Yelp - Earnings Call - Q1 2020

Transcript

Speaker 0

Good day, and welcome to the Yale First Quarter twenty twenty Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to James Milne, Vice President of Financial Planning and Analysis.

Please go ahead.

Speaker 1

Good afternoon, everyone, and thanks for joining us on Yelp's first quarter earnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman Chief Financial Officer, David Schwarzbach and Chief Operating Officer, Jeff Nachman. We published a shareholder letter on our Investor Relations website and with the SEC about an hour ago and hope everyone had a chance to read it. We'll provide some brief opening comments and then turn to your questions. Now I'll read our Safe Harbor statement.

We'll make certain statements today that are forward looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward looking statements in light of new information or future events. In addition, we are subject to a number of risks that may significantly impact our business and financial results. Please refer to our SEC filings as well as our shareholder letter for a more detailed description of the risk factors that may affect our results. During our call today, we'll discuss adjusted EBITDA and adjusted EBITDA margin, which are non GAAP financial measures.

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with generally accepted accounting principles. In our shareholder letter released this afternoon and our filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non GAAP financial measures as well as historical reconciliations of GAAP net income to both adjusted EBITDA and adjusted EBITDA margin. And with that, I will turn the call over to Jeremy.

Speaker 2

Thanks, James, and welcome, everyone. At the beginning of the year, we, like everyone else, could not have imagined where we'd be today as a community. The global pandemic has disrupted any sense of normalcy for the world, and we've been witnessing the impacts on consumer behavior in real time. While the physical distancing measures and shelter in place orders have inevitably dealt a significant blow to many local businesses, this crisis has reinforced for us the critical role that Yelp plays and will continue to play connecting people with great local businesses. We moved quickly to take steps to navigate our business through these unprecedented times.

To protect the safety of our employees and do our part to help flatten the curve, we took early and swift action to migrate our workforce to work from home. At a company with thousands of employees, I am proud of the operational agility and speed with which our team has been able to adapt to this new work from home environment given the difficult circumstances. We prioritized efforts to help our consumers and local businesses stay connected with Yelp's trusted content during this time. Our product team moved fast to create new features for businesses to showcase relevant offerings, such as virtual estimates or whether they offer delivery or takeout during COVID nineteen. These new attributes have been rapidly adopted by business owners with more than a 120,000 active locations by the April.

In addition, as part of our efforts to support local businesses, on March 20, we announced a $25,000,000 relief initiative primarily to support local restaurants and nightlife businesses, which have been particularly devastated by COVID nineteen. We also took the difficult but necessary steps to reduce our workforce and expenses to help maintain financial stability in the quarters to come. From a balance sheet perspective, we ended the quarter with $491,000,000 in cash, cash equivalents, and marketable securities and no debt. We believe we have the financial strength and liquidity to weather the uncertainty of the pandemic under a range of scenarios, allowing us to continue to focus on the health and well-being of the Yelp community, our employees, consumers, and local businesses. In summary, we entered this pandemic on the back of strong performance over the preceding quarters and into the first two months of this year.

Despite the negative impact of the COVID-nineteen pandemic in March, our first quarter revenue was $250,000,000 up 6% compared to the 2019. We responded quickly to the health crisis and made the decisions we believe were necessary to preserve our financial liquidity and maintain our operational capability. By doing this, we believe Yelp will emerge uniquely positioned to help local economies through the recovery, both partnering with our existing advertisers and helping grow new ones. With that, I'd like to turn it over to David.

Speaker 3

Thanks, Jeremy. Since this is my first earnings call with Yelp, I wanted to share a few thoughts around why I joined the team and to share a few first impressions. I'll then move on to our view around the second quarter. At its heart, an advertising business depends on content, consumer interest, and reach. Yelp has all three.

We have highly valuable content through trusted reviews. We enjoy a strong consumer brand built over the past fifteen years, one with appeal that weights towards more affluent households, and we deliver value to advertisers across a broad range of categories from restaurants to home services. These strengths remain true even with the current pandemic, and together, they provide the foundation for us to grow as the economy recovers. As I've worked with the team over the past two months, I've seen impressive operational agility in difficult circumstances as we transitioned to work from home and then had to take significant actions to reduce expenses. Those actions made with careful consideration reflect the commitment to financial discipline while also helping to ensure that we continue to drive product innovation and reach business owners through our sales organization.

