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    Spotify Technology S.A. Announces Financial Results for First Quarter 2022

    4/27/22 6:00:00 AM ET
    $SPOT
    Broadcasting
    Consumer Discretionary
    Get the next $SPOT alert in real time by email

    Spotify Technology S.A. (NYSE:SPOT):

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005371/en/

    (Graphic: Business Wire)

    (Graphic: Business Wire)

    Dear Shareholders,

    Our business exhibited strength and resiliency in Q1. Nearly all of our key metrics surpassed guidance, led by MAU outperformance, healthy revenue growth, and better Gross Margin. Excluding the impact of our exit from Russia, subscriber growth exceeded expectations as well. Overall, we are very pleased with the performance of the business and remain highly encouraged by the traction we are seeing.

    First Quarter 2022 Earnings Highlights

    • MAUs grew 19% Y/Y to 422 million or 419 million excluding a one-time benefit of 3 million MAUs
    • Premium Subscribers grew 15% Y/Y to 182 million (inclusive of approximately 1.5 million disconnects from the wind-down of our Russian operations)
    • Premium ARPU grew 6% Y/Y in Q1 and 3% Y/Y on a constant currency basis
    • Gross Margin finished at 25.2%
    • Announced agreement with Google for User Choice Billing and a long-term partnership agreement with FC Barcelona

    MONTHLY ACTIVE USERS ("MAUs")

    Total MAUs grew 19% Y/Y to 422 million in the quarter, up from 406 million last quarter and above our guidance by 4 million. During March, there was a brief service outage that caused users to be involuntarily logged out of Spotify. As a result, we believe certain affected users created new accounts to log back in, resulting in approximately 3 million additional MAUs in the quarter. Following the one month anniversary of the outage in April, we saw a reversal of the approximate 3 million MAU benefit. Excluding this event, we believe MAUs would have reached 419 million in Q1, with growth exceeding our expectations by approximately 1 million users. The business benefited from outperformance in Latin America and Rest of World, led by Indonesia, Brazil, and Mexico. MAU growth was particularly strong in our Gen Z audience, fueled by successful product feature launches such as our Lyrics experience, as well as marketing and content initiatives.

    PREMIUM SUBSCRIBERS

    Our Premium Subscribers grew 15% Y/Y to 182 million in the quarter, up from 180 million last quarter. While this is slightly below our guidance, after excluding the involuntary churn of approximately 1.5 million subscribers as a result of our exit from Russia, growth was above expectations and aided by outperformance in Latin America and Europe.

    During Q1, we entered into a multiyear agreement with Google for User Choice Billing, bringing our Android users greater flexibility in payment choice and enabling a frictionless user experience for all in-app transactions. We anticipate this new offering to launch later this year. Users who have downloaded Spotify from the Google Play Store will be presented with a choice to pay either with Spotify's payment system or with Google Play Billing for the very first time. We also announced a promotional partnership with Walmart (offering 6 month trials to Walmart+ members in the United States) and a data access program with Airtel (whereby Airtel is offering all Spotify customers complimentary connectivity to Spotify in Nigeria).

    FINANCIAL METRICS

    Revenue

    Revenue of €2,661 million grew 24% Y/Y in Q1 (or 19% Y/Y on a constant currency basis) and was above our guidance. Premium Revenue grew 23% Y/Y to €2,379 million (or 18% Y/Y constant currency) while Ad-Supported Revenue grew 31% Y/Y to €282 million (or 22% Y/Y constant currency).

    Within Premium, average revenue per user ("ARPU") of €4.38 in Q1 was up 6% Y/Y (or up 3% Y/Y constant currency). Excluding the impact of FX, we saw a benefit to ARPU from our price increases in 2021 and favorable product mix shift.

    We achieved our largest Q1 ever for Ad-Supported Revenue (11% of Total Revenue) and saw strong Y/Y growth across all regions and channels. Music Ad-Supported Revenue benefited from a Y/Y increase in impressions and healthy double-digit growth in CPMs. Podcast revenue strength was led by the Spotify Audience Network along with continued growth across existing Spotify studios and our exclusive licensing deals. Starting in January, we began to roll out a new on-platform podcast ad experience in the United States called call-to-action (CTA) cards. CTA cards make podcast ads interactive for the first time and allow listeners to directly discover products and services of interest without having to remember promo codes.

