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    Yext Announces Third Quarter Fiscal 2025 Results

    12/9/24 4:05:00 PM ET
    $YEXT
    EDP Services
    Technology
    Get the next $YEXT alert in real time by email
    • Revenue of $114.0 million, up 13% year-over-year, driven by the integration of Hearsay Systems
    • GAAP Net loss of $12.8 million, or $0.10 per share, basic, and inclusive of costs associated with the completion of the acquisition of Hearsay Systems
    • Non-GAAP net income of $15.6 million, or $0.12 per share, basic, and Adjusted EBITDA of $23.1 million
    • Total ARR increased to $441.8 million
    • Full-year outlook updated to $420.3 million to $420.8 million of Revenue and $67.0 million to $67.5 million of Adjusted EBITDA

    Yext, Inc. (NYSE:YEXT), the leading digital presence platform for multi-location brands, today announced its results for the three months ended October 31, 2024, or the Company's third quarter of fiscal year 2025.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241209740722/en/

    (Graphic: Yext)

    (Graphic: Yext)

    For more detailed information on the Company's operating and financial results for the third quarter fiscal 2025, as well as the Company's outlook for its fourth quarter and fiscal year 2025, please reference the Letter to Shareholders on its Investor Relations website at investors.yext.com.

    "Our fiscal third quarter results demonstrate our continued ability to drive operating efficiencies, make significant margin improvements and generate bottom-line growth," said Mike Walrath, Yext Chairman and CEO. "We are pleased with our progress in integrating Hearsay Systems and have rolled out enhanced social capabilities to our combined customer base. We are seeing increased interest in our platform in a rapidly evolving environment where fragmented search and generative AI are increasingly top of mind, and we remain confident that our overall top-line growth will accelerate over the long term as we help our customers navigate the complexity of this environment."

    Readers are encouraged to review the tables labeled "Reconciliation of GAAP to Non-GAAP Financial Measures" at the end of this release.

    Conference Call Information

    Yext will host a conference call today at 5:00 P.M. Eastern Time (2:00 P.M. Pacific Time) to discuss its financial results with the investment community. A live webcast of the call will be available on the Yext Investor Relations website at http://investors.yext.com. To participate in the live call by phone, the dial-in is available domestically at (877) 883-0383 and internationally at (412) 902-6506, passcode 1137113.

    A replay will be available domestically at (877) 344-7529 or internationally at (412) 317-0088, passcode 8655569, until midnight (ET) December 16, 2024.

    About Yext

    Yext (NYSE:YEXT) is the leading digital presence platform for multi-location brands, with thousands of customers worldwide. With one central platform, brands can seamlessly deliver consistent, accurate, and engaging experiences and meaningfully connect with customers anywhere in the digital world. Yext's AI and machine learning technology powers the knowledge behind every customer engagement, automates workflows at scale, and delivers actionable cross-channel insights that enable data-driven decisions. From SEO and websites to social media and reputation management, Yext enables brands to turn their digital presence into a differentiator.

    Statement Regarding Forward-Looking Information

    This release and the related shareholder letter and conference call include forward-looking statements including, but not limited to, statements regarding our revenue, non-GAAP net income (loss), shares outstanding and Adjusted EBITDA for our fourth quarter and full year fiscal 2025 and general expectations beyond that fiscal year; statements regarding the expected effects of our acquisition and integration of Hearsay Social, Inc. ("Hearsay"); and statements regarding our expectations regarding the growth of our company, our market opportunity, product roadmap, sales efficiency efforts, cost saving actions, and our industry as well as the same for our acquisition and integration of Hearsay. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend," "potential," "might," "would," "continue," or the negative of these terms or other comparable terminology. Actual events or results may differ from those expressed in these forward-looking statements, and these differences may be material and adverse.

