KnowBe4 : Investor Presentation 2022

Building your last line of defense

Disclaimer

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future performance. In some cases, you can identify forward-looking statements because they contain words such as "will," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, our expectations regarding branding and launch of new products under development; our expectations regarding future product performance; the anticipated expansion of our TAM, including from products under development; our expected increases in KnowBe4's ARR, revenue and expenses; our business strategy and plans and objectives of management for future operations of KnowBe4 and its subsidiaries. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.

The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in our plans or assumptions, that could cause actual results to differ materially from those projected. These risks include our ability to develop new products and services and enhance our existing products and services, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, and our ability to compete in the rapidly changing cybersecurity environment in which we operate. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 that will be filed following this presentation. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we make.

In addition to the GAAP financials, this presentation also includes certain non-GAAP financial measures, including free cash flow, free cash flow margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP operating margin. Non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. For example, other companies, including companies in the KnowBe4's industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the company's non-GAAP financial measures as tools for comparison. Definitions of these measures along with reconciliations of these measures to the most directly comparable GAAP measures are included at the end of this presentation.

This presentation also contains estimates and other statistical and industry data prepared by independent parties and by the Company relating to market size and growth. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of KnowBe4's future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by KnowBe4.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.

This presentation has been prepared by KnowBe4, Inc. ("KnowBe4," "we," "us," "our," or the "Company") for the exclusive use of the party to whom the Company delivers this presentation.

2	©2022 KnowBe4

Our Mission

Enable employees to make smarter security decisions, everyday

3	©2022 KnowBe4

Key Investment Highlights

$23B+ global opportunity addressing the human layer*

Integrated AI/ML driven SaaS platform leveraging proprietary data set

Easy to deploy and use for companies of all sizes in all verticals

Demonstrated scale and durable growth

Attractive 80%+ margins and positive FCF as of June 30th, 2022

4	©2022 KnowBe4

*For further information on how we calculate our global opportunity, please see slide 21

New-School Security

Awareness SaaS Platform

76

Strong Net Promoter Score

Q1 2022 Forrester Wave Leader

KnowBe4 Snapshot

$81M

Q2 2022 Revenue

36%+ Q2 2022

YoY Revenue Growth

85%+ Q2 2022 Gross Margins

$328M

Q2 2022 ARR

36%+ Q2 2022

YoY ARR Growth

25%+ H1 2022

Free Cash Flow Margin

5	All financial and operating metrics are as of and for the period ended June 30,2022.	©2022 KnowBe4
NPS Score is based on surveys completed during April 2022. We determine NPS by totaling up the responses by group and dividing the total number of survey responses. We use our NPS to gauge both customer satisfaction and the willingness to recommend our product to others

See appendix for a definition on Annual Recurring Revenue. Free cash flow margin is a non-GAAP financial metric. For more information about free cash flow margin and a reconciliation of net cash provided by operating activities to free cash flow margin, see appendix.