#1Investor Presentation braze October 2023#2Forward Looking Statements and Disclaimer Forward-Looking Statements This presentation contains, and statements made during this presentation contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's market opportunity, growth strategy, anticipated product development efforts and anticipated product performance. Words such as "anticipate," "believe," "could," "estimate," "expect," "goal," "hope," "intend," "may," might," "potential," "predict," "project," "shall," "should," "target," "will" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) unstable market and economic conditions may have serious adverse consequences on Braze's business, financial condition and share price; (2) Braze's recent rapid revenue growth may not be indicative of its future revenue growth; (3) Braze's history of operating losses; (4) Braze's limited operating history at its current scale; (5) Braze's ability to successfully manage its growth; (6) the accuracy of estimates of market opportunity and forecasts of market growth and the impact that global and domestic socioeconomic events on Braze's business; (7) Braze's ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (8) Braze's ability to attract new customers and renew existing customers; (9) the competitive markets in which Braze participates and the intense competition that it faces; (10) Braze's ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (11) Braze's reliance on third-party providers of cloud-based infrastructure. Further information on potential factors that could affect Braze's business and financial results is included in Braze's Annual Report on Form 10-K, filed with the SEC on March 31, 2023, Braze's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2023, filed with the SEC on September 8, 2023, and other subsequent reports filed with the SEC. The forward-looking statements included in this presentation represent Braze's views only as of the date of this presentation and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. Use of Non-GAAP Financial Measures This presentation contains the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, and non-GAAP free cash flow and non-GAAP free cash flow margin. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, acquisition related expense, amortization of intangible assets and restructuring expense. Prior to the fourth quarter of the fiscal year ended January 31, 2023, Braze did not adjust non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss or non-GAAP net loss for acquisition related expense, because there was not acquisition activity by Braze in prior periods. Additionally, prior to the second quarter of the fiscal year ended January 31, 2024, Braze did not adjust non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss or non-GAAP net loss for amortization of intangible assets, because there were no such amortizations in prior periods, or for restructuring expense, because such amounts were not material in prior periods. Braze defines non-GAAP free cash flow as net cash used in operating activities, minus purchases of property and equipment and minus capitalized internal use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze's management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided at the end of this presentation for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, and not to rely on any single financial measure to evaluate Braze's business. Customer Metrics and Market Data Unless otherwise noted, information in this presentation concerning Braze's industry, including industry statistics and forecasts, competitive position and the markets in which Braze operates is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third party sources, as well as data from Braze's internal research, and are based on assumptions made by Braze upon reviewing such data, and Braze's experience in, and knowledge of, such industry and markets, which it believes to be reasonable. Projections, forecasts, assumptions and estimates of the future performance of the industry in which Braze operates and Braze's future performance are necessarily subject to uncertainty and risk due to a variety of factors. Braze has not independently verified the accuracy or completeness of the information provided by independent industry and research organizations, other third parties or other publicly available