Yelp Results Presentation Deck

(as a percentage of revenue) Cost of Revenue Sales & Marketing Product Development ‒‒‒‒‒‒‒‒‒‒‒‒ G&A D&A ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Adj. EBITDA Margin* Long-term target model FY2012 7.2% 62.5% 14.9% ‒‒‒‒‒‒‒‒ 22.9% 5.3% 3.3% FY2013 7.1% 56.6% 16.4% 18.4% 4.9% 12.6% Stock based comp included in each line item except for adjusted EBITDA FY2014 6.5% 53.3% 17.3% 15.4% 4.7% 18.8% FY2015 9.3% 54.9% 19.6% 14.7% 5.4% 12.6% FY2016 8.5% 53.7% 19.4% 13.7% 5.0% 16.8% LT Targets 7%-8% 43%-44% 12%-14% 8%-11% ~4% 35%-40% * Calculated as Adjusted EBITDA divided by Net revenue. See slide 21 for reconciliation to GAAP net income (loss) for the periods presented and for information about the limitations of adjusted EBITDA as an analytical tool. 18

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