YelpInc 8K 20150429

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c_1_1}\par\pard\plain\cf1\f51\fs20\ql \~\~\par\pard\plain\cf1\f51\fs20\b\qc UNIT
ED STATES\par\pard\plain\cf1\f51\fs20\b\qc SECURITIES AND EXCHANGE COMMISSION\pa
r\pard\plain\cf1\f51\fs20\b\qc WASHINGTON, D.C. 20549\par\pard\plain\cf1\f51\fs2
0\b\ql \~\par\pard\plain\cf1\f51\fs20\b\qc FORM 8-K\par\pard\plain\cf1\f51\fs20\
b\qc \~\par\pard\plain\cf1\f51\fs20\b\qc CURRENT REPORT\par\pard\plain\cf1\f51\f
s20\b\qc Pursuant to Section\~13 or 15(d)\par\pard\plain\cf1\f51\fs20\b\qc of th
e Securities Exchange Act of 1934\par\pard\plain\cf1\f51\fs20\b\qc \~\par\pard\p
lain\cf1\f51\fs20\b\qc Date of Report (Date of earliest event reported): April 2
9, 2015\par\pard\plain\cf1\f51\fs20\b\qc \~\par\pard\plain\cf1\f51\fs20\b\qc YEL
P INC.\par\pard\plain\cf1\f51\fs20\qc (Exact name of registrant as specified in
its charter)\par\pard\plain\cf1\f51\fs20\qc \~
\par\pard\plain
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ain\cf1\f51\fs20\qc (Address of principal executive offices and zip code)\par\pa
rd\plain\cf1\f51\fs20\qc Registrant\u8217?s telephone number, including area cod
e:\plain\cf1\f51\fs20\b\qc (415) 908-3801\par\pard\plain\cf1\f51\fs20\b\qc \~\p
ar\pard\plain\cf1\f51\fs20\ql Check the appropriate box below if the Form 8-K fi
ling is intended to simultaneously satisfy the filing obligation of the\plain\cf
1\f51\fs20\ql registrant under any of the following provisions:\par\pard\plain\
cf1\f51\fs20\ql \~
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\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql Item\pla
in\intbl\cf1\f51\fs20\b\ql 2.02.\cell\pard\plain\intbl\cf1\f51\fs20\b\qj Result
s of Operations and Financial Condition.\cell{
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\fs20\ql \~\par\pard\plain\fi264\cf1\f51\fs20\qj On April 29, 2015, Yelp Inc. (t
he \u8220?Company\u8221?) issued a press release announcing its financial result
s for the first\plain\cf1\f51\fs20\qj quarter ended March 31, 2015. A copy of t
he press release, entitled \u8220?Yelp Announces First Quarter 2015 Financial\pl
ain\cf1\f51\fs20\qj Results,\u8221? is furnished pursuant to Item 2.02 as Exhib
it 99.1 to this Current Report.\par\pard\plain\fi264\cf1\f51\fs20\qj \~\par\pard
\plain\fi264\cf1\f51\fs20\qj The information in this Item 2.02 and the press rel
ease attached as Exhibit 99.1 hereto are furnished to, but not\plain\cf1\f51\fs2
0\qj \u8220?filed\u8221? with, the Securities and Exchange Commission (\u8220?S

EC\u8221?) and shall not be deemed to be\plain\cf1\f51\fs20\qj incorporated by
reference into any of the Company\u8217?s filings with the SEC under the Securit
ies Act of 1933, as amended,\plain\cf1\f51\fs20\qj or the Securities Exchange A
ct of 1934, as amended, whether made before or after the date hereof, regardless
of any general\plain\cf1\f51\fs20\qj incorporation language in such filing.
\par\pard\plain\fi264\cf1\f51\fs20\qj \~{\*\bkmkstart part_1_2_2}{\*\bkmkend par
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\par\pard\plain
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in\intbl\cf1\f51\fs20\b\ql 9.01.\cell\pard\plain\intbl\cf1\f51\fs20\b\qj Financ
ial Statements and Exhibits.\cell{
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\par\pard\plain
\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql (d)\cell
\pard\plain\intbl\cf1\f51\fs20\b\qj Exhibits.\cell{
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l \~\~
\par\pard\plain
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\pard\plain\intbl\cf1\f51\fs20\qc 99.1\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\
cell\pard\plain\intbl\cf1\f51\fs20\ql Press Release, dated April 29, 2015, entit
led \u8220?Yelp Announces First Quarter 2015 Financial\plain\intbl\cf1\f51\fs20\
ql Results.\u8221?\cell{
{\trowd\cellx1188\clvertalb\cellx1295\cellx10799\trrh495\row}}}\pard\plain\cf1\f
51\fs20\ql \~
\par\pard\plain
\page
\par\pard\plain
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\qc \~{\*\bkmkstart part_1_2_3}{\*\bkmkend part_1_2_3}\par\pard\plain\li264\fi-2
64\cf1\f51\fs20\b\qc Signatures\par\pard\plain\cf1\f51\fs20\b\ql \~\par\pard\pla
in\fi264\cf1\f51\fs20\ql Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on\plain\c
f1\f51\fs20\ql its behalf by the undersigned hereunto duly authorized.\par\pard
\plain\cf1\f51\fs20\ql \~
\par\pard\plain
{\trowd\cellx5343\clvertalc\cellx10799\trrh248
\pard\plain\intbl\cf1\f51\fs20\ql Date: April 29, 2015\cell\pard\plain\intbl\cf1
\f51\fs20\ql Yelp INC.\cell{
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\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql By:\~
\~\cell\pard\plain\intbl\cf1\f51\fs20\ql /s/ Rob Krolik\cell{
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ll\pard\plain\intbl\cf1\f51\fs20\ql Chief Financial Officer\cell{
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}}}\pard\plain\cf1\f51\fs20\qc \~\plain\cf10\f51\fs20\qc \~
\par\pard\plain
\page
\par\pard\plain
\par\pard\plain\fs16\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart part_1_2_4}{\*\b
kmkend part_1_2_4}\par\pard\plain\cf1\f51\fs20\b\qc INDEX TO EXHIBITS\par\pard\p
lain\fi550\cf1\f51\fs20\ql \~
\par\pard\plain
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cell\pard\plain\intbl\cf1\f51\fs20\ql Press Release, dated April 29, 2015, entit
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ql Results.\u8221?\cell{
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\par\pard\plain
