UiPath Inc. (PATH) Earnings Call Transcript & Summary

Thanks, everyone, for joining us today. My name is Scott Berg. I lead the enterprise software and SaaS research efforts here at Needham. Thanks for joining us for our 20th Annual Growth Conference here. Today, with us right now, we have UiPath. We have the company's CFO and COO, Ashim Gupta. Thanks for joining us so much, Ashim. Appreciate the time. Yes, got lots of stuff to talk about here. But I guess, for those that are less familiar, how about an overview of UiPath?

That's awesome. So UiPath, founded by Daniel Dines, founded in Romania. As he would tell you, 8 people sitting in an apartment, started kind of with really humble beginnings, never really thought it would grow to where it has been. Around 2015, product market fit. And really, it found its roots in core RPA, so robotic process automation and really through -- really years of research of improving computer models, which allowed it to scale. So it was third -- it kind of entered the market third or fourth back then, and it scaled pretty dramatically. And really, when you look at every quadrant in that category, UiPath was #1 and really had robust global growth from 2015 to where we are today. We're $1.5 billion -- $1.8 billion plus of ARR. And when you look at it, really global, 50% of our revenue is international, 50% is domestic across every single industry. And really at the core of what UiPath does is we emulate what people do, and to automate and transform processes. The core, as I mentioned, was RPA, but recently, the last 3 to 5 years, we really have scaled in AI and multiple vectors of AI. Advanced intelligent document processing, process intelligence. Those are just 2 examples. And then, of course, 18 months ago, at our Ford, we launched the Agentic vision. It wasn't something that we did in reaction. We didn't repackage. This is something that Daniel really had a vision of starting in 2022 when he coined it semantic automation, really bringing natural language into the forefront about how you develop and how you approach automation and transformation. And today, we look at agentic automation as really -- and process orchestration as really new tips of the spear that give us really a great view in terms of further driving growth across the world. And then just financially, $1.5 billion of cash sitting in the bank, no debt, really strong performance on our buyback. We bought $800 million plus of stock over the last 2 years back from the Street, returning it to shareholders. And frankly, we're really happy with the progress on operating margins as well, getting to 20% plus, both on free cash flow and operating margins.

All right. So let's talk about products. This has been a fascinating space from my seat to actually kind of watch this evolve over the last couple of years is, there's been a significant amount of investor chatter about how generative AI or automation in general will overshadow or replace what some investors might think is an existing RPA and RPA automation, right? But you had me join you at your partner conference in this fall on stage. It was interesting. Ashim got to interview me instead of the other way around on a couple of things. But I got the chance to speak to several hundred partners. I appreciate all the partners that LinkedIn me for connections. That was great. But you had me discuss what we, from our viewpoint, see in the agentic automation space. And what was really reassuring is all the partners I spoke with that had a similar view. I've been on the side of I think you all are going to win in this space. The market obviously has not seen that the last couple of years in general, right? But I always thought this was going to be something that will evolve over time. And whether it's orchestration across processes or departments, et cetera, there's lots of opportunity here. But the partners were really reverberating that. I guess product and maybe understanding in budgetary timing is maybe what was missing in this investor viewpoint. But the market's understanding is, I think, starting to improve, stock is working a little bit better, maybe budgets are starting to unlock a little bit. But what's the benefit really of offering this entire expanded solution and platform together? Because I don't think really investors understand how you're marrying all this into a single solution.

Yes, it's a great question. And we were super fortunate to have you, Scott, at our conference. I just want everybody to understand like -- start with the outcome. What is every company trying to do? They're trying to become more efficient. And to become more efficient, you got to transform the entire process, right? The more parts of a process you can automate, the more efficient you get. It's very simple. Break down any process that you know, right? Invoice to cash, procure to pay within your own sphere, right, even processing and analyzing quarterly reports of -- for an enterprise. There is a set of tasks that are -- there are a set of steps that are hugely repetitive, deterministic in nature, rules-based, right? There are tasks that require a reasoning power, right? Like, hey, which are the first 3 companies I should work through? Which companies have the largest variances that have the most potential and you can have a reasoning model kind of work through that. So when you combine deterministic and agentic automation capabilities, that allows for the most breadth of a process to be transformed. And so when you approach a CIO of a health care company and talk about claims processing, whether you approach the government of the United States and talk about getting more efficient in managing operational data of the Air Force or whether you go to an oil and gas customer talking about procure to pay and all of the kind of the operations that they're doing, we now have a broad platform that processes -- that helps automate the processing of documents, deterministic or rules-based steps and probabilistic steps. And then you elevate one level higher for process orchestration, which is part of our solution now or part of our platform. Now you have a process and you want to say, how do I observe that process? How do I manage that process? And process orchestration is not about giving a few governance details. It's about creating an entire framework of governance and observability around your processes that gives insights and data, which is hugely valuable to an enterprise, especially in the advent of agentic.