    We have based the forward-looking statements contained in this release and discussed on the call primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, strategy, short- and long-term business operations, prospects, business strategy and financial needs. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, our ability to renew and expand subscriptions with existing customers, especially enterprise customers, and attract new customers generally; our ability to successfully expand and compete in new geographies and industry verticals; our ability to integrate Hearsay's business with ours; our ability to retain personnel necessary for the success of our acquisition and integration of Hearsay; the quality of our sales pipeline and our ability to convert leads; our ability to expand and scale our sales force; our ability to expand our service and application provider network; our ability to develop or acquire new product and platform offerings to expand our market opportunity; our ability to release new products and updates that are adopted by our customers; our ability to manage our growth effectively; weakened or changing global economic conditions, downturns, or uncertainty, including higher inflation, higher interest rates, and fluctuations or volatility in capital markets or foreign currency exchange rates; the number of options exercised by our employees and former employees; and the accuracy of the assumptions and estimates underlying our financial projections. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our SEC filings and public communications, including, without limitation, in the sections titled, "Special Note Regarding Forward Looking Statements" and "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are available at http://investors.yext.com and on the SEC's website at https://www.sec.gov.

    The forward-looking statements made in this release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date hereof or to conform such statements to actual results or revised expectations, except as required by law.

    Non-GAAP Measurements

    In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), this release and the accompanying tables include non-GAAP net income (loss), non-GAAP net income (loss) per share, and non-GAAP net income (loss) as a percentage of revenue, which are referred to as non-GAAP financial measures.

    These non-GAAP financial measures are not calculated in accordance with GAAP as they have been adjusted to exclude the effects of stock-based compensation expenses, acquisition-related costs, and amortization of acquired intangibles. Acquisition-related costs include transaction and related costs, subsequent fair value movements in contingent consideration, and compensation arrangements. Non-GAAP net income (loss) as a percentage of revenue is calculated by dividing the applicable non-GAAP financial measure by revenue. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) on a per share basis. We define non-GAAP net income (loss) per share, basic, as non-GAAP net income (loss) divided by weighted average shares outstanding and non-GAAP net income (loss) per share, diluted, as non-GAAP net income (loss) divided by weighted average diluted shares outstanding, which includes the potentially dilutive effect of the company's employee equity incentive awards.

    In addition, beginning in fiscal 2025, we are utilizing a projected tax rate of 25% in our computation of the non-GAAP income tax provision. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

    We believe these non-GAAP financial measures provide investors and other users of our financial information consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our results of operations. With respect to non-GAAP net income (loss) as a percentage of revenue, we believe this non-GAAP financial measure is useful in evaluating our profitability relative to the amount of revenue generated, excluding the impact of stock-based compensation expense, acquisition-related costs, and amortization of acquired intangibles. We also believe non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics eliminate the effects of stock-based compensation and certain acquisition-related costs, which may vary for reasons unrelated to overall operating performance.

    We also discuss Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP financial measures that we believe offer a useful view of overall operations used to assess the performance of core business operations and for planning purposes. We define Adjusted EBITDA as GAAP net income (loss) before (1) interest income (expense), net, (2) benefit from (provision for) income taxes, (3) depreciation and amortization, (4) other income (expense), net, (5) stock-based compensation expense, and (6) acquisition-related costs. The most directly comparable GAAP financial measure to Adjusted EBITDA is GAAP net income (loss). Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to GAAP net income (loss) as a measure of operating performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue.

    Beginning with the three months ended July 31, 2024, we revised our definitions of Non-GAAP net income (loss) and Adjusted EBITDA to adjust for the effects of certain acquisition-related costs prompted by our recent acquisition of Hearsay. We believe these changes provide investors with a view of continuing core operations without the effects of unusual activity specific to acquisition-related accounting. These adjustments do not omit or adjust for the inclusion of ongoing operations of acquisitions.

    We have recast our results on the same basis for the prior comparative periods presented, although the effects in those periods remain unchanged, as no such acquisition-related activity had occurred.

    We use these non-GAAP financial measures in conjunction with traditional GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, and to evaluate the effectiveness of our business strategies. Our definition may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, nor superior to or in isolation from, measures prepared in accordance with GAAP.

