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  "documentTitle": "Dropbox | Investor Presentation Deck | 38 slides",
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  "authorName": "Dropbox",
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  "presentationDate": "2022-11-01 00:00:00",
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      "kind": "source-note",
      "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, 2019, 2020, 2021, Long-term target, Gross Margin, 76%, 79%, 81%, 80-82%, R&D expense as % of revenue, 30%, 28%, 25%, 23-25%, S&M expense as % of revenue, 23%, 20%, 18%, 18-20%, G&A expense as % of revenue, 11%, 10%, 8%, 8-10%, Operating margin, 12%, 21%, 30%, 30-32%, Annual Free Cash Flow, $392M, $491M, $708M, $1B+",
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      "text": "Long-Term Target Model",
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