Yext, Inc. (YEXT) 10-K Annual Report March 2023

NEW YORK -- (BUSINESS WIRE) -- March 7, 2023 -- 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.

"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.

The following information was filed by Yext, Inc. (YEXT) on Tuesday, March 7, 2023 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

ChatGPT says Yext Increases Customer Subscriptions, Expands Existing Subscriptions, and Secures Financing.

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Inside Yext, Inc.'s 10-K Annual Report:

Financial - Expense Highlight
In addition, there was a $2.3 million increase in depreciation expense and a $0.9 million increase in advertising costs associated with certain brand media campaigns.

Financial - Expense Highlight
The decrease was primarily driven by a $4.2 million decrease in professional related costs, a $1.1 million decrease in bad debt expense and a $0.6 million decrease in stock-based compensation expense, largely due to decreases in the fair value of awards granted.
Other - Other Highlight
Recent Accounting Pronouncements See Note 2 "Summary of Significant Accounting Policies- Recent Accounting Pronouncements", to the consolidated financial statements for our discussion about adopted and pending recent accounting pronouncements.
Financial - Expense Highlight
In addition, depreciation expense increased $2.2 million and costs associated with our data centers increased $1.5 million.
Revenue - Product Highlight
We believe that the change in methodology in our dollar-based net retention rate from a revenue basis to an ARR basis is more meaningful to investors as it aligns more closely with how management views growth in the business, assesses Company performance, and provides better insight into the directional movements within ARR.
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.3: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001614178-23-000017
Submitted to the SEC: Fri Mar 17 2023 4:01:45 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Tuesday, January 31, 2023
Industry: Computer Processing And Data Preparation