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  "documentTitle": "2025 Q4 Shareholder Deck",
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      "kind": "disclaimer",
      "text": "* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.",
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      "text": "Operating Expenses declined 10% Y/Y in Q4. Absent the effects of Y/Y movements in currency and Social Charges, the ~13% Y/Y increase in Operating Expenses was driven primarily by an increase in marketing and personnel and related spend.",
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      "text": "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. Share price movements resulted in Social Charges coming in €67 million below forecast at (€50) million in current period Operating Expenses. Prior year period Operating Expenses included €97 million in Social Charges.",
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