- Q4 FY23 Revenue of $101.9 Million, Increased 1% Year-over-Year
or 3% on a Constant Currency Basis
- Full Year FY23 Revenue of $400.9 Million, Increased 3%
Year-over-Year or 5% on a Constant Currency Basis
- Q4 FY23 Net Loss Per Share of $0.06 or Non-GAAP Earnings Per
Share of $0.05
- ARR of $400 Million, Increased 3% Year-over-Year or 4% on a
Constant Currency Basis
- Customer Count Increased 7% Year-over-Year to Over 2,960
- Cash and Cash Equivalents of $190 Million
Yext, Inc. (NYSE: YEXT), the Answers Company, today announced
its results for the three months ended January 31, 2023, or the
Company's fourth quarter and fiscal year ended January 31,
2023.
This press release features multimedia. View
the full release here:
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(Graphic: Yext)
"We're proud of our performance in the fourth quarter, and we
demonstrated continued operating efficiency and our second
consecutive quarter of non-GAAP profitability," said Michael
Walrath, CEO and Chair of the Board. "Throughout fiscal year 2023,
we drove transformation across our business through continued
product innovation, focused execution, and improved productivity.
We strengthened our commitment to solving customer pain points and
drove increased adoption of our platform. Our focus remains on
building for the long term, and we are now in an excellent position
to deliver increasing value to our customers, partners, and
shareholders."
Fourth Quarter Fiscal 2023 Highlights:
Revenue of $101.9 million, a 1% increase, compared to
$100.9 million reported in the fourth quarter fiscal 2022. Fourth
quarter fiscal 2023 revenue included a negative impact of
approximately $2.3 million from foreign currency exchange rates on
a constant currency basis.
Gross Profit of $75.4 million, a 1% decrease, compared to
$76.4 million reported in the fourth quarter fiscal 2022. Gross
margin of 74.0%, compared to 75.7% reported in the fourth quarter
fiscal 2022.
Net Loss and Non-GAAP Net Income/Loss:
- Net loss of $7.8 million, compared to the net loss of $23.1
million in the fourth quarter fiscal 2022.
- Non-GAAP net income of $6.3 million, compared to the non-GAAP
net loss of $4.1 million in the fourth quarter fiscal 2022.
Net Loss Per Share and Non-GAAP Net Income/Loss Per
Share:
- Net loss per share attributable to common stockholders, basic
and diluted, of $0.06 based on 122.3 million weighted average basic
and diluted shares outstanding, compared to net loss per share
attributable to common stockholders, basic and diluted, of $0.18
based on 130.3 million weighted average basic and diluted shares
outstanding in the fourth quarter fiscal 2022.
- Non-GAAP net income per share attributable to common
stockholders, basic and diluted, of $0.05 based on 122.3 million
weighted average basic shares outstanding and 124.2 million
weighted average diluted shares outstanding, respectively. This
compares to non-GAAP net loss per share attributable to common
stockholders, basic and diluted, of $0.03 based on 130.3 million
weighted average basic and diluted shares outstanding in the fourth
quarter fiscal 2022.
Adjusted EBITDA was $10.9 million, compared to $1.4
million in the fourth quarter fiscal 2022.
Balance Sheet: Cash and cash equivalents of $190 million
as of January 31, 2023. Unearned revenue of $224 million as of
January 31, 2023, compared to $223 million as of January 31,
2022.
Remaining Performance Obligations ("RPO"): RPO of $448
million as of January 31, 2023. RPO expected to be recognized over
the next 24 months of $388 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 3%
year-over-year to $400 million as of January 31, 2023, compared to
$390 million as of January 31, 2022. As of January 31, 2023, ARR
included an approximate $4.8 million negative impact from foreign
currency exchange rates, on a constant currency basis.
Cash Flow: Net cash provided by operating activities was
$35.9 million for the three months ended January 31, 2023, compared
to net cash provided by operating activities of $29.1 million for
the three months ended January 31, 2022.
Full Year Fiscal 2023 Highlights:
Revenue of $400.9 million, a 3% increase, compared to
$390.6 million reported in the fiscal year ended January 31, 2022.
Fiscal year 2023 revenue included a negative impact of
approximately $10.2 million from foreign currency exchange rates on
a constant currency basis.
