NEW YORK, Sept. 6, 2017 /PRNewswire/ -- Yext, Inc.
(NYSE: YEXT), the leader in digital knowledge management, today
announced its results for the three months ended July 31, 2017, or the Company's second quarter of
fiscal 2018.
"We had a great second quarter, highlighted by strong revenue
growth of 38% over the second quarter last year and the continued
expansion of our gross margins, which increased 480 basis points
over the year ago quarter," said Howard
Lerman, Co-Founder and Chief Executive Officer of Yext.
"We are the leader in a new category called digital knowledge
management and we are continuing to benefit from an important macro
trend: the rise of intelligent search.
"During the second quarter, we opened our office in Japan, launched our App Directory and added
over 50 new Enterprise logos. We have also continued our
progress in building a world class sales organization with several
new hires, including a GVP to lead both our eastern region and the
Financial services vertical; an EVP for mid-markets and the small
business channel; and the Chairman and CEO of Yext Japan.
"Our addressable market is at least $10
billion and growing, and we will continue to invest in
expanding our distribution capabilities in the second half of the
year, which we believe will position us for long-term success."
Second Quarter Fiscal 2018 Highlights:
- Revenue of $40.8 million,
a 38% increase as compared to the $29.6
million reported in second quarter fiscal 2017. The revenue
increase this quarter was primarily due to the continued growth of
our customer base and higher revenue from existing customers,
primarily due to expanded subscriptions.
- Gross Profit of $30.2
million, a 48% increase as compared to the $20.5 million reported in second quarter fiscal
2017. Gross margin of 74.1% as compared to the 69.3% reported in
second quarter fiscal 2017.
- Net Loss and Non-GAAP Net Loss:
-
- Net loss of $16.4 million as
compared to the $9.0 million net loss
in second quarter fiscal 2017. The increased loss was driven by
increased operating expenses, primarily in sales and marketing, due
to efforts to acquire new customers.
- Non-GAAP net loss of $11.4
million as compared to the $6.8
million non-GAAP net loss in the second quarter fiscal
2017.
- Net Loss Per Share and Non-GAAP Net Loss Per Share:
-
- Net loss per share of $0.18 based
on 90.1 million weighted-average shares outstanding, compared to
the net loss per share of $0.29 based
on 31.0 million weighted-average shares outstanding in the second
quarter fiscal 2017.
- Non-GAAP net loss per share of $0.13 based on 90.1 million weighted-average
shares outstanding at quarter end, as compared to the $0.22 non-GAAP net loss per share in the second
quarter fiscal 2017 and based on 31.0 million weighted-average
shares outstanding at quarter end.
- Readers are encouraged to review the tables labeled
"Reconciliation of GAAP to Non-GAAP Financial Measures" at the end
of this release.
- Balance Sheet: Cash, cash equivalents and marketable
securities of $127.3 million as of
July 31, 2017.
- Cash Flow: Cash used in operating activities for the
second quarter of fiscal 2018 was $5.1
million as compared to cash used in operating activities of
$5.3 million in the same period in
fiscal 2017. The lesser use of cash in the current period reflects
a greater source of cash from working capital.
Second Quarter Fiscal 2018 and Other Recent Business
Highlights:
- Managed approximately 22.9 million attributes and approximately
1.2 million locations on Yext's digital knowledge platform as of
July 31, 2017.
- Launched the Yext App Directory, allowing customers to connect
the digital knowledge they are managing within Yext to the other
software systems used across their enterprise, with more than 20
self-serve, pre-built integrations with the world's leading
business technologies, including HubSpot, Zendesk, Smartling and
Domo.
- Expanded the global reach of our industry-leading PowerListings
Network with new publishing partners in the United Kingdom (Yell, FindOpen), Germany (Das Ortliche, GoYellow.de) and
Italy (PagineGialle,
Virgilio).
