Financial Performance & Growth - Yelp's Q4 2015 financials show significant growth since its IPO, with revenue increasing by 517% from $24.9 million to $153.7 million[11] - The number of monthly average unique devices accessing the Yelp app increased by 251% from 5.7 million to 20.0 million between Q4 2011 and Q4 2015[11] - Monthly average users accessing Yelp via the website increased by 114% from 65.8 million to 140.5 million between Q4 2011 and Q4 2015[11] - Cumulative reviews increased by 284% from 24.8 million to 95.2 million between Q4 2011 and Q4 2015[11] - Adjusted EBITDA increased from -$0.0 million to $17.5 million between Q4 2011 and Q4 2015[11] Market Opportunity & User Engagement - Yelp estimates a large addressable market with over 20 million local business locations in the U S [14] - The U S local ad spend is projected to be $151 billion in 2016[15] - Yelp app users view significantly more pages than website users, indicating higher engagement[27] - The number of unique devices accessing the Yelp app grew by 38% year-over-year from Q4 2014 to Q4 2015[27] Advertising & Revenue - Local advertisers see a compelling ROI, with an estimated monthly revenue of $983 from ad-driven leads, compared to an average monthly spend of $267 on CPC or CPM ads, resulting in a 269% ROI[32] - The company's analysis shows strong unit economics, with a contribution margin of 48% in year 1, increasing to 95% in years 2 and 3 for an average local advertiser[37]

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]