Yext Inc (YEXT) 2026 Q1 法說會逐字稿

Good afternoon and welcome to the Yext Incorporated's first-quarter fiscal 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Nils Erdmann. Please go ahead.

下午好，歡迎參加 Yext Incorporated 2026 財年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給尼爾斯·艾德曼。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Yext's first-quarter fiscal 2026 earnings conference call. With me today are CEO and Chair of the Board, Michael Walrath; and CFO, Darryl Bond.

謝謝接線員，大家下午好。歡迎參加 Yext 2026 財年第一季財報電話會議。今天與我一起出席的是執行長兼董事會主席 Michael 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 recent acquisitions, expectations regarding the growth of our business, our outlook for the second quarter and full-year fiscal 2026, our strategy, and estimates of financial and operating metrics, capital expenditures, and other indications of future opportunities as further described in our first-quarter shareholder letter, which is available at investors.yext.com.

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表現相關的陳述。關於我們最近收購的預期效果、對我們業務成長的預期、我們對 2026 財年第二季度和全年的展望、我們的策略以及財務和營運指標的估計、資本支出和未來機會的其他跡象，如我們第一季度股東信中進一步描述的，該信可在 investors.yext.com 上查閱。

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 acquired businesses with ours, our management performance, and general economic and business conditions. 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.

這些前瞻性陳述受制於某些風險、不確定性和假設，包括與 Yext 的成長、我們行業的演變、我們的產品開發和成功、我們將收購的業務與我們自己的業務進行整合的能力、我們的管理業績以及一般經濟和商業狀況相關的風險、不確定性和假設。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. And our most recent annual report on Form 10-K for the year ended January 31, 2025, and in our earnings release and our shareholder letter that were both 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信息，包含在我們向美國證券交易委員會提交的報告中，包括標題為“關於前瞻性陳述和風險因素的特別說明”的部分。我們最新的 10-K 表格年度報告（截至 2025 年 1 月 31 日）以及收益報告和股東信均於今天下午發布。

During the call, we refer to certain metrics including non-GAAP financial measures. Definitions of these non-GAAP metrics and other operating metrics, as well as reconciliations with the most comparable historical GAAP measures are available in the shareholder letter.

在通話過程中，我們參考了某些指標，包括非公認會計準則財務指標。這些非公認會計準則指標和其他營運指標的定義以及與最具可比性的歷史公認會計準則指標的對帳可在股東信中找到。

I will now turn the call over to Mike.

現在我將電話轉給麥克。

Thanks, Nils, and thank you, all for joining us today. As I hope you read in our shareholder letter and earnings release, we had a very strong Q1, outperforming our guidance on all metrics, and we can and we see continued strength into Q2. A few things I'd like to highlight before we dive into your questions.

謝謝，尼爾斯，也謝謝大家今天加入我們。我希望您在我們的股東信和收益報告中讀到，我們第一季表現非常強勁，所有指標均超出我們的預期，並且我們能夠並且預計第二季度將繼續保持強勁勢頭。在我們深入探討您的問題之前，我想強調幾點。

First, fragmentation of the consumer-search market continues to accelerate with the advancement of AI search. This trend elevates the importance for brands of managing digital visibility, and it differentiates Yext's core products and provides fertile ground for our latest product release, Yext Scout.

首先，隨著人工智慧搜尋的推進，消費搜尋市場的分散化不斷加速。這一趨勢提升了品牌管理數位可見性的重要性，它使 Yext 的核心產品脫穎而出，並為我們最新發布的產品 Yext Scout 提供了沃土。

Second, our core business health is improving. We're seeing improvement in both gross and net retention, customer satisfaction, and overall value perception across our platform.

第二，我們的核心業務健康狀況正在改善。我們看到整個平台的總留存率和淨留存率、顧客滿意度以及整體價值認知都在提高。

Third, the pace of innovation is advancing rapidly at Yext. We are speeding up our execution, even as our profitability and efficiency grow, setting the table for a growth flywheel well into the future.