Yes. The orchestration parts like that whole framework is, I think, what investors seem to get a lot -- or forget a lot kind of through that process. Within this framework, you all have announced a string of partnerships with NVIDIA, Google, Microsoft, Snowflake, OpenAI. I think they're all kind of known in this agentic space right now, last time I checked. But what is the advantage of an open ecosystem that you're developing with these partners? And how do these partnerships really enhance what your product is doing today?

Yes. So the second one is going to be bespoke depending, but let me just talk about the first one. The first one is we believe -- I think Daniel is very philosophical. He would tell you he's always believed in freedom as a pillar -- cornerstone, whether it's organization or product. So in our minds, no customer wants to be locked into a finite set of vendors. And if you think about it, 5 -- 10 years ago, there is a little bit of risk to doing that. Now if you're a customer, there's a huge amount of risk. Who knows what's going to happen in the Gemini, GPT, Claude kind of race that is out there. So I think the first piece is having openness of architecture really is about putting the customer ahead of your own philosophies, letting customers have the most amount of choice that's there. I also think in the world of security, that's super important. We met with one of the top 5 banks, their CTO. They're only allowing certain LLMs to come in and be used across their environment. What if you only partner with one and the other one is left out, right? So I think having choice really matters and that horizontal openness of architecture is hugely important. In terms of the partnerships that you mentioned, they're all very different. If you look at NVIDIA, if you look at Anthropic, if you look at OpenAI, really having -- giving access to the latest models and being able to integrate their models and give our customers fast access to those things as they're developing agents, as they're building automations is hugely valuable. And some of that is from the customers' own requests, right, because they're forming their own partnerships, their own convictions. So it again brings those choice. When you look at Snowflake, Snowflake and integrating kind of being able to integrate their data know-how allows us to create a data fabric. So if you think about it, we're a zero copy company. So we don't go in and just the invoice data of a customer, and they want control over that. So for us to be able to integrate with Snowflake, where they can spin up for particular processes, specific data sets and store them, but under their own control, that is a great partnership with Snowflake that is there. So each of them has a purpose, but going across the platform is super important and across the ecosystem to give customers choice.

I'm glad you think Needham is a top 5 investment bank. We weren't the customer. I'm just kidding about that. Excellent. So I guess as generative AI drives more complicated use cases, how do you think about the verticalization of the product or verticalization in general, both on the product side and on the partner side because that's an area of emphasis recently.

Yes, it's a great question. The first thing is I think vertical -- I think time to value is maybe the most underestimated part of the ROI equation for customers, right? So we talk about ROI, but how fast they get that ROI is super important. Super important in the selling process from us to a customer, super important for their internal selling to their stakeholders. And frankly, in between purchase of software and realization of ROI is the most -- is the largest period of risk for any software company that exists. So verticalization accelerates time to value. Let me give an example for verticalization, being able to use AI and agentic capabilities to optimize pricing and inventory and being able to automate the scheduling of production planning that happens. UiPath has acquired that capability from PEAK. Another example is revenue cycle management. Many people have used our horizontal platform to automate revenue cycle management or claims denials within health care. Most every health care company does that in some shape or form with UiPath, like in our customer base. Imagine instead of delivering them the LEGO blocks, we can deliver them a solution that they can plug and play faster that accelerates that time to value. And so when you add that up, I think the time to value is there, but it also expands TAM. Because when you're looking at it, horizontal technology is good, but a lot of times when people are looking for those solutions and say, "Hey, I really want an Ariba, right, to give you an example or I want something that processes procure-to-pay. They think Coupa and procure-to-pay and Ariba, right, just as 2 examples of it. Tomorrow, if you're talking about how to automate procure-to-pay, we can do a procure-to-pay automation that integrates with the hundreds of platforms that are out there. The last point I would just make about this, Scott, is verticalization is very synergistic to horizontal. So if I build a really strong horizontal base, I can verticalize and build large towers across that foundation, compared to if I put a bunch of towers together and try to become a horizontal leader. So what we really feel is our horizontal strength allows us to productize the large scalable vertical use cases that our customers are asking for.

