YELP - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, and welcome to the Q2 2024 Yelp Inc. Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Kate Krieger, Director, Investor Relations.

You may begin.

Kate Krieger

Good afternoon, everyone, and thanks for joining us on Yelp's Second Quarter 2024 Earnings Conference Call.

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

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

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

to to reconciliation non-GAAP flow. And financial or well of historical adjusted from our which Investor These our with turn information income During of flow, generally financial on EBITDA substitute or financial may non-GAAP and a both margin adjusted accordance EBITDA, I over as in the Relations In website, be regarding cash are which you activities free this measures adjusted flows will each posted measures. cash margin SEC, EBITDA the as discuss and and and accepted these that, released our should in EBITDA accounting afternoon additional isolation cash historical not is for GAAP considered to call shareholder from operating find today, reconciliations with will principles. Jeremy. our as prepared GAAP free loss measures net of call a we letter filings with adjusted disclosures

Jeremy Stoppelman

by XXXX, by of same year-over-year. XX% approximately performance of product-led strategy first RR&O in double-digit XXth even the increased Home in in approach, quarter. in in and Thanks, as and Retail Net the year-over-year the introduced the momentum. order period. Businesses Restaurants, record year-over-year. challenging margin than to X our Kate, approximately for of features to making Services categories & in category, second reflecting $XXX revenue million XX% by it profitability improvements well percentage business, increased the income as in a quarter, paid our X% Services quarter our strong which a a With from we saw revenue growth as approximately net revenue by strategy. revenue second acquisition. updates consecutive we the the by delivered stronger the growth. We from Services and the X% Request-A-Quote saw year-over-year acceleration remains from the to This time, Yelp in prior Other expanded in quarter. percentage more and new product-led disciplined environment welcome, X year-over-year XX EBITDA our resulted decline year point project year-over-year, accelerated continued operating quarter, increased second organic face net focus adjusted At project XX% margin in resulting points both continued which XX% everyone.

metrics, Regarding to including we paid strong and continued see CPCs. our acquisition, top-of-funnel ad project projects, clicks

newer in also our an businesses, plan businesses. to become SMBs to experience enterprise we We leads. focus As established also opportunity advertisers towards that narrowing categories we from extend distribution, success early difficulty retention more businesses return. With often the fewer with saw highest indications the believe we leverage our this Services the revenue coming opportunities have just in of see with competing lead XX% quarter, we these which of Multi-location spend among precise reviews, scaled learning with in to benefits to for

product business leads projects year-over-year been leads further budgets AI adapting to engineering available teams recently Request-a-Quote relevant and most to multiple and enables displaying launched the to millions pages. More manage on Services a X% Yelp offerings CPC and clicks across broadly, our continue leverage for compete Request-a-Quote advertisers. of seamlessly new for average decreased increased ad ad businesses second larger year-over-year. of our This the by advertisers' brands have by introduced to content In consumers. We by fit the the needs optimize We API. better these X% Multi-location quarter, product while to

quarter, out useful to product user also features I'll a and road over of profitability. our consumers number number map pleased on and Yelp delivered David. Services, that, we in remain in website drive the it our accessibility to We profitable particularly summary, to Overall, introduced turn we second strong growth of a progress value strategy the with term. With we in while with our long over shareholder confident rolled were more for make to new the and experience back-end needs. In improvements continued

David Schwarzbach

above on million XX% our basis, outlook a the representing high an Thanks, revenue million Jeremy. second the by share of $X $X.XX disciplined outlook Driven representing $XX million, a the end margin. margin, it XX% record reached range. million, $XX our putting by net a In approach, $XXX diluted $XX net range. end or X% Adjusted was per our increased EBITDA million to high quarter, above income of

services Continued by growth. Advertising revenue categories year-over-year million. increased drove record strength in in this to $XXX Services XX% a

