Yext Inc (YEXT) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Yext Inc third quarter, fiscal 2025 financial results conference call.

下午好，歡迎參加 Yext Inc 2025 財年第三季財務業績電話會議。

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

（操作員指示）請注意，此事件正在被記錄。

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

現在，我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 the Yext third quarter, fiscal 2025 earnings conference call.

歡迎參加 Yext 2025 財年第三季財報電話會議。

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

今天與我一起出席的有執行長兼董事會主席 Mike Walrath；和財務長 Darryl Bond。

During this call, we will make forward-looking statements including statements related to our future financial performance, statements regarding the expected effects of our acquisition and integration of Hearsay Systems, expectations regarding the growth of our business, our outlook for the fourth 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 third quarter shareholder letter.

在此次電話會議中，我們將做出前瞻性陳述，包括與我們未來財務業績有關的陳述、有關我們收購和整合Hearsay Systems 的預期影響的陳述、有關我們業務增長的預期、我們對第四季度的展望以及全年業績的陳述。

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, our ability to integrate Hearsay Systems business with ours, our management performance and general economic and business conditions.

這些前瞻性陳述受某些風險、不確定性和假設的影響，包括與Yext 的成長、我們產業的發展、我們的產品開發和成功、我們將Hearsay Systems 業務與我們的業務整合的能力、我們的管理績效和一般經濟和商業條件。

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作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化的義務。

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.

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信息，包含在我們向美國證券交易委員會提交的報告中，其中包括有關前瞻性陳述和風險因素的特別說明的部分。

In our most recent quarterly report on Form 10-Q for the three and nine months ended October 31, 2024, and our earnings release and our shareholder letter that were issued this afternoon.

在我們最新的截至 2024 年 10 月 31 日的三個月和九個月的 10-Q 表季度報告以及今天下午發布的收益報告和股東信中。

During the call, we also refer to certain metrics including non-GAAP financial measures, reconciliations with the most comparable historical GAAP measures are available in the shareholder letter which is available at investors.yext.com. We also provide definitions of these metrics in the shareholder letter.

在電話會議中，我們也參考了某些指標，包括非 GAAP 財務指標、與最具可比性的歷史 GAAP 指標的對賬，可在 investors.yext.com 上的股東信中找到。我們也在股東信中提供了這些指標的定義。

I will now turn the call over to Mike.

現在我將電話轉給麥克。

Good afternoon.

午安.

Thank you all for joining us today.

感謝大家今天的參與。

Our quarterly shareholder letter has been posted to our investor relations site.

我們的季度股東信已發佈至我們的投資者關係網站。

I hope you've all had a chance to read it.

我希望大家都有機會讀過它。

Before we jump into Q&A, I'd like to emphasize a few points from the letter.

在我們進入問答環節之前，我想先強調一下信中的幾點。

We're pleased with our results.

我們對於結果非常滿意。

For Q3, our revenue grew 13% year over year with the inclusion of Hearsay Systems.

第三季度，由於收購了 Hearsay Systems，我們的營收年增了 13%。

The core Yext business is very stable and we're seeing growth contribution from Hearsay.

Yext 的核心業務非常穩定，我們看到 Hearsay 的成長貢獻。

The selling environment appears to have stabilized in the second half of the year, and we are seeing early signs of the extreme cost optimization moderating.

銷售環境似乎在下半年趨於穩定，我們看到了極端成本優化正在緩和的早期跡象。

We're seeing the early phases of a fragmenting search environment driven by generative AI search experiences.

我們正看到由生成式人工智慧搜尋體驗驅動的碎片化搜尋環境的早期階段。

We believe this environment is positive for Yext as brands will need to lean into the best ways to structure their content and data and deliver it to a much broader set of consumer search and find experiences.

我們相信這種環境對 Yext 來說是有利的，因為品牌需要依靠最佳方式來建立其內容和數據，並將其傳遞給更廣泛的消費者搜尋和尋找體驗。

I am pleased with our operating results.

我對我們的經營業績感到滿意。

We are a much more efficient business today.

如今，我們的企業效率更高了。

And while there is still opportunity to continue to improve our margin profile, we are increasingly focused on accelerating growth.

雖然我們仍有機會繼續改善利潤率，但我們越來越注重加速成長。

None of this would be possible without the commitment and efforts of our global team.

如果沒有我們全球團隊的承諾和努力，這一切都不可能實現。

And I'd like to take a moment to thank them for their ongoing contributions here.

我想花點時間感謝他們在此做出的持續貢獻。

Now, we'd like to open it up for questions.

現在，我們想開始回答問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Ryan MacDonald, Needham and Company.

瑞安·麥克唐納 (Ryan MacDonald)，尼德漢姆公司。

Hi, thanks for taking my questions.

你好，謝謝你回答我的問題。

Congrats on a nice quarter.

恭喜您度過了一個愉快的季度。

Mike, maybe to start, you talked about quite a bit in the letter and just there in the prepared remarks that we're in the early phases of a fragmented search environment.

麥克，也許首先，你在信中和在準備好的評論中談了很多，我們正處於碎片化搜尋環境的早期階段。

So it's a lot of new generative AI search kind of starting to disrupt sort of Google's traditional monopoly and sort of SEO and SEM strategies today.

因此，大量新型生成式人工智慧搜尋開始顛覆Google的傳統壟斷以及當今的 SEO 和 SEM 策略。

Can you just talk about how this is translating into customer conversations and potential pipeline generation?

