Investments in Product-Led Strategy Drove Yelp’s Strong 2023 Results
- Record 2023 net revenue of $1.34 billion showcases strong financial performance.
- Net income surged by 173% to $99 million, reflecting significant growth.
- Adjusted EBITDA increased by 23% to a record $330 million, highlighting operational efficiency.
- 2024 outlook projects net revenue of $1.42-1.44 billion and Adjusted EBITDA of $315-335 million, indicating continued growth.
- Board's approval of a $500 million share repurchase program increase signals confidence in the company's future.
- Yelp's strategic focus on Services categories in 2024 aims to enhance consumer experience and drive more quality leads to advertisers.
- Investments in long-term initiatives led to multiple records in 2023, demonstrating the value of Yelp's high-intent audience to local advertisers.
- Total advertising revenue increased by 13% to a record $1.28 billion, driven by strong advertiser demand.
- Yelp's product-led business model resulted in various record results, including net income margin growth to 7% and a 25% adjusted EBITDA margin.
- Services businesses revenue reached a record $793 million, with robust growth in Home Services category.
- Advertiser demand in Restaurants, Retail & Other businesses drove a 10% revenue increase to $483 million.
- Introduction of new consumer-focused products like AI-powered search, Yelp Guaranteed, and interactive review-writing features enhanced user experience.
- 2024 outlook anticipates growth in net revenue and Adjusted EBITDA as Services initiatives gain traction.
- Quarterly conference call scheduled to discuss financial results and outlook for 2024.
- None.
Insights
The reported increase in net revenue to $1.34 billion, which is a 12% year-over-year growth, signifies a strong performance for Yelp Inc., particularly as it surpasses the high end of their initial outlook. This growth trajectory is indicative of the company's successful product enhancements and market strategies. A net income surge of 173% to $99 million, with a net income margin of 7%, reflects efficient cost management and potentially improved operational leverage.
Furthermore, the 23% growth in Adjusted EBITDA to $330 million, which is above the provided outlook range, suggests robust underlying profitability. Adjusted EBITDA margin standing at 25% is a key metric for investors, as it excludes non-cash expenses and provides a clearer picture of operating performance. The projected net revenue for 2024, between $1.42 billion and $1.44 billion, along with Adjusted EBITDA estimates, indicates confidence in continued growth, although the anticipated Adjusted EBITDA shows a potential contraction, which may warrant a closer look into the expected cost structures and investment plans.
The $500 million increase in the share repurchase program demonstrates the board's confidence in the company's valuation and future prospects, which could be perceived positively by the market, often leading to an increase in share price due to the reduced share supply and improved earnings per share.
The growth in advertising revenue, particularly the 13% year-over-year increase to $1.28 billion, underscores Yelp's strong positioning in the local advertising market. The focus on high-intent audience engagement is evidently paying off, as seen by the 5% increase in ad clicks and the 9% increase in average cost per click (CPC), which suggests advertisers are willing to pay more for Yelp's ad inventory due to its effectiveness.
The emphasis on the Services category, with a 14% growth in advertising revenue to $793 million and the robust performance in the Home Services sector, is a strategic move. It capitalizes on the trend of increasing consumer spending on home improvement and professional services, a sector that has shown resilience even in uncertain economic times. Yelp's ability to drive quality leads to advertisers in this segment is a competitive advantage that can sustain revenue growth.
The company's investment in product development, such as AI-powered search and Yelp Guaranteed, is aimed at enhancing user engagement. This is crucial for maintaining a vibrant ecosystem where user contributions, such as the 22 million new reviews in 2023, keep the platform's content fresh and relevant.
The financial results of Yelp Inc. provide insights into broader economic trends, such as the health of small businesses and consumer spending patterns. The significant growth in net income and Adjusted EBITDA suggests that the local business economy, which Yelp heavily relies on, is robust and that Yelp has managed to capture a significant share of the local advertising market.
The company's financial performance, particularly in the Services sector, may also indicate a strong consumer demand for local services and a shift towards digital platforms for service discovery and hiring. Yelp's strategic focus on this area could be a response to long-term economic shifts towards service-oriented economies.
However, the flat overall traffic and decrease in app unique devices could signal market saturation or increased competition. Yelp's proactive approach to product development and user experience enhancements may be a strategic move to counteract these challenges and stimulate usage and growth.