We believe that the steps we have taken align expenses to reduced revenue across a broad range of scenarios. As Jeremy said, we also have a strong balance sheet with $491,000,000 in cash, cash equivalents and marketable securities at March 31. We currently have no exposure to corporate securities. We continue to take additional steps to further increase our liquidity, most recently adding a revolving credit facility in May with Wells Fargo for $75,000,000 While we are mindful of dilution, we've indefinitely postponed share buybacks given current conditions. Taken together, I am confident in our ability to weather the current storm from a liquidity perspective and to emerge well positioned for growth.

Now I'll turn to our thoughts around Q2. While we are not in a position to provide our usual guidance for this quarter or the full year given the current uncertainties, we continue to closely monitor business performance and make decisions to ensure our financial strength. As described in our shareholder letter, we've seen a steep decline in traffic. Fewer people going out to eat and shop, coupled with broad based shelter in place orders, have resulted in an extraordinary number of local businesses closing or operating at limited capacity. This, in turn, has understandably led to many of our advertisers canceling, pausing, reducing their spend on Yelp.

In California and New York, two of our strongest regions and two of the first states to order residents to shelter in place, we began to see both traffic and advertiser budgets begin to stabilize in the April. While we are still closing our books, for April, we expect revenue to decline by approximately 35% compared to April 2019. It is important to recognize that our revenue may be lower in May and June due to a number of factors. While we are seeing some easing of consumer restrictions, it remains a very challenging environment for small local businesses, and we may see more of our advertisers pause, reduce, or cancel budgets. To support many of these businesses, we may expand upon our relief initiatives, and this could have a direct impact on both our advertising and services revenue.

With recent changes to our sales force, we may not be able to maintain productivity levels as time passes, and we continue to work remotely. In addition, the rates of recovery in consumer behavior and user engagement will impact revenue through the fulfillment of ad budgets and the cost per click we deliver, both of which remain uncertain. On the cost side, we expect a reduction in GAAP expenses of approximately $70,000,000 compared to Q1. This excludes a onetime restructuring charge between $4,000,000 and $5,000,000 for the year. It's important to recognize that our cost basis is driven predominantly by our headcount.

As revenue recovers, we plan on restoring more employees to full time. As a result, we anticipate our expenses will rise in the second half of the year. As we see improvement in business performance, we plan to selectively reinvest in our business. We will be guided in that reinvestment by opportunities to drive profitable growth over the long term across channels, categories and geographies while maintaining our financial discipline. With that, operator, please open up the line for questions.

Speaker 0

We will now begin the question and answer session. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. As a reminder, please limit yourself to one question and one follow-up. The first question comes from Colin Sebastian of Baird.

Please go ahead.

Speaker 4

Great. Thanks. Good afternoon, and hope everyone is there as safe and healthy. Jeremy,

Speaker 5

maybe a

Speaker 4

little bit early, but beyond managing through the current environment, are you thinking of any longer term changes to the company's strategic priorities? Or is the goal to get back to the progress that you were making earlier in the year? And then as a follow-up on the multi location, given some of the relative strength we're seeing in national chain restaurants and other businesses, Can you talk about maybe some of the relative demand trends from that group in your business sitting here in early May and maybe some of the B2B performance marketing that you plan to leverage with that group? Thank you.

Speaker 2

Hi, Colin. This is Jeremy. I'll take the first half of the question, and maybe, Judd can hop on with the national question. But as far as, you know, changes to our priorities, certainly, we're looking at, you know, our product development pipeline to see if there's any things that should be, done more urgently in light of COVID nineteen. You know, we already scrambled the jets and, you know, got out a bunch of features to help make it easier for businesses to communicate with their customers around things like hours changing, how are they handling, you know, pickup and delivery, and so forth.

We we've actually seen a lot of, success, as measured by engagement, with some of those features. So we have a COVID nineteen banner, for instance, that all businesses can put up on their business page. We had 225,000 of those up by the April. We launched some new biz highlights. Those are sort of tiles that that businesses can put up to highlight specific things about their offering.

