Yelp Inc. operates a platform that connects consumers with local businesses in the United States and internationally. The company's platform covers various local business categories, including restaurants, shopping, beauty and fitness, health, and other categories, as well as home, local, auto, professional, pets, events, real estate, and financial services. It provides free and paid advertising products to businesses, which include cost-per-click search advertising and multi-location Ad products, as well as enables businesses to deliver targeted search advertising to local audiences; and business listing page products. The company also offers other services comprising Yelp Reservations that provide online reservations for restaurants, nightlife, and other venues directly from their Yelp business pages; Yelp Waitlist, a subscription-based waitlist management solution that allows consumers to check wait times and join waitlists remotely, as well as businesses to manage seating and server rotation; Yelp Knowledge program that offers business owners local analytics and insights through access to its historical data and other proprietary content; and Yelp Fusion, which offers free and paid access to content and data for consumer-facing enterprise use through publicly available APIs. In addition, it provides content licensing, as well as allows third-party data providers to update and manage business listing information on behalf of businesses. Further, the company offers its products directly through its sales force; indirectly through partners; and online through its website, as well as non-advertising partner arrangements. It has strategic partnership with Grubhub for providing consumers with a service to place food orders for pickup and delivery. Yelp Inc. was incorporated in 2004 and is headquartered in San Francisco, California.

Yelp Inc.

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	1,466.9	1,412.1	1,337.1	1,193.5	1,031.8	872.9	1,014.2	942.8	850.8	716.1	549.7
Total Revenues %Chg	5.3%	5.6%	12%	15.7%	18.2%	-13.9%	7.6%	10.8%	18.8%	30.3%	45.6%
Net Revenue
Cost of Sales	139.8	123.7	114.2	105.7	78.1	57.2	62.4	57.9	70.5	60.4	51
Cost of Revenue
Gross Profit	1,327.1	1,288.4	1,222.8	1,087.8	953.7	815.7	951.8	884.9	780.3	655.7	498.7
Gross Profit Margin	90.5%	91.2%	91.5%	91.1%	92.4%	93.4%	93.8%	93.9%	91.7%	91.6%	90.7%
Selling, General & Administrative Expenses	773.9	770.9	769	679	590	567.5	636.5	603.9	547.1	480.4	382.6
Sales and Marketing
General and Administrative
Depreciation & Amortization Expenses	48.8	40.4	42.2	44.9	55.7	50.6	49.4	42.8	41.2	35.3	29.6
Depreciation and Amortization
Research & Development Expenses	315.3	326	332.6	305.6	276.5	232.6	230.4	212.3	175.8	138.5	107.8
Product Development
Other Operating Expenses	—	—	—	—	0	3.9	—	—	164	3.5	—
Restructuring
Contribution to the Yelp Foundation
Loss on Disposal of a Business Unit
Operating Profit	189.1	151	79	58.4	31.5	-38.8	35.5	25.9	179.6	-2	-21.3
Income from Operations
Operating Margin	12.9%	10.7%	5.9%	4.9%	3.1%	-4.4%	3.5%	2.7%	21.1%	-0.3%	-3.9%
Non-Operating Income	23.5	31.9	26	8.4	2.2	3.7	14.3	14.1	4.9	1.7	0.4
Other Income, Net
Total Non-Operating Income	23.5	31.9	26	8.4	2.2	3.7	14.3	14.1	4.9	1.7	0.4
Income Before Provision for Income Taxes	212.5	183	105.1	66.8	33.7	-35.1	49.8	40	184.5	-0.3	-20.9
Income Before Income Taxes
Provision for Income Taxes	62.5	50.1	5.9	30.4	-6	-15.7	8.9	-15.3	31.5	-1.4	-12
Provision for Income Taxes
Consolidated Net Income	150	132.9	99.2	36.3	39.7	-19.4	40.9	55.4	153	1.1	-9
Net Income Attributable to Preferred Dividends	—	—	—	—	—	—	—	—	—	—	—
Accretion of Redeemable Convertible Preferred Stock
Net Income Attributable to Common Shareholders	150	132.9	99.2	36.3	39.7	-19.4	40.9	55.4	153	-1.7	-32.9
Net Loss Attributable to Common Stockholders
Net Income Attributable to Common Stockholders
Basic EPS	2.3	2	1.4	0.5	0.5	-0.3	0.6	0.7	1.9	-0	-0.4
Diluted EPS	2.3	1.9	1.4	0.5	0.5	-0.3	0.5	0.6	1.8	-0	-0.4
Basic Weighted Average Shares Outstanding	64.6	67.4	69.2	70.9	74.2	73	74.6	83.6	81.6	77.3	74.9
Total Shares Outstanding	62.1	65.8	68.9	69.8	72.2	75.3	71.2	82	83.7	79.4	76
Diluted Weighted Average Shares Outstanding	66.3	70.6	73.6	73.4	78.6	73	78	88.7	87.2	77.3	74.7
EBITDA	250.4	206.5	149.3	136	126.5	54	126.2	68.7	220.8	33.3	8.3
Effective Tax Rate	29.4%	27.4%	5.6%	45.6%	-17.7%	44.7%	17.9%	-38.4%	17.1%	424.8%	57.1%