Shopify Investor Presentation Deck

Reconciliation of Free Cash Flow Expressed in US millions $ Net cash provided by (used in) operating activities less: Capital expenditures² Free cash flow Revenue Free cash flow margin 2018 9 (28) (19) 1,073 (2)% 2019 71 (57) 14 1,578 1% 2020 425 (42) 383 2,929 13% 2021 535 (51) 484 4,612 11% 2022 (136) (50) (186) 5,600 (3)% Q3'22¹ (134) (14) (148) 1,366 (11)% Comparative figures have been reclassified in order to conform to the period presentation. 2 Capital expenditures is equivalent to the amount included in "acquisition of property and equipment" on our Condensed Consolidated Statement of Cash Flows for the reported period. Q3'23 278 (2) 276 1,714 16% 46

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