Braze : Latest Presentation

Investor Presentation

June 2024

Forward 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 for the second quarter and full fiscal year ended January 31, 2025. 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;

1. 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 April 1, 2024, and Braze's Quarterly Report on Form 10-Q that will be filed with the SEC for the fiscal quarter ended April 30, 2024.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 and margin, 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 margin 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, contingent consideration adjustments, 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 and margin 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 and margin 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. Further, prior to the fourth 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 and margin or non-GAAP net loss for contingent consideration adjustments, because there were no such adjustments in prior periods. Braze defines non-GAAP free cash flow as net cash provided by/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-titlednon-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. Braze has not reconciled its guidance as to non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss or non-GAAP net loss per share to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze's stock price. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Braze's results calculated in accordance with GAAP.

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.

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With Braze, brands can

continually imagine, create and evolve their customer engagement strategies to build stronger businesses

Sephora Uses In-App Message

Gamification to Increase Purchases

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

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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

Endowus Transforms the Investing Experience with Cross-Channel Customer Journeys

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Rappi Reactivates Users and

Increases Purchases with WhatsApp

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

Leveraging Braze and WhatsApp, Rappi drove an 80% uplift in users making purchases compared to the control group

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Braze at a Glance

$542M	33%	96%	$36M
QUARTERLY REVENUE RUN	Y/Y REVENUE	SUBSCRIPTION	GAAP
RATE1	GROWTH	REVENUE	NET LOSS

2,102	117%	6.5B	2.6T+
CUSTOMERS IN OVER	DOLLAR-BASED NET	MONTHLY ACTIVE	MESSAGING AND OTHER
75 COUNTRIES	RETENTION RATE	USERS	CANVAS ACTIONS IN
			CALENDAR YEAR 2023

Unless otherwise noted, data is as of April 30, 2024 or the three months ended, as applicable 1. Represents quarterly GAAP revenue multiplied by 4

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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	Myles Kleeger	Jon Hyman	Astha Malik
Chief Financial	President and Chief	Chief Technology Officer	Chief Business
Officer 2020	Commercial Officer 2014	and Cofounder 2011	Officer 2022

Priyanka Singh	Kevin Wang	Brian Wheeler	Susan Wiseman
Chief People Officer	Chief Product Officer	SVP, Engineering	General Counsel
2023	2012	2013	2016

Our Values: The foundation of everything.

Don't Ignore	Seek	Shape	Embrace	Be a
Smoke	the Truth	the Future	Curiosity	Human

Key Trends in Our Favor

Consumers Expect	Customer	First-Party Data is	Customer	AI/ML Drives
Real-Time, Personalized	Experience is the	Critical for	Engagement	Efficiency, Better
Brand Interactions	New Battleground	Effective Customer	Demands	Testing, and More
Across Channels	for Business	Engagement	Cross-Functional	Experimentation in
			Collaboration	Customer Engagement

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We Believe a Customer's Experience Should Revolve around the Customer, Not the Channel

CHANNEL-CENTRIC

CUSTOMER-CENTRIC

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