#1JBE BE NOES GOLD Q LITAIRE Blackout BINGO! 100 BIG BUCK TRIVIA CRACK PAYDAY SOLITAIRE CURE skillz HUNTER MARKSMAN INVESTOR DAY 11 D DARTS 21 BUBBLE CUBE 2 STRIKE MARCH 15, 2022 Bowlero COUKING TOURNAMENT BLITZ TRIVIA#2HOES GOLD Blackout BINGO! BIG BUCK TRIVIA CRACK PAYDAY SOLITAIRE CUBE HUNTER MARKSMAN 》 UBE BUBBLE CUBE 2 BE STRIKE! Big DARTS 21 Bowlero COUKING TOURNAMENT BLITZ BIGARI LITAIRE TRIVIA#3DISCLAIMER The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources and is based on information available as of the date hereof. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Skillz assumes no obligation to update any information in this presentation, except as required by law. INDUSTRY AND MARKET DATA This presentation includes information and statistics regarding market participants in the sectors in which Skillz competes and other industry data which was obtained from third-party sources, including reports by market research firms and company filings. TRADEMARKS This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM or symbols, but Skillz will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. USE OF NON-GAAP FINANCIAL MEASURES This presentation includes non-GAAP financial measures. Skillz believes that these non-GAAP measures are useful to investors for two principal reasons. First, they believe these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance. Second, these measures are used by Skillz's management to assess its performance. Skillz believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Please see the appendices to this presentation for a reconciliation of the non-GAAP financial measures presented herein to their most comparable GAAP financial measures. FORWARD LOOKING STATEMENTS AND INVESTMENT CONSIDERATIONS This presentation also contains forward-looking statements, which may be identified by such words as "may", "plans", "expects", "believes", "anticipates" and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Nothing set forth herein should be regarded as a representation, warranty, or prediction that Skillz will achieve or is likely to achieve any particular future result. Various factors could cause actual future results, performance or events to differ materially from those described herein. Some of the factors that may impact future results and performance may include, without limitation, the ability of Skillz to: effectively compete in the global entertainment and gaming industries; attract and retain successful relationships with the third party developers that develop and update all of the games hosted on Skillz's platform; comply with laws and regulations applicable to its business; as well as other risks and uncertainties indicated from time to time in the Company's SEC filings, including those under "Risk Factors" therein, which are available on the SEC's website at www.sec.gov. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision. 3 skillz#4TIME (PACIFIC) 8:00a - 8:20a TODAY'S AGENDA 8:20a 8:40a - 8:40a - 9:00a 9:00a - 9:15a TOPIC Strategic Vision Product & Technology Q&A Session #1 Session Break SPEAKER(S) Andrew Paradise, CEO Vatsal Bhardwaj, CPO Management Team 9:15a - 9:30a 9:30a - 9:45a 9:45a 10:05a 10:05a 10:25a Developer Panel Distribution & Content Overview Financial KPIs Q&A Session #2 10:25a 10:30a Closing Remarks George Petro, Play Mechanix Tim O'Neil, Tether Casey Chafkin, CRO lan Lee, CFO Management Team Andrew Paradise, CEO skillz#5STRATEGIC VISION ANDREW PARADISE CHIEF EXECUTIVE OFFICER skillz#6MARKET Smartphones BUILDING THE COMPETITION LAYER OF THE INTERNET GLOBAL USERS (B) MARKET CHAMPION 3.5 MARKET CAP (SB) $2,718 Social Networking 3.4 f $566 Travel 1.4 airbnb $101 Ride Sharing 4.1 Uber $67 Mobile Esports 1.0 skillz $1 Note: Market cap refers to the market champion. Sourced from Yahoo! Finance as of 3/2/22. skillz#77 MOBILE GAMING IS THE FIRST TARGET MARKET Mobile Gaming Market (2021) 21% $93B • Ads • In-App purchase Source: Newzoo Games Market 2021 report, Udonis, and Frank N. Magid Associates. 