• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form 10-Q filed by Yelp Inc.

    11/8/24 4:25:25 PM ET
    $YELP
    Other Consumer Services
    Consumer Discretionary
    Get the next $YELP alert in real time by email
    yelp-20240930
    FALSE0001345016--12-312024Q3428364xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00013450162024-01-012024-09-3000013450162024-11-0100013450162024-09-3000013450162023-12-3100013450162024-07-012024-09-3000013450162023-07-012023-09-3000013450162023-01-012023-09-300001345016us-gaap:CommonStockMember2023-06-300001345016us-gaap:AdditionalPaidInCapitalMember2023-06-300001345016us-gaap:TreasuryStockCommonMember2023-06-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001345016us-gaap:RetainedEarningsMember2023-06-3000013450162023-06-300001345016us-gaap:CommonStockMember2023-07-012023-09-300001345016us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001345016us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001345016us-gaap:RetainedEarningsMember2023-07-012023-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001345016us-gaap:CommonStockMember2023-09-300001345016us-gaap:AdditionalPaidInCapitalMember2023-09-300001345016us-gaap:TreasuryStockCommonMember2023-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001345016us-gaap:RetainedEarningsMember2023-09-3000013450162023-09-300001345016us-gaap:CommonStockMember2024-06-300001345016us-gaap:AdditionalPaidInCapitalMember2024-06-300001345016us-gaap:TreasuryStockCommonMember2024-06-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001345016us-gaap:RetainedEarningsMember2024-06-3000013450162024-06-300001345016us-gaap:CommonStockMember2024-07-012024-09-300001345016us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001345016us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001345016us-gaap:RetainedEarningsMember2024-07-012024-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001345016us-gaap:CommonStockMember2024-09-300001345016us-gaap:AdditionalPaidInCapitalMember2024-09-300001345016us-gaap:TreasuryStockCommonMember2024-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001345016us-gaap:RetainedEarningsMember2024-09-300001345016us-gaap:CommonStockMember2022-12-310001345016us-gaap:AdditionalPaidInCapitalMember2022-12-310001345016us-gaap:TreasuryStockCommonMember2022-12-310001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001345016us-gaap:RetainedEarningsMember2022-12-3100013450162022-12-310001345016us-gaap:CommonStockMember2023-01-012023-09-300001345016us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001345016us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001345016us-gaap:RetainedEarningsMember2023-01-012023-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001345016us-gaap:CommonStockMember2023-12-310001345016us-gaap:AdditionalPaidInCapitalMember2023-12-310001345016us-gaap:TreasuryStockCommonMember2023-12-310001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001345016us-gaap:RetainedEarningsMember2023-12-310001345016us-gaap:CommonStockMember2024-01-012024-09-300001345016us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001345016us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001345016us-gaap:RetainedEarningsMember2024-01-012024-09-300001345016us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001345016us-gaap:CommercialPaperMemberus-gaap:CashEquivalentsMember2024-09-300001345016us-gaap:CashEquivalentsMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CertificatesOfDepositMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CommercialPaperMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016yelp:MarketableSecuritiesCurrentMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:CashEquivalentsMember2023-12-310001345016us-gaap:CashEquivalentsMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CertificatesOfDepositMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CommercialPaperMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016yelp:MarketableSecuritiesCurrentMember2023-12-310001345016us-gaap:CorporateDebtSecuritiesMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016us-gaap:CorporateDebtSecuritiesMember2023-12-310001345016us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:FairValueMeasurementsRecurringMember2024-09-300001345016us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:FairValueMeasurementsRecurringMember2023-12-310001345016us-gaap:SoftwareDevelopmentMember2024-09-300001345016us-gaap:SoftwareDevelopmentMember2023-12-310001345016us-gaap:LeaseholdImprovementsMember2024-09-300001345016us-gaap:LeaseholdImprovementsMember2023-12-310001345016us-gaap:ComputerEquipmentMember2024-09-300001345016us-gaap:ComputerEquipmentMember2023-12-310001345016us-gaap:FurnitureAndFixturesMember2024-09-300001345016us-gaap:FurnitureAndFixturesMember2023-12-310001345016us-gaap:TechnologyEquipmentMember2024-09-300001345016us-gaap:TechnologyEquipmentMember2023-12-310001345016us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-09-300001345016us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-12-310001345016yelp:PropertyEquipmentAndSoftwareMember2024-07-012024-09-300001345016yelp:PropertyEquipmentAndSoftwareMember2023-07-012023-09-300001345016yelp:PropertyEquipmentAndSoftwareMember2024-01-012024-09-300001345016yelp:PropertyEquipmentAndSoftwareMember2023-01-012023-09-3000013450162024-08-312024-08-310001345016yelp:BusinessRelationshipsMember2024-09-300001345016us-gaap:LicensingAgreementsMember2024-09-300001345016us-gaap:InternetDomainNamesMember2024-09-300001345016yelp:BusinessRelationshipsMember2023-12-310001345016us-gaap:LicensingAgreementsMember2023-12-310001345016us-gaap:InternetDomainNamesMember2023-12-310001345016yelp:EarlyTerminationOptionMember2024-01-012024-09-300001345016yelp:CIPAActionMemberus-gaap:PendingLitigationMember2023-07-172023-07-170001345016yelp:CIPAActionMemberus-gaap:PendingLitigationMember2024-03-310001345016yelp:CIPAActionMemberus-gaap:PendingLitigationMember2022-12-310001345016yelp:CIPAActionMemberus-gaap:PendingLitigationMember2023-01-012023-12-310001345016yelp:CIPAActionMember2024-04-012024-06-300001345016yelp:CIPAActionMemberus-gaap:PendingLitigationMember2024-01-182024-01-180001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-04-280001345016yelp:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-05-050001345016yelp:A2023CreditFacilityMemberus-gaap:LetterOfCreditMember2023-04-280001345016yelp:A2023CreditFacilityMemberyelp:BilateralLetterOfCreditMember2023-04-280001345016yelp:SubjectToCertainConditionsMemberyelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MinimumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:LetterOfCreditMembersrt:MinimumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:LetterOfCreditMembersrt:MaximumMember2023-04-282023-04-280001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2024-09-300001345016yelp:ForACertainPeriodFollowingSignificantAcquisitionsMemberyelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2024-09-300001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2024-09-300001345016yelp:A2023CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001345016yelp:July2017ShareRepurchaseProgramMember2024-09-300001345016yelp:July2017ShareRepurchaseProgramMember2024-01-012024-09-300001345016yelp:July2017ShareRepurchaseProgramMember2023-01-012023-09-3000013450162023-01-012023-12-310001345016us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001345016us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001345016us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001345016us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001345016us-gaap:EmployeeStockOptionMember2024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2023-12-310001345016us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2024-09-300001345016us-gaap:PerformanceSharesMember2024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001345016us-gaap:EmployeeStockMember2024-01-012024-09-300001345016us-gaap:EmployeeStockMember2024-07-012024-09-300001345016us-gaap:EmployeeStockMember2023-07-012023-09-300001345016us-gaap:EmployeeStockMember2023-01-012023-09-300001345016us-gaap:CostOfSalesMember2024-07-012024-09-300001345016us-gaap:CostOfSalesMember2023-07-012023-09-300001345016us-gaap:CostOfSalesMember2024-01-012024-09-300001345016us-gaap:CostOfSalesMember2023-01-012023-09-300001345016us-gaap:SellingAndMarketingExpenseMember2024-07-012024-09-300001345016us-gaap:SellingAndMarketingExpenseMember2023-07-012023-09-300001345016us-gaap:SellingAndMarketingExpenseMember2024-01-012024-09-300001345016us-gaap:SellingAndMarketingExpenseMember2023-01-012023-09-300001345016us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001345016us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001345016us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001345016us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001345016us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001345016us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001345016us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001345016us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001345016yelp:WithinNext12MonthsMember2024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001345016us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001345016us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001345016us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001345016us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001345016us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001345016yelp:AdvertisingServicesMember2024-07-012024-09-300001345016yelp:AdvertisingServicesMember2023-07-012023-09-300001345016yelp:AdvertisingServicesMember2024-01-012024-09-300001345016yelp:AdvertisingServicesMember2023-01-012023-09-300001345016yelp:AdvertisingRestaurantsAndOtherMember2024-07-012024-09-300001345016yelp:AdvertisingRestaurantsAndOtherMember2023-07-012023-09-300001345016yelp:AdvertisingRestaurantsAndOtherMember2024-01-012024-09-300001345016yelp:AdvertisingRestaurantsAndOtherMember2023-01-012023-09-300001345016us-gaap:AdvertisingMember2024-07-012024-09-300001345016us-gaap:AdvertisingMember2023-07-012023-09-300001345016us-gaap:AdvertisingMember2024-01-012024-09-300001345016us-gaap:AdvertisingMember2023-01-012023-09-300001345016yelp:OtherRevenueMember2024-07-012024-09-300001345016yelp:OtherRevenueMember2023-07-012023-09-300001345016yelp:OtherRevenueMember2024-01-012024-09-300001345016yelp:OtherRevenueMember2023-01-012023-09-300001345016country:US2024-07-012024-09-300001345016country:US2023-07-012023-09-300001345016country:US2024-01-012024-09-300001345016country:US2023-01-012023-09-300001345016us-gaap:NonUsMember2024-07-012024-09-300001345016us-gaap:NonUsMember2023-07-012023-09-300001345016us-gaap:NonUsMember2024-01-012024-09-300001345016us-gaap:NonUsMember2023-01-012023-09-300001345016country:US2024-09-300001345016country:US2023-12-310001345016us-gaap:NonUsMember2024-09-300001345016us-gaap:NonUsMember2023-12-310001345016yelp:RepairPalInc.Memberus-gaap:SubsequentEventMember2024-11-062024-11-060001345016yelp:RepairPalInc.Memberyelp:A15MonthPeriodAfterClosingMemberus-gaap:SubsequentEventMember2024-11-060001345016yelp:RepairPalInc.Memberyelp:A24MonthPeriodAfterClosingMemberus-gaap:SubsequentEventMember2024-11-060001345016yelp:RepairPalInc.Memberyelp:A30DaysFollowingFinalNonAppealableResolutionOfCertainLegalMattersMemberus-gaap:SubsequentEventMember2024-11-060001345016yelp:DavidSchwarzbachMember2024-01-012024-09-300001345016yelp:DavidSchwarzbachMember2024-07-012024-09-300001345016yelp:DavidSchwarzbachMember2024-09-300001345016yelp:CraigSaldanhaMember2024-01-012024-09-300001345016yelp:CraigSaldanhaMember2024-07-012024-09-300001345016yelp:CraigSaldanhaMember2024-09-30
    Table of Contents
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    ______________________________________________________________________________________________________
    Form 10-Q
    ______________________________________________________________________________________________________
    ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
    For the Quarterly Period Ended September 30, 2024
    OR
    ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
    For the Transition period from                 to

    Commission file number: 001-35444
    _____________________________________________________________________________________________________
    YELP INC.
    (Exact Name of Registrant as Specified in Its Charter)
    ______________________________________________________________________________________________________
    Delaware20-1854266
    (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
    350 Mission Street, 10th Floor
    San Francisco, California 94105
    (Address of principal executive offices) (Zip Code)

    (415) 908-3801
    (Registrant’s Telephone Number, Including Area Code)
    _________________________________________
    Securities registered pursuant to Section 12(b) of the Act:
    Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
    Common Stock, par value $0.000001 per shareYELPNew York Stock Exchange LLC
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑  No  ☐
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☑  No ☐
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filer☑Accelerated filer☐
    Non-accelerated filer        
    ☐
    Smaller reporting company☐
    Emerging growth company☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☑
    As of November 1, 2024, there were 65,817,690 shares outstanding of the registrant’s common stock, par value $0.000001 per share.


    Table of Contents
    YELP INC.
    QUARTERLY REPORT ON FORM 10-Q
    TABLE OF CONTENTS
    Page
    Part I.
    Financial Information
    Item 1.
    Financial Statements (Unaudited)
    Condensed Consolidated Balance Sheets
    4
    Condensed Consolidated Statements of Operations
    5
    Condensed Consolidated Statements of Comprehensive Income
    6
    Condensed Consolidated Statements of Stockholders’ Equity
    7
    Condensed Consolidated Statements of Cash Flows
    9
    Notes to Condensed Consolidated Financial Statements
    10
    Item 2.
    Management’s Discussion and Analysis of Financial Condition and Results of Operations
    26
    Item 3.
    Quantitative and Qualitative Disclosures About Market Risk
    36
    Item 4.
    Controls and Procedures
    36
    Part II.
    Other Information
    Item 1.
    Legal Proceedings
    37
    Item 1A.
    Risk Factors
    37
    Item 2.
    Unregistered Sales of Equity Securities and Use of Proceeds
    39
    Item 3.
    Defaults Upon Senior Securities
    39
    Item 4.
    Mine Safety Disclosures
    39
    Item 5.
    Other Information
    39
    Item 6.
    Exhibits
    40
    Signatures
    ___________________________________
    Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q (the “Quarterly Report”) to “Yelp,” the “Company,” “we,” “us” and “our” refer to Yelp Inc. and, where appropriate, its subsidiaries.
    Unless the context otherwise indicates, where we refer in this Quarterly Report to our “mobile application” or “mobile app,” we refer to all of our applications for mobile-enabled devices; references to our “mobile platform” refer to both our mobile app and the versions of our website that are optimized for mobile-based browsers. Similarly, references to our “website” refer to versions of our website dedicated to both desktop- and mobile-based browsers, as well as the U.S. and international versions of our website.