Okay. How much -- as your customers are going down this journey right now, how much of their use case of the agentic theme has a human in the loop in it, do you think? Is that still a significant component of how they're deploying today? And as they get more comfortable maybe removing that human, does that, I guess, maybe improve or add to your opportunity with these customers?

It's an awesome question. Within UiPath, and Hitesh Ramani, our Chief Accounting Officer and Deputy CFO, is sitting in the audience, we -- there needs to be a proof period, especially for high regulated processes, and you want that human-in-the-loop assurance or that throughput. So it also depends on like where the agent is proving. So if I look at the quality of an agent, if I have an agent that has a 70% -- we score all of our agents, which is a good differentiator in my mind for UiPath is the way we provide scoring of an agent, how accurate they are, kind of the degree of variation and the outcomes, et cetera. If you have an agent that's scoring 70%, that's still productivity, but it's not enough to be unattended productivity. So we do look at human in the loop to be there. In cases where -- if I'm doing an SEC filing, I don't think there's ever a day where I'm going to let an agent go and put an SEC filing in if there's a 1% chance for an inaccuracy. So I probably will have unattended or human in the loop or some level of control there all the time. At the same time, if I am approving purchase orders against budgets for my engineering team to purchase monitors, I can picture that if I'm 99% accurate, that's good enough, right, depending on the level of risk, both for the enterprise and as well as for the company. So in our minds, I think, to answer your question directly, there are some processes that I don't think will ever be fully unattended. And I think there's going to be a lot of processes that evolve to be unattended. The more unattended a process, theoretically, the higher the ROI, right? But to do that, I also think we have to continue to be able to improve and integrate and become deeper into those processes. And I think verticalization helps because you start specializing into the systems, the data, the flows, the capabilities of a company. And the more expertise we can bring in our platform, the higher that agent score becomes. So for really complicated processes, we can get to that score where there's more reliability. And I think that is part of our R&D road map.

I think the human in the loop parts, like it's kind of a fascinating item to all this because I think customers want fully agentic processes. But to your point, it's just not realistic because you have to guard against that 0.5% or the 1% issue sometimes at times. But the more you can get there, obviously, the better for what they do. So let's talk a little bit about changes in your go-to-market in the last quarter. The company just reported its first quarter of net new ARR growth on a year-over-year basis in 2 years. I guess you all have spoken about a lot of go-to-market changes last year with the annual kind of coming back into the role. How much of the improvement there and then your guidance for the fourth quarter, which I think caught a lot of us by surprise on the positive side, how much of that is driven by some of the go-to-market changes or maybe just a change in your customer demand patterns?

I would say it's 80%, 90% execution. I think just the way that we're executing, the stability of the company, the clarity by which we're operating, the principle of kind of no need for large middle management layers, I feel like that's really been a lot around the performance of and -- I would say, predictability and performance of this past year. So entering the year, there was a ton of volatility. I was just commenting to you like last year sitting in this room, we had political administration changes. And if we left that room, I remember there was such a bullishness and then we go in and there's tons of volatility that happened throughout the year, right? And I think if we look at kind of how UiPath navigated and how we communicated there, I think that's because we are close to our customer, close to our field. And that makes a really big difference from where we are. And I would say the execution is around there. Like being -- we're talking right now about my last 2 weeks, I'd say 40% of my meetings are about first and second quarter, right, meaning getting ahead of that, starting to understand it, starting to look at your top renewals, look at your top accounts. And when you do that, looking at your day 2 implementations. When you're there, it's not all pretty. It's not all pretty, but the longer time that you have, the more that you can affect change. So I think we're just a more disciplined, more stable company, and that's really driving to me 90% of what you're seeing right now.

One of the things that's been interesting for me to track over the last year is the consistency in your messaging around that. I host a bus tour, software bus tour in New York every June, and you all, of course, were on it, both you and Daniel were on it. And that consistency around the changes and improvements and what you're seeing really in the last 6 to 9 months, the messaging has been consistent, which is great. I think the natural follow-up question though on where the benefit is come from is now that you've had the improvements, is it repeatable going forward? Because 2 years ago, it looked like some changes were coming that people -- or that the company seemed to enjoy and it wasn't repeatable. Is this repeatable that it's not just a 1- or 2-quarter benefit.