Gross Profit of $296.9 million, a 2% increase, compared
to $292.3 million reported in the fiscal year ended January 31,
2022. Gross margin of 74.1%, compared to 74.8% reported in the
fiscal year ended January 31, 2022.
Net Loss and Non-GAAP Net Loss:
- Net loss of $65.9 million, compared to the net loss of $93.3
million in the fiscal year ended January 31, 2022.
- Non-GAAP net loss of $2.9 million, compared to the non-GAAP net
loss of $19.8 million in the fiscal year ended January 31,
2022.
Net Loss Per Share and Non-GAAP Net Loss Per Share:
- Net loss per share of $0.53, compared to net loss per share of
$0.73 in the fiscal year ended January 31, 2022.
- Non-GAAP net loss per share of $0.02, compared to non-GAAP net
loss per share of $0.15 in the fiscal year ended January 31,
2022.
- Net loss per share and non-GAAP net loss per share were based
on 125.3 million and 127.8 million weighted-average basic and
diluted shares outstanding for the fiscal years ended January 31,
2023 and 2022, respectively.
Adjusted EBITDA was $15.8 million, compared to $0.3
million in the fiscal year ended January 31, 2022.
Cash Flow: Cash provided by operating activities of $17.9
million for the fiscal year ended January 31, 2023, compared to
cash provided by operating activities of $21.8 million for the
fiscal year ended January 31, 2022.
Share Repurchase Program: As of January 31, 2023, a total
of 13.8 million shares have been purchased for a total cost of
$77.4 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.
Recent Business Highlights:
- Announced the integration of generative AI into the Yext
Knowledge Graph, transforming the product into a content management
system (CMS) that generates its own content.
- Announced the launch of Yext Chat, a new product that empowers
organizations to create accurate and natural language chat
experiences with GPT-3 and other large language models (LLMs).
- Recognized by The Muse, Mogul, and Built In for creating a
positive and inclusive work environment.
- Recognized as the best vendor across several software
categories in G2's Winter '23 Reports, which measure a company's
market presence and performance based on real user ratings.
- Recognized by Frost & Sullivan with a 2022 Customer Value
Leadership Award for reputation management in the North American
financial services industry.
- Announced that Yvette Martinez-Rea has joined Yext as EVP of
Corporate Development to oversee strategic growth initiatives.
- Announced an integration with Apple Business Connect, a new,
free tool that allows businesses of all sizes to claim their
location place cards and customize the way key information appears
to more than a billion Apple users across Apple Maps, Messages,
Wallet, Siri, and other Apple apps.
- Announced the general availability of its Fall '22 Release,
which introduces the Listings Verifier and other features designed
to strengthen the company's Answers Platform.
Financial Outlook:
Yext is also providing the following guidance for its first
fiscal quarter ending April 30, 2023 and the fiscal year ending
January 31, 2024.
- First Quarter Fiscal 2024 Outlook:
- Revenue is projected to be in the range of $98.0 million to
$99.0 million;
- Adjusted EBITDA is projected to be in the range of $10.5
million to $11.5 million; and
- Non-GAAP net income per share is projected to be in the range
of $0.05 to $0.06, which assumes 122.9 million weighted-average
basic shares outstanding.
- Full Year Fiscal 2024 Outlook:
- Revenue is projected to be in the range of $402.0 million to
$406.0 million;
- Adjusted EBITDA is projected to be in the range of $44.0
million to $46.0 million; and
- Non-GAAP net income per share is projected to be in the range
of $0.22 to $0.23, which assumes 124.5 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
6862748.
A replay will be available domestically at (877) 344-7529 or
internationally at (412) 317-0088, passcode 7074649, until midnight
(ET) March 14, 2023.
About Yext Yext (NYSE: YEXT)
helps organizations answer every question about their business.
Yext’s Answers Platform collects and organizes content into a
Knowledge Graph, then leverages a complementary set of products —
including Listings, Pages, Reviews, and Search — to deliver
relevant, actionable answers wherever customers, employees, and
partners look for information. For over 15 years, thousands of
companies worldwide have trusted Yext to create seamless
content-driven experiences at scale across search engines,
websites, mobile apps, and hundreds of other digital touchpoints.
