NEW YORK, March 3, 2020
/PRNewswire/ -- Yext, Inc. (NYSE: YEXT), the Search Experience
Cloud company, today announced its results for the three months
ended January 31, 2020, or the
Company's fourth quarter of fiscal 2020, and the fiscal year ended
January 31, 2020.
"We had a stunning Q4 and solid end to our fiscal year 2020. We
have a terrific platform of products driving strong demand across
the board," said Howard Lerman,
Founder and Chief Executive Officer of Yext. "For more than a
decade, we have innovated to put the truth online by putting
perfect answers about our customers everywhere. We are excited to
enter fiscal year 2021 with a solid platform of products and the
most tenured sales team in Yext history."
Note to the reader: Yext adopted the revenue accounting
standard ASC 606 for its fiscal year ended January 31, 2019 and the results for all periods
presented below are reported on that basis.
Fourth Quarter Fiscal 2020 Highlights:
- Revenue of $81.4 million,
a 28% increase compared to the $63.8
million reported in the fourth quarter fiscal 2019.
- Gross Profit of $60.5
million, a 26% increase compared to the $48.1 million reported in the fourth quarter
fiscal 2019. Gross margin of 74.3% compared to 75.5% reported in
the fourth quarter fiscal 2019.
- Net Loss and Non-GAAP Net Loss:
-
- Net loss of $30.6 million,
compared to the net loss of $15.5
million in the fourth quarter fiscal 2019. The increased net
loss was driven primarily by higher operating expenses, due to an
overall increase in employee-related costs, as well as the impact
of new lease arrangements, including New
York, NY.
- Non-GAAP net loss of $13.7
million, compared to the non-GAAP net loss of $3.2 million in the fourth quarter fiscal 2019.
The increase in non-GAAP net loss was primarily attributable to the
higher operating expenses as described above.
- Net Loss Per Share and Non-GAAP Net Loss Per Share:
-
- Net loss per share of $0.27 in
the fourth quarter fiscal 2020 compared to net loss per share of
$0.15 in the fourth quarter fiscal
2019.
- Non-GAAP net loss per share of $0.12 in the fourth quarter fiscal 2020 compared
to non-GAAP net loss per share of $0.03 in the fourth quarter fiscal 2019.
- Net loss per share and non-GAAP net loss per share were based
on 115.2 million and 101.4 million weighted-average basic shares
outstanding for the fourth quarter fiscal 2020 and fiscal 2019,
respectively.
- Balance Sheet: Cash and cash equivalents of $256.1 million as of January 31, 2020. Unearned revenue of
$176.8 million as of January 31, 2020, a 30% increase compared to
$135.5 million as of January 31, 2019.
- Remaining Performance Obligations ("RPO"): RPO of
$328.1 million as of January 31, 2020. RPO expected to be recognized
over the next 24 months of $309.7
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 provided by operating activities of
$11.7 million for the fourth quarter
fiscal 2020, compared to net cash provided by operating activities
of $30.8 million for the same period
of fiscal 2019.
Full Year Fiscal 2020 Highlights:
- Revenue of $298.8 million,
a 31% increase compared to the $228.3
million reported in the fiscal year ended January 31, 2019.
- Gross Profit of $221.8
million, a 30% increase compared to the $170.9 million reported in the fiscal year ended
January 31, 2019. Gross margin of
74.2% compared to the 74.9% reported in the fiscal year ended
January 31, 2019.
- Net Loss and Non-GAAP Net Loss:
-
- Net loss of $121.5 million,
compared to the net loss of $74.8
million in the fiscal year ended January 31, 2019. The increased net loss was
driven primarily by higher operating expenses, due to an overall
increase in employee-related costs, as well as the impact of new
lease arrangements, including New York,
NY.
- Non-GAAP net loss of $53.8
million, compared to the non-GAAP net loss of $30.6 million in the fiscal year ended
January 31, 2019. The increase in
non-GAAP net loss was primarily attributable to the higher
operating expenses as described above.
- Net Loss Per Share and Non-GAAP Net Loss Per Share:
-
- Net loss per share of $1.09 in
the fiscal year ended January 31,
2020, compared to net loss per share of $0.76 in the fiscal year ended January 31, 2019.
- Non-GAAP net loss per share of $0.48 in the fiscal year ended January 31, 2020, compared to non-GAAP net loss
per share of $0.31 in the fiscal year
ended January 31, 2019.