- Appointed Eiji Uda, a leading cloud computing expert with over
three decades of enterprise technology experience at IBM, Softbank
Commerce Corporation, and Salesforce.com, as Chairman and CEO of
Yext in Japan, and opened an
office in Tokyo, Japan, marking
the first time Yext's platform will be available to businesses
headquartered in Asia.
- Named #1 on the list of the 25 Best Small and Medium Workplaces
in New York published by Fortune
Magazine.
Financial Outlook:
Yext is also providing the following guidance for its third
fiscal quarter ending October 31, 2017 and the fiscal year
ending January 31, 2018.
- Third Quarter Fiscal 2018 Outlook:
-
- Revenue is projected to be $43.5 million
to $44.0 million.
- Non-GAAP net loss per share is projected to be $0.12 to $0.14, which assumes 90.2 million
weighted-average common shares outstanding.
- Full Year Fiscal 2018 Outlook:
-
- Revenue is projected to be $169.5
million to $170.5 million, an increase from the Company's
previous expectation of $169.0
million to $170.0
million.
- Non-GAAP net loss per share is projected to be $0.50 to $0.52, which assumes 90.5 million
non-GAAP common shares outstanding.
- Readers are encouraged to review the tables labeled
"Reconciliation of GAAP to Non-GAAP Financial Measures" at the end
of this release.
Conference Call Information
Yext will host a
conference call at 5:00 P.M. Eastern
Time (2:00 P.M. Pacific Time)
today to discuss its financial results. To join, participants
may call 1.866.591.4891 (U.S. callers) or 1.409.350.3168
(international callers) using conference ID number 73720820.
A live audio webcast of the call will also be available on the
Investor Relations section of the Company's website at
investors.yext.com. A replay of the call will be available
until Sunday, September 10, 2017 at
11:59 P.M. Eastern Time by dialing
1.855.859.2056 (U.S. callers) or 1.404.537.3406 (international) and
entering passcode 73720820.
About Yext
Yext puts business on the map. Yext
is defining a new category called digital knowledge management,
which helps businesses manage all of the public facts that it wants
consumers to know across the digital ecosystem.
The Yext Knowledge Engine™ lets companies manage their
digital knowledge in the cloud and sync it to over 100 services in
the PowerListings Network®. Yext Listings,
Pages, and Reviews help businesses around the globe facilitate
face-to-face and digital interactions that boost brand awareness,
drive foot traffic, and increase sales.
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 and non-GAAP net loss for our third quarter of fiscal 2018
and full-year fiscal 2018 in the paragraphs under "Financial
Outlook" above, and other statements regarding our expectations
regarding the growth of our company 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 compete in new geographies; our ability to recruit and
retain our enterprise-level sales force; our ability to develop new
product and platform offerings; and our ability to manage our
growth effectively. 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,
which is available at http://investors.yext.com and on the SEC's
website at http://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 and non-GAAP net loss
per share. Non-GAAP net loss and non-GAAP net loss per share
are financial measures that are not calculated in accordance with
GAAP. We define these non-GAAP financial measures as our GAAP
net loss as adjusted to exclude the effects of stock-based
compensation expenses. 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. 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 and
non-GAAP net loss per share to net loss per share, 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.
YEXT,
INC.