您能否談談這如何轉化為客戶對話和潛在的管道生成？

And what do you think this could potentially do for organic growth as we think out over the next couple of years?

您認為這對於未來幾年的有機成長有何潛在影響？

Yes, sure.

是的，當然。

Thanks for the question, Ryan.

謝謝你的提問，Ryan。

So this is probably -- I mean, this is certainly the number one conversation that we're having with both customers and with prospects.

所以這可能是——我的意思是，這肯定是我們與客戶和潛在客戶的首要對話。

And it's really interesting because over the last five, six, seven years, the centralization of the search business with a single party, the focus on a kind of single party focused SEM and SEO has been a challenge for us, and I think we've talked a lot about this.

這真的很有趣，因為在過去的五、六、七年裡，搜尋業務集中在單一方，專注於單一方的 SEM 和 SEO 對我們來說是一個挑戰，我認為我們我已經談論過很多這個話題了。

As we start to see that what seems clear to us is going to be a fragmentation there are going to be different ways that AI search experiences address consumer questions -- answer questions and ultimately, deliver those answers to the questions.

我們開始發現，對我們來說顯然將會出現碎片化，人工智慧搜尋體驗將以不同的方式解決消費者的問題——回答問題並最終提供問題的答案。

One of the things that is going to have to be top of mind for marketers is, the rules are going to very likely be different.

對於行銷人員來說，首先要考慮的事情之一是，規則很可能會有所不同。

How do I create content that is more adjustable by these generative search experiences?

我如何創建更適合這些生成搜尋體驗的內容？

How do I deliver that content to these different generative search experiences?

我如何將該內容傳遞給這些不同的生成搜尋體驗？

It's not going to be as simple as updating my -- the data pipes that I have into Google, and making sure that I'm following the rules of Google's SEO and SEM marketplace -- or SEO dynamics and SEM marketplaces.

這不會像更新我進入 Google 的數據管道，並確保我遵守 Google 的 SEO 和 SEM 市場規則——或 SEO 動態和 SEM 市場那麼簡單。

There's no customer that we're not talking about this with.

我們會和每個客戶談論此事。

And from Yext point of view, this is very much -- this is a problem we faced historically with the fragmentation that came from the mobile device.

從 Yext 的角度來看，這是我們歷史上面臨的問題，即行動裝置帶來的碎片化問題。

In a lot of ways, it's the reason why Yext exists.

從很多方面來說，這就是 Yext 存在的原因。

And having a really advanced platform for gathering brands information, structuring that data and then making that data deliverable through an increasingly -- increasing number of digital channels is central to -- is going to be central to a brand strategy.

擁有一個真正先進的平台來收集品牌資訊、建立數據，然後透過越來越多的數位管道傳遞數據，這是品牌策略的核心。

And so we're not making predictions today about exactly when we start to see the impacts of this, it's already happening in the boardrooms, in the management rooms.

因此，我們今天無法預測何時會開始看到這種影響，因為它已經在董事會會議室、管理室發生了。

And I don't think there's any topic for brands, especially brands who are thinking locally that is more top of mind in this topic right now.

我認為，對於品牌來說，特別是對於具有本地思維的品牌來說，目前沒有任何主題比這個主題更受關注。

Helpful there.

很有幫助。

And then, it seemed like from the shareholder letter, like a very good quarter, lots of new logo additions, especially in health care, some nice expansion activity.

然後，從股東信來看，這是一個非常好的季度，增加了許多新的標誌，特別是在醫療保健領域，有一些不錯的擴張活動。

Can you just kind of maybe then sort of compare that with kind of some of the maybe the implied guidance for fourth quarter on the top line, we're taking a sequential step down.

那麼，您能否將其與第四季度營收的隱含指引進行比較，我們正在採取連續的下降措施。

Just how should we think about, where things stand in terms of the trajectory and maybe you can divide it between sort of organic business versus, or the core Yext business versus, maybe some of the initial things you're seeing with your say.

我們應該如何思考，事情的發展軌跡如何，也許您可以將其分為有機業務與核心 Yext 業務，以及您所說的一些初步業務。

Thanks.

謝謝。

Yeah, sure.

是的，當然。

And so thanks for the question.

感謝您的提問。

So I'm going to let Darryl get into the specifics.

因此我將讓 Darryl 講一下具體細節。

But I think the sort of punch line to your question is it's like the sort of confusing sequential nature of the revenue in Q3 and the guide in Q4 is FX related.

但我認為你問題中的妙處在於，第三季的營收和第四季的指南之間令人困惑的連續性與外匯有關。

Darryl, I don't know if you want to jump in

Darryl，我不知道你是否想加入進來

--

--

No, no.

不，不。

That's right.

這是正確的。

And Ryan, in the Q that we filed this afternoon, there's a few more specifics on the Hearsay business and their contribution in Q3.

瑞安，在我們今天下午提交的 Q 中，有一些關於 Hearsay 業務及其在第三季度的貢獻的具體信息。

But at the end of the day, we view the sort of the legacy Yext business is pretty stable.

但最終，我們認為 Yext 的傳統業務還是相當穩定的。

When you sort of back off the ARR contribution from Hearsay at the end of Q3, which was about $62.8 million and look at the sort of Yext direct ARR.

當您查看第三季末 Hearsay 的 ARR 貢獻（約為 6,280 萬美元）並查看 Yext 的直接 ARR 時。

It was up a little bit from Q1 to Q2, down a little bit from Q2 to Q3.

