Yext, Inc. (NYSE:YEXT) Q3 2020 Earnings Conference Call - Final Transcript
Dec 05, 2019 • 05:00 pm ET
the year ago quarter. So please refer to the press release we issued this afternoon for a reconciliation of GAAP to non-GAAP results.
Cash and cash equivalents were $245 million as of October 31, 2019. Net cash used in operations for the third quarter was $31.8 million as compared to net cash used in operations of $22.6 million in the year ago period. The biggest drivers were the increase in headcount, changes in unearned revenue and our new leases. ONWARD19 expenses are also impacted this quarter.
As to guidance, in the fourth quarter, we expect revenue to be between $79 million and $81 million. And in the same period, we anticipate non-GAAP loss per share of between $0.15 and $0.13, which reflects the impact of $0.03 on our new lease agreements in New York and DC. This also assumes a weighted average basic share count of approximately 115.2 million shares. We do expect to be operating cash flow breakeven in the fourth quarter consistent with past seasonal trends.
Turning to the full year, we now expect $296.5 million to $298.5 million in revenue. Our non-GAAP net loss per share range is now expected to be in the range of $0.51 to $0.49 and this includes a $0.09 per share from the impact of our new lease agreements in New York and DC. This also is based on an assumed basic weighted average share count of approximately 111.8 million shares.
We're focused on growing the business, driving to non-GAAP breakeven and getting to operation -- operating cash flow breakeven. As we head into the fourth quarter, I'm thrilled about the new initiatives we put in place that Howard and Jim discussed. Specifically, we've exceeded our hiring plan during the quarter resulting in 45% year-to-date increase in the size of our sales team. We grew our mid-market and enterprise customer base by 46% year-over-year. We've launched a game-changing product in Answers, and the customer feedback has been very positive and initial market response has been encouraging. And we've seen a 65% growth in a number of facts, the Yext Knowledge Graph. As we mentioned, we have a strong solution our Search Experience Cloud Platform and a consistent message to explain our business. I'm feeling confident about our ability to utilize our opportunity and drive toward our long-term plan.
So with that, we'll turn it back to the operator and open for questions. Thank you.