#1S shopify Leading the future of commerce November 2, 2023#2Advisories This presentation contains forward-looking statements that are based on our management's current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although we believe that the plans, intentions, expectations, assumptions and strategies reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect our results. These risks are described in further detail in our Q3 2023 earnings release, in our Management's Discussion and Analysis, in the section entitled "Risk Factors" in our Annual Information Form disclosed previously and from time to time in Shopify's filings with the U.S. Securities and Exchange Commission and the securities commissions or similar securities regulatory authorities in each of the provinces or territories of Canada, which are available on www.sec.gov and on www.sedarplus.ca. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those expressed, implied or projected by the forward-looking statements. References to long-term trends in our model are forward-looking and made as of the current date. Nothing in this presentation should be regarded as a representation by any person that these long-term trends will be achieved and we undertake no duty to update these long-term trends or any other forward-looking statements contained in this presentation, except as required by law. We believe that the case studies presented in this presentation provide a representative sample of how our merchants have been able to use various features of our platform to grow their respective businesses. References in this presentation to growth and sales following implementation of our platform do not necessarily mean that our platform was the only factor contributing to such increases. To supplement our consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP and other financial measures to assist investors in understanding our financial and operating performance. These measures are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, and may not be comparable to similar measures presented by other public companies. These measures should be considered a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Please refer to the Appendix titled "Non-GAAP and Other Financial Measures" for further information. This presentation contains information concerning our industry, including information relating to the size of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. While we believe this information to be reliable, it has not been independently verified. This presentation contains trademarks, service marks, trade names and copyrights of Shopify and other companies, which are the property of their respective owners. November 2023 2#3SHOPIFY SNAPSHOT $ $1.7B Revenue in Q3 (up 25% YoY) ~561 M Unique online shoppers purchasing from Shopify merchants in 2022 $812B Global commerce¹ since Shopify's inception Millions of merchants in +175 Countries 1 Cumulative Shopify GMV since Shopify's inception 2 US Census Bureau - Shopify market share based on Shopify's 2022 US GMV (excluding merchant sales made through POS) 10% US ecommerce market share² and expect further penetration BLK &BOLD BLK &BOLD BLK &BOLD 3#4We've been focused on becoming the unified commerce operating system for our merchants since 2006#5We started online and built a commerce platform that helps merchants sell everywhere their customers are Over 80% of our merchants have installed two or more channels 2006 000 Online B2B AUG S Today (ebay a Brick & Mortar Marketplaces SQM) f Social Pop-ups 5#6We continue to expand Shopify's breadth to make it even easier for merchants to start and scale their business Apps Order Management Marketing & Analytics хо 4 Back Office Cross-Border O Shipping S 6#7Merchant-first focus through product innovation Lowering barriers, simplifying operations, catalyzing merchant sales Retail shopify POS shopify POS PRO POS Go Locations Money shopify payments Sshopify capital shopify balance S shopify credit Shipping shopify shipping International S shopify markets shopify markets PRO Languages FX & VAT Marketing shopifyaudiences shopify collabs linkpop by shopify Shopify Email S Inbox Back office Shopify Tax Shopify Protect Shopify Flow Shopify Functions Shopify Bill Pay Business-to- business B2B on Shopify shopify collective Multi-channel o ebay Walmart amazon P Artificial Intelligence (AI) Shopify Magic Sidekick Consumer- facing shop shop Pay shop Pay installments in partnership with affirm shop Promise Platform commerce shopifyplus S components Hydrogen Oxygen System integrators / Software companies accenture Deloitte. KPMG IBM EY cognizant TOTVS 기 Ecosystem shopify app store Sshopify