Shopify Results Presentation Deck

Q1 2023 outlook considerations + Revenue Q1/23 revenue to grow in the high teen percentages year-over-year + Gross margin Q1/23 gross margin to be slightly higher than Q4/22 gross margin rate + Operating expense Q1/23 operating expenses to grow in the low-single digit percentages vs our Q4/22 operating expenses when excluding one-time charges in Q4/22 + Stock-based compensation Q1/23 stock-based compensation to be in-line with Q4/22 Capital expenditures Q1/23 capital expenditures to be in-line with what we spent in FY/22 Additional commentary related to Q1 2023 Macroeconomic backdrop • Elevated inflation pushing consumers to discounted and non-discretionary purchases, trend is improving • Pressure to consumer spending and ecommerce Outlook considerations • Dilutive impact of Shopify Fulfillment Network • Compensation structure change • Incremental investment in key themes 35

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