NEW YORK, Dec. 2, 2021
/PRNewswire/ -- Yext, Inc. (NYSE: YEXT), the AI Search
Company, today announced its results for the three months ended
October 31, 2021, or the Company's
third quarter of fiscal 2022.
"We are on the road to recovery," said Howard Lerman, Founder and CEO of Yext. "The
solid results we delivered in the third quarter reflect strong
execution against our growth plans. Answers is growing quickly, our
Listings business is recovering, and our land-and-expand sales
strategy is working. That, coupled with new growth vectors yet to
tap, make us optimistic about the future."
Third Quarter Fiscal 2022 Highlights:
- Revenue of $99.5 million,
a 12% increase, compared to $89.1
million reported in the third quarter fiscal 2021.
- Gross Profit of $74.3
million, a 10% increase, compared to $67.4 million reported in the third quarter
fiscal 2021. Gross margin of 74.6%, compared to 75.7% reported in
the third quarter fiscal 2021.
- Net Loss and Non-GAAP Net Loss:
-
- Net loss of $24.9 million,
compared to the net loss of $22.0
million in the third quarter fiscal 2021.
- Non-GAAP net loss of $5.5
million, compared to the non-GAAP net loss of $2.8 million in the third quarter fiscal
2021.
- Net Loss Per Share and Non-GAAP Net Loss Per Share:
-
- Net loss per share of $0.19 in
the third quarter fiscal 2022, compared to net loss per share of
$0.18 in the third quarter fiscal
2021.
- Non-GAAP net loss per share of $0.04 in the third quarter fiscal 2022, compared
to non-GAAP net loss per share of $0.02 in the third quarter fiscal 2021.
- Net loss per share and non-GAAP net loss per share were each
based on 128.6 million and 120.7 million weighted-average basic
shares outstanding for the third quarter fiscal 2022 and for the
third quarter fiscal 2021, respectively.
- Balance Sheet: Cash and cash equivalents of $230 million as of October
31, 2021. Unearned revenue of $151
million as of October 31,
2021, compared to $129 million
as of October 31, 2020.
- Remaining Performance Obligations ("RPO"): RPO of
$337 million as of October 31, 2021. RPO expected to be recognized
over the next 24 months of $315
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
$9.7 million for the three months
ended October 31, 2021, compared to
net cash used in operating activities of $7.4 million for the three months ended
October 31, 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 that Samsung's Net Promoter Score increased after
optimizing its help site with Yext Support Answers.
- Announced that People's United Bank experienced ROI from
Answers site search integration between Yext, Virtusa, and
Adobe.
- Announced collaboration with Acquia, enabling businesses to
seamlessly implement AI-powered search experiences on websites
built with Acquia Drupal Cloud.
- Announced expansion of public sector efforts with new AI search
solutions and team hires, building on successful work with the
World Health Organization and State of
New Jersey.
- Launched Financial Services Cloud, highlighted by guided
AI-powered search solution.
- Announced that Yext continued to climb in the enterprise search
software category on the Fall 2021 G2 Grid® Report by G2.com, Inc.,
a leading software review platform.
- Launched AI-Powered "Find-a-Doc" solution to improve the
pre-appointment patient experience when searching for healthcare
providers.
- Announced that Yext's AI search-powered website won a 2021
WebAward for Outstanding Website.
- Customer count, which excludes our small business and
third-party reseller customers, increased 20% year-over-year to
over 2,700 as of October 31,
2021.
- Annual recurring revenue, or ARR, increased 12% year-over-year
to $387 million as of October 31, 2021, compared to $346 million as of October
31, 2020.
Financial Outlook:
Yext is also providing the following guidance for its fourth
fiscal quarter ending January 31,
2022 and the fiscal year ending January 31, 2022.
- Fourth Quarter Fiscal 2022 Outlook:
-
- Revenue is projected to be in the range of $100.0 million to $102.0
million.
- Non-GAAP net loss per share is projected to be $0.10 to $0.08
which assumes 130.3 million weighted-average basic shares
outstanding.
- Full Year Fiscal 2022 Outlook:
-
- Revenue is projected to be in the range of $389.7 million to $391.7
million.
- Non-GAAP net loss per share is projected to be $0.22 to $0.20
which assumes 127.8 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
3063525.
A replay will be available domestically at (877) 344-7529 or
internationally at (412) 317-0088, passcode 10161868, until
midnight (ET) December 9, 2021.
