Q4 2025 Yelp Inc Earnings Call

February 12, 2026

Speaker #1: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad.

Speaker #1: Once again, star 1. And if you'd like to withdraw your question, simply press star 1 again. Thank you. And I would now like to turn the call over to Josh Willis.

Speaker #1: Investor Relations Manager. Josh?

Speaker #2: Good afternoon, everyone, and thank you for joining us on Yelp's fourth quarter and full year 2025 earnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman, Chief Financial Officer, David Schwarzbach, and Chief Operating Officer, Jed Nachman.

Speaker #2: We published a shareholder letter on our Investor Relations website, and with the SUC, and hope everyone had a chance to read it. We'll provide some brief opening comments, and then turn to your questions.

Speaker #2: Now I'll read our Safe Harbor statement. We'll make certain statements today that are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially.

Speaker #2: Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

Speaker #2: In addition, we are subject to a number of risks that may significantly impact our business and financial results. Please refer to our SEC filings as well as our shareholder letter for a more detailed description of the risk factors that may affect our results.

Speaker #2: During our call today, we may discuss adjusted EBITDA, adjusted EBITDA margin, and free cash flow, which are non-GAAP financial measures. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with generally accepted accounting principles.

Speaker #2: In our shareholder letter released this afternoon and our filings with the SEC, each of which has been posted on our Investor Relations website, you will find additional disclosures regarding these non-GAAP financial measures as well as historical reconciliations of GAAP net income or loss to both adjusted EBITDA and adjusted EBITDA margin, and an historical reconciliation of GAAP cash flows from operating activities to free cash flow.

Speaker #2: And with that, I will turn the call over to Jeremy.

Speaker #1: Thanks, Josh, and welcome, everyone. Yelp delivered record net revenue and strong profitability in 2025, driven by our focus on services and accelerated pace of product innovation.

Speaker #1: We introduced more than 55 new products and features, many powered by AI, as we continue to transform the experience for consumers and businesses. Overall, in 2025, net revenue increased by 4% year over year to $1.46 billion.

Speaker #1: We grew net income by 10% year over year to $146 million, representing a 10% net income margin. This resulted in 19% year over year growth in diluted earnings per share to $2.24.

Speaker #1: Adjusted EBITDA increased by 3% year over year to $369 million, representing a 25% adjusted EBITDA margin. Underlying our results, the operating environment for RRNO categories remained challenging, with revenue from these businesses declining 6% year over year to $444 million.

Speaker #1: At the same time, services drove our business performance, with advertising revenue from businesses in these categories up 8% year over year to a record $948 million, due to the strength in advertising demand and reflecting record revenue per location.

Speaker #1: Excluding projects acquired through our paid search initiative request-to-quote projects increased approximately 15% year over year driven by improvements to the flow and increased adoption of Yelp Assistant.

Speaker #1: Our AI chatbot continued to resonate with consumers in 2025, with request-to-quote project submissions through Yelp Assistant up more than 400% year over year, representing approximately 5% of all request-to-quote projects during the year.

Speaker #1: Total ad clicks decreased 7% year over year, driven primarily by macro pressures and to a lesser extent reduced spend on paid project acquisition in 2025 compared to 2024.

Speaker #1: Average cost per click increased 10% year over year, reflecting growth in advertiser demand in our services categories and fewer clicks overall. Total paying advertising locations decreased 3% year over year as softness in RRNO offset growth in services, while average revenue per location reached an annual record.

Speaker #1: It's the operating environment for RRNO categories remain challenging. With revenue from these businesses declining 6% year over year to $444 million. At the same time, services drove our business performance, with advertising revenue from businesses in these categories up 8% year over year to a record $948 million, due to the strength in advertising demand and reflecting record revenue per location.

Jeremy Stoppelman: The operating environment for RR&O categories remains challenging, with revenue from these businesses declining 6% year-over-year to $444 million. At the same time, services drove our business performance, with advertising revenue from businesses in these categories up 8% year-over-year to a record $948 million, due to the strength in advertising demand and reflecting record revenue per location. Excluding projects acquired through our paid search initiative, Request a Quote projects increased approximately 15% year-over-year, driven by improvements to the flow and increased adoption of Yelp Assistant. Our AI chatbot continued to resonate with consumers in 2025, with Request a Quote project submissions through Yelp Assistant up more than 400% year-over-year, representing approximately 5% of all Request a Quote projects during the year.

Speaker #1: Other revenue accelerated significantly, up 17% year over year, driven by growth in transaction, subscription, and data licensing revenue. We also continued to grow our review content in 2025.

Speaker #1: Yelp users contributed $22 million new reviews, bringing cumulative reviews to $330 million. App unique devices were down 2% year over year as consumers visited restaurants with reduced frequency.

Speaker #1: Over the past year, we meaningfully increased our focus on transforming Yelp with AI. We believe combining our authentic human-generated content with advanced AI presents a significant opportunity to redefine how people connect with local businesses.

Speaker #1: Total ad clicks decreased 7% year over year, driven primarily by macro pressures and to a lesser extent reduced spend on paid project acquisition in 2025 compared to 2024.

Jeremy Stoppelman: Total ad clicks decreased 7% year-over-year, driven primarily by macro pressures and, to a lesser extent, reduced spend on paid project acquisition in 2025 compared to 2024. Average cost per click increased 10% year-over-year, reflecting growth in advertiser demand in our services categories and fewer clicks overall. Total paying advertising locations decreased 3% year-over-year, as softness in RR&O offset growth in services, while average revenue per location reached an annual record. Other revenue accelerated significantly, up 17% year-over-year, driven by growth in transactions, subscription, and data licensing revenue. We also continued to grow our review content in 2025. Yelp users contributed 22 million new reviews, bringing cumulative reviews to 330 million. App-unique devices were down 2% year-over-year as consumers visited restaurants with reduced frequency. Over the past year, we meaningfully increased our focus on transforming Yelp with AI.

Speaker #1: Average cost per click increased 10% year over year, reflecting growth in advertiser demand in our Services categories and fewer clicks overall. Total paying advertising locations decreased 3% year over year as softness in RRNO offset growth in Services, while average revenue per location reached an annual record.

Speaker #1: Other revenue accelerated significantly, up 17% year over year, driven by growth in transactions, subscription, and data licensing revenue. We also continued to grow our review content in 2025.

Transforming Yelp with AI, We Believe combining our authentic human generated content with Advanced AI presents a significant opportunity to redefine how people connect with local businesses. We plan to build on our progress by investing in 3 strategies in 2026 first. We are reconceiving the Yelp experience to focus on delivering answers and actions. We set the stage for this in 2025 by introducing natural language search. Launching AI powered business, highlights and expanding Yelp assistance to our rno business pages.

We plan to further, expand Yelp assistance in 2026 to function, across categories, and entry points. With the goal of making local Discovery and task completion seamless.

Speaker #1: Yelp users contributed 22 million new reviews, bringing cumulative reviews to 330 million. App unique devices were down 2% year over year as consumers visited restaurants with reduced frequency.

We began testing this comprehensive experience in the fourth quarter and expect a fully roll it out. By the end of the first quarter to further close the loop between Discovery and action, we expanded our food ordering Network by adding hundreds of thousands of new restaurants, through our door Dash partnership and integrated repair Pals booking system into Yelp.

Jeremy Stoppelman: We believe combining our authentic human-generated content with advanced AI presents a significant opportunity to redefine how people connect with local businesses. We plan to build on our progress by investing in three strategic initiatives in 2026. First, we are reconceiving the Yelp experience to focus on delivering answers and actions. We set the stage for this in 2025 by introducing natural language search, launching AI-powered business highlights, and expanding Yelp Assistant to RR&O business pages. We plan to further expand Yelp Assistant in 2026 to function across categories and entry points, with the goal of making local discovery and task completion seamless. We began testing this comprehensive experience in Q4 and expect to fully roll it out by the end of Q1.

Second. We are delivering AI tools, that help service pros and other local businesses, grow operate and succeed.

Speaker #1: We plan to build on our progress by investing in three strategic initiatives in 2026. First, we are reconceiving the Yelp experience to focus on delivering answers and actions.

Speaker #1: We set the stage for this in 2025 by introducing natural language search, launching AI-powered business highlights, and expanding Yelp Assistant to RRNO business pages.

Building on years of investment in, delivering value to our advertisers. Our focus is Shifting toward becoming an even more valuable partner for businesses by helping them operate more efficiently, through AI powered Tools. In 2025, we introduced Yelp host, our AI powered call answering service for restaurants, which is answered more than 190,000 calls and handled thousands of Reser

Speaker #1: We plan to further expand Yelp Assistant in 2026 to function across categories and entry points, with the goal of making local discovery and task completion seamless.

Vashon, since launch.

Speaker #1: We began testing this comprehensive experience in the fourth quarter and expect to fully roll it out by the end of the first quarter. To further close the loop between discovery and action, we expanded our food ordering network by adding hundreds of thousands of new restaurants through our DoorDash partnership and integrated repair pals booking system into Yelp.

Jeremy Stoppelman: To further close the loop between discovery and action, we expanded our food ordering network by adding hundreds of thousands of new restaurants through our DoorDash partnership and integrated RepairPal's booking system into Yelp. Second, we are delivering AI tools that help service pros and other local businesses grow, operate, and succeed. Building on years of investment in delivering value to our advertisers, our focus is shifting toward becoming an even more valuable partner for businesses by helping them operate more efficiently through AI-powered tools. In 2025, we introduced Yelp Host, our AI-powered call answering service for restaurants, which has answered more than 190,000 calls and handled thousands of reservations since launch. In 2026, we plan to roll out further upgrades, including the ability to take food orders over the phone.

