#1Investor Presentation braze March 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 financial outlook and anticipated business results. 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 macroeconomic uncertainty, including from global and domestic disruptions, such as the instability among financial institutions, the COVID-19 pandemic, the ongoing conflict between Russia and Ukraine, and other general market, political, economic and business conditions, that could effect Braze's or its customers' businesses, financial condition and results of operations; (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 that will be filed with the SEC for the fiscal year ended January 31, 2023. 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 and charitable contribution expense. Prior to the first 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 employer taxes related to stock-based compensation or charitable contribution expense, because these amounts were immaterial 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 Unite 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#3venmo intuit 3 VSCO FOXNEXT chime GAP Delivery Hero ellation KFC® Glossier. Quizlet BRAD'S DEALS foodpanda HEARST sweetgreen Braze forges human connections between consumers and the brands they love through relevant and memorable experiences Glovo! BIRCHBOX. wine.com Viva aerobus overstock.com Canva trainline OLD NAVY SOULCYCLE Skyscanner deliveroo Dave SOUNDCLOUD Etsy American Cancer Society® Grindr zynga iHeart MEDIA yelp NASCAR MERCARI headspace HBO GRUBHUB The Guardian DRAFT KINGS braze#4With Braze, brands can continually imagine, create and evolve their customer engagement strategies to build stronger businesses braze#5= M Gmail + Compose ✔ Inbox ★ Starred O > Sent D Drafts Meet K A Snoozed New meeting My meetings New Hangouts Welcome new rewards members 5 54 91 + Pizza Hut Meets Every Individual Customer on Their Own Terms Q Search mail f 1 Thanks For Joining Hut Rewards > Inbox x Pizza Hut <No REPLY [email protected]> Unsubscribe to me - Pizza Hut Ⓒ THANKS FOR JOINING 12:15 PM (9 minutes ago) HUT REWARDS™ UNLIMITED POINTS TOWARD FREE PIZZA WITH EVERY DOLLAR YOU SPEND ONLINE Start Earning $1-2 Pizza x braze Hut braze 3 of 54 < ← I Celebrate milestones 12:49 Happy Birthday To You Inbox Pizza Hut to me 2:44 Pizza Hut We couldn't decide what to get you, so you'll have to pick out your birthday treat! We heard someone (that'd be you) is celebrating a special day this month. HAPPY BIRTHDAY! We hope your day, week, month and year are as awesome as you are. REDEEM YOUR GIFT This online-only payapang kators Carret all fer expires 430/2020 Offer not valid if copied, reproduced Ĵ Bring customers back for more Pizza PIZZA HUT Oh Look, It's Pizza Night! Give yourself a break and pick up or get a $9.99 Lg 3T4 delivered! Tap to order now. 9:41 now PIZZA-HUT Thanks for placing an order with Pizza Hut. Your order will be ready in 45 minutes. Type "1" when you arrive at the restaurant, and we will bring your pizza out to you! A Team member will be out with your order. all? Thanks! braze#6= M Gmail + Compose ♥ Inbox ★ Starred O Snoozed A Meet K a Sent Drafts New meeting My meetings New Hangouts. Bill 6 54 91 Welcome new customers a ← Search mail HBO Max Inspires New Users to Consume More Content ! Let's Get Streaming > Inbox x HBO Max <[email protected]> Unsubscribe to me ⠀ 12:15 PM (9 minutes ago) HBOmax braze НЕ HBоmax × braze 3 of 54 ☆ A the BIGBANG THEORY < > I HBO MAX Grow with your customers WONDER WOMAN HBO Max on the Big Screen Learn how to watch HBO Max on your TV for the most epic viewing experience yet. HBO MAX Rick A Mont FRIEND Sopranos Stream