Non-GAAP Operating Income: $62 million, representing a 17% margin, up >1,500 bps YoY (CFO).
Adjusted Free Cash Flow: $45 million in Q2 (CFO).
RPO: $1.209 billion, up 12% YoY; current RPO $789 million, up 15% (CFO). Normalized for FX tailwind of ~$19 million, RPO grew 10% (CFO).
Customers: ~10,820 total; customers with $100k+ ARR: 2,432; customers with $1M+ ARR: 320 (CFO).
Retention: Dollar-based gross retention 98%; dollar-based net retention 108% (108% adjusted for FX) (CFO).
Balance Sheet: $1.5 billion cash, cash equivalents, and marketable securities; no debt (CFO). Repurchased 8.3 million shares at avg. $12.10 in Q2 (CFO).
Official Guidance (Q3 FY2026):
Revenue: $390M–$395M (includes ~$2M FX tailwind) (CFO)
ARR: $1.771B–$1.776B (includes ~$2M FX tailwind) (CFO)
Non-GAAP operating income: ~$70M (CFO)
Basic share count: ~532M shares (CFO)
Official Guidance (Full Year FY2026):
Revenue: $1.571B–$1.576B (includes ~$7M FX tailwind) (CFO)
ARR: $1.834B–$1.839B (includes ~$7M FX tailwind) (CFO)
Non-GAAP operating income: ~$340M (CFO)
Non-GAAP adjusted free cash flow: ~$370M (CFO)
Non-GAAP gross margin: ~85% (CFO)
Mgmt quotes:
"Automation and AI are stronger together." (CEO)
"Our deterministic foundation… deliver the trust, scale, and reliability mission-critical processes demand." (CEO)
"We continue to deliver growth while driving operational efficiencies across the organization." (CEO)
"We are pleased with the team's execution in a variable macroeconomic environment." (CFO)
"While we are encouraged by the early traction with our newly launched Agentic capabilities, adoption is still in its early phases… we don't expect a material top-line contribution in fiscal 2026." (CFO)
Prepared Metrics
Metric
Value
Speaker/Context
ARR
$1.723B, +11% YoY
CFO
Revenue
$362M, +14% YoY
CEO
Cloud ARR
>$1.080B, +25% YoY
CFO
Non-GAAP Operating Income
$62M, 17% margin
CFO
Adjusted Free Cash Flow
$45M (Q2)
CFO
RPO
$1.209B, +12% YoY
CFO
Current RPO
$789M, +15% YoY
CFO
Gross Margin (overall)
84%
CFO
Software Gross Margin
90%
CFO
Dollar-Based Gross Retention
98%
CFO
Dollar-Based Net Retention
108% (108% adj. FX)
CFO
Customers ($100k+ ARR)
2,432
CFO
Customers ($1M+ ARR)
320
CFO
Total Customers
~10,820
CFO
Cash & Equivalents
$1.5B, no debt
CFO
Shares Repurchased (Q2)
8.3M shares at avg. $12.10
CFO
Q&A Batch (1-5 of 11)
Q1 — Brian Bergen
Topic: Client demand progression for agentic solutions; DBNR outlook
Key points:
450 customers actively building agents with intention to deploy in production.
Agentic deals uncover more automation opportunities, combining orchestration, RPA, API, and agentic.
DBNR stable Q1 to Q2; guidance implies a prudent macroeconomic outlook; government returning to normal buying behavior.
Topic: U.S. Federal business performance; subscription revenue step-up
Key points:
Public sector had a "really good quarter" with agentic momentum; budget finalization shows stabilization signs.
Recent wins: Veterans Affairs, Coast Guard; large customers include Navy and IRS.
Sequential subscription revenue step-up due to prior quarter's leap year impact; now back to stable.
Mgmt stance: Neutral – encouraged by public sector progress, but no segment breakdown; subscription revenue normalizing.