In 2026, we plan to roll out further upgrades, including the ability to take food orders over the phone to accelerate our broader strategy. We recently closed our acquisition of hatch a leading AI lead management platform for service pros with this acquisition. We've now shifted our focus in lead management from yel perceptionist, to supporting the rapid growth of hatch.

Speaker #1: Second, we are delivering AI tools that help service pros and other local businesses grow, operate, and succeed. Building on years of investment in delivering value to our advertisers, our focus is shifting toward becoming an even more valuable partner for businesses by helping them operate more efficiently through AI-powered tools.

Speaker #1: In 2025, we introduced Yelp Host, our AI-powered call answering service for restaurants, which is answered more than 190,000 calls and handled thousands of reservations since launch.

Lastly we are further, extending our reach to power local Discovery across the AI ecosystem. As search evolves towards AI. We believe the value of our first party data, including 330 million reviews, nearly 500 million photos, and more than 8 million business. Listings is becoming increasingly clear in 2025. We saw strong demand for our data licensing products and we recently signed an agreement with openai

We believe we are well positioned to be the essential partner. Providing trusted, local content, and enabling actions. Whenever consumers are making local decisions.

Speaker #1: In 2026, we plan to roll out further upgrades, including the ability to take food orders over the phone. To accelerate our broader strategy, we recently closed our acquisition of Hatch, a leading AI lead management platform for service pros.

Jeremy Stoppelman: To accelerate our broader strategy, we recently closed our acquisition of Hatch, a leading AI lead management platform for service pros. With this acquisition, we've now shifted our focus in lead management from Yelp Receptionist to supporting the rapid growth of Hatch. Lastly, we are further extending our reach to power local discovery across the AI ecosystem. As search evolves towards AI, we believe the value of our first-party data, including 330 million reviews, nearly 500 million photos, and more than 8 million business listings, is becoming increasingly clear. In 2025, we saw strong demand for our data licensing products, and we recently signed an agreement with OpenAI. We believe we are well-positioned to be the essential partner, providing trusted local content and enabling actions whenever consumers are making local decisions.

Speaker #1: With this acquisition, we've now shifted our focus in lead management from Yelp Receptionists to supporting the rapid growth of Hatch. Lastly, we are further extending our reach to power local discovery across the AI ecosystem.

In summary our focus on product Innovation and the differentiated Services experience. Once again, drove our results in 2025 looking ahead. We are confident in our ability to transform Yelp with AI in ways that play to the strengths of our business. We plan to increase our investments in 2026 inclusive of our recent acquisition of hatch to capitalize on this opportunity and deliver long-term sustainable growth with that. I'll turn it over to David.

Speaker #1: As search evolves towards AI, we believe the value of our first-party data—including 330 million reviews, nearly 500 million photos, and more than 8 million business listings—is becoming increasingly clear.

Thanks for that for your review. Jeremy before I discuss our fourth quarter results, I'd like to take a moment to highlight the progress. We've made transforming yelp's business over the last 5 years.

Through our product LED growth strategy, and discipline.

Speaker #1: In 2025, we saw strong demand for our data licensing products, and we recently signed an agreement with OpenAI. We believe we are well positioned to be the essential partner providing trusted local content and enabling actions whenever consumers are making local decisions.

Expense management through our commitment to share repurchases. We reduced our fully diluted share Talent, which includes outstanding, stock options, rsus and psus.

Speaker #1: In summary, our focus on product innovation and the differentiated services experience once again drove our results in 2025, looking ahead. We are confident in our ability to transform Yelp with AI in ways that play to the strengths of our business.

Jeremy Stoppelman: In summary, our focus on product innovation and a differentiated services experience once again drove our results in 2025. Looking ahead, we are confident in our ability to transform Yelp with AI in ways that play to the strengths of our business. We plan to increase our investments in 2026, inclusive of our recent acquisition of Hatch, to capitalize on this opportunity and deliver long-term sustainable growth. With that, I'll turn it over to David.

from 86 million to 67 million, a 22 reduction between December 31st 2021 and December 31st 2025,

Combined with our demonstrated profitability.

Speaker #1: We plan to increase our investments in 2026, inclusive of our recent acquisition of Hatch, to capitalize on this opportunity and deliver long-term sustainable growth.

Speaker #1: With that, I'll turn it over to David.

Speaker #2: Thanks for that four-year review, Jeremy. Before I discuss our fourth-quarter results, I'd like to take a moment to highlight the progress we've made transforming Yelp's business over the last five years through our product-led growth strategy and disciplined expense management.

David Schwarzbach: Thanks for that full-year review, Jeremy. Before I discuss our Q4 results, I'd like to take a moment to highlight the progress we've made transforming Yelp's business over the last 5 years through our product-led growth strategy and disciplined expense management. Through our commitment to share repurchases, we've reduced our fully diluted share count, which includes outstanding stock options, RSUs, and KRSUs from 86 million to 67 million, a 22% reduction between 31 December 2021 and 31 December 2025. Combined with our demonstrated profitability, this drove earnings per diluted share of $2.24 in 2025, a more than fourfold increase from 2021.

This drove earnings per diluted share of 2.224 in 2025 more than 4-fold increase. From 2021 in short Yelp enters 2026 from a position of Greater Financial strength, with net income of 146, million in 2025, adjusted, Eva of 369 million cash flow from operations of 372 million, and record free, cash flow of 324 million.

Speaker #2: Through our commitment to share repurchases, we've reduced our fully diluted share count—which includes outstanding stock options, RSUs, and PRSUs—from 86 million to 67 million, a 22% reduction between December 31, 2021, and December 31, 2025.

Turning to our fourth quarter results, net revenue decreased by 1% year-over-year for 360 million 2 million dollars above the midpoint of our Outlook range. Net income decreased by 10% year-over-year. To 38 million representing a 10% margin adjusted, Eva dog decreased by 15% year-over-year to 86 million.

Speaker #2: Combined with our demonstrated profitability, this drove earnings per diluted share of $2.24 in 2025—a more than four-fold increase from 2021. In short, Yelp enters 2026 from a position of greater financial strength, with net income of $146 million in 2025, adjusted EBITDA of $369 million, cash flow from operations of $372 million, and record free cash flow of $324 million.

7 million dollars above the midpoint of our Outlook range. Representing a 24% margin.

As Jeremy mentioned, Topline growth was driven by performance in our services categories throughout the year.

David Schwarzbach: In short, Yelp enters 2026 from a position of greater financial strength, with net income of $146 million in 2025, Adjusted EBITDA of $369 million, cash flow from operations of $372 million, and record free cash flow of $324 million. Turning to our Q4 results, net revenue decreased by 1% year-over-year to $360 million, $2 million above the midpoint of our outlook range. Net income decreased by 10% year-over-year to $38 million, representing a 10% margin. Adjusted EBITDA decreased by 15% year-over-year to $86 million, $7 million above the midpoint of our outlook range, representing a 24% margin. As Jeremy mentioned, top-line growth was driven by performance in our services categories throughout the year.

Speaker #2: Turning to our fourth-quarter results, net revenue decreased by 1% year over year to $360 million. $2 million above the midpoint of our outlook range.

A decrease in rrno locations combined with flat Services locations in the fourth quarter resulted, in an overall decline of 5% year-over-year in paying advertising locations to 496,000.

Speaker #2: Net income decreased by 10% year over year to $38 million, representing a 10% margin. Adjusted EBITDA decreased by 15% year over year to $86 million.

Speaker #2: $7 million above the midpoint of our outlook range representing a 24% margin. As Jeremy mentioned, top-line growth was driven by performance in our services categories throughout the year.

Turning to expenses for the year are 2025 results highlight both our ability to deliver profitable growth and the margin potential of our product LED strategy with the net income margin of 10% and an adjusted ibido margin of 25%. We again, kept account approximately flat year-over-year in 2025 demonstrating, our continued commitment to disciplined expense management.

Speaker #2: Advertising revenue and services increased by 3% year over year in the fourth quarter to $231 million. Conversely, restaurants and retailers remained pressured in the quarter, resulting in a 12% year-over-year decline in RRNO revenue, the $107 million.

David Schwarzbach: Advertising revenue and services increased by 3% year-over-year in Q4 to $231 million. Conversely, restaurants and retailers remained pressured in the quarter, resulting in a 12% year-over-year decline in RR&O revenue to $107 million. A decrease in RR&O locations, combined with flat services locations in Q4, resulted in an overall decline of 5% year-over-year in paying advertising locations to 496,000. Turning to expenses for the year, our 2025 results highlight both our ability to deliver profitable growth and the margin potential of our product-led strategy, with a net income margin of 10% and an Adjusted EBITDA margin of 25%. We again kept headcount approximately flat year-over-year in 2025, demonstrating our continued commitment to disciplined expense management.

We see a significant opportunity to drive growth in other Revenue through our AI transformation and plan to increase our investments to capitalize on this opportunity in 2026.

Speaker #2: A decrease in RRNO locations, combined with flat services locations in the fourth quarter, resulted in an overall decline of 5% year over year in paying advertising locations to $496,000.

Excluding the recently integrated hash team. We expect headcount growth to again, remain approximately flat year-over-year in 2026 reflecting both our commitment to driving leverage in the business, through our product, ledge strategy, and our team's ability to deliver operational. Efficiencies using AI,

Speaker #2: Turning to expenses for the year, our 2025 results highlight both our ability to deliver profitable growth and the margin potential of our product-led strategy with a net income margin of 10% and an adjusted EBITDA margin of 25%.

