Shopify Results Presentation Deck

2022 full-year outlook considerations Revenue • Quarters spread more evenly (similar to 2021) • Merchant solutions revenue growth >2x subscription solutions revenue growth Gross profit Gross profit dollar growth to trail revenue growth due to a larger mix of Merchant Solutions and Deliverr, which we expect to be dilutive Operating expense • Exit the year with OpEx growth decelerating Adjusted operating loss • Re-investment year for future long-term growth Stock-based compensation $575M (previous outlook $750M) Capital expenditures $125M (previous outlook $200M) Amortization of acquired intangibles $55M (previous outlook $62M) Additional commentary related to Q4/22 Deliverr acquisition • Accretive to revenue growth • Dilutive to gross margin +450 employees Adjusted operating loss considerations for Q4/22: • Compensation structure change Q4 adjusted operating loss to be comparable to Q3 adjusted operating loss dollar amount

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