    These non-GAAP financial measures may be limited in their usefulness because they do not present the full economic effect of our use of stock-based compensation and certain acquisition-related costs. We compensate for these limitations by providing investors and other users of our financial information a reconciliation of the non-GAAP financial measure to the most closely related GAAP financial measures. However, we have not reconciled the non-GAAP guidance measures (i.e.,"Financial Outlook") to their corresponding GAAP measures because certain reconciling items such as stock-based compensation, certain acquisition-related costs, and the corresponding provision for income taxes depend on factors such as the stock price at the time of award of future grants, and certain purchase accounting adjustments including subsequent measurements, among others, and thus cannot be reasonably predicted. Accordingly, reconciliations to the non-GAAP guidance measures is not available without unreasonable effort. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with GAAP net income (loss) and net income (loss) per share.

    We have not reconciled our forward-looking Adjusted EBITDA to its most directly comparable GAAP financial measure of net income (loss). Information on which this reconciliation would be based on is not available without unreasonable efforts due to the uncertainty and inherent difficulty of predicting within a reasonable range, the timing, occurrence and financial impact of when such items may be recognized. In particular, Adjusted EBITDA excludes certain items including interest income (expense), net, provision for income taxes, depreciation and amortization, other income (expense), net, stock-based compensation expense, and acquisition-related costs.

    Operating Metrics

    This release also includes certain operating metrics that we believe are useful in providing additional information in assessing the overall performance of our business.

    Annual recurring revenue, or ARR, for Direct customers is defined as the annualized recurring amount of all contracts in our enterprise, mid-size and small business customer base as of the last day of the reporting period. The recurring amount of a contract is determined based upon the terms of a contract and is calculated by dividing the amount of a contract by the term of the contract and then annualizing such amount. The calculation assumes no subsequent changes to the existing subscription. Contracts include portions of professional services contracts that are recurring in nature.

    ARR for Third-party Reseller customers is defined as the annualized recurring amount of all contracts with Third-party Reseller customers as of the last day of the reporting period. The recurring amount of a contract is determined based upon the terms of a contract and is calculated by dividing the amount of a contract by the term of the contract and then annualizing such amount. The calculation assumes no subsequent changes to the existing subscription. The calculation includes the annualized contractual minimum commitment and excludes amounts related to overages above the contractual minimum commitment. Contracts include portions of professional services contracts that are recurring in nature.

    Total ARR is defined as the annualized recurring amount of all contracts executed as of the last day of the reporting period. The recurring amount of a contract is determined based upon the terms of a contract and is calculated by dividing the amount of a contract by the term of the contract and then annualizing such amount. The calculation assumes no subsequent changes to the existing subscription, and where relevant, includes the annualized contractual minimum commitment and excludes amounts related to overages above the contractual minimum commitment. Contracts include portions of professional services contracts that are recurring in nature.

    ARR is independent of historical revenue, unearned revenue, remaining performance obligations or any other GAAP financial measure over any period. It should be considered in addition to, not as a substitute for, nor superior to or in isolation from, these measures and other measures prepared in accordance with GAAP. We believe ARR-based metrics provides insight into the performance of our recurring revenue business model while mitigating fluctuations in billing and contract terms.

    Dollar-based net retention rate is a metric we use to assess our ability to retain our customers and expand the ARR they generate for us. We calculate dollar-based net retention rate by first determining the ARR generated 12 months prior to the end of the current period for a cohort of customers who had active contracts at that time. We then calculate ARR from the same cohort of customers at the end of the current period, which includes customer expansion, contraction and churn. The current period ARR is then divided by the prior period ARR to arrive at our dollar-based net retention rate. Any ARR obtained through merger and acquisition transactions does not affect the dollar-based net retention rate until one year from the date on which the transaction closed. The cohorts of customers that we present dollar-based net retention rate for include direct, third-party reseller, and total customers. Direct customers include enterprise, mid-size and small business customers.

     

    YEXT, INC.

