Growth and Profitability Strategy

Long-term financial targets Revenue CAGR Expenses as % of revenue¹ 2013-2018 2019 Long-term target 32% 8% Mid-teens % Cost of revenue 6-9% Sales & marketing 51-57% 969 ~6% 49% 36-40% Product development 16-23% 23% 20-22% G&A 13-18% 13% 10-11% D&A -5% 5% -4% Adjusted EBITDA Margin² 13-19% 21% 30-35% 1Calculated in accordance with GAAP, including stock-based compensation expense 2See Appendix for reconciliation to GAAP Net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool About Yelp Market Opportunity Strategy Capital Allocation Governance Financial Results 22 22

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