Creating Economic Impact

in Millions $3,000 $2,000 $1,000 Annual Cohorts Provide Strong Foundation for Growth Revenue by Cohort $0 2017 2018 2019 2020 . 2020 2019 2018 Pre-2018 Revenue growth within an annual cohort, driven by GMV growth and expanded wallet share, has offset revenue loss from merchants leaving the platform Total combined revenue of all previous cohorts has also grown consistently *Annual 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. 26

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