Transformed Business Model and Cost Structure
Strategic initiatives drove a
record annual Adjusted EBITDA margin
Key drivers of Adjusted EBITDA margin
expansion:
Growth in accretive channels:
Multi-location & Self-serve
Improved retention by delivering more
value to advertisers
Cost structure optimizations
Investments in Product Development
and B2B marketing
19%
Transformed Business Model
24%¹
2018
Sales Mix
Local Retention
Corp Exp. Savings
Investment in Growth
2021
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 2021 was 4%.
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