YELP INC, 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover page - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 20, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-35444    
Entity Registrant Name YELP INC    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-1854266    
Entity Address, Address Line One 350 Mission Street, 10th Floor    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94105    
City Area Code 415    
Local Phone Number 908-3801    
Title of 12(b) Security Common Stock, par value $0.000001 per share    
Trading Symbol YELP    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,616,163,111
Entity Common Stock, Shares Outstanding   68,281,153  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001345016    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Francisco, California
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 313,911 $ 306,379
Short-term marketable securities 127,485 94,244
Accounts receivable (net of allowance for doubtful accounts of $13,768 and $9,277 at December 31, 2023 and 2022, respectively) 146,147 131,902
Prepaid expenses and other current assets 36,673 63,467
Total current assets 624,216 595,992
Property, equipment and software, net 68,684 77,224
Operating lease right-of-use assets 48,573 97,392
Goodwill 103,886 102,328
Intangibles, net 7,638 8,997
Other non-current assets 161,726 133,989
Total assets 1,014,723 1,015,922
Current liabilities:    
Accounts payable and accrued liabilities 132,809 137,950
Operating lease liabilities — current 39,234 39,674
Deferred revenue 3,821 5,200
Total current liabilities 175,864 182,824
Operating lease liabilities — long-term 48,065 86,661
Other long-term liabilities 41,260 36,113
Total liabilities 265,189 305,598
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock, $0.000001 par value — 200,000 shares authorized, 68,864 shares issued and outstanding at December 31, 2023 and 69,797 shares issued and outstanding at December 31, 2022 0 0
Additional paid-in capital 1,786,667 1,649,692
Treasury stock (282) 0
Accumulated other comprehensive loss (12,202) (15,545)
Accumulated deficit (1,024,649) (923,823)
Total stockholders’ equity 749,534 710,324
Total liabilities and stockholders’ equity $ 1,014,723 $ 1,015,922
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]        
Accounts receivable, allowance for credit loss, current $ 13,768 $ 9,277 $ 7,153 $ 11,559
Common stock, par value (in dollars per share) $ 0.000001 $ 0.000001    
Common stock, shares authorized (in shares) 200,000,000 200,000,000    
Common stock, shares issued (in shares) 68,864,000 69,797,000    
Common stock, shares outstanding (in shares) 68,864,000 69,797,000    
v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net revenue $ 1,337,062 $ 1,193,506 $ 1,031,839
Costs and expenses:      
Cost of revenue (exclusive of depreciation and amortization shown separately below) 114,229 105,705 78,097
Sales and marketing 556,605 514,927 454,224
Product development 332,570 305,561 276,473
General and administrative 212,431 164,108 135,816
Depreciation and amortization 42,184 44,852 55,683
Restructuring 0 0 32
Total costs and expenses 1,258,019 1,135,153 1,000,325
Income from operations 79,043 58,353 31,514
Other income, net 26,039 8,425 2,204
Income before income taxes 105,082 66,778 33,718
Provision for (benefit from) income taxes 5,909 30,431 (5,953)
Net income attributable to common stockholders $ 99,173 $ 36,347 $ 39,671
Net income per share attributable to common stockholders      
Basic (in dollars per share) $ 1.43 $ 0.51 $ 0.53
Diluted (in dollars per share) $ 1.35 $ 0.50 $ 0.50
Weighted-average shares used to compute net income per share attributable to common stockholders      
Basic (in shares) 69,221 70,867 74,221
Diluted (in shares) 73,596 73,402 78,616
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income attributable to common stockholders $ 99,173 $ 36,347 $ 39,671
Other comprehensive income (loss):      
Foreign currency translation adjustments, net of tax 2,876 (3,975) (4,283)
Unrealized gain (loss) on available-for-sale debt securities, net of tax 467 (480) 0
Other comprehensive income (loss) 3,343 (4,455) (4,283)
Comprehensive income $ 102,516 $ 31,892 $ 35,388
v3.24.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Loss
Accumulated Deficit
Balance (in shares) at Dec. 31, 2020   75,371        
Balance at beginning at Dec. 31, 2020 $ 854,534 $ 0 $ 1,398,248 $ (2,964) $ (6,807) $ (533,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercises of employee stock options (in shares)   663        
Issuance of common stock upon exercises of employee stock options 8,650   8,650      
Issuance of common stock upon vesting of restricted stock units ("RSUs"), net (in shares)   2,714        
Issuance of common stock upon vesting of restricted stock units (“RSUs”), net 0          
Issuance of common stock for employee stock purchase plan (in shares)   517        
Issuance of common stock for employee stock purchase plan 16,334   16,334      
Stock-based compensation (inclusive of capitalized stock-based compensation) 162,295   162,295      
Taxes withheld related to net share settlement of equity awards (62,955)   (62,955)      
Repurchases of common stock (262,928)     (262,928)    
Retirement of common stock (in shares)   (7,094)        
Retirement of common stock 0     265,892   (265,892)
Other comprehensive income (loss) (4,283)       (4,283)  
Net income 39,671         39,671
Balance (in shares) at Dec. 31, 2021   72,171        
Balance at end at Dec. 31, 2021 751,318 $ 0 1,522,572 0 (11,090) (760,164)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercises of employee stock options (in shares)   304        
Issuance of common stock upon exercises of employee stock options 7,500   7,500      
Issuance of common stock upon vesting of restricted stock units ("RSUs"), net (in shares)   2,890        
Issuance of common stock upon vesting of restricted stock units (“RSUs”), net 0          
Issuance of common stock for employee stock purchase plan (in shares)   627        
Issuance of common stock for employee stock purchase plan 16,030   16,030      
Stock-based compensation (inclusive of capitalized stock-based compensation) 164,985   164,985      
Taxes withheld related to net share settlement of equity awards (61,395)   (61,395)      
Repurchases of common stock (200,006)     (200,006)    
Retirement of common stock (in shares)   (6,195)        
Retirement of common stock 0     200,006   (200,006)
Other comprehensive income (loss) (4,455)       (4,455)  
Net income $ 36,347         36,347
Balance (in shares) at Dec. 31, 2022 69,797 69,797        
Balance at end at Dec. 31, 2022 $ 710,324 $ 0 1,649,692 0 (15,545) (923,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercises of employee stock options (in shares) 847 847        
Issuance of common stock upon exercises of employee stock options $ 20,261   20,261      
Issuance of common stock upon vesting of restricted stock units ("RSUs"), net (in shares)   3,243        
Issuance of common stock upon vesting of restricted stock units (“RSUs”), net 0          
Issuance of common stock for employee stock purchase plan (in shares)   604        
Issuance of common stock for employee stock purchase plan 19,206   19,206      
Stock-based compensation (inclusive of capitalized stock-based compensation) 183,178   183,178      
Taxes withheld related to net share settlement of equity awards (85,670)   (85,670)      
Repurchases of common stock (200,281)     (200,281)    
Retirement of common stock (in shares)   (5,627)        
Retirement of common stock 0     199,999   (199,999)
Other comprehensive income (loss) 3,343       3,343  
Net income $ 99,173         99,173
Balance (in shares) at Dec. 31, 2023 68,864 68,864        
Balance at end at Dec. 31, 2023 $ 749,534 $ 0 $ 1,786,667 $ (282) $ (12,202) $ (1,024,649)
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 99,173 $ 36,347 $ 39,671
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 42,184 44,852 55,683
Provision for doubtful accounts 40,702 25,006 14,574
Stock-based compensation 173,451 156,090 151,679
Amortization of right-of-use assets 28,084 32,810 39,339
Deferred income taxes (22,150) (56,621) (9,190)
Amortization of deferred contract cost 24,035 18,827 14,613
Asset impairment 23,563 10,464 11,164
Noncash gain on lease termination 0 0 (11,485)
Other adjustments, net (410) 1,036 392
Changes in operating assets and liabilities:      
Accounts receivable (54,947) (49,555) (33,535)
Prepaid expenses and other assets (5,123) (36,032) (49,246)
Operating lease liabilities (39,734) (40,057) (41,008)
Accounts payable, accrued liabilities and other liabilities (2,548) 49,142 30,004
Net cash provided by operating activities 306,280 192,309 212,655
Investing Activities      
Purchases of marketable securities — available-for-sale (148,448) (127,080) 0
Sales and maturities of marketable securities — available-for-sale 117,916 32,821 0
Maturities of other investments 2,500 0 0
Purchases of property, equipment and software (26,847) (31,979) (28,282)
Other investing activities 195 94 632
Net cash used in investing activities (54,684) (126,144) (27,650)
Financing Activities      
Proceeds from issuance of common stock for employee stock-based plans 39,510 23,497 24,984
Taxes paid related to the net share settlement of equity awards (85,180) (61,023) (62,545)
Repurchases of common stock (199,999) (200,006) (262,928)
Payment of issuance costs for credit facility (1,109) 0 0
Net cash used in financing activities (246,778) (237,532) (300,489)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,046 (2,136) (415)
Change in cash, cash equivalents and restricted cash 6,864 (173,503) (115,899)
Cash, cash equivalents and restricted cash — Beginning of period 307,138 480,641 596,540
Cash, cash equivalents and restricted cash — End of period 314,002 307,138 480,641
Supplemental Disclosures of Other Cash Flow Information      
Cash paid for income taxes, net 30,625 50,416 2,523
Supplemental Disclosures of Noncash Investing and Financing Activities      
Purchases of property, equipment and software recorded in accounts payable and accrued liabilities 914 956 1,595
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 0 50 36,049
Repurchases of common stock recorded in accounts payable and accrued liabilities $ 1,887 $ 2,427 $ 1,948
v3.24.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS ORGANIZATION AND DESCRIPTION OF BUSINESS
Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the “Company” and “Yelp” in these Notes to Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries.
Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust Yelp for its extensive ratings and reviews of businesses across a broad range of categories, while businesses advertise on Yelp to reach its large audience of purchase-oriented and generally affluent consumers. Yelp has operations in the United States, United Kingdom, Canada, Ireland and Germany.
Basis of Presentation—The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation.
Certain Significant Risks and Uncertainties—The Company operates in a dynamic industry and, accordingly, may be affected by a variety of factors. For example, the Company’s management believes that changes in any of the following areas could have a significant negative impact on the Company in terms of its future financial position, results of operations or cash flows: adverse macroeconomic conditions, such as the current uncertain and inflationary economy; the Company’s ability to maintain and expand its advertiser base; the success of the Company’s strategy; qualified employees and key personnel; levels of traffic and user engagement on the Company’s platform; industry competition; reliance on search engines and application marketplaces; the quality and reliability of reviews; real or perceived security breaches and the Company’s ability to maintain uninterrupted operation of its network infrastructure; protection of the Company’s brand, reputation and intellectual property; intellectual property infringement and other disputes; and changes in government regulation affecting the Company’s business, among other things.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Items that require estimates, judgments or assumptions include, but are not limited to, determining variable consideration and identifying the nature and timing of satisfaction of performance obligations, allowance for doubtful accounts and credit losses, fair value and estimated useful lives of long- and indefinite-lived assets, litigation loss contingencies, liabilities related to incurred but not reported insurance claims, fair value and achievement of targets for performance-based restricted stock units (“PRSUs”) and income taxes. These estimates, judgments and assumptions are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from management’s estimates due to macroeconomic uncertainty and other factors.
Foreign Currency Translation—The consolidated financial statements of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of foreign subsidiaries are translated at exchange rates in effect as of the balance sheet date. Revenues and expenses are translated at average exchange rates in effect during the year. Translation adjustments are recorded within accumulated other comprehensive loss, a separate component of stockholders’ equity.
Cash and Cash Equivalents—The Company considers all highly liquid investments, such as treasury bills, commercial paper, certificates of deposit, and money market instruments with maturities of three months or less at the time of acquisition to be cash equivalents. Cash and cash equivalents primarily consist of amounts held in interest-bearing money market funds that were readily convertible to cash. The fair value of cash and cash equivalents approximates their carrying value.
Marketable Securities—The Company considers highly liquid treasury notes, U.S. agency securities, corporate debt securities, money market funds and other funds with maturities of more than three months to be marketable securities. These securities are classified as short-term marketable securities on the consolidated balance sheets as they represent the investment of cash available for current operations. The Company has a policy that generally requires its securities to be investment grade (i.e., rated ‘A’ or higher by bond rating firms) with the objective of minimizing the potential risk of principal loss. The Company classifies its marketable securities as available-for-sale and determines the classification at the time of purchase based on its investment strategy; it reevaluates such designation at each balance sheet date.
Available-for-sale securities are stated at fair value as of each balance sheet date and are periodically assessed for impairment. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews the securities in an unrealized loss position and evaluates whether credit loss exists by considering factors such as historical experience, market data, issuer-specific factors including their credit rating, and current economic conditions. If a credit loss exists, the Company measures the loss by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An allowance for credit loss is recorded as a component of other income (expense), net, limited by the amount of unrealized loss. Any remaining unrealized losses are recorded to other comprehensive income (loss).
The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method and records such gains and losses as a component of other income (expense), net. Amortization of premiums and accretion of discounts are included in interest income. If the Company has the intent to sell an available-for-sale security in an unrealized loss position or it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis, any previously recorded allowance is reversed and the entire difference between the amortized cost basis of the security and its fair value is recognized in the consolidated statements of operations.
Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and other investments, and accounts receivable. The Company places its cash and cash equivalents, marketable securities and other investments with major financial institutions, which management assesses to be of high credit quality, in order to limit the exposure of each investment.
Credit risk with respect to accounts receivable is dispersed due to the Company’s large number of customers. In addition, the Company’s credit risk is mitigated by the relatively short collection period. Collateral is not required for accounts receivable.
Accounts Receivable, Net, and Payment Terms—The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. Payment terms and conditions vary by contract type and the service being provided. For advertising services, the Company typically invoices customers on a monthly basis, one month in arrears, with payment due either at the end of each billing period or up to 30 days after the end of the billing period. For transaction services, the Company collects its commission fee on each transaction either at the time of the transaction or up to 30 days after the end of the billing period. For subscription services, the Company typically invoices customers one month in advance, with payment due at the beginning of each billing period.
Allowance for Doubtful Accounts—The Company maintains an allowance for doubtful accounts receivable. The allowance reflects the Company’s best estimate of probable losses associated with the accounts receivable balance. It is based upon historical experience and loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts based on the credit risk of those accounts, known delinquent accounts, as well as current conditions and reasonable and supportable economic forecasts. When new information becomes available that allows the Company to more accurately estimate the allowance, it makes an adjustment, which is considered a change in accounting estimate. The carrying value of accounts receivable approximates their fair value.
Deferred Contract Costs—The Company has determined that certain sales incentive compensation costs are incremental costs to obtain the related contract. These costs are capitalized in the period in which they are incurred and amortized on a straight-line basis over the expected customer life of the associated contract. The Company uses a straight-line basis as it expects the benefit of these costs to be realized uniformly over the amortization period. The amortization periods for contract costs, which extend up to 32 months, were determined based on both qualitative and quantitative factors, including product life cycle attributes and customer retention historical data. For contract costs with amortization periods of less than 12 months, the Company applies a practical expedient to expense such costs as incurred. The Company assesses deferred contract costs for impairment on a quarterly basis. No impairment charges were recorded in the periods presented. Amortized contract costs are
recorded within sales and marketing expense in the consolidated statements of operations. Deferred contract costs are included within other non-current assets on the Company’s consolidated balance sheets (see Note 10, “Other Non-Current Assets”).
Deferred Revenue—The Company records deferred revenue when it has received consideration, or has the right to receive consideration, in advance of the transfer of the performance obligations of the contract to the customer.
