#1fastly Welcome Vernon Essi VP, Investor Relations fastly. Investor Day 2023#2Safe Harbor and Other Information This investor presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Fastly's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "continue," "would," or the negative of these words or other similar terms or expressions that concern Fastly's expectations, goals, strategy, priorities, plans, projections, or intentions. Forward-looking statements in this investor presentation include, but are not limited to, statements regarding Fastly's future financial and operating performance, including its outlook and guidance; and Fastly's strategies, product and business plans. Fastly's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that: Fastly is unable to attract and retain customers; Fastly's existing customers and partners do not maintain or increase usage of Fastly's platform; Fastly's platform and product features do not meet expectations, including due to defects, interruptions, security breaches, delays in performance or other similar problems; Fastly is unable to adapt to meet evolving market and customer demands and rapid technological change; Fastly is unable to comply with modified or new industry standards, laws and regulations; Fastly is unable to generate sufficient revenues to achieve or sustain profitability; Fastly's limited operating history makes it difficult to evaluate its prospects and future operating results; Fastly is unable to effectively manage its growth; and Fastly is unable to compete effectively. The forward-looking statements contained in this investor presentation are also subject to other risks and uncertainties, including those more fully described in Fastly's Annual Report on Form 10-K for the year ended December 31, 2022, and Fastly's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other filings and reports that we may file from time to time with the SEC. The forward-looking statements in this investor presentation are based on information available to Fastly as of the date hereof, and Fastly disclaims any obligation to update any forward-looking statements, except as required by law. This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. While we believe the industry and market data included in this presentation are reliable and are based on reasonable assumptions, these data involve many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. This presentation also includes certain non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Please see the Appendix for definitions and reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. fastly Investor Day | 2023#3fastly Agenda → CEO Open Todd Nightingale, Chief Executive Officer → A Differentiated Architecture Artur Bergman, Chief Architect and Founder Durable Innovation Engine Lakshmi Sharma, Chief Product and Chief Strategy Officer Laura Thomson, SVP Engineering → Q&A → Go-to-Market Brett Shirk, Chief Revenue Officer Kim Ogletree, Chief Customer Officer Scaling Operations Nick Rockwell, EVP Strategy and Operations Drivers to Our Financial Model Ron Kisling, Chief Financial Officer Closing Comments, Q&A Todd Nightingale, Chief Executive Officer; Team#4fastly CEO Open Todd Nightingale Chief Executive Officer fastly. Investor Day 2023#5fastly Making the internet a better place where all experiences are fast, safe, and engaging. Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#6Long Term Goal Ⓒ2023 Fastly, Inc. | Confidential User Experience afe Edge Cloud Market Leadership fastly Investor Day | 2023#7fastly#8Edge Cloud Positioning 1 I I I Central Cloud aws Azure Ⓒ2023 Fastly, Inc. | Confidential Google Cloud Private Cloud fastly I (8:3 Do !!! 58 Dol fastly Investor Day | 2023#9Fastly's Global Network Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#10Lightning-Fast Time to First Paint (TTFP) 0.0s 1: Fastly Test Run Details Fastly is the fastest CDN to start displaying content to the end-user for this e-commerce site 0% 2: CDN 2 Test Run Details 0% 3: CDN 3 Test Run Details 0% - Source: Catchpoint, December 13, 2022 0.1s Ⓒ2023 Fastly, Inc. | Confidential 0% 0% 0% 0.2s 16% 0% 0% 0.3s 82% 0% 0.4s 0% 82% 0% Half a second into the browsing, the page served by Fastly is 83% visually loaded while competition is showing only 11% and 29% of page 0% 0.5s 83% 29% 11% fastly Investor Day | 2023#11Platform Efficiency 75,000 65,000 55,000 45,000 35,000 25,000 15,000 -2022 Max Daily Gbps -2023 Max Daily Gbps -2022 Daily Avg Gbps -2023 Daily Avg Gbps www AMA 01-Jan 06-Jan 11-Jan 16-Jan 21-Jan 26-Jan 31-Jan 05-Feb 10-Feb 15-Feb 