Growth and Profitability Strategy

30-35% Adjusted EBITDA margin target Growth strategy designed to improve long-term structural economics Key drivers of long-term Adjusted EBITDA margin expansion: Growing in accretive channels: Multi-location & Self-serve Driving retention by delivering more value to advertisers Optimizing cost structure Generating Self-serve customer acquisition via marketing 21%¹ 30-35% 2019 Sales Mix Adjusted EBITDA Margin Local Retention Corporate Expense Savings B2B Marketing 2023E Adjusted EBITDA Margin ¹Net Income for FY 2019 was $41 million. Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Net revenue. See Appendix for how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to Net income (loss). About Yelp Market Opportunity Strategy Capital Allocation Governance Financial Results 21

View entire presentation