information. Accordingly, Braze makes no representations as to the accuracy or completeness of that information nor does Braze undertake to update such information after the date of this presentation. Trademarks All third-party trademarks, including names, logos and brands, referenced by Braze in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of the products or services of us. 2 braze#33 With Braze, brands can continually imagine, create and evolve their customer engagement strategies to build stronger businesses braze#4SEPHORAX braze Sephora Southeast Asia leveraged Braze's data streaming capabilities to stand out in the saturated Malaysian market In Braze, they built a customer HTML in-app message themed as an "Ang Pao" gesture of good fortune during Lunar New Year Via API triggers, Sephora users received the Ang Pao message revealing a gift The campaign achieved a 132% increase in purchases for participants versus non-participants 4 Sephora Uses In-App Message Gamification to Increase Purchases FREE You won a Ridikyoush Hiw's your youtheroas CNIMOSIOS Ver for D 1114 # OPEN YOUR DAILY ANGPAO TAP NOW Tap for your chance to win a Dysen Fairdryer, Sephora vouchers and more! SEPHORA from Ulbon Disco CONGRATS. YOU WON! 10 Points 10 points will be credited to your account in the next 5 days SHOP NOW and gi Shop SEPHORA BESTIAL CONGRATS. the GRAND PRIZE! Congratit A prize notification will be sent to your Sephora App inbox shortly CLAIM PRIZE Please allow 15 minutes for the price detabe delivered to your inb NEW ARRIVALE EVOND SEAL braze#5Endowus x braze Digital Wealth platform Endowus personalized messaging cross channel, efficiently building trust with customers Using Braze Canvas, Endowus tested and experimented with different channels and audience segments based on first-party data Automated journeys using action and time-based triggers and frequency capping, delivering a more personalized experience Realized a 30% increase in email open rate and a significant decrease in time spent to create and execute campaigns 5 Endowus Transforms the Investing Experience with Cross-Channel Customer Journeys From: Endowus Refer a Friend Inbox X Endowus Sharing is caring Invite friends and loved ones to invest better. Hi (($(first_name) | default: there)), For every friend you invite who invests with Endowus, both of you will enjoy a $20 reward. There is no limit to the number of friends you can invite. Some clients have accumulated over $1,000 in rewards! START REFERRING TODAY Endowus Webinars UPCOMING WEBINAR Q2 2022 Market Insights and Performance Review Endowus Endowus Q2 2022: Market Insights and Performance Review Wednesday, 27 July 2022 PM Markets have been roiled by heightened uncertainty this year, with sharp declines in the first six months of 2022. Learn why investors have been stung by market volatility, what you should do with your current portfolios, and what's expected in the second half of 2022 Our Chairman and Chief Investment Officer, Samuel Rhee, and Min Axthelm, Director of Investment Research, Endowus, will be covering . How the Fed's aggressive rate hikes have impacted the markets; . The risk of recession in these uncertain times; How the various Endowus portfolios performed in Q2 2022. Live Virtual Webinar Wednesday, 27 July 2022 7pm SGT FOR THE WEBINAR HERE Studio Replay Ask your CIO: Introducing Singapore's Lowest Cost Passive Index Funds braze#6Rappi x braze Rappi built targeted and personalized push notifications, in-app messages, and email But needed a more effective out-of-product channel to motivate lapsed users to return to the app 6 Leveraging Braze and WhatsApp, Rappi drove an 80% uplift in users making purchases compared to the control group Rappi Reactivates Users and Increases Purchases with WhatsApp 1 You Leave Review DRAFT Messages We're glad to hear it.. All users who entered this step advance to the next step + Survey DRAF Messages HeyllSifirst_namell All users who entered this step advance to the next step Yes/No DRAFT Window: 1 day E Ranking: Off Advance: Immediately 1 Yes 2 No 3 Everyone Else 2 No ✿ Apologies DRAFT O Messages Oh no! We're sorry y... I. All users who entered this step advance to the next step 4 Every The aud exit the 12:00 3 Rappi HASTA 50% OFF PARA QUE SAQUES ESA HAMBURGUESA DE TU CABEZA + 04 Hoy no cocinas Porque to regalamos hasta 50% OFF para que pidas lo que quieras gastando