    During the quarter, we announced the acquisition of Podsights, a leading podcast advertising measurement service that helps advertisers better measure and scale their podcast advertising. Additionally, we acquired Chartable, a podcast analytics platform that enables publishers to know and grow their podcast audiences through promotional attribution and audience insight tools.

    Gross Margin

    Gross Margin finished at 25.2% in Q1, slightly above guidance and down 29 bps Y/Y. The Y/Y Gross Margin trend reflected a favorable revenue mix shift towards podcasts and growing marketplace activity, which was offset by increased non-music content spend, investments in music product enhancements, and modestly higher Other Cost of Revenue.

    Premium Gross Margin was 28.4% in Q1, up 51 bps Y/Y, and Ad-Supported Gross Margin was (1.5)% in Q1, or down 584 bps Y/Y. As a reminder, all content costs related to podcast investment are included in the Ad-Supported business for the current and historical periods.

    Operating Expenses

    Operating Expenses totaled €677 million in Q1, an increase of 27% Y/Y. Social Charges were lower than forecast given the decrease in our share price during the quarter. Excluding the impact of Social Charge movements, Operating Expenses were slightly higher than forecast due to higher personnel costs, which was partially offset by lower advertising expenses.

    As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits, including share-based compensation. We are subject to social taxes in several countries in which we operate, although Sweden accounts for the bulk of the social costs. We don't forecast stock price changes in our guidance so upward or downward movements will impact our reported operating expenses.

    At the end of Q1, our workforce consisted of 8,230 FTEs globally.

    Free Cash Flow

    Free Cash Flow was €22 million in Q1, a €19 million decrease Y/Y primarily due to unfavorable changes in net working capital arising from higher licensor payments. Capital expenditures decreased €14 million due to finalization of various office build-outs.

    At the end of Q1, we maintained a strong liquidity position with €3.6 billion in cash and cash equivalents, restricted cash, and short term investments.

    PRODUCT AND PLATFORM UPDATES

    Two-Sided Marketplace

    In Q1, we increased the number of artists and labels who can create Sponsored Recommendations by rolling out our self-serve campaign management tool to all eligible artists in the United States. As a result, we doubled the number of new customers while maintaining an 85% retention rate from existing customers. Additionally, we rolled out Spotify for Artists in 9 additional languages (bringing total supported languages to 26) and published the latest 2021 data reflecting our contribution to music industry economics on our Loud & Clear website.

    Podcasting

    At the end of Q1, we had 4.0 million podcasts on the platform (up from 3.6 million at the end of Q4). Growth in the number of MAUs that engaged with podcast content continued to outstrip total MAU growth, podcast consumption rates grew in the double digits Y/Y, and podcast share of overall consumption hours on our platform reached another all-time high. We saw a double-digit Y/Y increase in new podcasts across key growth markets in Latin America and Rest of World, with more than 85% of new podcast creation occuring on our Anchor platform.

    Product Enhancements

    In Q1, we collaborated with IKEA on the integration of Spotify on their newest Bluetooth Speaker lamp, Vappeby, which is now the first Bluetooth speaker on the market that comes with Spotify Tap. Additionally, new or existing Porsche vehicles with the Porsche Communication Management 6.0 Infotainment system will now be able stream Spotify as an audio source. We also expanded our Blend feature to allow up to 10 people together in a group to merge their music into one shared playlist and for users to integrate this feature with some of their favorite artists.

    Global Marketing Partnerships

    On March 15th, we announced a long-term partnership with FC Barcelona whereby Spotify will become a Main Partner of the Club and its Official Audio Streaming Partner. The Spotify brand will appear on the front of both men's and women's team jerseys and training kits beginning in the 2022-2023 season. Spotify will also become Title Partner of the Stadium, with the historic Camp Nou stadium rebranded to Spotify Camp Nou. This partnership will allow Spotify to amplify artist voices, connect artists to new and existing fans, and help grow our global user base across key growth markets and audience segments.

    Q2 2022 OUTLOOK

    The following forward-looking statements reflect Spotify's expectations for Q2 2022 as of April 27, 2022 and are subject to substantial uncertainty. These expectations reflect the full closure of Spotify's services in Russia, which was completed on April 11, 2022.

