YEXT - Earnings call 3 2024

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Operator

Good afternoon, and welcome to the Yext Fiscal Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Nils Erdmann, Senior Vice President, Investor Relations. Please go ahead.

Nils Erdmann

good and operator, you, afternoon, everyone. Thank Yext's to Fiscal Third Call. Conference Earnings XXXX Quarter Welcome are Chair CEO Mike today me With and CFO, Bond. Walrath of Darryl and Board, the

our as in of related our are with make filed and the on During economic three in months reflect section actual forward-looking press Statements to These represent and assumptions, we occur described of opportunities materially estimates SEC, statements and other release statements our release. on our operating XX-Q and product our for statements our to was report for and beliefs and press Form and to These in Yext's this that afternoon. our expectations of forward-looking certain fiscal changes only no and Risk most to as Note ended regarding outlook is included industry, growth our earnings could XX, that reports risks metrics, including future third our the Factors these or and of and quarter any of Special development differ to fourth issued in the results revise success, titled further our Forward-Looking statements, uncertainties regarding recent this this financial XXXX, the quarterly business October related the information call. Further future will undertake other forward-looking forward-looking to capital after we strategy from date update assumptions made, factors that including subject and cause the the obligation call, including business, general year performance, our and financial conditions. evolution and our indications statements and growth, management statements expenditures quarter those risks, performance XXXX

investors.yext.com. available we press the certain available which comparable is the financial the with earnings in During also release, Reconciliations measures most metrics, GAAP refer at to non-GAAP measures. including historical are call,

We With to provide earnings now definitions press release. call also in over metrics Mike. will the I the that, of these turn

Michael Walrath

and joining thanks, today. Thanks, everyone, us Nils, for

our we EBITDA This reflects we non-GAAP long-term sustainable quarter, us operate ever $XX.X plan of adjusted $X.XX, EPS on basis million, million growth. non-GAAP quarter EPS while laying to groundwork of solid, continued and our most for to Yext for In $XXX.X QX, of execute grow to and a generated the revenue foundation our efficiently profitable a business. which

we or this would As we Yext, of reacceleration ARR continue revenue aren't our a we year rates in be operations, our yet. growth seeing were to year this improve for hopeful but

a we think ARR year. next single-digit we'll We accounts. facing sales our to pipeline, later singular some year. As a ARR but particular are fiscal to renewals. QX trends bookings this anticipated we QX be not the see result of environment and see On with expect remains Darryl customer. We in because magnitude will detail, revenues year budgetary we QX downsizing top particular this more discussed to seems on as pressures of attributable quite we budget customer, factors call, that due believe is stages in during productivity are the the or this, slipping that a will pressures unique the churn churn caused This we seeing real and not The softness with account, 'XX large return in around cycles. remain this discuss to this happy underlying customer. a high confident other to of unusual when temporary we the reacceleration that as began and deal see fiscal selling is on improvement profitability in well deals growth we is challenging net

I'd like a business. our in We some our for fiscal March, few but of to on of future the outlook moments QX we excited discussion full to the reasons will 'XX remain take year a in share share earnings

increased has profitability First, significantly.

our just being ever, the and non-GAAP sales QX. Progress revenue XXX% operating on and R&D, XX% up achieved shaping for way in marketing over QX cash flow quarter basis. this investing gross declined year-over-year still creation versus XXX X% year, last Stock-based to just adjusted margin up the up was XX% year full addition last compared the million year. most in EBITDA EBITDA. year-over-year, compensation expense we a of XXX% to deliver be profitable not year, down In in right while adjusted is are which has for over over over to up $XX basis points We've margins will over to of expansion with

becoming are efficient. leaner and We more

is productivity all Second, geographies. and across improving sales our categories

down, slippage us bookings for challenging otherwise, confidence has an environment. grow capacity, is are which truly macro a by selling, and focus have that our including we growing. environment. total this environment bright I a groundwork the per is for of we rep generation. A unfortunate is While improving the to pipeline been spot on bright in face improving engine be an macro improving and causing our renewed this qualified bookings these will even productivity, marketing is sales look pipeline renewed spot as would macro strong deal performance once and potential our year value-based made sharpening us. for We've year, and increasingly we accelerate challenging the growth, downsizing rep laid effort It improvements think in have to the With go-to-market

reseller some channel showed ARR. our also signs of early stabilization in Third,