79% 2.8B Mobile Gamers worldwide (2021) 40% Gamers want to compete skillz#88 HISTORY OF DEVELOPER ADOPTION MORE INHIBITORS IN THE PAST TODAY IS MORE BALANCED No access to the user data Limited ability to customize the interface No access to the user data Limited ability to customize the interface FEWER INHIBITORS IN THE FUTURE No access to the user data Greater ability to customize the interface Lack of know-how to build skill games Our network was smaller than every game Developers believed they could build it themselves Regulatory risk Lack of know-how to build skill games Our network continues to get bigger Replicating what SKLZ has built is not feasible Regulatory framework is well established Education & Insights to build skill games Our network continues to get bigger Replicating what SKLZ has built is not feasible Regulatory framework is well established skillz#99 SOLVING DEVELOPER PAIN POINTS DEVELOPER PAIN POINTS SKILLZ SOLUTION POOR MONETIZATION NO PAYMENTS INFRASTRUCTURE LIMITED DATA ANALYTICS MANUALLY INTENSIVE LIVEOPS LIMITED UA EXPERTISE & RESOURCES LIMITED CUSTOMER SUPPORT LIMITED SKILL GAMING EXPERTISE INCREASING COMPETITION FOR GAMER TIME HIGHER USER ENGAGEMENT AND RETENTION INTEGRATED PAYMENTS CAPABILITIES AND SINGLE USER WALLET PROPRIETARY PLAYER RATING, MATCHING AND FRAUD PROTECTION AUTOMATED, AI-DRIVEN LIVEOPS SOPHISTICATED UA CAPABILITIES EFFICIENT 24/7 CUSTOMER SERVICE DEVELOPER EDUCATION AND INSIGHTS BROADER SUITE OF SERVICES (E.G. AARKI) FUTURE skillz#1010 EXPANDING OUR LEAD OVER COMPETITORS CAPABILITY skillz AD NETWORKS GAME DEVELOPERS TECH PLATFORMS ANALYTICS PAYMENTS LIVE OPERATIONS USER ACQUISITION CUSTOMER SUPPORT HOSTING AD NETWORK CONTENT DEVELOPER TOOLS PERCEIVED PRESENCE STRONG EXIT GAMES LIMITED NONE skillz#1111 2.5B+ TOURNAMENTS Billions of annual tournaments WIDENING DATA AND TECHNOLOGY MOAT 6.0M+ AVERAGE DAILY TOURNAMENTS Unique set of transaction/ user data skillz 650B+ DATA POINTS 2.4B+ GMV Paid entry and free gameplay Broad end-user demographics Player rating and matching 70%+ PLAYERS WIN RATE IN-BAND Anti-cheat & anti-fraud Segmentation engine 70+ TRANSACTIONS PER SECOND 45 NPS SCORE Note: Tournaments, Average Daily Tournaments, Data Points and GMV are all LTM data as of December 31, 2021. Player win rate in-band, transactions per second, NPS score, system uptime are all data for Q4'21. System reliability & architecture 99.95%+ SYSTEM RELIABILITY IN UPTIME skillz#12PROVEN SCALABILITY WITHOUT A TOP 10 GAME, YET PAYING MAU (M) 0.050 0.066 0.087 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 0.391 0.346 0.302 0.258 0.146 0.155 0.165 0.177 0.104 0.467 0.463 0.509 0.611 Q4'20 Q1'21 Q2'21 Q3'21 Paying Monthly Active Users (PMAU) is the number of end-users who entered into a paid contest hosted on Skillz's platform at least once in a month, averaged over each month in the period. Gross Marketplace Volume (GMV) is entry fees that may be paid using cash deposits, prior cash winnings that have not been withdrawn, and end-user incentives. NUMBER OF GAMES >$1M GMV 13 Q4'21 16 15 15 18 21 21 19 22 22 32 32 28 38 36 33 44 43 42 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 12 skillz#1313 15M+ GAME DEVELOPERS (1) 1M+ GAMES ON THE APP STORE (2) (1) Source: Unity Software Inc. S-1 dated 