Yelp Inc. Files 10-Q for Q2 2024

TL;DR

YELP Q2 2024 10-Q filed. Financials and ops details out.

AI Summary

Yelp Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. Key financial figures and business segments are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Yelp Inc., crucial for understanding the company's trajectory in the online review and local business services market.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the inherent risks of the online advertising and local services market can impact Yelp's performance.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial data)
• 2023 Q2 — Comparative Period (Second quarter of 2023 financial data for comparison)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (First six months of 2024 financial data)
• 2023-01-01 to 2023-06-30 — Comparative Year-to-Date Period (First six months of 2023 financial data for comparison)

Key Players & Entities

• YELP INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 350 MISSION STREET (location) — Yelp's business and mailing address
• SAN FRANCISCO (location) — City of Yelp's headquarters

FAQ

Key Financial Figures

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

Filing Documents

• yelp-20240630.htm (10-Q) — 1476KB
• yelpq2-24exhibit101.htm (EX-10.1) — 17KB
• yelpq2-24exhibit311.htm (EX-31.1) — 14KB
• yelpq2-24exhibit312.htm (EX-31.2) — 14KB
• yelpq2-24exhibit321.htm (EX-32.1) — 7KB
• 0001345016-24-000052.txt ( ) — 8055KB
• yelp-20240630.xsd (EX-101.SCH) — 46KB
• yelp-20240630_cal.xml (EX-101.CAL) — 87KB
• yelp-20240630_def.xml (EX-101.DEF) — 179KB
• yelp-20240630_lab.xml (EX-101.LAB) — 666KB
• yelp-20240630_pre.xml (EX-101.PRE) — 450KB
• yelp-20240630_htm.xml (XML) — 1341KB

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 9 Notes to Condensed Consolidated Financial Statements 10 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 252,435 $ 313,911 Short-term marketable securities 132,376 127,485 Accounts receivable (net of allowance for doubtful accounts of $ 16,124 and $ 13,768 at June 30, 2024 and December 31, 2023, respectively) 153,869 146,147 Prepaid expenses and other current assets 44,999 36,673 Total current assets 583,679 624,216 Property, equipment and software, net 70,616 68,684 Operating lease right-of-use assets 40,679 48,573 Goodwill 102,488 103,886 Intangibles, net 6,974 7,638 Other non-current assets 160,542 161,726 Total assets $ 964,978 $ 1,014,723 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 117,762 $ 132,809 Operating lease liabilities — current 35,082 39,234 Deferred revenue 5,229 3,821 Total current liabilities 158,073 175,864 Operating lease liabilities — long-term 32,535 48,065 Other long-term liabilities 39,023 41,260 Total liabilities 229,631 265,189 Commitments and contingencies ( Note 12 ) Stockholders' equity: Common stock, $ 0.000001 par value — 200,000 shares authorized, 67,622 shares issued and outstanding at June 30, 2024, and 68,864 shares issued and outstanding at December 31, 2023 — — Additional paid-in capital 1,848,677 1,786,667 Treasury stock ( 806 ) ( 282 ) Accumulated other comprehensive loss ( 14,134 ) ( 12,202 ) Accumulated deficit ( 1,098,390 ) ( 1,024,649 ) Total stockholders' equity 735,347 749,534 Total liabilities and stockholders' equity $ 964,978 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net revenue $

View Full Filing

View this 10-Q filing on SEC EDGAR