Condensed
Consolidated Balance Sheets
(In thousands,
except share and per share data)
(unaudited)
|
|
|
July 31,
2017
|
|
January 31,
2017
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
32,879
|
|
|
$
|
24,420
|
|
Marketable
securities
|
94,386
|
|
|
—
|
|
Accounts receivable,
net of allowances of $43 and $189, respectively
|
14,495
|
|
|
27,646
|
|
Prepaid expenses and
other current assets
|
6,182
|
|
|
3,511
|
|
Deferred
commissions
|
6,287
|
|
|
6,252
|
|
Total current
assets
|
154,229
|
|
|
61,829
|
|
Restricted
cash
|
—
|
|
|
500
|
|
Property and
equipment, net
|
11,633
|
|
|
11,613
|
|
Goodwill
|
4,728
|
|
|
4,444
|
|
Intangible assets,
net
|
2,913
|
|
|
3,128
|
|
Other long term
assets
|
3,086
|
|
|
4,951
|
|
Total
assets
|
$
|
176,589
|
|
|
$
|
86,465
|
|
Liabilities,
convertible preferred stock and stockholders' equity
(deficit)
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
$
|
20,571
|
|
|
$
|
25,633
|
|
Deferred
revenue
|
57,574
|
|
|
57,112
|
|
Deferred
rent
|
1,257
|
|
|
936
|
|
Total current
liabilities
|
79,402
|
|
|
83,681
|
|
Deferred rent,
non-current
|
3,732
|
|
|
4,348
|
|
Long term
debt
|
—
|
|
|
5,000
|
|
Other long term
liabilities
|
571
|
|
|
576
|
|
Total
liabilities
|
83,705
|
|
|
93,605
|
|
Commitments and
contingencies (Note 12)
|
|
|
|
Convertible preferred
stock:
|
|
|
|
Convertible preferred
stock, $0.001 par value per share; zero and 43,705,690 shares
authorized at July 31, 2017 and January 31, 2017, respectively;
zero and 43,594,753 shares issued and outstanding at July 31, 2017
and January 31, 2017, respectively
|
—
|
|
|
120,615
|
|
Stockholders' equity
(deficit):
|
|
|
|
Preferred stock,
$0.001 par value per share; 50,000,000 and zero shares authorized
at July 31, 2017 and January 31, 2017, respectively; zero shares
issued and outstanding at July 31, 2017 and January 31,
2017
|
—
|
|
|
—
|
|
Common stock, $0.001
par value per share; 500,000,000 and 200,000,000 shares authorized
at July 31, 2017 and January 31, 2017, respectively; 96,658,043 and
37,900,051 shares issued at July 31, 2017 and January 31, 2017,
respectively; 90,152,709 and 31,394,717 shares outstanding at July
31, 2017 and January 31, 2017, respectively
|
97
|
|
|
38
|
|
Additional paid-in
capital
|
305,593
|
|
|
52,805
|
|
Accumulated other
comprehensive loss
|
(1,511)
|
|
|
(1,808)
|
|
Accumulated
deficit
|
(199,390)
|
|
|
(166,885)
|
|
Treasury stock, at
cost
|
(11,905)
|
|
|
(11,905)
|
|
Total stockholders'
equity (deficit)
|
92,884
|
|
|
(127,755)
|
|
Total liabilities,
convertible preferred stock and stockholders' equity
(deficit)
|
$
|
176,589
|
|
|
$
|
86,465
|
|
YEXT,
INC.
Condensed
Consolidated Statements of Operations and Comprehensive
Loss
(In thousands,
except share and per share data)
(unaudited)
|
|
|
Three Months
Ended
July 31,
|
|
Six Months
Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue
|
$
|
40,769
|
|
|
$
|
29,556
|
|
|
$
|
77,849
|
|
|
$
|
56,681
|
|
Cost of
revenue
|
10,541
|
|
|
9,067
|
|
|
20,229
|
|
|
17,902
|
|
Gross
profit
|
30,228
|
|
|
20,489
|
|
|
57,620
|
|
|
38,779
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
30,673
|
|
|
18,132
|
|
|
59,135
