Yelp Reports Third Quarter 2019 Financial Results

Net revenue grew 9% year over year to $262 million, reaccelerating from Q2 2019

Fourth quarter Net revenue growth expected to accelerate to 11-13% compared to Q4 2018

$77 million returned to shareholders through share repurchases in Q3 2019

SAN FRANCISCO--(BUSINESS WIRE)--November 7, 2019--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the quarter ended September 30, 2019 in the Q3 2019 Shareholder Letter available on its Investor Relations website at
“We are pleased to have reaccelerated revenue growth, while at the same time increasing Adjusted EBITDA margin, in the third quarter,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “We expect this momentum to continue in the fourth quarter, with revenue growing double-digits compared to the prior year and margin expanding significantly once again. These strong business fundamentals reinforce our confidence in our ability to achieve our long-term financial targets.”

Third Quarter 2019 Financial Highlights
Net revenue was $262 million, up 9% from the third quarter of 2018, consistent with the Company’s outlook, driven primarily by growth in Advertising revenue
Net income, which includes $7 million in fees related to shareholder activism, was $10 million, or $0.14 per diluted share, compared to Net income of $15 million, or $0.17 per diluted share, in the third quarter of 2018
Adjusted EBITDA1 grew to $58 million, a 16% increase over the third quarter of 2018. Adjusted EBITDA margin increased one percentage point to 22%, also in line with the Company’s outlook
Cash provided by operating activities was $51 million for the third quarter of 2019, and Yelp ended the third quarter with cash, cash equivalents, and marketable securities of $417 million
Shares repurchased totaled approximately 2.3 million in the third quarter at an aggregate cost of $77 million, which contributed to a 14% reduction of Yelp’s outstanding shares by since the start of the year
Yelp expects to accelerate revenue growth and expand Adjusted EBITDA margin again in the fourth quarter of 2019. Specifically, Yelp expects Net revenue to grow 11-13% over the prior year with Adjusted EBITDA margin increasing by 2-3 percentage points over 2018 levels

1 Refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented to the most directly comparable GAAP measures.

The following information was filed by Yelp Inc (YELP) on Thursday, November 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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