Cash flow Spotify Technology S.A.

Equities

SPOT

LU1778762911

Internet Services

Market Closed - Nyse Other stock markets 04:00:02 2024-09-19 pm EDT			5-day change	1st Jan Change
360.22 ^USD	+4.72%		+6.73%	+91.70%

Sep. 19	Pivotal Research Raises Price Target on Spotify Technology to $510 From $460, Maintains Buy Rating	MT
Sep. 18	Eminem Publisher to Appeal Dismissal of Claims in Lawsuit Against Spotify	MT

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Published financial data: SPOTIFY TECHNOLOGY S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.76B	7.88B	9.67B	11.73B	13.25B
Total Revenues	6.76B	7.88B	9.67B	11.73B	13.25B
Cost of Goods Sold, Total	5.04B	5.86B	7.08B	8.8B	9.8B
Gross Profit	1.72B	2.02B	2.59B	2.93B	3.45B
Selling General & Admin Expenses, Total	1.16B	1.45B	1.58B	2.19B	2B
R&D Expenses	615M	837M	912M	1.39B	1.53B
Other Operating Expenses, Total	1.78B	2.29B	2.5B	3.58B	3.53B
Operating Income	-54M	-275M	96M	-650M	-82M
Interest Expense, Total	-43M	-54M	-69M	-58M	-49M
Interest And Investment Income	31M	17M	11M	47M	131M
Net Interest Expenses	-12M	-37M	-58M	-11M	82M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	6M	-129M	47M	72M	-52M
Other Non Operating Income (Expenses)	-52M	-253M	164M	228M	-89M
EBT, Excl. Unusual Items	-112M	-694M	249M	-361M	-141M
Restructuring Charges	-	-	-	-	-241M
Merger & Related Restructuring Charges	-5M	-5M	-	-9M	-
Gain (Loss) On Sale Of Investments	-	3M	2M	-	-
Asset Writedown	-	-	-	-	-123M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-14M	-13M	-2M	-	-
EBT, Incl. Unusual Items	-131M	-709M	249M	-370M	-505M
Income Tax Expense	55M	-128M	283M	60M	27M
Earnings From Continuing Operations	-186M	-581M	-34M	-430M	-532M
Net Income to Company	-186M	-581M	-34M	-430M	-532M
Net Income - (IS)	-186M	-581M	-34M	-430M	-532M
Net Income to Common Incl Extra Items	-186M	-581M	-34M	-430M	-532M
Net Income to Common Excl. Extra Items	-186M	-581M	-34M	-430M	-532M
Per Share Items
Net EPS - Basic	-1.03	-3.1	-0.18	-2.23	-2.73
Basic EPS - Continuing Operations	-1.03	-3.1	-0.18	-2.23	-2.73
Basic Weighted Average Shares Outstanding	181M	188M	191M	193M	195M
Net EPS - Diluted	-1.03	-3.1	-1.03	-2.93	-2.73
Diluted EPS - Continuing Operations	-1.03	-3.1	-1.03	-2.93	-2.73
Diluted Weighted Average Shares Outstanding	181M	188M	194M	196M	195M
Normalized Basic EPS	-0.39	-2.31	0.81	-1.17	-0.45
Normalized Diluted EPS	-0.39	-2.31	0.8	-1.15	-0.45
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	-16M	-225M	155M	-555M	10M
EBITA	-45M	-262M	114M	-614M	-46M
EBIT	-54M	-275M	96M	-650M	-82M
EBITDAR	-2M	-216M	162M	-549M	14M
Effective Tax Rate - (Ratio)	-41.98	18.05	113.65	-16.22	-5.35
Total Current Taxes	44M	16M	39M	95M	52M
Total Deferred Taxes	11M	-144M	244M	-35M	-25M
Normalized Net Income	-70M	-434M	156M	-226M	-88.12M
Interest on Long-Term Debt	38M	41M	58M	41M	38M
Supplemental Operating Expense Items
Selling and Marketing Expenses	826M	1.03B	1.14B	1.57B	1.47B
General and Administrative Expenses	335M	424M	448M	617M	533M
Research And Development Expense From Footnotes	615M	837M	912M	1.39B	1.72B
Net Rental Expense, Total	14M	9M	7M	6M	4M
Imputed Operating Lease Interest Expense	-	6.32M	3.18M	1.57M	895K
Imputed Operating Lease Depreciation	-	2.68M	3.82M	4.43M	3.1M
Stock-Based Comp., COGS (Total)	4M	8M	9M	8M	5M
Stock-Based Comp., R&D Exp. (Total)	61M	84M	119M	218M	194M
Stock-Based Comp., S&M Exp. (Total)	27M	34M	41M	73M	66M
Stock-Based Comp., G&A Exp. (Total)	30M	50M	54M	82M	56M
Total Stock-Based Compensation	122M	176M	223M	381M	321M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.06B	1.15B	2.74B	2.48B	3.11B
Short Term Investments	536M	534M	689M	867M	859M
Total Cash And Short Term Investments	1.6B	1.68B	3.43B	3.35B	3.97B
Accounts Receivable, Total	297M	319M	437M	502M	602M
Other Receivables	109M	149M	189M	193M	276M
Total Receivables	406M	468M	626M	695M	878M
Prepaid Expenses	-	47M	74M	89M	64M