Learn more at yext.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 This release
includes forward-looking statements including, but not limited to,
statements regarding our revenue, non-GAAP net income (loss),
shares outstanding and Adjusted EBITDA for our first 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 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; the number of options exercised by our
employees and former employees; and the accuracy of the assumptions
and estimates underlying our financial projections. For a detailed
discussion of these and other risk factors, please refer to the
risks detailed in our filings with the Securities and Exchange
Commission, including, without limitation, our most recent
Quarterly Report on Form 10-Q and Annual Report on Form 10-K, which
are available at http://investors.yext.com and on the SEC's website
at https://www.sec.gov. Further information on potential risks that
could affect actual results will be included in other filings we
make with the SEC from time to time. 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.
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 "Reconciliation of GAAP to Non-GAAP
Financial Measures" for a discussion of 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, 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 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 is net 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 net 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 exclude 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 net loss and net loss
per share.
We have not reconciled our forward-looking Adjusted EBITDA or
non-GAAP net income (loss) per share ranges presented for the
periods above, to their most directly comparable GAAP financial
measures of net income (loss) and net income (loss) per share.
Information on which these reconciliations 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,
and stock-based compensation expense, while non-GAAP income (loss)
per share excludes stock-based compensation expense.
Operating Metrics This press
release also includes 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 Yext 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 Yext platform. We
believe that customer count provides insight into our ability to
grow our enterprise and mid-market customer base. As such, customer
count excludes third-party reseller customers and small business
customers as well as customers only receiving free trials.
Annual recurring revenue, or ARR, for Direct customers is
defined as the annualized recurring amount of all contracts in our
enterprise, mid-market 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 for
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 exclude 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 end of the period exchange rates in effect during the current
period.
Dollar-based net retention rate is a metric we use to assess our
ability to retain 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-market and small business customers.
YEXT, INC.
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share data)
(Unaudited)
January 31, 2023
January 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
190,214
$
261,210
Accounts receivable, net of allowances of
$868 and $2,042, respectively
109,727
101,607
Prepaid expenses and other current
assets
15,629
13,538
Costs to obtain revenue contracts,
current
31,023
33,998
Total current assets
346,593
410,353
Property and equipment, net
62,071
74,604
Operating lease right-of-use assets
85,463
97,124
Costs to obtain revenue contracts,
non-current
21,037
27,286
Goodwill
4,477
4,572
Intangible assets, net
193
217
Other long term assets
3,927
6,179
Total assets
$
523,761
$
620,335
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable, accrued expenses and
other current liabilities
$
49,017
$
48,432
Unearned revenue, current
223,706
223,427
Operating lease liabilities, current
18,155
18,845
Total current liabilities
290,878
290,704
Operating lease liabilities,
non-current
100,534
113,776
Other long term liabilities
4,326
3,985
Total liabilities
395,738
408,465
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per
share; 50,000,000 shares authorized at January 31, 2023 and January
31, 2022; zero shares issued and outstanding at January 31, 2023
and January 31, 2022
—
—
Common stock, $0.001 par value per share;
500,000,000 shares authorized at January 31, 2023 and January 31,
2022; 142,684,128 and 137,662,320 shares issued at January 31, 2023
and January 31, 2022, respectively; 122,334,515 and 131,156,986
shares outstanding at January 31, 2023 and January 31, 2022,
respectively
142
137
Additional paid-in capital
897,368
834,429
Accumulated other comprehensive loss
(3,617
)
(187
)
Accumulated deficit
(676,542
)
(610,604
)
Treasury stock, at cost
(89,328
)
(11,905
)
Total stockholders’ equity
128,023
211,870
Total liabilities and stockholders’
