[Yelp Q2 2025 Earnings Highlights and Outlook](index=1&type=section&id=Yelp%20Q2%202025%20Earnings%20Highlights%20and%20Outlook) This section details Yelp's strong Q2 2025 financial performance, management's strategic insights, and revised full-year financial outlook [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Yelp achieved strong financial performance in Q2 2025, with record net revenue, significant growth in net income and Adjusted EBITDA, and improved profitability Key Financial Data for Q2 2025 | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Revenue | $370 million | $357 million | +4% | | Net Income | $44 million | $38 million | +16% | | Net Income Margin | 12% | 11% | +1 pp | | Adjusted EBITDA | $100 million | $91 million | +10% | | Adjusted EBITDA Margin | 27% | 26% | +1 pp | - Net revenue increased by **4%** year-over-year to a record **$370 million**[1](index=1&type=chunk) - Net income grew by **16%** year-over-year to **$44 million**, with a **12%** margin[1](index=1&type=chunk) - Adjusted EBITDA increased by **10%** year-over-year to **$100 million**, achieving a **27%** margin[1](index=1&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted effective execution of the product-led strategy, positive progress in AI initiatives, and a commitment to profitable growth and long-term shareholder value amidst macroeconomic uncertainty - CEO Jeremy Stoppelman stated that Q2 results reflect solid execution of the product-led strategy, with encouraging momentum from AI initiatives, including the rollout of Yelp Assistant and testing of Yelp Host[2](index=2&type=chunk) - CFO David Schwarzbach noted record net revenue and strong profitability, with improved net income and Adjusted EBITDA margins, committing to long-term financial performance through disciplined financial approaches and product investments in an uncertain macroeconomic environment[2](index=2&type=chunk) [Business Outlook](index=1&type=section&id=Business%20Outlook) Yelp narrowed its full-year 2025 net revenue and Adjusted EBITDA guidance ranges Full-Year 2025 Financial Outlook (Revised) | Metric | 2025 Outlook (Revised) | | :----- | :--------------------- | | Net Revenue | $1.465 billion to $1.475 billion | | Adjusted EBITDA | $350 million to $360 million | - The 2025 net revenue outlook was narrowed to **$1.465 billion to $1.475 billion**[1](index=1&type=chunk) - The 2025 Adjusted EBITDA outlook was narrowed to **$350 million to $360 million**[1](index=1&type=chunk) [Company Overview and Forward-Looking Statements](index=2&type=section&id=Company%20Overview%20and%20Forward-Looking%20Statements) This section provides an overview of Yelp Inc. and outlines forward-looking statements, highlighting potential risks and uncertainties [About Yelp](index=2&type=section&id=About%20Yelp) Yelp Inc., founded in 2004, is a community-driven platform connecting users with local businesses through information, reviews, and tools for discovery and transactions - Yelp Inc. is a community-driven platform connecting people with great local businesses[5](index=5&type=chunk) - Millions of users rely on Yelp for local business information, reviews, and photos to aid purchasing decisions[5](index=5&type=chunk) - Founded in 2004, Yelp provides a one-stop local platform for consumers to interact with businesses[5](index=5&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding Yelp's future performance, cautioning that actual results may differ significantly due to various risks and uncertainties, including macroeconomic conditions and operational challenges - This press release contains forward-looking statements regarding Yelp's future performance, based on current expectations, forecasts, and assumptions, involving risks and uncertainties[7](index=7&type=chunk) - Actual results may differ materially from projected or implied outcomes due to factors such as macroeconomic uncertainties (e.g., inflation, interest rates, labor and supply chain issues, severe weather events) and their impact on consumer behavior, user activity, and advertiser spending[8](index=8&type=chunk)[9](index=9&type=chunk) - Other risk factors include Yelp's ability to maintain and grow its advertiser base, drive sustained growth through strategic initiatives, operate effectively and retain key talent in a primarily remote work model, and generate and maintain high-quality user content[9](index=9&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Yelp's condensed consolidated balance sheets, statements of operations, and cash flows, detailing financial position and performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Yelp's total assets and liabilities slightly decreased from year-end 2024, while total stockholders' equity marginally increased Condensed Consolidated Balance Sheets Overview (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total Assets | $980,175 | $983,567 | $(3,392) | | Total Liabilities | $233,771 | $239,598 | $(5,827) | | Total Stockholders' Equity | $746,404 | $743,969 | $2,435 | - Cash and cash equivalents were **$197,687 thousand** as