Q4 2024 Yelp Inc Earnings Call
Speaker Change: Good day everyone and welcome to the Q4 2024 Yelp Earnings Conference Call. Today's call is being recorded.
Speaker Change: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 on your telephone keypad.
Speaker Change: I would now like to turn the conference over to Kate Krieger, Director of Investor Relations. Please go ahead, ma'am.
Kate Krieger: Good afternoon everyone and thanks for joining us on Yelp's fourth quarter and full year 2024 earnings conference call. Joining me today are Yelp's Chief Executive Officer Jeremy Stoppelman, Chief Financial Officer David Schwarzbach, and Chief Operating Officer Jed Nachman.
Speaker Change: We published a shareholder letter on our investor relations website and with the SEC and hope everyone had a chance to read it We'll provide some brief opening comments and then turn to your questions
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: During our call today, we may discuss adjusted EBITDA, adjusted EBITDA margin, and free cash flow, 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.
Speaker Change: In our shareholder letter released this afternoon and our filings with the SEC, each of which is posted on our investor relations website, you will find additional disclosures regarding these non-GAAP financial measures as well as historical reconciliations of GAAP net income or loss to both adjusted EBITDA and adjusted EBITDA margin and a historical reconciliation of GAAP cash flows from operating activities to free cash flow.
Jeremy Stoppelman: And with that, I will turn the call over to Jeremy.
Thanks, Kate, and welcome, everyone.
Speaker Change: helped deliver record net revenue and strong profitability in 2024 as we executed against our product load strategy. We accelerated our pace of innovation, introducing more than 80 new features and updates in the year. Services was the focus of our roadmap and the driver of our business performance.
Speaker Change: In the fourth quarter, we achieved our 15th consecutive quarter of double-digit year-over-year revenue growth in these categories.
Speaker Change: Overall, in 2024, net revenue increased by 6% year-over-year to $1.41 billion.
Speaker Change: With Disciplined Expense Management, we grew net income by 34% year-over-year to $133 million and adjusted EBITDA by 8% year-over-year to $358 million.
Speaker Change: We also expanded net income margin by 2 percentage points and adjusted EBITDA margin by 1 percentage point from 2023.
Speaker Change: Underlying our top-line results, we saw a divergence in performance across categories. Businesses in our restaurant, retail, and other categories faced a challenging operating environment, and RRNO revenue declined by 3% year-over-year to $470 million as a result.
Speaker Change: At the same time, services was consistently strong, with revenue up 11% year-over-year to a record $879 million. The home services category was a standout in 2024, with annual revenue growth of approximately 15% year-over-year.
Speaker Change: We launched a number of new products and features to facilitate even better connections between consumers and service pros. Our new AI chatbot, Yelp Assistant, has particularly resonated with consumers, with project submissions for this feature up by more than 50% from the third to fourth quarter.
Speaker Change: We also experimented with acquiring services projects off Yelp through page search and saw strong top-of-funnel results.
Speaker Change: That said, we ultimately reduced our spend on this initiative, as it did not provide our desired return, reflecting our disciplined approach to investment.
Speaker Change: Overall, engagement with request-to-quote was robust in 2024. Consumer projects increased by approximately 25% year-over-year, primarily as a result of organic improvements.
Speaker Change: This includes growth of approximately 30% year-over-year in the fourth quarter despite minimal spending on paid search during the period
Speaker Change: Improved matching and ad formats delivered value to advertisers in the form of more clicks at compelling prices in 2024. We introduced Smart Selection, an AI-powered feature for advertisers that optimizes their ads, automatically selecting the best reviews and photos to showcase.
Speaker Change: These efforts contributed to a 6% year-over-year increase in ad clicks and flat average CPCs for the year.
Speaker Change: On the consumer side of our business, we rolled out a number of new features and updates to enhance the Yelp experience and drive user engagement. These include AI-powered search features, review insights leveraging LLMs, and enhanced user-generated videos on the home feed.
Speaker Change: We also made a number of back-end and user experience improvements to our mobile and desktop websites that led to a combined year-over-year increase in paid views on these platforms.
Speaker Change: While our overall traffic levels were relatively flat compared to 2023, we continued to grow our large set of trusted review content.
Speaker Change: Yelp users contributed 21 million new reviews in 2024 to reach a total of 308 million cumulative reviews, up 7% from the prior year.
