Yelp(YELP) - 2024 Q4 - Annual Results

Financial Performance - 2024 Net Revenue reached a record high of $1.41 billion, representing a 6% year-over-year increase[4] - 2024 Net Income increased by 34% to $133 million, with a net income margin of 9%[4] - Adjusted EBITDA for 2024 grew by 8% to $358 million, achieving a 25% adjusted EBITDA margin[4] - Net income for the year ended December 31, 2024, increased to $132,850,000 from $99,173,000 in 2023, representing a growth of 34%[18] - Adjusted EBITDA for the year ended December 31, 2024, was $357,993,000, compared to $330,493,000 in 2023, reflecting an increase of 8%[23] - The net revenue for the year ended December 31, 2024, reached $1,412,064,000, up from $1,337,062,000 in 2023, indicating a growth of 6%[23] - The net income margin improved to 9% for the year ended December 31, 2024, compared to 7% in 2023[23] - Free cash flow for the year ended December 31, 2024, was $248,468,000, down from $279,433,000 in 2023, a decrease of 11%[23] - Net cash provided by operating activities for the year ended December 31, 2024, was $285,815,000, compared to $306,280,000 in 2023, a decline of 7%[18] Revenue Projections - The company expects 2025 Net Revenue to be in the range of $1.470 billion to $1.485 billion[5] - 2025 Adjusted EBITDA is projected to be between $345 million and $360 million[5] Advertising Revenue - Advertising revenue from services increased by 11% year over year to a record $879 million[4] - Advertising revenue from Restaurants, Retail & Other businesses decreased by 3% year over year to $470 million[9] - Total paying advertising locations decreased by 5% year over year, while average revenue per location reached an annual record[9] User Engagement - Yelp users contributed 21 million new reviews in 2024, resulting in a total of 308 million cumulative reviews, up 7% from the prior year[9] Company Initiatives - The company introduced more than 80 new features and updates leveraging AI to enhance connections between consumers and service professionals[2] Stock and Cash Management - The company repurchased common stock totaling $251,181,000 in 2024, an increase from $199,999,000 in 2023[18] - Cash, cash equivalents, and restricted cash at the end of the period decreased to $217,682,000 from $314,002,000 in 2023, a decline of 31%[18] - The company incurred $66,199,000 in acquisition costs during the year ended December 31, 2024[18]