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  "documentTitle": "Shopify | Investor Presentation Deck | 53 slides",
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      "text": "Free cash flow margin\nFree cash flow margin to be in the mid-teens",
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      "text": "Stock-based compensation\nStock-based compensation to be approximately $120M",
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      "text": "Operating expenses\nGAAP operating expense as a percentage of revenue to be 41% to 42%",
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      "text": "We expect the strong merchant momentum from Q4 to carry over into Q1, recognizing that Q1 is consistently our lowest GMV quarter seasonally.\nWith that backdrop, for the first-quarter of 2025 we expect:",
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