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Yelp (NYSE:YELP)

February 13, 2013 2:40 pm ET

Executives

Jeremy Stoppelman - Co-Founder, Chief Executive Officer and Director

Robert J. Krolik - Chief Financial Officer and Principal Accounting Officer

Analysts

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Great. We'll go and get started. My name is Heath Terry. I cover the internet space for Goldman. Really happy to have everyone here, particularly Jeremy Stoppelman, the CEO and Founder of Yelp; as well as Rob Krolik, the Chief Financial Officer.

Jeremy, maybe the best place to start for people that -- in the audience, they maybe only know Yelp as the way that they find their favorite restaurant. What do you -- how do you describe Yelp as a business?

Jeremy Stoppelman

Well, to put it simply, Yelp is about connecting people with great local businesses. We started with the idea back in 2004 that getting recommendations from people in the community would be really powerful. If you could search over all of the knowledge that's in our heads in this room, you could find incredibly special local businesses that otherwise, you'd never be able to identify. If you think about what it was like to find a restaurant even in 2004 in San Francisco, literally, you're probably walking by different places, looking in to see if they were crowded. You might ask a friend here and there, but you were just getting one data point. There was nothing that was really comprehensive that went deep. And then as you got beyond restaurants, and you thought about other categories, whether it was a hair salon or a dentist or even a doctor, there was no consumer information about this stuff. And fundamentally, we thought no one would write -- at the very beginning, we thought no one's going to write reviews for fun about things like dry cleaners, that's crazy. So we built a service around asking friends for recommendations. That was for the very first iteration. And when we launched that, what we found was we were wrong. Like people, when they'd signed up, would discover a feature that was really varied, where you could just start writing reviews on your own. You didn't have to be asked a question. And lo and behold, like, that launched what became the real Yelp, which is a platform for you to share your recommendations. And subsequently, it becomes a community of people that are interested in sharing their recommendations. Of course, it started on the web and then now have big mobile presence. And it goes far beyond the restaurants. We think restaurants are now under 30% of our reviewed businesses. And in a city where we've been active for a long time, like San Francisco, literally, you can find tons of highly reviewed doctors, dentists, all the long tail categories, all the, traditionally, Yellow Pages categories have substantial reviews.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Local is probably one of the areas online where we've seen the most disparate move in terms of users consuming local content versus advertisers really being there. Why do you think that is?

Jeremy Stoppelman

I think there's a certain demographics element to it. A lot of local business owners have been around for a while. It's a relatively harsh environment. There's a lot of turnover. I guess, if you're not making it, you probably go out of business pretty quick. So I think that plays into it. And then I think fundamentally, if you're a local business owner, you're doing that -- you're running that local business everyday, like, you are the #1 employee. You're there opening the shop at 8 in the morning. If you’re a hairstylist, you're literally cutting people's hair all day. You don't have the hours it takes to go through and identify what your online marketing solution is going to be, and compare and contrast the different programs. And in fact, the way you've always bought advertising is to have people call you up and tell you about what their service is and what they can do for you. And you try different things out, and if it moves a needle on your business, maybe you stick with it. And if it doesn't, you move onto the next thing. As I do anticipate that there will be a shift over time as there's turnover in the business area. The demographic shift and you have people that are born on the Internet, essentially, creating local businesses. But it's still in the early days of that transition.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

But what do you think local advertisers need to see, not just from Yelp, but from sort of online, in general, before they're really willing to commit kind of meaningful parts of their budget?

