#1fastly Investor Presentation March 2021 Ⓒ2021 Fastly, Inc.#2Who Is Fastly? Fastly provides developers with a secure and programmable edge cloud platform Ⓒ2021 Fastly, Inc.#3fastly. Momentum-at-a-Glance At IPO (May 2019) Revenue % Average Revenue Across All Enterprise Customers* Dollar Based Net Expansion Rate** Revenue from Enterprise Customers as a % of Total Revenue Annual Revenue Retention Rate*** $145M/38% YoY For the year ended December 31, 2018 Ⓒ2021 Fastly, Inc. $530K For the year ended December 31, 2018 132% As of December 31, 2018 84% For the year ended December 31, 2018 99% As of December 31, 2018 Today $291M / 45% YoY For the year ended December 31, 2020 $782K Q4 2020 143% As of December 31, 2020 89% For the year ended December 31, 2020 99% As of December 31, 2020 * Enterprise customers are defined as customers with LTM revenue in excess of $100,000 over the previous 12-month period. ** We calculate Dollar Based Net Expansion Rate by dividing the revenue for a given period from customers who remained customers as of the last day of the given period (the "current period") by the revenue from the same customers for the same period measured one year prior (the "base period"). The revenue included in the current period excludes revenue from (i) customers that churned after the end of the base period and (ii) new customers that entered into a customer agreement after the end of the base period. ***We separately monitor customer retention and churn on an annual basis by measuring our annual revenue retention rate, which we calculate 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 ("Annual Revenue Churn"). The quotient of the Annual Revenue Churn from all of our Churned Customers divided by our annual revenue of the same calendar year is then subtracted from 100% to determine our annual revenue retention rate#4The Modern Internet Has New Requirements Digital Transformation Pre COVID, 56% of companies described their digital transformation as underway* Applications Built, Not Bought 75% of applications will be built, not bought** Ⓒ2021 Fastly, Inc. * SOURCE: Forrester: The Sorry State of Digital Transformation in 2018 (April, 2018) ** SOURCE: IDC FutureScape: Worldwide Cloud 2018 Predictions (October, 2017) Software Era Empowering Developers New Architecture 75% of data will be created and processed at the network edge by 2022** The post COVID-19 internet is different, and we believe Fastly is built for it Operational Efficiency 90% of companies will be multicloud by 2021**#5Fastly Powers Mission-Critical Application Experiences The New York Times ● ● Scale: • Edge Compute: ● O 56 million requests per minute on election night O Security: O O Paywall/Entitlement/Personalization Total Cost of Ownership**: O Fastly WAF and DDoS protection improved NYT's security posture Traffic increased up to 8,371% Reduced cost by $25,000 per month Ⓒ2021 Fastly, Inc. E q Saturday, November 7, 2020 Today's Paper World U.S. Politics N.Y. Business Opinion Live Updates > Michael Cooper, in New York 6m ago In New York City, as networks began to call the race, people cheered out their windows and banged pots- - reminiscent of how they cheered essential workers early in the pandemic. First Candidate to Beat an Incumbent in More Than a Quarter Century . After several tense days of vote-counting in a handful of battlegrounds, Joe Biden achieved a decades-long ambition in his third attempt at the presidency. •Mr. Biden's victory amounted to a repudiation of President Trump by millions of voters exhausted with his divisive conduct and chaotic administration. • The result also provided a history-making moment for Kamala Harris, who became the first woman and first woman of color - on a