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      "text": "We ended 2023 with strong Q4 performance, as all of our KPIs met or exceeded guidance. MAU net additions of 28 million surpassed guidance by 1 million. Subscriber net additions of 10 million were also ahead by 1 million. Revenue grew 20% Y/Y on a constant currency* basis, reflecting another ~300 bps of sequential acceleration vs. Q3'23. Gross Margin of 26.7% was also ahead and up 140 bps Y/Y, while Operating Loss of (€75) million was better due to lower marketing and personnel and related costs. Excluding €143 million in charges associated with efficiency actions taken late in the quarter (which were incorporated into guidance), we generated €68 million in Adjusted Operating Income*, more than double the Operating Income we achieved in Q3'23. Free Cash Flow* was €396 million in the quarter. With revenue and profitability trends both inflecting favorably heading into 2024, we view the business as well positioned to deliver improving growth and profitability as we progress towards delivering against our Investor Day goals.",
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      "text": "* Constant Currency, Adjusted Operating Income 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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