June_C
2021-11-19
Saas .. share
UiPath: SaaS Giant In The Shadows<blockquote>UiPath：阴影中的SaaS巨头</blockquote>
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The company's software helps businesses to decide which office tasks can be automated using custom software. UiPath has the potential to disrupt office life as we know it and fatten profit margins for many major companies around the world.</p><p><blockquote>UiPath (PATH) 创建服务于机器人流程自动化市场（简称 RPA）的软件。该公司的软件帮助企业决定哪些办公任务可以使用定制软件实现自动化。UiPath有可能扰乱我们所知的办公室生活，并提高世界各地许多大公司的利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffd3a1b64d6810a7cae86020b91d8dd4\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> The company's software utilizes AI and machine learning to come to the best financial outcomes for each customer. In many cases, office assistant and data entry jobs are the first to go with some business analysts and other key infrastructure also being labeled obsolete. Customers pay a high price for UiPath's platform because of the marginal cost benefit their software brings the customer with every headcount reduction. The next part of UiPath's job is to actually automate the task. This in turn brings in great ARR for UiPath as the customer needs to keep UiPath on its payroll to actually carry out the job they replaced.</p><p><blockquote>该公司的软件利用人工智能和机器学习为每个客户带来最佳的财务结果。在许多情况下，随着一些业务分析师和其他关键基础设施也被贴上过时的标签，办公室助理和数据录入工作是第一个离开的。客户为UiPath的平台支付了高昂的价格，因为他们的软件每减少一次员工人数都会给客户带来边际成本效益。UiPath工作的下一部分是实际自动化任务。这反过来又给UiPath带来了巨大的ARR，因为客户需要将UiPath保留在其工资单上，以实际执行他们所取代的工作。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a233dcd92c698417dd21568e0c78d141\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> The business model is genius for a couple of reasons. Firstly, by finding the companies' weak links and replacing them, UiPath is creating a moat around their software. If a company wants to move on from UiPath, it will need to rehire the people they fired, which will likely cost more than UiPath in the first place. With a large customer base and many customers paying $100K+ every year, UiPath has a space in the future work.</p><p><blockquote>这种商业模式之所以出色，有几个原因。首先，通过找到公司的薄弱环节并替换它们，UiPath 正在围绕他们的软件创建一条护城河。如果一家公司想离开UiPath，它将需要重新雇用他们解雇的人，这可能会比UiPath的成本更高。凭借庞大的客户群和许多每年支付10万美元以上的客户，UiPath在未来的工作中有空间。</blockquote></p><p> <b>Partnerships and Integrations are Vital for Operational Execution</b></p><p><blockquote><b>伙伴关系和一体化对业务执行至关重要</b></blockquote></p><p> The company's future success depends on partners and vendors. UiPath's business model survives off of deep technological relationships with the most important ERPs. Currently, the company has done a great job at partnering with the most important SaaS firms for many different companies in a variety of industries. UiPath has the ability to serve many different types of clients, big and small, because of how universally many SaaS programs are in business.</p><p><blockquote>公司未来的成功取决于合作伙伴和供应商。UiPath的商业模式依赖于与最重要的ERP的深厚技术关系。目前，该公司在与各行各业许多不同公司最重要的SaaS公司合作方面做得很好。UiPath有能力为许多不同类型的大大小小的客户提供服务，因为许多SaaS程序在商业中是如此普遍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7a24d000f0d67efb3113681e2857d56e\" tg-width=\"640\" tg-height=\"356\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> UiPath needs to be integrated into all SaaS technology platforms. This is because the company's software can do a better job at tracking employee KPIs if they are integrated with company-wide software. Big technology partners such as AWS (AMZN), Oracle (ORCL), and Salesforce (CRM) will be key integrations for UiPath. At the same time, partnering with large firms that need to figure out how to slim down their operations will also be important. Companies with large numbers of employees such as Accenture (ACN) and Deloitte could use the company's software to cut down headcount and lower their overall cost of service.</p><p><blockquote>UiPath需要集成到所有SaaS技术平台中。这是因为如果公司的软件与公司范围的软件集成，它们可以在跟踪员工KPI方面做得更好。AWS (AMZN)、Oracle (ORCL) 和 Salesforce (CRM) 等大型技术合作伙伴将是 UiPath 的关键集成。与此同时，与需要弄清楚如何精简运营的大公司合作也很重要。