Yext Inc (YEXT) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Yext Incorporated fourth quarter fiscal 2024 financial results conference call.

下午好，歡迎參加 Yext Incorporated 2024 財年第四季財務業績電話會議。

All participants will be in listen only mode.

所有參與者將處於僅聽模式。

(Operator Instructions) After today's presentation, there will be an opportunity to ask questions.

（操作員說明）今天的演示結束後，將有機會提問。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，該事件正在被記錄。

I would now like to turn the conference over to Nils Erdmann, Senior Vice President, Investor Relations.

我現在想將會議交給投資者關係高級副總裁尼爾斯·埃德曼 (Nils Erdmann)。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Welcome to Yext Fourth Quarter Fiscal 2024 earnings conference call.

歡迎參加 Yext 2024 財年第四季財報電話會議。

With me today are CEO and Chair of the Board, Mike Walrath; and CFO, Darryl Bond.

今天與我在一起的有執行長兼董事會主席 Mike Walrath；財務長達裡爾邦德。

During this call, we will make forward-looking statements, including statements related to our future financial performance, expectations regarding the growth of our business, our outlook for the first quarter and full year fiscal 2025, our strategy and estimates of financial and operating metrics, capital expenditures and other indications of future opportunities as further described in our fourth quarter shareholder letter.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們未來財務業績相關的陳述、對我們業務成長的預期、我們對2025 財年第一季和全年的展望、我們的策略以及對財務和營運指標的估計、資本支出和其他未來機會的跡象，如我們第四季度股東信中進一步描述的那樣。

These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those related to Yext growth, the evolution of our industry, our product development and success, our management performance and general economic and business conditions.

這些前瞻性陳述受到某些風險、不確定性和假設的影響，包括與Yext 成長、我們產業的演變、我們的產品開發和成功、我們的管理績效以及總體經濟和商業狀況相關的風險、不確定性和假設。

These forward-looking statements represent our beliefs and assumptions only as of the date made, and we undertake no obligation to revise or update any statements to reflect changes that occur after this call.

這些前瞻性陳述僅代表我們截至做出之日的信念和假設，我們不承擔修改或更新任何陳述以反映本次電話會議後發生的變更的義務。

Further information on factors and other risks that could cause actual results to materially differ from these forward-looking statements is included in our reports filed with the SEC, including in the sections titled Special Note Regarding Forward-Looking Statements and Risk Factors in our most recent quarterly report on Form 10 Q for the three months ended October 31st, 2023, and our shareholder letter that was issued this afternoon.

有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素和其他風險的更多資訊包含在我們向美國證券交易委員會提交的報告中，包括我們最近的報告中標題為「有關前瞻性陳述和風險因素的特別說明」的部分。截至 2023 年 10 月 31 日的三個月的 10 Q 表格季度報告，以及今天下午發布的股東信函。

During the call, we also refer to certain metrics, including non-GAAP financial measures.

在電話會議期間，我們也參考了某些指標，包括非公認會計準則財務指標。

Reconciliations with the most comparable historical GAAP measures are available in the shareholder letter, which is available at investors dot yext.com. We also provide definitions of these metrics in the shareholder letter.

股東信函中提供了與最具可比性的歷史 GAAP 指標的對帳信息，投資者可在 yext.com 上獲取該信函。我們也在股東信中提供了這些指標的定義。

And with that, I will now turn the call over to Mike.

現在，我將把電話轉給麥克。

Thanks, Nelson.

謝謝，納爾遜。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

As we discussed last quarter, we have published our quarterly shareholder letter and financial commentary on our investor website, and we look forward to taking your questions here today.

正如我們上季度討論的那樣，我們已在投資者網站上發布了季度股東信和財務評論，我們期待今天在這裡回答您的問題。

There are a few high-level themes I would call out from our letter before we dive into Q&A.

在我們深入問答之前，我會在信中提到一些高級主題。

First, we are pleased with the progress we made in fiscal year 2024 despite a very difficult operating environment.

首先，儘管經營環境非常困難，但我們對 2024 財年的進展感到滿意。

We believe our record profitability increases in sales productivity and some of the difficult decisions we made to be more focused will serve the Company well in the future and drive more efficient growth.

我們相信，我們創紀錄的獲利能力提高了銷售效率，而我們為更專注而做出的一些艱難決定將在未來為公司帶來好處，並推動更有效的成長。

As I've talked about in the past, the recipe for efficient growth is a combination of increased sales productivity and the ability to measure qualified pipeline so that we can increase our investment in direct revenue-generating roles.

正如我過去談到的，高效成長的秘訣是提高銷售生產力和衡量合格管道的能力，以便我們可以增加對直接創收角色的投資。

We will continue to focus on efficient operations, but we have seen enough to be ready to direct more investment into direct selling and sales development to drive growth in the future.

我們將繼續專注於高效運營，但我們已經看到足夠的情況，準備將更多投資投入直銷和銷售發展，以推動未來的成長。

Second, we made great strides last year and shifting more of our focus to the core product offerings, our customers value most and have reoriented our roadmap around our customers' highest priorities.