    Condensed Consolidated Balance Sheets

    (In thousands, except share and per share data)

    (Unaudited)

     

     

    October 31, 2024

     

    January 31, 2024

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    100,484

     

     

    $

    210,184

     

    Restricted cash, current

     

    11,671

     

     

     

    —

     

    Accounts receivable, net of allowances of $1,468 and $1,013, respectively

     

    57,778

     

     

     

    108,198

     

    Prepaid expenses and other current assets

     

    17,353

     

     

     

    14,849

     

    Costs to obtain revenue contracts, current

     

    21,447

     

     

     

    26,680

     

    Total current assets

     

    208,733

     

     

     

    359,911

     

    Property and equipment, net

     

    42,246

     

     

     

    48,542

     

    Operating lease right-of-use assets

     

    70,124

     

     

     

    75,989

     

    Restricted cash, non-current

     

    5,850

     

     

     

    —

     

    Costs to obtain revenue contracts, non-current

     

    11,649

     

     

     

    16,710

     

    Goodwill

     

    105,020

     

     

     

    4,478

     

    Intangible assets, net

     

    87,986

     

     

     

    168

     

    Other long term assets

     

    8,735

     

     

     

    3,012

     

    Total assets

    $

    540,343

     

     

    $

    508,810

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable, accrued expenses and other current liabilities

    $

    62,111

     

     

    $

    38,766

     

    Unearned revenue, current

     

    160,855

     

     

     

    212,210

     

    Operating lease liabilities, current

     

    18,380

     

     

     

    16,798

     

    Total current liabilities

     

    241,346

     

     

     

    267,774

     

    Operating lease liabilities, non-current

     

    80,293

     

     

     

    89,562

     

    Contingent consideration, non-current

     

    40,107

     

     

     

    —

     

    Other long term liabilities

     

    18,635

     

     

     

    4,300

     

    Total liabilities

     

    380,381

     

     

     

    361,636

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock, $0.001 par value per share; 50,000,000 shares authorized at October 31, 2024 and January 31, 2024; zero shares issued and outstanding at October 31, 2024 and January 31, 2024

     

    —

     

     

     

    —

     

    Common stock, $0.001 par value per share; 500,000,000 shares authorized at October 31, 2024 and January 31, 2024; 152,424,199 and 148,197,347 shares issued at October 31, 2024 and January 31, 2024, respectively; 128,010,487 and 124,867,093 shares outstanding at October 31, 2024 and January 31, 2024, respectively

     

    152

     

     

     

    148

     

    Additional paid-in capital

     

    983,358

     

     

     

    942,622

     

    Accumulated other comprehensive loss

     

    (4,501

    )

     

     

    (4,183

    )

    Accumulated deficit

     

    (699,845

    )

     

     

    (679,172

    )

    Treasury stock, at cost

     

    (119,202

    )

     

     

    (112,241

    )

    Total stockholders' equity

     

    159,962

     

     

     

    147,174

     

    Total liabilities and stockholders' equity

    $

    540,343

     

     

    $

    508,810

     

     

    YEXT, INC.

    Condensed Consolidated Statements of Operations and Comprehensive Loss

    (In thousands, except share and per share data)

    (Unaudited)

     

     

    Three months ended October 31,

     

    Nine months ended October 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

    $

    113,989

     

     

    $

    101,164

     

     

    $

    307,866

     

     

    $

    303,215

     

    Cost of revenue

     

    26,247

     

     

     

    22,066

     

     

     

    70,086

     

     

     

    65,809

     

    Gross profit

     

    87,742

     

     

     

    79,098

     

     

     

    237,780

     

     

     

    237,406

     

    Operating expenses:

     

     

     

     

     

     

     

    Sales and marketing

     

    43,667

     

     

     

    45,355

     

     

     

    128,878

     

     

     

    136,942

     

    Research and development

     

    21,070

     

     

     

    18,291

     

     

     

    56,709

     

     

     

    53,934

     

    General and administrative

     

    33,373

     

     

     

    17,233

     

     

     

    75,553

     

     

     

    53,774

     

    Total operating expenses

     

    98,110

     

     

     

    80,879

     

     

     

    261,140

     

     

     

    244,650

     

    Loss from operations

     

    (10,368

    )

     

     

    (1,781

    )

     

     

    (23,360

    )

     

     

    (7,244

    )

    Interest income

     

    823

     

     

     

    1,922

     

     

     

    5,578

     

     

     

    5,296

     

    Interest expense

     

    (222

    )

     

     

    (173

    )

     

     

    (738

    )

     

     

    (334

    )

    Other expense, net

     

    (55

    )

     

     

    (70

    )

     

     

    (397

    )

     

     

    (687

    )

