#1Investor Presentation February 2024 yelp-*#2Introduction Safe Harbor: Forward-Looking Statements These slides and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical facts contained in these slides and the accompanying oral presentation, including statements regarding Yelp Inc.'s ("Yelp" or the "Company") future operations, future performance, expected financial results and future financial position, future revenue and revenue growth rates, future share repurchase activity, strategic initiatives and investment priorities as well as their anticipated results, projected growth, expenses and savings, trends, opportunities, prospects, estimates, and plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "believe," "may," "will," "estimate," "forecast," "guidance," "continue," "anticipate," "intend," "could," "would," "project," "plan," "potential," "target," "opportunity," "initiative," "model," "expect" or the negative or plural of these words or similar expressions. The Company has based these forward-looking statements largely on its estimates of its financial results and its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. yelp* These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including macroeconomic uncertainty including related to inflation, interest rates and supply chain issues, as well as severe weather events and the prevalence of respiratory illnesses - and its effect on consumer behavior, user activity and advertiser spending; the impact of fears or actual outbreaks of disease and any resulting changes in consumer behavior, economic conditions or governmental actions; our ability to maintain and expand our base of advertisers, particularly if advertiser turnover substantially worsens and/or consumer demand significantly degrades; our ability to drive continued growth through our strategic initiatives; our ability to continue to effectively operate with a primarily remote work force and attract and retain key talent; our limited operating history in an evolving and competitive industry; our ability to generate and maintain sufficient high-quality content from our users; our reliance on traffic from search engines like Google and Bing and the quality and reliability of such traffic; our ability to manage acquisitions of new businesses, solutions or technologies and to integrate and monetize those businesses, solutions or technologies; our ability to timely upgrade and develop our systems, infrastructure and customer service capabilities; our ability to maintain a strong brand and manage negative publicity that may arise; and changes in political, business and economic conditions. These risks and uncertainties may also include those described in the Company's most recent Form 10-Q or Form 10-K filed with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for Company management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in these slides and the accompanying oral presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks only as of its date. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this presentation, to conform these statements to actual results or to changes in the Company's expectations. 2#3Introduction Key investment highlights Trusted Content Well-known brand and trusted content provide competitive moat and lower traffic acquisition cost Advanced Local Ad Platform Broad-based advertising model with large TAM and significant monetization opportunity fueled by emerging technologies Sustainable Growth Portfolio of product initiatives to drive sustainable, profitable growth over the long term Profitable Business Model Structurally efficient business model driven by product innovation and accretive sales channels Prudent Capital Allocation Nearly $1.4 billion returned to shareholders through repurchases¹ yelp* Strong Governance Talented Board with diverse skill set and focus on performance, including ESG 'As of December 31, 2023 3#4About Yelp yelp* 4#5About Yelp Yelp is all things local We serve a wide variety of consumers' and businesses' local needs yelp-* Landscaping Near Me Sponsored Results Shoe's Bloomers Verified License (923) 0.1 mi Landscaping 30 years in business Free estimates Response time 10 mins Home Response rate 100% Request a quote 홍콩 Delivery Ma Collections = Mora Consumers Search Discovery Request-A-Quote Table booking Food ordering 9:41 Penelope's request Local Biz