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Takeaway: Join us on Friday, February 20th at 1:00pm EST

We will be hosting an update call to our SHORT thesis on YELP.  In short, YELP's business model is broken; we're already seeing signs of deterioration, which will only get worse in 2015.


Join us on Friday, February 20th at 1:00pm EST as we update our bearish thesis and why we see an additional 25%+ downside from here.



  • Extreme Attrition Rate: majority of customers are churning off annually.
  • Insufficient TAM: YP.com is not the low-hanging fruit, it's a pipe dream.
  • Model Breaking Down: YELP’s reported metrics flagging concerning trends.
  • 2015/2016 Consensus Estimates Unattainable: Barring another ill-advised acquisition.  


Participant Dialing Information will be provided Friday morning.

Hesham Shaaban, CFA