So I'll say the popular answer -- or the obvious answer, and then I'll try to double-click so it's more interesting for everybody. The answer is, of course, it's repeatable from where our conviction is. It's substantive. It is substantive in the rhythms, the organization, the metrics that we are seeing, right? The more interesting question is it's only repeatable if we continue to not be satisfied with where we are. So if I'm sitting down here in 6 months or 9 months or Daniel is sitting here, I hope it is also not articulating that we're just looking at renewals 6 months ahead, but our account planning is moving to be deeper and longer. Just to give you an example, I think there's opportunity in every company, right? The problem you get into is where you get satisfied with your first step, and the environment changes. And what was strong in one environment is not strong in another environment. And so for us, I can tell you me personally, I live in a constant state of demand more. This isn't good enough because tomorrow, we just don't know what's good enough. And I think that is what we look at every single day, right? So I love that we're going ahead on our renewal planning that we're there. I'm super happy right now about the level of project management that we're putting into some of our installations and our services installations that are there. I'm super happy about Daniel being on tour with certain customers that have had bad experiences in the last 2 years, not just the ones that are good that we have deals in front of us right now. And I think those are the things that give confidence for me as long as we're not content that we can continue to repeat. Repeatability means improvement. It doesn't mean staying the same.

Okay. As you look at the third quarter sales and maybe what you had thought fourth quarter was going to look like, but really, we're not -- we're late enough in the quarter. We're not talking about the quarter. But as you talk about maybe the next quarter or 2 going forward is what is the composition of some of that kind of deal flow look like? Are you seeing any changes around customer interest in new products? Have you had any impact, I would say, benefit from maybe less downsell coming off of some of the 0 interest rate cohorts like some of my other companies, have kind of gotten through that headwind. I don't know if that's a benefit there. Or is there anything that's kind of like different, I guess, as you think about deal composition today than maybe a year or 2 ago?

I mean Agentic is definitely a part of the deals, right, in terms of the discussion. I don't -- it's not at a point where as we've said like it's meaningfully impacting the revenue number per se. But I give this example. So in our third quarter earnings call, when the CIO for one of our top customers says, hey, with Agentic, we love the vision and with process orchestration, you're a part of our road map for the next 6 years, 7 years, right? That gives them confidence to start upselling even on what they're doing today. There are deals that are out there that are -- some deals, some of our pilots and POCs, yes, they're starting to come into our pipeline. We're excited about that, right, in terms of where that could be. So I look at it, I don't really see core RPA deals anymore alone. I think RPA is a great entry point for the company, but I look at our growth coming from the entire breadth of our platform and including for products that we don't talk a lot about, test automation. We're super excited. If you go out and you look at the Everest Peak matrix, we are now a leader in test automation. So application testing. Like those are things that are under the radar that are very synergistic. And if you go to a CIO and you can say, wait, I can transform my processes and I can automate manual testing using contemporary software, not kind of legacy software. They're super excited about that. So there's multiple vectors, I think, of our platform that are speaking to and manifesting itself into our pipeline. Your question around downsell and 0 interest rate environments, I think the world is super volatile. So I think it depends on the quarter in terms of composition of what you see in terms of those things. Like that is why it's super important for us to just continue to deliver and drive adoption every single day rather than worrying about cohorts of past customers.

No, I just asked the question because as I talked about the message in the last 6 months or so, 9 months maybe, your level of confidence around the sales improvement and what's happening. It's just -- it's been unique. It's been different than what we've seen in the last couple of years. So obviously great to see. I guess how much of the -- you kind of already talked about this is on the current conversation is agentic versus RPA. Do you have any of those conversations anymore? I know you're not focused on it, but is it really all agentic? Or is there a few stragglers out there?

No. I mean, agentic definitely is like the hot buzzword. So there's no -- from a marketing entrance standpoint, say agentic and a door will open, right? I think that's kind of -- that is the truth of it. The part that's hard for me to articulate to an investor, and I've used this example, and I'll try it again, is one of our customers, they wanted to automate their operational flow of financial reconciliations, okay? They didn't ask us at the end of -- we did a workshop. At the end of it, there was 100 ideas that came out. They didn't care if it was a robot or an agent. They didn't say, so how many robots did we have? How many agents did we discover? It's just how many process steps of the process can we automate. And that happened to be 50-50. So what's interesting is like you kind of lead with transformation, you can lead with the agentic line, but it's kind of the tip of the spear that pulls the full platform through on our best engagements with customers, right? And that's really what we're seeing from a customer response. And I mean, like if you go and ask -- if you go to any CFO and you say, like agent versus robot, they're just going to say ROI. And I think our job is to show how the combination of that maximizes ROI. But agentic is definitely the thing that gets response.