the growth We reseller are encouraged by channel. the in long-term progress of and believe the opportunity

evaluating on growth are move drive channel this focused forward. strategies, to revenue in models resellers usage-based as and including our more we We pricing are driving through

control focus to put capture macro we to ourselves continue can as to on the position improves. We environment in best what the growth

innovations are increasing sharpened invest social core and and customer, to on motion for to satisfaction, main reviews, committed that our core focus aligned customer our of the We drivers well. and we search and near-term as the to improving products functionality product our on focus today. We've are and results across are continue delivered in sales features analytics our value pages, tangible listings, our customers that

from identify several and hearing our measurable they experience. across These back is models, into from a language tangible, care customer map network. One pain solve in enhance demonstrating AI in QX and across the immediate publisher functionality to during their ] cost-effective QX, the established seen want these signed road a U.K. ran competitors. In when sector, to across platform by who that how entire as platform restaurants variety numerous ] generation, issues work chat. cain wins possible. We've competitive and new as does on points information logo like example, third apart with TJX a August, core deliver an the and We've are to designed strong that ourselves client product quarter content our that solutions more Vodafone, Tech, technology and particular, innovate partner with as in set suited and our retail, concentrate care, And to is In across including in include to the had unique business that health it restaurants [ customers. wins products our across similarly Yext name our to efficient We In Altice large competitor almost back areas they brands, deliver our review multiple with a position our innovations immediately of health digital managing value. AI to win few. was and were restaurant that competitor case, able and signed our to on to failed is customers Boomerang wins the providers, in customers to each response competitive important move we golf from continue deadlines. underscore with verticals. and soon wanted they we ongoing Several we and uniquely were and for which of upsells we approached hospitality deals [ a and authentic raising

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current development are committing customers in macroeconomic are We to resources ready environment. our to buy deliver the what

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continue clients online positioned transformation and drive that their delight worldwide. taking to boost strongly We on Yext well place attention customers. We remains presence help capitalize focus on to digital our internal the our product and organizations feel to enhancements efficiencies, their across will partners

our growth have for highest on We and opportunity is capitalize when has the future this priority the improved. environment to laid groundwork acceleration buying

entire of our the leadership great challenging sixth the are efforts our to like since I the of now global our a growth future. the indicators place the about operations Darryl. to leading As and very With opportunity focused team for we over a the future our globally, seeing we steady we set of products I'd in environment. transition year, call that, team complete accelerating feel of in return turn last and very broadening to grateful I full in have across am quarter

Darryl Bond

our Thanks, $XXX.X up up million, with quarter X% for Mike. before for a on to our or basis 'XX. review QX grew an year our on and results I'll to in guidance Revenue third fiscal of quarter start moving constant third slightly currency. as-reported

by driven was in our across direct see good sales QX as internationally. in growth business and demand qualified demand and verticals, productivity Our to continue we domestically both

This our million through over was the QX below year from million, ] range or a guidance rates million. to recurring of revenue of September of rate currency. our over million. Annual X% in X% in the at Our was exchange provided revenue to X% of $XXX.X million was end occurred $X.X or fluctuations, quarter ARR, $XX.X drop of foreign increase resulted year QX, impact we due early in up primarily foreign an slightly $XXX.X year-over-year revenue, that time or guidance constant in close [ our the exchange $XXX.X

[ customer end As approximately QX, the excluding was for count direct, of SMB of X,XXX. our ],

of of total decrease QX million, constant XX% ARR year-over-year at X% represented which and or in end down delivered X% $XX.X a ARR the currency. resellers, of of Third-party

As over our believe growth that channel time. quarter relative are last will reseller to we encouraged to improvement the earlier, Mike mentioned and by return

QX, net third-party on As of customers of retention was our XX% calculated of basis XX% our and resellers. which for the the for end is ARR, direct rate, our

press GAAP earnings the to non-GAAP representing QX $XX.X was profit year million, gross release ago reconciled compared XX.X% gross which margin to to results, Turning are XX.X% in in of quarter. our

in off As year. organizational was our was last a changes of organization, we attributable to previously, year largely the within the services mentioned to improvement QX process relative last we've kicked which

expect at remain high to range. XX% gross We this of end year for to remainder fiscal our margins of the our the XX%

