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  "documentTitle": "Spotify | Results Presentation Deck | 35 slides",
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  "authorName": "Spotify",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "Includes both LTM (Last Twelve Months) quarterly performance and cumulative FCF since Q1'16.",
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      "text": "Cumulative Free Cash Flow since Q1'16",
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      "text": "Free Cash Flow was (€73) million in Q4, a decrease Y/Y as a result of lower Net Income adjusted for non-cash items and reduced favorability in net working capital. Capital expenditures decreased €11 million Y/Y to €5 million as a result of the completion of office build-outs. 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. On a cumulative basis, we have generated over €1.3 billion of Free Cash Flow since Q1'16, supporting our strong balance sheet and €3.4 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "Building and sustaining a strong balance sheet",
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