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\page{\*\bkmkstart doc_1_2}{\*\bkmkend doc_1_2}\par\pard\plain\f0\fs16\par\pard\
plain\li220\cf1\f52\fs20\b\qc Yelp Announces First Quarter 2015 Financial Result
s
\par\pard\plain\fs16
\par\pard\plain\fs16\pard\plain\li220\cf1\f52\fs20\ql Revenue Increases 55% Over
First Quarter 2014\par\pard\plain\sb352\cf1\f52\fs20\ql SAN FRANCISCO, April 29
, 2015 /PRNewswire/ -- Yelp Inc. (NYSE: YELP), the company that connects\plain\c
f1\f52\fs20\ql consumers with great local businesses, today announced financial
results for the first quarter ended March 31,\plain\cf1\f52\fs20\ql 2015.\par\
pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql Net revenue was $118.5 million
in the first quarter of 2015 reflecting 55% growth over the first quarter of\pl
ain\cf1\f52\fs20\li720\ql 2014.\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\il
vl0\ql Adjusted EBITDA for the first quarter of 2015 was $16.3 million, reflecti
ng a 92% increase over the first\plain\cf1\f52\fs20\li720\ql quarter of 2014.\p

ar\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql Cumulative reviews grew 36%
year over year to approximately 77 million, including a record 6 million\plain\
cf1\f52\fs20\li720\ql reviews contributed in the quarter.\par\pard\plain\cf1\f5
2\fs20\li720\fi-360\ls1\ilvl0\ql Average monthly mobile unique visitors grew 29%
year over year to approximately 79 million\plain\cf1\f52\fs18\li720\ql\super 1\
plain\cf1\f52\fs20\li720\ql and average\plain\cf1\f52\fs20\li720\ql monthly de
sktop unique visitors declined 3% year over year to approximately 80 million\pla
in\cf1\f52\fs18\li720\ql\super 2\plain\cf1\f52\fs20\li720\ql . Average monthly
\plain\cf1\f52\fs20\li720\ql unique visitors (desktop and mobile web) grew 8% y
ear over year to approximately 142 million\plain\cf1\f52\fs18\li720\ql\super 3\
plain\cf1\f52\fs20\li720\ql .\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl
0\ql Local advertising accounts grew 43% year over year to approximately 90,200\
plain\cf1\f52\fs18\li720\ql\super 4\plain\cf1\f52\fs20\li720\ql .\par\pard\plain
\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql Net loss in the first quarter of 2
015 was $(1.3) million, or $(0.02) per share, compared to a net loss of $(2.6)\p
lain\cf1\f52\fs20\ql million, or $(0.04) per share, in the first quarter of 201
4.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql Non-GAAP net inco
me, which consists of net income excluding stock-based compensation and amortiza
tion was\plain\cf1\f52\fs20\ql $7.9 million, or $0.10 per share, for the first
quarter of 2015.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql "We
are excited about our start to the year as we've made significant progress on o
ur key initiatives for 2015," said\plain\cf1\f52\fs20\ql Jeremy Stoppelman, Yel
p's chief executive officer. "In the first quarter, we acquired Eat24 to drive d
aily usage and\plain\cf1\f52\fs20\ql improved utility of Yelp and added partner
s in five additional verticals of Yelp Platform. Looking to the rest of the\plai
n\cf1\f52\fs20\ql year, we will continue to seek ways to increase engagement an
d drive awareness, while striving to demonstrate the\plain\cf1\f52\fs20\ql valu
e we can deliver to local businesses in order to capture the large local adverti
sing market opportunity."\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs
20\ql "We delivered topline growth of 55% year over year," added Rob Krolik, Yel
p's chief financial officer. "Local\plain\cf1\f52\fs20\ql businesses are increa
singly adopting performance-based advertising, and in the first quarter, cost-pe
r-click\plain\cf1\f52\fs20\ql advertisers represented approximately 40% of loca
l advertising revenue, an increase from 32% in the fourth quarter\plain\cf1\f52\
fs20\ql of 2014. With 92% growth in adjusted EBITDA year over year, we continue
to show operating leverage in the\plain\cf1\f52\fs20\ql business and look forw
ard to growing the business through the rest of the year."\par\pard\plain\f0\fs1
6\par\pard\plain\sb352\cf1\f52\fs20\b\ql First Quarter Operating Summary\par\par
d\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql Local advertising revenue totaled
$98.6 million, representing 51% growth over the first quarter of 2014.\par\pard
\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql Brand advertising revenue totaled
$6.6 million, representing an 11% decrease compared to the first quarter\plain\c
f1\f52\fs20\li720\ql of 2014.\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl
0\ql Other revenue totaled $13.3 million, representing 254% growth over the firs
t quarter of 2014. Eat24\plain\cf1\f52\fs20\li720\ql contributed revenue of app
roximately $5 million in the quarter.\par\pard\plain\f0\fs16\par\pard\plain\sb35
2\cf1\f52\fs20\b\ql Business Highlights\par\pard\plain\cf1\f52\fs20\b\li720\fi-3
60\ls1\ilvl0\ql Eat24\plain\cf1\f52\fs20\ql : Yelp acquired Eat24 to improve the
consumer experience in the online food ordering vertical and to\plain\cf1\f52\f
s20\li720\ql increase daily consumer engagement on Yelp. Eat24 enables consumer
s to order food online at over\plain\cf1\f52\fs20\li720\ql 20,000 restaurants n
ationwide.\par\pard\plain\cf1\f52\fs20\b\li720\fi-360\ls1\ilvl0\ql Yelp Platform
\plain\cf1\f52\fs20\ql : Yelp increased the number of ways consumers can interac
t with Yelp by adding six new\plain\cf1\f52\fs20\li720\ql partners to Yelp Plat
form, bringing the total number of Platform partners to fifteen. Since its incep
tion in July\plain\cf1\f52\fs20\li720\ql 2013, consumers had completed about 1.
