Shopify Investor Presentation Deck

Expressed in US$000s GAAP Research and development less: Research and development SBC and SBC-related payroll taxes less: Amortization of acquired intangibles Non-GAAP Research and development % of Revenue GAAP General and administrative less: General and administrative SBC and SBC-related payroll taxes less: Impairment of right-of-use assets and leasehold improvements Non-GAAP General and administrative % of Revenue GAAP Transaction and loan losses % of Revenue GAAP Operating expenses less: Operating SBC and SBC-related payroll taxes less: Amortization of acquired intangibles less: Impairment of right-of-use assets and leasehold improvements Non-GAAP Operating expenses % of Revenue 2019 355,015 104,645 232 250,138 16% 153,765 29,861 123,904 8% 25,169 2% 1,006,790 172,673 515 833,602 53% 2020 552,127 188,249 233 363,645 12% 245,343 52,195 31,623 161,525 6% 51,849 2% 1,451,367 286,834 1,781 31,623 1,131,129 39% 2021 854,383 250,787 206 603,390 13% 374,844 91,337 30,145 253,362 5% 81,717 2% 2,212,501 389,407 1,750 30,145 1,791,199 39% Q1'21 175,886 56,027 58 119,801 12% 67,102 18,205 48,897 5% 10,606 1% 439,817 85,117 444 354,256 36% Q1'22 303,661 85,737 76 217,848 18% 108,088 20,071 88,017 7% 20,493 2% 735,613 121,011 462 614,140 51%

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