Shopify Investor Presentation Deck

Q3 free cash flow surpasses free cash flow of the past three quarters combined FCF Margin* $90M Q4 2022 5% $86M Q1 2023 6% $97M Q2 2023 6% $276M Q3 2023 16% Free Cash Flow is a non-GAAP financial measure and Free Cash Flow Margin is a non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. 32

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