Large consumer audience Visibility High-intent leads Table management Food orders Hi there, please respond with a price estimate. Here are my answers to Yelp's questions regarding my project: What kind of service do you need done? Landscaping What specific landscaping need to you have? Lawn care / maintenance What is the work area? Front yard How large is your area? 1,000 5,000 sq ft What do you want done? Trim trees or shrubs How would you like to respond? Send estimate and availability Customers are more likely to respond @ Need more information ✓ No thanks, I'll pass 5#6About Yelp Our guiding mission: Connecting people with great local businesses Consumers 74 million Unique visitors on desktop and mobile¹ Affluent: >55% come from households with >$100k in annual income³ High-intent: 83% of users hire or buy from a business they found on Yelp4 yelp-* 287 million Cumulative reviews² Local Businesses 7.1 million Active claimed local business locations² Up-to-date info: More than 2 million business listing updates per month5 Broad-based: 23 business categories with more than 1,500 subcategories 2 544,000 Paying advertising locations 1 ComScore, monthly average for 2023 2 As of December 31, 2023 3 ComScore, December 2023 August 2022 survey conducted by Yelp using ComScore demographics and people who reported having used Yelp in the prior 3 months Monthly average for 2023, includes updates that are processed automatically Monthly average for Q4 2023 6#7About Yelp Our breadth is an advantage High-frequency categories complement categories with the highest value yelp-* Services ~ 60% of Ad Revenue ~ 15% of Page Views & Searches Restaurants, Retail & Other - ~ 40% of Ad Revenue ~ 85% of Page Views & Searches 7 Note: Page Views & Searches and Advertising Revenue by Category for FY23#8☑ Trusted Content yelp-* 8#9Trusted Content Consumers value quality review content Transparency is key for consumers, from both businesses and review platforms 97% Of consumer respondents find written reviews with a star rating more helpful¹ 70% Of consumer respondents rarely visit a new business without first checking the reviews¹ 75% Of consumer respondents are reading more online reviews than ever before¹ yelp-* 9 Survey commissioned by Yelp and conducted by Kelton Global, October 2021#10Trusted Content We invest in trust leadership We take industry-leading measures to maintain content integrity and quality Cumulative Review Distribution As of December 31, 2023 Not Recommended 18% O Recommended 74% Removed for Violating Yelp's Policies or by reviewers themselves¹ 9% Distribution of Average Business Ratings Across Platforms² HomeAdvisor Facebook Google Yelp BBB 0 25 50 75 100 Share of Local Businesses Average Rating <2 2-4 >4 Strong Content Moderation: 74% of the reviews were recommended by our automated software and 18% were not recommended but still accessible on secondary pages. Reviews that are not recommended or that have been removed do not factor into a business's overall star rating. yelp* Note All observations weighted using sampling weights. Differentiated Reviews: Yelp's star ratings are more uniformly distributed between 1 and 5 stars than those of most competitors, which we believe results in a more useful and trustworthy consumer experience. 1 Yelp users can remove their own reviews on the platform, either individually or by closing their accounts 2 Source: Raval, Devesh, Federal Trade Commission, "Do Gatekeepers Develop Worse Products? Evidence from Online Review Platforms," February 2023, available at https://deveshraval.github.io/reviews.pdf. 10#11Trusted Content Trust drives connections High-quality, trusted content gives consumers confidence to connect with local businesses Discover Inspiring consumers with rich, personalized local content Search for burgers, delivery, barbers on Ye... Local picks Grain Bowl 20 diners tried this and left 5 star reviews Sunday in Brooklyn 4.0 (1,190 reviews) 5 min drive Search Matching consumers with the right businesses for their needs 1 Plantation, Hair Salons Current Location Sort ▼ Bridal hair services Chemical treatment Evaluate Connect Providing consumers with trusted content to make informed decisions Enabling consumers to easily connect with local businesses Search Greenstreet Cafe 1.5 mi 2.183 See all 2,784 photos Popular dishes. 