At the same time, Self-serve revenue grew 45% year over year and 65% from 2019 to represent approximately 17% of Advertising revenue in 2021.Īd clicks increased by 24% year over year and Average CPC declined by 5%. Multi-location channel revenue increased by approximately 30% year over year and nearly 15% from 2019 to represent approximately 27% of Advertising revenue in 2021. Revenue from the Home Services category increased nearly 40% from 2019 to a record level in 2021.Īdvertising revenue in Yelp’s Self-serve and Multi-location channels also hit record levels in 2021. Yelp’s elevated pace of product innovation supported record Advertising revenue from Services businesses, which increased by 18% year over year and 19% from 2019. Net income was approximately flat compared to 2019, while Adjusted EBITDA margin increased by three percentage points. Net income increased by $59 million year over year to positive $40 million and Adjusted EBITDA increased by 76% year over year to a record $246 million - $3 million above the high end of the outlook range provided in November 2021, and $76 million above the high end of Yelp’s initial outlook range from February 2021. Net revenue increased by 18% year over year and by 2% from Yelp’s pre-pandemic performance in 2019 to a record $1.03 billion, at the high end of the company’s outlook range from November 2021, and $27 million above the high end of its initial outlook range from February 2021. Yelp recorded profitable growth in 2021, even as the macro environment continued to fluctuate: For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below. We caution, however, that such items could have a significant impact on the calculation of 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. “As we look to capitalize on the substantial opportunities ahead, we plan to further invest in a broad set of product and marketing initiatives designed to drive long-term shareholder value.”ġ 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). “Yelp achieved a record annual Adjusted EBITDA margin of 24% in 2021, even as we increased our strategic investments throughout the year,” said David Schwarzbach, Yelp’s chief financial officer. Looking ahead, we believe that connecting consumers with great local businesses through trusted content will be even more relevant to a broader audience, and we plan to keep investing in the Yelp product experience to position our business for profitable growth over the long term.” “Net revenue surpassed pre-pandemic levels, driven by record Advertising revenue from our services categories and our multi-location and self-serve channels. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the fourth quarter and full year ended Decemin the Q4 and Full Year 2021 Shareholder Letter available on its Investor Relations website at “After entering 2021 as a structurally stronger business, our elevated pace of product innovation, together with the consistent execution of our strategic initiatives led us to deliver strong year-end financial results,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer.
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