#1INVESTOR TRACK S shopify unite JEFF WEISER Chief Marketing Officer#2NON-GAAP FINANCIAL MEASURES To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP financial measures that exclude certain items. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. June 19, 2019#3MERCHANT ACQUISITION FLYWHEEL AND LIFETIME VALUE GROWTH MERCHANT LIFETIME VALUE OPTIMIZE SPEND TEST#4LIFETIME VALUE LEVERS GROWING LIFETIME VALUE SITE TRAFFIC • Cost per Session LEAD CONVERSION • Conversion Rate Optimization • Product Marketing • Positon/Message TRIAL CONVERSION • On-boarding ● • Retargeting PLAN SELECTION ● SUBSCRIBER RETENTION • Price/Packaging ● Product Experience PLAN UPGRADES ● SOLUTIONS ADOPTION • CRM Cross-Sell Propensity Modeling#5COHORT PAYBACK 1.1 1.1 0 1 2 2016 Q1 Adjusted Gross Profit 1.5 1.4 3 1.9 1.8 2.1 5 2.5x 2018 Q1 Adjusted Gross Profit 6 2.8x 7 3.1x 8 COHORT AGE IN QUARTERS 2016 Q1 Performance Marketing 3.4x 9 3.8x 10 4.1x 11 4.4x 12 2018 Q1 Performance Marketing *Performance marketing defined as marketing spend excluding brand and G&A Adjusted gross profit consists of cumulative Billings less cumulative costs attributable to that cohort: Domains, Shopify Payments, Themes, Transaction Processing, Hosting and Support#6#7WE'RE TOLD WE LIVE IN A TIME OF UNPRECEDENTED OPPORTUNITY. GLOBALIZATION INNOVATION DISRUPTION FLUIDITY T#8THIS OPPORTUNITY IS A MYTH FOR MOST PEOPLE INCOME EQUALITY SOCIAL STASIS THEIMER BRETLAN DIGITAL LITERACY MONOPOLIES $79#9The #1 reason entrepreneurs running their own love business is the freedom to make their own decisions#10BRAND PURPOSE UNLOCK THE POWER OF COMMERCE FOR THOSE SEEKING INDEPENDENCE#11Let's make you a business S shopify#12Turn what you're into, into a business. Let's make you a business. 01 s shopify#13Your mom should be your first customer, not your only customer. Let's make you a business. /III shopify#14you thought of 3 months ago what you do for a living Drv sous recipe Or prove there wrong We don't know what kind of relationship n shopify#15THEN. WE SHOPIFY'D IT.#16That Business wwwthink could be hige, could be here shopify 2835 That Business shopify#17THANK YOU#18Q&A