themes shopify partners shopify experts 7#8We solve the biggest challenges in commerce We arm merchants with business critical tools to navigate a rapidly evolving landscape Access to funding Shopify Capital Started H1 2016 Omni-channel capabilities Shopify POS Pro Started H2 2020 Customer acquisition Shopify Audiences Launched H1 2022 Headphones $125.00 ヘッドフォン ¥17,400 Auriculares 124.00 € Go Global Shopify Markets Pro Launched H2 2022 ||||} + 8#9Shopify flywheel propels our success and business model into the future More merchants More GMV S More economies of scale More products + solutions 9#10Shopify is built to support merchants at each stage of growth#11No need for merchants to ever leave the Shopify platform Offer solutions for every level of complexity and stage of growth Starter $5 per month Basic $39 per month Retail $89 per month Shopify $105 per month Advanced $399 per month Shopify Plus $2,000+ per month + variable platform fee Commerce Components Variable depending on merchant Homegrown / upgraded merchant Entrepreneurs SMBs Larger Brands elph LUKE'S: CERAMICS Selected Brands CHANDLER HONEY (Q) ROYALTY SOAPS tokyobike allbirds GYMSHARK 7 Nestlē PAPALLAMA Meme maid TRADE MARK Heineken 11#12shop Pay Gaining adoption & catalyzing sales through frictionless commerce 100M+ buyers opted-in to Shop Pay The Sill Monstera Deliciosa $78 30-Day Customer Happiness Guarantee Buy with shop Pay More payment methods. * Gross Merchandise Volume (GMV) represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes. $110B cumulative GMV* since launch in 2017 $12B GMV in Q3 2023 12#13We offer a full suite of mission critical solutions that make it easier for merchants to... ...run and manage a business S shopify payments shopify capital S shopify balance S shopify app store S shopify themes S shopify shipping shop Pay Shopify Tax Shopify Flow Shopify Protect Shopify Bill Pay Shopify Credit Shop Pay Installments + ...sell wherever buyers are S shopify markets S shopify markets PRO S shopify POS Sshopify POS S shopify collective B2B on Shopify Marketplace Connect app 2 Gebay Walmart PRO O amazon + Al solutions: Magic+ Sidekick ...discover new customers Sshopifyaudiences S shopify collabs linkpop by shopify S Inbox Shopify Email Tokengated Commerce shop shop Promise + + ...thrive at any stage Starter Plan Basic Plan Shopify Plan Advanced Plan shopifyplus Scommerce components Hydrogen Oxygen 13#14Shopify ecosystem continues to expand Shopify cultivates partnerships by ensuring that both parties gain value. As a result, partners act as a growth engine for Shopify by bringing new merchants and creating new growth pathways COMMUNITY FULL OF Of 8 00 t OPPORT ORTUNIT 10,000+ Apps in our App Store (September 30, 2023) $561 M Paid out in the last 12 months to partners by Shopify for apps benefiting our merchants (December. 31, 2022) Strategic commerce partners: Google ∞ Meta Product partners: affirm Global klaviyo* stripe adyen shippo INTUIT flexport. PayPal Microsoft Agency partners: accenture cognizant Deloitte. WPP KPMG TOTVS IBM EY Да 14#15Merchant success from first sale to full scale From Hello World to IPO FIGS + Shopify OFIGS 14 SPALANIERTEGEN. 20% OFF CORE SCRUBS SICH VORH Awesome Humans Wear FIGS FIGS launches on the Shopify Standard Plan 2013 shopify payments 2014 Upgrade to S shopifyplus 2016 shop Pay 2017 shopify shipping 2018 International Expansion (Canada, UK, Australia) shop Pay installments in partnership with affirm Initial Public Offering 2020 2021 15#16Consumers' favorite brands powered by Shopify SPANX GYMSHARK PRIME REBECCA MINKOFF jenny KOTN SKIMS leesa Glossier. Crate&Barrel OLLY GIANT TIGER** Bols MOLSON COORS beverage company MR BEAST BOMBAS bee better allbirds THE FINEST QUALITY Herschel SUPPLY CO. go TRADE MARK KYLIE staples X BAUER GOOD AMERICAN FASHIONNOVA JB HI-FI Ashley HOMESTORE Tetley HEINZ EST! 1869 MATTEL KITH DOLLAR SHAVE CLUBⓇ Lord Taylor STEVE MADDEN Nestlé Q3 Brands PUCCI ANASTASIA BEVERLY HILLS BR HOME MODA OPERANDI TOMS OAK + FORT 16#17S WOLFPAK WOLFpak "Shopify Markets Pro is a turnkey operations solution-it's like adding a new department to your team." Michael Henderson Founder S shopify markets GENERAL STORE ENTRANCE GARMENTS ANTIQUES COLLECTIBLES MENSWEAR THEO UGGED SOCIE MODERN HERITAGE COME ON CANA, WORKWEAR, VIN RUGGED SOCIETY MODERN BERITAGE BOODS R$ "Having one system of record for managing our inventory has been really helpful. Our inventory syncs across our Shopify site and POS system in real-time, which saves us a lot of time." Emanuelle Nardoni - Co-Founder S shopify POS ha hip O VEROR happy hippo bath company "Shopify Audiences is a huge benefit for Plus merchants. It has helped lower customer