About Yext
Yext (NYSE: YEXT) is the AI Search Company and is on a mission
to transform the enterprise with AI search.
With the explosion of information and data online, search has
never been more important. However, while the world of consumer
search has innovated over time, enterprise search has not. In fact,
the majority of enterprise search is powered by outdated keyword
search technology that only scans for keywords and delivers a list
of hyperlinks rather than actually answering questions.
Yext, the AI Search Company, offers a modern, AI-powered Answers
Platform that understands natural language so that when people ask
questions about a business online they get direct answers – not
links.
Brands like Verizon, Vanguard, Subway and Marriott — as well as
organizations like the U.S. State Department and World Health
Organization — trust Yext to radically improve their business with
answers-led AI search.
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 and full year fiscal
2022 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, 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, the impact of the
COVID-19 pandemic and its variants 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 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, 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 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 loss from
operations, non-GAAP operating margin, non-GAAP net income (loss),
non-GAAP net income (loss) per share, 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 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 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 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 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 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.
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:
Jeff Houston
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,
2021
|
|
January 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
229,526
|
|
|
$
|
230,411
|
|
Accounts receivable,
net of allowances of $2,604 and $2,528, respectively
|
62,142
|
|
|
97,455
|
|
Prepaid expenses and
other current assets
|
18,060
|
|
|
17,993
|
|
Costs to obtain
revenue contracts, current
|
33,680
|
|
|
30,325
|
|
Total current
assets
|
343,408
|
|
|
376,184
|
|
Property and
equipment, net
|
77,102
|
|
|
80,344
|
|
Operating lease
right-of-use assets
|
97,228
|
|
|
104,844
|
|
Costs to obtain
revenue contracts, non-current
|
27,541
|
|
|
22,692
|
|
Goodwill
|
4,683
|
|
|
4,842
|
|
Intangible assets,
net
|
298
|
|
|
767
|
|
Other long term
assets
|
5,945
|
|
|
6,316
|
|
Total
assets
|
$
|
556,205
|
|
|
$
|
595,989
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
50,980
|
|
|
$
|
54,186
|
|
Unearned revenue,
current
|
151,464
|
|
|
191,810
|
|
Operating lease
liabilities, current
|
18,471
|
|
|
14,165
|
|
Total current
liabilities
|
220,915
|
|
|
260,161
|
|
Operating lease
liabilities, non-current
|
114,548
|
|
|
123,584
|
|
Other long term
liabilities
|
5,729
|
|
|
5,009
|
|
Total
liabilities
|
341,192
|
|
|
388,754
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.001 par value per share; 50,000,000 shares authorized at
October 31, 2021 and January 31, 2021; zero shares issued
and outstanding at October 31, 2021 and January 31,
2021
|
—
|
|
|
—
|
|
Common stock, $0.001
