SAN FRANCISCO, Feb. 8, 2016 /PRNewswire/ -- Yelp Inc. (NYSE:
YELP), the company that connects consumers with great local
businesses, today announced financial results for the fourth
quarter and full year ended December 31,
2015.
- Net revenue was $153.7 million in
the fourth quarter of 2015, reflecting 40% growth over the fourth
quarter of 2014.
- Cash flow from operations was $3.8
million in the fourth quarter. Adjusted EBITDA for the
fourth quarter of 2015 was $17.5
million.
- Cumulative reviews grew 34% year over year to approximately 95
million.
- App Unique Devices grew 38% year over year to approximately 20
million on a monthly average basis1.
- Local advertising accounts grew 32% year over year to
approximately 111,000.
Net loss in the fourth quarter of 2015 was ($22.2) million, or ($0.29) per share, compared to net income of
$32.7 million, or $0.42 per share, in the fourth quarter of 2014.
Net loss for the fourth quarter of 2015 included an income tax
expense of $20.3 million due to the
recording of a valuation allowance against our deferred tax assets.
Non-GAAP net income, which consists of net income excluding
stock-based compensation, amortization and valuation allowance and
release, was $9.0 million for the
fourth quarter, or $0.11 per share,
compared to $14.5 million, or
$0.19 per share, in the fourth
quarter of 2014.
Net revenue for the full year ended December 31,
2015 was $549.7 million, an increase of 46% compared
to $377.5 million in the prior year. Adjusted EBITDA for
the full year 2015 was $69.1
million compared to $70.9 million for the prior
year. Net loss for the full year ended December 31,
2015 was ($32.9) million, or ($0.44) per share, compared to a net income
of $36.5 million,
or $0.48 per share, in 2014. Non-GAAP net income for the
full year ended December 31, 2015 was
$28.9 million, or $0.37 per share, compared to $36.3 million, or $0.47 per share in 2014.
"We are pleased with the progress we made on the key initiatives
we set at the beginning of 2015," said Jeremy Stoppelman, Yelp's co-founder and chief
executive officer. "We have evolved to a mobile-centric company and
have successfully completed our transition to a performance-based
advertising business. In 2016, our priorities are to continue to
build our core local advertising business, further increase
engagement and awareness and grow transactions. With our rich,
relevant review content and highly engaged consumer traffic, we are
well-positioned to capture the enormous opportunity ahead of
us."
"We delivered strong topline growth of 46% year over year as we
surpassed half a billion dollars of revenue in 2015," added
Rob Krolik, Yelp's chief financial
officer.
Fourth Quarter Operating Summary
- Local advertising revenue totaled $125.9
million, representing 35% growth compared to the fourth
quarter of 2014.
- Transactions revenue totaled $14.0
million, compared to $1.4
million in the fourth quarter of 2014, primarily due to the
acquisition of Eat24 in the first quarter of 2015.
- Brand advertising revenue totaled $7.1
million, representing an 18% decrease compared to the fourth
quarter of 2014. Yelp has completed the phase out of its brand
advertising product and will have no Brand advertising revenue in
2016.
- Other revenue totaled $6.8
million which was flat compared to the fourth quarter of
2014.
Business Highlights
- App engagement: Approximately 20 million unique devices
accessed Yelp via the mobile app on a monthly average basis in the
fourth quarter of 2015, an increase of 38% compared to the same
period in 2014. In the fourth quarter of 2015, Yelp app users were
more than 10 times as engaged as website users based on number of
pages viewed.
- Performance-based advertising: In 2015, Yelp completed
its transition to a performance-based advertising business. As of
the fourth quarter of 2015, 61% of local advertising revenue came
from CPC advertisers, compared to 32% in the fourth quarter of
2014.
- Eat24 & SeatMe: In 2015, Yelp acquired leading web
and app-based online food ordering service Eat24. In the fourth
quarter, Eat24 revenue growth accelerated, with revenue up
approximately 80% compared to the fourth quarter of 2014. In the
fourth quarter of 2015, over 15 million diners were seated through
SeatMe, an increase of approximately 120% over the fourth quarter
of 2014.
CFO Transition
The company announced that chief financial officer Rob Krolik will be stepping down and departing
the company in the coming months. Krolik, who joined the company in
2011, will continue as chief financial officer until the earlier of
the date a replacement is hired and December
15, 2016, and will assist in the search and transition. The
company intends to immediately begin a search for a new chief
financial officer.
