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  "documentTitle": "2023 Q1 Shareholder Deck",
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  "notes": "Includes a waterfall chart explaining the drivers of Y/Y expense growth.",
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      "text": "Operating Expenses grew 36% Y/Y (or 34% constant currency), driven primarily by higher personnel costs related to the headcount expansion we undertook over the course of 2022. This was partially offset by lower marketing and legal costs in the quarter, as well as the beginnings of select efficiency initiatives. Operating Expense growth was also impacted by severance charges of €41 million (~600 bps Y/Y) and Y/Y changes in Social Charge movements of €68 million (1,200 bps Y/Y). As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. This resulted in Social Charges related to share-based compensation of €12 million in the current period vs. (€56) million in the prior year period. Looking ahead, we continue to anticipate a meaningful improvement in our Operating Expense ratios and Operating Income/(Loss) in 2023 and beyond.",
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