2023 Net Revenue reached a record high of
2023 Net Income up
2023 Adjusted EBITDA grew
Expects 2024 Net Revenue in the range of
Board of Directors authorized
“Yelp delivered one of our strongest financial performances ever in 2023,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “We grew net revenue to a new high and nearly tripled our net income year over year. We also rolled out nearly 60 new product features and updates in the last 12 months. Looking ahead, we're increasing our focus on our Services categories in 2024 as we execute on a robust product roadmap to build Yelp into the best place for consumers to connect with trusted service pros and drive more quality leads to advertisers. Our team has repeatedly shown that focusing on our product-led strategy can drive durable growth, and we remain confident in the significant opportunities ahead to drive shareholder value over the long term.”
“Investments in our long-term strategic initiatives have led to multiple records as local advertisers continued to see the value of Yelp’s high-intent audience in 2023,” said David Schwarzbach, Yelp’s chief financial officer. “Net revenue increased by
¹ Yelp has not reconciled its Adjusted EBITDA outlook to GAAP Net income (loss) because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because Yelp cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below.
2023 Key Business Highlights
Yelp’s product-led business model drove a number of record results in 2023:
-
Net revenue increased by
12% year over year to a record$1.34 billion $30 million -
Net income increased by approximately by
173% year over year to$99 million 7% net income margin. -
Adjusted EBITDA grew
23% year over year to$330 million $6 million $20 million 25% adjusted EBITDA margin. -
Total advertising revenue increased by
13% year over year to a record$1.28 billion -
Ad clicks for the year returned to year-over-year growth, increasing
5% from 2022. Average CPC for the year increased9% as a result of robust advertiser demand for Yelp’s valuable, high-intent clicks, demonstrated by record average revenue per paying advertising location. -
In Services, Yelp demonstrated consistent year-over-year revenue growth throughout 2023, resulting in a record
$793 million 14% from 2022. Advertiser demand was particularly robust in the Home Services category, where annual revenue increased by approximately20% year over year and at a compound annual growth rate of nearly20% from 2019. -
Advertising revenue from Restaurants, Retail & Other businesses increased by
10% year over year to a record$483 million -
Advertising revenue from Yelp’s most efficient channels, Self-serve and Multi-location, together accounted for approximately
50% of Yelp’s 2023 advertising revenue. Self-serve revenue increased by approximately20% year over year and Multi-location revenue grew by approximately15% year over year. -
On the consumer side of Yelp’s business, Yelp introduced a number of new products to enhance the consumer experience with new discovery, review and Services features. These included an AI-powered search experience, Yelp Guaranteed and a more visual and interactive review-writing experience. While Yelp’s overall traffic levels remained approximately flat in 2023, Yelp users contributed 22 million new reviews in 2023 to reach a total of 287 million cumulative reviews. While app unique devices were down
3% year over year, mobile web traffic increased by2% year over year.
Outlook
The company expects 2024 Net revenue will be in the range of
Quarterly Conference Call
Yelp will host a live webcast today at 2 p.m. Pacific Time to discuss the fourth quarter and full year 2023 financial results and outlook for the first quarter and full year 2024. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at yelp-ir.com. A replay of the webcast will be available at the same website.
About Yelp
Yelp Inc. (yelp.com) is a community-driven platform that connects people with great local businesses. Millions of people rely on Yelp for useful and trusted local business information, reviews and photos to help inform their spending decisions. As a one-stop local platform, Yelp helps consumers easily discover, connect and transact with businesses across a broad range of categories by making it easy to request a quote for a service, book a table at a restaurant, and more. Yelp was founded in
Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.
Forward Looking Statements
This press release contains forward-looking statements relating to, among other things, Yelp’s future performance, including its expected financial results for 2024, its plans to focus on its Services categories and execute against its growth initiatives for the long term in 2024, its robust roadmap to build Yelp into the best place for consumers to connect with trusted service pros and drive more quality leads to advertisers, and its ability to drive shareholder value over the long term, that are based on its current expectations, forecasts, and assumptions that involve risks and uncertainties.
Yelp’s actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to:
- macroeconomic uncertainty — including related to inflation, interest rates and supply chain issues, as well as severe weather events and the prevalence of seasonal respiratory illnesses — and its effect on consumer behavior, user activity and advertiser spending;
- the impact of fears or actual outbreaks of disease and any resulting changes in consumer behavior, economic conditions or governmental actions;
- Yelp’s ability to maintain and expand its base of advertisers, particularly if advertiser turnover substantially worsens and/or consumer demand significantly degrades;
- Yelp’s ability to drive continued growth through its strategic initiatives;
- Yelp’s ability to continue to operate effectively with a primarily remote work force and attract and retain key talent;
- Yelp’s limited operating history in an evolving industry; and
- Yelp’s ability to generate and maintain sufficient high-quality content from its users.
