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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 | |
---|---|---|---|---|---|---|---|---|
0.11 | 0.29% | 37.42 | 37.61 | 37.11 | 37.36 | 573,084 | 01:00:00 |
Second quarter Net Revenue increased by 13% year over year to a record $337 million
Net Income increased by 84% year over year to a positive $15 million
Adjusted EBITDA increased by 25% year over year to a record $84 million
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, 2023 in the Q2 2023 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.
“Yelp's record-breaking top-line second quarter results are a testament to our increased product velocity and consistent execution across the company,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “For the ninth consecutive quarter, we delivered double-digit growth. Net revenue reached a new high driven by record advertising revenue across categories. Self-serve and multi-location accounted for more than half of our advertising revenue for the first time, reaching a milestone that reflects our long-term strategy to drive growth through our most efficient advertising channels. As we remain focused on enhancing our already strong product pipeline, we’re confident in our ability to gain market share and deliver long term shareholder value.”
“Yelp’s second quarter results demonstrate the durability of our top-line growth while delivering healthy profitability,” said David Schwarzbach, Yelp’s chief financial officer. “We grew net revenue by 13% year over year to a record level, while also expanding net income margin and adjusted EBITDA margin by two percentage points each from the prior-year period. We believe the strategic investments we’ve made have positioned us well for continued profitable growth over the long term.”
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 2023. 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. (yelp.com) is a community-driven platform that connects people with great local businesses. Millions of people rely on Yelp for useful and trusted local business information, reviews and photos to help inform their spending decisions. As a one-stop local platform, Yelp helps consumers easily discover, connect and transact with businesses across a broad range of categories by making it easy to request a quote for a service, book a table at a restaurant, and more. Yelp was founded in San Francisco in 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, its investment plans, and its ability to deliver profitable growth over 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 and 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, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
270,256
$
306,379
Short-term marketable securities
126,909
94,244
Accounts receivable, net
151,655
131,902
Prepaid expenses and other current assets
38,690
63,467
Total current assets
587,510
595,992
Property, equipment and software, net
75,588
77,224
Operating lease right-of-use assets
79,591
97,392
Goodwill
103,260
102,328
Intangibles, net
8,315
8,997
Other non-current assets
179,024
133,989
Total assets
$
1,033,288
$
1,015,922
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$
171,871
$
137,950
Operating lease liabilities — current
38,246
39,674
Deferred revenue
5,414
5,200
Total current liabilities
215,531
182,824
Operating lease liabilities — long-term
67,777
86,661
Other long-term liabilities
41,378
36,113
Total liabilities
324,686
305,598
Stockholders' equity:
Common stock
—
—
Additional paid-in capital
1,732,909
1,649,692
Treasury stock
(159
)
—
Accumulated other comprehensive loss
(13,876
)
(15,545
)
Accumulated deficit
(1,010,272
)
(923,823
)
Total stockholders' equity
708,602
710,324
Total liabilities and stockholders' equity
$
1,033,288
$
1,015,922
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net revenue
$
337,126
$
298,884
$
649,564
$
575,512
Costs and expenses:
Cost of revenue (1)
30,184
26,988
56,243
50,417
Sales and marketing (1)
139,150
129,412
286,605
255,509
Product development (1)
85,030
76,848
173,227
157,533
General and administrative (1)
53,405
38,377
99,914
77,760
Depreciation and amortization
10,615
11,258
21,420
22,748
Total costs and expenses
318,384
282,883
637,409
563,967
Income from operations
18,742
16,001
12,155
11,545
Other income, net
5,898
1,327
11,110
2,256
Income before income taxes
24,640
17,328
23,265
13,801
Provision for income taxes
9,911
9,319
9,714
6,707
Net income attributable to common stockholders
$
14,729
$
8,009
$
13,551
$
7,094
Net income per share attributable to common stockholders
Basic
$
0.21
$
0.11
$
0.19
$
0.10
Diluted
$
0.21
$
0.11
$
0.19
$
0.10
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic
69,256
71,217
69,537
71,427
Diluted
71,238
72,835
71,645
73,572
(1) Includes stock-based compensation expense as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Cost of revenue
$
1,346
$
1,248
$
2,728
$
2,553
Sales and marketing
8,607
8,200
17,721
16,855
Product development
24,974
22,304
50,841
45,429
General and administrative
8,653
8,309
18,547
16,284
Total stock-based compensation
$
43,580
$
40,061
$
89,837
$
81,121
YELP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30,
2023
2022
Operating Activities
Net income
$
13,551
$
7,094
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
21,420
22,748
Provision for doubtful accounts
14,636
12,676
Stock-based compensation
89,837
81,121
Amortization of right-of-use assets
15,699
16,870
Deferred income taxes
(42,148
)
(24,114
)
Amortization of deferred contract cost
11,716
8,413
Asset impairment
3,555
—
Other adjustments, net
(64
)
717
Changes in operating assets and liabilities:
Accounts receivable
(34,389
)
(30,014
)
Prepaid expenses and other assets
12,156
(22,149
)
Operating lease liabilities
(20,943
)
(19,813
)
Accounts payable, accrued liabilities and other liabilities
37,225
24,683
Net cash provided by operating activities
122,251
78,232
Investing Activities
Purchases of marketable securities — available-for-sale
(82,491
)
—
Sales and maturities of marketable securities — available-for-sale
50,613
—
Purchases of property, equipment and software
(15,153
)
(14,498
)
Other investing activities
146
19
Net cash used in investing activities
(46,885
)
(14,479
)
Financing Activities
Proceeds from issuance of common stock for employee stock-based plans
26,095
11,026
Taxes paid related to the net share settlement of equity awards
(38,201
)
(32,046
)
Repurchases of common stock
(100,000
)
(100,006
)
Payment of issuance costs for credit facility
(799
)
—
Net cash used in financing activities
(112,905
)
(121,026
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1,175
(1,154
)
Change in cash, cash equivalents and restricted cash
(36,364
)
(58,427
)
Cash, cash equivalents and restricted cash — Beginning of period
307,138
480,641
Cash, cash equivalents and restricted cash — End of period
$
270,774
$
422,214
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 litigation settlement expenses 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 to Adjusted EBITDA, as well as the calculation of net income margin and Adjusted EBITDA margin, for each of the periods indicated (in thousands, except percentages; unaudited):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Reconciliation of Net Income to Adjusted EBITDA:
Net income
$
14,729
$
8,009
$
13,551
$
7,094
Provision for income taxes
9,911
9,319
9,714
6,707
Other income, net
(5,898
)
(1,327
)
(11,110
)
(2,256
)
Depreciation and amortization
10,615
11,258
21,420
22,748
Stock-based compensation
43,580
40,061
89,837
81,121
Litigation settlement expense(1)
11,000
—
11,000
—
Asset impairment(1)
—
—
3,555
—
Adjusted EBITDA
$
83,937
$
67,320
$
137,967
$
115,414
Net revenue
$
337,126
$
298,884
$
649,564
$
575,512
Net income margin
4
%
3
%
2
%
1
%
Adjusted EBITDA margin
25
%
23
%
21
%
20
%
(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/20230803780649/en/
Investor Relations Contact: Kate Krieger ir@yelp.com
Press Contact: Amber Albrecht press@yelp.com
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