par value per share; 500,000,000 shares authorized at
October 31, 2021 and January 31, 2021; 136,178,652 and
130,494,513 shares issued at October 31, 2021 and
January 31, 2021, respectively; 129,673,318 and 123,989,179
shares outstanding at October 31, 2021 and January 31,
2021, respectively
|
136
|
|
|
130
|
|
Additional paid-in
capital
|
813,093
|
|
|
733,933
|
|
Accumulated other
comprehensive income
|
1,183
|
|
|
2,422
|
|
Accumulated
deficit
|
(587,494)
|
|
|
(517,345)
|
|
Treasury stock, at
cost
|
(11,905)
|
|
|
(11,905)
|
|
Total stockholders'
equity
|
215,013
|
|
|
207,235
|
|
Total liabilities and
stockholders' equity
|
$
|
556,205
|
|
|
$
|
595,989
|
|
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,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
$
|
99,529
|
|
|
$
|
89,061
|
|
|
$
|
289,645
|
|
|
$
|
262,467
|
|
Cost of
revenue
|
25,255
|
|
|
21,639
|
|
|
73,724
|
|
|
64,807
|
|
Gross
profit
|
74,274
|
|
|
67,422
|
|
|
215,921
|
|
|
197,660
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
58,548
|
|
|
56,646
|
|
|
172,292
|
|
|
171,215
|
|
Research and
development
|
17,986
|
|
|
14,475
|
|
|
50,343
|
|
|
43,641
|
|
General and
administrative
|
22,094
|
|
|
18,061
|
|
|
61,284
|
|
|
57,993
|
|
Total operating
expenses
|
98,628
|
|
|
89,182
|
|
|
283,919
|
|
|
272,849
|
|
Loss from
operations
|
(24,354)
|
|
|
(21,760)
|
|
|
(67,998)
|
|
|
(75,189)
|
|
Interest
income
|
5
|
|
|
9
|
|
|
15
|
|
|
524
|
|
Interest
expense
|
(113)
|
|
|
(184)
|
|
|
(403)
|
|
|
(475)
|
|
Other expense,
net
|
(191)
|
|
|
(38)
|
|
|
(1,018)
|
|
|
(545)
|
|
Loss from operations
before income taxes
|
(24,653)
|
|
|
(21,973)
|
|
|
(69,404)
|
|
|
(75,685)
|
|
(Provision for)
benefit from income taxes
|
(273)
|
|
|
(68)
|
|
|
(745)
|
|
|
(696)
|
|
Net loss
|
$
|
(24,926)
|
|
|
$
|
(22,041)
|
|
|
$
|
(70,149)
|
|
|
$
|
(76,381)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.19)
|
|
|
$
|
(0.18)
|
|
|
$
|
(0.55)
|
|
|
$
|
(0.64)
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
128,570,237
|
|
|
120,721,555
|
|
|
126,967,336
|
|
|
118,594,452
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
$
|
(1,586)
|
|
|
$
|
(497)
|
|
|
$
|
(1,239)
|
|
|
$
|
420
|
|
Total comprehensive
loss
|
$
|
(26,512)
|
|
|
$
|
(22,538)
|
|
|
$
|
(71,388)
|
|
|
$
|
(75,961)
|
|
YEXT,
INC. Condensed Consolidated Statements of Cash
Flows (In thousands)
(Unaudited)
|
|
|
|
Nine months ended
October 31,
|
|
2021
|
|
2020
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(70,149)
|
|
|
$
|
(76,381)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization expense
|
12,490
|
|
|
7,539
|
|
Bad debt
expense
|
826
|
|
|
2,376
|
|
Stock-based
compensation expense
|
54,455
|
|
|
53,889
|
|
Amortization of
operating lease right-of-use assets
|
6,934
|
|
|
9,367
|
|
Other, net
|
506
|
|
|
589
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
34,317
|
|
|
30,302
|
|
Prepaid expenses and
other current assets
|
965
|
|
|
(5,023)
|
|
Costs to obtain
revenue contracts
|
(8,654)
|
|
|
4,743
|
|
Other long term
assets
|
43
|
|
|
(1,350)
|
|
Accounts payable,
accrued expenses and other current liabilities
|
3,841
|
|
|
(7,192)
|
|
Unearned
revenue
|
(39,423)
|
|
|
(49,592)
|
|
Operating lease
liabilities
|
(4,041)
|
|
|
2,526
|
|
Other long term
liabilities
|
615
|
|
|
4,485
|
|
Net cash used in
operating activities
|
(7,275)
|
|
|
(23,722)