埃森哲（ACN）和德勤等拥有大量员工的公司可以使用该公司的软件来减少员工人数并降低整体服务成本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/972a217ba71389cf5e9373e8285cec59\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> Looking at case studies clarifies the expected return of ARR for a multitude of different businesses. The longer a company remains a customer, the more money UiPath gains from that customer. This is a great business model because it gives companies a trial period to utilize UiPath's platform. The ARR doesn't lie because businesses need the company's platform and the value it brings their enterprises.</p><p><blockquote>查看案例研究可以阐明 ARR 对众多不同企业的预期回报。一家公司成为客户的时间越长，UiPath从该客户那里获得的钱就越多。这是一个很好的商业模式，因为它给了公司一个试用期来利用UiPath的平台。ARR不会说谎，因为企业需要公司的平台以及它给企业带来的价值。</blockquote></p><p> <b>Financially Able and Growing</b></p><p><blockquote><b>财务上有实力且不断成长</b></blockquote></p><p> For a SaaS company, UiPath performs very well financially. This is due to the company's increasing ARR and high margin products. Software inherently is a high margin business and UiPath is no exception. Scaling this technology is relatively easy as word of mouth spreads fast and software is easy to install. Moving forward, I expect a solid SaaS balance sheet from UiPath.</p><p><blockquote>对于一家SaaS公司来说，UiPath在财务上表现非常出色。这是由于公司不断增长的ARR和高利润率产品。软件本质上是一项高利润业务，UiPath也不例外。扩展这项技术相对容易，因为口碑传播很快，软件也很容易安装。展望未来，我预计 UiPath 将拥有稳健的 SaaS 资产负债表。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd5ec6c4fc2ac87af33662d5fc19d57d\" tg-width=\"640\" tg-height=\"356\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Supplemental Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益补充幻灯片</span></p></blockquote></p><p> One of the more concerning problems with UiPath is lack of revenue growth. Overall revenue growth in FY 2021 was impressive at over +90%. Since then revenue growth has faltered, Q3 2022 guidance matched Q4 2021 revenues. I do believe that the company can exceed expectations through ARR growth. In future quarters, revenue will be a very important metric I look at.</p><p><blockquote>UiPath 更令人担忧的问题之一是收入增长乏力。2021财年的整体收入增长令人印象深刻，超过+90%。此后，收入增长停滞不前，2022 年第三季度指引与 2021 年第四季度收入持平。我确实相信公司可以通过 ARR 增长超出预期。在未来几个季度，收入将是我关注的一个非常重要的指标。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/891aedcbc85e894037158a52e18a95fd\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: (UiPath Q2 2022 Earnings Supplemental Slides)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：（UiPath 2022 年第二季度收益补充幻灯片）</span></p></blockquote></p><p> Profitability has been a major operational bright spot for the company. By being extremely close to being consistently profitable, the business is due for a multiple expansion. In future quarters, UiPath has a real opportunity to exceed expectations. I believe UiPath's valuation will improve as revenue increases through ARR entrenchment, profitability becomes more consistent, and analysts begin to see the opportunity to own a disruptor at a discount.</p><p><blockquote>盈利能力一直是公司的一大经营亮点。由于非常接近持续盈利，该业务将进行多次扩张。在未来几个季度，UiPath 确实有机会超出预期。我相信，随着收入通过 ARR 巩固而增加，盈利能力变得更加稳定，以及分析师开始看到以折扣价拥有颠覆者的机会，UiPath 的估值将会提高。</blockquote></p><p> <b>Industry Risks are Real</b></p><p><blockquote><b>行业风险是真实存在的</b></blockquote></p><p> Software is a brutally competitive industry. Every day, it seems like there is a new rival to 'legacy' technology. In UiPath's case, I believe they actually may be different. Unlike other SaaS services, the company gains revenue from further use of their product. Instead of a flat ARR, UiPath's is scalable. This pricing technique, if used correctly, can be a massive boon to the stock moving forward. However, I am concerned about more established ERPs disrupting UiPath's first mover advantage. If Amazon wanted to develop an RPA company to serve enterprise clients, UiPath would have quite a difficult road. Amazon, Oracle, or any number of tech conglomerates have billions of dollars to dedicate towards R&D. Considering Amazon's leaps and bounds in quantum computing, UiPath may see upcoming competition. However, this hasn't happened yet and is all speculation. UiPath's innovative edge is a bit difficult to match, which will prove very promising to UiPath shareholders.