Yelp (YELP) FY2021 results: revenue $1.0 billion, up 18.2% on the year

Yelp Inc. (YELP) reported revenue of $1.0 billion for fiscal 2021, the year ended 31 December 2021, up 18.2% on the year before. Net income was $40 million, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$1.0 billion

+18.2% on the year

FY2014FY2021

Operating margin

3.1%

-4.4% a year earlier

FY2014FY2021

Net income

$40 million

FY2014FY2021

Diluted EPS

$0.50

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,032	873	1,014	+18.2%
Cost of revenue	78.1	57.2	62.4	+36.6%
Gross profit	954	816	952	+16.9%
Gross margin	92.4%	93.4%	93.8%
Research and development	265	230	226	+15.3%
Operating income	31.5	-38.8	35.5
Operating margin	3.1%	-4.4%	3.5%
Pre-tax income	33.7	-35.1	49.8
Income tax	-6.0	-15.7	8.9
Effective tax rate	-17.7%	n/a	17.9%
Net income	39.7	-19.4	40.9
Net margin	3.8%	-2.2%	4.0%
Diluted EPS	$0.50	-$0.27	$0.52

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	213	177	205	+20.3%
Capital expenditure	28.3	32.0	37.5	-11.6%
Free cash flow	184	145	167	+27.4%
Free cash flow margin	17.9%	16.6%	16.5%
Cash from investing	-27.6	248	124
Cash from financing	-300	-21.1	-492
Depreciation and amortisation	55.7	50.6	49.4	+10.0%
Share-based compensation	152	125	122	+21.8%
Buybacks	263	24.4	481	+977.8%
Diluted shares, weighted	79m	73m	78m	+7.7%
Shares outstanding at period end	72m	75m	71m	-4.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	751	855	755	-12.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	128	149	175	-14.1%
Other liabilities	171	151	141	+13.0%
Total liabilities and equity	1,051	1,155	1,071	-9.0%
Fixed assets	83.9	102	111	-17.6%
Goodwill	105	109	105	-3.8%
Intangible assets	10.7	13.5	10.1	-21.1%
Investments	0.0	0.0	295
Cash and equivalents	480	596	170	-19.5%
Receivables	107	88.4	107	+21.4%
Other assets	264	246	272	+7.1%
Total assets	1,051	1,155	1,071	-9.0%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.