I'm joined here with [inaudible]. So I think most investors here understand the story, understand the name, so we don't need to go into, you know, what it is and what you do. But maybe to set the stage, you know, Q1 was a reset quarter. We talked about execution slipped maybe a little bit, macro was tighter. Q2 was much better. Execution improved, macro stable. So help us understand what you're pointing here. Yes. First, thanks for having me. When you look at the company today, I think Q2 was about getting back to our roots, being lean, being scrappy. When we say scrappy, that means, like, making fast, efficient decisions that are meant for the customer. So if you look at our evolution, you know, I'll just step back. We're, to me, a great company, $1.5 billion, $1.551 billion of ARR, growing 19%. You know, we have ASC 606 revenue accounting, so our revenue's growing 10%, but that moves up and down. You look at it over a trailing twelve-month period, correlates very good, correlates very well. We're gonna generate $325 million of cash flow. We just increased that $25 million. So when you take a company like that and you say, "From Q1 to Q2, what were the focus areas?" I would put it in three buckets. The first is getting back to our roots in terms of less of a big company mindset. We've built a lot of central organizations. Central organizations do two things. One is they tend to spend money, and so your margins get depressed. But the second is they put you further away from the field, they put you further away from the customer. While that may sound soft, that is very tangible in a place where you want to connect, make sure the narrative is there, especially in a world where everybody's getting hit with so many different narratives. The second piece was just continuing to deliver and do fundamentals on our execution. Less PowerPoints, going into the details deeper on deal inspection, pipeline generation, and execution overall. You saw some of the things we talked about in the Q1 are sales compensation. That's an easy fix. That doesn't require four weeks or seven weeks worth of effort. So just getting into that mindset around that. And the third is, frankly, continuing our leadership in our product roadmap and our narrative. When you think about the agentic wave that is there, we are perfectly positioned today to capture that area. We believe that AI and automation are fundamentally linked together. Our customers say that. One of our CIOs has said, "We start with AI, we end in automation." Continuing to execute against our product roadmap, rolling out Autopilot, which has great early adoption in that area, and continuing to innovate in areas like Intelligent Document Processing, process orchestration, which we see as really having tangible benefits to the company. Makes sense. And, you know, maybe sticking on macro for one second. Q1, it was deal scrutiny and sales elongation were kind of the number one talked about kind of priority here. It sounds like Q2 was, it's not getting better necessarily, but it's not worsening. So what are you seeing in underlying budgets, underlying spending, and then what are you projecting out for the H2 of the year and how that's gonna change? Yeah, you know, stable is what we've characterized it. We really have seen no change. I do wanna define quickly what that means to us. That means that things are variable, right? Different parts of the market act differently in different areas. Like, we saw pockets of strength in certain industry verticals, and then the next quarter, it kinda tends to, like, move around. The second piece, what we mean is the lower end of the market, that commercial segment, this SMB segment, that is where we see outsized pressure, just generally in terms of decisions. With respect to budgets, budgets are there. You have to win them based on ROI, and that, to me, puts us in really good position, which is why I think we continue to grow 19% at scale. Where budgets are flowing is where they see ROI coming, and so that scrutiny around that is important. What we do see is the AI confusion continues in the market. People are just throwing out the buzzwords, and so it's taking time for customers to walk through. And so when we show the demos, when we show our product roadmap, that's where we win. Makes sense. And it's a, it's a perfect segue to the next question. Kind of it wouldn't be a keynote without talking AI, but every software vendor, from contact center vendors to, you know, Salesforce and everybody else, is talking about AI. And so it leads to this confusion, to your point, of where do people fit in this AI ecosystem, AI landscape? So in your view, how do you pitch to investors where you fit in this ecosystem, and then why you win? Essentially, what's your differentiation? I would put three bullets for everybody to remember. First is, AI has been an authentic part of our platform for over five years. If you look at the way that we can see a screen, it's beyond screen scraping, it's true computer vision. That has AI capabilities, that has been built in. If you look at intelligent document processing, that has used natural language processing for a while in terms of interpreting and reading documents, and Daniel's been talking about, you know, he used to call it semantic automation, Daniel, our CEO and founder. Semantic automation is basically akin to what ChatGPT does, and so we've already been working to infuse it. So that's bullet one. The second piece is AI inherently is linked to automation. You know, one of our customers, I mentioned it, says: "Conversation starts with AI, it ends with automation." And so that is where you get ROI. You can have intelligence, you can have insights, you need to be able to take action. That is where our automation platform stays. The third piece I would say is, really in this agentic wave, if you look at what our platform does, our platform is able to execute automated tasks from deterministic to increasing probabilistic. And as you move to a probabilistic mindset, you start moving into that agentic area. And so I'll just characterize it really quick. If you take a workflow, and you have a workflow that is there, there's