We also remain focused on increasing the quality of our adjusted. Evita in recent years, we have taken significant actions to ship our compensation mix between stock and cash.

Speaker #2: We again kept headcount approximately flat year over year in 2025, demonstrating our continued commitment to disciplined expense management. We see a significant opportunity to drive growth in other revenue through our AI transformation and plan to increase our investments to capitalize on this opportunity in 2026.

Well, we expect the full impact of these efforts to stack over time in 2025. We were able to reduce stock-based compensation expense as a percentage of Revenue by 2 percentage points from the previous year.

David Schwarzbach: We see a significant opportunity to drive growth in other revenues through our AI transformation and plan to increase our investments to capitalize on this opportunity in 2026. Excluding the recently integrated Hatch team, we expect headcount growth to again remain approximately flat year-over-year in 2026, reflecting both our commitment to driving leverage in the business through our product-led strategy and our team's ability to deliver operational efficiency using AI. We also remain focused on increasing the quality of our Adjusted EBITDA. In recent years, we have taken significant action to shift our compensation mix between stock and cash. While we expect the full impact of these efforts to stack over time, in 2025, we were able to reduce stock-based compensation expense as a percentage of revenue by 2 percentage points from the previous year.

In line with our Target set in 2023 SBC as a percentage of Revenue in the month of December 2025 declined to below 8%. We continue to expect that. We will reduce SBC expense to less than 6% of Revenue by the end of 2027.

Speaker #2: Excluding the recently integrated Hatch team, we expect headcount growth to again remain approximately flat year over year in 2026, reflecting both our commitment to driving leverage in the business through our product-led strategy and our team's abilities to deliver operational efficiency using AI.

In 2026. We are to point Capital to support our growth. Initiatives through investments, in our, our transformation, our acquisition of patch and incremental investment in paid search

We intend to continue evaluating potential strategic Acquisitions and repurchasing shares subject to marketing economic conditions.

Speaker #2: We also remain focused on increasing the quality of our adjusted EBITDA in recent years. We have taken significant actions to shift our compensation mix between stock and cash.

Speaker #2: What we expect the full impact of these efforts to stack over time in 2025, we were able to reduce stock-based compensation expense as a percentage of revenue by 2 percentage points from the previous year.

In 2025, we repurchased, 292 Million worth of shares at an average purchase price of $33.29 per share, including 88.5 Million worth of shares. We purchased in the fourth quarter.

As of December 31st 2025, we had 38.8 million remaining, under our existing repurchase authorization.

Speaker #2: In line with our target set in 2023, SBC as a percentage of revenue in the month of December 2025 declined to below 8%. We continue to expect that we will reduce SBC expense to less than 6% of revenue by the end of 2027.

David Schwarzbach: In line with our target set in 2023, SBC, as a percentage of revenue in the month of December 2025, declined to below 8%. We continue to expect that we will reduce SBC expense to less than 6% of revenue by the end of 2027. In 2026, we are deploying capital to support our growth initiatives through investments in our AI transformation, our acquisition of Hatch, and incremental investment in paid search. We intend to continue evaluating potential strategic acquisitions and repurchasing shares, subject to market and economic conditions. In 2025, we repurchased $292 million worth of shares at an average purchase price of $33.29 per share, including $88.5 million worth of shares repurchased in Q4.

To support our ongoing repurchase plans in February 2026. Our board of directors authorized an additional 500 million for share repurchases.

Speaker #2: In 2026, we are deploying capital to support our growth initiatives through investments in our AI transformation, our acquisition of Hatch, and incremental investment in paid search.

Speaker #2: We intend to continue evaluating potential strategic acquisitions and repurchasing shares subject to market and economic conditions. In 2025, we repurchased $292 million worth of shares at an average purchase price of $33.29 per share, including 88.5 million worth of shares repurchased in the fourth quarter.

Turning to our Outlook. We continue to believe in the significant long-term growth opportunities ahead as we focus, our investments on high return areas. We expect many of the same trends that characterize 2025, to persist into 2026 continuing to negatively impact advertising revenue for the year.

We anticipate the opportunity and other revenue and services to continue to drive our business performance. While our rno remains pressured, as a result for the first quarter of 2026. We expect net revenue will be in the range of 350 million to 3555 million.

Speaker #2: As of December 31, 2025, we had 38.8 million remaining under our existing repurchase authorization. To support our ongoing repurchase plans in February 2026, our board of directors authorized an additional $500 million for share repurchases.

David Schwarzbach: As of 31 December 2025, we had $38.8 million remaining under our existing repurchase authorization. To support our ongoing repurchase plans, in February 2026, our board of directors authorized an additional $500 million for share repurchases. Turning to our outlook, we continue to believe in the significant long-term growth opportunities ahead as we focus our investments on high-return areas. We expect many of the same trends that characterized 2025 to persist into 2026, continuing to negatively impact advertising revenue for the year. We anticipate the opportunity in other revenue and services to continue to drive our business performance, while RR&O remains pressured. As a result, for Q1 2026, we expect net revenue will be in the range of $350 million to $355 million.

For the full year, we expect net revenue will be in the range of 1.455 billion to 1.475 billion.

Speaker #2: Turning to our outlook, we continue to believe in the significant long-term growth opportunities ahead as we focus our investments on high-return areas. We expect many of the same trends that characterize 2025 to persist into 2026, continuing to negatively impact advertising revenue for the year.

Speaker #2: We anticipate the opportunity in other revenue and services to continue to drive our business performance, while RRNO remains pressured. As a result, for the first quarter of 2026, we expect net revenue will be in the range of $350 million to $355 million.

Turning to margin, we anticipate expenses will increase seasonally from the fourth quarter of 2025, to the first quarter of 2026, primarily driven by payroll, taxes and benefits. As a result. We expect first quarter adjusted in the da will be in the range of 58 million to 63 million. For the full year, we expect expenses to increase driven primarily by investments in our AI transformation and paid traffic acquisition and in Hatch operations, as a result. We expect adjusting the dots for the full year to be in the range of 310 million, to 330 million in closing yelp's, 2025 results. Reflect both discipline, execution, and the margin potential of our product LED strategy. We continue to believe in the opportunities ahead to create.

Speaker #2: For the full year, we expect net revenue will be in the range of $1.455 billion to $1.475 billion. Turning to margin, we anticipate expenses will increase seasonally from the fourth quarter of 2025 to the first quarter of 2026, primarily driven by payroll taxes and benefits.

David Schwarzbach: For the full year, we expect net revenue will be in the range of $1.455 to 1.475 billion. Turning to margin, we anticipate expenses will increase seasonally from Q4 of 2025 to Q1 of 2026, primarily driven by payroll taxes and benefits. As a result, we expect first quarter Adjusted EBITDA will be in the range of $58 to 63 million. For the full year, we expect expenses to increase, driven primarily by investments in our AI transformation, in paid traffic acquisition, and in Hatch operations. As a result, we expect Adjusted EBITDA for the full year to be in the range of $310 to 330 million.

David Schwarzbach: For the full year, we expect net revenue will be in the range of $1.455 to 1.475 billion. Turning to margin, we anticipate expenses will increase seasonally from Q4 of 2025 to Q1 of 2026, primarily driven by payroll taxes and benefits. As a result, we expect Q1 Adjusted EBITDA will be in the range of $58 to 63 million. For the full year, we expect expenses to increase, driven primarily by investments in our AI transformation, in paid traffic acquisition, and in Hatch operations. As a result, we expect Adjusted EBITDA for the full year to be in the range of $310 to 330 million.

Careful to Value over the long term as we invest in our AI transformation to drive, sustainable business performance with that operator, please open up the line for questions.

Thank you so much. And at this time I would like to remind everyone in order to ask a question. Press star, then the number 1 on your telephone keypad. Once again star 1.

Speaker #2: As a result, we expect first quarter adjusted EBITDA will be in the range of $58 million to $63 million. For the full year, we expect expenses to increase, driven primarily by investments in our AI transformation and paid traffic acquisition and in Hatch operations.

And we will pause. Just a moment to compile the Q&A roster.

All right, looks like our first question today comes from the line of Robert Kubrick with evercore isi Robert. Please go ahead.

Speaker #2: As a result, we expect adjusted EBITDA for the full year to be in the range of $310 million to $330 million. In closing, Yelp's 2025 results reflect both disciplined execution and the margin potential of our product-led strategy.

David Schwarzbach: In closing, Yelp's 2025 results reflect both disciplined execution and the margin potential of our product-led strategy. We continue to believe in the opportunities ahead to create shareholder value over the long term as we invest in our AI transformation to drive sustainable business performance. With that, operator, please open up the line for questions.

Speaker #2: We continue to believe in the opportunities ahead to create shareholder value over the long term as we invest in our AI transformation to drive sustainable business performance.

And services files. Uh this year versus last year, just wondering if you could maybe comment on that a bit and and what you're looking for from uh the services business in 26, then I'll just have a quick follow up on openai. Thank you.

Speaker #2: With that, operator, please open up the line for questions.

Speaker #1: Thank you so much. And at this time, I would like to remind everyone that, in order to ask a question, please press star, then the number one on your telephone keypad.

Operator: Thank you so much. And at this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. Once again, star one. And we will pause just a moment to compile the Q&A roster. All right, looks like our first question today comes from the line of Robert Coolbrith with Evercore ISI. Robert, please go ahead.