QX to compared the operating QX our XX% expense part discipline of million revenue ago of expenses compared and in Our the marketing as of operating were were A in team marketing costs year. million the a or of key has realignment our sales our revenue in revenue sales been in $XX.X or XX% and last XX% quarter percentage and year quarter. XX% $XX.X of to third

sales income end in and net million $X.XX persistence of income to pressures in macroeconomic to used QX income at in $XXX basic the cash in hard team. the highlight equivalents Our of in operating shares. Net to When which ARR program, to QX by to confident And QX million were repurchases compared results last are $XX.X per and million compared million continued in made and quarter we the The ago QX drive quarter. ease, shares. Since for our unfavorable of $XXX net despite was compared discipline million growth compared $X.X our third the our ago we million totaled by work repurchases to X.X XX.X cash million quarter to the of net part us $XX.X quarter. to QX $X.X was balance profitability in third decrease used basic the at CapEx QX. in last progress share made the totaled improvements will continued of million our end in a was year. Cash activities efficiency non-GAAP in record or million top $XXX,XXX the is the improving year. In achieved our that driven net share $X.XX million share operating the per cash was line. $X.X we've these of million productivity testament the have year allow year conditions cash QX, $XX.X income our was compared commencement summary, share have our $XXX of followed or

full impact the factors guidance the factors our to earlier. this ARR Turning and in. be large of to We calculate churn fourth our of 'XX, guidance customer outsized and revenue million year customer this the mentioned for in impact the $XX Mike churn quarter outlook alone fiscal our in QX approximately

Our our assumptions macroeconomic includes outlook of continuing environment. the challenging also for effects a

the $X.XX we million, of in in average range of to for $XXX.X $XX of the the XXX.X adjusted range million count of and to fourth million quarter, which shares. $X.XX, in range weighted the expect assumes a of As today, EPS $XX revenue million million non-GAAP $XXX EBITDA share basic to approximately

and range For the EBITDA approximately $XX.X count million XXX.X fiscal to $X.XX $XXX.X the of $XX.X $X.XX which in million 'XX, to the a assumes range basic to million full non-GAAP year million weighted expect of in and adjusted $XXX.X shares. of EPS of the revenue of million range average we share in

as fiscal of ARR fiscal more QX rest and for provide during our 'XX our financial will plans about We detail outlook our 'XX for in growth earnings in well as the March. call

for open sessions make share more beginning at with read to directly wanted we our than We rather prepared Q&A remarks. and provide efficient Before up the way we call plans publish website calls. an shortly we Q&A to for questions, begin after our market on on investors.yext.com this commentary the quarter, and the our Beginning at quarterly to of quarterly close is a the believe earnings future most next this update of plan call information going to you forward. the

would up for the like open we questions. line to Now

Operator

Tom is Davidson. [Operator White D.A. first with Instructions] question The from

Wyatt Swanson

Swanson Wyatt is for Tom. This on

first one maybe kind but thinking It's and sort next But the you you presume that be make year. in probably would about growth just of will growth bit don't my you too side on for guys is cuts. in guys I anything to or role lean on great. whether kind rates early profitability share fiscal you on play the of key macro trade-off. maybe So front cost versus of a can a further share it, can you're how comment the around

Nils Erdmann

Thanks Happy on for question. the in weigh that. sure. Yes, to

levers we about to pipeline of can the generate productivity when any move impossible play where environment in about environment year. that businesses fact so we even we're tough it's and the is be to seeing that commit very subscription sales might have difficult like one good our the shown a get ability to next happy think more in and long-term levers increase I environment from and that it's in getting agreements we've what to to predict comes the efficiency So the now productivity team we it we're right to obviously things -- with, the to enterprise feel software we've

in is event I either dials demonstrated that and the the capacity think things we we've will the the more of the on increasing demand think improving. to be tougher turn that get that we qualified market is One I in able also, there's business from we've shown environments. But efficiency can

going to could like. the but environment what our I you I about is can't, to tell it's I be whatever ability really like. wish feel react I good So

Wyatt Swanson

bit could are Marc going Got expect you a it's departure? made? change and secondly, structure talk how strategy result how maybe to it. that That's this then in from your how And changes Any significant you organizational departure, your about Ferrentino's helpful. decisions

James Hart

No.

that say want to here customers, going a it became going way take agreed we and our layer strategy going going Marc was the and was great the react in time for in to or is was -- time of what business bringing on of based was have Revenue roles. didn't Officer the we're do what gap customers our over, for took he Product job in to change think think Mark have hear Chief And he In Chief I to ways, we bridged here successful that functional and we're very was they step. The in did unnecessary. or Officer Officer to lot it great Marketing a and success, and Marc big that. during a a we're that Chief a a of a we're And a next in bringing great role to to to natural leaders listen the leaders I us. what I when organization those

shift, do the our a more the to value where and there's right value with drive natural platforms existing on drive now the And market the existing continues focus lot customer so how add-ons. as with do base how I from customers, and services I

so customers they tell us And emphasis listening and delivering I where should customers, on to is here go the then value to our around we think next.

