$YELP

YELP INC

CIK:0001345016|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 375,519	$ 370,394	$ 736,976	$ 728,928
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)	41,776	35,447	80,185	70,275
Sales and marketing	153,562	144,612	306,572	290,896
Product development	70,468	78,362	147,625	162,267
General and administrative	47,865	46,318	97,215	98,025
Depreciation and amortization	18,118	12,365	34,351	24,715
Total costs and expenses	331,789	317,104	665,948	646,178
Income from operations	43,730	53,290	71,028	82,750
Other income, net	733	5,695	3,319	11,466
Income before income taxes	44,463	58,985	74,347	94,216
Provision for income taxes	12,811	14,896	24,960	25,736
Net income attributable to common stockholders	$ 31,652	$ 44,089	$ 49,387	$ 68,480
Net income per share attributable to common stockholders
Basic (in USD per share)	$ 0.57	$ 0.69	$ 0.87	$ 1.06
Diluted (in USD per share)	$ 0.57	$ 0.67	$ 0.86	$ 1.03
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic (in shares)	55,305	64,145	57,051	64,700
Diluted (in shares)	55,726	65,683	57,630	66,610

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 49,387	$ 68,480
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34,351	24,715
Provision for credit losses	18,005	22,562
Stock-based compensation	56,256	72,244
Amortization of right-of-use assets	3,002	6,715
Deferred income taxes	20,426	(2,968)
Amortization of deferred contract cost	11,047	12,035
Other adjustments, net	2,474	1,471
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(22,091)	(23,935)
Prepaid expenses and other assets	(24,070)	(14,540)
Operating lease liabilities	(4,355)	(15,396)
Accounts payable, accrued liabilities and other liabilities	(10,794)	4,646
Net cash provided by operating activities	133,638	156,029
Investing Activities
Purchases of marketable securities	(5,975)	(37,201)
Sales and maturities of marketable securities	109,293	34,769
Purchases of other investments	(650)	(700)
Maturities of other investments	5,000	0
Acquisition, net of cash received	(263,600)	0
Purchases of property, equipment and software	(27,409)	(23,555)
Other investing activities	75	67
Net cash used in investing activities	(183,266)	(26,620)
Financing Activities
Proceeds from issuance of common stock for employee stock-based plans	19,476	12,023
Taxes paid related to the net share settlement of equity awards	(17,571)	(35,155)
Repurchases of common stock	(174,000)	(128,450)
Proceeds from revolving credit facility	165,000	0
Repayments on revolving credit facility	(65,000)	0
Other financing activities	(119)	0
Net cash used in financing activities	(72,214)	(151,582)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(149)	2,651
Change in cash, cash equivalents and restricted cash	(121,991)	(19,522)
Cash, cash equivalents and restricted cash — Beginning of period	216,289	217,682
Cash, cash equivalents and restricted cash — End of period	94,298	198,160
Supplemental Disclosures of Other Cash Flow Information
Cash paid for income taxes, net	6,560	25,928
Cash paid for interest	1,745	0
Supplemental Disclosures of Noncash Investing and Financing Activities
Acquisition holdback consideration not yet paid	4,425	0
Purchases of property, equipment and software recorded in accounts payable and accrued liabilities	2,416	2,056
Excise tax accrued on net stock repurchases	1,255	659
Repurchases of common stock recorded in accounts payable and accrued liabilities	1,134	1,220
Release of acquisition holdback consideration not yet paid	$ 0	$ 1,206

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 94,142	$ 216,062
Short-term marketable securities	0	103,290
Accounts receivable (net of allowance for credit losses of $11,832 and $13,782 at June 30, 2026 and December 31, 2025, respectively)	157,720	153,224
Prepaid expenses and other current assets	41,639	42,359
Total current assets	293,501	514,935
Property, equipment and software, net	99,176	91,685
Operating lease right-of-use assets	16,044	16,046
Goodwill	354,708	135,847
Intangibles, net	92,093	49,038
Other non-current assets	135,043	150,927
Total assets	990,565	958,478
Current liabilities:
Accounts payable and accrued liabilities	151,922	158,789
Operating lease liabilities — current	7,352	7,426
Deferred revenue	8,573	5,845
Total current liabilities	167,847	172,060
Revolving credit facility	100,000	0
Operating lease liabilities — long-term	15,951	17,451
Other long-term liabilities	62,240	58,115
Total liabilities	346,038	247,626
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, undesignated, 10,000 shares authorized, none issued	0	0
Common stock, $0.000001 par value — 200,000 shares authorized, 55,098 and 59,987 shares issued at June 30, 2026 and December 31, 2025, respectively; 54,980 and 59,954 shares outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	2,073,762	2,010,948
Treasury stock	(2,868)	(999)
Accumulated other comprehensive loss	(9,814)	(7,677)
Accumulated deficit	(1,416,553)	(1,291,420)
Total stockholders’ equity	644,527	710,852
Total liabilities and stockholders’ equity	$ 990,565	$ 958,478