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Yelp Reports Fourth Quarter and Full Year 2017 Financial Results
Revenue of $218 Million Increases 12% Over Fourth Quarter 2016
Excluding Eat24, Nowait and Turnstyle, Revenue Increases 20% Over Fourth Quarter 2016
SAN FRANCISCO--(BUSINESS WIRE)--February 7, 2018--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today announced financial results for the fourth quarter and full year ended December 31, 2017.
“We finished 2017 strong with rising growth in new advertiser acquisition and continued improvements in revenue retention from the prior year,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “In 2018, we are focused on increasing consumer usage through deepening our product experience in the Restaurants category and attracting advertisers through expanding sales channels and increased ad product flexibility.”
The following results reflect Yelp’s financial performance and key operating metrics for the three months and year ended December 31, 2017 as compared to the same periods in 2016.
Fourth Quarter 2017 Financial Highlights
- Net revenue was $218.2 million, representing 12% growth over the fourth quarter of 2016. Excluding revenue from Nowait and Turnstyle Analytics (now called Yelp WiFi), which we acquired in 2017, and Eat24, which we sold to Grubhub Inc. concurrently with the commencement of our long-term partnership on October 10, 2017, net revenue grew 20% over the fourth quarter of 2016.
- GAAP net income was $142.1 million, or $1.60 per diluted share, compared to GAAP net income of $8.3 million, or $0.10 per diluted share, in the fourth quarter of 2016.
- GAAP results include a $164.8 million pre-tax gain on the sale of Eat24.
- Adjusted EBITDA was $41.6 million compared to $45.3 million in the fourth quarter of 2016.
Fourth Quarter 2017 Revenue Summary
- Advertising revenue totaled $208.4 million, representing 18% growth compared to the fourth quarter of 2016.
- Transactions revenue totaled $5.2 million, compared to $16.6 million in the fourth quarter of 2016. Transactions revenue decreased year-over-year due to the sale of Eat24, which had previously generated a significant portion of our Transactions revenue. Eat24 generated $1.8 million of our Transactions revenue in the fourth quarter of 2017 prior to the completion of its sale on October 10th. For additional details on the impact of the sale of Eat24 and other corporate development activities in 2017, see the supplemental table in the section titled “Revenue Impact of Corporate Development Activities in 2017” at the end of this release.
- Other services revenue totaled $4.6 million, compared to $1.7 million in the fourth quarter of 2016, primarily due to revenue from Nowait and Yelp WiFi.
The following information was filed by Yelp Inc (YELP) on Wednesday, February 7, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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