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    Josephina Rugeri

    Vice President and Equity Research Analyst at JPMorgan Chase & Co.

    Josephina Rugeri is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in coverage of the financial services and fintech sectors. She covers prominent companies such as Visa, Mastercard, PayPal, and Square, maintaining a strong track record with a success rate of approximately 68% and an average annualized return on her recommendations surpassing 12%, based on public analyst ranking platforms. Rugeri started her analyst career at Goldman Sachs in 2015 before moving to JPMorgan Chase & Co. in 2020, where she has continued to gain recognition for her thorough industry insights and accurate stock calls. She holds FINRA Series 7 and 63 licenses and has been acknowledged for her research contributions within both her team and broader industry analyst circles.

    Josephina Rugeri's questions to DROPBOX (DBX) leadership

    Josephina Rugeri's questions to DROPBOX (DBX) leadership • Q3 2024

    Question

    Speaking on behalf of Mark Murphy, Josephina Rugeri asked about the company's approach to hiring and team restructuring following the recent workforce reduction, and what steps are being taken to maintain agility and efficiency while pursuing long-term growth initiatives like Dash.

    Answer

    Co-Founder and CEO Drew Houston explained that the difficult decision was made to position Dropbox for its next chapter and create a flatter, leaner, and more balanced organization with permanent controls to maintain efficiency. He noted that savings would be reinvested into hiring specialized talent for Dash, such as ML engineers. CFO Tim Regan provided financial context, stating that they expect 2025 non-GAAP operating margin expansion of approximately 150 basis points. This projection already accounts for reinvestments in R&D and sales to scale Dash, annual merit increases, and the absence of a $30 million tailwind from a 2024 change in server asset life.

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