    • Total MAUs: 428 million
      • Reflects a loss from the closure of Russian operations as well as the full reversal of the March service outage benefit (combined these two items reflect approximately 8 million of the 422 million MAUs reported in Q1 2022); excluding the impact of these items, our Q2 guidance implies the addition of approximately 14 million net new MAUs in the quarter
    • Total Premium Subscribers: 187 million
      • Assumes an additional 600k disconnects from full closure of Russian operations in April; excluding Russia, our Q2 guidance implies the addition of approximately 6 million net new subscribers in the quarter
    • Total Revenue: €2.80 billion
      • Assumes approximately 600 bps tailwind to growth Y/Y due to movements in foreign exchange rates
    • Gross Margin: 25.2%
      • As a reminder Q2 2021 Gross Margin benefitted 190 bps due to the release of accruals for prior period publishing royalty estimates
    • Operating Profit/Loss: €(197) million
      • Inclusive of the Operating Loss is approximately a €50 million impact to Operating Expenses due to unfavorable movements in foreign exchange rates

    EARNINGS QUESTION & ANSWER SESSION

    We will host a live question and answer session starting at 8:00 a.m. ET today on investors.spotify.com. Daniel Ek, our Founder and CEO, and Paul Vogel, our Chief Financial Officer, will be on hand to answer questions submitted through slido.com using the event code #SpotifyEarningsQ122. Participants also may join using the listen-only conference line by registering through the following site:

    Direct Event Registration Portal: https://conferencingportals.com/event/txExvogt

    We use investors.spotify.com and newsroom.spotify.com websites as well as other social media listed in the "Resources – Social Media" tab of our Investors website to disclose material company information.

    Use of Non-IFRS Measures

    To supplement our financial information presented in accordance with IFRS, we use the following non-IFRS financial measures: Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, and Free Cash Flow. Management believes that Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, and Ad-Supported revenue excluding foreign exchange effect are useful to investors because they present measures that facilitate comparison to our historical performance. However, Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, and Ad-Supported revenue excluding foreign exchange effect should be considered in addition to, not as a substitute for or superior to, Revenue, Premium revenue, Ad-Supported revenue or other financial measures prepared in accordance with IFRS. Management believes that Free Cash Flow is useful to investors because it presents a measure that approximates the amount of cash generated that is available to repay debt obligations, to make investments, and for certain other activities that exclude certain infrequently occurring and/or non-cash items. However, Free Cash Flow should be considered in addition to, not as a substitute for or superior to, net cash flows (used in)/from operating activities or other financial measures prepared in accordance with IFRS. For more information on these non-IFRS financial measures, please see "Reconciliation of IFRS to Non-IFRS Results" table below.

    Forward-Looking Statements

    This shareholder letter contains estimates and forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible," and similar words are intended to identify estimates and forward-looking statements.

    Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors may adversely affect our results as indicated in forward-looking statements. These factors include, but are not limited to: our ability to attract prospective users, retain existing users, and monetize our products and services; competition for users, user listening time, and advertisers; risks associated with our international operations and our ability to manage our growth; our emphasis on innovation and long-term user engagement over short-term results; our ability to predict, recommend, and play content that our users enjoy; our ability to be profitable or generate positive cash flow on a sustained basis; our ability to convince advertisers of the benefits of our advertising offerings; our ability to forecast or optimize advertising inventory amid emerging industry trends in digital advertising; our ability to generate revenues from podcasts and other non-music content; potential disputes or liabilities associated with content made available on our Service; risks relating to acquisitions, investments, and strategic alliances; the impact of the COVID-19 pandemic and other public health crises; our dependence upon third-party licenses for most of the content we stream; our lack of control over third-party content providers who are concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements; our ability to accurately estimate royalty payments under our license agreements and relevant statutes; the limitations on our operating flexibility due to financial commitments required under certain of our license agreements; our ability to identify the compositions and ownership thereof embodied in sound recordings in order to obtain licenses or comply with existing license agreements; assertions by third parties of infringement or other violations by us of their intellectual property rights; our ability to protect our intellectual property; the dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to maintain user data security; undetected errors, bugs or vulnerabilities in our products; interruptions, delays, or discontinuations in service arising from our systems or systems of third parties; changes in laws or regulations affecting us; risks relating to privacy and data security; our ability to maintain, protect, and enhance our brand; our ability to achieve our net zero emissions target or make progress in other environmental, social, and governance initiatives; payment-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly skilled employees; our ability to access to capital to support growth; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic, social, or political conditions, such as the current conflict between Russia and Ukraine; our ability to accurately estimate user metrics and other estimates; our ability to manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to certain features of our Service; risks related to our Exchangeable Notes; tax-related risks; the concentration of voting power among our founders, which limits shareholders' ability to influence our governance and business; and risks related to our status as a foreign private issuer and a Luxembourg company. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our estimates and forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 20-F filed with the SEC on February 3, 2022, as updated by subsequently filed reports for our interim results on Form 6-K. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this shareholder letter.