    Loss from operations before income taxes

     

    (9,822

    )

     

     

    (102

    )

     

     

    (18,917

    )

     

     

    (2,969

    )

    Provision for income taxes

     

    (2,977

    )

     

     

    (366

    )

     

     

    (1,756

    )

     

     

    (1,348

    )

    Net loss

    $

    (12,799

    )

     

    $

    (468

    )

     

    $

    (20,673

    )

     

    $

    (4,317

    )

     

     

     

     

     

     

     

     

    Net loss per share attributable to common stockholders, basic and diluted

    $

    (0.10

    )

     

    $

    —

     

     

    $

    (0.16

    )

     

    $

    (0.03

    )

    Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted

     

    128,036,993

     

     

     

    124,239,180

     

     

     

    126,668,394

     

     

     

    123,962,358

     

     

     

     

     

     

     

     

     

    Other comprehensive (loss) income:

     

     

     

     

     

     

     

    Foreign currency translation adjustment

    $

    (144

    )

     

    $

    (876

    )

     

    $

    (324

    )

     

    $

    (722

    )

    Unrealized gain on marketable securities, net

     

    2

     

     

     

    16

     

     

     

    6

     

     

     

    4

     

    Total comprehensive loss

    $

    (12,941

    )

     

    $

    (1,328

    )

     

    $

    (20,991

    )

     

    $

    (5,035

    )

     

    YEXT, INC.

    Condensed Consolidated Statements of Cash Flows

    (In thousands)

    (Unaudited)

     

     

    Nine months ended October 31,

     

     

    2024

     

     

     

    2023

     

    Operating activities:

     

     

     

    Net loss

    $

    (20,673

    )

     

    $

    (4,317

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Depreciation and amortization expense

     

    12,101

     

     

     

    12,625

     

    Bad debt expense

     

    1,017

     

     

     

    589

     

    Stock-based compensation expense

     

    37,091

     

     

     

    34,335

     

    Amortization of operating lease right-of-use assets

     

    6,471

     

     

     

    6,739

     

    Adjustments to contingent consideration

     

    607

     

     

     

    —

     

    Other, net

     

    (751

    )

     

     

    351

     

    Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in a business acquisition:

     

     

     

    Accounts receivable

     

    55,285

     

     

     

    57,251

     

    Prepaid expenses and other current assets

     

    (74

    )

     

     

    (2,738

    )

    Costs to obtain revenue contracts

     

    10,476

     

     

     

    9,054

     

    Other long term assets

     

    256

     

     

     

    542

     

    Accounts payable, accrued expenses and other current liabilities

     

    7,181

     

     

     

    (9,175

    )

    Unearned revenue

     

    (89,117

    )

     

     

    (78,434

    )

    Operating lease liabilities

     

    (8,312

    )

     

     

    (8,892

    )

    Other long term liabilities

     

    307

     

     

     

    207

     

    Net cash provided by operating activities

     

    11,865

     

     

     

    18,137

     

    Investing activities:

     

     

     

    Capital expenditures

     

    (1,769

    )

     

     

    (2,320

    )

    Cash paid in acquisition, net of cash acquired

     

    (89,407

    )

     

     

    —

     

    Net cash used in investing activities

     

    (91,176

    )

     

     

    (2,320

    )

    Financing activities:

     

     

     

    Proceeds from exercise of stock options

     

    1,137

     

     

     

    8,770

     

    Repurchase of common stock

     

    (6,760

    )

     

     

    (23,086

    )

    Payments for taxes related to net share settlement of stock-based compensation awards

     

    (9,031

    )

     

     

    (10,718

    )

    Payments of deferred financing costs

     

    (777

    )

     

     

    (394

    )

    Proceeds, net from employee stock purchase plan withholdings

     

    2,218

     

     

     

    2,546

     

    Net cash used in financing activities

     

    (13,213

    )

     

     

    (22,882

    )

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

    345

     

     

     

    (993

    )

    Net decrease in cash, cash equivalents and restricted cash

     

    (92,179

    )

     

     

    (8,058

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    210,184

     

     

     

    190,214

     

    Cash, cash equivalents and restricted cash at end of period

    $

    118,005

     

     

    $

    182,156

     

    Supplemental reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:

     

    Nine months ended October 31,

    (in thousands)

    2024

     

    2023

    Cash and cash equivalents

    $

    100,484

     

    $

    182,156

    Restricted cash, current and non-current

     

    17,521

     

     

    —

    Total cash, cash equivalents and restricted cash

    $

    118,005

     

    $

    182,156

     

    YEXT, INC.