20-Feb 25-Feb 02-Mar 07-Mar 12-Mar 17-Mar 22-Mar 27-Mar - Internal Fastly operational data Mor Ⓒ2023 Fastly, Inc. | Confidential Peak bandwidth increased 46% during the Super Bowl in 2023 compared to 2022 Average bandwidth increased 29% in Q1 2023 compared to Q1 2022 fastly Investor Day | 2023#12Fastly's Edge Cloud Solution Ⓒ2023 Fastly, Inc. | Confidential Core Network Services Fully configurable via APIs Growth Security Compute Developer Experience Programmable Edge Platform Real-time visibility Incubation Observability Future Modules Scale globally fastly Investor Day | 2023#13Our Opportunity is Big and Growing Our TAM: The critical infrastructure and software that powers modern digital experiences $25B $1.6B $2.0B $4.4B $10B $7.1B $33B $2.1B $3.4B $6.1B $13.1B $8.3B 2025 15% CAGR 15% CAGR 30% CAGR 18% CAGR Application Networking 15% CAGR CDN 8% CAGR Observability Edge Observability portion of $22B Observability TAM Compute Edge Compute portion of $235B laaS TAM Security Application Security portion of $228B Enterprise Security TAM Network Services Edge Cloud portion of $89B Enterprise Networking TAM 2023 - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#14Competitive Landscape: Content Delivery Latency (ms) 100 150 200 250 300 5,000 Edge Cloud Platform Hyperscale Cloud Platform Point Solution Ⓒ2023 Fastly, Inc. | Confidential Imperva 1.15% Google Cloud 2 0.69% 7,000 9,000 AWS CloudFront 0.88% Cloudflare 2 0.70% 11,000 13,000 100 KB Throughput (kbps) Edgio ¹ 1.03% Azure 1.15% 15,000 Cedexis benchmarking data for the United States, dated May 25, 2023. - Error rate is expressed in percentages; a lower score indicates higher delivery accuracy. - Latency measures Dynamic Object Delivery or the time to serve an uncacheable 40KB object from regional origin servers; 100KB throughput is unfeatured bandwidth performance. ¹ Edgio's latency, throughput and error correction data is the average of both Edgecast and Limelight's benchmarking results. 2 Google Cloud and Cloudflare do not have dynamic object delivery latency benchmarking results with Cedexis. Fastly 0.73% 17,000 Akamai 0.98% 19,000 fastly Investor Day | 2023#15Fastly Security Empowering future of application security at the edge Gartner Peer Insights Customers' Choice 2023 1 As of March 2023 The only Customers' Choice Leader 5 years in a row TM Ⓒ2023 Fastly, Inc. | Confidential Traditional Approach Point products Disjointed product experience Unprotected in monitoring mode Constant tuning & break fix Error-prone regular expressions Fastly's Solution Edge Cloud Network Scale & Learning Exchange Unified Platform Experience Trusted with 88% customers in Blocking Mode¹ Secure by design with "Tune-free" Signals High Accuracy SmartParse Semantic Processing fastly Investor Day | 2023#16Transformation Principles One Fastly Ⓒ2023 Fastly, Inc. | Confidential Simplify Everything Build to Scale fastly Investor Day | 2023#17Functional Groups Drive Productivity Go-to-Market Sales Marketing Customer Success Ⓒ2023 Fastly, Inc. | Confidential One Fastly Products & Services Product Engineering Client Services Operations People Finance & Legal IT & Business Systems fastly Investor Day | 2023#18Fastly is the Premiere Edge Cloud Investment Ⓒ2023 Fastly, Inc. | Confidential User Experience is our North Star Highly Performant, Differentiated Architecture Right Solution, Right Time Software Defined Platform, Efficient Growth Model Leverages Growth, Shareholder Returns fastly Investor Day | 2023#19fastly Making the internet a better place where all experiences are fast, safe, and engaging. Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#20fastly Differentiated Architecture Artur Bergman Chief Architect and Founder fastly. Investor Day 2023#21Building Fastly for the Future Content Users Ⓒ2023 Fastly, Inc. | Confidential Security 1 Source: IDC Worldwide Digital Transformation Spending Guide V1 2023, April 2023 Old Internet Changes rarely Slow growth Limited group of creators No personalization Short-lived Low expectations Local and predictable Limited No compliance needed New Internet Changes rapidly Growing exponentially Everyone can create Personalization everywhere Long-tail High expectations (impatient) Global and unpredictable Global DX spending is forecast to reach nearly $3.5 trillion in 2026 with a 5 year CAGR of 16.7% ¹ Ubiquitous Compliance required fastly Investor Day | 2023#22Proprietary Software Driving Every Layer of the Stack Fastly servers are efficient because of our software Custom Servers Ⓒ2023 Fastly, Inc. | Confidential 99 # of POPS (as of May 31, 2023) Custom