Speaker #1: Once again, star one. And we will pause just a moment to compile the Q&A roster. All right. Looks like our first question today comes from the line of Robert Culbreth with Evercore ISI.

Speaker #1: Robert, please go ahead.

Speaker #3: Great. Thanks for the opportunity to ask a question. Just wanted to ask about the environment for services both on the consumer and the service provider side.

Robert Coolbrith: Great. Thanks for, thanks for the opportunity to ask a question. Just wanted to ask about the environment for services, both on the consumer and the service provider sides. You saw some deceleration in Q4 in revenue and a little bit steeper sequential decline in services business this year versus last. Just wondering if you could maybe comment on that a bit and, and what you're looking for from the services business in 2026. Then I'll just have a quick follow-up on OpenAI. Thank you.

Speaker #3: So you saw some deceleration in Q4 in revenue a little bit steeper sequential decline in services pals. This year versus last. Just wondering if you could maybe comment on that a bit and what you're looking for from the services business in '26.

Speaker #3: Then I'll just have a quick follow-up on OpenAI. Thank you.

Speaker #2: Sure. I can kick things off here, Robert. Thanks for the question. Services demand, I think, has softened a bit. Where we really see it hit hard with respect to the consumer and the overall macro environment was RRNO.

David Schwarzbach: Sure. I can kick things off here, Robert. Thanks for the question. You know, services demand, I think, has softened a bit. You know, where we really see it hit hard, in with respect to the consumer and the overall macro environment was RR&O. But, you know, I would say it's spilled over to services somewhat, not to the same extent, obviously.

Jed Nachman: Sure. I can kick things off here, Robert. Thanks for the question. You know, services demand, I think, has softened a bit. You know, where we really see it hit hard, in with respect to the consumer and the overall macro environment was RR&O. But, you know, I would say it's spilled over to services somewhat, not to the same extent, obviously. Yeah, so then it gets to the question of what are we doing? Well, we're really leaning in with Yelp Assistant. So that's our key investment there. You know, we've been working on that for some time, particularly in the services side, but we rolled it out last year to business pages, and we're looking forward to bringing it cross-category.

Sure, I can kick things off here. Robert, thanks for the question. Uh, you know, Services demand, I think has softened a bit, you know, where we really see it hit hard uh, in with respect to the consumer and overall macro environment was rno. Um, but you know, I would say it's it's spelled over to Services somewhat not to the same extent obviously, um, you know, so then it gets to the question of of what are we doing? Well, we're really leaning in, uh, with Yelp assistant. Uh, so that's our key investment there. Um, you know, we've been working on that for some time particularly in the services side but uh we rolled it out last year to businesses business Pages. Um and we're looking forward to bringing it cross category we think uh transforming the consumer experience through AI is really a great opportunity for us. Um you know obviously AI is a very disruptive Force for a lot of companies out there um and so we're we're really riding that wave. We think consumers are going to expect to have a more

Speaker #2: But I would say it's spilled over to services somewhat, not to the same extent, obviously. So then it gets to the question of what are we doing?

Jeremy Stoppelman: ... Yeah, so then it gets to the question of what are we doing? Well, we're really leaning in with Yelp Assistant. So that's our key investment there. You know, we've been working on that for some time, particularly in the services side, but we rolled it out last year to business pages, and we're looking forward to bringing it cross-category. We think transforming the consumer experience through AI is really a great opportunity for us. You know, obviously, AI is a very disruptive force for a lot of companies out there. And so we're really riding that wave. We think consumers are going to expect to have a more chat-like interface in general to a service like Yelp, and so we're eager to bring that to our consumers, drive engagement.

Speaker #2: Well, we're really leaning in with Yelp Assistant. So that's our key investment there. We've been working on that for some time, particularly in the services side.

Speaker #2: But we rolled it out last year. The business pages and we're looking forward to bringing it cross-category. We think transforming the consumer experience through AI is really a great opportunity for us.

Jed Nachman: We think transforming the consumer experience through AI is really a great opportunity for us. You know, obviously, AI is a very disruptive force for a lot of companies out there. And so we're really riding that wave. We think consumers are going to expect to have a more chat-like interface in general to a service like Yelp, and so we're eager to bring that to our consumers, drive engagement. And of course, as those users engage with it in high-frequency categories like restaurants, you expect them to eventually get to services categories as well. And, you know, when you're in Yelp Assistant, that's a fully monetized experience with Request a Quote. So we're really excited to get that out. We expect to begin our launch in towards the end of Q1 here.

Speaker #2: Obviously, AI is a very disruptive force for a lot of companies out there, and so we're really riding that wave. We think consumers are going to expect to have a more chat-like interface in general to a service like Yelp, and so we're eager to bring that to our consumers, drive engagement.

Shot like interface in general to a service like y'all. Uh and so we're eager to bring that to our consumers Drive engagement and of course as those users engage with it and high frequency categories like restaurants who expect them to eventually get to Services categories as well. And you know, when you're in the office assistant that's a fully monetized experience with request to quote. Uh, so we're really excited uh to get that out. We expect to begin our launch uh in towards the end of uh of q1 here and that, that's just the beginning. Of course, we plan to continue to invest in in that uh, to bring other uh, actions, uh, into Yelp assistance. So things like making reservations or booking appointments or having a service provider show up at your house, those are all on the road map. So we're looking forward to executing on that and then, uh, where we continue to lean into a multi-location Services. That's a big opportunity. There we've historically been under penetrated, we've made a lot of progress. Uh, We've also found ways uh, to deliver additional traffic uh, go out and acquire some traffic.

Speaker #2: And of course, as those users engage with it in high-frequency categories like restaurants, you would expect them to eventually get to services categories as well.

Jeremy Stoppelman: And of course, as those users engage with it in high-frequency categories like restaurants, you expect them to eventually get to services categories as well. And, you know, when you're in Yelp Assistant, that's a fully monetized experience with Request a Quote. So we're really excited to get that out. We expect to begin our launch in towards the end of Q1 here. And that's just the beginning. Of course, we plan to continue to invest in that to bring other actions into Yelp Assistant, so things like making reservations or booking appointments or having a service provider show up at your house. Those are all on the roadmap, so we're looking forward to executing on that. And then, we continue to lean into multi-location services. That's a big opportunity there. We've historically been underpenetrated.

For those customers. And and that can generate incremental Revenue as well. So we do have a lot of bets that, that we're placing this year, um, you know, they can improve things on the services side. Look, forward to reporting back on that.

Speaker #2: And when you're in Yelp Assistant, that's a fully monetized experience with request-to-quote. So we're really excited to get that out. We expect to begin our launch in towards the end of Q1 here.

Speaker #2: And that's just the beginning, of course. We plan to continue to invest in that. To bring other actions into Yelp Assistant. So things like making reservations or booking appointments or having a service provider show up at your house.

Jed Nachman: And that's just the beginning. Of course, we plan to continue to invest in that to bring other actions into Yelp Assistant, so things like making reservations or booking appointments or having a service provider show up at your house. Those are all on the roadmap, so we're looking forward to executing on that. And then, we continue to lean into multi-location services. That's a big opportunity there. We've historically been underpenetrated. We've made a lot of progress. We've also found ways to deliver additional traffic, go out and acquire some traffic for those customers, and that can generate incremental revenue as well. So we do have a lot of bets that we're placing this year, you know, that can improve things on the services side. Look forward to reporting back on that.

Great, thanks. And just on opening anything you could tell us, maybe about the general outline of the deal. Uh, if that could be a positive factor for traffic exposure to younger user cohorts, and so forth. And addition to uh whatever monetization opportunity, there might be, thank you

Sure.

Speaker #2: Those are all on the roadmap. So we're looking forward to executing on that. And then we continue to lean into a multi-location services. That's a big opportunity there.

Speaker #2: We've historically been underpenetrated. We've made a lot of progress. We've also found ways to deliver additional traffic, go out and acquire some traffic for those customers.

Jeremy Stoppelman: We've made a lot of progress. We've also found ways to deliver additional traffic, go out and acquire some traffic for those customers, and that can generate incremental revenue as well. So we do have a lot of bets that we're placing this year, you know, that can improve things on the services side. Look forward to reporting back on that.

Speaker #2: And that can generate incremental revenue as well. So we do have a lot of bets that we're placing this year that can improve things on the services side.

Speaker #2: Look forward to reporting back on that.

Speaker #3: Great. Thanks. And just on OpenAI, anything you could tell us

Robert Coolbrith: Great. Thanks. And just on OpenAI, anything you'd tell us maybe about the general outline of the deal, if that could be a positive factor for traffic, exposure to younger user cohorts, and so forth, in addition to whatever monetization opportunity there might be? Thank you.

Speaker #1: Maybe about the general outline of the deal If that could be a positive factor for traffic exposure to younger user cohorts and so forth .

Speaker #1: In addition to whatever monetization opportunity there might be . Thank you

Speaker #2: Sure

Jeremy Stoppelman: Sure. Yeah, I'll take this one as well on OpenAI. Great to have an agreement there. A couple quarters ago, we flagged for investors that, hey, we were seeing really high-quality conversations in that area. Deals were being signed. It was still early days. And I think, you know, this is an important milestone on that journey. Yelp has really great content, millions of human-written reviews, really critical content, critical information. If you want to deliver an experience, you know, a general search experience, eventually, those consumers are gonna be asking questions with local intent. That's, you know, historically. You know, Google's reported that something like 50% of queries on traditional search have local intent. And if you're trying to compete with Google, like many of these folks are, you really need that high-quality content, and Yelp has it.

