Klaviyo IPO Presentation Deck

GAAP to Non-GAAP reconciliation (cont'd) Non-GAAP Operating Expenses (in thousands) Sales and Marketing (S&M) Expense on a GAAP Basis Less: Amortization of Prepaid Marketing Expense Less: Stock-Based Compensation Expense ¹ Less: Restructuring Expense ² Non-GAAP S&M Expense Revenue S&M Expense as a % of Revenue Year Ended December 31 2021 $156,342 20,874 $135,468 $290,640 53.8% 2022 $213,848 22,040 985 $190,823 $472,748 45.2% Non-GAAP S&M Expense as a % of Revenue 46.6% ¹ Represents non-cash share-based awards granted. During the years ended December 31, 2022 and 2021, stock-based compensation expense of $1.5 million and $16.7 million, respectively, related to repurchasing and retiring our common stock which was paid in cash, and thus are excluded from the table above. 2 Represents restructuring costs incurred in connection with a reduction in the Company's workforce announced in March 2023. During the period ended March 31, 2023, stock-based compensation expense of approximately $0.5 million related to the reduction in workforce is excluded from restructuring expense and included in stock-based compensation from the table above. 40.4% Six Months Ended June 30 2022 $91,919 813 $91,106 $208,345 44.1% 43.7% 2023 Ⓒ Klaviyo 2023 $123,970 26,448 179 1,802 $95,541 $320,674 38.7% 29.8% Confidential 50

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