    1

    Table of Contents
    SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
    This Quarterly Report contains forward-looking statements that involve risks, uncertainties and assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements contained in this Quarterly Report that are not purely historical, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include, but are not limited to, statements about:
    •our financial performance, including our revenue, operating expenses and margins, as well as our ability to maintain profitability;
    •our ability to maintain and expand our advertiser base;
    •our strategic initiatives to support revenue growth and margin expansion;
    •our investment plans and priorities, including planned investments in product development, marketing and our sales channels, as well as proposed acquisition of RepairPal, Inc. (“RepairPal”), and our ability to execute against those plans and priorities and the results thereof;
    •our ability to operate with a distributed workforce as well as the benefits and costs thereof;
    •trends and expectations regarding customer and revenue retention;
    •trends and expectations regarding our key metrics, including consumer traffic and engagement and the opportunity they present for growth;
    •our liquidity and working capital requirements; and
    •our plans with respect to our stock repurchase program.
    Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would” and similar expressions or variations intended to identify forward-looking statements.
    These statements are based on the beliefs and assumptions of our management, which are in turn based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
    Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” included under Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), such as:
    •adverse macroeconomic conditions, including related to inflation, interest rates and supply chain issues, and their impact on consumer behavior, user activity and advertiser spending;
    •our ability to maintain and expand our advertiser base, particularly as many businesses continue to face macroeconomic challenges, including labor and supply chain difficulties;
    •our ability to execute on our strategic initiatives and the effectiveness thereof;
    •our ability to hire, retain, motivate and effectively manage well-qualified employees in a primarily remote work environment;
    •our ability to maintain and increase user engagement on our platform, including our ability to generate, maintain and recommend sufficient content that consumers find relevant, helpful and reliable;
    •the rapidly evolving and intensely competitive markets in which we operate;
    2

    Table of Contents
    •our reliance on third-party service providers and strategic partners;
    •our reliance on search engines and application marketplaces, certain providers of which offer products and services that compete directly with our products;
    •our ability to maintain the uninterrupted and proper operation of our technology and network infrastructure;
    •actual or perceived security breaches as well as errors, vulnerabilities or defects in our software or in products of third-party providers;
    •our ability to generate sufficient revenue to maintain profitability, particularly in light of our limited operating history in an evolving industry, significant ongoing investments in our strategic initiatives, and the ongoing impact of macroeconomic challenges;
    •our ability to accurately forecast revenue and appropriately plan expenses;
    •our ability to operate effectively on mobile devices and other platforms beyond desktop computers;
    •our actual or perceived failure to comply with laws and regulations applicable to our business;
    •our ability to maintain, protect and enhance the Yelp brand and manage negative publicity that may arise; and
    •our ability to successfully manage any strategic opportunities, including the acquisition and integration of any new businesses, solutions or technologies, such as our acquisition of RepairPal, as well as our ability to monetize the acquired products.
    Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
    NOTE REGARDING METRICS
    We review a number of performance metrics to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. Please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics” in this Quarterly Report and in our Annual Report for information on how we define our key metrics. Unless otherwise stated, these metrics do not include metrics from subscription products or our business-owner products.
    While our metrics are based on what we believe to be reasonable calculations, there are inherent challenges in measuring usage across our large user base. Certain of our performance metrics, including the number of unique devices accessing our mobile app, ad clicks, average cost-per-click and active claimed local business locations, are tracked with internal company tools, which are not independently verified by any third party and have a number of limitations. For example, our metrics may be affected by mobile applications that automatically contact our servers for regular updates with no discernible user action involved; this activity can cause our system to count the device associated with the app as an app unique device in a given period. Although we take steps to exclude such activity and, as a result, do not believe it has had a material impact on our reported metrics, our efforts may not successfully account for all such activity.
    Our metrics that are calculated based on data from Google Analytics, a digital marketing intelligence product from Google LLC (“Google”) — the number of desktop and mobile website unique visitors — are subject to similar limitations. Google Analytics periodically encounters difficulties in providing accurate data for such metrics as a result of a variety of factors, including human and software errors. In addition, because these traffic metrics are tracked based on unique identifiers, an individual who accesses our website from multiple devices with different identifiers may be counted as multiple unique visitors, and multiple individuals who access our website from a shared device with a single identifier may be counted as a single unique visitor. As a result, the calculations of our unique visitors may not accurately reflect the number of people actually visiting our website.
    Our measures of traffic and other key metrics may also differ from estimates published by third parties (other than those whose data we use to calculate such metrics) or from similar metrics of our competitors. We are continually seeking to improve our ability to measure these key metrics, and regularly review our processes to assess potential improvements to their accuracy. From time to time, we may discover inaccuracies in our metrics or make adjustments to improve their accuracy, including adjustments that may result in the recalculation of our historical metrics. We believe that any such inaccuracies or adjustments are immaterial unless otherwise stated. Similarly, Google Analytics also makes periodic changes and updates to their tools and methodologies. As of July 1, 2024, Google no longer offers the Universal Analytics version of its Google Analytics product that we have historically used for our web traffic metrics. We plan to begin reporting our web traffic metrics based on internal measurement tools for the year ending December 31, 2024. These changes to our web traffic metrics will result in inconsistency between new data and previously reported data.
    3

    Table of Contents
    PART I. FINANCIAL INFORMATION
    ITEM 1. FINANCIAL STATEMENTS
    YELP INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except par value)
    (Unaudited)
    September 30,
    2024
    December 31,
    2023
    Assets
    Current assets:
    Cash and cash equivalents$261,588 $313,911 
    Short-term marketable securities135,426 127,485 
    Accounts receivable (net of allowance for doubtful accounts of $16,373 and $13,768 at September 30, 2024 and December 31, 2023, respectively)
    155,131 146,147 
    Prepaid expenses and other current assets38,083 36,673 
    Total current assets590,228 624,216 
    Property, equipment and software, net73,991 68,684 
    Operating lease right-of-use assets28,380 48,573 
    Goodwill104,433 103,886 
    Intangibles, net6,638 7,638 
    Other non-current assets176,538 161,726 
    Total assets$980,208 $1,014,723 
    Liabilities and Stockholders’ Equity
    Current liabilities:
    Accounts payable and accrued liabilities$134,746 $132,809 
    Operating lease liabilities — current28,022 39,234 
    Deferred revenue7,601 3,821 
    Total current liabilities170,369 175,864 
    Operating lease liabilities — long-term25,905 48,065 
     Other long-term liabilities
    44,394 41,260 
    Total liabilities240,668 265,189 
    Commitments and contingencies (Note 12)
    Stockholders’ equity:
    Common stock, $0.000001 par value — 200,000 shares authorized, 66,638 shares issued and outstanding at September 30, 2024, and 68,864 shares issued and outstanding at December 31, 2023
    — — 
    Additional paid-in capital1,873,678 1,786,667 
    Treasury stock(2,907)(282)
    Accumulated other comprehensive loss(10,535)(12,202)
    Accumulated deficit(1,120,696)(1,024,649)
    Total stockholders’ equity
    739,540 749,534 
    Total liabilities and stockholders’ equity
    $980,208 $1,014,723 

    See Notes to Condensed Consolidated Financial Statements.
    4

    Table of Contents
    YELP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Net revenue$360,344 $345,122 $1,050,112 $994,686 
    Costs and expenses:
    Cost of revenue (exclusive of depreciation and amortization shown separately below)32,382 28,370 90,414 84,613 
    Sales and marketing144,631 137,703 442,715 424,308 
    Product development77,748 81,020 251,055 254,247 
    General and administrative49,605 45,695 139,471 145,609 
    Depreciation and amortization9,326 10,461 28,841 31,881 
    Total costs and expenses313,692 303,249 952,496 940,658 
    Income from operations46,652 41,873 97,616 54,028 
    Other income, net7,231 6,154 25,277 17,264 
    Income before income taxes53,883 48,027 122,893 71,292 
    Provision for (benefit from) income taxes15,443 (10,189)32,263 (475)
    Net income attributable to common stockholders$38,440 $58,216 $90,630 $71,767 
    Net income per share attributable to common stockholders
    Basic$0.57 $0.84 $1.34 $1.03 
    Diluted$0.56 $0.79 $1.27 $0.98 
    Weighted-average shares used to compute net income per share attributable to common stockholders
    Basic67,219 69,030 67,862 69,366 
    Diluted69,163 73,566 71,109 72,920 

    See Notes to Condensed Consolidated Financial Statements.

    5

    Table of Contents
    YELP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (In thousands)
    (Unaudited)
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
     2024202320242023
    Net income attributable to common stockholders$38,440 $58,216 $90,630 $71,767 
    Other comprehensive income (loss):
    Foreign currency translation adjustments, net of tax2,905 (1,502)1,223 429 
    Unrealized gain (loss) on available-for-sale debt securities, net of tax694 100 444 (162)
    Other comprehensive income (loss)3,599 (1,402)1,667 267 
    Comprehensive income$42,039 $56,814 $92,297 $72,034 

    See Notes to Condensed Consolidated Financial Statements.


    6

    Table of Contents
    YELP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
    (In thousands)
    (Unaudited)
    Common StockAdditional Paid-In CapitalTreasury StockAccumulated
    Other Comprehensive Loss
    Accumulated Deficit
    Total Stockholders’ Equity
    SharesAmount
    Balance as of June 30, 202369,287 $— $1,732,909 $(159)$(13,876)$(1,010,272)$708,602 
    Issuance of common stock upon exercises of employee stock options69 — 2,426 — — — 2,426 
    Issuance of common stock upon vesting of restricted stock units (“RSUs”), net821 — — — — — — 
    Issuance of common stock for employee stock purchase plan2 — 65 — — — 65 
    Stock-based compensation (inclusive of capitalized stock-based compensation)— — 44,826 — — — 44,826 
    Taxes withheld related to net share settlement of equity awards— — (23,052)— — — (23,052)
    Repurchases of common stock— — — (50,107)— — (50,107)
    Retirement of common stock(1,217)— — 49,999 — (49,999)— 
    Other comprehensive loss— — — — (1,402)— (1,402)
    Net income— — — — — 58,216 58,216 
    Balance as of September 30, 202368,962 $— $1,757,174 $(267)$(15,278)$(1,002,055)$739,574 
    Balance as of June 30, 202467,622 $— $1,848,677 $(806)$(14,134)$(1,098,390)$735,347 
    Issuance of common stock upon vesting of RSUs, net714 — — — — — — 
    Stock-based compensation (inclusive of capitalized stock-based compensation)— — 41,954 — — — 41,954 
    Taxes withheld related to net share settlement of equity awards— — (16,953)— — — (16,953)
    Repurchases of common stock— — — (62,847)— — (62,847)
    Retirement of common stock(1,698)— — 60,746 — (60,746)— 
    Other comprehensive income— — — — 3,599 — 3,599 
    Net income— — — — — 38,440 38,440 
    Balance as of September 30, 202466,638 $— $1,873,678 $(2,907)$(10,535)$(1,120,696)$739,540 

    See Notes to Condensed Consolidated Financial Statements.




















    7

    Table of Contents
    YELP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
    (In thousands)
    (Unaudited)
    Common StockAdditional Paid-In CapitalTreasury StockAccumulated
    Other Comprehensive Loss
    Accumulated DeficitTotal Stockholders' Equity
    SharesAmount
    Balance as of December 31, 202269,797 $— $1,649,692 $— $(15,545)$(923,823)$710,324 
    Issuance of common stock upon exercises of employee stock options785 — 17,975 — — — 17,975 
    Issuance of common stock upon vesting of RSUs, net2,479 — — — — — — 
    Issuance of common stock for employee stock purchase plan382 — 10,977 — — — 10,977 
    Stock-based compensation (inclusive of capitalized stock-based compensation)— — 139,988 — — — 139,988 
    Taxes withheld related to net share settlement of equity awards— — (61,458)— — — (61,458)
    Repurchases of common stock— — — (150,266)— — (150,266)
    Retirement of common stock(4,481)— — 149,999 — (149,999)— 
    Other comprehensive income— — — — 267 — 267 
    Net income— — — — — 71,767 71,767 
    Balance as of September 30, 202368,962 $— $1,757,174 $(267)$(15,278)$(1,002,055)$739,574 
    Balance as of December 31, 202368,864 $— $1,786,667 $(282)$(12,202)$(1,024,649)$749,534 
    Issuance of common stock upon exercises of employee stock options37 — 1,244 — — — 1,244 
    Issuance of common stock upon vesting of RSUs, net2,245 — — — — — — 
    Issuance of common stock for employee stock purchase plan388 — 12,192 — — — 12,192 
    Stock-based compensation (inclusive of capitalized stock-based compensation)— — 131,929 — — — 131,929 
    Taxes withheld related to net share settlement of equity awards— — (58,354)— — — (58,354)
    Repurchases of common stock— — — (189,302)— — (189,302)
    Retirement of common stock(4,896)— — 186,677 — (186,677)— 
    Other comprehensive income— — — — 1,667 — 1,667 
    Net income— — — — — 90,630 90,630 
    Balance as of September 30, 202466,638 $— $1,873,678 $(2,907)$(10,535)$(1,120,696)$739,540 

    See Notes to Condensed Consolidated Financial Statements.