Property, Equipment and Software—Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are approximately three to five years. Leasehold improvements are amortized over the shorter of the lease term or 10 years. Following the disposition of an asset, the associated net cost is no longer recognized as an asset, and any gain or loss on the disposition is reflected in operating expenses.
Website and Internal-Use Software Development Costs—Costs related to website and internal-use software are primarily related to the Company’s website and mobile app, including support systems. The Company capitalizes its costs to develop software when: preliminary development efforts are successfully completed; management has authorized and committed project funding; and it is probable that the project will be completed and the software will be used as intended. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized and amortized over the estimated useful life of the upgrades. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is generally three years.
The Company capitalizes certain implementation costs incurred related to cloud computing arrangements that are service contracts. Such costs are amortized on a straight-line basis over the term of the associated hosting arrangement plus any reasonably certain renewal period. Any capitalized amounts related to such arrangements are recorded within prepaid expense and other current assets and within non-current assets on the consolidated balance sheets.
Leases—The Company leases its office facilities under operating lease agreements that expire from 2024 to 2031, some of which include options to renew at the Company’s sole discretion. If exercised, such options would extend the lease terms by five years. Additionally, one of the Company’s lease agreements contains the option to terminate the lease, which requires 12 months prior written notice to the landlord. The Company does not have any finance lease agreements.
The Company determines if an arrangement contains a lease at inception. The Company recognizes on its consolidated balance sheets operating lease liabilities representing the present value of future lease payments, and an associated operating lease right-of-use (“ROU”) asset for any operating lease with a term greater than one year. The Company recognizes the amortization of the ROU asset each month within lease expense. The Company elected to use the practical expedient for short-term leases, and therefore does not record operating lease ROU assets or lease liabilities associated with leases with durations of 12 months or less.
When recording the present value of lease liabilities, a discount rate is required. The Company has concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, the Company instead uses its incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of the Company’s implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates with reference to companies with the same debt rating that operate in a similar industry to the Company.
The Company does not recognize its renewal options as part of its ROU assets and lease liabilities until it is reasonably certain that it will exercise such renewal options.
The Company does not combine lease and non-lease components; its lease agreements provide specific allocations of the Company’s obligations between lease and non-lease components. As a result, the Company is not required to exercise any judgment in determining such allocations.
The Company has subleased certain office facilities under operating lease agreements that expire in 2025 and 2026. The sublease agreements do not contain any options to renew. The Company recognizes a majority of the sublease rental income as a reduction in rent expense on a straight-line basis over the lease period, with any sublease income in excess of the original lease cost recorded to other income, net.
Goodwill—Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The carrying amount of goodwill is reviewed at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that its fair value is less than the carrying amount, or opts not to perform a qualitative assessment, then the Company will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment charges associated with goodwill have been recorded by the Company to date.
Intangible Assets—Intangible assets include acquired intangible assets identified through business combinations, which are carried at fair value less accumulated amortization, and purchased intangible assets, which are carried at cost less accumulated amortization. Amortization is recorded over the estimated useful lives of the assets, generally 2 to 12 years. The Company reviews amortizable intangible assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. No material impairment charges have been recorded to date.
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of—The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Stock Repurchases—The Company accounts for repurchases of its common stock by recording the cost to repurchase those shares to treasury stock, a separate component of stockholders’ equity. Upon retirement, the carrying amount of treasury stock is reduced with a corresponding reduction to par value of common stock, with any excess of the cost incurred to repurchase shares over their par value recorded as an adjustment to retained earnings (accumulated deficit) on the date of retirement.
Revenue Recognition—The Company generates revenue from the sale of advertising products, transactions with consumers and other revenue sources, which correspond to the Company’s major product lines. The Company recognizes revenue by applying the following steps: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations in an amount that reflects the consideration it expects to be entitled to in exchange for those services. The Company applies the portfolio practical expedient to account for the vast majority of contracts with customers in each category of revenue. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the amount of revenue it recognizes is equal to the amount which the Company has a right to invoice.
Contracts with customers can include multiple performance obligations, where the transaction price is allocated to each performance obligation based on its relative standalone selling price (“SSP”). The Company determines SSP based on the prices of the promised goods or services charged when sold separately to customers, which are determined using contractually stated prices. The Company allocates revenue to each of the performance obligations included in a contract with multiple performance obligations at the inception of the contract. The various products and services comprising contracts with multiple performance obligations are typically capable of being both distinct and distinct within the context of the arrangement and are accounted for as separate performance obligations.
For all contracts with customers, estimates and assumptions include determining variable consideration and identifying the nature and timing of satisfaction of performance obligations. The Company may accept lower consideration than the amount promised per the contract for certain revenue transactions and certain customers may receive cash based incentives, credits or refunds, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company estimates these amounts based on the expected amount to be provided to customers and constrains the revenue. The Company believes that there will not be a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the estimates of variable consideration is subsequently resolved. For contracts satisfied over time, the Company applies the invoice practical expedient to depict the value transferred to the customer and measure of progress towards completion of its obligations. The Company considers the right to receive consideration from a customer to correspond directly with the value to the customer of its performance completed to date. The Company does not consider the effects of the time value of money as substantially all of the Company’s contracts are invoiced on a monthly basis, one month in arrears.
Revenue is recognized net of any taxes collected from customers, which are remitted to governmental authorities. The Company does not typically refund customers for services once it determines the performance obligations of the contract have been satisfied, but will assess any refund requests from customers and partners on a case by case basis. The Company records an allowance for potential future refunds, which is estimated based on historical trends and recorded as a reduction of net revenue.
Advertising. The Company generates advertising revenue primarily through the display of advertising products on its website and mobile app. These arrangements are evidenced by either written or electronic acceptance of a contract that stipulates the types of advertising to be delivered, the timing and pricing. Performance-based advertising placements are priced on a cost-per-click basis, while impression-based advertising placements are priced on a cost per thousand impressions basis. The Company recognizes revenue from the delivery of performance-based ads and impression-based ads in the period of delivery, in each case net of customer discounts. The Company also offers businesses premium features in connection with their business pages pursuant to fixed monthly fees, and recognizes revenue from such offerings over the service period.
The Company also generates advertising revenue through indirect sales of advertising products, such as through reseller contracts that allow partners to sell Yelp Branded Profiles to their clients and the monetization of remnant advertising inventory through third-party ad networks, and recognizes revenue in the period of delivery.
Transactions. The Company generates transactions revenue primarily from revenue-sharing partner contracts. The Company’s transactions platform provides consumers with the ability to place food orders for pickup and delivery through third parties, primarily Grubhub, or complete other transactions directly on Yelp. The Company earns a per-transaction commission fee pursuant to partnership contracts for acting as an agent for these transactions, which it recognizes on a net basis and includes in revenue upon completion of a transaction.
Other Revenue. The Company generates other revenue through subscription services contracts, such as sales of monthly subscriptions to Yelp Guest Manager, licensing contracts for access to Yelp data, and other non-advertising, non-transaction partnerships. Subscriptions revenue is recognized ratably over the contract terms beginning on the commencement date of each contract, which is the date the service is made available to customers.
Cost of Revenue—The Company’s cost of revenue primarily consists of credit card processing fees, website infrastructure expense, which includes website hosting costs, and salaries, benefits and stock-based compensation expense for the infrastructure teams responsible for operating the Company’s website and mobile app, and excludes depreciation and amortization expense. Cost of revenue also includes third-party advertising fulfillment costs.
Research and Development—The Company incurs research and development expenses for costs it incurs in research aimed at developing, and in translating the results of such research into, new products and services or significant improvements to existing products or services intended for internal use. Such costs are considered research and development and are expensed as incurred. These expenses primarily consist of employee-related costs (including stock-based compensation) for the Company’s engineers and other employees engaged in the research and development of its products and services, as well as allocated indirect overhead costs. Research and development costs were $320.6 million, $294.5 million and $265.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are recorded to costs and expenses in the consolidated statements of operations for those periods, primarily within product development costs.
Stock-Based Compensation—The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions, which require all stock-based payments to employees, including grants of stock options, restricted stock awards, restricted stock units (“RSUs”), PRSUs and issuances under its 2012 Employee Stock Purchase Plan, as amended (“ESPP”), to be measured based on the grant-date fair value of the awards. The Company accounts for forfeitures as they occur.
The Company estimates the fair value of options granted to employees on the grant date using the Black-Scholes-Merton option valuation model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility in the fair market value of the Company’s common stock, a risk-free interest rate and expected dividends. No compensation cost is recorded for options that do not vest. The Company uses the simplified calculation of expected life as it does not have sufficient appropriate historical exercise data on which to base its own estimate. Expected volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company recognizes compensation cost related to options using the straight-line method.
The fair value of RSUs is measured using the closing price of the Company’s common stock on the New York Stock Exchange on the grant date. The Company recognizes compensation cost related to RSUs using the straight-line method. No compensation cost is recorded for RSUs that do not vest. The Company settles the employee tax liabilities associated with the vesting of RSUs by withholding a portion of the vested shares and covering such taxes with cash from its balance sheet, which the Company refers to as net share settlement.
The Company has two types of PRSUs outstanding — awards for which the vesting is subject to both a time-based vesting schedule and either (a) a market condition or (b) the achievement of performance goals.
For the awards subject to a market condition, the Company uses a Monte Carlo model to determine the fair value of the PRSUs. The Company recognizes compensation cost related to PRSUs subject to a market condition on a graded basis over the requisite service period if the service condition is met regardless of whether the market condition is satisfied. No compensation cost is recorded if the service condition is not met.
For the awards subject to performance goals, compensation costs are recorded when the Company concludes that it is probable that the performance conditions will be achieved. The Company performs an analysis in each reporting period to determine the probability that the performance goals will be met, and recognizes a cumulative catch-up adjustment to compensation cost for changes in its probability assessment in subsequent reporting periods, if required, until the performance period has expired. The fair value of the PRSUs is measured using the closing price of the Company’s common stock on the New York Stock Exchange on the grant date. The Company recognizes compensation cost related to PRSUs subject to performance goals on a graded basis over the requisite service period. No compensation cost is recorded if the service condition is not met.
Advertising Expenses—Advertising costs are expensed in the period in which the advertising takes place. Costs of producing advertising are expensed in the period in which production takes place. Total advertising expenses incurred were $65.7 million, $71.1 million and $56.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Comprehensive Income (Loss)—Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which consists of foreign currency adjustments and unrealized loss on available-for-sale debt securities, net of tax.
Income Taxes—The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments or changes in the tax law or rates. In assessing the realization of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are provided to reduce deferred tax assets to the amount that is more likely than not to be realized. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. The Company evaluates the ability to realize net deferred tax assets and the related valuation allowance on a quarterly basis.
The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company provides for tax contingencies whenever it is deemed probable that a tax asset has been impaired or a tax liability has been incurred for events such as tax claims or changes in tax laws. Tax contingencies are based upon their technical merits, relative tax law and the specific facts and circumstances as of each reporting period. Changes in facts and circumstances could result in material changes to the amounts recorded for such tax contingencies.
The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
Employee Benefit Plan—The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation up to a maximum annual amount set by the Internal Revenue Service (“IRS”). Employer contributions under this plan were $9.7 million, $8.7 million and $8.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Insurance—The Company is self-insured for certain employee benefits including medical, dental and vision; however, the Company obtains third-party excess insurance coverage to limit its exposure to certain claims. Liabilities associated with these benefits include estimates of both claims filed and losses incurred but not yet reported. The Company utilizes valuations provided by reputable, independent third-party actuaries. The Company’s self-insured liabilities are included in the consolidated balance sheets within accounts payable and accrued liabilities.

Recent Accounting Pronouncements Not Yet Effective

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and should be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-07 on its related disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures.
v3.24.0.1
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Cash
$105,959 $56,304 
Cash equivalents
207,952 250,075 
Total cash and cash equivalents
313,911 306,379 
Restricted cash
91 759 
Total cash, cash equivalents and restricted cash
$314,002 $307,138 
Restricted cash is included in other non-current assets on the Company’s consolidated balance sheets.
v3.24.0.1
MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
Short-term investments and certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. The amortized cost, gross unrealized gains and losses and fair value of investments as of December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
U.S. government securities$1,612 $— $— $1,612 
Total cash equivalents1,612 — — 1,612 
Short-term marketable securities:
Certificates of deposit1,537 — — 1,537 
Commercial paper1,058 — — 1,058 
Corporate bonds19,833 16 (92)19,757 
Agency bonds17,660 4 (17)17,647 
U.S. government securities87,414 241 (169)87,486 
Total short-term marketable securities127,502 261 (278)127,485 
Total$129,114 $261 $(278)$129,097 
December 31, 2022
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$2,524 $— $— $2,524 
Total cash equivalents2,524 — — 2,524 
Short-term marketable securities:
Certificates of deposit10,651 — — 10,651 
Commercial paper13,054 — — 13,054 
Corporate bonds32,701 3 (353)32,351 
Agency bonds3,010 — (11)2,999 
U.S. government securities35,479 8 (298)35,189 
Total short-term marketable securities94,895 11 (662)94,244 
Total$97,419 $11 $(662)$96,768 
The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of December 31, 2023 and 2022, aggregated by investment category and the length of time that the individual securities had been in a continuous loss position (in thousands):
December 31, 2023
Less Than 12 months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$2,130 $(9)$12,104 $(83)$14,234 $(92)
Agency bonds14,409 (17)— — 14,409 (17)
U.S. government securities27,763 (135)6,231 (34)33,994 (169)
Total$44,302 $(161)$18,335 $(117)$62,637 $(278)
December 31, 2022
Less Than 12 months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$29,428 $(353)$— $— $29,428 $(353)
Agency bonds2,999 (11)— — 2,999 (11)
U.S. government securities27,368 (298)— — 27,368 (298)
Total$59,795 $(662)$— $— $59,795 $(662)
For the years ended December 31, 2023 and 2022, the Company did not recognize any credit loss related to available-for-sale marketable securities.
The contractual maturities for marketable securities classified as available-for-sale as of December 31, 2023 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$79,966 $79,791 
Due in one to five years49,148 49,306 
Total$129,114 $129,097 
v3.24.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s investments in money market accounts are recorded as cash equivalents at fair value on the consolidated balance sheets. Additionally, the Company carries its available-for-sale debt securities at fair value. See Note 4, “Marketable Securities,” for further details.
The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy:
Level 1—Observable inputs, such as quoted prices in active markets,
Level 2—Inputs other than quoted prices in active markets that are observable either directly or indirectly, or
Level 3—Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions.
This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s certificates of deposit, commercial paper, corporate bonds, agency bonds and U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly.    
The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$180,270 $— $— $180,270 $247,551 $— $— $247,551 
U.S. government securities— 1,612 — 1,612 — — — — 
Commercial paper— — — — — 2,524 — 2,524 
Marketable securities:
Certificates of deposit— 1,537 — 1,537 — 10,651 — 10,651 
Commercial paper— 1,058 — 1,058 — 13,054 — 13,054 
Corporate bonds— 19,757 — 19,757 — 32,351 — 32,351 
Agency bonds— 17,647 — 17,647 — 2,999 — 2,999 
U.S. government securities— 87,486 — 87,486 — 35,189 — 35,189 
Other investments:
Certificates of deposit— 7,500 — 7,500 — 10,000 — 10,000 
Total cash equivalents, marketable securities and other investments$180,270 $136,597 $— $316,867 $247,551 $106,768 $— $354,319 
The short-term portion of the certificates of deposit that are categorized as other investments are reflected in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2023 and 2022. The long-term portion as of December 31, 2023 is reflected in other non-current assets.
