Shopify Growth Overview

$18.5M Q4 YoY MRR Growth Normalized on a Higher Base ... More new merchants building businesses on the platform Q4 2016 Q4 2017 41% CAGR Q4 2018 Q4 2019 Q4 2020 Q4 2021 $102.0M *Monthly Recurring Revenue, or MRR, is calculated at the end of each period by multiplying the number of merchants who have subscription plans with us at the period end date by the average monthly subscription plan fee in effect on the last day of that period, assuming they maintain their subscription plans the following month. **Due to the extended 90-day free trial (offered from March 21 through May 31, 2020), MRR that normally would have been counted in Q2 2020 did not start getting charged until Q3 2020. 19

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