- Net loss per share and non-GAAP net loss per share were based
on 111.8 million and 98.4 million weighted-average basic shares
outstanding for the fiscal year ended January 31, 2020 and 2019, respectively.
- Cash Flow: Cash used in operating activities of
$30.8 million for the fiscal year
ended January 31, 2020, compared to
cash provided by operating activities of $5.2 million for the fiscal year ended
January 31, 2019.
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:
- Customer count, which excludes our small business and
third-party reseller customers, increased 38% year-over-year to
over 1900.
- Announced our new office in Tokyo,
Japan and plans to hire 100 employees in the country over
the next five years.
- Appointed Norihiro Shimogaki as
President and COO of Yext Japan, effective February 1, 2020. Shimogaki brings more than
three decades of experience at leading technology companies to
Yext, where he will lead the company's strategy in Japan in partnership with President and CEO of
Yext Japan, Eiji Uda.
Financial Outlook:
Yext is also providing the following guidance for its first
fiscal quarter ending April 30, 2020 and the fiscal year
ending January 31, 2021.
- First Quarter Fiscal 2021 Outlook:
-
- Revenue is projected to be $85.0
million to $87.0 million.
- Non-GAAP net loss per share is projected to be $0.14 to $0.11,
which assumes 116.7 million weighted-average basic shares
outstanding.
- Full Year Fiscal 2021 Outlook:
-
- Revenue is projected to be $378.0
million to $382.0
million.
- Non-GAAP net loss per share is projected to be $0.50 to $0.45,
which assumes 119.5 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 1335406.
A replay will be available domestically at (877) 344-7529 or
internationally at (412) 317-0088, passcode 10139053, until
midnight (ET) March 10, 2020.
About Yext
The customer journey starts with a
question, and every day consumers search for answers about brands.
However, they are increasingly served false or misleading
information from sources other than the brand. Yext (NYSE: YEXT),
the Search Experience Cloud company, exists to help brands regain
and maintain a direct relationship with their customers. With a
mission to provide perfect answers everywhere, Yext puts businesses
in control of their facts online by delivering brand verified
answers straight from the source — wherever their customers are
searching. Companies like Taco Bell, Marriott, Jaguar-Land Rover,
and businesses around the world use Yext to take back control of
the customer journey, starting on their own website.
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.
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 first
quarter fiscal 2021 and full year fiscal 2021 in the paragraphs
under "Financial Outlook" above, hiring plans in Japan and other statements regarding our
expectations regarding the growth of our company, our market
opportunity 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 existing customers and attract new customers; our ability to
successfully expand and compete in new geographies and industry
verticals; our ability to recruit and retain our sales force
including in enterprise and midmarket; our ability to expand our
publishing 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, weakened global economic conditions including from the
effects of the coronavirus; 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 net loss, non-GAAP net loss
per share and non-GAAP net loss margin. Non-GAAP net loss,
non-GAAP net loss per share and non-GAAP net loss margin are
financial measures that are not calculated in accordance with
GAAP. We define these non-GAAP net loss financial measures as
our GAAP net loss as adjusted to exclude the effects of stock-based
compensation expenses. 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. Non-GAAP net loss margin is defined as non-GAAP
net loss divided by revenue. We believe these non-GAAP
financial measures provide investors and other users of our
financial information consistency and comparability with our past
financial performance and facilitate period-to-period comparisons
of our results of operations. With respect to non-GAAP net
loss margin, we believe this metric is useful in evaluating our
profitability relative to the amount of revenue generated,
excluding the impact of stock-based compensation expense. We
also believe these 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.
