#1S shopify Q3 2022 Financial Results October 27, 2022#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 include the risks due to the uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies and economic activity and are described in further detail in our Management's Discussion and Analysis for the year ended December 31, 2021 and in the section entitled "Risk Factors" in our Annual Information Form for the year ended December 31, 2021 available on www.sec.gov and on www.sedar.com and elsewhere in our filings with regulatory agencies. 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 reconciliation tables in our Q3 press release 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. October 2022#3S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 04 Simplifying logistics#4Shopify POS Offering integration with Shopify Payments and seamless connection with online sales, our point-of-sale offering is quickly becoming the POS of choice for merchants of scale Well known brands implemented POS Pro in Q3 O HM SHOWFIELDS Ade Shatter S A Die Stem W Mis on Asored Berry Ba Dinghy $133.34 Assorted Berry Basket $82.00 $12.00 +35% Offline GMV YOY#5Shopify POS Go Our latest innovative hardware is an all-in-one mobile POS device Empowers merchants to meet consumers wherever they are and however they want to purchase from 'curb to counter' Merchants can scan barcodes, accept tap, chip, and swipe payments, and use Shopify POS all from one handheld device shopify Total $33.88 Tap, insert, or swipe to pay shopify#6Black Friday Cyber Monday Building buyer relationships is paramount as our merchants gear up for Black Friday Cyber Monday. Shopify is ready! Our platform is equipped to handle the influx of orders and volume because we don't just do this a few times a year - we support merchants through these types of flash sales all the time. High Top Sneaker $100 Add to cart % 01:13:26#7Shopify Audiences Merchants are leveraging Shopify Audiences to create high-purchase-intent audiences for digital audiences to improve buyer conversion and return on advertising spend hiya 172% higher return on ad spend 158% increase in conversion rate 35% decline in cost per acquisition nathan james 5.6x return on ad spend 200% increase in purchases 52% decline in cost per acquisition#8Shopify Collabs Collabs has generated approximately 50 million organic impressions across social channels in less than two months Your collabs doe Doe Lashes Visits 8 Earnings $6,345 Visits 112 Sales 2 timeless Timeless Skin Care Sales 42 Earned $98 Store link & code doelashes.co/sammy Ñ SAMMY ine Makeup ROSTA Timeless Skin Care Vitamin B5 Serum Redeem Krave Beauty Welcome Gift Redeem OXB Bangle Redeem @maybeitslellamae ♡ QY @maybeitslellamae jewelry as fierce as me @shopoxb #sweatproof #selfcare ...#9S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 04 Simplifying logistics#10Shopify Markets 175K+ merchants across the world have used Shopify Markets 14 countries US merchants utilizing Shopify Markets now sell into an average of 14 additional countries Add new markets & United States Mexico Spain#11Shopify Markets Pro +150 countries Making it easier for merchants to accelerate global expansion to over 150 countries overnight without increasing operational costs, risks, or complexity Translate & Adapt app Merchants looking to localize their buyer experience can now leverage Shopify's Translate & Adapt app to automatically translate their store into multiple languages https://snowdevil.shop SNOWDEVIL SHOP ABOUT Primary market Other markets Canada 28% 48% Share of total sales United States 53% 12% Share of total sales Germany 19% 5% Share of total sales FAQ CONTACT Get 10% off your next order when you sign up with SnowDevil $15,045 8% Total sales $27,309 12% Total sales $9,420 5% Total sales#12Expand our geographic reach We continue to localize our platform and feature set to merchants across the globe, lowering the barriers to entrepreneurship + + + + Launched Shopify Payments in Finland, Czech Republic, Switzerland, and Portugal Launched Shopify Capital in Australia Launched Shopify Shipping in Italy and France Launched Shopify POS with integrated payments in Singapore and Finland S S 3 S $ S#13S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 04 Simplifying logistics#14Shopify Capital At the end of August, Shopify Capital broke another record: $4B cumulative capital advanced since inception $30M* 2016 $170M 2017 $3.0B $1.7B 50000 $447M 2018 $885M 2019 *Cumulative