winning presidential ticket. * Reflects requests per minute on 2020 election night ** Reduced costs relative to when The New York Times first became a Fastly customer in 2016 BIDEN BEATS TRUMP President > The New York Times Tech Science Health Sports Arts Books Style Food Harris Is First Woman Elected Vice President 2730 Joseph R. Biden Jr. 74,478,345 votes (50.5%) Ore. Wash U.S. INTERNATIONAL CANADA ESPAÑOL 中文: Idaho Nev. 93% Alaska 56% Utah Ariz. 97% President Mont. Colo N.M. Senate House N.D. S.D. 270 TO WIN Neb. Kan Okla Texas lowa Mo Ark Wis. La. III. Photos Ind Tenn. Travel Miss Ala. Ga. 214 Donald J. Trump 70,329,970 votes (47.7%) Magazine T Magazine N.C. 98% See full results > PLAY THE CROSSWORD Senate> 48 Real Estate DEM. +1 seat House> 213 DEM. -4 seats Pa.> Key States > 79°F 33° 73° Nasdaq +0.04% t 50 Account 218 MARGIN LIVE Joseph R. Biden Jr. surpasses 270 electoral votes, becoming president-elect of the United States. Smago Biden +0.5 Video .A.P. and TV networks say Biden has won the presidency. 8m ago 48 -1 seat REP • What are provisional ballots, and why haven't they all been counted? 14m ago 194 +5 seats REP - At Arizona site where protests have been common, all is calm as more results are released. 20m ago VOTE MARGIN % RPT. 98% +34.414#6Digital Innovators Choose Fastly New Relic. BuzzFeed CONDÉ NAST HomeAway Bankrate Partners → Ⓒ2021 Fastly, Inc. Blackboard® The New York Times Pinterest wealthfront EUROSTAR™ aws partner network brave 4 linktree Al interactive Google Cloud Partner reddit USA TODAY FOX imgur yelp Boots A& HEROKU Magento An Adobe Company stripe wayfair ANHEUSER-BUSCH affirm MLS Microsoft Azure#7Evolution of Web Architecture: Edge Cloud Extends Developer Control IT Control Legacy Edge Cloud Servers Servers Ⓒ2021 Fastly, Inc. Network Load WAF Bot DDOS Balancing Appliance Appliance Appliance Appliance Edge Router End-to-End Developer Control Developer Control Caching Streaming IT Control Streaming Bot Caching Bot Live Live Edge Cloud London WAF Edge Router WAF DDOS Load Balancing Edge Cloud New York Edge Router DDOS Load Balancing CDN Edge POP London Edge POP New York Edge Compute Edge Compute 1 I I T Users London New York London New York#8Fastly: Innovators Platform C 2021 Fastly, Inc. 117 Tbps Global Network 56 Markets We operate at global scale Developer-first </>) Programmable Easy to Use Usage-Based Model#9Fastly @Edge Vision Fastly Edge Cloud Platform Ⓒ2021 Fastly, Inc. BF DELIVER Web Apps & APIs BJ SECURE Expanded capabilities from Signal Sciences Acquisition on 10/1/2020 I I 모모모 COMPUTE#10Security Will Accelerate Edge Computing Adoption Safely and easily integrate new technology at the edge Ⓒ2021 Fastly, Inc. @Edge Accelerates adoption of edge computing B#11Programmable Edge fastly Competitive Differentiators Software-defined Modern Network Safety in Depth Customer Empowerment Empowering developers with a secure and programmable edge cloud platform Philosophy#12Why We Win Existing Offerings Legacy CDNS Centralized Clouds Small Business Focused CDNS Core Network and Application Security Ⓒ2021 Fastly, Inc. Akamai Level (3) Limelight.co aws CLOUDFLARE Azure IMPERVA INCAPSULA NETWORKS Google Cloud StackPath™ f5 IMPERVA Why Customers Choose fastly- ✓Visibility, Agility and Control ✓Cost Efficiency ✓Modern, Developer-Friendly Architecture ✓ Reliable Technical Customer Support ✓Better Performance ✓Instant Scaling ✓Cloud Agnostic ✓ Reusable Modules at the Edge ✓ Better Performance + Enterprise Grade Features and Programmability ✓ Reliable Technical Customer Support ✓Good Neighborhood and Clean Activity ✓ Better Performance ✓Cloud Native Implementation ✓Low False Positive Rate ✓Low Comparative Total Cost of Ownership ✓Works Seamlessly With DevOps