the TV Greats From cult favorites to the series that changed TV. Cue up FRIENDS, THE SOPRANOS, and more. Bring your customers back 12:49 < Don't Miss Out on the Next Hit Inbox H HBO Max 12:44 to me v HBOmax G Let's Keep Streaming Together You will lose access to HBO Max on October 13, 2020. Don't let all this epic entertainment end it's easy to keep streaming! Just sign in and choose Resume Your Subscription. RESUME SUBSCRIPTION HBO GOT CONFIDENTIAL braze#77 ||| = Introduce new feature E venmo debit Venmo Enhances the User's Experience with the Product Apply 2 Meet the new Venmo card. Use your Venmo balance everywhere Mastercard® is accepted in the U.S. venmo × braze Update on status Your Venmo card is on its way! Inbox V Venmo to me 17:19 View details venmo Congrats! Your Venmo card is on its way. venmo : Encourage usage ا... 8:47 Tuesday, 4 December V VENMO Use your Venmo card in the wild. All you have to do is activate it. now Share a subtle reminder 7:02 7 Hi, Shezeen @Shezeen-Ali. 636 friends $0.00 in Venmo Scan your QR code to activate your credit card Activate now Search Notifications Incomplete Purchases V Venmo Debit Card Settings ? Get help LTE Transfer balance V/ braze#8Scale Growth Stability Efficiency Braze by the Numbers as of Q4 FY'23 1,770 Customers 4.8B MAU 13T+ Data Points Processed in FY'23 -2.2T Messages Sent in FY'23 1,500+ Employees 40% Y/Y Revenue Growth 124% Dollar-Based NRR 96% Subscription Revenue ($39.0)M Non-GAAP FCF in FY'23 Unless otherwise noted, data as of January 31, 2023 or the three months ended, as applicable 8 See Glossary page for GAAP to non-GAAP Reconciliations and other key definitions 1. All periods represent quarters ended for fiscal year January 31. $400 $300 $200 $100 $0 Quarterly Revenue Run Rate¹ Q4 FY¹21 Q1 FY¹22 Q2FY¹22 Q3 FY¹22 Q4 FY'22 Q2 FY¹23 Represents quarterly GAAP revenue multiplied by 4 GAAD Q1FY'23 $395M Q3 FY¹23 Q4 FY¹23 braze#99 Experienced, stable leadership team with strong technical backgrounds Bill Magnuson CEO and Cofounder 2011 BRIDGEWATER Google Pankaj Malik CAO 2021 Ui hp Take Your Seat at the Table Isabelle Winkles Morgan Stanley CFO 2020 Cognizant Rod McLeod VP, Social Impact 2019 kık. Don't Ignore Smoke Myles Kleeger President and CCO 2014 salesforce Priyanka Singh Chief People Officer 2023 BRIDGEWATER Seek the Truth COMPASS Jon Hyman CTO and Cofounder 2011 Our Values: The foundation of everything. Kevin Wang Chief Product Officer 2012 accenture Shape the Future BRIDGEWATER Embrace Curiosity Astha Malik Chief Business Officer 2022 VTEX Susan Wiseman General Counsel 2016 zendesk salesforce For Be a Human braze#1010 3 Consumers Expect Real- Time, Personalized Brand Interactions Across Channels Key Trends in Our Favor xxy Öxx Customer Experience is the New Battleground for Business First-Party Data is Critical for Effective Customer Engagement orgo PP Customer Engagement Demands Cross-Functional Collaboration braze#1111 We Believe a Customer's Experience Should Revolve around the Customer, Not the Channel CHANNEL-CENTRIC 9 9 CUSTOMER-CENTRIC w X 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: DATA WAREHOUSE & VISUALIZATION snowflake looker DATA STORAGE Microsoft aws Azure Google Cloud CUSTOMER DATA MANAGEMENT segment mparticle PRODUCT ANALYTICS Amplitude mixpanel braze#1313 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#1414 Our Partner Ecosystem and Community Provide a Deep Competitive Moat accenture Deloitte. Digital + R/GA WUNDERMAN THOMPSON segment Amplitude snowflake shopify facebook 1. As of January 31, 2023 FULL-SERVICE CONSULTANTS MARKETING ENGINEERING CERTIFICATION IN-PROGRESS CHANNEL EXTENSIONS CHANNEL EXPANSION DATA WAREHOUSE CDP AD ATTRIBUTION