9/17/20. (2) Source: Business of Apps dated 1/11/22. BUILDING THE CONTENT ENGINE YESTERDAY TODAY Build Product Build Marketing TOMORROW 1. HIRE TEAM 2. DEVELOPER EDUCATION 3. OPTIMIZE PRODUCT Ramp Sales skillz#1414 $375K COST TO BUILD A GAME (1) $10M COST TO ACQUIRE A GAME (2) WHY WE'LL WIN Note: $11k refers to cost of acquiring a developer who has signed and launched a game. (1) Based on the average range of $250k to $500k from Auroch Digital. (2) Based on selected mobile gaming transactions. skillz $11K COST TO ACQUIRE A DEVELOPER skillz#1515 THE PLAN 2022 PLAN: PATH TO PROFITABILITY Increase Marketing Efficiency THE IMPACT GAAP Revenue grows slower than Revenue after Engagement Marketing (RAEM) GAAP Revenue and RAEM grows faster than Marketing RAEM grows faster than Revenue Adj. EBITDA margin improves Impactful New Products GAAP Revenue and RAEM growing faster in 2H'22 than 1H'22 Adj. EBITDA margin improves Invest in Developer Marketing Account Management team is hired Developer Education and Insights are delivered Activate New Hires GAAP Revenue and RAEM per head grows Adj. EBITDA margin improves skillz#1616 CLOUD GAMING: A POTENTIAL GAME CHANGER Revolutionize the playable ad Access to new audiences Lower friction to onboard Increase game discovery OUR END GAME Every Gamer, Every Developer and Every Type of Game on Skillz skillz#17PRODUCT & TECHNOLOGY VATSAL BHARDWAJ CHIEF PRODUCT OFFICER skillz#1818 COMPREHENSIVE PLATFORM SOLUTION Gamer Competition Engine LiveOps System Developer Console الم Network Data Science Technologies skillz#1919 DistanceDefense955 skillz powered 577 234 $0.00 Events Enter Match Code SPA Spa Day III > Begins In: 00:01:04:03 PRIZES $2,300+225 ao PLAYERS ENTRY $3 CORE PRODUCT EXPERIENCE CURRENT STATE Brackets 440 Solitaire Court $8 Round Time: 24 hours Poor PRIZES $8+225 +18 4 PLAYERS ENTRY $3 Head to Head PLAY YOUR FIRST CASH MATCH! Apprentice $0.42 Low stakes for two players! PRIZES $0.42+20 Practice Novice 2 PLAYERS ENTRY $0.25 22 Klondike for practice PRIZES 22+1+2 2 PLAYERS ENTRY 21 SweetPengu: What are we twisting? XOscranton strangler X: Playing bop it Unchanged since launch tournament discovery Slower gameplay access $ 100.30 165 Z 34 FUTURE STATE 100.30 165 2 34 All Events Play Live Head to H All Events Play Live H We put the giving in Thanksgiving. Free login bonus! Y Claim Bonus Cash Your Turn No tricks. Free login bonus. No deposit required! Claim Bonus Cash 3h 12m 5s Events Match Code Begins in: 3h 12m 5s $600 in prizes $1 in priz Tie Breaker vs. goblin_king $1 Prize waiting 1 Card - Diamond Events Match Code $2 Entry Ends in: 3h 12m 5s $ 600 in prizes 1 in priz Play Live Pearl 10-$2 Entries Swea 10-$ ⚫ Diving Online 1 Car $300 Rules Home Leagues Play Wallet More Home Leagues Play Store More skillz#2020 PHASES OF SOCIAL GAMEPLAY SOCIAL EXAMPLE OF CHAT Diamond Strike Chat SirTastyLlamizzle 3:25 AM I'll hop in the queue right now UnableUneven824 925 AM Sweet Joyous Seat414 + 0:26 AM What entry are y'all playing?? SirTastyLlamizzle × 2. Chat 3. More social gameplay features to come S I'm trying to get enough Z for a shoutout SirTastyLlamizzle 9:25 AM Can't stop, won't stop. UnableUneven824 9:26 AM How do the shoutouts work? SirTastyLlamizzle 9:27 AM You show them after games end SirTastyLlamizzle 9.27 AM And can buy them with Z > Got it, and you earn them by of one "0" on a e t y น i S d f g h jk D Z X C v b nm × 3. Competition 123 space return skillz#21PERSONALIZATION AND DATA SCIENCE RETENTION Increasing spend, Push notifications, Player Matching EnquiryMaterial343. 