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  "documentTitle": "2024 Q4 Shareholder Deck",
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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 €661 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. In Q4, trailing 12 month Free Cash Flow expanded to €2.3 billion. On a cumulative basis, we have generated €4.3 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €7.5 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "Free Cash Flow* was €877 million in Q4, a record high as a result of higher Net Income adjusted for non-cash items and a positive contribution from net working capital. Capital expenditures rose €5 million Y/Y to €6 million.",
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      "text": "* Free Cash Flow is a non-IFRS measure. See \"Use of Non-IFRS Measures\" and \"Reconciliation of IFRS to Non-IFRS Results\" for additional information to be consistent with other slides. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Cume represents cumulative performance since the beginning of 2016.",
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