Operator

from The ROTH next question Kulkarni Rohit with MKM. is

Rohit Kulkarni

now could to high are to into if perhaps ARR growth first we where your provide that in or ARR potential fiscal digits by channel through perhaps On this under right bridge from sales Perhaps X you control now, organization by seeing next you a high what you're Mike. could that that anything single get right there grow the channel or that year? is is confidence single-digit gives

Michael Walrath

Yes.

So we about to this. talk wanted

So think I don't most cycles. space. some it. continue of level here's I to think are entering expected others that than last pretty challenges how don't think and went we quarter, on. optimization Obviously, we frame there's the see deal and improvement And budgets of the macro environment year, in I we be that story were seen telling an different there would in a that's think this with year as would and we've environment I I clear cost where and the

made talked we headwinds us that, we going this at for all the last we're to addition about decisions year as create In year, that to of end year.

of our talked that low in digits single we as our SMB services strategy our about made as group. managed we the Japan well So group, in changes impact

expect headwind We of way the an be talked in going headwinds those are a large And seen -- happen which as additional going appeared isolated QX, when meaningful going year. create those to assumptions, the take we we single-digit also weighted in customer year. We've next have more half to as seen continue about, which is those don't now And to churn year. low so expected. those headwinds next to right, we've during to second this

we chosen like year next will this some we it, as year. productivity, And execution confident things of pipeline that to call those improve our see on these, us allow sales efficiency, feel and things so grow with let's headwinds

Rohit Kulkarni

it of leading improving. you've bookings rep per I is guess to kind when indicators, mentioned comes

lining, in is be of in perhaps give, signs the growth, You specific helpful. Mike, or where kind customer? That silver pipeline you of terms color mentioned of those seeing you would Any size also geographies growing. verticals, additional are can of

Michael Walrath

Yes.

from things it most I the think we're everywhere. of standpoint, a seeing productivity one encouraging is

So this those across The geographies. it's the a better and we've testament -- gone amazing brought work a much look, that install year the into marketing leadership we're is all sales to that's and amount and machine hard -- into groups. of seeing this it

increases verticals And an that's -- two not isolated or in are not productivity or are thing that the an one happening geographies. only two so isolated or one

feels but to who we're in get And you especially that been difficult value deals very much more sort seeing want just and done get to have factor do it's systematic, a budget so do the it done. Often, more year to customers when of fuller certain deals to amounts. fact only

probably that think seeing that the machines a is working are that's most I exciting so even we're building thing environment. we're the difficult And that in

Rohit Kulkarni

Any go that back With ] queue. last about this like [ context likelihood One mitigate can can of of happening? I'll to to this one, you and learnings or do churn? this the to the then provide you any churn, color that or anything reduce isolated customer more something the

Michael Walrath

Yes.

this the had early quarters disappointing. on with mean last Obviously, some I XX%. a And And no we we This probably some from value discussions could ARR to the there's what's we're amount way heard layoffs, in of reductions were have products. the -- I've who magnitude held customers the customer felt were that. What So to was down there was inside significant saw in were were most a is from the lot customer, wanted it use budget of we cost-cutting instance happy happening about particular problem that but they any profitably. I've who had situation. could about cost-cutting done The large -- this over budget the And we we've of using problem, a disappointing X things an talking business. customer. And a continue this this on lot in to that was scenario really discussed talked customer where a just way. it's who them that. products about doesn't have frankly, there that in of let extreme we've they was one There and have customer chose

to us. been a highly that deliver So for would unprofitable have deal

there specific in make that don't learning of necessarily things other sense really have unfortunately, so this was no And terms customers do than value. from sometimes to

so we're this that it. We can And that's better, win disappointed are back the about the in hope future, when things customer we color. but