|
|
|
34,975
|
|
Research and
development
|
6,493
|
|
|
4,673
|
|
|
11,479
|
|
|
9,444
|
|
General and
administrative
|
9,569
|
|
|
6,691
|
|
|
18,907
|
|
|
12,674
|
|
Total operating
expenses
|
46,735
|
|
|
29,496
|
|
|
89,521
|
|
|
57,093
|
|
Loss from
operations
|
(16,507)
|
|
|
(9,007)
|
|
|
(31,901)
|
|
|
(18,314)
|
|
Investment
income
|
322
|
|
|
14
|
|
|
322
|
|
|
26
|
|
Interest
expense
|
(82)
|
|
|
(30)
|
|
|
(170)
|
|
|
(35)
|
|
Other income (expense),
net
|
57
|
|
|
11
|
|
|
(535)
|
|
|
(31)
|
|
Loss from operations
before income taxes
|
(16,210)
|
|
|
(9,012)
|
|
|
(32,284)
|
|
|
(18,354)
|
|
Provision for income
taxes
|
(189)
|
|
|
—
|
|
|
(221)
|
|
|
(1)
|
|
Net loss
|
$
|
(16,399)
|
|
|
$
|
(9,012)
|
|
|
(32,505)
|
|
|
$
|
(18,355)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.18)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.49)
|
|
|
$
|
(0.59)
|
|
Weighted-average number
of shares used in computing net loss per share
attributable to common stockholders, basic and diluted
|
90,064,644
|
|
|
31,022,319
|
|
|
65,676,665
|
|
|
31,000,444
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
$
|
165
|
|
|
$
|
(474)
|
|
|
$
|
357
|
|
|
$
|
(209)
|
|
Unrealized loss on
marketable securities
|
(60)
|
|
|
—
|
|
|
(60)
|
|
|
—
|
|
Total comprehensive
loss
|
$
|
(16,294)
|
|
|
$
|
(9,486)
|
|
|
$
|
(32,208)
|
|
|
$
|
(18,564)
|
|
YEXT,
INC.
Condensed
Consolidated Statements of Cash Flows
(In
thousands)
(unaudited)
|
|
|
Six Months
Ended
July 31,
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(32,505)
|
|
|
$
|
(18,355)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
2,429
|
|
|
1,949
|
|
Provision for bad
debts
|
169
|
|
|
190
|
|
Stock-based
compensation
|
9,065
|
|
|
3,799
|
|
Change in fair value
of convertible preferred stock warrant liability
|
491
|
|
|
42
|
|
Deferred income
taxes
|
6
|
|
|
(13)
|
|
Amortization of
deferred financing costs
|
69
|
|
|
36
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Restricted
cash
|
500
|
|
|
5,789
|
|
Accounts
receivable
|
13,168
|
|
|
12,469
|
|
Prepaid expenses and
other current assets
|
(2,571)
|
|
|
(1,926)
|
|
Deferred
commissions
|
(487)
|
|
|
(548)
|
|
Other long term
assets
|
(119)
|
|
|
(454)
|
|
Accounts payable,
accrued expenses and other current liabilities
|
(3,506)
|
|
|
(1,604)
|
|
Deferred
revenue
|
125
|
|
|
1,170
|
|
Deferred
rent
|
(303)
|
|
|
(363)
|
|
Other long term
liabilities
|
20
|
|
|
12
|
|
Net cash (used in)
provided by operating activities
|
(13,449)
|
|
|
2,193
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
marketable securities
|
(94,446)
|
|
|
—
|
|
Capital
expenditures
|
(1,886)
|
|
|
(1,637)
|
|
Purchases of
intangible assets
|
—
|
|
|
(298)
|
|
Net cash used in
investing activities
|
(96,332)
|
|
|
(1,935)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from initial
public offering, net of underwriting discounts and
commissions
|
123,527
|
|
|
—
|
|
Payments of deferred
offering costs
|
(4,263)
|
|
|
—
|
|
Proceeds from
exercise of stock options
|
2,381
|
|
|
691
|
|
Proceeds from
exercise of warrants
|
79
|
|
|
—
|
|
Repayments on
Revolving Line
|
(5,000)
|
|
|
—
|
|
