NEW YORK, Dec. 3, 2020 /PRNewswire/ -- Yext, Inc.
(NYSE: YEXT), the Search Experience Cloud company, today announced
its results for the three months ended October 31, 2020, or the Company's third quarter
of fiscal 2021.
"We had a solid third quarter, indicating that people are hungry
for a disruption in search. We're on a mission to bring modern
search to every business website on the planet, and we're now
closer to realizing that goal," said Howard
Lerman, Founder and CEO of Yext. "In addition to helping
more businesses than ever before drive more branded searches on
their own websites, we're continuing to stay laser focused on sales
efficiency."
Third Quarter Fiscal 2021 Highlights:
- Revenue of $89.1 million,
a 17% increase compared to the $76.4
million reported in the third quarter fiscal 2020.
- Gross Profit of $67.4
million, a 20% increase compared to the $56.0 million reported in the third quarter
fiscal 2020. Gross margin of 75.7% compared to 73.3% reported in
third quarter fiscal 2020.
- Net Loss and Non-GAAP Net Loss:
-
- Net loss of $22.0 million
compared to the net loss of $42.7
million in the third quarter fiscal 2020.
- Non-GAAP net loss of $2.8 million
compared to the non-GAAP net loss of $21.6
million in the third quarter fiscal 2020.
- Net Loss Per Share and Non-GAAP Net Loss Per Share:
-
- Net loss per share of $0.18
compared to net loss per share of $0.38 in the third quarter fiscal 2020.
- Non-GAAP net loss per share of $0.02 compared to non-GAAP net loss per share of
$0.19 in the third quarter fiscal
2020.
- Net loss per share and non-GAAP net loss per share were based
on 120.7 million and 113.5 million weighted-average basic
shares outstanding for the third quarter fiscal 2021 and fiscal
2020, respectively.
- Balance Sheet: Cash and cash equivalents of
$209 million as of October 31,
2020. Unearned revenue of $129
million as of October 31, 2020, a 20% increase compared
to $108 million as of
October 31, 2019.
- Remaining Performance Obligations ("RPO"): RPO of
$285 million as of October 31,
2020. RPO expected to be recognized over the next 24 months of
$265 million with the remaining
balance expected to be recognized thereafter. RPO does not include
amounts under contract subject to certain accounting
exclusions.
- Cash Flow: Net cash used in operating activities was
$7.4 million for the three months
ended October 31, 2020 compared to
net cash used in operating activities of $31.8 million for the same period of fiscal
2020.
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 general availability of "Hitchhikers," a
comprehensive training program and community for professionals,
including Yext clients and partners, looking to grow their business
through custom website enhancements and search-powered
solutions.
- Announced that Yext Answers won a Global Search Award in the
Best Software Innovation category by a panel of search industry
leaders and experts.
- Announced our Fall '20 Release introducing several enhancements
to the Yext platform.
- Named a Top 15 Workplace on Fortune's 2020 Best Workplaces in
New York List.
- Appointed Hillary Smith,
Operating Partner at Craft Ventures, to its Board of Directors,
effective October 21, 2020.
- Announced that Yext Answers expanded its global footprint and
is now available in Japanese.
- Announced the launch of our WordPress Answers Connector, a
plugin that allows WordPress users to seamlessly integrate Yext
Answers into WordPress pages.
- Customer count, which excludes our small business and
third-party reseller customers, increased 28% year-over-year to
nearly 2,300 as of October 31,
2020.
- Structured facts in the Yext Knowledge Graph increased 58%
year-over-year to over 405 million as of October 31, 2020.
- Annual recurring revenue, or ARR, increased 18% year-over-year
to $346 million as of October 31, 2020, compared to $293 million as of October
31, 2019.
Financial Outlook:
Yext is also providing the following guidance for its fourth
fiscal quarter ending January 31, 2021.
- Fourth Quarter Fiscal 2021 Outlook:
-
- Revenue is projected to be in the range of $87 million to $89
million.
- Non-GAAP net loss per share is projected to be $0.10 to $0.08
which assumes 123.3 million weighted-average basic shares
outstanding.
Conference Call Information
Yext will host a
conference call today at 4:30 P.M. Eastern
Time (1:30 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 2822335.
