Growth and Profitability Strategy

Strong cash flow generation Highly cash-generative business model Free Cash Flow¹ ($ in millions) $137 $115 $167 2017 2018 2019 Net cash provided by operating activities for FY 2017 was $167.6 million. Net cash provided by operating activities for FY 2018 was $160.2 million. Net cash provided by operating activities for FY 2019 was $204.8 million. See Appendix for how we define Free cash flow, a reconciliation of Free cash flow to Net cash provided by (used in) operating activities, and information about the limitations of Free cash flow as an analytical tool About Yelp Market Opportunity Strategy Capital Allocation Governance Financial Results 30

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