Payments of deferred
financing costs
|
(99)
|
|
|
(180)
|
|
Proceeds from
employee stock purchase plan
|
1,337
|
|
|
—
|
|
Net cash provided by
financing activities
|
117,962
|
|
|
511
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
278
|
|
|
(89)
|
|
Net increase in cash
and cash equivalents
|
8,459
|
|
|
680
|
|
Cash and cash
equivalents at beginning of period
|
24,420
|
|
|
30,028
|
|
Cash and cash
equivalents at end of period
|
$
|
32,879
|
|
|
$
|
30,708
|
|
Supplemental
disclosures of non-cash investing and financing
information:
|
|
|
|
Non-cash capital
expenditures, including capitalized stock-based compensation, and
items in accounts payable, accrued expenses and other current
liabilities
|
$
|
296
|
|
|
$
|
128
|
|
Conversion of
convertible preferred stock to common stock
|
$
|
120,615
|
|
|
$
|
—
|
|
Conversion of
convertible preferred stock warrants to common stock
warrants
|
$
|
1,435
|
|
|
$
|
—
|
|
Cash paid on
interest
|
$
|
71
|
|
|
$
|
—
|
|
Cash paid on income
taxes
|
$
|
31
|
|
|
$
|
6
|
|
YEXT,
INC.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(in
thousands)
(unaudited)
|
|
|
Three months ended
July 31, 2017
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
10,541
|
|
|
$
|
(339)
|
|
|
$
|
10,202
|
|
Gross
profit
|
30,228
|
|
|
(339)
|
|
|
30,567
|
|
Sales and
marketing
|
30,673
|
|
|
(2,477)
|
|
|
28,196
|
|
Research and
development
|
6,493
|
|
|
(749)
|
|
|
5,744
|
|
General and
administrative
|
9,569
|
|
|
(1,438)
|
|
|
8,131
|
|
Loss from
operations
|
(16,507)
|
|
|
(5,003)
|
|
|
(11,504)
|
|
Net loss
|
$
|
(16,399)
|
|
|
$
|
(5,003)
|
|
|
$
|
(11,396)
|
|
|
|
|
Three months ended
July 31, 2016
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
9,067
|
|
|
$
|
(151)
|
|
|
$
|
8,916
|
|
Gross
profit
|
20,489
|
|
|
(151)
|
|
|
20,640
|
|
Sales and
marketing
|
18,132
|
|
|
(967)
|
|
|
17,165
|
|
Research and
development
|
4,673
|
|
|
(480)
|
|
|
4,193
|
|
General and
administrative
|
6,691
|
|
|
(603)
|
|
|
6,088
|
|
Loss from
operations
|
(9,007)
|
|
|
(2,201)
|
|
|
(6,806)
|
|
Net loss
|
$
|
(9,012)
|
|
|
$
|
(2,201)
|
|
|
$
|
(6,811)
|
|
YEXT,
INC.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(in
thousands)
(unaudited)
|
|
|
Six months ended
July 31, 2017
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
20,229
|
|
|
$
|
(486)
|
|
|
$
|
19,743
|
|
Gross
profit
|
57,620
|
|
|
(486)
|
|
|
58,106
|
|
Sales and
marketing
|
59,135
|
|
|
(4,736)
|
|
|
54,399
|
|
Research and
development
|
11,479
|
|
|
(1,312)
|
|
|
10,167
|
|
General and
administrative
|
18,907
|
|
|
(2,531)
|
|
|
16,376
|
|
Loss from
operations
|
(31,901)
|
|
|
(9,065)
|
|
|
(22,836)
|
|
Net loss
|
$
|
(32,505)
|
|
|
$
|
(9,065)
|
|
|
$
|
(23,440)
|
|
|
|
|
Six months ended
July 31, 2016
|
|
GAAP
|
|
Stock-Based
Compensation
Expense
|
|
Non-GAAP
|
Cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
$
|
17,902
|
|
|
$
|
(298)
|
|
|
$
|
17,604
|
|
Gross
profit
|
38,779
|
|
|
(298)
|
|
|
39,077
|
|
Sales and
marketing
|
34,975
|
|
|
(1,666)
|
|
|
33,309
|
|
Research and
development
|
9,444
|
|
|
(889)
|
|
|
8,555
|
|
General and
administrative
|
12,674
|
|
|
(946)
|
|
|
11,728
|
|
Loss from
operations