從第一季到第二季略有上升，從第二季到第三季略有下降。

So we feel pretty good about the stability that we're seeing there.

因此，我們對那裡的穩定性感到非常滿意。

We talked about in the shareholder letter some of the modest improvements we're seeing in retention rate.

我們在致股東信中談到了我們在留任率方面看到的一些適度改善。

So the business there feels pretty stable.

因此那裡的生意似乎相當穩定。

On the revenue side is another way you could look at it.

您可以從另一個角度從收入角度來看待這個問題。

We also quantified the Hearsay revenue in Q3 at $16.4 million.

我們也將第三季的 Hearsay 營收量化為 1,640 萬美元。

And when you sort of look at that from Q1 to Q2 to Q3, the sort of legacy, Yext revenue is pretty stable as well.

從第一季到第二季再到第三季度，Yext 的營收也相當穩定。

So I think we've got a pretty stable business.

所以我認為我們的業務相當穩定。

We've talked a lot about reseller, which is going through a similar dynamic where the committed ARR might be coming down.

我們已經討論了很多關於經銷商的問題，他們也經歷類似的動態，承諾的 ARR 可能會下降。

But as we've talked about for a few quarters, we're really focused on driving up usage there, and commitments are great, but it's not how we're driving the business.

但正如我們在幾個季度中談到的那樣，我們真正專注於提高那裡的使用率，承諾很棒，但這不是我們推動業務的方式。

And the way that you sort of look through that and see the evidence of that is the reseller revenue.

您可以透過這種方式查看並找到證據，這就是經銷商收入。

And that's been pretty consistent over the past few quarters, despite that committed ARR number coming down.

儘管承諾的 ARR 數字有所下降，但過去幾個季度的情況仍然相當穩定。

So overall, we feel pretty good about where the business is at and the addition of Hearsay we're really excited to get through Q4 and into next year to start to continue to build on the momentum that we've got post-closing.

因此總體而言，我們對業務現狀感到十分滿意，而 Hearsay 的加入讓我們非常高興能夠順利度過第四季度並進入明年，繼續保持我們在交易結束後所取得的勢頭。

Ryan just to add to that, I think the part of your question was, sort of explain the delta between the revenue that we had in Q3 and the guide and the revenue guide for Q4.

瑞安想補充一點，我認為你的問題的一部分是，解釋一下我們第三季的收入與指南以及第四季的收入指南之間的差異。

And it would appear that sort of revenue guide suggests that the revenue could be down a little bit sequentially.

而且看起來這種收入指南顯示收入可能會比上一季略有下降。

I think what you're dealing with there is that there was, the way that the FX fluctuated, there was upside in Q3 and there's downside in Q4.

我認為你所要處理的是外匯波動的方式，第三季有上行空間，第四季有下行空間。

And when you wash those things out there, actually, there's just really, sort of stability in the revenue, which is what we talked about last quarter.

當你把這些東西洗掉之後，實際上，收入就真的穩定了，這就是我們上個季度所談論的。

And what we expect as we get through the end of the year is that the kind of revenue picture and the overall ARR picture is stable.

我們預計，到今年年底，收入狀況和整體 ARR 狀況將保持穩定。

And then we're really starting to look forward into kind of getting those metrics growing as we move into the future.

然後我們真的開始期待在未來這些指標會持續成長。

And Ryan just to elaborate a little bit on the FX.

Ryan 稍微詳細闡述 FX。

We did get a benefit from FX and revenue in Q3.

我們確實從第三季的外匯和收入中獲益。

But post October 31, we saw the FX rates come down and that's what we used to set our guide.

但 10 月 31 日之後，我們看到外匯匯率下降，我們就以此作為指導價。

Appreciate all the color there.

欣賞那裡的一切色彩。

I'll hop back in the queue.

我將重新回到隊列中。

Thanks.

謝謝。

Thanks, Ryan.

謝謝，瑞安。

Tom White, D.A. Davidson.

湯姆懷特（Tom White），地方檢察官戴維森。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe just a couple on Hearsay.

也許只是 Hearsay 上的幾個。

Now that you guys have had a little, I guess more time to maybe deeply kind of dive into the books.

現在你們已經有了一些時間，我想也許可以有更多的時間來深入研究這些書。

Just curious if there's any kind of new insights you could kind of share about trends in that business.

我只是好奇您是否可以分享有關該業務趨勢的任何新見解。

Maybe kind of the quality of the pipeline versus, when we heard from you guys three months ago.

也許與我們三個月前聽到你們的消息相比，管道的品質有所提高。

And maybe just update on, whether there's any, I'm curious if there's any difference in kind of the deal cycles for Hearsay versus the legacy business, given that it's kind of exposed to like enterprises having to satisfy compliance requirements.

也許只是更新一下，是否有任何差異，我很好奇 Hearsay 與傳統業務的交易週期是否存在差異，因為它有點像企業必須滿足合規性要求。

I'm just curious if it's maybe a little bit more resilient on that front and then I have a quick follow up.

我只是好奇它在這方面是否會更有彈性，然後我會快速跟進。

Yeah.

是的。

So I would say there's not really any big surprises here.

因此我想說這裡確實沒有什麼太大的驚喜。

We knew the business was growing, and that trend continues.

我們知道業務正在成長，而且這種趨勢還在繼續。

We -- as we get through the integration, which we're making great progress against, and I really think by the end of the year, we would expect to be largely complete with that.

