Yelp (YELP) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Entity Registrant Name	YELP INC
Entity Central Index Key	1,345,016
Trading Symbol	YELP
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Class A common stock [Member]
Entity Common Stock, Shares Outstanding		68,024,374
Class B common stock [Member]
Entity Common Stock, Shares Outstanding		8,451,646

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 183,505	$ 171,613
Short-term marketable securities	191,952	199,214
Accounts receivable (net of allowance for doubtful accounts of $3,495 and $3,208 at March 31, 2016 and December 31, 2015, respectively)	54,774	52,755
Prepaid expenses and other current assets	17,109	19,700
Total current assets	447,340	$ 443,282
Long-term marketable securities	8,272
Property, equipment and software, net	84,776	$ 80,467
Goodwill	173,733	172,197
Intangibles, net	37,590	39,294
Restricted cash	17,306	16,486
Other assets	3,950	3,701
Total assets	772,967	755,427
Current liabilities:
Accounts payable	3,200	3,388
Accrued liabilities	52,764	43,458
Deferred revenue	2,977	2,931
Total current liabilities	58,941	49,777
Long-term liabilities	13,332	12,030
Total liabilities	$ 72,273	$ 61,807
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.000001 par value - 500,000,000 shares authorized; 76,424,750 and 75,982,802 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
Additional paid-in capital	$ 793,468	$ 774,022
Accumulated other comprehensive loss	(11,777)	(13,519)
Accumulated deficit	(80,997)	(66,883)
Total stockholders' equity	700,694	693,620
Total liabilities and stockholders' equity	$ 772,967	$ 755,427

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Allowance for doubtful accounts	$ 3,495	$ 3,208
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	76,424,750	75,982,802
Common stock, shares outstanding	76,424,750	75,982,802

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 158,613	$ 118,508
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)	15,078	8,699
Sales and marketing	95,628	63,266
Product development	32,222	23,960
General and administrative	21,769	19,937
Depreciation and amortization	8,189	6,895
Total costs and expenses	172,886	122,757
Loss from operations	(14,273)	(4,249)
Other income, net	258	562
Loss before income taxes	(14,015)	(3,687)
Benefit (Provision) for income taxes	(1,437)	2,403
Net loss attributable to common stockholders (Class A and B)	$ (15,452)	$ (1,284)
Net loss per share attributable to common stockholders (Class A and B)
Basic	$ (0.20)	$ (0.02)
Diluted	$ (0.20)	$ (0.02)
Weighted-average shares used to compute net loss per share attributable to common stockholders (Class A and B)
Basic	75,884	73,684
Diluted	75,884	73,684

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Net loss	$ (15,452)	$ (1,284)
Other comprehensive income (loss):
Foreign currency translation adjustments	1,742	(7,864)
Other comprehensive income (loss)	1,742	(7,864)
Comprehensive loss	$ (13,710)	$ (9,148)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES:
Net loss	$ (15,452)	$ (1,284)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,189	6,895
Provision for doubtful accounts and sales returns	5,091	3,434
Stock-based compensation	19,110	13,671
Loss on disposal of assets and website development costs	104	52
Premium amortization, net, on securities held-to-maturity	$ 376	(117)
Excess tax benefit from share-based award activity		(815)
Changes in operating assets and liabilities:
Accounts receivable	$ (5,235)	(2,850)
Prepaid expenses and other assets	2,884	(6,045)
Accounts payable, accrued expenses and other liabilties	8,769	12,011
Deferred revenue	43	683
Net cash provided by operating activities	$ 23,879	25,635
INVESTING ACTIVITIES:
Acquisition, net of cash received		(71,546)
Purchases of property, equipment and software	$ (7,645)	(10,881)
Capitalized website and software development costs	(3,125)	(3,196)
Changes in restricted cash	$ (820)	(5)
Purchases of intangible assets		(314)
Proceeds from sale of property and equipment		97
Purchases of marketable securities	$ (92,101)	(36,120)
Maturities of marketable securities	90,500	18,250
Net cash used in investing activities	(13,191)	(103,715)
FINANCING ACTIVITIES:
Issuance of common stock upon exercise of employee stock options	$ 1,045	3,398
Excess tax benefit from share-based award activity		815
Repurchase of common stock		(168)
Net cash provided by financing activities	$ 1,045	4,045
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	159	(648)
CHANGE IN CASH AND CASH EQUIVALENTS	11,892	(74,683)
CASH AND CASH EQUIVALENTS-Beginning of period	171,613	247,312
CASH AND CASH EQUIVALENTS-End of period	183,505	172,629
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds	516	422
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment recorded in accounts payable and accruals	$ 1,727	3,544
Capitalized website and software development costs recorded in accounts payable and accruals		15
Goodwill measurement period adjustment	$ 146	51
Acquisition consideration included in accruals		1,876
Issuance of common stock in connection with acquisition		$ 59,158

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION	3 Months Ended
	Mar. 31, 2016
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION [Abstract]
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION	1. DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the “Company” and “Yelp” in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries. Yelp connects people with great local businesses by bringing “word of mouth” online and providing a platform for businesses and consumers to engage and transact. Yelp's platform is transforming the way people discover local businesses; every day, millions of consumers visit its website or use its mobile app to find great local businesses to meet their everyday needs. Businesses of all sizes use the Yelp platform to engage with consumers at the critical moment when they are deciding where to spend their money. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company's Annual Report on Form 10-K filed with the SEC on February 24, 2016 (the “Annual Report”). The unaudited condensed consolidated balance sheet as of December 31, 2015 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as follows: During the three months ended March 31, 2016, the Company adopted Accounting Standards Update 2016-09, “Compensation—Stock Compensation (Topic 718)” (“ASU 2016-09”) on a modified retrospective basis. ASU 2016-09 permits entities to make an accounting policy election related to how forfeitures will impact the recognition of compensation cost for stock-based compensation: to estimate the total number of awards for which the requisite service period will not be rendered (as currently required) or to account for forfeitures as they occur. Upon early adoption of ASU 2016-09, the Company elected to change its accounting policy to account for forfeitures as they occur. The change was applied on a modified retrospective basis with a cumulative-effect adjustment to retained earnings of $ 1.1 ASU 2016-09 also eliminates the requirement that excess tax benefits be realized as a reduction in current taxes payable before the associated tax benefit can be recognized as an increase in paid in capital. Approximately 164.1 125.7 1.8 1.3 0.1 of state Enterprise Zone credits (none of which were included in the deferred tax assets recognized in the statement of financial position as of December 31, 2015) have been attributed to tax deduction for stock-based compensation in excess of the related book expense. Under ASU 2016-09, these previously unrecognized deferred tax assets will be recognized on a modified retrospective basis as of the start of the year in which the ASU 2016-09 is adopted (since the Company is adopting the standard early, its modified retrospective entry is as of January 1, 2016). The U.S. federal and state net operating losses and credits (as described above) that were recognized as of January 1, 2016 have been offset by a valuation allowance. As a result, only the Ireland net operating losses result in a cumulative-effect adjustment to retained earnings of 0.2 Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. The Company is now required to present excess tax benefits as an operating activity (in the same manner as other cash flows related to income taxes) on the statement of cash flows rather than as a financing activity, and the Company adopted this change prospectively. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. Significant Accounting Policies Stock-Based Compensation —The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options, restricted stock awards, restricted stock units and issuances under its 2012 Employee Stock Purchase Plan (“ESPP”) to be measured based on the grant date fair value of the awards. Prior to January 1, 2016, stock-based compensation expense was recorded net of estimated forfeitures in the Company's consolidated statements of income (loss) and, accordingly, was recorded for only those stock-based awards that the Company expected to vest. The Company estimated the forfeiture rate based on historical forfeitures of equity awards and adjusted the rate to reflect changes in facts and circumstances, if any. The Company revised its estimated forfeiture rate if actual forfeitures differed from its initial estimates. As of January 1, 2016, the Company adopted a change in accounting policy in accordance with ASU 2016-09 to account for forfeitures as they occur. The change was applied on a modified retrospective basis, and no prior periods were re-stated as a result of this change in accounting policy. Income Taxes Prior to January 1, 2016, the Company recognized the excess tax benefits of stock-based compensation expense as additional paid-in capital (“APIC”) and tax deficiencies of stock-based compensation expense in the income tax provision or as APIC to the extent that there was sufficient recognized excess tax benefits previously recognized. As a result of the prior requirement that excess tax benefit reduce taxes payable prior to be recognized as an increase in paid in capital, the Company had not recognized certain deferred tax assets (all tax attributes such as loss or credit carryforwards) that can be attributed to tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of January 1, 2016, the Company early adopted a change in accounting policy in accordance with ASU 2016-09 to account for excess tax benefits and tax deficiencies as income tax expense or benefit, treated as discrete items in the reporting period in which they occur, and to recognize previously unrecognized deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation recognized for financial reporting. The change was applied on a modified retrospective basis; no prior periods were re-stated as a result of this change in accounting policy. There have been no other material changes to the Company's significant accounting policies from those described in the Annual Report. Recent Accounting Pronouncements Not Yet Effective In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, FASB agreed to delay the effective date by one year and, accordingly, the new standard is effective for the Company beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method, nor has it determined the impact of the new standard and its consolidated financial statements. In January 2016, FASB issued Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10)” (“ASU 2016-01”). In February 2016, FASB issued Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”). The new guidance generally requires an entity to recognize on its balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company's unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the unaudited interim condensed consolidated financial statements; therefore, actual results could differ from management's estimates.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	2. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's investments in money market accounts are recorded as cash equivalents at fair value in the consolidated financial statements. All other financial instruments are classified as held-to-maturity investments and, accordingly, are recorded at amortized cost; however, the Company is required to determine the fair value of these investments on a recurring basis to identify any potential impairment. The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy: Level 1 —Observable inputs, such as quoted prices in active markets, Level 2 —Inputs other than quoted prices in active markets that are observable either directly or indirectly, or Level 3 —Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company's money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company's commercial paper, corporate bonds, agency bonds, and agency discount notes are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The following table represents the Company's financial instruments measured at fair value as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 125,184 $ - $ - $ 125,184 $ 86,660 $ - $ - $ 86,660 Commercial paper - 7,993 - 7,993 - - - - Agency bonds - - - - - 4,999 - 4,999 Marketable Securities: Commercial paper - 33,947 - 33,947 - 36,981 - 36,981 Corporate bonds - 13,001 - 13,001 - 18,024 - 18,024 Agency bonds - 141,322 - 141,322 - 132,102 - 132,102 Agency discount notes - 11,998 - 11,998 - 11,986 - 11,986 Total cash equivalents and marketable securities $ 125,184 $ 208,261 $ - $ 333,445 $ 86,660 $ 204,092 $ - $ 290,752