0000 $55 Hair 155 Mirade Available Verified License Avant Garde Salon & spa Verified License Avant Garde Salon & spa 0 408 reviews & Free consum 2 Portfol Available by appointment Free consultations Call 231 Salon 0000013 reviews $$ Hair Salons, Nail Salons 231 Aragon Ave, Coral Gables 1.6 mi $12.00 Nutella French Toast 68 Photos 135 Reviews $12.00 <Search 貝由 Verited License Hernandez Plumbing Plumbing, Water H Installation/Repai Closes in 4 min Hours updated months ago Get Directions Call (786) 796-6378 Coconut Crusted Fr 32 Photos 49 Reviews Get in touch Response Time 20 min Monica A. Elite 23 75 167 183. 12 days ago Greenstreet cafe is the perfect breakfast/brunch spot to visit when visiting Miami's coconut grove. We sat outside because the weather was nice and it was fun people and dog watching while waiting for our food to arrive. We ordered the French t... Read more Q Q 買 = Search Projects Me Collections Mare Search Search Projects Me Colles yelp* Collections Response Rate Request a quote 100% 271 locals recently requested a quote 271 locals recently requested a quote O Search Projects Cullections روسی Depictions of Yelp's features are provided for illustrative purposes only, and may differ from the actual product. 11#12Trusted Content New features leverage high-quality content Review topics reduce friction, making writing helpful reviews even easier Review highlights leverage LLMs to showcase the most relevant information Liminary Therapy ****⭑ ✓ Type of care × Care Quality ✓ Office Experience I scheduled my first therapy session here and was really blown away by the reception staff. They went above and beyond and I didn't have to wait that long to see the therapist. Review highlights The coffee is seriously good - had a caramel macchiato that hit the spot. The staff is friendly and knows their beans without being too fancy about it. 48 reviews containing "coffee" I'll definitely be returning for more of their excellent coffee and warm hospitality. Highly recommended! 48 reviews containing "coffee" This review is looking pretty epic! Nice! Aa ☑ yelp-* Post review 5 more highlights Neural network-powered ranking model for the home feed Local picks from San Francisco Q Search for burgers, delivery, barbers on Yelp Restaurants Auto Repair Movers Samantha K. Photographed a dish Breakfast toast Darwin's Diner 4.6 (505 reviews) 15 min walk < Al-powered search suggestions Chicken current location Sponsored Results The Bird (1,507) Chicken Shop, Sandwhiches 115 New Montgomery St, Financial District Most viewed Chicken spot in SoMa Menu "Surprise me" button Quarter Foods Sponsored We're open this holiday weekend. Not sure where to eat? We got you. Surprise me → Search Projects Mel Collections More ע 12#13Advanced Local Ad Platform yelp* 13#14Broad-based Local Ad Platform Large and growing market U.S. Local Advertising Spend ($ in billions) 2023 U.S. Local Digital Advertising Spend by Category ($ in billions) yelp* Digital Media '23-27E CAGR: 6% $77 $81 $88 $92 $98 $82 $83 $83 $84 $85 2023 2024E 2025E 2026E Digital Media 2027E Source: BIA Advisory Services, 2023 U.S. Local Advertising Forecast Traditional Media Note: Excludes political spending $41 RR&O Multi-location Digital SMB Digital $36 Services Source: BIA Advisory Services, 2023 U.S. Local Advertising Forecast; Yelp internal data Note: Excludes political spending 14#15Broad-based Local Ad Platform Significant monetization opportunity Our strategy is designed to increase lead monetization and quality in Services categories Yelp's large audience generates millions of leads every day Consumer Services Leads¹ 2023 -30% <10% yelp-* 2018 Monetized Services Leads In 2023, we monetized approximately 30% of those leads in Services¹ while also focusing on lead quality To drive greater monetization, we are focused on: • Improving lead quality • Growing our large volume of consumer leads on and off Yelp • Matching consumers with the right service pros ¹Services leads on Yelp include requests, calls, and URL clicks. 