Yext, Inc. (NYSE:YEXT) Q2 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 04:30 pm ET

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Yext, Inc. (NYSE:YEXT) Q2 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the Yext second quarter fiscal 2021 financial results call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Yuka Broderick, head of Investor Relations. Please go ahead.

Executive
Yuka Broderick

Thank you, Andrea, and good afternoon, everyone. Welcome to Yext fiscal second quarter 2021 conference call. With me today are CEO, Howard Lerman; CFO, Steve Cakebread; and Revenue team leaders, Jim Steele, David Rudnitsky and Patrick Blair. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements, including statements about revenue and non-GAAP net income guidance, sales momentum and efficiency, expenses, hiring, market opportunities, business performance, capital expenditures and other nonhistorical statements as further described in our press release.

These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to Yext's growth, the evolution of our industry, our product development and success, including with Answers and general economic and business conditions, such as the impact of the COVID-19 pandemic. These statements reflect the company's current expectations based on its beliefs, assumptions and information currently available to it. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our most recent quarterly and annual reports and our press release that was issued this afternoon.

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

With that, I will turn the call over to Howard.

Executive
Howard Lerman

Thank you, Yuka. In 2016, we held our first user event, and we hosted Mark Kelly. And you may know that Mark is a current Arizona Senate candidate, and that's following a long and distinguished career as a Navy Aviator and Astronaut. At Location World in 2016, he shared a story about flying a two-person attack plane, where his focus was flying the plane and dodging missiles.

It was his partner's job to successfully hit a target with a bomb. Each person had a job to do and focused solely on that job. And as he told us, we call that compartmentalization, focusing on the stuff you can control and not worrying about the stuff outside of your control. Who knew that advice would be so relevant four years later, stuck in my head.

We are living in a highly chaotic and unpredictable time. But in Q2, we learned that as a company, we can accomplish great things when we focus on what we can control. First, we're focused on top line growth. We reported $88.1 million in revenue, $2 million above the high end of our guidance range.

And next, we are focused on efficiency and especially sales efficiency. And so we reported a $0.07 non-GAAP