Shopify Results Presentation Deck

Q2 2023 outlook considerations Revenue Q2/23 revenue to grow at a similar rate to Q1/23 on a year-over-year basis + Gross margin Q2/23 gross margin rate to be similar to Q1/23 gross margin rate Operating expense Q2/23 operating expenses decrease a mid-single digit percentage vs our Q1/23 operating expenses, excluding expected one-time charges + Stock-based compensation Q2/23 stock-based compensation to approximately $110 million, excluding one time charges related to the sale of our logistics business + Free cash flow Expect to achieve free cash flow profitability for each quarter of 2023 + Capital expenditures Expect to be approximately $100M for the full year 2023 * Free cash flow is defined as cash from operations less capital expenditures Additional commentary related to Q2 2023 Macroeconomic backdrop • Our perspective on the rest of the year remains cautious and assumes that inflation remains elevated, which may pressure consumer spending Outlook considerations Q2/23 2H/23: $1B $1.5B impairment charge $140M-$150M severance charge Expect more of the benefit from pending sale of logistics businesses and workforce reduction to materialize Incremental investment in key themes 34

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