Shopify Investor Day Presentation Deck

Business model yields strong cash flow generation Inflection point in 2023 as we restructured in Q2 with sale of logistics and new shape of Shopify Sustainable revenue growth at scale Disciplined commitment to operating leverage balancing investments with efficiency 1% 2019 12% 2023E *Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures. Free cash flow margin is a non-GAAP ratio calculated as free cash flow divided by revenue **2023E figures are estimates based on the midpoint implied by our previously stated Q4 outlook

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