Operator

next Khan B. question Naved The is Riley. with from

Naved Khan

from A me. couple of questions

Mike, elaborate you And pricing? Are color that others? the opportunities thing So be potentially in seeing reseller versus little is Just in some the can usage-based category? us maybe That's challenges other give some maybe terms then you or of what mentioned more by more through bit, in you too? one. a you weakness maybe seeing can some might categories channel in you on

Michael Walrath

Yes.

take me remind first second you first, let because one and the one forget. I'll So can then me the is what

or this describe we're it's one wouldn't particular different I the category. industry behaviors. across we're categories, seeing really interesting what as category. Within customer So seeing

within that conservative now -- will year. there on a this with challenges more and seeing in the cut last were last we is who customers are probably And the we seeing are more who who ones less more were are year, So and where are cycles. of budgets see more some environment category year we're customers focused buying cost-cutting last actively success or have who then this deal

It's it last have of, decisions this inter I or where on probably which I normal and course the where seeing specific environment. industry specific category is, kind would think, the over a made really depends of pressure. don't the category, we're seeing to that so management I have quarters X X in say, more teams And we're a

think say that's would first the And that about I -- one. I so what

second I you're -- because one there things mentioned are I this here. The about usage. reseller two asking think in

at about as to So our we've are. talked to they that a needs been much at as striving meeting customer centricity about as is our customer our to get respond where own. better the We've customers a lot. company, We've talked least need one

it And always with they in multiyear to up long-term particular, committed the so when way comes resellers to sell doesn't that contract. SMBs, primarily line a

does and it it Sometimes sometimes doesn't.

potentially an might seeing committed businesses. those there revenue grow opportunities for grow not appetite we're the would so but And ARR that of

we're that going do, is best what do our wanted on quarterly a that clear, even to means this what growth make to the we'll be this And best So here. them. going opportunities trends there provide respond I to to committed could we'll the do to to ARR, disclose we're show in of muted event if color basis, those and revenue on but revenue our and the you

Naved Khan

Okay. And a quick maybe follow-up. then

] reading So forecast the XXXX, like you're and services what and budgets for from some commentary the be of growing others, [ IDC IT for like looks might like.

set about are that So you your And can customers? the solutions. you go so with just talk after of budget what you hearing far your from

Michael Walrath

Yes.

largely the like the in you future listings than lives content with the -- with generation opportunities things marketing IT majority more some our the and AI I And opportunities today that's see bit things do as would in that within of things more one and in involvement into There's obviously the reviews discussions those I search the pages of organizations, and LED of kind for the call would we think as crosses the around there's and that part. department those ARR the most more its So -- sector. others. over I some of clear, a think the what expect IT

before really see length time about from that I comments a unpopular bookings wave. expect quarter we think material we AI bit the the little I last stand were my But of by it.

legal customer away getting serious the about companies think talk to deploying from because X to we're risk really ways there. to X AI compliance that and I regulatory quarters X of in the

the headwinds seen Obviously, so market available staff has we've to that And where the in marketers amount had resources they've of of the have. marketing budgets, a same terms scenario challenging, the they been in

that so on side. looking a very at marketing resources they're all and more I optimize on And how good the I and inside department, do with being do how partner do the we're fewer focused budget

Operator

The is with question Needham. next Ryan from MacDonald

Matthew Shea

I through walk Matt is appreciate Shea churn you maybe of our ultimately, the I just it. wanted just should us on impact that walk we quantification could up and into the ARR quarter. how maybe Ryan. coming numbers? of This and the Could double-click when to customer But go-forward for timing kind is next through, expected layer just around you this to client on us churn

Darryl Bond

your December The XX. question. for on Darryl. customer This Thanks is churns

will full in out -- the So this full revenue of impact $XX be a impact report in million have it will obviously, then, QX. we'll of when QX of month quarter be one of and and ARR we year, next

Matthew Shea

purchases, in into Are And I touch to to your translate that more in to Mike, later based productivity similar an recent reports you issue appreciate sales I some And seen then you generative see end comments innovation interest education on, your peers, focusing want end do your more or seeing a not, we're especially application see as on dynamic AI market? we've the that education of or customers from and on starting in year you're any cycles. challenge? of if the And wanted market deal buy. that of

Michael Walrath

Yes.

