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  "documentTitle": "Spotify | Results Presentation Deck | 36 slides",
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  "authorName": "Spotify",
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  "presentationDate": "2023-07-01 00:00:00",
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  "notes": "The slide uses bulleted lists to break down drivers for revenue, gross margin, and operating loss.",
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      "text": "* Constant Currency adjusted measures, Adjusted Gross Margin, Adjusted Operating Loss 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": "Gross Margin was 24.1% in Q2, down 47 bps Y/Y due to €44 million in net charges... Excluding these charges, Adjusted Gross Margin* was 25.5% and up 22 bps Y/Y, reflecting: Improvement in podcast profitability... Higher music royalty costs",
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      "text": "Free Cash Flow* was €9 million in Q2. Our liquidity and balance sheet remained strong, with €3.5 billion in cash and cash equivalents... At the end of Q2, our workforce consisted of 9,473 FTEs globally.",
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      "text": "Revenue of €3,177 million grew 11% Y/Y in Q2 (or 14% Y/Y constant currency*), reflecting: Premium Revenue growth of 11% Y/Y (or 14% Y/Y constant currency*), led by subscriber gains; and Ad-Supported Revenue growth of 12% Y/Y (or 15% Y/Y constant currency*)",
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      "text": "Operating Loss of (€247) million in Q2 was impacted by €135 million in net charges... Excluding these charges, Adjusted Operating Loss* was (€112) million and reflected: Higher Social Charges Y/Y; and Higher personnel costs, partially offset by lower marketing and legal costs",
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