第三，Yext 的創新步伐正在快速前進。我們正在加快執行速度，同時我們的獲利能力和效率也在不斷提高，為未來的成長飛輪奠定基礎。

And finally, we have the balance sheet and cash flow to further accelerate our growth while maintaining flexibility. This enables us to strategically reinvest in organic initiatives and pursue opportunistic investments, whether through M&A or partnerships that extend and enhance our business.

最後，我們擁有資產負債表和現金流，可以在保持靈活性的同時進一步加速我們的成長。這使我們能夠策略性地重新投資於有機計劃並尋求機會性投資，無論是透過併購還是合作夥伴關係來擴展和增強我們的業務。

I'm thrilled with the execution of our global team who are bringing strong commitment to driving value. For our customers, even as the pace of change in our industry accelerates. And now, we're happy to take any questions that you may have for us.

我對我們的全球團隊的表現感到非常興奮，他們為推動價值做出了堅定的承諾。對於我們的客戶來說，即使我們行業的變化步伐正在加快。現在，我們很樂意回答您的任何問題。

(Operator Instructions)

（操作員指示）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Right, thank you very much. A couple of questions for me, maybe just one on the Scout update. It's good to see the wait list, up to 1,000 customers, and I'm curious about the mix here in terms of -- are you, besides the interest from existing customers, are you also seeing a good number of new customers sign up for this product, and maybe as a related question, as you start to see more sales traction, how are you thinking about increasing sales head count, for the rest of the year?

好的，非常感謝。我有幾個問題，其中一個可能與 Scout 更新有關。很高興看到等候名單上有多達 1,000 名客戶，我很好奇這裡的組合情況——除了現有客戶的興趣之外，您是否還看到大量新客戶註冊了該產品？也許作為一個相關的問題，隨著您開始看到更多的銷售吸引力，您如何考慮在今年剩餘時間內增加銷售人員數量？

Hey Naved. Great, as far as the customers go, I think what we're seeing on the wait list is a mix. So we see new -- we see existing customers, we see -- we also see new prospects, and we also see customers, so it's, all of the above there and that's driven by some of the, demonstrations that we've had available for Scouts since early April.

嘿，Naved。太好了，就顧客而言，我認為我們在等候名單上看到的是混合的。因此，我們看到了新的——我們看到了現有的客戶，我們看到了——我們也看到了新的潛在客戶，我們也看到了客戶，所以，以上所有情況都存在，而這是由我們自 4 月初以來為童子軍提供的一些演示所推動的。

As far as the sales headcount goes, I think we have room to run with our current headcount. I think we have opportunities to grow productivity, but we're going to continue to look at the at the demand universe, the market, and determine when and right -- when the right time is to add additional headcount. And we'll be opportunistic there because we're seeing plenty of positive signal, but we want to make sure that all of our sales folks have plenty of opportunity and that we don't get ahead of ourselves on that front.

就銷售人員數量而言，我認為我們目前的員工數量還有成長空間。我認為我們有機會提高生產力，但我們將繼續專注於需求範圍和市場，並確定何時以及何時是增加員工的正確時機。我們將抓住機會，因為我們看到了很多積極的信號，但我們希望確保我們所有的銷售人員都有足夠的機會，並且我們不會在這方面超越自己。

Got it. And then maybe just staying on the, on Scout, maybe just talk about the velocity in terms of customers of the sales cycle, maybe shortening or not. And how should we be thinking about the product becoming generally available to all the customers? How are you thinking about the timeline? Thanks.

知道了。然後也許只是停留在 Scout 上，也許只是談論銷售週期的客戶速度，也許縮短，也許不縮短。我們該如何考慮讓產品普遍提供給所有客戶？您對於時間軸有什麼看法？謝謝。

Yeah, so I think it's too early to say with any certainty, what the sales cycle will look like for these products. From what I can tell so far, I would expect that if anything, the sales cycle will be a bit shorter. It's an easier implementation, the core data is publicly available, and I think the value that our customers see, especially in light of what's going on in the market, and the need to really understand the visibility around their brand with the rapid fragmentation that we're seeing. All of those things encourage me that this could be a shorter sale cycle product for most customers.