    8

    Table of Contents
    YELP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
    Nine Months Ended
    September 30,
    20242023
    Operating Activities
    Net income$90,630 $71,767 
    Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization28,841 31,881 
    Provision for doubtful accounts35,111 26,664 
    Stock-based compensation123,396 133,304 
    Amortization of right-of-use assets11,363 22,848 
    Deferred income taxes(17,408)(8,845)
    Amortization of deferred contract cost18,604 17,818 
    Asset impairment5,914 3,555 
    Other adjustments, net(2,717)(229)
    Changes in operating assets and liabilities:
    Accounts receivable(44,095)(54,395)
    Prepaid expenses and other assets(14,302)3,101 
    Operating lease liabilities(29,333)(30,255)
    Accounts payable, accrued liabilities and other liabilities8,838 9,896 
    Net cash provided by operating activities214,842 227,110 
    Investing Activities
    Purchases of marketable securities — available-for-sale(89,251)(115,388)
    Sales and maturities of marketable securities — available-for-sale83,380 89,613 
    Purchases of other investments(2,500)— 
    Purchases of property, equipment and software(26,337)(20,850)
    Other investing activities268 160 
    Net cash used in investing activities(34,440)(46,465)
    Financing Activities
    Proceeds from issuance of common stock for employee stock-based plans13,436 28,958 
    Taxes paid related to the net share settlement of equity awards(58,044)(61,142)
    Repurchases of common stock(188,399)(149,999)
    Payment of issuance costs for credit facility— (1,049)
    Net cash used in financing activities(233,007)(183,232)
    Effect of exchange rate changes on cash, cash equivalents and restricted cash580 903 
    Change in cash, cash equivalents and restricted cash(52,025)(1,684)
    Cash, cash equivalents and restricted cash — Beginning of period314,002 307,138 
    Cash, cash equivalents and restricted cash — End of period$261,977 $305,454 
    Supplemental Disclosures of Other Cash Flow Information
    Cash paid for income taxes, net$35,731 $8,800 
    Supplemental Disclosures of Noncash Investing and Financing Activities
    Purchases of property, equipment and software recorded in accounts payable and accrued liabilities$2,593 $1,064 
    Repurchases of common stock recorded in accounts payable and accrued liabilities$1,411 $2,677 
    Excise tax accrued on net stock repurchases$903 $267 

    See Notes to Condensed Consolidated Financial Statements.
    9

    Table of Contents
    YELP INC.
    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)
    1. DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION
    Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the “Company” and “Yelp” in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries.
    Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust Yelp for its extensive ratings and reviews of businesses across a broad range of categories, while businesses advertise on Yelp to reach its large audience of purchase-oriented and generally affluent consumers. Yelp has operations in the United States, United Kingdom, Canada, Ireland and Germany.
    Basis of Presentation
    The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Annual Report.
    The unaudited condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. Certain prior-period amounts have been reclassified to conform to the current period presentation, including combining transactions revenue into other revenue.
    In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented.
    Principles of Consolidation
    These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
    Use of Estimates
    The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Items that require estimates, judgments or assumptions include, but are not limited to, determining variable consideration and identifying the nature and timing of satisfaction of performance obligations, allowance for doubtful accounts and credit losses, fair value and estimated useful lives of long- and indefinite-lived assets, litigation loss contingencies, liabilities related to incurred but not reported insurance claims, fair value and achievement of targets for performance-based restricted stock units (“PRSUs”) and income taxes. These estimates, judgments and assumptions are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates due to macroeconomic uncertainty and other factors.
    Significant Accounting Policies
    There have been no material changes to the Company’s significant accounting policies from those described in the Annual Report.
    Recent Accounting Pronouncements Not Yet Effective
    In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about
    10

    Table of Contents
    significant segment expenses. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and should be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-07 on its related disclosures.
    In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures.
    In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2024-03 on its related disclosures.
    2. CASH, CASH EQUIVALENTS AND RESTRICTED CASH
    Cash, cash equivalents and restricted cash as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Cash$104,011 $105,959 
    Cash equivalents157,577 207,952 
    Total cash and cash equivalents261,588 313,911 
    Restricted cash389 91 
    Total cash, cash equivalents and restricted cash$261,977 $314,002 
    Restricted cash is included in other non-current assets on the Company’s condensed consolidated balance sheets.
    3. MARKETABLE SECURITIES
    Short-term investments and certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. The amortized cost, gross unrealized gains and losses and fair value of investments as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
    September 30, 2024
    Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
    Cash equivalents:
    Commercial paper$776 $— $— $776 
    Total cash equivalents776 — — 776 
    Short-term marketable securities:
    Certificates of deposit1,282 — — 1,282 
    Commercial paper10,083 — — 10,083 
    Corporate bonds40,143 202 (7)40,338 
    Agency bonds3,218 2 — 3,220 
    U.S. government securities80,104 421 (22)80,503 
    Total short-term marketable securities134,830 625 (29)135,426 
    Total$135,606 $625 $(29)$136,202 
    11

    Table of Contents

    December 31, 2023
    Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
    Cash equivalents:
    U.S. government securities$1,612 $— $— $1,612 
    Total cash equivalents1,612 — — 1,612 
    Short-term marketable securities:
    Certificates of deposit1,537 — — 1,537 
    Commercial paper1,058 — — 1,058 
    Corporate bonds19,833 16 (92)19,757 
    Agency bonds17,660 4 (17)17,647 
    U.S. government securities87,414 241 (169)87,486 
    Total short-term marketable securities127,502 261 (278)127,485 
    Total$129,114 $261 $(278)$129,097 
    The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of September 30, 2024 and December 31, 2023, aggregated by investment category and the length of time that the individual securities had been in a continuous loss position (in thousands):
    September 30, 2024
    Less Than 12 Months12 Months or GreaterTotal
    Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
    Corporate bonds$4,777 $(6)$1,330 $(1)$6,107 $(7)
    U.S. government securities3,294 (2)18,513 (20)21,807 (22)
    Total$8,071 $(8)$19,843 $(21)$27,914 $(29)
    December 31, 2023
    Less Than 12 Months12 Months or GreaterTotal
    Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
    Corporate bonds$2,130 $(9)$12,104 $(83)$14,234 $(92)
    Agency bonds14,409 (17)— — 14,409 (17)
    U.S. government securities27,763 (135)6,231 (34)33,994 (169)
    Total$44,302 $(161)$18,335 $(117)$62,637 $(278)
    For the nine months ended September 30, 2024 and 2023, the Company did not recognize any credit loss related to available-for-sale marketable securities.
    The contractual maturities for marketable securities classified as available-for-sale as of September 30, 2024 were as follows (in thousands):
    Amortized CostFair Value
    Due in one year or less$79,932 $80,138 
    Due in one to five years55,674 56,064 
    Total$135,606 $136,202 
    12

    Table of Contents
    4. FAIR VALUE MEASUREMENTS
    The Company’s investments in money market accounts are recorded as cash equivalents at fair value on the condensed consolidated balance sheets. Additionally, the Company carries its available-for-sale debt securities at fair value. See Note 3, “Marketable Securities,” for further details.
    The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy:
    Level 1—Observable inputs, such as quoted prices in active markets,
    Level 2—Inputs other than quoted prices in active markets that are observable either directly or indirectly, or
    Level 3—Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions.
    This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s certificates of deposit, commercial paper, corporate bonds, agency bonds and U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly.
    The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of September 30, 2024 and December 31, 2023 (in thousands):
    September 30, 2024December 31, 2023
     Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
    Cash equivalents: 
    Money market funds$129,653 $— $— $129,653 $180,270 $— $— $180,270 
    U.S. government securities— — — — — 1,612 — 1,612 
    Commercial paper— 776 — 776 — — — — 
    Marketable securities:
    Certificates of deposit— 1,282 — 1,282 — 1,537 — 1,537 
    Commercial paper— 10,083 — 10,083 — 1,058 — 1,058 
    Corporate bonds— 40,338 — 40,338 — 19,757 — 19,757 
    Agency bonds— 3,220 — 3,220 — 17,647 — 17,647 
    U.S. government securities— 80,503 — 80,503 — 87,486 — 87,486 
    Other investments:
    Certificates of deposit— 10,000 — 10,000 — 7,500 — 7,500 
    Total cash equivalents, marketable securities and other investments$129,653 $146,202 $— $275,855 $180,270 $136,597 $— $316,867 
    The certificates of deposit that are categorized as other investments with original maturities of one year or less are reflected in prepaid expenses and other current assets on the condensed consolidated balance sheets. Those with original maturities of more than one year are reflected in other non-current assets.
    Certain long- and indefinite-lived assets are recognized at fair value on a nonrecurring basis, including assets that are written down as a result of an impairment. The Company recognized impairment charges related to right-of-use (“ROU”) assets and leasehold improvements associated with certain office space that it subleased or abandoned during the nine months ended September 30, 2024 and 2023. See Note 8, “Leases,” for further details. The Company estimated the fair value of these assets as of the impairment dates using an income approach based on discounted cash flows expected to be received for the subleased or abandoned properties. This valuation technique relied on certain assumptions made by management based on both internal and external data, such as the incremental borrowing rates used to discount these cash flows to their present values. As a result, these assets are classified within Level 3 of the fair value hierarchy.
    13

    Table of Contents
    5. PREPAID EXPENSES AND OTHER CURRENT ASSETS
    Prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Prepaid expenses$16,282 $14,922 
    Certificates of deposit7,500 5,000 
    Other current assets14,301 16,751 
    Total prepaid expenses and other current assets$38,083 $36,673 
    As of September 30, 2024, other current assets primarily consisted of income taxes receivable, deferred costs related to subleases as well as unsettled share repurchases and short-term deposits.
    6. PROPERTY, EQUIPMENT AND SOFTWARE, NET
    Property, equipment and software, net as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Capitalized website and internal-use software development costs$289,146 $258,059 
    Leasehold improvements(1)
    56,187 57,403 
    Computer equipment28,796 50,014 
    Furniture and fixtures9,018 10,336 
    Telecommunication280 4,175 
    Software1,105 1,113 
    Total384,532 381,100 
    Less accumulated depreciation and amortization(1)
    (310,541)(312,416)
    Property, equipment and software, net$73,991 $68,684 
    (1)    Leasehold improvements, net was reduced to reflect an impairment of $1.3 million recorded during the nine months ended September 30, 2024 as a result of the Company’s subleases of certain office space. For more information, see Note 8, “Leases.”
    Depreciation and amortization expense related to property, equipment and software was $9.0 million and $10.2 million for the three months ended September 30, 2024 and 2023, respectively, and $27.8 million and $30.9 million for the nine months ended September 30, 2024 and 2023, respectively.
    7. GOODWILL AND INTANGIBLE ASSETS
    The Company’s goodwill is the result of its acquisitions of other businesses and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis as of August 31, 2024 and concluded that goodwill was not impaired, as the fair value of the reporting unit exceeded its carrying value. Additionally, no triggering events were identified as of September 30, 2024 or December 31, 2023 that would more likely than not reduce the fair value of goodwill below its carrying value.
    The change in the carrying amount of goodwill during the nine months ended September 30, 2024 was as follows (in thousands):
    Balance as of December 31, 2023$103,886 
    Effect of currency translation547 
    Balance as of September 30, 2024$104,433 
            
    14

    Table of Contents
    Intangible assets that were not fully amortized as of September 30, 2024 and December 31, 2023 consisted of the following (dollars in thousands):
    September 30, 2024
    Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
    Weighted-Average Remaining Life
    Business relationships$9,918 $(6,790)$3,128 4.4 years
    Licensing agreements6,141 (2,646)3,495 5.4 years
    Domain and data licenses2,885 (2,870)15 4.6 years
    Total$18,944 $(12,306)$6,638 
    December 31, 2023
    Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
    Weighted-Average Remaining Life
    Business relationships$9,918 $(6,258)$3,660 5.2 years
    Licensing agreements6,129 (2,151)3,978 6.2 years
    Domain and data licenses2,869 (2,869)— 0.0 years
    Total$18,916 $(11,278)$7,638 
    Amortization expense related to intangible assets was $0.3 million for each of the three months ended September 30, 2024 and 2023, and $1.0 million for each of the nine months ended September 30, 2024 and 2023.
    As of September 30, 2024, estimated future amortization expense was as follows (in thousands):
    Remainder of 2024$336 
    20251,357 
    20261,357 
    20271,357 
    20281,357 
    2029764 
    Thereafter110 
    Total amortization$6,638 
    8. LEASES
    The components of lease cost, net for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Operating lease cost$4,537 $8,501 $14,225 $27,254 
    Short-term lease cost (12 months or less)99 95 292 298 
    Sublease income(3,403)(3,403)(10,207)(10,197)
    Total lease cost, net$1,233 $5,193 $4,310 $17,355 
    The Company’s leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term.
    15

    Table of Contents
    Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023 was as follows (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Cash paid for amounts included in the measurement of lease liabilities:
         Operating cash flows from operating leases$32,165 $34,723 
    As of September 30, 2024, maturities of lease liabilities were as follows (in thousands):
    Remainder of 2024$10,593 
    202522,360 
    20267,426 
    20277,313 
    20286,005 
    20292,832 
    Thereafter1,632 
    Total minimum lease payments58,161 
    Less imputed interest(4,234)
    Present value of lease liabilities$53,927 
    As of September 30, 2024 and December 31, 2023, the weighted-average remaining lease term and weighted-average discount rate were as follows:
    September 30,
    2024
    December 31,
    2023
    Weighted-average remaining lease term (years) — operating leases3.23.7
    Weighted-average discount rate — operating leases5.2 %5.1 %
    During the nine months ended September 30, 2024, the Company determined that it was reasonably certain it would exercise the early termination option included in the lease for certain office space in San Francisco. As a result, the Company remeasured the associated lease liability and ROU asset in accordance with Accounting Standards Codification Topic 842 and reduced each by $4.6 million during the nine-month period.
    During the nine months ended September 30, 2024, the Company subleased certain office space in San Francisco and Toronto. During the nine months ended September 30, 2023, the Company abandoned certain office space in San Francisco. The Company evaluated the associated ROU assets and leasehold improvements for impairment as a result of the subleases and abandonment in accordance with Accounting Standards Codification Topic 360, “Property, Plant, and Equipment,” because the change in circumstances indicated that the carrying amount of such assets may not be recoverable. The Company compared the carrying value of the impacted assets to the fair value to determine the impairment amount and recognized an impairment charge of $5.9 million during the nine months ended September 30, 2024, which reduced the carrying amount of the ROU assets and leasehold improvements by $4.6 million and $1.3 million, respectively. The Company recognized an impairment charge of $3.6 million during the nine months ended September 30, 2023, which reduced the carrying amount of the ROU asset and leasehold improvements by $2.6 million and $1.0 million, respectively. The impairment charges are included in general and administrative expenses on the condensed consolidated statement of operations. For more information on the fair values of the ROU asset and leasehold improvements used in the impairment analysis, see Note 4, “Fair Value Measurements.”
    16