Okay. So if I look back at the third quarter results, one of the verticals, I think that surprised -- certainly surprised us, even though it was in our preview because we saw the data was your federal business, had a really good quarter, especially in a segment that's seen lumpiness all year for a variety of reasons, right? General disruptions, whether it's DOGE or government shutdown, obviously, clearly saw plenty of challenges there over the last 12 months. But how has that opportunity kind of changed for you in general? Is some of those items that have been implemented the last year, that thought process, is that what maybe drove a slightly better quarter and better opportunities there? Or is there maybe a more complex answer than that?

I think it's more complex. Like -- so I want to dispel a few doubts. There was nothing that, hey, you had a slow second quarter, so we got your third quarter strength was a catch-up in federal. That's not true, to be super clear. the federal business, I think, is -- it's more complex because there are areas that I was in the Pentagon. And I actually -- as I was coming in, one of the undersecretaries like gave me an introduction to the DOGE team member that was there. And their view is for that branch of government, DOGE was kind of like, no, I'm just kind of an oversight now. Like I don't really have a budget. I don't have a team because we're like, hey, we should get together and talk through where your efficiencies. And he was pointing me back to the undersecretary, just as an example. There are other branches of government where some of the DOGE members have become staples into that area. So the way they scrutinize the deal looks differently, right? So when you add it all together, it's kind of like a normal functioning business on average, right? Just like the customer, you end up areas where you got a really tough procurement person. You got an area where you got a super exciting initiative that is business-driven, that is kind of budgets are available and we're moving. And then you got areas where there's harder problems that you have to go to solve. So that's why we've talked about the federal as kind of a new normal. We haven't talked about it as a onetime kicker to the company. I just -- just like the overall economy, we talk about it as variable. I consider the federal government as variable. I think we're going to have different branches in different points and different times that are there. One last plug is the Social Security administration, they had a great renewal and even additional software that goes there. Why I mentioned that is that was one of the biggest things last year around February, March with a tweet that came out that said, we're using 40% of Salesforce, 50% of UiPath, whatever it could be, don't quote those numbers. Those are metaphorical or examples. And they start digging into it. And they say, no, we're getting a ton of value for it. We got a big discount. We would rather get more usage than try to restructure the contract. So it really depends on kind of the moment and the agency.

Probably 2 more questions for me and then happy to take any questions from the audience. As we think about from a model perspective, this last year had a 200 basis point headwind from the shift to the cloud on the gross margin line. How do you see kind of cloud adoption growing with the new agentic functionality? And should we expect some similar types of headwinds around margins in the next couple of years? And I know you're not guiding to next year, just kind of...

Yes. Look, I think we're going to be doing cloud. Like cloud is going to continue to move. So I think SaaS headwinds, I think they'll continue to exist. There are no -- I feel like we've been pretty consistent from what we've talked about. Especially with agentic, you got to kind of -- like it's even a bigger drive to cloud in our mind. So I think SaaS headwinds, I think, will continue to exist. And 606 revenue recognition versus kind of full ratable, like those are all parts of the discussion depending on the technology and pricing, et cetera, that will be a part of every software company, but particularly ours as we go forward. In terms of margin, I look at margin -- gross margins, we performed very well. We look out at the agentic and the AI era. At this moment, we don't see anything that like is something that we're super worried about. I think we're going to have to continue to monitor and we'll update our models accordingly for that. But overall operating margins, we feel good about. We feel like we can invest in engineering and sales and continue to drive productivity and everything that is not engineering and sales. And that, on average, we feel like gives us continued operating leverage that we can realize across the bottom line. Some of that is our own internal identification that we are driving, and it's super exciting in terms of the productivity that, that can yield for us as well.

Yes. Your operating margin leverage this last year, at least with current guidance in the fourth quarter is, we'll call it, 600 basis points and number, I believe, at least. And I thought that was a super interesting year because you're above 20% now. We expect it to be over 20% with the fourth quarter results. And growth looks like it's really stabilized after a couple of rough years. And natural question I get is how do you get the leverage from this level and you feel pretty confident about.