是的，所以我認為現在判斷這些產品的銷售週期還為時過早。就我目前所知，我預計銷售週期將會縮短一些。這是一個更容易實施的方法，核心數據是公開的，我認為我們的客戶看到了價值，特別是考慮到市場正在發生的事情，以及在我們看到的快速碎片化的情況下真正了解他們的品牌知名度的必要性。所有這些事情都讓我相信，對大多數客戶來說，這可能是銷售週期較短的產品。

As far as the roll -- and look I think that's reflected in in the speed with which we've rolled the product out. So just as a reminder, we launched this product, officially at our analyst day on April 2. That initial cohort was less than 10 development partners who we've been working with in advance of the, what I would call, more open beta.

就產品推出而言—我認為這反映在我們推出產品的速度上。提醒一下，我們在 4 月 2 日的分析師日正式推出了該產品。最初的團隊由不到 10 名開發合作夥伴組成，我們在所謂的更開放的測試版之前一直與他們合作。

As of yesterday, so there were an incremental, I believe it was 37 customers rolled out over the course of the last 48 hours or so. And so I would describe where we are today with the product as a as an open beta that will be incrementally rolling out additional customers as we get those customers -- those beta customers lined up. We don't have a date yet for when we'll go full general availability, but I'm really confident that we have the capacity to roll out a lot of customers here.

截至昨天，我相信在過去 48 小時左右的時間裡，已經有 37 位客戶加入。因此，我會將我們目前的產品描述為公開測試版，隨著我們獲得這些客戶（那些測試版客戶）的支持，我們將逐步推出更多客戶。我們還沒有確定何時全面推出該產品，但我確實有信心我們有能力在這裡吸引大量客戶。

Great thanks Mike. I'll get back in the queue.

非常感謝邁克。我會回到隊列中。

Thanks David.

謝謝大衛。

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Congrats on a great quarter, really strong results, and a lot of positive momentum, Mike, it seems like that, from reading the shareholder letter and hearing you speak right now, there's a lot of good things going on in the business, great Q1, good momentum to Q2. Scouts obviously seeing some really nice demand, hearsay, social, et cetera.

恭喜您度過了一個美好的季度，取得了非常強勁的業績，並保持著積極的勢頭，邁克，從閱讀股東信和聽您現在的講話來看，公司業務中有很多好事正在發生，第一季度表現很好，第二季度勢頭良好。球探顯然看到了一些非常好的需求、傳聞、社交等等。

But yet we're still don't have a sort of full-year topline outlook yet. I'm just curious, can you help us understand how you're balancing the enthusiasm and the momentum in the business right now versus maybe what you're seeing in the macro and what's kind of creating the lingering caution if you will?

但我們還沒有對全年營收做出預測。我只是好奇，您能否幫助我們了解您如何平衡當前業務中的熱情和勢頭與您在宏觀上看到的情況，以及是什麼造成了揮之不去的謹慎？

Yeah. No, look it's -- I think the lingering caution is two things would probably primarily the macro, right? So it was interesting, I think, I listened to all the software calls, and I thought that it was interesting to listen to the March, how the March quarters and the April quarters, potentially sounded a little bit different. While we don't have any direct impact in our business from tariffs and things like that, we are obviously well aware that you know businesses who do are thinking carefully about how they're expending dollars. At the same time, I think there's a competing tailwind here which is -- it's not really deniable anymore that the brand discovery landscape is shifting enormously.

是的。不，看它是——我認為揮之不去的謹慎是兩件事可能主要是宏觀的，對嗎？所以我覺得很有趣，我聽了所有的軟體電話會議，我覺得聽聽三月的會議很有趣，三月的季度和四月份的季度可能聽起來有點不同。雖然關稅等因素不會對我們的業務產生直接影響，但我們顯然很清楚，受到這些影響的企業正在仔細考慮如何支出資金。同時，我認為這裡有一個競爭的順風——品牌發現格局正在發生巨大的變化，這一點已不再是不可否認的。

We saw Google dip below 90% market share recently for the first time in a very long time. And candidly, that's not the best measure because for two reasons. One is the -- that's really only measuring traditional search, and the second is that the fragmentation that's happening here isn't a zero-sum game. So we think the fragmentation drives more search, not less search. So all of those things I think factor into the puts and takes around feeling really positive on the fact that this environment is very fertile for us.