    Rounding

    Certain monetary amounts, percentages, and other figures included in this letter have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding.

    Consolidated statement of operations

    (Unaudited)

    (in € millions, except share and per share data)

     

     

     

    Three months ended

     

     

    March 31, 2022

     

    December 31, 2021

     

    March 31, 2021

    Revenue

     

    2,661

     

     

    2,689

     

     

    2,147

     

    Cost of revenue

     

    1,990

     

     

    1,977

     

     

    1,599

     

    Gross profit

     

    671

     

     

    712

     

     

    548

     

    Research and development

     

    250

     

     

    253

     

     

    196

     

    Sales and marketing

     

    296

     

     

    340

     

     

    236

     

    General and administrative

     

    131

     

     

    126

     

     

    102

     

     

     

    677

     

     

    719

     

     

    534

     

    Operating (loss)/income

     

    (6

    )

     

    (7

    )

     

    14

     

    Finance income

     

    175

     

     

    20

     

     

    104

     

    Finance costs

     

    (14

    )

     

    (21

    )

     

    (31

    )

    Finance income/(costs) - net

     

    161

     

     

    (1

    )

     

    73

     

    Income/(loss) before tax

     

    155

     

     

    (8

    )

     

    87

     

    Income tax expense

     

    24

     

     

    31

     

     

    64

     

    Net income/(loss) attributable to owners of the parent

     

    131

     

     

    (39

    )

     

    23

     

    Earnings/(loss) per share attributable to owners of the parent

     

     

     

     

     

     

    Basic

     

    0.68

     

     

    (0.20

    )

     

    0.12

     

    Diluted

     

    0.21

     

     

    (0.21

    )

     

    (0.25

    )

    Weighted-average ordinary shares outstanding

     

     

     

     

     

     

    Basic

     

    192,476,022

     

     

    191,952,473

     

     

    190,565,397

     

    Diluted

     

    197,077,256

     

     

    192,144,654

     

     

    191,815,695

     

    Consolidated statement of financial position

    (Unaudited)

    (in € millions)

     

     

     

    March 31, 2022

     

    December 31, 2021

    Assets

     

     

     

     

    Non-current assets

     

     

     

     

    Lease right-of-use assets

     

    443

     

     

    437

     

    Property and equipment

     

    369

     

     

    372

     

    Goodwill

     

    978

     

     

    894

     

    Intangible assets

     

    109

     

     

    89

     

    Long term investments

     

    682

     

     

    916

     

    Restricted cash and other non-current assets

     

    82

     

     

    77

     

    Deferred tax assets

     

    8

     

     

    13

     

     

     

    2,671

     

     

    2,798

     

    Current assets

     

     

     

     

    Trade and other receivables

     

    556

     

     

    621

     

    Income tax receivable

     

    5

     

     

    5

     

    Short term investments

     

    816

     

     

    756

     

    Cash and cash equivalents

     

    2,721

     

     

    2,744

     

    Other current assets

     

    270

     

     

    246

     

     

     

    4,368

     

     

    4,372

     

    Total assets

     

    7,039

     

     

    7,170

     

    Equity and liabilities

     

     

     

     

    Equity

     

     

     

     

    Share capital

     

    —

     

     

    —

     

    Other paid in capital

     

    4,789

     

     

    4,746

     

    Treasury shares

     

    (262

    )

     

    (260

    )

    Other reserves

     

    709

     

     

    853

     

    Accumulated deficit

     

    (3,089

    )

     

    (3,220

    )

    Equity attributable to owners of the parent

     

    2,147

     

     

    2,119

     

    Non-current liabilities

     

     

     

     

    Exchangeable Notes

     

    1,146

     

     

    1,202

     

    Lease liabilities

     

    587

     

     

    579

     

    Accrued expenses and other liabilities

     

    30

     

     

    37

     

    Provisions

     

