#1yelp* Investor Presentation February 2023 * *#2Safe 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 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. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including macroeconomic uncertainty - including related to inflation, rising interest rates, supply chain issues, and the ongoing impact of the COVID-19 pandemic and efforts to contain it and its effect on consumer behavior, user activity and advertiser spending; the impact of fear or actual outbreaks of diseases, including COVID-19 and any variants thereof, and any resulting changes in consumer behavior, economic conditions or governmental actions; our ability to maintain and expand our base of advertisers, particularly if the modest increase in churn in the second half of 2022 substantially worsens and/or consumer demand significantly degrades; 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#3Key investment highlights 'As of December 31, 2022 Trusted Content Well-known brand and trusted content provide competitive moat and lower traffic acquisition cost Sustainable Growth Portfolio of product initiatives to drive sustainable, profitable growth over the long term Prudent Capital Allocation More than $1 billion returned to shareholders through repurchases¹ de Broad-based Local Ad Platform Large, high-intent consumer audience supports broad-based advertising model with large TAM and significant monetization opportunity Profitable Business Model Structurally efficient business model driven by product innovation and accretive sales channels Strong Governance Talented Board with diverse skill set and focus on performance, including ESG 3#4About Yelp#5Yelp is all things local We serve a wide variety of consumers' and businesses' local needs Landscaping Near Me = Sponsored Results Ⓡ Home Shoe's Bloomers Verified License 0.1 mi Landscaping Response time 10 mins (923) 58 30 years in business Ⓒ ($) Free estimates Delivery Response rate 100% Request a quote Collections More Consumers Search Discovery Request-A-Quote Table booking Food ordering Local Biz Large consumer audience Visibility High-intent leads Table management Food orders 9:41 Penelope's request 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 ill? No thanks, I'll pass About Yelp 5#6Our guiding mission: Connecting people with great local businesses Consumers 73 million Unique visitors on desktop and mobile¹ Affluent: >55% come from households with >$100k in annual income³ G High-intent: 83% of users hire or buy from a business they found on Yelp4 265 million Cumulative reviews² Local Businesses 6.3 million Active claimed local business locations² Up-to-date info: More than 1.8 million business listing updates per month5 About Yelp Broad-based: 23 business categories with more than 1000 subcategories 545,000 Paying advertising locations ¹ ComScore, monthly average for 2022 2As of December 31, 2022 ComScore, December 2022 August 2022 survey conducted by Yelp using ComScore demographics and people who reported having used Yelp in the prior 3 months Monthly average for 2022, includes updates that are processed automatically Monthly average for Q4 2022 6#7Our breadth is an advantage High-frequency categories drive consumer traffic to the categories with the highest value Restaurants, Retail & Other ~90% of Page Views & Searches ~ 40% of Ad Revenue Note: Page Views & Searches and Advertising Revenue by Category for FY22 B Services ~ 10% of Page Views & Searches -60% of Ad Revenue About Yelp 7#8Trusted Content#9Consumers value quality review content Transparency is key for consumers, from both businesses and review platforms 97% Of consumer respondents find reviews with text more trustworthy¹ ¹Survey commissioned by Yelp and conducted by Kelton Global, October 2021 70% Of consumer respondents rarely visit a new business without first checking the reviews¹ Trusted Content 75% Of consumer respondents are reading more online reviews than ever before¹ 9#10We invest in trust leadership We take industry-leading measures to maintain content integrity and quality Cumulative Review Distribution As of December 31, 2022 Recommended 74% Not Recommended 18% Removed for Violating Yelp's Policies or by reviewers themselves¹ 8% Strong