Yext, Inc. (YEXT) Tops Q4 EPS by 8c, Revenues Beat; Offers FY21 Revenue Outlook Above Consensus, 1Q Revenue Guidance Below Consensus

March 3, 2021 4:24 PM EST

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Yext, Inc. (NYSE: YEXT) reported Q4 EPS of $0.00, $0.08 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $92.2 million versus the consensus estimate of $89.09 million.

Fourth Quarter Fiscal 2021 Highlights:

  • Revenue of $92.2 million, a 13% increase, compared to $81.4 million reported in the fourth quarter fiscal 2020.
  • Gross Profit of $70.6 million, a 17% increase, compared to $60.5 million reported in the fourth quarter fiscal 2020. Gross margin of 76.6%, compared to 74.3% reported in fourth quarter fiscal 2020.
  • Net Loss and Non-GAAP Net Income/Loss:
    • Net loss of $18.3 million, compared to the net loss of $30.6 million in the fourth quarter fiscal 2020.
    • Non-GAAP net income of $0.1 million, compared to the non-GAAP net loss of $13.7 million in the fourth quarter fiscal 2020.
  • Net Loss Per Share and Non-GAAP Net Income/Loss Per Share:
    • Net loss per share of $0.15 in the fourth quarter fiscal 2021, compared to net loss per share of $0.27 in the fourth quarter fiscal 2020.
      • Non-GAAP net income per share was break-even in the fourth quarter fiscal 2021, compared to non-GAAP net loss per share of $0.12 in the fourth quarter fiscal 2020, each on a basic and diluted basis.
  • Weighted-Average Shares Outstanding:
    • Net loss per share and non-GAAP net income per share were based on 123.0 million weighted-average basic shares outstanding for the fourth quarter fiscal 2021.
    • Net loss per share and non-GAAP net income per share were based on 123.0 million and 129.4 million weighted-average diluted shares outstanding, respectively, for the fourth quarter fiscal 2021.
    • Net loss per share and non-GAAP net loss per share were based on 115.2 million weighted-average basic and diluted shares outstanding for the fourth quarter fiscal 2020.
  • Balance Sheet: Cash and cash equivalents of $230 million as of January 31, 2021. Unearned revenue of $192 million as of January 31, 2021, compared to $177 million as of January 31, 2020.
  • Remaining Performance Obligations ("RPO"): RPO of $352 million as of January 31, 2021. RPO expected to be recognized over the next 24 months of $333 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 provided by operating activities was $24.9 million for the three months ended January 31, 2021 compared to net cash provided by operating activities of $11.7 million for the same period of fiscal 2020.

"I'm incredibly proud of what we accomplished in an unprecedentedly challenging year. Despite major headwinds caused by lockdowns, our full year fiscal 2021 revenue increased 19% year-over-year, and we drove significant efficiencies in our business. We also overhauled our sales motion to lead with our category-disrupting Answers site search product and successfully generated demand and closed deals while working entirely remotely," said Howard Lerman, Founder and CEO of Yext. "We're on a mission to disrupt keyword-based search, and in fiscal year 2022 we'll continue to expand our search platform to bring better, faster, and cheaper solutions to meet the different needs in the market."

GUIDANCE:

Yext, Inc. sees Q1 2022 EPS of ($0.07)-($0.05), versus the consensus of ($0.06). Yext, Inc. sees Q1 2022 revenue of $87-89 million, versus the consensus of $95.02 million.

Yext, Inc. sees FY2022 EPS of ($0.27)-($0.22), versus the consensus of ($0.27). Yext, Inc. sees FY2022 revenue of $375-380 million, versus the consensus of $351.64 million.

Yext is also providing the following guidance for its first fiscal quarter ending April 30, 2021 and the fiscal year ending January 31, 2022.

First Quarter Fiscal 2022 Outlook:

  • Revenue is projected to be in the range of $87 million to $89 million.
  • Non-GAAP net loss per share is projected to be $0.07 to $0.05 which assumes 125.4 million weighted-average basic shares outstanding.

Full Year Fiscal 2022 Outlook:

  • Revenue is projected to be in the range of $375 million to $380 million.
  • Non-GAAP net loss per share is projected to be $0.22 to $0.17 which assumes 128.4 million weighted-average basic shares outstanding.

For earnings history and earnings-related data on Yext, Inc. (YEXT) click here.



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