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Shopify Inc. (NYSE:SHOP) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants Carrie Gillard - IR Harley Finkelstein - President Jeff Hoffmeister - CFO Conference Call Participants Richard Tse - National Bank Gabriela Borges - Goldman Sachs Keith Weiss - Morgan Stanley Mark Zgutowicz - The Benchmark Company Andrew Boone - JMP Securities Kevin Krishnaratne - Scotiabank Michael Morton - Moffett Nathanson Jocelyn Hung - Evercore ISI Paul Treiber - RBC Capital Todd Copeland - CIBC Tre ...

EXHIBIT 99.2 MANAGEMENT’S DISCUSSION AND ANALYSIS August 3, 2023 In this Management's Discussion and Analysis ("MD&A"), "we", "us", "our", "Shopify" and "the Company" refer to Shopify Inc. and its consolidated subsidiaries, unless the context requires otherwise. In this MD&A, we explain Shopify's results of operations and cash flows for the three and six months ended June 30, 2023 and 2022, and our financial position as of June 30, 2023. You should read this MD&A together with our unaudited condensed consol ...

Shopify Inc. (NYSE:SHOP) Q1 2023 Results Conference Call May 4, 2023 8:00 AM ET Company Participants Carrie Gillard - Investor Relations Harley Finkelstein - President Jeff Hoffmeister - Chief Financial Officer Conference Call Participants Brian Peterson - Raymond James Josh Beck - KeyBanc Paul Treiber - Barclays Deepak Mathivanan - Wolfe Research Colin Sebastian - Baird Tyler Radke - Citigroup Trevor Young - Barclays Darren Aftahi - ROTH Capital Matthew Pfau - William Blair Bhavin Shah - Deutsche Bank Andr ...

EXHIBIT 99.2 MANAGEMENT’S DISCUSSION AND ANALYSIS May 4, 2023 In this Management's Discussion and Analysis ("MD&A"), "we", "us", "our", "Shopify" and "the Company" refer to Shopify Inc. and its consolidated subsidiaries, unless the context requires otherwise. In this MD&A, we explain Shopify's results of operations and cash flows for the three months ended March 31, 2023 and 2022, and our financial position as of March 31, 2023. You should read this MD&A together with our unaudited condensed consolidated fi ...

Summary of Shopify Inc. Conference Call Company Overview - **Company**: Shopify Inc. (NYSE: SHOP) - **Participants**: Harley Finkelstein (President), Jeff Hoffmeister (CFO) - **Conference Date**: March 8, 2023 Key Points Industry and Market Environment - Shopify reported a strong Q4 performance, exceeding both top-line and bottom-line expectations, but guided for a deceleration to high-teens revenue growth in Q1, causing investor concern about the business cycle [3][4][5] - Shopify holds a significant share of U.S. e-commerce, estimated at 10%, although this figure is based on outdated data [4] Business Performance and Strategy - The company emphasized its commitment to cash flow positivity and managing growth alongside profitability, with Q4 showing strong results [7][11] - Shopify's product offerings have expanded beyond e-commerce to include point of sale, capital solutions, fulfillment, and more, indicating a shift in the type of merchants using the platform [8][9] - The introduction of "Commerce Components" aims to capture a larger share of the enterprise market, with notable brands like Black & Decker and Mattel as partners [8][9] Financial Guidance and Profitability - Shopify's guidance for Q1 indicated gross margins would be above Q4 levels, with operating expenses expected to remain stable [11][12] - The company aims to ensure that the Shopify Fulfillment Network (SFN) is capital efficient, with a focus on integrating new acquisitions before updating capital expenditure (CapEx) guidance [15][17] Shopify Fulfillment Network (SFN) - SFN is designed to provide a consumer-facing badge called "Shop Promise," which has shown to increase conversion rates by 25% for merchants using it [19] - The company is focused on building a network of small fulfillment centers rather than a single large network, which is less capital intensive [18][19] - Integration with the acquired company Deliver is ongoing, and the company is optimistic about the potential for SFN to be profitable [24][28] Shopify Plus and Enterprise Strategy - Shopify Plus was created to cater to larger merchants, with a focus on flexibility and cost-effectiveness [31][32] - The company has seen increased interest from large brands that previously built their own tech stacks, indicating a shift in market dynamics [33][40] - Shopify is enhancing its go-to-market strategy for enterprise clients by partnering with major systems integrators and building a dedicated sales team [36][39] Merchant Count and Growth Metrics - The company clarified that while merchant count growth may appear slower, it reflects a shift towards larger, more profitable merchants rather than a decline in overall growth [42][45] - The attach rate, which measures the value merchants derive from Shopify, has improved significantly, indicating increased adoption of additional services [46][47] Pricing Strategy - Shopify recently raised prices for its core plans for the first time in a decade, reflecting the enhanced value of its offerings [49][51] - Future pricing adjustments for Shopify Plus may be considered, but the current model remains competitive [52][53] Direct-to-Consumer (DTC) Model and Market Trends - The DTC model remains healthy, with significant sales during key shopping events like Black Friday [57] - Shopify is helping merchants adapt to changes in advertising effectiveness by providing tools for better audience targeting [59] Competitive Landscape - Shopify is open to integrating with Amazon's "Buy with Prime," viewing it as an opportunity to enhance merchant sales rather than a competitive threat [60][63] Technological Innovations - The company is leveraging generative AI to enhance the shopping experience and assist merchants in creating product descriptions, indicating a focus on practical applications of new technology [64][66] Conclusion Shopify is navigating a complex market environment with a focus on profitability, expanding its product offerings, and adapting to the needs of larger enterprises while maintaining a healthy DTC model. The company is optimistic about its growth prospects and the integration of new technologies to enhance merchant success.