Jed Nachman: Sure. Yeah, I'll take this one as well on OpenAI. Great to have an agreement there. A couple quarters ago, we flagged for investors that, hey, we were seeing really high-quality conversations in that area. Deals were being signed. It was still early days. And I think, you know, this is an important milestone on that journey. Yelp has really great content, millions of human-written reviews, really critical content, critical information. If you want to deliver an experience, you know, a general search experience, eventually, those consumers are gonna be asking questions with local intent. That's, you know, historically. You know, Google's reported that something like 50% of queries on traditional search have local intent. And if you're trying to compete with Google, like many of these folks are, you really need that high-quality content, and Yelp has it.

Speaker #3: Yeah , I'll take this one as well . On open AI . Great to have an agreement there . A couple quarters ago we flagged for investors that , hey , we were seeing really high quality conversations in that area .

Uh yeah, I'll take this 1 as well on open AI, great to have an agreement there. Um, a couple quarters ago, we flagged uh for investors that. Hey, we were seeing really high quality conversations in that area deals were being signed. It was still early days and I think, you know, this is an important Milestone on that Journey. Uh, Yelp has really great content, millions of human written reviews, really critical content, critical information if you want to deliver an experience, um, you know, General search experience. I'll eventually those consumers are going to be asking questions, uh, with local intent. That's, you know, historically with, you know, Google's reported that's something like 50% of queries on traditional search have local intent. Um and if you're trying to compete with Google, like many of these folks, are you really need that high quality content and Yelp has it. And so we're seeing that reflected both in this agreement as well as others and the conversations are continuing. This isn't the last 1 we expect to do.

Speaker #3: Deals were being signed . It was still early days , and I think , you know , this is an important milestone on that journey .

I guess I I would finish with, you know, where does that show up on the revenue side? You know, other Revenue, uh, is where data licensing lives. Uh, it's up 17% year-over-year. And actually in the fourth quarter that accelerated uh was up 30% or 33%.

Speaker #3: Yelp has really great content , millions of human written reviews really critical content , critical information . If you want to deliver an experience , you know , general search experience , eventually those consumers are going to be asking questions with local intent .

Got it. Great. Thank you very much.

Thank you, Robert.

And our next question comes from the line of Jason Cryer with Craig Hallam Jason. Please go ahead.

Speaker #3: That's , you know , historically with Google's reported that something like 50% of queries on traditional search have local intent . And if you're trying to compete with Google , like many of these folks are , you really need that high quality content .

All right, great, thank you. Um, so you talked about this AI transition, just wondering if you can talk about what that looks like through the lens of the consumer. Like how does how does this evolve in terms of consumers, interacting with Yelp and, and consumers, interacting with your customers over time?

Speaker #3: And Yelp has it . And so we're seeing that reflected both in this agreement as well as others . And the conversations are continuing .

Jeremy Stoppelman: So we're seeing that reflected both in this agreement as well as others, and the conversations are continuing. This isn't the last one we expect to do. I guess, I've, I would finish with, you know, where does that show up on the revenue side? You know, other revenue is where data licensing lives. It's up 17% year-over-year, and actually, in Q4, that accelerated, and was up 30% or 33%.

Jed Nachman: So we're seeing that reflected both in this agreement as well as others, and the conversations are continuing. This isn't the last one we expect to do. I guess, I've, I would finish with, you know, where does that show up on the revenue side? You know, other revenue is where data licensing lives. It's up 17% year-over-year, and actually, in Q4, that accelerated, and was up 30% or 33%.

Speaker #3: This isn't the last one. We expect to do — I guess I would finish with, you know, where does that show up on the revenue side?

Speaker #3: You know, other revenue is where data licensing lives. It's up 17% year over year. And actually, in the fourth quarter, that accelerated—it was up 30% or 33%.

Speaker #1: Got it. Great. Thank you very much.

Robert Coolbrith: Got it. Great. Thank you very much.

Jeremy Stoppelman: Sure thing.

Jed Nachman: Sure thing.Thank you, Robert.

Speaker #2: Thank you Robert . And our next question comes from the line of Jason Cryer with Craig-hallum . Jason , please go ahead .

Operator: Thank you, Robert. And our next question comes from the line of Jason Kreyer with Craig-Hallum. Jason, please go ahead.

Operator: And our next question comes from the line of Jason Kreyer with Craig-Hallum. Jason, please go ahead.

Jason Kreyer: All right. Great. Thank you. So you talked about this AI transition. Just wondering if you can talk about what that looks like through the lens of the consumer. Like, how does this evolve in terms of consumers interacting with Yelp and consumers interacting with your customers over time?

Speaker #3: Great. Thank you. So you talked about this AI transition. Just wondering if you can talk about what that looks like through the lens of the consumer.

Speaker #3: Like how does how does this evolve in terms of consumers interacting with Yelp and consumers interacting with your customers over time Yeah . Happy to answer that Yeah , yeah , AI is a very disruptive force and I think it's changing consumer expectations .

Jeremy Stoppelman: Yeah, happy to answer that. Yeah, yeah, obviously, AI is a very disruptive force, and I think it's changing consumer expectations. You know, how are we approaching that? Well, first and foremost, on the consumer experience, we're really trying to leverage AI everywhere that we can. We've rolled out lots of features that are powered by AI. One of the first things we did was enhance our search, so you can actually enter natural language queries in there and get back much better answers than you could, you know, prior to that. But with Yelp Assistant, that was our foray. We've been working on that for some time, you know, conversational, initially focused on the services experience that has driven a lot of projects, incremental projects.

Jed Nachman: Yeah, happy to answer that. Yeah, yeah, obviously, AI is a very disruptive force, and I think it's changing consumer expectations. You know, how are we approaching that? Well, first and foremost, on the consumer experience, we're really trying to leverage AI everywhere that we can. We've rolled out lots of features that are powered by AI. One of the first things we did was enhance our search, so you can actually enter natural language queries in there and get back much better answers than you could, you know, prior to that. But with Yelp Assistant, that was our foray. We've been working on that for some time, you know, conversational, initially focused on the services experience that has driven a lot of projects, incremental projects.

Speaker #3: You know , how are we approaching that ? Well , first and foremost on the consumer experience , we're really trying to leverage AI everywhere that we can .

Speaker #3: We've rolled out lots of features that are powered by AI . One of the first things we did was enhance our search . So you can actually enter a natural language .

Enhance our search. So you can actually enter uh, natural language queries in there and get back much better answers than you could, um, you know, prior to that. Um, but with Yelp assistant, that was our foray, we we've been working on that for some time, you know, conversational initially focused on the services experience that has driven a lot of projects incremental projects. Um, and in fact as we rolled it out, we've seen uh really great adoption there. Up to 400% in terms of projects going through Yelp assistant, um, you know, fast forward a little bit there and we brought it to business pages. And so now consumers uh which more frequently, they're having this expectation of you, you land on a business page, you don't want to read through all the information, you just want to get, you know, the needle and the hay stack. And so consumers are now able to do that type in a question about a business that digs into the photos, it digs into the reviews, um, and it comes back with relevant information and that was sort of a, a milestone on our way to where we're headed towards the end of this quarter, which is the cross category, Yelp,

Speaker #3: Queries in there and get back much better answers than you could . You know , prior to that . But with Yelp assistant , that was our foray .

Speaker #3: We’ve been working on that for some time. Conversational initially focused on the services experience, and that has driven a lot of projects—incremental projects.

Jeremy Stoppelman: And in fact, as we rolled it out, we've seen really great adoption there, up to 400% in terms of projects going through Yelp Assistant. You know, fast-forward a little bit there, and we brought it to business pages, and so now consumers, which, more frequently, they're having this expectation of, you land on a business page, you don't want to read through all the information, you just want to get, you know, the needle in the haystack. And so consumers are now able to do that, type in a question about a business. It digs into the photos, it digs into the reviews, and it comes back with relevant information. And that was sort of a milestone on our way to where we're headed towards the end of this quarter, which is a cross-category Yelp Assistant.

Speaker #3: And in fact , as we rolled it out , we've seen really great adoption there , up 400% in terms of projects going through Yelp assistant , you know , fast forward a little bit there , and we brought it to business pages .

Jed Nachman: And in fact, as we rolled it out, we've seen really great adoption there, up to 400% in terms of projects going through Yelp Assistant. You know, fast-forward a little bit there, and we brought it to business pages, and so now consumers, which, more frequently, they're having this expectation of, you land on a business page, you don't want to read through all the information, you just want to get, you know, the needle in the haystack. And so consumers are now able to do that, type in a question about a business. It digs into the photos, it digs into the reviews, and it comes back with relevant information. And that was sort of a milestone on our way to where we're headed towards the end of this quarter, which is a cross-category Yelp Assistant.

Assistant, um, and that's really exciting because you can ask it, you know, any question about a local business it's or, you know what your need is, uh, or whether it's a service request, it'll guide you through that process and ultimately match you with businesses, 1 of the great things, you know, back to that needle in a, in a hay stack, uh, comment, is that we're able to back up a user's question or user's request with great data. So photos that are an example of what they're looking for or, you know, Snippets right out of review.

Speaker #3: And so now, consumers, which more frequently, they're having this expectation of—you land on a business page, you don't want to read through all the information.

Speaker #3: You just want to get, you know, the needle in the haystack. And so, consumers are now able to do that.