Content Moderation: 26% of our content is not recommended or removed for violating our policies or by reviewers themselves Distribution of Average Business Ratings Across Several Review Platforms² 1.5 Density 1.0 0.5 HomeAdvisor 2 3 Average Star Rating Facebook ¹ Yelp users can remove their own reviews on the platform, either individually or by closing their accounts 2 Source: Devesh Raval, Federal Trade Commission. September 2020 Chart: The DataFace BBB Google Yelp Differentiated Reviews: Yelp's star ratings are more uniformly distributed between 1 and 5 stars, which we believe results in a more useful and trustworthy consumer experience Trusted Content 5 10#11Trust fuels our consumer engine Our large consumer audience returns to Yelp for trusted content, reinforcing our defensible market position More Businesses More local businesses engage with their Yelp pages More Users Consumers come to Yelp for trusted local content More Reviews Frequent users leave more reviews and photos of local businesses Trusted Content 11#12Trust drives connections High-quality, trusted content gives consumers confidence to connect with local businesses Inspiring consumers with rich, personalized local content Discover Q 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 O F 60 Cilections Matching consumers with the right businesses for their needs H ← Sort v Search Hair Salons Current Location $55+ Hair B 155 Mirade Available & Free consu 2 Portfol Bridal hair services Verified License Avant Garde Salon & spa ● antation, *Stai F Projects 231 Salon 00000 13 reviews $$- Hair Salons, Nail Salons 231 Aragon Ave, Coral Gables Verified License Avant Garde Salon & spa 408 reviews Han Call Chemical treatment Available by appointment & Free consultations. 0 Me 15 mi A 1.6 mi = More Providing consumers with trusted content to make informed decisions Search Evaluate Greenstreet Cafe **00+ 2.183 Popular dishes $12.00 Nutella French Toast 68 Photos 135 Reviews See all 2,784 photos $12.00 ... Coconut Crusted Fi 32 Photos 49 Reviews Monica A. Elite 23 75167183 Me 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 More Search Enabling consumers to easily connect with local businesses Connect Hernandez Plumbing Plumbing, Water Installation/Repal Closes in 4 min Call Hours updated (786) 796-6378 months ago Get in touch Response Time 20 min Q Get Directions E Request a quote 271 locals recently requested a quote 271 locals recently requested a quote Response Rate 100% O Me Trusted Content Collectives E → B 12#13Broad-based Local Ad Platform#14Large and growing market Digital Media '22-'26E CAGR: 7% $74 $82 U.S. Local Advertising Spend ($ in billions) 2022 $80 $83 2023E Digital Media Traditional Media $86 $84 $94 $87 2024E 2025E $98 $88 2026E Source: BIA Advisory Services, 2023 U.S. Local Advertising Forecast Note: Excludes political spending 2022 U.S. Local Digital Advertising Spend by Category ($ in billions) $40 RR&O Multi-location Digital SMB Digital $34 Broad-based Local Ad Platform Services Source: BIA Advisory Services, 2023 U.S. Local Advertising Forecast; Yelp internal data Note: Excludes political spending 14#15Significant 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 ¹Services leads on Yelp include requests, calls, and URL clicks. <10% 2018 Consumer Services Leads¹ Monetized Services Leads 2022 -25% Broad-based Local Ad Platform In 2022, we monetized approximately 25% of those leads in Services¹ while focusing primarily on lead quality To drive greater monetization, we are focused on: Improving lead quality Growing our large volume of consumer leads Matching consumers with the right service pros 15#16Owned & operated local ad platform Ad products leverage first-party data across categories and all stages of the consumer funnel Consumer Funnel Awareness Consideration Conversion Retention Yelp Ad Products On Platform Sponsored M Collections Spotlight Ads M Themed Ads Profile Upgrades Showcase Ads M Search Ads Request-a-Quote Request-a-Call Nearby Jobs Yelp Connect Off Platform Connected TV M Display M Direct Response Attribution On Platform Opens, Clicks & Visits Leads M Store Visits Call Tracking Opens, Clicks & Visits Broad-based Local Ad Platform Off Platform Online Conversion Brand Lift M M M M Multi-location