其次，我們去年取得了長足的進步，將更多的注意力轉移到客戶最重視的核心產品上，並圍繞客戶的最高優先事項重新調整了我們的路線圖。

We have also reallocated our investment in customer support services and success to drive customer satisfaction and value.

我們也重新分配了對客戶支援服務和成功的投資，以提高客戶滿意度和價值。

In fiscal year 25, we will continue to proactively deliver value driving innovation in our core listings, pages reviews and search products, customer service and support and deliver new product functionality and adjacent product areas that are most valued by our customers.

在第 25 財年，我們將繼續在核心清單、頁面評論和搜尋產品、客戶服務和支援方面積極提供價值驅動創新，並提供客戶最重視的新產品功能和鄰近產品領域。

These include generative AI features, including broader application of content generation technology as well as much more robust social management and analytics features the strength and breadth of our platform, particularly the advantage of our content knowledge graph system as a single data source of truth for our customers across all of the product use cases will serve us well in an environment where customers want fewer partners and more ROI.

其中包括生成人工智慧功能，包括內容生成技術的更廣泛應用以及更強大的社交管理和分析功能，我們平台的強度和廣度，特別是我們的內容知識圖譜系統作為我們的單一真實數據來源的優勢。在客戶希望更少的合作夥伴和更高的投資報酬率的環境中，所有產品使用案例的客戶將為我們提供良好的服務。

We will continue to invest R&D into high-potential areas such as chat and other generative AI technologies.

我們將繼續投資聊天和其他生成人工智慧技術等高潛力領域的研發。

But these investments will be more measured and focused on customer priorities than in the past.

但與過去相比，這些投資將更加審慎並更加重視客戶優先事項。

Finally, we continue to take a conservative point of view on the market environment and the timing of uptake of generative AI solutions at scale.

最後，我們對市場環境和大規模採用生成式人工智慧解決方案的時機繼續持保守觀點。

Our customers include some of the largest brands in the world, and they continue to digest and optimize their technology stack.

我們的客戶包括一些世界上最大的品牌，他們不斷消化和優化他們的技術堆疊。

After over a decade of investment, our outlook anticipates that this trend will continue this year as uncertainty around the economy, inflation and interest rate environment continues.

經過十多年的投資，我們的展望預計，由於經濟、通膨和利率環境的不確定性持續存在，這一趨勢今年將繼續下去。

We believe this is prudent and will support our customers work to identify areas to do more with our platform and be more efficient.

我們相信這是謹慎的做法，並將支持我們的客戶確定可以利用我們的平台做更多事情並提高效率的領域。

We are highly positive on the future of generative AI to drive efficiency for the enterprise.

我們對生成式人工智慧提高企業效率的未來非常樂觀。

And we are seeing signs of early adoption as evidenced by increased adoption of generative AI review response features This week marks the two year anniversary of my taking the CEO position, I'd like to take a moment to acknowledge that the last two years have been challenging on many levels for our team.

我們看到了早期採用的跡象，這一點可以透過越來越多地採用生成式人工智慧審查回應功能來證明。發展對我們的團隊來說在許多層面上都具有挑戰性。

I'm incredibly proud of our global team's willingness to take on the difficult task of reshaping its operating profile, adjusting to a difficult operating environment and recommitting the company to our customers.

我對我們的全球團隊願意承擔重塑營運概況、適應困難的營運環境以及重新將公司交付給客戶的艱鉅任務感到無比自豪。

I believe the work has been harder than we would have anticipated two years ago, and the work will continue to finish our transformation.

我相信這項工作比我們兩年前預期的要困難，而且這項工作將繼續完成我們的轉型。

I'm incredibly grateful to our team for their resilience and commitment in the past couple of years and for the future.

我非常感謝我們的團隊在過去幾年和未來的韌性和承諾。

With that, I'd like to open it up for questions.

說到這裡，我想打開它來提問。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Perfect.

完美的。

Thank you guys, Mike, maybe one for you to start.

謝謝你們，麥克，也許你可以從一個開始。

And then on the product roadmap, it sounds like there's a little bit of a refocusing going on on the core with with listings.

然後在產品路線圖上，聽起來好像在清單的核心上進行了一些重新關注。

And I think in the shareholder letter, you also talked about some new capabilities like social media management.

我認為在股東信中，您還談到了一些新功能，例如社群媒體管理。

Can you maybe just give us a sense of where some of these investments on the product front, our focus, how do you plan to build some of these new capabilities like social media management and what might the platforms look like?

您能否讓我們了解產品方面的一些投資、我們的重點、您計劃如何建立一些新功能（例如社群媒體管理）以及平台會是什麼樣子？

And if we're talking in December versus in March right now?

如果我們現在談論的是 12 月和 3 月呢？

Sure.

當然。

Yes.

是的。

And Eric, thanks for the question.

艾瑞克，謝謝你的提問。

So on I think we talked I mean, we talked about this when we when we started this journey, we talked about the need to refocus on the core to deliver the value that our customers are paying us in Listings and Pages and reviews and search on it it like everything it takes longer than you think to get things going in the right direction.

