Shopify Growth Overview

Expressed in US$000s 2019 2020 2021 Q4'20 Q4'21 GAAP Research and development 355,015 552,127 854,383 159,077 273,912 less: Research and development SBC and SBC-related payroll taxes 104,645 188,249 250,787 54,262 74,932 less: Amortization of acquired intangibles 232 233 206 59 32 Non-GAAP Research and development % of Revenue 250,138 363,645 603,390 104,756 198,948 16% 12% 13% 11% 14% GAAP General and administrative 153,765 245,343 374,844 65,395 101,054 less: General and administrative SBC and SBC-related payroll taxes 29,861 52,195 91,337 16,480 18,735 less: Impairment of right-of-use assets and leasehold improvements 31,623 30,145 Non-GAAP General and administrative % of Revenue GAAP Transaction and loan losses % of Revenue 123,904 161,525 253,362 48,915 82,319 8% 6% 5% 5% 6% 25,169 51,849 81,717 12,647 27,814 2% 2% 2% 1% 2% GAAP Operating expenses less: Operating SBC and SBC-related payroll taxes less: Amortization of acquired intangibles 1,006,790 1,451,367 2,212,501 391,847 678,255 172,673 286,834 389,407 80,786 107,402 515 1,781 1,750 443 418 less: Impairment of right-of-use assets and leasehold improvements 31,623 30,145 Non-GAAP Operating expenses % of Revenue 833,602 1,131,129 1,791,199 310,618 570,435 53% 39% 39% 32% 41% 33

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