The we we put out some special ones related to COVID, and we had a 120,000 of them activated by the April. Additionally, Yelp Connect, some which is functionality that allows you to post, both visual and text information to your page, and then it also gets pushed out, to people that are, you know, past customers as well as people that might be interested in your business to see a pretty nice pickup there with 10,000 businesses activated. And so we'll continue to to push forward on features like those that are extremely relevant in the short term. And then there's, you know, adjustments, I think, to the pipeline over the long term things that maybe we hadn't considered before that that now are more urgent. But I would say, you know, generally, a lot of the things that we were working on are still quite relevant.

We've seen a lot of strength and resiliency in the local services home and local services category. It's been less impacted, overall, and we had an enormous opportunity, which we still have to monetize more of the leads there. And so many of the projects that we're already working on, continue to be relevant at driving high value, high quality leads to our advertisers. With that, maybe, Jed, you can hop in on the national chain question.

Speaker 5

Sure. So, you know, in terms of of the national chains, you know, they're they're obviously still operating in a local economy, and they've been hit in varying degrees depending on the segment and category. Obviously, restaurants are still trying to find their footing in this new world. And when we talk about multi location, it's kind of everything from mid market all the way up to kind of your largest national chains. And then you have to break it down further into kind of QSR versus dining in options.

And so there's a very broad range in terms of how this has impacted. Obviously, pickup and delivery, are a dynamic that is within the restaurant segment specifically. We are seeing a bunch of increased interest on that. Although I don't think as a rule, most of these large enterprise accounts have really figured out what strategy they're gonna move forward with. And and, you know, it it's a complex problem, you know, given, you know, varying rules and regulations in in in different states and different cities.

So, you know, the most important thing is we're just aligned with them side by side as they're making their plans to kind of come into a recovery posture, and making sure that when they do turn on the spigots in terms of advertising budgets that we're right there with them. I would say on the services side, this is an opportunity. We still see you know, folks on the consumer side are still needing services. And on the business side, you know, they're still buying advertising. And so, you know, making sure that, we're we're we're fully, alongside on the services side too because that's gonna tend to have a faster recovery than the restaurant piece of the business.

Speaker 1

Thank you.

Speaker 0

Next question comes from Cory Carpenter of JPMorgan. Please go ahead.

Speaker 6

Great. Thanks for the questions, and appreciate the color on on April trends in the shareholder letter. I was just hoping you could expand some on what you're seeing across sales channels and categories over the last month. Maybe yeah. I don't know if it's possible to quantify, but how far ahead New York and California may be in other geographies?

And and as I mentioned, you touched on some with the b to b performance marketing. Maybe just more color on your strategy to drive reengagement.

Speaker 7

Thank you.

Speaker 5

Hi. I can take the one on on on categories and segments.

Speaker 3

Overall,

Speaker 5

in terms of channels and categories, the services segment, obviously, as we indicated, has not been hit as hard as the restaurant side, both from a traffic and from a revenue perspective. We were certainly encouraged by April seeing at least a leveling off of the decline and stabilization, which has been really important. Our sales force productivity has been as good as we could have expected. We did a huge transition to work from home and really did not see any dips in productivities. In aggregate, we're on an individual basis, and so we're seeing real strong productivity there.

Obviously, you start to look at categories like health and beauty that are impacted as well, and restaurants obviously taking a big hit. But overall, I would say the strength has been in the services side of the business, both from a retention and a production perspective.

Speaker 3

Corey, this is I

Speaker 5

guess I can take the sorry, go ahead, David.

Speaker 3

So Corey, this is David. When we think about driving advertiser engagement, part of the investment in the sense that we made is we provided relief to our businesses, the $25,000,000 that we announced, was an opportunity to engage with them and bring them back, allowing them to pause for the business. And so one of the things that we're focused on is ensuring that it's easy for them to come back and for our sales team to engage. On the b two b marketing side, as you know, we have not invested heavily in performance marketing, and we haven't had to. That being said, as we see opportunities there, we're definitely looking to drive traffic as the economy recovers.

Speaker 1

Great. Thank you, Beth.

Speaker 0

The next question comes from Dan Salmon of BMO Capital Markets. Please go ahead.

