Yext, Inc.

Looking Forward

The thesis we have been building toward for several years has gotten clearer as the AI landscape has evolved. Discovery is fragmenting across answer engines, agents, and conversational interfaces. The brands that win will be the ones with the most accurate, distributed, and structured data about themselves and their competitive context, combined with the agentic capability to act on that data in near real-time. That is the business Yext is in. The fragmentation thesis we wrote about a year ago is not slowing; it is accelerating.

Our operating posture remains as we described it last quarter. We do not provide forward guidance on individual financial metrics or short-term quarterly forecasts. We do not host quarterly earnings calls. We will continue to write detailed letters of this kind, and we will host periodic Investor Days where we provide a more in-depth view of the business. The point of this approach is not to reduce the information provided to investors. It is to provide investors with substantive information through a cadence of communications that matches how the business actually compounds, rather than on an artificially compressed timeline that amplifies noise while often attenuating signal.

We have never been more confident in the long-term position of this company. The platform is broader than it has ever been, and the rapidly fragmenting AI discovery landscape is a tailwind for our business. Our retention dynamics in the customer cohort that matters most are improving. Scout is demonstrating real traction. The MCP and headless layer extends our reach into the agentic era. Our capital structure is disciplined, our share count is shrinking, and our value creation framework is honest and closely aligned with shareholders. The work ahead is to keep executing—quarter by quarter, year by year—against the multi-year arc.

I want to close by thanking the global Yext team and our long-term shareholders. To the global Yext team, the transition we are running—from a tactical quarterly execution-oriented organization to a strategic long-term compounder—is operationally more challenging than it sounds, and you are executing against it with discipline and conviction. To our shareholders, thank you for your continued partnership. We are building this company for the long term, not the next quarter, and we are grateful for your patience and trust as we execute against our vision.

Michael Walrath

CEO and Chair of the Board