Factors that could cause or contribute to such differences also include, but are not limited to, those factors that could affect Yelp’s business, operating results and stock price included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yelp’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q at yelp-ir.com or the SEC’s website at sec.gov.
YELP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
313,911 |
|
|
$ |
306,379 |
|
Short-term marketable securities |
|
127,485 |
|
|
|
94,244 |
|
Accounts receivable, net |
|
146,147 |
|
|
|
131,902 |
|
Prepaid expenses and other current assets |
|
36,673 |
|
|
|
63,467 |
|
Total current assets |
|
624,216 |
|
|
|
595,992 |
|
Property, equipment and software, net |
|
68,684 |
|
|
|
77,224 |
|
Operating lease right-of-use assets |
|
48,573 |
|
|
|
97,392 |
|
Goodwill |
|
103,886 |
|
|
|
102,328 |
|
Intangibles, net |
|
7,638 |
|
|
|
8,997 |
|
Other non-current assets |
|
161,726 |
|
|
|
133,989 |
|
Total assets |
$ |
1,014,723 |
|
|
$ |
1,015,922 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
132,809 |
|
|
$ |
137,950 |
|
Operating lease liabilities — current |
|
39,234 |
|
|
|
39,674 |
|
Deferred revenue |
|
3,821 |
|
|
|
5,200 |
|
Total current liabilities |
|
175,864 |
|
|
|
182,824 |
|
Operating lease liabilities — long-term |
|
48,065 |
|
|
|
86,661 |
|
Other long-term liabilities |
|
41,260 |
|
|
|
36,113 |
|
Total liabilities |
|
265,189 |
|
|
|
305,598 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,786,667 |
|
|
|
1,649,692 |
|
Treasury stock |
|
(282 |
) |
|
|
— |
|
Accumulated other comprehensive loss |
|
(12,202 |
) |
|
|
(15,545 |
) |
Accumulated deficit |
|
(1,024,649 |
) |
|
|
(923,823 |
) |
Total stockholders’ equity |
|
749,534 |
|
|
|
710,324 |
|
Total liabilities and stockholders’ equity |
$ |
1,014,723 |
|
|
$ |
1,015,922 |
|
YELP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net revenue |
$ |
342,376 |
|
$ |
309,103 |
|
$ |
1,337,062 |
|
$ |
1,193,506 |
|
|
|
|
|
|
|
|
||||
Costs and expenses: |
|
|
|
|
|
|
|
||||
Cost of revenue(1) |
|
29,616 |
|
|
28,483 |
|
|
114,229 |
|
|
105,705 |
Sales and marketing(1) |
|
132,297 |
|
|
126,357 |
|
|
556,605 |
|
|
514,927 |
Product development(1) |
|
78,323 |
|
|
72,225 |
|
|
332,570 |
|
|
305,561 |
General and administrative(1) |
|
66,822 |
|
|
37,967 |
|
|
212,431 |
|
|
164,108 |
Depreciation and amortization |
|
10,303 |
|
|
10,687 |
|
|
42,184 |
|
|
44,852 |
Total costs and expenses |
|
317,361 |
|
|
275,719 |
|
|
1,258,019 |
|
|
1,135,153 |
Income from operations |
|
25,015 |
|
|
33,384 |
|
|
79,043 |
|
|
58,353 |
Other income, net |
|
8,775 |
|
|
3,478 |
|
|
26,039 |
|
|
8,425 |
Income before income taxes |
|
33,790 |
|
|
36,862 |
|
|
105,082 |
|
|
66,778 |
Provision for income taxes |
|
6,384 |
|
|
16,717 |
|
|
5,909 |
|
|
30,431 |
Net income attributable to common stockholders |
$ |
27,406 |
|
$ |
20,145 |
|
$ |
99,173 |
|
$ |
36,347 |
|
|
|
|
|
|
|
|
||||
Net income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||
Basic |
$ |
0.40 |
|
$ |
0.29 |
|
$ |
1.43 |
|
$ |
0.51 |
Diluted |
$ |
0.37 |
|
$ |
0.28 |
|
$ |
1.35 |
|
$ |
0.50 |
|
|
|
|
|
|
|
|
||||
Weighted-average shares used to compute net income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||
Basic |
|
68,790 |
|
|
70,001 |
|
|
69,221 |
|
|
70,867 |
Diluted |
|
73,159 |
|
|
71,607 |
|
|
73,596 |
|
|
73,402 |
|
|
|
|
|
|
|
|
||||
(1) Includes stock-based compensation expense as follows: |
|||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Cost of revenue |