Speaker 2

Hi, great. Good afternoon, everyone. Thanks for taking some questions. First, maybe just return to the restaurant category specifically and Ken, maybe for Jeremy or Jed, you noted continuing to maintain the high level of investments in national. Can you just remind us what I think that if we step back notwithstanding the multiple categories of multiple location that the the general view that they should rebound more than than traditional sort of local restaurants, independent restaurants.

So just maybe remind us what are some of the key areas of investment to support the national business and in particular, views on whether that may be able to accelerate coming out of it? And then maybe for David, just welcome to your first call, but and we'll jump right into one about with buybacks being halted, you know, how we should think about expectations for restarting that? What are some of the key milestones you're looking for? Would love to hear a

Speaker 1

little bit more on that as well. Thanks.

Speaker 5

I can take the first one on national in terms of the investment. I would start with when we talk about not continuing to invest in that segment, we largely put the enterprise sales team in place and the infrastructure in there to make sure that we could service those folks in the best way possible. And so those relationships continue today even where some of those folks have cut down on initial advertising spend. Obviously, we've got to take a look at delivery and pickup as a huge opportunity for these folks. Although it's not the panacea that would totally drive that segment in terms of a quick rebound.

I think most folks are just trying to kinda keep their head above water. Obviously, in store attribution is gonna be a little bit harder given this environment and folks sheltering in place. So, you know, an example of one of the things that we're doing is the Yelp audience platform where we kind of look, at at folks who have intent to pick up and deliver and can and can access them in other, other places around Internet. And, you know, that that's been a product that has seen some uptick recently, as a result. But in general, it's just making sure that we're providing the kind of the core blocking and tackling.

So when folks decide they need to start to spend and and and various states and and cities start to recover that we're right alongside them.

Speaker 7

And,

Speaker 3

Dan, I'll pick up from Jed there. In terms

Speaker 1

of salary budgets, one thing,

Speaker 3

of course, that's important to appreciate is that over the course of last year, we bought in nearly $05,000,000,000 of stock.

Speaker 1

And so it's much early to consider share repurchases to date.

Speaker 3

We've been extremely focused on liquidity. And as we mentioned, we believe with $491,000,000 at the end of the first quarter, we're extremely well positioned. We just added the credit facility with Wells. We're taking other steps. We are mindful of dilution, but it's much, much too early for us to consider moving back to a position where we're engaged in share repurchases.

Speaker 2

Okay, thank you.

Speaker 0

The next question comes from Michael Ng of Goldman Sachs. Please go ahead.

Speaker 3

Great. Thank you for the question. I was wondering if you could just expand a little bit about the pacing of revenue through the first quarter. I thought it was encouraging to see the acceleration in revenue growth in February to 15%. What drove that acceleration in February?

And does that give you confidence that you'll be able to to execute against those same initiatives once the pandemic is over? Thank you.

Speaker 5

I can jump in on that one. Yeah, we were really happy with the way that the year started, and looked at that acceleration, from January into February, you know, at that 15% range. And I think it was a lot of the work that we had started in 2019. Obviously, we had, I think, a 25% year over year improvement in retention that was the largest driver there. Continuing to deliver more value to our advertisers per dollar spent was really, really important.

And as we saw kind of the new the calendar turnover that became very evident that we saw those retention improvements, sales productivity continued to be in a very, very healthy place over those first two months and even into the March. And I think looking forward, we structurally kind of changed the model over 2019 that was much more heavily reliant on not growing the sales force as much and driving kind of growth while we had a shrinking local sales force and really leaning into the national opportunity and the self serve opportunity. So all those things kind of came together over the first couple months of the year. And I suspect that we I would imagine as we come out of this, that we'll continue to lean in on those channels and continue to make improvements on the retention side as well. And that is a big driver of that productivity and a big driver of the revenue.

Speaker 3

Great. Thank you very much.

Speaker 0

The next question comes from Shweta Khajuria of RBC Capital Markets. Please go ahead.

Speaker 8

Great. Thanks. A quick one, I'm sorry if this was covered. But Jeremy, could you talk about how you think Yelp will be positioned post COVID? How differently it will be positioned post COVID as you think about self serve as well as larger advertisers that you may multilocation advertisers and your positioning there.

And, also, in terms of your conversations with small businesses, they may not be operating right now. But post COVID, currently, are you in conversations just so that it is a smoother onboarding post COVID? Thank you.