15#16Broad-based Local Ad Platform Owned & operated local ad platform Ad products leverage first-party data across categories and all stages of the consumer funnel Consumer Funnel Yelp Ad Products Awareness Attribution On Platform Off Platform On Platform Off Platform Sponsored M Collections Connected TV M Opens, Clicks M Brand Lift M & Visits Spotlight Ads M Display M Consideration Conversion Themed Ads Profile Upgrades Showcase Ads M Search Ads Request-a-Quote Request-a-Call Nearby Jobs Yelp Guaranteed yelp* Yelp Connect Retention Direct Response Leads Store Visits M Call Tracking Online Conversion M Opens, Clicks & Visits M Multi-location only 16 115#17Broad-based Local Ad Platform Cutting-edge search and advertising technology Y Experimentation driven Hundreds of product experiments running simultaneously, with thousands of experiences tested per year yelp* Sophisticated ML & deep learning power advanced functionality Yelp's unsurpassed consumer review data yields personalized search and recommendations Enhancing our search capabilities with Large Language Models to better understand user queries and provide relevant insights Our state-of-the-art search platform outperforms the industry-standard solution by 30-50% while costing as much as 40% less to run, allowing better ad targeting and search matching • High velocity Sustained focus on median lead time per developer To conduct an average of 19M auctions per day, we predict demand for 16M ad categories and time intervals to set bid pricing and pacing, then optimize bids 96x per day per advertiser with the goal of delivering more value Protecting our users from hate speech using sophisticated Large Language Models Proprietary service orchestration framework allows dynamic and scalable AWS utilization with class-leading cost efficiency 1 Compared to Yelp's previous Elasticsearch-based ranking platform. Cost savings consist of reduced infrastructure costs. 17#18Sustainable Growth yelp-* 18#19Sustainable Growth Portfolio of initiatives designed to drive sustainable growth Provide the most trusted local search and discovery platform Deliver the best home services experience for consumers and service pros Optimize advertiser value through our advanced technology yelp-* Drive profitable growth through our most efficient channels 19#2020 20 EKO Sustainable Growth 10:07 10:07 Provide the most trusted local search & discovery platform Give consumers confidence to make decisions for their local services and restaurant needs • • Build upon Yelp's industry-leading measures to maintain the integrity and quality of content on Yelp Create an even more visual & engaging user experience Leverage Al to provide a more tailored search experience Convert more users into contributors across local categories It's official, new Recognition earned! Tacos ① Completed 3 taco reviews. within a year Share more experiences Darwin's Diner Add a few more details to finish 3/3 t Restaurants Current Location Sort Open Now Price Waitlist Thai Vegetarian Order People also search for Fine dining Hottest restaurants ✗ Yes No Maybe Restaurants with views Local favorites Tasty Tofu's Thanks for checking in, thoughts? Search Projects Me Collections More yelp*#2121 مدا Sustainable Growth 2:22 < Search 10:07 貝 三の Deliver the best home services experience for consumers and service pros Become the first choice destination for consumers and service pros to connect Help consumers and pros seamlessly coordinate throughout the hiring journey Create more personalized request flows and business summaries Improve lead quality and promote high-value connections Diversify user growth through off Yelp opportunities, including search engine marketing Gertie's Wrench 329 See all 88 photos Plumbing, Water Heater Install/Repair Open until 6:30 PM Call ♫ 口 My projects Today, 10:06 AM Vehicle lockout Waiting for replies from White Knight Locks and others Mar 25, 2022 Roof Repair Redwood Roofing and 7 more See messages View map Website Save Get in touch Response time 15 minutes Response rate 100% Request a quote Backed by Yelp Guaranteed Your project with this business is eligible for coverage up to $2,500 when you hire through 'Request a quote.' Learn more Oct 15 2022 Outlet installation Bay Electric and 4 more responded to your request. See messages Search Projects Me Collections More Search Projects Me Collections More yelp-*#22Sustainable Growth 10:07 all 10:07 Optimize advertiser value through our advanced technology Increase client satisfaction and retention by delivering more value to our advertisers • Deliver new ad formats and offerings Leverage neural networks to optimize ad relevance & matching Enhance real-time bidding and click prediction STEP 2 Choose your ad photo X Your ad preview on Yelp Gardener Jon 000009,999 1.1 mi $$$ 123 Umiat St. SoMa Landscaping, Gardening