$ |
1,248 |
|
$ |
1,060 |
|
$ |
5,274 |
|
$ |
4,761 |
Sales and marketing |
|
8,266 |
|
|
8,160 |
|
|
35,187 |
|
|
33,621 |
Product development |
|
22,627 |
|
|
20,090 |
|
|
97,515 |
|
|
86,871 |
General and administrative |
|
8,006 |
|
|
7,027 |
|
|
35,475 |
|
|
30,837 |
Total stock-based compensation |
$ |
40,147 |
|
$ |
36,337 |
|
$ |
173,451 |
|
$ |
156,090 |
YELP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Operating Activities |
|
|
|
||||
Net income |
$ |
99,173 |
|
|
$ |
36,347 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
42,184 |
|
|
|
44,852 |
|
Provision for doubtful accounts |
|
40,702 |
|
|
|
25,006 |
|
Stock-based compensation |
|
173,451 |
|
|
|
156,090 |
|
Amortization of right-of-use assets |
|
28,084 |
|
|
|
32,810 |
|
Deferred income taxes |
|
(22,150 |
) |
|
|
(56,621 |
) |
Amortization of deferred contract cost |
|
24,035 |
|
|
|
18,827 |
|
Asset impairment |
|
23,563 |
|
|
|
10,464 |
|
Other adjustments, net |
|
(410 |
) |
|
|
1,036 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(54,947 |
) |
|
|
(49,555 |
) |
Prepaid expenses and other assets |
|
(5,123 |
) |
|
|
(36,032 |
) |
Operating lease liabilities |
|
(39,734 |
) |
|
|
(40,057 |
) |
Accounts payable, accrued liabilities and other liabilities |
|
(2,548 |
) |
|
|
49,142 |
|
Net cash provided by operating activities |
|
306,280 |
|
|
|
192,309 |
|
|
|
|
|
||||
Investing Activities |
|
|
|
||||
Purchases of marketable securities — available-for-sale |
|
(148,448 |
) |
|
|
(127,080 |
) |
Sales and maturities of marketable securities — available-for-sale |
|
117,916 |
|
|
|
32,821 |
|
Maturities of other investments |
|
2,500 |
|
|
|
— |
|
Purchases of property, equipment and software |
|
(26,847 |
) |
|
|
(31,979 |
) |
Other investing activities |
|
195 |
|
|
|
94 |
|
Net cash used in investing activities |
|
(54,684 |
) |
|
|
(126,144 |
) |
|
|
|
|
||||
Financing Activities |
|
|
|
||||
Proceeds from issuance of common stock for employee stock-based plans |
|
39,510 |
|
|
|
23,497 |
|
Taxes paid related to the net share settlement of equity awards |
|
(85,180 |
) |
|
|
(61,023 |
) |
Repurchases of common stock |
|
(199,999 |
) |
|
|
(200,006 |
) |
Payment of issuance costs for credit facility |
|
(1,109 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(246,778 |
) |
|
|
(237,532 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
2,046 |
|
|
|
(2,136 |
) |
|
|
|
|
||||
Change in cash, cash equivalents and restricted cash |
|
6,864 |
|
|
|
(173,503 |
) |
Cash, cash equivalents and restricted cash — Beginning of period |
|
307,138 |
|
|
|
480,641 |
|
Cash, cash equivalents and restricted cash — End of period |
$ |
314,002 |
|
|
$ |
307,138 |
|
Non-GAAP Financial Measures
This press release and statements made during the above referenced webcast may include information relating to Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow, each of which the Securities and Exchange Commission has defined as a "non-GAAP financial measure."
We define Adjusted EBITDA as net income (loss), adjusted to exclude: provision for (benefit from) income taxes; other income, net; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items, such as material litigation settlements, impairment charges and fees related to shareholder activism that we deem not to be indicative of our ongoing operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue. We define Free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property, equipment and software.