of June 30, 2025, a decrease from **$217,325 thousand** as of December 31, 2024[11](index=11&type=chunk) - Total current assets decreased from **$516,879 thousand** at year-end 2024 to **$509,411 thousand** at mid-2025[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Yelp achieved significant growth in net revenue, income from operations, and net income for both Q2 and YTD 2025, with corresponding EPS increases, driven by improved operating efficiency and reduced stock-based compensation Condensed Consolidated Statements of Operations Key Data (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change (Q2) | YTD 2025 | YTD 2024 | YoY Change (YTD) | | :------------------------------------ | :------ | :------ | :-------------- | :------- | :------- | :--------------- | | Net Revenue | $370,394 | $357,016 | +3.75% | $728,928 | $689,768 | +5.68% | | Income from Operations | $53,290 | $39,747 | +34.07% | $82,750 | $50,964 | +62.37% | | Net Income | $44,089 | $38,036 | +15.91% | $68,480 | $52,190 | +31.22% | | Basic EPS | $0.69 | $0.56 | +23.21% | $1.06 | $0.77 | +37.66% | | Diluted EPS | $0.67 | $0.54 | +24.07% | $1.03 | $0.73 | +41.10% | - Total costs and expenses for Q2 2025 were **$317,104 thousand**, largely flat compared to **$317,269 thousand** in the prior-year period[13](index=13&type=chunk) - Stock-based compensation expense decreased to **$34,775 thousand** in Q2 2025 from **$41,214 thousand** in the prior-year period[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, Yelp saw a substantial increase in cash flow from operating activities, alongside increased cash outflows from investing and financing activities, resulting in a decrease in period-end cash and cash equivalents Condensed Consolidated Statements of Cash Flows Key Data (in thousands) | Metric | YTD June 30, 2025 | YTD June 30, 2024 | YoY Change | | :------------------------------------ | :---------------- | :---------------- | :--------- | | Net cash provided by operating activities | $156,029 | $112,544 | +38.64% | | Net cash used in investing activities | $(26,620) | $(23,046) | +15.51% | | Net cash used in financing activities | $(151,582) | $(150,411) | +0.78% | | Cash, cash equivalents & restricted cash (End of period) | $198,160 | $252,794 | -21.54% | - Net cash provided by operating activities increased from **$112,544 thousand** in H1 2024 to **$156,029 thousand** in H1 2025[15](index=15&type=chunk) - Net cash used in investing activities was primarily for purchases of marketable securities and property, equipment, and software[15](index=15&type=chunk) - Net cash used in financing activities was primarily impacted by common stock repurchases of **$128,450 thousand** and tax payments related to net share settlement of equity awards of **$35,155 thousand**[15](index=15&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines Yelp's non-GAAP financial measures and provides detailed reconciliation tables to GAAP results [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Yelp's non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow, emphasizing their inherent limitations as analytical tools and their non-substitutability for GAAP results - Adjusted EBITDA is defined as net income (loss) adjusted for provision for income taxes, other income, net, depreciation and amortization, stock-based compensation expense, and certain other non-recurring items[16](index=16&type=chunk) - Free cash flow is defined as net cash provided by (used in) operating activities less cash paid for purchases of property, equipment, and software[16](index=16&type=chunk) - Non-GAAP financial measures, such as Adjusted EBITDA and Free Cash Flow, have limitations and should not be considered as substitutes for or superior to GAAP net income (loss) or net cash provided by operating activities[17](index=17&type=chunk)[19](index=19&type=chunk) [Non-GAAP Reconciliations](index=7&type=section&id=Non-GAAP%20Reconciliations) The report provides detailed reconciliation tables for net income to Adjusted EBITDA and net cash from operating activities to free cash flow for Q2 and YTD 2025, illustrating the calculation of non-GAAP metrics Non-GAAP Reconciliations Key Data (in thousands, except percentages) | Metric | Q2 2025 | Q2 2024 | YoY Change (Q2) | YTD 2025 | YTD 2024 | YoY Change (YTD) | | :-------------------------------------- | :------ | :------ | :-------------- | :------- | :------- | :--------------- | | Adjusted EBITDA | $100,485 | $91,115 | +10.28% | $185,429 | $155,571 | +19.19% | | Adjusted EBITDA margin | 27% | 26% | +1 pp | 25% | 23% | +2 pp | | Free cash flow | $45,010 | $30,102 | +49.52% | $132,474 | $95,970 | +37.99% | - Key adjustments for Adjusted EBITDA primarily include adding back stock-based compensation of **$34,775 thousand** and depreciation and amortization of **$12,365 thousand** for Q2 2025[20](index=20&type=chunk) - Free cash flow is primarily calculated by subtracting purchases of property, equipment, and software of **$13,024 thousand** from net cash provided by operating activities for Q2 2025[20](index=20&type=chunk)

