Company: PATH
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001734722-25-000007
Chunk: 210

Company: UiPath, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 210
---
,459 587 Lease liabilities8,255 11,563 Other6,428 5,602 Total deferred tax assets, gross472,272 518,735 Less: valuation allowance(406,251)(470,040)Total deferred tax assets, net of valuation allowance66,021 48,695 Deferred tax liabilities:Intangible assets(1,431)(2,409)Foreign exchange(34)(37)Right-of-use assets(5,728)(8,957)Commissions(30,871)(32,747)Other(3,791)— Total deferred tax liabilities(41,855)(44,150)Net deferred tax assets$24,166 $4,545 Net deferred tax assets$27,963 $4,678 Net deferred tax liabilities (included in other liabilities, non-current)(3,797)(133)Net deferred tax assets$24,166 $4,545 

111

UiPath, Inc.Notes to Consolidated Financial Statements 

The table below details our DTA valuation allowances and the changes therein for the periods presented (in thousands):BeginningBalanceAdditions During the PeriodReductions During the PeriodEndingBalanceYear ended January 31, 2025$470,040 $17,314 $(81,103)$406,251 Year ended January 31, 2024$476,589 $5,474 $(12,023)$470,040 For fiscal year 2025, we recorded a net decrease in valuation allowance of $63.8 million, which consists of a valuation allowance release of $24.7 million related to our U.K. entity, based on our reassessment of the amount of the U.K. DTAs that are more likely than not to be realized, and a net decrease of $39.1 million related to a decrease in net DTAs associated with our U.S., Romania, and U.K. entities. For fiscal year 2024, we recorded a net decrease in valuation allowance of $6.5 million, driven by a decrease in Romania and U.K. net DTAs.The realization of tax benefits of net DTAs is dependent upon future levels of taxable income of an appropriate character in the periods the items are expected to be deductible or taxable. As of January 31, 2025, based on the available positive and negative evidence, including the amount of taxable income in the U.K. in recent years and our expectations of future profits in the