'm very, very excited about that. It's a complete reimagining of the user experience for Studio, and it's also our first cross-platform developer experience. And then Re:infer. I think Re:infer is a great example of just how we're making -- it's kind of the evolution, the expressiveness of the run time and more capabilities. It's also the first manifestation of something Rob talked about which is delivering more as vertical solutions. And in this case, being able to speak -- go in and speak directly to a customer about e-mail automation and having an end-to-end solution now we can talk about, so it gives us a way to land more quickly and deliver more business value. And then in the core platform, I view where we are in the cloud, we're now starting to focus on 2 ends of the spectrum. We're having a lot more discussions with larger, more mature organizations about adopting the Automation Cloud. And so that's driving a set of investments more oriented around the high end, more high-end features like bringing your own -- managing your own encryption keys, that sort of thing. And then the other thing we're focused on is more about developing capabilities for product-led growth, so the ability for a customer or an individual to self-serve into the platform and the ability for us to speak to them in the product to nurture adoption and potentially up-sell about other capabilities. And Chris will talk about that as a point of leverage in how we're going to be able to scale and deal with the customers more at the lower end of our market segment more and more efficiently by having this digital-based motion to work with them. So a very exciting time for us. So with that, I think I'm done. And I'm now handing the break. That's probably the most exciting part of this presentation. We are now headed to break. Thanks so much for your time. And please visit the demos. Okay. Thank you. [Break]

Please take your seats. Our session will begin in 5 minutes. Please welcome Chris Weber, Chief Business Officer, and our customer panel.

Hello. How's everybody? Great. My name is Chris Weber. I'm the Chief Business Officer at UiPath. I have the privilege of introducing a number of customers to you, and we thought what we would do is have a customer panel to understand how these customers are using automation as a platform, why they chose UiPath, what they're doing today and what they plan to do in the future. And then we'll open up for some questions from the investors and analysts as well. But what a great session. And then after that, we'll talk about our go-to-market approach that Rob and Ted alluded to. But first of all, let me introduce the customers. So I'll have each of the customers introduce themselves. We'll start with Ati.

Good day, everybody. My name is Ati. I'm from South Africa. I'm from a company called Vodacom, which is a subsidiary of Vodafone. I look after the department called digital process reengineering, and my portfolio spans over 5 African markets.

And she traveled from South Africa to be with us and arrived about 2 days ago. So thank you, Ati. Chad?

Hey, guys. Welcome. Thank you for having me. So I work for Uber. I've been there for a little over 4 years now. I'm in the finance organization which works across 13 lines of businesses, doing RPA for the most part.

Perfect. Shiva?

And I'm Shiva Vannavada. I'm the Global Chief Product and Technology Officer of Dentsu. And Dentsu is one of the largest marketing agencies in the world, operating across 60-plus countries as well as 60,000 employees. And my job is to work with the creative media, technology, commerce and data organizations within Dentsu to bring innovative solutions for our clients.

Perfect. Gautam?

Good afternoon, everybody. This is -- I'm Gautam. I am Head of Process Transformation and Intelligent Automation at Wells Fargo. Our group is the central team that is responsible for onboarding products. It's like a small software company. We onboard products. We have the process mining platform. We have the low code no-code connected workforce platform. And on top of that, we have the UiPath AI-driven automation platform. Collectively, these 3 or 4 platforms that we have formed a continuum of services where we try to enable end-to-end automations for our kinds of businesses. And once these platforms are scaled, we also define the strategic road map and the life cycle of how to adopt these tools and scale them. We support a bunch of different federations. So it's the central team that supports 6 different lines of businesses to develop and scale their own automations and manage this overall ecosystem of end-to-end automation across Wells Fargo.

Terrific. So I'm going to ask you in a minute about what are the problems you're trying to solve for the business outcomes you're driving. But maybe we take a step back and just how did you start down the automation journey at each of your companies. Ati, we won't make you go first all time. We'll start here, and the next time, we'll switch the order.

Okay, cool. I think as a general rule, a lot of CEOs who look around and see what others are doing and they also want it. So that was the first trigger point is that other people had the toys and they also wanted it. But I think the -- now looking at back at the journey, it was about trying to see how do we then leverage technology to improve on our efficiencies because as time goes, we find that the top line is struggling. So how do we then add efficiency so that our operating expenses actually reduce considerably so that we actually operate the most optimum?

Great. Chad?

Sure. So if you look back about 4-plus years ago, when Uber were trying to go public, right, we're trying to become profitable. There is -- one of the leaders in the financial operations was kind of charged with reducing our close. And so that's kind of why my team was formed. We've again -- so we started in finance, and we're still reporting into the finance organization, but we're spread across all of Uber. If you think about the manual process, they're so intensive. Really, UiPath has been great partners in helping that journey.

Shiva.

So for us, it started very typical, which is we want to find operational efficiencies, right? This was about 6 years ago. We are doing our annual review plans with the CEO, CFO and COO. And the CEO wanted to see if they can reduce the overhead so that we can start investing in new product and services offerings. And being in the room, I said, we should do automation because that can bring a lot of savings. And that is how our journey started. But then the approach that we have taken is to create a central automation team. And again, as I mentioned, like agency world is very unique, unlike Wells Fargo or Uber where we rely on people for providing our services. So initially, we started us doing as a central team, and we had some good services. But then as the journey progressed, we actually shifted the entire mentality to what we call as elevate our people's potential, and we created a development program, where we are trading every single person within Dentsu to build their own automation solutions.

Perfect. Gautam?

Ours is much more of a typical journey for any financial institute. We are constantly looking for those saves and efficiencies because there is much more to be done. If we can relieve our team members from the mundane and the regular, they can focus on more cognitive pieces of it. So the initial part of it, we were very much focusing on the middle and the back office automation. But along came a time where we had to look at really relieving our operations team. And at that time, we were searching for the tools that could help. We kind of zeroed in on UiPath. And since then, we have focused on both sides of it. We continue to rigorously automate our back-end processes. But at the same time, we are trying to revolutionize our operations so that when a customer reaches out to our front office, our centers or they call our contact centers, they can get attention from the agent rather than the agent clickety clack on the keyboards, right? We can offload that. And then again, we are trying to kind of journey along with UiPath into their newer products so that we can add more knowledge or skill to the bot. It is not just about swirling between applications, but we wanted to be more smarter so that it can pull the context out of it, right? And that's where we are headed and that's how we kind of package this program now.

Right. And so the next question I was asking is like what are the business outcomes, but I think you've all talked about the efficiencies, costs, et cetera. But maybe we'll start with you, Guatam, in terms of on the business outcomes, if you could expand on that? And then how do you measure the business outcomes or the impact on the automations that you're doing.

Right. So it's, again, the continuation of what I said, like we are really zeroing on extracting every bit of efficiency from what we do. Speed to market, how quickly we respond to any request that comes from a customer or internally. If I'm looking at an audit process, I'm looking to standardize the way I do these audits or risk and compliance and control checks. I do not want it to be dependent on what Gautam feels this morning, right? It is not dependent on my mood and my outcome for it. It is standardized. So those outcomes drive how we use it. We are plugging this into many places where standardization is the key. We are plugging it contact center, not only the efficiency. We are looking at our contact centers as a place where there is a lot of flux. So do I want to be training more and more people every week? Or can I automate and package it and keep it as an automation ready for them to come in? And I only teach thing when you get a call, type A, use the automation, and that's that. I do not have to give them a 300-page SOP, standard operating procedure saying, you need to know all these steps before I can put you on the floor. So we are trying to change the outcomes from just being the cash out of the program. Our program has already paid for itself. And we are quite confident that we can keep churning that out. But there are additional benefits to be had. Now there's another mindset change that we're looking from our business partners. We want them to think automation first in many cases. Don't even bother creating a manual process at all. Like start automation. We'll put the right process from the get-go.

Love that. Terrific. Shiva?

And from our perspective, the first step was how do we take all the high risk, and especially when we are doing media at a global scale, there is this [ combat ]. So initially, you start with like how do we take out anything that is high risk, repetitive and manual thing and build automation out of it. And after like in a few months of running the program, we realized a tax to the team that we were actually able to save about 400,000 hours per year just within U.S. by following some of the automation, along with saving the company tens -- over $10 million in terms of like...

So you take those hours saved and convert it to some [indiscernible] number?

It's in twofold, right? Like it's not just like saving the hours. But as I mentioned, like we go through a very rigorous audit process especially in terms of taxation as well as how we are spending our media dollars that the clients are giving to us, right, for the advertisement needs. So typically, the process was heavily manual, meaning like you're using spreadsheets and then like gathering all the information and trying to make sure they're accurate for the auditors. And in most of the cases, it wouldn't be accurate because it's all humans doing the work. There are always mistakes that happen. So by automating those things, we eliminated the risk. So we are not spending the amount of money that we get from the audits, right? But also the other aspect that we found out in the automation program is we are providing services to the clients, and all the clients are also asking for, as usual, providing the services at a more efficient way. You can use a different term for that one, cheaper, faster, better, right? So again, like most of the things we were able to provide those services to the clients by using automation in many different areas. So the outcomes were like pretty strong. And by starting it in U.S., we are now expanding to global across many different countries.

Okay. Chad?

Okay. Yes. So I think here, we take a very value-centric approach. And our framework has changed over the past few years. If you look at our pipeline now, we tend not to take an automation unless it hits a value threshold. That could be -- so there's 2 parts to that: Dollar amount; but then also, as you were mentioning, risk controls. So there's a lot of risk value there. I'll give another example of something that we don't measure but it's something that we're looking at and how to actually put a value to this is like a revenue loss. So there was a use case I talked about last year, right? It was -- we built an automation that helped -- potentially we could have lost between $2 million to $3 million a day at Uber if we launch a license in London. So we built that automation. It was simple automation. And that's kind of what we do. We look at it in terms of value savings.

That's terrific. Ati?