5 million transactions on Yelp Platform as of the end of the first\plain\cf1\f52
\fs20\li720\ql quarter of 2015.\par\pard\plain\cf1\f52\fs20\b\li720\fi-360\ls1\
ilvl0\ql SeatMe and Yelp Reservations\plain\cf1\f52\fs20\ql : Yelp expanded the
number of restaurants accepting reservations through\plain\cf1\f52\fs20\li720\ql

SeatMe and Yelp Reservations to more than 12,000, a 50% increase over the four
th quarter of 2014.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\b\q
l Business Outlook\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql A
s of today, Yelp is providing its outlook for the second quarter and confirming
its outlook for the full year of 2015.\par\pard\plain\cf1\f52\fs20\li720\fi-360\
ls1\ilvl0\ql For the second quarter of 2015, net revenue is expected to be in th
e range of $131 million to $134 million,\plain\cf1\f52\fs20\li720\ql representi
ng growth of approximately 49% compared to the second quarter of 2014. Adjusted
EBITDA is\plain\cf1\f52\fs20\li720\ql expected to be in the range of $22 millio
n to $24 million. Stock-based compensation is expected to be in\plain\cf1\f52\fs
20\li720\ql the range of $14 million to $15 million, and depreciation and amort
ization is expected to be approximately\plain\cf1\f52\fs20\li720\ql 5% of reven
ue.\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql For the full year of 2
015, net revenue is expected to be in the range of $574 million to $579 million,
\plain\cf1\f52\fs20\li720\ql representing growth of approximately 53% compared
to full year 2014. Adjusted EBITDA is expected to be\plain\cf1\f52\fs20\li720\ql
in the range of $102 million to $105 million. Stock-based compensation is expe
cted to be in the range of\plain\cf1\f52\fs20\li720\ql $58 million to $60 milli
on, and depreciation and amortization is expected to be approximately 5% of\plai
n\cf1\f52\fs20\li720\ql revenue.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf
1\f52\fs20\b\ql Quarterly Conference Call\par\pard\plain\f0\fs16\par\pard\plain\
sb352\cf1\f52\fs20\ql To access the call, please dial 1 (800) 708-4539, or outsi
de the U.S. 1 (847) 619-6396, with Passcode 39359352,\plain\cf1\f52\fs20\ql at
least five minutes prior to the 1:30 p.m. PT start time. A live webcast of the c
all will also be available at\plain\cf1\f52\fs20\ql http://www.yelp-ir.com unde
r the Events & Presentations menu. An audio replay will be available between 4:0
0 p.m.\plain\cf1\f52\fs20\ql PT April 29, 2015 and 11:59 p.m. PT May 6, 2015 by
calling 1 (888) 843-7419 or 1 (630) 652-3042, with\plain\cf1\f52\fs20\ql Passc
ode 39359352. The replay will also be available on the Company's website at http
://www.yelp-ir.com.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\b\q
l About Yelp\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql Yelp In
c. (http://www.yelp.com) connects people with great local businesses. Yelp was f
ounded in San Francisco in\plain\cf1\f52\fs20\ql July 2004. Since then, Yelp co
mmunities have taken root in major metros across 29 countries. Approximately 80\
plain\cf1\f52\fs20\ql million unique visitors visited Yelp via a desktop comput
er\plain\cf1\f52\fs18\ql\super 2\plain\cf1\f52\fs20\ql and approximately 79 m
illion unique visitors visited Yelp\plain\cf1\f52\fs20\ql via their mobile devi
ce in the first quarter of 2015\plain\cf1\f52\fs18\ql\super 1\plain\cf1\f52\fs2
0\ql . By the end of the same quarter, Yelpers had written\plain\cf1\f52\fs20\q
l approximately 77 million rich, local reviews, making Yelp the leading local g
uide for real word-of-mouth on\plain\cf1\f52\fs20\ql everything from boutiques
and mechanics to restaurants and dentists.\par\pard\plain\f0\fs16\par\pard\plain
\sb352\cf1\f52\fs18\ql\super 1\plain\cf1\f52\fs20\ql Calculated as the number o
f "users," as measured by Google Analytics, accessing Yelp via mobile web plus\p
lain\cf1\f52\fs20\ql unique devices accessing the app, each on a monthly averag
e basis over a given three-month period.\par\pard\plain\f0\fs16\par\pard\plain\s
b352\cf1\f52\fs18\ql\super 2\plain\cf1\f52\fs20\ql "Users," as measured by Goog
le Analytics, accessing Yelp via desktop computer on an average monthly basis\pl
ain\cf1\f52\fs20\ql over a given three-month period.\par\pard\plain\f0\fs16\par
\pard\plain\sb352\cf1\f52\fs18\ql\super 3\plain\cf1\f52\fs20\ql "Users," as mea
sured by Google Analytics, on a monthly average basis over a given three-month p
eriod.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs18\ql\super 4\plain
\cf1\f52\fs20\ql Local advertising accounts comprise all local business account
s from which we recognize local advertising\plain\cf1\f52\fs20\ql revenue in a
given three-month period.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs
20\b\ql Non-GAAP Financial Measures\par\pard\plain\f0\fs16\par\pard\plain\sb352\
cf1\f52\fs20\ql This press release includes information relating to adjusted EBI
TDA and non-GAAP net income, each of which the\plain\cf1\f52\fs20\ql Securities
and Exchange Commission has defined as a "non-GAAP financial measure." Adjusted
EBITDA and\plain\cf1\f52\fs20\ql non-GAAP net income have been included in thi

s press release because they are key measures used by the\plain\cf1\f52\fs20\ql
Company's management and board of directors to understand and evaluate core ope
rating performance and trends,\plain\cf1\f52\fs20\ql to prepare and approve its
annual budget and to develop short- and long-term operational plans. The presen
tation\plain\cf1\f52\fs20\ql of this financial information, which is not prepar
ed under any comprehensive set of accounting rules or principles, is\plain\cf1\f
52\fs20\ql not intended to be considered in isolation or as a substitute for th
e financial information prepared and presented in\plain\cf1\f52\fs20\ql accorda
nce with generally accepted accounting principles in the United States ("GAAP").