    Reconciliations of GAAP to Non-GAAP Financial Measures

    (In thousands)

    (Unaudited)

     

     

    Three months ended October 31,

     

    Nine months ended October 31,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP net loss to Adjusted EBITDA:

     

     

     

     

     

     

     

    GAAP net loss

    $

    (12,799

    )

     

    $

    (468

    )

     

    $

    (20,673

    )

     

    $

    (4,317

    )

    Interest (income) expense, net

     

    (601

    )

     

     

    (1,749

    )

     

     

    (4,840

    )

     

     

    (4,962

    )

    Provision for income taxes

     

    2,977

     

     

     

    366

     

     

     

    1,756

     

     

     

    1,348

     

    Depreciation and amortization

     

    6,287

     

     

     

    3,537

     

     

     

    12,101

     

     

     

    12,625

     

    Other expense (income), net

     

    55

     

     

     

    70

     

     

     

    397

     

     

     

    687

     

    Stock-based compensation expense

     

    12,693

     

     

     

    11,758

     

     

     

    37,091

     

     

     

    34,335

     

    Acquisition-related costs

     

    14,482

     

     

     

    —

     

     

     

    16,650

     

     

     

    —

     

    Adjusted EBITDA

    $

    23,094

     

     

    $

    13,514

     

     

    $

    42,482

     

     

    $

    39,716

     

     

     

     

     

     

     

     

     

    GAAP net loss as a percentage of revenue

     

    (11.2

    )%

     

     

    (0.5

    )%

     

     

    (6.7

    )%

     

     

    (1.4

    )%

    Adjusted EBITDA margin

     

    20.3

    %

     

     

    13.4

    %

     

     

    13.8

    %

     

     

    13.1

    %

     

    __________________

    Note: Numbers rounded for presentation purposes and may not sum.

     

    YEXT, INC.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (In thousands, except share and per share data)

    (Unaudited)

     

     

    Three months ended October 31,

     

    2024

     

    2023

    GAAP net loss

    $

    (12,799

    )

     

    $

    (468

    )

    Plus: Stock-based compensation expense

     

    12,693

     

     

     

    11,758

     

    Plus: Acquisition-related costs

     

    14,482

     

     

     

    —

     

    Plus: Amortization of acquired intangibles

     

    3,465

     

     

     

    —

     

    Less: Tax adjustment(1)

     

    (2,226

    )

     

     

    —

     

    Non-GAAP net income

    $

    15,615

     

     

    $

    11,290

     

    GAAP net loss as a percentage of revenue

     

    (11.2

    )%

     

     

    (0.5

    )%

    Non-GAAP net income as a percentage of revenue

     

    13.7

    %

     

     

    11.2

    %

     

     

     

     

    GAAP net loss per share attributable to common stockholders, basic

    $

    (0.10

    )

     

    $

    —

     

    Non-GAAP net income per share attributable to common stockholders, basic

    $

    0.12

     

     

    $

    0.09

     

     

     

     

     

    GAAP net loss per share attributable to common stockholders, diluted

    $

    (0.10

    )

     

    $

    —

     

    Non-GAAP net income per share attributable to common stockholders, diluted

    $

    0.12

     

     

    $

    0.09

     

     

     

     

     

    Weighted-average number of shares used in computing GAAP net loss per share attributable to common stockholders

     

     

     

    Basic

     

    128,036,993

     

     

     

    124,239,180

     

    Diluted

     

    128,036,993

     

     

     

    124,239,180

     

    Weighted-average number of shares used in computing non-GAAP net income per share attributable to common stockholders

     

     

     

    Basic

     

    128,036,993

     

     

     

    124,239,180

     

    Diluted

     

    130,351,066

     

     

     

    126,733,610

     

     

    (1) Beginning in fiscal 2025, we are utilizing a projected tax rate of 25% in our computation of the non-GAAP income tax provision. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

     

    ____________________

    Note: Numbers rounded for presentation purposes and may not sum.

