Shopify Results Presentation Deck

Delivered three consecutive quarters of positive free cash flow FCF% of Revenue ($148M) Q3 2022 -11% $90M Q4 2022 5% $86M Q1 2023 6% Free cash flow is defined as cash from operations less capital expenditures. Free cash flow is a non-GAAP measure, see Appendix for reconciliation. $97M Q2 2023 6% 33

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