Yelp (YELP) FY2022 results: revenue $1.2 billion, up 15.7% on the year

Yelp Inc. (YELP) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, up 15.7% on the year before. Net income was $36 million, down 8.4%, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.2 billion

+15.7% on the year

FY2015FY2022

Operating margin

4.9%

3.1% a year earlier

FY2015FY2022

Net income

$36 million

-8.4% on the year

FY2015FY2022

Diluted EPS

$0.50

0.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,194	1,032	873	+15.7%
Cost of revenue	106	78.1	57.2	+35.4%
Gross profit	1,088	954	816	+14.1%
Gross margin	91.1%	92.4%	93.4%
Research and development	294	265	230	+11.0%
Operating income	58.4	31.5	-38.8	+85.2%
Operating margin	4.9%	3.1%	-4.4%
Pre-tax income	66.8	33.7	-35.1	+98.0%
Income tax	30.4	-6.0	-15.7
Effective tax rate	45.6%	-17.7%	n/a
Net income	36.3	39.7	-19.4	-8.4%
Net margin	3.0%	3.8%	-2.2%
Diluted EPS	$0.50	$0.50	-$0.27	0.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	192	213	177	-9.6%
Capital expenditure	32.0	28.3	32.0	+13.1%
Free cash flow	160	184	145	-13.0%
Free cash flow margin	13.4%	17.9%	16.6%
Cash from investing	-126	-27.6	248
Cash from financing	-238	-300	-21.1
Depreciation and amortisation	44.9	55.7	50.6	-19.5%
Share-based compensation	156	152	125	+2.9%
Buybacks	200	263	24.4	-23.9%
Diluted shares, weighted	73m	79m	73m	-6.6%
Shares outstanding at period end	70m	72m	75m	-3.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	710	751	855	-5.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	86.7	128	149	-32.3%
Other liabilities	219	171	151	+27.9%
Total liabilities and equity	1,016	1,051	1,155	-3.3%
Fixed assets	77.2	83.9	102	-7.9%
Goodwill	102	105	109	-2.7%
Intangible assets	9.0	10.7	13.5	-15.7%
Investments	94.2	0.0	0.0
Cash and equivalents	306	480	596	-36.1%
Receivables	132	107	88.4	+22.9%
Other assets	295	264	246	+11.8%
Total assets	1,016	1,051	1,155	-3.3%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.