Because core infrastructure is already built, each new-state launch converts mostly to variable marketing spend rather than requiring parallel tech buildouts. This asymmetric cost structure should produce operating leverage as mature-state contribution profit outpaces fixed-cost growth once launch-phase marketing normalizes.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s