We specialize in larger projects such as: new garden construction, major renovations, garden additions... Call Let Yelp optimize (Recommended) We'll find the photo that gets you the most clicks Starbucks New dish 22 22 三の New Dragon Drink Mango and dragonfruit meet creamy coconut milk and vanilla beans. The perfect refreshment for hot summers. Order now yelp*#23Sustainable Growth Drive profitable growth through our most efficient channels Acquire and retain high-potential SMB and multi-location customers Streamlined flow for Self-serve onboarding and support Al-driven insights to drive business owner engagement Drive adoption of Multi-location product portfolio Obir yelp.com/home yelp-for business Gertie's Wrench L +Add a location Home Yelp Ads Page Upgrades Yelp Connect Lago Business Highlights Good Morning, Gertie Here's what's going on with your business today Last 12 months Leads: Ad vs. organic Portfolio License Verification Jary Fab Mar Apr May Call to Action Business information Organic Ads Reviews Photos and Vides Guest Manager Nearby jobs Inbox Last 14 days Where your ad is reaching 223 2K 1.6K Gertie's Wrench 00000 View Last 12 months Page visits: you vs. competitors Oct Now Dec Jul Aug Forecast Oct Nov My business Typical competitors range Last 14 days Trending search terms in your area 10K 8K 6K AK 2K Oakland Gas water heater +150% Alameda San Francisco Emergency plumber W +190% W 24-hour plumbing service +83% Plumbing بله +51% Clogged sink +33% 101 Map data ©2022 Google Terr yelp*#24Profitable Business Model yelp* 24#25Profitable Business Model Strong foundation for the future Product-led business model with diverse category reach and efficient go-to-market function Broad portfolio of ad products AD PRODUCTS ~30 yelp-* Diverse category reach AD REVENUE BY CATEGORY Efficient go-to-market function AD REVENUE BY CHANNEL Monetization Opportunity SERVICES LEADS Profitable business model NET INCOME 30% 20% -30% 38% 62% SMB- 47% RR&O SERVICES LOCAL SELF-SERVE MULTI-LOC MONETIZED PARTNER $99M ADJUSTED EBITDA MARGIN¹ 25% Note: All metrics for FY23 See Appendix for how we define Adjusted EBITDA margin and a reconciliation of Net income margin to Adjusted EBITDA margin for FY 2023 and for information about the limitations of adjusted EBITDA as an analytical tool. Net income margin for FY 2023 was 7%. 25 25#26Profitable Business Model Strategic initiatives drove Adjusted EBITDA margin expansion Key drivers of Adjusted EBITDA margin: Improved retention and growth in accretive channels: Multi-location & Self-serve Savings on office space and reduced reliance on the Bay Area for talent Infrastructure investments and growth in off-platform advertising Investments in Product Development and B2B marketing yelp-* 19%¹ 25%¹ 2018 Margin Sales Mix & Retention Remote Work COR Investment in Growth 2023 Margin 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 2023 was 7%. 26 26#27Profitable Business Model Growth driven through product innovation yelp-* 60% 40% 20% 0% -20% -40% Growth driven by local sales headcount Revenue vs. Total Headcount Percent change from Q1 2018 Headcount Revenue Business transformation accelerated by pandemic In 2024, we plan to maintain our approximate YE 2023 headcount to drive leverage Growth driven by product innovation 2018 2019 2020 2021 2022 2023 27#28Profitable Business Model Rationalized cost structure Leverage in sales & marketing enables investment in product development to drive growth 2013-2018 2019-2020 2021-2022 2023 Expenses as % of revenue¹ Growth driven by sales headcount Business transformation accelerated by pandemic Growth driven by product innovation Cost of revenue 6-9% 6-7% 8-9% 9% Sales & marketing 51-57% 49-50% 43-44% 42% Product development 16-23% 23-27% 26-27% 25% G&A 13-18% 13-15% 13-14% 16%³ D&A 5% 5-6% 4-5% 3% Adjusted EBITDA Margin² 13-19% 16-21% 23-24% 25% yelp* Note: Percentage ranges reflect high and low values for each period, and do not necessarily correspond to the first and last year in date range. 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, from 3%-4% in 2021-2022 and was 7% in 2023.3 Includes impairment charge of $23.6m and one-time litigation settlement expense of $11.0m; excluding the impairment charge and litigation settlement expense, G&A expense was 13% of $1.34 billion of FY 2023 GAAP net revenue. 