It's so interesting. Chad and I happen to both report to a finance function. So for me, what became important was when we started our journey, we had the typical narrative of trying to save manual hours. And I think having reported to the Group CFO at the time, he didn't say, Ati, I give you, say, ZAR 50,000. Why are you giving me hours? How am I going to spend hours, right? So I think we almost have to take a step back to try and understand why are we doing this? So I think one of the things I didn't have to do is restructure my team to position ourselves as an enabler of strategy. So when we are dealing with the consumer business unit or the Vodacom business, their biggest pain point is to try and see to what extent can they fast track revenue enablement. So we've now got bots that are assisting in fast tracking the creation of revenue. When we've been talking to the finance team and we are dealing with the revenue assurance team from a billing perspective, we want to see to what extent can we help them identify potential revenue leakage. So you'd find that when we've got automation in the space. Ours is a measure, but as part of the business strategy, we are then helping the revenue or margin assurance team fast track the identification or potential revenue leakage or fraud. Then you would find when we are talking to the network guys, how do we help them -- how do we enable them to become a better network engineering team where we then look at network elements. So I'm a finance person. So excuse me for any telco people in the room. But if we're talking about the network and engineering team, how do we enable them to become a stronger team through the use of automation? I think one of the things we've been done quite well is to position ourselves as an enabler of strategy. So therefore, our matrix of measurement is tightly linked to a particular business strategy or vertical strategy of business KPIs. Then the measurement resource is a self-reflective story because it's easy to say in the logistics space, when orders were placed, they used to have an SLA, aspirational SLA that says all orders map process on the day they get received, which never happened in the history of Vodacom. Now that we've got bots there, all orders are received and processed on the day that they get received because then from a customer experience perspective, we are pushing out more devices to customers in their hands than we've ever done before. So it becomes such a complex and dynamic measurement scheme because it's quite linked to each vertical's KPI and strategy.

Yes. That's great. And you'll hear me talk in the go-to-market. The same thing that Ati and everyone talked about here around business outcomes and driving that. It's so important as we think about rewiring the go-to-market organization, whether it's sales, presales engineering, industry, value, customer success, we have got to identify business outcomes and everything we do is sell around those business outcomes. We'll talk about that more. But it's interesting to me even internally hearing how you're structuring it. Why don't we open it up for some questions, and I have 1 closing question for you up here. I'll give you sort of the magic wand, ask what you love about you UiPath and would want to see more or less from. But maybe we'll just open it up and see if there's questions and I guess we have some mics.

Michael Turits from KeyBanc. So it's fantastic to hear you talk about business outcomes. A lot of what we've been hearing about today is how to do with the underlying platform and the expansion of that to very broad enterprise automation platform. So I was just curious what you all think of in terms of that portfolio of broader automation technologies underlying there. So RPA, should it be low code? Should it be intelligent data processing or document processing? What do you think of as the key parts of automation?

So we'll start from Gautam.

So I think we have -- so I think Daniel uses that were a while back, we are at an inflection point, right? You could only do so much UI automation, you could do only so much wheelchairing because our CTO has embarked on an out-and-out digitization strategy. We are trying to get on to the cloud completely. So at some point of time, all our applications are going to be modernized. We also have come up with an overall architecture for the enterprise and the whole bank. So the spaghetti of services lying in corners and then trying to wire them in a complicated way, it's going to be a story of past. In that kind of construct, there is a sweet spot for end-to-end connected automations, right? You need to use your intelligent BPM tools. You need to use your data automation platforms and then the robotic platform with the AI construct together to solve higher-degree problems. You could not be always selling this idea of automation through this wheelchairing thing. I will help you enter data into some system for next 10 years. That's not going to happen. What would end up happening is we are pushing. We are trying to change completely the way our customers think. We want them to be digitized. So I don't want them to send me their W2 at all when they want a loan. I want them to send me a code for which I will use to extract the W2 digitally. But what if they don't send even? I would use some of these technologies to digitize it and eventually move it to the same system that is the connected system, right? I don't want to, again, have a document sitting there where somebody is typing it out because then I'm taking 3 steps back. So there is a play for all of this to be connected together, and we are working on coming up a road map where we are looking at many different technologies. And there is an awesome movement that is happening at UiPath, where we have now Re:infer that is integrated. There has been a consorted effort every year to add to the capabilities, right? It's not the same thing that was there in 2016, '17, '19, right? So that kind of helps us evolve as well.

And from my perspective, we are -- we utilize many partners across Dentsu in many countries. And what we are looking for is an end-to-end automation suite so that we have 1 platform versus many. Especially when it comes to doing the back-office functions, there is maturity in that area, but we would want to see things move in the marketing side of things where we can provide automation to create better marketing outcomes for our clients. But then there is also a bigger vision in play, at least like from my own vision for Dentsu, right now, we are seeing a new generation of workforce that is coming in, right? So everyone knows like Gen X and they are not like most of my people at my age. They want to not only make money, but also they want to serve as a -- and a purpose for the entire society. So when we think about those aspects and the reason like they hate doing anything that is manual. So we want to think about like automation as a new way of working in the agency space where you are providing everything that is needed from a manual perspective, like from employee onboarding to what you are doing internally, to what you're doing for clients, everything should be automated. And our employees are only working on the high-value task so that they can balance their work and life, but also be a force for good in the society.

Okay. Yes. So from my perspective, to add on top of that, intelligent automation speaks for itself. I think just RPA alone is going to get there. That's why I love UiPath because it has a lot of things embedded in it. Process mining, right, helps you understand where you want to focus. Document understanding, there's a chatbot capabilities that we're bringing back into our organization as well. I think in terms of having a smarter workforce, as you were alluding to, right, that you're going to need more technology to help what we're looking for to help make it more efficient for the organization.

I think without emphasizing what the guys have said, then what became important for our organization and the strategy that I've employed is to focus more on a human-centered intelligent automation strategy that says how do we make our people the most integral part of our business while using technology to enable them. I think it just so happens that UiPath, from a growth perspective and the products that they've brought in, has been a very big enabler for us. I think apparently, I'm a very difficult individual. But I think UiPath has entertained me from a product perspective because I've been able to feed, based on my needs and the growth of the organization, I've been able to request certain functionalities and sort of products that are fit for purpose without us having to build external functionalities. I think one of the things we've been able to do quite well is the integration of machine learning, AI and RPA and adding more value to the levels of automation that we have where we're almost say, and I always oversimplify this. Machine learning becomes the brain capacity. So if you want to have unlimited brain capacity, to what extent can you infuse machine learning in a business process. So we're almost playing an important role in operationalizing artificial intelligence. And then, therefore, empowering the human in the business process. And then I always say that RPA becomes the unlimited hands that helps you execute on your work. And I know it sounds a bit obscure to some of you guys without me going into individual use cases. But I think for me, it's having that human-centered intelligent automation element with the technology supporting the people.

Great.

Bryan Bergin from Cowen. So as you think about the potential adoption of UiPath products within your organization, can you talk about how far into the adoption curve you think you are?

I can start with that one because I have a very unique case here. So again, as I mentioned before, we started with like an efficiency. We created a central group. But then after a year, we found out that it is fundamentally flawed, especially in the agency space. Because while CEO, CFOs and COOs, they get enticed about these cost savings, our people, they fear automation, right? So one of the things that we found UiPath to be very powerful is the automation hub and the Studio X, right? So those were game changers for us because we could literally have every single person within the organization or most of them who are interested in doing their own automation, get trained very easily, and they started building their own automation solutions for themselves, just to save time for them, especially important in the pandemic days, right? So like that literally is 1 space like in a way we are trying to see the adoption to kick in more and more. Right now, again, we started the journey in the U.S. In U.S. itself, we have created 350 automation solutions, all by nontechnical centralized team. And they saved the 400,000 hours that I was talking before, they did that one, not like in a specialized team. On top of it, right, they got certified in UiPath. So we have 40 people certified, 170 people that are sites and developers. So the adoption is growing. And now like our entire leadership team is keen on rolling out to the global, like across all of Dentsu. And I have Brian here, who started this program in U.S., now he has been elevated to the global role. So the adoption, because of like how we use UiPath, has been very helpful, and it is like a growing as a grassroot movement within the organization.

I can go next. So when I think of the adoption we have with UiPath, we started -- we just started shop. Over the past couple of years, we've done more around OCR. We use Action Center to help us scale some of our automations because we are a global company. I think when you put all that together, it's just -- it's easier to have all within 1 platform. versu level sharing to different. So if you think about our users that are processing invoice, when we use OCR as part of the capability, they have to go to a different system to take a look and do some checks and balances. So having it all with in the UiPath has really helped the scale. And then the last thing I'll say around scale is, if you think about during COVID, right, we were able to scale a freight organization by doing some automations that really helped us not hire when we have this huge strategy. So without that and the help of UiPath, I don't think that our freight organization will be as powerful as today.

Okay. I can go next. I think the concept of adoption has different levels to it. So you'd find one of my biggest sponsors is the Group Chief HR and Group CFO. And then I always find it interesting where certain action items out of an ex [indiscernible] the CFO would say, we need a bot, too. And then we have an action item, Ati, build a bot, too, literally as an action item of an exco. So that speaks to, at our most senior level, they have a very solid understanding of what the technology can count. And then from an operational level, we have such multifaceted types of use cases where when the bots are slow because of a VDI not running, I get calls from the most senior executives asking, Ati,why are your bots not running. So I think right now, we're at a point where now in my department, we've got a bigger pipeline than what we can do execution on because we've got limited hands on keyboards. So that's why we've recently now unlocked the citizen development program. And I think what becomes important is noting how we started off in South Africa. When I had done Board presentations to the 5 other markets, all the Board members accepted the concept of RPA. We were meant to upscale in each country as quite. But in 2020, COVID happened. So we ended up upscaling virtually 4 different spots across the different countries. And now that I've been doing in-country visits, one of the biggest complaints I get is that my team is not moving fast enough. So for me, all -- there's a complaint in there, but some others also a complement because nobody would want more of something useless. And these are at the most senior directors that are engaging with me with the same narrative. So I don't know what the curve looks like. But I think we're in a good space. We're looking forward to now unlocking more citizen development programs because one of the things we -- because Vodacom is transitioning from being a telecommunications company to a technology company, one of the things I was presenting at our group exco sessions was what are the traits of a technology company employee, right? And one of the things I mentioned is that there's no literature -- and I did read up a lot on these things. There's no universal understanding of what a technology company employee does. But I realized that one of the things is to free them up to have freedom of autonomy and thinking. So RPA, using the citizen development program, we want for our employees to be technology company employees by freeing their capacity up. And we've started the journey about 6 months ago. We're sitting at 60 citizens already across 5 different countries. I think our biggest pain point now is how fast we can get more licenses. That's the budgeting -- financing. But that's our biggest problem right now. How fast we can actually have the adoption move because in each market that I engage with, the whole concept of digital transformation now is starting to become real. We all have it in our PDs. And I think I asked a very trick question is like, why do you have digital transformation in your PD? They like digital transformation is a thing. I'm like, no, what does it mean for your life every day. And the answer was, I mean finance and 2 years ago, we are still doing the same thing that I'm doing now, and yet we are transitioning. So we are now using the citizen program to be an enabler of that individual role transformation, and that's been also going quite well.