RR&O. Similarly, most second quarter continued efficient the an As the million. decline its in same X% $XXX $XX a resulting our or in through of resulted softness makes to above locations Multi-location approximately in year-over-year pressured Services Jeremy year-over-year second revenue RR&O remain time, year-over-year, in Audiences level. in RR&O decline second reflecting restaurants on remain driving This million in revenue the X% locations channels. growth growth advertising mentioned, run year-over-year maintained of in in Yelp to At it Self-serve quarter. approximately with its growing paying in this momentum, XXX,XXX. We annual offset in approximately growth decrease consecutive This rate XX% the overall XXth year-over-year focused in A flat in continued retailers quarter, came and the quarter. quarter. at the locations

see growth opportunities recently our TV along with reach to audience connected connect expanded enable audio its with and high-intent to additional advertisers continue platforms. platforms for Audiences through Yelp We to

quarter, to drive expenses. X we points margin and second quarter, resulted adjusted our margin the improving Turning that In end as while X revenue income a our our by remain invested returns. net stock-based reduced in the resources remain percentage X% during on opportunities focused percentage year-over-year by also point expense percentage acquisition to Services year-over-year. paid year-over-year $XX EBITDA reaching in We percentage the compensation X improving XXXX. disciplined as this in of by This on achieved focusing point project of million of potential we the by even allocation have than incremental second the quarter. In and less we

quality of to $XX to efforts average time, improving the $XX.XX shareholders and our In our worth repurchases million GAAP element come. Returning through quarter, second stack at of we to share the the expect EBITDA We be per strategy. capital over share. a an benefiting price key shares repurchased continues these in purchase of of profitability to adjusted capital years allocation

economic we repurchase continue plan XXXX, second XXXX, had authorization. of of in the to shares June market conditions. repurchasing XX, We $XXX subject half remaining our As and under million existing to

impacted double-digit while growth, our a Services environment revenue move categories, our quarter, remained of those challenging outlook. maintained in pressure for the quarter. In to by the second revenue with as Turning RR&O half second additional we operating businesses through the

be these the trends in we of expect to and $XXX quarters of fourth million. look to expect the third the year, In the we million As revenue we $XXX third to to quarter, net persist. range

For of year, $XX.X of $X.XXX billion in be our million revenue a range. decrease we range the now of from will the full $X.XXX billion, prior net expect to the midpoint

Turning to margin.

disciplined continues business we demonstrate profitability, management. dedicated to remain Our underlying and to expense its

project are we now narrowing efforts $XX the having year. in in as and addition, approximately In on spend first acquisition the year paid half Jeremy spent the focus million search, our total million of to $XX for of expect paid the mentioned,

$XX to adjusted in million. We expect be range $XX of million to quarter third the EBITDA

full at second continued RR&O expect of half year. midpoint the to of in For to range an $XXX adjusted million, be year, we the $XXX million headwinds in the increase despite million $XX the now EBITDA the of

in in the million of of portion Toronto result a with a $X to assets our to leases. quarter expect underlying space we incur approximately related subleasing July, office third right-of-use the As charge improvements of operating impairment associated leasehold an and

charge, net backdrop. be reflect expect by but do income amount We third Yelp's to EBITDA. In impact it the quarter challenging results business the closing, amid of expect adjusted in not leverage a drive our to quarter the ability second full macro reduced to

believe focus over term. With business will please the growth opportunities shareholder to continue open on the We and significant for areas operator, we ahead our the we investment believe questions. that performance line value as that, long up in drive

Operator

question line the [Operator of comes Goldman Sheridan Instructions] from first Eric Sachs. Your with

Eric Sheridan

of I recently. was and a talk the be would know bigger know I about with might it mean again, environment services? what medium for antitrust most wanted well. around years might AI we or announcements And for about yet Jeremy. terms and what obviously, get continues in maybe on the the questions mean been that. licensing updated to a we'll landscape number and data That decision know over local services might two, you tonight, landscape competition longer ahead. the search ruling? respect X what to the there's but your local in around and that Alphabet that thoughts think picture what as and lot But of term to wanted be ask AI evolve, Yelp remedies I of in number I there in the do The mean to the And landscape might macro don't how first, that lot environment search that one. And

