YELP - Earnings call transcript Q4 2020

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Operator

Good day and welcome to the Yelp Fourth Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to James Miln, Senior Vice President, Finance and Investor Relations at Yelp. Please go ahead.

James Miln

thanks year us XXXX and quarter Yelp's everyone full and earnings afternoon, for on joining fourth Good conference call.

your are then David chance it. brief Operating the SEC, today Chief to on our published read me Yelp's hope turn website Officer, letter comments questions. Executive opening Joining with Relations Jeremy the Financial shareholder Officer, some Jed everyone Schwarzbach; We'll Officer, Chief and to provide Investor and and Nachman. We Chief Stoppelman; had a

and Now, number read statement. could make the no and publicly in future I'll opinions statements differ Safe revise or of to results our light we We'll forward-looking forward-looking that or undertake these to these of reflect certain Harbor are that only of this materially. our as forward-looking release obligation events. and statements that revision Please cause the any uncertainties to date information of statements today actual results involve new note call of a risks

addition, risks letter our description that a results. as may number a SEC well risk shareholder detailed the we may that for results. factors our of as Please filings more impact and financial our business to of significantly are affect In to refer our subject

the call released as reconciliations accordance prepared margin. are and our over adjusted this In isolation disclosures find to we'll from to information income measures our each of as Accepted website, turn filings financial GAAP adjusted Jeremy. non-GAAP During or call letter And I should posted financial and our be Generally our EBITDA will historical which is net well today, non-GAAP in these SEC, in on considered will afternoon that, discuss EBITDA with the as substitute Accounting regarding with adjusted additional of which financial both margin, you shareholder measures EBITDA EBITDA adjusted not measures. These with a and Principles. for

Jeremy Stoppelman

everyone. James. Thanks, welcome, And

year local challenging connecting been of people for Yelp, our a to XXXX great never has relevant. businesses While was mission more

more businesses we transformation. connected made their We this the all elevated pace local addition and nearly strategic pandemic, product to significant innovation, stay value progress to continued under local a maintained difficult in as demonstrate Yelp during business helping consumers reviews. teams In delivering reviews Yelp both long-term growth its our as circumstances. our content. extremely to XX relevance and of million functionality source to the by customers achieved In consumers solid communities. a initiatives reviews on year-over-year contributed of to of users businesses I'm and through XXXX, our proud progress trusted an our of completed

customers, to teams features our COVID-XX review safety updated their health rolled communicate that content, and a up-to-date series highlighting to information a valuable As to enable and out hours of measures. our businesses local complement product

return ease. While of fourth organically will traffic and over levels slight gives people and the declined as COVID below quarter, that positive winter, our during summer activity engagement as us consumer the remained we we cases inoculated observed the XXXX trends at are the confidence decrease the more a restrictions end in saw

it's case consumer COVID And falling. seen have signs once activity. While still early February, in of quite counts nationally early, are we again more

end Yelp pandemic, a of and Multi-location the launched We the more year way For Connect, new Yelp by quick and the ways. we of bundled a offerings part a businesses with navigating to updates restrictions approximately value Logo drive customers. XX,XXX new to offering of the as easy share product, in multiple to locations scaled for customers launched profile

digit Services percentage and enhanced of advertising the full Request-A-Quote This monetized in Local Home Local flows in the & XXXX. experience further revenue driving our to Services the percentage and increase leads quarter a helped category year & continued We Home year-over-year technology. for differentiate fourth mid-single both matching the and increase category