我們 — — 隨著整合的完成，我們正在取得巨大進展，我真的認為到今年年底，我們有望基本上完成整合。

What we're seeing is that there's real momentum in that business and that the best conversations we're having are with our mutual customers and also the customers who use one platform or the other about the power of unifying these platforms and having a unified data system and having unified insights.

我們看到的是，這項業務有著真正的發展勢頭，我們與共同客戶以及使用一個或另一個平台的客戶進行了最好的對話，討論統一這些平台和擁有統一數據的力量體系並有統一的見解。

So I think when we talked a little bit in the letter about we're starting to see some of the sort of extreme headwinds to budgeting and cost cutting that we've seen over the last couple of years abate.

因此，我認為，當我們在信中談到這一點時，我們開始看到過去幾年中預算和削減成本方面遇到的一些極端阻力正在減弱。

Part of that is we're seeing -- and it's not just Hearsay, it's also on the Yext side, we're starting to see deals that have -- over the last couple of years have slowed down or starting to now maybe accelerate a little bit.

部分原因是我們看到——不僅僅是 Hearsay，在 Yext 方面，我們開始看到交易在過去幾年裡有所放緩，或者現在可能開始加速一點。

And that I think there's a feeling overall around the business and around the customers that they've done.

我認為他們對業務和客戶都有一種整體的感覺。

And look, we're in this bucket too.

你看，我們也屬於這一類。

We've done a lot of cost cutting over the last couple of years, and we now have a margin profile that we see as much more sustainable.

過去幾年我們大幅削減了成本，目前我們的利潤率狀況更加永續。

And so we're also going to be looking -- we're always going to look for ways to optimize that margin profile, but we're also going to be looking for ways to accelerate growth and take advantage of -- I'm not sure we're ready to talk about tailwinds yet, but we're certainly ready to talk about some of the headwinds are abating.

因此，我們也會尋找——我們一直在尋找優化利潤率的方法，但我們也會尋找加速成長和利用的方法——我我們不確定我們是否已經準備好談論順風，但我們肯定已經準備好談論一些逆風正在減弱。

And then to your last question about compliance and the need for financial institutions to be compliant.

然後是關於合規性以及金融機構合規性的必要性的最後一個問題。

That need is only going to get greater as the demand for different ways to communicate with the end consumer increases.

隨著與最終消費者溝通的不同方式的需求不斷增加，這種需求只會變得更大。

So Hearsay has followed a really nice innovation trajectory focusing on compliance social media, and then getting into a growth area for their business, which is compliant, texting and communications.

因此，Hearsay 遵循了一條非常好的創新軌跡，專注於合規社交媒體，然後進入其業務的成長領域，即合規、簡訊和通訊。

We think that the fragmentation of the search environment also leads to the fragmentation of how do you talk to your customers through different social channels, through different communication channels.

我們認為，搜尋環境的分散化也導致如何透過不同的社群管道、不同的溝通管道與客戶溝通的碎片化。

And all of that creates a headache for compliance that we can help solve and so.

所有這些都給合規性帶來了麻煩，我們可以幫助解決這些問題。

These are some of the reasons why we're starting to feel a lot better about, I think, the selling environment as we look forward in the medium to long term.

我認為，這些就是為什麼我們對中長期銷售環境開始感覺好很多的一些原因。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

That was very interesting.

那非常有趣。

Maybe just in the letter, I think there was a mention that you guys can -- we continue to evaluate M&A opportunities.

也許就在信中，我想有人提到你們可以——我們繼續評估併購機會。

And I guess, the letter also talks about and you've discussed kind of this fragmentation of search experiences and just how the kind of the search space and digital knowledge space kind of continues to evolve quickly.

我想，這封信也談到了並且您也討論過搜尋體驗的碎片化，以及搜尋空間和數位知識空間如何繼續快速發展。

I'm just curious, like, are there any other products like if you look out a few years that sort of adjacent products that you can imagine sort of wanting?

我只是很好奇，如果展望幾年，您是否能想像您想要的鄰近產品？

And I kind of say that thinking about here saying social like I feel like we didn't hear a ton about you guys talking about social for a few years.

我說的是，想到這裡說到社交，我覺得我們好像幾年都沒聽過你們談論社交了。

And then all of a sudden, we heard about it for a couple of quarters and, you decided it was something you needed to have.

然後突然之間，我們在幾個季度前就聽說了這件事，然後你就決定這是你需要的東西。

I'm just kind of curious if there are any other kind of adjacent products that you think might make sense for you guys to think about either building or buying?

我只是有點好奇，您是否認為還有其他類型的相鄰產品值得您考慮製造或購買？

Thanks.

謝謝。

Yeah.

是的。

I think a big part of -- and we've talked about this is a big part of the -- both our development of the non-financial services Yext social product as well as the Hearsay acquisition.

我認為其中很大一部分——我們已經討論過這一點——是我們開發非金融服務 Yext 社交產品以及收購 Hearsay 的重要部分。

We're really driven by our customers, right.

我們確實受到客戶的驅動，對吧。

They were driven by our customer demand for a unified platform that would unify listings, pages publishing, reputation management, search, social media, communications, compliant communications, compliance, social media.

它們是由我們的客戶需求驅動的，即一個統一的平台，可以統一清單、頁面發布、聲譽管理、搜尋、社交媒體、通訊、合規通訊、合規性和社交媒體。

And so what we've done is we've -- and we've talked a lot about this, we've rebooted the company around the customer.

所以我們所做的是——我們已經就此進行了很多討論，我們圍繞著客戶重啟了公司。

And our customers are going to tell us what the most important things for them are.

