#138 mm yelp* Investor Presentation Q3 2016 EEE III C#2FORWARD-LOOKING STATEMENTS Safe Harbor 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, expected financial results and future financial position, future revenue, long-term target margins, projected growth and expenses, 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," "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 the fact that we have a limited operating history in an evolving and competitive industry, that our growth rate may not be sustainable, that we rely on traffic to our website from search engines like Google and Bing, our ability to generate sufficient revenue to regain profitability, particularly in light of our significant ongoing sales and marketing expenses and the planned wind down of sales activities outside the United States and Canada, our ability to attract, retain and motivate well-qualified employees, particularly in sales and marketing, the impact of reallocating resources currently invested in sales and marketing outside the United States and Canada, our ability to generate and maintain sufficient high quality content from our users, our ability to maintain a strong brand and manage negative publicity that may arise, our ability to manage acquisitions of new businesses, solutions and technologies and to integrate those businesses, solutions or technologies, the efficacy of our automated recommendation software, our ability to maintain and expand our base of advertisers, our ability to develop our communities effectively, our ability to deal with an increasingly competitive local search environment, our ability to timely upgrade and develop our systems and infrastructure 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 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#3Connecting people with great local businesses ..oo AT&T LTE Filter Q Dentists Current Location EH Nearby 12:49 PM 6. Casa Dental Group ✰✰✰✰✰14 Reviews 1126 Meadow Lane, Concord General Dentistry, Cosmetic Dentists, Pediatric D... 7. Hera Z Blazer, DDS ✰✰✰✰✰18 Reviews 3556 Concord Blvd, Ste D, Concord General Dentistry 8. Nicole Hoang DMD PC 33 Reviews 2151 Salvio St, Ste 275, Concord General Dentistry $80 for $100 Deal @ 1 82% 10. Healing Hands Dental Group ✰✰✰✰✰22 Reviews 1849 Willow Pass Rd, Ste 400, Concord General Dentistry 11. Treat Plaza Dental ✰✰✰✰✰5 Reviews 4425 Treat Blvd Ste A, Concord 12. Lyla Turkzadeh, DDS ***** 10 Reviews Search Map 9. Alexander Ham, DDS & Tiffany 1.9 mi H. Ham, DDS, MS ✰✰✰✰✰33 Reviews Contra Costa Dentistry, 2951 Salvio St, Concord General Dentistry, Pediatric Dentists 1.7 mi M Activity 1.3 mi 2 mi 2 mi 0.8 mi 1.1 mil More yelpas SOSES 20.00#4● ● Large market opportunity 20+ million Local business locations in the U.S. FIND US ON yelp.x Claimed local business locations: 3.2 million Local advertising accounts: 135 thousand Claimed local business locations and Local advertising accounts as of September 30, 2016 Sources: BIA Kelsey, U.S. Census Bureau *Pure-play Online and Email, Reputation and Presence Management Cable $8B OOH $9B Radio $18B $151 billion U.S. local ad spend (projected 2016) Mobile Online* $4B $19B TV $22B Direct Mail $42B Newspapers $20B Yellow Pages $7B Magazine $3B 4#5TV & Radio * Netflix Spotify The industry is shifting online Travel Priceline Airbnb Directories Hiring LinkedIn Indeed 5#6Leading local guide with plenty of room for growth 34% Yelp 29% TripAdvisor Mobile reach ¹ 26% Groupon 15% YP Sites 4% FourSquare 1 As defined by penetration of U.S. smartphones. Source: ComScore, September 2016, Mobile Media Metrix, Browsing + Application Data. 3% Angie's