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  "documentTitle": "2024 Q2 Shareholder Deck",
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      "text": "Our business continued to perform well in Q2, led by healthy subscriber gains, improved monetization and record profitability.",
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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.",
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      "text": "Total Revenue: €3,807",
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      "text": "Our business continued to perform well in Q2, led by healthy subscriber gains, improved monetization and record profitability. Although we did see another quarter of MAU variability, funnel conversion remained strong, particularly in developed markets where we recently adjusted pricing. As a result, Subscriber net additions of 7 million were 1 million ahead of guidance. Revenue grew 21% Y/Y on a constant currency* basis. Gross Margin of 29.2% was also ahead of guidance and up 510 bps Y/Y, while Operating Income of €266 million was better due to Gross Margin strength and lower marketing and personnel and related costs. Operating Income was impacted by €59 million in Social Charges, which were €46 million higher than forecast due to share price appreciation during the quarter. Q2 Free Cash Flow* reached €490 million. Overall, we are encouraged by the traction we are seeing from our monetization initiatives and remain focused on delivering on the goals outlined at our 2022 Investor Day.",
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