Yelp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Yelp Inc. has submitted its annual 10-K filing for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

YELP INC (YELP) filed a Annual Report (10-K) with the SEC on February 27, 2024. Yelp Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 350 Mission Street, 10th Floor, San Francisco, CA 94105. Yelp Inc. was incorporated in Delaware. The filing number for this report is 001-35444.

Why It Matters

For investors and stakeholders tracking YELP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Yelp's financial health and strategic direction for investors and stakeholders. The detailed financial information and risk factors disclosed in this report are crucial for understanding the company's current market position and future outlook.

Risk Assessment

Risk Level: medium — YELP INC shows moderate risk based on this filing. The company operates in a competitive online advertising and local services market, facing risks related to market saturation and evolving consumer preferences, as indicated by its business description.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Yelp's competitive positioning and growth potential in the online services market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (As of date)
• 7200 — SIC Code (Standard Industrial Classification)
• 124 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• YELP INC (company) — Filer name
• 350 MISSION STREET (location) — Business address
• SAN FRANCISCO (location) — Business address city
• CA (location) — Business address state
• 94105 (location) — Business address zip
• DE (location) — State of incorporation
• 001-35444 (filing_id) — SEC file number
• 20240227 (date) — Filing date

FAQ

Industry Context

Yelp operates in the online local business directory and review platform industry, competing with other platforms and search engines for user attention and advertiser spend.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze Yelp's revenue streams and growth drivers for 2023.
2. Review any disclosed risk factors related to competition and market trends.
3. Examine the company's financial health indicators, such as cash position and debt levels, once available.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Comparative data from the previous year's filing will be available in subsequent analyses.

Key Financial Figures

• $0.000001 — ich Registered Common Stock, par value $0.000001 per share YELP New York Stock Exchange
• $100,000 — as annual household income of more than $100,000. A broad-based local advertising platf

Filing Documents

• yelp-20231231.htm (10-K) — 2169KB
• yelp10k12312023ex1020.htm (EX-10.20) — 7KB
• yelp10k12312023ex231.htm (EX-23.1) — 3KB
• yelp10k12312023ex311.htm (EX-31.1) — 8KB
• yelp10k12312023ex312.htm (EX-31.2) — 8KB
• yelp10k12312023ex321.htm (EX-32.1) — 6KB
• yelp10k12312023ex971.htm (EX-97.1) — 35KB
• yelp-20231231_g1.jpg (GRAPHIC) — 50KB
• yelp-20231231_g2.jpg (GRAPHIC) — 120KB
• yelp-20231231_g3.jpg (GRAPHIC) — 83KB
• 0001345016-24-000009.txt (&nbsp;) — 11117KB
• yelp-20231231.xsd (EX-101.SCH) — 65KB
• yelp-20231231_cal.xml (EX-101.CAL) — 114KB
• yelp-20231231_def.xml (EX-101.DEF) — 243KB
• yelp-20231231_lab.xml (EX-101.LAB) — 907KB
• yelp-20231231_pre.xml (EX-101.PRE) — 580KB
• yelp-20231231_htm.xml (XML) — 1628KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 60 Item 9A.

Controls and Procedures

Controls and Procedures. 61 Item 9B. Other Information. 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 63 P ART III Item 10. Directors, Executive Officers and Corporate Governance. 64 Item 11.

Executive Compensation

Executive Compensation. 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 64 Item 13. Certain Relationships and Related Transactions, and Director Independence. 64 Item 14. Principal Accountant Fees and Services. 64 P ART IV Item 15. Exhibits and Financial Statement Schedules. 65 Item 16. Form 10-K Summary. 67

SIGNATURES

SIGNATURES F INANCIAL S TATEMENTS Report of Independent Registered Public Accounting Firm F- 1 Consolidated Balance Sheets F- 3 Consolidated Statements of Operations F- 4 Consolidated Statements of Comprehensive Income F- 5 Consolidated Statements of Stockholders' Equity F- 6 Consolidated Statements of Cash Flows F- 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F- 8 ___________________________________ Unless the context suggests otherwise, references in this Annual Report on Form 10-K (the "Annual Report") to "Yelp," the "Company," "we," "us" and "our" refer to Yelp Inc. and, where appropriate, its subsidiaries. i Table of Contents Unless the context otherwise indicates, where we refer in this Annual Report to our "mobile application" or "mobile app," we refer to all of our consumer applications for mobile-enabled devices; references to our "mobile platform" refer to both our mobile app and the versions of our consumer-facing website that are optimized for mobile-based browsers. Similarly, references to our "website" refer to versions of our consumer-facing website dedicated to both desktop- and mobile-based browsers, as well as the U.S. and international versions of our consumer-facing website. These terms do not refer to the Yelp for Business mobile application, web-based versions of our business owner account or other business owner products unless stated. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual 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. The statements contained in this Annual Report that are not purely historical 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 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 t

Business

Item 1. Business. Company Overview Since Yelp's founding nearly 20 years ago, our mission has remained the same — to connect consumers with great local businesses. Over that time, we have built one of the best-known Internet brands in the United States. Consumers trust us for the more than 260 million ratings and reviews available on our platform of businesses across a broad range of categories. This consumer trust is the foundation of our business, from which we are able to empower other businesses to succeed. Our advertising products help businesses of all sizes reach a large audience, advertise their products and drive conversion of their services. Our performance in 2023 — which included record annual revenue and profitable growth — demonstrates that our product-led strategy can drive durable growth. For a discussion of our results for the year ended December 31, 2023, see the section titled " Management's Discussion and Analysis of Financial Condition and Results of Operations " included under Part II, Item 7 of this Annual Report. Our Long-term Growth Opportunity is Large We believe our ability to provide value to both consumers and businesses positions us well in the large and growing local, digital advertising market in the United States. The competitive advantages we have established over nearly two decades, together with the product-led business model and improved cost structure we have implemented in recent years, provide us with the opportunity for consistent, long-term growth in this market. We have: A proven engine to generate and recommend trusted content . Our platform provides the type of reliable and useful review content that helps consumers make informed spending decisions and confidently transact with local businesses. This forms the basis for a positive feedback loop in which more content attracts users, who contribute more content, which in turn attracts more businesses to become advertisers. The breadth and depth of our high-quality con

View Full Filing

View this 10-K filing on SEC EDGAR