POPS 265 Tb/s Capacity (as of March 31, 2023) Real Time Network 74 # of Issued Patents (as of December 31, 2022) fastly Investor Day | 2023#2310 Fastly's 1st POP, 2008 Ⓒ2023 Fastly, Inc. | Confidential m Yam Fastly POPs today www fastly Investor Day | 2023#24Refocus on What Makes Fastly Unique Our global distributed platform, programmable by customers Software Architecture Ⓒ2023 Fastly, Inc. | Confidential Innovation Velocity fastly Investor Day | 2023#25Revenue per Server $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 -TTM / Server Fastly -TTM / Server inc Signal Sciences Q1:19 Q3:19 Q1:20 - Internal Fastly operational data. - See definitions provided in the Appendix for financial metrics. Ⓒ2023 Fastly, Inc. | Confidential Q3:20 Q1:21 Q3:21 Q1:22 Q3:22 Q1:23 TTM revenue per server MRQ is 12% from peak TTM revenue per server bottomed at 25% from peak fastly Investor Day | 2023#26Ⓒ2023 Fastly, Inc. | Confidential Fastly Anywhere fastly Investor Day | 2023#27fastly Making the internet a better place where all experiences are fast, safe, and engaging. Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#28fastly Durable Innovation Engine Product Strategy & Roadmap Lakshmi Sharma Chief Product and Chief Strategy Officer fastly. Investor Day 2023#29Product and Services Group Client Services Ⓒ2023 Fastly, Inc. | Confidential Customer Engineering Product fastly Investor Day | 2023#30Developers of modern digital experiences face tradeoffs today Ⓒ2023 Fastly, Inc. | Confidential Fast Legacy Edge Central Cloud Legacy Security Engaging Safe fastly Investor Day | 2023#31Our platform is where fast, safe, and engaging meet Ⓒ2023 Fastly, Inc. | Confidential Fast fastly Engaging Safe fastly Investor Day | 2023#32Fastly's Platform and Product Portfolio Fully programmable network • Real time control and observability Industry-leading performance High accuracy security Developer-first (open interfaces/ open source) Ⓒ2023 Fastly, Inc. | Confidential Core Network Services Fully configurable via APIs Growth Incubation Security Compute Observability Developer Experience Programmable Edge Platform Real-time visibility Future Modules Scale globally fastly Investor Day | 2023#33Product Strategy User Experience is our North Star I I I Ⓒ2023 Fastly, Inc. | Confidential fastly I Do B!!! !!!! Do fastly Investor Day | 2023#34Network Services Key Solutions & Use Cases Consumer Privacy Two of the largest tech firms leverage Privacy Proxy to power private browsing experiences Mobile Performance Global website builder cut TTFB p75 in half with Fastly using HTTP/3, significantly improving performance even in countries with weaker connectivity 2023 $17.1B 2025 $21.4B What's Ahead - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. Ⓒ2023 Fastly, Inc. | Confidential Market Opportunity 12% CAGR • Compliance Regions Media Privacy fastly Investor Day | 2023#35Security Extending our portfolio to capture the larger market opportunities 2023 API Security, Bot Man gement, MSS Ⓒ2023 Fastly, Inc. | Confidential 2020 Next-Gen WAF 2019 DDoS - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. 1 Estimated 2025 TAM $6.1B TAM¹ fastly Investor Day | 2023#36Security Key Solutions & Use Cases NG-WAF Edge Deployment Edge deployment of Fastly's NG-WAF enables e-commerce platform to migrate its delivery and security stack to Fastly from an edge cloud competitor Managed Security Large, global financial services company adopts Fastly's new Managed Security Service to improve their security posture for mission critical applications 2023 $4.4B Market Opportunity $6.1B 18% CAGR 2025 What's Ahead - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. Ⓒ2023 Fastly, Inc. | Confidential Bot Management Certainly (Certificate Authority) • API Security Enforcement ● API Discovery fastly Investor Day | 2023#37Compute Key Solutions & Use Cases Edge Data Processing An observability leader migrated their compute workloads to Fastly's Edge Cloud platform to optimize its data ingestion pipeline Global Serverless DevOps platform turned to Fastly's global serverless compute platform to bring their service closer to its global users, cutting latency by an order of magnitude 2023 $2.0B 2025 Market Opportunity $3.4B 30% CAGR What's Ahead • Expanded language and framework support - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. Ⓒ2023 Fastly, Inc. | Confidential Single click onboarding with Glitch fastly Investor Day | 2023#38Observability Key Solutions & Use Cases Origin Inspector E-commerce platform adopts Fastly's new Origin Inspector product to quickly and efficiently diagnose