Certain long- and indefinite-lived assets are recognized at fair value on a nonrecurring basis, including assets that are written down as a result of an impairment. The Company recognized impairment charges related to ROU assets and leasehold improvements associated with certain office spaces that it abandoned or subleased during the years ended December 31, 2023, 2022 and 2021. See Note 9, “Leases,” for further details. The Company estimated the fair value of these assets as of the effective dates of the agreements using an income approach based on discounted cash flows expected to be received for the abandoned or subleased properties. This valuation technique relied on certain assumptions made by management based on both internal and external data, such as the incremental borrowing rates used to discount these cash flows to its present values. As a result, these assets are classified within Level 3 of the fair value hierarchy.
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Prepaid expenses$14,922 $14,632 
Certificates of deposit5,000 10,000 
Non-trade receivables(1)
4,107 31,338 
Other current assets12,644 7,497 
Total prepaid expenses and other current assets$36,673 $63,467 
(1) The decrease in non-trade receivables during the year ended December 31, 2023 was primarily due to the release of the remaining receivable for loss recovery related to the litigation described under “Legal Proceedings—Securities Class Action and Derivative Action” in Note 13, “Commitments and Contingencies.”
As of December 31, 2023, other current assets primarily consisted of income taxes receivable, deferred costs related to subleases as well as unsettled share repurchases and short-term deposits.
v3.24.0.1
PROPERTY, EQUIPMENT AND SOFTWARE, NET
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, EQUIPMENT AND SOFTWARE, NET PROPERTY, EQUIPMENT AND SOFTWARE, NET
The Company capitalized $30.0 million, $28.4 million and $31.0 million in website and internal-use software costs during the years ended December 31, 2023, 2022 and 2021, respectively, which are included in property, equipment and software, net on the consolidated balance sheets. Amortization expense related to capitalized website and internal-use software was $28.7 million, $29.6 million and $30.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company wrote off $1.3 million, $1.0 million and $0.6 million of capitalized website and internal-use software costs in the years ended December 31, 2023, 2022 and 2021, respectively.
Property, equipment and software, net as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Capitalized website and internal-use software development costs$258,059 $229,638 
Leasehold improvements(1)(2)
57,403 60,407 
Computer equipment50,014 50,920 
Furniture and fixtures10,336 11,627 
Telecommunication4,175 4,930 
Software1,113 1,702 
Total381,100 359,224 
Less accumulated depreciation and amortization(1)
(312,416)(282,000)
Property, equipment and software, net$68,684 $77,224 
(1) Leasehold improvements, net was reduced to reflect impairments of $2.3 million recorded during the year ended December 31, 2023 as a result of the Company’s abandonments of certain office spaces.
(2) The cost basis was reduced to reflect an impairment of $1.5 million recorded during the year ended December 31, 2022 as a result of the Company’s sublease of certain office space.
Depreciation and amortization expense related to property, equipment and software for the years ended December 31, 2023, 2022 and 2021 was $40.8 million, $43.2 million and $52.8 million, respectively. Depreciation and amortization expense for the year ended December 31, 2021 included $5.2 million of accelerated depreciation for leasehold improvements related to the termination of one of the Company’s office leases.
For more information on the impairment charges and lease termination, see Note 9, “Leases.”
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The Company’s goodwill is the result of its acquisitions of other businesses and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis on August 31, 2023 and concluded that goodwill was not impaired, as the fair value of the reporting unit exceeded its carrying value. Additionally, no triggering events were identified as of December 31, 2023 that would more likely than not reduce the fair value of goodwill below its carrying value.
The changes in the carrying amounts of goodwill during the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
20232022
Balance, beginning of period$102,328 $105,128 
Effect of currency translation1,558 (2,800)
Balance, end of period$103,886 $102,328 
Intangible assets that were not fully amortized as of December 31, 2023 and 2022 consisted of the following (dollars in thousands):
December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted
Average
Remaining
Life
Business relationships$9,918 $(6,258)$3,660 5.2 years
Licensing agreements6,129 (2,151)3,978 6.2 years
Domain and data licenses2,869 (2,869)— 0.0 years
Total $18,916 $(11,278)$7,638 
December 31, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted
Average
Remaining
Life
Business relationships$9,918 $(5,550)$4,368 6.2 years
Licensing agreements6,129 (1,505)4,624 7.2 years
Domain and data licenses2,869 (2,864)5 0.5 years
Total$18,916 $(9,919)$8,997 
Amortization expense related to intangible assets for the years ended December 31, 2023, 2022 and 2021 was $1.4 million, $1.7 million and $2.8 million, respectively.
As of December 31, 2023, estimated future amortization expense was as follows (in thousands):
2024$1,353 
20251,353 
20261,353 
20271,353 
20281,353 
Thereafter873 
   Total amortization $7,638 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The components of lease cost, net for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating lease cost$33,694 $40,819 $49,989 
Short-term lease cost (12 months or less)396 1,065 532 
Sublease income(13,551)(12,152)(8,490)
   Total lease cost, net$20,539 $29,732 $42,031 
The Company’s leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term.
Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45,410 $49,900 $52,091 
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
2024$42,732 
202522,191 
20267,254 
20276,442 
20286,580 
Thereafter9,742 
Total minimum lease payments94,941 
Less imputed interest(7,642)
Present value of lease liabilities$87,299 
As of December 31, 2023 and 2022, the weighted-average remaining lease term and weighted-average discount rate were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term (years) — operating leases3.74.1
Weighted-average discount rate — operating leases5.1 %5.3 %
The Company abandoned certain office space in San Francisco and New York during the year ended December 31, 2023 and entered into sublease agreements for portions of its office space in San Francisco and New York during the years ended December 31, 2022 and 2021. The Company evaluated the associated ROU assets and leasehold improvements for impairment as a result of the abandonments and subleases in accordance with Accounting Standards Codification Topic 360, “Property, Plant, and Equipment,” because the change in circumstances indicated that the carrying amount of such assets may not be recoverable. The Company compared the future undiscounted cash flows to the carrying amounts of the respective ROU assets and leasehold improvements and determined that an impairment existed.
The Company compared the carrying values of the impacted assets to the fair values to determine the impairment amounts related to the abandonments and subleases. The Company recognized impairment charges of $23.6 million, $10.5 million and $11.2 million during the years ended December 31, 2023, 2022 and 2021, respectively, which are included in general and administrative expenses on its consolidated statements of operations. The impairment charges during the year ended December 31, 2023 reduced the carrying amounts of the ROU assets and leasehold improvements by $21.3 million and $2.3 million, respectively. The impairment charge during the year ended December 31, 2022 reduced the carrying amount of the ROU asset and leasehold improvements by $9.0 million and $1.5 million, respectively. The impairment charge during the year ended December 31, 2021 reduced the carrying amount of the ROU assets and leasehold improvements by $8.5 million and $2.7 million, respectively. For more information on the fair values of the ROU assets and leasehold improvements used in the impairment analysis, see Note 5, “Fair Value Measurements.”
In December 2021, the Company terminated the lease for its office space in Washington, D.C. As a result, the Company recognized a net gain of $3.7 million, which includes certain termination-related fees and is included in general and administrative expenses on its consolidated statement of operations. The Company accelerated the depreciation of related leasehold improvements assets and recorded $5.2 million of depreciation expense for these assets during the year ended December 31, 2021.
v3.24.0.1
OTHER NON-CURRENT ASSETS
 12 Months Ended
Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]  
OTHER NON-CURRENT ASSETS OTHER NON-CURRENT ASSETS
Other non-current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Deferred tax assets$119,449 $97,426 
Deferred contract costs28,203 25,946 
Other non-current assets14,074 10,617 
Total other non-current assets$161,726 $133,989 
v3.24.0.1
CONTRACT BALANCES
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
CONTRACT BALANCES CONTRACT BALANCES
The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands):
Year Ended December 31,
202320222021
Balance, beginning of period$9,277 $7,153 $11,559 
Add: provision for doubtful accounts40,702 25,006 14,574 
Less: write-offs, net of recoveries(36,211)(22,882)(18,980)
Balance, end of period$13,768 $9,277 $7,153 
In calculating the allowance for doubtful accounts as of December 31, 2023, 2022 and 2021, the Company considered expectations of probable credit losses, including those associated with the COVID-19 pandemic for 2022 and 2021, based on observed trends in cancellations, observed changes in the credit risk of specific customers, the impact of anticipated closures and bankruptcies using forecasted economic indicators in addition to historical experience and loss patterns during periods of macroeconomic uncertainty. The increases in the provision for doubtful accounts and write-offs, net of recoveries in the years ended December 31, 2023 and 2022 as compared to the prior-year periods were a result of the ordinary course of business, reflecting the increase in net revenue as well as higher aggregate customer delinquencies.
Contract liabilities consist of deferred revenue, which is recorded on the consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer.
The changes in short-term deferred revenue during the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
20232022
Balance, beginning of period$5,200 $4,156 
Less: recognition of deferred revenue from beginning balance(4,936)(3,922)
Add: net increase in current period contract liabilities3,557 4,966 
Balance, end of period$3,821 $5,200 
The majority of the Company’s deferred revenue balance as of December 31, 2023 is classified as short-term and is expected to be recognized as revenue in the subsequent three-month period ending March 31, 2024. An immaterial amount of long-term deferred revenue is included in other long-term liabilities as of December 31, 2023. No other contract assets or liabilities were recorded on the Company’s consolidated balance sheets as of December 31, 2023 and 2022.
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Accounts payable$11,868 $14,525 
Employee-related liabilities79,081 66,929 
Accrued legal settlements15,085 26,250 
Other accrued liabilities26,775 30,246 
Total accounts payable and accrued liabilities$132,809 $137,950 
As of December 31, 2023, other accrued liabilities primarily consisted of accrued operating expenses and cost of revenue, income taxes payable and unsettled share repurchases.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Legal Proceedings
Securities Class Action and Derivative Action
On January 18, 2018, a putative class action lawsuit alleging violations of the federal securities laws was filed in the U.S. District Court for the Northern District of California (the “District Court”), naming as defendants the Company and certain of its officers (the “Securities Class Action”). Following the District Court’s approval of a stipulation to certify a class and denial of the defendants’ motion for summary judgment, the defendants reached an agreement with the plaintiff to settle this matter for $22.25 million. The proposed settlement was subsequently filed with the District Court, which preliminarily approved it on July 25, 2022. The settlement was then funded by defendants’ insurers during the three months ended September 30, 2022. The District Court entered an order granting final approval of the settlement on January 27, 2023 and, on the same day, entered judgment in the Securities Class Action. The settlement resolved all claims asserted against all defendants in the Securities Class Action without any liability or wrongdoing attributed to them.
On August 26, 2022, the District Court granted final approval of the settlement of a stockholder derivative action (the “Derivative Action”) asserting claims against certain current and former officers, and naming the Company as a nominal defendant, which arose out of the same facts as the Securities Class Action and was also pending before the District Court. The settlement resolved all claims asserted against all defendants in the Derivative Action without any liability or wrongdoing attributed to them personally or to the Company. Under the terms of the settlement, the Company’s Board of Directors (the “Board”) adopted certain corporate governance modifications and the Company received $18.0 million of insurance proceeds. The Company paid $3.75 million of such insurance proceeds to the plaintiff’s attorneys as fees. The remaining insurance proceeds partially funded the Securities Class Action settlement.
In 2021, the Company recorded an accrual for loss contingency within accounts payable and accrued liabilities in the aggregate amount of $26.0 million, which represented the total settlement amount for both the Securities Class Action and the Derivative Action, as well as a $26.0 million receivable for loss recovery within prepaid expenses and other current assets for the anticipated insurance proceeds related to these settlements. As of December 31, 2022, following payment to the plaintiff’s attorneys in the Derivative Action, the Company had $22.25 million remaining for the settlement of the Securities Class Action on its consolidated balance sheets for the loss contingency accrual and loss recovery receivable. In January 2023, the Company released the remaining receivable and accrual upon the District Court granting final approval of these settlements.
CIPA Action
On October 12, 2016, a putative class action lawsuit asserting claims under the California Invasion of Privacy Act was filed against the Company (the “CIPA Action”) in the Superior Court of California for the County of San Francisco (the “Superior Court”), in which the plaintiff sought statutory damages and other relief based on alleged unlawful call recording. The Company filed a motion for summary judgment on the basis that it had never recorded the plaintiff, which the Superior Court granted. The plaintiff appealed and, in October 2020, the California Court of Appeal for the First District (the “Court of Appeal”) reversed the decision of the Superior Court, holding that the recording of only the Company’s consenting sales representatives could violate CIPA, even if the plaintiff was not recorded. The California Supreme Court subsequently denied review of the Court of Appeal’s decision and the case was remanded to the Superior Court. On January 18, 2023, the Superior Court granted the plaintiffs’ motion for class certification. In February 2023, the Company filed a petition for a writ with the Court of Appeal seeking reversal of the Superior Court’s class certification decision. The Court of Appeal summarily denied the writ petition on May 25, 2023, following which the Company filed a petition with the California Supreme Court on June 2, 2023 seeking an order directing the Court of Appeal to review the merits of the Company’s writ petition. On July 17, 2023, the Company reached a preliminary agreement with the plaintiffs to settle the CIPA Action for $15.0 million, which payment the Company expects to be partially funded by insurance proceeds. The settlement would resolve all claims asserted against the Company in the CIPA Action without any liability or wrongdoing attributed to it. The parties have executed a settlement agreement, which the plaintiff presented to the Superior Court for approval. The Superior Court preliminarily approved the settlement on December 21, 2023 and a hearing regarding the final approval of the settlement is scheduled for April 10, 2024.
The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies, which it will accrue when it believes a loss is probable and the amount can be reasonably estimated. Although the settlement agreement for the CIPA Action remains subject to final court approval, the Company believes the loss is probable and the payment amount of $15.0 million represents a reasonable estimate of loss contingency as of December 31, 2023. The Company recorded a $4.0 million accrual for loss contingency related to the CIPA Action as of December 31, 2022 and an additional accrual of $11.0 million during 2023, resulting in a $15.0 million accrual for loss contingency within accounts payable and
accrued liabilities on the Company’s consolidated balance sheet as of December 31, 2023. The Company also believes that anticipated insurance proceeds of $3.9 million are probable and represent a reasonable estimate for loss recovery as of December 31, 2023. As such, the Company recorded a $3.9 million receivable for loss recovery during 2023, which is reflected within prepaid expenses and other current assets on the Company’s consolidated balance sheet as of December 31, 2023.
Other Legal Proceedings
The Company is subject to other legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these other matters will have a material effect on the Company’s business, financial position, results of operations or cash flows.
Indemnification Agreements
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of a breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties.
In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees.
While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s business, financial position, results of operations or cash flows.
Revolving Credit Facility
On April 28, 2023, the Company entered into a Revolving Credit and Guaranty Agreement with certain lenders and JPMorgan Chase Bank, N.A., as administrative and collateral agent, which provides for a five-year $125.0 million senior secured revolving credit facility (the “2023 credit facility”). The 2023 credit facility replaced the Company’s previous $75.0 million revolving credit facility entered into on May 5, 2020 with Wells Fargo Bank, N.A. (the “2020 credit facility”), which terminated concurrently with the establishment of the 2023 credit facility. The 2023 credit facility includes a letter of credit sub-limit of $25.0 million, a bilateral letter of credit facility of $25.0 million and an accordion option, which, if exercised, would allow the Company to increase the aggregate commitments by up to $250.0 million, plus additional amounts if the Company is able to satisfy a leverage test, subject to certain conditions. The commitments under the 2023 credit facility expire on April 28, 2028.
