Company: YEXT
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001614178-25-000077
Chunk: 199

Company: Yext, Inc.
Filing Date: 2025-06-09
Form: 10-Q
Item: Part I, Item 1
Chunk 199
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ested and converted to shares(887,298)$6.95 Forfeited or canceled(232,559)$6.04 Balance, April 30, 202511,927,340 $6.35 Performance-Based Restricted Stock Units ("PSUs")During the three months ended April 30, 2025, the Company granted 625,000 PSUs to an executive which vest over approximately a two-year period based upon continued service and the achievement of pre-determined ARR and Adjusted EBITDA margin growth metrics. The total number of shares that are eligible to vest ranges from 0% to 250% of the target PSUs. The Company measures the fair value of PSUs on the grant date of the award, and stock-based compensation expense is recognized using the accelerated attribution method over the requisite service period. For PSUs with performance conditions, stock-based compensation is recognized when it becomes probable that the underlying performance targets will be achieved. The following table summarizes the activity related to the Company’s PSUs: Number of PSUsWeighted-Average Grant Date Fair ValueBalance, January 31, 20253,495,000 $5.97 Granted 625,000 $6.14 Vested— $— Forfeited or canceled— $— Balance, April 30, 20254,120,000 $5.99 

11. Debt

On March 11, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Silicon Valley Bank (“SVB”). In January 2021, the Company amended the Credit Agreement which modified the conditions pursuant to which subsidiaries are required to become guarantors. On December 22, 2022, the Company entered into a second amendment (“Amendment No. 2”) to the Credit Agreement, dated March 11, 2020, and on July 26, 2024, the Company entered into a third amendment ("Amendment No. 3") to the Credit Agreement, collectively referred to as the Credit Facility. No significant debt issuance costs were incurred in association with Amendment No.2 and Amendment No.3. Amendment No. 2 amended the Credit Facility to, among other things (i) extend the maturity date of the Credit Facility to December 22, 2025, (ii) amend the interest rate provisions to replace LIBOR with SOFR as the interest rate benchmark, and (iii) amend the recurring revenue growth rate