performance and reliability issues for its customers Real Time Visibility Leading media platform adopts Fastly's real time visibility to optimize feature roll-outs and reduce risk by instantly diagnosing deployment issues 2023 $1.6B ● Market Opportunity $2.1B 15% CAGR What's Ahead Custom Metrics Alerting • Regional Log Streaming End User Perf. Metrics - TAM numbers are based on 2022 Gartner, 2022 IDC data, 2021 Forrester data supplemented with Marketsand Markets, and Industry Research reports. Ⓒ2023 Fastly, Inc. | Confidential 2025 fastly Investor Day | 2023#39Al on Fastly's Edge Cloud Platform Ⓒ2023 Fastly, Inc. | Confidential Images Model Hosting Security Tooling fastly Investor Day | 2023#40Strengthening and Expanding Our Platform Recent Launches (H2 2022 - H1 2023) Planned Launches (H2 2023+) Network Services Ⓒ2023 Fastly, Inc. | Confidential Privacy Proxy Fanout + Websockets Certainly CA mTLS Brotli Compression Cache Reservation Compliance Regions Dynamic Compression Fastly Anywhere ● Security NG-WAF Edge Deployment Managed Security Service Edge Rate Limiting Bot Management Productizing DDoS Mitigation Positive API Security Model API Discovery Simplified UX ● ● ● ● Compute Config Store Languages and Framework (JS SDK v1.0, RemixJS, Next.JS, Go, Rust SDK) Fastly Labs KV Store Secret Store Fastly Storage Core Cache API Shielding HTTP/2 support Origin Inspector on C@E ● Observability Origin Inspector Domain Inspector C@E Log Tailing UI Log Mgmt Custom Metrics Alerting Regional Log Streaming End User Perf Metrics Sustainability Metrics Platform Automation Tokens • Expanded Terraform Provider Support • Billing Inspector Universal Login Service Provider Initiated SSO IDP integration for User Management ● Granular Access Controls fastly Investor Day | 2023#41Making It Easier to Buy and Sell Simplifying packaging • No bandwidth • Predictable pricing with no overages Transparent • Channel friendly Ⓒ2023 Fastly, Inc. | Confidential Network Services Security Compute STARTER 500M Requests per month TLS, IO, Gold Support, etc. 25 Requests per second OWASP Top 10, Gold Support 500M Requests per month Config Store, etc. ADVANTAGE 2B Requests per month TLS, IO, Gold Support, etc. 150 Requests per second OWASP Top 10, Custom Signal, ERL, Gold Support 2B Requests per month Config Store, etc. ULTIMATE 5B Requests per month TLS, IO, Enterprise Support, etc. 250 Requests per second OWASP Top 10, Custom Signal, ERL, ARL & RSS, Ent. Support 5B Requests per month Config Store, Object Store, etc. fastly Investor Day | 2023#42Making It Easier for Developers to Build Putting the power back in developers' hands </> developer.fastly.com Our new developer portal 1 As of May 31, 2023 Ⓒ2023 Fastly, Inc. | Confidential Glitch 2.4M developers 500K+ in the last 12 months¹ Fast Forward Added 28 program members since launch in Nov 2022, now supports 82 OSS initiatives fastly Investor Day | 2023#43fastly Durable Innovation Engine Engineering & Infrastructure Laura Thomson SVP, Engineering fastly. Investor Day 2023#44Engineering Underpins a Complete Platform Fully configurable via APIs Ⓒ2023 Fastly, Inc. | Confidential Programmable Edge Platform Real-time visibility Durable Innovation Engine Scale globally fastly Investor Day | 2023#45Fastly's Environment Propels Innovation Platform Services → "Build Fastly with Fastly" → Enables adding new products easily → Reduces time to market Ⓒ2023 Fastly, Inc. | Confidential Product Lines Network Services Compute Scalable Edge Infrastructure Security Observability fastly Investor Day | 2023#46Platform Unification Drives Leverage Measure Integrate Ⓒ2023 Fastly, Inc. | Confidential Enable Shared Framework Ship GTM Advantages Seamless brand experience • Single user identity • Common platform to launch and cross-sell ● fastly Investor Day | 2023#47Innovation Acceleration Ⓒ2023 Fastly, Inc. | Confidential 2H 2021 3 Products & Features 1H 2022 20 Products & Features 2H 2022 34 Products & Features 1H 2023 40 Products & Features fastly Investor Day | 2023#48One Global Network#49Ⓒ2023 Fastly, Inc. | Confidential Thank you! fastly. Investor Day 2023#50fastly Q&A fastly. Investor Day 2023#51fastly Go-to-Market Acquisition, Retention, & Expansion Ⓒ2023 Fastly, Inc. | Confidential Brett Shirk Chief Revenue Officer fastly. Investor Day 2023#52Go-to-Market Function Customer Success Ⓒ2023 Fastly, Inc. | Confidential Prospects & Customers Marketing Sales fastly Investor Day | 2023#53Segmentation and Coverage Strategic Enterprise ▶>$1B in Revenue $100K+ Fastly ARR - See definitions provided in the Appendix for financial metrics. Ⓒ2023 