    Table of Contents
    9. OTHER NON-CURRENT ASSETS
    Other non-current assets as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Deferred tax assets$136,667 $119,449 
    Deferred contract costs25,592 28,203 
    Other non-current assets14,279 14,074 
    Total other non-current assets$176,538 $161,726 
    10. CONTRACT BALANCES
    The changes in the allowance for doubtful accounts during the nine months ended September 30, 2024 and 2023 were as follows (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Balance, beginning of period$13,768 $9,277 
    Add: provision for doubtful accounts35,111 26,664 
    Less: write-offs, net of recoveries(32,506)(25,052)
    Balance, end of period$16,373 $10,889 
    In calculating the allowance for doubtful accounts as of September 30, 2024 and 2023, the Company considered expectations of probable credit losses based on observed trends in cancellations, observed changes in the credit risk of specific customers, the impact of anticipated closures and bankruptcies using forecasted economic indicators in addition to historical experience and loss patterns during periods of macroeconomic uncertainty. The increases in the provision for doubtful accounts and write-offs, net of recoveries in the nine months ended September 30, 2024 as compared to the prior-year period were a result of the ordinary course of business, reflecting higher aggregate customer delinquencies as well as the increase in net revenue.
    Contract liabilities consist of deferred revenue, which is recorded on the condensed consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer.
    The changes in short-term deferred revenue during the nine months ended September 30, 2024 were as follows (in thousands):
    Nine Months Ended
    September 30, 2024
    Balance, beginning of period$3,821 
          Less: recognition of deferred revenue from beginning balance(3,356)
          Add: net increase in current period contract liabilities7,136 
    Balance, end of period$7,601 
    The majority of the Company’s deferred revenue balance as of September 30, 2024 is classified as short-term and is expected to be recognized as revenue in the subsequent three-month period ending December 31, 2024. An immaterial amount of long-term deferred revenue is included in other long-term liabilities as of September 30, 2024. No other contract assets or liabilities were recorded on the Company’s condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023.
    17

    Table of Contents
    11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
    Accounts payable and accrued liabilities as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Accounts payable$6,903 $11,868 
    Employee-related liabilities95,252 79,081 
    Accrued legal settlements154 15,085 
    Other accrued liabilities32,437 26,775 
    Total accounts payable and accrued liabilities$134,746 $132,809 
    As of September 30, 2024, other accrued liabilities primarily consisted of accrued operating expenses and cost of revenue, as well as taxes payable.
    12. COMMITMENTS AND CONTINGENCIES
    Legal Proceedings
    CIPA Action
    On October 12, 2016, a putative class action lawsuit asserting claims under the California Invasion of Privacy Act was filed against the Company (the “CIPA Action”) in the Superior Court of California for the County of San Francisco (the “Superior Court”), in which the plaintiff sought statutory damages and other relief based on alleged unlawful call recording. The Company filed a motion for summary judgment on the basis that it had never recorded the plaintiff, which the Superior Court granted. The plaintiff appealed and, in October 2020, the California Court of Appeal for the First District (the “Court of Appeal”) reversed the decision of the Superior Court, holding that the recording of only the Company’s consenting sales representatives could violate CIPA, even if the plaintiff was not recorded. The California Supreme Court subsequently denied review of the Court of Appeal’s decision and the case was remanded to the Superior Court. On January 18, 2023, the Superior Court granted the plaintiffs’ motion for class certification. In February 2023, the Company filed a petition for a writ with the Court of Appeal seeking reversal of the Superior Court’s class certification decision. The Court of Appeal summarily denied the writ petition on May 25, 2023, following which the Company filed a petition with the California Supreme Court on June 2, 2023 seeking an order directing the Court of Appeal to review the merits of the Company’s writ petition. On July 17, 2023, the Company reached a preliminary agreement with the plaintiffs to settle the CIPA Action for $15.0 million, which payment the Company expected to be partially funded by insurance proceeds. The parties executed a settlement agreement, which the plaintiff presented to the Superior Court for approval. On April 10, 2024, the Superior Court granted final approval of the settlement, which resolved all claims asserted against the Company in the CIPA Action without any liability or wrongdoing attributed to it.
    The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies, which it will accrue when it believes a loss is probable and the amount can be reasonably estimated. As of March 31, 2024, the Company believed the loss was probable and the payment amount of $15.0 million represented a reasonable estimate of loss contingency. The Company recorded a $4.0 million accrual for loss contingency related to the CIPA Action as of December 31, 2022 and an additional accrual of $11.0 million during 2023, resulting in a $15.0 million accrual for loss contingency within accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheet as of March 31, 2024. The accrual for loss contingency was released upon the settlement payment of $15.0 million in the three months ended June 30, 2024. The receivable for loss recovery that was recorded in 2023 for the anticipated insurance proceeds of $3.9 million was released upon receipt of the proceeds on January 18, 2024.
    Other Legal Proceedings
    The Company is subject to other legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these other matters will have a material effect on the Company’s business, financial position, results of operations or cash flows.
    18

    Table of Contents
    Indemnification Agreements
    In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties.
    In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees.
    While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s business, financial position, results of operations or cash flows.
    Revolving Credit Facility
    On April 28, 2023, the Company entered into a Revolving Credit and Guaranty Agreement with certain lenders and JPMorgan Chase Bank, N.A., as administrative and collateral agent, which provides for a five-year $125.0 million senior secured revolving credit facility (the “2023 credit facility”). The 2023 credit facility replaced the Company’s previous $75.0 million revolving credit facility entered into on May 5, 2020 with Wells Fargo Bank, N.A. (the “2020 credit facility”), which terminated concurrently with the establishment of the 2023 credit facility. The 2023 credit facility includes a letter of credit sub-limit of $25.0 million, a bilateral letter of credit facility of $25.0 million and an accordion option, which, if exercised, would allow the Company to increase the aggregate commitments by up to $250.0 million, plus additional amounts if the Company is able to satisfy a leverage test, subject to certain conditions. The commitments under the 2023 credit facility expire on April 28, 2028.
    Loans under the 2023 credit facility bear interest, at the Company’s election, at either (a) an adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.25% - 1.50%, depending on the Company’s total leverage ratio, or (b) an alternative base rate plus a margin of 0.25% - 0.50%, depending on the Company’s total leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at 0.20% - 0.25% per annum, depending on the Company’s total leverage ratio, as well as a letter of credit fee on any outstanding letters of credit that accrues at 1.25% - 1.50% per annum, depending on the Company’s total leverage ratio.
    The 2023 credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions, pay dividends, repurchase shares, make investments and engage in transactions with the Company’s affiliates, in each case subject to certain exceptions. The 2023 credit facility also requires the Company to maintain a total leverage ratio of no greater than 3.75 to 1.00, subject to an increase up to 4.25 to 1.00 for a certain period following significant acquisitions, and an interest coverage ratio of no less than 3.00 to 1.00. The obligations under the 2023 credit facility are secured by liens on substantially all of the Company’s domestic assets, including certain domestic intellectual property assets and the equity of its domestic subsidiaries, as well as a portion of the equity interests the Company holds directly in its foreign subsidiaries.
    As of September 30, 2024, the Company had $14.0 million of letters of credit outstanding under the 2023 credit facility sub-limit, which were moved from the 2020 credit facility. The letters of credit are primarily related to lease agreements for certain office locations and are required to be maintained and issued to the landlords of each facility. No loans were outstanding under the 2023 credit facility and the Company was in compliance with all conditions and covenants thereunder as of September 30, 2024.
    19

    Table of Contents
    13. STOCKHOLDERS’ EQUITY
    The following table presents the number of shares authorized and issued as of September 30, 2024 and December 31, 2023 (in thousands):
    September 30, 2024December 31, 2023
    Shares
    Authorized
    Shares
    Issued
    Shares
    Authorized
    Shares
    Issued
    Common stock, $0.000001 par value
    200,000 66,638 200,000 68,864 
    Undesignated preferred stock10,000 — 10,000 — 
    Stock Repurchase Program
    As of September 30, 2024, the Company’s board of directors had authorized the Company to repurchase up to an aggregate of $1.95 billion of its outstanding common stock, $393.3 million of which remained available as of September 30, 2024. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions or a combination of the foregoing.
    During the nine months ended September 30, 2024, the Company repurchased on the open market 4,979,329 shares for an aggregate purchase price of $188.4 million and retired 4,895,875 shares. As of September 30, 2024, the Company had a treasury stock balance of 83,454 shares, which were excluded from its outstanding share count as of such date and subsequently retired in October 2024.
    During the nine months ended September 30, 2023, the Company repurchased on the open market and subsequently retired 4,481,278 shares for an aggregate purchase price of $150.0 million. Although there were no shares of treasury stock as of September 30, 2023, the treasury stock balance included an immaterial amount of excise tax imposed by the Inflation Reduction Act of 2022 on stock repurchases, net of shares issued, during the nine months then ended.
    Equity Incentive Plans
    Stock Options
    A summary of stock option activity for the nine months ended September 30, 2024 is as follows:
    Number of Shares (in thousands)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
    Outstanding at December 31, 20232,543 $34.94 3.6$33,100 
    Exercised(37)33.44  
    Canceled(33)64.91 
    Outstanding at September 30, 20242,473 $34.57 2.9$8,258 
    Options vested and exercisable at September 30, 20242,457 $34.55 2.9$8,240 
    Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was zero and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and $0.3 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively.
    There were no options granted during the nine months ended September 30, 2024 and 2023.
    As of September 30, 2024, total unrecognized compensation costs related to nonvested stock options were approximately $0.3 million, which the Company expects to recognize over a weighted-average time period of 0.9 years.
    20

    Table of Contents
    RSUs
    RSUs include PRSUs that are subject to either (a) a market condition or (b) the achievement of performance goals. As the PRSU activity during the nine months ended September 30, 2024 was not material, it is presented together with the RSU activity in the table below. A summary of RSU and PRSU activity for the nine months ended September 30, 2024 is as follows (in thousands, except per share amounts):
    Number of SharesWeighted-Average Grant Date Fair Value
    Nonvested at December 31, 20239,961 $32.61 
    Granted2,223 43.97 
    Vested(1)
    (3,852)32.47 
    Canceled(523)33.64 
    Nonvested at September 30, 2024(2)
    7,809 $35.84 
    (1)    Includes 1,606,914 shares that vested but were not issued due to the Company’s use of net share settlement for payment of employee taxes.
    (2)    Includes 875,846 PRSUs.
    The aggregate fair value as of the vest date of RSUs and PRSUs that vested during the nine months ended September 30, 2024 and 2023 was $139.8 million and $147.9 million, respectively. As of September 30, 2024, the Company had approximately $245.3 million of unrecognized stock-based compensation expense related to RSUs and PRSUs, which it expects to recognize over the remaining weighted-average vesting period of approximately 2.0 years.
    Employee Stock Purchase Plan
    There were 387,968 shares purchased by employees under the Employee Stock Purchase Plan (“ESPP”) at a weighted-average purchase price per share of $31.42 during the nine months ended September 30, 2024, and no shares were purchased by employees under the ESPP during the three months ended September 30, 2024. There were 2,295 and 382,627 shares purchased by employees under the ESPP at a weighted-average purchase price per share of $28.48 and $28.69 during the three and nine months ended September 30, 2023, respectively. The Company recognized stock-based compensation expense related to the ESPP of $0.8 million and $0.9 million during the three months ended September 30, 2024 and 2023, respectively, and $2.8 million and $2.7 million during the nine months ended September 30, 2024 and 2023, respectively.
    Stock-Based Compensation
    The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Cost of revenue$1,301 $1,298 $4,099 $4,026 
    Sales and marketing8,588 9,200 25,905 26,921 
    Product development20,887 24,047 67,074 74,888 
    General and administrative8,696 8,922 26,318 27,469 
    Total stock-based compensation recorded to income before income taxes39,472 43,467 123,396 133,304 
    Benefit from income taxes(7,560)(9,023)(24,015)(27,898)
    Total stock-based compensation recorded to net income attributable to common stockholders$31,912 $34,444 $99,381 $105,406 
    The Company capitalized $3.3 million and $2.2 million of stock-based compensation expense as website and internal-use software development costs and, to a lesser extent, implementation costs incurred related to cloud computing arrangements that are service contracts in the three months ended September 30, 2024 and 2023, respectively, and $9.2 million and $7.5 million in the nine months ended September 30, 2024 and 2023, respectively.
    21

    Table of Contents
    14. OTHER INCOME, NET
    Other income, net for the three and nine months ended September 30, 2024 and 2023 consisted of the following (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Interest income, net$5,308 $5,187 $16,396 $13,850 
    Transaction gain (loss) on foreign exchange, net82 (100)(121)(69)
    Release of nonrecurring tax reserve(1)
    — — 3,102 — 
    Other non-operating income, net1,841 1,067 5,900 3,483 
    Other income, net$7,231 $6,154 $25,277 $17,264 
    (1)    Represents the release of a reserve related to a one-time payroll tax credit.
    15. INCOME TAXES
    The Company is subject to income taxes in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income taxes. The provision for income taxes for the nine months ended September 30, 2024 was $32.3 million, which was due to $33.0 million of U.S. federal, state and foreign income tax expense, partially offset by $0.7 million of net discrete tax benefit primarily related to stock-based compensation. The benefit from income taxes for the nine months ended September 30, 2023 was $0.5 million, which was due to $20.1 million of net discrete tax benefit primarily related to: the 2022 federal and state tax provision to return adjustments, which mainly resulted from the release of Internal Revenue Service guidance related to the requirement to capitalize and amortize certain research and development expenses under the U.S. Tax Cuts and Jobs Act; a one-time litigation settlement loss contingency in connection with the agreement to settle the CIPA Action as detailed in Note 12, “Commitments and Contingencies”; and the tax benefit related to stock-based compensation. These tax benefits were partially offset by $19.6 million of U.S. federal, state and foreign income tax expense.
    Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, excluding unusual or infrequently occurring discrete items, for the reporting period. For the three and nine months ended September 30, 2024, the difference between the effective tax rate and the federal statutory tax rate primarily related to tax credits, offset by stock-based compensation and other non-deductible expenses. For the three and nine months ended September 30, 2023, the difference between the effective tax rate and the federal statutory tax rate primarily related to tax credits, offset by stock-based compensation.
    As of September 30, 2024, the Company had $38.7 million of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate.
    As of September 30, 2024, the Company estimated that it had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $35.9 million. Any taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company’s foreign investments would generally be limited to foreign and state taxes. The Company has not recognized a deferred tax liability related to unremitted foreign earnings, as it intends to indefinitely reinvest these earnings, and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs.
    In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company’s federal and state income tax returns for tax years subsequent to 2003 remain open to examination. In the Company’s foreign jurisdictions — Canada, Germany, Ireland and the United Kingdom — the tax years subsequent to 2018 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. As of September 30, 2024, although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that unrecognized tax benefits will not be reduced within the next 12 months.
    22