Speaker 2

Hi, This is Jeremy. Yeah. I would say one of the things we're really focused on is making sure we are top of mind with consumers. And we think one of the most important ways to do that is ensuring that our information is as up to date as possible. So we're spending a lot of time and resources on making sure that things like hours are correct, How is the business handling itself during this time?

What can you buy from particular businesses? Can we automate some of that, especially for for larger businesses? You mentioned national. Obviously, it's it's harder for a business with thousands of locations to keep everything up to date and to making sure that we have the resourcing to help them stay top of mind with consumers. I think all of that work is going to help keep that connection to consumers.

And, ultimately, that's what businesses are coming for is valuable leads, you know, get getting connected to that consumer that's ready to buy. And so that's where our focus, remains is is connecting with those consumers to to businesses. And then you had a a second question, which was I didn't catch it. Let's see. It is post COVID self serve self self serve, and multilocation.

How are we going to change change that? I think, you know, we we're basically open to all all the different channels. You know, we we acquire customers through a variety of different means. Obviously, local sales team, self serve, multi location is more of an enterprise relationship. And I think we wanna be very thoughtful about how we bring on all that new all that recovering revenue.

And so we're gonna be looking for the most efficient channels. We've gotten, you know, better and better at self serve, for instance. So that's a great place to reacquire customers because we can reach out to them. You know, maybe people that have churned in with one click, they could be activated again on Yelp, and spending with us to grow their business coming out of COVID. So we are taking steps right now to make ourselves more efficient as we, ultimately come out of this pandemic so we can reacquire any business that that we've lost and then also just ideally grow, grow more efficiently and quickly.

Speaker 0

Thanks, Jeremy.

Speaker 2

Sure.

Speaker 0

The next question comes from Richard Kramer of Euretic Cap Research. Please go ahead.

Speaker 9

Yes, thank you very much. It's for Euretic Research. Two questions, please. First of all, I'd like to ask about how you see the value of the $210,000,000 cumulative reviews. That's traditionally in a number of categories been very important to Yelp's business.

But obviously, they will age rather more quickly in this COVID environment. So how do you see that review base going forward as a key asset for the company? And then I guess the second question, you cited the increase in provision for doubtful accounts. Could you give us a bit of a sense of how far through that process you are in understanding how many of your both claimed locations and current advertisers will make it through to the other side and whether that changes the sort of scope of the business or the nature of the business in terms of how many of your potential advertisers can weather the storm? Richard,

Speaker 2

I'll take that first half of the question. Maybe David can take the second one there. But we do have, as you pointed out, an incredibly rich corpus of reviews that has been proven to be extremely valuable and durable. And we continue to have an engaged community of reviewers, especially our elites who are calling out, which are our model users. And we have maintained a large community management team that works from home currently and engages with those key community members.

What we generally see is contributions do move along with traffic. And so as traffic goes down, you would expect to see contributions as people are experiencing fewer businesses will go down. I don't expect all those 210,000,000 reviews to to be worthless anytime soon. Think, yeah, obviously, and we all hope that many many local businesses will survive even if they're on pause for a period of time, and their past performance is a pretty good indicator, to to consumers of how they'll perform in the future. That said, we still continue to to get quite a bit of content, from our community of reviewers still writing, and we're still engaging them with with our community, with our community managers.

And we, you know, we continue to develop new, features and functionality geared towards contributors to make sure that they stay engaged through the the pandemic and to the other side when things can can come, we hope, roaring back. So we are conscious of trying to maintain that connection with consumers. That's top of mind for us since that's such a key part of our business over the long term.

Speaker 3

This is David. So there's really two parts to the question you asked, provision for doubtful accounts. And then what are we seeing in terms of advertisers, but really businesses surviving? And just to answer the second first, it's still very, very early. And many of these folks are still working through their survival strategy, and they're obviously also applying for loans.

So we ourselves are not gonna know for some time yet where that's going to land. So unfortunately, that will be something that we're all going to see. As Jeremy said, we hope, of course, that many survive. In terms of the provision for doubtful accounts, it was significantly higher at the end of the first quarter, as you'd expect, as a variety of these businesses took steps to trim advertising or were already in a position where they could no longer pay bills. And so that was definitely elevated.

