Yelp Reports First Quarter 2021 Financial Results
First quarter Net Revenue of $232 million, Net Loss of $6 million
Adjusted EBITDA increased by 159% year over year to $44 million
Raises full year 2021 Business Outlook and now expects $1 billion to $1.02 billion of Net Revenue and $175 million to $195 million of Adjusted EBITDA*
SAN FRANCISCO--(BUSINESS WIRE)--May 6, 2021--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the first quarter ended March 31, 2021 in the Q1 2021 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.
“Yelp’s mission of connecting people with great local businesses has never been more important, as local economies begin to recover and people return to businesses in their community,” said Jeremy Stoppelman, Yelp co-founder and CEO. “At the same time, our strategic initiatives continued to gain momentum in the first quarter, achieving record retention and revenue from our Services categories and Self-serve channel. This progress reflects the success of our increased focus on product innovation and more efficient go-to-market approach, which together lay the foundation for our next stage of growth, and positions us well in 2021 and beyond.”
*Yelp has not reconciled its Adjusted EBITDA outlook to GAAP Net income (loss) because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because Yelp cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below.
Quarterly Conference Call
Yelp will host a live Q&A session today at 2:00 p.m. Pacific Time to discuss the first quarter financial results and outlook for the second quarter and full year of 2021. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at www.yelp-ir.com. A replay of the webcast will be available at the same website.
Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase. Yelp was founded in San Francisco in July 2004.
Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.
This press release contains forward-looking statements relating to, among other things, Yelp’s future performance, including Yelp’s ability to deliver sustainable growth in 2021 and beyond, that are based on its current expectations, forecasts, and assumptions that involve risks and uncertainties.
The following information was filed by Yelp Inc (YELP) on Thursday, May 6, 2021 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.