我們的客戶會告訴我們對他們來說最重要的是什麼。

And so we see opportunities in health care, we see opportunities in data and analytics and insights.

因此，我們在醫療保健領域看到了機遇，我們在數據、分析和洞察領域看到了機會。

And we see really a lot of opportunities to continue to broaden the value proposition to our customers.

我們確實看到了很多機會來繼續拓寬我們向客戶的價值主張。

There are two things we're going to remain incredibly focused on.

有兩件事我們將繼續高度關注。

One is listening to our customers and understanding.

一是傾聽客戶的意見並理解。

And they're in different verticals.

而且它們處於不同的垂直領域。

So not every customer needs the same thing, and we're going to be very focused on delivering the different things that customers need.

因此，每個客戶的需求並不相同，我們將非常專注於提供客戶所需的不同產品。

And then we'll continue to take a very pragmatic, very disciplined approach to organic growth and research and development and also the opportunities in M&A.

然後，我們將繼續採取非常務實、非常嚴謹的方法實現有機成長和研發，並抓住併購機會。

Great.

偉大的。

Thank you.

謝謝。

Rohit Kulkarni, ROTH Capital Partners.

羅希特·庫爾卡尼（Rohit Kulkarni），羅仕證券資本合夥人。

Hi, thanks for the questions.

你好，謝謝你的提問。

A couple, one on the letter you said that the last couple of weeks, you're seeing some deals accelerate as businesses focus on more on digital transformation.

有幾封信，您在信中提到，最近幾週，隨著企業更加關注數位轉型，您看到一些交易正在加速。

And then perhaps by that with your guidance, maybe x FX to the action you can provide is this is FX the only reason for the guidance or how does the kind of trend that you're seeing in the last few weeks kind of tie into what the guidance is?

然後也許根據你的指導，也許 x FX 可以為你提供的行動是 FX 是指導的唯一原因，或者你在過去幾週看到的趨勢與什麼有什麼聯繫指導意見是？

And then I have a couple of follow ups on the big picture things.

然後我對一些大局方面的事情進行了跟踪。

Sure, no problem.

當然，沒問題。

So I'll take the second one and let Darryl talk about the FX stuff.

所以我選擇第二個，讓 Darryl 談論 FX 的東西。

I think what you have probably come to expect from us is that our financial guidance is going to be conservative, generally speaking, in the short term.

我想您可能已經預料到，從短期來看，我們的財務指導整體上會比較保守。

And so we're not going to -- because we're seeing -- just because we're seeing maybe some abatement of headwinds and things like that, I think we're going to want to prove that the dynamics are there.

因此，我們不會 — — 因為我們看到 — — 僅僅因為我們看到逆風可能有所減弱之類的情況，我想我們會想要證明動力是存在的。

And so we feel comfortable with the guidance that we've given.

因此，我們對所給予的指導感到滿意。

There is some FX noise in it, which I think Darryl can talk in more detail about.

其中有一些 FX 噪音，我認為 Darryl 可以更詳細地談論。

But mainly what we are is feeling confident that the business is going to start to perform better from a growth standpoint, but we're not going to get into the business of predicting when that happens until we have clear line of sight to it.

但主要是，我們相信從成長的角度來看業務將開始表現得更好，但是在我們對此有明確的認識之前，我們不會預測何時會發生這種情況。

And I think it's deal timing too, right, like deals that come in Q4 to the end of the quarter are not going to really impact revenue all that much.

而且我認為這也是交易時機的問題，例如第四季到季度末達成的交易不會對收入產生太大影響。

But, the FX, that we're seeing it -- it's, a couple 100 K at least impacting the business in Q4.

但是，我們看到的外匯至少有幾十萬美元對第四季的業務產生了影響。

So, as Mike said, we want to, be thoughtful and conservative about how we put that guide out there knowing that we're still operating in a dynamic environment.

因此，正如邁克所說，我們希望深思熟慮並謹慎地發布該指南，因為我們知道我們仍然在動態環境中運作。

Okay.

好的。

And also I think a couple of tidbits on Yext social seems like a pretty nimble and quick launch and integration into Hearsay.

而且我認為 Yext 社交上的一些花絮似乎可以相當靈活和快速地推出並整合到 Hearsay。

And you've also talked about how you're integrating with the conversational AI search and chat with probably which I can think of Meta AI.

您還談到如何與對話式 AI 搜尋和聊天相結合，我認為可能是 Meta AI。

So perhaps talk about what is the go to market and where do you see the greatest near term opportunity in the Yext social perhaps getting new logos in our up sell opportunities in the near term?

因此，也許可以談談什麼是市場，以及您認為 Yext 社交中近期最大的機會是什麼，或許是近期在我們的追加銷售機會中獲得新標誌？

Yeah.

是的。

I think it's both -- I do think most of our customers, particularly our larger customers are using something for social today.

我認為兩者兼而有之——我確實認為我們的大多數客戶，特別是我們的大客戶今天都在使用某種東西進行社交。

And so part of the reason why really Yext social and Hearsay Social are two different initiatives that are on a long-term convergence path, but the needs of non-financial services customers to manage social media and social media analytics for location-based marketing.

因此，Yext Social 和 Hearsay Social 實際上是兩個不同的計劃，它們走在長期融合的道路上，但非金融服務客戶需要管理社交媒體和基於位置的營銷的社交媒體分析。

They're different because most of the other industries don't have these compliance features and so.