pandemic, fees returned to $XX to sales improve characteristics the local XXXX. and revenue. by making mix continue the improvements and more and Multi-location of revenue as a up result, retention the hit believe will fourth Self-serve historically ended exhibited XX% year-over-year of particularly year-over-year in Self-serve. our difficult we efforts overall. revenue strong our And sales. accelerated retention our third free as we in in decision local extended force economies hard a superior advertising profitability budgets. percentage through Both third then drive and XX% After compared in nearly services and as reduce in portion our up channels of rate pleased result, of retention investing the approximately XXXX that waived for revenue growth Self-serve our by year, continued business year-over-year quarters. size advertising approximately and local advertiser quarter we non-term increased advertising categories year that accelerated make April, million the Despite ending products half the the in businesses mid-teens greater we year-over-year and in in to revenue products in year a of our the the to to a quarter to XX% they faced fourth growth facing difficulties of those overall in last channel. we as For shift by the go-to-market towards This revenue over the COVID-XX form resulted are relief have Operationally, the

growth local include plan and to more to businesses. advertising consumers of to growing achieve behind revenue through invest advertising. believe through Multi-location services our of look foremost we this, focused value more establish first opportunity growth offerings more our second To the to monetization, improved Yelp Self-serve initiatives. is ahead, and sustainable We are delivering ever in on strategic These our we and channels key accelerating recovery through than platform. large and in our that local our capture important to the advertisers we As and on half building the momentum year XXXX in

changes ability growth are David. our With to the planned robust growth to our the like we profitable long-term. to With structural business in our it to initiatives, roadmap that, turn over confident drive against product made and out I'd we over

David Schwarzbach

entered with on we that would fourth considerable around business. escalating to see Notwithstanding We broad-based year-over-year continued our restrictions, in impact COVID quarter Jeremy. cases orders Thanks, increased the rapidly uncertainty improvement have the shelter-in-place impressive revenue retention. and

third to the In a advertising addition, XXX,XXX from in quarter, locations of X% increased decline year-over-year. further just the quarter paying fourth reach

net XX% year-over-year $XXX a decline. As reached a result, revenue million,

represents EBITDA margin the adjusted $XX us Our in potential revenue performance, our and XX% deliver combined million model. net $XX EBITDA. income a to leverage adjusted demonstrates This continued management, enabled and expense of million with of

Our the result of lower-than-expected lower forecasted expenses were than principally headcount.

With Bay are the fully We have working operational focus increased as a home. hiring to nearly in outside maintain year entire organization, from an productivity ability on our team's we are remote who of Area. our confident

plan and our we believe estate continue presence a result, cost our reduce footprint. a in which workforce, lower As to more we us to markets distributed with operating real expand will enable

During fourth reinitiated program. the we quarter, our repurchase share

February repurchase economic at $XXX share average our of We continue million $XX.XX we an market million to per to have authorization. shares approximately X.X program, repurchase million our remaining repurchase As approximately $XX of share share. price subject under plan currently and X, We conditions. deployed to had

Our million of the $XXX third fourth at the cash quarter. end balance increased to modestly from quarter the

fall $XXX we and million. outlook, revenue our to anticipate first quarter net between million $XXX will Turning

to addition to headwinds, In that quarter seasonality. net quarter related than is ongoing first revenue fourth important it's our our recognize lower COVID-XX to typically due

our includes initiatives. to we On in the side, on This category. Services focus we as growth Self-serve invest plan and increasing in our product investments expense our opportunities

While Self-serve intend Multi-location team channel. selectively our to gained in to we and local our sales channel, performance sales efficiency in marketing support have in we invest our

first and the we fourth result, that will with quarter a $XX quarter expenses quarter million. from between XXXX anticipate $XX million adjusted operating As first EBITDA increase

expect we over Turning and to $XXX $X,XXX billion revenue between million $X the just XXXX net full million. at year,