</p><p><blockquote>软件是一个竞争激烈的行业。每天，“传统”技术似乎都有一个新的竞争对手。在UiPath的例子中，我相信它们实际上可能是不同的。与其他SaaS服务不同，该公司从进一步使用其产品中获得收入。UiPath的不是平面的ARR，而是可扩展的。如果使用正确，这种定价技术可以对股票的未来发展产生巨大的利好。然而，我担心更多成熟的ERP会破坏UiPath的先发优势。如果亚马逊想要发展一家RPA公司来为企业客户服务，UiPath将会有一条相当艰难的道路。亚马逊、甲骨文或任何数量的科技企业集团都有数十亿美元用于研发。考虑到亚马逊在量子计算方面的飞跃，UiPath 可能会面临即将到来的竞争。然而，这还没有发生，都是猜测。UiPath 的创新优势有点难以匹敌，这对 UiPath 股东来说将非常有希望。</blockquote></p><p> <b>Valuation Compared to Peers</b></p><p><blockquote><b>与同行比较的估值</b></blockquote></p><p> Valuing UiPath is difficult because it doesn't have any direct peers. I found 2 peers that have similar valuation profiles to UiPath. One of the peers I am using is Check Point Software (CHKP). This company develops security software and hardware products. The next peer I chose is CyberArk (CYBR). This company operates as an IT security company servicing different companies in a variety of industries. Check Point and CyberArk have similar market caps to UiPath as mid-size SaaS companies with solid technology.</p><p><blockquote>评估UiPath很困难，因为它没有任何直接的同行。我发现有两个同行的估值情况与UiPath相似。我正在使用的同行之一是检查点软件（CHKP）。这家公司开发安全软件和硬件产品。我选择的下一个同行是赛博方舟（CYBR）。该公司是一家IT安全公司，为各行各业的不同公司提供服务。Check Point 和 CyberArk 的市值与 UiPath 相似，都是拥有扎实技术的中型 SaaS 公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ad061b6a7d5f7adf1939fd246eb49db\" tg-width=\"640\" tg-height=\"221\" width=\"100%\" height=\"auto\"><span>Source: UiPath SA Peers EV/Sales Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath SA 同行电动汽车/销售图表</span></p></blockquote></p><p> UiPath is a newly public company with limited history. However, the company's EV/Sales ratio decreased by 3/4ths in just 2 quarters. This is very encouraging as it gives investors a better basis to enter UiPath. Compared to more mature peers, UiPath is slowly moving toward an EV/Sales range of 15-20. At that point, I believe analysts may re-rate the company more positively on valuation.</p><p><blockquote>UiPath是一家新上市公司，历史有限。然而，该公司的电动汽车/销售额比率在短短两个季度内下降了四分之三。这非常令人鼓舞，因为它为投资者进入 UiPath 提供了更好的基础。与更成熟的同行相比，UiPath正在慢慢向15-20的EV/销售范围迈进。届时，我相信分析师可能会对该公司的估值给予更积极的重新评级。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/127c912d7860f925f4c6d864dd2cfbce\" tg-width=\"640\" tg-height=\"221\" width=\"100%\" height=\"auto\"><span>Source: UiPath SA Peers Diluted Weighted Average Shares Outstanding Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath SA 同行稀释加权平均流通股图表</span></p></blockquote></p><p> Dilution is real and a major concern for UiPath shareholders. Increasing overall share count roughly 30% since IPO is one of the main reasons I can't give UiPath a bullish rating. Next year, when most of the IPO lockups expire, I will consider starting a position. Until then, I would avoid buying UiPath.</p><p><blockquote>稀释是真实存在的，也是 UiPath 股东的主要问题。自 IPO 以来，总股数增加了约 30%，这是我无法给予 UiPath 看涨评级的主要原因之一。明年，当大多数 IPO 禁售期到期时，我会考虑开始建仓。在那之前，我会避免购买UiPath。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> UiPath is a great company with a large TAM. I like UiPath's peers and growth story. I think the company will continue to sign contracts with major corporations and improve their balance sheet. One of the main concerns I have with UiPath is dilution and low revenue growth. In the coming quarters, these will be the two issues I closely examine. I give UiPath a 'Neutral' rating and look forward to what the company produces moving forward.</p><p><blockquote>UiPath是一家拥有庞大TAM的伟大公司。我喜欢UiPath的同行和成长故事。我认为公司将继续与大公司签订合同，改善他们的资产负债表。我对 UiPath 的主要担忧之一是稀释和低收入增长。在接下来的几个季度里，这将是我仔细研究的两个问题。我给予 UiPath “中性”评级，并期待该公司未来的成果。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UiPath: SaaS Giant In The Shadows<blockquote>UiPath：阴影中的SaaS巨头</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUiPath: SaaS Giant In The Shadows<blockquote>UiPath：阴影中的SaaS巨头</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-11-19 15:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>UiPath doesn't get the attention it deserves.</li> <li>Partnerships will be crucial to achieving critical growth numbers.</li> <li>Operationally the company has been performing.</li> <li>Risks are the same as any other SaaS disruptor.