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  "documentTitle": "XP Inc | Results Presentation Deck | 21 slides",
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  "notes": "The slide uses a waterfall-like logic to explain margin expansion via operating leverage and corporate structure.",
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      "text": "Adjusted Net Income grew 82% vs. 3Q20, explained by (1) strong growth in Retail Revenue, (2) operating leverage in SG&A and (3) a lower effective tax rate.",
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