Jeremy Stoppelman

I mean, of course, the holy grail is the more you can tie their spend directly to ROI. You get that same positive effect, essentially, that Google was able to do with e-commerce where, prior to being able to literally track a user from the point that they click on ad, all of the way through to their shopping cart, their purchase behavior, and once you can connect all the dots and say, "okay, we gave you this customer, it was worth this much," and even be able to do a lifetime analysis on that. Like, if that happen that opened up an enormous amount of money that they could flow to that sector. And in local, that remains a challenge. And it varies by business category. So you think about a restaurant, they're maybe not asking every customer how they necessarily found them or did they click on an ad. And there's other businesses -- there's other categories where they are able to have that conversation of, "tell me about how you found the business," and they have a much better idea of what's working and what's not. So it's an uneven landscape as far as measuring ROI. What we do, of course, is to try and provide all the tools we can at this point. If you're a restaurant, we're able to tell you how many open table reservations were booked. If you are receiving calls for your business because that's how you do business, well, on mobile, we're able to -- we track that and then we report that back to you. So the data -- there's more and more data available. I think, there's still a few iterations to go before it's crystal clear, but we can already start providing better tools for local businesses and helping them analyze and get a sense for their ROI. And that's actually one of our big priorities for the year.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

That actually leads into the next question. What are the big priorities for this year?

Jeremy Stoppelman

Mobile remains top-of-mind. Mobile is obviously really key from an audience perspective. There's been a huge shift. In fact, I think now north of 40% of our search traffic is coming just from our mobile app users. And the app users that we have represents a smaller portion of our number of users, like, if -- we just announced recently, we had 100 million monthly uniques in January. And separately from that, we have our app users of which we have north now of 9 million of them, but they're super engaged. So these people have a very direct relationship with Yelp. They're opening up their app. They're doing searches, and that reflects in revolving engagement metrics. Mobile is also really important from a contribution standpoint. We get our -- a majority of our photos now, of course, from mobile. It's so easy to snap a picture and upload it to Yelp. The community is doing a heck of lot of that. And so continuing to iterate and refine our global product is top-of-mind. We also -- switching gears to the next priority. We obviously, are very interested in extending Yelp internationally and have made a lot of investments in that area. The most recent of which or the most notably recent of which is, we bought Qype late last year. And that's going well. And we're very focused on integrating that, leveraging the content and traffic that they've got. We had announced previously that there are north of 15 million monthly uniques. And so whenever we talk about the 100 million, we're not counting that at all. So there's a lot of upside and a successful integration there. And of course, there's complexity, there's team Hamburg in London, and so we're going through the effort to integrate those teams and integrate the product. So that's an important one. And then finally, there's what we call closing the loop. The helping our advertisers better understand ROI through building tools and revealing more data that's helpful to them.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Yes. And so you touched on international. International is an area that you've only just started to monetize, opening the sales office in London towards the end of last year. Between that, between Qype, what's your early read on the international opportunity for Yelp?

Jeremy Stoppelman

Yes. As we've extended to other markets, we have yet to find one that just doesn't have Yelpers. It doesn't have people that want to share their favorite recommendations, their favorite places. And the model, of course, is plant the seeds, and it takes years for them to grow. And really want to say, plant the seeds. It's the seed of the community. So in each of the cities, we're opening up and launching with obviously, the basic local listing data, but then we have a community manager in each of those markets. Were now in 20 countries, with 93 cities -- 96, sorry, it's launched 3 more since I last checked. 96 different cities. They start with the community. That has to come first. You start building up content through, of course, that community's generating reviews and adding photos and all of these helpful things. And then overtime, you build a real audience. And once that audience is established, you can start monetizing. And we've reached that point where we could start monetizing specifically -- obviously, Canada and the U.K. are ready to go. And so we've been focusing Yelp efforts specifically, there. We opened a London office or scaled up our London office to have a heck of a lot of sales people, and that's going well. Qype is sort of a different story. It has its own monetization, and so we're working through the integration on that.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

40% of your usage is coming from apps. You only, again, just recently started to monetize the app inventory that you've got. What's the early reaction that you're sort of seeing from users, from advertisers, and what does it tell you about the opportunity within the app?

