Yelp Investor Presentation Deck

Strategic initiatives drove Adjusted EBITDA margin expansion Key drivers of Adjusted EBITDA margin: Improved retention and growth in accretive channels: Multi-location & Self-serve Savings on office space and reduced reliance on the Bay Area for talent Infrastructure investments and growth in off-platform advertising Investments in Product Development and B2B marketing 19%¹ 2018 Sales Mix & Retention Remote Work Cost of Revenue Profitable Business Model Investment in Growth 23% 2022 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. Net income margin for FY 2018 was 6%. Net income margin for FY 2022 was 3%. 26

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