2 219 Example of Personalized LIMITED TIME OFFER skillz powered $0.00 havingsomefeng 272K 00:23:59:55 with a $10 DEPOSIT LIMITED TIME OFFER! $50 BONUS CASH CONVERSIONS Making first Deposit, Segmentation LIMITED TIME OFFER! $10 BONUS CASH CHOOSE YOUR DEPOSIT AMOUNT: 2250 skillz powered $22.59 00:07:49:19 CHOOSE YOUR DEPOSIT AMOUNT: Best Value $10 $2 $5 $50 $10 $15 $30 ENTER PROMO CODE REGISTRATION Sign up/First few games Get $30 Bonus Cash Invite Friends 21 ACQUISITION Ad Networks EARN MORE with a $100 DEPOSIT $20 $100 +$30 BONUS $500+$250 BONUS ENTER PROMO CODE Get $30 Bonus Cash Invite Friends Best Value EARN MORE Z CLAIM FREE 2 MD Mandapanda820: Yes it's real Fatmommatojandd: Yasslinuush where are you from? - skillz#2222 22 REAL-TIME MULTIPLAYER SOLO PLAY PRE-SKILLZ ASYNC VS SKILLZ CIRCA 2016 - SOL CUBE TURN BASED SYNC SKILLZ 2020 - POOL PVP SYNC BIG BUCK HUNTER MULTI PLAYER TOMORROW FRAYHEM 0 0 skillz#23Hyper D Customization C Custom Developer invests into progression with custom integration and developer tools Semi-customized Game modes: B Templates Tournaments App icons 23 23 A STATIC INTEGRATION PROGRESSION mattymatt 81.9K 21,099 RANK S 17 Skillz Level skillz powered GOALS $44.62 DAILY MISSIONS ACHIEVEMENTS COLLECT MISSION POINTS FOR REWARDS! NEXT REWARD: Pool Payday Silver Tier 200/600 Missions & Items Season Two is Here! Ends on March 07 6/24 POOL DAVNAV ITEMS GIFTEDRDCL: for you koop hope it make.. geno81671: All depends zara MISSIONS IN PROGRESS: HIT ANY TRIPLE TARGET 50 TIMES REWARD 200 1/50 NEXT MISSIONS IN: 22H 2M CONTINUE skillz#2424 24 HIGHLY SCALABLE AND RELIABLE PLATFORM termax 400 2.6x High Performance 70+ 99.95 %+ Tournaments (M) 300 200 135 100 345 Transactions Per Sec (2021) System Uptime (2021) 0 Q4'18 Q4'21 illz skillz#2525 25 SUMMARY Comprehensive Go-To-Market Platform for game developers User Interface Refresh on the core product experience increases LTV and trust Social increases user engagement Personalization increases user retention Real-time Multiplayer Sync broadens the content on our platform and grows the audience Progression increases developer and player investment High Performance Platform Architecture with differentiation driven by data science skillz#26Q&A SESSION #1 skillz#27www etermax SESSION BREAK skillz skillz#28NOES GOLD Blackout BINGO! DEVELOPER PANEL MARKSMAN JBE BE BUBBLE CUBE 2 GEORGE PETRO BY OWNER Q LITAIRE Play Mechanix TRIVIA TRIVIA CRACK PAYDAY 11 D TIM O'NEIL CO-FOUNDER & CEO TETHER STUDIOS. DARTS 21 TOURNAMENT BLITZ#29DISTRIBUTION & CONTENT CASEY CHAFKIN CHIEF REVENUE OFFICER skillz#3030 $100K- $150K $150K+ 7% 10% 9% <$25k $75K- $100K 11% Income 33% $50K-$75K 30% LARGE, DIVERSE PLAYER AUDIENCE $25k- $50K Gender 56% Female Θ + 44% Male 60+ Under 20 2% 14% 20-29 15% 50-59 20% Age 25% 30-39 25% 40-49 Source: Income demographics from Axciom survey data of paying users (2018). Gender and Age demographics from Skillz research. Amounts may not total due to rounding. skillz#3131 REACHING AND ACQUIRING USERS EFFICIENTLY Drive incremental revenue efficiently by acquiring and retaining users through diversified media investments and organic media channels DIVERSIFIED PAID MEDIA MIX Deploy spend across highly programmatic and social channels, in addition to making investments up and across the funnel REDUCE DSP FEES Shift paid media spend to the 'Skillz Media Network' - our in-house DSP - to reduce fees charged by external DSPs EXPANDED USE OF DATA AND AUTOMATION Continued investment in machine learning, automated data systems and media spend enablement tools to drive incremental marketing precision EXPAND ORGANIC CHANNELS Grow investments in App-Store-Optimization (ASO), Search Engine Optimization (SEO) and Skillz organic social channels skillz#3232 DRIVING