Yelp saw strong revenue growth over recent years and quarters, with revenue increasing from $48M in 2010 to $138M in Q2'14. Adjusted EBITDA also increased over time and quarters from -$5M in Q1'12 to $15M in Q2'14, with adjusted EBITDA margins improving. Key metrics also grew substantially over this period, including the number of active local business accounts, cumulative reviews, and unique visitors. Younger business cohorts on Yelp showed increasingly higher average cumulative reviews and local advertising revenue. Mobile engagement also increased significantly, with around 40% of new reviews and millions of clicks for calls and directions coming from mobile.

1. $0
$50
$100
$150
$200
$250
2010 2011 2012 2013 Q2'13 Q2'14
Local Brand Other
Strong Revenue Growth
1
($M)
$48M
$83M
$233M
$55M
$89M
$138M

2. 2
-3%
0%
3%
6%
9%
12%
15%
18%
-$5
$0
$5
$10
$15
$20
Q
1
12
Q
2
12
Q
3
12
Q
4
12
Q
1
13
Q
2
13
Q
3
13
Q
4
13
Q
1
14
Q
2
14
Adj. EBITDA ($M) % Adj. EBITDA Margin
Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented
Adj.EBITDA($M)
Adj.EBITDAMargin%
Significant Operating Leverage

3. Compelling Metrics
3
Q2'13 Q2'14
Active Local Biz Accts1
Q2'13 Q2'146/30/13 6/30/14
61M
138M 80K
Cumulative Reviews Unique Visitors*
43M
108M
51K
44%
y/y
27%
y/y
55%
y/y
* Per Google Analytics, average number of monthly “users” over a given three-month period
1 Number of active local business accounts from which we recognized revenue in the period
Note: Cumulative number of reviews since inception, including reviews that have been removed or not recommended

4. Cohort Analysis – Local Revenue
U.S. Market Cohort
Number of
Yelp Markets (1)
Average
Cumulative
Reviews
As of June 30, 2014
(2)
Year-Over-Year
Growth in
Average
Cumulative
Reviews (3)
Average Local
Advertising
Revenue Q2 2014
(4)
Year-Over-Year
Growth in
Average Local
Advertising
Revenue (5)
2005 – 2006
Cohort
6 4,145 34% $5,493 71%
2007 – 2008
Cohort
14 889 35% $1,451 80%
2009 – 2010
Cohort
18 289 44% $377 122%
(1) A Yelp market is defined as a city or region in which we have hired a Community Manager.
(2) Average cumulative reviews is defined as the total cumulative reviews of the cohort as of
June 30, 2014 (in thousands) divided by the number of markets in the cohort.
(3) Year-over-year growth in average cumulative reviews compares the average cumulative
reviews as of June 30, 2014 with that of June 30, 2013.
(4) Average local advertising revenue is defined as the total local advertising
revenue from businesses in the cohort over the three-month period ended June
30, 2014 (in thousands) divided by the number of markets in the cohort.
(5) Year-over-year growth in average local advertising revenue compares the local
advertising revenue in the three-month period ended June 30, 2014 with that of
the same period in 2013.
4

5. High Engagement on Mobile
5
* Monthly average number of mobile unique visitors for the period indicated, calculated as number of “users” measured by Google Analytics accessing Yelp via mobile web plus
unique devices accessing the app, each on a monthly average basis
** Clicks to calls and directions from the app and mobile web. Metrics for the current quarter.
Q2'13 Q2'14
68M
Mobile Unique Visitors*
45M
~40% new
reviews from
mobile**
~37M clicks for
directions**~46M clicks
to calls**