- Revenue of $101.2 Million, Increased 2% Year-over-Year
- Net Loss Per Share of $0.00 or Non-GAAP Earnings Per Share of
$0.09, Basic
- Net Loss of $0.5 Million or Adjusted EBITDA of $13.5
Million
- ARR of $396.8 Million, Increased 2% Year-over-Year
- Cash and Cash Equivalents of $182.2 Million
Yext, Inc. (NYSE: YEXT), a leading digital experience platform,
today announced its results for the three months ended October 31,
2023, or the Company's third quarter of fiscal year 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231205134206/en/
(Graphic: Yext)
"Our record non-GAAP profitability and strong Q3 adjusted EBITDA
illustrate our commitment to driving profitable growth, even in a
challenging macroeconomic environment," said Yext CEO and Chair of
the Board, Michael Walrath. "We are focused on delivering
innovation across our products that will help enterprises increase
customer engagement across all channels. We will continue to
execute on improving productivity and efficiency with a keen focus
on our customers' success as the driver of our future growth."
Third Quarter Fiscal 2024 Highlights:
Revenue of $101.2 million, a 2% increase, compared to
$99.3 million reported in the third quarter fiscal 2023. Third
quarter fiscal 2024 revenue included a positive impact of
approximately $1.4 million from foreign currency exchange rates on
a constant currency basis.
Gross Profit of $79.1 million, a 7% increase, compared to
$73.6 million reported in the third quarter fiscal 2023. Gross
margin of 78.2%, compared to 74.2% reported in the third quarter
fiscal 2023.
Net Loss and Non-GAAP Net Income:
- Net loss of $0.5 million, compared to a net loss of $12.3
million in the third quarter fiscal 2023.
- Non-GAAP net income of $11.3 million, compared to non-GAAP net
income of $2.5 million in the third quarter fiscal 2023.
Net Loss Per Share and Non-GAAP Net Income Per Share:
- Net loss per share attributable to common stockholders, basic
and diluted, was $0.00 based on 124.2 million weighted average
basic and diluted shares outstanding. This compares to net loss per
share attributable to common stockholders, basic and diluted, of
$0.10 based on 123.5 million weighted average basic and diluted
shares outstanding in the third quarter fiscal 2023.
- Non-GAAP net income per share attributable to common
stockholders, basic and diluted, was $0.09 based on 124.2 million
weighted average basic shares outstanding and 126.7 million
weighted average diluted shares outstanding, respectively. This
compares to non-GAAP net income per share attributable to common
stockholders, basic and diluted, of $0.02 based on 123.5 million
weighted average basic shares outstanding and 124.1 million
weighted average diluted shares outstanding, respectively, in the
third quarter fiscal 2023.
Adjusted EBITDA was $13.5 million, compared to $7.1
million in the third quarter fiscal 2023.
Balance Sheet: Cash and cash equivalents of $182.2
million as of October 31, 2023. Unearned revenue of $144.5 million
as of October 31, 2023, compared to $153.3 million as of October
31, 2022.
Remaining Performance Obligations ("RPO"): RPO of $423.3
million as of October 31, 2023. RPO expected to be recognized over
the next 24 months of $358.4 million with the remaining balance
expected to be recognized thereafter. RPO does not include amounts
under contract subject to certain accounting exclusions.
Annual Recurring Revenue ("ARR"): ARR increased 2%
year-over-year to $396.8 million as of October 31, 2023, compared
to $389.5 million as of October 31, 2022. As of October 31, 2023,
ARR included a positive impact of approximately $4.1 million from
foreign currency exchange rates on a constant currency basis.
Cash Flow: Net cash used in operating activities was $1.6
million for the three months ended October 31, 2023, compared to
net cash used in operating activities of $10.8 million for the
three months ended October 31, 2022.
Share Repurchase Program: As of October 31, 2023, a total
of 16,824,920 shares have been purchased for a total cost of $100.3
million since the commencement of the share repurchase program.
Readers are encouraged to review the tables labeled
"Reconciliation of GAAP to Non-GAAP Financial Measures" at the end
of this release.