Jeremy Stoppelman

Contrary to the situation, I think at a lot of other companies. For us, running ads on mobile is great. Like, the ad format that we already had translates wonderfully to the mobile app. And if that were -- basically, with the flip of the switch, once we launched the product, we're able to -- of the ads that we're showing, 25% of them are now showing on mobile. So we basically opened up a whole bunch of inventory, and we're able to bring in ads basically immediately. And the performance that we're seeing is great like -- search is actually performing better than what we see on desktop, which is essentially what we were anticipating. We have more data to work with, especially around location because if you're searching on the website, it's harder to articulate a precise location. You might type in hair salon and take San Francisco, and then we're showing you hair salons in all of San Francisco. But when you're tapping in to that same kind of information on your mobile phone, we now actually -- you're standing in Hayes Valley, a neighborhood here in San Francisco. And so we can, therefore, show you an ad that's closer to Hayes Valley or closer to your exact position. So that could be more relevant you, presumably, it's going to have a better ROI for the advertiser. And so we're off to the races on that and early days are looking as we expected, which is really good.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

When you look at an engagement across the verticals that you've got, both web, app, with mobile web, where were you seeing the strongest growth, the strongest level of engagement? And how is that changing as Yelp matures?

Jeremy Stoppelman

I mean, the area with fastest growth remains mobile. And part of that is just, I think, the way -- it's obvious. The way we're all using computers and the Internet is fundamentally changed forever. We're in front of our desktop computers a little bit less, and we've always got our mobile phones handy, and when we're out and about, that's actually a great time to interact with Yelp. And so what does that mean? Well, that means that you can access Yelp directly on your mobile app, which is better for us than, frankly, what you were doing on a desktop, which is maybe starting your search on Google and then finding your way to Yelp. So we really like that trend. And then also there's all sorts of contributions that become better and easier on mobile, specifically being able to add a photo right there, take a -- snap a picture of a dish. That used to be very difficult. Like, you had to bring your camera to the place and then remember to upload it later when you got home. You had to be a very dedicated user, a dedicated contributor to do that. And it's become very trivial on the phone. So that's -- I think that's positive.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Sounds great. I know we've got a large audience here. So I do want to go ahead and kind of open things up to the audience for questions. We've got somebody going around with a microphone, so if you have a question, feel free to raise your hand, we'll get a microphone over to you. I've got one up here. So while that going, while we're getting the microphone up, largely, Yelp's grown revenue -- growing your business base through inside sales force. What has made that the right model for monetizing Yelp versus some of the more sort of self-served models that you've seen work online?

Jeremy Stoppelman

I mean, I think, it gets back to where we open the discussion, which is, because the demographics and the sophistication of the average local business, they're really used to being called on. That's pretty much everyone who's successful, been successful in monetizing local, currently has a sales force. And I'm not aware of a lot of folks that have cracked the nut otherwise. That said, we do have a successful product that is completely self-serve, which is our Deals product. It's not that old. I think we launched it about 1.5 years ago. But it's really been primarily organic growth. Just -- it's in there in the business owner dashboard. And as you claim, you find out about it, you can potentially turn on deals. And that's really working for us. So don't expect it to change the business overnight, but we're pretty encouraged by the early results.

Unknown Analyst

Jeremy, I'm [indiscernible]. I love Yelp. I use it all the time. You mentioned the ROI is so critical. [indiscernible] One of the key components to that is taking somebody that you buy from [indiscernible] just -- I'm curious what are you doing to help your customers nurture the relationship [indiscernible].

Jeremy Stoppelman

Sure. So did everyone hear the question or should I...

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Yes. The question basically...

Jeremy Stoppelman

Well, what are we doing for the ongoing customer relationship. I think that's an area of opportunity for us. Primarily, what we're focused on today is just helping the business owner sort through, "okay, what are you giving me?" I'm buying these ads. I'm getting these clicks, but what did clicks translate to in terms of dollars? And does Yelp mean for me in terms of dollars? And can you give me more information about these clients that you're sending me, so that I know that they're real? In a situation where somebody buys the Yelp deal, that's totally transparent because the customer walks in the door and hands you a deal. But where we showed an ad and that person clicked through to the Yelp page, and then maybe click on directions, well, that's still a bit of extra information that we can then help pass on to the business owners. So they understand how the value is flowing from their advertising to actual customers. So that's step one. I think there is a Step 2, which is okay, how do you manage that ongoing relationship with the customer? But fundamentally, our sweet spot is around finding new customers. So getting that lead in the door in first place. There's other folks that are, I think, particularly well-suited in handling the ongoing relationship. And maybe we'll come up with products in that area, but that's not the top focus right now.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Question here?