所以，我想我們討論過，我的意思是，當我們開始這一旅程時，我們討論了這一點，我們討論了需要重新關注核心，以提供我們的客戶在列表和頁面以及評論和搜索中向我們支付的價值它就像所有事情一樣，需要比你想像的更長的時間才能讓事情朝著正確的方向發展。

I do think one of the things we've seen over the last couple of years is as businesses focus on and less, how do I add new technologies to my staff?

我確實認為過去幾年我們看到的一件事是，隨著企業越來越關注如何為我的員工添加新技術？

How do I experiment with new things and more am I getting the value that I'm paying for in my various vertical or multi-product software solutions.

我如何嘗試新事物，以及如何在各種垂直或多產品軟體解決方案中獲得我所支付的價值。

And we need to demonstrate and I think we are demonstrating to them that there's a lot of product innovation happening inside the core.

我們需要向他們展示，我認為我們正在向他們展示，核心內部正在發生大量的產品創新。

And we're I think our previously our focus is we're a little a little bit further out when it comes to social.

我認為我們之前的重點是在社交方面我們有點偏遠。

We've always had social features in the product.

我們的產品一直都有社交功能。

But I think it's and it's an area that we've heard really clearly from our customers that they want to see more of this.

但我認為這是一個我們從客戶那裡清楚地聽到的領域，他們希望看到更多這樣的情況。

They want fewer vendors.

他們想要更少的供應商。

They want more cross as a cross-platform visibility and they and the other thing they really want and I mentioned this in the letter also is a is a data structure that makes sense.

他們想要更多的交叉作為跨平台的可見性，他們和他們真正想要的其他東西，我在信中提到的也是一個有意義的資料結構。

And allows them to do more with with all these different functions.

並允許他們利用所有這些不同的功能做更多的事情。

And so this is something we continue to work on.

所以這是我們繼續努力的事情。

And we expect as we get into really get into the second half of the year that there will be a lot more coming through that product innovation cycle on all of the products, but increasingly on the social media side as well okay, got it.

我們預計，當我們真正進入下半年時，所有產品都會經歷更多的產品創新周期，但社交媒體方面也會越來越多，好吧，明白了。

And then, Tom, you mentioned rate increase in sales capacity and this being the right time to invest, given some of the trends that you're seeing in the pipeline I would be curious to hear what you're seeing in terms of sales productivity and how you're kind of benchmarking, what's best in classes, both for Yext.

然後，湯姆，您提到了銷售能力的成長，考慮到您在管道中看到的一些趨勢，現在是投資的正確時機，我很想聽聽您在銷售生產力方面看到的情況以及您如何進行基準測試，班級中最好的是什麼，都是針對Yext 的。

And just as you compare yourself to the industry.

正如您將自己與行業進行比較一樣。

I think it's the pipeline trends certainly are promise or seem promising, but talk about where you're hiring, why it's the right time and how much incremental expense maybe we can expect on the sales and marketing side?

我認為管道趨勢肯定是有希望的或看起來很有希望，但談談你在哪裡招聘，為什麼現在是合適的時間，以及我們在銷售和行銷方面可以預期的增量費用是多少？

Yes.

是的。

So I'm like I'm we are at the highest direct sales productivity that we've seen.

所以我想我們正處於我們所見過的最高的直銷生產力。

And I didn't believe in the last four years was the what we stated in the letter.

我不相信過去四年是我們在信中所說的。

I am not going to tell you we're best in class because we're not best-in-class yet, but we've seen marked improvement there.

我不會告訴你我們是同類中最好的，因為我們還不是同類中最好的，但我們已經看到了顯著的進步。

And this is something I've talked about a lot over the last four or five quarters is when you're seeing our consistent improvement in sales productivity and the qualified demand, which obviously, over the last five, six quarters, we've seen a really nice increase in our ability to both create, but also to measure our pipeline.

這是我在過去四、五個季度中經常談論的事情，當你看到我們在銷售生產力和合格需求方面的持續改進時，顯然，在過去五六個季度中，我們已經看到我們的創造能力和衡量管道的能力都得到了很大的提升。

That's when we can start growing ourselves capacity again.

那時我們就可以再次開始增強自己的能力。

And so we'll be doing that in a pretty measured way over the first half of the year.

因此，我們將在今年上半年以相當謹慎的方式做到這一點。

And that's where we expect to start to see contribution from actually growing our direct revenue-generating headcount in the second half of the year.

這就是我們預計在下半年開始看到實際增加直接創收人數所做出的貢獻。

At the same time to your question about incremental expense, we continue to find areas of efficiency and optimize the cost structure of the business and so on of the the cost of the additional revenue-generating capacity, which is really mostly in the form of quota-carrying heads and sales development or business development representatives is all baked into our outlook for the year.

在回答您關於增量費用的問題的同時，我們繼續尋找效率領域並優化業務成本結構等額外創收能力的成本，這實際上主要以配額的形式- 負責人和銷售開發或業務開發代表都已納入我們今年的展望中。

So there's not a lot of sort of unbudgeted incremental expense there.

因此，那裡沒有很多未列入預算的增量費用。

We're really just focusing a lot of our investment and efficiency work back into what drives the highest revenue generating.

我們實際上只是將大量投資和效率工作重新集中到能產生最高收入的方面。

Rolf.

羅爾夫.

