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      "text": "Non-GAAP Operating Expenses as % of Revenue FY'21: S&M 67%, R&D 29%, G&A 16%. FY'22: S&M 61%, R&D 27%, G&A 14%. Q2'22: S&M 62%, R&D 28%, G&A 14%. Q2'23: S&M 49%, R&D 24%, G&A 12%.",
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      "text": "Non-GAAP Operating Margin % FY'21: -41%. FY'22: -30%. Q2'22: -34%. Q2'23: -9%. Q4'23 OM Target: 0%.",
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      "text": "Note: Refer to the slides in the section titled \"GAAP to Non-GAAP Reconciliations\" at the end of this presentation for a reconciliation of our non-GAAP financial metrics to the most directly comparable GAAP financial metrics. 1 Q4'23 non-GAAP operating margin target of 0% is as of Confluent's Q2'23 earnings call dated August 02, 2023.",
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