Yelp Results Presentation Deck

(as a percentage of revenue) Cost of Revenue Sales & Marketing Product Development G&A D&A Adj. EBITDA Margin Long-term target model 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% See slide 24 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool. XXXXXXX LT Targets 7%-8% 43%-44% 12%-14% 8%-11% ~4% 35%-40% 15

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