Company: YEXT
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001614178-25-000077
Chunk: 347

Company: Yext, Inc.
Filing Date: 2025-06-09
Form: 10-Q
Item: Part I, Item 2
Chunk 347
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 material assets and merge or consolidate. The May 2025 Credit Agreement also contains financial covenants that require us to maintain minimum qualified cash of at least $35,000,000 at all times and minimum consolidated EBITDA for relevant test periods, tested on a quarterly basis. The May 2025 Credit Agreement contains customary events of default relating to, among other things, payment defaults, breach of covenants, cross acceleration to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. Non-compliance with one or more of the covenants and restrictions or the occurrence of an event of default could result in the full or partial principal balance of the May 2025 Credit Agreement becoming immediately due and payable and termination of the commitments.

In addition, the Term Loans are subject to certain mandatory prepayment events, including an excess cash flow sweep of up to 30% for excess cash flow periods in which our annualized recurring revenue is less than $350,000,000.

Termination of SVB Credit Facility

On May 15, 2025, in connection with entry into the May 2025 Credit Agreement, we used a portion of the proceeds of the Initial Term Loans under the May 2025 Credit Agreement to pay all outstanding principal, interest and other amounts owing under our  existing Credit Facility which was then terminated.

Share Repurchase Program

In March 2022, our Board of Directors authorized a $100.0 million share repurchase program of our common stock which was increased by an additional $50.0 million in September 2023 and an additional $50.0 million in March 2025. During the three months ended April 30, 2025, 4,473,633 shares were purchased and as of April 30, 2025, approximately $54.2 million remains available for future purchases, exclusive of commissions paid on the repurchase of shares.

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Cash Flows

The following table summarizes our cash flows:Three months ended April 30,(in thousands)20252024 Net cash provided by operating activities   $37,725 $38,309  Net cash used in investing activities   $(19,363)$(647) Net cash used in financing activities$(29,023)$(1,174)

Operating Activities

Net cash provided by operating activities of $37.7 million for the three months ended April 30, 2025 reflected our net income of