\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql Adjusted EBITDA and
non-GAAP net income have limitations as analytical tools, and you should not co
nsider them\plain\cf1\f52\fs20\ql in isolation or as substitutes for analysis o
f the Company's results as reported under GAAP. Some of these\plain\cf1\f52\fs20
\ql limitations are:\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql alth
ough depreciation and amortization are non-cash charges, the assets being deprec
iated and amortized\plain\cf1\f52\fs20\li720\ql may have to be replaced in the
future, and adjusted EBITDA and non-GAAP net income do not reflect\plain\cf1\f52
\fs20\li720\ql cash capital expenditure requirements for such replacements or f
or new capital expenditure requirements;\par\pard\plain\cf1\f52\fs20\li720\fi-36
0\ls1\ilvl0\ql adjusted EBITDA does not reflect changes in, or cash requirements
for, the Company's working capital\plain\cf1\f52\fs20\li720\ql needs;\par\pard
\plain\cf1\f52\fs20\li720\fi-360\ls1\ilvl0\ql adjusted EBITDA and non-GAAP net i
ncome do not consider the potentially dilutive impact of equity-based\plain\cf1\
f52\fs20\li720\ql compensation;\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\il
vl0\ql adjusted EBITDA does not reflect tax payments that may represent a reduct
ion in cash available to us; and\par\pard\plain\cf1\f52\fs20\li720\fi-360\ls1\il
vl0\ql other companies, including those in the Company's industry, may calculate
adjusted EBITDA and\plain\cf1\f52\fs20\li720\ql non-GAAP net income differentl
y, which reduces its usefulness as a comparative measure.\par\pard\plain\f0\fs16
\par\pard\plain\sb352\cf1\f52\fs20\ql Because of these limitations, you should c
onsider adjusted EBITDA and non-GAAP net income alongside other\plain\cf1\f52\fs
20\ql financial performance measures, including various cash flow metrics, net
income (loss) and the Company's other\plain\cf1\f52\fs20\ql GAAP results. Addit
ionally, the Company has not reconciled its adjusted EBITDA outlook for the seco
nd quarter\plain\cf1\f52\fs20\ql and full year 2015 to its net income (loss) ou
tlook because it does not provide an outlook for other income\plain\cf1\f52\fs20
\ql (expense) and provision for income taxes, which are reconciling items betwe
en net income (loss) and adjusted\plain\cf1\f52\fs20\ql EBITDA. As items that i
mpact net income (loss) are out of the Company's control and cannot be reasonabl
y\plain\cf1\f52\fs20\ql predicted, the Company is unable to provide such an out
look. Accordingly, reconciliation to net income (loss)\plain\cf1\f52\fs20\ql ou
tlook for the second quarter and full year 2015 is not available without unreaso
nable effort. For a reconciliation of\plain\cf1\f52\fs20\ql historical non-GAAP
financial measures to the nearest comparable GAAP measures, see the non-GAAP\pl
ain\cf1\f52\fs20\ql reconciliations included below in this press release.\par\p
ard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\b\ql Forward-Looking Stateme
nts\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql This press relea
se contains forward-looking statements relating to, among other things, the futu
re performance of\plain\cf1\f52\fs20\ql Yelp and its consolidated subsidiaries
that are based on the Company's current expectations, forecasts and\plain\cf1\f5
2\fs20\ql assumptions and involve risks and uncertainties. These statements inc
lude, but are not limited to, statements\plain\cf1\f52\fs20\ql regarding expect
ed financial results for the second quarter and full year 2015, the future growt
h in Company\plain\cf1\f52\fs20\ql revenue and continued investing by the Compa
ny in its future growth, the Company's ability to drive daily usage\plain\cf1\f5
2\fs20\ql and engagement, increase awareness of Yelp among consumers, deliver v
alue to local businesses, capture the\plain\cf1\f52\fs20\ql large local opportu
nity and more advertising spend and develop new ways to close the loop with loca
l businesses.\plain\cf1\f52\fs20\ql The Company's actual results could differ m
aterially from those predicted or implied and reported results should not\plain\
cf1\f52\fs20\ql be considered as an indication of future performance. Factors t
hat could cause or contribute to such differences\plain\cf1\f52\fs20\ql include
, but are not limited to: the Company's short operating history in an evolving i
ndustry; the Company's ability\plain\cf1\f52\fs20\ql to generate sufficient rev
enue to maintain profitability, particularly in light of its significant ongoing
sales and\plain\cf1\f52\fs20\ql marketing expenses; the Company's ability to s
uccessfully manage acquisitions of new businesses, solutions or\plain\cf1\f52\fs
20\ql technologies, such as Eat24, and to integrate those businesses, solutions
or technologies; the Company's reliance\plain\cf1\f52\fs20\ql on traffic to it
s website from search engines like Google and Bing; the Company's ability to gen
erate and maintain\plain\cf1\f52\fs20\ql sufficient high quality content from i
ts users; maintaining a strong brand and managing negative publicity that may\pl
ain\cf1\f52\fs20\ql arise; maintaining and expanding the Company's base of adve
rtisers; changes in political, business and economic\plain\cf1\f52\fs20\ql cond
itions, including any European or general economic downturn or crisis and any co
nditions that affect\plain\cf1\f52\fs20\ql ecommerce growth; fluctuations in fo
reign currency exchange rates; the Company's ability to deal with the\plain\cf1\
f52\fs20\ql increasingly competitive local search environment; the Company's ne
ed and ability to manage other regulatory, tax\plain\cf1\f52\fs20\ql and litiga
tion risks as its services are offered in more jurisdictions and applicable laws
become more restrictive; the\plain\cf1\f52\fs20\ql competitive and regulatory
environment while the Company continues to expand geographically and introduce n
ew\plain\cf1\f52\fs20\ql products and as new laws and regulations related to In
