Yelp (YELP) FY2023 results: revenue $1.3 billion, up 12.0% on the year

Yelp Inc. (YELP) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 12.0% on the year before. Net income was $99 million, up 172.9%, and diluted earnings per share $1.35. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.3 billion

+12.0% on the year

FY2016FY2023

Operating margin

5.9%

4.9% a year earlier

FY2016FY2023

Net income

$99 million

+172.9% on the year

FY2016FY2023

Diluted EPS

$1.35

+170.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,337	1,194	1,032	+12.0%
Cost of revenue	114	106	78.1	+8.1%
Gross profit	1,223	1,088	954	+12.4%
Gross margin	91.5%	91.1%	92.4%
Research and development	321	294	265	+8.9%
Operating income	79.0	58.4	31.5	+35.5%
Operating margin	5.9%	4.9%	3.1%
Pre-tax income	105	66.8	33.7	+57.4%
Income tax	5.9	30.4	-6.0	-80.6%
Effective tax rate	5.6%	45.6%	-17.7%
Net income	99.2	36.3	39.7	+172.9%
Net margin	7.4%	3.0%	3.8%
Diluted EPS	$1.35	$0.50	$0.50	+170.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	306	192	213	+59.3%
Capital expenditure	26.8	32.0	28.3	-16.0%
Free cash flow	279	160	184	+74.3%
Free cash flow margin	20.9%	13.4%	17.9%
Cash from investing	-54.7	-126	-27.6
Cash from financing	-247	-238	-300
Depreciation and amortisation	42.2	44.9	55.7	-5.9%
Share-based compensation	173	156	152	+11.1%
Buybacks	200	200	263	-0.0%
Diluted shares, weighted	74m	73m	79m	+0.3%
Shares outstanding at period end	69m	70m	72m	-1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	750	710	751	+5.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	48.1	86.7	128	-44.5%
Other liabilities	217	219	171	-0.8%
Total liabilities and equity	1,015	1,016	1,051	-0.1%
Fixed assets	68.7	77.2	83.9	-11.1%
Goodwill	104	102	105	+1.5%
Intangible assets	7.6	9.0	10.7	-15.1%
Investments	127	94.2	0.0	+35.3%
Cash and equivalents	314	306	480	+2.5%
Receivables	146	132	107	+10.8%
Other assets	247	295	264	-16.2%
Total assets	1,015	1,016	1,051	-0.1%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.