Speaker Change: Looking to 2025, we plan to build on our position as a trusted platform for consumers to discover and connect with great local businesses.
Speaker Change: To achieve this, we plan to invest in three strategic initiatives.
Speaker Change: Services categories will be the major focus of our product-led strategy in 2025. While we have historically focused our efforts on the home services category, which has been our largest driver of growth in services for the past decade, we see an additional opportunity to drive growth among other top services categories.
Speaker Change: Overall, our 2025 Services Roadmap aims to create a best-in-class experience for consumers and service pros. We're excited by the opportunities ahead as we expand Yelp Assistant and leverage AI more broadly to reduce friction throughout the hiring journey.
Speaker Change: In addition to raising the bar in services, we have a portfolio of product and marketing initiatives designed to deliver value to both advertisers and consumers.
Speaker Change: We plan to further develop our advertising technology and products to match consumers and advertisers even more efficiently.
Speaker Change: This includes providing advertisers with additional AI-powered controls and recommendations to help further refine ad targeting.
Speaker Change: We also plan to continue leveraging AI to transform the consumer experience, including creating a more dynamic and personalized home feed, as well as an even more seamless search experience.
Speaker Change: In summary, our focus on services continues to strengthen our business, and we are excited by the opportunities ahead to drive profitable growth and shareholder value over the long term. With that, I'll turn it over to David.
David Schwarzbach: Thanks for that full year overview, Jeremy. I will now turn to our fourth quarter results. Net revenue increased by 6% year-over-year to $362 million.
$13 million above the midpoint of our outlook range.
David Schwarzbach: Driven by our disciplined approach, net income increased by 54% year-over-year to $42 million.
representing a 12% margin.
David Schwarzbach: Adjusted EBITDA increased by 5% year-over-year to $101 million, $15 million above the midpoint of our outlook range, representing a 28% margin.
David Schwarzbach: As Jeremy mentioned, top-line growth was driven by continuous strength and services categories throughout the year.
David Schwarzbach: Advertising revenue and services increased by 11% year-over-year in the fourth quarter to $225 million. Conversely, restaurants and retailers remain pressured in the quarter, resulting in a 3% year-over-year decline in R&L revenue to $121 million.
David Schwarzbach: A decrease in RRNO locations, offset growth in services locations, in the fourth quarter. This resulted in an overall decline of 4% year-over-year in paying advertising locations to 521,000.
David Schwarzbach: We also focused on driving growth through our most efficient channels. Self-serve was strong and grew approximately 15% year-over-year in the quarter. At the same time, multi-location revenue came in approximately flat year-over-year, reflecting continued softness in our R&L.
David Schwarzbach: Turning to expenses for the year, 2024 was a clear demonstration of our commitment to disciplined expense management.
David Schwarzbach: Excluding RepairPal employees, we ended the year with approximately flat headcounts compared to 2023. In addition, when our paid search spend did not meet our desired returns, the subsequent reduction in marketing expense flowed through to our bottom line.
Ultimately, we increased net income margin by 2 percentage points.
David Schwarzbach: and adjusted EBITDA margin by one percentage point from the prior year. As we look to 2025, we plan to continue our disciplined approach and hold headcount flat once again as we drive growth through our product-led strategy.
David Schwarzbach: Well, we expect the full impact of these efforts to stack over time. In 2024, we were able to reduce stock-based compensation expenses a percentage of revenue by 2 percentage points. Coupled with continued share repurchases throughout the year, we decreased our shares outstanding and increased diluted earnings per share by 40% year-over-year to $1.88.
David Schwarzbach: As we look ahead, we continue to expect that stock-based compensation expense will be reduced to less than 8% of revenue by the end of the year. In addition, we now plan to reduce stock-based compensation to less than 6% of revenue by the end of 2027.
David Schwarzbach: Our capital allocation strategy consists of three main elements. First, maintaining a healthy cash balance to fund our operations.
Second, retaining capacity for potential acquisitions.
David Schwarzbach: And third, returning excess capital to shareholders through share repurchases. In 2024, we acquired auto services platform RepairPal for approximately $80 million in cash, demonstrating our ability to deploy balance sheet capital in support of our business strategy.
David Schwarzbach: We also repurchased $251 million worth of shares at an average purchase price of $37.52 per share, including $62.5 million worth of shares repurchased in the fourth quarter.
