Yelp Releases First Environmental, Social and Governance Report

Rhea-AI Summary

Yelp Inc. (NYSE:YELP) has released its inaugural environmental, social, and governance (ESG) report, highlighting its commitment to sustainability. The report details Yelp's Scope 1, 2, and 3 greenhouse gas emissions, showing a significant reduction since the company adopted remote work. The report also emphasizes Yelp's efforts in promoting diversity, supporting UN Sustainable Development Goals, and enhancing Trust & Safety on its platform. This step is viewed as a strategic move to quantify current impacts and outline future sustainability goals.

Positive

• Significant reduction in greenhouse gas emissions reported.
• Commitment to enhancing diversity and inclusion within the workforce.
• Alignment with UN Sustainable Development Goals, enhancing the company's social responsibility.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, released its first environmental, social and governance (ESG) report today.

“While this is our inaugural ESG report at Yelp, we’ve always focused on delivering on our mission while upholding our values,” said Jeremy Stoppelman, Yelp co-founder and CEO. “We're taking this step now to understand where we are today so we can make meaningful strides towards a more sustainable future.”

As part of the effort, Yelp calculated its Scope 1, 2 and 3 greenhouse gas emissions for the first time, which are detailed in the report. Notably, the company has seen a significant reduction in emissions since the company fully embraced remote work. Based on these findings, Yelp will develop an actionable approach to further reduce the company’s emissions.

The report also outlines Yelp’s efforts in a number of areas, including:

• How Yelp is positioned to drive impact across a number of the UN’s Sustainable Development Goals.
• The company’s efforts to amplify underrepresented voices within its employee community and across its platform, including Yelp’s latest workforce diversity data.
• Yelp’s focus on Trust & Safety, which includes developing technology and policies to help cultivate and surface useful and reliable content while combating misinformation.

The full ESG report can be read here. Additional information about Yelp’s ESG approach can be found at yelp-ir.com.

About Yelp

Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase. Yelp was founded in San Francisco in July 2004.

Forward-Looking Statements

This press release contains words such as “expects,” “will,” “anticipates,” “aims,” “projects,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “assumes,” “may,” “should,” “could,” “would,” “foresees,” “forecasts,” “predicts,” “targets,” “commitments,” “goals” variations of such words and similar expressions. These words are intended to identify such forward-looking statements, which may consist of, among other things, trend analyses and statements regarding future events, future financial and climate performance and achievement of stated ESG goals. These forward-looking statements are based on current expectations, estimates and forecasts, as well as the beliefs and assumptions of our management, and are subject to risks and uncertainties that are difficult to predict. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. We continually review emissions quantification methodologies and are committed to implementing best practice quantification methodologies. These and other risks and uncertainties may cause our actual results to differ materially and adversely from those expressed in any forward-looking statements. Readers are directed to risks and uncertainties identified in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 28, 2022, for additional detail regarding factors that may cause actual results to be different than those expressed in our forward-looking statements. Except as required by law, we undertake no obligation to revise or update publicly any forward-looking statements for any reason. The contents of the various websites referenced throughout this press release are not incorporated by reference and do not constitute a part of any filing we have made or will make with the SEC. Further, we undertake no obligation to revise or update the information included in the links to websites referenced throughout this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213006113/en/

Investor Relations Contact:

Kate Krieger

ir@yelp.com

Press Contact:

Amber Albrecht

press@yelp.com

Source: Yelp Inc.

FAQ

What is Yelp's recent ESG report about?

Yelp's ESG report outlines its environmental, social, and governance initiatives, including emissions reductions and diversity efforts.

When did Yelp release its ESG report?

Yelp released its ESG report on December 13, 2022.

How has Yelp reduced its emissions?

Yelp has significantly reduced its emissions since fully embracing remote work.

What are Yelp's goals related to diversity?

Yelp aims to amplify underrepresented voices within its workforce and enhance overall diversity.

How does Yelp address misinformation?

Yelp focuses on Trust & Safety by developing technology and policies to combat misinformation on its platform.