Financial Outlook:
Yext is also providing the following guidance for its fourth
fiscal quarter ending January 31, 2024 and fiscal year ending
January 31, 2024.
- Fourth Quarter Fiscal 2024 Outlook:
- Revenue is projected to be in the range of $100.0 to $100.5
million;
- Adjusted EBITDA is projected to be in the range of $12.0
million to $13.0 million; and
- Non-GAAP net income per share is projected to be in the range
of $0.07 to $0.08, which assumes 124.4 million weighted-average
basic shares outstanding.
- Full Year Fiscal 2024 Outlook:
- Revenue is projected to be in the range of $403.2 million to
$403.7 million;
- Adjusted EBITDA is projected to be in the range of $51.7
million to $52.7 million; and
- Non-GAAP net income per share is projected to be in the range
of $0.31 to $0.32, which assumes 124.1 million weighted-average
basic shares outstanding.
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. A live dial-in is available domestically
at (877) 883-0383 and internationally at (412) 902-6506, passcode
8929509.
A replay will be available domestically at (877) 344-7529 or
internationally at (412) 317-0088, passcode 4919671, until midnight
(ET) December 12, 2023.
About Yext
Yext (NYSE: YEXT) helps organizations build digital experiences
across any channel on our open and composable platform. The Yext
Digital Experience Platform collects and organizes content to
deliver AI-led experiences for any organization’s customers,
employees, or partners. For more than 15 years, thousands of
companies worldwide have trusted Yext to create seamless customer
experiences at scale across search engines, websites, mobile apps,
and hundreds of other digital touchpoints.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
This release and the related 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 (loss) for our fourth
quarter and full year fiscal 2024 in the paragraphs under
"Financial Outlook" above, statements regarding our expectations
regarding the growth of our company, our market opportunity,
product roadmap, sales efficiency efforts and our industry. 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
expand and scale our sales force; our ability to expand our service
and application provider network; our ability to develop 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 press release and the accompanying tables include
non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross
margin, non-GAAP operating expenses (sales and marketing, research
and development, general and administrative), non-GAAP operating
expenses (sales and marketing, research and development, general
and administrative) as a percentage of revenue, non-GAAP income
(loss) from operations, non-GAAP operating margin, 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. Non-GAAP gross
margin, non-GAAP operating expenses (sales and marketing, research
and development, general and administrative) as a percentage of
revenue, non-GAAP operating margin, and non-GAAP net income (loss)
as a percentage of revenue are 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. See the tables labeled "Reconciliation of GAAP
to Non-GAAP Financial Measures" for detail on the applicable
weighted-average shares outstanding.
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 gross margin, non-GAAP operating expenses
(sales and marketing, research and development, general and
administrative) as a percentage of revenue, non-GAAP operating
margin and non-GAAP net income (loss) as a percentage of revenue,
we believe these non-GAAP financial measures are useful in
evaluating our profitability relative to the amount of revenue
generated, excluding the impact of stock-based compensation
expense. 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, which may vary for reasons unrelated
to overall operating performance.
We also discuss Adjusted EBITDA (loss), a non-GAAP financial
measure that we believe offers a useful view of overall operations
used to assess the performance of core business operations and for
planning purposes. We define Adjusted EBITDA (loss) as net income
(loss) before (1) interest income (expense), net, (2) provision for
income taxes, (3) depreciation and amortization, (4) other income
(expense), net, and (5) stock-based compensation expense. The most
directly comparable GAAP financial measure to Adjusted EBITDA
(loss) is GAAP net income (loss). Users should consider the
limitations of using Adjusted EBITDA (loss), including the fact
that this measure does not provide a complete measure of our
operating performance. Adjusted EBITDA (loss) is not intended to
purport to be an alternate to GAAP net income (loss) as a measure
of operating performance.
In addition, we present non-GAAP constant currency measures of
revenue. Constant currency as it relates to revenue provides a
framework for assessing Company performance which excludes the
effect of foreign currency rate fluctuations. Current period
results for entities reporting in currencies other than U.S.
Dollars (“USD”) are converted into USD at the average monthly
exchange rates in effect during the comparative period, as opposed
to the average monthly exchange rates in effect during the current
period.
