Yext (YEXT) 9 Mar 222022 Q4 Earnings call transcript

Good day and welcome to the Yext Fourth Quarter Fiscal 2022 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Jeff Houston, Head of Investor Relations. Please go ahead.

Thank you, Sarah and good afternoon, everyone. fourth call. fiscal Yext's to quarter XXXX Welcome With Lerman; Accounting CFO, are Chairman, Officer, CEO, Howard Mike Walrath; Steve Bond. me today Darryl Cakebread; and Chief

Before governance non-GAAP risks, capital net are that uncertainties growth in described assumptions, of and our dollar-based remind forward-looking conditions, COVID-XX other like retention, development our expenditures including a these subject reports of afternoon. margins, loss, the press we and These to to to of and SEC, management release operating business results forward-looking recent as and business, certain may evolution industry, related net and nonhistorical those statements, revenue, such annual call including and gross our contain other statements that everyone about material statements the actual no reflect the obligation Descriptions that performance was issued quarterly of as that pandemic. our difference any our begin, with undertake I'd are after plans, could this to and release. including further and success, have forward-looking growth, our statements Yext discussed management our our margins, the statements to occur these our filed risks revise from changes economic to most impact We reports call. general in this statements this and press cause product

would press financial which like I also call non-GAAP are most refer measures. we investors.yext.com. available GAAP call, Howard? to to at Howard. the turn With is also release of the the over Reconciliations measures During to comparable available in that, the

of technology everywhere the helping organizations founded we've people to in we power search, Walrath XXXX, AI-based companies the of build search search next a brands. how to our provide recently become time take help journey. with it's for most authoritative platform, come. information notable we everywhere. and with working me I the Mike step have am will delivering Yext created leverage listings. has the succeed has been world's company far many clients around focused Yext been the of companies Today, we the businesses in We proud on help power answers Thank And that since of joined Mike and be Mike Board. of business source XXXX me you, starting has our of their Evolution their when Board. most part Jeff. as helped as powerful since company CEO. guide the Yext's products AI-based Since of the the and world XXXX, Answers, Chairman he with perfect this

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create the across we and customer product will life also expect to functions accountability delivery are We these customer the focus. our that centralizing and entire Today, cycle.

promotion to success, work and engineering. Ferrentino to and is responsible management, Yext's Strategy product product increase look products of COO. and for a and teams with our what the XXXX how Yext and forward customer platform has go-to-market also to We success. for including now his been Chief approach. Marc need announced has program. experience, developer sales, President with to can I our continuing since marketing, improve deep Marc and customers strategy Marc of delivery alignment marketing, and experience, insights working team together Marc user customer our on their talented understanding Marc and Previously, full client product of today Officer, the responsible as was he

inefficiency our create focus is but have approach of planned The of invested growth. second well and investing as to sprawl. in business. immediate aggressively go our anticipation to also can This Historically, organizational growth works things on the in we future when contribute

clear follow Going will investments gaining that continue are forward, we but to will evidence major traction. we experiment

approach working metrics sooner and We are a productivity be where our what is all taking close to to investments, our deployed. better more dollars of attention customer understand and disciplined base to can paying

For to the sales example, quota-carrying we number reduced at approximately our in XXX the approximately already end channels. from have XXX year of of reps the

investment forward, our our sales them. in team lead of Going productivity will increases follow in instead growing

maximum We existing resources better company. opportunities across look the to utilize will also continue efficiency to for for

be we in we team. to As way. we what's clear, to see disciplined in invest prepared will working productivity improving, our current And a fully add to are

in progress I've are as we few and Chairman, get operations to the Fortunately, making priorities. the more involved our over months had on already last opportunity

will role I'm in this process focused am supportive and I team to because are grateful taking a part place excited I'm as time. talented, in have the this with on who Yext change. large work motivated exceptional and take and at However, them of CEO. excited for team to