We before expect as recovery economy abates the and the activity do economy the not the economic half and increase US a next to virus year. anticipate for recovers full overall in second

execution With within fall of million We half product range and the improvement second first Services to are our half. $XXX the focused planned in expect a in EBITDA $XXX achieving EBITDA annual exceeding margins from US on mid-teens revenue we as percentage and to our XXXX, XX%. the reflecting monetization million economy, team XXXX growth continued strengthening adjusted Local margin in engineering & Home adjusted XXXX, will on investments as well

economic We've continues. up reporting on year. growth. our key will QX made to as years what open letter three in drivers improvement believe recedes to provided strengthening questions. Given the over in have COVID the transformation reflect them transformation, key first call. a XXXX our introduced of we the also believe data margin operator, to the later shareholder quarter earnings want I driven as well we forward year structural we're this that, in well business, the long-term. shareholder be by building as as positioned phase for margins model our we our In business and opportunity have in recovery the next we full closing, improvements very revenue to historical momentum to that look forward We the to significant our metrics look and please and With line for of mention letter we new our our see

Operator

go today Colin We The Sebastian will comes ahead. question Baird. now begin the Instructions] question-and-answer with Please session. [Operator first from

Colin Sebastian

growth, afternoon. everybody. in have view? of evident from me, And now a a of with is of your I number Thanks, that One advertiser platform clearly Is business look per we at more larger attract to level, it the pretty ahead an please. share of drivers strong Good Hi. advertiser broadening higher clarify recovery as the it larger from questions secondly wallet a the two then - point bit to you or advertisers? can a the granular. of and

that offered or products way? a give bundled of basis, for portion are on number sense the the advertisers of us budgets just monetized this Regarding you Thank a can or you. being subscription

Jed Nachman

Jed that Sure. speaking. question. is can take I This

and into a businesses, retention the as driving the as So, year, next the in of well terms more it's really of local drivers combination expanding our component both, of going business. footprint adding

have products a You strong We in And into XXXX impression reporting introduce were we was our with the things revamped a driven included, of new really more and a account improvement business like Connect, into innovation, kind on we We fourth modern number in started quarter. bundle. trends owners saw this to the side. just that able over was course retention and Yelp really XX% analytics ad Logo saw introduced an the bundling product design one. of by heatmap. We

where will growth. continue a perspective, from product of And continued have we long kind to so, a innovation, that go to drive pipeline

well as I the we are believe as Self-serve the and mix, continued think if areas well business, both channel of in you also really momentum we those into look we're positioned at going Multi-location segments in seeing of both XXXX. the

question profile a that's In retention about we on on ratio profile it's of also end of monetize products. we side we're that see second able go monetizing, of products bundling but that up terms ads to percentage the And those to a the those, three-to-one the great benefit in.

so the growth value driving that offer that with complete kind can And the we of see as more well. we package,

Jeremy Stoppelman

of guess, right we just well monetization with to monetized, in progress part the adding but ideas of I'd keep moving increasing XX% also deep first a I see enhancements up services call our side, to the we've on And there, in made direction. that product out the there leads

Colin Sebastian

Thanks, guys.

Jeremy Stoppelman

Sure.

Operator

Andrew Boone comes next Securities. go The from JMP ahead. of Please question

Andrew Boone

Thanks for the guys. please. I've question. Hi, got two, taking

And in was about help out the how talk of sectors kind more of that, you recently, the rebound Can the about you little product you in number saw that, year. guys And and it's uptake you objectives, bit? two, you think side, I were XQ I just that? for Thank terms that targeting one, just on what here advertisers? new ad extent late broad that the talk quantify a last think So, you. rolled it ROI was improving can just you just can

Jed Nachman

certain Jed is of can years let terms more me have second you add campaigns, added past client this like look can road couple kind ability that such So, that when their negative and mid-market uptick seeing take have to of I among We we're of features offerings base the one that control certainly speaking. we is that to in features a over the broad certainly take have of service of segments and that - there still at target that. to keyword want advertising kind things other and some there segment control first, we