Loans under the 2023 credit facility bear interest, at the Company’s election, at either (a) an adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.25% - 1.50%, depending on the Company’s total leverage ratio, or (b) an alternative base rate plus a margin of 0.25% - 0.50%, depending on the Company’s total leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at 0.20% - 0.25% per annum, depending on the Company’s total leverage ratio, as well as a letter of credit fee on any outstanding letters of credit that accrues at 1.25% - 1.50% per annum, depending on the Company’s total leverage ratio.
The 2023 credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions, pay dividends, repurchase shares, make investments and engage in transactions with the Company’s affiliates, in each case subject to certain exceptions. The 2023 credit facility also requires the Company to maintain a total leverage ratio of no greater than 3.75 to 1.00, subject to an increase up to 4.25 to 1.00 for a certain period following significant acquisitions, and an interest coverage ratio of no less than 3.00 to 1.00. The obligations under the 2023 credit facility are secured by liens on substantially all of the Company’s domestic assets, including certain domestic intellectual property assets and the equity of its domestic subsidiaries, as well as a portion of the equity interests the Company holds directly in its foreign subsidiaries.
As of December 31, 2023, the Company had $14.1 million of letters of credit outstanding under the 2023 credit facility sub-limit, which were moved from the 2020 credit facility. The letters of credit are primarily related to lease agreements for certain office locations and are required to be maintained and issued to the landlords of each facility. No loans were outstanding under the 2023 credit facility and the Company was in compliance with all conditions and covenants thereunder as of December 31, 2023.
v3.24.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
The following table presents the number of shares authorized and issued as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Shares
Authorized		Shares
Issued		Shares
Authorized		Shares
Issued
Common stock, $0.000001 par value
200,000 68,864 200,000 69,797 
Undesignated preferred stock10,000 — 10,000 — 
Stock Repurchase Program
As of December 31, 2023, the Board had authorized the Company to repurchase up to an aggregate of $1.45 billion of its outstanding common stock, $81.7 million of which remained available as of December 31, 2023. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions or a combination of the foregoing.
During the year ended December 31, 2023, the Company repurchased on the open market and subsequently retired 5,626,851 shares for an aggregate purchase price of $200.0 million. Although no shares were held in treasury stock as of December 31, 2023, an immaterial balance that remained was comprised of excise tax under the Inflation Reduction Act of 2022 on stock repurchases, net of shares issued, during the year. The Company expects to pay the excise tax in early 2024.
During the year ended December 31, 2022, the Company repurchased on the open market and subsequently retired 6,195,093 shares for an aggregate purchase price of $200.0 million. The Company had no treasury stock balance as of December 31, 2022.
Common Stock Reserved for Future Issuance
As of December 31, 2023, the Company had reserved shares of common stock for future issuances in connection with the following (in thousands):
Number of Shares
Stock options outstanding2,543 
RSUs and PRSUs outstanding9,961 
Available for future equity award grants11,513 
Available for future ESPP offerings2,082 
Total reserved for future issuance26,099 
Equity Incentive Plans
The Company has outstanding awards under its 2012 Equity Incentive Plan, as amended (the “2012 Plan”). Under the 2012 Plan, the Company has the ability to issue incentive stock options, non-statutory stock options, stock appreciation rights, RSUs, restricted stock awards, performance units and performance shares. Additionally, the 2012 Plan provides for the grant of performance cash awards to employees, directors and consultants.
On February 6, 2023, the Company adopted the Yelp Inc. 2023 Inducement Award Plan (the “Inducement Plan”), pursuant to which it reserved 1,400,000 shares of its common stock for issuance to individuals who were not previously employees of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company, in accordance with New York Stock Exchange Listed Company Manual Rule 303A.08. Under the Inducement Plan, the Company has the ability to issue non-statutory stock options, stock appreciation rights, RSUs, restricted stock awards, performance units and performance shares. The Inducement Plan also provides for the grant of performance cash awards to individuals eligible to receive awards under the Inducement Plan.
Stock Options
The Company grants stock options at a price per share not less than the fair value of a share of the Company’s common stock on the grant date. Options generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining shares vesting monthly thereafter or (b) ratably on a monthly basis. Options granted are generally exercisable for contractual terms of up to 10 years. The Company issues new shares when stock options are exercised.
There were no options granted during the year ended December 31, 2023. For the years ended December 31, 2022 and 2021, the weighted-average assumptions used for the Black-Scholes-Merton option valuation model were as follows:
Year Ended December 31,
20222021
Dividend yield— — 
Annual risk-free rate3.0 %1.1 %
Expected volatility50.4 %49.4 %
Expected term (years)6.06.0
A summary of stock option activity for the year ended December 31, 2023 is as follows:
Number of
Shares (in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in
years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding at December 31, 20223,543 $32.81 3.6$7,507 
Exercised(847)23.94 
Canceled(153)46.39 
Outstanding at December 31, 20232,543 $34.94 3.6$33,100 
Options vested and exercisable at December 31, 20232,503 $34.92 3.5$32,641 
Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $6.5 million, $3.2 million and $13.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The weighted-average grant date fair value of options granted was $16.07 and $18.55 per share for the years ended December 31, 2022 and 2021, respectively.
As of December 31, 2023, total unrecognized compensation costs related to nonvested stock options were approximately $0.6 million, which the Company expects to recognize over a weighted-average time period of 1.4 years.
RSUs
RSUs generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining vesting quarterly or annually thereafter or (b) ratably on a quarterly basis.
RSUs also include PRSUs, which are subject to either (a) a market condition or (b) the achievement of performance goals. PRSUs may also be subject to a time-based vesting schedule of quarterly over four years (the “Time-Based Vesting Schedule”). For PRSUs subject to a market condition, the Company recognizes expense from the date of grant. For PRSUs subject to performance goals, the Company recognizes expense when it is probable that the performance condition will be achieved.
The Company granted PRSUs subject to market conditions in 2022 and 2023. The shares underlying each of these PRSU awards vest based on the relative performance of the Company’s total stockholder return (“TSR”) over a three-year period. A percentage of the target number of shares underlying each award, ranging from zero to 200%, will vest based on the percentile rank of the Company’s TSR relative to that of the other companies in the Russell 2000 Index over a three-year period beginning
January 1 of the year of grant (the “Performance Period”). The Company’s TSR, as well as the TSR of the other companies in the Russell 2000 Index, will be calculated based on the average closing price of each company’s stock over the last 20 trading days of the Performance Period compared to the average closing price over the first 20 trading days of the Performance Period. Any shares that become eligible to vest based on the Company’s level of achievement of the market goal will fully vest on or following certification of the Company’s performance on February 20, 2025 and 2026, respectively, or, if certification occurs following such date, March 15, 2025 and 2026, respectively, for the 2022 and 2023 grants, subject to the applicable employee’s continued service as of such vesting dates.
For PRSUs subject to performance goals, a percentage of the target number of shares, ranging from zero to 200%, will become eligible to vest based on the Company’s level of achievement of certain financial targets, subject to the Time-Based Vesting Schedule. The shares subject to performance goals become eligible to vest once the achievement against the financial targets is known, which will be no later than March of the year following the year in which the PRSUs are granted. On the quarterly vest date immediately following such determination (or a vest date otherwise specified in the agreement), the eligible shares, if any, will vest to the extent that the employee has met the Time-Based Vesting Schedule as of such date. Thereafter, the eligible shares will continue to vest in accordance with the Time-Based Vesting Schedule, subject to the applicable employee’s continued service as of each such vesting date. The Company performed an analysis as of December 31, 2023 to assess the probability of achievement of the PRSU financial targets and, as a result, recorded compensation costs in the year ended December 31, 2023 for the PRSUs granted in 2023 that it expected to vest.
As the PRSU activity during the year ended December 31, 2023 was not material, it is presented together with the RSU activity in the table below. A summary of RSU and PRSU activity for the year ended December 31, 2023 is as follows (in thousands, except per share amounts):
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Nonvested at December 31, 20229,962 $33.48 
Granted6,729 30.42 
Vested(1)
(5,545)31.63 
Canceled(1,185)32.14 
Nonvested at December 31, 2023(2)
9,961 $32.61 
(1)    Includes 2,298,468 shares that vested but were not issued due to the Company’s use of net share settlement for payment of employee taxes.
(2)    Includes 766,465 PRSUs.
The aggregate fair value as of the vest date of RSUs and PRSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $207.4 million, $155.0 million and $164.5 million, respectively. As of December 31, 2023, the Company had approximately $297.6 million of unrecognized stock-based compensation expense related to RSUs and PRSUs, which it expects to recognize over the remaining weighted-average vesting period of approximately 2.3 years.
Employee Stock Purchase Plan
The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations, during designated six-month offering periods. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period, based on the closing sales price of the Company’s common stock as quoted on the New York Stock Exchange on such date.
During the years ended December 31, 2023, 2022 and 2021, there were 604,111, 627,485 and 517,309 shares purchased by employees under the ESPP at a weighted-average purchase price per share of $31.79, $25.55 and $31.58, respectively. The Company recognized stock-based compensation expense related to the ESPP of $3.3 million, $2.8 million and $3.0 million during the years ended December 31, 2023, 2022 and 2021, respectively.
Stock-Based Compensation
The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the consolidated statements of operations during the periods presented (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$5,274 $4,761 $4,302 
Sales and marketing35,187 33,621 32,335 
Product development97,515 86,871 81,624 
General and administrative35,475 30,837 33,418 
Total stock-based compensation recorded to income before incomes taxes173,451 156,090 151,679 
Benefit from income taxes(34,474)(33,792)(35,778)
Total stock-based compensation recorded to net income$138,977 $122,298 $115,901 
During the years ended December 31, 2023, 2022 and 2021, the Company capitalized $9.7 million, $8.9 million and $10.7 million, respectively, of stock-based compensation expense as website and internal-use software development costs and, to a lesser extent, implementation costs incurred related to cloud computing arrangements that are service contracts.
v3.24.0.1
OTHER INCOME, NET
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME, NET
Other income, net for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands):
Year Ended December 31,
202320222021
Interest income (expense), net$19,571 $5,762 $(116)
Transaction gain (loss) on foreign exchange, net49 (130)231 
Other non-operating income, net6,419 2,793 2,089 
Other income, net$26,039 $8,425 $2,204 
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table presents domestic and foreign components of income before income taxes for the periods presented (in thousands):
Year Ended December 31,
202320222021
United States$131,459 $89,215 $44,009 
Foreign(26,377)(22,437)(10,291)
Total income before income taxes
$105,082 $66,778 $33,718 
The income tax provision (benefit) is composed of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal$20,466 $74,464 $1,133 
State3,934 11,070 1,859 
Foreign3,659 1,518 245 
Total current tax28,059 87,052 3,237 
Deferred:
Federal(19,934)(51,217)(9,338)
State(2,085)(5,281)(443)
Foreign(131)(123)591 
Total deferred tax(22,150)(56,621)(9,190)
Total provision for (benefit from) income taxes$5,909 $30,431 $(5,953)

The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:
Year Ended December 31,
202320222021
Income tax at federal statutory rate21.00 %21.00 %21.00 %
State tax, net of federal tax effect(0.02)5.16 5.09 
Foreign income tax rate differential(1.35)(1.27)(1.83)
Stock-based compensation3.26 8.55 (11.58)
Provision to return true-ups(12.03)0.46 2.46 
Income tax credits(11.14)(12.73)(39.39)
Change in valuation allowance0.60 2.24 11.50 
Change in uncertain tax positions0.26 (0.36)(18.68)
Global intangible low-taxed income (“GILTI”)— 16.09 — 
Employee fringe benefits0.73 0.43 0.35 
Other non-deductible expenses4.19 5.19 9.95 
Deferred adjustments0.57 1.46 0.98 
Net operating loss carryback and true-up— — 2.71 
Other (0.45)(0.65)(0.22)
Effective tax rate5.62 %45.57 %(17.66)%
Beginning in 2022, additional changes under the U.S. Tax Cuts and Jobs Act (the “Tax Act”) came into effect, including the mandatory capitalization and amortization of research and development expenses. These provisions require the Company to capitalize research and experimental expenditures and amortize them on the U.S. tax return over 5 or 15 years, depending on where research is conducted. This required capitalization results in an overall increase in provision for income taxes (including an increase in GILTI as well as the overall effective tax rate in 2022) and in DTAs. However, as a result of IRS guidance published in the third quarter of 2023, the updated guidance has reduced the amount of research and development expenses required to be capitalized under the Tax Act.
Deferred Tax Balances
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands):
As of December 31,
20232022
Deferred tax assets:
Reserves and others$11,026 $4,803 
Stock-based compensation17,564 20,214 
Net operating loss carryforward1,365 1,754 
Tax credit carryforward35,087 34,462 
Capitalized research and development100,168 84,390 
Operating lease liabilities20,402 30,394 
Gross deferred tax assets185,612 176,017 
Valuation allowance(34,927)(34,303)
Total deferred tax assets150,685 141,714 
Deferred tax liabilities: 
Depreciation and amortization(12,979)(13,955)
Deferred contract costs(7,372)(6,750)
Operating lease right-of-use assets(10,943)(23,631)
Total deferred tax liabilities(31,294)(44,336)
Net deferred tax assets$119,391 $97,378 
As of December 31, 2023, the Company had federal and state net operating loss carryforwards of approximately $3.1 million and $25.7 million, respectively, expiring beginning in 2037 and 2025, respectively. The Company had federal research credit carryforwards of approximately $0.4 million (gross) that begin to expire in 2031, if unused; California research credit carryforwards of approximately $73.1 million (gross) that do not expire; and Canada research credit carryforwards of approximately $0.3 million (gross) that begin to expire in 2041.
Utilization of net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company does not expect any previous ownership changes, as defined under Section 382 and 383 of the Internal Revenue Code, to result in a limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized. Further, foreign loss carryforwards may be subject to limitations under the applicable laws of the taxing jurisdictions due to ownership change limitations.
As of December 31, 2023, the Company had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $28.3 million. The Company continues to assert that all its foreign earnings are to be permanently reinvested and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. As such, the Company has not recognized a deferred tax liability related to unremitted foreign earnings.
Deferred Tax Valuation Allowance
As more fully described in “Income Taxes” in Note 2, “Summary of Significant Accounting Policies,” the Company maintains valuation allowances against deferred tax balances where appropriate and considers all positive and negative evidence that the Company would have future taxable income sufficient to realize the benefit of its deferred tax assets. 
Valuation allowances of $34.9 million and $34.3 million primarily related to California state tax credits were recorded against the Company’s net deferred tax asset balances as of December 31, 2023 and 2022, respectively. Since the Company mainly conducts research and development activities in California but earns a substantial portion of its U.S. income in other states, the Company could not assert, at the required more-likely-than-not level of certainty, that it would generate future taxable California income sufficient to realize the benefit of these deferred tax assets. Accordingly, the Company maintained a valuation allowance against specific state credits.
Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Year Ended December 31,
202320222021
Balance at the beginning of the year$59,764 $52,605 $48,207 
(Decrease) increase based on tax positions related to the prior year
(2,146)61 (291)
Increase based on tax positions related to the current year6,841 7,455 10,750 
Lapse of statute of limitations— (357)(6,061)
Balance at the end of the year$64,459 $59,764 $52,605 
As of December 31, 2023, the Company had $35.5 million of unrecognized tax benefits that, if recognized, would affect the effective tax rate. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. During each of the years ended December 31, 2023, 2022 and 2021, the Company recorded an immaterial amount of interest and penalties.