acquisition costs so our investments can stretch much further." Adam Biel CEO and Lead Product Designer S shopifyaudiences 17#18Revenue compounds every year; cohort retention remains strong 2015 All Cohorts 2016 2019 2017 2017 2018 2015 2019 Millions of merchants around the world, across 10+ verticals. Each cohort drives more revenue as time passes, for example: Sample Cohort Q1/19 Q1/17 Q1/15 Revenue Growth* 1.5x 1.9x 3.4x *Examples of quarterly revenue from merchant cohorts that joined the Shopify platform in the period shown. *Note: The first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods. *Note: Calculation is last four quarters of revenue reported (ending in Q4/22) divided by first four full quarters of revenue for each cohort (ie starting in Q2 following each cohort year) 18#19Anatomy of a cohort Sample revenue from the cohort Q1 2017 2017 Black Friday Cyber Monday/Holiday sale season O 2018 2019 2020 O Puffy LASHIFY LIVE NATION & more 2021 2022 This cohort includes merchants from a wide range of industries 21% apparel & accessories 5% health & beauty 10+ other verticals (represents % of merchants by vertical) Note: the first year a merchant joins the platform may not be 12 full months and therefore is not fully comparable to the subsequent 12 month periods. 19#20Making commerce better for everyone in everything we do Creating Economic Impact* $490B+ In global economic activity 5.2M Jobs supported in 2022 $229B+ Contributed to GDP * Data from the Shopify Entrepreneurship Index Combating Climate Change $5M minimum annual spend for Shopify's Sustainability Fund Committed to carbon-neutral operations and platform + Launched Frontier, the world's largest combined financial commitment to buy carbon removal, in partnership with 4 other companies Signed a power purchase agreement to power 100% of office buildings and employee home offices across North America with wind energy + Operation HOPE to help create 1M new Black-owned businesses by 2030 Making a Social Impact + Government partnerships to help bring thousands of small businesses online + Increase visibility for local shops, sustainable shops, Black-owned businesses, Asian-owned businesses, women-owned businesses, LGBTQ+ businesses, and Indigenous-owned businesses through Shop app 1M Black Businesses POWERED BY S shopify X OPERATION HOPE Cultivating a Growth-minded Culture +Recruit talented, deeply caring individuals + Digital by Design allows employees to easily work almost anywhere in the world + Invest heavily in personal growth and development Build a team that reflects the world we live in 20#21Merchant-focused flywheel generates strong financial performance E .h#22US business applications are seeing a step function increase 6,000,000 4,000,000 ~5M new business formations in US in both 2021 and 2022 from 4M per year average for the previous 3 years 2018 Source: US Census Bureau 2020 2022 22#23Our success-based business model puts merchants first Helping our merchants grow their business drives our business $41.1B 2018 $61.1B +49% 2019 $119.6B +96% 2020 GMV $175.4B +47% 2021 $197.2B +12% 2022 Merchant Solutions Subscription Solutions $1.1B 2018 $1.6B +47% 2019 $2.9B +86% 2020 Revenue $4.6B +57% 2021 $5.6B +21% 2022 23#24With a track record of profitability Delivering gross profit dollar growth balanced with disciplined investment to fuel innovation and enable our flywheel $596M 2018 $866M 2019 $1.5B 2020 Gross Profit $2.5B 2021 $2.8B 2022 $12M 2018 $46M 2019 $437M *Adjusted Operating Income is a non-GAAP financial measure. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. 2020 $718M 2021 Adjusted Operating Income* $6M 2022 24#25Q3 GMV and revenue growth continues to outperform the broader retail market The expansion and optionality of our product suite, channels, and partnerships is powering merchant success $61.0B Q4 2022 $49.6B Q1 2023 GMV $55.0B Q2 2023 $56.2B Q3 2023 Merchant Solutions Subscription Solutions $1.7B Q4 2022 $1.5B Q1 2023 $1.7B Q2 2023 Revenue $1.7B Q3 2023 25#26Strong revenue growth since IPO Revenue growth driven by more merchants joining the platform and adopting more merchant solutions $45M Q2 2015 Total Revenue $1.7B Q3 2023 26#27Monthly Recurring Revenue continues to grow $38M Q3 2018 Q3 2019 30% 5-Year CAGR Q3 2020 Q3 2021 Q3 2022 $141M Q3 2023 * Monthly Recurring Revenue, or MRR, is calculated at the end of each period by multiplying the number of merchants who have subscription plans with us at the period end date by the average monthly subscription plan fee in effect on the last day of that period, assuming they maintain their subscription plans the following month. 