I can quickly run through it. But I kind of feel for you. And anybody heard of Better Call Saul? So there's a thing a Better Call Gautam. Like there are a lot of these exec meetings that happen and a problem is talked about, can we call the robotics team, can we call Gautam. So it always tends to be like that, but we have taken slightly different outlook to this. And from the beginning, we are a risk-averse environment. We do not -- we do let people have the access to the tool, but in a controlled way. So for the LOBs, specifically, we have federated it, and we have trained them, and we have active -- we have active engagements with them every month 3 or 4 times in different capacities to elevate them. These LOBs are working on business process automation. Alongside, we have cherry picked, hand picked certain teams in the technology side who are allowed to do their own automations. All in all, though, we probably have 300, 350 people automating processes at Wells Fargo. And if you again look at penetration, right, like -- or adoption, every single LOB, line of business, has at least 15 to 20 automations running for them or more. We have tens of thousands of bots in our contact center. So the penetration is there, but not everybody is allowed to just start writing their automation because we are a risk-averse environment.

One more?

Yes. Mark Murphy with JPMorgan right here in the middle. Great presentation. Thank you. Wondering if you can comment on how your usage of UIPath is split between UI level integrations and then maybe API-level integrations? If it's possible to just try to throw a percentage out there? And then also, are you using it more with what you would think of as kind of older legacy applications or using it relatively more with kind of modern cloud-based SaaS applications.

Maybe start, Chad.

Yes, I'll go first. Yes. So obviously, the split. So we -- when we first started the program, I would say it was 90-10. And now if you look at it, we're probably 80-20. So 20% UI, 80% other, right? In terms of modern, so we're a global COE. So any business process that we touch, if it's modern or legacy, then if it's automated, we'll automate it. So it really depends.

Ati?

Just thinking about the number now. I think for now, we're still primarily on the user interface, maybe 70-30. But I think from what I found to be quite interesting in terms of the evolution of the use cases is that we've actually built several industry firsts in the telco space where we then have RPA bots being used as a light touch integrator where the legacy systems wouldn't have been able to integrate well with the newer kind of platforms. So that is what I've seen to be quite an interesting trend, even to a point where in the financial services space, there's a product called [indiscernible] in Africa, which is the biggest fintech platform in Africa. We have so many RPA UiPath RPA bots running on the platform to a point where even the product development team wants to be upskilled to have UiPath included in the product because they can see its capability in being able to be integrated well with the APIs. So I think this speaks to how people are starting to appreciate and understand the different use cases that it can be applied to. So that's why I don't think there's a hard percentage, but there is an evolution and a hybrid that's taking place.

Shiva?

Yes. So I would say like a 10% is API, especially because the approach that we have taken with the citizen and developers, and we want to grow that one. But the API is going to increase because we just recently kicked off a massive new initiative that is creating a global platform that would combine all the services that we are providing to our clients into 1 single space. And that is where the automation is going to drive most of how things work. So think of like doing your insights to your reporting, to running campaigns, like all of that one in 1 single platform. And we are hoping that we can partner more closely with UiPath to enable all the automation needs across that entire platform. So API usage is going to be very high.

So I wouldn't be able to put a real number on to it, but we have taken a wide spectrum of the applications that we have and we have built quite a few direct integrations that are unique to our environment. Our environment itself, like the way it is set up, it is legacy phone, it's organic growth from all the acquisitions and mergers we have had. So over the period of time, we have acquired so many applications that probably don't stand the test of time, and now you are at a point where you have to automate. So we probably would -- the scale would tip towards more legacy automation. But the key -- like I would like to call out a few things is we have tried to integrate with our data extraction tools. That's the continuum of services that we have. We have recently acquired a no code, low code workflow solution. All of these newer integrations are directly through APIs, right, and through central servicing platform rather than individual integrations. So that kind of helps us keep the integration layer very clean, not one-to-one specific integrations that can now, over a period time, you have to keep maintaining them, right? These are all generic APIs, which we use through Kafka, and that is growing. The trend is growing to all go towards that. And as I mentioned earlier, like our digital drive, our cloud drive will definitely push us there, right? More and more usage of API-driven automations.

Chris, I think actually, we're time to wrap up.

Yes. So maybe 1 closing comment. We'll start on and Guatam, as you start to evolve your UiPath automation journey, you have the magic wand, what would you want to see more or less or the same from UIPath?

Actually, like it has been a great partnership, and the journey that UiPath has taken since 2017, '18, we have been riding along. And it has been evolving. We have grown strong into our platform and our automation program. Most of the times, we have been able to co-create. And the co-creation has been -- like, again, Daniel said, the sum of parts is larger than the parts, right, which has helped us. Where I feel at times, we tend to lose steam is from the idea to converting it, right, it takes a while, and the exits on our side lose interest. So that doesn't kind of track well. Eventually, you then give up on some ideas you take forward. So how quickly can we evolve from, "Hey, this is an idea. Great idea. Let's all invest," can we convert that very quickly? That would be fun because otherwise, we have been having tremendous success with you, guys.

Terrific.

Yes, I would echo the same thing. We just like you've been a great partner. We are part of the advisory board. We've been giving a lot of feedback, and most of the feedback has been incorporated. So if I have a magic wand, again, like based on my role at the organization, I'm trying to consolidate it many, many, many different technology partners into a specific set of partners. And I would love UiPath to be that 1 platform.

We are definitely aligned on that, right?

That allows me to like take everything out and have like that incorporating cognitive services as 1 thing, like anything that is 3.0 newer technologies that are coming in, we are going to be investing heavily. So like in those kind of areas, but 1 platform for automation across Dentsu.

Terrific.

Yes. I think from my perspective, UiPath's been fantastic. We started actually with AA almost 4.5 years ago when we pivoted to UiPath. So I think if I had my magic wand, I would just want the next 4 years to be as good as they've been the past 4.

Great. Ati?

I think if I had a magic wand, I would ask for UiPath part to carrying on entertaining me and my weird requests. But I think just to appreciate the relationship of co-creation that has happened in the last 4 years were started from nothing and we're here. I think from doing more often, I think this is not a UiPath as more than an industry task in the RPA space is the move away from the measurement of success being ours because our CFOs are telling us they can't eat ours. So we almost need to position ourselves as a strategic enabler. And understand that digital transformation needs to lead the business off in a more financially stable condition. We are not automating for the sake of automating, but leaving the company in a better place. So I think if we had to be stronger in that narrative, I think it would have made my life a whole lot easier. I mean adopting my strategy, but it is what it is now. But I think it's that strategy narrative that needs to come out stronger.

Good feedback.

If we could automate like measurement of employee well being that would be great.

Employee being what?

Employee well being.

It's never about like saving money, right? That is how we approach when it was flawed. And right now, we are literally using automation to make people's life happier.

That's great. Awesome. Ati, Chad, Shiva, Gautam. Thank you so much, not only for the business partnership, but for taking the time out to spend with the investor and analyst community. Please join me in thanking the analyst.

Thanks for having me.

