Yext, Inc. (YEXT): restructuring charge — Yext cuts ~12% of workforce, expects $5M restructuring charge in Q2 FY25

Yext, Inc.

Workforce reduction of ~12% of full-time employees vs Jan 31, 2024 headcount.
Incremental restructuring cash charge of ~$5M (severance, benefits); majority in Q2 FY25.
Yvette Martinez-Rea named COO; Tzi-Kei Wong (CPO) departs; Chris Brownlee to lead Product.
CEO cites need to reduce costs amid macro headwinds; company has no debt and healthy cash.
Implementation substantially complete by end of Q2 FY25, subject to jurisdictional legal reqs.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Yext, Inc. announced a restructuring with charges of approximately $5 million (approximately 12 percent of its full-time employees).

Type: restructuring
Charge: approximately $5 million
Headcount: approximately 12 percent of its full-time employees

Exact text from the filing

its full-time employees as compared to its headcount as of January 31, 2024. The Company estimates that it will incur an incremental restructuring cash charge of approximately $5 million in connection with the Plan, primarily consisting of severance payments, payments in lieu of notice, employee benefits and related costs. The Company expects to incur the

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15 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Yext, Inc. filing history →

Source: SEC EDGAR

accession 0001614178-24-000046

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