    Table of Contents
    16. NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
    Basic net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs (including PRSUs) and, to a lesser extent, ESPP shares. If dilutive, such potentially dilutive securities are reflected in net income (loss) per share attributable to common stockholders using the treasury stock method.
    The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the periods presented (in thousands, except per share data):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Basic net income per share:
    Net income attributable to common stockholders$38,440 $58,216 $90,630 $71,767 
    Shares used in computation:
    Weighted-average common shares outstanding67,219 69,030 67,862 69,366 
    Basic net income per share attributable to common stockholders:$0.57 $0.84 $1.34 $1.03 
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Diluted net income per share:
    Net income attributable to common stockholders$38,440 $58,216 $90,630 $71,767 
    Shares used in computation:
        Weighted-average common shares outstanding67,219 69,030 67,862 69,366 
        Stock options229 501 351 246 
        RSUs1,587 3,899 2,851 3,259 
        ESPP128 136 45 49 
            Number of shares used in diluted calculation69,163 73,566 71,109 72,920 
    Diluted net income per share attributable to common stockholders:$0.56 $0.79 $1.27 $0.98 
    The following stock-based instruments were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Stock options1,099 761 680 1,319 
    RSUs1,974 26 1,612 364 
    17. INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS
    The Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance.
    23

    Table of Contents
    The Company has determined that it has a single operating and reporting segment. When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company’s strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other.
    Net Revenue
    The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Net revenue by product:
    Advertising revenue by category:
    Services$228,009 $206,178 $654,252 $589,972 
    Restaurants, Retail & Other116,397 123,854 349,130 359,175 
    Advertising344,406 330,032 1,003,382 949,147 
    Other(1)
    15,938 15,090 46,730 45,539 
    Total net revenue$360,344 $345,122 $1,050,112 $994,686 
    (1)    For the three and nine months ended September 30, 2024, other revenue includes revenue generated from transactions with consumers, which the Company reported separately as transactions revenue in prior periods. Prior-period amounts in the table above have been reclassified to conform to the current-period presentation.
    During the three and nine months ended September 30, 2024 and 2023, no individual customer accounted for 10% or more of consolidated net revenue.
    The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    United States$357,656 $342,600 $1,042,159 $987,535 
    All other countries2,688 2,522 7,953 7,151 
    Total net revenue$360,344 $345,122 $1,050,112 $994,686 
    Long-Lived Assets
    The following table presents the Company’s long-lived assets by major geographic region as of September 30, 2024 and December 31, 2023 (in thousands):
    September 30,
    2024
    December 31,
    2023
    United States$69,405 $62,464 
    All other countries4,586 6,220 
    Total long-lived assets$73,991 $68,684 
    24

    Table of Contents
    18. SUBSEQUENT EVENTS
    On November 6, 2024, the Company and Rollins Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with auto services platform RepairPal, Inc. (“RepairPal”) and Fortis Advisors LLC, solely in its capacity as the securityholders’ representative.
    Pursuant to the Merger Agreement, and upon the terms and subject to the conditions therein, Merger Sub will merge with and into RepairPal, with RepairPal continuing as the surviving corporation and a wholly owned subsidiary of the Company (the “Merger”). Upon consummation of the Merger, all outstanding capital stock and options and warrants to purchase capital stock of RepairPal will be converted into the right to receive an aggregate of $80 million in cash, subject to customary post-closing adjustments based on net working capital, indebtedness and third-party expenses. Of such amount, the following amounts will be held back to secure the Company’s right of indemnity under the Merger Agreement: (1) $8 million will be held back for a 15-month period after closing; (2) $2 million will be held back for a 24-month period after closing; and (3) $3.5 million will be held back until 30 days following the final, non-appealable resolution of certain legal matters. The Company will retain such holdback amounts, which will be classified as restricted cash.
    Subject to customary closing conditions, the Company expects to close the Merger by the end of 2024.
    The Company is currently in the process of valuing the assets expected to be acquired and liabilities expected to be assumed in its acquisition of RepairPal, which it expects to reflect in its financial statements for the year ending December 31, 2024.
    The Company believes its acquisition of RepairPal will accelerate its efforts in Services by expanding its offerings in the auto services advertising vertical.

    25

    Table of Contents
    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled “Risk Factors” included under Part I, Item 1A in our Annual Report. See “Special Note Regarding Forward-Looking Statements” in this Quarterly Report.
    Overview
    As one of the best known Internet brands in the United States, Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust us for the more than 260 million ratings and reviews available on our platform of businesses across a broad range of categories, while businesses advertise with us to reach our large audience of purchase-oriented and generally affluent consumers. We believe our ability to provide value to both consumers and businesses not only fulfills our mission to connect consumers with great local businesses, but also positions us well in the local, digital advertising market in the United States.
    We generate substantially all of our revenue from the sale of performance-based advertising products, which our advertising platform matches to individual consumers through auctions priced on a cost-per-click (“CPC”) basis. In the three months ended September 30, 2024, our net revenue was $360.3 million, up 4% from the three months ended September 30, 2023, and we recorded net income of $38.4 million and adjusted EBITDA of $101.4 million. In the nine months ended September 30, 2024, our net revenue was $1.05 billion, up 6% from the nine months ended September 30, 2023, and we recorded net income of $90.6 million and adjusted EBITDA of $256.9 million. For information on how we define and calculate adjusted EBITDA, and a reconciliation of this non-GAAP financial measure to net income, see “Non-GAAP Financial Measures” below.
    In the third quarter of 2024, our strategic investments in product and marketing continued to drive progress on our revenue growth initiatives:
    •Deliver the best Home Services experience for consumers and service professionals. Advertising revenue from Services businesses increased by 11% year over year to reach 66% of total advertising revenue in the third quarter. The Home Services category remained particularly strong, with revenue growth of approximately 15% year over year. Improvements to the Request-a-Quote flow drove a year-over-year increase in project growth of approximately 25% in the third quarter. Yelp Assistant, our artificial intelligence (“AI”) chatbot that we launched on iOS in the second quarter, also contributed to increases in project submissions and monetized leads.
    •Provide the most trusted local search and discovery platform. In the third quarter, we continued to invest in the consumer experience with the goal of driving more connections with businesses. We introduced trending topics and suggestions to make our search experience even more efficient, which ultimately resulted in users viewing more business pages per interaction with our platform. We also enhanced the user-generated videos in the home feed to create an even more visually engaging and useful experience for consumers, which led to a mid-teens-percentage increase in engagement compared to before the change took effect.
    •Optimize advertiser value through our advanced technology. In the third quarter, improved matching and our acquisition of Services projects through paid search drove a 2% year-over-year increase in ad clicks. Average CPC increased by 3% from the third quarter of 2023, largely reflecting a mix shift towards Services clicks, which generally have higher CPCs than clicks in Restaurants, Retail & Other (“RR&O”) categories. Enhancements to our ad formats and matching capabilities led to a year-over-year improvement in our retention rate for non-term advertisers’ budgets in the third quarter.
    •Drive profitable growth through our most efficient channels. Improvements to the claim and ad purchase flows, together with effective advertiser marketing, drove near-record customer acquisition in our Self-serve channel in the third quarter. We also continued to enhance the business owner experience, including by providing budget recommendations and billing optimizations. As a result of these efforts, revenue from our Self-serve channel increased by approximately 15% year over year in the third quarter to a record level. Multi-location revenue was approximately flat year over year in the third quarter as businesses in RR&O categories continued to face a challenging operating environment. To capture more demand from multi-location Services businesses, we have increased our product focus and sales efforts in this area. For example, in the third quarter, we launched Request-a-Quote for national brands and a new leads API that enables multi-location Services businesses to more efficiently connect with consumers on Yelp and seamlessly manage leads across multiple locations and business pages.
    26

    Table of Contents
    In the third quarter, Services revenue maintained double-digit year-over-year growth, while RR&O revenue reflected the ongoing operating challenges facing businesses in these categories. We expect these trends to persist in the remainder of 2024. Given the persistence of the operating challenges impacting RR&O businesses and typical seasonality in Services, we expect net revenue to decrease sequentially in the fourth quarter.
    On November 6, 2024, we entered into an agreement to acquire auto services repair platform RepairPal for approximately $80 million in cash. See Note 18, “Subsequent Events,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for further detail. We expect any revenue or expense incurred in 2024 in connection with this acquisition to be immaterial.
    Key Metrics
    We regularly review a number of metrics, including the key metrics set forth below, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions.
    Ad Clicks and Average CPC
    The amount of revenue we generate from our pay-for-performance advertising products is determined by the number of ad clicks we deliver to advertisers and the CPCs we charge for those ad clicks.
    Ad clicks represent user interactions with our pay-for-performance advertising products, including clicks on advertisements on our website and mobile app, clicks on syndicated advertisements on third-party platforms and Request-a-Quote submissions, among others. Ad clicks include only user interactions that we are able to track directly, and therefore do not include user interactions with ads sold through our advertising partnerships. We do not expect the exclusion of such user interactions to materially affect this metric. We report the year-over-year percentage change in ad clicks as a measure of our success in monetizing more of our consumer activity and delivering more value to advertisers.
    Average CPC is calculated as revenue from our performance-based ad products — excluding certain revenue adjustments that do not impact the outcome of an auction for an individual ad click, such as refunds, as well as revenue from our advertising partnerships — divided by the total number of ad clicks for a given period. Average CPC represents the average amount we charge advertisers for each ad click.
    We believe that ad clicks and average CPC together reflect one of the most significant dynamics affecting our advertising revenue performance: the interplay of advertiser demand and consumer activity. At the level of an auction for an individual ad click, advertiser demand — consisting of advertiser budgets and the number of advertisers competing to purchase the ad click — intersects with the supply of consumer activity — consisting of the predicted levels of relevant consumer traffic and engagement — to determine CPC, with higher advertiser demand putting upward pressure on the CPC and higher consumer activity putting downward pressure on the CPC. In aggregate, advertiser demand consists of the number of business locations advertising with us (which we refer to as paying advertising locations, as discussed below) and the aggregate budget they allocate to purchasing our advertising products. Aggregate monetizable consumer activity depends on the levels of consumer traffic and engagement with our ads, the numbers of locations where we can display ads and other monetizable features, and our click-through rate, which is the ratio of ad clicks to the number of times the ads were displayed to consumers. The relative strengths of these factors in aggregate are reflected in average CPC.
    Ad clicks and average CPC also provide important insight into the value we deliver to advertisers, which we believe is a significant factor in our ability to retain both revenue and customers. For example, a positive change in ad clicks for a given period combined with lower growth or a negative change in average CPC over the same period would indicate that we delivered more ad clicks at lower prices, thereby delivering more value to our advertisers; we would expect this to have a positive impact on retention. Conversely, growth in average CPC paired with a negative or lower growth rate in ad clicks would indicate we charged more without delivering more ad clicks; we would expect this to have a negative impact on retention unless we are able to increase the value we deliver through higher performing ad clicks.
    The following table presents year-over-year changes in our ad clicks and average CPC for the periods presented (each expressed as a percentage):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Ad Clicks2%9%6%3%
    Average CPC3%4%—%11%
    27

    Table of Contents
    In the three months ended September 30, 2024, advertising revenue grew 4% year over year, primarily due to increases in ad clicks and average CPC. In the nine months ended September 30, 2024, advertising revenue grew 6% year over year, primarily due to an increase in ad clicks. The increases in ad clicks in both periods were driven by improvements to our matching capabilities and our acquisition of Services projects through paid search. Average CPC increased in the three months ended September 30, 2024, largely reflecting a mix shift toward Services clicks, which generally have higher CPCs than RR&O clicks. Average CPC remained flat in the nine months ended September 30, 2024.
    Advertising Revenue by Category
    Our advertising revenue comprises revenue from the sale of our advertising products, including the resale of our advertising products by partners and syndicated ads appearing on third-party platforms.
    To reflect our strategic focus on creating two differentiated experiences on Yelp, we provide a breakdown of our advertising revenue attributable to businesses in two high-level category groupings: Services and RR&O. Our Services categories consist of home, local, auto, professional, pets, events, real estate and financial services. Our RR&O categories consist of restaurants, shopping, beauty & fitness, health and other.
    The following table presents our advertising revenue by category for the periods presented (in thousands, except percentages):
    Three Months Ended
    September 30,
    % ChangeNine Months Ended
    September 30,
    % Change
    2024202320242023
    Services$228,009 $206,178 11%$654,252 $589,972 11%
    Restaurants, Retail & Other116,397 123,854 (6)%349,130 359,175 (3)%
    Total Advertising Revenue$344,406 $330,032 4%$1,003,382 $949,147 6%
    Paying Advertising Locations
    Paying advertising locations comprise all business locations associated with a business account from which we recognized advertising revenue in a given month, excluding business accounts that purchased advertising through partner programs other than Yelp Ads Certified Partners, averaged over a given period. We also provide a breakdown of paying advertising locations between our Services categories and RR&O categories.
    We provide our paying advertising locations as a measure of the reach and scale of our business; however, this metric may exhibit short-term volatility as a result of factors such as seasonality and macroeconomic conditions. For example, macroeconomic factors, including related to inflation, interest rates, and labor and supply chain issues, have had a predominant negative impact on RR&O paying advertising locations in recent periods. Short-term fluctuations in paying advertising locations may also reflect the acquisition or loss of single advertising accounts associated with large numbers of locations, or the pausing/restarting of advertising campaigns by such multi-location advertisers.
    The following table presents the number of paying advertising locations for the periods presented (in thousands, except percentages):
    Three Months Ended
    September 30,
    % ChangeNine Months Ended
    September 30,
    % Change
    2024202320242023
    Services2522357%2532377%
    Restaurants, Retail & Other272326(17)%275322(15)%
    Total Paying Advertising Locations524561(7)%528559(6)%
    Paying advertising locations decreased in the three and nine months ended September 30, 2024 compared to the prior-year periods. While paying advertising locations in our Services categories increased year over year in both the three- and nine-month periods, such increases were more than offset by decreases in paying advertising locations in our RR&O categories over the same periods. We believe the decrease in RR&O paying advertising locations reflects the challenging operating environment facing businesses in these categories and, to a lesser extent, competition for ad spend from such businesses, including from food ordering and delivery providers.
    28

