Investor Presentaiton
Profitable Business Model
Strategic initiatives drove Adjusted
EBITDA margin expansion
Key drivers of Adjusted EBITDA
margin:
Improved retention and growth in
accretive channels:
Multi-location & Self-serve
Savings on office space and reduced
reliance on the Bay Area for talent
Infrastructure investments and growth
in off-platform advertising
Investments in Product Development
and B2B marketing
yelp-*
19%¹
25%¹
2018 Margin
Sales Mix &
Retention
Remote Work
COR
Investment in
Growth
2023 Margin
1 See Appendix for how we define Adjusted EBITDA margin and a reconciliation of Net income (loss) margin to Adjusted EBITDA margin for the periods presented and
for information about the limitations of Adjusted EBITDA as an analytical tool. Net income margin for FY 2018 was 6%. Net income margin for FY 2023 was 7%.
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