only 16#17Cutting-edge search and advertising technology ? ✔ Experimentation driven Hundreds of product experiments running simultaneously, with thousands of experiences tested per year 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 ¹ Compared to Yelp's previous Elasticsearch-based ranking platform. Cost savings consist of reduced infrastructure costs. ● Broad-based Local Ad Platform High velocity Sustained improvements in median lead time per developer in 2022 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 17#18H Sustainable Growth#19Portfolio of initiatives designed to drive sustainable growth Grow quality leads and monetization in Services Drive sales through the most efficient channels Deliver more value to advertisers Enhance the consumer experience Sustainable Growth 19#20مرا Grow quality leads and monetization in Services Match more consumers with the right service pros ● Expand offerings throughout the hiring journey Reduce friction for consumers and businesses Increase lead quality and monetization ● ● 2:43 yelp Restaurants V More v How much do movers cost? $95 Based on 3,361,582 real quotes from businesses in United States. AVG. $128 Enter a zip code $199 ... - - Log In How Much Does It Cost? > Movers Cost Get custom quotes Yelp calculates estimated costs by gathering and analyzing real quotes provided to consumers by businesses on Yelp. Actual costs may vary. Why do I need a professional mover? Whether you're moving out of your parents' for college dorm living or finally upgrading 10:07 My projects Ciz Sustainable Growth Search Today, 10:06 AM Vehicle lockout Waiting for replies from Cobra Locksmith and others Feb 1, 2022 Drain cleaning Tidy Drains Toronto and 3 more responded to your request Call request See messages December 15, 2022 Nail salon service Le Posh Nail Spa responded to your request Projects December 15, 2022 Electrical See messages Me + Request quotes Collections E More 20#219 Drive sales through the most efficient channels Acquire and retain high-potential SMB and multi-location customers ● Marketing and streamlined flow for Self-serve acquisition New tools to drive business owner engagement Expanded Multi-location product portfolio ● Try "cleaners" or "most popular" 40 cią Craveworthy Burger Spots Sponsored by Heinz HEINZ Great spots to grab craveworthy burgers View collection a Search Me Collections Å Darwin's Di 00000 $. Mission, 1.2 More 10:07 Insights Inbox 1 Last 14 days Potential customers Home Sustainable Growth Gardener Jon 123 Main St. Umiat New message Yelp Ads San Francisco Daly City Map data ©2022 Google Terms Hello, I'm looking for someone to redo my backyard. I need some AFA all Biz Info K Inbox Notifications More La K На W Da W Ele Dr 21#22Deliver more value to advertisers Increase client satisfaction and retention through quality ad clicks and new offerings ● ● ● Ad system optimizations New ad formats and offerings Ad relevance and matching improvements 11:27 1 Dover ← Boonton Mountain Lakes Breakfast & Brunch Plainfield, NJ Sort Open Now Featured Takeout Options Sponsored Ⓒ Starbucks ✰✰✰ 38 Reviews Coffee & Tea View Business Open until 8:00 PM Search Sponsored Results Ⓒ ✓ Price Me 1 Collections Waitlist De Martino Resta 145 Revi Breakfast & Brunch, L View Busine Open until 3:00 = More Jan Feb Mar Ads Organic Sustainable Growth Apr May Jun 4 50% Your Ads spend Ads spend this billing period Ⓒ $110.27 Que on Jan 1, 2021 34 Impressions (last 30 days) Ⓒ 19.6K Ad clicks (last 30 days) Ⓒ 45 11/22 Aug Sep Oct Nov Dec Forecast 1 Avg cost-per-click um 11/29 $3.06 12/6 2K 12/13 22#23C13 Enhance the consumer experience Expand trusted content and engagement of our large audience ● ● Reduce friction to boost review and photo submissions Create an even more visual user experience Convert more users into contributors 12:15 1 How was The Cheesecake Factory - Elmhurst? Write a Review Did you recently go to The Cheesecake Factory - Elmhurst? Write a review to let others know about your experience. Write a review Remind me later 4:35 1 Local picks from Houston Sustainable Growth Search for burgers, delivery, barb... this month Search 4 diners gave this spot 5 stars Velvet Taco 4.5 (31 reviews) 20 min walk Zaatar Projects 50% Me Collections. = More 