|
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(12,333)
|
|
|
(53,946)
|
|
Net cash used in
investing activities
|
(12,333)
|
|
|
(53,946)
|
|
Financing
activities:
|
|
|
|
Proceeds from exercise
of stock options
|
15,869
|
|
|
13,145
|
|
Payments of deferred
financing costs
|
(263)
|
|
|
(869)
|
|
Proceeds, net from
employee stock purchase plan withholdings
|
4,059
|
|
|
4,811
|
|
Net cash provided by
financing activities
|
19,665
|
|
|
17,087
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(942)
|
|
|
1,401
|
|
Net decrease in cash
and cash equivalents
|
(885)
|
|
|
(59,180)
|
|
Cash and cash
equivalents at beginning of period
|
230,411
|
|
|
268,176
|
|
Cash and cash
equivalents at end of period
|
$
|
229,526
|
|
|
$
|
208,996
|
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures
(In thousands) (Unaudited)
|
|
|
|
Three months ended
October 31, 2021
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
25,255
|
|
|
$
|
(1,840)
|
|
|
$
|
23,415
|
|
Sales and
marketing
|
$
|
58,548
|
|
|
$
|
(6,757)
|
|
|
$
|
51,791
|
|
Research and
development
|
$
|
17,986
|
|
|
$
|
(5,469)
|
|
|
$
|
12,517
|
|
General and
administrative
|
$
|
22,094
|
|
|
$
|
(5,389)
|
|
|
$
|
16,705
|
|
|
|
|
|
Three months ended
October 31, 2021
|
Costs and expenses
as a percentage of revenue
|
GAAP
|
|
|
Stock-Based
Compensation Expense
|
|
|
Non-GAAP
|
Cost of
revenue
|
|
25.4%
|
|
|
(1.9)%
|
|
|
|
23.5%
|
|
Sales and
marketing
|
|
59%
|
|
|
(7)%
|
|
|
|
52%
|
|
Research and
development
|
|
18%
|
|
|
(6)%
|
|
|
|
12%
|
|
General and
administrative
|
|
22%
|
|
|
(5)%
|
|
|
|
17%
|
|
|
|
|
|
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, 2020
|
Costs and expenses
as a percentage of revenue
|
GAAP
|
|
Stock-Based
Compensation Expense
|
|
|
Non-GAAP
|
Cost of
revenue
|
|
24.3%
|
|
|
(1.7)%
|
|
|
|
22.6%
|
Sales and
marketing
|
|
64%
|
|
|
(11)%
|
|
|
|
53%
|
Research and
development
|
|
16%
|
|
|
(5)%
|
|
|
|
11%
|
General and
administrative
|
|
20%
|
|
|
(4)%
|
|
|
|
16%
|
____________________________
|
Note: Numbers rounded
for presentation purposes.
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In
thousands) (Unaudited)
|
|
|
|
Nine months ended
October 31, 2021
|
Costs and
expenses
|
GAAP
|
|
Stock-Based
Compensation Expense
|
|
Non-GAAP
|
Cost of
revenue
|
$
|
73,724
|
|
$
|
(5,597)
|
|
$
|
68,127
|
Sales and
marketing
|
$
|
172,292
|
|
$
|
(19,635)
|
|
$
|
152,657
|
Research and
development
|
$
|
50,343
|
|
$
|
(15,285)
|
|
$
|
35,058
|
General and
administrative
|
$
|
61,284
|
|
$
|
(13,938)
|
|
$
|
47,346
|
|
|
|
|
|
|
|
Nine months ended
October 31, 2021
|
Costs and expenses
as a percentage of revenue
|
GAAP
|
|
Stock-Based
Compensation Expense
|
|
Non-GAAP
|
Cost of
revenue
|
25.5%
|
|
(2.0)%
|
|
23.5%
|
Sales and
marketing
|
60%
|
|
(7)%
|
|
53%
|
Research and
development
|
17%
|
|
(5)%
|
|
12%
|
General and
administrative
|
21%
|
|
(5)%
|
|
16%
|
|
|
|
|
|
|
|
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, 2020
|
Costs and expenses
as a percentage of revenue
|
GAAP
|
|
Stock-Based
Compensation Expense
|
|
Non-GAAP
|
Cost of
revenue
|
24.7%
|
|
(1.6)%
|
|
23.1%
|
Sales and
marketing
|
65%
|
|
(9)%
|
|
56%
|
Research and
development
|
17%
|
|
(5)%
|
|
12%
|
General and
administrative
|
22%
|
|
(5)%
|
|
17%
|
____________________________
|
Note: Numbers rounded
for presentation purposes.
