Core Viewpoint - The S&P 500 has entered positive territory for the year, highlighting a focus on value stocks with independent catalysts for recovery, specifically mentioning Yelp as an overlooked opportunity [1]. Company Insights - Yelp is identified as a stock that has potential for rebound, suggesting it may be undervalued in the current market [1]. - The author has a beneficial long position in Yelp shares, indicating confidence in the stock's future performance [2]. Analyst Background - The analyst has extensive experience covering technology companies and has worked in Silicon Valley, providing a strong foundation for insights into industry trends [1]. - The analyst has been contributing to Seeking Alpha since 2017 and has been featured in various web publications, indicating a recognized presence in the investment community [1].

Core Insights - The 2025 "Must-Eat List" by Dianping has been announced, covering 3,146 restaurants across 144 cities and regions, with significant growth in both domestic and international locations [1][2] - The restaurant industry in China is experiencing a recovery, with a focus on local flavors and value-for-money offerings, as indicated by the increasing number of non-chain and long-established local eateries [1][2] Group 1: Overview of the 2025 "Must-Eat List" - The list includes 3,146 restaurants, with 1,700 new entries compared to last year, and features 116 domestic cities and 28 international cities [1] - Key trends include a strong emphasis on "local characteristics," "freshly prepared," and a significant representation of non-chain restaurants, which account for over 50% of the list [1][2] - The average consumer spending in the restaurant sector is stable at around 75 yuan, with nearly 80% of restaurants priced under 100 yuan per person [1] Group 2: Emerging Cities and Restaurant Composition - New cities such as Jieyang, Quzhou, Linyi, and Baotou have seen over 40% of their user traffic coming from outside the area, indicating a growing interest in these locations as culinary destinations [2] - Over 70% of the new entrants are street food vendors, with nearly 40% being local establishments that have been in business for over 10 years [2] - The list has expanded to include 15 new international cities, reflecting a growing trend of users exploring culinary options in regions like Japan, Southeast Asia, and Europe [2] Group 3: Impact and Future Prospects - The "Must-Eat List" has become a significant driver for restaurant growth, with online traffic for newly listed merchants in new cities increasing by over 50% following the announcement [3] - The platform will continue to rigorously select restaurants during the public announcement period to ensure quality and authenticity [3]

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Yelp's unaudited Q1 2025 financials, with revenue up 8% to $358.5M and net income up 72% to $24.4M [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly increased to $985.2M, liabilities rose to $257.2M, and stockholders' equity decreased to $728.0M Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$985,203** | **$983,567** | | Total Current Assets | $527,711 | $516,879 | | Goodwill | $133,809 | $130,980 | | **Total Liabilities** | **$257,185** | **$239,598** | | Total Current Liabilities | $182,394 | $154,974 | | **Total Stockholders' Equity** | **$728,018** | **$743,969** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net revenue increased 8% to $358.5M, with net income rising significantly to $24.4M and diluted EPS reaching $0.36 Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net revenue | $358,534 | $332,752 | | Total costs and expenses | $329,074 | $321,535 | | Income from operations | $29,460 | $11,217 | | Net income attributable to common stockholders | $24,391 | $14,154 | | Diluted net income per share | $0.36 | $0.20 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow rose to $98.0M; investing used $12.0M, financing used $81.7M, including stock repurchases Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $97,995 | $72,855 | | Net cash used in investing activities | $(12,003) | $(6,402) | | Net cash used in financing activities | $(81,713) | $(83,834) | | Change in cash, cash equivalents and restricted cash | $4,931 | $(17,866) | - The company repurchased $**62.5 million** of common stock in both Q1 2025 and Q1 2024[36](index=36&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail RepairPal acquisition ($81.2M), $268.3M stock repurchase authorization, and 14% Services revenue growth - On November 26, 2024, the Company acquired auto services platform RepairPal, Inc. for a preliminary total purchase consideration of $**81.2 million** The acquisition is intended to accelerate efforts in the Services categories[61](index=61&type=chunk)[62](index=62&type=chunk) - The RepairPal acquisition resulted in $**30.8 million** of goodwill and $**53.6 million** of intangible assets, primarily business relationships and developed technology[64](index=64&type=chunk) - As of March 31, 2025, $**268.3 