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2016
MARKETABLE SECURITIES [Abstract]
MARKETABLE SECURITIES	3. MARKETABLE SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of securities held-to-maturity, all of which mature within two years, as of March 31, 2016 and December 31, 2015 were as follows (in thousands): As of March 31, 2016 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value Short-term marketable securities: Commercial paper $ 33,947 $ - $ - $ 33,947 Corporate bonds 13,002 - (1) 13,001 Agency bonds 133,007 49 (13) 133,043 Agency discount notes 11,996 2 - 11,998 Total marketable securities $ 191,952 $ 51 $ (14) $ 191,989 Long-term marketable securities: Agency bonds 8,272 7 - 8,279 $ 8,272 $ 7 $ - 8,279 Total marketable securities $ 200,224 $ 58 $ (14) 200,268 As of December 31, 2015 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value Short-term marketable securities: Commercial paper $ 36,981 $ - $ - $ 36,981 Corporate bonds 18,027 2 (5) 18,024 Agency bonds 132,224 - (122) 132,102 Agency discount notes 11,982 4 - 11,986 Total marketable securities $ 199,214 $ 6 $ (127) $ 199,214 The following table presents gross unrealized losses and fair values for those securities that were in an unrealized loss position as of March 31, 2016 and December 31, 2015, aggregated by investment category and the length of time that the individual securities have been in continuous loss position (in thousands): As of March 31, 2016 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds 8,000 (1 ) - - 8,000 (1 ) Agency bonds 29,246 (13 ) - - 29,246 (13 ) Total $ 37,246 $ (14) $ - $ - $ 37,246 $ (14 ) As of December 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds 10,021 (5 ) - - 10,021 (5 ) Agency bonds 127,102 (122 ) - - 127,102 (122 ) Total $ 137,123 $ (127 ) $ - $ - $ 137,123 $ (127 ) The Company periodically reviews its investment portfolio for other-than-temporary impairment. The Company considers such factors as the duration, severity and reason for the decline in value, and the potential recovery period. The Company also considers whether it is more likely than not that it will be required to sell the securities before the recovery of their amortized cost basis, and whether the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2016 and 2015, the Company did not recognize any other-than-temporary impairment loss.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
ACQUISITIONS [Abstract]
ACQUISITIONS	4. ACQUISITIONS 2015 Acquisition On February 9, 2015, the Company acquired Eat24Hours.com, Inc. (“Eat24”). In connection with the acquisition, all of the outstanding capital stock of Eat24 was converted into the right to receive an aggregate of approximately $ 75.0 1,402,844 59.2 16.5 308,626 7.9 308,626 The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”), with the results of Eat24's operations included in the Company's consolidated financial statements from February 9, 2015. The purchase price allocation is as follows (in thousands): February 9, 2015 Fair value of purchase consideration: Cash: Distributed to Eat24 stockholders $ 56,624 Held in escrow account 16,500 Payable on behalf of Eat24 stockholders 1,876 Total cash 75,000 Class A common stock: Distributed to Eat24 stockholders 46,143 Held in escrow account 13,015 Total purchase consideration $ 134,158 Fair value of net assets acquired: Cash and cash equivalents $ 1,578 Intangibles 39,600 Goodwill 110,927 Other assets 6,031 Total assets acquired 158,136 Deferred tax liability (15,207 ) Other liabilities (8,771 ) Total liabilities assumed (23,978 ) Net assets acquired $ 134,158 Estimated useful lives and the amount assigned to each class of intangible assets acquired are as follows: Intangible Asset Type Amount Assigned Useful Life Restaurant relationships $ 17,400 12.0 Developed technology $ 7,400 5.0 User relationships $ 12,000 7.0 Trade name $ 2,800 4.0 Weighted average 8.6 The intangible assets are being amortized on a straight-line basis, which reflects the pattern in which the economic benefits of the intangible assets are being utilized. The goodwill results from the Company's opportunity to drive daily engagement in its restaurant vertical and potentially expand Eat24's offering to the approximately 1.0 million U.S. restaurants listed on the Company's platform. None of the goodwill is deductible for tax purposes. The Company recorded no acquisition-related costs for the three months ended March 31, 2016 and approximately $ 0.2

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Mar. 31, 2016
CASH AND CASH EQUIVALENTS [Abstract]
CASH AND CASH EQUIVALENTS	5. CASH AND CASH EQUIVALENTS Cash and cash equivalents as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 2016 2015 Cash and cash equivalents Cash $ 50,328 $ 79,954 Money market funds 133,177 91,659 Total cash and cash equivalents $ 183,505 $ 171,613 The lease agreements for certain of the Company's offices require the Company to maintain letters of credit issued to the landlords of each facility. Each letter of credit is subject to renewal annually until the applicable lease expires and is collateralized by restricted cash. As of March 31, 2016 and December 31, 2015, the Company had letters of credit totaling $ 17.3 16.5

PROPERTY, EQUIPMENT AND SOFTWAR

PROPERTY, EQUIPMENT AND SOFTWARE, NET	3 Months Ended
	Mar. 31, 2016
PROPERTY, EQUIPMENT AND SOFTWARE, NET [Abstract]
PROPERTY, EQUIPMENT AND SOFTWARE, NET	6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 2016 2015 Computer equipment $ 27,439 $ 26,004 Software 1,223 1,213 Capitalized website and internal-use software development costs 46,169 42,320 Furniture and fixtures 11,893 10,771 Leasehold improvements 51,680 47,552 Telecommunication 3,135 2,970 Total 141,539 130,830 Less accumulated depreciation (56,763 ) (50,363 ) Property, equipment and software, net $ 84,776 $ 80,467 Depreciation expense for the three months ended March 31, 2016 and 2015 was approximately $ 6.5 5.6

