Shopify(SHOP) - 2023 Q1 - Quarterly Report

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 ...