a series of steps that are that are completed. Some of those steps are done through rules-based. That is where you can infuse AI, like Computer Vision. Some of them, you want to be able to make a decision, like how to summarize an email, right? Those capabilities exist in the market. What doesn't exist in the market is to be able to integrate it into a workflow and then govern the entire workflow. That is where UiPath's platform really shines. Got it. And so when you are in these bake-offs for automation and process automation, specifically, how often are customers putting you up against an internally built solution or something they can say, "Hey, we can leverage all these new LLMs, all this new AI tech, and build it ourselves? Great question. The first is we don't compete against them generally, because our platform is open. So we have document processing. Where you see it the most is around document understanding, right? We don't feel the need to create the capability to summarize an email, to read an email. We can leverage that in open source technology, and if a customer wants to give that to us, that's great. In document processing, they can use our IDP because our models are already trained. They use both specialized general and specialized AI to be able to do that. If customers want to infuse their own AI, we allow them to. What customers still need is the ability to act across. So you can have AI that gives you LLMs, that can read the email. They can't book the service call in a call center, right? They can't automatically route the call in a contact center. They can't submit the customs form in a manufacturing plant. That is where our platform can integrate, no matter where a customer brings in their own AI or leverages our AI capabilities. Makes sense. And, you know, one kind of piece of AI that's talked about more and more is essentially the value of the data underneath, and you can kind of see competitive moats being created by who has the data and differentiated data. So can you talk about the data advantage that you guys have that- Yeah Separates you from others? First of all, UiPath's been around for 17 years. Daniel's been. So when you look at the number of screens that we can see, that is just unprecedented in terms of how many screens we actually have. Everything from homegrown applications to international applications, to your, your main, your normal mainstream applications that are there. In addition to data, we also have, in addition to data on screens, documents. We have hundreds and thousands or thousands of documents. If you go to our IR website, we actually posted, I think, two great demos. We had one on our earnings, but you can see one, that's there. The IRS, we can understand tax forms in a really differentiated way. That's why the IRS commissioner is standing on stage with UiPath, talking about how our platform is their productivity tool, as they go forward. Plasma screening, when you do blood banks, to be able to read and to be able to assess blood, you lose 20% of donations just because of false readings. We're able to start doing those types of use cases, and as we're doing them, we're able to capture that data, so we can scale that across healthcare. Makes sense. And, you know, one thing that we're hearing more and more is the breadth of AI decisions can sometimes slow down decision-making, or it just takes longer for customers to decide what they actually want to do. When you're in those bake-offs, do you have a North Star metric of time to value, productivity savings? Like- Right ... what are customers evaluating you specifically on? Hours saved is the most common metric that's there, that can be translated into dollars very easily. Then from there, it can either be, they can reinvest that savings into capacity or into productivity. That's their choice. The second common metric that you see is data quality. One thing that happens is, humans tend to make more mistakes, right, than rules-based and agentic-based type of processes. When we're able to do that, we're able to infuse those types of capabilities, and people are looking at just general data quality and capacity that we're creating for their workforce. Makes sense, and so, you know, Q1 and Q2, you kind of talked about this focus on shifting away from quantity of customers to more quality of customers, focusing on landing bigger, stickier, higher quality customers. How has that impacted your go-to-market motion? Are you seeing more direct, more partner? Any sort of learnings as you're going through this? Yeah, great question. We have 10,800 customers. We did have our Q1 of new logo growth, quarter net customer adds that are there. At the same time, we don't celebrate that metric, in the same way we don't, you know, degrade the metric, you know, depending on the trend. Our focus is not on quantity, and what I define as quantity is we can go out and get 1,000 five-person law firms, right? But they're gonna be high cost to acquire, and they're going to have limited propensity to scale or to expand. Our focus is going on great logos. Earlier this year, we landed Workday. That's a logo that is incredible for us to be able to go after, right? Has a lot of large enterprise, has a lot of value. They're using their own internal applications, but they still need UiPath. That speaks to our AI and our differentiated capability that's there. That's really what we're focused on. We do love our partner ecosystem to go and bring UiPath's platform to as many of the smaller businesses as possible... and that is an area when we're talking about execution, that we can continue to do a better job of giving a better partner program and having a more coordinated strategy, which is one of the items that we're working on. Makes sense. And, you know, one thing you've talked about is this, call it platformization, is a key driver of your NRR. Essentially, the ability to not just sell one-point solution, but multiple suites of your products underneath. Where are we at in terms of penetration of multiple suites within customers? And then how far could this go? Could this be every single customer adopts every single platform, or kind of