UiPath, Inc.PATH

UiPath, Inc. Fair Value Disclosure

10-KFiled Mar 24, 20252 min read
5Fair Value Measurement
The following tables present our financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of January 31, 2025
Level 1Level 2
Level 3
Total
Financial Assets:
Money market funds$311,942 $— $— $311,942 
Total cash equivalents311,942 — — 311,942 
Treasury bills & U.S. government securities703,319 — — 703,319 
Corporate bonds— 94,025 — 94,025 
Commercial paper— 42,391 — 42,391 
Yankee bonds
— 4,700 — 4,700 
Total marketable securities703,319 141,116 — 844,435 
Other investments carried at fair value
— — 11,879 11,879 
Total$1,015,261 $141,116 $11,879 $1,168,256 
As of January 31, 2024
Level 1Level 2
Level 3
Total
Financial Assets:
Money market funds$509,053 $— $— $509,053 
Total cash equivalents509,053 — — 509,053 
Treasury bills and U.S. government securities641,192 — — 641,192 
Corporate bonds— 1,991 — 1,991 
Agency bonds174,962 — — 174,962 
Total marketable securities816,154 1,991 — 818,145 
Total$1,325,207 $1,991 $— $1,327,198 
Our money market funds, treasury bills and U.S. government securities, and agency bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify corporate bonds, commercial paper, and Yankee bonds as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Other investments carried at fair value, which consist of convertible bonds of private company the H Company purchased during fiscal year 2025, are classified as Level 3 because their valuation relies on unobservable inputs. None of our financial instruments were classified as Level 3 as of January 31, 2024.
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About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

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