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  "documentTitle": "Dropbox | Investor Presentation Deck | 36 slides",
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  "presentationDate": "2022-08-01 00:00:00",
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      "text": "*Note: Margins and expenses exclude stock-based compensation expense and certain non-recurring adjustments. Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See 29 appendix for non-GAAP reconciliation.",
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      "text": "Non-GAAP\nGross Margin\nR&D expense as % of revenue\nS&M expense as % of revenue\nG&A expense as % of revenue\nOperating margin\nAnnual Free Cash Flow\n2019\n76%\n30%\n23%\n11%\n12%\n$392M\n2020\n79%\n28%\n20%\n10%\n21%\n$491M\n2021\n81%\n25%\n18%\n8%\n30%\n$708M\nLong-term target\n80 - 82%\n23-25%\n18-20%\n8-10%\n30-32%\n$1B+",
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      "kind": "title",
      "text": "Updated Target Model",
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