    6

     

     

    7

     

     

     

    1,769

     

     

    1,825

     

    Current liabilities

     

     

     

     

    Trade and other payables

     

    695

     

     

    793

     

    Income tax payable

     

    13

     

     

    23

     

    Deferred revenue

     

    469

     

     

    458

     

    Accrued expenses and other liabilities

     

    1,882

     

     

    1,841

     

    Provisions

     

    22

     

     

    22

     

    Derivative liabilities

     

    42

     

     

    89

     

     

     

    3,123

     

     

    3,226

     

    Total liabilities

     

    4,892

     

     

    5,051

     

    Total equity and liabilities

     

    7,039

     

     

    7,170

     

    Consolidated statement of cash flows

    (Unaudited)

    (in € millions)

     

     

     

    Three months ended

     

     

    March 31, 2022

     

    December 31, 2021

     

    March 31, 2021

    Operating activities

     

     

     

     

     

     

    Net income/(loss)

     

    131

     

     

    (39

    )

     

    23

     

    Adjustments to reconcile net income/(loss) to net cash flows

     

     

     

     

     

     

    Depreciation of property and equipment and lease right-of-use assets

     

    27

     

     

    25

     

     

    22

     

    Amortization of intangible assets

     

    10

     

     

    8

     

     

    8

     

    Share-based compensation expense

     

    68

     

     

    50

     

     

    48

     

    Finance income

     

    (175

    )

     

    (20

    )

     

    (104

    )

    Finance costs

     

    14

     

     

    21

     

     

    31

     

    Income tax expense

     

    24

     

     

    31

     

     

    64

     

    Other

     

    4

     

     

    3

     

     

    2

     

    Changes in working capital:

     

     

     

     

     

     

    Decrease/(increase) in trade receivables and other assets

     

    59

     

     

    (63

    )

     

    15

     

    (Decrease)/increase in trade and other liabilities

     

    (103

    )

     

    92

     

     

    (67

    )

    Increase in deferred revenue

     

    6

     

     

    17

     

     

    37

     

    (Decrease)/increase in provisions

     

    (3

    )

     

    8

     

     

    (1

    )

    Interest paid on lease liabilities

     

    (13

    )

     

    (13

    )

     

    (11

    )

    Interest received

     

    1

     

     

    —

     

     

    —

     

    Income tax paid

     

    (13

    )

     

    (1

    )

     

    (2

    )

    Net cash flows from operating activities

     

    37

     

     

    119

     

     

    65

     

    Investing activities

     

     

     

     

     

     

    Business combinations, net of cash acquired

     

    (85

    )

     

    (14

    )

     

    (59

    )

    Purchases of property and equipment

     

    (10

    )

     

    (16

    )

     

    (24

    )

    Purchases of short term investments

     

    (133

    )

     

    (112

    )

     

    (115

    )

    Sales and maturities of short term investments

     

    78

     

     

    88

     

     

    90

     

    Proceeds from sale of long term investment

     

    —

     

     

    144

     

     

    —

     

    Change in restricted cash

     

    (5

    )

     

    —

     

     

    —

     

    Other

     

    (1

    )

     

    (3

    )

     

    (6

    )

    Net cash flows (used in)/from investing activities

     

    (156

    )

     

    87

     

     

    (114

    )

    Financing activities

     

     

     

     

     

     

    Payments of lease liabilities

     

    (10

    )

     

    (10

    )

     

    (8

    )

    Lease incentives received

     

    2

     

     

    —

     

     

    —

     

    Proceeds from exercise of stock options

     

    43

     

     

    64

     

     

    51

     

    Proceeds from issuance of Exchangeable Notes, net of costs

     

    —

     

     

    —

     

     

    1,223

     

    Repurchases of ordinary shares

     

    (2

    )

     

    (65

    )

     

    —

     

    Payments for employee taxes withheld from restricted stock unit releases

     

    (11

    )

     

    (14

    )

     

    (16

    )

    Net cash flows from/(used in) financing activities

     

    22

     

     

    (25

    )

     

    1,250

     

    Net (decrease)/increase in cash and cash equivalents

     

    (97

    )

     

    181

     

     

    1,201

     

    Cash and cash equivalents at beginning of the period

     

    2,744

     

     

    2,512

     

     

    1,151

     

    Net foreign exchange gains on cash and cash equivalents

     

    74

     