menoooos Descubre las mejores ofertas aquí https://rappi.app.link/MX_VFD 12.00 AM O braze#77 $460M QUARTERLY REVENUE RUN RATE¹ 1,958 CUSTOMERS IN 72 COUNTRIES Braze at a Glance 34% Y/Y REVENUE GROWTH 120% DOLLAR-BASED NET RETENTION RATE Unless otherwise noted, data is as of July 31, 2023 or the three months ended, as applicable 1. Represents quarterly GAAP revenue multiplied by 4 95% SUBSCRIPTION REVENUE 5.5B MONTHLY ACTIVE USERS $32M GAAP NET LOSS ~2.2T MESSAGES SENT IN FISCAL 2023#88 O Experienced, tenured leadership team with strong technical backgrounds Bill Magnuson CEO and Cofounder 2011 Rod McLeod VP, Social Impact 2019 Take Your Seat at the Table Isabelle Winkles Chief Financial Officer 2020 Priyanka Singh Chief People Officer 2023 Don't Ignore Smoke Myles Kleeger President and Chief Commercial Officer 2014 Kevin Wang Chief Product Officer 2012 Seek the Truth Jon Hyman Chief Technology Officer and Cofounder 2011 Our Values: The foundation of everything. Shape the Future Brian Wheeler SVP, Engineering 2013 7 Embrace Curiosity Astha Malik Chief Business Officer 2022 Susan Wiseman General Counsel 2016 Be a Human braze#99 G Consumers Expect Real-Time, Personalized Brand Interactions Across Channels Key Trends in Our Favor xxg Ox O..X Customer Experience is the New Battleground for Business First-Party Data is Critical for Effective Customer Engagement orgio PP Customer Engagement Demands Cross-Functional Collaboration OS AI/ML Drives Efficiency, Better Testing, and More Experimentation in Customer Engagement braze#1010 P P We Believe a Customer's Experience Should Revolve around the Customer, Not the Channel 9 P P CHANNEL-CENTRIC P 9 P 199 CUSTOMER-CENTRIC X#1111 Existing Solutions Do Not Meet Consumer Expectations and Needs LEGACY MARKETING CLOUDS POINT SOLUTIONS ● Initially Architected as Single-Channel Point Solutions Lack of Comprehensiveness Limited Interoperability High Latency Time-Consuming and Difficult to Implement and Use Not Enterprise-Grade braze#1212 The Braze Platform The Braze Platform's five functional layers create an interactive feedback loop that allows us to: LISTEN UNDERSTAND ACT INTERACTIVE FEEDBACK LOOP Data Ingestion Classification Orchestration Personalization Action APIS AND BRAZE CURRENTS ENABLE INTEGRATIONS WITH PARTNERS INCLUDING: 36 DATA CLOUDS snowflake databricks DATA STORAGE Microsoft awS Azure Google Cloud DATA MANAGEMENT segment TREASURE DATA ANALYTICS A Amplitude Contentsquare braze#13BRAZE MILESTONES BRAZE SOLUTIONS 13 Proven Al Track Record with Product Momentum 2015 First Al feature introduced Intelligent Timing 2017 - 2018 Built a team of data engineers and scientists to build ML Increased AI/ML functionality in Braze 2020 Predictive Suite Launched Predictive Churn Predictive Events 2022 Generative Al introduced Chat GPT 3 integration March '22 (Al Copywriting Assistant) Dall-E integration December '22 Personalized Variant 2023 AI/ML throughout the workflow Sage Al Launch June ¹23 Winning Path Al Content QA Al Report Generator Al Data Transformations 2024 & Beyond: Continued Al Innovation and new offerings Al Recommendations Personalized Path Al Enhanced Journeys Al Segmentation A/B Test Prediction braze#14Sage Al Drives Stronger Customer Engagement Outcomes Native cross-channel interactions power more comprehensive inputs into Al decisioning while unlocking a wider range of personalized engagement on all relevant touchpoints. 14 to للمنا للسكنا Cross-Channel Touchpoints DI கெபது COMPREHENSIVE DATA INPUTS CROSS-CHANNEL PERSONALIZATION 63 Cr SAGE AI BY BRAZE Real-time processing of customer behavior data, user preferences, and the latest attribute updates enable Sage Al by Braze to make better, faster decisions. a lo Real-Time Execution Data 오오오 In-the-Moment Action & Analytics $$$ Results Flexible Experimentation Easily accessible A/B testing tools open up more opportunities for Al optimization and personalization at every step of the customer journey. B 9 9 15% OFF braze#152015 FREE NOW 15 TRADITIONAL ENTERPRISES We Continue to Build Momentum as Brands of all Sizes and Types Place a Higher Value on Customer Engagement iHeart RADIO " SOUNDCLOUD 1-800 flowers.com 2016 Delivery Hero 125/207 DRAFT KINGS EMERGING DISRUPTORS Canva 2017 venmo a. P BURGER KING 2018 Dave.com BED BATH& BEYOND overstock 2019 theSkimm gofundme Etsy max O VSCO sweetgreen intuit turbotax. 