"Rob has played a crucial role in Yelp's successful transition
from startup to public company, bringing his professionalism and
experience to bear in setting Yelp on a firm financial foundation
and headed in the right direction," said Jeremy Stoppelman. "I am grateful for his
counsel, his leadership and work on our public offerings and five
acquisitions, and his efforts in opening facilities around the
world to accommodate our more than 4,000 employees. I will miss his
passion for Yelp and wish him continued success in his next
endeavor."
"I am a strong believer in the power of Yelp to help consumers
and local businesses alike, which is why it has been such a
tremendous opportunity and privilege to serve as CFO," said Krolik.
"It's been a rewarding experience taking Yelp public, diversifying
our offerings through acquisitions, and seeing our team deliver
significant and consistent revenue growth year after year. After
almost five years with Yelp, I am ready to take some time off to
spend more time with family, but expect us to seamlessly transition
to a new chief financial officer in the meantime."
Business Outlook
As of today, Yelp is providing its outlook for the first quarter
and full year of 2016.
- For the first quarter of 2016, net revenue is expected to be in
the range of $154 million to $157
million, representing growth of approximately 31% compared
to the first quarter of 2015 at the the midpoint. Adjusted EBITDA
is expected to be in the range of $10
million to $12 million. Stock-based compensation is expected
to be in the range of $19 million to $21
million, and depreciation and amortization is expected to be
approximately 5% of revenue.
- For the full year of 2016, net revenue is expected to be in the
range of $685 million to $700
million, representing growth of approximately 26% compared
to full year 2015 at the midpoint. Adjusted EBITDA is expected to
be in the range of $90 million to $105
million. Stock-based compensation is expected to be in the
range of $83 million to $87 million,
and depreciation and amortization is expected to be approximately
5% of revenue.
Quarterly Conference Call
To access the call, please dial 1 (866) 776-8879, or outside the
U.S. 1 (440) 996-5670, with Passcode 29597481, at least five
minutes prior to the 1:30 p.m. PT start time. A
live webcast of the call will also be available
at http://www.yelp-ir.com under the Events &
Presentations menu. An audio replay will be available
between 4:00 p.m. PT February 8, 2016 and 11:59
p.m. PT February 15, 2016 by
calling 1 (855) 859-2056 or 1 (800) 585-8367, with Passcode
29597481. The replay will also be available on the Company's
website at http://www.yelp-ir.com.
About Yelp
Yelp Inc. (http://www.yelp.com) connects people with great local
businesses. Yelp was founded in San
Francisco in July 2004. Since
then, Yelp communities have taken hold in major metros across more
than 30 countries. Approximately 20 million unique
devices1 accessed Yelp via the Yelp app, approximately
75 million unique visitors visited Yelp via desktop
computer2 and approximately 66 million unique visitors
visited Yelp via mobile website3 on a monthly average
basis during the fourth quarter of 2015. By the end of the same
quarter, Yelpers had written approximately 95 million rich, local
reviews, making Yelp the leading local guide for real word-of-mouth
on everything from boutiques and mechanics to restaurants and
dentists.
1 Calculated as the number of unique devices
accessing the app on a monthly average basis over a given
three-month period, according to internal Yelp logs.
2 Calculated as the number of "users," as measured by
Google Analytics, accessing Yelp via desktop computer on an average
monthly basis over a given three-month period.
3 Calculated as the number of "users," as measured by
Google Analytics, accessing Yelp via mobile website on a monthly
average basis over a given three-month period.
Non-GAAP Financial Measures
This press release includes information relating to adjusted
EBITDA, non-GAAP net income and non-GAAP net income per share, each
of which the Securities and Exchange Commission has defined as a
"non-GAAP financial measure." Adjusted EBITDA, non-GAAP net income
and non-GAAP net income per share have been included in this press
release because they are key measures used by Yelp management and
board of directors to understand and evaluate core operating
performance and trends, to prepare and approve its annual budget
and to develop short- and long-term operational plans. The
presentation of this financial information, which is not prepared
under any comprehensive set of accounting rules or principles, is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
generally accepted accounting principles in the United States ("GAAP").
