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Below is a chart and brief excerpt from today's Early Look written by Technology analyst Ami Joseph.

In the euphoric madness that must overpopulate the halls of a company that goes from sleepy to can’t keep customers away, UiPath grew from 20 employees in 2015 to over 2,000 by the end of 2018, at which point, the CEO admits, they started to consume their own platform and enabled a massive headcount reduction. In a tight job market UiPath and peers will be hailed for helping the global economy increase productivity. In a downturn they might be blamed and hauled in front of Congress…

But not everything is so hunky dory for UiPath. The company added fewer customers in FY21 (Year ended January 2021) than FY20. Employee reviews are mixed and speak of over-hyped product sales. Microsoft entered this category with a quasi-free product a few years back and is attracting customer attention, especially in more budget-conscious corners of the market.

Land year ARR seems to be constant the last three years, expand year ARR has been volatile, cash collections from Deferred Revenue were flat in FY21 and cash commitments to sales commissions were also flat. These and more of the traditional ‘hot-IPO’ metrics don’t appear to be accelerating ahead of this particular IPO.

CHART OF THE DAY: UiPath Capital Raise & History  - UiPath Early Look