#1S shopify Leading the future of commerce February 15, 2023#2Safe harbor This presentation contains forward-looking statements that are based on our management's current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although we believe that the plans, intentions, expectations, assumptions and strategies reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect our results. These risks are described in further detail in our Q4 2022 earnings release, and in our Management's Discussion and Analysis and in the section entitled "Risk Factors" in our Annual Information Form disclosed previously and from time to time in Shopify's filings with the U.S. Securities and Exchange Commission and the securities commissions or similar securities regulatory authorities in each of the provinces or territories of Canada available on www.sec.gov and on www.sedar.com. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those expressed, implied or projected by the forward-looking statements. References to long-term trends in our model are forward-looking and made as of the current date. Nothing in this presentation should be regarded as a representation by any person that these long-term trends will be achieved and we undertake no duty to update these long-term trends or any other forward-looking statements contained in this presentation, except as required by law. We believe that the case studies presented in this presentation provide a representative sample of how our merchants have been able to use various features of our platform to grow their respective businesses. References in this presentation to increased visits, growth and sales following implementation of our platform do not necessarily mean that our platform was the only factor contributing to such increases. 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. Please refer to the slides titled "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Figures" for further information. This presentation contains information concerning our industry, including information relating to the size of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. While we believe this information to be reliable, it has not been independently verified. This presentation contains trademarks, service marks, trade names and copyrights of Shopify and other companies, which are the property of their respective owners. February 2023 2#3SHOPIFY IN 2022 $5.6B Revenue in 2022 (up 21% YoY) ~561 M Unique online shoppers purchasing from Shopify merchants in 2022 $650B Global commerce since Shopify's inception Millions of merchants in +175 Countries *Source: eMarketer, November 2022 Shopify market share based on Shopify's 2022 US GMV (excluding merchant sales made through POS) ~10% US ecommerce market share* and expect further penetration MARANTA PLANT SHOP 3#4We've been focused on becoming the commerce operating system for our merchants since 2006#5We started online and built a commerce platform that helps merchants sell everywhere their customers are Over 80% of our merchants have installed two or more channels 2006 000 Online B2B S Brick & Mortar Today Marketplaces (5) f Social Pop-ups 5#6We continue to expand Shopify's breadth to make it even easier for merchants to start and scale their business Apps Order Management Marketing H Shipping 0000 HE Analytics 00 100 Inventory & Fulfillment S Run & manage your business end to end: Financial solutions Reduce operational complexity of supply chain: Supply chain solutions Reach new buyers/traffic efficiently: Adtech solutions shop Pay S shopify capital Shopify Balance Installments 6 RIVER SYSTEMS Deliverr shopify fulfillment network shop Promise Shopify Collabs shop S shopifyaudiences 6#7We solve the biggest challenges in commerce We arm merchants with business critical tools to navigate a rapidly evolving landscape Access to funding Shopify Capital Started H1 2016 Ś Supply chain complexity Shopify Fulfillment Network Started H1 2019 Omni-channel capabilities Shopify POS Pro Started H2 2020 ||||} CO Customer acquisition Shopify Audiences Launched H1 2022 + 7#8Shopify flywheel propels our success and business model into the future More merchants More GMV S More economies of scale More products + solutions 8#9Merchant-first focus through product innovation Lowering barriers, simplifying operations, catalyzing merchant sales Platform Sshopifyplus Retail shopify POS shopify shipping shopify payments shopify capital Multi-channel Ⓡa International expansion o Languages Local Payments Methods. Platform expansion ebay Fulfillment shopify fulfillment Deliverr 6 RIVER SYSTEMS Platform payments Locations Fraud Protection Shopify Balance SHOPIFY MARKETS Marketing Marketing Dashboard shopify email S shopifyaudiences Surface expansion Walmart Marketplace Facebook Shops Spotify linkpop shop Promise Buyer-facing shop shop Pay Shop Pay on Facebook, Instagram, & Google Shop Pay Installments Retail POS Pro Customization Hydrogen and Oxygen Shopify Functions S commerce components 9#10Shopify is built to support merchants at each stage of growth#11Funnel effect: Entrepreneurs today become Plus merchants tomorrow Anyone who wants to be an entrepreneur can build a store Starter $5 per month Basic $39 per month* Shopify $105 per month Advanced $399 per month Shopify Plus $2,000+ per month + variable platform fee Homegrown / upgraded merchant *Pricing change effective for new merchants January 2023 and for existing merchants April 2023 Entrepreneurs SMBs Larger Brands elph LUKE'S: CERAMICS Selected Brands CHANDLER HONEY (R) ROYALTY SOAPS tokyobike allbirds GYMSHARK Nestle PAPALLAMA menin maid TRADE MARK Heineken 11#12Merchant acquisition: Casting a very wide net Brand Word of Mouth Search Engine Marketing Digital Advertising Offline Marketing Shopify Blog Content Marketing Trial Programs Shopify Support Shopify POS Sales Global Events Partners and Affiliates Shopify Plus Sales Entrepreneurs SMBs Larger Brands 12#13Building mission critical solutions to run a merchant's entire business at every stage Leverage software development expertise and economies of scale to advance commerce From Entrepreneur Run business end-to-end Shopify Payments Easiest and quickest way for merchants to set-up and accept payments online Shopify Capital Algorithmic underwriting process using data to provide efficient, fast, and simple funding to support merchant growth Shopify Balance Manages money and transactions in one place Shopify Shipping Save time, money and increase cost accuracy, all managed in one place with $200 insurance protection Shopify Tax Product offered to US-based merchants that takes the stress out of sales by simplifying tax compliance Reach new buyers and drive conversion Shop Pay Accelerated checkout to increase conversion Shop Pay Installments Helps drive higher UPT, AOV and conversion Shop app Build new customer relationships and increase engagement Shop Cash Marketing tool to drive engagement, purchase intent, and conversion Shopify Collabs Increasing exposure to reach potential new buyers Shopify Audiences Marketing tool to target high-intent buyers, leveraging Shopify database Simplify logistics Shop Promise Fast, reliable delivery windows to strengthen trust with customers Shopify Fulfillment Network Creates a level playing field for merchants to optimize and run their business holistically from 'port to porch' To Enterprise Enter new segments Shopify Markets/Markets Pro Everything needed to launch in new countries including localization, duty, tax, etc. Shopify POS Integrated retail hardware and software to open their own brick & mortar location or test a market with a pop-up B2B on Shopify Provides one place for managing business as merchants add B2B as a channel Social Integrations Integration across key social platforms to drive engagement, conversion, as well as reach new customers Tokengated/NFT Drive demand through personalized and unique experiences to build deeper relationships with customers 13#14Merchant success from first sale to full scale From Hello World to IPO FIGS + Shopify OFIGS 14 SPALANIERTEGEN. 