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  "documentTitle": "Shopify | Investor Presentation Deck | 53 slides",
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      "text": "60% Q1 2023, 47% Q1 2024, 48% Q2 2023, 42% Q2 2024, 43% Q3 2023, 39% Q3 2024, 36% Q4 2023, 32% Q4 2024",
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      "text": "* Chart depicts Operating Leverage, which is measured using Operating Expenses (Opex) as a percentage of revenue. Numbers may not foot due to rounding. Operating Expenses, excluding one-time items, is non-GAAP measure that is reconciled in the Appendix. Excludes one-time items including severance, loss on sale of businesses, real estate impairments, accelerated stock-based compensation and legal settlements.",
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      "text": "In Q4, we reached our lowest quarterly operating expenses as a percentage of revenue since we went public a decade ago",
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