Shopify Results Presentation Deck

Reconciliation of Free Cash Flow Expressed in US millions $ Net cash provided by (used in) operating activities less: Capital expenditures² Free cash flow 2018 9 (28) (19) 2019 71 (57) 14 2020 425 (42) 383 2021) 535 (51) 484 2022 (136) (50) (186) Q2'22¹ (75) (12) (87) Comparative figures have been reclassified in order to conform to the period presentation. 2 Capital expenditures is equivalent to the amount included in "acquisition of property and equipment" on our Condensed Consolidated Statement of Cash Flows for the reported period. Q2'23 118 (21) 97 48

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