Thank you so much. All right. We have 1 more session with me, and then we'll turn it over to our esteemed CFO, Ashim. Again, my name is Chris Weber. I'm the Chief Business Officer at UiPath. I've been here about 6 months, and I want to talk to you today on an agenda item that I think we're all interested in, and that is how we're going to accelerate growth at UiPath. I want to start how I actually came to UiPath, and it's funny. I came from Microsoft after 24 years. It sounds very familiar with Ted. I don't know if UiPath has a pattern matching, where they look for Microsoft people who were there 24 years and want to make an impact with speed seems to be a recruiting vehicle. But what happened when I was at Microsoft, it was about, I think over 5 years ago, an executive came back from a customer visit, it was a retail customer in the Midwest. And they talked about this company called UiPath and they talked about this thing called RPA, robotic process automation, of which I knew nothing of either. And so very quickly, this executive said, this is going to be game-changing for the industry. So I researched UiPath. I started looking at it. And for me, personally, I was running a sales business of about $35 billion business, about 4,500 go-to-market resources in my org. And when I started looking at it, I said, "Holy cow, this could have a massive impact on my own business." So I had my head of sales operations. I went to her and said, "hey, take a look at this. And we both concluded very quickly. This can have massive impact on our sales rep productivity. It could basically drive efficiencies internally within the organization. And probably most importantly, we thought it could impact both our customer and partner satisfaction. So I became a massive fan of it. And I had the opportunity to meet Daniel about 5 years ago, and I became an even bigger fan because at the stage I am in my career, there's really 3 things that I look at. One, my ability to make an impact with speed; two, the people I get to work with; and three, culture. And all those things, I got very excited about UiPath, I followed them religiously. And then about 6 months ago, timing and the opportunity came where I was able to join UiPath. And so I'm super excited to be here. I've been a massive fan of the company. And that opportunity that I saw 5 years ago from my own sales organization, I will tell you 6 months in the company, that opportunity is as big or bigger than what I saw 5 years ago. And so the opportunity for accelerated growth is huge for us. Now as Rob talked about, I love this concept of untapped potential. I think there's a saying on potential but we'll use untapped potential. Untapped potential without action remains untapped potential. And so we have a lot of actions to take to accelerate growth, but we're starting from an incredible place of strength. You heard what the customers talked about, our product, our platform, industry-leading. The value is incredible, the time to value that customers can get is super fast. And so those fundamentals, that structural advantage is really healthy for us, and then we have to build on it. And so what I'm going to talk about is what we're going to do is the go-to-market organization to accelerate growth. There's 3 big things that we have to do better, different, faster to capitalize on this opportunity. Number one, I would call it focus. And we're going to talk about that. It's focus on the markets we invest in. It's focus on the right segmentation and customers. It's focus on the right go-to-market motions. And so we'll talk a lot about that. The second one is value. And you've heard this throughout Rob, Daniel, Ted's talk, you heard it from the customers. We need to sell different, and we need to sell on business outcomes and business outcomes relevant to the industry that the customers are operating in. And I'll give you some examples where I think we do that in a world-class way and where we need to improve moving forward. And then the third thing is scale. And you can think about scale in multiple dimensions, but the biggest one would say, how do we think about our partner ecosystem as an extension to everything we're doing in our go-to-market organization. But we should also think broader in scale about the programs, pricing and packaging, licensing, all of those things that give us scale to the business. And that's what I'm going to go through. And if we execute really well on these, we'll be able to accelerate growth and capitalize on the opportunity that's in front of us. I believe everything starts and stops with segmentation because you have to figure out where you're going to take these precious resources that we have in our go-to-market organization and get the highest rate of return. What I'm trying to show you at a very high level is the segmentation we have today on the left and where we're going to on the right. I think there's a couple of key things. One thing that doesn't come across clear in these slides here we need to do this market by market, and we need to invest in the markets that are going to give us the biggest return overall. But as you look at this on the left-hand side, we essentially have 2 segments today, what we call our enterprise segment, and then what we call our emerging enterprise, which is everything else outside of enterprise. And that could be anything from a large corporate account to a mid-market account, to a tiny mom-and-pop shop. We sort of service them all in the same model, and we need to change that. You can also see the coverage ratios. So in the enterprise, we have on average globally, 1 account exec to 50 accounts. That's average. I will tell you in some areas, it's even higher. And then in our -- what we call emerging enterprise, which is the corporate mid-market and SMB, our average ratio globally is about 1:150. I will tell you in our ability to capitalize on growth and the opportunities in these segments, we have to change these ratios. And so 1 of the biggest things that we're going to do is focus a higher density of resources on the customers who represent the highest propensity. By the way, I think this model on the left has worked up until now in terms of it's been a great strategy to sort of have a land grab to get acquisition, new logos, et cetera, where I think we run into headwinds have an opportunity is how do we expand in those accounts once we land them. It's going to take a different coverage ratio and a different coverage ratio on those accounts that have the largest propensity to grow. Sorry. The other thing is on the left hand -- on the right-hand side, we're going to go from 3 segments or 2 segments today to 3 segments. So we'll have our enterprise segment and think about that as less accounts with a higher density of coverage ratio to really capitalize on it. That is our biggest growth opportunity moving forward. The corporate and mid-market, so those accounts that don't fit in that profile on the top pyramid will come into this corporate mid-market segment. And then we'll take a set of accounts out of that the very small accounts and move into this new segment we call SMB. And we'll talk about each 1 of these segments and the cost of sale dynamics in each of those. So as I talked about, our biggest growth opportunity is in these enterprise accounts. When we look at it, and there's different ways we look at it from the TAM to our current performance, et cetera, it says where we have the highest density of resources and coverage it gives us the greatest return. And so we need to do that in a more significant way. And so the way to think about it is those highest propensity accounts at the top of the pyramid, are going to get better coverage ratios for us to capitalize on those opportunities. And when I talk about coverage ratios, it's not just the account exec. It's our presales engineering resources, our industry resource, our value engineering resources and customer success. We need a higher density of that entire unit focusing on those accounts. So not only can we acquire at a larger degree, but our expansion can accelerate in those customers. This 1 if you summed it up in 1 area, it's really that orange line at the bottom. How do we accelerate adoption, usage and consumption? It gives us a massive expansion opportunity in our current customer base. At the same time, there's also a set of accounts that we will invest in from an acquisition perspective because they represent such a large opportunity. This corporate and mid-market segment, Rob talked about it today. We have an engine that's working really well today. It's very efficient. I love the cost of sale model that's in here, and we just want to accelerate. And so what we're doing in this segment is actually focusing on bigger accounts. So those accounts that don't make the cut on the top of the pyramid that sit there today with very high coverage ratios. They will come down in this. And so if you sort of think about it, those at the bottom of the pyramid on the top pyramid today, become the top of the next pyramid there. And so the coverage ratios will improve. And we have a model that has a fantastic cost of sale model for us to accelerate both new acquisition and growth expansion with current customers. In order for that to happen for us to be able to drive that cost of sale model, that coverage ratio, we need to do something with our very small customers at the bottom. And this is where we're creating a new segment, and this is 1 of the opportunities that we have. Without this new segment, what happens is everything goes into that corporate and mid-market segment, and we clutter that with SMB accounts, which can be very small, lots of transactions, lots of new logos and acquisitions. And so we're creating this new segment that's going to be primarily served through digital, and you heard Ted talk about that, and it's a fantastic model, and that's product-led and digitally oriented. And then think about this as a broader distribution strategy, where we can get the reach, the scale and an even better cost of sale model to go after and service these customers. And then as Rob also talked about, we will think about graduation from the SMB segment to corporate and mid-market, and we want our sales teams incented to drive graduation and same from corporate and mid-market up to the enterprise. But this -- there's a ton of work ahead for us to do on this, but I'm convinced as you heard these customers where we engage in a meaningful and deep way and sell on business outcomes, and I'll talk about that, we have the opportunity to really accelerate growth. Rob also talked about verticals. And I think this is super important. In addition to segmentation, in addition to investing in the right geographies, vertical plays a very important partner segmentation because not every industry or every customer represents the same opportunity. So we will double down on the verticals that have the highest propensity and give us the best chance to accelerate growth. I list a number of these here. Banking, financial services as an industry, a fantastic market for us. Health care, public sector, manufacturing. So again, as we do our propensity models and segmentation, the vertical lens will be very important in that. The second thing relative to vertical is we will start to structure our sales teams around these verticals. Let me just give you the example in the U.S. Today, we're structured by East Central West. And then we have some verticals that we've done around banking, financial services and insurance and health care where we've seen that vertical focus, we've seen growth acceleration. And so in those markets where we have critical mass in the U.S., we will structure everything around industry and vertical. The last thing, and you heard Rob talk about is solutions and solution accelerators. This to me is all about how do we get customers to value quicker because you heard from the customers, incredible value. What we have to do is accelerate that. As we think about building these solutions and solution accelerators, they have to be vertical or industry oriented. And we'll talk about the business outcomes. But think about it as geographic investment in the right geographies, the right segmentation and then industry, not only from the propensity modeling to the sales structure, but to the solutions and solution accelerators that we're driving. This 1 I get very excited about and you've heard this all day, is our ability to sell on business outcomes is so important for us. And let me just give you -- let me contrast 2 scenarios, one where we've done it and one where we haven't. But when we talk about I think what we've done historically is we've been able to sell into the centers of excellence, and we've been able to sell on automating processes, how many automations, how many processes can we automate. And in the best case scenario, we can get to an outcome around our save for an organization. I think in order for us to accelerate growth, drive expansion and even new customer acquisition that's sticky because we've done a number of analytics on what creates a sticky new logo or acquisition. So a lot of work on that. It has to be grounded in business outcomes. Business outcomes that means we have to understand the customer, the industry and what they're trying to solve. And you heard it up here from the panels. And a lot of their business outcomes were cost efficiencies, cost takeouts, et cetera. We've developed this model internally we call it the North Star model. And we're just starting to roll it out, but the impact that we've seen has been significant. But what it allows us to do is we use external data from like McKinsey that will say by industry and by department, what is the total potential automation capability. So it would say for a banking customer 40% of the finance organization can be automated. So we take that external data. We work with the customer on a 3-, 5- and 7-year financial model that says, okay, in year one, in that customer, how much do we think we can automate at 40% of the total potential? I mean we take 2%, 3%, whatever that is. We build that model out over 7 years. We take a fully loaded cost model. And as you know, salespeople are fantastic of saying, hey, here's the ROI you're going to get and the cost is just the cost of licenses. That's probably not an authentic way to represent costs. So we take license costs, maintenance, professional services and even the customers' labor cost to build out their center of excellence. And we build a fully loaded ROI model. What I get so excited about this is it allows us to align this model to business outcomes. And talk to CXOs in their language because 1 of our biggest opportunities is not only continue to win over the center of excellence but we have to win over those executives and companies and the only ways to talk about business outcomes. I think this model is so powerful as we go down it. I think we can go to a customer when we do it right with the customer. And even if that customer doesn't have a budget for automation, the models are so compelling, we can show the customer they'd be better off taking assets off their balance sheet and investing in our automation because the ROI is so high. That is what we mean when we talk about business outcome selling and selling at the CXO level. That will take a lot of work from everything we're doing on the models, to training, to talent, et cetera, but where we see ourselves doing it, it puts us in an incredible position. I'll just give you 1 example. We had a -- my first month at UiPath. We had a credit union, 1 of the largest credit unions in the U.S. They came to Seattle to visit. It was their center of excellence that was coming to visit, but they were using UiPath, they had done some automations, they were absolutely in love with the results they were seeing. And they wanted to put a proposal in front of their CEO and CFO to go big with UiPath and automation. But when they came in, they basically had said, Here's what we want to propose to the CFO. And I think they had inventory -- I think it was -- don't call me on -- like 2,600 processes that they wanted to automate. And they said it was going to save them thousands of hours, whatever it was. That's the way I think we historically have sold and even our COE sell that way. our team that was on the count, they did a beautiful job. And I'm not stating we do this all the time, but the goal is to do it all the time. They said, I think there's a better way to do it. We have listened to the analyst calls, we listen to the quarterly calls with your CFO and the CFO has listed their #1 business outcome is improving member satisfaction by 10 points. That was the #1 goal of the CEO. Our team did an amazing job and said, out of those 2,600 automations, I think it was about 625. We believe line up to this thing called improving member sat, we believe we can make an impact on 5 points, so half of that 10-point gain. So that is what we've built their proposal for, and I will tell you the discussions we've now had with their CEO and CFO is much different than if we were to went in and said, hey, we can automate 2,600 processes and save x hours. So this whole thing around talking in the language of the customer, selling on business value and selling at the executive level. It not only will accelerate our new acquisition motion but as importantly, it will make priority the expansion on our current customers. And so it's a huge area for us as we're moving forward. Ted talked about this. I love this slide for multiple reasons. I call it pricing, packaging and the platform. I would say historically, and this has worked for us to get to the first $1 billion of ARR, we sold every product separately right, which probably meant we focused a lot on the core automation and probably not broad enough on the platform. What we're going to be announcing shortly is a platform SKU. And you can see the products that fall into that. On the left is the way we used to sell in a la carte. We will now have a platform SKU. I get very excited for 3 reasons. One, this simplifies the purchasing process for our customers. And I think all our customers will say, hey, we want a simpler way to consume your value? The second thing is it simplifies the way we sell internally instead of product by product, we can sell a platform solution or SKU. And the third thing, if we do our job well, this will increase the ASP within our customers, which is all goodness. So I'm very excited about what we're doing here. If I look at my previous employer, they've been the master at product or pricing, packaging and bundling. And so this is a lot of goodness that Ted and his team are bringing that our salespeople are very excited about in terms of simplifying for customers, simplifying the way we sell for our salespeople and ultimately increasing the ASP here. The other thing that I would say is, I've been here 6 months now, we have some real untapped potential that we can take advantage of here, products like Test Suite that you heard Ted talk about. Not only is that an incredible value proposition to test our core automations but as a stand-alone for application testing, we're seeing incredible momentum there. Our products like document understanding and the newest acquisition with Re:infer. The thing I love about those, as you solve a use case like for Document Understanding, let's say, it's a mortgage application process. Once you solve that, the ability to scale is -- I don't want to say easy. There's nothing easy in sales, but it's more easier, less hard than some of the other scenarios because then it's just about the documents they're processing. Same with Re:infer. New acquisition, but we're seeing incredible interest and energy from our customers because, again, when you solve a single use case in communication mining, the way you monetize that is just the amount of e-mail or chat that are going in there. And so I would tell you there's incredible energy within our sales force to do more here. This product platform SKU helps us. This will be the 1 area I will invest more in to drive growth in the business around. Re:infer, Test Suite and Document Understands. It's an incredible opportunity. We have to get our broad sales team delivering that value message and then we need to support them with presales engineering resources to help the customers see that it's an incredible opportunity for us moving forward. Okay, partners. I would say the first thing here is just the same themes I talked about on the customers is identical on the partners, which is we're going to focus on the partners that can deliver the best outcomes for us. And I would say in this one, less is more. That's number one. Number two, where we want to focus the partners, I think we've confused them because we talk to them about multiple things. We talked to them about reselling. We talked to them about deal registration, bring us leads. And then we talk to them about usage and consumption. Moving forward, we're going to make it super clear. It's all about usage, consumption and adoption. That is where we want them to build their businesses around UiPath. We think that's where they can build the healthiest business for themselves. And it's also the biggest impact we can have on our customers. Now if the partners want to bring us deals fantastic, we love that. If they want to resell, we want to support that, particularly where we don't have the reach and scale in that SMB segment. But we're going to fundamentally refocus the partner efforts on those partners who have, I'll call it, super powers around usage adoption and consumption. That is our quickest way to scale the things we've talked about within our sales force, not only around expansion within current customers, the ability to drive new acquisitions and new acquisitions that are sticky. So I didn't get to share faces and names here, but probably 1 of the biggest pride size that I have is for all this to happen, we have to have the right talent on the bus. Both talent and culture. And let me just call it experience. I'm really excited about the go-to-market leadership team that we have. It's almost all new across the board. We've made some public announcements in terms of Ryan Mac Ban, leading our Americas business. And Mark Gibbs recently announced leading EMEA. And next week, I'm confident we'll announce our new Asia Pacific leader as well. But what I would tell you is we're really getting precise in terms of the talent that we are bringing on in terms of do they have enterprise experience at scale? Do they know how to build sales teams that drive demand? And do they have a consumption mindset and come from that background? And I would tell you, we have a phenomenal leadership team. We'll continue to build on it, but it's going to be super important we build and scale out everything we're doing on the actions that I talked about because we have a world-class team, not just at my leadership level, but on the levels all down. And I would say we're off to a fantastic start on that. Let me sort of close with 2 examples of some exciting customers where I think we sold outcome-based or value-based selling, and it's really worked. The first 1 is a company. I won't use their name because they're not ready to go public yet. But what they do is they take consumer goods companies, clothing lines, et cetera. And they basically do the marketing and e-commerce for those brands. So let's just say Champion Sports as an example, everyone is familiar with the hoodies that they have. This company would take that -- those hoodies, and get it on about 25 different e-commerce sites, Amazon.com, Walmart, Target, et cetera. There's about 25 of them. And then they would manage the pricing, the promotion, the inventory, et cetera. This was 1 of the most inspiring stories when I first came in when we're talking to the CEO. And what he talked about was -- we talked about automating back-office mundane legacy processes. He is building his entire company around UiPath. And so I don't want to call it the humanless company because that's not an accurate statement, but he looks and says, what can't I do with the robots and automation that UiPath has. So today, our automations take the inventory and place it on those 25 e-commerce sites. The automation monitors that inventory all day long. And what he's telling me is it's very interesting. Many times, there's colors where they don't have inventory that show up that says, we do have inventory, and then there's another 1 where they don't have colors and it's showing the inventory available both ways. But the robots and automation place the inventory. They manage the inventory, they fill out the support tickets, et cetera. And so what he was telling us is I'm not automating back-office processes. I'm building a company around your robots and automation. And he looks to continue to expand that. And so it's just a fantastic example where this isn't about back-office mundane processes. He's using our automation and our platform to drive top line revenue growth at a cost model that's super effective for him. And then the second customer, you'll get to see tomorrow in Rob's keynote is Orange Spain, telecommunication company in Spain. I happened to be in Europe, I was actually in France. Bruno, the CIO, flew up to meet with me because he was very proud about a dashboard that him and his team built around our automations. And it was interesting, this dashboard, you'll see it tomorrow, it's stunning. You can pick -- I think it's 1 of 21 different divisions or departments to analyze the impact of the automations. You can pick 9 financial metrics, CapEx, OpEx, there were 7 others. I didn't even understand what they were. I'm sure this audience will understand it a lot better than I do. And you could even pick what automations you want to look at. But I just said, hey, pick all divisions and apartments, pick OpEx savings, and let's just pick the last 3 years. What he showed me was the automations they've done with UiPath have saved Orange Spain EUR 91 million. That is impact. That is outcome. Now here's the cool thing on that is the Center of Excellence or the CIO, they built the dashboard but all the ROI analysis is built by the finance team. So it's not like the Fox starting the henhouse. I look at it as third-party validation on that. But if you just talk about business impact, that's massive for a company. And so as I talk about what we're going to do to accelerate growth, it's 3 things. It's focus, right Customers, right industry, right market. Number two, value, which is outcome-based selling, at the industry level. And the third thing, everything we're doing is to scale our business through our programs, through our pricing and licensing and most importantly, through our partners. So again, thank you for the time and look forward to the Q&A. Appreciate it.