     
     

    YEXT, INC.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (In thousands, except share and per share data)

    (Unaudited)

     

     

    Nine months ended October 31,

     

    2024

     

    2023

    GAAP net loss

    $

    (20,673

    )

     

    $

    (4,317

    )

    Plus: Stock-based compensation expense

     

    37,091

     

     

     

    34,335

     

    Plus: Acquisition-related costs

     

    16,650

     

     

     

    —

     

    Plus: Amortization of acquired intangibles

     

    3,465

     

     

     

    —

     

    Less: Tax adjustment(1)

     

    (7,816

    )

     

     

    —

     

    Non-GAAP net income

    $

    28,717

     

     

    $

    30,018

     

    GAAP net loss as a percentage of revenue

     

    (6.7

    )%

     

     

    (1.4

    )%

    Non-GAAP net income as a percentage of revenue

     

    9.3

    %

     

     

    9.9

    %

     

     

     

     

    GAAP net loss per share attributable to common stockholders, basic

    $

    (0.16

    )

     

    $

    (0.03

    )

    Non-GAAP net income per share attributable to common stockholders, basic

    $

    0.23

     

     

    $

    0.24

     

     

     

     

     

    GAAP net loss per share attributable to common stockholders, diluted

    $

    (0.16

    )

     

    $

    (0.03

    )

    Non-GAAP net income per share attributable to common stockholders, diluted

    $

    0.22

     

     

    $

    0.23

     

     

     

     

     

    Weighted-average number of shares used in computing GAAP net loss per share attributable to common stockholders

     

     

     

    Basic

     

    126,668,394

     

     

     

    123,962,358

     

    Diluted

     

    126,668,394

     

     

     

    123,962,358

     

    Weighted-average number of shares used in computing non-GAAP net income per share attributable to common stockholders

     

     

     

    Basic

     

    126,668,394

     

     

     

    123,962,358

     

    Diluted

     

    127,976,060

     

     

     

    127,808,283

     

     

    (1) Beginning in fiscal 2025, we are utilizing a projected tax rate of 25% in our computation of the non-GAAP income tax provision. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

     

    ____________________

    Note: Numbers rounded for presentation purposes and may not sum.

     

    YEXT, INC.

    Supplemental Information

    (In thousands)

    (Unaudited)

     

     

    October 31,

     

    Variance

     

    2024

    2023

     

    Dollars

    Percent

    Annual Recurring Revenue

     

     

     

     

     

    Direct Customers

    $

    374,502

    $

    326,625

     

    $

    47,877

     

    15

    %

    Third-Party Reseller Customers

     

    67,293

     

    70,201

     

     

    (2,908

    )

    (4

    )%

    Total Annual Recurring Revenue

    $

    441,795

    $

    396,826

     

    $

    44,969

     

    11

    %

     

     

     

     

     

     

     

    Oct. 31, 2024

    Jul. 31, 2024

    Apr. 30, 2024

    Jan. 31, 2024

    Oct. 31, 2023

    Annual Recurring Revenue Trend

     

     

     

     

     

    Direct Customers

    $

    374,502

    $

    313,392

    $

    312,060

    $

    315,594

    $

    326,625

    Third-Party Reseller Customers

     

    67,293

     

    68,361

     

    70,528

     

    71,784

     

    70,201

    Total Annual Recurring Revenue

    $

    441,795

    $

    381,753

    $

    382,588

    $

    387,378

    $

    396,826

     

    Oct. 31, 2024

    Jul. 31, 2024

    Apr. 30, 2024

    Jan. 31, 2024

    Oct. 31, 2023

    Dollar-Based Net Retention Rate

     

     

     

     

     

    Direct Customers

    91%

    91%

    91%

    91%

    97%

    Third-Party Reseller Customers

    93%

    94%

    94%

    95%

    95%

    Total Customers

    91%

    91%

    91%

    92%

    96%

     
    ___________________

    Note: Numbers rounded for presentation purposes and may not sum.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241209740722/en/

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