what's the vision there? Yeah, so we really believe that end-to-end automation is a differentiating factor. There are some people who have RPA, but they don't have document processing. There are people who have document processing, but don't have test automation. We have everything in our platform. There are people who have process mining that don't have RPA, right? We have process mining. We're listed in Gartner, Everest, Forrester, as leaders in many of these categories. To answer your question specifically, the penetration is improving. When you look at our top, our $1 million-plus customers, we have 291 customers that have $1 million or more of ARR. That is growing 15%. The majority of those customers use multiple elements of our platform already. Our hundred-thousand-dollar cohort, customers with $100,000 or more, that's greater than 2,000 customers. They're starting to just use more of our platform, and then we have a tail of customers that we are moving along the chain to be able to use multiple areas of our platform, and so that is a key strategy for us. Makes sense. And one thing we're hearing is, essentially, these, like, transformational budgets are where we're seeing more pressure. So customers are willing to say, "Hey, we wanna do the document processing, but we're gonna maybe stick there for a little bit longer." Are you seeing that in your sales cycle, specifically, where it's, you know, the point solution land is still very similar, but you're just not seeing that same kind of acceleration of expansion? No, I don't, I don't think so. I think it's really just around deal timing and deal scrutiny overall. I will tell you, like, where you look at our pipeline, our win rates continue to be very high. So it's not like somebody comes and says, "Here's a $500,000 deal, but I can afford $100,000." That's not really what it is. It's a $500,000 deal. Well, we now have 50 people that, you know, that are going and having an opinion on the future. "We love UiPath, we've just gotta take it through the process." That's the difference that I see today. Got it. And one debate I've heard a couple of investors having, and may not pertain to you as much, but there's this pushback of there's a big IT outage, and because they were essentially all on one IT vendor, their whole platforms went down. And so there's some debate as, does that create a less willingness to, say, adopt a full suite offering, and they'd rather stick with point solution, point solution? On cyber, yes. Like, I should say that actually. On cyber, I don't know, because I'm not a cyber expert. For me, what I've heard from customers is that our automation platform works end-to-end. The openness of our architecture allows them to be able to integrate different aspects of their own platforms and their own staff within us. And then the third piece of it is, when you just look at where we are, our cloud disposition. We're a cloud-first company, but we have we support on-prem, hybrid, and cloud. When you start looking at it that way, many customers have a lot of flexibility already. They don't feel locked in with the UiPath. Makes sense, and so, you know, kind of getting to the new products that you announced here in Q2, you know, it was GenAI capabilities, specialized LLMs, and then Autopilot, I feel like, was the big one, but help us understand, you know, what are you most excited about, about the new products here, and then how should we think about the contribution of these new products to revenue and kind of set that up? So look, just start with: What's the total cost of ownership? If we all agree that ROI is a key element of it, total cost of ownership is, you know, your base of an ROI discussion. 80% of the cost of development is development. So what Autopilot does is bring natural language, akin to Copilot or akin to many areas, so that you can develop automations faster. That's kind of the first piece. The second is, it enables democratization. It doesn't mean democratization of just development, democratization of usage. So if you look at some of the demos that we have on our website, now a business user can access an automation that has been built in a way that it feels like it's an application that they're interacting with. That's another area that Autopilot really helps, because it can prompt you, right? An example is, "Send me my travel documents." It can understand that. It can gives you a front end using our Autopilot capabilities, that's able to be there. What is great is, we've also put in the Microsoft Copilot as a plugin. We don't compete against Microsoft Copilot. Microsoft Copilot is for Microsoft. UiPath's Autopilot is for our platform. When you but there is tons of use cases where they work together, and that's another reason why Microsoft's actually called us their preferred automation vendor. Yeah, and that makes a ton of sense. Maybe, you know, on... You talked about in Q2, where the, you know, innovation in the pipeline is going to be accelerating here as you focus on more products. As we think about these coming to market, are they gonna be more focused on how do we cross-sell and upsell the existing base? Or should we expect some of these adjacencies in GenAI to help you land net new customers in adjacent offerings? I think, first, your roadmap is fundamental for you to be able to continue to land new customers and to expand, and we feel very well positioned there. The second piece of it is, we're really on our early products. Our first focus is adoption. Like, one of the feedbacks that we've gotten from CIOs and CEOs is, you know, like, we're getting nickeled and dimed for every feature that's coming out of here. So I think there could be short-term gain with long-term loss. Our goal is to really go drive adoption, make sure there is good value in that area, and then be able to decide what is the best monetization engine that we have there. We see everything. The reason why we're investing is we do believe there is an ROI for us. It's just a question of how do you extract it? More automation's going in, more documents getting processed, or direct monetization. As long as we get adoption, both of those can be true. Makes