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  "documentTitle": "Wix | Investor Presentation Deck | 24 slides",
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      "text": "Reduced marketing spend by ~50% in Q1'23 as we implemented new marketing strategy with increased new cohort bookings y/y",
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      "text": "Non-GAAP Opex % of revenue: Q4'21 69%, Q1'22 77%, Q2'22 66%, Q3'22 65%, Q4'22 57%, Q1'23 54%, Q2'23 51%. Non-GAAP Opex % of revenue (annual): 2021 70%, 2022 66%, 2023 56-57%.",
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      "text": "Non-GAAP Gross Margin: Q4'21 77%, Q1'22 76%, Q2'22 76%, Q3'22 78%, Q4'22 79%, Q1'23 80%, Q2'23 83%. Non-GAAP CS Gross Margin: Q4'21 62%, Q1'22 62%, Q2'22 62%, Q3'22 65%, Q4'22 65%, Q1'23 67%, Q2'23 68%. Non-GAAP Gross Margin (annual): 2021 77%, 2022 77%, 2023 ~82%. Non-GAAP CS Gross Margin (annual): 2021 63%, 2022 64%, 2023 ~68%.",
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