Jeremy Stoppelman

Obviously, We've steps We've business to leverage say the tech Eric. AI summarizing well Obviously, find and that wins. Happy already rolled questions. out. ad improvements LLMs there's I neural that landscape, those. leverage exciting. LLMs incorporated we've we've for taken very nets. Thanks as within Sure. search, reviews. into made as early to take would our

through the much promise. that's that comes itself, business really Yelp to walk showing and Assistant of. project, obviously, some people within mind, we're take to so a submitting able recent there's that So a helps launch advantage

landscape, to how Yelp. at then I at opportunities to their When they really data wider So and where Yelp. out local very they their early think, Perplexity. exciting looking exciting users when there out trusted turned local for is look standpoint. And One information, service search were an get the to engine from you product on-Yelp with

a And that and flourish, second. these antitrust this. that, they're one companies in hope question, a really your that's I so would course, are more sign. of many working We into of many on could to of good Obviously, which see take ties

leverage there product licensing works, quite data as that opportunity we to the Assistant significant we when We'll put we've grow There's going on signs also I posted. of API existing application our that Yelp potential as about both And to do of business We through lots also, some licensing and are to that course, the there, lends Yelp promise. And have have well way well. API itself showing folks a that On well business. lot the conversations early AI. a you side, an in AI of find that see out that's do think that, revenue looking as additional streams area. data of keep a

about these has be And of that that a with some so hitting when matching API services local next-generation in. project, has home services, that something that is can our then you monetization and user built user businesses search relevant about that's asking intent, think

even it's area and but think haven't we have the that new So exciting my I us we is really just thing, for there. built mind. clear vision pursue. There a to something that's a on opportunity Obviously,

say, watershed enforcement. would been that decision very regulation for, it. On Google, huge the we've we're certainly, and that's This DOJ side, antitrust for antitrust. a is scrutiny antitrust something calling obviously, excited And about versus moment, Google I of

turned excited, I slowly. the wheels front justice very we're in XXXX. of obviously. in of Senate testified So The

been advocating and we've monopolistic So scrutiny its a of Google long practices. it's for been that time illegal

to that will it for I companies at moment. for it so hard predict might going remedies Obviously, this as cetera, factors of to best Google to to opportunities exactly it's into a And play a reached opportunities et for There's the et to here. well going Yelp others, delay very how out? things lot as its do what going the likely It's like cetera. create and oxygen be, we've think create great It's innovation It's is appeal, exciting. search play breathe will lot smaller startups. it's of so do space.

Yelp. time So very out, some development I positive for it's a going think take to fully play to but

Operator

Your Jason with Craig-Hallum next Kreyer the Group. from question Capital line of comes

Cal Bartyzal

Jason. Cal is This on for

in So might paid us budget question, walk thoughts back looks little in can It of be the seeing kind first search? but pulling the search, opportunity year, confidence what whether your bit the you seeing more curious engagement? this of through and just early signs your that you're kind through paid them a just of like you curious users after of acquire platform thoughts to returning on any you're you there. Just

Jeremy Stoppelman

Cal. can I question. Yes, take that

set to paid about search. talking we're driving stage through the So a little, projects Yelp

So Request-a-Quote and metrics projects, can impact XX%, at up the Request-a-Quote, if top there. as this funnel for show project that look up you you see of

ecosystem leads Yelp learned. that at prices. what we excited can really about is think reasonable of into pretty we're are we've what bring large Sure a the there we untapped enough, So pool

a that's exciting really step. first So

our we opportunity those the saw be with -- to businesses additional we was flowing most leads, to where the As seem and saw that projects reviews. reacting through be the system, businesses fewer seem fastest those to

So a value. additional the reviews, they just up be really no picking or seem on few to reviews

a half longer as whether that budget, those go so trying period, upping distribution, most be their focusing that on behavior, result, going it's to year, et to into likely retaining we're businesses lead the change drive a the And for are as to cetera. back their to leads we

obviously, the term. want So to a and money healthy I it's is. honing And thoughtful learned a still drive where a on We've we're for area long very with ROI shareholders' we ROI exciting our be lot, in think the over and so us.

Cal Bartyzal

of Perfect. give Makes of progression QX? just into how RR&O these sense. kind you on QX of any And throughout then secondly, can that's and some of the pressures progressed additional color kind