Q4 — Raimo Lenschow
Topic: ARR guidance raise; customer perception of RPA vs. agentic
Key points:
ARR guidance raised slightly more than beat; reflects field settlement, pipeline momentum, go-to-market improvements, and agentic.
Customer spectrum: some believe AI agents will do everything; majority realize automation programs power agentic initiatives.
Agentic exercises uncover ~100 ideas; ~50 are better suited for automation.
Mgmt stance: Bullish – guidance raise reflects confidence; combination of orchestration, automation, and agentic seen as essential for predictable AI.
Q5 — Mike Richards
Topic: Agentic pricing reception; go-to-market for agentic solutions
Key points:
Agentic monetized via consumption-based model; aligns with customer interest.
Pricing predictability is a market-wide issue; working with customers to improve business case understanding.
No specialty sellers for horizontal agentic; all sellers equipped for agentic orchestration and builder.
Vertical agentic (e.g., Peak) has dedicated specialty sellers.
Mgmt stance: Neutral – pricing reaction positive but predictability remains a challenge; go-to-market motion evolving with vertical initiatives.
Q&A Batch (6-10 of 11)
Q6 — Sanjit Singh
Topic: Net new ARR inflection and go-to-market stability; agentic strategy and initial processes
Key points:
Q3 guidance includes FX lift; year-over-year ARR gap is narrowing operationally, with FX also helping.
Commercial activity in pilots/POCs reinforces upsell opportunities and platform importance; field is empowered with reduced bureaucracy and closed feedback loop.
Agentic initiatives target healthcare revenue cycle management, financial services (procure-to-pay, order-to-cash), and claims management; 450 customers are taking the leap.
Mgmt stance: Bullish — confident in go-to-market execution and guidance; sees unique incumbent advantage in agentic orchestration as natural extension of existing RPA.
Q7 — Brad Sills
Topic: Deloitte partnership and SI channel focus for agentic journey
Key points:
Three-part partnership (UiPath, SAP, Deloitte) is “bearing fruit and progressing really well.”
Major GSIs are evaluating platform choices for orchestration and agentic; UiPath is in many discussions and seen as a major platform to bet on.
Mgmt stance: Bullish — partnership indicative of both deeper SI channel focus and SAP collaboration; positive momentum with GSIs.
Q8 — Ian Black
Topic: Agentic portfolio impact on RPA workflows
Key points:
Agentic capabilities extend RPA and broader automation; customers are re-identifying processes suited for combining agentic and automation.
These initiatives are surfacing more opportunities than in past years.
Mgmt stance: Bullish — sees renewed customer interest and expanded opportunity set from agentic integration.
Existing customer ARR growth has been down meaningfully over last 3–4 quarters due to macro and government headwinds; Q3/Q4 guidance embeds a return to improvement.
Customers >$100k and >$1M show continued momentum; agentic monetization is happening this year (not “meaningfully contribute” but ARR is seen), with more contribution expected in FY’27 but no specific guidance given.
Mgmt stance: Neutral-to-bullish — existing customer growth expected to stabilize in H2; agentic ARR is real but early, with no forward guidance on FY’27.
Q10 — Dominique Manansala
Topic: Macro patterns by geography/vertical; prudent outlook assumptions
Key points:
Pockets of strength: US financial sector, US healthcare, US public sector (momentum starting), European manufacturing.
Variable macro environment month-to-month due to tariffs, interest rates, geopolitical items; felt broadly across the industry.
Mgmt stance: Neutral — macro remains variable and unpredictable; guidance reflects prudent assumptions based on observed volatility.
Q&A Batch (11-11 of 11)
Q11 — Devin Ah
Topic: US public sector ARR guidance prudence & contribution
Key points:
US federal buying behavior has normalized (more predictable, as per Daniel).
Guidance continues to “bake in prudence” regarding this segment.
However, management sees “more contribution from the US public sector” in H2 based on tangible pipeline.
Mgmt stance: Neutral – balances prudence (guidance on what’s in front of them) with an expectation of incremental contributions from the US public sector.