Adjusted EBITDA and non-GAAP net income have limitations as
analytical tools, and you should not consider them in isolation or
as substitutes for analysis of Yelp's financial results as reported
under GAAP. Some of these limitations are:
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and adjusted EBITDA and non-GAAP net income do not
reflect cash capital expenditure requirements for such replacements
or for new capital expenditure requirements;
- adjusted EBITDA does not reflect changes in, or cash
requirements for, Yelp's working capital needs;
- adjusted EBITDA and non-GAAP net income do not consider the
potentially dilutive impact of equity-based compensation;
- non-GAAP net income does not reflect the impact of the
valuation allowance release in the fourth quarter of 2014 or the
recording of the valuation allowance in the fourth quarter of
2015;
- adjusted EBITDA does not reflect tax payments that may
represent a reduction in cash available to Yelp; and
- other companies, including those in Yelp's industry, may
calculate adjusted EBITDA and non-GAAP net income differently,
which reduces their usefulness as comparative measures.
Because of these limitations, you should consider adjusted
EBITDA, non-GAAP net income and non-GAAP net income per share
alongside other financial performance measures, including various
cash flow metrics, net income (loss) and Yelp's other GAAP results.
Additionally, Yelp has not reconciled its adjusted EBITDA outlook
for the first quarter and full year 2016 to its net income (loss)
outlook because it does not provide an outlook for other income
(expense) and provision for income taxes, which are reconciling
items between net income (loss) and adjusted EBITDA. As items that
impact net income (loss) are out of Yelp's control and cannot be
reasonably predicted, Yelp is unable to provide such an outlook.
Accordingly, reconciliation to net income (loss) outlook for the
first quarter and full year 2016 is not available without
unreasonable effort. For a reconciliation of historical
non-GAAP financial measures to the nearest comparable GAAP
measures, see the non-GAAP reconciliations included below in this
press release.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of Yelp and its
consolidated subsidiaries that are based on Yelp's current
expectations, forecasts and assumptions and involve risks and
uncertainties. These statements include, but are not limited to,
statements regarding expected financial results for the first
quarter and full year 2016, Yelp's priorities for 2016 and its
ability to execute against those priorities, CFO transition and
timing thereof, Yelp's ability to improve its margins, Yelp's
ability to capture a meaningful share of the large local market,
the future growth in Yelp revenue and continued investing by Yelp
in its future growth, Yelp's ability to drive daily usage and
engagement (particularly on mobile), increase awareness of Yelp
among consumers, and deliver value to local businesses, Yelp's
ability to increase transactions completed on its platform, Yelp's
ability to take advantage of trends toward app usage and native
advertising and to become the leading destination for consumers
connecting with great local businesses. Yelp's actual results could
differ materially from those predicted or implied and reported
results should not be considered as an indication of future
performance. Factors that could cause or contribute to such
differences include, but are not limited to: Yelp's limited
operating history in an evolving industry; Yelp's ability to
generate sufficient revenue to regain profitability, particularly
in light of its significant ongoing sales and marketing expenses;
Yelp's ability to successfully manage acquisitions of new
businesses, solutions or technologies, such as Eat24, and to
integrate those businesses, solutions or technologies; Yelp's
reliance on traffic to its website from search engines like Google
and Bing; Yelp's ability to generate and maintain sufficient high
quality content from its users; maintaining a strong brand and
managing negative publicity that may arise; maintaining and
expanding Yelp's base of advertisers; changes in political,
business and economic conditions, including any European or general
economic downturn or crisis and any conditions that affect
ecommerce growth; fluctuations in foreign currency exchange rates;
Yelp's ability to deal with the increasingly competitive
local search environment; Yelp's need and ability to manage other
regulatory, tax and litigation risks as its services are offered in
more jurisdictions and applicable laws become more restrictive; the
competitive and regulatory environment while Yelp continues to
expand geographically and introduce new products and as new laws
and regulations related to Internet companies come into effect;
Yelp's ability to timely upgrade and develop its systems,
infrastructure and customer service capabilities. The
forward-looking statements in this release do not include the
potential impact of any acquisitions or divestitures that may be
announced and/or completed after the date hereof.
More information about factors that could affect Yelp's
operating results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Yelp's most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q at http://www.yelp-ir.com or
the SEC's website at www.sec.gov. Undue reliance should not be
placed on the forward-looking statements in this release, which are
based on information available to Yelp on the date hereof. Yelp
assumes no obligation to update such statements.
