--- schema_version: "secwatch.filing_event.v1" accession: "0001345016-23-000028" form_type: "8-K" ticker: "YELP" cik: "0001345016" company_name: "YELP INC" filed_at: "2023-05-04T23:59:59+00:00" generated_at: "2026-06-15T21:17:50.181056+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Yelp Q1 revenue $312M record, raises FY guidance; new $125M credit facility ## Summary - Q1 net revenue record $312M (+13% YoY), $2M above outlook high end. - Adjusted EBITDA $54M (+12% YoY); margin 17%. - Services ad revenue $184M (+15% YoY); Home Services +25%. - Raised FY2023 revenue guidance to $1.295-1.315B; adj. EBITDA $290-310M. - New $125M revolving credit facility (5-year) replaces prior $75M facility. ## SEC filing metadata - accession: 0001345016-23-000028 - form_type: 8-K - ticker: YELP - cik: 0001345016 - company_name: YELP INC - filed_at: 2023-05-04T23:59:59+00:00 - event_type: earnings - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 1.02, 2.02, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/0001345016-23-000028-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/yelp-20230428.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001345016-23-000028 - JSON: https://secwatch.observer/filing/0001345016-23-000028.json - Plain text: https://secwatch.observer/filing/0001345016-23-000028.txt ## Key facts - Debt Financings YELP INC incurred revolving credit of $125.0 million with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) at adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.25% maturing five years. - Instrument: revolving credit - Principal: $125.0 million - Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) - Rate: adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.25% - Maturity: five years - Event: incurrence source text: On April 28, 2023, Yelp Inc. (the “Company”) entered into a Revolving Credit and Guaranty Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “2023 Credit Agreement”), which provides for a five-year $125.0 million senior secured revolving credit facility (the “2023 credit facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/0001345016-23-000028-index.htm - Earnings Releases YELP INC reported the first quarter ended March 31, 2023 results: revenue $312 million, net income ($1) million, EPS ($0.02) per share. Guidance raised. - Period: the first quarter ended March 31, 2023 - Revenue: $312 million - Net income: ($1) million - EPS: ($0.02) per share - Guidance: raised - Result: reported results source text: > Net revenue was $312 million, up 13% from the first quarter of 2022 and $2 million above the high end of our first quarter outlook range, driven primarily by growth in advertising revenue as we executed against our strategic initiatives. > Net loss was ($1) million, or ($0.02) per share, relatively consistent with net loss of ($1) million, or ($0.01) per share, in the first quarter of 2022. > Adjusted EBITDA1 was $54 million, an increase of $6 million, or 12%, compared to the first quarter of 2022 and $4 million above the high end of our first quarter outlook range. Adjusted EBITDA margin1 remained flat at 17% compared to the first quarter of 2022. > Cash provided by operating activities was $74 million during the first quarter, and we ended the quarter with cash, cash equivalents and marketable securities of $414 million. > In the first quarter we repurchased approximately 1.7 million shares at an aggregate cost of $50 million. > Our first quarter results demonstrate a strong start evidence_url: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/0001345016-23-000028-index.htm - Material Agreements YELP INC entered into Revolving Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto valued at $125.0 million (effective 2023-04-28). - Action: entry - Agreement: credit facility - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto - Value: $125.0 million - Effective: 2023-04-28 source text: On April 28, 2023, Yelp Inc. (the “Company”) entered into a Revolving Credit and Guaranty Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “2023 Credit Agreement”), which provides for a five-year $125.0 million senior secured revolving credit facility (the “2023 credit facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/0001345016-23-000028-index.htm - Material Agreements YELP INC terminated 2020 credit facility with Wells Fargo Bank, National Association valued at $75.0 million (effective 2023-04-28). - Action: termination - Agreement: credit facility - Counterparty: Wells Fargo Bank, National Association - Value: $75.0 million - Effective: 2023-04-28 source text: On April 28, 2023, the Company and Wells Fargo Bank, National Association entered into a payoff letter agreement, which provided for the termination of 2020 credit facility upon the Company’s payment of all outstanding obligations thereunder and the transfer of the Company’s outstanding letters of credit under the 2020 credit facility sub-limit to the 2023 credit facility sub-limit. evidence_url: https://www.sec.gov/Archives/edgar/data/1345016/000134501623000028/0001345016-23-000028-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.