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS [Abstract]
GOODWILL AND INTANGIBLE ASSETS	7. GOODWILL AND INTANGIBLE ASSETS The Company's goodwill is the result of its acquisition of other businesses, and represents the excess of purchase consideration over the fair value of assets and liabilities acquired. The Company performed its annual goodwill impairment analysis during the three months ended September 30, 2015 and concluded that goodwill was not impaired, as the value of each reporting unit exceeded its carrying value. The changes in the carrying amount of goodwill during the three months ended March 31, 2016 were as follows (in thousands): Balance as of December 31, 2015 $ 172,197 Goodwill measurement period adjustment 146 Effect of currency translation 1,390 Balance as of March 31, 2016 $ 173,733 Intangible assets at March 31, 2016 and December 31, 2015 consisted of the following (dollars in thousands): Weighted Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Amount Life March 31, 2016: Content $ 3,952 $ (2,281 ) $ 1,671 2.5 Advertiser relationships 1,721 (1,721 ) - 0.0 Developed technology 9,311 (2,881 ) 6,430 3.8 Trade name and other 3,361 (1,336 ) 2,025 2.8 Domains and data licenses 2,625 (953 ) 1,672 3.6 Restaurant and user relationships 29,400 (3,608 ) 25,792 8.9 Total $ 50,370 $ (12,780 ) $ 37,590 Weighted Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Amount Life December 31, 2015: Content $ 3,922 $ (2,066 ) $ 1,856 2.7 Advertiser relationships 1,708 (1,708 ) - 0.0 Developed technology 9,295 (2,441 ) 6,854 4.1 Trade name and other 3,350 (1,139 ) 2,211 3.1 Domains and data licenses 2,625 (835 ) 1,790 3.9 Restaurant and user relationships 29,400 (2,817 ) 26,583 9.1 Total $ 50,300 $ (11,006 ) $ 39,294 Amortization expense for the three months ended March 31, 2016 and 2015 was $ 1.7 1.2 As of March 31, 2016, the estimated future amortization of purchased intangible assets for (i) the remaining nine months of 2016, (ii) each of the succeeding five years and (iii) thereafter is as follows (in thousands): Year Ending December 31, Amount 2016 (from April 1, 2016) $ 5,143 2017 6,712 2018 6,245 2019 5,359 2020 3,369 2021 3,165 Thereafter 7,597 Total amortization $ 37,590

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2016
ACCRUED LIABILITIES [Abstract]
ACCRUED LIABILITIES	8. ACCRUED LIABILITIES Accrued liabilities as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 2016 2015 Restaurant revenue share liability $ 14,873 $ 12,654 Accrued employee vacation 6,490 4,662 Accrued bonuses and commissions 5,781 4,546 Employee stock purchase plan liability 3,520 817 Accrued employee benefits and other employee expenses 3,332 3,631 Accrued marketing 3,130 2,144 Accrued income, withholding and business taxes 2,398 1,513 Accrued website hosting 1,930 975 Accrued facilities and other allocations 1,557 1,928 Payroll taxes payable 1,509 1,938 Fixed asset purchase commitments 1,460 1,318 Accrued consulting 1,324 1,763 Deferred rent 876 786 Merchant revenue share liability 821 1,212 Other accrued expenses 3,763 3,571 Total $ 52,764 $ 43,458

LONG-TERM LIABILITIES

LONG-TERM LIABILITIES	3 Months Ended
	Mar. 31, 2016
LONG-TERM LIABILITIES [Abstract]
LONG-TERM LIABILITIES	9. LONG-TERM LIABILITIES Long-term liabilities as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 2016 2015 Deferred rent $ 12,629 $ 11,324 Other long-term liabilities 703 706 Total $ 13,332 $ 12,030

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	3 Months Ended
	Mar. 31, 2016
OTHER INCOME (EXPENSE), NET [Abstract]
OTHER INCOME (EXPENSE), NET	10. OTHER INCOME (EXPENSE), NET Other income (expense), net for the three months ended March 31, 2016 and 2015 consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Net interest income $ 311 $ 132 Transaction gain (loss) on foreign exchange 66 (171 ) Other non-operating income (loss), net (119 ) 601 Other income (expense), net $ 258 $ 562

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Office Facility Leases —The Company leases its office facilities under operating lease agreements that expire from 2016 to 2025. Certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period. Rental expense was $ 8.6 6.9 The Company has subleased certain office facilities under operating lease agreements that expire in 2021. The Company recognizes sublease rentals as a reduction in rental expense on a straight-line basis over the lease period. Sublease rentals were $ 0.5 Legal Proceedings —The Company is subject to legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these matters will have a material adverse effect on the Company's business, financial position, results of operations or cash flows. In August 2014, two On April 23, 2015, a putative class action lawsuit was filed by former Eat24 employees in the Superior Court of California for San Francisco County, naming as defendants the Company and Eat24. The lawsuit asserts that the defendants failed to permit meal and rest periods for certain current and former employees working as Eat24 customer support specialists, and alleges violations of the California Labor Code, applicable Industrial Welfare Commission Wage Orders and the California Business and Professions Code. The plaintiffs seek monetary damages in an unspecified amount and injunctive relief. On May 29, 2015, plaintiffs filed a first amended complaint asserting an additional cause of action for penalties under the Private Attorneys General Act. In January 2016, the Company reached a preliminary agreement to settle this matter for payments in the aggregate amount of up to approximately $ 0.6 On June 24, 2015, a former Eat24 sales employee filed a lawsuit, on behalf of herself and a putative class of current and former Eat24 sales employees, against Eat24 in the Superior Court of California for San Francisco County. The lawsuit alleges that Eat24 failed to pay required wages, including overtime wages, allow meal and rest periods and maintain proper records, and asserts causes of action under the California Labor Code, applicable Industrial Welfare Commission Wage Orders and the California Business and Professions Code. The plaintiff seeks monetary damages and penalties in unspecified amounts, as well as injunctive relief. On August 3, 2015, the plaintiff filed a first amended complaint asserting an additional cause of action for penalties under the Private Attorneys General Act. In January 2016, the Company reached a preliminary agreement to settle this matter for payments in the aggregate amount of up to approximately $ 0.2 Based on the preliminary settlement agreements reached in connection with the two lawsuits by former Eat24 employees described above, the Company recognized a liability for each of the proposed settlement amounts as part of its accrued liabilities as of March 31, 2016. In February 2016, $ 1.1 Indemnification Agreements —In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company's financial position, results of operations or cash flows. Payroll Tax Audit —In June 2015, the Internal Revenue Service (“IRS”) began a payroll tax audit of the Company for 2014 and 2013. The Company has assessed the estimated range of such loss and, as of March 31, 2016, a liability of $ 0.5

