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      "text": "Fixed expenses as a percentage of GAAP revenue declined by ~1,800bps YoY due to:\n• 700bps improvement in compensation expense as we more deeply leverage technology in our business processes and as we maintain discipline in managing headcount as the business scales\n• 1,100bps improvement in other fixed expenses largely due to rationalization of other fixed expenses in addition to the $4mm legal settlement charge in the year-ago period",
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