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  "documentTitle": "2024 Q4 Shareholder Deck",
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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": "Free Cash Flow* was €877 million in Q4. Our liquidity and balance sheet remained strong, with €7.5 billion in cash and cash equivalents, restricted cash and short term investments.",
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      "text": "Revenue of €4,242 million grew 16% Y/Y in Q4 (or 17% Y/Y constant currency*), reflecting: Premium Revenue growth of 17% Y/Y (or 19% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and Ad-Supported Revenue growth of 7% Y/Y (or 6% Y/Y constant currency*); Unfavorable currency movements slowed Total Revenue Y/Y growth by ~160 bps vs. guidance for ~350 bps",
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      "text": "Gross Margin was 32.2% in Q4, up 555 bps Y/Y reflecting: Premium gains driven by audiobooks and music; and Ad-Supported gains driven by music and podcasts (partially offset by real estate impairment activity); and Other Costs of Revenue favorability, which benefited both the Premium and Ad-Supported segments. Operating Income was €477 million in Q4 and reflected: Lower personnel and related costs and lower marketing spend, partially offset by €96 million in Social Charges. At the end of Q4, our workforce consisted of 7,261 full-time employees globally",
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