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In
thousands) (Unaudited)
|
|
|
|
Three months ended
October 31,
|
|
Nine months ended
October 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross
profit
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
74,274
|
|
|
$
|
67,422
|
|
|
$
|
215,921
|
|
|
$
|
197,660
|
|
Plus: Stock-based
compensation expense
|
1,840
|
|
|
1,513
|
|
|
5,597
|
|
|
4,053
|
|
Non-GAAP gross
profit
|
$
|
76,114
|
|
|
$
|
68,935
|
|
|
$
|
221,518
|
|
|
$
|
201,713
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
GAAP gross
margin
|
74.6%
|
|
|
75.7%
|
|
|
74.5%
|
|
|
75.3%
|
|
Plus: Stock-based
compensation expense
|
1.9%
|
|
|
1.7%
|
|
|
2.0%
|
|
|
1.6%
|
|
Non-GAAP gross
margin
|
76.5%
|
|
|
77.4%
|
|
|
76.5%
|
|
|
76.9%
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
98,628
|
|
|
$
|
89,182
|
|
|
$
|
283,919
|
|
|
$
|
272,849
|
|
Less: Stock-based
compensation expense
|
(17,615)
|
|
|
(17,774)
|
|
|
(48,858)
|
|
|
(49,836)
|
|
Non-GAAP operating
expenses
|
$
|
81,013
|
|
|
$
|
71,408
|
|
|
$
|
235,061
|
|
|
$
|
223,013
|
|
|
|
|
|
|
|
|
|
Operating expenses
as a percentage of revenue
|
|
|
|
|
|
|
GAAP operating
expenses as a percentage of revenue
|
99%
|
|
|
100%
|
|
|
98%
|
|
|
104%
|
|
Less: Stock-based
compensation expense
|
(18)%
|
|
|
(20)%
|
|
|
(17)%
|
|
|
(19)%
|
|
Non-GAAP operating
expenses as a percentage of revenue
|
81%
|
|
|
80%
|
|
|
81%
|
|
|
85%
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
|
|
|
|
GAAP loss from
operations
|
$
|
(24,354)
|
|
|
$
|
(21,760)
|
|
|
$
|
(67,998)
|
|
|
$
|
(75,189)
|
|
Plus: Stock-based
compensation expense
|
19,455
|
|
|
19,287
|
|
|
54,455
|
|
|
53,889
|
|
Non-GAAP loss from
operations
|
$
|
(4,899)
|
|
|
$
|
(2,473)
|
|
|
$
|
(13,543)
|
|
|
$
|
(21,300)
|
|
|
|
|
|
|
|
|
|
Operating margin
(Loss from operations as a percentage of revenue)
|
|
|
|
|
GAAP operating
margin
|
(24)%
|
|
|
(24)%
|
|
|
(24)%
|
|
|
(29)%
|
|
Plus: Stock-based
compensation expense
|
19%
|
|
|
21%
|
|
|
19%
|
|
|
21%
|
|
Non-GAAP operating
margin
|
(5)%
|
|
|
(3)%
|
|
|
(5)%
|
|
|
(8)%
|
|
|
|
|
|
|
|
|
|
____________________________
|
Note: Numbers rounded
for presentation purposes.
|
YEXT,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (In thousands, except share and per share
data) (Unaudited)
|
|
|
|
Three months ended
October 31,
|
|
2021
|
|
2020
|
GAAP net
loss
|
$
|
(24,926)
|
|
|
$
|
(22,041)
|
|
Plus: Stock-based
compensation expense
|
19,455
|
|
|
19,287
|
|
Non-GAAP net
loss
|
$
|
(5,471)
|
|
|
$
|
(2,754)
|
|
|
|
|
|
GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.19)
|
|
|
$
|
(0.18)
|
|
Stock-based
compensation expense per share
|
0.15
|
|
|
0.16
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.04)
|
|
|
$
|
(0.02)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
128,570,237
|
|
|
120,721,555
|
|
|
|
Three months ended
October 31,
|
|
2021
|
|
2020
|
GAAP net loss as a
percentage of revenue
|
|
(25.0)%
|
|
|
|
(24.7)%
|
|
Plus: Stock-based
compensation expense
|
|
19.5%
|
|
|
|
21.6%
|
|
Non-GAAP net loss as
a percentage of revenue
|
|
(5.5)%
|
|
|
|
(3.1)%
|
|
|
|
|
|
|
|
|
Nine months ended
October 31,
|
|
2021
|
|
2020
|
GAAP net
loss
|
$
|
(70,149)
|
|
|
$
|
(76,381)
|
|
Plus: Stock-based
compensation expense
|
54,455
|
|
|
53,889
|
|
Non-GAAP net
loss
|
$
|
(15,694)
|
|
|
$
|
(22,492)
|
|
|
|
|
|
GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.55)
|
|
|
$
|
(0.64)
|
|
Stock-based
compensation expense per share
|
0.43
|
|
|
0.45
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.12)
|
|
|
$
|
(0.19)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
126,967,336
|
|
|
118,594,452
|
|
|
|
Nine months ended
October 31,
|
|
2021
|
|
2020
|
GAAP net loss as a
percentage of revenue
|
|
(24.2)%
|
|
|
|
(29.1)%
|
|
Plus: Stock-based
compensation expense
|
|
18.8%
|
|
|
|
20.5%
|
|
Non-GAAP net loss as
a percentage of revenue
|
|
(5.4)%
|
|
|
|
(8.6)%
|
|
|
|
|
|
|
|
____________________________
|
Note: Numbers rounded
for presentation purposes.
|
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SOURCE Yext, Inc.