ternet companies come into effect; the Company's ability to\plain\cf1\f52\fs20\q
l timely upgrade and develop its systems, infrastructure and customer service c
apabilities. The forward-looking\plain\cf1\f52\fs20\ql statements in this relea
se do not include the potential impact of any acquisitions or divestitures that
may be\plain\cf1\f52\fs20\ql announced and/or completed after the date hereof.\
par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\ql More information abo
ut factors that could affect the Company's operating results is included under t
he captions\plain\cf1\f52\fs20\ql "Risk Factors" and "Management's Discussion a
nd Analysis of Financial Condition and Results of Operations" in the\plain\cf1\f
52\fs20\ql Company's most recent Annual Report on Form 10-K at http://www.yelpir.com or the SEC's website at\plain\cf1\f52\fs20\ql www.sec.gov. Undue relianc
e should not be placed on the forward-looking statements in this release, which
are\plain\cf1\f52\fs20\ql based on information available to the Company on the
date hereof. Yelp assumes no obligation to update such\plain\cf1\f52\fs20\ql st
atements.\par\pard\plain\f0\fs16\par\pard\plain\sb352\cf1\f52\fs20\b\ql Investor
Relations Contact Information
\par\pard\plain\fs16\pard\plain\cf1\f52\fs20\ql Wendy Lim, Allie Dalglish
\par\pard\plain\fs16\pard\plain\cf1\f52\fs20\ql (415) 635-2412
\par\pard\plain\fs16\pard\plain\cf1\f52\fs20\ql ir@yelp.com
\par\pard\plain
{\trowd\clvertalb\cellx8508\trrh220
\pard\plain\intbl\cf1\f52\fs16\b\qc Yelp Inc.\cell{
{\trowd\clvertalb\cellx8508\trrh220\row}}}
\pard\plain\intbl\cf1\f52\fs16\b\qc Condensed Consolidated Balance Sheets\cell{
\pard\plain\intbl\cf1\f52\fs16\qc (In thousands)\cell{
\pard\plain\intbl\cf1\f52\fs16\qc (Unaudited)\cell{
{\trowd\clvertalb\cellx2112\clvertalb\cellx2945\clvertalb\cellx4699\clvertalb\ce
llx5532\clvertalb\cellx6365\clvertalb\cellx8506\trrh270
\par\pard\plain\intbl\fs16\pard\plain\intbl\f0\fs16\ql \~\cell
\par\pard\plain\intbl\fs16\pard\plain\intbl\f0\fs16\ql \~\cell{
llx5532\clvertalb\cellx6365\clvertalb\cellx8506\trrh270\row}}}
\par\pard\plain\intbl\fs16\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\
cf1\f52\fs16\b\qc March 31,\cell
cf1\f52\fs16\b\qc December 31,\cell{
{\trowd\clvertalb\cellx2112\clvertalb\cellx2945\clbrdrb\brdrs\brdrcf1\clvertalb\
cellx4699\clvertalb\cellx5532\clvertalb\cellx6365\clbrdrb\brdrs\brdrcf1\clvertal
b\cellx8506\trrh270
cf1\f52\fs16\b\qc 2015\cell
cf1\f52\fs16\b\qc 2014\cell{
b\cellx8506\trrh270\row}}}
\pard\plain\intbl\cf1\f52\fs16\b\ql Assets\cell
\pard\plain\intbl\cf1\f52\fs16\ql Current assets:\cell
\pard\plain\intbl\cf1\f52\fs16\ql Cash and cash\plain\intbl\cf1\f52\fs16\ql equ
ivalents\cell
cf1\f52\fs16\qr $ \~172,629\cell
cf1\f52\fs16\qr $ \~ \~ \~ \~247,312\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Short-term marketable\plain\intbl\cf1\f52\fs16
\ql securities\cell
cf1\f52\fs16\qr 158,603\cell
cf1\f52\fs16\qr 118,498\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Accounts receivable,\plain\intbl\cf1\f52\fs16\
ql net\cell
cf1\f52\fs16\qr 38,969\cell
cf1\f52\fs16\qr 35,593\cell{
b\cellx8506\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Prepaid expenses and\plain\intbl\cf1\f52\fs16\
ql other current assets\cell
cf1\f52\fs16\qr 19,355\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Total current assets\cell
cf1\f52\fs16\qr 392,907\cell
cf1\f52\fs16\qr 420,758\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Long-term marketable\plain\intbl\cf1\f52\fs16\

ql securities\cell
cf1\f52\fs16\qr 38,612\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Property, equipment and\plain\intbl\cf1\f52\fs
16\ql software, net\cell
cf1\f52\fs16\qr 62,761\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Goodwill\cell
cf1\f52\fs16\qr 172,160\cell
cf1\f52\fs16\qr 67,307\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Intangibles, net\cell
cf1\f52\fs16\qr 5,786\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Restricted cash\cell
cf1\f52\fs16\qr 17,943\cell{
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Other assets\cell
cf1\f52\fs16\qr 16,483\cell{
{\trowd\clvertalb\cellx2112\clvertalb\cellx2945\clbrdrb\brdrdb\brdrcf1\clvertalb
\cellx4699\clvertalb\cellx5532\clvertalb\cellx6365\clbrdrb\brdrdb\brdrcf1\clvert
\pard\plain\intbl\cf1\f52\fs16\ql Total assets\cell
cf1\f52\fs16\qr $ \~715,886\cell
cf1\f52\fs16\qr $ \~ \~ \~ \~629,650\cell{
\pard\plain\intbl\cf1\f52\fs16\b\ql Liabilities\~ and\plain\intbl\cf1\f52\fs16\b
\ql stockholders' equity\cell
\pard\plain\intbl\cf1\f52\fs16\ql Current liabilities:\cell
\pard\plain\intbl\cf1\f52\fs16\ql Accounts payable\cell
cf1\f52\fs16\qr $ \~ \~ \~1,836\cell
cf1\f52\fs16\qr $ \~ \~ \~ \~ \~ \~1,398\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Accrued liabilities\cell
cf1\f52\fs16\qr 29,581\cell{
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Deferred revenue\cell
\pard\plain\intbl\cf1\f52\fs16\ql Total current liabilities\cell
cf1\f52\fs16\qr 33,973\cell{
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Long-term liabilities\cell
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Total liabilities\cell
cf1\f52\fs16\qr 41,500\cell{
\par\pard\plain\intbl\fs16\pard\plain\intbl\f0\fs16\ql
\~\cell
\~\cell
\~\cell
\~\cell
\~\cell
\pard\plain\intbl\cf1\f52\fs16\ql Commitments and\plain\intbl\cf1\f52\fs16\ql c
ontingencies\cell
\pard\plain\intbl\cf1\f52\fs16\ql Stockholders' equity\cell
\pard\plain\intbl\cf1\f52\fs16\ql Common stock\cell
cf1\f52\fs16\qr -\cell
cf1\f52\fs16\qr -\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Additional paid-in\plain\intbl\cf1\f52\fs16\ql
capital\cell
cf1\f52\fs16\qr 705,397\cell
cf1\f52\fs16\qr 627,742\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Accumulated other\plain\intbl\cf1\f52\fs16\ql
comprehensive loss\cell
cf1\f52\fs16\qr (13,474)\cell
cf1\f52\fs16\qr (5,609)\cell{
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Accumulated deficit\cell