Joseph Nachman

second is Certainly, Other within will a on category, we back say is and as for that some the on Cal. leads platform and and felt time, customers work relationships, well are on from saw the are couple positioned half Service and customers were own like releasing Services their our saw of kind was I quarter, on in API pressure back. well full recovery. within and of that's & the as a launched in CRM & of leads have are opportunity really with take Restaurant, marketing Multi-location, platform And to into utilize Restaurant, processes. We've created of for cyclical over recently to as Other we're a Restaurant, move to of enterprise up Services the continuation a Retail that able handling be that. Jed. their the gives the do on impact system keeping they speed and bunch we able declining opportunity that well large wait the do years. while running price take the the of Yelp that for not Yes. reflected to we the the additional Really, to that to the only a some for I Sure, This being Retail can Yelp as a very current last we in of quarter. budgets. We the ingest ability full first we we'll what allow believe spending own and really while now, customers consumer certainly leads unknown, Multi-location a we first recovery our are and internal improvements transactions the Request-a-Quote owner that Retail of for to that moment In frame business those participate ahead recovery and positioned we -- for come side also RR&O., the the is strong, happens. & laser-focused when in expect time well Multi-location. Right we are revenue playbook that feel XX% Other to to return we meantime, streamlined

Operator

question next Your the Baird. Sebastian with line of comes from Colin

Colin Sebastian

to on more the growth back given over macro, to follow to and favor there project a up pare to decision just pleased you're give will Or second general ways revision Maybe of paid the guys. think consumers a providers priorities? And acquisition. on lifetime do is decision reallocation you the related you their other really retention, guess for profitability the levels just that and same of engaging level kind it I quarter, of bit of that, a I Nice the have confidence if half with outlook considerations? service Was of of, guess, I that value?

David Schwarzbach

that. answer part David. first the of I'll it's Colin,

the paid that On what's RR&O around the in on very of year and happening the overall second the quarter and the for search we decision impact revenue. much outlook was outlook, the the saw in independent, profitability

really they're continue what so for more year. And efficient, position that to responsive. who to leads. are did about of underscore looking And put work that to few want I and in profitability, to reviews, do us that's have folks to we're actually be opportunity are is and they become for when then to we raise driving who most we actually LTV the funneling advertisers, separate. was they responsive. as said, that underlying very order with most to only we, a that the advertisers we folks guide full So or we a when the that are are unreviewed in get think Jeremy those see the that ensure do even there think going the are we leads the what those respond And directly

it. We're back, the posted. to obviously, and there, QX provide more we're update, the come but to continue going you there's work directing call to on refine we're next to going it do. We'll So to keep

Operator

line the KeyBanc. of Sergio from comes question next Your with Segura

Sergio Segura

return quarter. weakness guys saw the to you to I RR&O the in Great. wanted back

for I the competition the for the significant letter factor delivery this results more within that reason seeing mentions as that confidence challenges gives a those competition given you the isn't food guess in reported just shareholder weakness food category. category? you're delivery platforms the solid secondary quarter, what from So a that that

Joseph Nachman

say Sergio. there macro, ad days their platforms. But the of Thanks, that. happening spending pressures are at I our from macro. for outlook customers, what's from consumers been is delivery A volatile Certainly, margins, largely consumer the in Jed. falls competitive camp in and in that what is light posture half to is it platforms. take these ad some delivery as dynamic a the of from in marginal the the to lot talking and to these and of of of coming behavior This the it not largely second year, not a habits That's in kind baked there's changed. belief prior can had is years

Sergio Segura

Understood. you above then second about outlook that was the hoping maybe talk you a the just in could came outperformance And quarter EBITDA one. nicely for I the gave.

your So investment behind be what just performance is would Or what finding it business? that? behind Just helpful. outlook? wondering initial the quarter the primary EBITDA just versus shift was any a spend half? driver color second Was the the the was to different more for efficiencies Or in in

David Schwarzbach

for Thanks question. the

of the efficiency quarter, second our terms we in So marketing did spend. see increased in

while So $XX actually other that results the our seeing. been able across we're search paid we on million spend, to we've spent improve marketing

was a And there. so we got That significant leverage factor.

perspective relates so that are, normal puts like around more variance that on capitalize, we cap just positive. to being a that things to have and capitalized -- software able third, dev. We care contributed. had There health them ended technical takes were forecasting more side, from the up projects to some probably Another, that the

what even was be think just we things are business. efficient and those combine Colin, to a I we you as when more to do again, saying that So underscore to -- continuing

from response the to XXXX even those, what Con's million million in took decisions, prior those million to spend EBITDA, $XX and clarify of of expectation to just question, we to certainly, reduction said I maybe are the again, So contributes of $X quite $XX the independent. higher though in

think fundamentally, second another we and and map the better but EBITDA quarter, to just targets. things in road see we contributor, I our adjusted those the against continuing that we're leverage get When yet you our a together, XX% is again, marketing ourselves the proof better that against delivering building is of the take business. in point continuing at So think

Operator

line with comes Beck question Raymond of Josh next from the Your James.