Unknown Analyst

So actually, 2 questions over here, sorry. Yes, 2 questions. I guess, the first, is it -- I'm wondering to what extent you think there is still a role for expert curation to user-generated content. It's fantastic, but how do you -- to what extent can you integrate expert curation? Is that worthwhile? Because it strikes me that the platform that's able to actually merged those 2 things could actually, ultimately, be the bigger long-term winner. And then related to that, any site or entity that's sort of involved in generating the community? It seems inevitably to come into the moment of truth where the community begins to revolt and kind of unravel. It's happened to every community that's ever been created. How do you prepare for that sort of an inevitability?

Jeremy Stoppelman

Okay, so let me take the first one. So the question was around how do you incorporate expert content. We thought about that one over the years, and fundamentally, that's not what's Yelp's value is. I think there are places to easily turn for expert content. But Yelp is a community-driven site. It's about people sharing their recommendations, and it's very democratic. And I think we specifically take a step front on the product side to make sure it stays that way. We don't necessarily want one person to have a dominant voice. We want the many to have a collective voice, and it seems to be working. Like I don't know that it's a common feedback point to hear from people saying, "well, if you layered in New Times reviews, like other people's expert reviews, alongside Yelp content, that would change the game for me," because fundamentally, I think those things are easy to tap into if you're interested. And actually, those only go after generally, that head of local businesses. Specifically, we're talking, probably, just the head of restaurants. I think fundamentally, the special thing about Yelp is that it goes after the tail. So there is no expert content about most doctors. There is no expert content about dry cleaners. There's no expert content about random nail salons in your neighborhood. And as a result, there's -- there's not a lot of competition, which is nice for us, but there's also nothing to layer there. That's -- I guess that's a long way of saying it hasn't been a focus for it. And then on the community revolt play. Certainly we've seen community revolts. I wouldn't say it's universal. I remember dig. It had some problems and lost a lot of users, and now Reddit has sort of replaced its primary purpose. But I can think of tons of examples where the users disappear and the site ceases to exist. Just going back into the early history, the community. There will always be users that get very engaged and get very involved in the community, and then sort of go off in a mass explosion at some point. They just get really into it and then they burnout and then leave the community in a huff. And that of course happens. And I think that's probably happened in any online community. But we've never seen it at scale in any of our cities, in any of our communities. We've now been around for very long time. So I'm taking that to -- I'm thinking, past trends will be predictive of the future in this case.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

And you've got a pretty well-worn playbook in terms of how you develop communities in new markets as you go into them. As the model has sort of evolved, what have you learned about really encouraging the kind of deep user-generated content that you're able to develop out of these communities?

Jeremy Stoppelman

Probably the key insight was not to try and control it too much. There are certain ways that you can guide users to participate, but fundamentally, you have to make it fun and interesting. And if you go way back to 2004, around the founding of the site, there were 2 other sites that were competing with us, Insider Pages and Judy's Book. And I think, both of them focused on, how do we make this a business which -- to be rephrased, how do I get content around, like, contractors and plumbers and the guys that are easy to monetize? And then, how do I get reviews everywhere really fast? And so they resorted to primarily paying people, more or less, through direct things, like, "here's a $5 Starbucks card for 5 reviews" kind of thing. That being, actually, Google has resorted to. And that's a surefire way not to learn how to build a living, breathing, organic community. Because ultimately, your users are mercenary. They're there for the giveaway. They're there to do the thing that you want. It's like having a lot of freelance writers. And the moment that the incentive is gone, they're gone, too. And so we shied away from that and we focused on building and fostering a real organic community in each of our cities. And fundamentally, that drives a much higher quality set of content.