For Further Information Contact:
Investor
Relations:
Dominic Paschel
IR@yext.com
Public Relations:
Amanda Kontor
PR@yext.com
YEXT,
INC. Consolidated Balance Sheets (In thousands,
except share and per share data)
(unaudited)
|
|
|
January 31,
2020
|
|
January 31,
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
256,076
|
|
|
$
|
91,755
|
|
Marketable
securities
|
—
|
|
|
51,021
|
|
Accounts receivable,
net of allowances of $995 and $256, respectively
|
80,583
|
|
|
55,341
|
|
Prepaid expenses and
other current assets
|
12,730
|
|
|
14,135
|
|
Costs to obtain
revenue contracts, current
|
28,423
|
|
|
17,817
|
|
Total current
assets
|
377,812
|
|
|
230,069
|
|
Restricted
cash
|
12,100
|
|
|
—
|
|
Property and equipment,
net
|
26,200
|
|
|
11,077
|
|
Operating lease
right-of-use assets
|
111,973
|
|
|
—
|
|
Costs to obtain revenue
contracts, non-current
|
26,051
|
|
|
18,366
|
|
Goodwill
|
4,534
|
|
|
4,660
|
|
Intangible assets,
net
|
1,343
|
|
|
1,960
|
|
Other long term
assets
|
3,607
|
|
|
996
|
|
Total
assets
|
$
|
563,620
|
|
|
$
|
267,128
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
59,482
|
|
|
$
|
44,236
|
|
Unearned revenue,
current
|
176,806
|
|
|
135,544
|
|
Operating lease
liabilities, current
|
8,640
|
|
|
—
|
|
Total current
liabilities
|
244,928
|
|
|
179,780
|
|
Operating lease
liabilities, non-current
|
115,187
|
|
|
—
|
|
Other long term
liabilities
|
2,293
|
|
|
2,799
|
|
Total
liabilities
|
362,408
|
|
|
182,579
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.001 par value per share; 50,000,000 shares authorized at
January 31, 2020 and 2019; zero shares issued and outstanding
at January 31, 2020 and 2019
|
—
|
|
|
—
|
|
Common stock, $0.001
par value per share; 500,000,000 shares authorized at
January 31, 2020 and 2019, respectively; 122,335,709 and
108,678,234 shares issued at January 31, 2020 and 2019,
respectively; 115,830,375 and 102,172,900 shares outstanding at
January 31, 2020 and 2019, respectively
|
122
|
|
|
109
|
|
Additional paid-in
capital
|
636,008
|
|
|
398,882
|
|
Accumulated other
comprehensive loss
|
(360)
|
|
|
(1,428)
|
|
Accumulated
deficit
|
(422,653)
|
|
|
(301,109)
|
|
Treasury stock, at
cost
|
(11,905)
|
|
|
(11,905)
|
|
Total stockholders'
equity
|
201,212
|
|
|
84,549
|
|
Total liabilities and
stockholders' equity
|
$
|
563,620
|
|
|
$
|
267,128
|
|
YEXT,
INC. 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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
$
|
81,378
|
|
|
$
|
63,759
|
|
|
$
|
298,829
|
|
|
$
|
228,283
|
|
Cost of
revenue
|
20,922
|
|
|
15,641
|
|
|
77,030
|
|
|
57,413
|
|
Gross
profit
|
60,456
|
|
|
48,118
|
|
|
221,799
|
|
|
170,870
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
57,338
|
|
|
41,006
|
|
|
218,076
|
|
|
158,845
|
|
Research and
development
|
13,842
|
|
|
9,228
|
|
|
49,445
|
|
|
36,098
|
|
General and
administrative
|
19,839
|
|
|
14,107
|
|
|
77,231
|
|
|
51,572
|
|
Total operating
expenses
|
91,019
|
|
|
64,341
|
|
|
344,752
|
|
|
246,515
|
|
Loss from
operations
|
(30,563)
|
|
|
(16,223)
|
|
|
(122,953)
|
|
|
(75,645)
|
|
Interest
income
|
687
|
|
|
487
|
|
|
4,099
|
|
|
1,711
|
|
Interest
expense
|
(95)
|
|
|
(36)
|
|
|
(308)
|
|
|
(143)
|
|
Other expense,
net
|
(194)
|
|
|
51
|
|
|
(1,285)
|
|
|
(538)
|
|
Loss from operations
before income taxes
|
(30,165)
|
|
|
(15,721)
|
|
|
(120,447)
|
|
|
(74,615)
|
|
(Provision for)
benefit from income taxes
|
(412)
|
|
|
261
|
|
|
(1,097)
|
|
|
(222)
|
|
Net loss
|
$
|
(30,577)
|
|
|
$
|
(15,460)
|
|
|
$
|
(121,544)
|
|
|
$
|