Cakebread take of opportunity great Accounting this organization, for Steve Yext. thank at Darryl his he's CFO. to been in our Officer the great Chief a Steve As hands efforts to company for leaving with the has partner here like and I'd promotion from to finance

I'll the call Steve. to over Now turn

we his we're heavily worked many going XXXX, public in Yext Darryl at he's a to a succeed few in hundred had Yext enthusiasm me our the I a Darryl And products of organization at came on was move I capable I over know turn platform. finance first will left. that I'm who He's When of CFO. The He's the the With a Darryl company our understanding you. to a company. also a as and been brands CFO the for the on as Thank world-class investors congratulate a me three years. ready to when global Bond, been the in have Mike. employees, would deep company, to alongside employees build Relations team. and right, exceed of me people to and Darryl? have thankful has hands. of a analysts lot All opportunity familiar private enthusiasm. the and call him face over my thousands handing to of had hires years, eventually I'm Investor the and Today, one in team role forward. management Yext of involved grateful of and this base that, finance, I'm I hoped remains part were to over promotion. I'm world-class and company, company's leaving reins to I'm someone likely few to

with and working years. closely so I appreciate I'm future and excited last Steve. Yext. opportunity Thanks, of the my role the the about enjoyed seven over you new have

results. with and many As the 'XX continuing you. the in I with Steve QX begin look dialogue let's and now, mentioned, and forward to I've our for But met fiscal investors analysts past our of

Fiscal $XXX fourth to million. And increased grew the to ARR, end quarter was $XXX million. XX% grew Unearned XX% million. revenue to X% XX% QX, or recurring 'XX revenue up annual at $XXX revenue, year-over-year. $XXX Our million revenue year-over-year year year-over-year of

believe couple past retention which our third-party we as excludes net direct the XX-month reseller our also rates should number centricity reseller quarters dollar-based renewed in and upsells in net improvements is In a retention. business net Our of focus XX% excludes drive number. We've will customer XX-month, direct was Keeping for total customers, X,XXX. which was increased as our this of Separately, improve Yext in small customers retention XX-month greater mind, over and gross renewal well seen retention trailing trailing which the trailing on XX%. our business, SMB and dollar-based customers, year-over-year customers, excluding and third-party small dollar-based XX%. is

end customers ARR SMB direct Our and over year-over-year. with XX% QX, of was ex XXX,XXX the reseller XXX up at

ago results non-GAAP margin the XX.X% GAAP which our gross year press to to this release. quarter. quarter are XX.X% compared was Turning in to QX reconciled in

as ago. We continue gross gross 'XX. year quarter as XX% range of compared XX.X% XX%. year Sales margin the percentage long-term XX% was and last of XX% the target of of fourth declined to XX.X% 'XX Fiscal non-GAAP to QX to year in marketing our fiscal of a revenue from to be a in margin

in quarter. fiscal 'XX quarter $XX.X in million fiscal basis, revenue also in a 'XX. going XX% Fiscal from the of to a year, For from XX% XX% marginally this in $XX Fiscal XX% expenses the drive ago. quarter. XX% G&A year million year as continued revenue operating of million fourth $XXX it of increased to that 'XX were QX of On continue XX% XX% annual revenue of metric $XXX.X year we declined the over as year and compared ago percentage in 'XX were will forward. fiscal or revenue an operating G&A improve. ago expenses to G&A the compared we full a revenue; efficiencies million or improved percentage 'XX that in or expect expect to year to or to XX%

Cash We the fiscal and $XX in to $XX QX and net to loss end Fiscal last at 'XX. sheet end loss fiscal million was fiscal flow million year $XX.X compared for $XX.X of year million Our $XX,XXX balance share was loss net was quarter. to compared of cash 'XX. compared from This the $XXX QX Net cash of forward. in million net and per $X.XX $X.X to a the our compared quarter ago cash in breakeven equivalents 'XX at million going income million QX strong net year. to to compared 'XX. and position maintain the operations of intend is ago $XXX million were

