Research Desk Line-up: Phoenix New Media Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Yelp Inc. (NYSE: YELP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=YELP, following the Company's announcement of its second quarter fiscal 2017 financial results on August 03, 2017. The local business review Company outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Internet Information Providers industry. Pro-TD has currently selected Phoenix New Media Limited (NYSE: FENG) for due-diligence and potential coverage as the Company announced on August 15, 2017, its unaudited financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Phoenix New Media when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on YELP; also brushing on FENG. With the links below you can directly download the report of your stock of interest free of charge at:
For the second quarter ended June 30, 2017, Yelp recorded net revenues of $208.86 million, representing a 20% growth over revenue of $173.43 million in Q2 2016. The Company's revenue numbers exceeded Wall Street's expectations of $205 million.
Yelp's GAAP net income was $7.6 million, or $0.09 per basic share, in Q2 2017 compared to GAAP net income of $0.4 million, or $0.01 per basic share, in Q2 2016. The Company's non-GAAP net income was $21.6 million, or $0.25 per diluted share, for the reported quarter compared to $1.5 million, or $0.16 per diluted share, in the prior year's same quarter. Yelp's earnings beat Wall Street's expectations of $0.08 per share.
For Q2 2017, Yelp's earnings before interest, tax, depreciation, and amortization (EBITDA) was $17.5 million compared to EBITDA of $7.4 million in Q2 2016. The Company's adjusted EBITDA for the reported quarter was $42.9 million compared to $28.1 million in the year earlier corresponding quarter.
During Q2 2017, Yelp's advertising revenue totaled $186.6 million, representing a 19% growth compared to Q2 2016. The Company's transactions revenue totaled $18.4 million, reflecting a growth of 19% on y-o-y basis. Yelp's other services revenue totaled $3.8 million compared to $1.2 million in Q2 2016.
Key Business Metrics
During Q2 2017, Yelp's cumulative reviews grew 24% to approximately 135 million on a y-o-y basis. The Company's App unique devices grew 22% to approximately 28 million on a monthly average basis compared to the year ago same period. Yelp's paying advertising accounts grew 18% to approximately 148,000 on a y-o-y basis.
Share Repurchase Program
Yelp announced that its Board of Directors has approved the repurchase of up to $200 million of the Company's common stock. The Company stated that it may purchase shares at management's discretion in the open market; in privately negotiated transactions; in transactions structured through investment banking institutions; or a combination of the foregoing. The share repurchase program will be funded by cash available on Yelp's balance sheet. The Company had 81.8 million shares of common stock outstanding as of June 30, 2017.
Revisions to Previously Reported Desktop Unique Visitors
Yelp announced that it recently discovered that a portion of its desktop traffic (as measured by Google Analytics) since Q3 2016 has been attributable to a single robot. Because such traffic does not represent valid consumer traffic, the Company has adjusted the number of desktop unique visitors it is reporting for the three months ended June 30, 2017, as well as the previously reported numbers for the other affected periods, to remove such traffic and to provide greater accuracy and transparency.
Yelp's adjusted desktop unique visitors for the three months ended June 30, 2017, the three months ended March 31, 2017, the three months ended December 31, 2016, and the three months ended September 30, 2016 are 83 million, 78 million, 68 million, and 71 million respectively. The Company noted that it does not believe the adjustments are material to its overall traffic for the affected periods.
For Q3 2017, Yelp is forecasting revenue in the range of $217 million to $222 million; adjusted EBITDA in the band of $32 million - $35 million; and depreciation and amortization as 5% of net revenue. For FY17, Yelp is projecting revenue in the range of $855 million to $865 million; adjusted EBITDA in the band of $143 million - $153 million; and depreciation and amortization as 5% of net revenue.
On Tuesday, August 22, 2017, the stock closed the trading session at $41.87, slightly climbing 0.99% from its previous closing price of $41.46. A total volume of 1.47 million shares have exchanged hands. Yelp's stock price skyrocketed 50.72% in the last three months, 22.82% in the past six months, and 10.62% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.81%. The stock is trading at a PE ratio of 260.06. At Tuesday's closing price, the stock's net capitalization stands at $3.39 billion.
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