    Table of Contents
    Results of Operations
    The following table sets forth our results of operations for the periods presented (in thousands, except percentages). The period-to-period comparison of financial results is not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period.
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    20242023$ Change
    % Change(1)
    20242023$ Change
    % Change(1)
    Condensed Consolidated Statements of Operations Data:
    Net revenue by product:
    Advertising revenue by category:
    Services$228,009 $206,178 $21,831 11 %$654,252 $589,972 $64,280 11 %
    Restaurants, Retail & Other116,397 123,854 (7,457)(6)%349,130 359,175 (10,045)(3)%
    Advertising344,406 330,032 14,374 4 %1,003,382 949,147 54,235 6 %
    Other(2)
    15,938 15,090 848 6 %46,730 45,539 1,191 3 %
    Total net revenue360,344 345,122 15,222 4 %1,050,112 994,686 55,426 6 %
    Costs and expenses:
    Cost of revenue (exclusive of depreciation and amortization shown separately below)32,382 28,370 4,012 14 %90,414 84,613 5,801 7 %
    Sales and marketing144,631 137,703 6,928 5 %442,715 424,308 18,407 4 %
    Product development77,748 81,020 (3,272)(4)%251,055 254,247 (3,192)(1)%
    General and administrative49,605 45,695 3,910 9 %139,471 145,609 (6,138)(4)%
    Depreciation and amortization9,326 10,461 (1,135)(11)%28,841 31,881 (3,040)(10)%
    Total costs and expenses313,692 303,249 10,443 3 %952,496 940,658 11,838 1 %
    Income from operations46,652 41,873 4,779 11 %97,616 54,028 43,588 81 %
    Other income, net7,231 6,154 1,077 18 %25,277 17,264 8,013 46 %
    Income before income taxes53,883 48,027 5,856 12 %122,893 71,292 51,601 72 %
    Provision for (benefit from) income taxes15,443 (10,189)25,632 (252)%32,263 (475)32,738 
    NM(3)
    Net income attributable to common stockholders$38,440 $58,216 $(19,776)(34)%$90,630 $71,767 $18,863 26 %
    (1)    Percentage changes are calculated based on rounded numbers and may not recalculate exactly due to rounding.
    (2)    For the three and nine months ended September 30, 2024, other revenue includes revenue generated from transactions with consumers, which we reported separately as transactions revenue in prior periods. Prior-period amounts have been reclassified to conform to the current-period presentation.
    (3)    Percentage change is not meaningful.
    Three and Nine Months Ended September 30, 2024 and 2023
    Net Revenue
    Advertising. We generate advertising revenue from the sale of our advertising products — including business page upgrades and performance-based advertising in search results and elsewhere on our platform — to businesses of all sizes, from single-location local businesses to multi-location national businesses. Advertising revenue also includes revenue generated from the resale of our advertising products by certain partners and monetization of advertising inventory through third-party ad networks. We present advertising revenue on a disaggregated basis for our high-level category groupings, Services and RR&O.
    Advertising revenue for the three months ended September 30, 2024 increased 4% year over year, primarily as a result of a 2% increase in ad clicks and a 3% increase in average CPC. Advertising revenue for the nine months ended September 30, 2024 increased 6% year over year, primarily as a result of a 6% increase in ad clicks.
    Other. We generate other revenue through non-advertising contracts, such as our subscription services, which include our Yelp Guest Manager product, and through our Yelp Fusion and Yelp Knowledge programs, which provide access to Yelp data for a fee. In addition, we now report transactions revenue together with other revenue to reflect that neither transactions revenue nor the underlying business is a core part of our current business model. As a result, other revenue now includes revenue from various transactions with consumers. We generate revenue from such transactions through our partnership integrations, which
    29

    Table of Contents
    are mainly revenue-sharing arrangements that provide consumers with the ability to place food orders for pickup and delivery through third parties directly on Yelp. We earn a fee for acting as an agent for transactions placed through these integrations, which we record on a net basis and include in revenue upon completion of a transaction.
    Other revenue for the three and nine months ended September 30, 2024 increased compared to the prior-year periods primarily due to increases in revenue from the continued growth of our Yelp Guest Manager, Yelp Fusion and Yelp Knowledge programs. These increases were partially offset by a lower volume of food takeout and delivery orders.
    Trends and Uncertainties of Net Revenue. Net revenue increased in the three months ended September 30, 2024 compared to the three months ended June 30, 2024 as momentum in our Services categories continued. We expect net revenue for the three months ending December 31, 2024 to decrease slightly from the third quarter of 2024, reflecting typical seasonality in our Services categories and ongoing operating challenges facing businesses in our RR&O categories.
    Costs and Expenses
    Cost of Revenue (exclusive of depreciation and amortization). Our cost of revenue consists primarily of website infrastructure expense, which includes website hosting costs and employee costs (including stock-based compensation expense) for the infrastructure teams responsible for operating our website and mobile app, and excludes depreciation and amortization expense. Cost of revenue also includes third-party advertising fulfillment costs and credit card processing fees.
    Cost of revenue for the three and nine months ended September 30, 2024 increased compared to the prior-year periods, primarily due to increases in website infrastructure expense of $2.8 million and $5.9 million, respectively, as a result of investments in maintaining and improving our infrastructure as well as higher cost of labor. For the nine-month period, the increase was partially offset by the decrease in advertising fulfillment costs of $1.7 million, reflecting our more efficient delivery of ads.
    We expect cost of revenue to increase on an absolute dollar basis in 2024 compared to 2023.
    Sales and Marketing. Our sales and marketing expenses primarily consist of employee costs (including sales commission and stock-based compensation expenses) for our sales and marketing employees. Sales and marketing expenses also include business and consumer acquisition marketing, community management, as well as allocated workplace and other supporting overhead costs.
    Sales and marketing expenses for the three and nine months ended September 30, 2024 increased compared to the prior-year periods, primarily due to:
    •increases in marketing spend of $5.0 million and $17.9 million, respectively, primarily driven by our investments in acquiring Services projects through paid search, which for the nine-month period was partially offset by a decrease in costs for business owner marketing; and
    •increases in employee costs of $5.0 million and $10.2 million, respectively, mainly resulting from higher cost of labor, partially offset by lower average headcount.
    These increases were partially offset by decreases in workplace operating costs of $3.0 million and $9.7 million, respectively, primarily due to reductions in our leased office space.
    We expect sales and marketing expenses to increase in 2024 compared to 2023 as a result of our efforts to acquire Services projects through paid search as well as due to more tenured sales and marketing employees. Despite such costs, we expect sales and marketing expenses to remain relatively consistent as a percentage of net revenue in 2024 compared to 2023.
    Product Development. Our product development expenses primarily consist of employee costs (including bonuses and stock-based compensation expense, net of capitalized employee costs associated with capitalized website and internal-use software development) for our engineers, product management and corporate infrastructure employees. In addition, product development expenses include allocated workplace and other supporting overhead costs.
    Product development expenses for the three and nine months ended September 30, 2024 decreased compared to the prior-year periods primarily due to:
    •decreases in employee costs of $3.0 million and $2.3 million, respectively, resulting from more employee costs being capitalized and lower average headcount, partially offset by higher cost of labor and higher costs associated with in-person employees gatherings; and
    •decreases in workplace operating costs of $0.6 million and $1.6 million, respectively, primarily due to reductions in our leased office space.
    30

    Table of Contents
    These decreases were partially offset by increases in consulting costs of $0.4 million and $0.8 million, respectively.
    We expect product development expenses to remain relatively consistent or decrease slightly on an absolute dollar basis in 2024 compared to 2023, but decrease as a percentage of net revenue as our distributed operations provide leverage.
    General and Administrative. Our general and administrative expenses primarily consist of employee costs (including bonuses and stock-based compensation expense) for our executive, finance, user operations, legal, people operations and other administrative employees. Our general and administrative expenses also include our provision for doubtful accounts, certain consulting and professional services costs, including litigation settlements, as well as allocated workplace and other supporting overhead costs.
    General and administrative expenses for the three months ended September 30, 2024 increased compared to the prior-year period primarily due to the $5.9 million impairment charge related to the subleases of certain office space in Toronto and San Francisco. See Note 8, “Leases,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for further detail.
    This increase during the three-month period was partially offset by:
    •a decrease in our provision for doubtful accounts of $0.9 million primarily due to the release of a higher amount of bad debt reserves compared to the prior-year period; and
    •a decrease in employee costs of $0.8 million primarily driven by lower average headcount.
    General and administrative expenses for the nine months ended September 30, 2024 decreased compared to the prior-year period due to:
    •an $11.0 million loss contingency recorded in the prior-year periods in connection with the agreement to settle a putative class action lawsuit asserting claims under the California Invasion of Privacy Act (the “CIPA Action”). See Note 12, “Commitments and Contingencies,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for further detail;
    •a decrease in employee costs of $5.3 million primarily driven by lower average headcount; and
    •a decrease in workplace operating costs of $1.2 million, primarily due to reductions in our leased office space.
    These decreases during the nine-month period were partially offset by:
    •an increase in our provision for doubtful accounts of $8.4 million due to higher anticipated customer delinquencies and an increase in advertising revenue, partially offset by the release of higher amount of bad debt reserves compared to the prior-year period; and
    •an increase of $2.4 million in impairment charges related to the subleases of certain office space in Toronto and San Francisco in the current year, partially offset by the impairment charge incurred in the prior-year period related to the abandonment of another office space in San Francisco. See Note 8, “Leases,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for further detail.
    We expect general and administrative expenses to decrease in 2024 compared to 2023. However, adjusting for the litigation loss contingency and impairment charges, we expect general and administrative expenses to remain relatively consistent or increase slightly on an absolute dollar basis and remain relatively consistent as a percentage of net revenue in 2024 compared to 2023.
    Depreciation and Amortization. Depreciation and amortization expense primarily consists of depreciation on computer equipment, software, leasehold improvements, capitalized website and internal-use software development costs, and amortization of purchased intangible assets.
    Depreciation and amortization expense for the three and nine months ended September 30, 2024 decreased compared to the prior-year periods primarily due to decreases in depreciation expense of leasehold improvements from asset retirements related to lease abandonments and expirations as well as certain other assets becoming fully depreciated.
    Other Income, Net
    Other income, net consists primarily of the interest income earned on our cash, cash equivalents and marketable securities, research and development tax credits, the portion of our sublease income in excess of our lease cost, accretion of discounts and amortization of premiums on investments, credit facility fees, foreign exchange gains and losses and, in the nine months ended September 30, 2024, the release of a reserve related to a one-time payroll tax credit.
    31

    Table of Contents
    Other income, net for the three and nine months ended September 30, 2024 increased compared to the prior-year periods, due to higher tax incentives of $0.7 million and $2.4 million, respectively, related to research and development activity in the United Kingdom. For the nine-month period, the increase was also driven by the release of a $3.1 million reserve related to a one-time payroll tax credit and $2.8 million of higher interest income earned on our cash, cash equivalents and marketable securities due to higher federal interest rates.
    Provision for (Benefit from) Income Taxes
    Provision for (benefit from) income taxes consists of: federal and state income taxes in the United States and income taxes in certain foreign jurisdictions; deferred income taxes reflecting the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
    Provision for income taxes for the three and nine months ended September 30, 2024 increased from the prior-year periods primarily due to increases in profit before tax and annual effective tax rate for the current-year periods as well as a decrease in the discrete tax benefits related to the federal and state tax provision to return adjustments.
    As of December 31, 2023, we had approximately $119.4 million in net deferred tax assets (“DTAs”). As of September 30, 2024, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize these DTAs. However, it is possible that some or all of these DTAs will not be realized. Therefore, unless we are able to generate sufficient taxable income from our operations, a substantial valuation allowance may be required to reduce our DTAs, which would materially increase our expenses in the period in which we recognize the allowance and have a materially adverse impact on our condensed consolidated financial statements. The exact timing and amount of the valuation allowance recognition are subject to change on the basis of the net income that we are able to actually achieve. We will continue to evaluate the possible recognition of a valuation allowance on a quarterly basis.
    Non-GAAP Financial Measures
    Our condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). However, we have also disclosed below adjusted EBITDA, adjusted EBITDA margin and free cash flow, each of which is a non-GAAP financial measure.
    Adjusted EBITDA and free cash flow have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. In particular, adjusted EBITDA and free cash flow should not be viewed as substitutes for, or superior to, net income (loss) or net cash provided by (used in) operating activities prepared in accordance with GAAP as measures of profitability or liquidity. Some of these limitations are:
    •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, our 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 us;
    •adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
    •adjusted EBITDA does not take into account certain income and expense items, such as material litigation settlements, impairment charges and fees related to shareholder activism, or other costs that management determines are not indicative of ongoing operating performance;
    •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 our 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 our other GAAP results.
    Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure that we calculate 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
    32

