Yelp Investor Presentation Deck

Strategic initiatives drove a record annual Adjusted EBITDA margin Key drivers of Adjusted EBITDA margin expansion: Growth in accretive channels: Multi-location & Self-serve Improved retention by delivering more value to advertisers Cost structure optimizations Investments in Product Development and B2B marketing 19%¹ 2018 Sales Mix Transformed Business Model Local Retention Corp Exp. Savings Investment in Growth 24%¹ 2021 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 2021 was 4%. 25

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