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  "documentTitle": "Confluent | Investor Presentation Deck | 51 slides",
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      "text": "Subscription Gross Margin (Non-GAAP) FY'21: 76.5%, FY'22: 77.1%, Q3'22: 76.9%, Q3'23: 80.1%. +320 bps y/y.",
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      "text": "Margin Drivers: Healthy margins for Confluent Platform Revenue, Growing Confluent Cloud revenue mix, Improving Cloud hosting costs due to scale and optimization",
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      "text": "Note: We define non-GAAP gross margin and non-GAAP subscription gross margin as GAAP gross margin and GAAP subscription gross margin, respectively, excluding stock-based compensation expense, employer taxes on employee stock transactions, and amortization of acquired intangibles. 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.",
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