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  "documentTitle": "Dropbox | Investor Presentation Deck | 38 slides",
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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 28 appendix for non-GAAP reconciliation.",
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      "text": "Non-GAAP\n2020\n2021\n2022\nLong-term target\nGross Margin\n79%\n81%\n82%\n80-82%\nR&D expense as % of revenue\n28%\n25%\n28%\n23-25%\nS&M expense as % of revenue\n20%\n18%\n16%\n18-20%\nG&A expense as % of revenue\n10%\n8%\n7%\n8-10%\nOperating margin\n21%\n30%\n31%\n30-32%\nAnnual Free Cash Flow\n$491M\n$708M\n$764M\n$1B+",
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