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  "documentTitle": "2024 Q2 Shareholder Deck",
  "authorId": "Spotify",
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      "text": "Revenue of €3,807 million grew 20% Y/Y in Q2 (or 21% Y/Y constant currency*), reflecting: Premium Revenue growth of 21% Y/Y (or 22% Y/Y constant currency*), driven by subscriber gains and ARPU increases.",
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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 €490 million in Q2. Our liquidity and balance sheet remained strong, with €5.4 billion in cash and cash equivalents, restricted cash and short term investments.",
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      "text": "Gross Margin was 29.2% in Q2, up 510 bps Y/Y reflecting: Improved music and podcast profitability, Lapping of prior year charges related to efficiency actions and Other Costs of Revenue favorability, partially offset by Audiobooks costs. Operating Income was €266 million in Q2 and reflected: Lower personnel and related costs and lower marketing spend, partially offset by €59 million in Social Charges. At the end of Q2, our workforce consisted of 7,372 full-time employees** globally",
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