David Schwarzbach: As of December 31st, 2024, we had $331 million remaining under our existing repurchase authorization. We plan to continue repurchasing shares in 2025, subject to market and economic conditions.
Turning to our Outlook
David Schwarzbach: Specifically, we expect services will continue to drive our business performance and RR&O will remain pressured.
As a result, for the first quarter of 2025,
David Schwarzbach: We expect net revenue will be in the range of $350 million to $355 million.
reflecting typical seasonality.
for the full year.
David Schwarzbach: We expect net revenue will be in the range of $1.470 billion to $1.485 billion.
David Schwarzbach: Turning the margin, we expect expenses to increase seasonally from the fourth quarter of 2024 to the first quarter of 2025, primarily driven by payroll taxes and benefits. As a result, we expect first quarter adjusted EBITDA will be in the range of $65 million to $70 million.
David Schwarzbach: For the full year, we anticipate expenses will increase modestly, primarily as a result of higher cost of revenue, driven in part by our repair pal acquisition.
David Schwarzbach: We also expect our efforts to reduce stock-based compensation expense to continue to act as a headwind to adjusted EBITDA, but will not impact net income. As a result, we expect adjusted EBITDA for the full year to be in the range of $345 million to $360 million.
David Schwarzbach: In closing, Yelts 2024 results reflect the underlying profitability of our business. We continue to believe in the opportunities ahead to create shareholder value over the long term as we focus our investments in areas that we believe will drive business performance.
With that, Operator, please open up the line for questions.
Speaker Change: Thank you, sir. And everyone, if you would like to ask a question today, please press star one on your telephone keypad. Once again, that is star one to ask a question. We'll go first to Eric Sheridan Goldman Sachs.
Eric Sheridan: to 12 months. And then just to put a finer point on your prepared remarks, I want to know if you could just sort of dovetail with what you see as the key investment areas needed to produce similar or better levels of growth in the services side of the business as you look out to not only just 2025 but beyond. Thanks so much.
Speaker Change: Hi Eric, this is Jed. I can take the first part of the question regarding R&O. Obviously, the last year or so has been, we've seen some some headwinds with R&O, you know, inflationary pressures on both the consumer as well as the operators input costs, labor costs. And, you know, in terms of being able to drive demand, we do continue to invest in the business.
Speaker Change: You know, when you look at the relationships that we continue with on the multi-location side, the product investment, products like YA, Spotlight, Showcase.
Speaker Change: driving demand that doesn't exist in the marketplace. I think our focus is really on services, and we've aligned the Go-To-Market team around that.
Speaker Change: and certainly we've aligned the product roadmap around that. We're really bullish on the prospects moving forward. So, you know, when the market turns, we will be prepared to capture that opportunity in R&O, but really the focus right now is on services.
Speaker Change: I'll hop in here for the second half of your question there.
Speaker Change: Services in 2024, obviously a great story. They're up 11% year-over-year, home services even faster, 15% year-over-year. So coming into 2025 with great momentum. And, you know, another thing we mentioned in the remarks earlier was
Speaker Change: You may have noticed in Q4, we saw really great performance out of request-to-quote projects were up 30%. Year-over-year overall for the year was 25%.
Speaker Change: So that gives us some confidence that what we're doing in services is really working. We intend to lean in there. We know that there's a multi-location services opportunity.
Speaker Change: In the last year, we put out their leads API to make it a lot easier for these larger advertisers to tap into request a quote. Something that a lot of them haven't been doing and that's where a lot of our value has been flowing. So excited to see that play out.
Speaker Change: We've also got, obviously, other categories that we're starting to really lean into that's exciting for me personally. The Repair Pal acquisition being the most obvious example, auto moving from our number three category to our number two category. So that's one that's top of mind as we do the integrations, pick some of the low-hanging fruit there. And then, of course, there's other categories like local professional services, and the list goes on in terms of opportunity for us.
Thank you.
Speaker Change: Next up, we'll take a question from Jason Cryer, Craig Hallam.
Jason Cryer: Great, thank you guys. So maybe picking up where that left off, just on the multi-location, you were talking about the Leeds API, and this is in services specifically, by the way, but can you talk about other investments you can make there? And then with that representing 20% of that business today, where do you think that can go over time?
business owner's account.
Jason Cryer: and so that they can manage leads in a more efficient way.
