Spotify Results Presentation Deck
Free Cash Flow
Building and sustaining a strong balance sheet
Free Cash Flow was (€73) million in Q4, a decrease Y/Y
as a result of lower Net Income adjusted for non-cash
items and reduced favorability in net working capital.
Capital expenditures decreased €11 million Y/Y to €5
million as a result of the completion of office build-outs.
While the magnitude of Free Cash Flow can fluctuate
from quarter to quarter based on seasonality and timing,
we have averaged over €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 over
€1.3 billion of Free Cash Flow since Q1'16, supporting
our strong balance sheet and €3.4 billion in cash and
cash equivalents, restricted cash and short term
investments balance.
Spotify
€500
€400
€300
€200
€100
€0
€1,500
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€0
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Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
Free Cash Flow, LTM* (EM) Avg. Free Cash Flow, LTM* (€M)
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q221 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
Free Cash Flow, Cume* (€M)
* 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 Q1'16.
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