Company: PATH
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001734722-25-000007
Chunk: 293

Company: UiPath, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 293
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 U.K., we now believe it is more likely than not that the U.K. DTA is realizable. Therefore, during fiscal year 2025, we released the $24.7 million valuation allowance associated with the U.K. DTA. We continue to maintain full valuation allowances against our U.S. and Romania DTAs as of January 31, 2025 because we believe based on our current evaluations that it is more likely than not that these DTAs will not be realized. We intend to maintain each of these full valuation allowances until sufficient positive evidence exists to support a reversal of, or decrease in, each of the respective valuation allowances.However, we may release our U.S. or Romania valuation allowances in future periods if objective negative evidence of cumulative losses is no longer present and positive evidence, such as projection of future growth, supports the realization of such DTAs. Release of all or a portion of these valuation allowances would result in a decrease in the provision for income taxes in the period of the release.As of January 31, 2025, we had U.S. federal NOLs of $645.8 million available to offset future taxable income, all of which can be carried forward indefinitely. As of January 31, 2024 we had U.S. federal NOLs of $827.4 million, all of which could be carried forward indefinitely.As of January 31, 2025 and 2024, we had state NOLs of $834.6 million and $824.7 million, respectively, which begin expiring in 2026.As of January 31, 2025 and 2024, we had Romania NOLs of $658.2 million and $549.9 million, respectively, which begin expiring in 2026. As of January 31, 2025 and 2024, we had Japan NOLs of $1.8 million and $6.3 million, respectively, which begin expiring in 2027. Additionally, as of January 31, 2025 and 2024, we had U.K. NOLs of $101.7 million and $118.3 million, respectively, which may be carried forward indefinitely.Pursuant to Section 382 of the IRC, annual use of our U.S. NOLs may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. We determined that two such ownership changes have occurred. The first