Yelp Inc. - Trusted Content and Sustainable Growth Strategy

Successful business transformation Transformed Business Model The strategic initiatives we began in 2019 have transformed Yelp's business model Product Ad Revenue by Category Ad Revenue by Channel Monetization Margin 2018 Growth driven by Local sales headcount 2021 Growth driven by product innovation AD PRODUCTS 22% 9% SERVICES LEADS ADJUSTED EBITDA MARGIN¹ -10 50% 50% <10% 19% SMB 66% 2018 27% 17% -25% 24% ~25 38% 62% SMB 53% RR&O SERVICES 2021 LOCAL SELF-SERVE MULTI-LOC PARTNER MONETIZED 1 See Appendix for how we define Adjusted EBITDA margin and a reconciliation of 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. FY 2018 Net income margin was 6%. FY 2021 Net income margin was 4%. 24

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