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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yelp Inc | NYSE:YELP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.39 | 0.98% | 40.38 | 40.60 | 40.095 | 40.20 | 185,067 | 18:39:53 |
Net Revenue Grew 8% in 2019 Year-Over-Year to $1 Billion, and Grew 10% in Q4 Compared to Prior Year
Net Income of $41 Million Compared to $55 Million in 2018, Reflecting Higher Income Taxes in 2019
Adjusted EBITDA Margin Expanded to 21% in 2019, Up From 19% in 2018
Board Authorized $250 Million Increase to Stock Repurchase Program
David Schwarzbach to join as Chief Financial Officer
Christine Barone to join Board of Directors
Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the fourth quarter and full year ended December 31, 2019 in the Q4 2019 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.
“2019 marked a pivotal year for Yelp as we embarked on an ambitious, multi-year business transformation plan,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “We are pleased to have reaccelerated revenue growth in the second half of 2019, while also increasing adjusted EBITDA margin year-over-year. We ended the year with double-digit revenue growth in the fourth quarter and that momentum has continued into 2020, giving us confidence in our ability to achieve our long-term financial targets.”
Financial Highlights & Business Outlook
________________________________
1 Refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented to the most directly comparable GAAP measures.
Board and Leadership Announcements
Quarterly Conference Call
Yelp will host a live Q&A session today at 2:00 p.m. Pacific Time to discuss the fourth quarter and full year 2019 financial results and its Business Outlook for the first quarter and full year 2020. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at www.yelp-ir.com. A replay of the webcast will be available at the same website.
About Yelp
Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase. Yelp was founded in San Francisco in July 2004.
Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, Yelp’s future performance, including expectations of net revenue and Adjusted EBITDA growth in 2020 and Yelp’s confidence in its potential to achieve its long-term financial targets, that are based on its current expectations, forecasts, and assumptions that involve risks and uncertainties.
Yelp’s actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to, Yelp’s:
YELP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, 2019
December 31, 2018
Assets
Current assets:
Cash and cash equivalents
$
170,281
$
332,764
Short-term marketable securities
242,000
423,096
Accounts receivable, net
106,832
87,305
Prepaid expenses and other current assets
14,196
17,104
Total current assets
533,309
860,269
Long-term marketable securities
53,499
—
Property, equipment and software, net
110,949
114,800
Operating lease right-of-use assets
197,866
—
Goodwill
104,589
105,620
Intangibles, net
10,082
13,359
Restricted cash
22,037
22,071
Other non-current assets
38,369
59,444
Total assets
$
1,070,700
$
1,175,563
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$
72,333
$
61,062
Operating lease liabilities — current
57,507
—
Deferred revenue
4,315
3,843
Total current liabilities
134,155
64,905
Operating lease liabilities — long-term
174,756
—
Other long-term liabilities
6,798
35,140
Total liabilities
315,709
100,045
Stockholders’ equity:
Common stock
—
—
Additional paid-in capital
1,259,803
1,139,462
Accumulated other comprehensive loss
(11,759
)
(11,021
)
Accumulated deficit
(493,053
)
(52,923
)
Total stockholders’ equity
754,991
1,075,518
Total liabilities and stockholders’ equity
$
1,070,700
$
1,175,563
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Net revenue
$
268,823
$
243,740
$
1,014,194
$
942,773
Costs and expenses:
Cost of revenue(1)
16,656
14,255
62,410
57,872
Sales and marketing(1)
126,370
121,256
500,386
483,309
Product development(1)
61,138
54,273
230,440
212,319
General and administrative(1)
34,164
29,677
136,091
120,569
Depreciation and amortization
12,849
11,557
49,356
42,807
Total costs and expenses
251,177
231,018
978,683
916,876
Income from operations
17,646
12,722
35,511
25,897
Other income, net
2,611
4,160
14,256
14,109
Income before income taxes
20,257
16,882
49,767
40,006
Provision for (benefit from) income taxes
3,105
(15,064
)
8,886
(15,344
)
Net income attributable to common stockholders
$
17,152
$
31,946
$
40,881
$
55,350
Net income per share attributable to common stockholders
Basic
$
0.24
$
0.39
$
0.55
$
0.66
Diluted
$
0.24
$
0.37
$
0.52
$
0.62
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic
70,627
82,706
74,627
83,573
Diluted
72,987
86,287