</li> <li>Valuation is reasonable and represents solid upside.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/770a5dc44d6be3932e003ed51f462596\" tg-width=\"1536\" tg-height=\"1152\" width=\"100%\" height=\"auto\"><span>alexsl/iStock via Getty Images</span></p><p><blockquote><ul><li>UiPath没有得到应有的关注。</li><li>伙伴关系对于实现关键的增长数字至关重要。</li><li>在运营方面，该公司一直表现良好。</li><li>风险与任何其他SaaS颠覆者相同。</li><li>估值合理，代表着坚实的上涨空间。</li></ul><p class=\"t-img-caption\"><span>alexsl/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Thesis and Background</b></p><p><blockquote><b>论文与背景</b></blockquote></p><p> UiPath (PATH) creates software to serve the Robotic Processes Automation market or RPA for short. The company's software helps businesses to decide which office tasks can be automated using custom software. UiPath has the potential to disrupt office life as we know it and fatten profit margins for many major companies around the world.</p><p><blockquote>UiPath (PATH) 创建服务于机器人流程自动化市场（简称 RPA）的软件。该公司的软件帮助企业决定哪些办公任务可以使用定制软件实现自动化。UiPath有可能扰乱我们所知的办公室生活，并提高世界各地许多大公司的利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffd3a1b64d6810a7cae86020b91d8dd4\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> The company's software utilizes AI and machine learning to come to the best financial outcomes for each customer. In many cases, office assistant and data entry jobs are the first to go with some business analysts and other key infrastructure also being labeled obsolete. Customers pay a high price for UiPath's platform because of the marginal cost benefit their software brings the customer with every headcount reduction. The next part of UiPath's job is to actually automate the task. This in turn brings in great ARR for UiPath as the customer needs to keep UiPath on its payroll to actually carry out the job they replaced.</p><p><blockquote>该公司的软件利用人工智能和机器学习为每个客户带来最佳的财务结果。在许多情况下，随着一些业务分析师和其他关键基础设施也被贴上过时的标签，办公室助理和数据录入工作是第一个离开的。客户为UiPath的平台支付了高昂的价格，因为他们的软件每减少一次员工人数都会给客户带来边际成本效益。UiPath工作的下一部分是实际自动化任务。这反过来又给UiPath带来了巨大的ARR，因为客户需要将UiPath保留在其工资单上，以实际执行他们所取代的工作。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a233dcd92c698417dd21568e0c78d141\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> The business model is genius for a couple of reasons. Firstly, by finding the companies' weak links and replacing them, UiPath is creating a moat around their software. If a company wants to move on from UiPath, it will need to rehire the people they fired, which will likely cost more than UiPath in the first place. With a large customer base and many customers paying $100K+ every year, UiPath has a space in the future work.</p><p><blockquote>这种商业模式之所以出色，有几个原因。首先，通过找到公司的薄弱环节并替换它们，UiPath 正在围绕他们的软件创建一条护城河。如果一家公司想离开UiPath，它将需要重新雇用他们解雇的人，这可能会比UiPath的成本更高。凭借庞大的客户群和许多每年支付10万美元以上的客户，UiPath在未来的工作中有空间。</blockquote></p><p> <b>Partnerships and Integrations are Vital for Operational Execution</b></p><p><blockquote><b>伙伴关系和一体化对业务执行至关重要</b></blockquote></p><p> The company's future success depends on partners and vendors. UiPath's business model survives off of deep technological relationships with the most important ERPs. Currently, the company has done a great job at partnering with the most important SaaS firms for many different companies in a variety of industries. UiPath has the ability to serve many different types of clients, big and small, because of how universally many SaaS programs are in business.</p><p><blockquote>公司未来的成功取决于合作伙伴和供应商。UiPath的商业模式依赖于与最重要的ERP的深厚技术关系。目前，该公司在与各行各业许多不同公司最重要的SaaS公司合作方面做得很好。UiPath有能力为许多不同类型的大大小小的客户提供服务，因为许多SaaS程序在商业中是如此普遍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7a24d000f0d67efb3113681e2857d56e\" tg-width=\"640\" tg-height=\"356\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> UiPath needs to be integrated into all SaaS technology platforms. This is because the company's software can do a better job at tracking employee KPIs if they are integrated with company-wide software. Big technology partners such as AWS (AMZN), Oracle (ORCL), and Salesforce (CRM) will be key integrations for UiPath. At the same time, partnering with large firms that need to figure out how to slim down their operations will also be important. Companies with large numbers of employees such as Accenture (ACN) and Deloitte could use the company's software to cut down headcount and lower their overall cost of service.