In addition, the Company is subject to the continuous examination of its income tax returns by the IRS and other tax authorities. The Company’s federal and state income tax returns for tax years subsequent to 2003 remain open to examination. In the Company’s foreign jurisdictions — Canada, Germany, Ireland and the United Kingdom — the tax years subsequent to 2017 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes, and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. As of December 31, 2023, although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that unrecognized tax benefits will not be reduced within the next 12 months.
v3.24.0.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs (including PRSUs) and, to a lesser extent, ESPP shares. If dilutive, such potentially dilutive securities are reflected in net income (loss) per share attributable to common stockholders using the treasury stock method.
The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the periods presented (in thousands, except per share data):
Year Ended December 31,
202320222021
Basic net income per share:
Net income attributable to common stockholders$99,173 $36,347 $39,671 
Shares used in computation:
Weighted-average common shares outstanding69,221 70,867 74,221 
Basic net income per share attributable to common stockholders:$1.43 $0.51 $0.53 
Year Ended December 31,
202320222021
Diluted net income per share:
Net income attributable to common stockholders$99,173 $36,347 $39,671 
Shares used in computation:
Weighted-average common shares outstanding69,221 70,867 74,221 
Stock options331 474 786 
RSUs4,042 2,058 3,607 
ESPP2 3 2 
Number of shares used in diluted calculation73,596 73,402 78,616 
Diluted net income per share attributable to common stockholders:$1.35 $0.50 $0.50 
The following stock-based instruments were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands):
Year Ended December 31,
202320222021
Stock options791 2,030 1,541 
RSUs424 853 59 
v3.24.0.1
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS
The Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance.
The Company has determined that it has a single operating and reporting segment. When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company’s strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other.
Net Revenue
The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands):
Year Ended December 31,
202320222021
Net revenue by product:
Advertising revenue by category:
Services$793,112 $693,810 $607,770 
Restaurants, Retail & Other483,406 440,593 377,455 
Advertising1,276,518 1,134,403 985,225 
Transactions13,008 14,063 13,196 
Other47,536 45,040 33,418 
Total net revenue$1,337,062 $1,193,506 $1,031,839 
During the years ended December 31, 2023, 2022 and 2021, no individual customer accounted for 10% or more of consolidated net revenue.
As a result of the COVID-19 pandemic, the Company considered whether there was any impact to the manner in which it recognizes revenue, in particular with respect to the collectability criteria for recognizing revenue from contracts with customers. The Company did not change the manner in which it recognizes revenue as a result of that assessment.
During the years ended December 31, 2022 and 2021, the Company offered a number of relief incentives to advertising and other revenue customers most impacted by the COVID-19 pandemic totaling $0.4 million and $3.5 million, respectively. These incentives were primarily in the form of waived advertising and subscription fees. The Company accounted for these incentives as price concessions and reduced net revenue recognized in the years ended December 31, 2022 and 2021 accordingly. The Company did not provide any COVID-19 relief incentives during the year ended December 31, 2023.
The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands):
Year Ended December 31,
202320222021
United States$1,327,263 $1,185,202 $1,023,143 
All other countries9,799 8,304 8,696 
Total net revenue$1,337,062 $1,193,506 $1,031,839 
Long-Lived Assets
The following table presents the Company’s long-lived assets by major geographic region as of December 31, 2023 and 2022 (in thousands):
As of December 31,
20232022
United States$62,464 $72,325 
All other countries6,220 4,899 
Total long-lived assets$68,684 $77,224 
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On February 13, 2024, the Board authorized a $500.0 million increase to its stock repurchase program, bringing the total amount of repurchases authorized under our stock repurchase program since its inception in 2017 to $1.95 billion. The Company repurchased $27.0 million of shares subsequent to December 31, 2023, resulting in approximately $554.7 million remaining available for future repurchases on February 20, 2024.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income attributable to common stockholders $ 99,173 $ 36,347 $ 39,671
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation—The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Items that require estimates, judgments or assumptions include, but are not limited to, determining variable consideration and identifying the nature and timing of satisfaction of performance obligations, allowance for doubtful accounts and credit losses, fair value and estimated useful lives of long- and indefinite-lived assets, litigation loss contingencies, liabilities related to incurred but not reported insurance claims, fair value and achievement of targets for performance-based restricted stock units (“PRSUs”) and income taxes. These estimates, judgments and assumptions are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from management’s estimates due to macroeconomic uncertainty and other factors.
Foreign Currency Translation
Foreign Currency Translation—The consolidated financial statements of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of foreign subsidiaries are translated at exchange rates in effect as of the balance sheet date. Revenues and expenses are translated at average exchange rates in effect during the year. Translation adjustments are recorded within accumulated other comprehensive loss, a separate component of stockholders’ equity.
Cash and Cash Equivalents
Cash and Cash Equivalents—The Company considers all highly liquid investments, such as treasury bills, commercial paper, certificates of deposit, and money market instruments with maturities of three months or less at the time of acquisition to be cash equivalents. Cash and cash equivalents primarily consist of amounts held in interest-bearing money market funds that were readily convertible to cash. The fair value of cash and cash equivalents approximates their carrying value.
Marketable Securities
Marketable Securities—The Company considers highly liquid treasury notes, U.S. agency securities, corporate debt securities, money market funds and other funds with maturities of more than three months to be marketable securities. These securities are classified as short-term marketable securities on the consolidated balance sheets as they represent the investment of cash available for current operations. The Company has a policy that generally requires its securities to be investment grade (i.e., rated ‘A’ or higher by bond rating firms) with the objective of minimizing the potential risk of principal loss. The Company classifies its marketable securities as available-for-sale and determines the classification at the time of purchase based on its investment strategy; it reevaluates such designation at each balance sheet date.
Available-for-sale securities are stated at fair value as of each balance sheet date and are periodically assessed for impairment. An investment is impaired if the fair value of the investment is less than its amortized cost basis. The Company reviews the securities in an unrealized loss position and evaluates whether credit loss exists by considering factors such as historical experience, market data, issuer-specific factors including their credit rating, and current economic conditions. If a credit loss exists, the Company measures the loss by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An allowance for credit loss is recorded as a component of other income (expense), net, limited by the amount of unrealized loss. Any remaining unrealized losses are recorded to other comprehensive income (loss).
The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method and records such gains and losses as a component of other income (expense), net. Amortization of premiums and accretion of discounts are included in interest income. If the Company has the intent to sell an available-for-sale security in an unrealized loss position or it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis, any previously recorded allowance is reversed and the entire difference between the amortized cost basis of the security and its fair value is recognized in the consolidated statements of operations.
Concentrations of Credit Risk
Concentrations of Credit Risk—Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and other investments, and accounts receivable. The Company places its cash and cash equivalents, marketable securities and other investments with major financial institutions, which management assesses to be of high credit quality, in order to limit the exposure of each investment.
Credit risk with respect to accounts receivable is dispersed due to the Company’s large number of customers. In addition, the Company’s credit risk is mitigated by the relatively short collection period. Collateral is not required for accounts receivable.
Accounts Receivable, Net and Payment Terms Accounts Receivable, Net, and Payment Terms—The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. Payment terms and conditions vary by contract type and the service being provided. For advertising services, the Company typically invoices customers on a monthly basis, one month in arrears, with payment due either at the end of each billing period or up to 30 days after the end of the billing period. For transaction services, the Company collects its commission fee on each transaction either at the time of the transaction or up to 30 days after the end of the billing period. For subscription services, the Company typically invoices customers one month in advance, with payment due at the beginning of each billing period.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts—The Company maintains an allowance for doubtful accounts receivable. The allowance reflects the Company’s best estimate of probable losses associated with the accounts receivable balance. It is based upon historical experience and loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts based on the credit risk of those accounts, known delinquent accounts, as well as current conditions and reasonable and supportable economic forecasts. When new information becomes available that allows the Company to more accurately estimate the allowance, it makes an adjustment, which is considered a change in accounting estimate. The carrying value of accounts receivable approximates their fair value.
Deferred Contract Costs and Cost of Revenue
Deferred Contract Costs—The Company has determined that certain sales incentive compensation costs are incremental costs to obtain the related contract. These costs are capitalized in the period in which they are incurred and amortized on a straight-line basis over the expected customer life of the associated contract. The Company uses a straight-line basis as it expects the benefit of these costs to be realized uniformly over the amortization period. The amortization periods for contract costs, which extend up to 32 months, were determined based on both qualitative and quantitative factors, including product life cycle attributes and customer retention historical data. For contract costs with amortization periods of less than 12 months, the Company applies a practical expedient to expense such costs as incurred. The Company assesses deferred contract costs for impairment on a quarterly basis. No impairment charges were recorded in the periods presented. Amortized contract costs are
recorded within sales and marketing expense in the consolidated statements of operations. Deferred contract costs are included within other non-current assets on the Company’s consolidated balance sheets (see Note 10, “Other Non-Current Assets”).
Cost of Revenue—The Company’s cost of revenue primarily consists of credit card processing fees, website infrastructure expense, which includes website hosting costs, and salaries, benefits and stock-based compensation expense for the infrastructure teams responsible for operating the Company’s website and mobile app, and excludes depreciation and amortization expense. Cost of revenue also includes third-party advertising fulfillment costs.
Deferred Revenue and Revenue Recognition
Deferred Revenue—The Company records deferred revenue when it has received consideration, or has the right to receive consideration, in advance of the transfer of the performance obligations of the contract to the customer.
Revenue Recognition—The Company generates revenue from the sale of advertising products, transactions with consumers and other revenue sources, which correspond to the Company’s major product lines. The Company recognizes revenue by applying the following steps: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations in an amount that reflects the consideration it expects to be entitled to in exchange for those services. The Company applies the portfolio practical expedient to account for the vast majority of contracts with customers in each category of revenue. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the amount of revenue it recognizes is equal to the amount which the Company has a right to invoice.
Contracts with customers can include multiple performance obligations, where the transaction price is allocated to each performance obligation based on its relative standalone selling price (“SSP”). The Company determines SSP based on the prices of the promised goods or services charged when sold separately to customers, which are determined using contractually stated prices. The Company allocates revenue to each of the performance obligations included in a contract with multiple performance obligations at the inception of the contract. The various products and services comprising contracts with multiple performance obligations are typically capable of being both distinct and distinct within the context of the arrangement and are accounted for as separate performance obligations.
For all contracts with customers, estimates and assumptions include determining variable consideration and identifying the nature and timing of satisfaction of performance obligations. The Company may accept lower consideration than the amount promised per the contract for certain revenue transactions and certain customers may receive cash based incentives, credits or refunds, which are accounted for as variable consideration when estimating the amount of revenue to recognize. The Company estimates these amounts based on the expected amount to be provided to customers and constrains the revenue. The Company believes that there will not be a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the estimates of variable consideration is subsequently resolved. For contracts satisfied over time, the Company applies the invoice practical expedient to depict the value transferred to the customer and measure of progress towards completion of its obligations. The Company considers the right to receive consideration from a customer to correspond directly with the value to the customer of its performance completed to date. The Company does not consider the effects of the time value of money as substantially all of the Company’s contracts are invoiced on a monthly basis, one month in arrears.
Revenue is recognized net of any taxes collected from customers, which are remitted to governmental authorities. The Company does not typically refund customers for services once it determines the performance obligations of the contract have been satisfied, but will assess any refund requests from customers and partners on a case by case basis. The Company records an allowance for potential future refunds, which is estimated based on historical trends and recorded as a reduction of net revenue.
Advertising. The Company generates advertising revenue primarily through the display of advertising products on its website and mobile app. These arrangements are evidenced by either written or electronic acceptance of a contract that stipulates the types of advertising to be delivered, the timing and pricing. Performance-based advertising placements are priced on a cost-per-click basis, while impression-based advertising placements are priced on a cost per thousand impressions basis. The Company recognizes revenue from the delivery of performance-based ads and impression-based ads in the period of delivery, in each case net of customer discounts. The Company also offers businesses premium features in connection with their business pages pursuant to fixed monthly fees, and recognizes revenue from such offerings over the service period.
The Company also generates advertising revenue through indirect sales of advertising products, such as through reseller contracts that allow partners to sell Yelp Branded Profiles to their clients and the monetization of remnant advertising inventory through third-party ad networks, and recognizes revenue in the period of delivery.
Transactions. The Company generates transactions revenue primarily from revenue-sharing partner contracts. The Company’s transactions platform provides consumers with the ability to place food orders for pickup and delivery through third parties, primarily Grubhub, or complete other transactions directly on Yelp. The Company earns a per-transaction commission fee pursuant to partnership contracts for acting as an agent for these transactions, which it recognizes on a net basis and includes in revenue upon completion of a transaction.
Other Revenue. The Company generates other revenue through subscription services contracts, such as sales of monthly subscriptions to Yelp Guest Manager, licensing contracts for access to Yelp data, and other non-advertising, non-transaction partnerships. Subscriptions revenue is recognized ratably over the contract terms beginning on the commencement date of each contract, which is the date the service is made available to customers.
Property, Equipment and Software
Property, Equipment and Software—Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are approximately three to five years. Leasehold improvements are amortized over the shorter of the lease term or 10 years. Following the disposition of an asset, the associated net cost is no longer recognized as an asset, and any gain or loss on the disposition is reflected in operating expenses.
Website and Internal-Use Software Development Costs
Website and Internal-Use Software Development Costs—Costs related to website and internal-use software are primarily related to the Company’s website and mobile app, including support systems. The Company capitalizes its costs to develop software when: preliminary development efforts are successfully completed; management has authorized and committed project funding; and it is probable that the project will be completed and the software will be used as intended. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized and amortized over the estimated useful life of the upgrades. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is generally three years.
The Company capitalizes certain implementation costs incurred related to cloud computing arrangements that are service contracts. Such costs are amortized on a straight-line basis over the term of the associated hosting arrangement plus any reasonably certain renewal period. Any capitalized amounts related to such arrangements are recorded within prepaid expense and other current assets and within non-current assets on the consolidated balance sheets.
Leases
Leases—The Company leases its office facilities under operating lease agreements that expire from 2024 to 2031, some of which include options to renew at the Company’s sole discretion. If exercised, such options would extend the lease terms by five years. Additionally, one of the Company’s lease agreements contains the option to terminate the lease, which requires 12 months prior written notice to the landlord. The Company does not have any finance lease agreements.
The Company determines if an arrangement contains a lease at inception. The Company recognizes on its consolidated balance sheets operating lease liabilities representing the present value of future lease payments, and an associated operating lease right-of-use (“ROU”) asset for any operating lease with a term greater than one year. The Company recognizes the amortization of the ROU asset each month within lease expense. The Company elected to use the practical expedient for short-term leases, and therefore does not record operating lease ROU assets or lease liabilities associated with leases with durations of 12 months or less.
When recording the present value of lease liabilities, a discount rate is required. The Company has concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, the Company instead uses its incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of the Company’s implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates with reference to companies with the same debt rating that operate in a similar industry to the Company.
The Company does not recognize its renewal options as part of its ROU assets and lease liabilities until it is reasonably certain that it will exercise such renewal options.
The Company does not combine lease and non-lease components; its lease agreements provide specific allocations of the Company’s obligations between lease and non-lease components. As a result, the Company is not required to exercise any judgment in determining such allocations.
The Company has subleased certain office facilities under operating lease agreements that expire in 2025 and 2026. The sublease agreements do not contain any options to renew. The Company recognizes a majority of the sublease rental income as a reduction in rent expense on a straight-line basis over the lease period, with any sublease income in excess of the original lease cost recorded to other income, net.