All right. Hello, everybody. Thank you so much for coming here. I think Daniel started the day by talking about how it really does feel like we're starting off meeting as friends after a long time. Really grateful for everybody to be here, to be support our journey and to hear about kind of how we think about the company over the next years. Also thanks to everybody joining us on the webcast. We have an incredible group. So if I reflect on the first couple of messages that you've heard today, we're really starting from a position of strength, a really strong foundation has brought us to where we are. And the second is we're positioning our company to get to the next levels of growth. As we go through my section, the goal for this is to be able to take that, not just by reinforcing it through words and through additional strategic points, but through data. And I just want to take a quick moment Kelsey Turcotte, [ Elyse Pilani, ] Jake LaBella, and AJ Ljubich and their teams. They've done an incredible job of assembling a set of data that we've never really shown before. So we're going to take you deeper into our company to really show how these themes come to life and why we have so much conviction about the future of our company. So my story is I've actually been with the company for 6.5 years, 2 of which as a customer and 4.5 enrolls either customer success or in finance and now, of course, in the role of CFO. I've gotten to see a lot of milestones. I got to meet the first North American employee in early calendar year 2017. I got to see us cross 100 customers greater than $100,000 in 2019. And now we talk about crossing $1 billion. We look at these as the starting points or these milestones as a starting point in our journey. But more than just milestones, they actually reflect the core strength that has been built through a lot of effort over these last years from the beginning where Daniel has talked about to where we are. It's not a few deals. It's not a few customers. We've come to this point, and we have a lot of leverage to move forward because we have 1, an incredible culture of innovation and market leadership in our technology. A strong global presence, which we're going to talk about in detail, supported by a strong set of operational processes that give us the ability to focus on the customer. And when you look at our customer base, 2 things come out. One, Chris talked about it and Rob talked about it. They love the product. Not because of small use cases, but because of large business impacts. And our customers buy more and they buy more and more with time. And we'll take you into those details and then how the repositioning further accelerates that trajectory. So when you look at our culture of innovation. Our culture of innovation is something that Daniel was focused on from the very beginning. I sat with him 5 years ago in a conference. And I asked him what makes a great company and said, first, is a really credible product. And you use the word credible. That word credibility is at the heart of why -- of how and why we invest in our product. So we look at it -- if you look at kind of where we've come from and the investment that we put in, it's not to hit a metric. It is to get a tangible return and a tangible set of leadership of outcomes in this market. So data for you. One, we started my first interaction when GE bought automation was 15 people in Romania, all of them engineers. Today, Ted talked about a global presence across centers like Bellevue, Bucharest, Bangalore across the globe. And with that, those teams have delivered. They've delivered over 700 patents. That's over 18 -- that's from 18 inventors going across our globe. In this market, technology matters. You do not hand over the keys of your operations to a product or a platform that can't withstand the weight of that. The patents, the focus on that has really gives us extends our market leadership. Second is we move from a product to a platform. And you saw that in Ted's presentation. Those engineers are not just deepening the well, but it's broadening the reach of what we can do for our customers. The thing that probably speaks most to it, and I still sit and frankly, in amazement, I continue to tell Ted, I'm amazed at is the pace at which we've moved to cloud. A fully on-premise customer company serving hundreds and thousands of customers making the decision to go and say, we have to become cloud first. Have more frequent releases to be able to meet the use cases, to be able to meet the value of the solutions that our customers are moving to. And to be able to meet the road maps that every single customer has today, that is incredible. And that is not just in the fact that we invented a product, but we've grown that from a couple of million dollars of revenue to $200-plus million in just a short period of time. You would remember, we talked about this ARR value last year. So even from 140 to 215, like I said, it's not a few deals. It's sustained growth, sustained execution. We keep a very high bar in terms of investment in innovation, but we keep a higher bar in terms of execution, making sure we deliver on every dollar that we're putting into the company. Long term, we look at sustaining this level of investment. And with the scale and the differentiation that our platform drives, we still think that we can -- we'll keep that within the target of around 12% to 18% of revenue. Having a global product is very good, but having global reach to meet your customer demand is essential. I can tell you personally, when I was the CIO for shared services, I had shared services, sorry, 1 sec. I had shared service centers in Bucharest, Cincinnati, Monterrey, Shanghai. I think about 1 of our largest health care providers. They're processing claims in Ireland. They have a call center in the Philippines. Having a global reach, not just in terms of sales but in terms of delivery, in terms of customer support is a massive differentiation for us. It also means that our foundation is built. When we talk about scalable profitability later, imagine me standing up here saying, we've got to figure out how we enter into Japan. We got to figure out how we enter into Australia. Those would be all loss leaders for the next period of time. We are in these countries. We have great leaders in these countries. We have established processes in these countries. We have systems in these countries to make sure work in operational processes and data are flowing through correctly. The second thing that I think is really important to highlight is if you look at the bottom 2 boxes, I know there's been a lot of questions about macro impact, our market, sustainability, et cetera. We gave for the first time, dollar-based net retention rate split by geography. We've talked about the impact about -- of Europe and Japan in terms of the financials. You can see that while our dollar-based net retention rate continues to be very strong, even at its current levels, you can see where Americas is. And I talked about this. Americas started a little bit later than the rest of the geographies. We were -- we started globally and then we entered North America. Still, it now has 45% of our total ARR, 25% of our total customers and the net dollar expansion rate is still in the 140s. Geographic and global presence is a strength. It is not -- well, we will have to -- while there's some impact of the choppy macro environment that we have today, it is a strength. We will continue to support and grow globally. And over the long term, that is part of being a durable growth company. The next thing is, as you think about this process, 1 of the hidden secrets that we actually have is the foundation that supports us. So [ Mihi Power ], I think, is in the room in the back. First CFO of the company, built the company from scratch. I remember the early days just talking to him, the first NetSuite implementations, the first sales force implementations. Today, we actually process across 47 -- we have employees in 47 countries, customers in 100 countries. The level of operational support that we've had to add to meet that demand, which is large when you think of the statutory requirements, the process requirements is minimal. Instead, we've grown our digital workforce. It's not just the case of drinking your own champagne or things or metaphors that people talk about. It is the backbone of how we operate. And that gives us the ability to scale. So our G&A percent, we look at our path to profitability as we grow revenue as not having -- like, as I think Ted talked about it, a lot of the hard work is in the rearview mirror. There's going to be some minor investments to be there, but getting to 7% to 9% of revenue, that is not just within reach for us. There is a clear path to be able to get there while we continue to support growth. The last piece is really our customers. So you can have the greatest products. You can have the best operational processes. But if your customers aren't growing, you don't have enough of them, that would reflect an issue with the product and market fit. We talked a lot about this. 1,600 customers are greater than $100,000. That did not happen in 1 year. It wasn't a COVID boom. It wasn't 1 geography that had a great year. This is sustained growth. Again, we haven't shown -- we've shown the $100,000-plus figures. But if you look on the right, what's even more important is that these customers reflect that the propensity to buy is real. While we have 10,500 customers, these customers continue to accrete their average ARR over a period of time. That is incredibly important. If you have a great customer base, and you saw some of them today, you heard Ati say it, and I'll probably repeat it a couple of times. Her biggest problem is she can't go fast enough. This segment of customers, you can see that actually in this slide, and we've shown this slide in some of our earnings pitches. So this takes our top 25 customers on the left and the yellow says, when do they buy. The blue each shows a time in which they had purchased and the orange shows when they entered into a larger contract with us. This shows that our top customers. This is the way they operate. I think Chris mentioned it that said they're building companies, they're building processes around our technology. You don't buy every single quarter. You don't enter into large contracts if it's initiative, if it is a Band-Aid. This is something that is meaningful to our customers. And it's not just our top 25. When you look to the right, you can see the multiplier effect from the original land to where customers are today, you can see an incredible multiplier that is there. We're going to talk about this as we go forward. But extrapolating this across the rest of our customer base will continue to create customers that's an equation for durable growth. Time is our friend. So this chart actually takes those cohorts and says, how do customers behave over time? And I think you heard this like -- I was thinking about Gautam and what he said on Wells Fargo, and I can relate to this from GE. You start a program, and we are far ahead of where we were 5 years ago or 4 years ago, it takes time to move an organization. It is a culture and an operational shift for every function to understand automation. As time moves, the multiplier of how much they invest in automation, it's not a 1.1 type of effect. You can see the multiplier that is there. So as we move forward, I talked about our first North American employee landing on the ground in calendar year 2017. Just think about as you start extrapolating the base of Americas alone, while we encounter a choppier environment, time continues to be something that we feel is a tailwind for us. It's not a maturity curve we're afraid of. It's can we go fast enough. Can we focus to serve our customers who have the highest propensity to buy up the chain? That is a strong foundation. So we talked about having a really good foundation of where we are. We hear this a lot. What brought you to where you are. It doesn't mean that you continue it to get to the next level. So Rob and Daniel have laid out a really bold vision for us. How do we get to the next billion? How do we make this, what Daniel calls a generational company. simple financial building blocks, but we'll take you through how the strategy that Rob, Ted and Chris talked about translates to the financials. Those financials are durable growth, how to get that next $1 billion but how to do it in a way that has leverage and profitability and generating free cash flow while continuing to make sure we have a strong operational cadence to keep our focus on the customers. The first thing -- the first foundational element is the conviction that there is tons of opportunity. We are not opportunity constrained. So the TAM chart that Rob showed in the beginning shows a massive market. This is a different way to look at that market and then see are we really in the early days? And the answer to that is yes. So the left side actually shows the entire -- like is a picture of our entire market. 300,000-plus customers. You can see the number of customers greater than 5,000 employees. There's a massive base of customers that are there. I talked to you about UiPath building their operational scale around this. I would be $1 million-plus customer if I had to pay. Not for Chris to sell it to me. I would want to discount, but I would be that 1 of those customers. So we do want to serve that market. But the opportunity is in that blue segment is what Rob and Chris have been talking about. Those are the large enterprises where if we focus our resources, it has the highest propensity generally to buy. And we can then go and look at those orange segments and move them up, and we'll talk more about it. But getting back to are we in our early journey. 