In its upcoming report, Yelp (YELP) is predicted by Wall Street analysts to post quarterly earnings of $0.48 per share, reflecting a decline of 11.1% compared to the same period last year. Revenues are forecasted to be $364.77 million, representing a year-over-year increase of 2.2%. Given this perspective, it's time to examine the average forecasts of specific Yelp metrics that are routinely monitored and predicted by Wall Street analysts. Analysts expect 'Net revenue- Advertising' to come in at $348.14 mil ...

Investors with an interest in Internet - Content stocks have likely encountered both Yelp (YELP) and RELX PLC (RELX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. These are just a few of the metrics contributing to YELP's Value grade of A and RELX's Value grade of D. YELP stands above RELX thanks to its solid earnings outlook, and based on these valuation figures, we also feel that YELP is the superior value option right now. There ...

Company Overview - VIIRL Marketing has acquired the Yelp Division from Phoenix Online Advertising, enhancing its lead generation capabilities and expanding its presence in the home services sector [1][4] - The acquisition aligns with VIIRL's strategy of complementing organic growth with strategic acquisitions that fit its business model [5] Industry Insights - The digital marketing sector, particularly in home services, is experiencing growth as business owners seek external expertise for lead generation while focusing on operations [4] - VIIRL serves over 600 client locations across the US, providing services such as lead generation platform management, website development, SEO, and pay-per-click [7] New Offerings - New clients of VIIRL will benefit from proprietary software solutions, including an AI-driven Yelp Lead Autoresponder and a Lead Cloud reporting suite [2][4] - The transition of the Yelp business to VIIRL allows Phoenix Online Advertising to concentrate on its core services, including SEO, graphic design, and PPC [6]

Core Insights - XWELL's Xpres Spa has been recognized as one of Yelp's "Most Loved Airport Brands," ranking 10 out of 25 based on millions of reviews from U.S. travelers [1] - The CEO of XWELL highlighted the growing demand for comfort and quality at airports, indicating that travelers are increasingly utilizing wellness services [2] Expansion Plans - XWELL will open its first out-of-airport locations in Clearwater, Florida, and New York's Penn Station this summer, aiming to enhance accessibility to premium self-care [2][3] - The Clearwater location will feature a wellness center offering core treatments such as massage, skincare, and recovery, while the Penn Station site will focus on grab-and-go wellness essentials for commuters [3] Strategic Partnerships - XWELL is expanding its reach through strategic partnerships, including a multi-year collaboration with the Orlando Magic, designating XWELL as the "Official Wellness Spa" of the NBA team [4] Future Outlook - The company plans to continue its growth momentum with additional location announcements and partnerships, focusing on equitable and scalable wellness access across various regions [5]

Strong Revenue Growth $0 $25 $50 $75 $100 $125 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Local Brand Other 1 ($M) $46M $55M $61M $71M $76M $89M $102M $110M Significant Operating Leverage Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented 2 Adj. EBITDA ($M) $25M $20M $17M $9M $10M $8M $8M $3M Compelling Metrics 3 Q4'13 Q4'14 Active Local Biz Accts1 12/31/13 12/31/14 71M 135M 94K Cumulative Reviews Unique Visitors* 53M 120M 67K 35% y/y 13% y/y 39% y/y * Per Google ...

