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  "notes": "Page 5 of a shareholder letter.",
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      "text": "For the full year 2017, R&D expense was $121.3M, or 25% of collections, an improvement over 2016 R&D expense of $87.6 million, or 26% of collections. The incremental margin on R&D expenses is a reflection of our ability to drive positive returns through investment in product development and innovation.",
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