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  "documentTitle": "Shopify | Investor Presentation Deck | 53 slides",
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  "authorName": "Shopify",
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  "presentationDate": "2025-02-01 00:00:00",
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      "text": "Q1 2023: 18%, 23%, 7%, 3%, Total 51%\nQ1 2024: 19%, 14%, 5%, 3%, Total 41%\nQ2 2023: 17%, 17%, 6%, 2%, Total 41%\nQ2 2024: 17%, 13%, 5%, 2%, Total 37%\nQ3 2023: 16%, 13%, 5%, 2%, Total 37%\nQ3 2024: 15%, 12%, 4%, 3%, Total 33%\nQ4 2023: 14%, 12%, 4%, 2%, Total 31%\nQ4 2024: 12%, 10%, 3%, 3%, Total 27%",
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      "text": "Sales and marketing\nResearch and development\nGeneral and administrative\nTransaction and loan losses\nTotal adjusted operating expenses as percentage of revenue",
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      "text": "* Chart depicts Operating Leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Numbers may not foot due to rounding. Adjusted Operating Expenses is non-GAAP measure that is reconciled in the Appendix. Excludes stock-based compensation, related payroll taxes, acquired intangibles and one-time items (severance, loss on sale of businesses, real estate impairments, accelerated stock-based compensation and legal settlements)",
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      "kind": "title",
      "text": "Remain committed to driving balanced levels of operating leverage with continued focus on key investments to support our long-term growth",
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