Investor Relations Contact Information
Wendy Lim, Ronald
Clark, Allie Dalglish
(415) 635-2412
ir@yelp.com
Media Contact Information
Shannon Eis
(415) 635-2478
seis@yelp.com
Yelp
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2015
|
|
|
2014
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
171,613
|
|
|
$
247,312
|
Short-term marketable
securities
|
|
199,214
|
|
|
118,498
|
Accounts receivable,
net
|
|
52,755
|
|
|
35,593
|
Prepaid expenses and
other current assets
|
|
19,700
|
|
|
19,355
|
Total current
assets
|
|
443,282
|
|
|
420,758
|
|
|
|
|
|
|
Long-term marketable
securities
|
|
-
|
|
|
38,612
|
Property, equipment
and software, net
|
|
80,467
|
|
|
62,761
|
Goodwill
|
|
172,197
|
|
|
67,307
|
Intangibles,
net
|
|
39,294
|
|
|
5,786
|
Restricted
cash
|
|
16,486
|
|
|
17,943
|
Other
assets
|
|
3,701
|
|
|
16,483
|
Total
assets
|
|
$
755,427
|
|
|
$
629,650
|
|
|
|
|
|
|
Liabilities
and stockholders' equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
3,388
|
|
|
$
1,398
|
Accrued
liabilities
|
|
43,458
|
|
|
29,581
|
Deferred
revenue
|
|
2,931
|
|
|
2,994
|
Total current
liabilities
|
|
49,777
|
|
|
33,973
|
Long-term
liabilities
|
|
12,030
|
|
|
7,527
|
Total
liabilities
|
|
61,807
|
|
|
41,500
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Common
stock
|
|
-
|
|
|
-
|
Additional paid-in
capital
|
|
774,022
|
|
|
627,742
|
Accumulated other
comprehensive loss
|
|
(13,519)
|
|
|
(5,609)
|
Accumulated
deficit
|
|
(66,883)
|
|
|
(33,983)
|
Total stockholders'
equity
|
|
693,620
|
|
|
588,150
|
Total liabilities and
stockholders' equity
|
|
$
755,427
|
|
|
$
629,650
|
Yelp
Inc.
|
Condensed
Consolidated Statements of Operations
|
(In thousands, except
per share amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
$ 153,731
|
|
$ 109,887
|
|
$ 549,711
|
|
$ 377,536
|
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of revenue
(1)
|
|
15,000
|
|
7,286
|
|
51,015
|
|
24,382
|
Sales and marketing
(1)
|
|
87,535
|
|
53,580
|
|
301,764
|
|
201,050
|
Product development
(1)
|
|
28,970
|
|
19,076
|
|
107,786
|
|
65,181
|
General and
administrative (1)
|
|
20,659
|
|
16,662
|
|
80,866
|
|
58,274
|
Depreciation and
amortization
|
|
7,980
|
|
5,291
|
|
29,604
|
|
17,590
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
160,144
|
|
101,895
|
|
571,035
|
|
366,477
|
Income (Loss) from
operations
|
|
(6,413)
|
|
7,992
|
|
(21,324)
|
|
11,059
|
Other income
(expense), net
|
|
40
|
|
38
|
|
386
|
|
221
|
Income (Loss) before
income taxes
|
|
(6,373)
|
|
8,030
|
|
(20,938)
|
|
11,280
|
Benefit (Provision)
for income taxes
|
|
(15,856)
|
|
24,698
|
|
(11,962)
|
|
25,193
|
Net income (loss)
attributable to common stockholders
|
|
$ (22,229)
|
|
$ 32,728
|
|
$ (32,900)
|
|
$ 36,473
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$ (0.29)
|
|
$ 0.45
|
|
$ (0.44)
|
|
$ 0.51
|
Diluted
|
|
$ (0.29)
|
|
$ 0.42
|
|
$ (0.44)
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute net income (loss) per share attributable to
common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
75,372
|
|
72,645
|
|
74,683
|
|
71,936
|
Diluted
|
|
75,372
|
|
77,211
|
|
74,683
|
|
76,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of
revenue
|
|
$ 336
|
|
$ 207
|
|
$ 1,117
|
|
$ 729
|
Sales and
marketing
|
|
5,803
|
|
4,038
|
|
21,962
|
|
15,083
|
Product
development
|
|
6,314
|
|
4,508
|
|
23,431
|
|
14,804
|
General and
administrative
|
|
3,519
|
|
3,063
|
|
14,332
|
|
11,657
|
Total stock-based
compensation
|
|
$ 15,972
|
|
$ 11,816
|
|
$ 60,842
|
|
$ 42,273
|
Yelp
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
2015
|
|
2014
|
Operating
activities
|
|
|
|
|
Net income
(loss)
|
|
$ (32,900)
|
|
$ 36,473
|
Adjustments to
reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
Depreciation