Speaker #3: Type in a question about a business . It digs into the photos . It digs into the reviews . And it comes back with relevant information .

Speaker #3: And that was sort of a milestone on our way to where we're headed towards the end of this quarter, which is across-category Yelp Assistant.

Speaker #3: And that's really exciting because you can ask it any question about a local business or you know , what your need is , or whether it's a service request .

Jeremy Stoppelman: And that's really exciting because you can ask it, you know, any question about a local business, or, you know, what your need is, or whether it's a service request, it'll guide you through that process and ultimately match you with businesses. One of the great things, you know, back to that needle in a haystack comment, is that we're able to back up a user's question or user's request with great data, so photos that are an example of what they're looking for or, you know, snippets right out of reviews and get really precise. We think that's gonna delight consumers. Ultimately, that's our goal.

Jed Nachman: And that's really exciting because you can ask it, you know, any question about a local business, or, you know, what your need is, or whether it's a service request, it'll guide you through that process and ultimately match you with businesses. One of the great things, you know, back to that needle in a haystack comment, is that we're able to back up a user's question or user's request with great data, so photos that are an example of what they're looking for or, you know, snippets right out of reviews and get really precise. We think that's gonna delight consumers. Ultimately, that's our goal.

Views and get really precise. We think that's going to Delight consumers. Ultimately that's that's our goal and I think you know with the changing search landscape, everything going uh or you know some portion of share going to a more uh Jen generative AI or you know a a chat GPT like experience consumers are are changing their expectations and they don't just want uh regular search and so we we've put a a significant investment in transforming uh the Yelp experience in preparing for the future and you know, we'll get our first taste it. As we launch the alpha assistant at the end of q1 here.

Speaker #3: It'll guide you through that process . And ultimately match you with businesses . One of the great things , you know , back to that needle in a haystack Comment is that we're able to back up a user's question or user's request with great data .

Speaker #3: So photos that are an example of what they were looking for or , you know , snippets right out of reviews and get really precise .

Speaker #3: We think that's going to delight consumers . Ultimately that's that's our goal . And I think , you know , with the changing search landscape , everything going or , you know , some portion of share going to a more general generative AI or , you know , a , a ChatGPT like experience , consumers are changing their expectations and they don't just want a regular search .

Jeremy Stoppelman: I think, you know, with the changing search landscape, everything going, or, you know, some portion of share going to a more, generative AI or, you know, a ChatGPT-like experience, consumers are changing their expectations, and they don't just want regular search. So we've put a significant investment in transforming the Yelp experience and preparing for the future. And, you know, we'll get our first taste of that as we launch Yelp Assistant at the end of Q1 here. I guess on, you know, other areas where we're using AI to transform, you know, I guess I would point to the opportunity that we see in SaaS tool, AI-powered SaaS tools. So as you probably know, we launched Yelp Host and Yelp Receptionist last year. Yelp Host is fantastic.

Jed Nachman: I think, you know, with the changing search landscape, everything going, or, you know, some portion of share going to a more, generative AI or, you know, a ChatGPT-like experience, consumers are changing their expectations, and they don't just want regular search. So we've put a significant investment in transforming the Yelp experience and preparing for the future. And, you know, we'll get our first taste of that as we launch Yelp Assistant at the end of Q1 here. I guess on, you know, other areas where we're using AI to transform, you know, I guess I would point to the opportunity that we see in SaaS tool, AI-powered SaaS tools. So as you probably know, we launched Yelp Host and Yelp Receptionist last year. Yelp Host is fantastic.

Speaker #3: And so we've put a significant investment in transforming the Yelp experience and preparing for the future . And , you know , we'll get our first taste of that as we launch the assistant at the end of Q1 .

I guess on, you know, other areas where we're using AI to transform, you know, I guess I would point to to the opportunity that we see, um, in SAS tool AI powered SAS tools. Uh, so as you probably know, we launched, Yelp Post, in Yelp perceptionist, uh, last year, uh, Yelp post is, is fantastic. The, you know, we're seeing a great response from restaurants, uh, you know, sales, uh, are above our initial expectations. Uh, We've answered over 190,000 calls. Uh, so, great momentum there. And on the receptionist side, uh, you know, we did get the opportunity, uh, to pair up with hatch. We're we're delighted. I think that accelerates our roadmap there by a couple of years. Um, you know, that they were a first mover in the space. Um and we're able to bring our extensive distribution as well as AI capabilities and talent, uh, to bear on the hatch opportunity that you know,

Speaker #3: Here . I guess on other areas where we're using AI to transform , you know , I guess I would point to to the opportunity that we see in SaaS tool , AI powered SaaS tools .

Both are are going after very large Tams, uh, so we're we're extremely excited about the AI, SAS opportunities ahead of us. Um,

Yeah.

Speaker #3: So as you probably know , we launched Yelp host in Yelp receptionist last year , Yelp host is fantastic . The you know , we're seeing a great response from restaurants .

Jeremy Stoppelman: You know, we're seeing a great response from restaurants. You know, sales are above our initial expectations. We've answered over 190,000 calls, so great momentum there. And on the receptionist side, you know, we did get the opportunity to pair up with Hatch. We're delighted. I think that accelerates our roadmap there by a couple of years. You know, they were a first mover in the space. And we're able to bring our extensive distribution, as well as AI capabilities and talent, to bear on the Hatch opportunity that... You know, both are going after very large TAMs. So we're extremely excited about the AI SaaS opportunities ahead of us. Yeah.

Jed Nachman: You know, we're seeing a great response from restaurants. You know, sales are above our initial expectations. We've answered over 190,000 calls, so great momentum there. And on the receptionist side, you know, we did get the opportunity to pair up with Hatch. We're delighted. I think that accelerates our roadmap there by a couple of years. You know, they were a first mover in the space. And we're able to bring our extensive distribution, as well as AI capabilities and talent, to bear on the Hatch opportunity that... You know, both are going after very large TAMs. So we're extremely excited about the AI SaaS opportunities ahead of us. Yeah.

Maybe just sticking with hatch on on a follow-up. Um, just curious what that cross sell looks like for for a hatchet services and then if there's any any hatch functionality that will will kind of accelerate the road map on host as well. Thanks,

Speaker #3: You know , sales are above our initial expectations . We've answered over 190,000 calls . So great momentum there . And on the receptionist side , you know , we did get the opportunity to pair up with hatch .

Speaker #3: We're delighted . I think that accelerates our roadmap there by a couple of years You know , they were a first mover in the space .

Speaker #3: And we're able to bring our extensive distribution as well as AI capabilities and talent to bear on the hatch opportunity that , you know , both are going after very large Tams .

Speaker #3: So we're we're extremely excited about the AI , SaaS opportunities ahead of us . Yeah Maybe just sticking .

Yeah, I I mean, we're already talking to a lot of the same customers, and there's, you know, plenty of contacts that, that we have that, that we can introduce hatch to. So I think that's a really exciting opportunity. Uh, you know, they're relatively small team, we have thousands of, of sales reps, I think, you know, there. There's also a benefit too in that if you get more efficient at managing leads by leveraging AI, your return on Advertising is better. So, that's that's kind of an extra win-win, um, in there. So, you know, very excited about hatch. Just going after a big Cam and they're they're growing rapidly 70%, uh, year-over-year growth, um, so exciting times there.

David Schwarzbach: Maybe just sticking with Hatch on a follow-up. Just curious what that cross sell looks like for Hatch's services, and then if there's any Hatch functionality that will kind of accelerate the roadmap on Host as well. Thanks.

Jason Kreyer: Maybe just sticking with Hatch on a follow-up. Just curious what that cross sell looks like for Hatch's services, and then if there's any Hatch functionality that will kind of accelerate the roadmap on Host as well. Thanks.

Thank you.

Speaker #4: With hatch on on a follow up , just curious what that cross-sell looks like for for Hatch's services . And then if there's any , any hatch functionality that will will kind of accelerate the roadmap on host as well .

All right, thank you. Jason

And our next question comes from the line of niton bandsaw with Bank of America nation, please go ahead.

Speaker #4: Thanks

Speaker #3: Yeah . I mean , we're already talking to a lot of the same customers . And there's , you know , plenty of contacts that we have that that we can introduce hatch to .

Jeremy Stoppelman: Yeah. I mean, we're already talking to a lot of the same customers, and then there's, you know, plenty of contacts that we have that we can introduce Hatch to. So I think that's a really exciting opportunity. You know, they're a relatively small team. We have thousands of sales reps. I think, you know, there's also a benefit too, in that if you get more efficient at managing leads by leveraging AI, your return on advertising is better. So that's kind of an extra win-win in there. So, you know, very excited about Hatch going after a big TAM, and they're growing rapidly, 70% year-over-year growth. So exciting times there.

Jed Nachman: Yeah. I mean, we're already talking to a lot of the same customers, and then there's, you know, plenty of contacts that we have that we can introduce Hatch to. So I think that's a really exciting opportunity. You know, they're a relatively small team. We have thousands of sales reps. I think, you know, there's also a benefit too, in that if you get more efficient at managing leads by leveraging AI, your return on advertising is better. So that's kind of an extra win-win in there. So, you know, very excited about Hatch going after a big TAM, and they're growing rapidly, 70% year-over-year growth. So exciting times there.

Speaker #3: So I think that's a really exciting opportunity . You know , they're relatively small team . We have thousands of sales reps . I think there's also a benefit to in that if you get more efficient at managing leads by leveraging AI , your return on advertising is better .

