Yelp Inc. - Trusted Content and Sustainable Growth Strategy
Rationalized cost structure
Transformed Business Model
Leverage in Sales & marketing enables investment in Product development to drive growth
Expenses as % of revenue¹
2013-2018
Cost of revenue
Sales & marketing
Product development
G&A
D&A
Adjusted EBITDA Margin²
2019-2020
2021
6-9%
6-7%
8%
51-57%
49-50%
44%
16-23%
23-27%
27%
13-18%
13-15%
13%
5%
5-6%
5%
13-19%
16-21%
24%
1 Calculated in accordance with GAAP, including stock-based compensation expense 2See Appendix for reconciliation of GAAP 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 (loss) margin ranged from (6%) -18% in 2013-2018, from (2%) -4% in 2019-2020 and was 4% in 2021.
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