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  "documentTitle": "Spotify | Results Presentation Deck | 34 slides",
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  "presentationDate": "2024-02-01 00:00:00",
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  "notes": "Includes a waterfall chart explaining the drivers of Y/Y growth in Q4'23.",
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      "text": "Operating Expense Trends",
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      "text": "Operating Expenses grew 2% Y/Y (or 6% constant currency*) due primarily to €139 million in charges related to efficiency efforts, which contributed ~1,300 bps to Y/Y growth. Additionally, Y/Y changes in Social Charge movements of €32 million impacted Y/Y expense growth by ~300 bps. The Y/Y decline in all other Operating Expenses reflected lower marketing expenses and a decrease in personnel and related costs in the quarter.",
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      "text": "As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. This resulted in Social Charges related to share-based compensation of €33 million in the current period vs. €1 million in the prior year period.",
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      "text": "* Constant Currency adjusted measures are non-IFRS measures. See \"Use of Non-IFRS Measures\" and \"Reconciliation of IFRS to Non-IFRS Results\" for additional information. * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.",
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