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS' EQUITY The following table presents the number of shares authorized and issued and outstanding as of the dates indicated: March 31, 2016 December 31, 2015 Shares Shares Shares Issued and Shares Issued and Authorized Outstanding Authorized Outstanding Stockholders' equity: Class A common stock, $ 0.000001 200,000,000 67,982,104 200,000,000 66,535,156 Class B common stock, $ 0.000001 100,000,000 8,442,646 100,000,000 9,447,646 Common stock, $ 0.000001 200,000,000 - 200,000,000 - Undesignated Preferred Stock 10,000,000 - 10,000,000 - Equity Incentive Plans The Company has outstanding awards under three equity incentive plans: the Amended and Restated 2005 Equity Incentive Plan (the “2005 Plan”), the 2011 Equity Incentive Plan (the “2011 Plan”) and the 2012 Equity Incentive Plan, as amended (the “2012 Plan”). In July 2011, the Company adopted the 2011 Plan, the Company terminated the 2011 Plan and Stock Options Stock options granted under the 2012 Plan are granted at a price per share not less than the fair value at date of grant. Options granted to date generally vest over a four 25 10 20 30 40 10 A summary of stock option activity for the three months ended March 31, 2016 is as follows: Options Outstanding Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term (in Value Shares Price years) (in thousands) Outstanding – January 1, 2016 8,206,356 20.93 6.44 $ 92,454 Granted 836,268 22.32 Exercised (126,700 ) 8.17 Canceled (59,959 ) 38.73 Outstanding – March 31, 2016 8,855,965 21.13 6.55 $ 38,683 Options vested and exercisable as of March 31, 2016 6,031,340 17.14 5.81 $ 38,448 Aggregate intrinsic value represents the difference between the closing price of the Company's Class A common stock and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $ 1.6 10.2 The weighted-average grant date fair value of options granted was $ 9.53 28.16 As of March 31, 2016, total unrecognized compensation costs related to unvested stock options was approximately $ 34.6 1.8 RSUs and RSAs The cost of RSUs and RSAs is determined using the fair value of the Company's common stock on the date of grant. RSUs and RSAs generally vest over a four 25 10 20 30 40 A summary of RSU and RSA activity for the three months ended March 31, 2016 is as follows: Restricted Stock Units Restricted Stock Awards Weighted- Average Weighted- Grant Average Grant Number of Date Fair Number Date Fair Shares Value of Shares Value Unvested—January 1, 2016 4,093,204 $ 39.45 312 $ 11.68 Granted 2,299,156 26.01 - - Released (315,486 ) 38.42 (312 ) 11.68 Canceled (253,364 ) 32.23 - - Unvested—March 31, 2016 5,823,510 $ 34.52 - $ - As of March 31, 2016, the Company had approximately $ 180.3 3.29 Employee Stock Purchase Plan The ESPP allows eligible employees to purchase shares of the Company's Class A common stock at a discount through payroll deductions of up to 15 85 0.2 1.4 Stock-Based Compensation The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the consolidated statements of operations during the periods presented (in thousands): Three Months Ended March 31, 2016 2015 Cost of revenue $ 401 $ 124 Sales and marketing 6,342 4,937 Product development 8,030 5,105 General and administrative 4,337 3,505 Total stock-based compensation 19,110 13,671 The Company capitalized $ 0.8 0.7

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
INCOME TAXES [Abstract]
INCOME TAXES	13. NET LOSS PER SHARE Basic and diluted net loss per share attributable to common stockholders are presented in conformity with the “two-class method” required for participating securities. Shares of Class A and Class B common stock are the only outstanding equity in the Company. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one ten Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock and, if dilutive, potential shares of common stock outstanding during the period. The Company's potential shares of common stock consist of the incremental shares of common stock issuable upon the exercise of stock options, shares issuable upon the vesting of RSUs and, to a lesser extent, unvested shares subject to RSAs and purchases related to the ESPP. The dilutive effect of these potential shares of common stock is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net loss per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net loss per share of Class B common stock does not assume the conversion of Class B common stock. The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B common stock is assumed in the computation of the diluted net loss per share of Class A common stock, the undistributed earnings are equal to net loss for that computation. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Class A Class B Class A Class B Net loss attributable to common stockholders $ (13,656 ) $ (1,796 ) $ (1,115 ) $ (169 ) Basic Shares: Weighted-average common shares outstanding 67,065 8,819 63,976 9,708 Diluted Shares: Weighted-average shares used to compute diluted net loss per share 67,065 8,819 63,976 9,708 Net loss per share attributable to common stockholders Basic: $ (0.20 ) $ (0.20 ) $ (0.02 ) $ (0.02 ) Diluted: $ (0.20 ) $ (0.20 ) $ (0.02 ) $ (0.02 ) The following weighted-average stock-based instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 Stock options 8,856 8,921 Restricted stock units and awards 5,824 1,663 Contingently issuable shares 309 309 ESPP - 81 14. INCOME TAXES The Company is subject to income tax in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income tax. The Company does not provide for federal income taxes on the undistributed earnings of its foreign subsidiaries as such earnings are to be reinvested indefinitely. The Company recorded an income tax provision of $ 1.4 2.4 1.5 0.1 2.0 0.4 The primary difference between the effective tax rate and the federal statutory tax rate relates to the valuation allowances on certain of the Company's net operating losses, foreign tax rate differences, meals and entertainment, tax credits, and non-deductible stock-based compensation expense. As of March 31, 2016, the total amount of gross unrecognized tax benefits was $ 5.6 4.7 0.6 In addition, the Company is subject to the continuous examination of its income tax returns by the IRS and other tax authorities. The Company's federal and state income tax returns for fiscal years 2004 through 2015 remain open to examination. In the Company's most significant foreign jurisdictions — Ireland, United Kingdom and Germany — the open tax years range from 2010 to 2015. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes, and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that its unrecognized tax benefits could be reduced by up to $ 0.2

INFORMATION ABOUT REVENUE AND G

INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS	3 Months Ended
	Mar. 31, 2016
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS [Abstract]
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS	15. INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single operating and reporting segment. Net Revenue The table below presents the Company's net revenue by product line for the periods presented (in thousands). Revenue by geography is based on the billing address of the customer. During the three months ended June 30, 2015, the Company began reporting revenue for the transactions product line, which consists of Eat24, Platform transactions and the sale of Yelp Deals and Gift Certificates. The Company has presented transactions revenue separately in the tables and discussion for prior periods for purposes of comparison. Three Months Ended March 31, 2016 2015 Net revenue by product: Local $ 138,116 $ 98,570 Transactions 14,499 6,606 Brand advertising - 6,627 Other services 5,998 6,705 Total net revenue $ 158,613 $ 118,508 During the three months ended March 31, 2016 and 2015, a substantial majority of the Company's revenue was generated in the United States. In addition, no individual customer accounted for 10% or more of consolidated net revenue in any such period. Long-Lived Assets The following table presents the Company's long-lived assets by geographic region for the periods indicated (in thousands): March 31, December 31, 2016 2015 United States $ 82,362 $ 78,675 All other countries 2,414 5,493 Total $ 84,776 $ 84,168

