Transformed Business Model and Cost Structure

Large and growing market U.S. Local Advertising Spend ($ in billions) Digital Media '21-25E CAGR: 10% $73 $80 $89 $98 $105 $74 $81 $77 $83 $79 2021 2022E 2023E Digital Media Traditional Media 2024E 2025E Source: BIA Advisory Services, 2022 U.S. Local Advertising Forecast Broad-based Local Ad Platform 2021 U.S. Local Digital Advertising Spend by Category ($ in billions) $40 RR&O Multi-location Digital SMB Digital $33 Services Source: BIA Advisory Services, 2022 U.S. Local Advertising Forecast; Yelp internal data 13

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