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. 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 disclosed under
"Financial Outlook" to their corresponding GAAP measures because
certain reconciling items such as stock-based compensation and the
corresponding provision for income taxes depend on factors such as
the stock price at the time of award of future grants 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
(loss) 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
(loss) excludes certain items including interest income (expense),
net, provision for income taxes, depreciation and amortization,
other income (expense), net, and stock-based compensation
expense.
Operating Metrics
This press release and the related conference call also include
certain operating metrics that we believe are useful in providing
additional information in assessing the overall performance of our
business.
Customer count is defined as the total number of customers with
contracts executed as of the last day of the reporting period and a
unique administrative account identifier on the Answers platform.
Generally, we assign unique administrative accounts to each
separate and distinct entity (such as a company or government
institution) or a business unit of a large corporation, that has
its own separate contract with us to access the Answers platform.
We believe that customer count provides insight into our ability to
grow our enterprise and mid-size customer base. As such, customer
count excludes third-party reseller customers and small business
customers as well as customers only receiving free trials. From
time to time, some customers previously characterized as small
business customers may transition to mid-size customers, and
customer count includes these changes resulting from any
recharacterization.
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.
In addition, we present ARR on a constant currency basis.
Constant currency as it relates to ARR provides a framework for
assessing Company performance which excludes the effect of foreign
currency rate fluctuations. Contracts included in the determination
of ARR in the current period are converted into USD at the exchange
rates in effect at the end of the comparative period, as opposed to
the exchange rates in effect at the end of the current period.
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. 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, 2023
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
182,156
$
190,214
Accounts receivable, net of allowances of
$829 and $868, respectively
51,387
109,727
Prepaid expenses and other current
assets
18,280
15,629
Costs to obtain revenue contracts,
current
27,109
31,023
Total current assets
278,932
346,593
Property and equipment, net
51,344
62,071
Operating lease right-of-use assets
77,799
85,463
Costs to obtain revenue contracts,
non-current
15,644
21,037
Goodwill
4,434
4,477
Intangible assets, net
175
193
Other long term assets
3,312
3,927
Total assets
$
431,640
$
523,761
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable, accrued expenses and
other current liabilities
$
38,027
$
49,017
Unearned revenue, current
144,451
223,706
Operating lease liabilities, current
16,644
18,155
Total current liabilities
199,122
290,878
Operating lease liabilities,
non-current
92,205
100,534
Other long term liabilities
3,967
4,326
Total liabilities
295,294
395,738
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per
share; 50,000,000 shares authorized at October 31, 2023 and January
31, 2023; zero shares issued and outstanding at October 31, 2023
and January 31, 2023
—
—
Common stock, $0.001 par value per share;
500,000,000 shares authorized at October 31, 2023 and January 31,
2023; 147,400,372 and 142,684,128 shares issued at October 31, 2023
and January 31, 2023, respectively; 124,070,118 and 122,334,515
shares outstanding at October 31, 2023 and January 31, 2023,
respectively
147
142
Additional paid-in capital
933,634
897,368
Accumulated other comprehensive loss
(4,335
)
(3,617
)
Accumulated deficit
(680,859
)
(676,542
)
Treasury stock, at cost
(112,241
)
(89,328
)
Total stockholders’ equity
136,346
128,023
Total liabilities and stockholders’
equity
$
431,640
$
523,761
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,
2023
2022
2023
2022
Revenue
$
101,164
$
99,280
$
303,215
$
298,951
Cost of revenue
22,066
25,663
65,809
77,473
Gross profit
79,098
73,617
237,406
221,478
Operating expenses:
Sales and marketing
45,355
49,360
136,942
164,244
Research and development