</p><p><blockquote>UiPath需要集成到所有SaaS技术平台中。这是因为如果公司的软件与公司范围的软件集成，它们可以在跟踪员工KPI方面做得更好。AWS (AMZN)、Oracle (ORCL) 和 Salesforce (CRM) 等大型技术合作伙伴将是 UiPath 的关键集成。与此同时，与需要弄清楚如何精简运营的大公司合作也很重要。埃森哲（ACN）和德勤等拥有大量员工的公司可以使用该公司的软件来减少员工人数并降低整体服务成本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/972a217ba71389cf5e9373e8285cec59\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益演示</span></p></blockquote></p><p> Looking at case studies clarifies the expected return of ARR for a multitude of different businesses. The longer a company remains a customer, the more money UiPath gains from that customer. This is a great business model because it gives companies a trial period to utilize UiPath's platform. The ARR doesn't lie because businesses need the company's platform and the value it brings their enterprises.</p><p><blockquote>查看案例研究可以阐明 ARR 对众多不同企业的预期回报。一家公司成为客户的时间越长，UiPath从该客户那里获得的钱就越多。这是一个很好的商业模式，因为它给了公司一个试用期来利用UiPath的平台。ARR不会说谎，因为企业需要公司的平台以及它给企业带来的价值。</blockquote></p><p> <b>Financially Able and Growing</b></p><p><blockquote><b>财务上有实力且不断成长</b></blockquote></p><p> For a SaaS company, UiPath performs very well financially. This is due to the company's increasing ARR and high margin products. Software inherently is a high margin business and UiPath is no exception. Scaling this technology is relatively easy as word of mouth spreads fast and software is easy to install. Moving forward, I expect a solid SaaS balance sheet from UiPath.</p><p><blockquote>对于一家SaaS公司来说，UiPath在财务上表现非常出色。这是由于公司不断增长的ARR和高利润率产品。软件本质上是一项高利润业务，UiPath也不例外。扩展这项技术相对容易，因为口碑传播很快，软件也很容易安装。展望未来，我预计 UiPath 将拥有稳健的 SaaS 资产负债表。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd5ec6c4fc2ac87af33662d5fc19d57d\" tg-width=\"640\" tg-height=\"356\" width=\"100%\" height=\"auto\"><span>Source: UiPath Q2 2022 Earnings Supplemental Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath 2022 年第二季度收益补充幻灯片</span></p></blockquote></p><p> One of the more concerning problems with UiPath is lack of revenue growth. Overall revenue growth in FY 2021 was impressive at over +90%. Since then revenue growth has faltered, Q3 2022 guidance matched Q4 2021 revenues. I do believe that the company can exceed expectations through ARR growth. In future quarters, revenue will be a very important metric I look at.</p><p><blockquote>UiPath 更令人担忧的问题之一是收入增长乏力。2021财年的整体收入增长令人印象深刻，超过+90%。此后，收入增长停滞不前，2022 年第三季度指引与 2021 年第四季度收入持平。我确实相信公司可以通过 ARR 增长超出预期。在未来几个季度，收入将是我关注的一个非常重要的指标。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/891aedcbc85e894037158a52e18a95fd\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: (UiPath Q2 2022 Earnings Supplemental Slides)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：（UiPath 2022 年第二季度收益补充幻灯片）</span></p></blockquote></p><p> Profitability has been a major operational bright spot for the company. By being extremely close to being consistently profitable, the business is due for a multiple expansion. In future quarters, UiPath has a real opportunity to exceed expectations. I believe UiPath's valuation will improve as revenue increases through ARR entrenchment, profitability becomes more consistent, and analysts begin to see the opportunity to own a disruptor at a discount.</p><p><blockquote>盈利能力一直是公司的一大经营亮点。由于非常接近持续盈利，该业务将进行多次扩张。在未来几个季度，UiPath 确实有机会超出预期。我相信，随着收入通过 ARR 巩固而增加，盈利能力变得更加稳定，以及分析师开始看到以折扣价拥有颠覆者的机会，UiPath 的估值将会提高。