23#24Profitable Business Model#25Strong 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 Diverse category reach AD REVENUE BY CATEGORY 39% RR&O 61% SERVICES Efficient go-to-market function AD REVENUE BY CHANNEL SMB LOCAL PARTNER 30% 19% 49% SELF-SERVE MULTI-LOC Monetization Opportunity SERVICES LEADS -25% Profitable Business Model MONETIZED Profitable business model NET INCOME $36M ADJUSTED EBITDA MARGIN¹ 23% Note: All metrics for FY22 ¹See Appendix for how we define Adjusted EBITDA margin and a reconciliation of Net income (loss) margin to Adjusted EBITDA margin for FY 2022 and for information about the limitations of adjusted EBITDA as an analytical tool. Net income margin for FY 2022 was 3%. 25#26Strategic 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 19%¹ 2018 Sales Mix & Retention Remote Work Cost of Revenue Profitable Business Model Investment in Growth 23% 2022 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 2022 was 3%. 26#27Growth driven through product innovation 40% 20% 0% -20% -40% Growth driven by local sales headcount 2018 Revenue vs. Total Headcount Percent change from Q1 2018 2019 Business transformation accelerated by covid 2020 Headcount Growth driven by product innovation 2021 Profitable Business Model 2022 Revenue In 2023, we plan to maintain our approximate YE 2022 headcount to drive leverage 27#28Rationalized cost structure Leverage in sales & marketing enables investment in product development to drive growth Expenses as % of revenue¹ Cost of revenue Sales & marketing Product development G&A D&A Adjusted EBITDA Margin² 2013-2018 Growth driven by sales headcount 6-9% 51-57% 16-23% 13-18% 5% 13-19% 2019-2020 Covid and business transformation 6-7% 49-50% 23-27% 13-15% 5-6% Profitable Business Model 16-21% 2021-2022 Growth driven by product innovation 8-9% 43-44% 26-27% 13-14% 4-5% 23-24% 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. 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 and from 3% -4% in 2021-2022. 28#29Prudent Capital Allocation#30Robust multi-year capital return program More than $1 billion worth of shares repurchased Completed as of December 31, 2022 Remaining Authorization $200M Authorized July 2017 $250M Authorized November 2018 $250M Authorized February 2019 $250M Authorized January 2020 $250M Authorized August 2021 $250M Prudent Capital Allocation Authorized November 2022 $1.5B Total Repurchase Authorization 30#31EIR Strong Governance#32ESG 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. Employee Experience Yelp puts the success and well-being of our employees at the heart of everything we do. 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. Providing Value to Businesses and Consumers Our mission is to connect people with great local businesses. Strong Governance Data Privacy and Security Core to Yelp's mission is our ability to provide a platform that respects user's privacy choices and safeguards their data. Carbon Footprint At Yelp, we value authenticity-and that means being honest and accountable when it comes to issues of sustainability. For the first time, Yelp calculated its carbon footprint in alignment with Greenhouse Gas (GHG) protocol, going back three years to 2019. 32#33Focus on human capital management We prioritize diversity, equity, inclusion and belonging 53% Male Gender Diversity Male Female <1% 47% Female Non-binary/Other Asian 14% Black or African 17% Racial and Ethnic Diversity Latinx 10% Native American <1% Hawaiian and Other Pacific Islander Native <1% Two or more 5% Strong Governance White 53% Underrepresented Minorities¹ 28% Diversity data based on self-reported information sourced globally from our employees in 2022. '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#34World-class board Diverse, independent and highly qualified board AGE O 41-50: 3 1 51-60: 3 Independent Directors: 8 61+: 3 INDEPENDENCE O Executive Director: 1 DIVERSITY² O Non Diverse: 4 Gender & Ethnic Diversity: 5 <2 years: 1 1 TENURE O 2-9 years: 4 ¹ As of February 9, 2023 23 Women directors; 1 Asian director; 1 Black director 3 Includes Restaurants, Hospitality and Home Services 10+: 4 9 3 8 9 Strong Governance 6 experienced directors with diverse skill sets: new directors appointed in the last three years