Shopify Results Presentation Deck

Expressed in US millions GAAP Transaction and loan losses % of Revenue GAAP Impairment on sales of Shopify's logistics businesses less: Impairment on sales of Shopify's logistics businesses Adjusted Impairment on sales of Shopify's logistics businesses % of Revenue GAAP Operating expenses less: Operating SBC and SBC-related payroll taxes less: Accelerated stock-based compensation less: Amortization of acquired intangibles less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Impairment on sale of Shopify' logistics businesses less: Litigation contingencies Adjusted Operating expenses % of Revenue 2018 8 1% 688 102 586 55% 2019 25 2% 1,007 173 1 833 53% 2020 52 2% 1,451 286 2 32 1,131 39% 2021 82 2% 2,213 389 2 30 1,792 39% 2022 135 2% 3,576 554 5 84 30 97 2,806 50% Q2'22 42 3% 846 139 707 55% Q2'23 31 2% 1,340 1,340 2,471 119 165 148 1,340 698 41% 46

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