We continue to deliver value to advertisers in these categories, by enhancing our suite of ad products designed to deliver high-intent clicks, both up and down the funnel and on and off Yelp. Advertising revenue from restaurants, retail and other businesses increased by 17% year-over-year to $441 million, driven by growth in paying advertising locations. Since 2019, revenue from this category has compounded at an annual growth rate of nearly 20%. The home services category was particularly strong with year-over-year growth of approximately 20%. We believe Yelp gained market share in 2022 as advertising revenue from services businesses grew 14% year-over-year to a record $694 million. In services, we succeeded in differentiating the product experience and increasing monetization and lead quality, resulting in greater value to service pros. We achieved record paying advertising locations and average revenue per location for the year. Underlying our record top line, our product-led strategy drove a number of other record results in 2022. These results demonstrate the strength and durability of Yelp’s ad platform and the ability of our team to execute under a range of difficult conditions to deliver excellent results. We delivered this performance with net income of $36 million and adjusted EBITDA of $270 million. Net revenue increased by 16% year-over-year to a record $1.2 billion in 2022. Our performance ad products and high-intent audience generated robust advertiser demand across a broad range of categories, both on and off Yelp. Yelp delivered one of the strongest revenue growth performances among our advertising and marketplace peers in 2022. In our shareholder letter released this afternoon and our filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, as well as historical reconciliations of GAAP net income to both adjusted EBITDA and adjusted EBITDA margin.Īnd with that, I will turn the call over to Jeremy. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with generally accepted accounting principles. During our call today, we’ll discuss adjusted EBITDA and adjusted EBITDA margin which are non-GAAP financial measures. Please refer to our SEC filings as well as our shareholder letter for a more detailed description of the risk factors that may affect our results. In addition, we are subject to a number of risks that may significantly impact our business and financial results. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. We’ll make certain statements today that are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. We’ll provide some brief opening comments and then turn to your questions. We published a shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. Joining me today are Yelp’s Chief Executive Officer, Jeremy Stoppelman Chief Financial Officer, David Schwarzbach and Chief Operating Officer, Jed Nachman. Good afternoon, everyone, and thanks for joining us on Yelp’s Fourth Quarter and Full Year 2022 Earnings Conference Call. I would now like to pass the conference over to, James Miln, Senior Vice President of Finance and Investor Relations. My name is Megan, and I’ll be your moderator for today’s call. Thank you for attending today’s Yelp Fourth Quarter and Full Year 2022 Earnings Conference Call. Analystīrian Fitzgerald - Wells Fargo Securities - Analyst Presentation: Baird - AnalystĬhristopher Suchecki - Jefferies, LLP. Jed Nachman - Chief Operating Officer Analysts:Ĭolin Sebastian - Robert W. Jeremy Stoppelman - Co-founder and Chief Executive Officerĭavid Schwarzbach - Chief Financial Officer James Miln - Senior Vice President, Finance and Investor Relations Yelp Inc ( NYSE: YELP) Q4 2022 earnings call dated Feb.
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