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  "documentTitle": "Spotify | Results Presentation Deck | 34 slides",
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  "authorName": "Spotify",
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  "presentationDate": "2022-10-01 00:00:00",
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  "nDataPoints": 12,
  "notes": "The chart shows quarterly FCF, with the most recent quarter (Q3'22) highlighted in a different color.",
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      "text": "Quarterly Free Cash Flow",
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      "kind": "paragraph",
      "text": "Free Cash Flow was €35 million in Q3, a decrease Y/Y as lower Net Income adjusted for non-cash items was partially offset by favorability in net working capital. Capital expenditures decreased €20 million Y/Y to €5 million as a result of the completion of office build-outs. This was the 10th quarter in a row of positive Free Cash Flow. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged over €200 million of positive Free Cash Flow on a trailing 12 month basis for the past three years.",
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      "text": "* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.",
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