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Yelp's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: YELP

And with that, I’ll turn the call over to Rob.

Rob Krolik

Thanks, Todd and welcome to today’s conference call. It was a strong second quarter and we are happy to share our results with you. For today’s call, I will cover the financial pieces and then Jeremy will give a brief review of recent highlights before we take your questions. Please note that we have posted a few slides on our Investor Relations webpage that accompany this webcast.

Let me start with the results from the second quarter of 2012, we achieved record results in all of our key metrics including revenue, which grew 67% year-over-year to $32.7 million. We were particularly pleased to report adjusted EBITDA of $1.6 million, which was well ahead of guidance. Adjusted EBITDA benefited from the strong revenue performance.

There are four key operating metrics that we had previously provided as they underpin our strategic and financial success. They are one, the number of reviews contributed to our site; two, the number of unique visitors; three, the number of plain local businesses and four, the number of active local business account.

Each of these grew significantly in the quarter. Reviews grew 54% year-over-year to 30.3 million as we added almost 2.7 million reviews in the quarter. Our average monthly unique visitors grew 52% year-over-year to roughly 78 million, which is 7 million from the first quarter. Approximately 24% of these uniques are accessing our mobile site. Claim local businesses hit 791,000 up 75% year-over-year, and up 91,000 from the first quarter. And active local business accounts grew 113% year-over-year to almost 32,000.

These financial results and operating metrics demonstrate that playbook continues to deliver growth across all of our markets. And we are especially encouraged by the large numbers of cities with growing communities where we have not yet started selling advertising.

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