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Yelp Reports Fourth Quarter and Full Year 2018 Financial Results
Reports Net Revenue of $244 Million, Net Income of $32 Million and Adjusted EBITDA of $53 Million
Targeting Mid-Teens Revenue CAGR for 2019-2023 and a 30-35% Adjusted EBITDA Margin by 2023
Expects to Increase Adjusted EBITDA Margin by 2-3 Percentage Points in 2019
Board Approves Increase of $250 Million to Share Repurchase Program, Bringing Outstanding Authorization to $500 Million; Plans to Repurchase $250 Million in the First Half of 2019
Announces Election of Three Seasoned Executives to the Board of Directors
SAN FRANCISCO--(BUSINESS WIRE)--February 13, 2019--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the fourth quarter and full year ended December 31, 2018 in its Q4 2018 Shareholder Letter. The company has also provided an investor presentation outlining its strategic plan and long-term financial targets. Both are available on Yelp’s Investor Relations website at www.yelp-ir.com.
“In 2018, we evolved our go-to-market strategy to capture more of our addressable market and reduce sales friction,” said Jeremy Stoppelman, co-founder and CEO of Yelp. “We also made significant progress in driving consumer usage in the Restaurants vertical and business-owner monetization in the Home & Local Services vertical. We plan to continue the transition in 2019, and expect to achieve stronger revenue growth and higher Adjusted EBITDA margins in the second half of 2019 as our growth initiatives begin to deliver. For the next five years, we see mid-teens revenue growth and Adjusted EBITDA margins in the 30-35% range by 2023. Our board of directors has increased our share repurchase authorization to $500 million and elected three experienced business leaders to our board of directors.”
Quarterly Conference Call
Yelp will host a conference call at 2:00 p.m. PT to discuss the fourth quarter and full year 2018 financial results, the company’s business outlook for the first quarter and full year 2019, and its strategic plan and long-term financial targets. The webcast of the conference call 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 until February 21, 2019.
Update on Strategic Initiatives and Financial Targets
Yelp has identified a detailed path toward long-term shareholder value. Key components include Yelp’s plans to:
Deliver long-term double-digit revenue growth: Yelp currently targets a compound annual revenue growth rate in the mid-teens from 2019 through 2023, driven by initiatives aimed at winning in key verticals, expanding business offerings, driving more value to business customers, capturing enterprise, and enhancing the consumer experience.
The following information was filed by Yelp Inc (YELP) on Wednesday, February 13, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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