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  "documentTitle": "Shopify | Investor Presentation Deck | 48 slides",
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  "authorName": "Shopify",
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  "presentationDate": "2024-11-01 00:00:00",
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      "text": "Q3 2023: 17% Sales and marketing, 18% Research and development, 8% General and administrative, 2% Transaction and loan losses, Total OpEx 45%. Q4 2023: 15% Sales and marketing, 15% Research and development, 5% General and administrative, 2% Transaction and loan losses, Total OpEx 36%. Q1 2024: 19% Sales and marketing, 18% Research and development, 7% General and administrative, 3% Transaction and loan losses, Total OpEx 47%. Q2 2024: 17% Sales and marketing, 17% Research and development, 3% General and administrative, 2% Transaction and loan losses, Total OpEx 39%. Q3 2024: 15% Sales and marketing, 15% Research and development, 5% General and administrative, 3% Transaction and loan losses, Total OpEx 39%.",
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      "text": "OpEx as a percentage of revenues\nTransaction and loan losses\nGeneral and administrative\nResearch and development\nSales and marketing",
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      "kind": "source-note",
      "text": "* Chart depicts Operating Leverage, which is measured using Operating Expenses (OpEx) as a percentage of revenue. Numbers may not foot due to rounding.",
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      "kind": "title",
      "text": "Committed to driving operating leverage balanced with key investments to support our long-term growth",
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