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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 | |
---|---|---|---|---|---|---|---|---|
-1.23 | -3.30% | 36.02 | 37.59 | 36.815 | 37.31 | 565,784 | 23:08:47 |
Second quarter Net revenue grew 52% year over year to $257 million, resulting in a positive Net income of $4 million
Adjusted EBITDA increased by 473% year over year to a record $64 million
Raises full year outlook to $1.01 billion to $1.03 billion of Net revenue and $200 million to $220 million of Adjusted EBITDA1
Board of Directors authorized $250 million increase to stock repurchase program
Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the second quarter ended June 30, 2021 in the Q2 2021 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.
“The Yelp of 2021 looks very different than it did when we began implementing our strategic initiatives in 2019, as we continue to connect consumers with local businesses through trusted content and reviews,” said Jeremy Stoppelman, Yelp co-founder and CEO. “We elevated the pace of product innovation, and made significant progress on our plan to drive advertising revenue growth from our Services categories as well as our Self-serve and Multi-location channels. This consistent execution of our multi-year strategy has transformed Yelp into a structurally stronger business.”
“Our strong second quarter results give us the confidence to raise our full-year outlook,” said David Schwarzbach, Yelp’s CFO. “We achieved 52% year-over-year revenue growth and record Adjusted EBITDA, even as we invested behind our initiatives. We continue to see a broad set of opportunities to drive significant returns and shareholder value in the long term.”
____________________1 Yelp has not reconciled its Adjusted EBITDA outlook to GAAP Net income (loss) because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because Yelp cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below.
Quarterly Conference Call
Yelp will host a live Q&A session today at 2:00 p.m. Pacific Time to discuss the second quarter financial results and outlook for the third quarter and full year of 2021. 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 and opportunities to drive significant returns and shareholder value in the long term, 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:
Factors that could cause or contribute to such differences also include, but are not limited to, those factors that could affect Yelp’s business, operating results and stock price included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yelp’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q at www.yelp-ir.com or the SEC’s website at www.sec.gov.
YELP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
558,227
$
595,875
Accounts receivable, net
101,542
88,400
Prepaid expenses and other current assets
29,413
28,450
Total current assets
689,182
712,725
Property, equipment and software, net
92,627
101,718
Operating lease right-of-use assets
143,617
168,209
Goodwill
107,630
109,261
Intangibles, net
12,095
13,521
Restricted cash
1,027
665
Other non-current assets
59,066
48,848
Total assets
$
1,105,244
$
1,154,947
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$
106,190
$
87,760
Operating lease liabilities — current
47,858
51,161
Deferred revenue
5,175
4,109
Total current liabilities
159,223
143,030
Operating lease liabilities — long-term
134,448
148,935
Other long-term liabilities
8,109
8,448
Total liabilities
301,780
300,413
Stockholders' equity:
Common stock
—
—
Additional paid-in capital
1,464,490
1,398,248
Treasury stock
(4,250
)
(2,964
)
Accumulated other comprehensive loss
(8,378
)
(6,807
)
Accumulated deficit
(648,398
)
(533,943
)
Total stockholders' equity
803,464
854,534
Total liabilities and stockholders' equity
$
1,105,244
$
1,154,947
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Net revenue
$
257,188
$
169,030
$
489,284
$
418,931
Costs and expenses:
Cost of revenue (1)
17,993
11,825
32,867
28,672
Sales and marketing (1)
113,641
96,289
226,550
233,586
Product development (1)
68,695
53,969
136,687
121,082
General and administrative (1)
45,095
26,402
76,956
69,938
Depreciation and amortization
12,833
12,582
25,916
24,940
Restructuring
12
3,312
32
3,312
Total costs and expenses
258,269
204,379
499,008
481,530
Loss from operations
(1,081
)
(35,349
)
(9,724
)
(62,599
)
Other income, net
542
495
1,247
2,878
Loss before income taxes
(539
)
(34,854
)
(8,477
)
(59,721
)
Benefit from income taxes
(4,751
)
(10,864
)
(6,893
)
(20,228
)
Net income (loss) attributable to common stockholders
$