     

    51

     

     

    90

     

    Cash and cash equivalents at period end

     

    2,721

     

     

    2,744

     

     

    2,442

     

    Calculation of basic and diluted earnings/(loss) per share

    (Unaudited)

    (in € millions, except share and per share data)

     

     

     

    Three months ended

     

     

    March 31, 2022

     

    December 31, 2021

     

    March 31, 2021

    Basic earnings/(loss) per share

     

     

     

     

     

     

    Net income/(loss) attributable to owners of the parent

     

    131

     

     

    (39

    )

     

    23

     

    Share used in computation:

     

     

     

     

     

     

    Weighted-average ordinary shares outstanding

     

    192,476,022

     

     

    191,952,473

     

     

    190,565,397

     

    Basic earnings/(loss) per share attributable to owners of the parent

     

    0.68

     

     

    (0.20

    )

     

    0.12

     

     

     

     

     

     

     

     

    Diluted earnings/(loss) per share

     

     

     

     

     

     

    Net income/(loss) attributable to owners of the parent

     

    131

     

     

    (39

    )

     

    23

     

    Fair value gains on dilutive warrants

     

    —

     

     

    (2

    )

     

    (22

    )

    Fair value gains on dilutive Exchangeable Notes

     

    (90

    )

     

    —

     

     

    (49

    )

    Net income/(loss) used in the computation of diluted earnings/(loss) per share

     

    41

     

     

    (41

    )

     

    (48

    )

    Shares used in computation:

     

     

     

     

     

     

    Weighted-average ordinary shares outstanding

     

    192,476,022

     

     

    191,952,473

     

     

    190,565,397

     

    Warrants

     

    —

     

     

    192,181

     

     

    312,148

     

    Exchangeable Notes

     

    2,911,500

     

     

    —

     

     

    938,150

     

    Stock options

     

    1,055,820

     

     

    —

     

     

    —

     

    Restricted stock units

     

    562,670

     

     

    —

     

     

    —

     

    Other contingently issuable shares

     

    71,244

     

     

    —

     

     

    —

     

    Diluted weighted-average ordinary shares

     

    197,077,256

     

     

    192,144,654

     

     

    191,815,695

     

    Diluted earnings/(loss) per share attributable to owners of the parent

     

    0.21

     

     

    (0.21

    )

     

    (0.25

    )

    Reconciliation of IFRS to Non-IFRS Results

    (Unaudited)

    (in € millions, except percentages)

     

     

     

    Three months ended

     

     

    March 31, 2022

     

    March 31, 2021

    IFRS revenue

     

    2,661

     

     

    2,147

    Foreign exchange effect on 2022 revenue using 2021 rates

     

    109

     

     

     

    Revenue excluding foreign exchange effect

     

    2,552

     

     

     

    IFRS revenue year-over-year change %

     

    24

    %

     

     

    Revenue excluding foreign exchange effect year-over-year change %

     

    19

    %

     

     

    IFRS Premium revenue

     

    2,379

     

     

    1,931

    Foreign exchange effect on 2022 Premium revenue using 2021 rates

     

    91

     

     

     

    Premium revenue excluding foreign exchange effect

     

    2,288

     

     

     

    IFRS Premium revenue year-over-year change %

     

    23

    %

     

     

    Premium revenue excluding foreign exchange effect year-over-year change %

     

    18

    %

     

     

    IFRS Ad-Supported revenue

     

    282

     

     

    216

    Foreign exchange effect on 2022 Ad-Supported revenue using 2021 rates

     

    18

     

     

     

    Ad-Supported revenue excluding foreign exchange effect

     

    264

     

     

     

    IFRS Ad-Supported revenue year-over-year change %

     

    31

    %

     

     

    Ad-Supported revenue excluding foreign exchange effect year-over-year change %

     

    22

    %

     

     

    Free Cash Flow

    (Unaudited)

    (in € millions)

     

     

     

    Three months ended

     

     

    March 31, 2022

     

    December 31, 2021

     

    March 31, 2021

    Net cash flows from operating activities

     

    37

     

     

    119

     

     

    65

     

    Capital expenditures

     

    (10

    )

     

    (16

    )

     

    (24

    )

    Change in restricted cash

     

    (5

    )

     

    —

     

     

    —

     

    Free Cash Flow

     

    22

     

     

    103

     

     

    41

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005371/en/

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