Yelp Investor Presentation Deck

Rationalized 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 6-9% 51-57% 16-23% 13-18% 5% 13-19% 2019-2020 6-7% 49-50% 23-27% 13-15% 5-6% Transformed Business Model 16-21% 2021 8% 44% 27% 13% 5% 24% 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 and was 4% in 2021. 26

View entire presentation