Financial Data and Key Metrics Changes - Net revenue increased by 16% year-over-year to a quarterly record of $299 million, exceeding the high end of the outlook range by $9 million [8][10] - Adjusted EBITDA increased by 6% year-over-year to $67 million, $12 million above the high end of the outlook range [12] - Net income increased by 90% year-over-year to $8 million [12] Business Line Data and Key Metrics Changes - Advertising revenue from services businesses grew 14% year-over-year to $174 million, driven by strength in the Home Services category [8][10] - Advertising revenue from restaurants, retail, and other businesses grew 18% year-over-year, largely due to an increase in paying advertising locations [9] - Paying advertising locations reached a record 569,000, surpassing pre-pandemic levels [10][25] Market Data and Key Metrics Changes - Ad clicks increased from the first quarter but declined by 11% year-over-year due to significant reopening tailwinds in the prior year [11] - Average cost per click (CPC) increased by 32% year-over-year while remaining consistent with the first quarter [11] Company Strategy and Development Direction - The company is focused on a product-led strategy that connects advertisers with a large, high-intent audience [7] - Continued investment in marketing to drive businesses to the fully digital self-serve channel, resulting in record self-serve customer acquisition [12] - The company is raising its full-year net revenue outlook to a range of $1.18 billion to $1.2 billion [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging U.S. economic environment but believes the current outlook balances strong advertiser demand with a modestly recessionary macro outlook [14] - The company expects adjusted EBITDA for the third quarter to be in the range of $65 million to $75 million, reflecting a small increase in total expenses [15] - Management expresses confidence in the ability to drive long-term shareholder value through consistent execution of product-led initiatives [16] Other Important Information - The company repurchased $50 million worth of shares at an average purchase price of $31.75 [13] - The company expects to realize approximately $25 million to $27 million in annual GAAP expense savings from previously executed office space reductions [13] Q&A Session Summary Question: Dynamic between Services ad revenue growth and Request A Quote decline - Management explains that strong demand from service providers, especially in Home Services, drove the 14% growth in Services ad revenue, while innovations like Request a Call are being introduced to reduce friction and improve lead quality [17][18] Question: Persistence of product growth amid SMB pressures - Management attributes the durability of the business to the ROI seen by customers and the breadth of Yelp's trusted content across various categories [21][22] Question: Future of advertising locations and revenue per location - Management believes there is a large total addressable market (TAM) for new acquisitions and that they can continue to drive value for advertisers, thus increasing average revenue per location [24][26] Question: Impact of infrastructure investments on gross margin - Management indicates that a significant portion of gross margin compression is due to Yelp Audiences syndication costs, while they continue to drive efficiency in infrastructure costs [31][34] Question: Product roadmap alignment with digital local commerce - Management highlights new ad units and the Yelp Audiences product as key areas to engage with digital local commerce and DTC innovation [39][40] Question: Investments in measurement and attribution - Management emphasizes the importance of attribution for Multi-location advertisers and the ongoing investments in their ad tech stack to refine measurement and attribution capabilities [42]

Yelp Inc. (NYSE:YELP) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants James Miln - SVP, Finance and Investor Relations Jeremy Stoppelman - Chief Executive Officer David Schwarzbach - Chief Financial Officer Jed Nachman - Chief Operating Officer Conference Call Participants Colin Sebastian - Robert W Baird & Company Shweta Khajuria - Evercore ISI Daniel Salmon - BMO Capital Markets Justin Patterson - KeyBanc Capital Markets Inc. Stan Velikov - Jefferies Operator Good afternoon. T ...

Yelp Inc. (NYSE:YELP) Q4 2021 Earnings Conference Call February 10, 2022 5:00 PM ET Company Participants James Miln - SVP, Finance and Investor Relations Jeremy Stoppelman - Chief Executive Officer David Schwarzbach - Chief Financial Officer Jed Nachman - Chief Operating Officer Conference Call Participants Justin Patterson - KeyBanc Mike Ng - Goldman Sachs Shweta Khajuria - Evercore Dan Salmon - BMO Operator Good afternoon, and thank you for attending today's Yelp Fourth Quarter and Full Year 2021 Earnings ...

Yelp Inc. (NYSE:YELP) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET Company Participants James Miln - Senior Vice President-Finance & Investor Relations Jeremy Stoppelman - Co-founder & Chief Executive Officer David Schwarzbach - Chief Financial Officer Jed Nachman - Chief Operating Officer Conference Call Participants Justin Patterson - KeyBanc Cory Carpenter - JPMorgan Trevor Young - Barclays Dan Salmon - BMO Capital Markets Jason Bazinet - Citigroup Operator Hello, everyone, and a warm wel ...

Yelp Inc. (NYSE:YELP) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants James Miln - SVP of Finance and IR Jeremy Stoppelman - CEO David Schwarzbach - CFO Jed Nachman - COO Conference Call Participants Cory Carpenter - JP Morgan Jason Bazinet - Citi Trevor Young - Barclays Justin Patterson - KeyBanc Brian Fitzgerald - Wells Fargo Operator Good afternoon and welcome to the Yelp Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operato ...