20% OFF CORE SCRUBS SICH VORH Awesome Humans Wear FIGS FIGS launches on the Shopify Standard Plan 2013 shopify payments 2014 Upgrade to S shopifyplus 2016 shop Pay 2017 shopify shipping 2018 International Expansion (Canada, UK, Australia) shop Pay installments in partnership with affirm Initial Public Offering 2020 2021 14#15Consumers' favorite brands powered by Shopify SPANX GYMSHARK MOLSON COORS beverage company MR BEAST BOMBAS bee better allbirds jenny CRAIG SKIMS MUSCLE NATION. KYLIE staples REBECCA MINKOFF KOTN leesa Glossier. Crate&Barrel OLLY Bols LESPORTSAC UNTUCKit GOOD AMERICAN FASHIONNOVA Masterck JB HI-FI Ashley HOMESTORE Tetley HEINZ EST! 1869 MATTEL KITH BUBS NATURALS Lord Taylor STEVE MADDEN Nestlē Q4 Brands GIANT TIGER** PRIME LANVIN X BAUER BALLY JOOPITER 15#16Chef J MR. FOODTASTIC "I chose to use Shopify because it was a no brainer! You don't have to hire a fancy web designer. I was able to add my photos onto my store and have it up and running within an hour!" Chef J. Jackson | Founder CEE CEE'S CLOSET NEW YORK MADE IN NIGERIA "We've been able to build something in 3 years that a lot of brands haven't actually gotten to in 10 years." Chioma | Co-Founder & CEO PAPALLAMA "Shopify just gives me a snapshot of what I need to do and where my business stands. I know what I need to take care of. That helps me give more time to the actual creation of my work." Risa | Owner 16#17Revenue compounds every year; cohort retention remains strong 2015 All Cohorts 2016 2019 2017 2017 2015 Millions of merchants around the world, across 10+ verticals. Each cohort drives more revenue as time passes, for example: Sample Cohort Q1/19 Q1/17 Q1/15 Revenue Growth* 1.5x 1.9x 3.4x *Examples of quarterly revenue from merchant cohorts that joined the Shopify platform in the period shown. *Note: The first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods. *Note: Calculation is last four quarters of revenue reported (ending in Q4/22) divided by first four full quarters of revenue for each cohort (ie starting in Q2 following each cohort year) 17#18Anatomy of a cohort Sample revenue from the cohort Q1 2017 2017 Black Friday Cyber Monday/Holiday sale season O 2018 2019 2020 O Puffy LASHIFY LIVE NATION & more 2021 2022 This cohort includes merchants from a wide range of industries 21% apparel & accessories 5% health & beauty 10+ other verticals (represents % of merchants by vertical) Note: the first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods. 18#19Shop Pay Gaining adoption & catalyzing sales through frictionless commerce #1 converting accelerated checkout on the internet 100M+ buyers opted-in to Shop Pay 9:41 allbirds Vill Men's Wool Runners SOCIAL EXCLUSIVE: Wisteria (Cream Sole) $95.00 ✰✰✰✰✰(565) Buy with shop Pay More payment methods. 0 shop Pay $77B cumulative GMV since launch in 2017 $11B GMV in Q4 2022 19#20Spotlight on one of our newest merchant solutions: shopify fulfillment network Ship products from overseas manufacturers to US ports Manufacturer • Materials • Manufacturing • Product assembly Freight PORT flexport. • Overseas transport Receiving and assessment Products move smoothly in network or across channels Distribution hubs • Cross-docking and prep • D2C, wholesale, retail, marketplaces 828 Deliverr FBA Fulfillment centers ● Order: Scheduled Yellow Vase SKU: Shopify partner warehouses 6 RIVER SYSTEMS Sorting facilities and inventory balancing • Last mile delivery and returns processing its DISTRIBUTION DM MANAGEMENT Fulfill and deliver orders quickly and reliably Customers ● PORCH ⒸFulfilled Delivery Method Local Delivery Delivered Delivery guarantee with up to 25% increase in sales conversion • Online stores, social and marketplaces S Etsy ebay shop Promise (0) 20#21Shopify ecosystem continues to expand Shopify cultivates partnerships by ensuring that both parties gain value. As a result, partners act as a growth engine for Shopify by bringing new merchants and creating new growth pathways 13 COMMUNITY 0 10,000+ Apps in our App Store (December 31, 2022) $561 M Paid out in the last 12 months to partners by Shopify for apps benefiting our merchants (December 31, 2022) FULL OF OPPORTUNIT * 2021 data from The Shopify Effect $ M $32B Partner revenue generated in 2021* 145% Partner revenue YoY 7x Shopify's 2021 revenue* 656K Number of jobs supported by partner ecosystem* Strategic Commerce Partners: Google P ईई ∞ Meta Tik Tok Product Partners: affirm Globale klaviyo stripe flexport. INTUIT shippo PayPal System Integrator Partne accenture Deloitte. EY IBM KPMG 21#22Making commerce better for