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  "documentTitle": "2024 Investor Day",
  "authorId": "Cloudflare",
  "authorName": "Cloudflare",
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  "notes": "The chart illustrates operating leverage by showing the decline in expense categories (S&M, R&D, G&A) as a percentage of revenue over time, leading to improved operating margins.",
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      "text": "Note: See the Appendix for GAAP to Non-GAAP reconciliation. *2024E is based on full-year mid-point guidance provided by Cloudflare on May 2, 2024.",
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      "text": "Elasticity and leverage in our operating model",
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