Investor Presentaiton

Financial 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

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