Shopify(SHOP) - 2023 Q3 - Quarterly Report

EXHIBIT 99.2 MANAGEMENT’S DISCUSSION AND ANALYSIS November 2, 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 nine months ended September 30, 2023 and 2022, and our financial position as of September 30, 2023. You should read this MD&A together with our unaudited con ...