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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": "The slide uses two bar charts to illustrate LTM and cumulative FCF trends, with a specific focus on the Q4'23 performance.",
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      "text": "Free Cash Flow, LTM (€M)",
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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 €230 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. On a cumulative basis, we have generated nearly €2.0 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €4.3 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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      "text": "Free Cash Flow was €396 million in Q4, an increase Y/Y as a result of increased favorability in net working capital and higher Net Income adjusted for non-cash items. Additionally, capital expenditures declined €4 million Y/Y to €1 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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