18,291
17,649
53,934
53,770
General and administrative
17,233
18,740
53,774
60,619
Total operating expenses
80,879
85,749
244,650
278,633
Loss from operations
(1,781
)
(12,132
)
(7,244
)
(57,155
)
Interest income
1,922
587
5,296
797
Interest expense
(173
)
(211
)
(334
)
(483
)
Other (expense) income, net
(70
)
(156
)
(687
)
111
Loss from operations before income
taxes
(102
)
(11,912
)
(2,969
)
(56,730
)
(Provision for) benefit from income
taxes
(366
)
(398
)
(1,348
)
(1,410
)
Net loss
$
(468
)
$
(12,310
)
$
(4,317
)
$
(58,140
)
Net loss per share attributable to common
stockholders, basic and diluted
$
—
$
(0.10
)
$
(0.03
)
$
(0.46
)
Weighted-average number of shares used in
computing net loss per share attributable to common stockholders,
basic and diluted
124,239,180
123,500,961
123,962,358
126,239,773
Other comprehensive (loss) income:
Foreign currency translation
adjustment
$
(876
)
$
(1,127
)
$
(722
)
$
(6,548
)
Unrealized gain (loss) on marketable
securities, net
16
(16
)
4
(16
)
Total comprehensive loss
$
(1,328
)
$
(13,453
)
$
(5,035
)
$
(64,704
)
YEXT, INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months ended October
31,
2023
2022
Operating activities:
Net loss
$
(4,317
)
$
(58,140
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization expense
12,625
13,098
Bad debt expense
589
381
Stock-based compensation expense
34,335
48,990
Amortization of operating lease
right-of-use assets
6,739
6,684
Other, net
351
1,180
Changes in operating assets and
liabilities:
Accounts receivable
57,251
30,296
Prepaid expenses and other current
assets
(2,738
)
(1,747
)
Costs to obtain revenue contracts
9,054
8,173
Other long term assets
542
1,232
Accounts payable, accrued expenses and
other current liabilities
(9,175
)
3,910
Unearned revenue
(78,434
)
(64,786
)
Operating lease liabilities
(8,892
)
(8,158
)
Other long term liabilities
207
795
Net cash provided by (used in) operating
activities
18,137
(18,092
)
Investing activities:
Capital expenditures
(2,320
)
(5,400
)
Net cash used in investing activities
(2,320
)
(5,400
)
Financing activities:
Proceeds from exercise of stock
options
8,770
561
Repurchase of common stock
(23,086
)
(68,695
)
Payments for taxes related to net share
settlement of stock-based compensation awards
(10,718
)
(1,846
)
Payments of deferred financing costs
(394
)
(284
)
Proceeds, net from employee stock purchase
plan withholdings
2,546
1,947
Net cash used in financing activities
(22,882
)
(68,317
)
Effect of exchange rate changes on cash
and cash equivalents
(993
)
(7,133
)
Net decrease in cash and cash
equivalents
(8,058
)
(98,942
)
Cash and cash equivalents at beginning of
period
190,214
261,210
Cash and cash equivalents at end of
period
$
182,156
$
162,268
YEXT, INC.
Reconciliations of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three months ended October
31,
Nine months ended October
31,
2023
2022
2023
2022
GAAP net loss to Adjusted
EBITDA:
GAAP net loss
$
(468
)
$
(12,310
)
$
(4,317
)
$
(58,140
)
Interest (income) expense
(1,749
)
(376
)
(4,962
)
(314
)
Provision for income taxes
366
398
1,348
1,410
Depreciation and amortization
3,537
4,395
12,625
13,098
Other expense (income)
70
156
687
(111
)
Stock-based compensation expense
11,758
14,822
34,335
48,990
Adjusted EBITDA
$
13,514
$
7,085
$
39,716
$
4,933
Note: Numbers rounded for presentation purposes and may not
sum.
YEXT, INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three months ended October 31,
2023
Costs and
expenses
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
$
22,066
$
(739
)
$
21,327
Sales and marketing
$
45,355
$
(4,336
)
$
41,019
Research and development
$
18,291
$
(2,822
)
$
15,469
General and administrative
$
17,233
$
(3,861
)
$
13,372
Three months ended October 31,
2023
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
22
%
(1
)%
21
%
Sales and marketing
45
%
(4
)%
41
%
Research and development
18
%
(3
)%
15
%
General and administrative
17
%
(4
)%
13
%
Three months ended October 31,
2022
Costs and
expenses
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
$
25,663
$
(1,176
)
$
24,487
Sales and marketing
$
49,360
$
(5,432
)
$
43,928
Research and development
$
17,649
$
(3,946
)
$
13,703
General and administrative
$
18,740
$
(4,268
)
$
14,472
Three months ended October 31,
2022
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
26
%
(1
)%
25
%
Sales and marketing
50
%
(6
)%
44
%
Research and development
17
%
(3
)%
14
%
General and administrative
19
%
(4
)%
15
%
Note: Numbers rounded for presentation purposes and may not
sum.