Perfect.

完美的。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Tom White, D.A. Davidson.

湯姆懷特，D.A.戴維森。

Thanks, for taking my questions.

謝謝你回答我的問題。

Two, if I could.

兩個，如果可以的話。

Mike, in the letter, you mentioned significant increase in year-over-year lead volume in the quarter and higher pipeline creation.

麥克，在信中，您提到本季度的銷售量同比顯著增加，並且管道的創建也增加了。

Curious to what degree that's being driven by some of the various initiatives around kind of demand gen that you guys have been working on.

很好奇你們一直致力於的圍繞需求產生的各種舉措在多大程度上推動了這一點。

And maybe you could just give a few examples of like that and sort of the most successful kind of channels or tactics on that front?

或許您可以舉幾個類似的例子，以及這方面最成功的管道或策略？

And then or is there kind of an uplift from just maybe the client spending environment picking up a little bit exiting year versus maybe kind of earlier in the year?

那麼，與今年稍早相比，今年的客戶支出環境是否會有所改善？

And then I have a follow-up on the guidance.

然後我會對指導進行後續處理。

Yes.

是的。

No, no, no, from so the first, I think the last the last thing you said first, which is I don't think that we're necessarily calling or seeing a an uptick in the spending environment.

不，不，不，首先，我認為最後就是你首先說的最後一件事，我認為我們不一定會呼籲或看到支出環境的改善。

And I think our outlook on this.

我認為我們對此的看法。

We've been accused of being slightly more dour maybe than some of our peers.

我們被指責為比我們的一些同行稍微陰鬱一些。

But our outlook on this is that we expect I think we've seen, if anything we've seen some stabilization.

但我們對此的展望是，我認為我們已經看到了，如果有的話，我們已經看到了一些穩定。

And our expectation as laid out in the letter is that the environment will be will be like this for a while.

正如信中所述，我們的期望是環境將在一段時間內如此。

And then I think as long as we have uncertainty around the macro and inflation and interest rates and all that stuff.

然後我認為只要我們對宏觀、通貨膨脹、利率以及所有這些東西都存在不確定性。

I just don't expect that there's a big snapback in spending.

我只是不認為支出會大幅回升。

And I think when it comes to developing a really efficient demand generation machine.

我認為當談到開發一個真正高效的需求生成機器時。

And we've been talking about this since we since we brought RAN and as CMO and really our sort of core expertise and our team's core expertise around this is you have to get a few things, right?

自從我們引進 RAN 以來，作為首席行銷官，我們一直在談論這個問題，實際上我們的核心專業知識和我們團隊的核心專業知識是你必須得到一些東西，對嗎？

So structurally, you have to get the machine, right, so that you can use various channels like content and paid media two to obviously drive into the top of the funnel and then you need the mechanisms to take that top of the funnel and move it through a qualification framework so there are a whole massive operating mechanisms that have to be done right in order to trust that what you're seeing and coming in the top of the funnel is going to convert into qualified pipeline and ultimately into into bookings.

因此，從結構上來說，你必須獲得機器，這樣你就可以使用各種管道，如內容和付費媒體二，明顯地進入漏斗的頂部，然後你需要機制來佔據漏斗的頂部並移動它通過資格框架，因此必須正確完成一整套龐大的營運機制，以便相信您所看到的和進入漏斗頂部的內容將轉化為合格的管道並最終轉化為預訂。

And that's all very kind of structural and very hard work.

這都是非常有結構性的、非常艱苦的工作。

And the teams have done an amazing job of building that machine that The second thing you have to get right is you have to match your campaigns to the environment.

團隊在建造機器方面做得非常出色，您必須做的第二件事是您必須將您的活動與環境相匹配。

And so I think that's it's really one of the things that we didn't do quite as well last year as we could out is I think we were marketing a lot of more future state use cases for our platform at a time when I think we're still I think maybe the market was expecting that the snapback would come faster.

所以我認為這確實是我們去年做得不夠好的事情之一，我認為我們正在為我們的平台行銷更多的未來狀態用例，當時我認為我們我仍然認為，也許市場預期反彈會來得更快。

And so what happened there and it was really interesting to watch is because we have the demand generation machine built, we could see the demand coming in the top of the funnel through campaigns that were geared around products that weren't really as much part of the core.

所以那裡發生的事情非常有趣，因為我們建立了需求生成機器，我們可以透過針對產品的活動看到需求出現在漏斗的頂部，而這些產品並不是真正的一部分核心。

So, you know, we were leading with AI messaging in and more transformational CMS messaging.

所以，你知道，我們在人工智慧訊息和更具變革性的 CMS 訊息傳遞方面處於領先地位。

And then what we were finding was that a lot of those things were converting more in the core.

然後我們發現，很多東西的核心轉換率更高。

And so that is a that is, I would say, I would call like a half miss in terms of the marketing execution as we've shifted to more value-based messaging around the things that you're that are the breadth and capability of our platform can do you start matching campaigns up more to where the buying centers are interested today, which is much more in how do I either do more with what I have or how do I improve on as set of fragmented vertical solutions into a into a broader one.