List 6#7... Verizon Friends Compliment Andrea R. Elite 16 15 14 13 12 11 10 09 08 07 06 "Changing the world 1 Yelp at a Time..." Glencoe, IL - Yelping since January 2006 Friends 3112. Reviews 2470 Our high-quality content continues to grow Unmatched local business information at consumers' fingertips 12:05 PM yelp! Add Friend What is a Yelp Elite Years Elite 11 Tips 669 Nearby Photos and Videos 1043 Message More About Andrea Search Compliments 7347 1 90% ...co Verizon Reviews ch Andrea R. +3,1232,471 1,045 2:52 PM Little Beans Cafe ✪✪✪✪✪ 106 If I ask my 2-year-old what he'd like to do that day 98% of the time his response is "Little Beans." And if I ask my 4-year-old what she'd like to do that day 98% of the time her response is "Big Beans." My favorite play space back from my city days has opened an Evanston & (IMO) it's even better because it entertains kids thru the elementary school years. Big beans Useful O Nearby I've been to Little/Big Beans several times since it opened. The first was during opening week and my 4 year old didn't even look at me the entire time except to inform me (9 months in advance) that she'd be celebrating her bday there. She was very entertained by all the toys in the Little Beans area & was even 2002 Search 1 96% Funny 2 6 months ago Ziplining at big beans Activ *Cool 1 More Over 115 million cumulative reviews 90 Q3'15 +29% 115 Q3'16 7#8App unique devices* 20M Strong app growth drives engagement Approximately 70% of page views came from app users App users view more than Q3'15 +24% 25M Q3'16 ...oo Verizon Back All (1237) Belly 9:56 PM Photos and Videos Food (936) Inside (43) AT JAMIA ~10X 1 89, + Outside Belly as many pages as website users CHE.AB * Number of unique devices accessing the app on a monthly average basis for the period indicated, according to internal Yelp logs. Note: Page views include business listing pages, business photo pages and search listings, page view metrics are for the quarter ended September 30, 2016. 8#9● Local search ads Filter SQUARECOM MERKOL Backson's Delivery 517.945.0980 EINSTEIN RENCORELL WIVERE INFINITY 5:04 PM Q Movers Austin, TX Ad Elephant Moving & Storage ELEPI 440 E Saint Elmo Rd, Bldg B, Austin VING AND Movers, Self Storage Note: For Illustrative purposes only 9311 N Fm 620, Austin Movers Local advertising features Ad Square Cow Movers 430 Reviews ✓ 100% *4 188 Reviews 1. Jackson's Moving and Delivery 606 W 51st St, Austin Movers Map 2. Einstein Moving Company 293 Reviews 9200 Brown Lane, Suite A, Austin Movers 4. Infinity Moving Company a Nearby Search 3. Green Gorilla Movers ✰✰✰✰✰72 Reviews 706 W Ben White Blvd, Ste 140B, 78704... Movers -$50 - 1,000 monthly budget Cost-per-click: $1-20+ About Me More Search yelpas Square Cow Movers ✰✰✰✰✰675 Reviews Movers Hours Today: 9:00 AM - 6:00 PM Add Photo Write a Review Enhanced profile ● Check In Get a Free Quote for Your Move ● ● Open Bookmark ~$50 - 100 per month More Info Hours, Website Ad Elephant Moving & Storage ELEPI 440 E Saint Elmo Rd, Bldg B, Austin VING AND Movers, Self Storage AUSTIN- Photos and Videos SQUARECOW MOOVERS Photo slideshow and optional video 'Call to action' button Removal of competitor ads THE#10Key drivers of advertising revenue by segment LA Local SMB Salesforce growth Revenue retention Rep productivity Multi-location Penetration of existing advertisers Increased account coverage Leverage of Yelp insights 4 $ Self serve Product innovation New customer acquisition Continued experimentation 10#11Contribution margin of an average local advertiser 48% Strong unit economics Year 1 95% Year 95% Year 3 Note: Data based on internal analysis conducted in June 2015. Revenue is based on average advertising spend for single-location CPM advertisers, average revenue retention and advertising contract term length. Customer acquisition costs include direct sales, marketing, credit card transaction fees and support costs and are based on the average productivity of a sales person. 