Yelp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Yelp Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and position.</b>

AI Summary

YELP INC (YELP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Yelp Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data and operational details for the period are presented. The report includes information on the company's financial position and performance. Yelp Inc. is incorporated in Delaware and headquartered in San Francisco, CA.

Why It Matters

For investors and stakeholders tracking YELP INC, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Yelp Inc., crucial for understanding its current performance and outlook. The filing contains specific financial data and disclosures that are essential for investment decisions and competitive analysis.

Risk Assessment

Risk Level: low — YELP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant negative events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Yelp's performance trends and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2024-03-31 — Quarter End Date (2024-03-31)

Key Players & Entities

• YELP INC (company) — FILER
• YELP INC (company) — COMPANY CONFORMED NAME
• YELP! INC (company) — FORMER COMPANY
• SAN FRANCISCO (location) — CITY
• DE (location) — STATE OF INCORPORATION

FAQ

Industry Context

Yelp operates in the online services and local search industry, connecting consumers with businesses.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Analyze Yelp's revenue streams and growth drivers for Q1 2024.
2. Examine the company's operating expenses and profitability metrics.
3. Review any disclosed risks or forward-looking statements for potential impacts on future performance.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the Q4 2023 10-K filing.

Key Financial Figures

• $0.000001 — ich Registered Common Stock, par value $0.000001 per share YELP New York Stock Exchange

Filing Documents

• yelp-20240331.htm (10-Q) — 1185KB
• yelpq1-24exhibit311.htm (EX-31.1) — 14KB
• yelpq1-24exhibit312.htm (EX-31.2) — 14KB
• yelpq1-24exhibit321.htm (EX-32.1) — 7KB
• 0001345016-24-000033.txt (&nbsp;) — 7109KB
• yelp-20240331.xsd (EX-101.SCH) — 47KB
• yelp-20240331_cal.xml (EX-101.CAL) — 85KB
• yelp-20240331_def.xml (EX-101.DEF) — 170KB
• yelp-20240331_lab.xml (EX-101.LAB) — 637KB
• yelp-20240331_pre.xml (EX-101.PRE) — 432KB
• yelp-20240331_htm.xml (XML) — 1118KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

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 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 37

Signatures

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, i

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS YELP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 296,045 $ 313,911 Short-term marketable securities 124,749 127,485 Accounts receivable (net of allowance for doubtful accounts of $ 14,562 and $ 13,768 at March 31, 2024 and December 31, 2023, respectively) 147,685 146,147 Prepaid expenses and other current assets 38,421 36,673 Total current assets 606,900 624,216 Property, equipment and software, net 68,166 68,684 Operating lease right-of-use assets 44,524 48,573 Goodwill 102,833 103,886 Intangibles, net 7,309 7,638 Other non-current assets 163,745 161,726 Total assets $ 993,477 $ 1,014,723 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 144,943 $ 132,809 Operating lease liabilities — current 39,365 39,234 Deferred revenue 6,988 3,821 Total current liabilities 191,296 175,864 Operating lease liabilities — long-term 38,008 48,065 Other long-term liabilities 42,200 41,260 Total liabilities 271,504 265,189 Commitments and contingencies ( Note 12 ) Stockholders' equity: Common stock, $ 0.000001 par value — 200,000 shares authorized, 68,330 shares issued and outstanding at March 31, 2024, and 68,864 shares issued and outstanding at December 31, 2023 — — Additional paid-in capital 1,809,530 1,786,667 Treasury stock ( 8,329 ) ( 282 ) Accumulated other comprehensive loss ( 13,950 ) ( 12,202 ) Accumulated deficit ( 1,065,278 ) ( 1,024,649 ) Total stockholders' equity 721,973 749,534 Total liabilities and stockholders' equity $ 993,477 $ 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 March 31, 2024 2023 Net revenue $ 332,752 $ 312,438 Costs and

View Full Filing

View this 10-Q filing on SEC EDGAR