|
(18,314)
|
|
|
(3,799)
|
|
|
(14,515)
|
|
Net loss
|
$
|
(18,355)
|
|
|
$
|
(3,799)
|
|
|
$
|
(14,556)
|
|
YEXT,
INC.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(in thousands,
except share and per share data)
(unaudited)
|
|
|
Three months ended
July 31,
|
|
2017
|
|
2016
|
Net loss
|
$
|
(16,399)
|
|
|
$
|
(9,012)
|
|
Stock-based
compensation
|
5,003
|
|
|
2,201
|
|
Non-GAAP net
loss
|
$
|
(11,396)
|
|
|
$
|
(6,811)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.18)
|
|
|
$
|
(0.29)
|
|
|
|
|
|
Stock-based
compensation per share
|
0.05
|
|
|
0.07
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.13)
|
|
|
$
|
(0.22)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
90,064,644
|
|
|
31,022,319
|
|
|
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
Net loss
|
$
|
(32,505)
|
|
|
$
|
(18,355)
|
|
Stock-based
compensation
|
9,065
|
|
|
3,799
|
|
Non-GAAP net
loss
|
$
|
(23,440)
|
|
|
$
|
(14,556)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.49)
|
|
|
$
|
(0.59)
|
|
|
|
|
|
Stock-based
compensation per share
|
0.14
|
|
|
0.12
|
|
Non-GAAP unweighted
adjustment
|
0.09
|
|
|
—
|
|
Non-GAAP net loss per
share attributable to common stockholders, basic and
diluted
|
$
|
(0.26)
|
|
|
$
|
(0.47)
|
|
|
|
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
65,676,665
|
|
|
31,000,444
|
|
|
|
|
|
Non-GAAP unweighted
adjustment
|
24,463,354
|
|
|
68,909
|
|
Non-GAAP number of
common shares outstanding in computing non-GAAP net loss per share
attributable to common stockholders, basic and diluted
|
90,140,019
|
|
|
31,069,353
|
|
Note: the Company's IPO transaction closed on April 19, 2017, at which time the Company's
convertible preferred stock converted to approximately 43.5 million
shares and the Company issued an additional 12.1 million shares to
investors in that offering. In order to serve as a better
comparison for future periods, the Company calculated non-GAAP net
loss per share for the six months ended July
31, 2017, and 2016 on a comparative basis, using the shares
outstanding as of the end of the period, as if they had been
outstanding for the whole period.
The Company calculated non-GAAP net loss per share for the three
months ended July 31, 2017 and 2016
using the weighted-average number of shares outstanding for the
respective periods.
YEXT,
INC.
Condensed Cash
Flow Data
(in
thousands)
(unaudited)
|
|
|
Three months ended
July 31,
|
|
2017
|
|
2016
|
Net cash (used in)
provided by:
|
|
|
|
Net loss
|
$
|
(16,399)
|
|
|
$
|
(9,012)
|
|
Adjustments to net loss for non-cash items
|
6,400
|
|
|
3,379
|
|
Changes in operating assets and liabilities
|
4,896
|
|
|
375
|
|
Operating activities
|
(5,103)
|
|
|
(5,258)
|
|
Investing activities
|
(95,254)
|
|
|
(1,106)
|
|
Financing activities
|
(736)
|
|
|
110
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
237
|
|
|
(93)
|
|
Net decrease in cash
and cash equivalents
|
(100,856)
|
|
|
(6,347)
|
|
Cash and cash
equivalents at beginning of period
|
133,735
|
|
|
37,055
|
|
Cash and cash
equivalents at end of period
|
$
|
32,879
|
|
|
$
|
30,708
|
|
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SOURCE Yext, Inc.