Net revenue for Q4 2025 was $360 million, a 1% decrease year-over-year, but at the high end of the company's outlook. Full Year 2025 net revenue reached a record $1.46 billion, up 4% year-over-year, exceeding the midpoint of the November 2025 guidance. Net income for Q4 2025 was $38 million ($0.61 per diluted share), down 10% year-over-year, with a 10% net income margin. Full Year 2025 net income increased 10% to $146 million ($2.24 per diluted share), representing a 10% net income margin. Adjusted EBITDA for Q4 2025 was $86 million, a 15% decrease year-over-year, but $4 million above the high end of the outlook range, with a 24% margin. Full Year 2025 Adjusted EBITDA grew 3% to $369 million, exceeding the midpoint of the November 2025 guidance, maintaining a 25% margin. Services advertising revenue increased 8% year-over-year to a record $948 million in 2025, driven by higher average cost per click (CPC) and the RepairPal acquisition. Restaurant, Retail & Other (RR&O) advertising revenue decreased 6% year-over-year to $444 million in 2025 due to a challenging operating environment and competitive pressures. Other revenue grew significantly, up 17% year-over-year to $74 million in 2025, driven by subscription products, data licensing (including new AI search provider agreements), and food takeout/delivery partnerships. The company repurchased $292 million worth of shares in 2025 at an average price of $33.29 per share, reducing total share count by approximately 10%. Yelp's Board of Directors authorized an additional $500 million share repurchase program in February 2026. The company acquired Hatchify Inc. (Hatch), an AI lead management platform with approximately $25 million in annual recurring revenue (ARR) as of November 2025, growing 70% year-over-year. Yelp signed an agreement with OpenAI to extend its content reach across the AI ecosystem.