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      "text": "Fixed Expenses as a % of Total Revenue\n1,000bps Year-Over-Year Improvement\n41%\n37%\n40%\n35%\n31%\n3Q23\n4Q23\n1Q24\n2Q24\n3Q24",
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      "text": "On an absolute basis, fixed expenses increased by $1.4mm or 5% YoY over which time revenue grew 41%, further underscoring the operating leverage within our business model.",
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      "text": "We continue to generate significant operating leverage due to discipline in and rationalization of our fixed expense base as we scale the business.",
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      "text": "Fixed expenses as a percentage of revenue declined by ~1,000bps YoY due to:\n• ~600bps improvement in compensation expense as we more deeply leverage technology in our business processes and as we remain disciplined in managing headcount as the business scales\n• ~400bps improvement in other fixed expenses largely due to rationalization of other fixed expenses",
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