Sure. Uh thank you for taking my question. So uh yeah in a vision is accelerating as like a very rapid Pace particularly as large platform Disturbed traditional advertising and software models as you expand your AI class offerings with hatch, what gives you confidence that your product Innovation, can keep up with the leading players and you will be able to achieve the adoption level that you're targeting for. Thank you.

Sure. Um, thanks for the question.

Speaker #3: So that's that's kind of an extra win win in there . So , you know , very excited about hatch going after a big Tam .

Speaker #3: And they're growing rapidly—70% year-over-year growth. So, exciting times there.

Speaker #4: Thank you

David Schwarzbach: Thank you.

Jason Kreyer: Thank you.

Speaker #2: All right . Thank you Jason . And our next question comes from the line of Nitin Bansal with Bank of America . Nitin , please go ahead Sure .

Operator: All right. Thank you, Jason. Our next question comes from the line of Nitin Bansal with Bank of America. Nitin, please go ahead.

Nitin Bansal: Sure. Thank you for taking my question. So, AI in the region is accelerating at, like, a very rapid pace, particularly as large platform disturb traditional advertising and software models. As you expand your AI SaaS offerings with Hatch, what gives you confidence that your product innovation can keep up with the leading players, and you will be able to achieve the adoption level that you're targeting for? Thank you.

Speaker #5: Thank you for taking my question . So innovation is accelerating at a very rapid pace , particularly as large platform disturbed traditional advertising and software models as you expand your AI offerings with hatch , what gives you confidence that your product innovation can keep up with the leading players , and you will be able to achieve the adoption level that you're targeting for .

Speaker #5: Thank you Sure .

Jeremy Stoppelman: Sure. Thanks for the question. You know, how do we expect to keep up a level of innovation, a pace of innovation, such that we can stay ahead of, you know, perhaps bigger players? You know, so it's something that we're very familiar with. You know, obviously for many years, we've competed with big tech players, particularly Google. You know, and how we've been successful is, I think, our focus. You know, it's early days in the space that Hatch plays in, which is AI lead management for service pros. They're, you know, laser focused. They understand their customers. They understand the players in the ecosystem. They have key partnerships that are essential to make that work.

Jed Nachman: Sure. Thanks for the question. You know, how do we expect to keep up a level of innovation, a pace of innovation, such that we can stay ahead of, you know, perhaps bigger players? You know, so it's something that we're very familiar with. You know, obviously for many years, we've competed with big tech players, particularly Google. You know, and how we've been successful is, I think, our focus. You know, it's early days in the space that Hatch plays in, which is AI lead management for service pros. They're, you know, laser focused. They understand their customers. They understand the players in the ecosystem. They have key partnerships that are essential to make that work.

Speaker #3: Thanks for the question . You know how how do we expect to keep up a level of innovation , a pace of innovation such that we can stay ahead of , you know , perhaps bigger players ?

Um such that we can stay ahead of, you know, perhaps bigger players. You know, it's not. So it's it's something that we're very familiar with. Uh, you know, obviously for for many years, uh, We've competed with uh, big Tech players, particularly Google, um, you know, and how we've been successful is, I think our Focus, um, you know, as early days in the space that that hatch plays in, uh, which is AI lead management for service pros. There, you know, laser focused, they understand their customers. They understand the players, the ecosystem, they have key Partnerships that are essential to make that work. There's just a level of detail. Um, and, and focus, that I think is very hard for other companies, uh, especially large ones that have other big opportunities to pursue to spend their time on, um, you know. So we're we're quite confident that this is an opportunity with, with a lot of Runway and you know, hatch has great momentum. And we're, you know, our view is how do we help? Um, you know, they they're doing great at the 70% growth year.

Speaker #3: You know , it's not it's something that we're very familiar with . You know , obviously for for many years we've competed with big tech players , particularly Google , you know , and how we've been successful is I think our focus you know , it's early days in the space that hatch plays in which is AI lead management for service pros there .

Over year is fantastic, and we want to see if we can, you know, make that even go go even faster. Um, so we're bringing our resources to Bear. We're bringing our distribution to bear, um, and they're really experts in the, in the space. And I don't, you know, I think that's very hard, uh, for someone to replicate. If they've got lots of other large opportunities to chase like a, you know, some of these bigger, uh, AI players.

Speaker #3: You know laser focused . They understand their customers . They understand the players . And ecosystem . They have key partnerships that are essential to make that work .

Speaker #3: There's just a level of detail and focus that I think is very hard for other companies , especially large ones that have other big opportunities to pursue to spend their time on , you know , so we're we're quite confident that this is an opportunity with a lot of runway .

Jeremy Stoppelman: There's just a level of detail and focus that I think is very hard for other companies, especially large ones, that have other big opportunities to pursue, to spend their time on. You know, so we're quite confident that this is an opportunity with a lot of runway and, you know, Hatch has great momentum and we're. You know, our view is: How do we help? You know, they're doing great. The 70% growth year-over-year is fantastic, and we wanna see if we can, you know, make that even go even faster. So we're bringing our resources to bear, we're bringing our distribution to bear, and they're really experts in the space.

Jed Nachman: There's just a level of detail and focus that I think is very hard for other companies, especially large ones, that have other big opportunities to pursue, to spend their time on. You know, so we're quite confident that this is an opportunity with a lot of runway and, you know, Hatch has great momentum and we're. You know, our view is: How do we help? You know, they're doing great. The 70% growth year-over-year is fantastic, and we wanna see if we can, you know, make that even go even faster. So we're bringing our resources to bear, we're bringing our distribution to bear, and they're really experts in the space.

Thank you. If I can ask 1 more uh looking at 5 years from now. How do you envision the Elks Revenue mix to evolve between like recurring subscription Revenue versus variable ad revenue and what would be mean for your like overall Topline growth and margin profile like 3 to 5 based on the line?

Speaker #3: And , hatch has great momentum and we're , you know , our view is how do we help . You know , they they're doing great .

Speaker #3: The 70% growth year over year is fantastic, and we want to see if we can, you know, make that even go—even go even faster.

Speaker #3: So we're bringing our resources to bear . We're bringing our distribution to bear . And they're really experts in the space . And I don't , think that's very hard for someone to replicate if they've got lots of other large opportunities to chase , like some of these bigger AI players

Jeremy Stoppelman: And I don't. You know, I think that's very hard for someone to replicate if they've got lots of other large opportunities to chase, like, you know, some of these bigger AI players.

Jed Nachman: And I don't. You know, I think that's very hard for someone to replicate if they've got lots of other large opportunities to chase, like, you know, some of these bigger AI players.

Speaker #5: Thank you . If I can ask one more looking out from now , how do you envision Yelp's revenue mix to evolve ? Recurring subscription revenue versus variable ad revenue , and what would it mean for your overall top line growth and margin profile , like 3 to 5 years down the line Thanks for the question

Nitin Bansal: Thank you. If I can ask one more. Looking out five years from now, how do you envision the revenue mix to evolve between, like, recurring subscription revenue versus variable ad revenue? And what would it mean for your, like, overall top line growth and margin profile, like, two to five years down the line?

Thanks for the question. Uh, question. Um, we do see the opportunity to diversify Revenue by continuing to drive other Revenue. Just as a quick reminder, other Revenue consists of 3 components. There is the licensing Revenue. There is transaction revenue, and things are going well with door door Dash, we're very happy there. And then, of course, there's the subscription Revenue with this significant opportunity across the CSS landscape, especially with our distribution. We do see the opportunity to diversify, our total revenue mix which is obviously heavily add driven today. So, yes, that's definitely an opportunity from our perspective obviously as well. There are different margin profiles between

David Schwarzbach: Thanks for the question, Nitin. We do see the opportunity to diversify revenue by continuing to drive other revenue. Just as a quick reminder, other revenue consists of three components. There is the licensing revenue, there is transaction revenue, and things are going well with DoorDash. We're very happy there. And then, of course, there's the subscription revenue. With this significant opportunity across the SaaS landscape, especially with our distribution, we do see the opportunity to diversify our total revenue mix, which is obviously heavily ad-driven today. So yes, that's definitely an opportunity from our perspective. Obviously, as well, there are different margin profiles between SaaS performance and for SaaS business models and ad-driven business models. That being said, when you look at over time, where do SaaS businesses go in terms of margins, it's also very attractive.

Speaker #6: We do see the opportunity to diversify revenue by continuing to drive other revenue. Just as a quick reminder, other revenue consists of three components.

Speaker #6: There is the licensing revenue . There is transaction revenue , and things are going well with DoorDash . We're very happy there . And then of course , there's the subscription revenue with this significant opportunity across the SaaS landscape , especially with our distribution , we do see the opportunity to diversify our total revenue mix , which is obviously heavily ad driven today .

SAS performance and processed, uh, business models and add driven business models that being said, when you look at over time where do SAS businesses go in terms of margins, it's also very attractive. So, my expectation is that our SAS, our ability to drive uh South margins will converge with where we are or better than the uh ad revenue and as a reminder, when you look at

Licensing or transaction. That is almost entirely margin. So that's a, a very nice mix there for us. I'd say overall other Revenue today already has uh in aggregate. A better margin profile than the ad side of the business.

Thank you.

Speaker #6: So , yes , that's definitely an opportunity from our perspective . Obviously , as well , there are different margin profiles between SaaS performance and or SaaS business models and ad business models .

Thank you, Nintendo.

And just a reminder ladies and gentlemen, if you'd like to ask a question again star 1 on your telephone keypad, once again, star 1 and our next question comes from the line of keshan Patel with Raymond James, Kean, please go ahead.

