Transformed Business Model and Cost Structure
Key investment highlights
Trusted Content
Well-known brand and trusted content provide
competitive moat and lower traffic acquisition cost
Broad-based Local Ad Platform
Large, high-intent consumer audience supports
broad-based advertising model with large TAM and
significant monetization opportunity
Sustainable Growth
Portfolio of product initiatives to drive sustainable,
profitable growth over the long term
Transformed Business Model
Consistent execution of strategic initiatives has
driven structural efficiency through product
innovation and sales channel mix
'As of December 31, 2021
Prudent Capital Allocation
Nearly $1 billion returned to shareholders through repurchases¹
Strong Governance
Talented Board with diverse skill set and focus on performance,
including ESG and Yelp's mission in our local communities
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