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  "documentTitle": "2024 Q1 Shareholder Deck 2",
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      "text": "Revenue of €3,636 million grew 20% Y/Y in Q1 (or 21% Y/Y constant currency*), reflecting: Premium Revenue growth of 20% Y/Y (or 21% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and Ad-Supported Revenue growth of 18% Y/Y (or 19% Y/Y constant currency*)",
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      "text": "* Constant Currency adjusted 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. ** Includes employees impacted by December 2023 workforce reduction that remained on garden leave.",
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      "text": "Free Cash Flow* was €207 million in Q1. Our liquidity and balance sheet remained strong, with €4.7 billion in cash and cash equivalents, restricted cash and short term investments.",
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      "text": "Gross Margin was 27.6% in Q1, up 243 bps Y/Y reflecting: Improved music and podcast profitability and Other Costs of Revenue favorability, partially offset by Audiobooks costs. Operating Income was €168 million in Q1 and reflected: €82 million in Social Charges, which were more than offset by Lower personnel and related costs and marketing spend. At the end of Q1, our workforce consisted of 7,721 full-time employees** globally",
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