Yelp Investor Presentation Deck

Successful business transformation The strategic initiatives we began in 2019 have transformed Yelp's business model Ad Revenue by Category Ad Revenue by Channel 2018 Growth driven by Local sales headcount 2021 Growth driven by product innovation Product AD PRODUCTS -10 ~25 50% 50% 38% 62% RR&O SERVICES SMB SMB LOCAL 22% 9% 66% 2018 27% 17% 53% 2021 SELF-SERVE PARTNER Transformed Business Model MULTI-LOC Monetization SERVICES LEADS <10% -25% MONETIZED Margin ADJUSTED EBITDA MARGIN¹ 19% 24% 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. FY 2018 Net income margin was 6%. FY 2021 Net income margin was 4%. 24

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