million** remained available for stock repurchases under the board's authorized program The company repurchased $**62.5 million** of stock in Q1 2025[86](index=86&type=chunk)[87](index=87&type=chunk) Net Revenue by Product Line (in thousands) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Advertising Revenue:** | | | | Services | $231,576 | $203,288 | | Restaurants, Retail & Other | $110,425 | $114,350 | | **Total Advertising** | **$342,001** | **$317,638** | | Other | $16,533 | $15,114 | | **Total Net Revenue** | **$358,534** | **$332,752** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 8% revenue growth to $358.5M, driven by Services, and adjusted EBITDA growth to $84.9M [Overview](index=26&type=section&id=Overview) Q1 2025 net revenue reached $358.5M, net income $24.4M, and adjusted EBITDA $84.9M, with Services growth - Strategic initiatives for revenue growth include: Leading in Services, Driving advertiser value, and Transforming the consumer experience[112](index=112&type=chunk)[113](index=113&type=chunk) - Services revenue grew **14%** YoY, driven by Home and Auto Services, including contributions from the newly acquired RepairPal[113](index=113&type=chunk) - The company is enhancing its platform with AI, including Yelp Assistant with photo recognition and AI-powered business summaries leveraging LLMs[113](index=113&type=chunk) [Key Metrics](index=27&type=section&id=Key%20Metrics) Ad clicks decreased 3% while average CPC increased 9%, with total paying advertising locations down 3% to 517K Year-over-Year Change in Ad Clicks and Average CPC | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Ad Clicks | (3)% | 8% | | Average CPC | 9% | (1)% | Paying Advertising Locations (in thousands) | Category | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Services | 261 | 252 | 3% | | Restaurants, Retail & Other | 256 | 278 | (8)% | | **Total** | **517** | **530** | **(3)%** | - The decrease in ad clicks was primarily driven by macroeconomic pressures in RR&O categories and reduced spend on paid search for Services projects[120](index=120&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total net revenue rose 8% to $358.5M, with income from operations up 163% to $29.5M due to controlled expenses Q1 2025 vs Q1 2024 Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total net revenue** | **$358,534** | **$332,752** | **$25,782** | **8%** | | Cost of revenue | $34,828 | $27,355 | $7,473 | 27% | | Sales and marketing | $146,284 | $147,791 | $(1,507) | (1)% | | Product development | $83,905 | $91,227 | $(7,322) | (8)% | | General and administrative | $51,707 | $45,232 | $6,475 | 14% | | **Total costs and expenses** | **$329,074** | **$321,535** | **$7,539** | **2%** | | **Income from operations** | **$29,460** | **$11,217** | **$18,243** | **163%** | - Cost of revenue increased primarily due to higher advertising fulfillment costs, website infrastructure expense, and revenue share payments related to the RepairPal acquisition[136](index=136&type=chunk)[143](index=143&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA significantly increased to $84.9M (24% margin), and Free Cash Flow rose to $87.5M in Q1 2025 Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $24,391 | $14,154 | | Adjustments (Taxes, Other income, D&A, SBC, etc.) | $60,553 | $50,302 | | **Adjusted EBITDA** | **$84,944** | **$64,456** | | Net revenue | $358,534 | $332,752 | | **Adjusted EBITDA margin** | **24%** | **19%** | Reconciliation of Net Cash from Operations to Free Cash Flow (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $97,995 | $72,855 | | Purchases of property, equipment and software | $(10,531) | $(6,987) | | **Free cash flow** | **$87,464** | **$65,868** | [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity includes $222.0M cash, $102.4M marketable securities, and $111.0M available credit, sufficient for needs - As of March 31, 2025, the company had $**222.0 million** in cash and cash equivalents and $**102.4 million** in marketable securities[160](index=160&type=chunk) - The company has a $**125.0 million** senior secured revolving credit facility, with $**14.0 million** of letters of credit outstanding and $**111.0 million** available[162](index=162&type=chunk)[163](index=163&type=chunk) - Material cash requirements include $**38.3 million** for operating leases and approximately $**167.5 million** for purchase obligations, primarily website hosting[166](index=166&type=chunk)[167](index=167&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risks, including interest rate, foreign exchange, and inflation, remain materially unchanged from year-end 2024 - The company's primary market risks include interest rate, foreign exchange, and inflation, which have not changed materially since year-end 2024[177](index=177&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[179](index=179&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2025[180](index=180&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) A $15.0M settlement for the CIPA Action was approved, and