and amortization
|
|
29,604
|
|
17,590
|
Provision for
doubtful accounts and sales returns
|
|
16,788
|
|
7,238
|
Stock-based
compensation
|
|
60,842
|
|
42,273
|
Recording
(Release) of valuation allowance
|
|
20,341
|
|
(28,197)
|
Loss on
disposal of assets and website development costs
|
|
213
|
|
4
|
Premium
amortization, net, on securities held-to-maturity
|
|
1,190
|
|
349
|
Excess tax
benefit from share-based award activity
|
|
(6,583)
|
|
(1,834)
|
Realized
(gain) on investments
|
|
(4)
|
|
-
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(25,279)
|
|
(21,291)
|
Prepaid expenses and
other assets
|
|
(22,703)
|
|
(4,011)
|
Accounts payable,
accrued expenses and other liabilities
|
|
15,894
|
|
8,927
|
Deferred
revenue
|
|
(41)
|
|
411
|
Net cash provided by
operating activities
|
|
57,362
|
|
57,932
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Acquisition, net of
cash received
|
|
(73,422)
|
|
(14,340)
|
Purchases of
property, equipment and software
|
|
(31,127)
|
|
(29,054)
|
Capitalized website
and software development costs
|
|
(11,734)
|
|
(11,349)
|
Change in restricted
cash
|
|
1,404
|
|
(14,764)
|
Purchase of
intangibles
|
|
(647)
|
|
(1,724)
|
Proceeds from sale of
property and equipment
|
|
134
|
|
14
|
Purchases of
marketable securities
|
|
(246,160)
|
|
(210,459)
|
Maturities of
marketable securities
|
|
202,870
|
|
53,002
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(158,682)
|
|
(228,674)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Issuance of common
stock upon exercise of employee stock options
|
|
12,255
|
|
-
|
Proceeds from
issuance of common stock from share-based awards
|
|
-
|
|
20,164
|
Proceeds from
issuance of common stock for Employee Stock Purchase
Plan
|
|
8,911
|
|
8,869
|
Repurchase of common
stock
|
|
(482)
|
|
(1,318)
|
Excess tax benefit
from stock-based award activity
|
|
6,583
|
|
1,834
|
Contingent
consideration payments
|
|
(825)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
26,442
|
|
29,549
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(821)
|
|
(1,259)
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
(75,699)
|
|
(142,452)
|
Cash and cash
equivalents - Beginning of period
|
|
247,312
|
|
389,764
|
Cash and cash
equivalents - End of period
|
|
$ 171,613
|
|
$ 247,312
|
Yelp
Inc.
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ (22,229)
|
|
$ 32,728
|
|
$ (32,900)
|
|
$ 36,473
|
|
(Benefit) provision
for income taxes
|
|
15,856
|
|
(24,698)
|
|
11,962
|
|
(25,193)
|
|
Other (income)
expense, net
|
|
(40)
|
|
(38)
|
|
(386)
|
|
(221)
|
|
Depreciation and
amortization
|
|
7,980
|
|
5,291
|
|
29,604
|
|
17,590
|
|
Stock-based
compensation
|
|
15,972
|
|
11,816
|
|
60,842
|
|
42,273
|
|
Adjusted
EBITDA
|
|
$ 17,539
|
|
$ 25,099
|
|
$ 69,122
|
|
$ 70,922
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
(Loss) and Income (Loss) per share:
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
$ (22,229)
|
|
$ 32,728
|
|
$ (32,900)
|
|
$ 36,473
|
|
Add
back: stock-based compensation
|
|
15,972
|
|
11,816
|
|
60,842
|
|
42,273
|
|
Add
back: amortization of intangible assets
|
|
1,718
|
|
550
|
|
6,475
|
|
2,448
|
|
Less:
tax effect of stock-based compensation & amortization of intangible assets
|
|
(6,827)
|
|
(4,422)
|
|
(25,853)
|
|
(16,654)
|
|
Add
back: recording (release) of valuation allowance (net of
tax)
|
|
20,341
|
|
(26,197)
|
|
20,341
|
|
(28,197)
|
|
NON-GAAP NET
INCOME
|
|
$ 8,975
|
|
$ 14,475
|
|
$ 28,905
|
|
$ 36,343
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
shares
|
|
78,166
|
|
77,211
|
|
78,078
|
|
76,712
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP NET INCOME
PER SHARE
|
|
$ 0.11
|
|
$ 0.19
|
|
$ 0.37
|
|
$ 0.47
|
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SOURCE Yelp Inc.