Yelp Announces New $250 million Share Repurchase Authorization After Completing Prior $200 million Repurchase Program

SAN FRANCISCO–(BUSINESS WIRE)–Yelp Inc. (NYSE:YELP), the company that connects people with great local
businesses, today announced the authorization of a new share repurchase
program to acquire up to $250 million of its outstanding common stock.
This new authorization represents a 25% increase over the previous $200
million share repurchase program authorized in July 2017, which was
completed in November. The company may repurchase shares at management’s
discretion, with the amount and timing of any repurchases subject to
liquidity, cash flow and market conditions, among other factors.

The increased share repurchase authorization reflects our continued
confidence in Yelp’s financial strength and strategy,” said Jeremy
Stoppelman, founder and chief executive officer. “We are committed to
generating sustainable, profitable growth and driving shareholder value
for Yelp’s investors over the long term.”

About Yelp

Yelp Inc. (www.yelp.com)
connects people with great local businesses. With unmatched local
business information, photos and review content, Yelp provides a
platform for consumers to discover, interact and transact with local
businesses of all sizes. Yelp was founded in San Francisco in July 2004.

Forward-Looking Statements

This press release contains forward-looking statements relating to,
among other things, Yelp’s future performance and plans that are based
on its current expectations, forecasts and assumptions and that involve
risks and uncertainties. These statements include, but are not limited
to: statements regarding our strategy, including our ability to execute
such strategy to generate sustainable, profitable growth and drive
shareholder value over the long term; our financial strength; and the
implementation of the new share repurchase program and purchase of
shares thereunder.

Yelp’s actual results could differ materially from those predicted or
implied and reported results should not be considered as an indication
of future performance. Factors that could cause or contribute to such
differences include, but are not limited to, Yelp’s:

  • limited operating history in an evolving industry;
  • ability to generate sufficient revenue to maintain profitability,
    particularly in light of its significant ongoing sales and marketing
    expenses;
  • ability to generate and maintain sufficient high-quality content from
    its users;
  • ability to maintain and expand its base of advertisers, particularly
    as an increasing portion of advertisers have the ability to cancel
    their advertising plans at any time; and
  • ability to purchase shares under the share repurchase program, or the
    modification, suspension or termination of that program.

Factors that could cause or contribute to such differences also include
those factors that could affect Yelp’s business, operating results and
stock price included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in Yelp’s most recent Quarterly Report on Form 10-Q at www.yelp-ir.com
or the SEC’s website at www.sec.gov.

Undue reliance should not be placed on the forward-looking statements in
this release, which are based on information available to Yelp on the
date hereof. Such forward-looking statements do not include the
potential impact of any acquisitions or divestitures that may be
announced and/or completed after the date hereof. Yelp assumes no
obligation to update such statements.

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