other legal proceedings are not expected to be material - On April 10, 2024, the Superior Court granted final approval of a $**15.0 million** settlement for the California Invasion of Privacy Act (CIPA) Action, resolving all claims against the company[75](index=75&type=chunk) - The company does not believe the final outcome of any other ordinary course legal matters will have a material effect on its business or financial position[184](index=184&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report - No material changes have occurred to the risk factors set forth in the company's Annual Report[185](index=185&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 1.7M shares for $62.5M in Q1 2025, with $268.3M remaining for future repurchases Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | | :--- | :--- | :--- | | January 2025 | 638 | $39.66 | | February 2025 | 114 | $35.44 | | March 2025 | 937 | $35.39 | - As of May 2, 2025, $**238.7 million** remained available under the company's $**1.95 billion** stock repurchase authorization[186](index=186&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) CTO Sam Eaton and board member Dan Jedda entered Rule 10b5-1 trading plans for future stock sales - On February 20, 2025, CTO Sam Eaton entered into a Rule 10b5-1 trading plan for the potential sale of up to approximately **63,116 shares**[189](index=189&type=chunk) - On March 6, 2025, board member Dan Jedda entered into a Rule 10b5-1 trading plan for the potential sale of up to **4,258 shares**[190](index=190&type=chunk)

Core Insights - Yelp Inc. reported a strong first-quarter 2025 performance with earnings jumping 80% to 36 cents per share, exceeding the Zacks Consensus Estimate by 16.1% [1] - The company's revenues increased 8% year over year to $359 million, surpassing the consensus mark by 1.8%, primarily driven by growth in advertising revenues from Services businesses [2] Financial Performance - Advertising revenues, which constitute 95.2% of total revenues, rose 8% year over year to $342 million, mainly due to increased revenues from Yelp ad products and the RepairPal Network [3] - Advertising revenues from the Services business grew 14% year over year to $232 million, while the RR&O division saw a decline of 3% to $110 million due to macroeconomic challenges [4] - Total costs and expenses increased 2% year over year to $322 million, with adjusted EBITDA climbing 32% year over year to $85 million, resulting in an adjusted EBITDA margin increase to 24% from 19% [6] Balance Sheet and Cash Flow - As of March 31, 2025, Yelp had cash, cash equivalents, and short-term marketable securities totaling $324 million with no debt [7] - The company generated an operating cash flow of $98 million and free cash flow of $87.5 million in the first quarter [7] Guidance - Yelp updated its full-year 2025 revenue guidance to a range of $1.465 billion to $1.485 billion, with adjusted EBITDA expected between $345 million and $365 million [8] - For the second quarter of 2025, Yelp anticipates revenues between $362 million and $367 million, with adjusted EBITDA projected in the range of $84 million to $89 million [9]

Core Insights - Yelp reported revenue of $358.53 million for Q1 2025, a year-over-year increase of 7.8% and an EPS of $0.36 compared to $0.20 a year ago, exceeding Zacks Consensus Estimates [1] - The revenue surprise was +1.85% against the consensus estimate of $352.02 million, while the EPS surprise was +16.13% against the consensus estimate of $0.31 [1] Financial Performance Metrics - Yelp's shares returned -0.6% over the past month, while the Zacks S&P 500 composite increased by +11.3% [3] - The company has a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3] Advertising Metrics - Total Paying Advertising Locations were 517 thousand, slightly below the estimated 521.75 thousand [4] - Paying Advertising Locations for Restaurants, Retail & Other were 256 thousand, compared to the estimated 264 thousand [4] - Paying Advertising Locations for Services were 261 thousand, exceeding the estimated 256.67 thousand [4] - Net revenue from Advertising was $342 million, surpassing the average estimate of $335.97 million, with a year-over-year change of +7.7% [4] - Net revenue from Other services was $16.53 million, above the average estimate of $16.12 million, reflecting a year-over-year change of +9.4% [4] - Advertising revenue from Services was $231.58 million, exceeding the average estimate of $219.77 million, with a year-over-year change of +13.9% [4] - Advertising revenue from Restaurants, Retail & Other was $110.43 million, below the average estimate of $115.50 million, showing a year-over-year change of -3.4% [4]

