Shopify Investor Presentation Deck

Expressed in US$000s 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 less: Severance related costs less: Litigation contingencies Non-GAAP Operating expenses % of Revenue 2018 8,248 1% 688,187 101,321 586,866 55% 2019 25,169 2% 1,006,790 172,673 515 833,602 53% 2020 51,849 2% 1,451,367 286,834 1,781 31,623 1,131,129 39% 2021 81,717 2% 2,212,501 389,407 1,750 30,145 1,791,199 39% 2022 134,929 2% 3,576,418 553,965 5,034 84,314 30,481 97,000 2,805,624 50% Q4'21 27,814 2% 678,255 107,402 418 570,435 41% Q4'22 34,318 2% 987,257 142.928 2,163 84,314 757,852 44% 41

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