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  "documentTitle": "2024 Q4 Shareholder Deck",
  "authorId": "Spotify",
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  "notes": "Includes a waterfall chart explaining the variance in operating expenses.",
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      "kind": "disclaimer",
      "text": "* Constant Currency adjusted measures are non-IFRS measures. See \"Use of Non-IFRS Measures\" and \"Reconciliation of IFRS to Non-IFRS Results\" for additional information. * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.",
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      "kind": "paragraph",
      "text": "As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. This resulted in Social Charges related to share-based compensation of €96 million in the current period. Prior year period Operating Expenses included €33 million in Social Charges.",
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      "text": "Operating Expenses declined 16% Y/Y in Q4. Currency movements and changes in Social Charge movements elevated Y/Y Operating Expense growth by ~200 bps and ~700 bps, respectively, while the lapping of prior year efficiency charges contributed ~1,300 bps of Operating Expense decline. Absent these items, the remaining 11% Y/Y decline in Operating Expenses was driven primarily by a decrease in personnel and related costs and lower marketing spend.",
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