BUSINESS INTELLIGENCE RETARGETING DEEP LINKING ETL Solutions Partners Cloud Service Partners braze Technology Partners Braze Customer Community Microsoft awS Azure Google Cloud braze Bonfire Launched Oct 2019 7,000+ Members¹ braze#15iHeart RADIO 2015 15 TRADITIONAL ENTERPRISES We Continue to Build Momentum as Brands of all Sizes and Types Place a Higher Value on Customer Engagement FREE NOW 1.800 Yflowers.... SOUNDCLOUD 2016 5257 DRAFT KINGS Delivery Hero 2017 Canva EMERGING DISRUPTORS Wys ata HBO venmo a BURGER KING 2018 Dave.com overstock Dizza gofundme 2019 theSkimm Etsy VSCO HBOmax intuit turbotax. 2020 Quizlet sweetgreen The Weather Company An IBM Business ID Prezi CVS PlentyofFish 2021 chime TACO BELL Money Super Market DQ SHAKE SHACK 2022 cleo Anyfin NRL 《 HUDSON'S BAY 2023 heycar braze#1616 Stakeholders +ty Oxx Size Marketers Growth Teams Product Managers Engineers Data Scientists SMB Scale Enterprise Strategic GTM Strategy Vectors Geography North America South America EMEA Asia-Pacific Japan I Verticals Retail & eCommerce Media & Entertainment Financial Services Travel & Hospitality On-Demand Channels ♫N Direct Sales Resellers Co-Sellers OEM GSIS Marketing Agencies braze#1717 RETAIL & E-COMMERCE Etsy ibotta MERCARİ Retail Me Not BRAD'S DEALS HEALTH & FITNESS Gympass ●PUREGYM P headspace roman EQUINOX Note: As of the quarter ended January 31, 2023 Diverse Customer Base that Cuts Across Industry Verticals and Company Sizes QUICK SERVE RESTAURANTS & ON-DEMAND deliveroo Glovo Rappi FANDUEL Grindr SOCIAL, MESSAGING & GAMING Delivery Hero F Papa Murphy's TAKEN BAKE PIZZA SHAKE zynga. SHACK gofundme Linktree* MEDIA & ENTERTAINMENT The. Guardian iHeart A AllTrails HEARST television monday.com VSCO PRODUCTIVITY & UTILITIES SOUNDCLOUD Quizlet Canva Prezi FINANCIAL SERVICES Dave.com Anyfin intuit turbotax. tiket com Money Super Market venmo TRAVEL & HOSPITALITY cleo Jack's flight club Viva ●●aerobus trainline AMAN RESORTS braze#1818 Growing International Footprint to Capitalize on our Global Opportunity NA Office EMEA Office APAC Office Certified Reseller SF ATX b MX TOR CHI اسان شمالی C NYC AMERICAS b) CL BR UK FRA DE EMEA KR JP APAC & JAPAN SG AUS braze#19CHANNEL BRANDS USE CASE REGIONS BIZ LINE 19 E-COMMERCE COMPANY GLOBAL ENTERTAINMENT COMPANY MOBILE PAYMENT COMPANY GLOBAL QSR COMPANY FOOD ON-DEMAND COMPANY Expansion Opportunities Across Multiple Vectors TRIGGERED EMAIL NEWS TRANSACTIONAL Jo AUSTRALIA CANADA P USA CONSUMERS A MOBILE PUSH TV USA DIRECT RESPONSE ADS LATAM I THEME PARKS SOUTH AFRICA PROMOTIONAL MEXICO & BRAZIL WEB PUSH 188d RESTAURANTS UK & FRANCE STREAMING BROADCAST EMAIL HONG KONG AUSTRALIA CONTENT CARDS H SPORTS USA DRIVERS LIFECYCLE UK IN-APP MESSAGES TRAVEL & LEISURE MEXICO GERMANY SMS Jo THAILAND braze#2020 $ Growth at Scale 40% Y/Y Revenue Growth $395M Quarterly Revenue Run Rate¹ Q4 FY'23 Key Financial Highlights Strong Large Customer Growth 46% 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 January 31, 2023 as applicable Proven Ability to Land and Expand 124% Dollar-Based NRR 126% Large Customer² Dollar-Based NRR Ⓒ Recurring and Visible Business Model 96% Subscription Revenue See Appendix for GAAP to non-GAAP Reconciliations and other key definitions Stable Margins While Investing for Growth 67% Gross Margin³ braze#2121 Appendix braze#2222 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#2323 Reconciliation of GAAP to Non-GAAP Gross Margin Three Months Ended January 31, Twelve Months Ended January 31, 2023 Gross Profit Plus: Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP Gross Profit GAAP Gross Margin GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS Non-GAAP Gross Margin 2023 $65,250 896 14 $66,160 66.1% 67.0% 2022 $45,659 1,654 64.8% $239,608 67.2% 3,616 71 $47,313 $243,295 $161,709 67.4% 2022 68.5% $159,524 2,185 67.0% 67.9% Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended January 31, 2023 Twelve Months Ended January 31, 2022 2023 GAAP sales and marketing expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation 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 compensation expense Acquisition related expense Non-GAAP general and administrative $52,792 $45,726 6,253 10,400 60 $46,479 $35,326 $26,754 $22,904 7,743 49 9,833 $18,962 $13,071 $22,224 $19,617 3,933 67 7,257 773 $17,451 $12,360 $201,684 $127,137 23,871 603 $177,210 110,8 28,897 353 2022 $97,293 $59,034 $68,043 16,281 15,833 319 4,260 773 $67,586 15,613 $88,771 $51,564 $43,421 13,101 $38,463 braze#2424 Reconciliation of GAAP to Non-GAAP Operating Loss Three Months Ended January 31, Twelve Months Ended January 31, Loss from operations Plus: GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Stock-based compensation expense Employer taxes related to stock-based compensation expense 1% Pledge charitable compensation expense Acquisition related expense Non-GAAP Operating loss 2023 ($36,520) ($42,588) 18,825 190 2022 773 29,144 2023 ($148,140) 72,217 1,346 4,260 773 ($16,732) ($13,444) ($69,544) 2022 ($78,211) 47,180 ($31,031) Reconciliation of GAAP to Non-GAAP Net Loss Three Months Ended January 31, Net loss attributable to Braze, Inc. Plus: Stock-based compensation expense Employer taxes related to stock- based compensation expense 1% Pledge charitable compensation expense Acquisition related 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 2023 ($33,451) 18,825 190 773 ($13,663) ($0.14) 94,966 2022 ($42,935) 29,144 ($0.18) 78,364 Twelve Months Ended January 31, 2023 1 Assumes no tax impact due to the Company's net loss position and deferred tax assets. ($138,966) 72,217 1,346 4,260 773 ($13,791) ($60,370) ($29,539) 2022 ($76,719) 94,569 47,180 ($0.64) ($0.85) 34,897 braze#2525 GAAP Cash Flows from Operations to Free Cash Flow DOLLARS IN THOUSANDS 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 Non-GAAP Free cash flow Three Months Ended January 31, 2023 $12 (1,381) (553) ($1,922) 2022 ($24,530) (1,200) (223) ($25,953) Twelve Months Ended January 31, 2023 ($22,308 ($35,398) (15,447) 2022 (1,258) (2,310) (2,065) ($39,013) ($39,773) braze#2626 GAAP to Non-GAAP Gross Margin Reconciliation Gross Profit Plus: Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP Gross Profit GAAP Gross Margin Non-GAAP Gross Margin FY'21 Q4 $27,651 245 $27,896 64.4% 65.0% DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS FY'22 Q1 FY'22 Q2 $32,070 190 $32,260 67.0% 67.4% $37,001 177 $37,178 66.4% 66.7% FY'22 Q3 FY'22 Q4 $44,794 164 $44,958 70.0% 70.3% $45,659 1,654 $47,313 64.8% 67.2% FY'23 Q1 $51,589 920 16 $52,525 66.6% 67.8% FY'23 Q2 $58,779 911 24 $59,714 68.2% 69.3% FY'23 Q3 $63,990 889 17 $64,896 68.7% 69.7% FY'23 Q4 $65,250 896 14 $66,160 66.1% 67.0% braze#2727 GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Net cash provided by/(used in) operating activities Less: Purchases of property and equipment Capitalized internal-use software costs Non-GAAP Free Cash Flow Non-GAAP Free Cash Flow Gross Margin FY'21 Q4 $20 ($3,807) (416) (212) FY'22 Q1 (1.4%) (298) (498) FY'22 Q2 FY'22 Q3 FY'22 Q4 (9.6%) ($4,607) (457) (674) ($2,454) ($24,530) (10.3%) (355) (670) ($608) ($4,603) ($5,738) ($3,479) ($25,953) (1,200) (5.4%) (223) (36.8%) FY'23 Q1 (1,960) $17,921 ($16,321) ($23,920) (306) $15,655 FY'23 Q2 20.2% (7,884) (477) FY'23 Q3 (28.7%) (4,222) 78 ($24,682) ($28,064) (30.1%) FY'23 Q4 $12 (1,381) (553) ($1,922) (1.9%) braze#28braze