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      "text": "Variable Margin (non-GAAP)\n20% Year-Over-Year Growth\n54% 57% 63% 68% 65%\n2Q23 3Q23 4Q23 1Q24 2Q24",
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      "text": "Variable margin expanded ~1,100bps (20%) YoY due to:\n• Lower provision expense as % of GAAP revenue as a result of significant improvements in credit performance driven by CashAI™\n• Processing cost enhancements related to how we utilize payment networks to move money\n• Favorable renegotiation with key vendor in 4Q23",
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      "text": "Variable margin declined ~300bps QoQ, as expected, since provision expense as a % of GAAP revenue increased by ~400bps as Q1 credit performance typically benefits from tax refunds. Other variable expenses as a % of GAAP revenue improved QoQ from continued processing cost enhancements.",
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      "text": "Note: Non-GAAP Variable Profit Margin calculation has been revised (in all periods shown above) to reflect Non-GAAP Variable Profit as a percentage of GAAP Operating Revenues, Net. In disclosure prior to 1Q24, Non-GAAP Variable Profit Margin reflected Non-GAAP Variable Profit as a percentage of Non-GAAP Operating Revenues. See Glossary for the definition of Non-GAAP Variable Profit. Note: See Appendix for reconciliation of Non-GAAP measures.",
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      "text": "Provision for Credit Losses - % of GAAP Revenue\n26% 24% 20% 14% 18%\nOther Variable Expenses - % of GAAP Revenue\n20% 19% 18% 19% 17%",
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