因此，我想說，就行銷執行而言，我認為這是一個半失誤，因為我們已經轉向圍繞您所擁有的事物的廣度和能力進行更多基於價值的消息傳遞。將活動與購買中心今天感興趣的地方進行更多匹配，這更多的是我如何利用我擁有的東西做更多事情，或者如何將一組分散的垂直解決方案改進為完整的解決方案。更廣泛的一個。

And so that's another thing that we expect as we run better campaigns this year.

因此，這是我們今年開展更好的活動時所期望的另一件事。

We think that the matching of what our customers are really interested in today and the areas of expansion that they're most interested in with our marketing campaigns.

我們認為，我們的行銷活動能夠將客戶今天真正感興趣的內容與他們最感興趣的擴展領域相匹配。

And ultimately, the demand generation machine is part of making that whole system work better.

最終，需求產生機器是使整個系統更好運作的一部分。

Hopefully, that makes sense I guess.

希望我猜這是有道理的。

Yes, that was a very helpful color.

是的，這是一種非常有用的顏色。

Thank you.

謝謝。

Just maybe a follow-up on the on the guidance for this year.

也許只是今年指導的後續行動。

I guess at the midpoint, the full year outlook implies that adjusted EBITDA expenses are down about 10 million bucks year over year.

我猜在中期，全年展望意味著調整後的 EBITDA 費用年減約 1000 萬美元。

Can you maybe just parse out a little bit more of the drivers and maybe Darryl can weigh in here too, if you want, but you talked about adding some heads, which will take a little bit of time to ramp.

你能不能解析更多的驅動程序，如果你願意，也許達裡爾也可以在這裡權衡，但你談到添加一些頭，這需要一點時間來提升。

But then I guess you have the sort of the full year impact of some of the operational changes you made last year?

但我想你去年所做的一些營運變革對全年產生了某種影響？

And just trying to understand like how much more kind of further rationalization of the cost base is kind of baked into the outlook?

只是想了解一下，成本基礎的進一步合理化有多少是融入前景的？

Or is it just kind of like the full year kind of benefit, if you will, from some of the stuff you implemented last year?

或者，如果你願意的話，這是否有點像全年的福利，來自你去年實施的一些東西？

Yes.

是的。

So I'll start and I'm sure Darryl will do a better job talking to some of the numbers.

那麼我就開始吧，我相信達裡爾在與一些數字交談時會做得更好。

But principally, I think what we're what we're doing and by the way, this is something we see our customers doing.

但主要的是，我認為我們正在做的就是我們正在做的事情，順便說一句，這也是我們看到我們的客戶正在做的事情。

It's part of the thing that colors our view on the environment is that what once once you start getting the organization really focused on efficient operations, you continue to find opportunities to in various ways to be more efficient.

我們對環境的看法的一部分是，一旦你開始讓組織真正專注於高效運營，你就會繼續尋找機會以各種方式提高效率。

So that can be spans and layers that can be duplication within the organization silos.

因此，這可能是組織孤島內重複的跨度和層。

And we've been talking about all this for a couple of years.

我們已經討論這一切好幾年了。

I think in a perfect world, it never really ends.

我認為在一個完美的世界裡，它永遠不會真正結束。

But obviously, the lifting gets gets gets a lot less heavy as we get into finer and finer optimization.

但顯然，隨著我們進行越來越精細的優化，提升的負擔會減輕很多。

And so I really think that's probably the phase that we're in for the course of this year is just it's become part of the I think the culture here to think about the efficiency impact and the opportunities to be more efficient across the board.

所以我真的認為這可能是我們今年所處的階段，我認為這裡的文化已經成為考慮效率影響和全面提高效率的機會的一部分。

And that allows us to continue to show improvement in the on the expense line and on the EBITDA line, while making really critical investments that are going to be product investments and revenue driving.

這使我們能夠繼續在費用線和 EBITDA 線上顯示出改進，同時進行真正關鍵的投資，這些投資將成為產品投資和收入驅動。

And Tom, the only thing I'd add to that is when you look at the EBITDA number in Q1, we've got some some seasonal spend that happens in Q1 for for certain sales events that don't happen in other quarters of the year.

湯姆，我唯一要補充的是，當您查看第一季的 EBITDA 數字時，我們在第一季度發生了一些季節性支出，用於某些銷售活動，而這些活動在其他季度不會發生。 。

And then yet to the point that Mike was making earlier about our marketing campaigns and us being able to really attack that area.

然後，麥克早些時候就我們的行銷活動以及我們能夠真正攻擊該領域的情況進行了闡述。

We pulled some marketing spend up on demand gen up into Q1, which is also going to impact on the the quarterly number when you sort of look at the the rest of the year?

我們在第一季根據需求增加了一些行銷支出，當您看看今年剩餘時間時，這也會對季度數字產生影響嗎？

Yes.

是的。

Appreciate it guys.

很欣賞你們。

Thank you.

謝謝。

Naved Khan, B. Riley.

納維德汗 (Naved Khan)，B. 萊利 (B. Riley)。

I thanks for taking my question.

我感謝您提出我的問題。

This is Ryan on for Manav.

這是馬納夫的瑞安。

I was wondering if you could talk about the customer budgets for the upcoming year and whether there's room to drive upsells into the customer base?