everyone in everything we do Creating Economic Impact* $444B+ In global economic activity 5M Jobs supported in 2021 $38 For every $1 in revenue we generated in 2021, our merchants made $38 * 2021 data from The Shopify Effect Combating Climate Change $5M minimum annual spend for Shopify's Sustainability Fund Committed to carbon-neutral operations and platform Offset carbon emissions on all orders placed on our platform during BFCM 2022 Launched Frontier, the world's largest combined financial commitment to buy carbon removal, in partnership with 4 other companies Signed a power purchase agreement to power 100% of office buildings and employee home offices across North America with wind energy + Operation HOPE to help create 1M new Black-owned businesses by 2030 Making a Social Impact + Government partnerships to help bring thousands of small businesses online + Increase visibility for local shops, sustainable shops, Black-owned businesses, Asian-owned businesses, women-owned businesses, LGBTQ+ businesses, and Indigenous-owned businesses through Shop app 1M Black Businesses POWERED BY S shopify X OPERATION HOPE Cultivating a Growth-minded Culture +Recruit talented, deeply caring individuals + Digital by Design allows employees to easily work almost anywhere in the world + Invest heavily in personal growth and development Build a team that reflects the world we live in 22#23Merchant-focused flywheel generates strong financial performance E#24Our success-based business model puts merchants first Helping our merchants grow their business drives our business Merchant Solutions Subscription Solutions $1.1B 2018 $1.6B +47% 2019 $2.9B +86% 2020 Revenue $4.7B +57% 2021 $5.6B +21% 2022 $41.1B 2018 $61.1B +49% 2019 $119.6B +96% 2020 GMV $175.4B +47% 2021 $197.2B +12% 2022 24#25With a track record of profitability Delivering gross profit dollar growth balanced with disciplined investment to fuel innovation and propel our flywheel $603.6M 2018 $865.6M 2019 $1.5B 2020 Gross Profit $2.5B 2021 $2.8B 2022 $11.8M 2018 $45.8M 2019 $437.4M 2020 $718.0M 2021 Adjusted Operating Profit* $6.1M 2022 *Excludes the effect of stock-based compensation (SBC) expenses and related payroll taxes, amortization of acquired intangibles, employee severance, expense related to litigation matters, unrealized and realized gains and losses on equity and other investments, and real estate-related impairment charges. Adjusted Operating Profit is a non-GAAP measure, see Appendix for reconciliation. 25#26Achieved strong Q4 revenue and GMV growth Our omni-channel capabilities and platform solutions helped our merchants succeed during the holiday selling season Merchant Solutions Subscription Solutions $1.2B Q1 2022 $1.3B Q2 2022 $1.4B Q3 2022 Revenue $1.7B Q4 2022 $43.2B Q1 2022 $46.9B Q2 2022 GMV $46.2B Q3 2022 $61.0B Q4 2022 26#27Monthly Recurring Revenue has shown long-term growth $29.9M Q4 2017 Q4 2018 30% 5-Year CAGR Q4 2019 Q4 2020 Q4 2021 $109.5M Q4 2022 *Monthly Recurring Revenue, or MRR, is calculated at the end of each period by multiplying the number of merchants who have subscription plans with us at the period end date by the average monthly subscription plan fee in effect on the last day of that period, assuming they maintain their subscription plans the following month. **Due to the extended 90-day free trial (offered from March 21 through May 31, 2020), MRR that normally would have been counted in Q2 2020 did not start getting charged until Q3 2020. 27#28Shopify Payments penetration reached record levels in Q4 $22.0B 51% GMV Penetration Q1 2022 $24.9B 53% GMV Penetration Q2 2022 $25.0B 54% GMV Penetration Q3 2022 Shopify Payments Gross Payments Volume (GPV)* $34.2B 56% GMV Penetration Q4 2022 *Gross Payments Volume (GPV) is the amount of GMV processed through Shopify Payments. $346.7M Q1 2022 $416.4M $507.6M $393.2M Q2 2022 Q3 2022 Shopify Capital Merchant Cash Advances and Loans Q4 2022 28#29Subscription solutions revenue continues to grow year-over-year Sustained growth across our Shopify ecosystem and plans Apps, Themes, Domains, Shopify Plus Platform Fee Revenue* Monthly Recurring Revenue - Shopify Plus Monthly Recurring Revenue - Core 19% 21% 60% Q1 2021 17% 22% 61% Q2 2021 14% 23% 63% Q3 2021 $351.2M 14% 24% 61% Q4 2021 10% 27% 63% Q1 2022 13% 27% 60% Q2 2022 *Approximate Apps, Themes, Domains, Shopify Plus Platform Fee Revenue is calculated by averaging current and previous quarter MRR, multiplying by 3 and subtracting total from Subscription Solutions revenue. Numbers may not foot due to rounding. 