27#28Shopify Payments penetration increasing $34.2B 56% GMV Penetration Q4 2022 $27.5B 56% GMV Penetration Q1 2023 $31.7B *Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments. 58% GMV Penetration Q2 2023 Shopify Payments Gross Payments Volume (GPV)* $32.8B 58% GMV Penetration Q3 2023 28#29Subscription solutions Consistent growth across our Shopify ecosystem and plans Apps, Themes, Domains, Shopify Plus Platform Fee Revenue* Revenue Shopify Plus Revenue Core - 14% 24% 61% Q4 2021 10% 27% 63% Q1 2022 13% 27% 60% Q2 2022 $377M 15% 27% 58% Q3 2022 19% 27% 54% Q4 2022 11% 30% 59% Q1 2023 *Approximate Apps, Themes, Domains, Shopify Plus Platform Fee Revenue is calculated by averaging current and previous quarter MRR, multiplying by 3 and subtracting total from Subscription Solutions revenue. Numbers may not foot due to rounding. 14% 27% 59% Q2 2023 $486M +29% YoY 14% 26% 60% Q3 2023 29#30Sustained gross profit dollar growth balanced with disciplined approach to investments $798M 46.0% Gross Margin Q4 2022 $717M 47.5% Gross Margin Q1 2023 $835M 49.3% Gross Margin Q2 2023 Gross Profit $901 M 52.6% Gross Margin Q3 2023 $62M Q4 2022 ($31M) Q1 2023 $146M *Adjusted Operating Income is a non-GAAP financial measure. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. Q2 2023 $271 M Q3 2023 Adjusted Operating Income/(Loss)* 30#31Committed to improving our operational efficiency to drive long-term growth Research and development Sales and marketing General and administrative Transaction and loan losses 53% 2% 8% 16% 28% 2019 39% 2% 6% 12% 19% 2020 39% 2% 5% 13% 18% 2021 50% 2% 8% 20% 21% 2022 44% 2% 6% 19% 16% Q4 2022 51% 3% 7% 23% 18% Q1 2023 Total adjusted opex as a percentage of revenue 41% 2% 6% 17% 16% Q2 2023 Chart depicts Operating Leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Operating Leverage is a non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. Numbers may not foot due to rounding. 37% 2% 5% 14% 16% Q3 2023 31#32Q3 free cash flow surpasses free cash flow of the past three quarters combined FCF Margin* $90M Q4 2022 5% $86M Q1 2023 6% $97M Q2 2023 6% $276M Q3 2023 16% Free Cash Flow is a non-GAAP financial measure and Free Cash Flow Margin is a non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. 32#33Product attach rate is steadily increasing over time 2.70% Q3 2018 Q3 2019 * Product attach rate is defined as total revenue divided by GMV Q3 2020 Q3 2021 Product Attach Rate* Q3 2022 3.05% Q3 2023 33#34Investment highlights Large and growing opportunity Massive global market with accelerated ecommerce penetration Mission-critical solutions Multichannel commerce platform that enables merchants of all sizes to sell to anyone, anywhere DOÛ Merchant success-based business model Business model that puts merchants first Multiple vectors for growth Growth opportunities across merchant segments, geographies, channels, and products INVESTING * 100-YEAR ING FOR A COMPANY 34#35Multiple vectors for growth ॥ (+) ek Grow our base of merchants Grow with our merchants Product innovation and platform expansion#36Grow our base of merchants Entrepreneurs & SMBs Brand awareness-driven campaigns Education Free and paid trial experiences Localized subscription pricing Marketing and advertising Partners and affiliates Word of mouth Larger brands & enterprise Direct sales Modularized CCS Partners and affiliates Self-serve onboarding System integrators 36#37(+) Grow with our merchants ↑ Cross-sell more solutions Shop Pay and Shop Pay Installments: Increase conversion and simplify the buying process for customers through fast and low-friction checkout Shopify Capital: Help merchants obtain funds faster and cheaper than traditional banks Shopify Markets: Enable merchants to sell internationally Upgrade to Plus Funnel effect to Plus Compelling new features only available on Plus including Shopify Audiences and B2B on Shopify Pursue new segments & geographies Enterprise: Attracting enterprise-level merchants with launch of Commerce Components by Shopify B2B: Wholesale is large opportunity beyond D2C Physical retail: Still primary channel for commerce International: Expanding beyond the US and Canada 37#38(+) Grow with our merchants Expand our geographic reach: We continue to localize our platform and feature set to merchants across the globe, lowering the barriers to entrepreneurship Then When Shopify went public in 2015, we only had a few products in a couple markets Shopify Payments in 4 countries ● Shopify POS with integrated Payments in 2 countries ● Shopify Shipping in 1 country Now While we have grown into multiple products in multiple markets, we are still in early stages of growth ● • ● ● Shopify Payments in 23 countries Shopify POS with integrated Payments in 14 countries Shopify