Yext, Inc. (NYSE: YEXT) reported Q2 EPS of ($0.07), $0.05 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $88.1 million versus the consensus estimate of $85.15 million.

Second Quarter Fiscal 2021 Highlights:

• Revenue of $88.1 million, a 22% increase compared to the $72.4 million reported in the second quarter fiscal 2020.
• Gross Profit of $66.1 million, a 24% increase compared to the $53.1 million reported in the second quarter fiscal 2020. Gross margin of 75.0% compared to 73.4% reported in second quarter fiscal 2020.
• Net Loss and Non-GAAP Net Loss:
  • Net loss of $25.1 million compared to the net loss of $29.3 million in the second quarter fiscal 2020.
  • Non-GAAP net loss of $7.9 million compared to the non-GAAP net loss of $12.7 million in the second quarter fiscal 2020.
• Net Loss Per Share and Non-GAAP Net Loss Per Share:
  • Net loss per share of $0.21 in the second quarter fiscal 2021 compared to net loss per share of $0.26 in the second quarter fiscal 2020.
  • Non-GAAP net loss per share of $0.07 in the second quarter fiscal 2021 compared to non-GAAP net loss per share of $0.11 in the second quarter fiscal 2020.
  • Net loss per share and non-GAAP net loss per share were based on 118.4 million and 111.8 million weighted-average basic shares outstanding for the second quarter fiscal 2021 and fiscal 2020, respectively.
• Balance Sheet: Cash and cash equivalents of $223 million as of July 31, 2020. Unearned revenue of $147 million as of July 31, 2020, a 20% increase compared to $123 million as of July 31, 2019.
• Remaining Performance Obligations ("RPO"): RPO of $294 million as of July 31, 2020. RPO expected to be recognized over the next 24 months of $274 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 $15.6 million for the three months ended July 31, 2020 compared to net cash used in operating activities of $11.4 million for the same period of fiscal 2020.

"We had a solid second quarter, exceeding the high end of our revenue and EPS guidance, while also driving sales efficiencies," said Howard Lerman, CEO. "Our new 'Land with Answers' sales motion is the difference maker, and we have new logos using Yext to power their site search every day. And when we put our Official Answers Engine on a customer's website, we are delivering on our mission to help every business and organization around the world deliver official answers every time people search."

GUIDANCE:

Yext, Inc. sees Q3 2021 EPS of ($0.09)-($0.07), versus the consensus of ($0.13). Yext, Inc. sees Q3 2021 revenue of $86-88 million, versus the consensus of $88.95 million.

Yext is also providing the following guidance for its third fiscal quarter ending October 31, 2020.

• Third Quarter Fiscal 2021 Outlook:
  • Revenue is projected to be in the range of $86 million to $88 million.
  • Non-GAAP net loss per share is projected to be $0.09 to $0.07 which assumes 120.4 million weighted-average basic shares outstanding.

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