Yext, Inc. (YEXT) 10-Q Quarterly Report September 2021

NEW YORK, September 2, 2021 /PRNewswire/ -- Yext, Inc. (NYSE: YEXT), the AI Search Company, today announced its results for the three months ended July 31, 2021, or the Company's second quarter of fiscal 2022.

“We had a solid second quarter, driven by new customers and upsells," said Howard Lerman, Founder and CEO of Yext. "Yext continues to be a critical partner for businesses by driving operational efficiencies, especially within marketing and support. From pre-purchase information discovery to post-purchase troubleshooting, our innovative, AI-powered search platform helps create a seamless online experience at every stop in the customer journey.”

Second Quarter Fiscal 2022 Highlights:

•Revenue of $98.1 million, an 11% increase, compared to $88.1 million reported in the second quarter fiscal 2021.

•Gross Profit of $71.5 million, an 8% increase, compared to $66.1 million reported in the second quarter fiscal 2021. Gross margin of 72.9%, compared to 75.0% reported in the second quarter fiscal 2021.

•Net Loss and Non-GAAP Net Loss:

◦Net loss of $27.6 million, compared to the net loss of $25.1 million in the second quarter fiscal 2021.

◦Non-GAAP net loss of $7.2 million, compared to the non-GAAP net loss of $7.9 million in the second quarter fiscal 2021.

•Net Loss Per Share and Non-GAAP Net Loss Per Share:

◦Net loss per share of $0.22 in the second quarter fiscal 2022, compared to net loss per share of $0.21 in the second quarter fiscal 2021.

◦Non-GAAP net loss per share of $0.06 in the second quarter fiscal 2022, compared to non-GAAP net loss per share of $0.07 in the second quarter fiscal 2021.

◦Net loss per share and non-GAAP net loss per share were based on 126.9 million and 118.4 million weighted-average basic shares outstanding for the second quarter fiscal 2022 and for the second quarter fiscal 2021, respectively.

•Balance Sheet: Cash and cash equivalents of $240 million as of July 31, 2021. Unearned revenue of $165 million as of July 31, 2021, compared to $147 million as of July 31, 2020.

•Remaining Performance Obligations ("RPO"): RPO of $342 million as of July 31, 2021. RPO expected to be recognized over the next 24 months of $324 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 $32.6 million for the three months ended July 31, 2021, compared to net cash used in operating activities of $15.6 million for the three months ended July 31, 2020.

The following information was filed by Yext, Inc. (YEXT) on Thursday, September 2, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Yext, Inc.'s 10-Q Quarterly Report:

Other - Other Highlight
Recent Accounting Pronouncements See Note 2 "Summary of Significant Accounting Policies- Recent Accounting Pronouncements," to the condensed consolidated financial statements for our discussion about adopted and pending recent accounting pronouncements.

Financial - Expense Highlight
In addition, costs associated with our data centers increased $0.5 million and depreciation expense increased $0.5 million.
Other - Other Highlight
As discussed in the section titled "Special Note Regarding Forward Looking Statements," the following discussion and analysis contains forward looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward looking statements.
Revenue - Product Highlight
For the three months ended July 31, 2021 and 2020, revenue recognized from subscriptions and associated support to our platform was 92% and 93%, while revenue recognized from professional services was 8% and 7%, respectively.
Revenue - Product Highlight
For the six months ended July 31, 2021 and 2020, revenue recognized from subscriptions and associated support to our platform was 92% and 93%, while revenue recognized from professional services was 8% and 7%, respectively.
Financial - Expense
In addition, costs associated with...Read more
Revenue - Product
Revenue is generally recognized ratably...Read more
Revenue - Product
Sales and marketing expenses consist...Read more
Other - Other
Loans based on the base...Read more
Financial - Expense
Research and development expenses consist...Read more
Revenue - Geography
We may continue to see...Read more
Financial - Expense
The increase included a $1.5...Read more
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The increase was primarily driven...Read more
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The increase was primarily driven...Read more
Other - Other
The Credit Agreement provides for...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Yext, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: YEXT
CIK: 1614178
Form Type: 10-Q Quarterly Report
Accession Number: 0001614178-21-000211
Submitted to the SEC: Fri Sep 03 2021 4:34:26 PM EST
Accepted by the SEC: Fri Sep 03 2021
Period: Saturday, July 31, 2021
Industry: Computer Processing And Data Preparation