我們最近看到谷歌的市佔率在很長一段時間內首次跌破 90%。坦白說，這不是最好的衡量標準，原因有二。一是——這其實只是衡量傳統搜尋；二是這裡發生的分裂並不是零和遊戲。因此我們認為碎片化會推動搜尋增加，而不是減少。所以我認為所有這些因素都讓我們對這個環境對我們來說非常肥沃這一事實感到非常積極。

The commoditization pressure that we've talked about for years in our product abates in a market where having the best digital visibility -- brand-visibility products is going to drive value perception. But we're always going to be mindful of the fact that there's a lot of uncertainty around the macroeconomic landscape and so I think our overall outlook, will remain conservative as long as that uncertainty exists.

我們多年來一直在談論的產品商品化壓力在擁有最佳數位可見度（品牌可見度產品將推動價值認知）的市場中有所減輕。但我們始終牢記宏觀經濟情勢存在著許多不確定性，因此我認為，只要這種不確定性存在，我們的整體前景仍將保持保守。

Helpful color. Maybe on Scout in-the-beta program, I'm just curious what you're looking for within customers that have launched in the beta from the development customers so far thus far, are there any sample data points in terms of ROI generation that you can talk about, and then maybe, perhaps based on what you're seeing or based on maybe the value, you're seeing being delivered in the early days of Scout. Is this evolving how you're thinking about monetization of the product when it eventually is generally available later this year or next year?

有用的顏色。也許在 Scout 的測試計劃中，我只是好奇您在迄今為止的開發客戶中尋找已經啟動測試版的客戶，在投資回報率生成方面是否有任何樣本數據點可以談談，然後也許，也許基於您所看到的或基於您在 Scout 早期交付的價值。當該產品最終在今年稍後或明年全面上市時，這是否會改變您對產品貨幣化的看法？

Yeah. So I mean, look, I think that a development partner relationship is a little different than these initial data launches. So the development partners are signing up for a product to experiment with a product that is not ready for a public launch. The launch that we've had over the last 48 hours is a really a public beta launch and so we've been gating that and we're controlling how many customers are launched. But sitting today with something like 45 live customers, we're getting amazing feedback from the customers. I've personally sat through dozens -- many dozens of customer interviews and customer meetings, both demonstrations, but then also customers who are actively using the product.

是的。所以我的意思是，看，我認為開發夥伴關係與這些初始資料發布略有不同。因此，開發合作夥伴正在簽約一款產品來試驗尚未準備好公開發布的產品。我們在過去 48 小時內推出的產品實際上是一次公開測試版發布，因此我們一直在對其進行限制，並控制推出該產品的客戶數量。但今天我們與大約 45 位現場客戶會面，並從客戶那裡得到了令人驚嘆的回饋。我個人已經參加過幾十場——幾十場的客戶訪談和客戶會議，既有演示，也有積極使用產品的客戶。

I can tell you that so far there's a 0% disinterest rate in the product. And there's very high-value perception both around the product but also around, how it demonstrates value of our other core existing products. So we talk a lot about Scout has over 150 non-performance metrics that we're able to gather. Big chunks of those metrics are things around how are you distributing your listings information to create citations both for traditional search and AI search, your page performance, your review performance, reputation performance

我可以告訴你，到目前為止，該產品的無利息率為 0%。不僅對產品本身，而且對它如何展現我們現有其他核心產品的價值，都有著非常高的價值認知。因此，我們談論了很多關於 Scout 能夠收集的 150 多個非績效指標。這些指標很大一部分是關於你如何分發你的列表信息，以便為傳統搜索和人工智能搜索創建引用，你的頁面性能，你的評論性能，聲譽性能

And so when we start when we start demonstrating at the location level to our customers how those metrics are contributing, any questions about the value of our listings product, or our reviews product, or our pages product, or a social product, they start to fall by the wayside because you can see that that is the thing that differentiates you. And you can see how you're outperforming your competition because of those things.