28#29Prudent Capital Allocation yelp* 29#30Prudent Capital Allocation Robust multi-year capital return program Nearly $1.4 billion worth of shares repurchased $200M Completed as of December 31, 2023 Remaining Authorization $250M $250M $250M $250M $250M Authorized July 2017 Authorized November 2018 Authorized February 2019 Authorized January 2020 Authorized August 2021 Authorized November 2022 yelp* $2.0B $500M Authorized February 2024 Total Repurchase Authorization 30#31Q ER Strong Governance yelp-* 31#32Strong Governance ESG Priorities and Impact ESG strategy informed by stakeholder insight Diversity, Inclusion and Belonging Our culture of diversity, inclusion and belonging is what sets Yelp apart. Our consumers and business owners are diverse, and by having a diverse workforce, we create better products and experiences for them. Content Trust and Safety Providing consumers with reliable and useful information to help inform their spending decisions is critical to Yelp's mission, which is why we take industry-leading measures to maintain the integrity and quality of content on our platform. Data Privacy and Security Core to Yelp's mission is our ability to provide a platform that respects users' privacy choices and safeguards their data. Employee Experience Yelp puts the success and well-being of our employees at the heart of everything we do. Providing Value to Businesses and Consumers Our mission is to connect people with great local businesses. Carbon Footprint Our goal of reaching net zero by 2031 reflects Yelp's deep commitment to doing what we can to protect our planet for future generations. yelp-* 32 22#33Strong Governance Focus on human capital management We prioritize diversity, equity, inclusion and belonging Gender Diversity O 51% Male 3% 46% Female Asian Black or African Racial and Ethnic Diversity Latinx Native American Native Hawaiian and Other Pacific Islander Two or more White 52% Underrepresented Minorities¹ 25% 14% 11% 14% <1% <1% 5% yelp* Male Female Non-binary/Other All data as of December 31, 2023. Gender diversity data based on self-reported information sourced globally from our employees. Racial and ethnic diversity data based on self-reported information sourced from our U.S. employees. "Underrepresented minorities are defined by Yelp as Black, Latinx, Native American and Native Hawaiian/Other Pacific Islander. Please see our ESG Report for more information. 33#34Strong Governance 41-50: 3 51-60: 3 61+: 3 World-class board Diverse, independent and highly qualified board AGE 1 INDEPENDENCE O Independent Directors: 8 DIVERSITY O TENURE O 2 9 experienced directors with diverse skill sets: 3 new directors appointed in the last four years 8 are independent, including our Chair Non Diverse: 4 Gender & Ethnic Diversity: 5 have been senior executives 9 of major public companies 6 have specific expertise in Yelp key categories 5 have technology experience <2 years: 1 2-9 years: 4 10+: 4 Executive Director: 1 yelp-* As of February 15, 2024 23 Women directors; 1 Asian director; 1 Black director 3 Includes Restaurants, Hospitality and Home Services 34 44#35Strong Governance Track record of enhancing governance Focused on driving shareholder value 2016 2018 2020 2021 Collapsed dual-class share structure Transitioned to net share withholding Adopted stock ownership guidelines Added two new independent Began to reduce dilution directors, expanding phased Board declassification the Board to a total of nine directors yelp* 2017 Initiated stock buyback program 2022 Implemented proxy access Incorporated long-term component for executive compensation Adopted director resignation policy 2019 Added three new independent directors Introduced performance-based stock grants for executive compensation Adopted majority vote standard with director resignation policy 2023 Updated insider trading policy Updated incentive compensation recoupment policy 35#36Key Financial & Operational Metrics yelp* 36#37Financial Results & Key Metrics Strong top-line performance Consistent growth following pandemic and business transformation yelp* Net Revenue $1.42B $1.44B $1.34B $1.19B $1.03B $873M 2020 2021 2022 2023 2024E Revenue Growth, Y/Y (14%) 18% 16% 12% 6-8% 37#38Financial Results & Key Metrics Increased adjusted EBITDA quality Focus on growing adjusted EBITDA while reducing SBC as a percentage of revenue Adjusted EBITDA¹ yelp* Stock-based Compensation $140M $315M -$335M² $330M $270M $246M 2020 2021 2022 2023 2024E Adjusted EBITDA 16% 24% 23% 25% 22-23% Margin SBC % of 14% 15% 13% 13% ~11% Revenue ¹See Appendix for how we define Adjusted EBITDA and Adjusted EBITDA margin as well as a reconciliation of Net income (loss) to Adjusted EBITDA and Net income (loss) margin to Adjusted EBITDA margin. FY 2019 Net income margin was 4%. FY 2020 Net loss was ($19m), net loss margin was (2%). FY 2021 Net income was $40m, net income margin was 4%. FY 2022 Net income was $36m, net margin was 3%, FY 2023 Net income was $99m and net income margin was 7%. 