cf1\f52\fs16\qr (35,267)\cell
cf1\f52\fs16\qr (33,983)\cell{
b\cellx8506\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Total stockholders' equity\cell
cf1\f52\fs16\qr 656,656\cell
cf1\f52\fs16\qr 588,150\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Total liabilities and\plain\intbl\cf1\f52\fs16
\ql stockholders' equity\cell
cf1\f52\fs16\qr $ \~ 715,886\cell
cf1\f52\fs16\qr $ \~ \~ \~ \~ 629,650\cell{
\par\pard\plain
{\trowd\clvertalb\cellx5275\clvertalc\cellx6000\clvertalc\cellx6725\clvertalc\ce
llx7450\clvertalc\cellx8175\clvertalc\cellx8900\clvertalc\cellx9625\clvertalc\ce
llx10350\trrh220
\pard\plain\intbl\cf1\f52\fs16\b\qc Yelp Inc.\cell\pard\plain\intbl\f0\fs16\ql \
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\p
ard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10350\trrh220\row}}}
llx10350\trrh220
\pard\plain\intbl\cf1\f52\fs16\b\qc Condensed Consolidated Statements of Operati
ons\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell
\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pl

ain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intb
l\f0\fs16\ql \~\cell{
llx10350\trrh220
\pard\plain\intbl\cf1\f52\fs16\qc (In thousands, except per share amounts)\cell\
pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pla
in\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16
\ql \~\cell{
llx10350\trrh220
\pard\plain\intbl\cf1\f52\fs16\qc (Unaudited)\cell\pard\plain\intbl\f0\fs16\ql \
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\p
ard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
{\trowd\clvertalb\cellx1661\clvertalb\cellx2141\clvertalb\cellx5275\clvertalc\ce
llx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270
cf1\f52\fs16\b\qc Three Months Ended\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pa
rd\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain
\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270\row}}}
cellx5275\clvertalc\cellx6000\clvertalc\cellx6725\clvertalc\cellx7450\clvertalc\
cellx8175\clvertalc\cellx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270
cf1\f52\fs16\b\qc March 31,\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0
\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
cellx8175\clvertalc\cellx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270\r
ow}}}
cellx3532\clvertalb\cellx4012\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5274\clvertal
c\cellx5999\clvertalc\cellx6724\clvertalc\cellx7449\clvertalc\cellx8174\clvertal
c\cellx8899\clvertalc\cellx9624\clvertalc\cellx10349\trrh270
cf1\f52\fs16\b\qc 2014\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\c
ell\pard\plain\intbl\f0\fs16\ql \~\cell{
c\cellx8899\clvertalc\cellx9624\clvertalc\cellx10349\trrh270\row}}}
llx4012\clvertalb\cellx5274\clvertalc\cellx5999\clvertalc\cellx6724\clvertalc\ce
llx10349\trrh270
f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\
ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\ce
ll\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Net revenue\cell
cf1\f52\fs16\qr $ 118,508\cell
cf1\f52\fs16\qr $ 76,407\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\int
bl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs
16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh270
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Cost and\plain\intbl\cf1\f52\fs16\ql expenses
\cell
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Cost of revenue\plain\intbl\cf1\f52\fs16\ql (
1)\cell
cf1\f52\fs16\qr 5,077\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\
ll\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Sales and\plain\intbl\cf1\f52\fs16\ql marketi
ng (1)\cell
cf1\f52\fs16\qr 45,121\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Product\plain\intbl\cf1\f52\fs16\ql developme
nt (1)\cell
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql General and\plain\intbl\cf1\f52\fs16\ql admin
istrative (1)\cell
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Depreciation and\plain\intbl\cf1\f52\fs16\ql
amortization\cell
llx10349\trrh270
{\trowd\clvertalb\cellx1661\clvertalb\cellx2141\clbrdrt\brdrs\brdrcf1\clbrdrb\br
drs\brdrcf1\clvertalb\cellx3532\clvertalb\cellx4012\clbrdrt\brdrs\brdrcf1\clbrdr
b\brdrs\brdrcf1\clvertalb\cellx5274\clvertalc\cellx5999\clvertalc\cellx6724\clve
rtalc\cellx7449\clvertalc\cellx8174\clvertalc\cellx8899\clvertalc\cellx9624\clve
rtalc\cellx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Total cost and\plain\intbl\cf1\f52\fs16\ql ex
penses\cell
cf1\f52\fs16\qr 122,757\cell
b\brdrs\brdrcf1\clvertalb\cellx5274\clvertalc\cellx5999\clvertalc\cellx6724\clve
rtalc\cellx7449\clvertalc\cellx8174\clvertalc\cellx8899\clvertalc\cellx9624\clve
rtalc\cellx10349\trrh419\row}}}
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Loss from\plain\intbl\cf1\f52\fs16\ql operati
ons\cell
cf1\f52\fs16\qr (4,249)\cell
cf1\f52\fs16\qr (4,604)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intb
l\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs1
6\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\
cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Other income\plain\intbl\cf1\f52\fs16\ql (exp
ense), net\cell
cf1\f52\fs16\qr 562\cell
cf1\f52\fs16\qr (2)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell
\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Loss before\plain\intbl\cf1\f52\fs16\ql incom
e taxes\cell
cf1\f52\fs16\qr (3,687)\cell
cf1\f52\fs16\qr (4,606)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intb
l\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs1
6\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\
cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Benefit for income\plain\intbl\cf1\f52\fs16\ql
taxes\cell
drdb\brdrcf1\clvertalb\cellx3532\clvertalb\cellx4012\clbrdrt\brdrs\brdrcf1\clbrd
rb\brdrdb\brdrcf1\clvertalb\cellx5274\clvertalc\cellx5999\clvertalc\cellx6724\cl
