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  "documentTitle": "Shopify | Results Presentation Deck | 38 slides",
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  "authorName": "Shopify",
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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "Capital expenditures\nQ1 capital expenditures to be approximately $10M",
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      "text": "Sale of logistics businesses\nRevenue: Approx. 500-600 basis point impact\nGross margin: Approx. 450-500 basis point impact",
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      "text": "Gross margin\nQ1 gross margin percentage is expected to increase approximately 150 basis points compared to Q4 2023",
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      "text": "Revenue\nQ1 GAAP revenue growth in the low-twenties, which translates into a YoY growth rate in the mid-to-high twenties when excluding the 500-600 bps impact from the sale of our logistics businesses",
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      "text": "Stock-based compensation\nQ1 stock-based compensation to be approximately $105M",
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      "text": "Operating expenses\nQ1 GAAP operating expense dollars to be up at a low-teens percentage rate compared to our Q4 2023 operating expense dollars",
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      "text": "Free cash flow\nQ1 free cash flow margin to be in the high-single digits, with sequential improvement every quarter throughout the year",
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      "text": "Q1 Operating expenses\nMarketing increases to support key initiatives like offline and performance marketing\nEmployee related expenses due to annual payroll taxes and compensation increases for some employees",
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      "text": "Additional commentary\nrelated to Q1 2024",
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