Safe Harbor FORWARD-LOOKING STATEMENTS These slides and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical facts contained in these slides and the accompanying oral presentation, including statements regarding Yelp Inc.'s ("Yelp" or the "Company") future operations, expected financial results and future financial position, future revenue, long-term target margins, projected growth and expenses, trends, opportunities, prospects, estimates ...

Market Opportunity & Growth - The U S local ad spend is projected to be approximately $149 billion in 2017[12] - Yelp claimed 3 4 million local business locations[12] - Yelp has 138 thousand local advertising accounts[12] - Cumulative reviews grew by 27% from 95 million in Q4 2015 to over 121 million in Q4 2016[22] Mobile Engagement - App unique devices increased by 20% from 20 million in Q4 2015 to 24 million in Q4 2016[24] - App users view approximately 10 times as many pages as website users[24] Financial Performance & Targets - Total net revenue increased from $550 million in 2015 to $713 million in 2016[52] - Adjusted EBITDA increased from $69 million in 2015 to $120 million in 2016[52] - The company projects total net revenue between $880 million and $900 million in 2017[52] - The long-term target adjusted EBITDA margin is 35%-40%[55]

Investor Presentation Fourth Quarter 2017 FORWARD-LOOKING STATEMENTS These slides and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical facts contained in these slides and the accompanying oral presentation, including statements regarding Yelp Inc.'s ("Yelp" or the "Company") future operations, expected financial results and future financial position, future revenue, the strategic partnership with Grubhub (including its anticipated timi ...

Summary of Yelp (YELP) Conference Call - May 29, 2025 Company Overview - **Company**: Yelp (YELP) - **Industry**: Online review and local services platform Key Points Evolution of Business Model - Transition from a sales headcount-driven growth model to a product-driven growth model, focusing on product delivery and leveraging emerging technologies like AI and large language models [4][5] - Approximately two-thirds of revenue now comes from services, marking a significant shift from the traditional focus on restaurant and retail reviews [5] Services Business Performance - Services grew at approximately 11% each quarter in 2024, with a 14% growth in Q1 2025, partly due to the acquisition of RepairPal [6][7] - Home services have been a major driver of growth, with enhancements in the "Request Quote" feature allowing better matching of consumers with service providers [7][8] - Expansion into other service categories, including auto services through the RepairPal acquisition, is expected to drive further growth [8][20] Multi-Location Services Strategy - Focus on mid-market and enterprise customers to increase advertising revenue from services [12][13] - Development of APIs and lead management systems to support enterprise customers across multiple locations [13][14] Challenges in Restaurant and Retail Sector - The restaurant and retail segment has faced challenges due to rising input costs and inability to pass these costs onto consumers, resulting in a 3% decline in Q1 2025 [24][25] - Competition from food delivery platforms and retail ad networks has increased, impacting advertising budgets [28][29] - Yelp is enhancing consumer experience and ad matching technology to retain advertiser interest [26][30] Traffic and Engagement Insights - Experimentation with paid traffic acquisition led to increased project generation but did not result in higher ad budgets from advertisers, prompting a pullback in spending [31][33] - Focus on ROI-driven strategies to ensure that advertising budgets are effectively utilized [34] AI Integration and Future Outlook - AI is viewed as a significant opportunity, with investments in Yelp Assistant and other AI-driven features to enhance user experience and service matching [35][36] - Plans to leverage AI for improving call handling and customer engagement [37][38] Macroeconomic Sensitivity - The restaurant and retail business is more cyclical and sensitive to economic downturns, while the services business has a significant non-discretionary component [41][42] - Service professionals tend to increase advertising during economic slowdowns to maintain business [42] Revenue Guidance and Margin Outlook - Revenue guidance for Q2 2025 indicates a slowdown, with expectations for acceleration in the second half of the year [44] - Factors contributing to margin pressure include increased data spending for AI products, the lower gross margin from RepairPal, and fluctuations in employee-related expenses [48][51] Conclusion - Yelp is focused on delivering value to both consumers and advertisers, with a strong emphasis on enhancing product offerings and leveraging AI technologies to drive future growth [43][52]