Yext, Inc.

Customer Success

We saw good traction with enterprise customers in our healthcare and financial services verticals last quarter. One of the large financial institutions we serve expanded its relationship with us again. The firm has been a customer since 2012 and is one of our largest. This quarter it renewed for another two years, added our Pages product to the Listings and Reviews products it already runs, and separately renewed the Hearsay products its advisors use to engage clients. We are seeing our land and expand motion resonate with more customers as the investments we have made to extend the functionality of our platform and better integrate its components make it easier for customers to build more of their operations on it.

While land-and-expand remains a core growth driver, our expanded platform capability is increasingly enabling us to win full-scale commitments right from the start. For example, during the quarter, a middle-market customer purchased our complete platform, including services, on Day 1. This precedent-setting agreement was the first mid-market deal to combine all of our products into a single AI platform, and it shows how our product enhancements are creating a compelling platform, driving larger initial entry points across our pipeline.

We saw the same dynamics elsewhere in the quarter. One of the nation's leading academic medical centers, an existing customer, put its digital presence business through a formal RFP and awarded it to us, expanding its relationship across Listings and Reviews throughout its health system. A national insurance distributor returned to us this quarter as a boomerang customer, signing on for our Listings and Reviews products after our Scout scans made it clear how much control over the brand's presence had been lost, from location data that could not be kept accurate across major platforms to duplicate listings that no one could fix. And the national advertising fund of one of the world's largest restaurant brands expanded with us again, purchasing additional licenses and adding a managed review response program for its stores.

Consolidation remains an effective sales motion for us. Customers tell us they want fewer vendors, a single, accountable platform. We believe we are uniquely capable of meeting this requirement. These types of deals create an outsized financial benefit due to the significantly improved retention we experience when a customer adds a new product. We expect continued success in vendor consolidation deals to be a key driver of our growth over the next several years because of our expanded and compelling platform capabilities.