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  "documentTitle": "2023 Q3 Shareholder Deck",
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      "text": "Free Cash Flow was €216 million in Q3, an increase Y/Y as a result of higher Net Income adjusted for non-cash items which was partially offset by reduced favorability in net working capital.",
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      "text": "While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged approximately €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 €1.6 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €3.8 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "Free Cash Flow was €216 million in Q3, an increase Y/Y as a result of higher Net Income adjusted for non-cash items which was partially offset by reduced favorability in net working capital. Additionally, capital expenditures declined €4 million Y/Y to €1 million as a result of the completion of office build-outs.",
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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 the beginning of 2016.",
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