Skillz Investor Day Presentation Deck

39 Business Model HOW THE BUSINESS MODEL WORKS GAMER 1 YOU WIN! GAMER 2 YOU LOSE $0.60 Entry Fee $0.60 Entry Fee $1.20 Gross Marketplace Volume ($1.00) Prizes, Incentives & Dev Profit Share $0.20 x 92% $0.18 $0.17 $0.01 Revenue (14.7% take-rate) Gross margin Gross profit OpEx (excl. SBC, D&A, non-recurring items and UA) 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

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