Yes. I think G&A -- so R&D, I think you're going to see us continue to invest. I think sales and marketing is too big of the line, right, to say we're going to invest in sales and marketing. We're going to invest in customer growth sales, meaning things that drive growth. Things that drive processes, we're not in -- like that's areas of pockets of efficiency. And then the last thing I would just point out is like we're super proud of is GAAP profitability. Third quarter was the first third quarter in the history of the company for GAAP profitable. We talked about kind of being on track to be GAAP profitable overall. And now we have like -- I think we are looking at capital allocation, not just on a non-GAAP basis, but inclusive of stock-based compensation, et cetera. For us, that's overall capital efficiency. And that positive GAAP profitability to me is also scalable as we continue to grow.

Fantastic. With that, we do have a few minutes left. Happy to take any questions from the audience, if there are any.

I'm curious how you are seeing the global system integrator market and some of the BPO players look to leverage UiPath technology to accelerate some of the roadmaps of their process transformation.

Yes, it's a great question. The GSI framework, I think every GSI obviously is working on their strategy, right? Our strategy has been let's double down on a few of them. I think the mistake we've done in the past is just bandwidth. It's not that we like one, we don't like one, one likes us, another one doesn't like us. It's really about bandwidth about return on our investment and theirs of where can we get like real growth that comes back to it. So the concept of saying you just got to give money across 7 GSIs, 8 GSIs, like that's just dilutive to the company versus really doubling down on a few. If I look at Deloitte, I think Deloitte has become a really great GSI partner, an example of a great GSI partner for us. We are embedded in sales motions together. The S/4HANA upgrade is a massive initiative for them. We are deep within them to drive higher clean core percentages for customer outcomes, inclusive of including test automation in a lot of their S/4HANA migrations. There's a real 360 relationship and a core strategy that's we see ROI too, right? We're excited about other GSIs as well. I won't go through all of them for time. But I think we're going to be really particular about going deep in a few and potentially having to deprioritize others to get that. In terms of the BPO market, same discussion. I think there are certain companies that we've developed a great relationship with. And there's real opportunity there that they see, particularly with Maestro. If you think about complex, where do you need observability? where do you need of automation? And where do you need to be able to govern agents, robots and humans? What's more complicated than a BPO shop that's doing that across hundreds or thousands of customers. And that is a big area of partnership for us and look forward to giving some announcements on that front.

Maybe one follow-up on that. On the Maestro platform, here's how your competitive landscape changing as [indiscernible] market and how much of differentiation [indiscernible] capabilities with RPA coupled with the [indiscernible] agentic platform.

So the first is I think people -- I think we contributed to this to be clear, but I think that it's important. Agentic orchestration and process orchestration are 2 different things. Agentic orchestration is focused on the agents and being able to trigger them, govern them, et cetera, independently. Process orchestration is stringing the end-to-end process together and being able to govern deterministic, probabilistic and human in that area. So when Scott was asking about human in the loop, agentic orchestration is not around human-in-the-loop capabilities, right? So in our minds, we are contemporizing kind of a -- we're leading in a process observability market, and we're contemporizing what was BPMN to a certain extent, and that gives agentic orchestration capabilities as well. That's how we think about it.

Snowflake just announced that acquisition of Observe. Is that likely to be a comparative....

No, I think yes, I think data observability is -- so and I always say this to Elise, like I should have a plaque of Maestro behind us. And I really encourage everybody. There's a fireside chat that's on our Investor Relations site from a couple of years ago -- from a couple of months ago. We can post it or we can put a little blog, Elise or I can send it back. I want you guys to just think about any process. And I said -- and think about a whiteboard. And I said, go map out the -- you would put a process map, right? Put boxes on the thing saying, extract document, upload document here, if the document, if this matches, go here, et cetera. That's different than what Snowflake is doing. I'm saying in process map, that's what we're doing. Now imagine that, that process map is not static. It's live. And you can see the software, the robot go and grab 100 documents. You can monitor how many of that got uploaded. You can see how many is sitting in Ashim Gupta or Scott Berg's queue to review in human in the loop, right? And you can see that in the end-to-end process. That is kind of what we talk about when we're saying process observability.

Probably time for one last one.

Your questions were that good.

I guess. Well, with that, we'll leave 2 minutes for everyone to fight the elevators. Ashim, I want to thank you for the time.

Thank you so much, Scott.