    Table of Contents
    charges and fees related to shareholder activism, and other items that we deem not to be indicative of our ongoing operating performance.
    Adjusted EBITDA margin. Adjusted EBITDA margin is a non-GAAP financial measure that we calculate as adjusted EBITDA divided by net revenue.
    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 the periods presented (in thousands, except percentages):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Reconciliation of Net Income to Adjusted EBITDA:
    Net income$38,440 $58,216 $90,630 $71,767 
    Provision for (benefit from) income taxes15,443 (10,189)32,263 (475)
    Other income, net(1)
    (7,231)(6,154)(25,277)(17,264)
    Depreciation and amortization9,326 10,461 28,841 31,881 
    Stock-based compensation39,472 43,467 123,396 133,304 
    Litigation settlement(2)(3)
    — — — 11,000 
    Asset impairment(2)
    5,914 — 5,914 3,555 
    Fees related to shareholder activism(2)
    — 671 1,168 671 
    Adjusted EBITDA$101,364 $96,472 $256,935 $234,439 
    Net revenue$360,344 $345,122 $1,050,112 $994,686 
    Net income margin11 %17 %9 %7 %
    Adjusted EBITDA margin28 %28 %24 %24 %
    (1)    Includes the release of a $3.1 million reserve related to a one-time payroll tax credit in the nine months ended September 30, 2024.
    (2)    Recorded within general and administrative expenses on our condensed consolidated statements of operations.
    (3)    Represents the loss contingency recorded in connection with the agreement to settle the CIPA Action. Note that this amount does not include any legal fee reimbursements that we had expected to receive related to this matter; we do not adjust for legal fees and related reimbursements, which we consider to be part of our ongoing operations. See Note 12, “Commitments and Contingencies,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for additional information.
    Free Cash Flow. Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by (used in) operating activities, less cash used for purchases of property, equipment and software.
    The following is a reconciliation of net cash provided by operating activities to free cash flow for the periods presented (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow:
    Net cash provided by operating activities$214,842 $227,110 
    Purchases of property, equipment and software(26,337)(20,850)
    Free cash flow$188,505 $206,260 
    Net cash used in investing activities$(34,440)$(46,465)
    Net cash used in financing activities$(233,007)$(183,232)
    33

    Table of Contents
    Liquidity and Capital Resources
    Sources of Liquidity
    Our principal sources of liquidity are our cash and cash equivalents, marketable securities and cash generated from operations. As of September 30, 2024, we had cash and cash equivalents of $261.6 million and marketable securities of $135.4 million. Cash and cash equivalents consist of cash, money market funds and investments with original maturities of three months or less. Our cash held internationally as of September 30, 2024 was $37.1 million. As of September 30, 2024, we also had $10.0 million of investments in certificates of deposit with minority-owned financial institutions.
    Our investment portfolio comprises highly rated marketable securities that are classified as available-for-sale on our condensed consolidated balance sheets, and our investment policy limits the amount of credit exposure to any one issuer. The policy generally requires securities to be investment grade (i.e., rated ‘A’ or higher by bond rating firms) with the objective of minimizing the potential risk of principal loss.
    On April 28, 2023, we entered into a Revolving Credit and Guaranty Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for a five-year $125.0 million senior secured revolving credit facility (the “2023 credit facility”). The 2023 credit facility replaced our previous $75.0 million revolving credit facility entered into on May 5, 2020 with Wells Fargo Bank, N.A., which terminated concurrently with the establishment of the 2023 credit facility. The 2023 credit facility includes a $25.0 million letter of credit sub-limit, a $25.0 million bilateral letter of credit facility and an accordion option, which, if exercised, would allow us to increase the aggregate commitments by up to $250.0 million, plus additional amounts if we are able to satisfy a leverage test, subject to certain conditions. The 2023 credit facility provides us with the ability to access backup liquidity to fund working capital and for other capital requirements, as needed.
    As of September 30, 2024, we were in compliance with all covenants and there were no loans outstanding under the 2023 credit facility. We had $14.0 million of letters of credit under the sub-limit primarily related to lease agreements for certain office locations, which are required to be maintained and issued to the landlords of each facility, and $111.0 million remained available under the 2023 credit facility as of September 30, 2024.
    For additional details regarding the 2023 credit facility, see Note 12, “Commitments and Contingencies,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report.
    Material Cash Requirements
    Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth under “Risk Factors” included under Part I, Item 1A in our Annual Report. We believe that our existing cash, cash equivalents and marketable securities, together with any cash generated from operations, will be sufficient to meet our material cash requirements in the next 12 months and beyond, including: working capital requirements; our anticipated repurchases of common stock pursuant to our stock repurchase program; payment of taxes related to the net share settlement of equity awards; payment of lease costs related to our operating leases; the potential payment of a higher amount of income taxes in 2024 and beyond due to, among other things, the requirement to capitalize and amortize certain research and development expenses under the U.S. Tax Cuts and Jobs Act; purchases of property, equipment and software and website hosting services; and payment of cash consideration related to our planned acquisition of RepairPal. However, this estimate is based on a number of assumptions that may prove to be materially different and we could fully utilize our available cash, cash equivalents and marketable securities earlier than presently anticipated. We are not able to reasonably estimate the timing of future cash flows related to $41.6 million of uncertain tax positions. We may be required to draw down funds from our revolving credit facility or seek additional funds through equity or debt financings to respond to business challenges associated with the uncertain macroeconomic environment or other challenges, including the need to develop new features and products or enhance existing services, improve our operating infrastructure or acquire complementary businesses and technologies.
    We lease office facilities under operating lease agreements that expire from 2024 to 2031. Our cash requirements related to these lease agreements are $58.2 million, of which $29.9 million is expected to be paid within the next 12 months. The total lease obligations are partially offset by our future minimum rental receipts to be received under non-cancelable subleases of $22.7 million. See Note 8, “Leases,” of the Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 in this Quarterly Report for further detail on our operating lease obligations.
    Our cash requirements related to purchase obligations consisting of non-cancelable agreements to purchase goods and services required in the ordinary course of business — primarily website hosting services — are approximately $187.0 million, of which approximately $55.6 million is expected to be paid within the next 12 months.
    34

    Table of Contents
    The cost of capital associated with any additional funds sought in the future might be adversely impacted by the effects of macroeconomic conditions on our business. Additionally, amounts deposited with third-party financial institutions exceed the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits, as applicable. These cash and cash equivalents could be impacted if the underlying financial institutions fail or are subjected to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to our cash and cash equivalents; however, we can provide no assurances that access to our invested cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets.
    Cash Flows
    The following table summarizes our cash flows for the periods presented (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Net cash provided by operating activities$214,842 $227,110 
    Net cash used in investing activities$(34,440)$(46,465)
    Net cash used in financing activities$(233,007)$(183,232)
    Operating Activities. Net cash provided by operating activities during the nine months ended September 30, 2024 decreased by $12.3 million compared to the prior-year period, primarily due to an increase of $26.9 million in income taxes paid, higher employee-related payments of $17.4 million for salaries, commissions, bonuses and benefits, mainly due to higher cost of labor as well as a shift towards a compensation mix that emphasizes cash over equity, and the payment of $15.0 million to settle the CIPA Action in the current-year period. The higher cash outflow was also driven by higher operating expenses, including an increase of $12.9 million in payments to vendors, as well as other increases that are not individually significant. These cash outflows were partially offset by an increase of $68.6 million in cash collected from customers primarily due to the increase in revenue.
    Investing Activities. Net cash used in investing activities during the nine months ended September 30, 2024 decreased compared to the prior-year period primarily due to a decrease in net purchases of marketable securities, partially offset by an increase in capitalized website and internal-use software development costs.
    Financing Activities. Net cash used in financing activities during the nine months ended September 30, 2024 increased compared to the prior-year period primarily due to an increase in repurchases of our common stock and a decrease in proceeds from stock option exercises.
    Stock Repurchase Program
    Since its initial authorization in July 2017, our board of directors has authorized us to repurchase up to an aggregate of $1.95 billion of our outstanding common stock, $367.2 million of which remained available as of November 1, 2024.
    We may repurchase shares at our discretion in the open market, privately negotiated transactions, in transactions structured through investment banking institutions or a combination of the foregoing. The program is not subject to any time limit and may be modified, suspended or discontinued at any time. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow and market conditions.
    During the nine months ended September 30, 2024, we repurchased on the open market 4,979,329 shares for an aggregate purchase price of $188.4 million.
    We have funded all repurchases to date and currently expect to fund any future repurchases with cash and cash equivalents available on our condensed consolidated balance sheet.
    35

    Table of Contents
    Critical Accounting Policies and Estimates
    Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates and assumptions are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from those estimates. Due to macroeconomic conditions and other factors, certain estimates and assumptions have required and may continue to require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may materially change in future periods.
    We believe that the assumptions and estimates associated with revenue recognition, website and internal-use software development costs and income taxes have the greatest potential impact on our consolidated financial statements. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report.
    ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    We have operations both within the United States and internationally, and we are exposed to market risks in the ordinary course of business. These risks primarily include interest rate, foreign exchange risks and inflation, and have not changed materially from the market risks we were exposed to in the year ended December 31, 2023.
    ITEM 4. CONTROLS AND PROCEDURES
    Evaluation of Disclosure Controls and Procedures
    We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
    Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.
    Changes in Internal Control Over Financial Reporting
    There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
    Inherent Limitations on Effectiveness of Controls
    Our management, including our Chief Executive Officer and our Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by the collusion of two or more people or by management override of controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
    36

    Table of Contents
    PART II. OTHER INFORMATION
    ITEM 1. LEGAL PROCEEDINGS
    For information regarding material legal proceedings in which we are involved, see “Legal Proceedings” in Note 12, “Commitments and Contingencies,” of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report, which is incorporated herein by reference. We are also subject to legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we currently do not believe that the final outcome of any of these other matters will have a material effect on our business, financial position, results of operations or cash flows.
    ITEM 1A. RISK FACTORS
    Except as set forth below, there have been no material changes to the risks factors set forth in the section titled “Risk Factors” included under Part I, Item 1A of our Annual Report, which describes various risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows and the trading price of our common stock. You should carefully consider the risks and uncertainties described in the Annual Report before making an investment decision.
    If we fail to generate, maintain and recommend sufficient content from our users that consumers find relevant, helpful and reliable, our traffic and revenue will be negatively affected.
    Our success depends on our ability to attract consumer traffic with valuable content, which in turn depends on the quantity and quality of the content provided by our users, as well as consumer perceptions of the relevance, helpfulness and reliability of that content. We may be unable to provide consumers with valuable information if our users do not contribute sufficient content or if our users remove content they previously submitted. For example, users may be unwilling to contribute content as a result of concerns that they may be harassed or sued by the businesses they review, instances of which have occurred in the past and may occur again in the future.
    Consumers also may not find the content on our platform to be valuable if they do not perceive it as relevant, helpful or reliable. For example, we do not phase out or remove dated reviews, and consumers may view older reviews as less relevant or reliable than more recent reviews. If the high concentration of reviews in our restaurants and shopping categories creates a perception that our platform is primarily limited to these categories, consumers may not believe that we can provide them with helpful information about businesses in other categories and seek that information elsewhere.
    Our automated recommendation software is a critical part of our efforts to provide consumers with relevant, helpful and reliable content. However, although we have designed our technology to avoid recommending content that we believe to be biased, unreliable or otherwise unhelpful, we cannot guarantee that our efforts will be successful, or that each of the recommended reviews available on our platform at any given time is useful or reliable. If our automated software does not recommend helpful content or recommends unhelpful content, consumers may reduce or stop their use of our platform.
    Even if we are successful in our efforts to generate, maintain and recommend valuable content, our ability to attract consumer traffic may nonetheless be harmed if consumers can find equivalent content through other services. From time to time, other companies copy information from our platform, or from other sources on the internet that may have obtained information from our platform, without our permission, including through website scraping, robots or other means, and publish or aggregate it with other information for their own benefit. This may make them more competitive and may decrease the likelihood that consumers will visit our platform to find the local businesses and information they seek; it may also negatively impact our ability to license content from our platform. Because web scraping is a common method for gathering data for use with AI models, the increasing prevalence of products incorporating AI has exacerbated this risk; we have discovered AI-powered products using content originally from our platform without our permission and expect we will continue to do so from time to time in the future. Though we strive to detect and prevent this third-party conduct, we may not be able to detect it in a timely manner and, even if we could, may not be able to prevent it. In some cases, particularly in the case of third parties operating outside of the United States, our available remedies may be inadequate to protect us against such conduct.
    We may acquire or invest in other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and harm our operating results. We may also be unable to realize the expected benefits and synergies of any acquisitions or investments.
    Our success will depend, in part, on our ability to expand our product offerings and grow our business in response to changing technologies, user and advertiser demands and competitive pressures. In some circumstances, we may determine to do so through the acquisition of complementary businesses or technologies rather than through internal development. For example, on November 6, 2024, we agreed to acquire RepairPal to expand our offerings in the auto services category. Similarly, we may pursue investments in privately held companies in furtherance of our strategic objectives. We have limited experience as a
    37