Jason Cryer: and we're still in the relatively early stage of adoption, but we're seeing a lot of promise from the partners that we've been working with thus far. You know, it is a longer sales cycle.
Jason Cryer: And not only a longer sales cycle, but you have to oftentimes, you know,
Jason Cryer: a little bit of change management in order to get that done. We're also pushing really hard on the quality of responses from these multi-location pros. It does represent a different way of handling leads in a lot of cases. But we've been very encouraged thus far with the feedback that we've gotten and believe that opportunity is a big one for us going forward.
Speaker Change: Thank you. And I wanted to follow up with a question just on AI. You've launched a bunch of new solutions and features there. If you look back at these updates over the past year, in what ways do those benefits manifest in the business? Like, are these driving cost efficiencies or are you driving more like consumer frequency? Just any more details on the benefits there would be great.
Thanks for the question, Mr. Jeremy. I'll pop in here.
Speaker Change: You know, we see benefits all across the business. Obviously, it's it's there on the consumer product.
Speaker Change: I would say, from a functionality standpoint, the most impactful one that we could point to would be Yelp Assistant.
which is a conversational.
Speaker Change: AI that allows you to talk about what is your service need, you know, if you've got a leaky faucet or what have you, it walks you through that process.
Speaker Change: It asks you the relevant questions, and it spits it all back to you, says, is this what we're talking about, in the end, and then goes on to connect you with pros. And we have seen a lift in terms of projects submitted as people started using that flow
Speaker Change: The previous flow, obviously, was less efficient. Request a quote used to be, you know, a series of menus that you would have to work through. Now it's an easy conversation. So that's really great to see. And this functionality, of course, can be extended both to more places throughout the app.
Speaker Change: as well as to other categories. You know, I'm not sure that there's any category on Yelp that wouldn't be a fit. And so it's just a matter of time and execution to work this into Yelp to really transform the consumer experience in, I think, quite a profound way.
Speaker Change: You know, on the back end, there's also a lot of opportunity. We've seen wins directly coming from AI, so improved ad matching.
Speaker Change: There's operational things like handing AI, LLMs play a big role now in writing software, making engineers more efficient. On the user operations side, you can moderate content. So there's just so many.
Speaker Change: you know facets of our business that are touched by AI and you know it still feels like we're in the early innings here so really an exciting technology and something that we're you know thinking about every day and incorporating into our business everywhere we can.
From KeyBank, Sergio Segura has the next question.
Sergio Segura: Great, thanks for taking the questions. Maybe first to start off with a high level one. We'd love to hear just updated thoughts on views of Yelp's positioning in the current environment just given the rapid changes we are seeing across the broader search and AI landscape.
Sergio Segura: So that's number one. And then the second question, I guess, maybe if you could just give more color on the drivers without performance this quarter versus, you know, the expectations within your guidance.
Sergio Segura: And I guess the full year guide has revenue decelerating from this year's exit rates. Maybe just dive into the details there. Why you have a full year guide decelerating, is that just some conservatism or anything else we should think about with this lower growth rate within the guide for 2025? Thank you.
Sergio Segura: Hi, Sergio. This is Jeremy. I'll take the first half there with respect to Yelp and
Sergio Segura: AI-powered search. You know, I think it's a really exciting opportunity to reinvent the search experience. You have a lot of new players, some of which are already tapping into Yelp's content.
Sergio Segura: Having trusted, human-written, helpful content, hundreds of millions of reviews, I think is a really important ingredient for a successful search engine. You've got to handle local queries, local intent.
Sergio Segura: at least for Google is something like half of their queries. So that means you need a solution. And if you're not Google competing directly with us,
Sergio Segura: you're probably having a conversation with Yelp at some point. So I think that's a great starting point. And then there's the question of, well, what are we doing with the Yelp experience? And I was just previously talking about Yelp Assistant and how we're using that to begin a transformation of the search experience, have something more conversational. We're in the very early innings of that transformation, but I think it's a powerful one. It should allow us to create a very unique experience, especially within local.
Sergio Segura: And then, of course, we can take that and wrap it in an API and provide that to any other agent, AI agent out there that might want to tap into useful local content or send through a request to quote, you know, working with our Yelp assistant technology.
Sergio Segura: whether it's a search engine, an AI agent, or just another web or app property that wants to tap into local information, I think there will be opportunities that didn't exist before, so it's a really exciting time for Yeltsin.
