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  "notes": "The slide highlights operating leverage by showing a decrease in total operating expenses as a percentage of revenue.",
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      "text": "G&A: Leverage from focus on scale; Stripe fees remain ~3% of revenue. R&D: Leverage on foundational work while investing against new initiatives. S&M: Investing behind strong unit economics to drive growth.",
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      "text": "Non-GAAP operating expenses (% of Revenue)",
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      "text": "G&A: Leverage from focus on scale; Stripe fees remain ~3% of revenue\nR&D: Leverage on foundational work while investing against new initiatives\nS&M: Investing behind strong unit economics to drive growth",
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      "text": "All figures as of December 31, 2023 or June 30, 2025, as applicable. See Appendix for non-GAAP reconciliation. Note: Totals may not foot due to rounding.",
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      "text": "Driving overall operating efficiency",
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