A replay will be available domestically at (877) 344-7529 or
internationally at (412) 317-0088, passcode 10149775, until
midnight (ET) December 10, 2020.
About Yext
The ultimate source for official answers
about a business online should be the business itself. However,
when consumers ask questions on company websites, too often they
are left in the dark with wrong answers. Yext (NYSE: YEXT), the
Search Experience Cloud, solves this problem by organizing a
business's facts so it can provide official answers to consumer
questions — wherever people search. Starting with the company
website, then extending across search engines and voice assistants,
businesses around the world, like T-Mobile, Jaguar Land Rover, BBVA
USA, and Kiehl's — as well as
organizations like the U.S. State Department and World Health
Organization — trust Yext to radically improve the search
experience on their websites and across the entire search
ecosystem.
Yext's mission is to help businesses and organizations around
the world deliver official answers everywhere people search. Yext
has been named a Best Place to Work by Fortune and Great Place to
Work®, as well as a Best Workplace for Women. Yext is headquartered
in New York City with offices in
Amsterdam, Berlin, Chicago, Dallas, Geneva, London, Miami, Milan,
Paris, San Francisco, Shanghai, Tokyo, and the Washington, D.C. area — and work-from-home
offices all around the world.
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 loss and shares outstanding for our fourth
quarter fiscal 2021 in the paragraphs under "Financial Outlook"
above, statements regarding the impact of the COVID-19 pandemic on
our business and results of operations and other statements
regarding our expectations regarding the growth of our company, our
market opportunity, 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, the impact of the
COVID-19 pandemic on U.S. and global markets, our business,
operations, financial results, cash flow, demand for our products,
sales cycles, and customer acquisition and retention; our ability
to renew existing customers and attract new customers generally;
our ability to successfully expand and compete in new geographies
and industry verticals; our ability to maintain 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, including with Yext Answers; our
ability to release new products and updates that are adopted by our
customers; our ability to manage our growth effectively; changes to
our real estate strategy, in particular the timing and size of our
capital expenditures related to new facilities; 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 as a percentage of
total revenue, non-GAAP net loss, non-GAAP net loss per share,
non-GAAP net loss as a percentage of total 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 as a percentage of total
revenue, and non-GAAP net loss as a percentage of total revenue are
ratios calculated by dividing the applicable non-GAAP financial
measure by total revenue. Non-GAAP net loss per share is defined as
non-GAAP net 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 as a
percentage of total revenue, and non-GAAP net loss as a percentage
of total 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 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, to evaluate the effectiveness of
our business strategies and to communicate with our Board of
Directors concerning our financial performance. Our definition may
differ from the definitions used by other companies and therefore
comparability may be limited. In addition, other companies
may not publish this 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 non-GAAP net loss to net loss,
non-GAAP net loss per share to net loss per share and non-GAAP net
loss margin to net loss margin, 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 loss and non-GAAP net loss per share in conjunction
with net loss and net loss per share.
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. 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 businesses
customers as well as customers only receiving free
trials.
Structured facts represent all of the discrete data elements
provided by our customers and stored in the Yext Knowledge Graph.
For example, a customer's opening hours from Monday through Friday
are reflected as five structured facts. We believe the number of
structured facts provides insight into our customers' level of
engagement of our platform.
Annual recurring revenue, or 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 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 provides insight
into the performance of our recurring revenue business model while
mitigating for fluctuations in billing and contract terms.
For Further Information Contact:
Investor Relations:
Yuka Broderick
IR@yext.com
Public Relations:
Amanda Kontor
PR@yext.com
YEXT,
INC.