YEXT, INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Nine months ended October 31,
2023
Costs and
expenses
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
$
65,809
$
(2,151
)
$
63,658
Sales and marketing
$
136,942
$
(12,222
)
$
124,720
Research and development
$
53,934
$
(8,385
)
$
45,549
General and administrative
$
53,774
$
(11,577
)
$
42,197
Nine months ended October 31,
2023
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
22
%
(1
)%
21
%
Sales and marketing
45
%
(4
)%
41
%
Research and development
18
%
(3
)%
15
%
General and administrative
18
%
(4
)%
14
%
Nine months ended October 31,
2022
Costs and
expenses
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
$
77,473
$
(3,899
)
$
73,574
Sales and marketing
$
164,244
$
(17,957
)
$
146,287
Research and development
$
53,770
$
(12,668
)
$
41,102
General and administrative
$
60,619
$
(14,466
)
$
46,153
Nine months ended October 31,
2022
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
26
%
(1
)%
25
%
Sales and marketing
55
%
(6
)%
49
%
Research and development
18
%
(4
)%
14
%
General and administrative
20
%
(5
)%
15
%
Note: Numbers rounded for presentation purposes and may not
sum.
YEXT, INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three months ended October
31,
Nine months ended October
31,
2023
2022
2023
2022
Gross
profit
GAAP gross profit
$
79,098
$
73,617
$
237,406
$
221,478
Plus: Stock-based compensation expense
739
1,176
2,151
3,899
Non-GAAP gross profit
$
79,837
$
74,793
$
239,557
$
225,377
Gross
margin
GAAP gross margin
78.2
%
74.2
%
78.3
%
74.1
%
Plus: Stock-based compensation expense
0.7
%
1.1
%
0.7
%
1.3
%
Non-GAAP gross margin
78.9
%
75.3
%
79.0
%
75.4
%
Operating
expenses
GAAP operating expenses
$
80,879
$
85,749
$
244,650
$
278,633
Less: Stock-based compensation expense
(11,019
)
(13,646
)
(32,184
)
(45,091
)
Non-GAAP operating expenses
$
69,860
$
72,103
$
212,466
$
233,542
Operating
expenses as a percentage of revenue
GAAP operating expenses as a percentage of
revenue
80
%
86
%
81
%
93
%
Less: Stock-based compensation expense
(11
)%
(13
)%
(11
)%
(15
)%
Non-GAAP operating expenses as a
percentage of revenue
69
%
73
%
70
%
78
%
Income/Loss from
operations
GAAP loss from operations
$
(1,781
)
$
(12,132
)
$
(7,244
)
$
(57,155
)
Plus: Stock-based compensation expense
11,758
14,822
34,335
48,990
Non-GAAP income (loss) from operations
$
9,977
$
2,690
$
27,091
$
(8,165
)
Operating margin
(Income/Loss from operations as a percentage of
revenue)
GAAP operating margin
(2
)%
(12
)%
(2
)%
(19
)%
Plus: Stock-based compensation expense
12
%
15
%
11
%
16
%
Non-GAAP operating margin
10
%
3
%
9
%
(3
)%
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,
2023
2022
GAAP net loss
$
(468
)
$
(12,310
)
Plus: Stock-based compensation expense
11,758
14,822
Non-GAAP net income
$
11,290
$
2,512
GAAP net loss per share attributable to
common stockholders, basic
$
—
$
(0.10
)
Stock-based compensation expense per
share
0.09
0.12
Non-GAAP net income per share attributable
to common stockholders, basic
$
0.09
$
0.02
GAAP net loss per share attributable to
common stockholders, diluted
$
—
$
(0.10
)
Stock-based compensation expense per
share
0.09
0.12
Non-GAAP net income per share attributable
to common stockholders, diluted
$
0.09
$
0.02
Weighted-average number of shares used in
computing GAAP net loss per share attributable to common
