![]() ![]() Please note that these forward-looking statements reflect our opinions only as of the date of this call. We'll make certain statements today that are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. We'll provide some brief opening comments and then turn to your questions. We published the shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. Joining me today are Yelp’s Chief Executive Officer Jeremy Stoppelman Chief Financial Officer David Schwarzbach and Chief Operating Officer Jed Nachman. And thanks for joining us on Yelp’s second quarter 2021 earnings conference call. I would now like to turn the conference over to James Miln, Senior Vice President of Finance and Investor Relations. Please note this event is being recorded. ![]() After today's presentation, there will be an opportunity to ask questions. All participants will be in listen-only mode. Good afternoon and welcome to the Yelp Second Quarter 2021 Earnings Conference Call. ( NYSE: YELP) Q2 2021 Earnings Conference Call Aug5:00 PM ET This story was originally featured on Fortune.Yelp Inc. As he told the Post, “We feel strongly that this is the way forward.” ![]() He has no doubts about the side he stands on in the battle to return to office. Chesky recently called Airbnb's two remote years the company’s “most productive years ever.” Stoppelman is following in the footsteps of other Silicon Valley veterans like Airbnb CEO Brian Chesky and former Twitter CEO Jack Dorsey, who have advocated for remote work. In September, Yelp downsized its San Francisco headquarters to a model where desks were reserved daily. The move comes more than a year after the announcement that employees could work remotely part-time or full-time forever. Only 1% of Yelp’s global workforce is coming into the office every day, Stoppelman added. "It’s best for our employees, and for our business.” “Over time we came to realize that the future of work at Yelp is remote," he wrote in a blog post Thursday, citing a survey in which 86% of Yelp employees said they preferred remote work and studies on employee satisfaction while working virtually. Instead of doubling down on in-person work like Tesla CEO Elon Musk or Goldman Sachs CEO David Solomon, Stoppelman is betting his cards on remote work and closing offices in New York, Chicago, and Washington, D.C., while reducing the size of Yelp's Phoenix office space. His solution: working from home permanently. He pushed back on the idea that company culture only exists in the office, asserting that it’s instead created by hiring and retaining the right people. His gripes with the model can be boiled down to a few issues, he explained to the Post: Not all workers are in the office on the same days it typically requires employees to live in more expensive cities employers restrict their talent searches geographically and companies lose money to office space. “It’s the worst of three options,” he added. Although he recognized that workers enjoy the flexibility that hybrid policies offer, Stoppelman insisted that hybrid work was “the worst of both worlds.” He called the oft -suggested compromise between fully remote and in-person work “the hell of half measures” in an interview with the Washington Post this week. Workers might favor hybrid work plans, but Yelp CEO and cofounder Jeremy Stoppelman isn’t a fan. ![]()
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