For $XX.X generation compared year cash million for the to million from cash was improvements. fiscal increase operating net The fiscal operations primarily previously mentioned the expense flow to 'XX. year, related was flow in $X.X

in 'XX fiscal fiscal going We to as have compared $XX.X compared 'XX was a fiscal normalized in years the operating to million in CapEx to to returned generated run generating have 'XX. the three expect million cash rate. and positive in flow million CapEx annual $XX.X quarter in quarter four fiscal positive continue operating fourth we ended last of for 'XX and January cash flow $X.X $XX.X CapEx annual the was forward. million

to Turning our outlook.

revenue between million. QX million and expect to $XX.X be $XX.X We

We average expect count basic non-GAAP per share shares. net a $X.XX between approximately million loss and XXX.X of weighted $X.XX, share assuming

fiscal year million. revenue we million of of For to expect 'XX, the $XXX.X $XXX.X full

average it to Our million to between a up XXX.X Operator, assumes non-GAAP open and ready Q&A. weighted $X.XX This are approximately we for $X.XX. be is share count loss expected shares. of basic per share

William Our comes first Instructions] Arjun [Operator Blair. question Bhatia from with

your that was mind revenue guess for and to seeing should of quarter-over-quarter to think touch was for any the out? of customer XQ significant in portion This in base? some thing of of kind we is year, the capital. next Chris customer you -- are XQ. on from churn With the It I playing kind How guidance about on first Arjun. wanted how those I flat

the last positive seen is the some couple retention over Chris, Darryl. really quarters. Thanks question. this for We've gross of

come we've mentioned gross again. retention we saw quarter, seen start last we back that think historical I and to to up levels

encouraged seeing past that by few forward. the will on So in a we're And retention. really Mike it in gross that made We've really, an to continue mentioned customer his area certainly we going in over focus improvements centricity remarks, we're and the of bunch of be quarters. signs area as focus

Yes. It's Mike.

So things the one months looked our last is the of couple over closely we've of at here. historicals

during the XXs low gross a half and were gross we saw XXs in the recover Darryl to XXs that saw So in second to We 'XX in fiscal the XXs. high as we mid- mentioned, historically, to high low 'XX. with even into retention. our the mid- And drop low of fiscal retention

So where we're at focus is the is on is for it actually but with reinforces to trend what's And satisfied right going direction. were. us that me what get centricity not in all to we number the back that customer

makes That Got it. sense.

And obviously there's kind so big pretty in with the -- team. shift the a management of

of some into biggest speaking, Just going what are broadly the XXXX? priorities

So it's that one. I'll take Mike.

there's a of -- change. it's So lot

here. been table the around who's has everybody Fortunately,

lens think And as of lot business. work so a to well. there's on I a There's do really the great

focuses on in we're of approach comments outlined underway. data investments, go-to-market being products This to functions. unification Some already you when types we disciplined my in I these comes our all to the of and and we making the that that more efficiency about go-to-market the are And the it when ready talk making of teams. and for cadence us expand the of engineering that really investments, sure tells that I back are our is about that have to focus with the

focusing. are get I business, here to and into as as deeper those we're but this of going is types the deeper early be things the so -- get And I

Naved Khan comes from question Truist with next Securities. Our

few questions. A

guidance, I the the So single QX. a just causing the revenue at I'm year, for in growth just right, decline the look low for full sequential if digits, sequential decline. what's wondering

change And the made you is you the from maybe you this The have gives confidence first or year listings still on changes deliver sales had that are momentum it more to lost think already question make coming what Is have I Answers Or you growth? I headcount. in seen. the side? planning can we've or the any is second the business? you the full then on the the

surgical that how where headcount? are the have? you And terms Just give -- more with reducing is change the the you focused now So this in sense. some of people us

is Thanks, revenue in the had fiscal certainly Naved. a I 'XX. This first going order. we're bookings bit But the guide. think had Mike about tough a to And obviously, in question as 'XX, Darryl. script. I'll see little the QX was handle out significantly we And impact that fiscal in the question the of mentioned your

some the believe, we keep in has there. dynamic has And quarter-to-quarter seeing QX, mind, days. XX XX And I revenue sequential recognize daily days. that around you're question time. of to So QX your over decline,

a that few revenue. So few days to equates million of dollars

why seeing So we're that's that.