11#12Launch date of U.S. Yelp Community 2005 - 2006 2007 - 2008 2009 - 2010 Revenue in our oldest communities grew more than 30% on average Number of Yelp Communities (1) 6 14 18 Average Cumulative Reviews in Q3 2016 (2) 7,207 1,629 600 (1) A Yelp community 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 for businesses in the cohort as of September 30, 2016 (in thousands) divided by the number of communities in the cohort. (3) Year-over-year growth in average cumulative reviews compares the average cumulative reviews as of September 30, 2016 with that of September 30, 2015. Year-Over-Year Growth in Average Cumulative Reviews (3) 25% 28% 35% Average Local Advertising Revenue in Q3 2016 (4) $10,475 $3,162 $842 Year-Over-Year Growth in Average Local Advertising Revenue (5) 31% 42% 45% (4) Average local advertising revenue is defined as the total local advertising revenue from businesses in the cohort over the three-month period ended September 30, 2016 (in thousands) divided by the number of communities in the cohort. (5) Year-over-year growth in average local advertising revenue compares the average local advertising revenue in the three-month period ended September 30, 2016 with that of the same period in 2015. 12#13Robust transactions platform yelp EAT 24 CUP OFFICIAL YELP COMMERCE PARTNER yelp* Reservations Transactions and bookings* 4.2M Q3'15 +39% *The number of transactions and bookings that occurred on Yelp Eat24, Yelp Reservations and Yelp Platform for respective time periods. → 5.9M Q3'16 www. 13#14... Verizon Top Rated Standalone Eat24 offering Restaurants Q What are you hungry for? 11:13 AM Distance Little Griddle ✰✰✰✰✰490 Reviews Burgers, American Delivery $5.00 (45-60 min) Sidewalk Juice Smoothies, Organic A Home 250 Reviews 2 Login Eat24: Another way for consumers to connect with local businesses online What's Good Newest Cart Note: For Illustrative purposes only ✓ 58% Filter Minimum 1.25 mi Min $15 2.23 mi a Order Status ... Verizon ← Spicy Eye Candy (8) Little Griddle 11:14 AM Veggie A Home Full Menu Notes Login Traditional Burger With American Cheese Lettuce, tomato, onions, little griddle sauce. ✓ 58% What's good Homemade Sandwich $9.50 Choice of turkey, ham or pastrami. Cheddar cheese, mixed green, tomato, red onions, mayo, mustard, dijon. Optional: pickles, jalapeno, pepperoncini, cucumbers. Info 1400 Club Sandwich Turkey, apple smoked bacon, cheddar, mixed greens, tomato, red onions, mayo. Cart Breakfa ▸ Healthy $9.95 $10.45 Order Status ..oo AT&T LTE Filter 11:16 AM a lunch Current Location Price... Nearby Open Now Integration on Yelp 92% Map Order Pickup or D 0.02 mi 1. Ayola ✰✰✰✰✰606 Reviews $ 118 New Montgomery St, Financial Dist..... Greek, Mediterranean Order Pickup Search 2. Working Girls' Cafe 0.02 mi 352 Reviews $ 122 New Montgomery St, Financial Dist... Sandwiches, Breakfast & Brunch, Salad 3. The Pink Elephant Alibi 448 Reviews 142 Minna St, Financial District American (New), Breakfast & Brunch,... Order Pickup p Activity 4. Trou Normand 0.03 mi ✰✰✰✰✰395 Reviews $$ 140 New Montgomery St, Financial Dist... Breakfast & Brunch, Cocktail Bars 0 mil $$ More 000 AT&T LTE Filter Q lunch Current Location Order Pickup or Delivery Delivers to Current Location Delivery Fee $12.99 Nearby 11:17 AM Delivery Fee Free 