DESCRIPTION OF BUSINESS AND B21

DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Policy)	3 Months Ended
	Mar. 31, 2016
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company's Annual Report on Form 10-K filed with the SEC on February 24, 2016 (the “Annual Report”). The unaudited condensed consolidated balance sheet as of December 31, 2015 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as follows: During the three months ended March 31, 2016, the Company adopted Accounting Standards Update 2016-09, “Compensation—Stock Compensation (Topic 718)” (“ASU 2016-09”) on a modified retrospective basis. ASU 2016-09 permits entities to make an accounting policy election related to how forfeitures will impact the recognition of compensation cost for stock-based compensation: to estimate the total number of awards for which the requisite service period will not be rendered (as currently required) or to account for forfeitures as they occur. Upon early adoption of ASU 2016-09, the Company elected to change its accounting policy to account for forfeitures as they occur. The change was applied on a modified retrospective basis with a cumulative-effect adjustment to retained earnings of $ 1.1 ASU 2016-09 also eliminates the requirement that excess tax benefits be realized as a reduction in current taxes payable before the associated tax benefit can be recognized as an increase in paid in capital. Approximately 164.1 125.7 1.8 1.3 0.1 of state Enterprise Zone credits (none of which were included in the deferred tax assets recognized in the statement of financial position as of December 31, 2015) have been attributed to tax deduction for stock-based compensation in excess of the related book expense. Under ASU 2016-09, these previously unrecognized deferred tax assets will be recognized on a modified retrospective basis as of the start of the year in which the ASU 2016-09 is adopted (since the Company is adopting the standard early, its modified retrospective entry is as of January 1, 2016). The U.S. federal and state net operating losses and credits (as described above) that were recognized as of January 1, 2016 have been offset by a valuation allowance. As a result, only the Ireland net operating losses result in a cumulative-effect adjustment to retained earnings of 0.2 Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. The Company is now required to present excess tax benefits as an operating activity (in the same manner as other cash flows related to income taxes) on the statement of cash flows rather than as a financing activity, and the Company adopted this change prospectively. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented.
Stock-Based Compensation	Stock-Based Compensation —The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options, restricted stock awards, restricted stock units and issuances under its 2012 Employee Stock Purchase Plan (“ESPP”) to be measured based on the grant date fair value of the awards. Prior to January 1, 2016, stock-based compensation expense was recorded net of estimated forfeitures in the Company's consolidated statements of income (loss) and, accordingly, was recorded for only those stock-based awards that the Company expected to vest. The Company estimated the forfeiture rate based on historical forfeitures of equity awards and adjusted the rate to reflect changes in facts and circumstances, if any. The Company revised its estimated forfeiture rate if actual forfeitures differed from its initial estimates. As of January 1, 2016, the Company adopted a change in accounting policy in accordance with ASU 2016-09 to account for forfeitures as they occur. The change was applied on a modified retrospective basis, and no prior periods were re-stated as a result of this change in accounting policy.
Income Taxes	Income Taxes Prior to January 1, 2016, the Company recognized the excess tax benefits of stock-based compensation expense as additional paid-in capital (“APIC”) and tax deficiencies of stock-based compensation expense in the income tax provision or as APIC to the extent that there was sufficient recognized excess tax benefits previously recognized. As a result of the prior requirement that excess tax benefit reduce taxes payable prior to be recognized as an increase in paid in capital, the Company had not recognized certain deferred tax assets (all tax attributes such as loss or credit carryforwards) that can be attributed to tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of January 1, 2016, the Company early adopted a change in accounting policy in accordance with ASU 2016-09 to account for excess tax benefits and tax deficiencies as income tax expense or benefit, treated as discrete items in the reporting period in which they occur, and to recognize previously unrecognized deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation recognized for financial reporting. The change was applied on a modified retrospective basis; no prior periods were re-stated as a result of this change in accounting policy. There have been no other material changes to the Company's significant accounting policies from those described in the Annual Report.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, FASB agreed to delay the effective date by one year and, accordingly, the new standard is effective for the Company beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company has not yet selected a transition method, nor has it determined the impact of the new standard and its consolidated financial statements. In January 2016, FASB issued Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10)” (“ASU 2016-01”). In February 2016, FASB issued Accounting Standards Update No. 2016-02, “Leases” (“ASU 2016-02”). The new guidance generally requires an entity to recognize on its balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements.
Principles of Consolidation	Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company's unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the unaudited interim condensed consolidated financial statements; therefore, actual results could differ from management's estimates.

FAIR VALUE OF FINANCIAL INSTR22

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash Equivalents: Money market funds $ 125,184 $ - $ - $ 125,184 $ 86,660 $ - $ - $ 86,660 Commercial paper - 7,993 - 7,993 - - - - Agency bonds - - - - - 4,999 - 4,999 Marketable Securities: Commercial paper - 33,947 - 33,947 - 36,981 - 36,981 Corporate bonds - 13,001 - 13,001 - 18,024 - 18,024 Agency bonds - 141,322 - 141,322 - 132,102 - 132,102 Agency discount notes - 11,998 - 11,998 - 11,986 - 11,986 Total cash equivalents and marketable securities $ 125,184 $ 208,261 $ - $ 333,445 $ 86,660 $ 204,092 $ - $ 290,752

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2016
MARKETABLE SECURITIES [Abstract]
Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity	As of March 31, 2016 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value Short-term marketable securities: Commercial paper $ 33,947 $ - $ - $ 33,947 Corporate bonds 13,002 - (1) 13,001 Agency bonds 133,007 49 (13) 133,043 Agency discount notes 11,996 2 - 11,998 Total marketable securities $ 191,952 $ 51 $ (14) $ 191,989 Long-term marketable securities: Agency bonds 8,272 7 - 8,279 $ 8,272 $ 7 $ - 8,279 Total marketable securities $ 200,224 $ 58 $ (14) 200,268 As of December 31, 2015 Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value Short-term marketable securities: Commercial paper $ 36,981 $ - $ - $ 36,981 Corporate bonds 18,027 2 (5) 18,024 Agency bonds 132,224 - (122) 132,102 Agency discount notes 11,982 4 - 11,986 Total marketable securities $ 199,214 $ 6 $ (127) $ 199,214
Schedule of Securities in an Unrealized Loss Position	As of March 31, 2016 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds 8,000 (1 ) - - 8,000 (1 ) Agency bonds 29,246 (13 ) - - 29,246 (13 ) Total $ 37,246 $ (14) $ - $ - $ 37,246 $ (14 ) As of December 31, 2015 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds 10,021 (5 ) - - 10,021 (5 ) Agency bonds 127,102 (122 ) - - 127,102 (122 ) Total $ 137,123 $ (127 ) $ - $ - $ 137,123 $ (127 )

ACQUISITIONS (Tables)

ACQUISITIONS (Tables) - Eat24 [Member]	3 Months Ended
	Mar. 31, 2016
Business Acquisition [Line Items]
Schedule of Purchase Price, Assets Aquired and Liabilities Assumed	February 9, 2015 Fair value of purchase consideration: Cash: Distributed to Eat24 stockholders $ 56,624 Held in escrow account 16,500 Payable on behalf of Eat24 stockholders 1,876 Total cash 75,000 Class A common stock: Distributed to Eat24 stockholders 46,143 Held in escrow account 13,015 Total purchase consideration $ 134,158 Fair value of net assets acquired: Cash and cash equivalents $ 1,578 Intangibles 39,600 Goodwill 110,927 Other assets 6,031 Total assets acquired 158,136 Deferred tax liability (15,207 ) Other liabilities (8,771 ) Total liabilities assumed (23,978 ) Net assets acquired $ 134,158
Schedule of Acquired Intangible Assets	Intangible Asset Type Amount Assigned Useful Life Restaurant relationships $ 17,400 12.0 Developed technology $ 7,400 5.0 User relationships $ 12,000 7.0 Trade name $ 2,800 4.0 Weighted average 8.6

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	3 Months Ended
	Mar. 31, 2016
CASH AND CASH EQUIVALENTS [Abstract]
Schedule of Cash and Cash Equivalents	March 31, December 31, 2016 2015 Cash and cash equivalents Cash $ 50,328 $ 79,954 Money market funds 133,177 91,659 Total cash and cash equivalents $ 183,505 $ 171,613

PROPERTY, EQUIPMENT, AND SOFTWA

PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables)	3 Months Ended
	Mar. 31, 2016
PROPERTY, EQUIPMENT AND SOFTWARE, NET [Abstract]
Schedule of Property, Equipment and Software	March 31, December 31, 2016 2015 Computer equipment $ 27,439 $ 26,004 Software 1,223 1,213 Capitalized website and internal-use software development costs 46,169 42,320 Furniture and fixtures 11,893 10,771 Leasehold improvements 51,680 47,552 Telecommunication 3,135 2,970 Total 141,539 130,830 Less accumulated depreciation (56,763 ) (50,363 ) Property, equipment and software, net $ 84,776 $ 80,467

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Schedule of Goodwill	Balance as of December 31, 2015 $ 172,197 Goodwill measurement period adjustment 146 Effect of currency translation 1,390 Balance as of March 31, 2016 $ 173,733
Schedule of Intangible Assets	Weighted Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Amount Life March 31, 2016: Content $ 3,952 $ (2,281 ) $ 1,671 2.5 Advertiser relationships 1,721 (1,721 ) - 0.0 Developed technology 9,311 (2,881 ) 6,430 3.8 Trade name and other 3,361 (1,336 ) 2,025 2.8 Domains and data licenses 2,625 (953 ) 1,672 3.6 Restaurant and user relationships 29,400 (3,608 ) 25,792 8.9 Total $ 50,370 $ (12,780 ) $ 37,590 Weighted Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Amount Life December 31, 2015: Content $ 3,922 $ (2,066 ) $ 1,856 2.7 Advertiser relationships 1,708 (1,708 ) - 0.0 Developed technology 9,295 (2,441 ) 6,854 4.1 Trade name and other 3,350 (1,139 ) 2,211 3.1 Domains and data licenses 2,625 (835 ) 1,790 3.9 Restaurant and user relationships 29,400 (2,817 ) 26,583 9.1 Total $ 50,300 $ (11,006 ) $ 39,294
Schedule of Future Amortization Expense	Year Ending December 31, Amount 2016 (from April 1, 2016) $ 5,143 2017 6,712 2018 6,245 2019 5,359 2020 3,369 2021 3,165 Thereafter 7,597 Total amortization $ 37,590