    Table of Contents
    company in the complex processes of acquiring and investing in businesses and technologies. The pursuit of potential future acquisitions or investments may divert the attention of management and in many cases causes us to incur expenses in identifying, investigating and pursuing transactions, whether or not they are consummated. If we do not complete an announced strategic transaction, such as our pending acquisition of RepairPal, or we do not complete it within the time frame we anticipate, our business and financial results could be harmed.
    Acquisitions that are consummated could result in dilutive issuances of equity securities or the incurrence of debt, which could adversely affect our results of operations. The incurrence of debt in particular could result in increased fixed obligations or include covenants or other restrictions that would impede our ability to manage our operations. In addition, any transactions we announce could be viewed negatively by users, businesses or investors. We may also fail to accurately forecast the financial impact of a transaction, including tax and accounting charges.
    We have in the past and may in the future discover liabilities or deficiencies associated with the companies or assets we acquire or invest in that we did not identify in advance, which may result in significant unanticipated costs or losses. The effectiveness of our due diligence review and our ability to evaluate the results of such due diligence are dependent upon the accuracy and completeness of statements and disclosures made by the companies we acquire or their representatives, as well as the limited amount of time in which acquisitions are executed.
    In order to realize the expected benefits and synergies of any acquisition that is consummated, we must meet a number of significant challenges that may create unforeseen operating difficulties and expenditures, including:
    •integrating operations, strategies, services, sites and technologies of an acquired company;
    •managing the post-transaction business effectively;
    •retaining and assimilating the employees of an acquired company;
    •retaining existing customers and strategic partners, and minimizing disruption to existing relationships, as a result of any integration of new personnel or departure of existing personnel;
    •difficulties in the assimilation of corporate cultures;
    •implementing and retaining uniform standards, controls, procedures, policies and information systems; and
    •addressing risks related to the business of an acquired company that may continue to impact the business following the acquisition.
    Any inability to integrate services, sites and technologies, operations or personnel in an efficient and timely manner could harm our results of operations. Transition activities are complex and require significant time and resources, and we may not manage the process successfully, particularly if we are managing multiple transactions concurrently. Our ability to integrate complex acquisitions is unproven, particularly with respect to companies that have significant operations or that develop products with which we do not have prior experience. We expect to invest resources to support any future acquisitions, which will result in ongoing operating expenses and may divert resources and management attention from other areas of our business. We cannot assure you that these investments will be successful. Even if we are able to integrate the operations of any acquired company successfully, we may not realize the full benefits of synergies, cost savings, innovation and operational efficiencies that may be possible from the transaction, or we may not achieve these benefits within a reasonable period of time.
    Similarly, investments in private companies are inherently risky in that such companies are typically at an early stage of development, may have no or limited revenues, may not be or may never become profitable, may not be able to secure additional funding or their technologies, services or products may not be successfully developed or introduced into the market. The success of any such investment is typically dependent on a liquidity event, such as a public offering or acquisition. If any company in which we invest decreases in value, we could lose all or part of our investment. These risks would be heightened to the extent any such investment is a minority investment in which we have limited management or operational control over the business.
    38

    Table of Contents
    ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    Issuer Purchases of Equity Securities
    The following table summarizes our stock repurchase activity for the three months ended September 30, 2024 (in thousands, except for price per share):
    Period
    Total Number
    of Shares Purchased(1)
    Average Price Paid per Share(2)
    Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Program
    July 1 - July 31, 2024677 $36.55 677 $430,976 
    August 1 - August 31, 202436 $36.64 36 $429,659 
    September 1 - September 30, 20241,068 $34.08 1,068 $393,260 
    (1)    Since the initial authorization of our Stock Repurchase Program in July 2017, our Board authorized us to repurchase up to an aggregate of $1.95 billion of our outstanding common stock, including the $500.0 million authorized in February 2024, of which $367.2 million remained available as of November 1, 2024. The actual timing and amount of repurchases depend on a variety of factors, including liquidity, cash flow and market conditions. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Stock Repurchase Program” included under Part I, Item 2 in this Quarterly Report.
    (2)    Average price paid per share includes costs associated with the repurchases but excludes the 1% excise tax accrued on our share repurchases, net of shares issued, as a result of the Inflation Reduction Act of 2022.
    ITEM 3. DEFAULTS UPON SENIOR SECURITIES
    None.
    ITEM 4. MINE SAFETY DISCLOSURES
    Not applicable.
    ITEM 5. OTHER INFORMATION
    Rule 10b5-1 Trading Plans
    On August 29, 2024, David Schwarzbach, our Chief Financial Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 120,000 shares of our common stock. The plan will terminate on the earlier of October 31, 2025 or when all shares subject to the plan have been sold, subject to early termination for certain specified events set forth in the plan.
    On August 30, 2024, Craig Saldanha, our Chief Product Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to 10,000 shares of our common stock. The plan will terminate on the earlier of August 29, 2025 or when all shares subject to the plan have been sold, subject to early termination for certain specified events set forth in the plan.
    39

    Table of Contents
    ITEM 6. EXHIBITS.

    Incorporated by Reference
    Exhibit Number
    Exhibit DescriptionFormFile No.ExhibitFiling Date
    Filed Herewith
    3.1
    Amended and Restated Certificate of Incorporation of Yelp Inc., as Amended.
    8-K001-354443.17/8/2020
    3.2
    Amended and Restated Bylaws of Yelp Inc.
    8-K001-354443.13/15/2023
    31.1
    Certification pursuant to Rule 13a-14(a)/15d-14(a).
    X
    31.2
    Certification pursuant to Rule 13a-14(a)/15d-14(a).
    X
    32.1†
    Certifications of Chief Executive Officer and Chief Financial Officer.
    X
    101.INSInline XBRL Instance Document (embedded within the Inline XBRL document).
    101.SCHInline XBRL Taxonomy Extension Schema Document.X
    101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.X
    101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.X
    101.LABInline XBRL Taxonomy Extension Labels Linkbase Document.X
    101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.X
    104Cover Page Interactive Data File (embedded within the Inline XBRL document).
    †    The certifications attached as Exhibit 32.1 accompany this Quarterly Report on Form 10-Q, are not deemed filed with the SEC and are not to be incorporated by reference into any filing of Yelp Inc. under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in such filing.
    40

    Table of Contents
    SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    YELP INC.
    Date: November 8, 2024/s/ David Schwarzbach
    David Schwarzbach
    Chief Financial Officer
     (Principal Financial and Accounting Officer and Duly Authorized Signatory)


    Get the next $YELP alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $YELP

    DatePrice TargetRatingAnalyst
    10/14/2024$46.00 → $38.00Buy → Neutral
    Goldman
    9/16/2024$30.00Underperform
    BofA Securities
    7/16/2024Peer Perform
    Wolfe Research
    3/27/2024Mkt Perform
    Raymond James
    10/27/2023$39.00Underweight → Neutral
    JP Morgan
    7/28/2023$54.00Buy
    Craig Hallum
    7/17/2023$34.00Sector Weight → Underweight
    KeyBanc Capital Markets
    7/17/2023$39.00 → $47.00Neutral → Buy
    Goldman
    More analyst ratings

    $YELP
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Yelp downgraded by Goldman with a new price target

      Goldman downgraded Yelp from Buy to Neutral and set a new price target of $38.00 from $46.00 previously

      10/14/24 7:46:53 AM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • BofA Securities initiated coverage on Yelp with a new price target

      BofA Securities initiated coverage of Yelp with a rating of Underperform and set a new price target of $30.00

      9/16/24 7:50:24 AM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Wolfe Research initiated coverage on Yelp

      Wolfe Research initiated coverage of Yelp with a rating of Peer Perform

      7/16/24 7:50:43 AM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    Financials

    Live finance-specific insights

    See more
    • 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% margin1 Updates 2025 Net Revenue outlook to the range of $1.465 billion to $1.485 billion; and Adjusted EBITDA2 outlook to the range of $345 million to $365 million Yelp Inc. (NYSE:YELP), the trusted platform that connects people with great local businesses, today announced its financial results for the first quarter ended March 31, 2025 in the Q1 2025 Shareholder Letter available on its Investor Relations website at yelp-ir.com. "Our first quarter results demonstrate the str

      5/8/25 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Yelp Announces Date of First Quarter 2025 Financial Results

      Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, announced that it will release its financial results for the quarter ended March 31, 2025 after the market closes on Thursday, May 8, 2025. Yelp will issue a press release when its Shareholder Letter has been posted on its investor relations website at www.yelp-ir.com. Following the release of the Shareholder Letter, Yelp will host a webcasted conference call to discuss its first quarter results starting at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. The live and archived webcasts will be accessible from Yelp's investor relations website at the same web address as above. About Yelp Y

      4/24/25 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Yelp Announces Date of Fourth Quarter and Full Year 2024 Financial Results

      Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, announced that it will release its financial results for the quarter and full year ended December 31, 2024 after the market closes on Thursday, February 13, 2025. Yelp will issue a press release when its Shareholder Letter has been posted on its investor relations website at www.yelp-ir.com. Following the release of the Shareholder Letter, Yelp will host a webcasted conference call to discuss its fourth quarter and full year results starting at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. The live and archived webcasts will be accessible from Yelp's investor relations website at the sa

      1/30/25 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • 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% margin1 Updates 2025 Net Revenue outlook to the range of $1.465 billion to $1.485 billion; and Adjusted EBITDA2 outlook to the range of $345 million to $365 million Yelp Inc. (NYSE:YELP), the trusted platform that connects people with great local businesses, today announced its financial results for the first quarter ended March 31, 2025 in the Q1 2025 Shareholder Letter available on its Investor Relations website at yelp-ir.com. "Our first quarter results demonstrate the str

      5/8/25 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Yelp to Participate in the J.P. Morgan 53rd Annual Global Technology, Media and Communications Conference

      Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced that management will present at the J.P. Morgan Global Technology, Media and Communications Conference on May 13, 2025 at 1:50 p.m. Eastern Time. The live and archived webcasts of the presentation will be available on the company's investor relations website at www.yelp-ir.com. The archived webcast will remain available for 30 days after the conclusion of the live presentation. 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

      5/6/25 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Yelp Introduces New AI-powered Features to Streamline Hiring Service Pros and Enhance the Dining Experience

      AI-powered photo recognition in Yelp Assistant automatically identifies and understands project needs; response quality badges highlight service pros with helpful replies; and restaurant enhancements, like the Guest Experience Survey, help improve the dining experience Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced its Spring Product Release, introducing 15 new features and updates that simplify how consumers discover and hire service professionals, and help restaurants manage front-of-house operations. New updates include AI-powered photo recognition in Yelp Assistant to make it easier and quicker to find and connect with the right pro

      4/29/25 7:00:00 AM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    SEC Filings

    See more
    • Yelp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - YELP INC (0001345016) (Filer)

      5/8/25 4:08:30 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • SEC Form DEF 14A filed by Yelp Inc.

      DEF 14A - YELP INC (0001345016) (Filer)

      4/24/25 8:12:46 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • SEC Form DEFA14A filed by Yelp Inc.

      DEFA14A - YELP INC (0001345016) (Filer)

      4/24/25 8:13:48 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Chief Operating Officer Nachman Joseph R sold $244,294 worth of shares (7,000 units at $34.90), decreasing direct ownership by 2% to 273,595 units (SEC Form 4)

      4 - YELP INC (0001345016) (Issuer)

      5/7/25 4:02:19 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Chief Product Officer Saldanha Craig sold $34,450 worth of shares (1,000 units at $34.45), decreasing direct ownership by 0.45% to 222,512 units (SEC Form 4)

      4 - YELP INC (0001345016) (Issuer)

      4/23/25 5:39:14 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Chief Financial Officer Schwarzbach David A sold $343,137 worth of shares (10,000 units at $34.31), decreasing direct ownership by 4% to 239,112 units (SEC Form 4)

      4 - YELP INC (0001345016) (Issuer)

      4/14/25 5:33:08 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Yelp Inc. (Amendment)

      SC 13G/A - YELP INC (0001345016) (Subject)

      2/14/24 4:02:56 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Yelp Inc. (Amendment)

      SC 13G/A - YELP INC (0001345016) (Subject)

      2/13/24 5:17:38 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Yelp Inc. (Amendment)

      SC 13G/A - YELP INC (0001345016) (Subject)

      1/29/24 4:15:24 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary

    $YELP
    Leadership Updates

    Live Leadership Updates

    See more
    • Yelp Appoints Dan Jedda to its Board of Directors as George Hu Steps Down

      Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced the appointment of Dan Jedda, chief financial officer of Roku, Inc., to its Board of Directors, effective March 29, 2024. This appointment coincides with the departure of George Hu, who will be stepping down from the Yelp Board of Directors on the same date after dedicating over five years of service as a director and as a member of the Compensation Committee of the Board. Jedda's appointment comes at a time when Yelp continues to expand its product offerings and enhance its platform to better serve both businesses and consumers. "Dan brings a wealth of experience to the Yelp Board, havi

      3/28/24 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary
    • Nexstar Media Group Appoints Tony Wells to Board of Directors

      Former Chief Media Officer at Verizon and Chief Brand Officer at USAA Brings Extensive National and Local Advertising and Strategic Marketing Expertise to Board Nexstar Media Group, Inc. (NASDAQ:NXST) announced the appointment of Tony Wells, 59, to its Board of Directors effective today, July 26, 2023. Mr. Wells fills the open Board position that was created when Dennis Miller stepped down last October to assume the role of President of The CW Network LLC, a 75%-owned subsidiary of Nexstar. As a result of the recent declassification of the Board, Mr. Wells, and all directors, will stand for election at the 2024 annual meeting of stockholders. Mr. Wells is an independent director and will

      7/26/23 4:15:00 PM ET
      $NXST
      $YELP
      Broadcasting
      Industrials
      Other Consumer Services
      Consumer Discretionary
    • Yelp Appoints Home Services Leader Chris Terrill to its Board of Directors

      Yelp Inc. (NYSE:YELP), the company that connects people with great local businesses, today announced the appointment of Chris Terrill, former chief executive officer of ANGI Homeservices (now Angi Inc.) and HomeAdvisor.com, to its Board of Directors, effective immediately. Terrill is a tenured internet executive who has a strong record of building highly successful businesses, including ANGI Homeservices, which grew to a multi-billion-dollar public company by the time of his departure. "Chris brings extensive experience in building online marketplaces that connect consumers with local service professionals," said Jeremy Stoppelman, Yelp's co-founder and chief executive officer. "His persp

      3/16/22 4:05:00 PM ET
      $YELP
      Other Consumer Services
      Consumer Discretionary