Fastly, Inc. | Confidential Routes to Market Direct, Global & Regional Partners, Hyperscalers, Sls Mid Market $50M-$1B in Revenue $25-$100K Fastly ARR Media & Entertainment SMB $50M in Revenue <$25K Fastly ARR fastly Investor Day | 2023#54Keys to Success Ⓒ2023 Fastly, Inc. | Confidential Sales Incentives Simplified Pricing & Packaging Customer Acquisition Optimized Sales Experience Vertical Focus Partner Activation fastly Investor Day | 2023#55YTD May '23 Partner Results Deal Registration Deal Registrations - Monthly Received 2022 2023 9 13 Jan 1 As of May 31, 2023 10 10 Feb Ⓒ2023 Fastly, Inc. | Confidential 16 28 Mar 8 22 Apr 4 34 May 107 YTD Deal regs (+128% YoY¹) THECHANNELCO. PARTNER PROGRAM GUIDE CRN 33 Partners engaged (+27% YoY¹) WINNER 2023 99% New Logo % (+29% YOY¹) fastly Investor Day | 2023#56Addressing Key Business Issues Across Verticals E-Commerce, Travel & Hospitality Fast Safe Engaging Ⓒ2023 Fastly, Inc. | Confidential Experimentation and A/B Testing DDoS Protection Targeted Shopping Experiences Media & Entertainment Low Latency Video and Media Shield Anti-Piracy (Watermarking, etc.) Streaming Ad Insertion High Tech Global Traffic Load Balancing Online Privacy Multi-Cloud API Management Finance Global Optimization by Geo Account Takeover Protection (ATO) Personalization fastly Investor Day | 2023#57Building Pipeline at Fastly Expanding Brand Awareness Scaling Demand Generation Ⓒ2023 Fastly, Inc. | Confidential Inbound Leads Outbound Prospecting Cross-Sell and Upsell Online Trials Partner Marketing Deal Registrations fastly Investor Day | 2023#58Putting It All Together Marketing Brand awareness Demand generation Analyst relations Content marketing Ⓒ2023 Fastly, Inc. | Confidential + Sales • New logo acquisition • Vertical focus • Partner leverage Geographic expansion + Go-to-Market Team ● Customer Success Advocate for VoC Prevent churn Grow revenues Renew contracts fastly Investor Day | 2023#59fastly Go-to-Market Customer Success Ⓒ2023 Fastly, Inc. | Confidential Kim Ogletree Chief Customer Officer fastly. Investor Day 2023#60Drive Customer Satisfaction Grow Wallet Share#61Land and Expand Motion Onboard O iti Account team strategy Ⓒ2023 Fastly, Inc. | Confidential Discover Cultivate relationships Explore Increase adoption Advocate Sponsor and engage Expand $ Cross-sell and upsell fastly Investor Day | 2023#62Account Management Engagement model is right sized to account Customer Insights Panel → Executive Sponsorships Voice of Customer (VoC) product use cases Support Model Ⓒ2023 Fastly, Inc. | Confidential Strategic >$2M Enterprise >$100K Mid-market $25k-$99K fastly Investor Day | 2023#63Analyst Recognition FORRESTER NEW WAVE LEADER 2021 Edge Development Platforms LEADER Edge Development Highest Security Score Ⓒ2023 Fastly, Inc. | Confidential Fastly named a LEADER in the 2022 IDC MarketScape Worldwide Commercial CDN fastly. LEADER Worldwide CDN Highly Innovative Gartner Peer Insights Customers' Choice 2023 TM CUSTOMERS' CHOICE Web App/API Protection Highest Rated fastly Investor Day | 2023#64Results 8.1 Employee Engagement¹ 1 Client Services Employee Engagement score as of April 1, 2023 2 Annual average CSAT as of May 31, 2023 3 Annual Revenue Retention rate as of December 31, 2022 Ⓒ2023 Fastly, Inc. | Confidential 98% Transactional CSAT² 99% Revenue Retention³ fastly Investor Day | 2023#65fastly Scaling Operations Nick Rockwell EVP, Strategy and Operations fastly. Investor Day 2023#66The Network is at Scale # of POPs: 99¹ Total Egress: 265 tbps² # of caches: 5677² ¹ As of May 31, 2023 2 As of March 31, 2023 Annualized Growth: Total volume: +40%³ Utilization: +30%4 3 Jan. 2023 actual vs. Dec. 2023 projected 4 Trailing 12 months as of March 2023 Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#67As The Network Grows, Key Metrics Continue to Improve Dollars / GB Cost Curve Declining Jan-22 Mar-22 Feb-22 May-22 Jan-22 Jul-22 Mar-22 Apr-22 Sep-22 May-22 Rest of World Transit Costs Exceed N America & Europe -NA/EU Transit Cost $ ROW Transit Cost $ Jun-22 - Internal Fastly operational data Nov-22 Ⓒ2023 Fastly, Inc. | Confidential Jul-22 Jan-23 Aug-22 Mar-23 Sep-22 Oct-22 May-23 Nov-22 Jul-23 Dec-22 Jan-23 Sep-23 Feb-23 Mar-23 Nov-23 Apr-23 May-23 Monthly Peering Offload Jan-18 Jun-18 Nov-18 Apr-19 Month 1 Sep-19 Backbone Modeling Transit Backbone Feb-20 Month 2 Jul-20 Dec-20 Month 3 May-21 LLLLL Oct-21 Month 4 Mar-22 Aug-22 Month 5 Jan-23 Month 6 fastly Investor Day | 2023#68The Biggest Lever is Innovation Optimizations across the platform End user End user End user Ⓒ2023 Fastly, Inc. | Confidential POP 