sense. You brought up a point that we hear a bunch from investors is the Microsoft dynamic. Essentially, you know, this has always been, call it a boogeyman in the space of how are you competitive with them? How are you coopetition with them? So help us understand where you compete, why you see them as a competitor or maybe not as a competitor, and how you kind of shape that up. So first, let's lay out a couple, like, kind of base features. Microsoft stood on stage with us and said we are their preferred automation vendor. They take to their marketplace, and they retire, they incentivize their sales force to support our sale. That's not an outright competitor in any way, shape, or form. Where Microsoft does have capabilities that does compete with us is in personal productivity. Let's define the two of them. Fortune 500 healthcare company. Personal productivity is download my email attachments and store them in this folder. Enterprise-grade productivity is take a 162-step process for processing a claim that costs thousands of dollars for each transaction, and automate that workflow going through the system. Microsoft competes on area one. They do not compete on area two, on the claims processing, as an example. Second, the majority of our ARR and value is in that area two, right? That is there. So that's kind of the way that I would frame it. Now, Microsoft comes in, and they will go through, and they will look at that personal productivity space. We can also do the same things. Is that a high-value area for us? No. So we're open to that, you know, being more of a competitive area. Frankly, it's the enterprise-grade productivity that has driven our growth and will continue to drive our growth. Makes sense. We do have five minutes left. I'll open it up and see if there's any questions out in the audience. Yeah. Just on the go-to-market side, you guys are trying to, you know, unfold the classification theme, but how are you guys thinking about incentivizing your sales to maybe drive that cross-sell a little bit better in terms of either funneling activities or how it? So the first piece is, we do incentivize them on net new ARR, and like I said, if the majority of your million-dollar-plus customers are formed through multiple ends of the platform, sometimes the smell itself will lead people, you know, to the kitchen, so to speak. I don't have to incentivize them further. At the same time, we do measure them, so we put the metrics out in the open, both at an aggregate level, like, at different territory levels, to talk about what is your cross-sell goal that is there? We have the same discussion from a cloud standpoint, right? What we don't want to do is we want people to be selling the platform, but we don't want to artificially be putting capabilities into an account that are not going to get utilized, that will lead to downsell. So net new ARR is still our fundamental metric, but providing visibility and tracking on how our pipeline is progressing, that's the second area. Maybe sticking with go-to-market for a second. You know, your AI suite is fundamentally changed. You're seeing a bunch of innovation there. How do you think about your use case or suite that's the spear in your go-to-market? Essentially, what are you landing with customers most often, and what resonates to get those kind of new customers on board? Look, RPA is still the area that people will go into. You know, I think one of the negatives of the AI generation is it feels like anything that was any other technology is considered old school, and I don't think that's true. If you look at Gartner's latest market projections, RPA is going to have a 17% CAGR over three years. That's a great, healthy market to be going after. That shows the need and the value that is there. So I think the first thing is RPA is a good entry point for many of our customers. The second thing is SAP. So we've talked about our SAP partnership. If you look at different customers, and I can't name them publicly, but we're already seeing traction where in their S/4HANA migration to keep a cleaner core, less customization of their cloud instance. And by using our test automation platform, they're able to do that. That is a great engine, in my mind, of attracting new customers and new capabilities. And the third is Test Suite. So testing is a very low barrier to entry for us. It's what our software already does. We landed the largest Test Suite deal in our history in this quarter. Really going into Salesforce testing, so testing that company's Salesforce instance and some of their ERP instances as they're doing migrations. Those are three great avenues for us. Makes sense. And, you know, maybe as a last question here, you still have a bunch of cash on your balance sheet. You just upsized the repurchase. Kind of, how are you thinking about your capital allocation going forward? Is there any sort of appetite for large, transformative kind of deals, or is this going to be, you know, return capital to shareholders? Listen, on the M&A front, I think we're going to be opportunistic, and we'll look at tuck-ins. We've demonstrated that. I don't think we feel like we need to do it to prove a point. I think it's got to be real value at the right economic value, and that's the discipline that we want to drive. In terms of the share buyback, we're really pleased with the progress we've made. Almost doing 34 million shares, bringing that back, that shows a real commitment. As you said, our board has authorized another $500 million of an increase. Look, we look at our stock, and we're going to be opportunistic about it, you know, and do the best thing for shareholders as well as for the company in total. I'll end that with, again, $1.5 billion, growing 19%, $325 million in cash generation, and we still are saying there's more efficiency to be had, and there is more growth in our minds that can lead to from better execution. That's a great company to invest in, and we'll be the first to invest in it. Yeah, makes a ton of sense. Well, I think we're up on our time. So Ashim, thank you so much for your time, and thank you all for being here and listening. Thanks so much. Yeah. Thank you.