我想知道您是否可以談談來年的客戶預算以及是否有空間向客戶群推動追加銷售？

And then related to that was also hoping to get some clarity around the opportunity for mid-tier customers versus enterprise customers?

與此相關的是，也希望澄清中型客戶與企業客戶的機會？

And then I have a follow-up after that.

之後我會跟進。

Thanks.

謝謝。

Sure, Tom.

當然，湯姆。

So I think as we see it, as we expect to see a lot of similar discussions this year that we've been having over the last kind of six to eight quarters, which is they usually start with and what's the value that I'm getting from my the platform today.

所以我認為，正如我們所看到的，我們預計今年會看到很多類似的討論，我們在過去的六到八個季度中一直在進行這些討論，這通常是從我開始的，以及我的價值是什麼今天從我的平台上獲取。

And I think that that's a that's a great place to start the conversation, then it becomes what are the other things that this platform can do potentially more efficiently than other things.

我認為這是一個開始對話的好地方，然後就變成了這個平台可以比其他事情更有效地做的其他事情。

S

S

o we still continue to see a lot of interest from customers, particularly larger customers in having less vertical software and less kind of very specialized software, doing lots of different things in their marketing department versus them more versatile, broader solutions that can do more.

o 我們仍然繼續看到客戶，特別是大客戶對擁有更少的垂直軟體和更少的非常專業的軟體，在他們的行銷部門做很多不同的事情而不是更通用、更廣泛的、可以做更多事情的解決方案感興趣。

And I think what that does is it it clearly creates an opportunity to bundle and package more things together in the form of upsells and it advantages, companies who have broader offerings.

我認為這顯然創造了一個機會，以追加銷售的形式將更多的東西捆綁在一起，並為擁有更廣泛產品的公司帶來優勢。

And I just think that that that cycle will continue.

我只是認為這個循環將會繼續下去。

And I'm not going to predict whether it gets a little bit there, whether it's a little bit less or a little bit more focus in the enterprise on the efficiency work this year.

我不會預測今年企業對效率工作的關注是否會提高，是否會減少或更多。

I just I don't think it's done, and I think we'll continue to see smart management teams will think about how to just the same way we are how do I operate more efficiently and where's the where's the opportunities?

我只是認為這還沒有完成，我認為我們將繼續看到聰明的管理團隊將像我們一樣思考如何更有效地運作以及機會在哪裡？

And for us, those are really really those are actually better conversations than I think some of the competitive challenges we face when kind of every vertical software was competing for what had a budget that was that was, I think a lot more elastic than it is today.

對我們來說，這些實際上是比我認為更好的對話，當每個垂直軟體都在爭奪預算時，我們面臨的一些競爭挑戰，我認為比現在更有彈性今天。

As far as your question about the kind of smaller version or this, what we would call the mid-market and the enterprise.

至於您關於哪種較小版本的問題，我們稱之為中階市場和企業。

And I think we see similar dynamics now across across those those different groups.

我認為我們現在在這些不同的群體中看到了類似的動態。

We are certainly focusing on the higher end of the mid-market and the enterprise.

我們當然專注於高端中端市場和企業。

And one is one of the benefits of having a really robust reseller channel is that which is primarily how we access SMBs is that the the area between SMB and the smaller end of the mid-market can get pretty blurry.

擁有真正強大的經銷商通路的好處之一是，我們訪問中小型企業的主要方式是，中小型企業和中端市場的較小端之間的區域可能會變得相當模糊。

And so we're very much focused on enabling our partners to access to move upmarket from just pure SMBs and into more of the mid-market because that allows us to focus our resources and our time much more on the that.

因此，我們非常注重讓我們的合作夥伴能夠從純粹的中小企業進入高端市場，進入更多的中端市場，因為這使我們能夠將我們的資源和時間更多地集中在這方面。

But what we we'll call the higher end of the mid-market and the enterprise.

但我們稱之為高端中階市場和企業。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝。

And then also, I guess my next question is you had talked about it in the last earnings call.

另外，我想我的下一個問題是你在上次財報電話會議中談到這個問題。

You also mentioned in the prepared remarks, but the impact of the churn from the large customer in Q4.

您在準備好的發言中也提到了第四季大客戶流失的影響。

I was wondering how that's going to impact fiscal year '25?

我想知道這將如何影響 25 財年？

Yes, the next few quarters.

是的，接下來的幾季。

Growth and comps.

成長和比較。

So yes, so I think we mentioned it was about an $11 million customer and their contract ended at the end of December.

所以是的，所以我想我們提到這是一個價值 1100 萬美元的客戶，他們的合約在 12 月底結束。

So we saw one month of impact to revenue in this Q4.

因此，我們在第四季度看到了一個月的收入影響。

And then as we as we get into this Q1, we'll see a full three months of impact.

然後，當我們進入第一季時，我們將看到整整三個月的影響。

And obviously it comes out of ARR.

顯然它來自 ARR。

It comes out of revenue for the fiscal year.

它來自本財年的收入。

No, got it.

不，明白了。

I think it'll just to add to that.

我認為這只是補充一下。

It'll it'll impact a lot of metrics on that.

