Transformed Business Model and Cost Structure

Broad-based Local Ad Platform Significant monetization opportunity Our strategy is designed to monetize more leads in high-value Services categories Yelp's large audience generates millions of leads every day In 2021, we monetized approximately 25% of those leads in Services¹ To drive greater monetization, we are focused on: Growing our large volume of consumer leads Matching consumers with the right service pros Retaining customers by delivering more high-quality leads ¹Services leads on Yelp include requests, calls, and URL clicks. Consumer Services Leads¹ -20% -15% <10% 2018 2019 2020 Monetized Services Leads -25% 2021 14

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