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      "text": "Note: Totals may not sum due to rounding; growth rates may not tie due to rounding\n1. Gross cash marketing spend represents total outlays in a calendar year, which includes expenses and contra revenues. Contra-revenue may be amortized and not all recognized in the year the outlay was made\n2. OpEx represents <$0.1B of annual spend\n3. Reflects increase in Acquisition and Distribution costs; excludes Activation costs\n4. Reflects expected performance of 2022 vintage in Year 5\n5. Defined as Net Present Value (NPV) of the vintage; NPV defined as the post-tax lifetime value of all incremental cash flows for the investment, including upfront investment costs and all other variable revenues and costs resulting, discounted at the cost of equity",
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