Kishan Patel

Kishan Patel, on behalf of Josh Beck, asked about traffic driven by AI platforms like Perplexity and the nature of conversations with other GenAI companies. He also inquired about the company's advertising budget and priorities for 2025, following the reduction in paid search spend.

Answer

CEO Jeremy Stoppelman described traffic from Perplexity as immaterial currently but confirmed active conversations with various companies interested in Yelp's trusted content. CFO David Schwarzbach reiterated that Yelp's marketing approach remains highly disciplined and return-focused, and the company continues to experiment and spend efficiently across various marketing channels.

Kishan Patel, on for Josh Beck, asked for an overview of the competitive environment, including SMB players like ZenBusiness and competitors on the consumer side. He also questioned management on the macro environment, customer spending patterns, and the outlook for a rebound in new business formations.

Answer

CEO Jeff Stibel stated that the primary competition is not other online players but the vast market of traditional small law firms, positioning LegalZoom's tech and legal network as a key advantage. COO & CFO Noel Watson described the macro environment as softer year-over-year but structurally higher than pre-pandemic levels, citing tailwinds like remote work but maintaining a cautious 'middle-of-the-road view' on a potential rebound.