Shopify Investor Presentation Deck

Expressed in US millions GAAP Transaction and loan losses % of Revenue GAAP Operating expenses less: Operating SBC and related payroll taxes less: Accelerated stock-based compensation less: Amortization of acquired intangibles less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Litigation contingencies less: Impairment on sale of Shopify' logistics businesses Adjusted Operating expenses % of Revenue 2018 8 1% 688 102 586 55% 2019 25 2% 1,007 173 1 833 53% 2020 52 2% 1,451 286 2 32 1,131 39% 2021 82 2% 2,213 389 2 30 1,792 39% 2022 135 2% 3,576 554 5 84 30 97 2,806 50% Q3'22 39 3% 1,008 151 2 30 97 728 53% Q3'23 34 2% 779 103 4 38 634 37% 44

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