Speaker #6: That being said, when you look at it over time, where do SaaS businesses go in terms of margins? It's also very attractive.

This is Kean. Patel on, for Josh back. Thanks for taking the question.

Speaker #6: So my expectation is that our SaaS , our ability to drive SaaS margins , will converge with where we are or better than the ad revenue .

David Schwarzbach: So my expectation is that our ability to drive SaaS margins will converge with where we are or better than the ad revenue. As a reminder, when you look at licensing or transaction, that is almost entirely margin. So that's a very nice mix there for us. I'd say overall, other revenue today already has, in aggregate, a better margin profile than the ad side of the business.

Um, in restaurants and Retail, what are you thinking to change for that Advertiser date to stabilize and then improve and how do you prioritize those changes over the next few quarters?

Speaker #6: And as a reminder , when you look at licensing or transaction that is almost entirely margin . So that's a very nice mix there for us .

Speaker #6: I’d say, overall, other revenue today already has, in aggregate, a better margin profile than the ad side of the business.

Yeah, thanks. I can, I can, uh, take that question. Um, this is, uh, jet speaking. Um, you know, obviously there have been some headwinds in restaurant retail and other. Uh, you know, we saw those over the course of 2025. Uh,

Speaker #5: Thank you

Nitin Bansal: Thank you.

Speaker #2: Thank you Nathan . And just a reminder , ladies and gentlemen , if you'd like to ask a question again , star one on your telephone keypad .

Operator: Thank you, Nitin. Just a reminder, ladies and gentlemen, if you'd like to ask a question, again, star one on your telephone keypad. Once again, star one. Our next question comes from the line of Kishan Patel with Raymond James. Kishan, please go ahead.

Speaker #2: Once again , star one and our next question comes from the line of Keyshawn Patel with Raymond James . Keyshawn , please go ahead

you know, a lot of these restaurants are dealing with a weekend weekend consumer. And, you know, there's additional pressure of, you know, really high input costs, that makes it, you know, a tough battle out there on Main Street, uh, from in, in the local economy. Um, you know, we do believe that over time, uh, you know, in, uh, in restaurants,

Speaker #4: Hi . This is Kishan Patel on for Josh Beck . Thanks for taking the question in restaurants and retail . What do you think needs to change for that advertiser base to stabilize and then improve ?

Kishan Patel: Hi, this is Kishan Patel. I'm for Josh Beck. Thanks for taking the question. In restaurants and retail, what do you think needs to change for that advertiser base to stabilize and then improve? And how would you prioritize those changes over the next few quarters?

Speaker #4: And how do you prioritize those changes over the next few quarters

Dining will return. And that, we're very well positioned for that. I think, when you look at the transformation of Yelp and Jerry, Jeremy had mentioned Yelp assistant, uh, across category, Yelp position, Yelp assistant. Um, that's going to provide, you know, an entirely new interface for consumers to interact.

Speaker #7: Yeah , thanks . I can I can take that question . This is Jed speaking . You know , obviously there have been some headwinds in restaurant retail and other you know , we saw those over the course of 2025 .

Jed Nachman: Yeah, thanks. I can take that question. This is Jed speaking. You know, obviously, there have been some headwinds in restaurant, retail, and other, you know, we saw those over the course of 2025. There is, you know, a lot of these restaurants are dealing with a weakened consumer, and, you know, there's additional pressure of, you know, really high input costs that makes it, you know, a tough battle out there on Main Street, from the local economy. You know, we do believe that over time, you know, in restaurant, dining will return and that we're very well positioned for that. I think when you look at the transformation of Yelp, and Jeremy had mentioned Yelp Assistant, cross-category Yelp position.

Speaker #7: There is , you know , a lot of these restaurants are dealing with a weakened , weakened consumer . And , you know , there's additional pressure of , you know , really high input costs .

Are, uh, we believe there's a very large Tam. Um, you know, I think as we mentioned in the letter, we're going to be, um, we'll soon have a food ordering, um, you know, available on that Yelp, post product. Um,

Speaker #7: That makes it , you know , a tough battle out there on Main Street from in the local economy . You know , we do believe that over time , you know , in , in restaurant dining will return and that we're very well positioned for that .

and I believe we're,

Well, positioned from a voice perspective and and and it is obviously a very large Tam that we can go after and bring our existing infrastructure to bear, um, on on on that opportunity. So um,

Speaker #7: I think when you look at the transformation of Yelp and Jeremy had mentioned Yelp assistant , Cross-category position , Yelp assistant , that's going to provide , you know , an entirely new interface for consumers to interact .

Jed Nachman: Yelp Assistant, that's gonna provide, you know, an entirely new interface for consumers to interact, you know, with all of the Yelp data, and we believe the investment there will position us well when, you know, a lot of this stuff comes back. But we're not resting on our laurels. You know, Jeremy mentioned the Yelp Host, and we've been thrilled with the progress there thus far. We believe there's a very large TAM. You know, I think, as we mentioned in the letter, we're gonna be... We'll soon have food ordering, you know, available on that Yelp Host product.

You know, overall, we're going to continue to invest in that consumer experience. And, you know, um, also see other opportunities to drive on on those AI based, uh, South tools.

Speaker #7: You know , with all of the Yelp data . And we believe the investment there will position us well , when when , you know , a lot of this stuff comes back , but we're not resting on our laurels .

Got it and uh, regarding catch. Can you provide more color on the margin trajectory goals for hatch. After closing given the cash flow disclosure and how that impacts the full year even Outlook versus, uh, The Core Business.

Speaker #7: You know , Jeremy mentioned the Yelp host , and we've been thrilled with the progress there thus far . there's a very large Tam .

Speaker #7: You know , I think as we mentioned in the letter , we're going to be we'll soon have food ordering , you know , available on that Yelp host product .

Jed Nachman: And I believe we're really well-positioned from a voice perspective and it is obviously a very large TAM that we can go after and bring our existing infrastructure to bear on that opportunity. So, you know, overall, we're gonna continue to invest in that consumer experience and, you know, also see other opportunities to drive on those AI-based SaaS tools.

Speaker #7: And I believe we're really well positioned from a voice perspective . And it is obviously a very large Tam that we can go after and bring our existing infrastructure to bear on , on , on that opportunity .

Speaker #7: So , you know , overall , we're going to continue to invest in that consumer experience . And , you know , also see other opportunities to drive on on those AI based SaaS tools

Uh thanks for the question. It's David uh because hatch is going very rapidly. Uh we remain focused on driving that Topline, growth margin driving margin is not the immediate Focus for us. We actually want to go and really um realize the opportunity by providing the solution to as many service pros as we can. Again, I do think over time that the margin profile will converge with the typical fast margin profile but that's not immediate. So it is reflected in the guidance that we've given on adjusted ebita. Um,

Speaker #4: Got it . And regarding hatch , can you provide more color on the margin trajectory goals for hatch after closing , given the cash flow disclosure and how that impacts the full year outlook versus the core business

Kishan Patel: Got it. And, regarding Hatch, can you provide more color on the margin trajectory goals for Hatch after closing, given the cash flow disclosure, and how that impacts the full-year EBIT outlook versus the core business?

For the year from the operating expense perspective. Just as a side note, no retention amounts that we are paying out uh are being added back to either do so we're adjusting those. Uh you can see those numbers in the shareholder letter just for reference. But what we want to really achieve right now is this significant uh growth in realizing the opportunity from the acquisition.

Speaker #6: Thanks for the question. It's David, because Hatch is growing very rapidly. We remain focused on driving that topline growth margin.

David Schwarzbach: Thanks for the question. It's David. Because Hatch is growing very rapidly, we remain focused on driving that top-line growth. Margin, driving margin is not the immediate focus for us. We actually wanna go and really realize the opportunity by providing the solution to as many service pros as we can. Again, I do think over time that the margin profile will converge with the typical SaaS margin profile, but that's not immediate. So it is reflected in the guidance that we've given on Adjusted EBITDA for the year from an operating expense perspective. Just as a side note, the retention amounts that we are paying out are being added back to EBITDA, so we're adjusting those. You can see those numbers in the shareholder letter, just for reference.

Thank you.

All right. Thanks kashawn.

Speaker #6: Driving margin is not the immediate focus for us. We actually want to go and really realize the opportunity by providing the solution to as many service pros as we can.

And that does conclude our Q&A session today as well as our calls. So thank you so much for joining us today. And you may now disconnect have a great day, everyone.

Speaker #6: Again , I do think over time that the margin profile will converge with the typical SaaS margin profile , but that's not immediate .

Speaker #6: So it is reflected in the guidance that we've given on adjusted EBITDA for the year from an operating expense perspective . Just as a side note , the retention amounts that we are paying out are being added back to EBITDA .

Speaker #6: So we're adjusting those . You can see those numbers in the shareholder letter just for reference , but what we want to really achieve right now is this significant growth in realizing the opportunity from that acquisition

David Schwarzbach: But what we wanna really achieve right now is this significant growth in realizing the opportunity from the acquisition.

Speaker #4: Thank you

Kishan Patel: Thank you.

Speaker #2: All right . Thanks , Kishan . And that does conclude our Q&A session today , as well as our call . So thank you so much for joining us today .

Operator: All right. Thanks, Kishan. And that does conclude our Q&A session today, as well as our call. So thank you so much for joining us today, and you may now disconnect. Have a great day, everyone.

Q4 2025 Yelp Inc Earnings Call

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