Adjusted EBITDA and Free cash flow, which are not prepared under any comprehensive set of accounting rules or principles, have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Yelp’s financial results as reported in accordance with generally accepted accounting principles in
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, Yelp's working capital needs;
- Adjusted EBITDA does not reflect the impact of the recording or release of valuation allowances or tax payments that may represent a reduction in cash available to Yelp;
- Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
- Adjusted EBITDA does not take into account any income or costs that management determines are not indicative of ongoing operating performance, such as material litigation settlements, impairment charges and fees related to shareholder activism;
- Free cash flow does not represent the total residual cash flow available for discretionary purposes because it does not reflect our contractual commitments or obligations; and
- other companies, including those in Yelp’s industry, may calculate Adjusted EBITDA and Free cash flow differently, which reduces their usefulness as comparative measures.
Because of these limitations, you should consider Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow alongside other financial performance measures, including net income (loss), net cash provided by (used in) operating activities and Yelp’s other GAAP results.
The following is a reconciliation of net income to Adjusted EBITDA, as well as the calculation of net income margin and Adjusted EBITDA margin, for each of the periods indicated (in thousands, except percentages; unaudited):
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Net Income to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
27,406 |
|
|
$ |
20,145 |
|
|
$ |
99,173 |
|
|
$ |
36,347 |
|
Provision for income taxes |
|
6,384 |
|
|
|
16,717 |
|
|
|
5,909 |
|
|
|
30,431 |
|
Other income, net |
|
(8,775 |
) |
|
|
(3,478 |
) |
|
|
(26,039 |
) |
|
|
(8,425 |
) |
Depreciation and amortization |
|
10,303 |
|
|
|
10,687 |
|
|
|
42,184 |
|
|
|
44,852 |
|
Stock-based compensation |
|
40,147 |
|
|
|
36,337 |
|
|
|
173,451 |
|
|
|
156,090 |
|
Litigation settlement(1)(2) |
|
— |
|
|
|
— |
|
|
|
11,000 |
|
|
|
— |
|
Asset impairment(1) |
|
20,008 |
|
|
|
— |
|
|
|
23,563 |
|
|
|
10,464 |
|
Fees related to shareholder activism(1) |
|
581 |
|
|
|
— |
|
|
|
1,252 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
96,054 |
|
|
$ |
80,408 |
|
|
$ |
330,493 |
|
|
$ |
269,759 |
|
|
|
|
|
|
|
|
|
||||||||
Net revenue |
$ |
342,376 |
|
|
$ |
309,103 |
|
|
$ |
1,337,062 |
|
|
$ |
1,193,506 |
|
Net income margin |
|
8 |
% |
|
|
7 |
% |
|
|
7 |
% |
|
|
3 |
% |
Adjusted EBITDA margin |
|
28 |
% |
|
|
26 |
% |
|
|
25 |
% |
|
|
23 |
% |
(1) Recorded within general and administrative expenses on our Condensed Consolidated Statements of Operations. |
(2) Represents the loss contingency recorded in connection with the settlement of a putative class action lawsuit asserting claims under the California Invasion of Privacy Act. For additional information, see our most recently filed Quarterly Report on Form 10-Q at www.yelp-ir.com or the SEC’s website at www.sec.gov. |
The following is a reconciliation of net cash provided by operating activities to Free cash flow for each of the periods indicated (in thousands; unaudited):
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow: |
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
79,170 |
|
|
$ |
44,473 |
|
|
$ |
306,280 |
|
|
$ |
192,309 |
|
Purchases of property, equipment and software |
|
(5,997 |
) |
|
|
(11,875 |
) |
|
|
(26,847 |
) |
|
|
(31,979 |
) |
Free cash flow |
$ |
73,173 |
|
|
$ |
32,598 |
|
|
$ |
279,433 |
|
|
$ |
160,330 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
$ |
(8,219 |
) |
|
$ |
(14,837 |
) |
|
$ |
(54,684 |
) |
|
$ |
(126,144 |
) |
|
|
|
|
|
|
|
|
||||||||
Net cash used in financing activities |
$ |
(63,546 |
) |
|
$ |
(55,508 |
) |
|
$ |
(246,778 |
) |
|
$ |
(237,532 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215964428/en/
Investor Relations Contact:
Josh Willis
ir@yelp.com
Press Contact:
Amber Albrecht
press@yelp.com
Source: Yelp Inc.
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