Adj. EBITDA ($M) % Adj. EBITDA Margin
Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented
Signiﬁcant Operating Leverage
Active Local Biz Accts1
Q2'13 Q2'146/30/13 6/30/14
Cumulative Reviews Unique Visitors*
* Per Google Analytics, average number of monthly “users” over a given three-month period
1 Number of active local business accounts from which we recognized revenue in the period
Note: Cumulative number of reviews since inception, including reviews that have been removed or not recommended
Cohort Analysis – Local Revenue
U.S. Market Cohort
Yelp Markets (1)
As of June 30, 2014
Revenue Q2 2014
2005 – 2006
6 4,145 34% $5,493 71%
2007 – 2008
14 889 35% $1,451 80%
2009 – 2010
18 289 44% $377 122%
(1) A Yelp market is defined as a city or region in which we have hired a Community Manager.
(2) Average cumulative reviews is defined as the total cumulative reviews of the cohort as of
June 30, 2014 (in thousands) divided by the number of markets in the cohort.
(3) Year-over-year growth in average cumulative reviews compares the average cumulative
reviews as of June 30, 2014 with that of June 30, 2013.
(4) Average local advertising revenue is defined as the total local advertising
revenue from businesses in the cohort over the three-month period ended June
30, 2014 (in thousands) divided by the number of markets in the cohort.
(5) Year-over-year growth in average local advertising revenue compares the local
advertising revenue in the three-month period ended June 30, 2014 with that of
the same period in 2013.
High Engagement on Mobile
* Monthly average number of mobile unique visitors for the period indicated, calculated as number of “users” measured by Google Analytics accessing Yelp via mobile web plus
unique devices accessing the app, each on a monthly average basis
** Clicks to calls and directions from the app and mobile web. Metrics for the current quarter.
Mobile Unique Visitors*
~37M clicks for