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  "documentTitle": "2023 Q1 Shareholder Deck",
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  "notes": "The slide uses two bar charts to show LTM performance and cumulative growth, supported by a narrative explaining the drivers of recent cash flow changes.",
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      "text": "Free Cash Flow was €57 million in Q1, an increase Y/Y as higher Operating Loss was more than offset by favorable movements in net working capital and higher interest income. Additionally, capital expenditures declined €8 million Y/Y to €2 million as a result of the completion of office build-outs. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged over €200 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. On a cumulative basis, we have generated €1.4 billion of Free Cash Flow since Q1'16, supporting our strong balance sheet and €3.5 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Cume represents cumulative performance since Q1'16.",
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