terms is grow In Answers triple-digit to incredibly of well. We're still a rate. growth momentum, seeing continuing

encouraged feel really we by product. the So

going our to continuing improvements productivity be focus mentioned, to Mike As drive is on sales primary there. and

In it terms the an together we we're there put feel guide, business achievable a visibility out into the we off wanted of uncertainty today when to that guide we thoughtful target. be and the guide, to add and have it's basing of to on lot for the we we're And Mike but macro and... confidence I'll -- hand the there's

be happy to. I'll Yes.

specifically referenced our and saw with to Darryl a in guide significant So we business. really also disruption QX, and in QX respect what the in

part of QX, example, canceled -- the that our were an that's our think surges. of important of sales because over it's motion. worth an noting for in-person Omicron XX% events I -- -- XX% unfortunately as in And

also better things those are during disruptions that? like that disruptive motion it's a that it's we fact it's efficient us. get so designing can sales our to can. Absolutely, But more -- So we at

In we've of headcount, can of the one focus productivity the terms most the to the say I on indicators our what and it we of productive. been has around built been done surgical is so health -- be productivity important would a me, sales overall think It far. we has where And of go-to-market.

And to have number capacity making we before that of dealing the amount see out right our so into handle carrying modeling quota productivity increasing how like sure to we we're the and there. and get with that's demand I'd

a I Maybe follow-up just if may. on that,

of benefit the kind sort allow then that Second you a in that? of any in from -- right, around to of the to and how are relates are recent developments, from Europe kind we much kind and of And impact from guess I baking just is a as if you're in shouldn't of around that. COVID. phase reopening it Ukraine So you economy seeing

Sure.

reopening, I as and were interesting a here ago it's the sat a felt year on company, we think I really the So that note reopening we, like mean tailwinds coming. to

how we -- guide. -- Ukraine we we certainly and those as our the so goes, into no And this -- go tailwinds like affects exposure plan we have our We'd as year. Russia we're as direct The Ukraine. build and far exposure that in cautious certainly or impact ultimately, being see how to to

we far, so on impact And our any business. have seen that haven't

Our next with Ryan question MacDonald Needham. comes from

for the Maybe one Michael. first

Street maybe these obviously, built calendar within of into approach how more in perhaps to that costs guide what's the year year we early of you guess, or sort to to think any, about ramp a to have the the quickly? margins there more lower slower you And into work of able in sort As about should and is from we here, onetime charges preventing bit reps incur guess, and profitability? changes going a that I you this, start think EPS little some terms the obviously, period expecting. today, Are of growth about was balanced being as I year 'XX growth and through

and do switches. to practice thanks, take hit change When to it's but Ryan. get our is easy that company accounting -- as time I not a used management the So you leave questions which of Darryl think to I'll a important at point size an does with it will flipping which be me. comes as you'll

healthy. so we more And to making surgical our things make efficient, we're is to while also sure When to we're producing I one sustained mean us basis hearing those through that be we to do and become the things gives changes, comes positive the that doing that have that you're those one an flow If in most it burning cash of that and And than to. we already and cash that flow, we're on of time begun efficiency, changes lot expect want to to we're committed important impact operating then not a business of they're we expect the do although take the from core that's system. to me, metrics get which we businesses. more the right changes which our not flexibility cash is are operating us that incredibly if