|
|
Condensed
Consolidated Balance Sheets
|
|
(In thousands,
except share and per share data)
|
(Unaudited)
|
|
|
October 31,
2020
|
|
January 31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
208,996
|
|
$
|
256,076
|
Accounts receivable,
net of allowances of $2,754 and $995, respectively
|
48,687
|
|
80,583
|
Prepaid expenses and
other current assets
|
17,631
|
|
12,730
|
Costs to obtain
revenue contracts, current
|
29,114
|
|
28,423
|
Total current
assets
|
304,428
|
|
377,812
|
Restricted
cash
|
—
|
|
12,100
|
Property and equipment,
net
|
71,948
|
|
26,200
|
Operating lease
right-of-use assets
|
106,889
|
|
111,973
|
Costs to obtain revenue
contracts, non-current
|
21,046
|
|
26,051
|
Goodwill
|
4,714
|
|
4,534
|
Intangible assets,
net
|
886
|
|
1,343
|
Other long term
assets
|
5,030
|
|
3,607
|
Total
assets
|
$
|
514,941
|
|
$
|
563,620
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
47,633
|
|
$
|
59,482
|
Unearned revenue,
current
|
128,709
|
|
176,806
|
Operating lease
liabilities, current
|
6,801
|
|
8,640
|
Total current
liabilities
|
183,143
|
|
244,928
|
Operating lease
liabilities, non-current
|
123,651
|
|
115,187
|
Other long term
liabilities
|
7,484
|
|
2,293
|
Total
liabilities
|
314,278
|
|
362,408
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.001 par value per share; 50,000,000 shares authorized at
October 31, 2020 and January 31, 2020; zero shares issued
and outstanding at
October 31, 2020 and January 31, 2020
|
—
|
|
—
|
Common stock, $0.001
par value per share; 500,000,000 shares authorized at
October 31, 2020 and January 31, 2020; 128,681,015 and
122,335,709 shares
issued at October 31, 2020 and January 31, 2020,
respectively; 122,175,681
and 115,830,375 shares outstanding at October 31, 2020 and
January 31, 2020,
respectively
|
129
|
|
122
|
Additional paid-in
capital
|
711,413
|
|
636,008
|
Accumulated other
comprehensive income (loss)
|
60
|
|
(360)
|
Accumulated
deficit
|
(499,034)
|
|
(422,653)
|
Treasury stock, at
cost
|
(11,905)
|
|
(11,905)
|
Total stockholders'
equity
|
200,663
|
|
201,212
|
Total liabilities and
stockholders' equity
|
$
|
514,941
|
|
$
|
563,620
|
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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
$
|
89,061
|
|
$
|
76,370
|
|
$
|
262,467
|
|
$
|
217,451
|
Cost of
revenue
|
21,639
|
|
20,366
|
|
64,807
|
|
56,108
|
Gross
profit
|
67,422
|
|
56,004
|
|
197,660
|
|
161,343
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
56,646
|
|
61,969
|
|
171,215
|
|
160,738
|
Research and
development
|
14,475
|
|
13,011
|
|
43,641
|
|
35,603
|
General and
administrative
|
18,061
|
|
23,857
|
|
57,993
|
|
57,392
|
Total operating
expenses
|
89,182
|
|
98,837
|
|
272,849
|
|
253,733
|
Loss from
operations
|
(21,760)
|
|
(42,833)
|
|
(75,189)
|
|
(92,390)
|
Interest
income
|
9
|
|
1,129
|
|
524
|
|
3,412
|
Interest
expense
|
(184)
|
|
(81)
|
|
(475)
|
|
(213)
|
Other expense,
net
|
(38)
|
|
(682)
|
|
(545)
|
|
(1,091)
|
Loss from operations
before income taxes
|
(21,973)
|
|
(42,467)
|
|
(75,685)
|
|
(90,282)
|
(Provision for)
benefit from income taxes
|
(68)
|
|
(250)
|
|
(696)
|
|
(685)
|
Net loss
|
$
|
(22,041)
|
|
$
|
(42,717)
|
|
$
|
(76,381)
|
|
$
|
(90,967)
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common
stockholders, basic and diluted
|
$
|
(0.18)
|
|
$
|
(0.38)
|
|
$
|
(0.64)
|
|
$
|
(0.82)
|
Weighted-average
number of shares used in
computing net loss per share attributable to common
stockholders, basic and diluted
|
120,721,555
|
|
113,464,608
|
|
118,594,452
|
|
110,610,473
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
$
|
(497)
|
|
$
|
1,585
|
|
$
|
420
|
|
$
|
1,000
|
Unrealized (loss) gain
on marketable securities,
net
|
—
|
|
(2)
|
|
—
|
|
40
|
Total comprehensive
loss
|
$
|
(22,538)
|
|
$
|
(41,134)
|
|
$
|
(75,961)
|
|
$
|
(89,927)
|
YEXT,