它們之所以不同，是因為大多數其他行業沒有這些合規特徵等等。

We'll look to ultimately converge the strengths of both of those platforms into an offering that is at least converged, if not singular over time.

我們希望最終能將這兩個平台的優勢融合在一起，形成一個即使不是單一的，至少也是融合的產品。

But not everybody is going to need the level of sophistication and compliance that Hearsay has.

但並不是每個人都需要 Hearsay 所擁有的複雜程度和合規性。

It's early on the Yext Social side, we launched that product officially in September.

Yext Social 方面還處於早期階段，我們在 9 月正式推出了該產品。

We feel really good about the product that we've built and we're seeing some headway, which we'll talk about more in future quarters.

我們對自己生產的產品感到非常滿意，並且看到了一些進展，我們將在未來幾季進一步討論。

But we know that it's a focus for customers because they've been telling us they don't want to manage multiple systems to handle listings and reputation management and pages publishing and social and all the analytics and insights that go with that.

但我們知道這是客戶關注的重點，因為他們一直告訴我們，他們不想管理多個系統來處理清單、聲譽管理、頁面發布和社交以及與之相關的所有分析和見解。

We also know that when you create a structured data system, which Yext proprietary knowledge graph is, from our point of view, the best-in-class structured data system that enables all of that workflow and all of those insights and analytics, you're going to get better results.

我們也知道，當你創建一個結構化資料系統時，從我們的角度來看，Yext 專有知識圖譜是一流的結構化資料系統，可以實現所有這些工作流程以及所有這些見解和分析，你將會取得更好的結果。

Where that's going to be -- where you're going to see that the most is in an environment where things are getting more complex.

你會看到，這種情況最常發生在事物變得越來越複雜的環境中。

And so the complexity that we see is that as a marketer, as a brand, as a CEO, you're going to have to think about all these different places and all these different experiences, where I need to make sure that my products, my stores, my advisers, my doctors are all going to be visible and findable and they're not all going to do it in the same way.

因此，我們看到的複雜性在於，作為行銷人員、品牌商、首席執行官，你必須考慮所有這些不同的地方和不同的體驗，我需要確保我的產品，我的商店、我的顧問、我的醫生都將是可見的並可找到的，但他們不會都以同樣的方式去做。

So the core of all that is going to be a structured data system that will enables you to have a source of truth and to distribute that data, which is synonymous with content in the future.

所以所有這一切的核心將是一個結構化的數據系統，它將使你擁有一個真實的來源並分發這些數據，這在未來將是內容的代名詞。

Okay.

好的。

And if I could ask Mike to be actually can provide your latest thinking on the breakdown in the Rule of 40 kind of North star that you have had given where you are with the revenue growth and profit ability today.

如果我可以請麥克實際上提供您對 40 法則北極星細分的最新想法，那麼您目前的收入增長和盈利能力如何？

How do you expect over the next few quarters to approach the Rule of 40?

您預計未來幾季將如何實現「40 法則」？

Yeah.

是的。

So we've obviously made a lot of progress, right?

所以我們顯然取得了很大的進展，對吧？

And I think, we haven't put a, we haven't put a line in the sand on a date when we expect to get there and we'll continue to talk about the progress that we're making.

我認為，我們還沒有確定預計到達那裡的日期，我們將繼續談論我們正在取得的進展。

I think we -- from our standpoint, there's a lot of different areas.

我認為—從我們的角度來看，有很多不同的領域。

We think our margin profile, improved a lot in Q3 or we expect it to improve further in Q4.

我們認為我們的利潤率狀況在第三季有很大改善，或者我們預計在第四季會進一步改善。

And we still think there's opportunity there, although we do expect that more of the contribution to, kind of Rule of 40 growth and beyond will come from revenue growth.

我們仍然認為其中存在機會，儘管我們確實預計「40 法則」成長及以後的更多貢獻將來自收入成長。

And there are different flavors of that as well.

並且它也有不同的風味。

So there's organic revenue growth -- and an organic revenue growth and we're going to pursue all of those different levers.

因此，存在有機收入成長——有機收入成長，我們將追求所有這些不同的槓桿。

We, we've been steadfast since we started that our goal is to be Rule of 40 or better.

自成立以來，我們一直堅定不移地認為我們的目標是達到 40 法則或更好。

And you know, we're obviously much closer to that today than we have been at any point in the last 2.5 years or so.

你知道，我們今天顯然比過去 2.5 年左右的任何時候都更接近這個目標。

So, it's sort of satisfied but not satisfied, satisfied that we're making good progress.

所以，這有點滿意但又不滿足，滿意的是我們正在取得良好的進展。

We're not where we want to be yet, but we have a trajectory that we think is going to get us there.

我們尚未達到我們想要的目標，但是我們認為我們有一條可以帶我們到達目標的軌跡。

Okay.

好的。

Thanks guys.

謝謝大家。

Thanks Rohit.

謝謝羅希特。

Thank you.

謝謝。

(Operator Instructions) Naved Khan, B. Riley.

（操作員指示） Naved Khan，B. Riley。

Thanks a lot.

多謝。

So, two questions for me.

因此，我有兩個問題。

One on ARR.

ARR 上有一個。

Darryl, maybe one they would say that but can you just clarify that the direct ARR declined from Q2 to Q3.

達裡爾，也許他們會這麼說，但你能否澄清一下直接 ARR 從第二季到第三季下降了。

And if that's the case, then why that happened?

如果確實如此，那為什麼會發生這種情況？

Sure.

