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  "presentationDate": "2022-11-01 00:00:00",
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      "text": "Variable Profit Margin (Non-GAAP) 48% 48% 41% 39% 42% 3Q21 4Q21 1Q22 2Q22 3Q22",
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      "text": "Margin-driving initiatives include optimization of settlement processing flow, vendor contract renegotiations, and increased emphasis on fraud controls and risk management.",
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      "kind": "paragraph",
      "text": "Variable margin declined in prior quarters as i) we made long-term investments in the Dave Card business which should bolster margins as that business scales and ii) ExtraCash advance sizes increased: larger ExtraCash sizes typically have lower monetization rates but, ultimately, higher ARPU and variable profit.",
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      "text": "Substantial fraud event in 3Q22, which adversely impacted variable margin, has been addressed and is not expected to recur.",
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      "text": "In 3Q22, we began to realize impacts from our margin-driving initiatives, translating into ~280bp sequential margin improvement.",
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      "text": "Note: Variable Profit Margin (Non-GAAP) is defined as Non-GAAP Variable Profit divided by Non-GAAP Revenue. See Glossary for the definition of Non-GAAP Variable Profit and Non-GAAP Revenue.",
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