UiPath, Inc.PATH

UiPath, Inc. Leases Disclosure

10-KFiled Mar 24, 20252 min read
8Operating Leases
Our operating leases consist of real estate and vehicles and have remaining lease terms of one year to 13 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that we will exercise those options. Our operating lease arrangements do not contain any material restrictive covenants or residual value guarantees.
Lease costs are presented below (in thousands):
Year Ended January 31,
202520242023
Operating lease cost$15,899 $13,047 $11,675 
Short-term lease cost3,722 4,965 5,895 
Variable lease cost2,065 2,142 1,418 
Sublease income(1)
— (1,615)(2,129)
Total lease cost$21,686 $18,539 $16,859 
(1) Included in other income, net in the consolidated statements of operations
Supplemental balance sheet information related to leases is as follows (in thousands):
As of January 31,
20252024
Assets:
Operating lease right-of-use assets$66,500 $56,072 
Liabilities:
Operating lease liabilities, current (included in accrued expenses and other current liabilities)
$3,587 $8,357 
Operating lease liabilities, non-current74,230 58,713 
Total operating lease liabilities$77,817 $67,070 
Supplemental cash flow information related to operating leases is as follows for the periods presented (in thousands):
Year Ended January 31,
202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$16,758 $12,907 $6,702 
Operating lease ROU assets obtained in exchange for new operating lease liabilities$21,242 $12,986 $11,511 
The following table represents the weighted-average remaining lease term and discount rate for the periods presented:
As of January 31,
20252024
Weighted-average remaining lease term (years)10.110.7
Weighted-average discount rate7.2 %7.1 %
Future undiscounted lease payments for our operating lease liabilities as of January 31, 2025 were as follows (in thousands):
Amount
Year Ended January 31,
2026$8,420 
202714,567 
202813,214 
20299,808 
20308,824 
Thereafter56,829 
Total operating lease payments111,662 
Less: imputed interest(33,845)
Total operating lease liabilities$77,817 
As of January 31, 2025, we had non-cancellable commitments in the amount of $0.2 million related to operating leases of real estate facilities that have not yet commenced.
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About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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