Yext, Inc.

Good afternoon, and welcome to the Yext Incorporated's first quarter fiscal 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Nils Erdmann. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to YEXT's first quarter fiscal 2026 earnings conference call. With me today are CEO and Chair of the Board Michael Walrath and CFO Daryl Bond. During this call, we will make forward-looking statements, including statements related to our future financial performance, statements regarding the expected effects of our recent acquisitions, expectations regarding the growth of our business, our outlook for the second quarter and full year fiscal 2026, our strategy, and estimates of financial and operating metrics, capital expenditures, and other indications of future opportunities as further described in our first quarter shareholder letter, which is available at investors.yext.com. These forward-looking statements are subject to certain risks, uncertainties and assumptions including those related to Yext's growth, the evolution of our industry, our product development and success, our ability to integrate acquired businesses with ours, our management performance and general economic and business conditions. These forward-looking statements represent our beliefs and assumptions only as of the date made and we undertake no obligation to revise or update any statements to reflect changes that occur after this call. Further information... on factors and other risks that could cause actual results to materially differ from these forward-looking statements is included in our reports filed with the SEC, including in the sections titled Special Note Regarding Forward-Looking Statements and Risk Factors, in our most recent annual report on Form 10-K for the year ended January 31, 2025, and in our earnings release and our shareholder letter that were both issued this afternoon. During the call, we refer to certain metrics, including non-GAAP financial measures. Definitions of these non-GAAP metrics and other operating metrics, as well as reconciliations with the most comparable historical GAAP measures, are available in the shareholder letter. I will now turn the call over to Mike.

Thanks, Nils, and thank you all for joining us today. As I hope you read in our shareholder letter and earnings release, we had a very strong Q1, outperforming our guidance on all metrics, and we see continued strength into Q2. A few things I'd like to highlight before we dive into your questions. First, fragmentation of the consumer search market continues to accelerate with the advancement of AI search. This trend elevates the importance for brands of managing digital visibility, and it differentiates YEC's core products and provides fertile ground for our latest product release, YEC Scout. Second, core business health is improving. We're seeing improvement in both gross and net retention, customer satisfaction, and overall value perception across our platform. Third, the pace of innovation is advancing rapidly at Yext. We are speeding up our execution, even as our profitability and efficiency grow, setting the table for a growth flywheel well into the future. And finally, we have the balance sheet and cash flow further accelerate our growth while maintaining flexibility. This enables us to strategically reinvest in organic initiatives and pursue opportunistic investments, whether through M&A or partnerships that extend and enhance our business. I'm thrilled with the execution of our global team, who are bringing strong commitment to driving value for our customers, even as the pace of change in our industry accelerates. And now we're happy to take any questions that you may have for us.