stockholders, basic and diluted
124,239,180
123,500,961
Weighted-average number of shares used in
computing non-GAAP net income per share attributable to common
stockholders
Basic
124,239,180
123,500,961
Diluted
126,733,610
124,131,014
Three months ended October
31,
2023
2022
GAAP net loss as a percentage of
revenue
(0.5
)%
(12.4
)%
Plus: Stock-based compensation expense
11.7
%
14.9
%
Non-GAAP net income as a percentage of
revenue
11.2
%
2.5
%
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,
2023
2022
GAAP net loss
$
(4,317
)
$
(58,140
)
Plus: Stock-based compensation expense
34,335
48,990
Non-GAAP net income (loss)
$
30,018
$
(9,150
)
GAAP net loss per share attributable to
common stockholders, basic
$
(0.03
)
$
(0.46
)
Stock-based compensation expense per
share
0.27
0.39
Non-GAAP net income (loss) per share
attributable to common stockholders, basic
$
0.24
$
(0.07
)
GAAP net loss per share attributable to
common stockholders, diluted
$
(0.03
)
$
(0.46
)
Stock-based compensation expense per
share
0.26
0.39
Non-GAAP net income (loss) per share
attributable to common stockholders, diluted
$
0.23
$
(0.07
)
Weighted-average number of shares used in
computing GAAP net loss per share attributable to common
stockholders, basic and diluted
123,962,358
126,239,773
Weighted-average number of shares used in
computing non-GAAP net income (loss) per share attributable to
common stockholders
Basic
123,962,358
126,239,773
Diluted
127,808,283
126,239,773
Nine months ended October
31,
2023
2022
GAAP net loss as a percentage of
revenue
(1.4
)%
(19.4
)%
Plus: Stock-based compensation expense
11.3
%
16.3
%
Non-GAAP net income (loss) as a percentage
of revenue
9.9
%
(3.1
)%
Three months ended October
31,
Constant Currency
Revenue
2023
2022
Growth Rates
Revenue (GAAP)
$
101,164
$
99,280
2
%
Effects of foreign currency rate
fluctuations
(1,413
)
Revenue on a constant currency basis
(Non-GAAP)
$
99,751
—
%
Nine months ended October
31,
2023
2022
Growth Rates
Revenue (GAAP)
$
303,215
$
298,951
1
%
Effects of foreign currency rate
fluctuations
(446
)
Revenue on a constant currency basis
(Non-GAAP)
$
302,769
1
%
Note: Numbers rounded for presentation purposes and may not
sum.
YEXT, INC.
Supplemental
Information
(In thousands)
(Unaudited)
October 31,
Variance
2023
2022
Dollars
Percent
Annual Recurring
Revenue
Direct Customers
$
326,625
$
317,280
$
9,345
3
%
Third-Party Reseller Customers
70,201
72,258
(2,057
)
(3
)%
Total Annual Recurring Revenue
$
396,826
$
389,538
$
7,288
2
%
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Oct. 31, 2022
Annual Recurring
Revenue Trend
Direct Customers
$
326,625
$
327,212
$
326,058
$
327,017
$
317,280
Third-Party Reseller Customers
70,201
70,502
72,232
73,343
72,258
Total Annual Recurring Revenue
$
396,826
$
397,714
$
398,290
$
400,360
$
389,538
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Jan. 31, 2023
Oct. 31, 2022
Dollar-Based Net
Retention Rate
Direct Customers
97
%
98
%
97
%
97
%
96
%
Third-Party Reseller Customers
95
%
92
%
92
%
92
%
89
%
Total Customers
96
%
97
%
96
%
96
%
94
%
Note: Numbers rounded for presentation purposes and may not
sum.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231205134206/en/
For Further Information
Contact: Investor Relations: IR@yext.com
Public Relations: PR@yext.com
Yext (NYSE:YEXT)
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