Yelp Investor Presentation Deck

Rationalized cost structure Leverage in sales & marketing enables investment in product development to drive growth Expenses as % of revenue¹ Cost of revenue Sales & marketing Product development G&A D&A Adjusted EBITDA Margin² 2013-2018 Growth driven by sales headcount 6-9% 51-57% 16-23% 13-18% 5% 13-19% 2019-2020 Covid and business transformation 6-7% 49-50% 23-27% 13-15% 5-6% Profitable Business Model 16-21% 2021-2022 Growth driven by product innovation 8-9% 43-44% 26-27% 13-14% 4-5% 23-24% Note: Percentage ranges reflect high and low values for each period, and do not necessarily correspond to the first and last year in date range. Calculated in accordance with GAAP, including stock-based compensation expense 2See Appendix for reconciliation of GAAP 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 (loss) margin ranged from (6%) -18% in 2013-2018, from (2%) -4% in 2019-2020 and from 3% -4% in 2021-2022. 28

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