Shipping in 7 countries Shopify Capital in 4 countries And many more... *Graphic is for illustrative purposes only and does not reflect all countries Shopify operates in S 38#39We're just getting started. However commerce evolves, Shopify will be the engine behind it. The merchants who are the backbone of the economy demand it of us. KIT AC#40S shopify Appendix Non-GAAP and Other Financial Measures#41Non-GAAP and Other Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP and other financial measures to provide additional information in order to assist investors in understanding our financial and operating performance. These measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings, and may not be comparable to similar measures presented by other public companies. Adjusted gross profit, adjusted operating expenses, and adjusted operating ome (loss) are non-GAAP financia measures that exclude the effect of stock-based compensation expenses and related payroll taxes, amortization of acquired intangibles and, in the case of adjusted operating expenses and adjusted operating income (loss), accelerated stock-based compensation, severance, real estate-related impairment, litigation contingencies and impairment on sales of Shopify's logistics businesses. Operating leverage is a non-GAAP ratio that is calculated by dividing adjusted operating expenses by revenue. Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures. Free cash flow margin is a non-GAAP ratio calculated as free cash flow divided by revenue. Shopify considers free cash flow and free cash flow margin as indicators of the efficiency and liquidity of Shopify's business, showing cash available after capital expenditures, to make strategic investments and drive future growth. Management uses non-GAAP and other financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Shopify believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP and other financial measures used herein should be considered a supplement to, and not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. November 2023 41#42Reconciliation of GAAP to Non-GAAP Figures Expressed in US millions GAAP Gross profit add: SBC and related payroll taxes add: Amortization of acquired intangibles Adjusted Gross profit % of Revenue GAAP Sales and marketing less: Sales and marketing SBC and related payroll taxes less: Accelerated stock-based compensation less: Amortization of acquired intangibles less: Severance related costs Adjusted Sales and marketing % of Revenue 2018 596 3 5 604 56% 350 24 326 30% 2019 866 4 9 879 56% 473 38 434 28% 2020 1,542 7 19 1,568 54% 602 46 2 554 19% 2021 2,481 8 20 2,509 54% 902 47 2 853 18% 2022 2,754 9 49 2,812 50% 1,230 65 5 11 1,149 21% Q3'22 662 2 17 681 50% 302 17 2 11 272 20% Q3'23 901 4 905 53% 295 13 278 16% 42#43Expressed in US millions GAAP Research and development less: Research and development SBC and related payroll taxes less: Accelerated stock-based compensation less: Severance related costs Adjusted Research and development % of Revenue GAAP General and administrative less: General and administrative SBC and related payroll taxes less: Impairment of right-of-use assets and leasehold improvements less: Severance related costs less: Litigation contingencies Adjusted General and administrative % of Revenue 2018 231 60 171 16% 99 18 81 8% 2019 355 105 250 16% 154 30 124 8% 2020 552 188 364 12% 245 52 32 161 6% 2021 854 251 603 13% 375 91 30 254 5% 2022 1,503 396 8 1,099 20% 708 93 84 F 11 97 423 8% Q3'22 412 108 8 296 22% 255 26 11 97 121 9% Q3'23 313 70 243 14% 137 20 38 79 5% 43#44Expressed in US millions GAAP Transaction and loan losses % of Revenue GAAP Operating expenses less: Operating SBC and 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: Litigation contingencies less: Impairment on sale of Shopify' logistics businesses 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% Q3'22 39 3% 1,008 151 2 30 97 728 53% Q3'23 34 2% 779 103 4 38 634 37% 44#45Expressed in US millions GAAP Operating (loss) income add: Operating SBC and related payroll taxes add: Accelerated stock-based compensation add: Amortization of acquired intangibles add: Impairment of right-of-use assets and leasehold improvements add: Severance related costs add: Litigation contingencies add: Impairment on sale of Shopify' logistics businesses Adjusted Operating income (loss) % of Revenue 2018 (92) 104 12 1% 2019 (141) 177 10 46 3% 2020 90 294 21 32 437 15% 2021 269 397 22 30 718 16% 2022 (822) 563 54 84 30 97 6 0% Q3'22 (346) 153 19 30 97 (47) (3)% Q3'23 122 103 4 4 38 271 16% 45#46Reconciliation 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#47S shopify Make commerce better for everyone O