Jeremy Stoppelman

you're think I rebound, trends. traffic around about question probably your on talking And

summer the traffic saw counts substantially. to XXXX, If pretty we we you go of back decline, as saw virus recover

is out. of a all And how going so play this lot confidence to us in gives that

the gives activity. got scared, they year, end and towards of we counts transacting counts thing pretty in trends their that probably took out as some the followed off we saw People and have as consumer is we business. recent impact you us virus some so As more get and get in going dramatically One it's have encouragement virus place, started February, to doing and in about look recently but early days, stopped of modest declining and early clearly, and restrictions many weeks. at

that going are we again once so, to early. seeing a but confidence out consistently still up us that with play pretty And activity, year. it's across that's But pick consumer the gives some

Andrew Boone

you. Thank

Operator

Please ahead. Evercore of Horowitz Lee from is question next ISI. The go

Lee Horowitz

if related I Thanks ones, could. the Great. question. for Two

new can recently, from important of should the in 'XX bifurcate stack be similarly, you we CPC be revenue about growth? reaching you impressive And thinking would your product well. 'XX and there seen terms strategic so and can perspective as mid-teens drivers rank helpful some and in it help Thanks 'XX relates 'XX the the much. you've products of goals? help the click to Given in us between of our growth cadence most thinking as a Anything maybe

Jeremy Stoppelman

first try here. part tackle Lee. the Hi, and I'll

monetizing So, by buckets by which driven as about there that mentioned leads. increasing One focus is we we on. revenue I think is product, few monetization better earlier, primarily a our growth

XX%. monetize, organic we traffic we're Services particularly currently about Home categories, have the in - services only and monetizing Local tremendous & we only So,

of So, better done algorithms. we've enhancements kind matching to the matching enhancements room that under us can of that a gives lot of there, lot hood our before. we that targeting, just ad for Request-A-Quote our a There's do

track technologies familiar we long with these there confidence are and layer initiatives. is on, new obviously, can have We record but these, product behind we a

businesses our We Multi-location, out profile segment. ironing flows, bring Multi-location new that products features providing and friction, also sell that of to tools want new side, actually allow to when Self-serve can on functionality flows some retention, Self-serve the all products into them on we're bring into the time, keep into really and talking the the of best Self-serve people about the is lever on to continue was flow then thousands which in. big and to them iterating which we launched transact as and reducing do their team, own, constantly we the is And them to new in, providing like thing it's

value is end And just to most a ROI, they're thing feeling them is and more so, But about in day. kind us, with the seeing confident. the make really it's intangible positive the that money they're our important doing advertisers of delivering stats they're metrics our also If business at better. feel both spending

'XX. going this beyond to into deliver to out going and and that's outlook put that's we've that term, for think the I deliver value year over long the

David Schwarzbach

this David. Lee, is And

was reflect to providing the we which much Jeremy that metrics add reasons that very the we one better do more delivering just shifted Jeremy to better, the by is advertisers higher have do of made, with business not Just clicks, follow what to is their up they see CPCs, only does but retention. them - saying, points more value by on

clicks in improve bringing recovery as as with as the the formats that though, think continue additional on can by the benefits And to really a What's year deliver consumers. matching. we both new that also continue ad can of we that And we well equally business. on important, see that advertisers product the to value so, we will over think rebound side, our is invest we expectation overall we

actually the with of those - that both strategy deploying. we're goes So, hand-in-hand the metric

Lee Horowitz

Great. Thanks so much.

Operator

question is The next Kuntarich from Please Bank. go ahead. Chris of Deutsche

Chris Kuntarich

the for services taking my question. Thanks Hi. Maybe within starting just businesses.

guys where of a revenue, were ahead but behind XQ locations you ago still paid 'XX. You versus on on slightly year were

looking that's there delta down? be driver to advertisers that, per this reasons the turned and closures back can on segment, seasonal Is if the in other any what new you locations average mixed about be should thinking decrease XQ are locations prior how still of should aware sort bring like as we 'XX? be location - about in maybe off business weren't was then talk of turning we average thinking revenue we curious, that and driving there yeah, there Thanks. retail are if were you XXXX, restaurant and that these for that pockets monetization to or going should And there within is in are the XQ on just for - dynamics off Just the business about - here side. retail or