1 Autopilot ● Maximize peering utilization • Optimize peak management ● ● POP 3 Cache improvements About 50% CPU Optimization in last 12 mo • Storage optimizations Clustering Improvements POP 2 DSR Load balancing across POPs Reduction in Intersite clustering traffic fastly Investor Day | 2023#69One Cloud, Software Defined All products benefit End user End user End user Ⓒ2023 Fastly, Inc. | Confidential ● ● ● POP 1 Delivery Higher throughput Avoid link congestion for improved performance More storage = higher origin offload ● ● ● POP 3 Compute More CPU capacity Higher performance on every cache Improved memory utilization POP 2 Edge WAF Higher per-cache RPS capacity Faster detection/blocking cycle fastly Investor Day | 2023#70Scale Drives Data Drives Optimization Smarter Investment Ⓒ2023 Fastly, Inc. | Confidential Scale Predictability Consistency fastly Investor Day | 2023#71Engineering the Business → Understand production adoption → Streamline Quote-to-Cash process → Instrument the customer journey Optimize demos, free trials, PoC's performance Maximize cross-sell & upsell Pipeline visibility Ⓒ2023 Fastly, Inc. | Confidential Operational Data GTM Data Data Lake Financial Data fastly Investor Day | 2023#72Simplify Everything $ Reduce Cost Stop Spending on Complexity Ⓒ2023 Fastly, Inc. | Confidential Reduce Friction Free Sales Team to Sell fastly Investor Day | 2023#73fastly Financial Overview Ron Kisling Chief Financial Officer fastly. Investor Day 2023#74Drivers to our Financial Model Revenue Growth Customer acquisition Revenue expansion Retention Revenue mix and cross-sell Ⓒ2023 Fastly, Inc. | Confidential ● ● 111 Platform Leverage & Scale GM leverage with scale Platform efficiency gains through software updates Improved investment planning Financial Rigor Disciplined cost management Strong expense planning processes Improved information and reporting fastly Investor Day | 2023#75Customer Cohort by Vintage New Customer Revenue Growth n+2 43% $300 $250 $200 $150 $100 $50 Growth $0 2017 n 0% n+1 225% 2018 2017 Cohort 2018 Cohort - Growth represents the average rates for each cohort from 2016 onward. Ⓒ2023 Fastly, Inc. | Confidential 2019 2020 2019 Cohort ■2020 Cohort 2021 2021 Cohort ■2022 Cohort 2022 fastly Investor Day | 2023#76Consistent Revenue Expansion Net Revenue Retention Enterprise Customer Count QoQ TTM Revenue A LTM NRR 118% 467 $63 Q4:21 ■ 115% 488 $59 Q1:22 117% 499 $66 Q2:22 118% 511 $72 Q3:22 29% YoY 119% 533 $78 Q4:22 116% 540 Enterprise Drives Revenue Growth Consistent LTM NRR in the high-teens percent Healthy LTM revenue expansion QoQ Goal: Average LTM NRR of 120% $76 Q1:23 Remaining Performance Obligation $98 Revenue RPO RPO Growth YoY $152 Q4:21 $102 $158 - QoQ TTM Revenue Delta calculates current year trailing 12-month revenue compared to prior year trailing 12-month revenue. - See definitions provided in the Appendix. Ⓒ2023 Fastly, Inc. | Confidential 12% Q1:22 29% $173 $103 Q2:22 $173 17% $109 Q3:22 $198 30% $119 Q4:22 54% $118 $242 Q1:23 RPO is Gaining Momentum Gaining share in vendor consolidation Offers visibility to revenue through 2023 ▪ Will increase with simplified pricing/packaging fastly Investor Day | 2023#77Gross Margin on a Course Correction Incremental GM% Accelerating $433 $354 57.7% 42.9% $150 2021 $204 Ⓒ2023 Fastly, Inc. | Confidential 53.6% 34.8% $201 2022 Revenue $232 $103 50.4% 15.5% $51 Q2:22 Cost of Revenue $52 $109 53.6% 38.0% $50 Q3:22 Gross Profit $58 $119 -GM% 62.2% 57.0% $51 Q4:22 $68 $118 75.9% 55.6% $52 $65 Q1:23 -- Incremental GM% YoY fastly Investor Day | 2023#78Operating Expense Rigor Increased OPEX efficiency by 890 bps in 9 months Sales & Marketing 31.2% 2021 33.0% ● -320 bps 30.6% 30.0% 29.8% ili 28.6% Research & Development 22.5% 22.4% 24.2% -210 bps 22.6% - All figures expressed as percent revenue. - Please see the Appendix for a reconciliation of non-GAAP operating expenses to their nearest GAAP equivalents and for the calculation of certain other financial metrics. Ⓒ2023 Fastly, Inc. | Confidential 21.6% 2022 Q2:22 Q3:22 Q4:22 Q1:23 Planning process to focus spend on investment areas ● Purchasing review to eliminate duplicate costs; renegotiate vendor contracts • Review of organizational efficiency 2021 2022 Q2:22 Q3:22 Q4:22 22.1% General & Administrative Q1:23 19.5% 18.8% 19.4% 18.7% -360 bps 16.8% 2021 2022 Q2:22 Q3:22 Q4:22 15.8% Q1:23 fastly Investor Day | 2023#79Operating Margin on Path to Profitability Totaled 1420 bps of improvements in 9 months Gross Margin Expansion OPEX Reduction 57.7% 2021 53.6% 50.4% 53.6% 57.0% +520 bps - All figures expressed as percent revenue. - Totals may not sum due to rounding. 