因此，當我們開始在位置層級向客戶展示這些指標如何發揮作用時，任何有關我們的清單產品、評論產品、頁面產品或社交產品的價值的問題都會開始被拋在一邊，因為您可以看到，這就是您的與眾不同之處。並且您可以看到，由於這些因素，您的表現如何超越競爭對手。

So when I talk about -- maybe the earliest benefit of the product is the anti-commoditization pressure of our core products against what we've seen as pressure from a lot of small competitors with less capable products. That's probably the earliest benefit. The secondary, maybe the more important benefits of the long run, are the TAM expansion and the attachment opportunity with Scout as a as a standalone product.

所以當我談論——也許該產品最早帶來的好處是我們的核心產品所面臨的反商品化壓力，而這種壓力來自於許多產品性能較差的小型競爭對手。這可能是最早的好處。從長遠來看，次要的、也許是更重要的好處是 TAM 擴展以及將 Scout 作為獨立產品進行整合的機會。

Right, it's exciting to hear, and I can't wait to hear more. Thanks, we'll stop.

是的，聽到這個消息我很興奮，我迫不及待地想聽到更多。謝謝，我們就此打住。

Thanks, Ryan.

謝謝，瑞安。

Tom White, DA Davidson.

湯姆懷特，DA 戴維森。

Great, thanks for taking my questions too, if I could. I was hoping you guys could just give a bit more color on the drivers of the revenue outperformance in the first quarter. And I guess, specifically the direct ARR improved sequentially there by a few million bucks, I think. Maybe talk a little bit about the extent to which it was sort of legacy-product driven versus your newer offerings versus maybe some of the recent M&A like hearsay? And then just secondly on the buyback, I think that the kind of the pace of buybacks picked up in the quarter versus the cadence of the past couple. Maybe you might just talk about like your appetite to focus on reducing the share count here potentially just given the strong cash flow, the improved liquidity after this debt deal. Where is the buyback kind of ranking with your other opportunities or things you're thinking about? Thanks.

太好了，如果可以的話，也謝謝您回答我的問題。我希望你們能夠更詳細說明第一季營收表現優異的驅動因素。我想，具體來說，直接 ARR 會連續提高幾百萬美元。也許您可以稍微談談它在多大程度上是由傳統產品驅動，還是由新產品驅動，或者可能是最近的一些併購傳聞？其次，關於回購，我認為本季的回購速度與前幾季相比有所加快。也許您可能只是談論您希望集中精力減少這裡的股份數量，這可能是因為現金流強勁，這筆債務交易後流動性有所改善。回購與您正在考慮的其他機會或事情相比處於什麼位置？謝謝。

Thanks, it's Darryl. On the revenue in the ARR performance in Q1, it was a couple of things. One, we did see a bit of a tailwind from FX rates. If you recall, for the last few quarters, we've been talking about FX headwinds, particularly as relates to the pound. And that sort of evaded and came back, and I think the rates at the end of Q1 this year are kind of roughly in line with where they were Q1 of last year. So that drove some of the improvement on both the revenue and on the ARR side, and we called it out in the shareholder letter in the back pages after the remarks.

謝謝，我是 Darryl。關於第一季 ARR 表現中的收入，有幾件事。首先，我們確實看到了外匯匯率的一些順風。如果你還記得的話，過去幾季我們一直在談論外匯逆風，特別是與英鎊相關的逆風。這種逃避又回來了，我認為今年第一季末的利率與去年第一季的利率大致持平。因此，這推動了收入和 ARR 方面的一些改善，我們在後面幾頁的股東信中提到了這一點。

But we also continue to see improvements in retention. We disclose gross retention and net retention on the basis of ARR, and our customer success motion and our ability to retain customers and drive value to customers continues to show improvement, and that also helps with, obviously, the revenue but also the ARR picture.

但我們也看到保留率不斷提高。我們根據 ARR 披露總留存率和淨留存率，我們的客戶成功動議以及我們留住客戶和為客戶創造價值的能力繼續顯示出改善，這顯然也有助於收入和 ARR 狀況。

On the buybacks, I'll make a couple of comments, but obviously, you saw where the stock traded throughout Q1. And even at the levels that we're at today, we continue to believe it's a great investment when you look at it from an EBITDA multiple perspective. So it becomes a really important tool in our capital allocation belt, and I'm sure Mike will have some additional comments.

