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  "documentTitle": "Shopify | Investor Presentation Deck | 55 slides",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "51%, 41%, 37%, 31% total adjusted opex as a percentage of revenue across Q1 2023, Q2 2023, Q3 2023, Q4 2023, with breakdowns for transaction and loan losses, general and administrative, research and development, and sales and marketing.",
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      "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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