55.6% 2022 Q2:22 Q3:22 Q4:22 Q1:23 73.3% 71.2% 76.7% 71.9% 2021 2022 Q2:22 Q3:22 - Please see the Appendix for a reconciliation of non-GAAP gross margin and gross profit to their nearest. GAAP equivalents and for the calculation of certain other financial metrics. Ⓒ2023 Fastly, Inc. | Confidential -910 bps 67.0% Q4:22 67.6% Q1:23 Operating Margin Expansion 2021 2022 Q2:22 Q3:22 Q4:22 Q1:23 -15.6% -17.7% -26.2% -18.3% -10.1% +1420 bps -12.0% fastly Investor Day | 2023#80Cash Generation on an Upswing Capex rigor and improved margins driving to FCF breakeven 2022 (7%) 2021 (14%) (28%) Adjusted EBITDA 1 Cash Capex ¹ FCF (8%) Ⓒ2023 Fastly, Inc. | Confidential (10%) (40%) Q2:22 (16%) (9%) (59%) Q3:22 (8%) (8%) (41%) Q4:22 0% (14%) +3800 bps (34%) Q1:23 (2%) (8%) (21%) - All figures expressed as percent revenue; 2023 is a forecast. 1 Cash Capex includes internally used software. - Please see the Appendix for a reconciliation of free cash flow to its nearest GAAP equivalent and for the calculation of certain other financial metrics. 2023F ~0% ~(7%) ~(11%) fastly Investor Day | 2023#81Free Cash Flow Breakeven in 2024 Capex rigor and improved margins driving to FCF breakeven Cash Flow From Operations Cash Capex¹ Repayments of lease Other ² --Free Cash Flow (16%) 2022 (10%) (5%) (9%) Ⓒ2023 Fastly, Inc. | Confidential ~0% 2023F ~(7%) ~(5%). ~(13%) ~(1%) 2024F ~9% ~0% ~(7%) ~(2%) 2025F ~11% ~4% ~(7%) (40%) - All figures expressed as percent revenue; 2023, 2024, 2025 and 2026 are forecasts. 1 Cash Capex includes internally used software. 2 Other includes advanced payments on equipment not yet deployed and related PP&E items. - Please see the Appendix for a reconciliation of free cash flow to its nearest GAAP equivalent and for the calculation of certain other financial metrics. 2026F ~13% ~6% ~(7%) fastly Investor Day | 2023#82Operating Model and Targets Incremental Margin Model ~80% Incremental Gross Margin 10-15% ~25% 0-5% Ⓒ2023 Fastly, Inc. | Confidential Incr OPEX ~40% ~40% Incremental Operating Margin 3 Year Model (2026) Revenue $800-900M ~65% Gross Margin 15-20% 25-30% 10-15% OPEX ~58% ~7% Operating Margin G&A S&M R&D $1B Revenue Model 68-70% Gross Margin 15-20% 25-30% ~10% OPEX ~55% 13-15% Operating Margin fastly Investor Day | 2023#83fastly Closing Comments, Q&A fastly. Investor Day 2023#84Ⓒ2023 Fastly, Inc. | Confidential Thank you! fastly. Investor Day 2023#85Ⓒ2023 Fastly, Inc. | Confidential APPENDIX fastly Investor Day | 2023#86Key Metrics Definitions Adjusted EBITDA - Excludes stock-based compensation expense, depreciation and other amortization expenses, amortization of acquired intangible assets, acquisition-related expenses, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, net gain on extinguishment of debt, other income (expense), net, and income taxes. ARR - Annual revenue retention rate is calculated by subtracting the quotient of the Annual Revenue Churn from all of our Churned Customers divided by our annual revenue of the same calendar year from 100%. Our "Annual Revenue Churn" is calculated by multiplying the final full month of revenue from a customer that terminated its contract with us (a "Churned Customer") by the number of months remaining in the same calendar year. Cash Capex - Cash Capex are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, and capitalized internal-use software and deployments of prepaid capital equipment. Enterprise Customer - Our number of customers are calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four. Free Cash Flow - Calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. LTM NRR - We calculate last twelve-month net retention rate by dividing the total customer revenue for the prior twelve-month period ("prior 12-month period") ending at the beginning of the last twelve-month period ("LTM period") minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12- month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage- based business model. RPO - Remaining performance obligations includes future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. TTM Revenue - Trailing twelve-month revenue. Ⓒ2023 Fastly, Inc. | Confidential fastly Investor Day | 2023#87GAAP to Non-GAAP Reconciliations (in $ thousands, except percentages) Revenue Cost of revenue GAAP gross profit Stock-based compensation Amortization of acquired intangible assets Non-GAAP cost of revenue Non-GAAP gross profit GAAP gross margin Non-GAAP gross margin Research and development GAAP research and development Stock-based compensation Non-GAAP