It's Sergio, just in terms of.
According to the four-year guide
Sergio Segura: On Q4, we were broadly better. We were pleased with that.
Sergio Segura: What we had said on the Q3 call when we gave guidance for Q4
Sergio Segura: was we did not expect to see the typical seasonal increase in some of the spend in R&O. We did actually see some of that occur, so that's a key element as well. So business broadly better, plus some seasonal spend. I think it's worth pointing out that as we outperformed on revenue, we were able to flow all of that through to adjusted EBITDA.
Sergio Segura: EBITDA margin at 28%, $101 million to match Q3 we thought was really strong and again, just underscores our continued discipline in the way that we operate the business.
In terms of the guidance for 2025,
Sergio Segura: I just point out from a Q1 perspective, obviously, we have the best visibility on Q1, and we did 6% in the fourth quarter, the midpoint of our guide for Q1 is 6%.
Sergio Segura: In terms of the full year, I would just underscore it is definitely reflecting risks and uncertainties.
Sergio Segura: Just policies that may be enacted. So we're reflecting that in the guidance since it's very early in the year
Sergio Segura: But overall, as we came out of 24 and came into 25, we're really pleased with the momentum in the business, particularly on the services side of the business. Of course, that grew 11% in the fourth quarter and 11% for all of 2024, that fourth quarter.
Sergio Segura: growth performance was the 15th quarter of double-digit growth in services and so we're really pleased with the way that we came into 2025. We're going to execute against the product roadmap and obviously as we go through the year we'll look forward to providing more updates.
Speaker Change: We'll take the next question today from Shweta Kajuria, Wolf Research.
Shweta Kajuria: Thank you for taking my questions. I have two, please. The first one is, what is baked into your guide, what is RepairPiles' contribution that's baked into your guide for Q1 and for full year revenue? And then the second one is, in your Q1 guide, are you, could you please...
Shweta Kajuria: Give us a little bit more color in terms of the impact of LA fires if you saw any and Leap Day. Thanks a lot
Your first question second
In terms of L.A. fires and
Shweta Kajuria: Leap Day. Obviously the Leap Day one is going to bear out in the numbers.
directly on the year-on-year comp basis.
Shweta Kajuria: But on the LA fires, we actually saw minimal impact from the fires in terms of both budget and revenue performance in January. So
Shweta Kajuria: Overall, that hasn't been a factor. In terms of RepairPal going forward, we do not plan to separately break out RepairPal.
as we report.
Obviously, we're pleased with the acquisition. The team landed.
They're performing well, they're...
Shweta Kajuria: a long period of time. We're really pleased with the progress that we've made there. And now with auto as our second largest category, with RepairPal on board, there are things that we think that we can do to help accelerate their business.
Shweta Kajuria: and there are things that come from a pair of pals that we think that will...
have positive impact on the auto category on Yelp itself.
Shweta Kajuria: Overall, that's meeting our expectations, as they stand very early. But beyond that, there's more for us to do across additional categories in services.
Shweta Kajuria: really deliver, our ambition is to deliver the best experience in services.
OK, thanks, David.
The next question today is Kishan Patel, Raymond James.
Kishan Patel: Hi there, I'm slotting in for Josh Beck. Could you provide some color on traffic driven by perplexity and whether you're seeing search results ranking notably different than on Google search? And also, how would you characterize the conversations with other gen AI search platforms? Are you seeing more activity on that front, whether in terms of data licensing deals or driving traffic to Yelp?
Hi, Kishan. This is Jeremy. I'll hop in here.
Kishan Patel: Yeah, obviously, with perplexity, it's a startup. It's still very early, so nothing material to report there.
but this is a new space.
Kishan Patel: And so, you know, everything's changing fast, the interface that they have one day is different.
Kishan Patel: the next day. So it's kind of a space to watch is how I would describe it.
Kishan Patel: As far as other folks interested in the content, yeah, I would say there's absolutely lots of folks having conversations with us, you know, both directly in the AI category as well as lots of other categories.
Kishan Patel: who, because we have such great content, hundreds of millions of reviews, human written, trusted, and that's really important for a variety of reasons, but especially if you're trying to steer people to local businesses as part of your search or answer experience.
Kishan Patel: So obviously nothing to report out today, but you know, we're always talking to people and we're excited about this area in general.