INC.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(In
thousands)
|
(Unaudited)
|
|
|
Nine months ended
October 31,
|
|
2020
|
|
2019
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(76,381)
|
|
$
|
(90,967)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization expense
|
7,539
|
|
5,836
|
Bad debt
expense
|
2,376
|
|
297
|
Stock-based
compensation expense
|
53,889
|
|
50,917
|
Amortization of
operating lease right-of-use assets
|
9,367
|
|
8,039
|
Other, net
|
589
|
|
(7)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
30,302
|
|
15,908
|
Prepaid expenses and
other current assets
|
(5,023)
|
|
888
|
Costs to obtain
revenue contracts
|
4,743
|
|
(6,196)
|
Other long term
assets
|
(1,350)
|
|
(1,681)
|
Accounts payable,
accrued expenses and other current liabilities
|
(7,192)
|
|
3,161
|
Unearned
revenue
|
(49,592)
|
|
(27,531)
|
Operating lease
liabilities
|
2,526
|
|
(1,576)
|
Other long term
liabilities
|
4,485
|
|
478
|
Net cash used in
operating activities
|
(23,722)
|
|
(42,434)
|
Investing
activities:
|
|
|
|
Maturities of
marketable securities
|
—
|
|
51,197
|
Capital
expenditures
|
(53,946)
|
|
(7,347)
|
Net cash (used in)
provided by investing activities
|
(53,946)
|
|
43,850
|
Financing
activities:
|
|
|
|
Proceeds from common
stock offering, net of underwriting discounts and
commissions
|
—
|
|
147,000
|
Payments of common
stock deferred offering costs
|
—
|
|
(530)
|
Proceeds from
exercise of stock options
|
13,145
|
|
12,513
|
Payments of deferred
financing costs
|
(869)
|
|
(260)
|
Proceeds, net from
employee stock purchase plan withholdings
|
4,811
|
|
5,078
|
Net cash provided by
financing activities
|
17,087
|
|
163,801
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
1,401
|
|
(118)
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
(59,180)
|
|
165,099
|
Cash, cash
equivalents and restricted cash at beginning of period
|
268,176
|
|
91,755
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
208,996
|
|
$
|
256,854
|
|
Supplemental
reconciliation of cash, cash equivalents and restricted cash within
the condensed consolidated balance sheets:
|
|
(in
thousands)
|
October 31,
2020
|
|
October 31,
2019
|
Cash and cash
equivalents
|
$
|
208,996
|
|
$
|
244,754
|
Restricted
cash
|
—
|
|
12,100
|
Total cash, cash
equivalents and restricted cash
|
$
|
208,996
|
|
$
|
256,854
|
YEXT,
INC.
|
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
|
(In
thousands)
|
(Unaudited)
|
|
|
Three months ended
October 31, 2020
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
21,639
|
|
$
|
(1,513)
|
|
$
|
20,126
|
Sales and
marketing
|
$
|
56,646
|
|
$
|
(9,410)
|
|
$
|
47,236
|
Research and
development
|
$
|
14,475
|
|
$
|
(4,228)
|
|
$
|
10,247
|
General and
administrative
|
$
|
18,061
|
|
$
|
(4,136)
|
|
$
|
13,925
|
|
|
|
Three months ended
October 31, 2019
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
20,366
|
|
$
|
(1,176)
|
|
$
|
19,190
|
Sales and
marketing
|
$
|
61,969
|
|
$
|
(8,604)
|
|
$
|
53,365
|
Research and
development
|
$
|
13,011
|
|
$
|
(3,630)
|
|
$
|
9,381
|
General and
administrative
|
$
|
23,857
|
|
$
|
(7,682)
|
|
$
|
16,175
|
|
|
|
Nine months ended
October 31, 2020
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
64,807
|
|
$
|
(4,053)
|
|
$
|
60,754
|
Sales and
marketing
|
$
|
171,215
|
|
$
|
(25,151)
|
|
$
|
146,064
|
Research and
development
|
$
|
43,641
|
|
$
|
(12,104)
|
|
$
|
31,537
|
General and
administrative
|
$
|
57,993
|
|
$
|
(12,581)
|
|
$
|
45,412
|
|
|
|
Nine months ended
October 31, 2019
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
56,108
|
|
$
|
(2,982)
|
|
$
|
53,126
|
Sales and
marketing
|
$
|
160,738
|
|
$
|
(23,673)
|
|
$
|
137,065
|
Research and
development
|
$
|
35,603
|
|
$
|
(9,260)
|
|
$
|
26,343
|
General and
administrative
|
$
|
57,392
|
|
$
|
(15,002)
|
|
$
|
42,390
|
YEXT,
INC.