4,212
$
(23,990
)
$
(1,584
)
$
(39,493
)
Net income (loss) per share attributable to common stockholders
Basic
$
0.06
$
(0.33
)
$
(0.02
)
$
(0.55
)
Diluted
$
0.05
$
(0.33
)
$
(0.02
)
$
(0.55
)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders
Basic
74,807
72,413
75,025
71,980
Diluted
78,983
72,413
75,025
71,980
(1) Includes stock-based compensation expense as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Cost of revenue
$
1,094
$
943
$
2,202
$
1,986
Sales and marketing
8,441
7,302
16,838
14,998
Product development
20,674
16,827
41,427
34,582
General and administrative
10,650
5,513
19,637
10,769
Total stock-based compensation
$
40,859
$
30,585
$
80,104
$
62,335
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30,
2021
2020
Operating Activities
Net loss
$
(1,584
)
$
(39,493
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
25,916
24,940
Provision for doubtful accounts
7,240
21,897
Stock-based compensation
80,104
62,335
Noncash lease cost
20,712
20,984
Deferred income taxes
(7,755
)
(14,263
)
Asset impairment
11,164
—
Other adjustments, net
386
876
Changes in operating assets and liabilities:
Accounts receivable
(20,382
)
12,910
Prepaid expenses and other assets
88
604
Operating lease liabilities
(22,489
)
(22,520
)
Accounts payable, accrued liabilities and other liabilities
15,707
(11,021
)
Net cash provided by operating activities
109,107
57,249
Investing Activities
Sales and maturities of marketable securities — available-for-sale
—
290,395
Purchases of marketable securities — held-to-maturity
—
(87,438
)
Maturities of marketable securities — held-to-maturity
—
93,200
Purchases of property, equipment and software
(13,286
)
(17,004
)
Other investing activities
90
328
Net cash (used in) provided by investing activities
(13,196
)
279,481
Financing Activities
Proceeds from issuance of common stock for employee stock-based plans
15,587
10,808
Taxes paid related to the net share settlement of equity awards
(34,824
)
(12,557
)
Repurchases of common stock
(114,157
)
—
Other financing activities
—
(356
)
Net cash used in financing activities
(133,394
)
(2,105
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
197
(340
)
Change in cash, cash equivalents and restricted cash
(37,286
)
334,285
Cash, cash equivalents and restricted cash — Beginning of period
596,540
192,318
Cash, cash equivalents and restricted cash — End of period
$
559,254
$
526,603
Non-GAAP Financial Measures
This press release and statements made during the above referenced webcast may include information relating to Adjusted EBITDA and Adjusted EBITDA margin, each of which the Securities and Exchange Commission has defined as a "non-GAAP financial measure."
We define Adjusted EBITDA as net income (loss), 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, such as restructuring costs and impairment charges. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue.
Adjusted EBITDA, which is not prepared under any comprehensive set of accounting rules or principles, 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 in accordance with generally accepted accounting principles in the United States (“GAAP”). In particular, Adjusted EBITDA should not be viewed as a substitute for, or superior to, net income (loss) prepared in accordance with GAAP as a measure of profitability or liquidity. Some of these limitations are:
Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, net income (loss) and Yelp’s other GAAP results.
The following is a reconciliation of net income (loss) to Adjusted EBITDA, as well as the calculation of net income (loss) margin and Adjusted EBITDA margin, for each of the periods indicated (in thousands, except percentages; unaudited):
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
June 30, 2019
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
Net income (loss)
$
4,212
$
(5,796
)
$
(23,990
)
$
12,303
(Benefit from) provision for income taxes
(4,751
)
(2,142
)
(10,864
)
3,785
Other income, net
(542
)
(705
)
(495
)
(3,891
)
Depreciation and amortization
12,833
13,083
12,582
12,240
Stock-based compensation
40,859
39,245
30,585
30,452
Restructuring
12
20
3,312
—
Asset impairment(1)
11,164
—
—
—
Adjusted EBITDA
$
63,787
$
43,705
$
11,130
$
54,889
Net revenue
$
257,188
$
232,096
$
169,030
$
246,955
Net income (loss) margin
2
%
(2
)%
(14
)%
5
%
Adjusted EBITDA margin
25
%
19
%
7
%
22
%
(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/20210805005957/en/
Investor Relations Contact: Kate Krieger ir@yelp.com
Press Contact: Amber Albrecht press@yelp.com
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