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  "documentTitle": "2024 Q2 Shareholder Deck",
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      "text": "Free Cash Flow was €490 million in Q2, a record high as a result of higher Net Income adjusted for non-cash items and favorability in net working capital. Capital expenditures were flat Y/Y at €2 million.",
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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 over €360 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. In Q2, trailing 12 month Free Cash Flow expanded to €1.3 billion. On a cumulative basis, we have generated over €2.6 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €5.4 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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