1. Tava Indian Kitchen ✰✰✰✰400 Reviews 163 2nd St, Financial District Indian, Halal, Gluten-Free Delivery Min $0.00 Search Start Order Delivery Min $25.00 2 Favs 10 Start Order 2. North India Restaurant 578 Reviews 123 Second St, Financial District Indian 92% PokéStop Nearby Map Modify Activity Delivery Time 45-75 Mins 0.1 mi $ 0.1 mi $$ Delivery Time 45-60 Mins 01 mi More. 14#15* Flor B Book ? Heb Available 6:00PM 13 Tables availablo Yelp Reservations: intuitive and affordable cloud-based online reservations solution 6:00 PM Deborah Jennsen 6:15PM 2 Guests Available 6:15PM 13 Tables available Available 6:30PM Sharonda Elliott 6:30PM 2 Guests Available 6:45PM 12 Tables available 12 Tables O Create Bi H 15 11 iPad Floor B Ⓒ Help Note: For Illustrative purposes only 11:13 AN Bill Spooner 7:00PM 4 Guests 7:00 PM Prairie Prince 7:00PM 8 Guests Available 7:00PM 12 Tables available Jack Clark 7:15PM 23 2 Guests Available 7:15PM 12 Tables available Mindy Adame Main Dining Room Patio GE eft O Reservation Create Block Shift Notes 21 23+ 12 101 Roger Steen 8:00PM 2 Guests Available 8:00PM 12 Tables available 8:00 PM Lizzie Goodwin 8:15PM 3 Guests Available 8:15PM Available 8:30PM Available 14 12 Tables available 12 Tables available 11:15 AM 15 Today, Jul 22 Dinner -31 covers bi 3% + 31 32 33 13 b10 22 Times Reservations upcoming Wait List Bill Spooner 11:15AM 4 Guests sected Deborah Jennsen 11:15AM 2 Guests Jack Clark 11:15AM 2 Guests Rick Anderson 11:15AM 6 Guests Sharonda Elliott 11:15AM 2 Guests Prairie Prince 7:00PM 8 Guests Mindy Adame 7:30PM 2 Guests Roger Steen 8:00PM 2 Guests el Lizzie Goodwin 8:15PM 3 Guests 02 (1) (TD C C C C DR Servers ut 21 15 31 101 11 23+ 31 13 22 DL ...o Verizon Nearby Filter Q Reservations Table for 2, today at 7:00 pm Nearby 4:58 PM Search 1. Osha Thai ✰✰✰✰✰2073 Reviews 149 2nd St, Financial District Thai 6:45 pm 2. Gaspar Brasserie 187 Reviews 185 Sutter St, Financial District Brasseries, French, Cocktail Bars 6:45 pm 7:00 pm 3. Cockscomb 7:00 pm 414 Reviews 564 4th St, SoMa American (New), Bars, Live/Raw Food 5:15 pm 7:00 pm 6:45 pm 4. Mangia Tutti Ristorante 275 Reviews 635 Clay St, Financial District Italian Search 7:00 pm M Activity ON Map 0.1 mil $$ 7:15 pm * 0.3 mil $$$ 7:15 pm 0.6 mi $$$ 8:15 pm 0.6 mi $$ 7:15 pm 1 More 15#16000 AT&T LTE Filter Q Plumbing Current Location 4o- aks 2:28 PM 410421947, hoe voney Plumbing FREE STIMATES $99 for $157 Deal Nearby Request a Quote 14. Fast Response 261 Reviews 236 W Portal Ave, Ste 459, West Portal Plumbing L M. "First review ever, but after hearing of my co-worker's ordeal with a different company to replace a clogged toilet, I felt obligat..." 15. R. Hassett Plumbing 71 Reviews Potrero Hill, San Francisco Plumbing, Contractors PER 17. A1 Plumbing Supply ✰✰✰ 16 Reviews 224 12th St, SoMa Plumbing, Kitchen & Bath Alan C. "My client (the Sellers) were up against a deadline for closing escrow on the sale of their home in Potrero Hill. The company that..." 27 mi 16. 24/7 Rooter & Plumbing ✰✰✰✰✰115 Reviews 2843 Folsom St, Ste 3, Mission Plumbing Daly City Q Search Request a Quote 18. Citywide Plumbing 71 Reviews Request-A-Quote facilitates consumer and business transactions 131% Miranda M. "The customer service is super nice here ! Peter was so patient and helpful to help me find out a no logo no brand faucet..." + Activity Map 5.3 mil Note: For Illustrative purposes only 1.7 mi $$ 8.8 mi More 000 AT&T LTE Search 4/7 Rooter & Plumbing 115 Reviews Plumbing Hours Today: Open 24/7 Add Photo Jersey St 25th St Cipper St Call Now! Available 24 Hours a Day, 7 Days a Week! Directions 15 min drive Call (415) 586-6851 2:28 PM yelp! 2843 Folsom St, Ste 3, San Francisco, CA 94110 (bit 24th St & 25th St) in Mission Request a Quote Fast responder More Info Hours, Website Write a Review Nearby Search Check In + Activity 32% ... 