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  "documentTitle": "Dropbox | Investor Presentation Deck | 38 slides",
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  "authorName": "Dropbox",
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  "notes": "Includes a footnote regarding M&A investment exclusions.",
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      "text": "Note: Margin framework excludes one-time deal-related investments associated with M&A.",
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      "text": "Non-GAAP 2019 Long-term target Gross margin 76% 78-80% R&D expense as % of revenue 30% 23-25% S&M expense as % of revenue 23% 18-20% G&A expense as % of revenue 11% 8-10% Operating margin 12% 28-30% Annual Free Cash Flow $392M $1B+",
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