Spotify Results Presentation Deck
Social Charges Sensitivity
Meaningful movements in our stock price can lead to Social Charge variance
Our guidance incorporates the impact of Social Charges, the vast majority of which appear in Operating Expenses. The amount of
Social Charges we accrue for and ultimately pay can be volatile, as they are tied to the value of our share price. Since we do not
forecast stock price changes in our guidance, meaningful movements in our stock price over the course of a quarter can lead to
meaningful changes Social Charges. As an example, at the Q2 close, our stock price was $160.55. In Q3, a 10% increase or
decrease in our stock price compared to the quarter-end price would have an approximate +/- €18M impact on Social Charges.
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