</blockquote></p><p> <b>Industry Risks are Real</b></p><p><blockquote><b>行业风险是真实存在的</b></blockquote></p><p> Software is a brutally competitive industry. Every day, it seems like there is a new rival to 'legacy' technology. In UiPath's case, I believe they actually may be different. Unlike other SaaS services, the company gains revenue from further use of their product. Instead of a flat ARR, UiPath's is scalable. This pricing technique, if used correctly, can be a massive boon to the stock moving forward. However, I am concerned about more established ERPs disrupting UiPath's first mover advantage. If Amazon wanted to develop an RPA company to serve enterprise clients, UiPath would have quite a difficult road. Amazon, Oracle, or any number of tech conglomerates have billions of dollars to dedicate towards R&D. Considering Amazon's leaps and bounds in quantum computing, UiPath may see upcoming competition. However, this hasn't happened yet and is all speculation. UiPath's innovative edge is a bit difficult to match, which will prove very promising to UiPath shareholders.</p><p><blockquote>软件是一个竞争激烈的行业。每天，“传统”技术似乎都有一个新的竞争对手。在UiPath的例子中，我相信它们实际上可能是不同的。与其他SaaS服务不同，该公司从进一步使用其产品中获得收入。UiPath的不是平面的ARR，而是可扩展的。如果使用正确，这种定价技术可以对股票的未来发展产生巨大的利好。然而，我担心更多成熟的ERP会破坏UiPath的先发优势。如果亚马逊想要发展一家RPA公司来为企业客户服务，UiPath将会有一条相当艰难的道路。亚马逊、甲骨文或任何数量的科技企业集团都有数十亿美元用于研发。考虑到亚马逊在量子计算方面的飞跃，UiPath 可能会面临即将到来的竞争。然而，这还没有发生，都是猜测。UiPath 的创新优势有点难以匹敌，这对 UiPath 股东来说将非常有希望。</blockquote></p><p> <b>Valuation Compared to Peers</b></p><p><blockquote><b>与同行比较的估值</b></blockquote></p><p> Valuing UiPath is difficult because it doesn't have any direct peers. I found 2 peers that have similar valuation profiles to UiPath. One of the peers I am using is Check Point Software (CHKP). This company develops security software and hardware products. The next peer I chose is CyberArk (CYBR). This company operates as an IT security company servicing different companies in a variety of industries. Check Point and CyberArk have similar market caps to UiPath as mid-size SaaS companies with solid technology.</p><p><blockquote>评估UiPath很困难，因为它没有任何直接的同行。我发现有两个同行的估值情况与UiPath相似。我正在使用的同行之一是检查点软件（CHKP）。这家公司开发安全软件和硬件产品。我选择的下一个同行是赛博方舟（CYBR）。该公司是一家IT安全公司，为各行各业的不同公司提供服务。Check Point 和 CyberArk 的市值与 UiPath 相似，都是拥有扎实技术的中型 SaaS 公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ad061b6a7d5f7adf1939fd246eb49db\" tg-width=\"640\" tg-height=\"221\" width=\"100%\" height=\"auto\"><span>Source: UiPath SA Peers EV/Sales Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath SA 同行电动汽车/销售图表</span></p></blockquote></p><p> UiPath is a newly public company with limited history. However, the company's EV/Sales ratio decreased by 3/4ths in just 2 quarters. This is very encouraging as it gives investors a better basis to enter UiPath. Compared to more mature peers, UiPath is slowly moving toward an EV/Sales range of 15-20. At that point, I believe analysts may re-rate the company more positively on valuation.</p><p><blockquote>UiPath是一家新上市公司，历史有限。然而，该公司的电动汽车/销售额比率在短短两个季度内下降了四分之三。这非常令人鼓舞，因为它为投资者进入 UiPath 提供了更好的基础。与更成熟的同行相比，UiPath正在慢慢向15-20的EV/销售范围迈进。届时，我相信分析师可能会对该公司的估值给予更积极的重新评级。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/127c912d7860f925f4c6d864dd2cfbce\" tg-width=\"640\" tg-height=\"221\" width=\"100%\" height=\"auto\"><span>Source: UiPath SA Peers Diluted Weighted Average Shares Outstanding Chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：UiPath SA 同行稀释加权平均流通股图表</span></p></blockquote></p><p> Dilution is real and a major concern for UiPath shareholders. Increasing overall share count roughly 30% since IPO is one of the main reasons I can't give UiPath a bullish rating. Next year, when most of the IPO lockups expire, I will consider starting a position. Until then, I would avoid buying UiPath.</p><p><blockquote>稀释是真实存在的，也是 UiPath 股东的主要问题。自 IPO 以来，总股数增加了约 30%，这是我无法给予 UiPath 看涨评级的主要原因之一。明年，当大多数 IPO 禁售期到期时，我会考虑开始建仓。在那之前，我会避免购买UiPath。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> UiPath is a great company with a large TAM. I like UiPath's peers and growth story. I think the company will continue to sign contracts with major corporations and improve their balance sheet. One of the main concerns I have with UiPath is dilution and low revenue growth. In the coming quarters, these will be the two issues I closely examine. I give UiPath a 'Neutral' rating and look forward to what the company produces moving forward.</p><p><blockquote>UiPath是一家拥有庞大TAM的伟大公司。我喜欢UiPath的同行和成长故事。我认为公司将继续与大公司签订合同，改善他们的资产负债表。我对 UiPath 的主要担忧之一是稀释和低收入增长。在接下来的几个季度里，这将是我仔细研究的两个问题。