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
ACCRUED LIABILITIES [Abstract]
Schedule of Accrued Liabilities	March 31, December 31, 2016 2015 Restaurant revenue share liability $ 14,873 $ 12,654 Accrued employee vacation 6,490 4,662 Accrued bonuses and commissions 5,781 4,546 Employee stock purchase plan liability 3,520 817 Accrued employee benefits and other employee expenses 3,332 3,631 Accrued marketing 3,130 2,144 Accrued income, withholding and business taxes 2,398 1,513 Accrued website hosting 1,930 975 Accrued facilities and other allocations 1,557 1,928 Payroll taxes payable 1,509 1,938 Fixed asset purchase commitments 1,460 1,318 Accrued consulting 1,324 1,763 Deferred rent 876 786 Merchant revenue share liability 821 1,212 Other accrued expenses 3,763 3,571 Total $ 52,764 $ 43,458

LONG-TERM LIABILITIES (Tables)

LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
LONG-TERM LIABILITIES [Abstract]
Schedule of long-term liabilities	March 31, December 31, 2016 2015 Deferred rent $ 12,629 $ 11,324 Other long-term liabilities 703 706 Total $ 13,332 $ 12,030

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	3 Months Ended
	Mar. 31, 2016
OTHER INCOME (EXPENSE), NET [Abstract]
Schedule of Other Income (Expense)	Three Months Ended March 31, 2016 2015 Net interest income $ 311 $ 132 Transaction gain (loss) on foreign exchange 66 (171 ) Other non-operating income (loss), net (119 ) 601 Other income (expense), net $ 258 $ 562

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
Schedule of Stock by Class	March 31, 2016 December 31, 2015 Shares Shares Shares Issued and Shares Issued and Authorized Outstanding Authorized Outstanding Stockholders' equity: Class A common stock, $ 0.000001 200,000,000 67,982,104 200,000,000 66,535,156 Class B common stock, $ 0.000001 100,000,000 8,442,646 100,000,000 9,447,646 Common stock, $ 0.000001 200,000,000 - 200,000,000 - Undesignated Preferred Stock 10,000,000 - 10,000,000 -
Schedule of Stock Option Activity	Options Outstanding Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term (in Value Shares Price years) (in thousands) Outstanding – January 1, 2016 8,206,356 20.93 6.44 $ 92,454 Granted 836,268 22.32 Exercised (126,700 ) 8.17 Canceled (59,959 ) 38.73 Outstanding – March 31, 2016 8,855,965 21.13 6.55 $ 38,683 Options vested and exercisable as of March 31, 2016 6,031,340 17.14 5.81 $ 38,448
Summary of RSUs and RSAs Activity	Restricted Stock Units Restricted Stock Awards Weighted- Average Weighted- Grant Average Grant Number of Date Fair Number Date Fair Shares Value of Shares Value Unvested—January 1, 2016 4,093,204 $ 39.45 312 $ 11.68 Granted 2,299,156 26.01 - - Released (315,486 ) 38.42 (312 ) 11.68 Canceled (253,364 ) 32.23 - - Unvested—March 31, 2016 5,823,510 $ 34.52 - $ -
Schedule of Stock-Based Compensation Expense	Three Months Ended March 31, 2016 2015 Cost of revenue $ 401 $ 124 Sales and marketing 6,342 4,937 Product development 8,030 5,105 General and administrative 4,337 3,505 Total stock-based compensation 19,110 13,671

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
NET LOSS PER SHARE [Abstract]
Schedule of Earnings Per Share	Three Months Ended March 31, 2016 2015 Class A Class B Class A Class B Net loss attributable to common stockholders $ (13,656 ) $ (1,796 ) $ (1,115 ) $ (169 ) Basic Shares: Weighted-average common shares outstanding 67,065 8,819 63,976 9,708 Diluted Shares: Weighted-average shares used to compute diluted net loss per share 67,065 8,819 63,976 9,708 Net loss per share attributable to common stockholders Basic: $ (0.20 ) $ (0.20 ) $ (0.02 ) $ (0.02 ) Diluted: $ (0.20 ) $ (0.20 ) $ (0.02 ) $ (0.02 )
Schedule of Anti-dilutive Securities	Three Months Ended March 31, 2016 2015 Stock options 8,856 8,921 Restricted stock units and awards 5,824 1,663 Contingently issuable shares 309 309 ESPP - 81

INFORMATION ABOUT REVENUE AND33

INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables)	3 Months Ended
	Mar. 31, 2016
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS [Abstract]
Schedule of Revenue by Product Line	Three Months Ended March 31, 2016 2015 Net revenue by product: Local $ 138,116 $ 98,570 Transactions 14,499 6,606 Brand advertising - 6,627 Other services 5,998 6,705 Total net revenue $ 158,613 $ 118,508
Schedule of Long-Lived Assets by Geographic Region	March 31, December 31, 2016 2015 United States $ 82,362 $ 78,675 All other countries 2,414 5,493 Total $ 84,776 $ 84,168

DESCRIPTION OF BUSINESS AND B34

DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Basis of Presentation [Line Items]
Cumulative-effect adjustment to retained earnings	$ 1,100
Retained earnings	80,997	$ 66,883
Domestic [Member]
Basis of Presentation [Line Items]
Tax stock option deductions in excess of book deductions	164,100
Domestic [Member] | Research [Member]
Basis of Presentation [Line Items]
Tax stock option deductions in excess of book deductions	1,300
State [Member]
Basis of Presentation [Line Items]
Tax stock option deductions in excess of book deductions	125,700
State [Member] | State Enterprise Zone Credit [Member]
Basis of Presentation [Line Items]
Tax stock option deductions in excess of book deductions	100
IRELAND
Basis of Presentation [Line Items]
Tax stock option deductions in excess of book deductions	1,800
IRELAND | Restatement adjustment [Member]
Basis of Presentation [Line Items]
Retained earnings	$ 200

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 200,268
Total cash equivalents and marketable securities	333,445	$ 290,752
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	125,184	$ 86,660
Commercial paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	7,993
Marketable securities	33,947	$ 36,981
Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 13,001	18,024
Agency bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds		4,999
Marketable securities	$ 141,322	132,102
Agency discount notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	11,998	11,986
Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	125,184	86,660
Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 125,184	$ 86,660
Recurring [Member] | Level 1 [Member] | Commercial paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Marketable securities
Recurring [Member] | Level 1 [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Recurring [Member] | Level 1 [Member] | Agency bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Marketable securities
Recurring [Member] | Level 1 [Member] | Agency discount notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	$ 208,261	$ 204,092
Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Recurring [Member] | Level 2 [Member] | Commercial paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 7,993
Marketable securities	33,947	$ 36,981
Recurring [Member] | Level 2 [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 13,001	18,024
Recurring [Member] | Level 2 [Member] | Agency bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds		4,999
Marketable securities	$ 141,322	132,102
Recurring [Member] | Level 2 [Member] | Agency discount notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 11,998	$ 11,986
Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities
Recurring [Member] | Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Recurring [Member] | Level 3 [Member] | Commercial paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Marketable securities
Recurring [Member] | Level 3 [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Recurring [Member] | Level 3 [Member] | Agency bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Marketable securities
Recurring [Member] | Level 3 [Member] | Agency discount notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities

MARKETABLE SECURITIES (Schedule

MARKETABLE SECURITIES (Schedule of the Fair Value to Amortized Cost Basis of Securities Held-to-Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 200,224
Gross Unrealized Gains	58
Gross Unrealized Losses	(14)
Fair Value	200,268
Short-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	191,952	$ 199,214
Gross Unrealized Gains	51	6
Gross Unrealized Losses	(14)	(127)
Fair Value	191,989	199,214
Long-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	8,272
Gross Unrealized Gains	$ 7
Gross Unrealized Losses
Fair Value	$ 8,279
Commercial paper [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	33,947	36,981
Commercial paper [Member] | Short-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 33,947	$ 36,981
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	$ 33,947	$ 36,981
Corporate bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	13,001	18,024
Corporate bonds [Member] | Short-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 13,002	18,027
Gross Unrealized Gains		2
Gross Unrealized Losses	$ (1)	(5)
Fair Value	13,001	18,024
Agency bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	141,322	132,102
Agency bonds [Member] | Short-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	133,007	$ 132,224
Gross Unrealized Gains	49
Gross Unrealized Losses	(13)	$ (122)
Fair Value	133,043	132,102
Agency bonds [Member] | Long-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	8,272
Gross Unrealized Gains	$ 7
Gross Unrealized Losses
Fair Value	$ 8,279
Agency discount notes [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	11,998	11,986
Agency discount notes [Member] | Short-term marketable securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	11,996	11,982
Gross Unrealized Gains	$ 2	$ 4
Gross Unrealized Losses
Fair Value	$ 11,998	$ 11,986

MARKETABLE SECURITIES (Schedu37

MARKETABLE SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value
Less than 12 months	$ 37,246	$ 137,123
12 months or greater
Total	$ 37,246	$ 137,123
Unrealized Loss
Less than 12 months	$ (14)	$ (127)
12 months or greater
Total	$ (14)	$ (127)
Corporate bonds [Member]
Fair Value
Less than 12 months	$ 8,000	$ 10,021
12 months or greater
Total	$ 8,000	$ 10,021
Unrealized Loss
Less than 12 months	$ (1)	$ (5)
12 months or greater
Total	$ (1)	$ (5)
Agency bonds [Member]
Fair Value
Less than 12 months	$ 29,246	$ 127,102
12 months or greater
Total	$ 29,246	$ 127,102
Unrealized Loss
Less than 12 months	$ (13)	$ (122)
12 months or greater
Total	$ (13)	$ (122)

ACQUISITIONS (Summary of Purcha

ACQUISITIONS (Summary of Purchase Price and Net Assets Acquired) (Details) - USD ($) $ in Thousands	Feb. 09, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair value of purchase consideration:
Net cash consideration			$ 71,546
Payable on behalf of Eat24 stockholders			1,876
Fair value of net assets acquired:
Goodwill		$ 173,733		$ 172,197
Eat 24 Inc [Member]
Business Acquisition [Line Items]
Acquisition-related transaction costs		0	$ 200
Shares issued or issuable for business acquisition	1,402,844
Fair value of purchase consideration:
Cash consideration	$ 75,000
Fair value of common stock	59,200
Payable on behalf of Eat24 stockholders	1,876
Total purchase price	134,158
Fair value of net assets acquired:
Cash and cash equivalents	1,578
Intangibles	39,600
Goodwill	110,927
Other assets	6,031
Total assets acquired	158,136
Deferred tax liability	(15,207)
Other liabilities	(8,771)
Total liabilities assumed	(23,978)
Net assets acquired	134,158
Eat 24 Inc [Member] | Distributed [Member]
Fair value of purchase consideration:
Cash consideration	56,624
Fair value of common stock	$ 46,143
Eat 24 Inc [Member] | Escrow account [Member]
Business Acquisition [Line Items]
Funds held in escrow		$ 7,900
Number of shares held in escrow		308,626
Shares issued or issuable for business acquisition	308,626
Fair value of purchase consideration:
Cash consideration	$ 16,500
Fair value of common stock	$ 13,015

ACQUISITIONS (Summary of Estima

ACQUISITIONS (Summary of Estimated Useful lives of Intangible Assets Acquired ) (Details) - Eat 24 Inc [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Feb. 09, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned		$ 39,600
Weighted average useful life	8 years 7 months 6 days
Restaurant relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned		17,400
Weighted average useful life	12 years
Developed technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned		7,400
Weighted average useful life	5 years
User relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned		12,000
Weighted average useful life	7 years
Trade name [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amount Assigned		$ 2,800
Weighted average useful life	4 years

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Cash and cash equivalents
Cash	$ 50,328	$ 79,954
Money market funds	133,177	91,659
Total cash and cash equivalents	183,505	171,613	$ 172,629	$ 247,312
Restricted cash related to letters of credit	$ 17,306	$ 16,486

PROPERTY, EQUIPMENT AND SOFTW41

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
PROPERTY, EQUIPMENT AND SOFTWARE, NET [Abstract]
Depreciation expense	$ 6,500	$ 5,600
Property, Plant and Equipment [Line Items]
Property, equipment and software	141,539		$ 130,830
Less accumulated depreciation	(56,763)		(50,363)
Property, equipment and software, net	84,776		80,467
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	27,439		26,004
Software [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	1,223		1,213
Capitalized website and internal-use software development costs [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	46,169		42,320
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	11,893		10,771
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	51,680		47,552
Telecommunication [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 3,135		$ 2,970

GOODWILL AND INTANGIBLE ASSET42

GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Balance	$ 172,197
Goodwill measurement period adjustment	146	$ 51
Effect of currency translation	1,390
Balance	$ 173,733

GOODWILL AND INTANGIBLE ASSET43

GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Amortization expense	$ 1,700	$ 1,200
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,370		$ 50,300
Accumulated Amortization	(12,780)		(11,006)
Net Carrying Amount	37,590		39,294
Content [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,952		3,922
Accumulated Amortization	(2,281)		(2,066)
Net Carrying Amount	$ 1,671		$ 1,856
Weighted Average Remaining Life	2 years 6 months		2 years 8 months 12 days
Advertiser relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,721		$ 1,708
Accumulated Amortization	$ (1,721)		$ (1,708)
Net Carrying Amount
Weighted Average Remaining Life	0 years		0 years
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,311		$ 9,295
Accumulated Amortization	(2,881)		(2,441)
Net Carrying Amount	$ 6,430		$ 6,854
Weighted Average Remaining Life	3 years 9 months 18 days		4 years 1 month 6 days
Trade name and other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,361		$ 3,350
Accumulated Amortization	(1,336)		(1,139)
Net Carrying Amount	$ 2,025		$ 2,211
Weighted Average Remaining Life	2 years 9 months 18 days		3 years 1 month 6 days
Domains and data licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,625		$ 2,625
Accumulated Amortization	(953)		(835)
Net Carrying Amount	$ 1,672		$ 1,790
Weighted Average Remaining Life	3 years 7 months 6 days		3 years 10 months 24 days
Restaurant and user relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 29,400		$ 29,400
Accumulated Amortization	(3,608)		(2,817)
Net Carrying Amount	$ 25,792		$ 26,583
Weighted Average Remaining Life	8 years 10 months 24 days		9 years 1 month 6 days

GOODWILL AND INTANGIBLE ASSET44

GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Estimated future amortization expense:
2016 (from April 1, 2016)	$ 5,143
2,017	6,712
2,018	6,245
2,019	5,359
2,020	3,369
2,021	3,165
Thereafter	7,597
Net Carrying Amount	$ 37,590	$ 39,294

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ACCRUED LIABILITIES [Abstract]
Restaurant revenue share liability	$ 14,873	$ 12,654
Accrued employee vacation	6,490	4,662
Accrued bonuses and commissions	5,781	4,546
Employee stock purchase plan liability	3,520	817
Accrued employee benefits and other employee expenses	3,332	3,631
Accrued marketing	3,130	2,144
Accrued income, withholding and business taxes	2,398	1,513
Accrued website hosting	1,930	975
Accrued facilities and other allocations	1,557	1,928
Payroll taxes payable	1,509	1,938
Fixed asset purchase commitments	1,460	1,318
Accrued consulting	1,324	1,763
Deferred rent	876	786
Merchant revenue share liability	821	1,212
Other accrued expenses	3,763	3,571
Total	$ 52,764	$ 43,458

LONG-TERM LIABILITIES (Schedule

LONG-TERM LIABILITIES (Schedule of Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
LONG-TERM LIABILITIES [Abstract]
Deferred rent	$ 12,629	$ 11,324
Other long-term liabilities	703	706
Total	$ 13,332	$ 12,030