vertalc\cellx7449\clvertalc\cellx8174\clvertalc\cellx8899\clvertalc\cellx9624\cl
vertalc\cellx10349\trrh815
\pard\plain\intbl\cf1\f52\fs16\ql Net loss\plain\intbl\cf1\f52\fs16\ql attribut
able to\plain\intbl\cf1\f52\fs16\ql common\plain\intbl\cf1\f52\fs16\ql stockho
lders\cell
cf1\f52\fs16\qr $ \~ (1,284)\cell
cf1\f52\fs16\qr $ (2,635)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
vertalc\cellx10349\trrh815\row}}}
llx10349\trrh270
llx10349\trrh814
\pard\plain\intbl\cf1\f52\fs16\ql Net loss per share\plain\intbl\cf1\f52\fs16\ql
attributable to\plain\intbl\cf1\f52\fs16\ql common\plain\intbl\cf1\f52\fs16\q
l stockholders:\cell
\cellx3532\clvertalb\cellx4012\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx5274\clvert
alc\cellx5999\clvertalc\cellx6724\clvertalc\cellx7449\clvertalc\cellx8174\clvert
alc\cellx8899\clvertalc\cellx9624\clvertalc\cellx10349\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Basic\cell
cf1\f52\fs16\qr $ \~ \~ (0.02)\cell
cf1\f52\fs16\qr $ \~ (0.04)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
alc\cellx8899\clvertalc\cellx9624\clvertalc\cellx10349\trrh270\row}}}
\pard\plain\intbl\cf1\f52\fs16\ql Diluted\cell
cf1\f52\fs16\qr $ \~ \~ (0.02)\cell
cf1\f52\fs16\qr $ \~ (0.04)\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
llx10349\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Weighted-average shares used to compute net lo
ss per share attributable to common stockholders:\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Basic\cell
\pard\plain\intbl\cf1\f52\fs16\ql Diluted\cell
llx10349\trrh270
llx10349\trrh270
llx10349\trrh270
llx10349\trrh1012
\pard\plain\intbl\cf1\f52\fs16\ql (1) Includes\plain\intbl\cf1\f52\fs16\ql stoc
k-based\plain\intbl\cf1\f52\fs16\ql compensation\plain\intbl\cf1\f52\fs16\ql e
xpense as\plain\intbl\cf1\f52\fs16\ql follows:\cell
llx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270
cf1\f52\fs16\b\qc Three Months Ended\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pa
rd\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain
\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270\row}}}
cellx8175\clvertalc\cellx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270
cf1\f52\fs16\b\qc March 31,\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
cellx8175\clvertalc\cellx8900\clvertalc\cellx9625\clvertalc\cellx10350\trrh270\r
ow}}}
cf1\f52\fs16\b\qc 2014\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
llx10349\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Cost of revenue\cell
cf1\f52\fs16\qr $ \~ \~ \~ \~124\cell
cf1\f52\fs16\qr $ \~ \~ \~150\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\
ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Sales and\plain\intbl\cf1\f52\fs16\ql marketi

ng\cell
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Product\plain\intbl\cf1\f52\fs16\ql developme
nt\cell
llx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql General and\plain\intbl\cf1\f52\fs16\ql admin
istrative\cell
vertalc\cellx10349\trrh418
\pard\plain\intbl\cf1\f52\fs16\ql Total stock-based\plain\intbl\cf1\f52\fs16\ql
compensation\cell
cf1\f52\fs16\qr $ \~ 13,671\cell
cf1\f52\fs16\qr $ \~ 9,456\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\i
ntbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\
fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
vertalc\cellx10349\trrh418\row}}}
\par\pard\plain
\pard\plain\intbl\cf1\f52\fs16\b\qc Yelp Inc.\cell{
\pard\plain\intbl\cf1\f52\fs16\b\qc Condensed Consolidated Statements of Cash Fl
ows\cell{
\pard\plain\intbl\cf1\f52\fs16\qc (In thousands)\cell{
\pard\plain\intbl\cf1\f52\fs16\qc (Unaudited)\cell{
{\trowd\clvertalb\cellx2878\clvertalb\cellx4520\clvertalb\cellx10598\trrh270
cf1\f52\fs16\b\qc Year Ended\cell{
{\trowd\clvertalb\cellx2878\clvertalb\cellx4520\clvertalb\cellx10598\trrh270\row
}}}
cellx10598\trrh270
cf1\f52\fs16\b\qc March 31,\cell{
cellx10598\trrh270\row}}}
cellx6821\clvertalb\cellx8313\clbrdrb\brdrs\brdrcf1\clvertalb\cellx10597\trrh270
\row}}}
llx8313\clvertalb\cellx10597\trrh270
\pard\plain\intbl\cf1\f52\fs16\b\ql Operating activities\cell
llx8313\clvertalb\cellx10597\trrh270\row}}}
\pard\plain\intbl\cf1\f52\fs16\ql Net income (loss)\cell
cf1\f52\fs16\qr $ \~ (1,284)\cell
cf1\f52\fs16\qr $ \~(2,635)\cell{
\pard\plain\intbl\cf1\f52\fs16\ql \~Adjustments to reconcile net\plain\intbl\cf1
\f52\fs16\ql income (loss) to net\~cash provided\plain\intbl\cf1\f52\fs16\ql b
y (used in) operating activities:\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Depreciation and amortization\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Provision for doubtful accounts\plain\int
bl\cf1\f52\fs16\ql and sales returns\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Stock-based compensation\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ (Gain) loss on disposal of\plain\intbl\cf
1\f52\fs16\ql assets and website development\plain\intbl\cf1\f52\fs16\ql costs
\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Premium amortization, net, on\plain\intbl
\cf1\f52\fs16\ql securities held-to-maturity\cell
cf1\f52\fs16\qr (117)\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Excess tax benefit from\plain\intbl\cf1\f
52\fs16\ql share-based award activity\cell
cf1\f52\fs16\qr (39)\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Changes in operating assets and\plain\intbl\cf
1\f52\fs16\ql liabilities:\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Accounts receivable\cell
cf1\f52\fs16\qr (2,850)\cell
cf1\f52\fs16\qr (1,249)\cell{
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Prepaid expenses and other\plain\intbl\cf
1\f52\fs16\ql assets\cell
cf1\f52\fs16\qr (6,045)\cell
cf1\f52\fs16\qr (5,928)\cell{
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Accounts payable, accrued\plain\intbl\cf1
\f52\fs16\ql expenses and other liabilities\cell
\pard\plain\intbl\cf1\f52\fs16\ql \~\~ Deferred revenue\cell
b\brdrs\brdrcf1\clvertalb\cellx10597\trrh419