2020 Quizlet ID Prezi CVS 2021 PlentyofFish TACO BELL chime DQ Money Market SHAKE SHACK 2022 cleo HUDSON'S BAY Anyfin 2023 NRL heycar Jack in the box BOMBAS miro braze#1616 Stakeholders xxy Oxx Size Marketers Growth Teams Product Managers Engineers Data Scientists SMB Scale Enterprise Strategic GTM Strategy Vectors North America South America EMEA Asia-Pacific Japan Geography Verticals Retail & eCommerce Media & Entertainment Financial Services Travel & Hospitality On-Demand A Channels G A Direct Sales Resellers Co-Sellers OEM GSIS Marketing Agencies Product Led Growth braze#1717 RETAIL & E-COMMERCE Etsy ibotta MERCARİ Retail Me Not BRADS GAP DEALS HEALTH & FITNESS Gympass ●PUREGYM P headspace roman EQUINOX Note: As of the quarter ended July 31, 2023 Diverse Customer Base that Cuts Across Industry Verticals and Company Sizes QUICK SERVE RESTAURANTS & ON-DEMAND deliveroo DQ Rappi FANDUEL Grindr Delivery Hero SOCIAL, MESSAGING & GAMING BURGER KING zynga. SHAKE SHACK gofundme DRAFT KINGS MEDIA & ENTERTAINMENT The Guardian iHeart RADIO VSCO AllTrails monday.com HEARST television PRODUCTIVITY & UTILITIES Quizlet SOUNDCLOUD VIACOMCBS Canva Prezi ★ Course Hero FINANCIAL SERVICES Dave. Anyfin intuit com turbotax. tiket com Money Super Market TRAVEL & HOSPITALITY trainline Viva aerobus venmo KICK STARTER Jack's flight club AMAN RESORTS yelpx braze#18Growing International Footprint to Capitalize on our Global Opportunity (b) 18 NA Office EMEA Office APAC Office Certified Reseller SF ATX MX TOR CHI C AMERICAS 9 NYC b) CL BR UK FRA DE EMEA KR APAC & JAPAN JK SG JP AUS /1 braze#19CHANNEL BRANDS USE CASE REGION BIZ LINE 19 E-COMMERCE COMPANY GLOBAL ENTERTAINMENT COMPANY MOBILE PAYMENT COMPANY GLOBAL QSR COMPANY Expansion Opportunities Across Multiple Vectors 5 DIRECT RESPONSE ADS FOOD ON-DEMAND COMPANY TRIGGER EMAIL NEWS TRANSACTIONAL AUSTRALIA CANADA MOBILE PUSH USA CONSUMERS TV USA LATAM WEB PUSH THEME PARKS PROMOTIONAL SOUTH MEXICO & AFRICA BRAZIL RESTAURANTS BROADCAST EMAIL STREAMING 1964: CONTENT CARDS H UK & FRANCE HONG KONG AUSTRALIA SPORTS USA DRIVERS IN-APP MESSAGES LIFECYCLE UK TRAVEL & LEISURE MEXICO SMS GERMANY امی WHATSAPP THAILAND braze#2020 Our Partner Ecosystem and Community Provide a Deep Competitive Moat accenture Deloitte. Digital PUBLICIS GROUPE Stitch Ⓒ A Amplitude snowflake shopify facebook GLOBAL SYSTEMS INTEGRATORS ADVERTISING / MARKETING HOLDING COMPANIES REGIONAL / BOUTIQUE AGENCIES CHANNEL EXTENSIONS COMMERCE PLATFORM DATA WAREHOUSE CDP AD ATTRIBUTION BUSINESS INTELLIGENCE RETARGETING DEEP LINKING ETL Solutions Partners Technology Partners braze Cloud Partners Braze Customer Community Microsoft awS Azure Google Cloud braze Bonfire Launched 2019 braze learning Launched 2020 braze#2121 $ Growth at Scale 34% Y/Y Revenue Growth $460M Quarterly Revenue Run Rate¹ Q2 FY'24 Key Financial Highlights Strong Large Customer Growth 24% Y/Y Growth in Large Customers² 1. Represents quarterly GAAP revenue multiplied by 4 2. Customers with $500K+ ARR 3. Non-GAAP Metric Note: All metrics represent figures as of or for the three months ended July 31, 2023 as applicable Proven Ability to Land and Expand 120% Dollar-Based NRR 123% Large Customer² Dollar-Based NRR Recurring and Visible Business Model 95% Subscription Revenue See Appendix for GAAP to non-GAAP Reconciliations and other key definitions Stable Margins While Investing for Growth 70% Gross Margin³ braze#2222 Customer Contract Components & Revenue Recognition Model Messaging Volume-based purchases for channels such as Email, SMS, WhatsApp and Content Cards Monthly Active User Note: As of the quarter ended July 31, 2023 Monthly number of end users interacting with the brand's website or app Platform The Braze Platform including Canvas, mobile and web push and in-app notifications, customer success & support entitlements 5 Add-ons Premium features such as Al-driven predictive analytics & data management Professional Services - Subscription fees are are principally based on upfront commitments for messaging volumes, monthly active users, platform access, support, and add-on solutions - Majority of contracts are billed annually upfront, with revenue recognized ratably over the life of the contract - Contracts cannot be cancelled or downsized during the contract term; contracts may upsized or renewed prior to the end - Dollar weighted contract length of approximately two years across Braze's customer base - Overages typically