Jed Nachman

Yeah. that question first I locations. take can around paid

X% of total we is from a the different on see kind of So, in behavior And down about sets that the strong the certainly QX varied lows the of and perspective, customers, service up service - during we've year-over-year XX% we're free kind been of up from PAL side. look amongst depths locations pandemic. the

side. things One as fact and the side gave we to relationships happy maintain about the of well as relief Multi-loc able the of both customers, on that is local our are we the with a were really lot

able per take one, And from - that we were David, to to second anticipate to those albeit able on at keep level, of some then continue more maybe that? you relationship basis. And rapid folks kind came that on to but drive of location a and we'll back, a be monetization want the

David Schwarzbach

Yeah, absolutely.

advertising average that So, Multi-location per we at SMB versus paying is our is as the one revenue the things between partners of dynamic mix look an location customers. important our

Multi-location that of number paying with is time that we've what locations. are of us increasing advertising as so, share seen been over And advertisers a we've the

that they're the that has so, amount an paying. And effect on

we is really think a overall in and have locations near we services, - see the across takeaway retail important that term. do from the monetization as this an overall drive think is important paying advertising that as opportunity other. Equally to well overall that restaurants, stable we is perspective relatively both I

really about retention from these been talking see we is we've drive And advertisers as focused so, what improvements continue on are to and a we've doing that seen to to continue to perspective. value

Chris Kuntarich

Thank it. you. Got

Operator

ahead. of next question from go Patterson is Please KeyBanc. The Justin

Justin Patterson

acceleration provided elements of you some signals then healthy other And should point Great. all that the curious talk the about the like the drivers Thank to more there Thank any more driving that there into drivers from behind you broadly forward? that toward QX. could very leads Could QX if businesses, we more? just product think that It way at looking where - monetized benefit, growth that much. were sounds to that of but you monetizing about Request-A-Quote service you. were I'm a going how were

Jeremy Stoppelman

right. question, All Justin. Thanks for the

So, lot different a on growth, Request-A-Quote components is there there. of

build the large functionality, to a may flows and and not some do have familiar consumer continue As be see Request-A-Quote. with demand we we out audience, we which good of

There think and the the matching. and on educate element category quickly There our that specific fact looking their that experience constantly also for just can vertical. there. to we're this can flow see helping Request-A-Quote categories exists solve to by one is tailoring we so consumers they experience is fact it add this is expansion, I So, also exists problem really what that

the you that wasted businesses you where we - we best et so algorithm a with to is can not essentially match that. refine service cetera, that is match you you, is worst relevant, an a opportunity. when can't to the trying it possible, provide that's because thing business And do So, send have we submit continue

just the thin So, of essentially leads can inventory that, it essentially the waste, air. less at which more creates - we efficient out we get

very And is lot of So, drive of opportunity have There that of us How it's have whole there that product a both I second algorithmically confident Do XX%, to around the do leads. in bunch we consumers a this those there we think future a is, there? we and feel then that runway large monetized a growth refine move your opportunities into the the we answer can just think do continue runway funnels ahead and was is question long the of combination and flow. factors. I and up? audience. yeah,

feeds better things So, functionality long and beyond. and list, plug So, I And it. providing away there XXXX by will and confident into we we about better that ad plan targeting, better, it on merchandising ad Request-A-Quote ad units, Difficulty] a [Technical that to like and think continue feel is our it related the really experience features how

Justin Patterson

Thank Great. you.