OTHER INCOME (EXPENSE), NET (De

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OTHER INCOME (EXPENSE), NET [Abstract]
Net interest income	$ 311	$ 132
Transaction gain (loss) on foreign exchange	66	(171)
Other non-operating income (loss), net	(119)	601
Other income (expense), net	$ 258	$ 562

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Office Facility Lease) (Details) $ in Millions	1 Months Ended			3 Months Ended
	Feb. 29, 2016USD ($)	Jan. 31, 2016USD ($)	Aug. 31, 2014item	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Rental expense				$ 8.6	$ 6.9
Sublease rentals				0.5	$ 0
Number of lawsuits filed | item			2
COMMITMENTS AND CONTINGENCIES [Line Items]
Amount released from escrow fund	$ 1.1
Payroll tax audit liability				$ 0.5
Putative Class Action Lawsuit [Member]
COMMITMENTS AND CONTINGENCIES [Line Items]
Settlement amount		$ 0.6
Lawsuit Filed By Former Sales Employee [Member]
COMMITMENTS AND CONTINGENCIES [Line Items]
Settlement amount		$ 0.2

STOCKHOLDERS' EQUITY (Award Com

STOCKHOLDERS' EQUITY (Award Compensation Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 19,110	$ 13,671
Capitalized stock-based compensation	$ 800	700
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Exercisable period	10 years
Intrinsic value of options exercised	$ 1,600	$ 10,200
Weighted average grant date fair value	$ 9.53	$ 28.16
Unrecognized compensation costs	$ 34,600
Unrecognized compensation costs, period for recognition	1 year 9 months 18 days
Stock options [Member] | End of year one [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	25.00%
Stock options [Member] | First year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	10.00%
Stock options [Member] | Second year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	20.00%
Stock options [Member] | Third year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	30.00%
Stock options [Member] | Fourth year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	40.00%
RSUs and RSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Unrecognized compensation costs	$ 180,300
Unrecognized compensation costs, period for recognition	3 years 3 months 14 days
RSUs and RSAs [Member] | End of year one [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	25.00%
RSUs and RSAs [Member] | First year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	10.00%
RSUs and RSAs [Member] | Second year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	20.00%
RSUs and RSAs [Member] | Third year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	30.00%
RSUs and RSAs [Member] | Fourth year [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate	40.00%
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subscription rate of eligible compensation	15.00%
Purchase price, percentage of fair market value	85.00%
Number of shares purchased	0	0
Stock-based compensation	$ 200	$ 1,400

STOCKHOLDERS' EQUITY (Schedule

STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Stockholders' equity:
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, Shares Authorized	500,000,000	500,000,000
Common stock, Shares Issued	76,424,750	75,982,802
Common stock, Shares Outstanding	76,424,750	75,982,802
Undesignated Preferred Stock, Shares Authorized	10,000,000	10,000,000
Undesignated Preferred Stock, Shares Issued
Undesignated Preferred Stock, Shares Outstanding
Class A common stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, Shares Authorized	200,000,000	200,000,000
Common stock, Shares Issued	67,982,104	66,535,156
Common stock, Shares Outstanding	67,982,104	66,535,156
Class B common stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, Shares Authorized	100,000,000	100,000,000
Common stock, Shares Issued	8,442,646	9,447,646
Common stock, Shares Outstanding	8,442,646	9,447,646
Common stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, Shares Authorized	200,000,000	200,000,000
Common stock, Shares Issued
Common stock, Shares Outstanding

STOCKHOLDERS' EQUITY (Schedul51

STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of Shares
Outstanding, beginning balance	8,206,356
Granted	836,268
Exercised	(126,700)
Canceled	(59,959)
Outstanding, ending balance	8,855,965	8,206,356
Options vested and exercisable	6,031,340
Weighted Average Exercise Price
Outstanding, beginning balance	$ 20.93
Granted	22.32
Exercised	8.17
Canceled	38.73
Outstanding, ending balance	21.13	$ 20.93
Options vested and exercisable	$ 17.14
Weighted Average Remaining Contractual Term, Outstanding	6 years 6 months 18 days	6 years 5 months 8 days
Weighted Average Remaining Contractual Term, Options vested and exercisable	5 years 9 months 22 days
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 92,454
Outstanding, ending balance	38,683	$ 92,454
Options vested and exercisable	$ 38,448

STOCKHOLDERS' EQUITY (Schedul52

STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Awards and Restricted Stock Units Activity) (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Stock Units [Member]
Number of Shares
Unvested, beginning balance | shares	4,093,204
Granted | shares	2,299,156
Released | shares	(315,486)
Canceled | shares	(253,364)
Unvested, ending balance | shares	5,823,510
Weighted-Average Grant Date Fair Value
Unvested, beginning balance | $ / shares	$ 39.45
Granted | $ / shares	26.01
Released | $ / shares	38.42
Canceled | $ / shares	32.23
Unvested, ending balance | $ / shares	$ 34.52
Restricted Stock Awards [Member]
Number of Shares
Unvested, beginning balance | shares	312
Granted | shares
Released | shares	(312)
Canceled | shares
Unvested, ending balance | shares
Weighted-Average Grant Date Fair Value
Unvested, beginning balance | $ / shares	$ 11.68
Granted | $ / shares
Released | $ / shares	$ 11.68
Canceled | $ / shares
Unvested, ending balance | $ / shares

STOCKHOLDERS' EQUITY (Schedul53

STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 19,110	$ 13,671
Cost of revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	401	124
Sales and marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	6,342	4,937
Product development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	8,030	5,105
General and administration [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,337	$ 3,505

NET LOSS PER SHARE (Narrative)

NET LOSS PER SHARE (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016item
Common Class [Member]
Class of Stock [Line Items]
Voting rights	1
Common Class B [Member]
Class of Stock [Line Items]
Voting rights	10

NET LOSS PER SHARE (Schedule of

NET LOSS PER SHARE (Schedule of Basic and Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic Shares:
Weighted-average common shares outstanding	75,884	73,684
Diluted Shares:
Weighted-average shares used to compute diluted net loss per share	75,884	73,684
Basic:	$ (0.20)	$ (0.02)
Diluted	$ (0.20)	$ (0.02)
Numerator:
Allocation of undistributed earnings	$ (15,452)	$ (1,284)
Numerator:
Allocation of undistributed earnings for basic computation	(15,452)	(1,284)
Class A [Member]
Earnings Per Share Reconciliation [Line Items]
Net loss attributable to common stockholders	$ (13,656)	$ (1,115)
Basic Shares:
Weighted-average common shares outstanding	67,065	63,976
Diluted Shares:
Weighted-average shares used to compute diluted net loss per share	67,065	63,976
Basic:	$ (0.20)	$ (0.02)
Diluted	$ (0.20)	$ (0.02)
Class B [Member]
Earnings Per Share Reconciliation [Line Items]
Net loss attributable to common stockholders	$ (1,796)	$ (169)
Basic Shares:
Weighted-average common shares outstanding	8,819	9,708
Diluted Shares:
Weighted-average shares used to compute diluted net loss per share	8,819	9,708
Basic:	$ (0.20)	$ (0.02)
Diluted	$ (0.20)	$ (0.02)

NET LOSS PER SHARE (Schedule 56

NET LOSS PER SHARE (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive awards	8,856	8,921
Restricted stock units and awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive awards	5,824	1,663
Contingently Issuable Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive awards	309	309
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive awards		81

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
INCOME TAXES [Abstract]
Income tax provision (benefit)	$ 1,437	$ (2,403)
Income tax benefit due to U.S. federal and state income taxes and foreign income taxes	1,500	2,000
Income tax benefit discrete benefits	100	$ 400
Unrecognized tax benefits	5,600
Unrecognized tax benefits that would not impact the effective tax rate	4,700
Unrecognized tax benefits increase	$ 600
Unrecognized tax benefits for which reduction is reasonably possible			$ 200

INFORMATION ABOUT REVENUE AND58

INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 158,613	$ 118,508
Local [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	138,116	98,570
Transactions [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 14,499	6,606
Brand advertising [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue		6,627
Other services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 5,998	$ 6,705

INFORMATION ABOUT REVENUE AND59

INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 84,776	$ 84,168
Unites States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	82,362	78,675
All Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,414	$ 5,493