Creating Economic Impact
Improved Operating Leverage*
Strong Revenue Growth Backed By Strategic Allocation of Capital
- 57%
56%
55%
53%
2%
39%
2%
1%
2%
8%
7%
8%
8%
37%
35%
16%
15%
2%
2%
16%
2%
16%
6%
5%
5%
12%
12%
11%
32%
32%
30%
28%
19%
18%
17%
2016
2017
2018
2019
2020
Q2 2020
Q2 2021
Adjusted general & administrative
Adjusted research & development
Adjusted sales & marketing
Transaction & loan losses
*Operating leverage measured using Adjusted Operating Expenses as a percentage of revenue. Excludes the effect of stock-based compensation expenses and related payroll taxes,
amortization of acquired intangibles, and impairment of right-of-use assets and leasehold improvements. Adjusted Operating Expenses is a non-GAAP measure, see Appendix for
reconciliation.
Numbers may not foot due to rounding.
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