Jeremy Stoppelman

thing. Sure,

Operator

And is from Young of the ahead. go Trevor next Please Barclays. question

Trevor Young

for taking me. Two questions. Thanks from the Hi.

with what just cost potential a lower the as Area, you the when to is how experimental the Connect and longer-term illustrative out two baked much well initial offered the First, guide and savings CPC average And maybe subletting opportunity? broadly? as us then a of seems you of or you. you roll kind as the it from shift on How and estate this Advertising. just more initiatives. some is be give you cost on into long-term of Bay the the as Thank leasing from that real is it away employee of some and much XXXX mentioned like per bundling discount an expect Can what to example more the learnings to are of

Jed Nachman

there I to let's get drive it just Bundling into in something the is side. This Jed. was the earnest and the kind started on year. of possible retention give try value can is And Hey. really as the beginning Trevor, much thanks. that as the of to bundling. quarter driver fourth in tackle of this really we

of businesses one provide things checkout in they lot our And flow. if they're a say as you breadth being driver hard maybe products the to through at as build you're them as able their kind going value as of the Logo those whether well, to our kind until away an you or and an no to for or from of look to Connect, making a reputation. up portfolios of of story profile highlights across Yelp example, reviews fact for business is less and or And that's the consumer look at so, tell trust established it opportunity the some this of

And to still of a kind of early drive over Connect perspective, And the to perfect although from stages give somebody of perspective we're on discount continuing experiment where match we're it's from pricing with pricing that is. enough so, we bundling. that very the a kind going line, a

David Schwarzbach

this is Trevor, And David.

to Just up around on follow question your expenses.

focused in our one of outside a terms much Area of So, is are very basis. we more base, things on employee that we the on and will hiring be of the working San Francisco Bay forward distributed moving

to also that particularly and in the US. in We've So, enables the us hire across hiring UK. Toronto the area been in Canada,

many then something the several estate. X,XXX. do about out them so, And million in of a are week. means our working $XX XXXX, And real then distributed At the days beginning we X,XXX were below that's be into spend home play few only we at to to working they're of year which a going or on And about end going the estate the coming office terms And employees. expense, a always we just real year, of basis, either that's on years. over had of a from

to So, real bit compress a footprint, we take definitely opportunity out. estate going time of an but to see little to also our play that's

have. the So, XXXX process much of amount this adjusting of real in a go savings modest only through year estate outlook, have we we of how terms we as coming

to So, more in show XXXX. start up that will

Trevor Young

Thanks. Great.

Operator

Arounian Wedbush. Ygal Please is The from ahead. of next question go

Ygal Arounian

the Hey, have couple on guys. questions. Thanks the of some Good of taking a afternoon. questions. follow-ups other for I

what's I growth lot, are and done well they've a or the of maybe up dig varying into what's degrees little the what's paying seen think a a more dynamics across could being what's the you on that of and board, the like restaurants they've of Just in lot decline kind strongest the weakest quick-serve would down the and locations strength the wondering strength bit there and there? pandemic. of been in X%, the if the weakness

first curious the And seeing. on Request-A-Quote, that's one. you're So, then what

similar in monetized and is Some seeing what your that how providers spend. of the guys that in of guys factoring leads know busy market dialing is some seeing we're was in capacity you just on service you ad is their for I I And back wondering, Are XX%. up being Thanks. Request-A-Quote? dynamics?

Jed Nachman

Home of tackle with I other would question. expect. can kind seen Local you the fall Certainly, and the to across that relative PAL in would line categories, what across & we've Sure. strength year

You categories like massage areas line that require think about and and as down a those of salons contact kind physical as restaurants, obviously. seen in studios, certainly well things we've drop the

relatively terms the dynamic say, the is & I would its pretty beast the still is also So, own on really, recovery. And we're in Multi-loc speaking, side. strong Home Local [ph] of

really tried online, with do has in You store. what really pickup provide mentioned, And to which in in environment buy have quick-serve, way. new businesses kind solution a need the partner is that this we've which thrived you with and albeit these a of different We multi-location in normal. retail they see

second categories way. stronger in to the come reopen, end economy have a PALs on Multi-location the expect we a on the so, quarter. as continues seen depending to different in pace the fourth of quarter recovery And through from the the we And back side

