This song starts off with a verse by Drake containing his typical lyrical topics such as his decade-long dominance in the rap game and references to his visits to strip clubs. Lil Baby takes on the rest of the song, rapping about his newfound lavish lifestyle. Asked about the unusual song structure, Lil Baby explained to Billboard: "[Drake] sent me the song with a verse on it. I guess I could've put the verse at the end of the song, but we just went in like that. I kept it how he sent it originally."
"Yes Indeed" is the first collaboration between the OVO leader and the Quality Control artist. Asked by Billboard in May 2018 how he ended up collaborating with Drake, Lil Baby explained: "We've been chopping it up for a while. [Drake] kept saying, 'I'm going to send you something.' He sent it and I sent my verse back. It happened in the last month or two."
Lil Baby premiered the song solo on April 6, 2018 at Atlanta's Empire Lounge. It was played for the first time in full just over a month later on OVO Sound Radio, under the title "Pikachu (No Keys)." Lil Baby recalled: "When [OVO] played it, people just ripped it from there. They just gave it the name 'Pikachu' and everyone was on using that as the title. We didn't even have a name for the track and then WorldStar grabbed it."
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