Yelp Investor Presentation Deck

Increased 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

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