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      "text": "Variable Profit Margin (Non-GAAP)\n32% Year-Over-Year Growth\n42% 41% 56% 53% 55%\n3Q22 4Q22 1Q23 2Q23 3Q23",
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      "text": "Variable margin expanded ~1,300bps (32%) Y-o-Y due to:\n• Lower provision expense as % of non-GAAP revenue given significant improvements in credit performance\n• Renegotiated key vendor contract, effective 1/1/23\n• Processing cost enhancements related to how we utilize payment networks to move money",
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      "text": "Variable margin expanded 200bps Q-o-Q due to the declines in provision expense as a % of Non-GAAP revenue based on the sequential improvements in credit performance. Other Variable Expenses continued to decline as a % of Non-GAAP revenue based on continued processing efficiencies.",
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      "text": "Note: Variable Profit Margin (Non-GAAP) is defined as Non-GAAP Variable Profit divided by Non-GAAP Revenue. See Glossary for the definition of Non-GAAP Variable Profit and Non-GAAP Revenue.\nNote: See Appendix for reconciliation of Non-GAAP measures.",
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      "text": "Provision for Credit Losses - % of Non-GAAP Revenue\n31% 33% 20% 26% 24%\nOther Variable Expenses - % of Non-GAAP Revenue\n27% 26% 24% 22% 21%",
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