Yelp Inc.

> In the second quarter, we repurchased 2.0 million shares at an aggregate cost of $50 million.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We expect that the impact of our efforts to reduce SBC, coupled with continued share repurchases, will stack over time and benefit GAAP profitability in the years to come, particularly earnings per share, which was $0.57 on a diluted basis in the second quarter.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We plan to: 1) invest in future growth, 2) pursue strategic acquisitions through a combination of cash and financing, and 3) return more than 50% of our free cash flow6 to shareholders each year through share repurchases.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

To that end, in the second quarter, we repurchased $50 million worth of shares at an average purchase price of $24.92 per share, contributing to a 15% year-over-year reduction in weighted-average diluted shares outstanding.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We subsequently repurchased approximately $25 million worth of shares in the third quarter, bringing our total repurchases for the year to approximately $200 million.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

With $339 million remaining under our repurchase authorization as of July 31, 2026, we have now paused our program as we work to pay down our revolving credit facility.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We are seeing the benefits of our strategic initiatives take shape.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

Yelp Assistant drove early positive signs in engagement, Yelp Host scaled rapidly, and Hatch accelerated their product roadmap.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We are continuing to invest in our strategic initiatives to create shareholder value over the long term, even as consumers and local businesses navigate a challenging economic environment.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

Forward-Looking Statements This press release contains forward-looking statements relating to, among other things, Yelp s future performance, including its expected financial results for the full year 2026, its expectations regarding its AI transformation as well as its investments in and benefits from strategic initiatives, changes to its product offerings, the implications of trends in its key metrics and its ability to drive long-term profitable growth, that are based on its current expectations, forecasts and assumptions that involve risks and uncertainties.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

We are pleased by the progress of our initiatives and the meaningful signs of improvement that emerged across several key metrics.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

While headwinds for local businesses persist, I m confident we are building a stronger Yelp, transformed with AI, that is well-positioned to drive long-term profitable growth.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

2 Yelp has not reconciled its Adjusted EBITDA outlook to GAAP Net income (loss) because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income (expense), net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss).

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

Forward-Looking Statements This press release contains forward-looking statements relating to, among other things, Yelp s future performance, including its expected financial results for the full year 2026, its expectations regarding its AI transformation as well as its investments in and benefits from strategic initiatives, changes to its product offerings, the implications of trends in its key metrics and its ability to drive long-term profitable growth, that are based on its current expectations, forecasts and assumptions that involve risks and uncertainties.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

² Yelp has not reconciled its adjusted EBITDA outlook to net income (loss) under GAAP because it does not provide an outlook for GAAP net income (loss) due to the uncertainty and potential variability of other income (expense), net and provision for (benefit from) income taxes, which are reconciling items between adjusted EBITDA and GAAP net income (loss).

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

While we anticipate these economic headwinds will persist into the second half of the year, we are encouraged by recent operational trends on Yelp and remain confident that our strategic initiatives will continue to transform Yelp and position us to drive long-term profitable growth.

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026

$369M Adjusted EBITDA Outlook 2025 2026E $315M-$325M * Yelp has not reconciled its Adjusted EBITDA outlook to Net income (loss) under GAAP because it does not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other income (expense), net and Provision for (benefit from) income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss).

SEC original ↗Yelp Inc. — Earnings release (8-K exhibit)EX-99Aug 6, 2026