represent less than 1% of revenue the term Onboarding and other premium recurring services braze#2323 Appendix braze#2424 Operating Metrics - Definitions Number of Customers: We define a customer as the separate and distinct, ultimate parent-level entity that has an active subscription with us to use our products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Dollar-based Net Retention Rate: We calculate our dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). We then calculate the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. We then calculate the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Annual Recurring Revenue (ARR): We define ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which we are negotiating a renewal). Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. braze#2525 Gross Profit Plus: Reconciliation of GAAP to Non-GAAP Gross Margin Six Months Ended July 31, Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP Gross Profit GAAP Gross Margin Non-GAAP Gross Margin Three Months Ended July 31, 2023 $79,633 901 30 $80,564 GAAP to Non-GAAP Reconciliation 69.2% 70.0% 2022 $58,779 911 24 $59,714 68.2% 69.3% 2023 $148,726 1,790 52 $150,568 68.6% 69.4% DOLLARS IN THOUSANDS 2022 $110,368 1,831 40 $112,239 67.5% 68.6% Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended July 31, 2023 GAAP sales and marketing expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense Restructuring expense Non-GAAP sales and marketing GAAP research and development expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP research and development GAAP general and administrative expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense 1% Pledge charitable contribution expense Acquisition related expense Amortization of intangibles expense Restructuring expense Non-GAAP general and administrative $60,417 $50,007 7,807 247 541 $51,822 9,929 266 $18,937 $29,132 $23,336 $25,453 6,139 2022 65 964 678 148 103 $17,356 5,439 220 $44,348 6,921 124 $16,291 $20,543 3,842 164 Six Months Ended July 31, 2023 $117,679 15,655 364 541 $58,877 19,772 $101,119 $84,558 522 $38,583 $49,436 11,705 2022 155 $96,051 11,106 387 $44,956 13,094 251 $31,611 $44,117 8,053 229 964 1,946 148 103 $16,537 $34,415 $31,575 4,260 braze#2626 Loss from operations Plus: Reconciliation of GAAP to Non-GAAP Operating Loss Six Months Ended July 31, Stock-based compensation expense Employer taxes related to stock-based compensation expense 1% Pledge charitable contribution expense Acquisition related expense Amortization of intangibles expense Restructuring expense Non-GAAP Operating loss GAAP operating margin Non-GAAP operating margin Three Months Ended July 31, 2023 ($35,369) 24,776 608 964 678 148 644 GAAP to Non-GAAP Reconciliation (30.7%) (6.6%) 2022 ($35,107) 17,113 ($7,551) ($17,462) 532 (40.8%) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS (20.3%) 2023 ($77,266) 48,922 1,093 964 1,946 148 644 ($23,549) (35.6%) (10.9%) 2022 ($74,756) 34,084 907 4,260 ($35,505) (45.7%) (21.7%) Reconciliation of GAAP to Non-GAAP Net Loss Net loss attributable to Braze, Inc. Plus: Stock-based compensation expense Employer taxes related to stock-based compensation expense 1% Pledge charitable contribution expense Acquisition related expense Amortization of intangibles expense Restructuring expense Non-GAAP net loss attributable to Braze, Inc.¹ Non-GAAP net loss per share attributable to Braze, Inc. common stockholders, basic and diluted Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted Three Months Ended July 31, 2023 ($31,694) 24,776 608 964 678 148 644 ($3,876) ($0.04) 97,180 2022 ($32,886) 17,113 532 ($15,241) ($0.16) 94,103 1 Assumes no tax impact due to the Company's net loss position and deferred tax assets. Six Months Ended July 31, 2023 ($70,148) 48,922 1,093 964 1,946 148 644 ($0.17) 2022 97,023 ($72,155) 34,084 907 ($16,431) ($32,904) 4,260 ($0.35) 93,668 braze#2727 GAAP Cash Flows from Operations to Free Cash Flow Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Net cash provided by/ (used in) operating activities Less: Purchases of property and equipment Capitalized internal-use software costs DOLLARS IN THOUSANDS Non-GAAP Free cash flow Three Months Ended July 31, 2023 ($17,517) (387) (788) ($18,692) 2022 ($16,321) (7,884) (477) ($24,682) Six Months Ended July 31, 2023 $5,032 (427) (1,640) $2,965 2022 $1,600 (9,844) (783) ($9,027) braze#28braze