Shopify Inc. (NYSE:SHOP) Raymond James 44th Annual Institutional Investors Conference March 7, 2023 1:40 PM ET CorporateParticipants Ana Raman - Senior Manager of Investor Relations ConferenceCall Participants Brian Peterson - Raymond James Brian Peterson All right, everyone. We're going to go ahead and get started. My name is Brian Peterson. I'm the Application Software analyst here at Raymond James, very happy to have a Shopify, Ana. Thank you for coming. We'll make this kind of interactive. So if you guy ...

Q4 and Full Year 2022 Financial Results Safe harbor This presentation contains forward-looking statements that are based on our management’s We believe that the case studies presented in this presentation provide a representative sample current estimates, beliefs and assumptions, which are based on management’s perception of of how our merchants have been able to use various features of our platform to grow their historic trends, current conditions and expected future developments, as well as other factors ...

Shopify Inc. (NYSE:SHOP) Q4 2022 Earnings Conference Call February 15, 2023 5:00 PM ET Company Participants Amy Feng - Investor Relations Tobi Lütke - Chief Executive Officer Harley Finkelstein - President Jeff Hoffmeister - Chief Financial Officer Conference Call Participants Richard Tse - National Bank of Canada Bhavin Shah - Deutsche Bank DJ Hynes - Canaccord Keith Weiss - Morgan Stanley Todd Coupland - CIBC Tim Chiodo - Credit Suisse Clarke Jeffries - Piper Sandler Michael Morton - Moffett Nathanson And ...

Revenue Performance - Shopify's total revenues for Q4 2022 were $1,734.978 million, a 25.6% increase from $1,380.024 million in Q4 2021[27] - Subscription solutions revenue reached $400.254 million in Q4 2022, up from $351.208 million in Q4 2021, representing a 14% growth[27] - Merchant solutions revenue increased to $1,334.724 million in Q4 2022, compared to $1,028.816 million in Q4 2021, marking a 29.8% rise[27] - Total revenue for 2022 was $1,734,978,000, representing a 26% increase from $1,380,024,000 in 2021[37] - The year-over-year percentage change in revenue (GAAP, excluding GMV) was 26% for 2022[38] Profitability - Gross profit for Q4 2022 was $798.508 million, up from $692.659 million in Q4 2021, reflecting a 15.3% increase[27] - GAAP Gross profit for Q4 2022 was $798,508,000, representing 46% of revenue, compared to 50% in Q4 2021[33] - Adjusted Gross profit for Q4 2022 was $818,844,000, accounting for 47% of revenue, down from 51% in Q4 2021[33] - Gross profit for 2022 was $818,844,000, up 17% from $700,614,000 in 2021[37] - The company’s gross profit margin improved to 48% in 2022, compared to 46% in 2021[38] Operating Expenses - Total operating expenses for Q4 2022 were $987.257 million, compared to $678.255 million in Q4 2021, indicating a 45.5% increase[27] - GAAP Sales and marketing expenses increased to $297,741,000, which is 17% of revenue, compared to 20% in the same quarter last year[33] - GAAP Research and development expenses rose to $440,547,000, representing 25% of revenue, up from 20% in Q4 2021[33] - Total GAAP Operating expenses for the year ended December 31, 2022, were $3,576,418,000, which is 64% of revenue, compared to 48% in 2021[34] - Adjusted Operating expenses for Q4 2022 were $757,852,000, which is 44% of revenue, compared to 41% in Q4 2021[34] Net Loss - Shopify reported a net loss of $623.694 million in Q4 2022, compared to a net loss of $371.311 million in Q4 2021[27] - GAAP Net loss for Q4 2022 was $(623,694,000), or (36)% of revenue, compared to a net income of $2,914,659,000 in Q4 2021[34] - The company reported a net loss from operations of $(188,749,000) for 2022, compared to a profit of $130,179,000 in 2021, indicating a significant decline[37] - Basic GAAP Net loss per share attributable to shareholders for Q4 2022 was $(0.49), compared to $(0.30) in Q4 2021, reflecting a year-over-year decline[35] - Adjusted net income per share attributable to shareholders for Q4 2022 was $0.07, down from $0.14 in Q4 2021[35] Cash Flow and Assets - Cash and cash equivalents decreased from $2,502,992,000 at the beginning of the year to $1,649,328,000 at the end of the year, representing a decrease of approximately 34%[29] - Total assets decreased from $13,340,172,000 in 2021 to $10,757,151,000 in 2022, a decline of approximately 19%[28] - Cash flows from operating activities resulted in a net cash used of $136,448,000 in 2022, compared to a net cash provided of $535,711,000 in 2021[29] - The company reported a net cash used in investing activities of $718,567,000 in 2022, compared to $2,379,073,000 in 2021, indicating a reduction in investment outflows[29] Shareholder Equity and Liabilities - The company’s total shareholders' equity decreased from $11,133,341,000 in 2021 to $8,238,889,000 in 2022, a decline of about 26%[28] - Total liabilities increased from $1,504,098,000 in 2021 to $1,662,254,000 in 2022, an increase of about 10%[28] - The company reported a significant increase in stock-based compensation from $330,763,000 in 2021 to $549,142,000 in 2022, an increase of approximately 66%[29] - The company reported an increase in stock-based compensation to $139,839,000 for Q4 2022, compared to $96,484,000 in Q4 2021[34] Acquisition Activity - The company acquired businesses net of cash acquired for $1,753,748,000 in 2022, compared to $59,627,000 in 2021, indicating a significant increase in acquisition activity[29] Market Performance - The company experienced a 12% year-over-year increase in GMV, reaching $197,166,882 in 2022[38] - Constant currency impact on revenue for 2022 was $(30,138,000), indicating the effect of foreign exchange fluctuations[36]