(74,837)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.27)
|
|
|
$
|
(0.15)
|
|
|
$
|
(1.09)
|
|
|
$
|
(0.76)
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
115,166,912
|
|
|
101,354,229
|
|
|
111,758,946
|
|
|
98,387,366
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
$
|
197
|
|
|
$
|
(97)
|
|
|
$
|
1,197
|
|
|
$
|
(75)
|
|
Unrealized (loss) gain
on marketable securities, net
|
(169)
|
|
|
114
|
|
|
(129)
|
|
|
280
|
|
Total comprehensive
loss
|
$
|
(30,549)
|
|
|
$
|
(15,443)
|
|
|
$
|
(120,476)
|
|
|
$
|
(74,632)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEXT,
INC. Consolidated Statements of Cash Flows (In
thousands) (unaudited)
|
|
|
Fiscal year ended
January 31,
|
|
2020
|
|
2019
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(121,544)
|
|
|
$
|
(74,837)
|
|
Adjustments to reconcile net loss to net cash (used
in) provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
8,069
|
|
|
6,813
|
|
Provision for bad
debts
|
1,246
|
|
|
492
|
|
Stock-based
compensation expense
|
67,770
|
|
|
44,233
|
|
Amortization of
operating lease right-of-use assets
|
11,124
|
|
|
—
|
|
Other, net
|
120
|
|
|
(83)
|
|
Changes
in operating assets and liabilities:
|
|
|
|
Accounts
receivable
|
(26,981)
|
|
|
(11,601)
|
|
Prepaid expenses and
other current assets
|
268
|
|
|
(6,745)
|
|
Costs to obtain
revenue contracts
|
(18,344)
|
|
|
(16,817)
|
|
Other long term
assets
|
(2,629)
|
|
|
2
|
|
Accounts payable,
accrued expenses and other current liabilities
|
8,267
|
|
|
17,626
|
|
Unearned
revenue
|
42,345
|
|
|
47,004
|
|
Operating lease
liabilities
|
(1,044)
|
|
|
—
|
|
Other long term
liabilities
|
565
|
|
|
(847)
|
|
Net cash (used in)
provided by operating activities
|
(30,768)
|
|
|
5,240
|
|
Investing activities:
|
|
|
|
Purchases of
marketable securities
|
—
|
|
|
(52,916)
|
|
Maturities of
marketable securities
|
51,197
|
|
|
86,320
|
|
Capital
expenditures
|
(11,889)
|
|
|
(5,270)
|
|
Net cash provided by
investing activities
|
39,308
|
|
|
28,134
|
|
Financing activities:
|
|
|
|
Proceeds from common
stock offering, net of underwriting discounts and
commissions
|
147,000
|
|
|
—
|
|
Payments of deferred
offering costs
|
(530)
|
|
|
—
|
|
Proceeds from exercise
of stock options
|
14,893
|
|
|
18,880
|
|
Payments of deferred
financing costs
|
(260)
|
|
|
(159)
|
|
Proceeds, net from
employee stock purchase plan withholdings
|
7,270
|
|
|
5,663
|
|
Net cash provided by
financing activities
|
168,373
|
|
|
24,384
|
|
Effect of
exchange rate changes on cash, cash
equivalents and restricted cash
|
(492)
|
|
|
(370)
|
|
Net increase in
cash, cash equivalents and restricted cash
|
176,421
|
|
|
57,388
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
91,755
|
|
|
34,367
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
268,176
|
|
|
$
|
91,755
|
|
|
|
|
|
Supplemental
reconciliation of cash, cash equivalents and restricted cash
reported within the consolidated balance sheets as of January
31,
|
(in
thousands)
|
2020
|
|
2019
|
Cash and cash
equivalents
|
$
|
256,076
|
|
|
$
|
91,755
|
|
Restricted
cash
|
12,100
|
|
|
—
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
268,176
|
|
|
$
|
91,755
|
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In
thousands) (unaudited)
|
|
|
Three months ended
January 31, 2020
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
20,922
|
|
|
$
|
(1,133)
|
|
|
$
|
19,789
|
|
Gross
profit
|
$
|
60,456
|
|
|
$
|
1,133
|
|
|
$
|
61,589
|
|
Sales and
marketing
|
$
|
57,338
|
|
|
$
|
(7,748)
|
|
|
$
|
49,590
|
|
Research and
development
