1. A processing system comprising: a memory for storing an input bit stream; and a processing device, operatively coupled to the memory, to: generate a first score based on: a first set of matching data related to a match between a first bit subsequence and a candidate bit subsequence within the input bit stream, and a first distance of the candidate bit subsequence from the first set of matching data; generate a second score based on: a second set of matching data related to a match between a second bit subsequence and the candidate bit subsequence, and a second distance of the candidate bit subsequence from the second set of matching data; and identify a code to replace one of the first bit subsequence or the second bit subsequence in an output bit stream, wherein selection of the one of the first bit subsequence or the second bit subsequence to replace is based on a comparison of the first score and the second score.