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  "documentTitle": "Wix | Investor Presentation Deck | 28 slides",
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      "text": "FCF as % of revenue $128 17% 2019 $132 13% 2020 $51 4% 2021 $32 2% 2022 $246 16% 2023 $370-400 21-23% 2024E",
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      "text": "We expect to generate higher than anticipated FCF margin excluding HQ investments of approximately 21-23% in 2024 as a result of accelerating bookings growth and continued operating leverage from previously completed cost efficiencies",
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      "text": "Outperformance of 2023 targets and anticipated top-line acceleration through 2024 gives us confidence to significantly surpass three-year plan goals announced at August 2023 Analyst Day and Rule of 40 in 2025",
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      "text": "*Free cash flow excludes HQ spend and associated costs in 2020-2023 and excludes ~$5.9 million of cash restructuring costs in 2023.",
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