15% 27% 58% Q3 2022 $400.3M +14% YOY 19% 27% 54% Q4 2022 29#30Committed to operational efficiency to drive long-term growth Sustained gross profit dollar growth balanced with investments to support future growth $637.6M Q1 2022 $655.6M Q2 2022 $662.3M Q3 2022 Gross Profit $798.5M Q4 2022 $31.9M Q1 2022 ($45.8M) Q2 2022 ($45.1M) Q3 2022 $61.0M Q4 2022 Adjusted Operating Profit/(Loss)* *Excludes the effect of stock-based compensation (SBC) expenses and related payroll taxes, employee severance, expense related to legal contingencies, real estate-related impairment charges and amortization of acquired intangibles. Adjusted operating profit/loss is a non-GAAP measures, see Appendix for reconciliation. 30#31Exited 2022 with an increased focus on operational efficiency Research and development Sales and marketing General and administrative Transaction and loan losses 53% 2% 8% 16% 28% 2019 39% 2% 6% 12% 19% 2020 39% 2% 5% 13% 18% 2021 50% 2% 8% 20% 21% 2022 51% 2% 7% 18% 24% Q1 2022 55% 3% 8% 19% 24% Q2 2022 Total adjusted opex as a percentage of revenue 53% 3% 9% 22% 20% Q3 2022 44% 2% 6% 19% 16% Q4 2022 Chart depicts operating leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Excludes the effect of stock-based compensation expenses and related payroll taxes, amortization of acquired intangibles, employee severance, expense related to legal contingencies, real estate-related impairment charges, and impairment of right-of-use assets and leasehold improvements. Adjusted Operating Expenses is a non-GAAP measure, see Appendix for reconciliation. Numbers may not foot due to rounding. 31#32Total attach rate* continued to grow over time as merchants use more of our solutions 2.44% Q4 2017 Q4 2018 * Total attach rate is defined as revenue divided by GMV Q4 2019 Q4 2020 Total Attach Rate* Q4 2021 2.85% Q4 2022 32#33Investment highlights Large and growing opportunity Massive global market with accelerated ecommerce penetration Mission-critical solutions Multichannel commerce platform that enables merchants of all sizes to sell to anyone, anywhere DOÛ Merchant success-based business model Business model that puts merchants first Multiple growth vectors Growth opportunities across merchant segments, geographies, channels, and products INVESTING * 100-YEAR ING FOR A COMPANY 33#34Building for the long term Disciplined investments to build commerce infrastructure for the next decade Core Established + Platform + Shopify Payments + Shopify Shipping + + Shopify Plus Shopify Capital Expansion Medium-term + International expansion + Retail POS + Shopify Markets + Shop Pay Installments + Shopify Audiences + Commerce Components + + + + Ambition Long-term Shopify Balance Shop App B2B on Shopify Shopify Fulfillment Network 34#35XX Immense opportunities for growth As merchants increase their product utilization over time Cross-sell more solutions ● B2B: Penetrate into existing merchants with B2B capabilities ● POS Pro: Expand view into physical retail ● Shopify Capital: Help merchants obtain funds faster and cheaper than traditional banks ● Shopify Markets: Enable merchants to sell internationally ● Logistics: Vertically integrated supply chain solutions to help merchants continue to scale Upgrade to Plus ● Funnel effect to Plus Compelling new features only available on Plus (e.g. Shopify Audiences, B2B) Pursue new segments ● Enterprise: Attracting enterprise-level merchants with launch of Commerce Components by Shopify B2B: Wholesale is multiple times D2C opportunity Physical retail: Still over 75% of overall commerce International: Expanding beyond the US and Canada ● Shopify Capital $4.7B cumulative funded since April 2016 ►Shopify Payments Q4/22 GPV penetration 56% vs 51% in Q4/21 Shopify Fulfillment Network (SFN) 28% increase in orders per merchant in Q4/22 vs Q4/21 ►Shopify Markets Q4/22 POS GMV grew 25% YoY Shopify enabled -$28B in cross-border sales