Kishan Patel: And then I guess you have a second part of your question, have we seen anything new and different on the Google side? And I would say nothing to report there. You know, certainly search traffic, traditional SEO is a portion of our engagement, but haven't seen any serious volatility, anything out of the ordinary.
Speaker Change: Thank you. Appreciate it. Follow-up, if I may. Given the moderation and paid search during second half, how do you think about your ad budgets and priorities heading into 25?
David Schwarzbach: So, just overall on marketing, I would just underscore again, this is David.
David Schwarzbach: Our approach is very, very disciplined from a return on ad spend perspective. And so, as we went through the year and we're not seeing the return that we expected on paid search,
David Schwarzbach: we dialed that down. That doesn't mean that there aren't other opportunities across marketing for us. It also doesn't mean that we won't spend anything on paid consumer project acquisition.
David Schwarzbach: Overall, we continue to experiment. We continue to spend in areas that are productive for us on the marketing front, and we think that we are spending very efficiently, even as we explore new ways to deploy
David Schwarzbach: cash to drive engagement on Yelp and I think equally important to acquire businesses to advertise on Yelp.
Thank you very much.
Next up is Nitin Bansal, Bank of America.
Nitin Bansal: Thank you for taking my question. I have two. Firstly, on RepairPath, how should we think about the growth of this business over the next two to three years? Also, can you share some insights on the profitability of this business and how would that impact your bottom line in 2025?
David Schwarzbach: And secondly, with Google ramping AI overviews, how that is impacting your web traffic. Thank you.
Speaker Change: So let me put your first part of the question here, you know repair pal
Speaker Change: Obviously, there's a focus going into the year on services, and auto was one of our top three categories and is now top two.
Speaker Change: I think the first order of business is, you know, obviously integrate the employees, get everyone rowing in the right direction, bring some of the special skills that Yelp has acquired over its 20-year life to RepairPal to accelerate growth, as well as take, you know, the experts that they have in auto and bring them over to help us with experiences like request to quote Yelp Assistant as it pertains.
Speaker Change: to the auto repair category. So I think, you know, some, our expectation is there, there definitely will be some synergies there. We're excited to see that play out. We do anticipate, you know, that that will grow. And of course that's baked into our guidance.
Speaker Change: for the year, and then we'll see how that plays out over a multi-year period. But we're very excited in general about services and the auto category as a growth driver.
Listen, David, just, uh...
Speaker Change: answer a question around profitability. What we shared when we made the acquisition was repair power was about breakeven.
Jeremy Stoppelman: And from our perspective, the first step is obviously, as Jeremy said, to onboard them. We really want to nurture the business here. We see a significant growth opportunity. And so driving margin performance is secondary to driving top-line opportunity for us.
Jeremy Stoppelman: And as Jeremy said, we've obviously reflected in the guidance on both revenue and adjusted EBITDA, the expected financial performance of prepared costs.
Jeremy Stoppelman: And I think the last part of your question was around have we seen any Google impact on web traffic. You know there's always fluctuations but as I said to the I think previous person you know we haven't seen any material or unusual shifts.
Speaker Change: And ladies and gentlemen, just a reminder that it is star one. If you have a question, we'll go next to Colin Sebastian Baird.
Great, thanks. Good afternoon. I guess, I mean, stepping back...
Hey Colin, it's David.
Speaker Change: If you think back to what we said when we came into 2024, it was really going to be a focus on home services, and we did a lot with the product to continue to enhance the experience in the home services.
Speaker Change: Now we have the opportunity to broaden out and do even more across more categories, and I think that's the the crucial point here is
Speaker Change: a quality experience for consumers and enabling us to deliver more value to advertisers. So when when you combine those things, we think that we are very well positioned to continue to drive performance and services.
Any, I guess, any...
any additional color on the competitive landscape.
Speaker Change: from that point of view of the food delivery platforms and other players and if you see that changing as you look into 2025. Thank you.
Speaker Change: Yeah, this is Jed. I can I can take that question. You know, you know, largely when we look at the headwinds that we saw in restaurant retail and over other over the course of 2024, you know, we believe it's it's largely a macro story. Certainly at the margins, you know, there is some, you know,
Speaker Change: Overall, we don't believe the competitive factor is the large factor, it's overall a macro story.
Okay, thanks a lot, guys.
Speaker Change: And at this time, there are no further questions. That does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.