Shopify Growth Overview
Accelerated Investments in Q4 for Future Growth
Strong Revenue Growth Backed by Strategic Allocation of Capital
- 56%
55%
53%
39%
2%
39%
1%
2%
7%
8%
8%
41%
15%
2%
16%
2%
2%
16%
32%
6%
5%
6%
1%
5%
12%
13%
14%
11%
32%
30%
28%
19%
18%
19%
15%
2017
2018
2019
2020
2021
Q4 2020
Q4 2021
Adjusted sales & marketing
Adjusted research & development
Adjusted general & administrative
Transaction & loan losses
Chart depicts operating leverage, which is measured using Adjusted Operating Expenses as a percentage of revenue. Excludes the effect of stock-based compensation expenses and related
payroll taxes, amortization of acquired intangibles, and impairment of right-of-use assets and leasehold improvements. Adjusted Operating Expenses is a non-GAAP measure, see Appendix
for reconciliation.
Numbers may not foot due to rounding.
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