我给予 UiPath “中性”评级，并期待该公司未来的成果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4470690-uipath-hidden-saas-giant-in-the-shadows\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"source_url":"https://seekingalpha.com/article/4470690-uipath-hidden-saas-giant-in-the-shadows","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170960930","content_text":"Summary\n\nUiPath doesn't get the attention it deserves.\nPartnerships will be crucial to achieving critical growth numbers.\nOperationally the company has been performing.\nRisks are the same as any other SaaS disruptor.\nValuation is reasonable and represents solid upside.\n\nalexsl/iStock via Getty Images\nThesis and Background\nUiPath (PATH) creates software to serve the Robotic Processes Automation market or RPA for short. The company's software helps businesses to decide which office tasks can be automated using custom software. UiPath has the potential to disrupt office life as we know it and fatten profit margins for many major companies around the world.\nSource: UiPath Q2 2022 Earnings Presentation\nThe company's software utilizes AI and machine learning to come to the best financial outcomes for each customer. In many cases, office assistant and data entry jobs are the first to go with some business analysts and other key infrastructure also being labeled obsolete. Customers pay a high price for UiPath's platform because of the marginal cost benefit their software brings the customer with every headcount reduction. The next part of UiPath's job is to actually automate the task. This in turn brings in great ARR for UiPath as the customer needs to keep UiPath on its payroll to actually carry out the job they replaced.\nSource: UiPath Q2 2022 Earnings Presentation\nThe business model is genius for a couple of reasons. Firstly, by finding the companies' weak links and replacing them, UiPath is creating a moat around their software. If a company wants to move on from UiPath, it will need to rehire the people they fired, which will likely cost more than UiPath in the first place. With a large customer base and many customers paying $100K+ every year, UiPath has a space in the future work.\nPartnerships and Integrations are Vital for Operational Execution\nThe company's future success depends on partners and vendors. UiPath's business model survives off of deep technological relationships with the most important ERPs. Currently, the company has done a great job at partnering with the most important SaaS firms for many different companies in a variety of industries. UiPath has the ability to serve many different types of clients, big and small, because of how universally many SaaS programs are in business.\nSource: UiPath Q2 2022 Earnings Presentation\nUiPath needs to be integrated into all SaaS technology platforms. This is because the company's software can do a better job at tracking employee KPIs if they are integrated with company-wide software. Big technology partners such as AWS (AMZN), Oracle (ORCL), and Salesforce (CRM) will be key integrations for UiPath. At the same time, partnering with large firms that need to figure out how to slim down their operations will also be important. Companies with large numbers of employees such as Accenture (ACN) and Deloitte could use the company's software to cut down headcount and lower their overall cost of service.\nSource: UiPath Q2 2022 Earnings Presentation\nLooking at case studies clarifies the expected return of ARR for a multitude of different businesses. The longer a company remains a customer, the more money UiPath gains from that customer. This is a great business model because it gives companies a trial period to utilize UiPath's platform. The ARR doesn't lie because businesses need the company's platform and the value it brings their enterprises.\nFinancially Able and Growing\nFor a SaaS company, UiPath performs very well financially. This is due to the company's increasing ARR and high margin products. Software inherently is a high margin business and UiPath is no exception. Scaling this technology is relatively easy as word of mouth spreads fast and software is easy to install. Moving forward, I expect a solid SaaS balance sheet from UiPath.