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  "documentTitle": "Shopify | Investor Presentation Deck | 47 slides",
  "authorId": "shopify",
  "authorName": "Shopify",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-11-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 31,
  "pageCount": 47,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "traction",
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  "density": "dense",
  "nDataPoints": 40,
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  "slideHref": "/slides/019de517-8222-711f-84ed-b0bb613ff260/31",
  "deckHref": "/decks/019de517-8222-711f-84ed-b0bb613ff260",
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  "deckAnchorHref": "/decks/019de517-8222-711f-84ed-b0bb613ff260#slide-31",
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        "x": 0.09,
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      "kind": "chart",
      "text": "53% 2% 8% 16% 28% (2019)\n39% 2% 6% 12% 19% (2020)\n39% 2% 5% 13% 18% (2021)\n50% 2% 8% 20% 21% (2022)\n44% 2% 6% 19% 16% (Q4 2022)\n51% 3% 7% 23% 18% (Q1 2023)\n41% 2% 6% 17% 16% (Q2 2023)\n37% 2% 5% 14% 16% (Q3 2023)",
      "attrs": {
        "x_axis_labels": [
          "2019",
          "2020",
          "2021",
          "2022",
          "Q4 2022",
          "Q1 2023",
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          "Q3 2023"
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        "y_axis_labels": []
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      },
      "kind": "list",
      "text": "Research and development\nSales and marketing\nGeneral and administrative\nTransaction and loan losses\nTotal adjusted opex as a percentage of revenue",
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      "kind": "source-note",
      "text": "Chart depicts Operating Leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Operating Leverage is a non-GAAP ratio. See \"Non-GAAP and Other Financial Measures\" in the Appendix for more information. Numbers may not foot due to rounding.",
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      "kind": "title",
      "text": "Committed to improving our operational efficiency to drive long-term growth",
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      "arcName": "The Sparkline",
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      "evidence": "The deck follows a golden circle narrative, starting with why Shopify exists.",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
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