它將影響很多指標。

We'll do our best to Tom to share the effect of this sort of ex that, that singular customer churn.

我們將盡最大努力讓湯姆分享這種前任的影響，即單一的客戶流失。

So for example, our net I'm sorry, our gross ARR retention.

例如，抱歉，我們的淨 ARR 保留率。

And we've mentioned that we this has been in the high 80s for us since we started giving this metric and we said we're going to let you know, if it changes with the effect of that large churn, it would have dipped into the mid 80s.

我們已經提到，自從我們開始提供這個指標以來，我們的這個指標一直處於80 多歲的水平，我們說我們會讓您知道，如果它隨著大規模客戶流失的影響而發生變化，它會下降到80年代中期。

When we when we take that out, we were still sitting in the high 80s there.

當我們把它去掉時，我們仍然處於 80 年代的高度。

So it will certainly be a headwind in terms of revenue growth in terms of revenue, which you can see in Q1 and in terms of things like net retention and the gross ARR retention as we go through the year until we lap that next at the end of December.

因此，就收入成長而言，這肯定會是一個逆風，你可以在第一季度看到這一點，就淨保留率和總ARR 保留率等方面而言，我們會經歷這一年，直到我們在年底完成下一個目標十二月。

But all of that is baked into our into our guidance.

但所有這些都已納入我們的指導中。

And we do anticipate that in spite of that, we'll see a reacceleration of ARR growth into the high single digits by the end by the end of the year.

儘管如此，我們確實預計，到今年年底，我們將看到 ARR 成長重新加速至高個位數。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Thanks for taking my questions.

感謝您回答我的問題。

Mike, maybe just start on the sort of strong pipeline commentary.

麥克，也許只是開始進行強而有力的評論。

Can you just talk about perhaps sort of what products you're seeing, the most demand for you analysts, whether it's listing search pages reviews on, you know, if there's any new verticals that you maybe you've been able to sort of unlock with some of the marketing and demand generation.

您能否談談您所看到的產品，對分析師的最大需求，是否列出搜尋頁面評論，您知道，是否有任何您可能已經能夠解鎖的新垂直領域一些行銷和需求的產生。

And then as you were getting through the early stages of the of the year here, are you seeing better signs or maybe signs of quicker progression through that pipeline that's giving you some of the confidence on?

然後，當您在這裡度過今年的早期階段時，您是否看到了更好的跡象，或者可能是通過該管道取得更快進展的跡象，這給了您一些信心？

I think the idea of reaccelerating growth in the back back half of the year?

我認為下半年重新加速成長的想法是什麼？

Thanks.

謝謝。

Yes, sure.

是的，當然。

I'm happy to get into it.

我很高興能參與其中。

I think there's a bunch of different things there.

我認為那裡有很多不同的東西。

So one of the things you mentioned in the letter is Boomerang customers.

所以你在信中提到的一件事是 Boomerang 客戶。

So we're seeing and it's well, I think it's well documented that there was a lot of competition around listings and some of the other products, but particularly listings over the last few years.

所以我們看到，我認為有充分的證據表明，圍繞著列表和其他一些產品，尤其是過去幾年的列表，存在著許多競爭。

So we saw we're seeing an acceleration of Boomerang customers.

因此，我們看到 Boomerang 客戶數量正在加速成長。

We're seeing I think we said we called out 20 direct customers last year and 10 of those were in Q4.

我們看到，我想我們說過我們去年召集了 20 位直接客戶，其中 10 位是在第四季。

And I think some of that is the way that we're engaging with former customers and the commitment that we're making to and to focus on the things that are important to them as well as what they're I think some of the dynamics I've described, which is they're seeing that they can do more with us than they can with some of the smaller, more vertical solutions in an environment where they want to they want to be able to do more.

我認為其中一些是我們與前客戶互動的方式以及我們對他們做出的承諾並專注於對他們重要的事情以及他們的本質我認為一些動態我已經描述過，他們發現，在他們希望能夠做更多事情的環境中，與我們合作，他們可以比使用一些更小、更垂直的解決方案做更多的事情。

Um, I also think it's partly what I talked about on the demand generation side of things, which is when you really start matching up marketing campaigns and messages and content.

嗯，我也認為這部分是我在需求產生方面所談到的，也就是當你真正開始匹配行銷活動、訊息和內容時。

And we just had a great virtual customer summit with, I think, record attendance numbers for virtual events at Yext.

我們剛剛舉辦了一次精彩的虛擬客戶高峰會，我認為 Yext 虛擬活動的出席人數創歷史新高。

All of these things create opportunities that you can actually action faster because the kind of the prospect is ultimately coming in through a door where they understand what it is.

所有這些都創造了機會，您可以實際上更快地採取行動，因為潛在客戶最終會通過一扇他們了解它是什麼的門進入。

When I when I juxtapose that against some of the campaigns that we ran last year that were maybe a little bit mismatched with what the customer's sort of near term need is.

當我將其與我們去年開展的一些活動並列時，這些活動可能與客戶的近期需求有點不匹配。

It's not that you don't that you don't have the opportunity with that customer.