DEEPER ENGAGEMENT ON THE PLATFORM Optimize engagement marketing spend by focusing on high return programs, profit-margin accretive channels and player information OPTIMIZE ENGAGEMENT MARKETING SPEND Improve the approach for evaluating the short and mid term impact of engagement marketing, prioritizing high return and elimination of low return programs GROW PROPRIETARY COMMUNICATION CHANNELS Investing into Skillz-controlled channels (e.g. Email, Push) to allow for more effective and efficient retention of active and reactivation of lapsed users, through contextually relevant messaging, content and offers PLAYER PROFILES Layer refreshed qualitative segmentation research, additional second and third party data and ongoing collection of first party data (e.g. progressive profiling) skillz#3333 skillz BUILDING THE BRAND Execute brand refresh to ensure a consistent and differentiated architecture, design and positioning while continuing to invest in partnerships to expand our footprint and deliver revenue for partners. skillz BRAND REDESIGN Your inner champion awaits GT Haptik Blitz Champ Compete N VIN Embrace your LIVE EVENT inner champion. versus peat Repeat Rep BRAND AND IP PARTNERSHIPS NFL DRL Bowlero American Red Cross SAMSUNG T-Mobile™ American Cancer Society® skillz#34INOES GOLD BUILD COMMUNITY Black GROWING THE DEVELOPER ECOSYSTEM Optimize both the Managed and Self Serve functions Marketing To Lift Awareness And Interest In Building With Skillz SOLITAIRE EMPOWER Developers Through Education & Insights BIG RIGH HU MARK DKING TRIVIA PRODUCTS & SERVICES New Tools And Services To Give Developers More Control And Functionality 11 BE BE UBB CUA HJP Build Community To Create Demand STRIKE Bowlero DA Education & Insights Go Tools & Services For Success NG 21 For More Developer Control BLITZ skillz 34 AIRE TRIVIA BIG RITA#3535 SUMMARY We have a Large and Diverse audience of players We are Optimizing UA via Data Science, automation, Aarki spend migration and organic traffic growth We are Driving Deeper User Engagement with owned communication channels and more user data We are Building our Brand which will enhance all our consumer marketing efforts We are Investing in our Developer Ecosystem to grow the number of successful games on our platform skillz#36FINANCIAL KPIS IAN LEE CHIEF FINANCIAL OFFICER skillz#37WHERE WE'VE COME FROM YEARS AGO $37B MOBILE GAMING MARKET SIZE 24K PAYING MAU(1) $8M REVENUE (2) to TODAY $93B MOBILE GAMING MARKET SIZE 611K PAYING MAU(1) $384M REVENUE (2) 37 Source: Newzoo (1) PMAU figures are as of Q4 2016 and Q4 2021 respectively. (2) Revenue figures are for FY2016 and FY2021 respectively. skillz#3838 Paying Users Average # of Tournaments Average Entry Fee Gross Marketplace Volume Prizes Developer Revenue Share HOW WE GENERATE REVENUE Take Rate PMAU ARPPU RAEM Revenue End-user Incentives Reducing Revenue Engagement Marketing Incentives in Sales & Marketing#3939 99 Business Model HOW THE BUSINESS MODEL WORKS $1.20 Gross Marketplace Volume ($1.00) Prizes, Incentives & Dev Profit Share GAMER 1 $0.60 Entry Fee $0.20 Revenue (14.7% take-rate) X 92% Gross margin YOU WIN! $0.18 Gross profit GAMER 2 $0.60 Entry Fee $0.17 OpEx (excl. SBC, D&A, non-recurring items and UA) YOU LOSE $0.01 Adj. EBITDA before UA (17% of Revenue) Note: All dollar amounts are illustrative and based on actual take-rate and margin structure and reflect rounding. Adjusted EBITDA is defined as EBITDA before non-recurring items and stock-based compensation ("SBC"). D&A means Depreciation and Amortization. UA or UA Marketing is the total cost to acquire new users in that period. UA Marketing was $85.6 million in Q4 '21. See Appendix for a reconciliation of Adjusted EBITDA to the most comparable GAAP metrics. skillz#4040 40 Revenue $51 $120 $230 PURSUING PROFITABLE GROWTH Revenue after Engagement Marketing $400 $384 2018A 2019A 2020A 2021A 2022E Engagement Marketing as % of Revenue 49% 43% 43% 42% 39% 2018A 2019A 2020A 2021A 2022E $69 $30 $130 $324k $197 2018A 2019A 2020A 2021A 2022E $261k $148k $467k $288k $324k RAEM per Person Adjusted EBITDA Margin % -36% -19% " -29% -37% -47% 2018A 2019A 2020A 2021A 2022E Note: All $ in millions, except for per person statistics. 2022E based on guidance provided by Company in connection with Q4'21 earnings on 2/23/22. See Appendix for a reconciliation of Adjusted EBITDA Margin % to the most comparable GAAP metric. skillz#4141 Key Drivers Grow User Retention or Engagement Improve UA Efficiency Improve Engagement Marketing Efficiency DRIVERS OF PATH TO PROFITABILITY ROI on UA Marketing (1) ROI 3.00 x 2.00 x 1.00 x 0.00 x (1.00)x 0 12 24 36 Q1 2017 Q3 2019 Q2 2017 Q4 2019 -Q3 2017 Q1 2020 -Q4 2017 -Q2 2020 Q1 2018 Q3 2020 Months Q2 2018 Q4 2020 Q3 2018 Q1 2021 -Q4 2018 Q2 2021 -Q3 2021 Q1 2019 Q2 2019 -Q4 2021 (1) ROI calculated based on cumulative gross profit after engagement marketing divided by UAC. skillz#4222 42 GROWING USER RETENTION OR ENGAGEMENT Historical Quarterly Cohort LTV Key Driver is new user features Key Risks include product development and user adoption Key Upsides include new content LTV (GPAEM basis) 500% 400% 300% 200% 100% 0% Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 09 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q1 2018 - Q2 2018 - Q2 2020 - Q3 2018 Q3 2020 Q4 2018 Q4 2020 -Q1 2019 -Q1 2021 Q2 2019 Q3 2019 - Q4 2019 Q1 2020 - Q2 2021 - Q3 2021 Q4 2021 Note: LTV calculated based on cumulative gross profit after engagement marketing. LTV shown on a per paying user basis. LTV performance is indexed to the first quarter that the cohorts are acquired. skillz#4343 33 IMPROVING USER ACQUISITION MARKETING EFFICIENCY Key Driver is optimizing current traffic sources and growing organic Key Risks include traffic quality from newer sources and media cost inflation Key Upsides include better than expected price elasticity, Aarki performance improvements and cloud gaming Note: UAC indexed to Q1'18. $ in millions $150 $100 $50 100% CV-19 Impact 214% $27.0 $25.6 $16.3 $11.3 $11.4 $13.5 $4.2 $5.7 $7.2 $7.6 $0 $54.3 $55.2 $47.0 $43.6 $40.5 $85.6 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 -Indexed UAC User Acquisition skillz#4444 44 IMPROVING USER ACQUISITION MARKETING EFFICIENCY (CONT'D) Example Initiative Targeting "sweet spot" of UAC vs Spend UAC UAC vs UA Spend "Sweet Spot" Of Spend Elasticity UA Spend skillz#4545 IMPROVING ENGAGEMENT MARKETING EFFICIENCY $ in millions $100 Key Driver is identifying low return programs Key Risks include uncertain impact on longer-term user behavior Key Upsides include eliminating programs that may have been displacing user deposits $75 $50 $25 48% 44% 44% 42% 43% 42% 41% 43% 43% 43% 42% 39% 40% 52% 50% 49% $56.7 $50.0 $44.9 $36.0 $32.6 $26.6 $23.4 $11.4 $11.9 $13.3 $14.9 $17.1 $3.3 $4.5 $5.9 $7.4 $0 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Engagement Marketing Engagement Marketing as % of Rev skillz#4646 46 Implied ROI on Bonus Cash IMPROVING ENGAGEMENT MARKETING EFFICIENCY (CONT'D) Examples of engagement marketing initiatives Limited Time Trophies 0.4x $2,160,000 $1,600,000 $580,000 4.8x $192,000 $159,000 $33,000 Initiative A Initiative B Bonus Cash Offered Gross Profit Delivered GPAEM Delivered $602,000 7.3x Limited Time Offers 7.9x $5,000,000 $4,400,000 $4,170,000 $3,700,000 Initiative C Bonus