What I'd expect is for us to see a somewhat elevated level for a period of time, but that provision for doubtful accounts really is a monthly item. And so we'll see how that evolves as the overall recovery takes place. I think the duration of that will certainly influence the ability of people to continue to pay or not.

Speaker 1

Okay, thank you.

Speaker 0

The next question comes from Ygal Arouin of Wedbush. Please go ahead.

Speaker 7

Yeah. Hey, guys. This is Rod on the line for Ygal. Thanks for taking the question. I wanted to ask on self serve.

You know, you talked about it a little bit already, and, you know, you called out in the letter that it was seeing good strength in February, and, you know, it's obviously the channel that can reaccelerate quickly. But, you know, by the same token, I imagine it's also maybe a channel where the pullback is a bit faster. So kind of what's been the impact on the environment, you know, in self on self serve specifically, if you get some color there and kind of is it at a level that gives you confidence, maybe depressed, but at a level that think you can reaccelerate it quickly? And, you know, how do you balance that with with the changing dynamics of the Salesforce? You know, you were talking about this a little bit ago in terms of the go forward and kind of, you know, the strategies for coming out on the other side.

Just a bit more color on that would be helpful. Thanks.

Speaker 5

Sure. I can I can, start off? And if David wants to jump in after, feel free. You know, in terms of self serve versus our rep sub channel, we've actually seen them in line in terms of or, obviously, there's a a a mixed shift as a result of of COVID, but, we're really encouraged with the progress we've made on the self serve channel. And I think kind of a proxy for that right now.

First of all, if you look at claimed businesses, they're up. You know, we've had significant progress year over year on claimed businesses, which shows that businesses are interacting with what is the self serve platform. And then you look at all those features that have been adopted as part of the COVID effort, and whether that's business highlights or the special COVID banners or the connect product that we're seeing upwards of 10,000 folks who have who have kind of chosen to kinda use that as well. It really bodes well for self serve over over the long term. And what you really want in these periods of times is engagement.

And there might be a subset of businesses that today in in April, May cannot afford to go advertise. They're worried about survival in their employees and kinda coming out of this thing and navigating through through their various circumstances. But, you know, they're still engaging and understand that Yelp is an important platform and an important communication platform for them. And and, you know, we've been making improvements both, in in in our kind of platform as well, with a a new business owner site that is a lot more rich in terms of the features and functionality, and and we're really pleased with the engagement that we're seeing thus far. So I think it bodes well for coming out of this as a as a as a continued shift towards self serve.

We're always gonna have a local Salesforce, and we'll be really mindful of how we grow that, kind of coming out of this and make sure that, a, we have enough coverage, but also that, you know, we continue down the path of of trying to get more efficient with with the channels that we do have.

Speaker 3

Rod, this is David. Did we didn't quite catch the second part of your question there.

Speaker 7

Yeah. No. I was just kind of asking how, you know, in terms of, like, the go forward and coming out on the other side of this, how do you, you know, maybe strike a balance in terms of leaning into self serve and kind of, like, the more rapid response versus, you know, the changing dynamics of the Salesforce, especially given, the increased relevance to the sales Salesforce given the current environment, you know, maybe leading into it a bit more heavily. So just kind of going forward, how do how do you balance between different channels and try to kind of prioritize, you know, on the flywheel, like, what's the best combination for emerging out of this as strongest?

Speaker 5

I can I can take a crack at that one too? Know, it's really looking at, you know, making sure that we're serving the customer whichever way they wanna get served. And, you know, we can see that, you know, some folks are always gonna wanna have a self provisioning, you know, interface and not wanna talk to a salesperson. And there are folks that no matter what you do wanna get somebody on the phone and actually have them walk them through an advertising program. So I guess going back to my, you know, kinda last answer, we're gonna we're gonna be able to see that in in in real time.

Although, I do believe that self-service is very well positioned coming out of this. And and then in terms of the the multilocation, we believe we're still very, very early in this opportunity for Yelp. And, you know, certainly, time, notwithstanding, when we come out on the other other end, it's gonna be a really important segment for us.

Speaker 0

This concludes our question and answer session. The conference has now also concluded. Thank you for attending today's presentation. You may now disconnect.