Shopify Investor Presentation Deck

Committed to improving our operational efficiency to drive long-term growth 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 44% 2% 6% 19% 16% Q4 2022 51% 3% 7% 23% 18% Q1 2023 Total adjusted opex as a percentage of revenue 41% 2% 6% 17% 16% Q2 2023 Chart depicts Operating Leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Operating Leverage is a non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. Numbers may not foot due to rounding. 37% 2% 5% 14% 16% Q3 2023 31

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