77,969
88,709
(1) Includes stock-based compensation expense as follows:
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Cost of revenue
$
1,119
$
1,227
$
4,535
$
4,572
Sales and marketing
7,524
7,265
30,668
30,779
Product development
16,861
15,004
63,433
56,882
General and administrative
5,001
5,157
22,876
22,153
Total stock-based compensation
$
30,505
$
28,653
$
121,512
$
114,386
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Year Ended December 31,
2019
2018
Operating Activities
Net income
$
40,881
$
55,350
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
49,356
42,807
Provision for doubtful accounts
22,543
24,515
Stock-based compensation
121,512
114,386
Noncash lease cost
41,365
—
Deferred income taxes
(2,799
)
(15,469
)
Other adjustments, net
(2,997
)
(722
)
Changes in operating assets and liabilities:
Accounts receivable
(42,070
)
(35,664
)
Prepaid expenses and other assets
(1,349
)
(5,192
)
Operating lease liabilities
(41,808
)
—
Accounts payable, accrued liabilities and other liabilities
20,148
(19,824
)
Net cash provided by operating activities
204,782
160,187
Investing Activities
Purchases of marketable securities
(541,451
)
(751,237
)
Maturities of marketable securities
674,097
613,700
Sale of investment prior to maturity
—
17,895
Release of escrow deposit
28,750
—
Purchases of property, equipment and software
(37,522
)
(44,972
)
Other investing activities
461
245
Net cash provided by (used in) investing activities
124,335
(164,369
)
Financing Activities
Proceeds from issuance of common stock for employee stock-based plans
32,263
29,779
Taxes paid related to the net share settlement of equity awards
(42,771
)
(50,144
)
Repurchases of common stock
(481,011
)
(187,382
)
Net cash used in financing activities
(491,519
)
(207,747
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(115
)
360
Change in cash, cash equivalents and restricted cash
(162,517
)
(211,569
)
Cash, cash equivalents and restricted cash — Beginning of period
354,835
566,404
Cash, cash equivalents and restricted cash — End of period
$
192,318
$
354,835
Non-GAAP Financial Measures
This press release and statements made during the above referenced webcast may include information relating to EBITDA, Adjusted EBITDA and Adjusted EBITDA margin, each of which the Securities and Exchange Commission has defined as a "non-GAAP financial measure."
We define EBITDA as net income, adjusted to exclude: provision for (benefit from) income taxes; other income, net; and depreciation and amortization.
We define Adjusted EBITDA as net income, adjusted to exclude: provision for (benefit from) income taxes; other income, net; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items. For the full year 2019, these other income and expense items consisted of certain fees related to shareholder activism. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are key measures used by Yelp management and the board of directors to understand and evaluate core operating performance and trends, to prepare and approve Yelp’s annual budget and to develop short- and long-term operational plans. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”).
EBITDA and Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of Yelp’s financial results as reported under GAAP. In particular, EBITDA and adjusted EBITDA should not be viewed as substitutes for, or superior to, net income prepared in accordance with GAAP as a measure of profitability or liquidity. Some of these limitations are:
Because of these limitations, you should consider EBITDA, Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and Yelp’s other GAAP results.
The following is a reconciliation of net income — the most directly comparable GAAP financial measure in each case — to EBITDA and Adjusted EBITDA (in thousands):
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Reconciliation of Net Income to EBITDA and Adjusted EBITDA:
Net income
$
17,152
$
31,946
$
40,881
$
55,350
Provision for (benefit from) income taxes
3,105
(15,064
)
8,886
(15,344
)
Other income, net
(2,611
)
(4,160
)
(14,256
)
(14,109
)
Depreciation and amortization
12,849
11,557
49,356
42,807
EBITDA
30,495
24,279
84,867
68,704
Stock-based compensation
30,505
28,653
121,512
114,386
Fees related to shareholder activism(1)
—
—
7,116
—
Adjusted EBITDA
$
61,000
$
52,932
$
213,495
$
183,090
Net revenue
$268,823
$
243,740
$
1,014,194
$
942,773
Adjusted EBITDA margin
23
%
22
%
21
%
19
%
(1) Recorded within general and administrative expenses on our Condensed Consolidated Statements of Operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200213005861/en/
Investor Relations Contact
Kate Krieger ir@yelp.com
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