equity
$
523,761
$
620,335
YEXT, INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In thousands, except share
and per share data)
(Unaudited)
Three months ended January
31,
Fiscal year ended January
31,
2023
2022
2023
2022
Revenue
$
101,899
$
100,932
$
400,850
$
390,577
Cost of revenue
26,487
24,575
103,960
98,299
Gross profit
75,412
76,357
296,890
292,278
Operating expenses:
Sales and marketing
47,235
58,175
211,479
230,467
Research and development
17,133
18,007
70,903
68,350
General and administrative
18,717
22,136
79,336
83,420
Total operating expenses
83,085
98,318
361,718
382,237
Loss from operations
(7,673
)
(21,961
)
(64,828
)
(89,959
)
Interest income
887
7
1,684
22
Interest expense
(106
)
(141
)
(589
)
(544
)
Other expense, net
(236
)
(483
)
(125
)
(1,501
)
Loss from operations before income
taxes
(7,128
)
(22,578
)
(63,858
)
(91,982
)
Provision for income taxes
(670
)
(532
)
(2,080
)
(1,277
)
Net loss
$
(7,798
)
$
(23,110
)
$
(65,938
)
$
(93,259
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.06
)
$
(0.18
)
$
(0.53
)
$
(0.73
)
Weighted-average number of shares used in
computing net loss per share attributable to common stockholders,
basic and diluted
122,315,825
130,328,155
125,250,723
127,814,447
Other comprehensive (loss) income:
Foreign currency translation
adjustment
$
3,127
$
(1,370
)
$
(3,421
)
$
(2,609
)
Unrealized gain (loss) on marketable
securities, net
7
—
(9
)
—
Total comprehensive loss
$
(4,664
)
$
(24,480
)
$
(69,368
)
$
(95,868
)
YEXT, INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Fiscal year ended January
31,
2023
2022
Operating activities:
Net loss
$
(65,938
)
$
(93,259
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization expense
17,583
16,783
Bad debt expense
182
1,253
Stock-based compensation expense
63,078
73,480
Amortization of operating lease
right-of-use assets
8,799
9,296
Other, net
1,195
582
Changes in operating assets and
liabilities:
Accounts receivable
(10,056
)
(6,106
)
Prepaid expenses and other current
assets
(2,303
)
4,238
Costs to obtain revenue contracts
8,034
(9,113
)
Other long term assets
1,140
(231
)
Accounts payable, accrued expenses and
other current liabilities
2,714
(494
)
Unearned revenue
3,538
33,262
Operating lease liabilities
(10,986
)
(6,644
)
Other long term liabilities
873
(1,198
)
Net cash provided by operating
activities
17,853
21,849
Investing activities:
Capital expenditures
(6,193
)
(13,418
)
Net cash used in investing activities
(6,193
)
(13,418
)
Financing activities:
Proceeds from exercise of stock
options
714
19,228
Repurchase of common stock
(77,250
)
—
Payments for taxes related to net share
settlement of stock-based compensation awards
(5,129
)
—
Payments of deferred financing costs
(509
)
(263
)
Proceeds, net from employee stock purchase
plan withholdings
3,153
5,652
Net cash (used in) provided by financing
activities
(79,021
)
24,617
Effect of exchange rate changes on cash
and cash equivalents
(3,635
)
(2,249
)
Net (decrease) increase in cash and cash
equivalents
(70,996
)
30,799
Cash and cash equivalents at beginning of
period
261,210
230,411
Cash and cash equivalents at end of
period
$
190,214
$
261,210
YEXT, INC.
Reconciliations of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three months ended January
31,
Fiscal year ended January
31,
2023
2022
2023
2022
GAAP net loss to Adjusted
EBITDA:
GAAP net loss
$
(7,798
)
$
(23,110
)
$
(65,938
)
$
(93,259
)
Interest (income) expense
(781
)
134
(1,095
)
522
Provision for income taxes
670
532
2,080
1,277
Depreciation and amortization
4,486
4,292
17,583
16,783
Other expense (income)
236
483
125
1,501
Stock-based compensation expense
14,088
19,025
63,078
73,480
Adjusted EBITDA
$
10,901
$
1,356
$
15,833
$
304
YEXT, INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three months ended January 31,
2023
Costs and
expenses
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
$
26,487
$
(1,143
)
$
25,344
Sales and marketing
$
47,235
$
(5,004
)
$
42,231
Research and development
$
17,133
$
(3,733
)
$
13,400
General and administrative
$
18,717
$
(4,208
)
$
14,509
Three months ended January 31,
2023
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
26
%
(1
)%
25
%
Sales and marketing
46
%
(5
)%
41
%
Research and development
17
%
(4
)%
13
%
General and administrative
18
%
(4
)%
14
%
Three months ended January 31,
2022
Costs and
expenses
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
$
24,575
$
(1,502
)
$
23,073
Sales and marketing
$
58,175
$
(6,861
)
$
51,314
Research and development
$
18,007
$
(5,369
)
$
12,638
General and administrative
$
22,136
$
(5,293
)
$
16,843
Three months ended January 31,
2022
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based Compensation
Expense
Non-GAAP
Cost of revenue
24
%
(1
)%
23
%
Sales and marketing
58
%
(7
)%
51
%
Research and development
18
%
(5
)%
13
%
General and administrative
22
%
(5
)%
17
%
____________________ Note: Numbers rounded
for presentation purposes and may not sum.