10,500 customers with an opportunity of 300,000 plus. If you look at just the areas in which we're in, there's tons for our partners or distributors to go after in a cost-effective way. But there is also a ton for us to be able to go after in that higher segment. If you do the math quickly, it's almost north of 18,000 customers, bringing a little over 3,000. That isn't about getting 100% market share to get to where you need to be. We can -- the room to double that segment, the room to be able to go and acquire those customers and meaningfully expand them is significant. So this slide is -- I think it's a favorite. I got a lot of people talking about this. It is our scatter plot. This is our universe. Each 1 of those are stars or constellations of our customers. You've seen it. We've talked a little bit about how we focus our resources to move those dots that have the highest propensity up into the right. And we're going to dig a little bit deeper into this and connect it to the vertical strategy that we've talked about. So this is actually propensity to invest in motion. First principle is we have the data to look at this by industry. So a lot of the strategy that Chris talked about isn't simple high-level concepts. We have the data to actually go in and segment the market. It's not an exercise. It's a data-driven exercise. So banking and financial services is 1 of our largest customer base -- is 1 of our largest verticals that we have out there. You can see how customers behave across the employee base, and you can see that -- you can very easily start looking at what is the escape velocity for customers that have a higher propensity to buy. We can understand it. We can identify what makes those customers tick. We can go across our enterprise and then execute the segmentation that Chris talked about. You can take that example of a large vertical and go over just simply to the right. And see, here's IT, which is a smaller vertical than banking and financial, but there's opportunity there. And we can segment that base as well, and you can see a difference. It's not -- as you dig deeper and deeper into the data, we can then execute to the level of segmentation and vertical focus. Why is that important? By having this data compiled, one, we're at advantage against any competitor. There's -- when we look at that, that's a big competitive moat to be able to have this customer base to be able to understand it. The second is, as we talk about package and vertical solutions, we can prioritize where to invest. And what outcomes matter the most in what industry is and what customers are the best for that to be targeted to? The next piece -- sorry, just advancing. The next piece is the pyramid that Chris talked about. This pyramid like -- and I've gotten to learn a lot with Chris and the team and Rob, as we've gone through this strategy and really kind of honed what's our execution plan. What is very apparent is that this translates into financial results. So we always say kind of finance people need to know how to add a little bit of subtraction, hopefully not too much and on occasion multiplication and division. If you have higher sales and you have a lower cost structure to get to those higher sales, that yields profitability, and Chris talked about it. The top of the pyramid is where we can focus on those high-propensity customers. And then that massive reach of lower -- of smaller SMB customers or customers with the smaller propensity to buy, we can have a very low cost of acquisition or a low cost of support. We actually met with the customer just here in the last 2 weeks where they're talking about customers or small banks that have a propensity to buy, but they're not going to be massive. And that partner wants that market. They want to partner with us to get there. Incredible low cost of acquisition that will support those customers better. And then when I think about Gautam, when I think about Ati, where I think about the team from Uber. That allows us to take our go-to-market team and focus them on those customers that want to go faster, that need our help to go faster. And that really turns out to better business outcomes, that's a larger revenue with ASP, gives us faster speed, which gives us an ability to execute at a pace that supports growth and acceleration and a lower cost. This is 1 of the ways that we also can get a lower cost sales -- cost of sale that is important as we get to our profitability equation. So that is a strategy with data. I want to go through the modeling points, and I know that this is something that everybody has been waiting for. So this is fiscal year '24 in terms of our first look at next fiscal year. When you look at it and you take -- if you first kind of just normalize for the mathematical headwinds that exist between our SaaS platform as well as at foreign exchange, you can see that growing 20% to 25%, that is there. The opportunity exists. We have an execution plan to be able to do it. As we're thinking about modeling, the anchor point is 18% growth. That accounts for the choppy macro environment in which we're in. It also accounts for the repositioning, which still takes time to execute. Doing that, again, we've shown that we feel like that there's opportunity that comes out on the other side of this. That 18% in this environment is where we would model the -- where would we anchor the models. Sorry. So the other piece that is there is we're showing and quantifying the actual headwinds to both our SaaS, which we are excited about. 2022.4 launched automation cloud robots, 1 of the full first SaaS end-to-end capabilities that we have. We want customers to adopt it. We show ARR. We have the durability of ARR as that metric, but we've accounted for that gets us close to 10% to 15% of where we are in terms of SaaS. The second is foreign exchange. We are better for our global base. But in our short term, we have to account for the FX headwinds that are there. And we've -- this is a mathematical equation of where we are today and that we've also accounted for to see to say where we are. Even with that, we look at being able to start -- begin to meaningfully add to our operating margins, giving 300 to 400 basis points a year on a non-GAAP basis. To be clear, these are -- there's upside to these cases, which Rob will talk about. Chris has talked about in terms of our execution. But these are anchor points that we would suggest as we're going through modeling. Long-term margin profile. So margin is important to us. It's not a metric. For us, it is a question of we fully believe that as we have -- as we focus on being great investors and great stewards of capital, return on investment is there. And so this page actually shows you where does that come from? So on the gross margin basis, we've talked about this since IPO. We've been very consistent. 80%, given our cloud business feels like a very reasonable landing point for us to be able to `move from there. And then as we scale, there's obviously scalability from that point as we normalize on our cloud. Sales and marketing, 30% to 35% we've talked about. There is opportunity in sales. And 1 of the things that Chris always has talked about, which I love personally as a CFO, is being an efficient allocator of capital. That means investing but that also means reinvesting, looking at areas that are contributing and looking at areas that are -- that have underrun any ROI and being able to appropriately allocate them. That's a rhythm that we take very seriously. We're constantly looking at that as a leadership team, and we've talked about what drives leverage there from a strategy standpoint. R&D, we're going to continue to invest in. Sales and marketing -- sorry, G&A, we've also talked about the scalability of our base. When you put all of that together, 20% plus operating margins in this -- in a market that continues to grow, is how we -- is a really strong conviction of how we feel about the company. So modeling notes. I'm going to walk through these. These are just basics that we wanted to have everybody since you've spent so much time with us. The first is revenue recognition. When we went through the IPO, we talked about a difference between our hybrid cloud and our on-premise, right? So our hybrid cloud is 1 that uses both cloud orchestration, but on-premise robots. And on-premise is on-premise. With 22.4, we launched Flex pricing. That means that a customer is really not differentiated beyond what we think about from a discounting standpoint, in terms of their choice between cloud or on-prem. In doing so, that actually normalized or harmonized those 2 methods of accounting. So instead of having 3 different methods, SaaS, on-prem and hybrid, they actually move to 1. So hybrid used to be 40-60 and our on-prem used to be 50-50. It actually normalizes to 45% license revenue upon delivery of the license and 55% subscription revenue over the contract term. So that is an update from a model standpoint. Our SaaS business continues to be ratable. Duration. We continue to drive the company in a way that is customer-centric. We still feel like our duration has -- depending on the customer, depending on the deal, 15 to 25 months, it can vary, so you can look at that range and understand how to model. And our billings duration, we still feel consistent on 12% to 15% -- sorry, 12 to 15 months in terms of the duration that is there. Foreign exchange. A topic that obviously is very relevant and that a lot of people have asked. So both revenue and net new ARR, they're translated from their local currency transactions to USD at an average monthly rate. The renewal impact of our ARR base because ARR is a balance, is translated upon the renewal itself. So the period in which a customer renews and we invoice is that is, when that renewal gets revalued. Cloud. And then sorry, ARR will impact -- will have both that renewal impact upon transaction as well as the net new impact. That's how we calculate our ARR impact. And RPO follows a similar process that's GAAP, local currency to USD at the closing date when we close our books. Cloud, we've talked about a 5% headwind to revenue growth. We explained that in the anchor points and we look at that as a reasonable way of moving forward. And then the last piece is the relationship between revenue and ARR. So we continue to feel like there is good correlation over a period of time for revenue and ARR on a growth rate standpoint and slowly by slowly, those 2 metrics are actually converging. And you can see that in the metrics. SaaS will create a little bit of a headwind to that, and you can see the numbers there on the page in terms of what that relationship will look like. Last piece is gross margin and cost. So gross margin, we look at a 200 basis points decrease year-over-year, and that is really driven by our cloud business. We've talked about and reinforced a long-term model of 80%. Commissions accounting. Remember, we capitalized commissions when we went at the start of our IPO process. We look at that as continuing to have a 200 basis points headwind to operating margin in fiscal year '24. So our 300 to 400 basis points already accounts for that. You can see the leverage we're actually delivering, and that's just a pro forma accounting basis and we'll talk about that and continue to give transparency as we have historically. Stock-based compensation, we have a very rigorous process. We have a new CHRO, our comp committee meets on a regular basis. Within that framework, we really are looking at this on a dilution basis. So we target around 5% dilution, that is targeted to retain and attract the best talent. That continues to be in a realm that we feel is reasonable and is important as we go forward with our growth. Our stock compensation expense is -- it is GAAP based. It's recognized based on the stock price at the time of the grant. So the higher the stock price at the time of the grant, especially in our pre-IPO days or early -- post-IPO days, that expense will bleed off, and then newer grants will come in at for now a lower price. Income tax, 30% non-GAAP tax rate, and there's really no material cash impact from a tax standpoint. So that's modeling. I know that's a little bit dry. I leave -- I kind of leave everybody with this. We have our anchor points in terms of the model that is there. But before that, we spent the last 3 hours talking about the incredible opportunity and the execution plan that we have. There is considerable runway to drive growth. That is what we're executing to. That is what we're investing. And we feel very optimistic in terms of where we are, how we're positioned. Segmentation, that is something that we just have to do. And Chris talked about the importance of it. We've shown you how that translates to a financial impact. But it makes sense at our scale and it drives both growth and profitability. It is not 1 or the other for us. And the last piece is, you're some of the best investors in the world. We consider ourselves that we have to meet that standard. Every dollar that goes out in our budgeting process, it's ROI based. How are -- what are we expecting from this. We have an incredible operating rhythm. That's how we brought the company to close to cash neutrality. And we've talked about the margin enhancement and the leverage that we're seeking to expand. That opportunity is within our power, and we'll continue to execute that to the best of our ability. So with that, I really appreciate everybody's time. I'm going to turn it over to Rob to close.