the content an AI has to extent letting AI an risk important I different internal one I the different when because there's or like think question of the is something then AI the a what's talking level AI about right? generative the are to tool, I they're that, extent the we're that think of it's create So utilizing customer I'm human there appetite enterprises to experience. asking limited here, I So solution that think a is deliver the intervention, solutions, as that deploying at distinction is draw looking really that and solutions the risk

I setting the a think industries the more about regulated reticence larger free lot of talking customer and especially to kind enterprises directly. there's from AI in

regulatory we graph And so have, content makes which the generate and AI But compliance run to I our our to huge we allowing be long the over when experience. legal customer talking of on the more of there's the -- and system to the the the storing generative nature scrutiny. information, believe, There's to going authoritative is because the advantages think knowledge here, and review and solutions. important but those be customer, is more AI going --

the real make I safety AI to level on are versus And And that's is tend set sense? our more to the internally. you that lean being customer Does using so core mechanism what tools And question tools because is to just do. we here the with at the free what think interface customer? experience relying the

Operator

next Bhatia question Blair. The William from is with Arjun

Christopher Madison

kind this Arjun. falling out you're just This the unpack out. of part but or what mentioned bit is in progressing stuck I for deals terms Chris the slipping are Or to worse I funnel? Are this deals on deals then year, the a certain far so getting third of there in a seen go-to-market. kind wanted way the seeing expect some in know of you is on and based dropping would getting better the you've of everything you end, quarter? towards on

Michael Walrath

Yes.

you're opportunities. talking to generally even I deal be or So trends that descriptive is we think are of it's when and see. deals this about hundreds speaking, -- There thousands of hard right, generally

is budgetary one there that pressure. is So trend generalized

lot of opportunity, this and one X -- well a there software a we're want I as there's "I hear to and is so what Y". and and where things lot I do think other hearing, a lot there's the of customers do CEOs to want from is of you're of I saying, pipeline, And are it

more enterprise And Y there's budget you pressure And sometimes when than they're previously. I is, but inside and right? "Look, has want Z", then what the to been X, saying do there --

sometimes And turns Z. do the you deal in X, get cycle And buyers in to later then the finance what's get for Y so involved to deal, and saying, not the procurement you and once I want and and it there's out that are is Y Z. happening it X, deal budget that

turns X XYZ deal the the the so or And XY deal. just deal just into

same causes of churn, where pressured plus. And this trends right? causes think where the see are tune the version XX% software subscription smaller, I is cycle so what isolated about the I that talking renewals, in of in slippage late budgets terms in to pressured, is we're the extreme that they mean, you deals budgets get where were

go that's basis And because you've you at usually since environment. Typically, of natural upwelling you problem you're can of then what software on in sort part robust that this closes as of all model confusing get just percentage I signal know seen describe expectation years seeing. than let's of is in on picture the dollar really process, layer rates that that that close a of not software. think this very and the the was. like be so of QX anything as terms pipeline seen is relied can into the call we're with really of all financial case XX the quarters And your this a robust the find last, we we've because that actually -- the environment here the sort of the software, a think recession for get And planning I XX kind projected gets is and is what better it, or would when once you on historically. that is in this it of reliable you I pipeline lower together, stuff we've last

if not sense. so then throughout Hopefully, let's things stayed that some you've really pressures we've that in to introduce and same going say, year, models. in they've the better just, softness that expected get seen be QX the may the that's makes And to

Christopher Madison

But obviously bit from think the this increase kind we've The answer. at any quite on other thing down trend would I on, your term this that in call Or that coming through of a bit, is sales want singular still last to NRR aside little about point? pressure lot other talked logo you a logo touch touched large is out? with I the a of there you

Michael Walrath

see other call large like it don't that, we wouldn't I that. singular or any anything churns like

In fact, I think in stronger our larger trends. retention we customer base, see

in to if seen XX-month talked retention in rates changed. our were high haven't gross [ We We were XXs March, trailing out call that anything. going the We ]. about

affected update be haven't it that and in may churn. We'll We QX, number change. that seen by this singular customer

steadiness It's environment pressured our it there. like as bookings everything, new in -- there's no, But the are. is just just

Operator

This for question-and-answer any to remarks. would like Walrath back turn conference I concludes to our Mike closing session. over the

Michael Walrath

if joining. next look you forward quarter, for not sooner. everybody, We to talking Thanks, to

Operator

now presentation. has conference you concluded. for The today's Thank attending

disconnect. may You now

Yext (YEXT) 5 Dec 232024 Q3 Earnings call transcript