YEXT, INC.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Fiscal year ended January 31,
2023
Costs and
expenses
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
$
103,960
$
(5,042
)
$
98,918
Sales and marketing
$
211,479
$
(22,961
)
$
188,518
Research and development
$
70,903
$
(16,401
)
$
54,502
General and administrative
$
79,336
$
(18,674
)
$
60,662
Fiscal year ended January 31,
2023
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
26
%
(1
)%
25
%
Sales and marketing
53
%
(6
)%
47
%
Research and development
17
%
(3
)%
14
%
General and administrative
20
%
(5
)%
15
%
Fiscal year ended January 31,
2022
Costs and
expenses
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
$
98,299
$
(7,099
)
$
91,200
Sales and marketing
$
230,467
$
(26,496
)
$
203,971
Research and development
$
68,350
$
(20,654
)
$
47,696
General and administrative
$
83,420
$
(19,231
)
$
64,189
Fiscal year ended January 31,
2022
Costs and
expenses as a percentage of revenue
GAAP
Stock-Based
Compensation
Expense
Non-GAAP
Cost of revenue
25
%
(2
)%
23
%
Sales and marketing
59
%
(7
)%
52
%
Research and development
18
%
(6
)%
12
%
General and administrative
21
%
(5
)%
16
%
____________________ 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 January
31,
Fiscal year ended January
31,
2023
2022
2023
2022
Gross
profit
GAAP gross profit
$
75,412
$
76,357
$
296,890
$
292,278
Plus: Stock-based compensation expense
1,143
1,502
5,042
7,099
Non-GAAP gross profit
$
76,555
$
77,859
$
301,932
$
299,377
Gross
margin
GAAP gross margin
74.0
%
75.7
%
74.1
%
74.8
%
Plus: Stock-based compensation expense
1.1
%
1.4
%
1.2
%
1.8
%
Non-GAAP gross margin
75.1
%
77.1
%
75.3
%
76.6
%
Operating
expenses
GAAP operating expenses
$
83,085
$
98,318
$
361,718
$
382,237
Less: Stock-based compensation expense
(12,945
)
(17,523
)
(58,036
)
(66,381
)
Non-GAAP operating expenses
$
70,140
$
80,795
$
303,682
$
315,856
Operating
expenses as a percentage of revenue
GAAP operating expenses as a percentage of
revenue
82
%
97
%
90
%
98
%
Less: Stock-based compensation expense
(13
)%
(17
)%
(14
)%
(17
)%
Non-GAAP operating expenses as a
percentage of revenue
69
%
80
%
76
%
81
%
Loss from
operations
GAAP loss from operations
$
(7,673
)
$
(21,961
)
$
(64,828
)
$
(89,959
)
Plus: Stock-based compensation expense
14,088
19,025
63,078
73,480
Non-GAAP income (loss) from operations
$
6,415
$
(2,936
)
$
(1,750
)
$
(16,479
)
Operating margin
(Income/Loss from operations as a percentage of
revenue)
GAAP operating margin
(8
)%
(22
)%
(16
)%
(23
)%
Plus: Stock-based compensation expense
14
%
19
%
16
%
19
%
Non-GAAP operating margin
6
%
(3
)%
—
%
(4
)%
____________________ 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 January
31,
2023
2022
GAAP net loss
$
(7,798
)
$
(23,110
)
Plus: Stock-based compensation expense
14,088
19,025
Non-GAAP net income (loss)
$
6,290
$
(4,085
)
GAAP net loss per share attributable to
common stockholders, basic and diluted
$
(0.06
)
$
(0.18
)
Stock-based compensation expense per
share
0.11
0.15
Non-GAAP net income (loss) per share
attributable to common stockholders, basic and diluted (1)
$
0.05
$
(0.03
)
Weighted-average number of shares used in
computing GAAP net loss per share attributable to common
stockholders, basic and diluted
122,315,825
130,328,155
Weighted-average number of shares used in
computing non-GAAP net income (loss) per share attributable to
common stockholders
Basic
122,315,825
130,328,155
Diluted
124,199,432
130,328,155
(1) For the three months ended January 31,
2023, non-GAAP net income per share attributable to common
stockholders was $0.05 on both a basic and diluted basis, as
calculated based on 122,315,825 weighted-average basic shares
outstanding and 124,199,432 weighted-average diluted shares
outstanding.
