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  "documentTitle": "Dropbox | Investor Presentation Deck | 36 slides",
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  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 24,
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      "text": "Revenue ($M): 2020: $1,914, 2021: $2,158, 2022: $2,325",
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      "text": "Non-GAAP Gross Margin: 2020: 79%, 2021: 81%, 2022: 82%",
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      "text": "Non-GAAP Operating Margin: 2020: 21%, 2021: 30%, 2022: 31%",
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      "text": "Free Cash Flow ($M): 2020: $491, 2021: $708, 2022: $764",
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      "kind": "source-note",
      "text": "*Note: Non-GAAP gross margin and non-GAAP operating margin 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 appendix for non-GAAP reconciliation.",
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      "kind": "title",
      "text": "Strong Performance at Scale",
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      "evidence": "Financial highlights are presented on p22-28, including key metrics and financial strategy.",
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      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
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