in Q4/22 Shopify Plus 25% of all Plus additions came through self-service upgrade experience in 2022 Shopify POS Go Global ▷ Plus merchants accounted > Launched Shopify Markets Pro for -27% of all POS Pro sales in Q4/22 making it easier to accelerate global expansion to 150+ countries overnight Localized subscription pricing now available 200+ countries 35#36We're just getting started. However commerce evolves, Shopify will be the engine behind it. The merchants who are the backbone of the economy demand it of us. Seat keep the SUAL ITE SEAVEES 36#37S shopify Non-GAAP Financial Measures#38Non-GAAP financial measures To supplement our consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP financial measures to provide additional information in order to assist investors in understanding our financial and operating performance. Adjusted gross profit and adjusted operating expenses are non-GAAP financial measures that exclude the effect of stock-based compensation expenses and related payroll taxes, amortization of acquired intangibles and, in the case of adjusted operating expenses, severance, expense related to litigation matters, and real estate-related impairment charges. Management uses non-GAAP financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Shopify believes that these non-GAAP measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings, and may not be comparable to similar measures presented by other public companies. Such non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. See the financial tables below for a reconciliation of the non-GAAP measures. February 2023 38#39Reconciliation of GAAP to Non-GAAP figures Expressed in US$000s GAAP Gross profit add: SBC and SBC-related payroll taxes add: Amortization of acquired intangibles Non-GAAP Gross profit % of Revenue GAAP Sales and marketing less: Sales and marketing SBC and SBC-related payroll taxes less: Amortization of acquired intangibles less: Severance related costs Non-GAAP Sales and marketing % of Revenue 2018 596,267 2,441 4,914 603,622 56% 350,069 24,056 326,013 30% 2019 865,643 4,090 9,624 879,357 56% 472,841 38,167 283 434,391 28% 2020 1,541,520 7,472 19,488 1,568,480 54% 602,048 46,390 1,548 554,110 19% 2021 2,481,144 7,642 20,399 2,509,185 54% 901,557 47,283 1,544 852,730 18% 2022 2,754,119 8,896 48,668 2,811,683 50% 1,230,490 64,696 4,958 10,845 1,149,991 21% Q4'21 692, 659 1,995 5,960 700,614 51% 275,475 13,735 386 261,354 19% Q4'22 798,508 1.977 18,359 818,844 47% 297,741 14,894 2,163 280,684 16% 39#40Expressed in US$000s GAAP Research and development less: Research and development SBC and SBC-related payroll taxes less: Amortization of acquired intangibles less: Severance related costs Non-GAAP Research and development % of Revenue GAAP General and administrative less: General and administrative SBC and SBC-related payroll taxes less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Litigation contingencies Non-GAAP General and administrative % of Revenue 2018 230,674 59,575 171,099 16% 107,444 17,690 89,754 8% 2019 355,015 104,645 232 250,138 16% 153,765 29,861 123,904 8% 2020 552,127 188,249 233 363,645 12% 245,343 52,195 31,623 161,525 6% 2021 854,383 250,787 206 603,390 13% 374,844 91,337 30,145 253,362 5% 2022 1,503,234 396,057 76 8,402 1,098,693 20% 707,765 93,206 84,314 11,234 97,000 422,011 8% Q4'21 273,912 74,932 32 198,948 14% 101,054 18,735 82,319 6% Q4'22 440,547 103,587 336,960 19% 214,651 24,447 84,314 105,890 6% 40#41Expressed in US$000s GAAP Transaction and loan losses % of Revenue GAAP Operating expenses less: Operating SBC and SBC-related payroll taxes less: Amortization of acquired intangibles less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Litigation contingencies Non-GAAP Operating expenses % of Revenue 2018 8,248 1% 688,187 101,321 586,866 55% 2019 25,169 2% 1,006,790 172,673 515 833,602 53% 2020 51,849 2% 1,451,367 286,834 1,781 31,623 1,131,129 39% 2021 81,717 2% 2,212,501 389,407 1,750 30,145 1,791,199 39% 2022 134,929 2% 3,576,418 553,965 5,034 84,314 30,481 97,000 2,805,624 50% Q4'21 27,814 2% 678,255 107,402 418 570,435 41% Q4'22 34,318 2% 987,257 142.928 2,163 84,314 757,852 44% 41#42S shopify Make commerce better for everyone O