Goodwill Goodwill—Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The carrying amount of goodwill is reviewed at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that its fair value is less than the carrying amount, or opts not to perform a qualitative assessment, then the Company will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.
Intangible Assets Intangible Assets—Intangible assets include acquired intangible assets identified through business combinations, which are carried at fair value less accumulated amortization, and purchased intangible assets, which are carried at cost less accumulated amortization. Amortization is recorded over the estimated useful lives of the assets, generally 2 to 12 years. The Company reviews amortizable intangible assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value.
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed of—The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Stock Repurchases
Stock Repurchases—The Company accounts for repurchases of its common stock by recording the cost to repurchase those shares to treasury stock, a separate component of stockholders’ equity. Upon retirement, the carrying amount of treasury stock is reduced with a corresponding reduction to par value of common stock, with any excess of the cost incurred to repurchase shares over their par value recorded as an adjustment to retained earnings (accumulated deficit) on the date of retirement.
Research and Development Research and Development—The Company incurs research and development expenses for costs it incurs in research aimed at developing, and in translating the results of such research into, new products and services or significant improvements to existing products or services intended for internal use. Such costs are considered research and development and are expensed as incurred. These expenses primarily consist of employee-related costs (including stock-based compensation) for the Company’s engineers and other employees engaged in the research and development of its products and services, as well as allocated indirect overhead costs.
Stock-Based Compensation
Stock-Based Compensation—The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions, which require all stock-based payments to employees, including grants of stock options, restricted stock awards, restricted stock units (“RSUs”), PRSUs and issuances under its 2012 Employee Stock Purchase Plan, as amended (“ESPP”), to be measured based on the grant-date fair value of the awards. The Company accounts for forfeitures as they occur.
The Company estimates the fair value of options granted to employees on the grant date using the Black-Scholes-Merton option valuation model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility in the fair market value of the Company’s common stock, a risk-free interest rate and expected dividends. No compensation cost is recorded for options that do not vest. The Company uses the simplified calculation of expected life as it does not have sufficient appropriate historical exercise data on which to base its own estimate. Expected volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company recognizes compensation cost related to options using the straight-line method.
The fair value of RSUs is measured using the closing price of the Company’s common stock on the New York Stock Exchange on the grant date. The Company recognizes compensation cost related to RSUs using the straight-line method. No compensation cost is recorded for RSUs that do not vest. The Company settles the employee tax liabilities associated with the vesting of RSUs by withholding a portion of the vested shares and covering such taxes with cash from its balance sheet, which the Company refers to as net share settlement.
The Company has two types of PRSUs outstanding — awards for which the vesting is subject to both a time-based vesting schedule and either (a) a market condition or (b) the achievement of performance goals.
For the awards subject to a market condition, the Company uses a Monte Carlo model to determine the fair value of the PRSUs. The Company recognizes compensation cost related to PRSUs subject to a market condition on a graded basis over the requisite service period if the service condition is met regardless of whether the market condition is satisfied. No compensation cost is recorded if the service condition is not met.
For the awards subject to performance goals, compensation costs are recorded when the Company concludes that it is probable that the performance conditions will be achieved. The Company performs an analysis in each reporting period to determine the probability that the performance goals will be met, and recognizes a cumulative catch-up adjustment to compensation cost for changes in its probability assessment in subsequent reporting periods, if required, until the performance period has expired. The fair value of the PRSUs is measured using the closing price of the Company’s common stock on the New York Stock Exchange on the grant date. The Company recognizes compensation cost related to PRSUs subject to performance goals on a graded basis over the requisite service period. No compensation cost is recorded if the service condition is not met.
Advertising Expenses Advertising Expenses—Advertising costs are expensed in the period in which the advertising takes place. Costs of producing advertising are expensed in the period in which production takes place.
Comprehensive Income (Loss)
Comprehensive Income (Loss)—Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which consists of foreign currency adjustments and unrealized loss on available-for-sale debt securities, net of tax.
Income Taxes
Income Taxes—The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments or changes in the tax law or rates. In assessing the realization of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are provided to reduce deferred tax assets to the amount that is more likely than not to be realized. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. The Company evaluates the ability to realize net deferred tax assets and the related valuation allowance on a quarterly basis.
The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company provides for tax contingencies whenever it is deemed probable that a tax asset has been impaired or a tax liability has been incurred for events such as tax claims or changes in tax laws. Tax contingencies are based upon their technical merits, relative tax law and the specific facts and circumstances as of each reporting period. Changes in facts and circumstances could result in material changes to the amounts recorded for such tax contingencies.
The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
Employee Benefit Plan Employee Benefit Plan—The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation up to a maximum annual amount set by the Internal Revenue Service (“IRS”).
Insurance
Insurance—The Company is self-insured for certain employee benefits including medical, dental and vision; however, the Company obtains third-party excess insurance coverage to limit its exposure to certain claims. Liabilities associated with these benefits include estimates of both claims filed and losses incurred but not yet reported. The Company utilizes valuations provided by reputable, independent third-party actuaries. The Company’s self-insured liabilities are included in the consolidated balance sheets within accounts payable and accrued liabilities.
Recent Accounting Pronouncements Not Yet Effective
Recent Accounting Pronouncements Not Yet Effective

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and should be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-07 on its related disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures.
v3.24.0.1
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
Cash, cash equivalents and restricted cash as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Cash
$105,959 $56,304 
Cash equivalents
207,952 250,075 
Total cash and cash equivalents
313,911 306,379 
Restricted cash
91 759 
Total cash, cash equivalents and restricted cash
$314,002 $307,138 
Schedule of Restricted Cash and Cash Equivalents
Cash, cash equivalents and restricted cash as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Cash
$105,959 $56,304 
Cash equivalents
207,952 250,075 
Total cash and cash equivalents
313,911 306,379 
Restricted cash
91 759 
Total cash, cash equivalents and restricted cash
$314,002 $307,138 
v3.24.0.1
MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
Short-term investments and certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. The amortized cost, gross unrealized gains and losses and fair value of investments as of December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
U.S. government securities$1,612 $— $— $1,612 
Total cash equivalents1,612 — — 1,612 
Short-term marketable securities:
Certificates of deposit1,537 — — 1,537 
Commercial paper1,058 — — 1,058 
Corporate bonds19,833 16 (92)19,757 
Agency bonds17,660 4 (17)17,647 
U.S. government securities87,414 241 (169)87,486 
Total short-term marketable securities127,502 261 (278)127,485 
Total$129,114 $261 $(278)$129,097 
December 31, 2022
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Cash equivalents:
Commercial paper$2,524 $— $— $2,524 
Total cash equivalents2,524 — — 2,524 
Short-term marketable securities:
Certificates of deposit10,651 — — 10,651 
Commercial paper13,054 — — 13,054 
Corporate bonds32,701 3 (353)32,351 
Agency bonds3,010 — (11)2,999 
U.S. government securities35,479 8 (298)35,189 
Total short-term marketable securities94,895 11 (662)94,244 
Total$97,419 $11 $(662)$96,768 
The contractual maturities for marketable securities classified as available-for-sale as of December 31, 2023 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$79,966 $79,791 
Due in one to five years49,148 49,306 
Total$129,114 $129,097 
Schedule of Securities in an Unrealized Loss Position
The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of December 31, 2023 and 2022, aggregated by investment category and the length of time that the individual securities had been in a continuous loss position (in thousands):
December 31, 2023
Less Than 12 months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$2,130 $(9)$12,104 $(83)$14,234 $(92)
Agency bonds14,409 (17)— — 14,409 (17)
U.S. government securities27,763 (135)6,231 (34)33,994 (169)
Total$44,302 $(161)$18,335 $(117)$62,637 $(278)
December 31, 2022
Less Than 12 months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$29,428 $(353)$— $— $29,428 $(353)
Agency bonds2,999 (11)— — 2,999 (11)
U.S. government securities27,368 (298)— — 27,368 (298)
Total$59,795 $(662)$— $— $59,795 $(662)
v3.24.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$180,270 $— $— $180,270 $247,551 $— $— $247,551 
U.S. government securities— 1,612 — 1,612 — — — — 
Commercial paper— — — — — 2,524 — 2,524 
Marketable securities:
Certificates of deposit— 1,537 — 1,537 — 10,651 — 10,651 
Commercial paper— 1,058 — 1,058 — 13,054 — 13,054 
Corporate bonds— 19,757 — 19,757 — 32,351 — 32,351 
Agency bonds— 17,647 — 17,647 — 2,999 — 2,999 
U.S. government securities— 87,486 — 87,486 — 35,189 — 35,189 
Other investments:
Certificates of deposit— 7,500 — 7,500 — 10,000 — 10,000 
Total cash equivalents, marketable securities and other investments$180,270 $136,597 $— $316,867 $247,551 $106,768 $— $354,319 
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Prepaid expenses$14,922 $14,632 
Certificates of deposit5,000 10,000 
Non-trade receivables(1)
4,107 31,338 
Other current assets12,644 7,497 
Total prepaid expenses and other current assets$36,673 $63,467 
(1) The decrease in non-trade receivables during the year ended December 31, 2023 was primarily due to the release of the remaining receivable for loss recovery related to the litigation described under “Legal Proceedings—Securities Class Action and Derivative Action” in Note 13, “Commitments and Contingencies.”
v3.24.0.1
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software
Property, equipment and software, net as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Capitalized website and internal-use software development costs$258,059 $229,638 
Leasehold improvements(1)(2)
57,403 60,407 
Computer equipment50,014 50,920 
Furniture and fixtures10,336 11,627 
Telecommunication4,175 4,930 
Software1,113 1,702 
Total381,100 359,224 
Less accumulated depreciation and amortization(1)
(312,416)(282,000)
Property, equipment and software, net$68,684 $77,224 
(1) Leasehold improvements, net was reduced to reflect impairments of $2.3 million recorded during the year ended December 31, 2023 as a result of the Company’s abandonments of certain office spaces.
(2) The cost basis was reduced to reflect an impairment of $1.5 million recorded during the year ended December 31, 2022 as a result of the Company’s sublease of certain office space.
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amounts of goodwill during the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
20232022
Balance, beginning of period$102,328 $105,128 
Effect of currency translation1,558 (2,800)
Balance, end of period$103,886 $102,328 
Schedule of Intangible Assets
Intangible assets that were not fully amortized as of December 31, 2023 and 2022 consisted of the following (dollars in thousands):
December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted
Average
Remaining
Life
Business relationships$9,918 $(6,258)$3,660 5.2 years
Licensing agreements6,129 (2,151)3,978 6.2 years
Domain and data licenses2,869 (2,869)— 0.0 years
Total $18,916 $(11,278)$7,638 
December 31, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted
Average
Remaining
Life
Business relationships$9,918 $(5,550)$4,368 6.2 years
Licensing agreements6,129 (1,505)4,624 7.2 years
Domain and data licenses2,869 (2,864)5 0.5 years
Total$18,916 $(9,919)$8,997 
Schedule of Future Amortization Expense
As of December 31, 2023, estimated future amortization expense was as follows (in thousands):
2024$1,353 
20251,353 
20261,353 
20271,353 
20281,353 
Thereafter873 
   Total amortization $7,638 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease Cost and Supplemental Cash Flow Information
The components of lease cost, net for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Year Ended December 31,
202320222021
Operating lease cost$33,694 $40,819 $49,989 
Short-term lease cost (12 months or less)396 1,065 532 
Sublease income(13,551)(12,152)(8,490)
   Total lease cost, net$20,539 $29,732 $42,031 
Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45,410 $49,900 $52,091 
Lessee, Operating Lease, Liability, Maturity
As of December 31, 2023, maturities of lease liabilities were as follows (in thousands):
2024$42,732 
202522,191 
20267,254 
20276,442 
20286,580 
Thereafter9,742 
Total minimum lease payments94,941 
Less imputed interest(7,642)
Present value of lease liabilities$87,299 
Assets And Liabilities, Lessee Information
As of December 31, 2023 and 2022, the weighted-average remaining lease term and weighted-average discount rate were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term (years) — operating leases3.74.1
Weighted-average discount rate — operating leases5.1 %5.3 %
v3.24.0.1
OTHER NON-CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]  
Schedule of Other Non-current Assets
Other non-current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Deferred tax assets$119,449 $97,426 
Deferred contract costs28,203 25,946 
Other non-current assets14,074 10,617 
Total other non-current assets$161,726 $133,989 
v3.24.0.1
CONTRACT BALANCES (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Allowance for Doubtful Accounts Receivable
The changes in the allowance for doubtful accounts during the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands):
Year Ended December 31,
202320222021
Balance, beginning of period$9,277 $7,153 $11,559 
Add: provision for doubtful accounts40,702 25,006 14,574 
Less: write-offs, net of recoveries(36,211)(22,882)(18,980)
Balance, end of period$13,768 $9,277 $7,153 
Contract with Customer, Liability
The changes in short-term deferred revenue during the years ended December 31, 2023 and 2022 were as follows (in thousands):
Year Ended December 31,
20232022
Balance, beginning of period$5,200 $4,156 
Less: recognition of deferred revenue from beginning balance(4,936)(3,922)
Add: net increase in current period contract liabilities3,557 4,966 
Balance, end of period$3,821 $5,200 
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):
December 31,
2023		December 31,
2022
Accounts payable$11,868 $14,525 
Employee-related liabilities79,081 66,929 
Accrued legal settlements15,085 26,250 
Other accrued liabilities26,775 30,246 
Total accounts payable and accrued liabilities$132,809 $137,950 
v3.24.0.1
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class
The following table presents the number of shares authorized and issued as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Shares
Authorized		Shares
Issued		Shares
Authorized		Shares
Issued
Common stock, $0.000001 par value
200,000 68,864 200,000 69,797 
Undesignated preferred stock10,000 — 10,000 — 
Schedule of Common Stock Reserved for Future Issuance
As of December 31, 2023, the Company had reserved shares of common stock for future issuances in connection with the following (in thousands):
Number of Shares
Stock options outstanding2,543 
RSUs and PRSUs outstanding9,961 
Available for future equity award grants11,513 
Available for future ESPP offerings2,082 
Total reserved for future issuance26,099 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions For the years ended December 31, 2022 and 2021, the weighted-average assumptions used for the Black-Scholes-Merton option valuation model were as follows:
Year Ended December 31,
20222021
Dividend yield— — 
Annual risk-free rate3.0 %1.1 %
Expected volatility50.4 %49.4 %
Expected term (years)6.06.0
Schedule of Stock Option Activity
A summary of stock option activity for the year ended December 31, 2023 is as follows:
Number of
Shares (in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in
years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding at December 31, 20223,543 $32.81 3.6$7,507 
Exercised(847)23.94 
Canceled(153)46.39 
Outstanding at December 31, 20232,543 $34.94 3.6$33,100 
Options vested and exercisable at December 31, 20232,503 $34.92 3.5$32,641 
Summary of RSU Activity A summary of RSU and PRSU activity for the year ended December 31, 2023 is as follows (in thousands, except per share amounts):
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Nonvested at December 31, 20229,962 $33.48 
Granted6,729 30.42 
Vested(1)
(5,545)31.63 
Canceled(1,185)32.14 
Nonvested at December 31, 2023(2)
9,961 $32.61 
(1)    Includes 2,298,468 shares that vested but were not issued due to the Company’s use of net share settlement for payment of employee taxes.
(2)    Includes 766,465 PRSUs.
