Shopify Investor Event Presentation Deck

COHORT 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

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