關於回購，我會發表一些評論，但顯然，您看到了該股票在第一季的交易情況。即使處於我們今天的水平，如果從 EBITDA 倍數的角度來看，我們仍然相信這是一項偉大的投資。因此它成為我們資本配置帶中一個非常重要的工具，我相信麥克會有一些補充評論。

Yeah, I think we're going to look at the buyback as an opportunity to -- I think we've since, over the last three years, I think we've reduced the overall share count. I think we'll continue to look to drive that type of anti-delusion through the business as especially with the what we think is the stock price being very attractive.

是的，我認為我們將把回購視為一個機會——我認為，在過去三年裡，我們已經減少了整體股票數量。我認為，我們將繼續尋求透過業務來推動這種反錯覺，特別是當我們認為股價非常有吸引力時。

As far as our optionality around, buyback versus M&A, it's not necessarily an either-or situation. So we have a really strong balance sheet, we have cash, we have cash flow, and now we have a great partner with BlackRock and a and a and a debt facility that would enable us to look at -- be opportunistic about highly creative acquisitions. And so you know I it does feel like it's going to con will continue to be a good time to look at M&A opportunities. But I again, I just don't really think that that's necessarily an either-or situation. You can see, we did buy a lot of shares in Q1 and we continued to buy shares in May because we gave you the year-to-date or I guess through the 5:30 number there. So we feel great about that investment just as we feel great about the M&A transactions you've had with hearsay and places.

就我們的選擇而言，回購與併購並不一定是非此即彼的情況。因此，我們擁有非常強勁的資產負債表，我們有現金，有現金流，現在我們有一個很棒的合作夥伴貝萊德，以及一個債務融資工具，這使我們能夠抓住機會進行極具創意的收購。所以，您知道，我確實覺得這將繼續是一個尋找併購機會的好時機。但我再次強調，我並不認為這必然是個非此即彼的情況。您可以看到，我們確實在第一季購買了大量股票，我們在 5 月繼續購買股票，因為我們為您提供了年初至今的數據，或者我猜是透過那裡的 5:30 數字。因此，我們對這項投資感到非常滿意，就像我們對您透過傳聞和地方進行的併購交易感到非常滿意一樣。

Got it. Appreciate that. Thanks, Darryl. Thanks, Mike.

知道了。非常感謝。謝謝，達裡爾。謝謝，麥克。

(Operator Instructions) Rohit Kulkarni, ROTH Capital Partners.

（操作員指示） Rohit Kulkarni，ROTH Capital Partners。

Hey, thanks, a nice quarter, guys. Just on the organic part of the business, net ARR, net retention rate is up, that's a very healthy sign. Any color as to what is driving that with regards to upsell or, any improvements in GTM that you may have implemented? And then, kind of on the odd like I know both companies are now fully integrated, but anything that you can share with regards to the core Yext growth rate excluding [Year c] and Scout?

嘿，謝謝，夥計們，這是一個美好的季度。僅就業務的有機部分而言，淨 ARR、淨留存率上升，這是一個非常健康的訊號。您能解釋一下推動追加銷售的因素嗎？或者您可能實施了 GTM 的任何改進？然後，有點奇怪的是，我知道兩家公司現在已經完全整合，但您能分享一下關於核心 Yext 成長率（不包括 [Year c] 和 Scout）的資訊嗎？

Yeah. So I think the first question was -- is a little hard to hear you right, but I think it was net retention and what's driving it. So, I think the good news is we're seeing growth retention and net retention both up. To me, what I observe in the business is I observe, that -- and it's no secret that, we've been fighting a lot of, sort of good enough at half price for a long time in the business on a lot of our core products. Certainly, on the listings products primarily.