當然。

So what I was saying before is if you back out the Hearsay contribution to ARR in Q3 of $62.8 million.

所以我之前說的是，如果你取消 Hearsay 在第三季對 ARR 的 6,280 萬美元貢獻。

The sequential decline from Q2 to Q3 is down like, I think, $1.5 million in that range.

我認為，從第二季到第三季的連續下降幅度約為 150 萬美元。

So on $312 million, $313 million of revenue, it's down a little bit.

因此，3.12 億美元和 3.13 億美元的收入略有下降。

Now some of that could be FX.

現在其中一些可能是 FX。

But again, like our business we've got things up for renewal in each of the quarters, and there's a little bit of seasonality in some of the quarters.

但是，就像我們的業務一樣，我們在每個季度都會進行更新，並且在某些季度會有一點季節性的影響。

Q4 is generally our biggest quarter in terms of volume.

從銷售來看，第四季通常是我們銷量最大的一個季度。

So overall, we were up a little bit from Q1 to Q2, down a little bit from Q2 to Q3.

因此總體而言，從第一季到第二季略有上升，從第二季到第三季略有下降。

Obviously, we've got Q4 coming up.

顯然，我們即將迎來第四季。

So that feels pretty stable to us.

所以我們感覺這非常穩定。

And keep in mind, when we get to Q4 of this year and report Q4, we'll be lapping that large customer churn that we mentioned, and that will sort of obviously impact the growth and retention metrics.

請記住，當我們進入今年第四季並報告第四季度時，我們將處理我們提到的大量客戶流失，這顯然會對成長和保留指標產生影響。

Naved, this is Mike.

納維德，這是麥克。

If I can just add a little bit to what Darryl was talking about.

如果我可以對 Darryl 所說的內容做一點補充的話。

I think we talked about this last quarter, and we talked about sort of the Yext core business being kind of stable and then ultimately getting that business to grow again.

我想我們在上個季度討論過這個問題，我們談論的是 Yext 核心業務的穩定性以及最終使業務再次成長。

And we talked about Hearsay, was a growing business, which it is.

我們談到了 Hearsay，它是一家正在成長的公司。

I think when you think about how we're operating and how we've been focusing in this environment, we've been very focused on solidifying our partnerships with our customers.

我想，當你思考我們如何運作以及我們如何在這種環境下保持專注時，你會發現我們一直非常注重鞏固與客戶的合作關係。

We've been very focused on making sure that they're getting the value that they need from the platform that in areas where potentially they -- I mean -- and I think a lot of our software peers are doing this, too, that we may have had customers who overbought licenses and things like that.

我們一直非常注重確保他們從平台中獲得他們需要的價值，在他們可能擅長的領域——我的意思是——我認為我們的許多軟體同行也在這樣做。證之類的事情。

And so there are still headwinds in there and we're making the kind of long-term decisions that we need to make.

因此，我們仍面臨阻力，我們正在做出我們需要做出的長期決策。

And that's why we're -- I think right now, we find sort of stable ARR to be -- I'm going to say we're not thrilled with it, but we find it acceptable because the trends that we're seeing in the business, we're seeing that we've seen three straight quarters of gross retention, net retention improvement.

這就是為什麼我們——我認為現在，我們發現 ARR 比較穩定——我要說的是，我們對此並不感到興奮，但我們認為這是可以接受的，因為我們看到的趨勢在業務方面，我們看到連續三個季度的總留存率和淨留存率都有所提高。

We've also seen -- this isn't a number we give out, but we've seen three straight quarters of improvement in our overall renewal rate.

我們也看到——這不是我們公佈的數字，但我們已經連續三個季度看到我們的整體續約率有所提高。

And so that tells us that we're doing the things that we need to do fundamentally to set ourselves up for ARR growth in the future.

這告訴我們，我們正在做需要從根本上做的事情，為未來的 ARR 成長做好準備。

And that we -- I think we've answered the question about whether or not this is a melting ice cube or a declining business.

而且我們——我想我們已經回答了這是一個正在融化的冰塊還是一個正在衰退的業務的問題。

And now we can really turn our attention with a stronger margin profile and a stronger operating profile and the ability to create operating leverage to the growth picture.

現在，我們真正可以將注意力轉向更強勁的利潤率、更強勁的營運狀況以及為成長前景創造營運槓桿的能力。

Got it.

知道了。

Okay.

好的。

So the other question I have, Mike is the -- is this on your commentary around the fragmentation of search?

所以我的另一個問題是，麥克——這是關於搜尋碎片化的評論嗎？

And maybe even more so, than that, I mean, the fragmentation of the user just in kind of looking at the trends, it's still early in terms of the consumer behavior, right.

甚至可能更重要的是，我的意思是，從趨勢來看用戶的分散性，就消費者行為而言，現在還為時過早，對吧。

And how much of that is changing versus just the proliferation of products that's, out there.

與現有產品的激增相比，這些變化有多大？

It seems like the consumer is still kind of very much still on search.

看起來消費者仍然在進行搜尋。

So the change may be happening.

因此改變可能正在發生。

I mean, jury is still out on that in terms of how much that can happen.

我的意思是，對於這種事情可能發生的程度，目前尚無定論。

Any thoughts on like how quickly you think things might change.

您認為事情變化的速度有多快？

Or how, if they don't change, then how the situation in that case also?

或者說，如果他們不改變，那麼那種情況下的情況又會如何呢？

Yeah.

是的。

So I think -- I mean, I would heavily discount the notion that there's a scenario where things aren't going to change.