\nSource: UiPath Q2 2022 Earnings Supplemental Slides\nOne of the more concerning problems with UiPath is lack of revenue growth. Overall revenue growth in FY 2021 was impressive at over +90%. Since then revenue growth has faltered, Q3 2022 guidance matched Q4 2021 revenues. I do believe that the company can exceed expectations through ARR growth. In future quarters, revenue will be a very important metric I look at.\nSource: (UiPath Q2 2022 Earnings Supplemental Slides)\nProfitability has been a major operational bright spot for the company. By being extremely close to being consistently profitable, the business is due for a multiple expansion. In future quarters, UiPath has a real opportunity to exceed expectations. I believe UiPath's valuation will improve as revenue increases through ARR entrenchment, profitability becomes more consistent, and analysts begin to see the opportunity to own a disruptor at a discount.\nIndustry Risks are Real\nSoftware is a brutally competitive industry. Every day, it seems like there is a new rival to 'legacy' technology. In UiPath's case, I believe they actually may be different. Unlike other SaaS services, the company gains revenue from further use of their product. Instead of a flat ARR, UiPath's is scalable. This pricing technique, if used correctly, can be a massive boon to the stock moving forward. However, I am concerned about more established ERPs disrupting UiPath's first mover advantage. If Amazon wanted to develop an RPA company to serve enterprise clients, UiPath would have quite a difficult road. Amazon, Oracle, or any number of tech conglomerates have billions of dollars to dedicate towards R&D. Considering Amazon's leaps and bounds in quantum computing, UiPath may see upcoming competition. However, this hasn't happened yet and is all speculation. UiPath's innovative edge is a bit difficult to match, which will prove very promising to UiPath shareholders.\nValuation Compared to Peers\nValuing UiPath is difficult because it doesn't have any direct peers. I found 2 peers that have similar valuation profiles to UiPath. One of the peers I am using is Check Point Software (CHKP). This company develops security software and hardware products. The next peer I chose is CyberArk (CYBR). This company operates as an IT security company servicing different companies in a variety of industries. Check Point and CyberArk have similar market caps to UiPath as mid-size SaaS companies with solid technology.\nSource: UiPath SA Peers EV/Sales Chart\nUiPath is a newly public company with limited history. However, the company's EV/Sales ratio decreased by 3/4ths in just 2 quarters. This is very encouraging as it gives investors a better basis to enter UiPath. Compared to more mature peers, UiPath is slowly moving toward an EV/Sales range of 15-20. At that point, I believe analysts may re-rate the company more positively on valuation.\nSource: UiPath SA Peers Diluted Weighted Average Shares Outstanding Chart\nDilution is real and a major concern for UiPath shareholders. Increasing overall share count roughly 30% since IPO is one of the main reasons I can't give UiPath a bullish rating. Next year, when most of the IPO lockups expire, I will consider starting a position. Until then, I would avoid buying UiPath.\nConcluding Thoughts\nUiPath is a great company with a large TAM. I like UiPath's peers and growth story. I think the company will continue to sign contracts with major corporations and improve their balance sheet. One of the main concerns I have with UiPath is dilution and low revenue growth. In the coming quarters, these will be the two issues I closely examine. I give UiPath a 'Neutral' rating and look forward to what the company produces moving forward.","news_type":1,"symbols_score_info":{"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":1129,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/876628462"}
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