2.8 mi Open A Bookmark 26th St Cesar Chavez S More AT&T LTE Cancel 2:28 PM 24/7 Rooter & Plumbing A 123 Hi, I need help fixing my toilet. It is not flushing and might be clogged. I need it fixed as soon as possible and I live in San Francisco. How much will it cost and how soon can you get to me? Thanks! QWE Currently responding in about 1 hour The R T Y U S D F G H Q Z X C V B space 1 32% I'm J K N M Send O L return P X O BELL Skip 4:21 PM More Quotes Your request has been sent. We'll email you when they reply. Showing 10 Businesses We found 10 more businesses that are serving in your area and likely to answer your request. Edit Your Message Ace Plumbing and Rooter 115 Reviews Responds in about 1 hour Pop N Go Plumbing and Draining 15 Reviews Responds in about 2 hours Alansi's Plumbing Co. 10 Reviews Responds in about 1 day 22% Select All Sponsored Send 3 Quote Requests 16#17$378 2014 Strong financial performance Total net revenue (mm) $550 2015 $709- 713 2016E $71 2014 Adjusted EBITDA* (mm) $69 2015 wwwwwww $111- 115 2016E LEXTERIEL P * See slide 22 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool. 17#18(as a percentage of revenue) Cost of Revenue Sales & Marketing Product Development G&A ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ D&A Long-term target model Adj. EBITDA Margin* FY2012 7.2% 62.5% 14.9% ‒‒‒‒‒‒‒‒‒‒‒‒ 22.9% 5.3% 3.3% FY2013 7.1% 56.6% 16.4% 18.4% 4.9% 12.6% Stock based comp included in each line item except for adjusted EBITDA FY2014 6.5% 53.3% 17.3% 15.4% 4.7% 18.8% FY2015 9.3% 54.9% 19.6% ‒‒‒‒‒‒‒‒‒‒‒ 14.7% 5.4% 12.6% LT Targets 7%-8% 43%-44% 12%-14% ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ 8%-11% ~4% 35%-40% * Calculated as Adjusted EBITDA divided by Net revenue. See slide 22 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool. 18#19Investment highlights Large addressable market opportunity Strong focus on product and innovation Highly engaged consumer and business-owner bases Purchase-oriented traffic increasingly transacting on Yelp Diversified revenue base with high visibility 19#20Appendix MÁLAE 20#21$144 Total net revenue (mm) Q3'15 Strong third quarter results +30% $186 Q3'16 Adjusted EBITDA* $13 Q3'15 (mm) +169% $34 Q3'16 wwwwwwww LEXTERIEL P * See slide 22 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool. 21#22($mm) Net Income / (Loss) + Tax & Other Expenses + Depreciation & Amortization + Stock Based Compensation* + Restructuring & Integration Adjusted EBITDA / Net Revenue Adjusted EBITDA reconciliation 2012 ($19.1) 0.3 7.2 14.9 1.3 2013 ($10.1) 1.2 3.3% 11.5 26.1 0.7 2014 $36.5 ($32.9) (25.4) 17.6 42.3 0.0 $4.6 $29.4 $70.9 2015 11.6 29.6 60.8 0.0 $69.1 $137.6 $233.0 $377.5 $549.7 Q1 12.6% 18.8% 12.6% (3.0) 6.9 ($1.3) ($1.3) ($8.1) 13.7 2015 0.0 Q2 1.4 7.2 15.5 0.0 Q3 (2.6) 7.6 13.8% 17.0% 15.7 0.0 $16.3 $22.7 $12.5 $118.5 $133.9 $143.6 Q4 ($22.2) 15.8 8.0 16.0 0.0 $17.5 $153.7 Q1 8.7% 11.4% ($15.4) 1.2 8.2 19.1 0.0 $13.0 2016 Q2 $0.4 (1.6) 8.6 20.7 0.0 $28.1 $158.6 $173.4 Q3 8.2% 16.2% $2.1 (0.1) 9.2 Adjusted EBITDA Margin This presentation includes adjusted EBITDA, a non-GAAP financial measure that Yelp uses to evaluate its business. Yelp includes adjusted EBITDA because it is a key measure used by Yelp's management and board of directors to understand and evaluate core operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted EBITDA can provide a useful measure for period-to-period comparisons