Josh Beck

the just earlier of quite go query. to like, just question that Perplexity, bisect just AI. generative It you wondering local heavily about or data kind Apple any curious kind from which pretty to with Maybe on related, one beyond. those dimensions back the a what maybe as featured traffic. idea a you you're review-oriented seems I'm important? And potential within licensing when certainly I'm Eric's the Intelligence ecosystem? do opportunity of it's how see and system with good benefit And X will of bit iPhone we like of little that the create for look got you most Apple Does XX

Jeremy Stoppelman

we that this and Josh, questions. licensing age-old had is unique question -- think do in the these of versus we matter fact have answer of lots happy On the past, is structures data mean, how very to traffic. We've data. the those I about think I you. the for

local We on accurate information have very businesses.

of have them. sort attributes We about

hours, have We like And incredible all around of depth. we with then subjective reviews ratings the and have that. things information

you Google And experience out everyone of there, natural we local, to to. if else. turn so competing course, player looking search with to AI partner there's but are are a And a do an they're in

a plays positioning I so coming in And our information go-to source that the of into think years. as

of we that. it's these for to We're can think potential an us. opportunity APIs. do I exciting partners. ways work some So provide different can with that We There's happy

going some We're that to We have APIs building continue out out. there.

For that applications, certain data. to possibility certainly as We may it license already more that's of sense do variety experiences, in a a so well. non-AI make

local connect all developing. an rapidly businesses. we that what back the resource it can but think is come be with Yelp I hard it's and means, is -- people for There's to say to it environment. helping big will It's how to target-rich a incredible it's So and information thing for

the space. And I best of well in great the a information, And best us channel whatever that go, pivoting extent Apple. that to will so AI think have we the for place develops then that the question, for with are Apple for to position kind we the to relationship

their Our Maps incorporated data throughout application. is

may have has been recently so and that's You to added Maps, great. Request-a-Quote Apple noticed

what I idea. we're As future, far resourced the them. And have are their as obviously, in no to plans

to but for the can't doors open I from comment take that, are the going -- So really on extent direction always we're in opportunities, that the AI Apple's things an perspective. there's to

Josh Beck

Yes.

you think -- line mid-XXs last framework I we X maybe a await would next EBITDA that a macro in growth else of look depending be on It's year? of And as to thinking think the of need anxiously. to just various of question. we then that more anything a hold, to have years. trends all kind margins just key financial mindful terms Is to about we about for as roughly somewhat we're that been And for factors scenarios of low X 'XX?

David Schwarzbach

underscore year. to to over thanks we think call to we doing I the opportunity leverage with fundamentally, And when that we in then done deliver the we'll us business. search as get product-led to is margins past have actually say, years, we will And the over want what Josh, more taken next strategy increased. to for paid a margin have enable And several QX a have the lot obviously, were I'd invest share But again, just question. a time.

for sites search, it's theme So paid been whether off-Yelp through whether and ways whether traffic, all it's off-Yelp this and through top like monetizing Facebook, at like tapping looking performance, us always definitely to it's has own to most audience we're through of continue into syndication a drive something our Audiences. on Yelp line

able had, opportunities, continue there's for that we we're disciplined. If to do and those we're drive to to invest ROI think investment. time have we along to to continue going years make in going what past been to to margins over an incremental But of the to be number business. the look up the to again, continue we're way very So take and is then

time, been about growth. whole the profitable talking we've So

top and for more to we and 'XX sharing to we'll evaluating business that there to long-term we'll takes -- trade-offs we're do, EBITDA. and about when always the forward deliver That's account that delivering to excuse growth, get the is commitment I growth way continue something mean, between Our into best get me, profitable the we when look 'XX run there. line

Operator

Our the of Li line next question Jian with Evercore. comes from

Jian Li

First, you traffic mentioned But maybe AI do I the for have search, -- AI search If engines Yelp just share again Perplexity. of better conversion around contacts. have then have of you high around in intent? color or any at through just a content seen search AI the sense level, a the behavior higher you've and kind what these user follow-up a whether can on you

