Company: YEXT
Filing Date: 2025-12-08
Form Type: 10-Q
Source: 0001628280-25-055819
Chunk: 371

Company: Yext, Inc.
Filing Date: 2025-12-08
Form: 10-Q
Item: Part I, Item 8
Chunk 371
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 make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell 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 $35.0 million 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.

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 $350.0 million.

In connection with the May 2025 Credit Agreement, we incurred original issue discount costs of $1.0 million and debt issuance costs of $0.7 million. These costs will be amortized to interest expense over the term of the Term Loan Facilities using the effective interest method. 

As of October 31, 2025, we were in compliance with all debt covenants.

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 nine months ended October 31, 2025, 8,538,862 shares were purchased and as of October 31, 2025, approximately $22.3 million remains available for future purchases, exclusive of commissions paid on the repurchase of shares.

Cash Flows

The following table summarizes our cash flows:Nine months ended October 31,(in thousands)20252024 Net cash provided by operating activities   $26,312 $11,865  Net cash used in investing activities   $(20,451)$(91,176) Net