Unknown Analyst

I'm a big user of Yelp. So I like the service very much. But I suspect I'm in the majority in being a freeloader and that I have never contributed a review in my life. And so I'm just wondering how big the community of freeloaders on Yelp is to the community of people who've actually just given one review, let alone dozens and mapped out their whole neighborhood for you guys? Can you maybe comment on that, and how that dynamic works?

Jeremy Stoppelman

The freeloader community is large, and it's not unusual. And if you look across any user-generated content site, or even sites like Twitter, I've never done the analysis, but I would guess, like, for any of us on Facebook, there's probably a certain set of people that post way more than everybody else. And so that's not unusual. It's basically a reinvention of the media model. The traditional media model was you had a team of people, maybe it's CNN, call it 150 people or something that work on CNN and produce all the news, but then millions of us watch. And so if user-generated content, it's not that different. The only difference is the numbers. Like, instead of 150 people, it's hundreds of thousands of people get to participate, anyone who wants to. But who participates is going to come down to, who has the time, who has the inclination, who's passionate about it. And so ultimately, those people gather together and collectively create something that ends up being really useful for all of us. But it's never going to be, in my mind -- pretty much any of these activities, there's never going to be something that literally everyone wants to do, and certainly not something everyone wants to do all the time.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

But what's the ratio?

Jeremy Stoppelman

The contributors to users.

Robert J. Krolik

We don't give out the ratio, but you can imagine it's a fairly small percentage of -- we said in January, we have 100 million uniques. It's a pretty small percentage of those folks actually contribute content. On the review side, there's probably many more actually on the photo and reservation and tips and comments that contribute content, but from a review standpoint, it's a small percentage.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Jeremy, maybe one -- Go ahead, go.

Unknown Analyst

The question is, talk to bunch of merchants, and they'll say, "Hey, Yelp's great. We get a lot of good reviews there and good traffic, and I don't pay anything." How do you get them over the hump and how much more value do they get when they become a paying advertiser as opposed to just, I guess, just a free-rider merchant?

Jeremy Stoppelman

Do you want to take it or...

Robert J. Krolik

Yes. So I think the way to look at it is if your -- the sales pitch basically, is do you what more customers? So I think there's a lot of businesses out there that get a lot of business from Yelp. And then the sale pitch is, do you want more business? So if you want more business, you advertise the great word of mouth that you're getting across the site and you'll get more customers in the door. So there's always going to be folks that maybe are spending 8 hours a day, 7 days a week, and they have enough customers. But there's plenty of people that are not that busy and still enjoy more customers coming through the door. And so basically, the way we look at it, 99% of businesses out there usually answer the question, they want more customers.

Jeremy Stoppelman

There's also an analogy in the Google world, which is of course Google gives out free traffic. We get -- we're beneficiary of that. But most sites want more traffic, and they're willing to pay for it. And so, it's the same thing.

Unknown Analyst

And you mentioned Google, Facebook, all of it sort of have been adding to amount of local content that they have within their walls. What kind of impact is -- if any, have seen at Yelp and what keeps Yelp unique?