Okay. Well, it's a long day. How are you feeling? Time to get to Q&A, I guess. Thank you, Ashim, great job. You've heard a lot here today. Here's what I want you to take away from this afternoon. First, we own the automation market. As the only end-to-end platform that can help customers realize the true potential of digital transformation. Automation driven by UI, API and AI being very vendor-agnostic giving our customers deployment flexibility, managing the full automation life cycle and all of this matters. Second, we are driving the market evolution, helping customers adopt automation, process by process as a tool, is how we got to $1 billion. The next chapter is how we're going to help our customers with automation holistically as a way of operating and innovating. And third, I want to be clear. The objective of all of our work is to reaccelerate growth. The road to $2 billion is clear. We have the TAM. We deliver business outcomes that resonate with C-level executives. Customers own this decision-making and the budget. And we have the team that can execute. We know how to do this. And finally, we are committed to sustainable growth and leveraging our financial model. No question. We can do both. And we are moving quickly to align the business around significant opportunities. We and our customers outlined for you today. Thanks again for joining us, and we hope you enjoy the rest of your time at FORWARD-5. We really appreciate that you took the time to come to Vegas. I'm now going to ask my colleagues to join me on stage to take Q&A. Thank you. Thanks, everybody. How long are we going to take Q&A? How long?

We have the first question from Mr. Phil Winslow in the corner over there. I don't need to click anymore. There's a reason why I'm so far away from you. Okay. Let's go.

All right. Phil Winslow, Credit Suisse. Thanks for all the details today, particularly on the go-to market changes, Rob and Chris. And just want to kind of double-click on that because when I think about to Daniel's point, wanting to build a generational company. When I think about other sort of generational software companies, they were able to sell deeper and also broader into their customers, but also continue to keep that new customer acquisition engine going as well. When you think about sort of, call it, the hunters versus the farmers sort of inside of UiPath, how you are going to balance or prioritize both expanding more of those customers up into the right, but also bringing more customers into the top of that funnel? And then part for Daniel on the product side. It was amazing to see I think where we were a path forward in Miami to where we are today. When you look at this broadened platform, what are you most excited about? And what are you hearing most valued customers?

Chris, why don't you take the first one?

Yes. It's a really good one. In fact, we're right in the middle of, as we look at segmentation, I believe there is a distinction between the expansion or farmer and hunter. And so as you look at territory design, et cetera, it's going to be very important. I think segregating and having hunter territories and farmer territories primarily. So that's the work that we're doing. So I would see a segmentation model, particularly in the top 2 segments where we would have hunter territories and farmer territories might not be perfectly pure based on the verticalization, distance to customers, et cetera, but that's a pivot point that we're certainly focusing on because we think it's a different motion on both of us. And by the way, acquisition is super important for us. And I talked a little bit, it's -- I call it sticky acquisitions. So we've done a bunch of analytics that says, what are the new logos and acquisitions that are sticky and grow, and that's the thing we really want to put focus on.

And there was the second question for you.

Yes, the product related. Look, I think our platform is coming at age right now. This is the most exciting thing for me. What was on paper 3 years ago, now it's getting consistency. And I see products better integrating each other. I see developer experience easier. But in the end, if we look at our big value prop and how we can increase adoption is to actually reduce the automation cost. And this is what the platform is delivering right now. It's really -- it's an iterative evolution, but it's very important in the maturity of the platform.

Raimo Lenschow from Barclays. Two quick questions. One for Rob and Chris. If you think about the changes you're doing to the go-to-market, you're trying to sell higher arm, you're trying to be more strategic. You're both coming from companies that did that in the lifetime, but it took them quite a while to earn that seat on the table. Like how do you think about that kind of evolution of your IPO being that and getting to the seat relatively quickly because it used to be a process, and I know every software company wants to be there, but not many actually have achieved that. And then I had a follow-up for Ashim. I get the opportunity, and it's all great, but I also see the starting point for the 24 numbers, and I get a lot of questions from people saying, like, well, actually, you're kind of decelerating a little bit and just macro, as all the changes. If there's a little bit of handholding you can give us there.

Chris, go ahead.

Yes. I think on selling on business outcomes at the CXO level. It's, I think, a combination of people, process and enablement. It's all 3 of those things, which does take some time. And so we're trying to figure out how we can get to a clock speed to be what would traditionally happen there. I think on the enablement side, the models, like I showed this North Star model, I think that can help accelerate but the other thing we've done is I have a team within my organization that is what I would call a combination of industry and value engineer resources. And it's sort of the hack to say instead of -- we have to get every seller being able to do that. That will take some time. But we have what I would call a highly trained, efficient SWAT team for our biggest, most efficient -- most biggest accounts and opportunities where we can overlay that to help the sales team as we're driving both talent, both the enablement and then the tooling there. But it's a combination of those things. But we also know that takes time. So we have this other team, which is highly trained, SWAT team to help enable the team and engage directly to customer in...

I would just -- I'll just simplify it down to -- it's about branding positioning and getting us drive business outcomes, right? If you look through just take Generali, the video. If I package that in a box and I run at 150x to insurance companies, I don't think there's any C level executive, any insurance company that's not going to want to do $125 million annualized run rate cost reduction, right? So we have the stories. We have the content. I think you heard it here today, it's about packaging it, putting the solution and getting us into the right business discussions. It's also very important that we connect what we want to do to the big GSIs because they are relevant in all of those companies. And I do think we are part of the decision-making process. That's where we will reposition ourselves on. For sure, we've got all of the catalogs of what we need to do, how those packages get thing. And our job as leaders here to make certain we get out to the right level. And the folks that we've hired into the market, more kids, Mike Daniels, Ryan Mac Ban they've all been in this industry before. They know how this talk track works and how to actually position it. And at the end of the day, it's referenceable customers at scale that changes it. I think we have -- we can do it faster than any other company because we actually know what the road map looks like.

And then, Raimo, on 2024, as we talked about, 1 it's an anchor point of how we see things today. The second is, remember, like the starting point is north of -- is a 20%, 25% growth margin. There's mathematical things. We just have to factor. For half the year, it's going to be half of our -- the first half is going to have $1.12 of euro versus where we are today, which fluctuates on a daily basis, but we know it's well below that. The second piece of this is we're accounting for what we all acknowledge as a choppy macro environment that's continuing. And we're accounting for the repositioning that Chris and the team are doing from a segmentation standpoint. And when you look at both of those things together, that's kind of what drives the anchor point in terms of that. The opportunity isn't about 1/4 or half. The opportunity is there in our longer-term model, which we feel we can execute to. But that's our anchor point of where we start today..