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the consolidated statements of operations during the periods presented (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$5,274 $4,761 $4,302 
Sales and marketing35,187 33,621 32,335 
Product development97,515 86,871 81,624 
General and administrative35,475 30,837 33,418 
Total stock-based compensation recorded to income before incomes taxes173,451 156,090 151,679 
Benefit from income taxes(34,474)(33,792)(35,778)
Total stock-based compensation recorded to net income$138,977 $122,298 $115,901 
v3.24.0.1
OTHER INCOME, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Schedule of Other Income, Net
Other income, net for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands):
Year Ended December 31,
202320222021
Interest income (expense), net$19,571 $5,762 $(116)
Transaction gain (loss) on foreign exchange, net49 (130)231 
Other non-operating income, net6,419 2,793 2,089 
Other income, net$26,039 $8,425 $2,204 
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Taxes
The following table presents domestic and foreign components of income before income taxes for the periods presented (in thousands):
Year Ended December 31,
202320222021
United States$131,459 $89,215 $44,009 
Foreign(26,377)(22,437)(10,291)
Total income before income taxes
$105,082 $66,778 $33,718 
Income Tax Provision (Benefit)
The income tax provision (benefit) is composed of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal$20,466 $74,464 $1,133 
State3,934 11,070 1,859 
Foreign3,659 1,518 245 
Total current tax28,059 87,052 3,237 
Deferred:
Federal(19,934)(51,217)(9,338)
State(2,085)(5,281)(443)
Foreign(131)(123)591 
Total deferred tax(22,150)(56,621)(9,190)
Total provision for (benefit from) income taxes$5,909 $30,431 $(5,953)
Reconciliation of Effective Income Tax Rate
The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:
Year Ended December 31,
202320222021
Income tax at federal statutory rate21.00 %21.00 %21.00 %
State tax, net of federal tax effect(0.02)5.16 5.09 
Foreign income tax rate differential(1.35)(1.27)(1.83)
Stock-based compensation3.26 8.55 (11.58)
Provision to return true-ups(12.03)0.46 2.46 
Income tax credits(11.14)(12.73)(39.39)
Change in valuation allowance0.60 2.24 11.50 
Change in uncertain tax positions0.26 (0.36)(18.68)
Global intangible low-taxed income (“GILTI”)— 16.09 — 
Employee fringe benefits0.73 0.43 0.35 
Other non-deductible expenses4.19 5.19 9.95 
Deferred adjustments0.57 1.46 0.98 
Net operating loss carryback and true-up— — 2.71 
Other (0.45)(0.65)(0.22)
Effective tax rate5.62 %45.57 %(17.66)%
Schedule of Deferred Tax Assets and Liabilities The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented (in thousands):
As of December 31,
20232022
Deferred tax assets:
Reserves and others$11,026 $4,803 
Stock-based compensation17,564 20,214 
Net operating loss carryforward1,365 1,754 
Tax credit carryforward35,087 34,462 
Capitalized research and development100,168 84,390 
Operating lease liabilities20,402 30,394 
Gross deferred tax assets185,612 176,017 
Valuation allowance(34,927)(34,303)
Total deferred tax assets150,685 141,714 
Deferred tax liabilities: 
Depreciation and amortization(12,979)(13,955)
Deferred contract costs(7,372)(6,750)
Operating lease right-of-use assets(10,943)(23,631)
Total deferred tax liabilities(31,294)(44,336)
Net deferred tax assets$119,391 $97,378 
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Year Ended December 31,
202320222021
Balance at the beginning of the year$59,764 $52,605 $48,207 
(Decrease) increase based on tax positions related to the prior year
(2,146)61 (291)
Increase based on tax positions related to the current year6,841 7,455 10,750 
Lapse of statute of limitations— (357)(6,061)
Balance at the end of the year$64,459 $59,764 $52,605 
v3.24.0.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the periods presented (in thousands, except per share data):
Year Ended December 31,
202320222021
Basic net income per share:
Net income attributable to common stockholders$99,173 $36,347 $39,671 
Shares used in computation:
Weighted-average common shares outstanding69,221 70,867 74,221 
Basic net income per share attributable to common stockholders:$1.43 $0.51 $0.53 
Year Ended December 31,
202320222021
Diluted net income per share:
Net income attributable to common stockholders$99,173 $36,347 $39,671 
Shares used in computation:
Weighted-average common shares outstanding69,221 70,867 74,221 
Stock options331 474 786 
RSUs4,042 2,058 3,607 
ESPP2 3 2 
Number of shares used in diluted calculation73,596 73,402 78,616 
Diluted net income per share attributable to common stockholders:$1.35 $0.50 $0.50 
Schedule of Anti-dilutive Securities
The following stock-based instruments were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands):
Year Ended December 31,
202320222021
Stock options791 2,030 1,541 
RSUs424 853 59 
v3.24.0.1
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Revenue by Product Line
The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands):
Year Ended December 31,
202320222021
Net revenue by product:
Advertising revenue by category:
Services$793,112 $693,810 $607,770 
Restaurants, Retail & Other483,406 440,593 377,455 
Advertising1,276,518 1,134,403 985,225 
Transactions13,008 14,063 13,196 
Other47,536 45,040 33,418 
Total net revenue$1,337,062 $1,193,506 $1,031,839 
Schedule of Net Revenue by Geographic Region
The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands):
Year Ended December 31,
202320222021
United States$1,327,263 $1,185,202 $1,023,143 
All other countries9,799 8,304 8,696 
Total net revenue$1,337,062 $1,193,506 $1,031,839 
Schedule of Long-Lived Assets by Geographic Region
The following table presents the Company’s long-lived assets by major geographic region as of December 31, 2023 and 2022 (in thousands):
As of December 31,
20232022
United States$62,464 $72,325 
All other countries6,220 4,899 
Total long-lived assets$68,684 $77,224 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable, Net and Payment Terms) (Details)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Line Items]  
Contracts invoiced in arrears, duration 1 month
Advertising  
Accounting Policies [Line Items]  
Contracts invoiced in arrears, duration 1 month
Payment collection after billing period, duration 30 days
Transactions  
Accounting Policies [Line Items]  
Payment collection after billing period, duration 30 days
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Contract Costs) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Line Items]    
Capitalized contract cost, amortization period 12 months  
Impairment $ 0 $ 0
Maximum    
Accounting Policies [Line Items]    
Capitalized contract cost, amortization period 32 months  
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Equipment and Software) (Details)
Dec. 31, 2023
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
Capitalized website and internal-use software development costs  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Leases) (Details)
 12 Months Ended
Dec. 31, 2023
lease
Accounting Policies [Abstract]  
Renewal term 5 years
Number of leases with option to terminate 1
Cancellation notice provision 12 months
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Intangible Assets) (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Goodwill impairment loss $ 0
Impairment of intangible assets $ 0
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 2 years
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, useful life 12 years
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Contracts invoiced in arrears, duration 1 month
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Research and Development) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Product development $ 320.6 $ 294.5 $ 265.2
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation) (Details)
Dec. 31, 2023
award_type
Accounting Policies [Abstract]  
Types of performing restricted stock units 2
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Advertising expense $ 65.7 $ 71.1 $ 56.3
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Employee Benefit Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Employer contributions $ 9.7 $ 8.7 $ 8.0
v3.24.0.1
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]        
Cash $ 105,959 $ 56,304    
Cash equivalents 207,952 250,075    
Total cash and cash equivalents 313,911 306,379    
Restricted cash 91 759    
Total cash, cash equivalents and restricted cash $ 314,002 $ 307,138 $ 480,641 $ 596,540
v3.24.0.1
MARKETABLE SECURITIES (Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 129,114 $ 97,419
Gross Unrealized Gains 261 11
Gross Unrealized Losses (278) (662)
Total 129,097 96,768
Cash equivalents:    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,612 2,524
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Total 1,612 2,524
Cash equivalents: | U.S. government securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,612  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Total 1,612  
Cash equivalents: | Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost   2,524
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Total   2,524
Short-term marketable securities:    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 127,502 94,895
Gross Unrealized Gains 261 11
Gross Unrealized Losses (278) (662)
Total 127,485 94,244
Short-term marketable securities: | U.S. government securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 87,414 35,479
Gross Unrealized Gains 241 8
Gross Unrealized Losses (169) (298)
Total 87,486 35,189
Short-term marketable securities: | Certificates of deposit    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,537 10,651
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Total 1,537 10,651
Short-term marketable securities: | Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 1,058 13,054
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Total 1,058 13,054
Short-term marketable securities: | Corporate bonds    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 19,833 32,701
Gross Unrealized Gains 16 3
Gross Unrealized Losses (92) (353)
Total 19,757 32,351
Short-term marketable securities: | Agency bonds    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 17,660 3,010
Gross Unrealized Gains 4 0
Gross Unrealized Losses (17) (11)
Total $ 17,647 $ 2,999
v3.24.0.1
MARKETABLE SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value    
Less Than 12 months $ 44,302 $ 59,795
12 Months or Greater 18,335 0
Total 62,637 59,795
Unrealized Loss    
Less Than 12 months (161) (662)
12 Months or Greater (117) 0
Total (278) (662)
Corporate bonds    
Fair Value    
Less Than 12 months 2,130 29,428
12 Months or Greater 12,104 0
Total 14,234 29,428
Unrealized Loss    
Less Than 12 months (9) (353)
12 Months or Greater (83) 0
Total (92) (353)
Agency bonds    
Fair Value    
Less Than 12 months 14,409 2,999
12 Months or Greater 0 0
Total 14,409 2,999
Unrealized Loss    
Less Than 12 months (17) (11)
12 Months or Greater 0 0
Total (17) (11)
U.S. government securities    
Fair Value    
Less Than 12 months 27,763 27,368
12 Months or Greater 6,231 0
Total 33,994 27,368
Unrealized Loss    
Less Than 12 months (135) (298)
12 Months or Greater (34) 0
Total $ (169) $ (298)
v3.24.0.1
MARKETABLE SECURITIES (Marketable Securities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in one year or less $ 79,966  
Due in one to five years 49,148  
Total 129,114  
Fair Value    
Due in one year or less 79,791  
Due in one to five years 49,306  
Total $ 129,097 $ 96,768
v3.24.0.1
MARKETABLE SECURITIES (Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale, allowance for credit loss $ 0 $ 0
v3.24.0.1
FAIR VALUE MEASUREMENTS (Summary) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: $ 129,097 $ 96,768
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents, marketable securities and other investments 316,867 354,319
Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 1,537 10,651
Other investments: 7,500 10,000
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 1,058 13,054
Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 19,757 32,351
Recurring | Agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 17,647 2,999
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 87,486 35,189
Recurring | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 180,270 247,551
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 1,612 0
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 2,524
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents, marketable securities and other investments 180,270 247,551
Recurring | Level 1 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Other investments: 0 0
Recurring | Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 1 | Agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 1 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 180,270 247,551
Recurring | Level 1 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Recurring | Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents, marketable securities and other investments 136,597 106,768
Recurring | Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 1,537 10,651
Other investments: 7,500 10,000
Recurring | Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 1,058 13,054
Recurring | Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 19,757 32,351
Recurring | Level 2 | Agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 17,647 2,999
Recurring | Level 2 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 87,486 35,189
Recurring | Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Recurring | Level 2 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 1,612 0
Recurring | Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 2,524
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total cash equivalents, marketable securities and other investments 0 0
Recurring | Level 3 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Other investments: 0 0
Recurring | Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 3 | Agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 3 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities: 0 0
Recurring | Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Recurring | Level 3 | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Recurring | Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: $ 0 $ 0
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 14,922 $ 14,632
Certificates of deposit 5,000 10,000
Non-trade receivables 4,107 31,338
Other current assets 12,644 7,497
Total prepaid expenses and other current assets $ 36,673 $ 63,467
v3.24.0.1
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
lease
Property, Plant and Equipment [Abstract]      
Capitalized website and internal-use software costs $ 30,000 $ 28,400 $ 31,000
Amortization expense related to website and internal-use software 28,700 29,600 30,600
Wrote off of capitalized website and internal-use software costs 1,300 1,000 600
Property, Plant and Equipment [Line Items]      
Depreciation and amortization 42,184 44,852 $ 55,683
Number of leases terminated | lease     1
Property, Equipment and Software      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 40,800 $ 43,200 $ 52,800
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Depreciation expense     $ 5,200
v3.24.0.1
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Summary) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 381,100 $ 359,224
Less accumulated depreciation and amortization (312,416) (282,000)
Property, equipment and software, net 68,684 77,224
Impairment of leasehold 2,300  
Capitalized website and internal-use software development costs    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 258,059 229,638
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 57,403 60,407
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 50,014 50,920
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 10,336 11,627
Telecommunication    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 4,175 4,930
Software    
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 1,113 $ 1,702
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Balance, beginning of period $ 102,328 $ 105,128
Effect of currency translation 1,558 (2,800)
Balance, end of period $ 103,886 $ 102,328
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 18,916 $ 18,916
Accumulated Amortization (11,278) (9,919)
Net Carrying Amount 7,638 8,997
Business relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 9,918 9,918
Accumulated Amortization (6,258) (5,550)
Net Carrying Amount $ 3,660 $ 4,368
Weighted Average Remaining Life (in years) 5 years 2 months 12 days 6 years 2 months 12 days
Licensing agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 6,129 $ 6,129
Accumulated Amortization (2,151) (1,505)
Net Carrying Amount $ 3,978 $ 4,624
Weighted Average Remaining Life (in years) 6 years 2 months 12 days 7 years 2 months 12 days
Domain and data licenses    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,869 $ 2,869
Accumulated Amortization (2,869) (2,864)
Net Carrying Amount $ 0 $ 5
Weighted Average Remaining Life (in years) 0 years 6 months
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 1.4 $ 1.7 $ 2.8
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
2024 $ 1,353  
2025 1,353  
2026 1,353  
2027 1,353  
2028 1,353  
Thereafter 873  
Net Carrying Amount $ 7,638 $ 8,997
v3.24.0.1
LEASES (Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 33,694 $ 40,819 $ 49,989
Short-term lease cost (12 months or less) 396 1,065 532
Sublease income (13,551) (12,152) (8,490)
Total lease cost, net 20,539 29,732 42,031
Leasehold improvements $ 2,300 $ 1,500 $ 2,700
v3.24.0.1
LEASES (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 45,410 $ 49,900 $ 52,091
v3.24.0.1
LEASES (Operating Lease Maturities) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 42,732
2025 22,191
2026 7,254
2027 6,442
2028 6,580
Thereafter 9,742
Total minimum lease payments 94,941
Less imputed interest (7,642)
Present value of lease liabilities $ 87,299
v3.24.0.1
LEASES (Weighted-Average Remaining Lease Terms) (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Weighted-average remaining lease term (years) — operating leases 3 years 8 months 12 days 4 years 1 month 6 days
Weighted-average discount rate — operating leases 5.10% 5.30%
v3.24.0.1
LEASES (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]        
Asset impairment charges   $ 23,563 $ 10,464 $ 11,164