Jeremy Stoppelman

ecosystem It's for as I the develops represents partner AI can a I that take that search one. think here. opportunity to Again, Jeremy. an exciting Yelp

otherwise, the the at and been, is structured still it's industry, very still. And court The overall it the I early look think there, it's an really step are small pretty if means. always it what completely describe too and or dominant which all to Perplexity out abusive as sort is has ruled. are of players that much search the characteristics recently Google back or way same you know monopoly,

is also could possibility, So play How interesting and that. search remains. into think antitrust an competition develops structure I AI unfortunately, infuses that and

So out, depending of on for a how and that the new interesting create competitors lot plays that breathe Google. all environment could into and oxygen

Jian Li

ad pricing. question, And Got on it. just second

that? should the out improvement? you've given on also, greater Services made ROAS if to ad the from trends of pressure parse ad to you're drive stack, assuming in you offset seeing tech and expect RR&O improvement And can ad be this the the can macro that separately, as double-click some just in you CPC I'm pricing you're the reflected for pressure counter able more side, pricing or we on improvement to If maybe tech to stack RR&O

David Schwarzbach

question. the for Thanks

Just second, zooming if can. off for I one

in to takes for category striving relevance. matching account for advertisers is with a geography, well, the in fundamentally, value into better form really and is system in And consumer in a incremental time to and clearing to year. And terms of for, price parameters, always very auction the of better we matching. the auction that an advertisers. finding in of at lead, system consumers that the have drive We visitor, we're that they're moment value incremental built of we're we number doing large we the we that to drive time the is what get That searching at market what do the what that believe at do cost per and when doing

flat around growth. which several trends over the same of is been growth, the the So level past X% CPC with has growth about quarters click

underscore strength want just in did see year. growth second I in to the next half clicks we of in Now real

expect So do X points, go guide coming CPC, moderate growth we've few percentage a and come click But will that's over that is the to few it's up percentage clicks supports and quarters, what points. that down that obviously, CPCs given will times the a we and you.

cost to cost we I then to want we're just the be drive. where underscore per have we're per with that on able lead, would that a lead. trying terms believe of to deliver being always more also where to on are continuing is do we pay If basis. what a again, to things That to in value continue relevant concerned click willing And Now revenue more advertisers deliver targets? the

something So to tech to ad that very that's quite in improvements able have robust a drive been to we the in that closely. It's continue do we road stack. map And something do the track we've past.

Operator

comes Wolfe question Anderson the next of with Your Instructions] from line Research. Georgia [Operator

Georgia Anderson

offset raise weakness year. Khajuria, relation I'm a in had that about guidance And for on giving confidence What and how we've million? question your kind do $XX to to really plan I just in talked what's Shweta far? EBITDA you -- RR&O of this that by can so you you the full for

David Schwarzbach

question, Georgia. us Thanks a able there's give couple -- guide. that things are be there simultaneously for are EBITDA Fundamentally, that happening raise the confidence the of do to to the

spent million. in million The search in our so the -- is, $XX that quarter revised million fact estimate we notwithstanding still paid that's first again, on the to the first have have we second and $XX half, $XX

consumer we to make improvements do make said of and business we've as consumers and the there's effort broadly, for to want we've around purchase the instance, we all second So advertising at underscore improvements. and seamless way. built around worked that will -- ROAS, $XX acquisition we're way our then marketing that It to numerous consumers that even pages site in for folks that improvements search, land that Yelp we that made to in and leads broadly over the that about a I rolls more it's we to paid has those that way those just continued on that's Request-a-Quote the able a broad as where to build have capability that use which in we've making efficiently but been side, doing generate paid we paid did also we've past, is spend something enabling whether Magic experience, important out search, creation, landing we've our as those in, account to our new to, programs, now the we to around log to we direct persist. And believe not scale improving for the million acquisition, buy the ads, very search Links half, we've the the embarked that benefit the something leads. That in the way more

that, discipline this that we of very feel you the So it for you combine focus spend, the on we've guide obviously, supports, continuous incremental the that improvement, half provided with take very, around second year. and strong

Operator

and for This conference concludes call. concludes joining. Thank the question-and-answer session you today's

You may now disconnect your lines.

Yelp (YELP) 8 Aug 242024 Q2 Earnings call transcript