Cash Offered $470,000 Initiative D Gross Profit Delivered GPAEM Delivered Note: The example initiatives that are shown indicate the Bonus Cash offered and the Gross Profit after Engagement Marketing delivered within a 7-day period on the Skillz platform for each initiative. skillz#4747 www KEY NEAR-TERM DRIVERS PATH TO BREAK EVEN etermax Greater user acquisition efficiency Lower and more effective engagement marketing LTV growth driven by product initiatives KEY UPSIDE DRIVERS New hit content Take rate enhancement Brand partnerships International expansion Cloud gaming Access to Google Play store skillz#4848 SUMMARY We are Pioneering a new market Profitable and Durable Growth is our focus Path to Profitability driven by improving unit economics Marketing Efficiency and New Products is our plan New Content is Upside to full year 2022 revenue and RAEM guidance skillz#49Q&A SESSION #2 skillz#50CLOSING REMARKS ANDREW PARADISE CHIEF EXECUTIVE OFFICER skillz#5151 SUMMARY Building the Competition Layer of the Internet is our mission We Serve the Massive, Rapidly Growing Market of mobile gaming We Make Gaming Better for the Entire Ecosystem with an innovative solution for monetizing games Adoption by Game Developers is Still Early with fewer inhibitors today than in the past We are Investing in the Content Engine to increase the games on our platform Our goal is Every Gamer, Every Developer and Every Game on Skillz! skillz#52THANK YOU#53($ IN MILLIONS) Net Loss APPENDIX: RECONCILIATION TO NON-GAAP ITEMS 2021 % OF REVENUE 2020 % OF REVENUE 2019 % OF REVENUE ($181.4) (47.2%) ($145.5) (63.2%) ($23.6) (19.7%) Interest Expense, net 1.2 0.3% 1.3 0.6% 2.5 2.1% Change in fair value of common stock warrants liabilities (87.9) (22.9%) 23.0 10.0% Stock-based Compensation 60.3 15.7% 23.8 10.3% 1.2 1.0% Provision for Income Taxes (19.0) (4.9%) 0.1 0.0% Depreciation and Amortization 11.1 2.9% 1.6 0.7% 0.7 0.6% Other non-operating costs (income) 00 0.0 0.0% 21.4 9.3% (3.6) (3.0%) Impairment charge 3.4 1.5% Acquisition related expenses 8.0 2.1% Loss contingency accrual 11.6 3.0% One-time non recurring expenses 14.6 3.8% 4.7 2.0% Adjusted EBITDA ($181.5) (47.3%) ($66.1) (28.7%) ($22.8) (19.0%) 53 Note: The Company defines and calculates Adjusted EBITDA as net income (loss) before interest, other non-operating expense or income, (benefit) provision for income taxes, and depreciation and amortization, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities (including derivatives) associated with debt and equity transactions, impairment charges, acquisition related expenses for transaction costs and certain loss contingency accruals. The Company's management believes Adjusted EBITDA is useful in evaluating its operating performance and is a similar measure reported by publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. skillz#5454 54 (S IN MILLIONS) Revenue APPENDIX: RECONCILIATION TO NON-GAAP ITEMS 2021 2020 2019 $384.1 $230.1 $119.9 Sales and marketing - engagement marketing $187.6 $99.8 $51.4 Revenue after engagement marketing $196.5 $130.3 $68.5 Note: The Company defines and calculates RAEM based on the Company's consolidated revenue less engagement marketing expenses included in sales and marketing expense. The Company's management believes that RAEM is a useful measure to enable investors to better measure the Company's progress in optimizing engagement marketing and the core growth rate of our business. skillz#55NOES GOLD UBE BUBBLE CUBE 2 BE LITAIRE JOKING Blackout BINGO! 10+ SOLITAIRE CURE BIG BUCK HUNTER MARKSMAN skillz STRIKE! Bowlero Big COOKING TRIVIA CRACK PAYDAY 11 0 DARTS 21 TOURNAMENT BLITZ TRIVIA BI 55