\pard\plain\intbl\cf1\f52\fs16\ql Net cash provided by (used in)\plain\intbl\cf1
\f52\fs16\ql operating activities\cell
b\brdrs\brdrcf1\clvertalb\cellx10597\trrh419\row}}}
\pard\plain\intbl\cf1\f52\fs16\b\ql Investing activities\cell
\pard\plain\intbl\cf1\f52\fs16\ql Acquisitions, net of cash received\cell
cf1\f52\fs16\qr (71,546)\cell
\pard\plain\intbl\cf1\f52\fs16\ql Purchases of property, equipment\plain\intbl\c
f1\f52\fs16\ql and software\cell
cf1\f52\fs16\qr (10,881)\cell
cf1\f52\fs16\qr (4,246)\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Capitalized website and software\plain\intbl\c
f1\f52\fs16\ql development costs\cell
cf1\f52\fs16\qr (3,196)\cell
cf1\f52\fs16\qr (1,592)\cell{
llx8313\clvertalb\cellx10597\trrh-66
\pard\plain\intbl\cf1\f52\fs16\ql Change in restricted cash\cell
llx8313\clvertalb\cellx10597\trrh-66\row}}}
\pard\plain\intbl\cf1\f52\fs16\ql Purchase of intangibles\cell
\pard\plain\intbl\cf1\f52\fs16\ql Proceeds from sale of property and\plain\intbl
\cf1\f52\fs16\ql equipment\cell
\pard\plain\intbl\cf1\f52\fs16\ql Purchases of investment securities\plain\intbl
\cf1\f52\fs16\ql held-to- maturity\cell
cf1\f52\fs16\qr (36,120)\cell
\pard\plain\intbl\cf1\f52\fs16\ql Maturities of investment securities\plain\intb
l\cf1\f52\fs16\ql held-to-maturity\cell
\pard\plain\intbl\cf1\f52\fs16\ql Cash used in investing activities\cell
cf1\f52\fs16\qr (103,715)\cell
cf1\f52\fs16\qr (6,235)\cell{
\pard\plain\intbl\cf1\f52\fs16\b\ql Financing activities\cell
\pard\plain\intbl\cf1\f52\fs16\ql Proceeds from exercise of\plain\intbl\cf1\f52\
fs16\ql employee stock options\cell
\pard\plain\intbl\cf1\f52\fs16\ql Excess tax benefit from\plain\intbl\cf1\f52\fs
16\ql share-based award activity\cell
cf1\f52\fs16\qr 39\cell{
\pard\plain\intbl\cf1\f52\fs16\ql Repurchase of common stock\cell
\pard\plain\intbl\cf1\f52\fs16\ql Net cash provided by financing\plain\intbl\cf1
\f52\fs16\ql activities\cell
\pard\plain\intbl\cf1\f52\fs16\ql Effect of exchange rate changes on\plain\intbl
\cf1\f52\fs16\ql cash and cash equivalents\cell
\pard\plain\intbl\cf1\f52\fs16\ql Net increase in cash and cash\plain\intbl\cf1\
f52\fs16\ql equivalents\cell
cf1\f52\fs16\qr (74,683)\cell
\pard\plain\intbl\cf1\f52\fs16\ql Cash and cash equivalents at\plain\intbl\cf1\f
52\fs16\ql beginning of period\cell
cf1\f52\fs16\qr 247,312\cell
cf1\f52\fs16\qr 389,764\cell{
\row}}}
\cellx6821\clvertalb\cellx8313\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx10597\trrh4
18
\pard\plain\intbl\cf1\f52\fs16\ql Cash and cash equivalents at end\plain\intbl\c
f1\f52\fs16\ql of period\cell
cf1\f52\fs16\qr $172,629\cell
cf1\f52\fs16\qr $ 399,320\cell{
\cellx6821\clvertalb\cellx8313\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx10597\trrh4
18\row}}}
\par\pard\plain
{\trowd\clvertalb\cellx1427\clvertalb\cellx10599\trrh270
cf1\f52\fs16\b\qc Yelp Inc.\cell{
{\trowd\clvertalb\cellx1427\clvertalb\cellx10599\trrh270\row}}}
cf1\f52\fs16\b\qc Reconciliation of GAAP to Non-GAAP Financial Measures\cell{
cf1\f52\fs16\qc (In thousands, except per share amounts)\cell{
cf1\f52\fs16\qc (Unaudited)\cell{
{\trowd\clvertalb\cellx1427\clvertalb\cellx3801\clvertalb\cellx5134\clbrdrb\brdr
s\brdrcf1\clvertalb\cellx10598\trrh270
cf1\f52\fs16\b\qc Three Months Ended\cell{
s\brdrcf1\clvertalb\cellx10598\trrh270\row}}}
{\trowd\clvertalb\cellx1427\clvertalb\cellx3801\clvertalb\cellx5134\clbrdrt\brdr
s\brdrcf1\clvertalb\cellx10598\trrh270
cf1\f52\fs16\b\qc March 31,\cell{
s\brdrcf1\clvertalb\cellx10598\trrh270\row}}}
s\brdrcf1\clvertalb\cellx7250\clvertalb\cellx8583\clbrdrb\brdrs\brdrcf1\clvertal
b\cellx10597\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Adjusted EBITDA:\cell
cf1\f52\fs16\ql Net loss\cell
cf1\f52\fs16\qr $ (1,284)\cell
cf1\f52\fs16\qr $ (2,635)\cell{
cf1\f52\fs16\ql (Benefit) Provision for\plain\intbl\cf1\f52\fs16\ql income taxe
s\cell
cf1\f52\fs16\qr (2,403)\cell
cf1\f52\fs16\qr (1,971)\cell{
cf1\f52\fs16\ql Other (income) expense, net\cell
cf1\f52\fs16\ql Depreciation and\plain\intbl\cf1\f52\fs16\ql amortization\cell
cf1\f52\fs16\ql Stock-based compensation\cell
s\brdrcf1\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx7250\clvertalb\cellx8583\clbrdrt
\brdrs\brdrcf1\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx10597\trrh270
cf1\f52\fs16\ql Adjusted EBITDA\cell
cf1\f52\fs16\qr $ 16,317\cell
cf1\f52\fs16\qr $ \~8,513\cell{
s\brdrcf1\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx7250\clvertalb\cellx8583\clbrdrt
\brdrs\brdrcf1\clbrdrb\brdrdb\brdrcf1\clvertalb\cellx10597\trrh270\row}}}
llx10598\trrh270
\pard\plain\intbl\cf1\f52\fs16\ql Non-GAAP Net Income (Loss) and Income (Loss) p
er share:\cell
cf1\f52\fs16\ql GAAP net loss attributable\plain\intbl\cf1\f52\fs16\ql to commo
n\cell
cf1\f52\fs16\ql shareholders\cell
cf1\f52\fs16\qr $ (1,284)\cell
cf1\f52\fs16\qr $ (2,635)\cell{
cf1\f52\fs16\ql \~\~ Add back: stock-based\plain\intbl\cf1\f52\fs16\ql compensa
tion\cell
cf1\f52\fs16\ql \~\~ Add back: amortization of\plain\intbl\cf1\f52\fs16\ql inta
ngible assets\cell
cf1\f52\fs16\ql \~\~ Less: tax effect of\plain\intbl\cf1\f52\fs16\ql stock-base
d compensation\plain\intbl\cf1\f52\fs16\ql & amortization of intangible\plain\i
ntbl\cf1\f52\fs16\ql assets\cell
cf1\f52\fs16\qr (5,716)\cell
cf1\f52\fs16\qr (3,860)\cell{
b\cellx10597\trrh617
cf1\f52\fs16\ql \~\~ Add back: valuation\plain\intbl\cf1\f52\fs16\ql allowance
release (net of\plain\intbl\cf1\f52\fs16\ql tax)\cell
cf1\f52\fs16\qr -\cell
cf1\f52\fs16\ql Non-GAAP Net Income\cell
cf1\f52\fs16\qr $ \~ 7,902\cell
cf1\f52\fs16\qr $ \~5,545\cell{
cf1\f52\fs16\ql Non-GAAP diluted shares\cell
\pard\plain\intbl\cf1\f52\fs16\ql Non-GAAP Net Income (Loss) per share\cell
cf1\f52\fs16\qr $ \~ \~ 0.10\cell
llx8583\clvertalb\cellx10597\trrh270\row}}}{\*\bkmkstart prni_dvprnejpg48d2left}
{\*\bkmkend prni_dvprnejpg48d2left}{\*\bkmkstart prnejpg48d2left}{\*\bkmkend prn
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