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  "documentTitle": "2023 Q1 Shareholder Deck",
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      "text": "* Constant currency measures and Free Cash Flow are non-IFRS measures. See \"Use of Non-IFRS Measures\" and \"Reconciliation of IFRS to Non-IFRS Results\" for additional information.",
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      "text": "Revenue of €3,042 million grew 14% Y/Y in Q1 (or 13% Y/Y constant currency), reflecting: Premium Revenue growth of 14% Y/Y; Ad-Supported Revenue growth of 17% Y/Y.",
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      "text": "Gross Margin was 25.2% in Q1, flat Y/Y reflecting: Continued growth in Marketplace activity and improvement in podcast profitability; offset by Higher Other Cost of Revenue.",
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      "text": "Operating Expense growth was impacted by: Y/Y changes in Social Charges; Severance-related charges associated with our Q1 workforce reduction.",
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      "text": "Free Cash Flow was €57 million in Q1. Capital expenditures decreased €8 million Y/Y to €2 million. Liquidity remained strong with €3.5 billion in cash. 9,646 FTEs globally.",
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      "text": "Operating Loss of (€156) million reflected the above and Operating Expense growth of 36% Y/Y, reflecting: Higher personnel costs; Lower marketing and legal costs.",
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