這並不是說您沒有與該客戶合作的機會。

It's just that more of your time goes into into into requalifying that customer and reestablishing the customer need.

只是您需要花費更多時間來重新確定客戶資格並重新確定客戶需求。

And so that this is not really surprising, but we've now been at it with this with our with and Tom and their and their teams for whatever it is five or six quarters now.

所以這並不奇怪，但我們現在已經和我們的湯姆以及他們和他們的團隊一起解決這個問題了，無論現在已經有五、六個季度了。

And the machine is getting better, it's getting more efficient and we're figuring out what's working better and I think when you combine that with messages and and discussions with customers that they feel much more focused on their their needs and what they need that stripes and we talk about social management and those capabilities.

機器變得越來越好，效率越來越高，我們正在找出什麼方法可以更好地工作，我認為當你將其與訊息和與客戶的討論結合時，他們會感覺更加關注自己的需求以及他們需要什麼。

It's one of the things we're hearing consistently from customers is I don't necessarily want to have multiple systems doing these different things.

我們從客戶那裡聽到的一致意見之一是我不一定希望讓多個系統做這些不同的事情。

And so that that combined with the productivity that we've seen, which is all related to that gives us confidence that we can start increasing once again.

因此，與我們所看到的生產力相結合，這一切都與此相關，這讓我們有信心再次開始成長。

I mean, I think we're our quota-carrying and direct revenue-generating headcount, which we're not disclosing numbers, but has been decreasing for most of the last four or so years.

我的意思是，我認為我們的配額和直接創收人員數量，我們沒有披露數字，但在過去四年左右的大部分時間裡一直在減少。

And I think we're ready to start increasing that again, because we finally have the signal that we need to feel really confident there.

我認為我們已經準備好再次開始增加這個數字，因為我們終於收到了訊號，表明我們需要對此感到真正有信心。

Okay.

好的。

That's super helpful.

這非常有幫助。

Amin, maybe just on the topic of the Boomerang customers of the of the ones that you were able to win in Q4.

阿明，也許只是關於您在第四季度贏得的 Boomerang 客戶的主題。

How is the initial land trending or how did the initial end trend in Q4 relative to the size of customer?

相對於客戶規模，第四季的初始土地趨勢或初始最終趨勢如何？

They were when they left you.

他們離開你的時候就是這樣。

And then as we think about fiscal 25, what's the rough mix of the pipeline that's from Boomerang customers versus sort of net new?

然後，當我們考慮 25 財年時，來自 Boomerang 客戶的管道與某種淨新客戶的管道的粗略組合是什麼？

Yes, I don't know that I would I would be able to tell you the mix of Boomerang versus net new.

是的，我不知道我是否能夠告訴您 Boomerang 與 Net New 的組合。

And again, it because our product has become so broad, you know, the Boomerang customer could be multiple product or single product.

再說一遍，因為我們的產品變得如此廣泛，您知道，Boomerang 客戶可能是多種產品或單一產品。

And so we're not I wouldn't be able to quantify it for you that way.

所以我們不是，我無法以這種方式為你量化。

And I think there's a lot of trends that drive Boomerang.

我認為有很多趨勢推動了 Boomerang 的發展。

I think in a lot of cases, what we're seeing with some luminary customers is that they left for a for a less less less costly solution that didn't deliver the return on investment they wanted.

我認為在很多情況下，我們在一些傑出客戶身上看到的是，他們選擇了成本更低的解決方案，但沒有帶來他們想要的投資回報。

There were no promises were made that weren't that weren't kept.

沒有任何承諾沒有兌現。

And also in a lot of cases, the use of the platform that these customers may have have we haven't stood still.

而且在很多情況下，這些客戶可能擁有的平台的使用我們並沒有停滯不前。

So the innovation that we've driven through our platform, it creates creates more additional value as well.

因此，我們透過平台推動的創新也創造了更多的附加價值。

I think are the one of the big shifts is that our overall approach to how we deal with customers and how we how we bundle and how we package and how we deliver services as has has become and will continue to become more customer friendly as we've really got our arms around the types of services and support that our customers want.

我認為最大的轉變之一是我們對待客戶的整體方法，以及我們如何捆綁、如何包裝以及如何提供服務的整體方法已經並將繼續變得更加對客戶友好，因為我們」我們確實抓住了客戶想要的服務和支援類型。

So that's another area that I anticipate that will just continue to improve the overall customer experience, the amount of support that they get, the proactive nature of that support.

因此，這是我預計將繼續改善整體客戶體驗、他們獲得的支援數量以及支援的主動性的另一個領域。

And as we we're doing a lot of really hard work on that front over the course of the last year.

去年我們在這方面做了很多非常辛苦的工作。

Year-and-a-half.

一年半了。

Appreciate the color.

欣賞顏色。

Thanks.

謝謝。

As there are no further questions, this concludes our question and answer session.

由於沒有其他問題，我們的問答環節到此結束。

I would like to turn the conference back over to Mike Walsh for any closing remarks.

我想將會議轉回給邁克沃爾什（Mike Walsh）發表閉幕詞。

I'd just like to thank everybody for joining, and we look forward to speaking with you next quarter.

我只想感謝大家的加入，我們期待下個季度與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。