YELP INC. Goldman Sachs Communacopia + Technology Conference 2026

All right, we can kick it off. Well, thanks to the team from Yelp for being here. I think this has become an annual tradition. We appreciate the partnership. Jeremy Stoppelman, CEO, David Schwarzbach, CFO. David, I think you have a safe harbor to read quickly.

Thanks, Alex, for having us at the conference. We will be making some forward-looking statements during the conversation today that are subject to risks and uncertainties. Please refer to our SEC filings for more information on the risk factors that may affect our results.

Great. Jeremy, I want to start with you. Sort of a big-picture table-setting question. The platform has been under a lot of evolution over the last couple of years. You guys have really leaned into what you call the product-led growth strategy. Maybe frame for us some of the key product developments that you are most excited about and how you see them driving growth going forward.

Sure. Yeah, if you go back the early history of Yelp, we were really go-to-market led for a number of years. Then we entered into a, probably around 2018 or so, a product-led era, where we made a great bit of progress on the business, have taken Yelp ads business to greater heights, something in the order of $1.5 billion-ish a year. Now we are at the point that really is, it is the AI era. Obviously, a huge technological shift. We have had to rapidly adapt that technology, both internally, in terms of how we work, but then especially modernize the product, bring AI elements into it, like Yelp Assistant, which we have launched in the past year. We also saw opportunity. We did not just want to necessarily focus on how can we transform only Yelp and what we have done historically.

We also started looking for greenfield opportunities where we can ride the AI wave. That has led to some really exciting AI tool capabilities that we now have, starting with Yelp Host, which was homegrown. That is answering the phones for restaurants. It is not just picking up the phone and giving directions, but it is integration with front of house, like our Guest Manager product, like OpenTable. It is also even taking food orders over the phone, and that is commission-less, going straight into their POS systems. They do not have to pay the DoorDash tax necessarily, which businesses love. The feedback we have gotten on that product has been really strong. It even speaks, I think it is 17, 18 languages now. Really impressive the capabilities that the team has built out. We also started working on a product for services, a voice product for services called Yelp Receptionist.

But as we were bringing that product to market, we also had the opportunity to partner and bring in-house Hatch, which was years ahead in the digital lead management space. Great brand, great praise coming from their customers. Basically, leads come in to services businesses from all sources, so it is not just Yelp. They make sure to follow up on those leads, drive those leads to a booked appointment all through AI. We took our voice effort and merged it with their voice effort, and so now we have a voice product as well as part of their suite. That has been really exciting. It is farther along the host business, which was really a zero to one kind of endeavor. Hatch has been in the market for a number of years and has more substantial revenue.

That is great. I definitely want to dig into all those products in more detail, but maybe to take a step back and start off, just as you view the competitive landscape and changes to the broader search and internet behavior, there has been a lot of updates to the search distribution landscape with AI. We have seen a number of announcements recently around agentic commerce and consumer agents and things like that.

How do you view Yelp's positioning against that broader landscape, and the value of the platform, both your installed user base and distribution footprint, but also the data and content that you can bring as well?

Yeah. I think something that's become increasingly clear is that Yelp has a very unique data asset. I'd put it right up there with Reddit as another example, or maybe Wikipedia. But if you want to answer local questions, if you want to know who's trustworthy, if you want to know what to order, all of those things are housed and grounded by Yelp data. If you're not Google, you don't have access to Google's data, you probably want to be talking to Yelp. I think that's been borne out in the quality of conversations our business development team has been having and some of the deals that we've now announced. Probably the most noteworthy being our work with OpenAI, and you're now seeing Yelp content integrated within ChatGPT experience as people dive into local.

Just recently, also there was a quote button, a Request a Quote button that taps into our Request a Quote system, showing up on relevant results within ChatGPT. That's part of our philosophy, isn't just to have great content and hoard it inside the walls of Yelp. Certainly, we want lots of people coming to Yelp, but we've also always found that there's opportunity to bring our content to where the consumer may be, and that helps bring new people back to the platform. The deals often take the shape of, there's obviously licensing revenue associated, there's typically traffic elements as well, and you can find our content on a whole variety of different properties, not just ChatGPT, whether it's Apple or Bing or on the AI side with Meta. You can find our content there as well as Alexa. The list goes on and on.

Even in most autos have our data as well. So there is a lot of demand, I think, for trustworthy, high-quality content about local businesses, and Yelp, I think, is the critical resource.

That's great. I want to dig into some of the products that you mentioned at the top, especially Yelp Assistant. I think that's the furthest along and probably most prominent across multiple of your services, RR&O and services as well. What have been some of the biggest learnings from rolling out and developing that product, some of the use cases, and how that's trended over time?

Yeah. Yelp Assistant is essentially a chat interface to Yelp, so it taps into all of our great content. You can literally find a needle in a haystack now because it is searching across everything that we have got, which is phenomenal. I think the biggest challenge is at the end of the day, you are also competing against things like, frankly, ChatGPT, Claude, but even some of the new buzzy products. I know it has been going around at this conference about Instinct, and what about Instinct? It is a really exciting space in that the bar is constantly being raised in terms of how much can you push the capabilities. That has been the challenge for our team is as soon as we get something, we are like, "Wow, this is great." Probably the next week, we are seeing something where it is like, well, we have to do even better.

We have to add even more functionality. It is a very dynamic, fast-moving space. But again, we have the trusted content, we have the critical resource to answer those questions, which means both we can continue to create a compelling experience right on Yelp, but we are also happy to partner and work with other players, be it Instinct or anyone else, and find ways that are creating value for both companies.