Spotify Results Presentation Deck
Free Cash Flow
Building and sustaining a strong balance sheet
Free Cash Flow was €9 million in Q2, a decrease Y/Y as
a result of reduced favorability in net working capital
specifically related to the timing of certain payments in
Q2. Additionally, capital expenditures declined €3 million
Y/Y to €2 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 approximately €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
€1.4 billion of Free Cash Flow since the beginning of
2016, supporting our strong balance sheet and €3.5
billion in cash and cash equivalents, restricted cash and
short term investments balance.
Spotify
€500
€400
€300
€200
€100
€0
€1,500
€1,000
€500
€0
Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1 22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
Free Cash Flow, LTM* (EM) Avg. Free Cash Flow, LTM* (€M)
Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
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 the beginning of 2016.
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