Toolchain Enhanced by Signal Sciences Signal Sciences#13Enterprise Customers Are Driving Growth # of Enterprise Customers* % of LTM Revenue* Average Spend Per Enterprise Customer 227 2021 Fastly, Inc. CY 2018 84% $536K * Enterprise customers are defined as customers with LTM revenue in excess of $100,000 over the previous 12-month period 288 CY 2019 87% $607K 324 CY 2020 89% $782K Increasing both our enterprise customer count and spend#14Expanding Customer Usage Illustrative Customer Revenue Expansion* Land* Year 1 Adopt** Year 2 Ⓒ2021 Fastly, Inc. ■Year 1 Year 2 Year 3 * Land = Weighted average of 2014-2020 revenue cohorts' 1st year revenue ** Adopt = Weighted average 1st year growth of 2014-2019 revenue cohorts *** Expand = Weighted average 2nd year growth of 2014-2018 revenue cohorts **** Illustrative Customer Revenue Expansion based on weighted average cohort analysis :*** Expand*** Year 3 Land Adopt Expand Leading Online Payments Company INITIAL DEPLOYMENT Implemented Fastly for origin offload, cloud optimization and as a redundant solution to their incumbent provider DIGITAL TRANSFORMATION Moving application logic to the edge to enable DevOps and digitally transform their workflows with Fastly's real-time control and insights We boost customer usage and spend over time by offering increasingly valuable products and services EDGE COMPUTE & SECURITY Opportunity to build applications at edge to improve digital experiences for their customers and desire integrated security#15Strong Customer Loyalty and Retention Metrics Dollar-Based Net Expansion Rate* 132% CY 2018 136% O Ⓒ2021 Fastly, Inc. CY 2019 143% CY 2020 Annual Revenue Retention Rate** 99% CY 2018 99% CY 2019 99% CY 2020 * We calculate Dollar Based Net Expansion Rate by dividing the revenue for a given period from customers who remained customers as of the last day of the given period (the "current period") by the revenue from the same customers for the same period measured one year prior (the "base period"). The revenue included in the current period excludes revenue from (i) customers that churned after the end of the base period and (ii) new customers that entered into a customer agreement after the end of the base period. **We separately monitor customer retention and churn on an annual basis by measuring our annual revenue retention rate, which we calculate 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 ("Annual Revenue Churn"). The quotient of the Annual Revenue Churn from all of our Churned Customers divided by our annual revenue of the same calendar year is then subtracted from 100% to determine our annual revenue retention rate#16Financial Overview Ⓒ2021 Fastly, Inc.#17Financial Highlights 獨 Strong Topline Growth Ⓒ2021 Fastly, Inc. 20 Expanding Gross Margin Significant Operating Leverage M Investing With Purpose#18Positioned to Capture a Large and Growing Market $36.2B $18.6B App Services and Security at the Edge 2021 Fastly, Inc. $17.5B CDN & Streaming 2022 SOURCES: *MarketsandMarkets: Edge Computing Market Global Forecast to 2024 (August 2019) **Marketsand Markets: Content Delivery Network Market Global Forecast to 2024 (May 2019) ***Marketsand Markets: Web Application Firewall Market Global Forecast to 2022 (September 2017) ****MarketsandMarkets: Botnet Detection Market Global Forecast to 2023 (April 2018) *****IDC: Worldwide DDoS Prevention Products and Services Forecast, 2020-2023 (February 2020) ******IDC: Worldwide Application Delivery Controller Forecast, 20190-2023 (December 2020) ✓ Edge Computing* WAF, Bot Detection, and DDoS Prevention* *** **** ***** Application Delivery and Control** ✓ Web Performance Optimization** ✓ Media Delivery**#19Strong Revenue Growth $24.4 $24.3 $26.2 $30.0 $32.5 Ⓒ2021 Fastly, Inc. $34.4 $36.8 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 36% CAGR $40.8 Q4 18 * Dotted line reflects company's estimates of positive COVID-related impact $45.6 $46.2 Q1 19 Q2 19 $49.8 Q3 19 $58.9 Q4 19 $62.9 Q1 20 $74.7* Q2 20 $70.6 Q3 20 $82.6 Q4 20 38% Growth $104.9 39% Growth CY 2017 $144.6 CY 2018 Note: U.S. Dollars (in millions) 45% Growth $200.5 CY 2019 $290.9 CY 2020#20Multiple Levers Drive Gross Margin Expansion Non-GAAP Gross Margin* 54.9% ● CY 2018 Levers include: 56.8% CY 2019 Ⓒ2021 Fastly, Inc. 60.9% CY 2020 * including D&A and SBC, please see appendix for reconciliation of Non-GAAP to GAAP metrics 57.6% Q4 19 63.7% Bandwidth continues to be largest variable contributor to Cost of Revenue People / Colocation expected to grow at slower rate than bandwidth / D&A as we reach global coverage Increased peering drives reduction in transit costs Q4 20 Inherent Network Efficiency Drives Margin Increase Customers Lower Costs & Higher Quality More Security Insight More Connectivity More Data/POPS We operate our business to optimize reach and scale Volume#21Investments in Tech Platform to Drive Growth With Continued FCF Leverage Cash Capital Expenditures* as % of revenue 14% CY 2018 Free Cash Flow** Margin CY 2018 (25%) 7% CY 2019 CY 2019 (25%) 11% CY 2020 CY 2020 (20%) Single network reduces hardware requirements and increases flexibility Increased computing capacity / efficiency per dollar spent Network utilization rates We endeavor to improve efficiencies in DPO and DSO * Capital expenditures are defined as cash used for purchases of property and equipment and capitalized internal-use software, as reflected in our statements of cash flows **Free cash flow margin is equal to Cash Flow used in operations less Capital Expenditures divided by Revenue, please see appendix for reconciliation of Non-GAAP to GAAP metrics 2021 Fastly, Inc.#22Building To Support Increased Scale and Growth Non-GAAP Sales & Marketing as a % of Revenue* 34% CY 2018 23% CY 2018 34% 15% CY 2019 CY 2018 Non-GAAP Research & Development as a % of Revenue** 22% CY 2019 28% 18% CY 2020 CY 2019 20% CY 2020 34% Non-GAAP General & Administrative as a % of Revenue** 19% Q4 19 CY 2020 21% Q4 19 19% *** Q419 33% Q4 20 22% Q4 20 20% Q4 20 Aggressively pursuing market share while balancing capital optimization for go-to-market Increasing demand generation and account-based marketing Meaningful investments in the platform to further enhance key differentiators Applications built by leveraging a single network architecture Investing in operational scale to support rapid growth, IPO compliance and M&A integration *Non-GAAP Sales & Marketing Expense is defined as GAAP Sales and Marketing Expense plus stock-based compensation related to sales and marketing plus amortization of intangible assets related to sales and marketing, please see appendix for reconciliation of Non-GAAP to GAAP metrics ** Non-GAAP Research & Development Expense is defined as GAAP Research and Development Expense plus stock-based compensation related to research and development, please see appendix for reconciliation of Non-GAAP to GAAP metrics Ⓒ2021 Fastly.dneP General & Administrative Expense is defined as GAAP General and Administrative Expense plus stock-based compensation related to general and administrative plus acquisition-related expenses, please see appendix for reconciliation of Non-GAAP to GAAP metrics#23Thank You! fastly#24Appendix Ⓒ2021 Fastly, Inc.