Three months ended January
31,
2023
2022
GAAP net loss as a percentage of
revenue
(7.7
)%
(22.9
)%
Plus: Stock-based compensation expense
13.9
%
18.9
%
Non-GAAP net income (loss) as a percentage
of revenue
6.2
%
(4.0
)%
Fiscal year ended January
31,
2023
2022
GAAP net loss
$
(65,938
)
$
(93,259
)
Plus: Stock-based compensation expense
63,078
73,480
Non-GAAP net loss
$
(2,860
)
$
(19,779
)
GAAP net loss per share attributable to
common stockholders, basic and diluted
$
(0.53
)
$
(0.73
)
Stock-based compensation expense per
share
0.51
0.58
Non-GAAP net loss per share attributable
to common stockholders, basic and diluted
$
(0.02
)
$
(0.15
)
Weighted-average number of shares used in
computing net loss per share attributable to common stockholders,
basic and diluted
125,250,723
127,814,447
Fiscal year ended January
31,
2023
2022
GAAP net loss as a percentage of
revenue
(16.4
)%
(23.9
)%
Plus: Stock-based compensation expense
15.7
%
18.8
%
Non-GAAP net loss as a percentage of
revenue
(0.7
)%
(5.1
)%
____________________ 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 January
31,
Constant Currency
Revenue
2023
2022
Growth Rates
Revenue (GAAP)
$
101,899
$
100,932
1
%
Effects of foreign currency rate
fluctuations
2,326
Revenue on a constant currency basis
(Non-GAAP)
$
104,225
3
%
Fiscal year ended January
31,
2023
2022
Growth Rates
Revenue (GAAP)
$
400,850
$
390,577
3
%
Effects of foreign currency rate
fluctuations
10,232
Revenue on a constant currency basis
(Non-GAAP)
$
411,082
5
%
____________________ Note: Numbers rounded
for presentation purposes and may not sum.
YEXT, INC.
Supplemental
Information
(In thousands)
(Unaudited)
January 31,
Variance
2023
2022
Dollars
Percent
Annual Recurring
Revenue
Direct Customers
$
327,017
$
312,132
$
14,885
5
%
Third-Party Reseller Customers
73,343
78,353
(5,010
)
(6
)%
Total Annual Recurring Revenue
$
400,360
$
390,485
$
9,875
3
%
Jan. 31, 2023
Oct. 31, 2022
Jul. 31, 2022
Apr. 30, 2022
Jan. 31, 2022
Annual Recurring
Revenue Trend
Direct Customers
$
327,017
$
317,280
$
312,129
$
310,312
$
312,132
Third-Party Reseller Customers
73,343
72,258
74,857
76,671
78,353
Total Annual Recurring Revenue
$
400,360
$
389,538
$
386,986
$
386,983
$
390,485
Jan. 31,
2023
Oct. 31,
2022
Jul. 31,
2022
Apr. 30,
2022
Jan. 31,
2022
Oct. 31,
2021
Jul. 31,
2021
Apr. 30,
2021
Dollar-Based Net
Retention Rate
Direct Customers
97%
96%
98%
98%
101%
101%
100%
103%
Third-Party Reseller Customers
92%
89%
90%
94%
101%
103%
98%
97%
Total Customers
96%
94%
96%
97%
101%
101%
100%
101%
____________________ Note: Numbers rounded
for presentation purposes and may not sum.
SOURCE Yext, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230307005908/en/
Investor Relations: IR@yext.com
Public Relations: PR@yext.com
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