are independent, including our Chair have been senior executives of major public companies have specific expertise in Yelp key categories 5 have technology experience 34#35Track record of enhancing governance Focused on driving shareholder value 2016 Collapsed dual-class share structure 2017 Initiated stock buyback program 2018 Transitioned to net share withholding to reduce dilution Adopted director resignation policy Adopted stock ownership guidelines 2019 Added three new independent directors 2020 Added two new independent directors, expanding the Board to a total of nine directors Introduced performance- based stock grants for executive compensation 2021 Began phased Board declassification Adopted majority vote standard with director resignation policy Strong Governance 2022 Implemented proxy access Incorporated long-term component for executive compensation 35#36Key Financial & Operational Metrics#37Strong top-line performance Consistent growth following pandemic and business transformation Revenue Growth, Y/Y $1.01B 2019 8% $873M 2020 -14% Net Revenue $1.03B 2021 18% $1.19B 2022 16% $1.29B - $1.31B 2023E 8-10% Financial Results & Key Metrics 37#38Increased adjusted EBITDA Focus on growing adjusted EBITDA while reducing SBC as a percentage of revenue Adjusted EBITDA¹ Stock-based Compensation Adjusted EBITDA Margin SBC % of Revenue $213M 2019 21% 12% $140M 2020 16% 14% $246M 2021 24% 15% $270M 2022 23% 13% $290-$310M² 2023E 22-24% Financial Results & Key Metrics -12% 'See Appendix for how we define Adjusted EBITDA margin and a reconciliation of Net income (loss) margin to Adjusted EBITDA margin. FY 2019 Net income margin was 4%. FY 2020 Net loss margin was (2%). FY 2021 Net income margin was 4%. FY 2022 Net income margin was 3%. 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 would 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#39Category breadth drove record ad revenue Diversified advertising base provides an element of stability against macro fluctuations $300M $200M $100M $227M $238M $253M $259M $240M Advertising Revenue $162M $211M $223M $222M $245M $257M $261M $263M $284M $294M $294M 1019 2019 3Q19 4Q19 1020 2020 3020 4020 1021 2021 3Q21 4021 1022 2022 3022 4Q22 RR&O 600K 400K 200K 529K 549K Services Paying Advertising Locations 563K 565K 562K 378K Financial Results & Key Metrics 507K 520K 503K 535K 528K 528K 546K 569K 572K 545K 1019 2019 3Q19 4Q19 1020 2020 3020 4020 1021 2021 3021 4021 1022 2022 3022 4Q22 39#40Delivering more value to advertisers Focus on driving high-quality ad clicks at compelling prices Ad Clicks, Y/Y 20% 1Q19 Average CPC, Y/Y -9% 42% 1Q19 42% -25% 2Q19 33% 2Q19 3Q19 4Q19 1Q20 -22% -16% 3% 3Q19 4Q19 3% -51% 2Q20 35% -25% -22% 3Q20 5% 1Q20 2Q20 3Q20 -8% 4% 4Q20 1Q21 2Q21 3Q21 -3% 87% 4Q20 1Q21 -20% 28% 2Q21 -1% 14% 4Q21 7% 3Q21 4Q21 4% Financial Results & Key Metrics 17% -11% 1Q22 2Q22 32% 1Q22 2Q22 -15% 3Q22 4Q22 36% -7% 3Q22 23% 4Q22 40#41Appendix#42Adjusted EBITDA reconciliation ($ in millions) Net Income /(Loss) + Tax & Other Income, Net + Depreciation & Amortization + Stock Based Compensation - Gain on Disposal of a Business Unit + Restructuring & Integration + Fees Related to Shareholder Activism + Asset Impairment + Gain on Lease Termination, Net Adjusted EBITDA / Net Revenue Net Income / (Loss) Margin Adjusted EBITDA Margin 2013 ($10.1) ¹ 1.2 11.5 26.1 0.0 0.7 0.0 0.0 0.0 $29.4 $233.0 (4.3%) 2014 $36.5 (25.5) 17.6 42.3 0.0 0.0 0.0 0.0 0.0 $70.9 $377.5 9.7% 2015 ($32.9)¹ 11.6 29.6 60.8 0.0 0.0 0.0 0.0 0.0 $69.1 $549.7 (6.0%) 2016 ($1.7) (0.4) 35.3 86.3 0.0 3.5 0.0 0.0 0.0 $123.0 $716.1 (0.2%) 2017 $153.0 26.6 41.2 100.4 (163.7) 0.3 0.0 0.0 0.0 $157.8 $850.8 18.0% 2018 $55.4 (29.5) 42.8 114.4 0.0 0.0 0.0 0.0 0.0 $183.1 $942.8 5.9% 2019 $40.9 (5.4) 49.4 121.5 0.0 0.0 7.1 0.0 0.0 $213.5 $1,014.2 4.0% 2020 ($19.4) (19.4) 50.6 124.6 0.0 3.9 0.0 0.0 0.0 $140.3 $872.9 (2.2%) 2021 $39.7 (8.2) 55.7 151.7 0.0 0.0 0.0 11.2 (3.7) $246.3 Appendix $1,031.8 3.8% 2022 $36.3 22.0 44.9 156.1 0.0 0.0 0.0 10.5 0.0 $269.8 $1,193.5 3.0% 12.6% 18.8% 12.6% 17.2% 18.5% 19.4% 21.1% 16.1% 23.9% 22.6% 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. Amounts have not been recast in accordance with Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (ASC 606)." 42