是的。所以我認為第一個問題是——有點難以聽清您的意思，但我認為這是淨保留率以及推動它的原因。因此，我認為好消息是我們看到成長保留率和淨保留率都在上升。對我來說，我在這個行業中觀察到的是——這已經不是什麼秘密了，我們一直在許多核心產品上進行長期的半價競爭。當然，主要還是在列出產品。

I think in this way, and I mentioned this a few times, in this world where it's getting harder and harder to manage brand visibility because you have to go so far beyond just the core GMB page at this point. That is having an impact in customer value perception across our products, and that's going to be an anti-churn, metric for us both in terms of logo churn but also in terms of downgrade term because it's really not going to be an environment where you can afford, where a brand can afford to be missing out on opportunities to generate visibility through proper citation building through listings, through reputation, social, and all those products.

我是這樣認為的，而且我已經提到過幾次了，在這個世界上，管理品牌知名度變得越來越困難，因為你必須超越核心的 GMB 頁面。這會對我們產品的客戶價值認知產生影響，這對我們來說將是一個反流失指標，不僅在標識流失方面，而且在降級方面，因為在這種環境下，品牌無法承受錯過透過清單、聲譽、社交和所有這些產品進行適當的引用構建來提高知名度的機會。

So we're really encouraged to see that the market is and our customers are very focused on this, and I think it's helping a lot that we have best-in-class products here and that the value -- the perception of value of those best in class products are -- I think they're getting the attention that they deserve because of the search, the fragmented search environment.

因此，我們很高興看到市場和客戶都非常關注這一點，我認為這對我們擁有一流的產品有很大幫助，而且這些一流產品的價值認知是——我認為它們得到了應有的關注，因為搜索，碎片化的搜索環境。

I forgot what your second question was. I'm sorry.

我忘了你的第二個問題是什麼。對不起。

Just, any other color on the growth in the underlying core Yext business excluding, [Year c] and Scout.

只是，除 [Year c] 和 Scout 之外的底層核心 Yext 業務的任何其他顏色的增長。

Yeah. I mean, I think we're in a similar place in terms of the stability of that ARR. And what's going to help us -- there are two things that are going to help us there obviously one is going to be better retention, which we're seeing. And the other is going to be more upsell, and that comes from the opportunity to attach more products. So the way I look at this is we have -- I just described the whole, I think value perception of our core that's going to help a lot with the with the gross-retention situation.

是的。我的意思是，我認為就 ARR 的穩定性而言，我們處於類似的位置。什麼會對我們有幫助呢？有兩件事顯然會對我們有幫助，一是提高保留率，這是我們看到的。另一個是更多的追加銷售，這來自於附加更多產品的機會。所以我看待這個問題的方式是——我剛才描述了整體，我認為我們核心的價值認知將對整體保留情況有很大幫助。

Especially as we get into our heavier renewal periods, which are always in the back half of the year. So you can move the needle a little bit in the early in the first half of the year, but most of the -- because most of the book winds up being up for renewal in the second half of the year, it becomes really -- that's where you where you have the opportunity to really change that math.

尤其是當我們進入更新換代最頻繁的時期時，更新換代通常發生在下半年。因此，你可以在上半年稍稍改變一下形勢，但大部分——因為大部分書籍最終都會在下半年進行續訂，所以這就是你真正有機會改變這種數學狀況的地方。

And then on the upsell, what you need is you need innovative products that customers value in order to get the upsell and the boomerang customers that drive ultimately the ARR growth. So we're encouraged on both of those fronts. We're really excited about the customer reception for Scout. Our customers are watching AI disrupt the landscape in which they try to manage their digital visibility, and they need AI products like Scout that are going to help them to combat the challenges and take advantage of the opportunities of fragmenting digital search landscape.

然後在追加銷售方面，您需要的是客戶重視的創新產品，以便獲得追加銷售和最終推動 ARR 成長的迴旋鏢客戶。因此，我們對這兩個方面都感到鼓舞。我們對 Scout 的客戶接待感到非常興奮。我們的客戶正在觀察人工智慧如何顛覆他們管理數位可見性的格局，他們需要像 Scout 這樣的人工智慧產品來幫助他們應對挑戰，並利用碎片化數位搜尋格局帶來的機會。

Okay, great. And I guess just maybe a why or why now around this loan facility that you have from BlackRock. Maybe just talk about -- there are obvious conclusions one can draw but would love to hear. Why and why now? Are you seeing any specific kind of urgency in, kind of pursuing some growth initiatives that led you to doing it now?