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
|
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
Three months ended
October 31,
|
|
Nine months ended
October 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
67,422
|
|
$
|
56,004
|
|
$
|
197,660
|
|
$
|
161,343
|
|
Plus: Stock-based
compensation expense
|
1,513
|
|
1,176
|
|
4,053
|
|
2,982
|
|
Non-GAAP gross
profit
|
$
|
68,935
|
|
$
|
57,180
|
|
$
|
201,713
|
|
$
|
164,325
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
75.7%
|
|
73.3%
|
|
75.3%
|
|
74.2%
|
|
Plus: Stock-based
compensation expense
|
1.7%
|
|
1.6%
|
|
1.6%
|
|
1.4%
|
|
Non-GAAP gross
margin
|
77.4%
|
|
74.9%
|
|
76.9%
|
|
75.6%
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
89,182
|
|
$
|
98,837
|
|
$
|
272,849
|
|
$
|
253,733
|
|
Less: Stock-based
compensation expense
|
(17,774)
|
|
(19,916)
|
|
(49,836)
|
|
(47,935)
|
|
Non-GAAP operating
expenses
|
$
|
71,408
|
|
$
|
78,921
|
|
$
|
223,013
|
|
$
|
205,798
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
as a percentage of total revenue
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses as a percentage of total
revenue
|
100%
|
|
129%
|
|
104%
|
|
117%
|
|
Less: Stock-based
compensation expense
|
|
(20)%
|
|
(26)%
|
|
(19)%
|
|
(22)%
|
|
Non-GAAP operating
expenses as a percentage of
total revenue
|
80%
|
|
103%
|
|
85%
|
|
95%
|
|
|
|
|
|
|
|
|
|
|
|
YEXT,
INC.
|
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
|
(In thousands,
except share and per share data)
|
(Unaudited)
|
|
|
Three months ended
October 31,
|
|
2020
|
|
2019
|
GAAP net
loss
|
$
|
(22,041)
|
|
$
|
(42,717)
|
Plus: Stock-based
compensation expense
|
19,287
|
|
21,092
|
Non-GAAP net
loss
|
$
|
(2,754)
|
|
$
|
(21,625)
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.18)
|
|
$
|
(0.38)
|
|
|
|
|
Stock-based
compensation expense per share
|
0.16
|
|
0.19
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.02)
|
|
$
|
(0.19)
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share
attributable to common stockholders, basic and diluted
|
120,721,555
|
|
113,464,608
|
|
|
Three months ended
October 31,
|
|
2020
|
|
2019
|
GAAP net loss as a
percentage of total revenue
|
(24.7)%
|
|
(55.9)%
|
Plus: Stock-based
compensation expense
|
21.6%
|
|
27.6%
|
Non-GAAP net loss as
a percentage of total revenue
|
(3.1)%
|
|
(28.3)%
|
|
|
|
|
|
|
Nine months ended
October 31,
|
|
2020
|
|
2019
|
GAAP net
loss
|
$
|
(76,381)
|
|
$
|
(90,967)
|
Plus: Stock-based
compensation expense
|
53,889
|
|
50,917
|
Non-GAAP net
loss
|
$
|
(22,492)
|
|
$
|
(40,050)
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.64)
|
|
$
|
(0.82)
|
|
|
|
|
Stock-based
compensation expense per share
|
0.45
|
|
0.46
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.19)
|
|
$
|
(0.36)
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share
attributable to common stockholders, basic and diluted
|
118,594,452
|
|
110,610,473
|
|
|
Nine months ended
October 31,
|
|
2020
|
|
2019
|
GAAP net loss as a
percentage of total revenue
|
(29.1)%
|
|
(41.8)%
|
Plus: Stock-based
compensation expense
|
20.5%
|
|
23.4%
|
Non-GAAP net loss as
a percentage of total revenue
|
(8.6)%
|
|
(18.4)%
|
|
|
|
|
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SOURCE Yext, Inc.