research and development expenses Non-GAAP R&D expenses as a percentage of revenue Sales and marketing GAAP sales and marketing Stock-based compensation Amortization of acquired intangible assets Non-GAAP sales and marketing expenses Non-GAAP S&M expenses as a percentage of revenue General and administrative GAAP general and administrative Stock-based compensation Executive transition costs Acquisition-related expenses Non-GAAP general and administrative expenses Non-GAAP G&A expenses as a percentage of revenue Non-GAAP operating expenses Non-GAAP operating expenses as a percentage of revenue Operating loss GAAP operating loss Stock-based compensation Executive transition costs Amortization of acquired intangible assets Acquisition-related expenses Non-GAAP operating loss Non-GAAP operating margin Ⓒ2023 Fastly, Inc. | Confidential Q2'22 102,518 56,466 46,052 3,188 2,475 50,803 51,715 44.9 % 50.4 % 38,717 (13,889) 24,828 24.2% 46,760 (10,184) (2,710) 33,866 33.0% 29,543 (7,717) (1,912) 19,914 19.4% 78,608 76.7% (68,968) 34,978 5,185 1,912 (26,893) -26.2% Q3'22 108,504 55,825 52,679 2,978 2,475 50,372 58,132 48.6% 53.6% 38,957 (14,488) 24,469 22.6% 47,006 (10,920) (2,897) 33,189 30.6% 32,481 (7,959) (4,207) 20,315 18.7% 77,973 71.9% (65,765) 36,345 4,207 5,372 (19,841) -18.3% $ Q4'22 119,321 56,738 62,583 2,938 2,475 51,325 67,996 52.4 % 57.0 % 37,197 (11,469) 25,728 21.6% 44,623 (7,885) (2,575) 34,163 28.6% 29,225 (9,126) 20,099 16.8% 79,990 67.0% (48,462) 31,418 5,050 (11,994) -10.1% Q1'23 117,564 57,310 60,254 2,681 2,475 52,154 65,410 51.3 % 55.6 % 37,431 (11,481) 25,950 22.1% 44,271 (6,705) (2,575) 34,991 29.8% 25,827 (7,284) 18,543 15.8% 79,484 67.6% (47,275) 28,151 5,050 (14,074) -12.0% $ $ $ $ $ $ $ $ FY'21 354,330 167,002 187,328 7,227 9,900 149,875 204,455 52.9 % 57.7 % 126,859 (47,019) 79,840 22.5% 152,645 (31,159) (10,944) 110,542 31.2% 126,845 (55,083) (2,555) 69,207 19.5% 259,589 73.3% (219,021) 140,488 20,844 2,555 (55,134) -15.6% $ Ś $ $ $ $ $ $ FY'22 432,725 222,944 209,781 12,050 9,900 200,994 231,731 48.5 % 53.6% 155,308 (58,435) 96,873 22.4% 179,869 (39,083) (10,891) 129,895 30.0% 120,803 (33,195) (4,207) (1,970) 81,431 18.8% 308,199 71.2% (246,199) 142,763 4,207 20,791 1,970 (76,468) -17.7% fastly Investor Day | 2023#88Adjusted EBITDA (in $ thousands, except percentages) Adjusted EBITDA GAAP net loss Stock-based compensation Executive transition costs Depreciation and other amortization Amortization of acquired intangible assets Acquisition-related expenses Interest income Interest expense Amortization of debt discount and issuance costs Net gain on extinguishment of debt Other expense (income) Income tax expense (benefit) Adjusted EBITDA Adjusted EBITDA as a percentage of revenue Ⓒ2023 Fastly, Inc. | Confidential $ $ Q2'22 (16,437) 34,978 10,860 5,185 1,912 (1,502) 754 776 (54,391) 1,673 159 (16,033) -16% $ $ Q3'22 (63,420) 36,345 4,207 10,786 5,372 (1,967) 667 714 (1,877) 118 (9,055) -8% $ $ Q4'22 (46,653) 31,418 11,903 5,050 (2,894) 638 716 (46) (223) (91) 0% $ $ Q1'23 (44,687) 28,151 12,179 5,050 (4,186) 497 716 250 135 (1,895) -2% $ $ FY'21 (222,697) 140,488 29,208 20,844 2,555 (1,282) 5,245 2,907 (356) 69 (23,019) -7% $ $ FY'22 (190,774) 142,763 4,207 43,524 20,791 1,970 (7,044) 2,718 3,169 (54,391) 29 94 (32,944) -8% fastly Investor Day | 2023#89Free Cash Flow (in $ thousands, except percentages) Cash flow used in operations Purchases of property and equipment Proceeds from sale of property and equipment Capitalized internal-use software Advance payment for purchase of property and equipment Repayments of finance lease liabilities Free cash flow Deployments of prepaid capital equipment Cash capex Cash flow used in operations as a percentage of revenue Cash capex as a percentage of revenue Repayments of finance lease liabilities as a percentage of revenue Other as a percentage of revenue Free cash flow as a percentage of revenue Ⓒ2023 Fastly, Inc. | Confidential $ $ Q2'22 (16,680) (4,151) 241 (4,926) (29,310) (6,147) (60,973) (8,836) (9%) (59%) $ $ $ Q3'22 (27,634) (2,631) 125 (5,120) (1,964) (7,076) (44,300) (926) (8,552) (8%) (41%) $ $ $ Q4'22 (12,128) (8,529) 126 (4,290) (10,923) (4,427) (40,171) (4,258) (16,951) (14%) (34%) $ $ Q1'23 (8,861) (3,494) 22 (4,209) (8,645) (25,187) (1,413) (9,094) (8%) (21%) $ $ $ FY'21 (38,482) (34,816) 588 (13,479) (13,568) (99,757) (47,707) (14%) (28%) $ FY'22 $ (69,632) (19,975) 492 (18,146) (42,197) (22,532) $ (171,990) (5,184) (42,813) (16%) (10%) (5%) (9%) (40%) fastly Investor Day | 2023#90Ⓒ2023 Fastly, Inc. | Confidential Thank you! fastly. Investor Day 2023