好的，太好了。我想也許現在你正在考慮為什麼你會從貝萊德獲得這筆貸款。也許只是談論一下——人們可以得出一些顯而易見的結論，但還是很想聽聽。為什麼？為什麼是現在？您是否看到了某種特定的緊迫感，追求一些成長計劃，並因此而採取了現在的行動？

Yeah hey, Darrell. One of the primary reasons was that our facility -- our credit facility with SVB was expiring at the end of the calendar year, so we needed to do something because we do leverage that for some availability to collateralize letters of credit with leases and things like that.

是的，嘿，達雷爾。主要原因之一是我們的融資安排——我們與矽谷銀行的信貸安排將在年底到期，因此我們需要採取一些措施，因為我們確實利用這一點來用租賃等方式為信用證提供抵押。

But as we got into the conversations with BlackRock, we realized obviously they're a really great partner, they're well known. They felt really good about our business and you know we looked at the opportunity and as Mike mentioned with our point of view on you know the M&A outlook and the opportunities that may arise. It just made sense for us to do something a little bit bigger.

但當我們與貝萊德進行對話時，我們顯然意識到他們是一個非常好的合作夥伴，他們是眾所周知的。他們對我們的業務感到非常滿意，您知道我們看到了這個機會，正如麥克所提到的，我們對併購前景和可能出現的機會有自己的看法。對我們來說，做一些更大的事情是有意義的。

The SVB facility was written years ago, right around the time we did our IPO. Some of the covenants were meant for a smaller company. So as we got into the conversations, we felt pretty good about the terms we were getting, about the confidence we were we were getting, and the flexibility it provides us with some of the things we want to do to continue to invest and grow the business.

SVB 融資機制是幾年前製定的，就在我們進行 IPO 的時候。有些契約是針對規模較小的公司所製定的。因此，當我們開始對話時，我們對所獲得的條款、所獲得的信心以及它為我們提供的靈活性感到非常滿意，我們可以做一些事情來繼續投資和發展業務。

Yeah, the only thing I would add to that, Rohit, this Mike is -- I think we've done two acquisitions in the last year. Basically one of those was what we -- I think is a highly creative strategic acquisition. And here's the and obviously, places Scout was a smaller but very strategic -- I think product-led acquisition.

是的，羅希特，我唯一想補充的是，這個麥克是——我認為我們去年進行了兩次收購。基本上其中之一就是──我認為是一項極具創意的策略性收購。顯然，Scout 的收購規模較小，但非常具有戰略意義——我認為是產品主導的收購。

We're really happy with both of those, and we think that the opportunity for more of those exists. We're going to be super diligent, and I think very disciplined buyers. But this environment is definitely creating opportunities. Just as it's creating organic growth opportunities, it's also creating opportunities for us to consider different assets. And so having a facility in place with a partner like BlackRock is just going to make it easier for us to be really, really smart and agile when it comes to those opportunities.

我們對這兩項都感到非常高興，我們認為還有更多這樣的機會。我們會非常勤勉，我認為我們會成為非常自律的買家。但這種環境肯定正在創造機會。正如它創造了有機成長機會一樣，它也為我們考慮不同資產創造了機會。因此，與貝萊德這樣的合作夥伴建立這樣的設施將使我們在抓住這些機會時更容易變得非常聰明和靈活。

Okay, anything with the word agent taking the PR would definitely help. Anyway, I'll do that. Thanks.

好的，任何與代理商進行 PR 有關的單字肯定會有所幫助。無論如何我都會這麼做。謝謝。

I'm sorry, anything what?

抱歉，有什麼事嗎？

In the word having -- agent take, agent take (inaudible) help.

在有這個字中－代理人採取，代理人採取（聽不清楚）幫助。

Yeah.

是的。

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

我們的問答環節到此結束。我想將會議交還給 Mike Walrath 並請他做最後發言。

I'd just like to thank everyone for joining and for all of your support, and look forward to speaking with you again next quarter.

我只想感謝大家的加入和支持，並期待下個季度再次與你們交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。