#25GAAP to Non-GAAP Reconciliation ($MM) Gross Profit GAAP Gross Profit Stock-based compensation Amortization of acquired intangible assets Non-GAAP gross profit Non-GAAP gross margin Research and development GAAP research and development Stock-based compensation Non-GAAP research and development Sales and marketing GAAP sales and marketing Stock-based compensation Amortization of acquired intangible assets Non-GAAP sales and marketing General and administrative GAAP general and administrative Stock-based compensation Acquisition-related expenses Non-GAAP general and administrative Operating loss GAAP operating loss Stock-based compensation Amortization of acquired intangible assets Acquisition-related expenses Non-GAAP operating loss Net loss GAAP net loss Stock-based compensation Amortization of acquired intangible assets Acquisition-related expenses Acquisition related tax benefit Interest expense-acceleration of deferred debt costs due to early repayment Other expense-mark-to-market warrant liability Non-GAAP net loss Ⓒ2021 Fastly, Inc. FY2018 79.1 0.3 $79.3 55% 34.6 (1.3) $33.3 50.1 (1.0) $49.1 23.5 (1.5) $22.0 (29.1) 4.1 ($25.1) (30.9) 4.1 0.7 ($26.1) FY2019 112.1 1.4 $113.6 57% 46.5 (2.9) $43.6 71.1 (3.5) $67.6 41.1 (4.3) $36.8 (46.5) 12.1 ($34.4) (51.6) 12.1 1.8 2.4 ($35.2) FY2020 170.9 3.9 2.5 $177.2 61% 74.8 (17.1) $57.7 101.2 (17.0) (2.6) $81.6 102.1 (26.4) (20.8) $54.9 (107.2) 64.4 5.1 20.8 ($16.9) (95.9) 64.4 5.1 20.8 (13.2) ($18.8) Q1'2019 25.8 0.1 $26.0 57% 10.2 (0.4) $9.7 15.0 (0.4) $14.7 8.7 (0.5) $8.2 (8.1) 1.5 ($6.6) (9.7) 1.5 0.7 ($7.6) Q2'2019 25.4 0.3 $25.7 56% 11.2 (0.7) $10.5 16.9 (0.6) $16.3 8.9 (0.6) $8.3 (11.7) 2.2 ($9.4) (15.6) 2.2 1.8 1.7 ($9.9) Q3'2019 27.5 0.4 $27.9 56% 12.1 (1.0) $11.2 17.6 (0.9) $16.6 10.6 (1.5) $9.1 (12.8) 3.8 ($8.9) (12.2) 3.8 ||||| ($8.3) Q4'2019 33.4 0.5 $33.9 58% 13.0 (0.8) $12.1 21.6 (1.6) $20.0 12.9 (1.7) $11.2 (14.0) 4.6 ($9.4) (14.1) 4.6 ($9.5) Q1'2020 35.7 0.6 $36.3 58% 14.3 (1.7) $12.6 19.2 (1.5) $17.7 14.2 (2.6) $11.6 (12.0) 6.3 (12.0) 6.3 ($5.6) (12.0) 6.3 ($5.7) Q2¹2020 45.0 1.1 $46.1 62% 16.7 (4.1) $12.6 24.7 (7.1) $17.6 18.1 (4.1) $14.0 (14.4) 16.3 $1.8 (14.5) 16.3 $1.8 Q3'2020 41.3 0.9 $42.3 60% 18.3 (4.4) $13.9 22.6 (3.2) $19.4 24.0 (3.6) (7.2) $13.2 (23.5) 12.1 7.2 ($4.2) (23.8) 12.1 7.2 3 ($4.5) Q4¹2020 48.9 1.3 2.5 $52.6 64% 25.6 (7.0) $18.6 34.8 (5.3) (2.6) $26.9 45.9 (16.1) (13.6) $16.1 (57.3) 29.7 5.1 13.6 ($9.0) (45.7) 29.7 5.1 13.6 -13.2 ($10.5)#26GAAP to Non-GAAP Reconciliation (Cont'd) FY2019 ($51.6) Q2¹2019 ($15.6) ($MM) GAAP net loss Stock-based compensation Depreciation and amortization Amortization of acquired intangible assets Interest income Interest expense Other (income) expense, net Income taxes Acquisition-related expenses Acquisition-related tax benefit Adjusted EBITDA Cash flow used in operations Capital expenditures (¹) Free Cash Flow FY2018 ($30.9) 4.1 Ⓒ2021 Fastly, Inc. 13.4 (0.9) 1.8 0.7 0.2 ($11.7) FY2018 (17.0) (19.7) ($36.6) 12.1 16.6 (3.3) 5.2 2.6 0.5 ($17.9) FY2019 (31.3) (19.5) ($50.8) * Including D&A and SBC expenses, reflecting GAAP reporting FY2020 ($95.9) 64.4 20.0 5.1 (1.6) 1.5 0.3 1.7 20.8 (13.2) $3.1 FY2020 (19.9) (37.4) ($57.3) Q1'2019 ($9.7) 1.5 3.7 (0.4) 1.2 0.8 0.1 ($2.9) Q1'2019 (10.1) (4.8) ($14.9) 2.2 3.9 (0.9) 3.0 1.7 0.1 ($5.6) Q2'2019 (5.6) (4.4) ($10.0) Q3'2019 ($12.2) 3.8 4.1 (1.2) 0.6 (0.1) 0.0 ($4.9) Q3'2019 (12.6) (4.4) ($17.0) Q4¹2019 ($14.1) 4.6 4.9 (0.9) 0.4 0.2 0.3 ($4.6) (1) Capital expenditures are defined as cash used for purchases of property and equipment and capitalized internal-use software, as reflected in our statements of cash flows Q4'2019 (3.1) (5.8) ($8.9) Q1¹2020 ($12.0) 6.3 4.7 (0.7) 0.3 (0.4) 0.8 ($0.9) Q1'2020 (7.2) (11.7) ($18.8) Q2¹2020 ($14.5) 16.3 4.7 (0.4) 0.4 0.1 (0.0) $6.6 Q2¹2020 (8.8) (3.1) ($11.9) Q3'2020 ($23.8) 12.1 5.0 (0.4) 0.4 (0.1) 0.3 7.2 $0.8 Q3'2020 27.2 (13.8) $13.4 Q4'2020 ($45.7) 29.7 5.6 5.1 (0.2) 0.5 0.7 0.5 13.6 (13.2) ($3.4) Q4'2020 (31.1) (8.8) ($40.0)