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  "presentationDate": "2023-08-01 00:00:00",
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  "notes": "Uses a causal chain/equation format to explain financial performance drivers.",
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      "text": ">70% YoY Revenue Growth + >800 bps Adjusted Gross Margin(3) Increase + >10% YoY External Marketing Decline = Increased Contribution Profit(1)",
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      "text": "For our 2018-2021 states, handle increased more than 35% YoY and unique customers increased approximately 25% YoY",
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      "text": "(1) Contribution Profit is a non-GAAP financial measure that we define and calculate as Adjusted Gross Profit less external marketing expense. (2) Includes New Jersey, West Virginia, Indiana, Pennsylvania, New Hampshire, Iowa, Colorado, Illinois, Tennessee, Michigan, Wyoming, Arizona, and Connecticut. (3) Adjusted Gross Margin is a non-GAAP financial measure that we define and calculate as Adjusted Gross Profit divided by net revenue. For a reconciliation of Adjusted Gross Margin to its most directly comparable financial measure, see slide 12 in the Appendix of this presentation.",
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      "text": "2018-2021 States Are Growing Revenue >70% with Contribution Profit(1) Growing Faster",
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