of Yelp's core business. Accordingly, Yelp believes that adjusted EBITDA provides useful information to investors and others in understanding and evaluating Yelp's operating results in the same manner as its management and board of directors. Adjusted EBITDA 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. You can read more about the limitations of adjusted EBITDA 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 alongside other financial performance measures, including various cash flow metrics, net income (loss) and Yelp's other GAAP results. 22.6 0.0 $33.7 $186.2 18.1% Additionally, Yelp has not reconciled its adjusted EBITDA outlook for the fourth quarter and full year 2016 to its net income (loss) outlook because it does not provide an outlook for other income (expense) and provision for income taxes, which are reconciling items between net income (loss) and adjusted EBITDA. As items that impact net income (loss) are out of Yelp's control and cannot be reasonably predicted, Yelp is unable to provide such an outlook. income (loss) outlook for the fourth quarter and full year 2016 is not available without unreasonable effort. k. Accordingly, reconciliation to net 22#23Compelling ROI for local advertisers $267 Average monthly spend on CPC or CPM ads ROI 269% $983 Estimated monthly revenue from ad-driven leads Note: Analysis conducted for the month of Sept 2014. Advertisers include single location local businesses that purchased local search ads (ad spend does not include Enhanced Profile features). Estimated Revenue is (leads from ad clicks) x (average revenue per customer as estimated by the Boston Consulting Group, survey conducted Nov 2012). 23#24Reviews by Metro / Philadelphia (Cumulative) (thousands) 2006 scout 2007 2008 Philadelphia case study Content and traffic build 2009 2010 2011 2012 2013 Monetization begins 2014 Revenue ($ in thousands) 2015 $6,000 $4,000 $2,000 $0 24#2500 YELP Dashboard Messages Camp AMF 00000 3 reviews 3900 Old Idaho 1, Leadore, ID Reviews 48 Ad Clicks 4:21 PM Activity Sep 2016 207 User Views 11% Activity Yelp Ads Aug 2016 - Sep 2016 Yelp Ads is working for your business! Your ad spend of $312 has generated an estimated $841 of revenue to your business. 1873 Customer Leads 22 Ad Leads 77% Note: For Illustrative purposes only 272 $841 Est. Revenue > ------------ Business owner's tools Revenue estimate tool ... YELP 4:21 PM Revenue Estimate How much does the average customer spend in a single visit? How many times does the average new customer visit in a year? Typical in "Restaurants": 2-4 visits Explain What percentage of leads (calls, clicks, directions) become actual customers? Typical in "Restaurants": 30% -60% Explain Calculate $ 77% Activity feed 00 YELP Ar Camp AMF P Inbox 00000 3 reviews 3900 Old Idaho 1, Leadore, ID: Reviews O Photos 30 Day Activity 104 User Views 5% 31 Customer Leads Activity Feed 4:21 PM Activity 77% عداء من واليسا ماس با ما A man in his 30s from Walnut Creek, CA clicked on your website. Today, Sept. 29, 2016 at 12:57 PM via Yelp website (?) A Yelp user clicked on your website. Yesterday, Sept. 27, 2016 at 3:03 PM via Yelp website 25#26Wide breadth of business categories and diversified revenue 23% 10% 10% 12% 15% 30% Local advertising revenue Home & local services Restaurants 32% 22% 6% 9% 18% 13% Reviewed businesses Beauty & fitness Health ■Shopping Note: As of September 30, 2016; Includes some businesses that have only received reviews that have been removed or not recommended Other 26#27= countries with a Yelp presence As of September 30, 2016 Yelp's geographic footprint In more than 30 countries 27