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  "documentTitle": "Spotify | Results Presentation Deck | 36 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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  "notes": "The slide uses two bar charts to illustrate quarterly LTM FCF and cumulative FCF, highlighting the impact of working capital and capital expenditures.",
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      "kind": "chart",
      "text": "Cumulative Free Cash Flow",
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      "text": "Quarterly LTM Free Cash Flow",
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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 approximately €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 €1.4 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €3.5 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "Free Cash Flow was €9 million in Q2, a decrease Y/Y as a result of reduced favorability in net working capital specifically related to the timing of certain payments in Q2. Additionally, capital expenditures declined €3 million Y/Y to €2 million as a result of the completion of office build-outs.",
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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. Cume represents cumulative performance since the beginning of 2016.",
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