Jeremy Stoppelman

would we're them, we're as so the second like leads, to is then sales capturing services leads, in continues those sign-up categories. question, it good on what we new in those And say consumer I service advertising think there I for those us. you're in demand selling pros, And by Services, progress to our force see monetized see I can you businesses pretty think looks to and levels at Local continue at categories our solid advertising getting is healthy Home demand &

Ygal Arounian

much. so Thanks

Jeremy Stoppelman

thing. Sure,

Operator

UBS. question next The is ahead. go Eric from of Please Sheridan

Eric Sheridan

you And on the Thanks out long-term, things thinking be might a And goals different of the the that recovery, think breadth the just which Thanks you're think when approaches over you incenting we the advertisers just depth Self-serve growth of platform? credits advertisers in to about broader and top is we momentum be New think about backdrop depth Year couple. drive team. of small against the look for, 'XX of in so functionality broader to and putting terms the market solve giving happy to of to businesses how can think as stay evolves? for evolve to need How sales should on platform. should advertisers Or on about much. that When questions. people of you guys for trying what a we the on about the entire breadth of when taking you of sort revenue thinking the that your continued a the obviously, amazing Multi-location as and of the for it base? unlock 'XX Maybe verticals spend work advertisers across ad recovery and you reflection when recovery versus the to the did

Jed Nachman

I Eric. Jed. can the one. take Hi, This is first

In channels, terms different the say, a broad-based statement. is for I of the different would goals

Certainly, One versus for we we all advantages some consumer lot Yelp horizontal local. across of that differences have amongst are that is traffic sectors. the a you Multi-loc looking is of businesses see of platform local and a

we've as correctly we're those continue for the ton that a example, really business, We we deliver a small of strong drive us can in get have are services to has as kind to upside before, whereas more local - industry talked if But as and all But the folks. segment, categories. going monetization across and about value retail continue for specifically of not be the businesses. to prominent may in an Multi-loc growing

David Schwarzbach

David. Hey, Eric. It's

first. me business from revenue dynamics there out of two me let pay why category how bit per that the do So, second side broadly to and about And the categories let take - as across a which playing location, across categories? playing in our do do well? side we the what see versus we had is, it, the on are then of willing little your how that business. retail talk One see second other a see I So, to think. restaurant, paying a And advertising speaking the we across parts is services difference advertisers is our was, out question,

customers, we expansion single the is product advertisers. course, for then the element. comes location that's want there and with our in. of Whereas And see to is so, really SMB where really or expansion our And one that's opportunity Multi bundled second, less location

to derive compared of higher and do, to to the items willing services the and to course, to see business. value of other advertising especially side where increasing for So, to is want they on retail and what continue those we businesses the of value say, opportunities leads, ticket provide more restaurant, for pay are

is one that can the the is and broken see start out new the for financial you that you of metrics operational dynamics restaurant, things other. One categories out and tremendous important these for broad those in two from that to play and revenue we've of see of between And compression we of amount perspective, retail us. saw a sets could reasons as you a

recovers, to economy US recovery the will participate obviously, categories. as so, And want those we across broadly in that

demand On there. continue to the we've able Services quite and like services see have side, been & Local to Home support we feel businesses well

services has impact the under other the slowdown that categories from US fall the seen of of more Some in economy. an

we see to some both sorry, - as much just paying on - pick an there. location see increase as out in how pockets to And would revenue advertising per opportunities close close we So, to or to earn location. well out per opportunity categories opportunity overall, then up across expect we

Eric Sheridan

That's those great. also for disclosures. thanks for Appreciate the Thanks and it. much so color,

Operator

concludes questions, no you for question-and-answer has The this Thank conference session. our also today's attending concluded. further now presentation. Having

disconnect. now may You

Yelp (YELP) 10 Feb 212020 Q4 Earnings call transcript