所以我認為──我的意思是，我完全不相信有事情不會改變的情景。

I think we've seen enough to know that there are going to be really interesting ways that human beings interact with AI that take on a different shape in a different form than what we've seen traditionally from search, which has become you asked a question in bullion, you ask a search language question and you get a bunch of links and a bunch of sponsored links and things like -- in a structure sort of search results page.

我認為我們已經看到足夠多的東西，知道人類與人工智慧的互動將會以非常有趣的方式呈現，這種互動的形式與我們傳統上在搜尋中看到的形式不同，而搜尋已經成為了在金條中，你問一個搜尋語言問題，你會得到一堆連結和一堆贊助連結和類似的東西——在結構化的搜尋結果頁面中。

We know because we can see the consumer behavior that's happening across OpenAI and Perplexity and Facebook with their search engine and Apple Intelligence, that there's going to be a lot of different ways that customers explore questions that are top of mind for them.

我們之所以知道這一點，是因為我們可以看到 OpenAI、Perplexity、Facebook 及其搜尋引擎以及 Apple Intelligence 上發生的消費者行為，所以客戶會透過許多不同的方式來探索他們最關心的問題。

One of the things that I think is harder to predict is, when do we move from there being a lot of choice on exploration to a lot of choice on the exploit, right.

我認為比較難預測的事情之一是，我們什麼時候才能從對探索的大量選擇轉變為對開發的大量選擇，對吧。

So we talk a lot -- when we talk about search, we talk about in the customer journey, there's a lot of exploration that precedes the final exploit, which is when I'm ready to buy something, I ask a different question, where is the best place for me to get XYZ product at this price, right.

所以我們討論了很多——當我們談論搜索時，我們談論的是客戶旅程，在最終的開發之前有很多探索，也就是當我準備買東西的時候，我會問一個不同的問題，是我以這個價格買到XYZ 產品的最佳地點，對吧。

That's an exploit question.

這是一個漏洞問題。

But there could be countless interactions historically, with a search platform like Google asking for exploration information about those questions.

但從歷史上看，可能會有無數次互動，像Google這樣的搜尋平台會要求提供有關這些問題的探索資訊。

And so I think what we're seeing today is that there's a lot more exploration happening on different experiences, which include the AI search experiences, we're seeing much more search happening on social media networks like TikTok and things like that.

所以我認為我們今天看到的是，人們對不同的體驗進行了更多的探索，其中包括人工智慧搜尋體驗，我們看到在 TikTok 等社交媒體網路上進行了更多的搜尋。

What we're not yet seeing is evidence that there is a significant amount of sort of transactional exploit happening across those experiences.

目前我們還沒有看到證據顯示在這些體驗中存在大量交易漏洞。

But our faith in kind of capitalism and the way that the world works says that those search generative experiences are not going to be satisfied with just being exploration engines and that there's going to be a lot more exploit.

但是，我們對資本主義和世界運作方式的信念表明，這些搜尋生成體驗不會滿足於僅僅作為探索引擎，而且還會進行更多的開發。

The way that they're going to do that is they're going to look for where can I get data that makes it easier for me to make my generative search experience exploitable.

他們這樣做的方式是，他們會尋找我可以在哪裡獲得數據，讓我更容易利用我的生成搜尋體驗。

I need structured data.

我需要結構化資料。

I need product information, I need location information.

我需要產品訊息，我需要位置資訊。

I need access to things like that in order to be able to deliver answers to questions.

我需要訪問類似的東西才能回答問題。

And so one of the things that we see today, and I apologize, it's a long answer, but I'm going to give you a thorough answer to your question.

因此，我們今天看到的一件事，很抱歉，這是一個很長的答案，但我會對你的問題進行徹底的回答。

One of the things we see today is that on a lot of these generative search experiences, when you asked the question about, well, where can I get a great hamburger near me.

我們今天看到的現象之一是，在許多生成性搜尋體驗中，當你問到「在哪裡可以買到附近美味的漢堡包」這個問題時。

They're likely to tell you that you're going to need to go to sites like Yelp or Google and places like that to get the answer to that question.

他們可能會告訴您，您需要訪問 Yelp 或 Google 等網站才能找到該問題的答案。

I think in order to believe that things aren't going to change, you have to believe that those consumer generative search experiences are going to be satisfied with only the explorer and not the much more monetizable exploit queries.

我認為，為了相信事情不會改變，你必須相信那些消費者生成搜尋體驗只會滿足於探索者，而不是更具可貨幣化的利用查詢。

We just don't believe that's the case, and we think that our advice to everybody is it's time to get your data in order.

我們只是不相信事實如此，我們認為我們對每個人的建議是現在是時候整理好你的數據了。

So that you're ready to manage the exploit as the exploit element of this fragments.

這樣，您就準備好將漏洞利用作為該片段的漏洞元素進行管理。

I hope that makes some sense.

我希望這有意義。

No, it doesn't.

不，不是的。

I appreciate the detailed response.

我很感謝您的詳細回覆。

Thank you.

謝謝。

Thank you, Mike.

謝謝你，麥克。

Thank you, Darryl.

謝謝你，達裡爾。

Much, pleasure.

非常榮幸。

You're welcome.

不客氣。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想將會議交還給 Mike Walrath 並請他作最後發言。

I'd just like to thank everyone for joining us today and look forward to speaking to you in another quarter, if not sooner.

我只想感謝大家今天的參加，並期待在另一個季度甚至更早的時候與你們交談。

The conference is 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。