Reduction to right of use assets   21,300 $ 9,000 8,500
Impairment of leasehold   $ 2,300    
Gain on termination of lease $ 3,700      
Leasehold improvements        
Lessee, Lease, Description [Line Items]        
Depreciation expense       $ 5,200
v3.24.0.1
OTHER NON-CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets, Noncurrent Disclosure [Abstract]    
Deferred tax assets $ 119,449 $ 97,426
Deferred contract costs 28,203 25,946
Other non-current assets 14,074 10,617
Total other non-current assets $ 161,726 $ 133,989
v3.24.0.1
CONTRACT BALANCES (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance for doubtful accounts:      
Balance, beginning of period $ 9,277 $ 7,153 $ 11,559
Add: provision for doubtful accounts 40,702 25,006 14,574
Less: write-offs, net of recoveries (36,211) (22,882) (18,980)
Balance, end of period $ 13,768 $ 9,277 $ 7,153
v3.24.0.1
CONTRACT BALANCES (Changes in Deferred Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Change in Contract with Customer, Liability [Roll Forward]    
Balance, beginning of period $ 5,200 $ 4,156
Less: recognition of deferred revenue from beginning balance (4,936) (3,922)
Add: net increase in current period contract liabilities 3,557 4,966
Balance, end of period $ 3,821 $ 5,200
v3.24.0.1
CONTRACT BALANCES (Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Contract asset $ 0 $ 0
Contract liability $ 0 $ 0
v3.24.0.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]    
Accounts payable $ 11,868 $ 14,525
Employee-related liabilities 79,081 66,929
Accrued legal settlements 15,085 26,250
Other accrued liabilities 26,775 30,246
Total accounts payable and accrued liabilities $ 132,809 $ 137,950
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Legal Proceedings) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 17, 2023
Aug. 26, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]          
Accrued legal settlements     $ 15,085 $ 26,250  
Securities Class Action and Derivative Action          
Loss Contingencies [Line Items]          
Estimate of loss contingencies         $ 22,250
Proceeds from insurance settlement   $ 18,000      
Payments for legal settlements   $ 3,750      
Accrued legal settlements       22,250 26,000
Anticipated receivable from insurance company related to pending litigation       22,250 $ 26,000
CIPA Action | Pending Litigation          
Loss Contingencies [Line Items]          
Estimate of loss contingencies     15,000    
Anticipated receivable from insurance company related to pending litigation     3,900    
Amount awarded to other party $ 15,000        
Loss contingency accrual     15,000 $ 4,000  
Loss contingency accrual, increase     11,000    
Loss contingency accrual recovery     $ 3,900    
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Revolving Credit Facility) (Details)
Apr. 28, 2023
USD ($)
Dec. 31, 2023
USD ($)
May 05, 2020
USD ($)
Minimum      
Line of Credit Facility [Line Items]      
Commitment fee percentage (in percent) 0.20%    
Maximum      
Line of Credit Facility [Line Items]      
Commitment fee percentage (in percent) 0.25%    
Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Line of credit facility term 5 years    
Line of credit facility, maximum borrowing capacity $ 125,000,000   $ 75,000,000
Letters of credit outstanding   $ 14,100,000  
Long-term line of credit   $ 0  
Revolving Credit Facility | Minimum      
Line of Credit Facility [Line Items]      
Debt instrument, covenant, interest coverage ratio   3.00  
Revolving Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument, covenant, leverage ratio   3.75  
Revolving Credit Facility | Subject to Certain Conditions      
Line of Credit Facility [Line Items]      
Line of credit facility, additional increase in maximum borrowing capacity $ 250,000,000    
Revolving Credit Facility | For a Certain Period Following Significant Acquisitions | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument, covenant, leverage ratio   4.25  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Basis spread 0.10%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum      
Line of Credit Facility [Line Items]      
Margin 1.25%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum      
Line of Credit Facility [Line Items]      
Margin 1.50%    
Revolving Credit Facility | Base Rate | Minimum      
Line of Credit Facility [Line Items]      
Basis spread 0.25%    
Revolving Credit Facility | Base Rate | Maximum      
Line of Credit Facility [Line Items]      
Basis spread 0.50%    
Letter of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 25,000,000    
Letter of Credit | Minimum      
Line of Credit Facility [Line Items]      
Commitment fee percentage (in percent) 1.25%    
Letter of Credit | Maximum      
Line of Credit Facility [Line Items]      
Commitment fee percentage (in percent) 1.50%    
Bilateral Letter of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 25,000,000    
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Stockholders' Equity Note [Abstract]    
Common Stock, Shares Authorized (in shares) 200,000,000 200,000,000
Common Stock, Shares Issued (in shares) 68,864,000 69,797,000
Undesignated Preferred Stock, Shares Authorized (in shares) 10,000,000 10,000,000
Undesignated Preferred Stock, Shares Issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.000001 $ 0.000001
v3.24.0.1
STOCKHOLDERS' EQUITY (Award Compensation Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
numberOfSchedule
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Feb. 06, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Repurchases of common stock $ 199,999,000 $ 200,006,000 $ 262,928,000  
Treasury stock (in shares) | shares 0 0    
Stock reserved for future issuance (in shares) | shares       1,400,000
Stock-based compensation $ 173,451,000 $ 156,090,000 151,679,000  
Capitalized stock-based compensation $ 9,700,000 8,900,000 10,700,000  
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of vesting schedules | numberOfSchedule 2      
Exercisable period 10 years      
Granted (in shares) | shares 0      
Intrinsic value of options exercised $ 6,500,000 $ 3,200,000 $ 13,800,000  
Granted (in shares) | $ / shares   $ 16.07 $ 18.55  
Unrecognized compensation costs $ 600,000      
Unrecognized compensation costs, period for recognition 1 year 4 months 24 days      
Stock Options | End of year one        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting rate 25.00%      
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Number of vesting schedules | numberOfSchedule 2      
Unrecognized compensation costs $ 297,600,000      
Unrecognized compensation costs, period for recognition 2 years 3 months 18 days      
Aggregate fair value of vested RSUs $ 207,400,000 $ 155,000,000 $ 164,500,000  
RSUs | End of year one        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting rate 25.00%      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Trading days 20 days      
Performance Shares | Total Shareholder Return        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Performance period 3 years      
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Subscription rate of eligible compensation 15.00%      
Period of plan limitations 6 months      
Purchase price, percentage of fair market value 85.00%      
Number of shares purchased (in shares) | shares 604,111 627,485 517,309  
Weighted-average purchase price (in dollars per share) | $ / shares $ 31.79 $ 25.55 $ 31.58  
Stock-based compensation $ 3,300,000 $ 2,800,000 $ 3,000,000  
Minimum | Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Target vesting range 0.00%      
Maximum | Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Maximum | Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Target vesting range 200.00%      
July 2017 Share Repurchase Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock repurchase program, authorized amount $ 1,450,000,000      
Remaining authorized repurchase amount $ 81,700,000      
Repurchase and retirement of common stock (in shares) | shares 5,626,851 6,195,093    
Repurchases of common stock $ 200,000,000 $ 200,000,000    
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Shares Reserved for Issuance) (Details)
Dec. 31, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares reserved for future issuance (in shares) 26,099,000
Stock options outstanding  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares reserved for future issuance (in shares) 2,543,000
RSUs and PRSUs outstanding  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares reserved for future issuance (in shares) 9,961,000
Available for future equity award grants  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares reserved for future issuance (in shares) 11,513,000
Available for future ESPP offerings  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares reserved for future issuance (in shares) 2,082,000
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Fair Value Assumptions) (Details) - Stock Options
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Dividend yield 0.00% 0.00%
Annual risk-free rate 3.00% 1.10%
Expected volatility 50.40% 49.40%
Expected term (years) 6 years 6 years
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares (in thousands)    
Outstanding, beginning balance (in shares) 3,543  
Exercised (in shares) (847)  
Canceled (in shares) (153)  
Outstanding, ending balance (in shares) 2,543 3,543
Options vested and exercisable (in shares) 2,503  
Weighted- Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 32.81  
Exercised (in dollars per share) 23.94  
Canceled (in dollars per share) 46.39  
Outstanding, ending balance (in dollars per share) 34.94 $ 32.81
Options vested and exercisable (in dollars per share) $ 34.92  
Weighted- Average Remaining Contractual Term (in years)    
Outstanding, Weighted-Average Remaining Contractual Term (in years) 3 years 7 months 6 days 3 years 7 months 6 days
Options vested and exercisable, Weighted-Average Remaining Contractual Term (in years) 3 years 6 months  
Aggregate Intrinsic Value (in thousands)    
Outstanding, Aggregate Intrinsic Value $ 33,100 $ 7,507
Options vested and exercisable, Aggregate Intrinsic Value $ 32,641  
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Units Activity) (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
RSUs  
Number of Shares  
Nonvested, beginning balance (in shares) 9,962,000
Granted (in shares) 6,729,000
Vested (in shares) (5,545,000)
Canceled (in shares) (1,185,000)
Nonvested, ending balance (in shares) 9,961,000
Weighted- Average Grant Date Fair Value  
Nonvested, beginning balance (in dollars per share) | $ / shares $ 33.48
Granted (in dollars per share) | $ / shares 30.42
Vested (in dollars per share) | $ / shares 31.63
Canceled (in dollars per share) | $ / shares 32.14
Nonvested, ending balance (in dollars per share) | $ / shares $ 32.61
Shares vested but not issued due to net share settlement for payment of employee taxes (in shares) 2,298,468
Performance Shares  
Number of Shares  
Nonvested, ending balance (in shares) 766,465
v3.24.0.1
STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation recorded to income before incomes taxes $ 173,451 $ 156,090 $ 151,679
Benefit from income taxes (34,474) (33,792) (35,778)
Total stock-based compensation recorded to net income 138,977 122,298 115,901
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation recorded to income before incomes taxes 5,274 4,761 4,302
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation recorded to income before incomes taxes 35,187 33,621 32,335
Product development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation recorded to income before incomes taxes 97,515 86,871 81,624
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation recorded to income before incomes taxes $ 35,475 $ 30,837 $ 33,418
v3.24.0.1
OTHER INCOME, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Income and Expenses [Abstract]      
Interest income (expense), net $ 19,571 $ 5,762 $ (116)
Transaction gain (loss) on foreign exchange, net 49 (130) 231
Other non-operating income, net 6,419 2,793 2,089
Other income, net $ 26,039 $ 8,425 $ 2,204
v3.24.0.1
INCOME TAXES (Schedule of Income (Loss) before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 131,459 $ 89,215 $ 44,009
Foreign (26,377) (22,437) (10,291)
Income before income taxes $ 105,082 $ 66,778 $ 33,718
v3.24.0.1
INCOME TAXES (Schedule of Income Tax Provision) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 20,466 $ 74,464 $ 1,133
State 3,934 11,070 1,859
Foreign 3,659 1,518 245
Total current tax 28,059 87,052 3,237
Deferred:      
Federal (19,934) (51,217) (9,338)
State (2,085) (5,281) (443)
Foreign (131) (123) 591
Total deferred tax (22,150) (56,621) (9,190)
Total provision for (benefit from) income taxes $ 5,909 $ 30,431 $ (5,953)
v3.24.0.1
INCOME TAXES (Reconciliation of the Effective Tax Rate) (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income tax at federal statutory rate 21.00% 21.00% 21.00%
State tax, net of federal tax effect (0.02%) 5.16% 5.09%
Foreign income tax rate differential (1.35%) (1.27%) (1.83%)
Stock-based compensation 3.26% 8.55% (11.58%)
Provision to return true-ups (12.03%) 0.46% 2.46%
Income tax credits (11.14%) (12.73%) (39.39%)
Change in valuation allowance 0.60% 2.24% 11.50%
Change in uncertain tax positions 0.26% (0.36%) (18.68%)
Global intangible low-taxed income (“GILTI”) 0.00% 16.09% 0.00%
Employee fringe benefits 0.73% 0.43% 0.35%
Other non-deductible expenses 4.19% 5.19% 9.95%
Deferred adjustments 0.57% 1.46% 0.98%
Net operating loss carryback and true-up 0.00% 0.00% 2.71%
Other (0.45%) (0.65%) (0.22%)
Effective tax rate 5.62% 45.57% (17.66%)
v3.24.0.1
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Reserves and others $ 11,026 $ 4,803
Stock-based compensation 17,564 20,214
Net operating loss carryforward 1,365 1,754
Tax credit carryforward 35,087 34,462
Capitalized research and development 100,168 84,390
Operating lease liabilities 20,402 30,394
Gross deferred tax assets 185,612 176,017
Valuation allowance (34,927) (34,303)
Total deferred tax assets 150,685 141,714
Deferred tax liabilities:    
Depreciation and amortization (12,979) (13,955)
Deferred contract costs (7,372) (6,750)
Operating lease right-of-use assets (10,943) (23,631)
Total deferred tax liabilities (31,294) (44,336)
Net deferred tax assets $ 119,391 $ 97,378
v3.24.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]    
Undistributed earnings of foreign subsidiaries $ 28,300,000  
Valuation allowance 34,927,000 $ 34,303,000
Unrecognized tax benefits that would impact effective tax rate 35,500,000  
Decrease in unrecognized tax benefits is reasonably possible 0  
Domestic    
Income Taxes [Line Items]    
Net operating loss carryforwards 3,100,000  
Domestic | Research    
Income Taxes [Line Items]    
Credit carryforwards 400,000  
State    
Income Taxes [Line Items]    
Net operating loss carryforwards 25,700,000  
State | Research    
Income Taxes [Line Items]    
Credit carryforwards 73,100,000  
Foreign Tax Authority | Research    
Income Taxes [Line Items]    
Credit carryforwards $ 300,000  
v3.24.0.1
INCOME TAXES (Reconciliation of Unrecognized Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the year $ 59,764 $ 52,605 $ 48,207
(Decrease) based on tax positions related to the prior year (2,146)   (291)
Increase based on tax positions related to the prior year   61  
Increase based on tax positions related to the current year 6,841 7,455 10,750
Lapse of statute of limitations 0 (357) (6,061)
Balance at the end of the year $ 64,459 $ 59,764 $ 52,605
v3.24.0.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Schedule of Basic and Diluted Net Loss Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basic net income per share:      
Net income attributable to common stockholders $ 99,173 $ 36,347 $ 39,671
Shares used in computation:      
Weighted-average common shares outstanding (in shares) 69,221 70,867 74,221
Basic net income per share attributable to common stockholders (in dollars per share) $ 1.43 $ 0.51 $ 0.53
Diluted net income per share:      
Net income attributable to common stockholders $ 99,173 $ 36,347 $ 39,671
Shares used in computation:      
Weighted-average common shares outstanding (in shares) 69,221 70,867 74,221
Number of shares used in diluted calculation (in shares) 73,596 73,402 78,616
Diluted net income per share attributable to common stockholders (in dollars per share) $ 1.35 $ 0.50 $ 0.50
Stock options      
Shares used in computation:      
Incremental common shares (in shares) 331 474 786
RSUs      
Shares used in computation:      
Incremental common shares (in shares) 4,042 2,058 3,607
ESPP      
Shares used in computation:      
Incremental common shares (in shares) 2 3 2
v3.24.0.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive awards (in shares) 791 2,030 1,541
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive awards (in shares) 424 853 59
v3.24.0.1
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Net Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue $ 1,337,062 $ 1,193,506 $ 1,031,839
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 1,327,263 1,185,202 1,023,143
All other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 9,799 8,304 8,696
Advertising      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 1,276,518 1,134,403 985,225
Services      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 793,112 693,810 607,770
Restaurants, Retail & Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 483,406 440,593 377,455
Transactions      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 13,008 14,063 13,196
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue $ 47,536 $ 45,040 $ 33,418
v3.24.0.1
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting [Abstract]    
Customer incentives $ 0.4 $ 3.5
v3.24.0.1
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 68,684 $ 77,224
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 62,464 72,325
All other countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 6,220 $ 4,899
v3.24.0.1
SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($)
 2 Months Ended
Feb. 20, 2024
Feb. 13, 2024
Subsequent Event [Line Items]    
Stock repurchase program, increase to authorized amount   $ 500,000,000
Stock repurchase program, authorized amount   $ 1,950,000,000
Stock repurchased and retired during period, value $ 27,000,000  
Remaining authorized repurchase amount $ 554,700,000