|
$
|
13,842
|
|
|
$
|
(3,952)
|
|
|
$
|
9,890
|
|
General and
administrative
|
$
|
19,839
|
|
|
$
|
(4,020)
|
|
|
$
|
15,819
|
|
Loss from
operations
|
$
|
(30,563)
|
|
|
$
|
16,853
|
|
|
$
|
(13,710)
|
|
Net loss
|
$
|
(30,577)
|
|
|
$
|
16,853
|
|
|
$
|
(13,724)
|
|
Net loss
margin
|
(37.6)%
|
|
|
20.7%
|
|
|
(16.9)%
|
|
|
|
|
Three months ended
January 31, 2019
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
15,641
|
|
|
$
|
(883)
|
|
|
$
|
14,758
|
|
Gross
profit
|
$
|
48,118
|
|
|
$
|
883
|
|
|
$
|
49,001
|
|
Sales and
marketing
|
$
|
41,006
|
|
|
$
|
(6,189)
|
|
|
$
|
34,817
|
|
Research and
development
|
$
|
9,228
|
|
|
$
|
(2,464)
|
|
|
$
|
6,764
|
|
General and
administrative
|
$
|
14,107
|
|
|
$
|
(2,754)
|
|
|
$
|
11,353
|
|
Loss from
operations
|
$
|
(16,223)
|
|
|
$
|
12,290
|
|
|
$
|
(3,933)
|
|
Net loss
|
$
|
(15,460)
|
|
|
$
|
12,290
|
|
|
$
|
(3,170)
|
|
Net loss
margin
|
(24.2)%
|
|
|
19.2%
|
|
|
(5.0)%
|
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In
thousands) (unaudited)
|
|
|
Fiscal year ended
January 31, 2020
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
77,030
|
|
|
$
|
(4,115)
|
|
|
$
|
72,915
|
|
Gross
profit
|
$
|
221,799
|
|
|
$
|
4,115
|
|
|
$
|
225,914
|
|
Sales and
marketing
|
$
|
218,076
|
|
|
$
|
(31,421)
|
|
|
$
|
186,655
|
|
Research and
development
|
$
|
49,445
|
|
|
$
|
(13,212)
|
|
|
$
|
36,233
|
|
General and
administrative
|
$
|
77,231
|
|
|
$
|
(19,022)
|
|
|
$
|
58,209
|
|
Loss from
operations
|
$
|
(122,953)
|
|
|
$
|
67,770
|
|
|
$
|
(55,183)
|
|
Net loss
|
$
|
(121,544)
|
|
|
$
|
67,770
|
|
|
$
|
(53,774)
|
|
Net loss
margin
|
(40.7)%
|
|
|
22.7%
|
|
|
(18.0)%
|
|
|
|
|
Fiscal year ended
January 31, 2019
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
57,413
|
|
|
$
|
(2,915)
|
|
|
$
|
54,498
|
|
Gross
profit
|
$
|
170,870
|
|
|
$
|
2,915
|
|
|
$
|
173,785
|
|
Sales and
marketing
|
$
|
158,845
|
|
|
$
|
(22,519)
|
|
|
$
|
136,326
|
|
Research and
development
|
$
|
36,098
|
|
|
$
|
(8,475)
|
|
|
$
|
27,623
|
|
General and
administrative
|
$
|
51,572
|
|
|
$
|
(10,324)
|
|
|
$
|
41,248
|
|
Loss from
operations
|
$
|
(75,645)
|
|
|
$
|
44,233
|
|
|
$
|
(31,412)
|
|
Net loss
|
$
|
(74,837)
|
|
|
$
|
44,233
|
|
|
$
|
(30,604)
|
|
Net loss
margin
|
(32.8)%
|
|
|
19.4%
|
|
|
(13.4)%
|
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In thousands, except share and per share
data) (unaudited)
|
|
Three months ended
January 31,
|
|
2020
|
|
2019
|
Net loss
|
$
|
(30,577)
|
|
|
$
|
(15,460)
|
|
Stock-based
compensation expense
|
16,853
|
|
|
12,290
|
|
Non-GAAP net
loss
|
$
|
(13,724)
|
|
|
$
|
(3,170)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.27)
|
|
|
$
|
(0.15)
|
|
|
|
|
|
Stock-based
compensation expense per share
|
0.15
|
|
|
0.12
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.12)
|
|
|
$
|
(0.03)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
115,166,912
|
|
|
101,354,229
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended
January 31,
|
|
2020
|
|
2019
|
Net loss
|
$
|
(121,544)
|
|
|
$
|
(74,837)
|
|
Stock-based
compensation expense
|
67,770
|
|
|
44,233
|
|
Non-GAAP net
loss
|
$
|
(53,774)
|
|
|
$
|
(30,604)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(1.09)
|
|
|
$
|
(0.76)
|
|
|
|
|
|
Stock-based
compensation expense per share
|
0.61
|
|
|
0.45
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.48)
|
|
|
$
|
(0.31)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
111,758,946
|
|
|
98,387,366
|
|
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SOURCE Yext, Inc.