Shopify Investor Presentation Deck

Expressed in US millions GAAP Research and development less: Research and development SBC and related payroll taxes less: Accelerated stock-based compensation less: Severance related costs Adjusted Research and development % of Revenue GAAP General and administrative less: General and administrative SBC and related payroll taxes less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Litigation contingencies Adjusted General and administrative % of Revenue 2018 231 60 171 16% 99 18 81 8% 2019 355 105 250 16% 154 30 124 8% 2020 552 188 364 12% 245 52 32 161 6% 2021 854 251 603 13% 375 91 30 254 5% 2022 1,503 396 8 1,099 20% 708 93 84 F 11 97 423 8% Q3'22 412 108 8 296 22% 255 26 11 97 121 9% Q3'23 313 70 243 14% 137 20 38 79 5% 43

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