Core Insights - Yelp reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.20 per share a year ago, representing an earnings surprise of 16.13% [1] - The company generated revenues of $358.53 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.85% and increasing from $332.75 million year-over-year [2] - Yelp has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Financial Performance - The earnings surprise for the previous quarter was 21.57%, with actual earnings of $0.62 per share compared to an expected $0.51 [1] - The current consensus EPS estimate for the upcoming quarter is $0.55, with projected revenues of $371.85 million, and for the current fiscal year, the estimate is $2.15 on revenues of $1.47 billion [7] Market Position - Yelp shares have declined approximately 8.2% since the beginning of the year, while the S&P 500 has decreased by 4.3% [3] - The Zacks Industry Rank places the Internet - Content sector in the bottom 26% of over 250 Zacks industries, indicating potential challenges for stock performance [8] Future Outlook - The sustainability of Yelp's stock price movement will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current estimate revisions trend for Yelp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Data and Key Metrics Changes - Yelp reported an 8% year-over-year revenue growth, generating $359 million in net revenue, with net income increasing by 72% to $24 million, representing a 7% margin [5][11] - Adjusted EBITDA rose by 32% year-over-year to $85 million, reflecting a 24% margin, exceeding expectations by $15 million [11][14] - The company expanded its net income margin by three percentage points and adjusted EBITDA margin by four percentage points compared to the prior year [5] Business Line Data and Key Metrics Changes - Services revenue increased by 14% year-over-year to $232 million, marking the sixteenth consecutive quarter of double-digit growth [11][12] - Revenue from restaurants and retail (RR and O) declined by 3% year-over-year to $110 million, with a decrease in paying advertising locations to 517,000 [12][13] - Ad clicks also fell by 3% year-over-year, primarily due to macro pressures in the RR and O categories [12] Market Data and Key Metrics Changes - The operating environment for businesses in the restaurant and retail sectors remains challenging, contributing to the decline in RR and O revenue [6] - Despite the challenges in RR and O, services categories showed strong momentum, with a 10% increase in Request to Quote projects year-over-year [6][7] Company Strategy and Development Direction - Yelp's product-led strategy continues to strengthen the business, with recent rollouts of 15 new features and updates [5] - The company is focusing on enhancing the hiring experience through AI-powered tools and integrating with platforms like Zapier to connect with over 800 CRM systems [8] - Yelp is investing in AI technologies to improve consumer interactions and is excited about the potential of Yelp Assistant to transform user experiences [9][38] Management's Comments on Operating Environment and Future Outlook - Management noted that while the first quarter showed resilience, macroeconomic uncertainties have increased, impacting advertiser sentiment [20][22] - The company expects second-quarter net revenue to be between $362 million and $367 million, with full-year revenue guidance widened to $1.465 billion to $1.485 billion [17][18] - Management remains optimistic about long-term shareholder value creation despite current macro challenges [18] Other Important Information - Yelp repurchased $62.5 million worth of shares in the first quarter, with $268 million remaining under the existing repurchase authorization [14] - The company aims to reduce stock-based compensation as a percentage of revenue to less than 8% by the end of 2025 [13] Q&A Session Summary Question: Can you discuss trends in advertiser sentiment and vertical performance? - Management indicated that services performed well with 14% year-over-year growth, while RR and O advertisers are more cautious due to macro uncertainties [20][21] Question: What are the drivers of CPC growth? - CPC growth was driven by robust advertiser demand in services, while RR and O faced softer trends leading to fewer clicks [29][30] Question: Can you elaborate on the AI strategy and its impact? - Management highlighted the potential of AI in enhancing user experience and lead generation, with new features like photo recognition and intelligent matching being developed [41][42] Question: What are the engagement trends across mobile and web? - Engagement trends showed macro pressure in RR and O, but strong growth in services, with project volume increasing by 15% year-over-year [48][49]