Jeremy Stoppelman

Fundamentally, I think it's this dedicated community in each of the cities that we've got has generated this very unique, high-quality, rich content that hopefully a lot of folks in this room have come to rely on. There's also a focus element that I think is hard to replicate in a company that is just fundamentally about something else. An example of that would be, from the get go, all the way back in 2005, we came up with this idea of a review filter, meaning, okay, it's going to be a problem to the extent we become useful, and are guiding people local businesses, there will be people that try to gain Yelp. So we have to be on top of that. We've built this -- designed this review filter and it takes out a significant portion of our review content. And unquestionably, it's probably slowed our growth over time because we're sacrificing -- I think we've disclosed about 20% of our review contents just gets set aside. And that's something that we uniquely did. And in the last year, finally Google has come around and said, "oh, this review thing. There's fake reviews, and we're going to filter them out and stick them somewhere." And so now that had opened up, okay, we're going to build a review filter, and that's actually started to do that. In fact it gives you an idea, it took them how many years, 8, 9 years to come around to something that we noticed from the beginning. Because fundamentally, Yelp -- our best people are coming in every day, and thinking about how do I do a better job of connecting people with great local business? Like, how can I help our community, how can I improve service, like, all these things, like, our best people are working on that. Whereas at Google, if I were to Google, I'd want to work on the things that are core to Google. I'd probably working on the algorithm team or the ads team or something that's really fundamentally core to what Google does.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

You've touched on the deals and the success that you've seen with the deals side of -- our what you've started to offer there. These areas where you have the ability to sort of prove conversion, OpenTable deals, the click-to-call, offering, what kind of traction are you seeing for those overall?

Jeremy Stoppelman

I mean, deals we are seeing, early but strong traction. The OpenTable deal, I think, has been successful for us, but it's not something that we're out pushing to restaurants. I mean, that's really a deal with OpenTable where we'll report back to restaurants how many reservations are we driving, but that's not necessarily currently core to our sales pitch. And then on the call side, from mobile, it's trivially easy for us to report back on mobile calls, and say we generate some incredibly large number of calls, or is it 13 million coupons. And so we're able to report that back and that helps establish the, "Okay, wow. Yelp's driving a lot to my business." And we, we don't just say 13 million. We're able break that down for each local business,.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

So, we've got the question.

Unknown Analyst

Yes. Is there something you could do about the grade inflation? No, you can't find a one-star restaurant at Yelp. I'm a big Yelp user, too. I find it very valuable. But the fact that I don't see low-rating reviews makes it less useful than it could potentially be. And I guess, a color to that or related to it would be the question I'm about to ask about the percentage of people who participate because the numbers I've heard in the 2% to 5% at most, for you as well as others, is there something we can do to expand that because, possibly by expanding, you could get more even reviews, including the ones that have not very glowing about the business?

Jeremy Stoppelman

Yes. I mean, usually I get the opposite. For business centers, I usually get the opposite question. Why are there not -- there's not enough 5-star reviews. Why aren't there more 5-star reviews? So it's nice to get the other direction. You can find well-reviewed businesses on Yelp, but there is an element of, if it's got low reviews on Yelp, there's probably an issue with that business. And as a result, it probably goes out of business. And so there's a selection bias there where if you're not pleasing your customers, and they're coming in great number on to Yelp to talk about that, and that -- it's that sample of all of your customers. So therefore, you're probably going to end up closing your doors. When we look at the review, the rating distribution, it does skew positive, but it doesn't skew crazy positive. It's surprisingly even on the spread. 1-star is the least frequent, but it's not completely unfrequent or it's not under -- it's super underrepresented. And it's interesting because other companies have tried to do a 5-star scale and ended up with very bimodal, 1- and 5-star ratings. Yelp, for whatever reason, doesn't have that problem. Like, Youtube talked about why it switched to a thumbs up, thumbs down, and it was because their notorious commenters and reviewers were always rating 1 and 5 stars. And so that caused us to take a look at our different buckets. And we actually found a nice, pretty even spread with a slight bias as positive.

Robert J. Krolik

And we give the distribution on our site, I think, about 15-or-so percent are 1 and 2 stars, and then the rest are 3, 4, 5 stars.

Heath P. Terry - Goldman Sachs Group Inc., Research Division

Great. Jeremy, I really appreciate you taking the time to join us today. Rob, thank you. It was great.

Jeremy Stoppelman

No problem. Thank you.

Robert J. Krolik

Thank you. Appreciate it.

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Source: Yelp, Inc. Presents at Goldman Sachs Technology & Internet Conference 2013, Feb-13-2013 11:40 AM
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