2We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of Net income (loss). For more information on Adjusted EBITDA and Adjusted EBITDA margin, see Appendix. 38#39Financial Results & Key Metrics Category breadth drove record ad revenue Diversified advertising base provides an element of stability against macro fluctuations $400M $300M Advertising Revenue RR&O Services $322M $330M $327M $294M $294M $297M $284M $257M $261M $263M $240M $245M $223M $222M $211M $200M $162M $100M 1020 2020 3Q20 4Q20 1021 2021 3Q21 4Q21 1022 2022 3022 4Q22 1Q23 2Q23 3Q23 4Q23 yelp* 600K 562K 378K 400K 200K Paying Advertising Locations 569K 572K 546K 554K 563K 561K 535K 545K 544K 520K 528K 528K 507K 503K 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1022 2022 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 RR&O Services 39#40Financial Results & Key Metrics Delivering more value to advertisers Focus on driving high-quality ad clicks at compelling prices Ad Clicks, Y/Y yelp-* 3% -8% -25% -22% -51% 87% 28% 14% 4% -11% -7% -15% 9% 9% 1% 0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Average CPC, Y/Y 35% 5% 3% 4% 17% 7% 36% 32% 23% 14% 14% 4% 4% -1% -3% -20% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 40 40#41Appendix yelp* 41 111#42Adjusted EBITDA reconciliation Appendix ($ in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net Income/ (Loss) ($10.1) $36.5 ($32.9) ($1.7) $153.0 $55.4 $40.9 ($19.4) $39.7 $36.3 $99.2 1 1 1 + Tax & Other Income, Net 1.2 (25.5) 11.6 (0.4) 26.6 (29.5) (5.4) (19.4) (8.2) 22.0 (20.1) + Depreciation & Amortization 11.5 17.6 29.6 35.3 41.2 42.8 49.4 50.6 55.7 44.9 42.2 + Stock Based Compensation 26.1 42.3 60.8 86.3 100.4 114.4 121.5 124.6 151.7 156.1 173.5 - Gain on Disposal of a Business Unit 0.0 0.0 0.0 0.0 (163.7) 0.0 0.0 0.0 0.0 0.0 0.0 + Restructuring & Integration 0.7 0.0 0.0 + Fees Related to Shareholder 0.0 0.0 Activism gg 3.5 0.3 0.0 0.0 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.1 0.0 0.0 0.0 1.3 + Litigation Settlement 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.0 + Asset Impairment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.2 10.5 23.6 + Gain on Lease Termination, 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (3.7) 0.0 0.0 Net Adjusted EBITDA $29.4 $70.9 $69.1 $123.0 $157.8 $183.1 $213.5 $140.3 $246.3 $269.8 $330.5 / Net Revenue $233.0 $377.5 $549.7 $716.1 $850.8 $942.8 $1,014.2 $872.9 $1,031.8 $1,193.5 $1,337.1 Net Income (Loss) Margin (4.3%) 9.7% (6.0%) (0.2%) 18.0% 5.9% 4.0% (2.2%) 3.8% 3.0% 7.4% Adjusted 12.6% 18.8% 12.6% 17.2% 18.5% 19.4% 21.1% 16.1% 23.9% 22.6% 24.7% EBITDA Margin We define Adjusted EBITDA as Net income (loss), adjusted to exclude: provision for (benefit from) income taxes; other income, net; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items. We define Adjusted EBITDA margin as Adjusted EBITDA divided by Net revenue. This presentation includes Adjusted EBITDA and Adjusted EBITDA margin, each of which is a "non-GAAP financial measure." Adjusted EBITDA is not prepared under any comprehensive set of accounting rules or principles, has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of Yelp's results as reported under GAAP. In particular, Adjusted EBITDA should not be viewed as a substitute for, or superior to, GAAP Net income (loss) as a measure of profitability of liquidity. You can read more about the limitations of Adjusted EBITDA, as well as the basis of presentation of the numbers in the table above, in Yelp's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q at www.yelp-ir.com or the SEC's website at www.sec.gov. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including various cash flow metrics, Net income (loss) and Yelp's other GAAP results. 1 Amounts have not been recast in accordance with Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (ASC 606)." 42 42