Yes. there capture to to will And about spending, at operational to onetime One not continuing spending lot reallocating look efficiencies needed. and we and we're QX. thing incredibly going your that where as are but how of a some focus the be expenses, is meaningful we're Ryan, just on in question

the the an a to product customers opportunity to more be use. continue going throughout look as have year, where that's focus. to we'll an we and easier to to -- And R&D may for we'll spend there area improve make little going to at bit we're probably them So

customer efficiencies on mentioned to experiences continue well, and for that success retention we continue thing to improvements. demonstrated continuing line an area look do to pretty to marketing sales investments been support. we've talking one help the As some continue that. that and opportunity expect have the some drive about customer quite create we've good customer and some in time is drive and We'll we in to And the at success past to that to made as better

a helpful. follow-up, just as go-to-market we That's strategy. maybe think Excellent. And as about the

towards of that. unification that You already talked and is you're strategy then working the underway about

any and and set suite is sort do As Answers of rationalization answers X? changes? if strong looking are cross-sell evolve, there of is -- still feel motion is the between that you not, the pages a you continues there product expect part about should -- between of as listings and and there a product that synergy And you we to think at sort the the

the is So that we're still still -- of products XX%. seeing family, across that we my point all kind of product view on about non-listing are growing

that the So see in Obviously, motion of set. is biggest most Upsell, of our parts is of do we the listings important one strength business. cross-sell part product our go-to market.

I When think better with biggest certainly for the it's one year in about side. the the 'XX know new and retention things that us we'll one doing impacted one fiscal of on we're opportunities that be of higher bookings us. ways our we'll upsell. of we higher job And is talk it's the that seeing a gross customers

doesn't And single So, -- I my my see customers' start start career don't solving very portfolio problems. in firm spent a large with I'm the a customer with in most and they problem. I've building believer that product of a solve that the customer solutions our

to and to We deals. our the we to job do them comes better do showing of it customers have our get when those motion solutions coordinating servicing when their a problems

with comes JPMorgan. Our question from next Pinjalim Bora

talk And business bookings. the terms talk to Why was quarter numbers core take -- business. back a wanted that not you it if you. did least in why were maybe seems ARR what know at Because like I can and about the up core came about just coming what it And was the what I of below QX surprised back you you maybe in about Talk up. surprised great? thinking. step

growth take in last QX The said How I come back quarter, think had it from last think -- is X% of see did to step has reps, that that XXX. that bookings? you impacted essentially you QX associated of about was year. I thing like growing in kind a X%, other

what I us a bookings. result sales Help think that you year Was Was bookings? that of kind year? higher the attrition ended impacted that the XXX. you ending saw understand before, impacted there a

Yes.

there's -- told going there's -- QX think go there I couldn't And before, to of this going events lot do and to extent we you on -- of lost QX in them. I back about So And events, well, as are December doing some we be I getting talk were first. customer-facing simply half when January, mentioned I'll we be our we saw customers. and we focus as think you we to and to in those that more -- a between QX because than

So was the disruptive of was again, motion expect in selling through should it bookings. affected the to surprise the we world and And absolutely we in Omicron get for it surges. of see us we say QX, certainly, those QX disruptions. that didn't the at better how sorts I'll again, by But when disruption kind exited

the sorry, attrition. was question And other sales about

little a different focus I think us. bit to when -- is a in shifting from a capacity-driven for model a productivity-driven this model, of

fewer organization an we case, productivity this wanted we you reps in sure their attrition make that natural -- see are have In proactively. will that sales where achieving who you so quota. were addressing And to

that see big on from that you dip currently, so And our side. was XXX X.XX more action to

than It you're more forced what was saying? is voluntary

yes. on proactive was -- It

from comes question MKM Rohit next with Partners. Our Kulkarni

and and Howard luck, and congrats, Darryl. Good Mike Steve

the clicking maybe this predominantly you driver around Mike, with Listings and kind double of and can So be on economics. that's of kind of kind leading sales largest a the to just product comment. on to the lot although of lead going heard product, fragmented all we Answers last expand year, remains

use of months step increasingly, way e-commerce being And maybe vertical with or kind cases, were gaining also XX were go-to-market? directed around that's use how some next are salespeople specific regards the perhaps to to verticalized a take of the we after hearing So more you thinking cases go need back, whatnot. support, traction and

think Or is picture these of product of hear step there kind to next more sales? the you more Would be being over leading from going big we kind thoughts vertical expect what expect product? with a cases? unified of as through a months, more should use that. XX on Listings to we Should and So your love to the back regard

