The following is a summary of the Yelp Inc. (YELP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Yelp reported a record net revenue of $360 million for Q3 2024, marking a 4% year-on-year increase, with an 11% net income margin and a 28% adjusted EBITDA margin.

• Net income for the quarter was $38 million, or $0.56 per share on a diluted basis.

• Adjusted EBITDA reached $101 million, which was $14 million above the high end of the outlook range.

Business Progress:

• Yelp's focus on the Services sector resulted in a 14th consecutive quarter of double-digit year-over-year growth, with the Services revenue up by 11%.

• In the home services category, revenue increased by approximately 15% year-over-year.

• Plans to acquire RepairPal for approximately $80 million in cash to expand services in the U.S. auto services advertising vertical.

Opportunities:

• RepairPal acquisition is expected to bolster Yelp's services in the multibillion-dollar U.S. auto services advertising vertical.

Risks:

• RR&O categories (restaurants, retail, and others) faced a declining revenue of 6% year-over-year due to persistent macroeconomic challenges impacting these businesses.

• The company did not see the expected seasonal increase in RR&O revenue in the fourth quarter due to ongoing operating challenges.

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