Yelp - earnings presentat

1. $0
$25
$50
$75
$100
$125
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14
Local Brand Other
Strong Revenue Growth
1
($M)
$46M
$55M
$61M
$71M
$76M
$89M
$102M
$110M

2. 2Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented
Adj.EBITDA($M) Significant Operating Leverage
$25M
$20M
$17M
$9M
$10M
$8M$8M
$3M

3. Compelling Metrics
3
Q4'13 Q4'14
Active Local Biz Accts1
12/31/13 12/31/14
71M
135M
94K
Cumulative Reviews Unique Visitors*
53M
120M
67K
35%
y/y
13%
y/y
39%
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 December
31, 2014 (2)
Year-Over-Year
Growth in
Average
Cumulative
Reviews (3)
Average Local
Advertising
Revenue Q4 2014
(4)
Year-Over-Year
Growth in
Average Local
Advertising
Revenue (5)
2005 – 2006
Cohort
6 4,728 31% $6,523 52%
2007 – 2008
Cohort
14 1,026 34% $1,802 63%
2009 – 2010
Cohort
18 344 43% $470 78%
(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
December 31, 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 December 31, 2014 with that of December 31, 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
December 31, 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 December 31, 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.
Q4'13 Q4'14
72M
Mobile Unique Visitors*
53M
~45% new
reviews from
mobile**
~34M clicks for
directions**~48M clicks
to call**
37%
y/y

6. GAAP vs. Non-GAAP EPS
6
($)
-$0.10
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
Q1'14 Q2'14 Q3'14 Q4'14
GAAP EPS Non-GAAP EPS
Note: See Appendix for reconciliation to GAAP Net Income (Loss) for the periods presented
$0.24
$0.20
$0.42
$0.17
$0.08
$0.05
$(0.04)
$0.04

7. Adjusted EBITDA Reconciliation
7
($M) Q1'13 Q2'13 Q3'13 Q4'13 2013 Q1'14 Q2'14 Q3'14 Q4'14 2014
Adjusted EBITDA Bridge
Net Income / (Loss) ($4.8) ($0.9) ($2.3) ($2.1) ($10.1) ($2.6) $2.7 $3.6 $32.7 $36.5
+ Tax & Other Expenses 0.2 0.3 0.5 0.2 1.2 (2.0) 0.4 0.9 (24.7) (25.4)
+ Depreciation & Amortization 2.5 2.6 2.8 3.5 11.5 3.7 4.0 4.6 5.3 17.6
+ Stock Based
Compensation*
4.6 5.7 7.0 8.8 26.1 9.5 10.1 10.9 11.8 42.3
+ Restructuring & Integration 0.7 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.0 0.0
Adjusted EBITDA $3.2 $7.8 $8.1 $10.4 $29.4 $8.5 $17.2 $20.1 $25.1 $70.9
* Stock-based compensation for the twelve months ended December 31, 2013 excludes approximately $0.6 million of stock-based compensation already included in
restructuring and integration costs.

8. Non-GAAP Net Income Reconciliation
8
($M) Q1’14 Q2'14 Q3'14 Q4'14 2014
Non-GAAP Net Income Reconciliation
Net Income / (Loss) ($2.6) $2.7 $3.6 $32.7 $36.5
+ Stock Based Compensation 9.5 10.1 10.9 11.8 42.3
+ Amortization of Intangible Assets 0.6 0.6 0.6 0.6 2.4
+ Valuation Allowance Release (2.0) 0.0 0.0 (26.2) (28.2)
Non-GAAP Net Income $5.5 $13.4 $15.1 $18.9 $53.0
GAAP diluted shares 71.2 77.1 77.3 77.2 76.7
Non-GAAP Net Income Per Share $0.08 $0.17 $0.20 $0.24 $0.69