Yes.

thoughts Chairman I've months, picture the to big quarterly not into an as been opportunity we'll I into very and again, my few you give updating this get it. last coming because I I'm have conversation had But I'll engaged over and deeper So these be be cold.

of we are our One see still the things deals that bigger Answers-led. is still

the thought solution. nothing won't big that I important where it's of the it that where to as we the part and that Answers customer most continuing see be opportunity lead part of So we Answers the it's isn't as was -- with says

and again, of way in I is this our answer. getting built all around I've all this Another dug would that products the frame is on, stuff right are of sort

So and Answers correct an while we the information is your we everywhere? product. -- you local answers the make answers how Pages between was and that customers' the there. original right out -- Getting do right where distinguish as Listings Answers was It example, sure Listings

changed. opportunity that touch about and about points the in the way that And nothing has verticalized And go-to-market motion. than about talking types When What the fragmentation, more number the we of talk point better. I'm to nothing matters of is customer useful ever has So on matters. think about new that customers view goes Understanding this. is execute feel. have changed. about -- our very Expertise our a I things to my do of selling to

touch times, with -- many I challenge that is points." part have track groups at me great. was customer forgive the said, a we when I will customer runs wife different XX she experience the of had touching her my is "It's I how And the least We've small think dialogue customer. having So a her experience at single she so of going, customer think lose group. customer we sharing Which was restaurant asked her for but

And that are the support success about customer aligned in all and they're sure with already making that interfaces very professional organizational that's centralizing the with so touching and to a -- started make go-to-market. client those more way and services, our that our aligned consistent closely service changes we've customer

I've we're this really with towards. that's So makes SaaS-type hopefully done And in sense other driving that historically that's but what solutions. past the how

regards over to was like the kind that upsells any XXX callout retention XX, renewals, or of that did other on regard rate, as with in renewals particularly more with any how stronger And an weaker Okay. call-outs has question and last or just days end upsells specific how trended trend?

Yes.

to the sales is seen solid approach. upsell. of in and pretty over the and QX. last productivity what sort I the into plays go-to-market about that talking gross about, Mike been we've a continue be refine to Rob, think really QX and challenged has on Where improvement of retention And some we're continuing challenged So lot

this get we simple was conversation customers historically. that seeing basic to levels, lot And when are if I think on when then upsell the going we're I challenges entire historic right nearer mean, when I or or that are stuff customer been the we upsell, satisfaction to a whole back while success recover have things, on makes but it the harder. they've easier side you the gets your customer of them focused to very seen renewals above getting add the motion happier, is only and -- relationship where

Morgan Our Instructions] Zlotsky with next [Operator Stanley. comes from question Stan

This wanted the Stan. double-click efficiency. is go-to-market for I Elizabeth to on on

Just comments of events? sales of given of was about the XX% specific improvement there ramped productivity outside quarter three some last reduction the interested over just in anything reps, the the that last of changed months

Yes.

what that. think QX back And So in what saw obviously productivity taking increase lot a productivity, rep certainly a seeing side we I a had took the with the ramped XX% to look do we was there. on we're at in step it of

here. successful have model We are who there's reps many and success a highly for

talk at using get that is part When better replicating making all training and that's unifying it. and I of enablement motions, about the to everyone that process. same We have sure sales

And so...

The for today's Ladies a Difficulty] now Thank attending [Technical presentation. has concluded. there to you conference be and seems problem. technical gentlemen,

now disconnect. You may