capital advanced since the launch of Shopify Capital 2020 $4.3B 2021 2022 as of Sept 30, 2022#15Shopify Plus Brands across a broad spectrum of verticals and geographies joined Shopify Plus in Q3 and early October S shopifyplus + Glossier. lemme ON A MISSION Greenies COLE HAAN Panasonic STELLA DOT SUPERGA + + + + + +#16Shopify ecosystem We continue to invest in global partnerships to support the adoption of Shopify by some of the world's largest brands. In Q3 we officially signed partnership agreements with Ernst & Young and KPMG, adding to our relationship with Deloitte. S EY Deloitte. KPMG#17S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 04 Simplifying logistics#18Simplifying logistics from 'port to porch' 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 B2B 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 DM DISTRIBUTION Fulfill and deliver orders in two days or less Customers PORCH Fulfilled Delivery Method Local Delivery Delivered ebay Two-day delivery promise + easy returns • Online stores, social and marketplaces shop Promise Etsy o#19New fulfillment app Plan to combine Deliverr and Shopify Fulfillment Network (SFN) into a single network spanning a merchant's full supply chain Deliverr + S Shopify Fulfillment Network#20Creating a unified network built on Deliverr's software platform 110x Increase QoQ in the number of merchants holding inventory in the Atlanta facility#21Q3 progress towards building an end-to-end logistics platform that will connect every single part of a merchant's supply chain 个 75% YoY Increase in merchant inventory received into Deliverr cross-docks 80% QOQ Growth in number of merchants using >1 of our logistics services across all three stages of the supply chain ↑ 450% YoY Increase in orders fulfilled by FMS across both Shopify and partner-run facilities#22Shifting the logistics conversation with merchants to focus on driving value through fast and reliable fulfillment Completed rollout of shop Promise + + Increased buyer conversion up to 9% during initial rollout In September, > of domestic packages delivered within two business days Delivery tomorrow Friday, August 12#23Merchant Solutions attach rate continues to climb while we've taken action to improve operational efficiency 1.38% Q3 2017 Q3 2018 Q3 2019 Ill ¹MS attach rate is defined as merchant solutions revenue divided by GMV 2MS attach rate inclusive of Deliverr acquisition (+8bps) which occurred in Q3 2022 Q3 2020 Merchant Solutions Attach Rate (MS attach rate¹) Q3 2021 2.14% Q3 2022²#24S $1.4B Revenue 22% vs Q3 2021 ↑ $989.9M Merchant Solutions 26% vs Q3 2021 ↑ $376.3M Subscription Solutions 12% vs Q3 2021 ↑#25ડ $46.2B GMV ↑ ↑ Outpacing US retail growth of +9%* 11% vs Q3 2021 Factors affecting Q3 Foreign exchange impact of approximately 4% Persistent macro challenges including high inflation leading consumers to continue favoring discount retailers and reduce discretionary spend ● Source: US Census Bureau#26S $25.0B GMV processed on Shopify Payments ↑ ↑ 22% vs Q3 2021 GPV penetration 54% vs 49% in Q3 2021 GPV penetration +113 bps QoQ#27ડ $107.0M Monthly Recurring Revenue (MRR) 18% vs Q3 2021 Shopify Plus penetration 33% vs 28% in Q3 2021 Factors affecting Q3 ● First full quarter of the Starter Plan Free and paid trial experiences that are immaterial to MRR until entrepreneur converts to a non-Plus plan#28S $681.8M Adjusted gross profit ↑ 11% vs Q3 2021 ($45.1M) Adjusted operating loss from $140.2M in Q3 2021 ($30.0M) Adjusted net loss from $102.8M in Q3 2021#292022 full-year outlook considerations Revenue • Quarters spread more evenly (similar to 2021) • Merchant solutions revenue growth >2x subscription solutions revenue growth Gross profit Gross profit dollar growth to trail revenue growth due to a larger mix of Merchant Solutions and Deliverr, which we expect to be dilutive Operating expense • Exit the year with OpEx growth decelerating Adjusted operating loss • Re-investment year for future long-term growth Stock-based compensation $575M (previous outlook $750M) Capital expenditures $125M (previous outlook $200M) Amortization of acquired intangibles $55M (previous outlook $62M) Additional commentary related to Q4/22 Deliverr acquisition • Accretive to revenue growth • Dilutive to gross margin +450 employees Adjusted operating loss considerations for Q4/22: • Compensation structure change Q4 adjusted operating loss to be comparable to Q3 adjusted operating loss dollar amount#30S shopify Make commerce better for everyone O