Financial Data and Key Metrics Changes - Yelp reported an 8% year-over-year revenue growth, generating $359 million in net revenue, with net income increasing by 72% to $24 million, representing a 7% margin [5][11] - Adjusted EBITDA rose by 32% year-over-year to $85 million, reflecting a 24% margin, exceeding expectations by $15 million [11][14] - The company expanded its net income margin by three percentage points and adjusted EBITDA margin by four percentage points compared to the prior year [5] Business Line Data and Key Metrics Changes - Services revenue increased by 14% year-over-year to $232 million, marking the sixteenth consecutive quarter of double-digit growth [11][12] - Revenue from restaurants and retail (RR and O) declined by 3% year-over-year to $110 million, with a decrease in paying advertising locations to 517,000 [12][13] - Ad clicks also fell by 3% year-over-year, primarily due to macro pressures in the RR and O categories [12] Market Data and Key Metrics Changes - The operating environment for businesses in the restaurant and retail sectors remains challenging, contributing to the decline in RR and O revenue [6] - Despite the challenges in RR and O, services categories showed strong momentum, with a 10% increase in Request to Quote projects year-over-year [6][7] Company Strategy and Development Direction - Yelp's product-led strategy continues to strengthen the business, with recent rollouts of 15 new features and updates [5] - The company is focusing on enhancing the hiring experience through AI-powered tools and integrating with platforms like Zapier to connect with over 800 CRM systems [8] - Yelp is investing in AI technologies to improve consumer interactions and enhance service offerings, including upcoming AI-powered call answering services [9][46] Management's Comments on Operating Environment and Future Outlook - Management noted that while the first quarter showed resilience, macroeconomic uncertainties have increased, impacting advertiser sentiment [20][22] - The company expects second-quarter net revenue to be in the range of $362 million to $367 million, with full-year revenue guidance modestly widened to between $1.465 billion and $1.485 billion [17][18] - Management remains optimistic about long-term shareholder value creation despite current macro challenges [18] Other Important Information - Yelp repurchased $62.5 million worth of shares in the first quarter, with $268 million remaining under the existing repurchase authorization [14] - The company aims to reduce stock-based compensation as a percentage of revenue to less than 8% by the end of 2025 and less than 6% by the end of 2027 [13][14] Q&A Session Summary Question: Can you discuss trends in advertiser sentiment and vertical performance? - Management indicated that services performed well with 14% year-over-year growth, while RR and O advertisers are more cautious due to macro uncertainties [20][21] Question: What are the drivers of CPC growth? - CPC growth was driven by robust advertiser demand in services, while RR and O faced headwinds leading to fewer clicks [29][30] Question: Can you elaborate on the AI strategy and its impact on CPCs? - Management highlighted the potential of AI in enhancing consumer interactions and improving lead quality, which could support CPC increases [41][42] Question: What are the engagement trends across mobile and web? - Engagement trends showed macro pressure in RR and O, but strong growth in services, with project volume increasing by 15% year-over-year [48][49]

EXHIBIT 99.1 Product Innovation and Services Growth Drove Yelp's First Quarter 2025 Results Net Revenue increased by 8% year over year to $359 million Net Income increased by 72% year over year to $24 million, reflecting a 7% margin Adjusted EBITDA grew 32% year over year to $85 million, reflecting a 24% margin 1 Updates 2025 Net Revenue outlook to the range of $1.465 billion to $1.485 billion; and Adjusted EBITDA outlook to the range of $345 million to $365 million 2 SAN FRANCISCO--(BUSINESS WIRE)--May 8, ...

Core Insights - Yelp (YELP) is expected to report quarterly earnings of $0.31 per share, a 55% increase year-over-year, with revenues projected at $352.02 million, reflecting a 5.8% year-over-year growth [1] Earnings Estimates - The consensus EPS estimate has been adjusted downward by 2.8% over the past 30 days, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions and have shown a strong correlation with short-term stock performance [3] Revenue Projections - Analysts project 'Net revenue- Advertising' to reach $335.97 million, a 5.8% increase from the previous year [5] - 'Net revenue- Other services' is expected to be $16.12 million, indicating a 6.6% year-over-year increase [5] - 'Net revenue- Advertising revenue- Services' is forecasted at $219.77 million, reflecting an 8.1% increase from the prior year [5] Advertising Metrics - 'Net revenue- Advertising revenue- Restaurants, Retail & Other' is estimated to be $115.50 million, a 1% increase year-over-year [6] - The consensus for 'Paying Advertising Locations' is 521.75 thousand, down from 530 thousand reported in the same quarter last year [6] - 'Paying Advertising Locations - Restaurants, Retail & Other' is estimated at 264 thousand, down from 278 thousand in the same quarter last year [7] - 'Paying Advertising Locations - Services' is projected to reach 256.67 thousand, slightly up from 252 thousand reported in the same quarter last year [7] Stock Performance - Over the past month, Yelp shares have decreased by 1.4%, while the Zacks S&P 500 composite has increased by 0.4% [8] - Yelp holds a Zacks Rank 3 (Hold), suggesting its performance will likely align with the overall market in the near term [8]