Kirk Materne with Evercore. Maybe 1 for Ted and Rob and then a quick follow-up for Chris. Ted, Rob, when we think about sort of the activation of enterprise automation. There's a lot of apps that live in every single big customer that you work with. What are the opportunities to actually partner with some of the bigger systems of engagement and maybe get them to sort of help you all, help them to a certain degree, meaning they don't have the RPA technology, but they do have huge landing points. Is there an opportunity to start working more cohesively with them to create sort of 1 automation fabric that might span between the 2 of you? And then just a quick 1 for Chris. Just can you just talk about how the new pricing tiers are going to work for like existing customers? So someone was on just bought RPA? How are you going to deal with that? I guess, especially with the enterprise customers.

Good questions. Good. Ted?

Well, we'll start first with the ecosystem. And we have a bunch of great partnerships today, where we've done value-added integrations with leading SaaS and application providers. What we've done with Tableau is 1 example where -- if you've got an insight, you want an action or what we've done to Alteryx to connect into their data management platform. And what we've done with iCIMS now is an embedded business model. And we're pretty excited about the potential for this embedded business model in the future. Every app in today's age, you use the term system engagement. If you're building an app today, you've got to consider your data ecosystem. What is the data you master, what is the data you aggregate is 1 of your big assets and how you provide value now in addition to the process that you implement or whatever. That's a fan-out they have to connect and integrate with the rest of the enterprise. Those touch points are places where they're going to need an automation platform and embedding that capability, whether it gives customers, the ability to customize them, an ability to customize and map. So I think there's tremendous potential here. We're going to continue to drive forward high-value integrations with our alliance program. And then we're moving forward like we did with iCIMS on an embedded play where we can add value to their solutions and the offering they provide.

I think on just the pricing side of things. Certainly, for new customers, it will be very simple and straightforward. For customers who are already on licensing and renewing, we have a plan to transition them over time, and it involves a number of different things, how we package both the platform and the robots, how do we talk about value, et cetera. And so what I will tell you, the best indication of do we have it right as our sales team and my leadership team excited about. And as Ted knows he'll come out with us, there's a lot of energy around that because I think there's a value play we can offer to customers and simplify for them.

Yes. And I'll just go back to the first one, Kirk. I think there's a huge opportunity to embed as Steve from iCIMS said Look, I think that's something that we can do, even get muscle memory around how to do that at scale. And then I view that we -- because we want to be agnostic, and we just spoke about being vendor-agnostic, right? We want to be an automation platform that goes above all of those others. We don't want to be specific. We're not going to be a transaction-based knowledge of process, how the supply chains work, but we can actually improve pieces of it based on AI and ML at a really like an incredible speed. And so the more partnerships we create, the more open an ecosystem, the more value customers are going to get, and I think we will benefit in that realm as well. For those of you that know me, I'm much more into the ecosystem wins, partners win, if you actually add focus on the customer, the outcomes become relevant, and that's how you grow great companies.

Here Sitikantha Panigrahi from Mizuho. By the way, a great presentation today. So I want to ask you about platform. Daniel talk about how your transitioning from automation tool to platform and you're expanding on that platform vision. So what are the 3 major challenges you might face to become that Ubiquiti's well-adopted platform? And how you derisk those challenges?

Yes. Can you repeat the last part of the question? I'm sorry.

How will you derisk those challenges?

How do you derisk the challenges? How do you derisk the challenges? Of adoption?

What are the major hurdles or challenges you might see?

For adoption.

For adoption.

How you derisk the adoption challenge.

Yes, I think 1 of the things we were trying to paint a picture of just how rapidly we've expanded the surface area of the platform. And I think it's time -- we're inside it so much. We don't even appreciate it just how much surface area there is. And you think about it also in terms of buyers -- user buyers we address. And there's been a tremendous expansion over the last few years in what we offer. And I think 1 of the things we're doing, we talk about transformation today, like at the moment in time today, we've been undergoing transformation for the last 2 years to go from essentially a 1 value prop to selling multiple value props to being able to sell to those new user buyers as well as maturing the products underneath. And that's where -- I never paint the picture we're done with all the hard stuff, but we've been through a lot of the transformation already to get ourselves in a position where now we can effectively -- we've got the value propositions and now we can effectively sell them and implement them with our customers. I think that's 1 of the ways where we've -- things are, I would say, less risky in terms of the platform and driving adoption going forward. I think the other thing which we had customers talking about today, their desire to go faster. I'm excited that we're getting to the next stage and say this discovery promise. Daniel talked about, what are we excited about in the platform? Platform value. This end-to-end discovery promise where we're really driving that automation flywheel. I think that's going to be -- as we go forward, that's going to be a lever towards driving meaningful adoption with customers.

Do you want to add anything?

Yes. I think the best way for us to increase the adoption is to look at the process landscape. We started from manual test automation, and we are moving into higher-value business processes. And that means API automation. So already you've seen our customers talking all of them are seeing more increased use of API automation. And we invested heavily into having best-in-class API automation scenarios. So we are continuing to invest. And then it's about what the workflow automation that is really embedded into our platform. And it's about apps that connects with our workflows and provide this immersive experience for the end users. So that would allow us to capture more market of the process automation market. And not the last, I think the OEM play that we can have with a lot of major system providers and SaaS providers that eventually, all of the platforms will have to have an automation story. It's very difficult to build 1 from scratch even for your own [ in up ] platform. So we believe this is also in our venue for adoption.

I would just add 2 things quickly. Don't forget this, Siti. It is something I'm telling you, it is something special. I've been around this industry a long time. I've worked at testing tools. This is not a testing tool. This is an integrated automation testing. And if you think about companies that have to change. When you change, you have to test, you have to do regression testing. You've got to do it hundreds of times and if you're in financial services, you better do it right. We've got that integrated into this platform. No one else has got anything like this. You should see these pieces. And then the last piece which is not the cool Texas piece, the management capabilities of this platform, it's unique in automation. And that's what companies need. You're going to run an enterprise business. You better know what's going on in your enterprise business. You don't want the trucks lining up. You want the trucks coming in and getting out on the road. And so look at that full platform, that's how you get really -- not defensive. But we need to be on the attack when we can. We've got some really unbelievable products when it comes to enterprise automation. I don't need to select. I can...

Michael Turits from KeyBanc again. Maybe this is an extension of Siti's question about expansion into other areas of the platform. But -- and we know, obviously, you just had customers up there saying, we'd like you to do everything. And you seem to be well suited to do everything. But some of these other segments in automation are areas where either there are -- there have been companies doing it for a very long time or have point solutions that are very focused and are succeeding well. So I guess it's a strategy question. As you expand into areas like API management, low-code BPM and even testing. But do you -- would you intend to be the 100% best leading solution in all those areas? Can you get by with being the 70% to 80% solution? And how realistically can you get to become that platform?

Good question. Daniel, do you want to take that one?

Yes. Our strategy is to combine best-in-class, and we are playing best-in-class in few areas like UI automation, API, automation. It's really where we play best-in-class with what we call good enough and good enough is to address the needs of 80% of the customers that we have. And I think this is basically the power of a platform that comes from the integration of best-in-class with good enough, but also letting open points to integrate with best-in-class if you want. We've always built an open platform. And tomorrow, in my keynote, we are going to announce an interesting partnership on the platform in an area where we have good enough and we will partner also to offer best in class. But overall, this is our strategy that...

Yes. I think 1 of the things just philosophically, we don't wake up and say, yay, let's go for good enough. I mean we are very committed towards how we build products that deliver on the customer needs. And you do learn as the -- and coming behind someone else in the space, you learned what's the highest return capability. That's the benefit you get as a fast follower. And the other thing I'd say is we're in these spaces because of the additive value we can create. Process mining as it existed, it's great for transformation, but it leaves the customer with a problem, with a puzzle, like what do I do right? And our unique opportunity is to solve the what do I do to some degree and connect that to automation and really connect a flywheel. And almost every single 1 of these products, we can go through and say, we're different as an app platform provider because we're providing the only low-code application experience that works that deeply with automation. It's not really an apples-to-apples when you look at a generalized low-code player. So there's a point of view we bring as an automation platform first, but then differentiating capability because we built them together.

So I have a bite and I want to use it.

Yes. And actually, we have only time for 1 more question. Well, I'm going to get in trouble if we don't get some of these execs off to their next engagement. So Steve, go ahead.

Great. Thank you, Kelsey. Appreciate it. So I'll try to make it a good one. Let's see. So thank you for a great day, by the way. Really excellent presentations. Really well put together. So thank you so much. And looking at some of the charts and stuff, it strikes me that on the surface, you conform to kind of the Pareto rule like many companies where 20% customers generate 80% of the revenue. And that's not just service level, that's true for you. But then you look at the scatter plot. And like a lot of those customers are very small customers, not just large enterprises. And so when I think about like the number of large enterprises that have scaled up with RPA. And by the way, I'm from SMBC if I didn't say. So I know it's a name you guys recognized. Why is it so such a small percentage of the, let's say, the Global 2000 has really scaled up with RPA? And then moving to your platform strategy, I accept the fact that you need to move to a platform strategy. It seems like the right thing. But what gives you the confidence that you can hit enough of the check boxes in the broader automation space to get past kind of the limited scale up that you have in terms of like the number of Global 2000 customers? That's basically my multifaceted question.

Do you want to take it? Chris? .

Yes. So I think the same thing I talked about in terms of the way we sell on business outcomes at an executive level is that opportunity we have because if we do that within an account, our ability to expand and grow those large customers is significantly higher. If you took the opposite and said we didn't do that, and we were selling at the COE level about automating processes and just time saved. I think that prevents us from going as fast as we want to. We find whether, again, it's new acquisition, new logo or expansion. When we have executive sponsorship, and we have clear business outcomes identified with that, then that really accelerates the consumption. And so hopefully, when I was articulating is not just about when we're selling but it's that expansion in usage and consumption, that same model, it's so important that we're selling at the right level, and we have clear outcomes to measure that progress. That's the thing that will accelerate.

Yes. And I would just in closing say, of the 100 customer touch points in the last 4 months, I'm 1000% confident that the opportunity is still in front of us by a long way. And the platform that Daniel and Ted have spoken about and what they created for the last few years and put the hard work in to make it, I think the best is still ahead for that platform as well. So I want to thank everybody for coming to Vegas. We're back. Thank you, and I appreciate the time, and have fun and I'm not going to say behave yourself. Do whatever you want to do.

Thanks, guys.

Thank you. Good job, guys. Thank you.