Other Current Assets, Total	224M	166M	239M	218M	345M
Total Current Assets	2.23B	2.37B	4.37B	4.35B	5.26B
Gross Property Plant And Equipment	936M	983M	1.14B	1.22B	1.22B
Accumulated Depreciation	-156M	-226M	-328M	-450M	-674M
Net Property Plant And Equipment	780M	757M	809M	765M	547M
Long-term Investments	1.5B	2.28B	916M	1.14B	1.22B
Goodwill	478M	736M	894M	1.17B	1.14B
Other Intangibles, Total	32M	64M	58M	108M	71M
Deferred Tax Assets Long-Term	9M	15M	13M	8M	28M
Deferred Charges Long-Term	26M	33M	31M	19M	13M
Other Long-Term Assets, Total	69M	78M	77M	78M	75M
Total Assets	5.12B	6.33B	7.17B	7.64B	8.35B
Liabilities
Accounts Payable, Total	377M	434M	534M	588M	662M
Accrued Expenses, Total	1.58B	1.91B	2.03B	2.32B	2.67B
Current Portion of Leases	7M	31M	44M	28M	65M
Current Income Taxes Payable	9M	9M	23M	11M	12M
Unearned Revenue Current, Total	319M	380M	458M	520M	622M
Other Current Liabilities	148M	137M	133M	52M	55M
Total Current Liabilities	2.44B	2.9B	3.23B	3.52B	4.09B
Long-Term Debt	-	-	1.2B	1.13B	1.2B
Long-Term Leases	622M	577M	579M	555M	493M
Deferred Tax Liability Non Current	2M	-	-	5M	8M
Other Non Current Liabilities	22M	44M	44M	31M	29M
Total Liabilities	3.08B	3.52B	5.05B	5.24B	5.82B
Additional Paid In Capital	4.19B	4.58B	4.75B	4.79B	5.16B
Retained Earnings	-2.71B	-3.29B	-3.22B	-3.65B	-4.18B
Treasury Stock	-370M	-175M	-260M	-262M	-262M
Comprehensive Income and Other	924M	1.69B	853M	1.52B	1.81B
Total Common Equity	2.04B	2.8B	2.12B	2.4B	2.52B
Total Equity	2.04B	2.8B	2.12B	2.4B	2.52B
Total Liabilities And Equity	5.12B	6.33B	7.17B	7.64B	8.35B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	184M	190M	192M	193M	197M
ECS Total Common Shares Outstanding	184M	190M	192M	193M	197M
Book Value / Share	11.05	14.75	11.03	12.42	12.8
Tangible Book Value	1.53B	2B	1.17B	1.12B	1.32B
Tangible Book Value Per Share	8.28	10.54	6.07	5.82	6.67
Total Debt	629M	608M	1.82B	1.71B	1.76B
Net Debt	-972M	-1.08B	-1.61B	-1.64B	-2.21B
Debt Equivalent Oper. Leases	112M	72M	56M	48M	32M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	4.4K	5.58K	6.62K	8.36K	9.12K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	8M	4M	6M	7M	5M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-186M	-581M	-34M	-430M	-532M
Depreciation & Amortization - CF	71M	86M	94M	118M	110M
Amortization of Goodwill and Intangible Assets - (CF)	9M	13M	18M	36M	36M
Depreciation & Amortization, Total	80M	99M	112M	154M	146M
Amortization of Deferred Charges, Total - (CF)	7M	12M	33M	17M	12M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	152M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	122M	176M	223M	381M	321M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	99M	236M	63M	-267M	117M
Change In Accounts Receivable	-27M	-187M	-245M	-84M	-145M
Change In Accounts Payable	454M	425M	137M	226M	501M
Change in Unearned Revenues	59M	73M	67M	52M	113M
Change in Other Net Operating Assets	-35M	6M	5M	-3M	-5M
Cash from Operations	573M	259M	361M	46M	680M
Capital Expenditure	-135M	-78M	-85M	-25M	-6M
Cash Acquisitions	-331M	-336M	-115M	-306M	-7M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	262M	67M	22M	-89M	-211M
Other Investing Activities, Total	-14M	-25M	-9M	-3M	7M
Cash from Investing	-218M	-372M	-187M	-423M	-217M
Long-Term Debt Issued, Total	-	-	1.22B	-	-
Total Debt Issued	-	-	1.22B	-	-
Long-Term Debt Repaid, Total	-17M	-24M	-35M	-43M	-66M
Total Debt Repaid	-17M	-24M	-35M	-43M	-66M
Issuance of Common Stock	228M	319M	167M	43M	366M
Repurchase of Common Stock	-438M	-	-143M	-42M	-68M
Other Financing Activities, Total	24M	-10M	38M	2M	2M
Cash from Financing	-203M	285M	1.25B	-40M	234M
Foreign Exchange Rate Adjustments	22M	-86M	169M	156M	-66M
Net Change in Cash	174M	86M	1.59B	-261M	631M
Supplemental Items
Cash Interest Paid	37M	55M	50M	53M	38M
Cash Income Tax Paid (Refund)	4M	8M	6M	43M	43M
Levered Free Cash Flow	450M	382M	569M	328M	673M
Unlevered Free Cash Flow	477M	416M	594M	364M	704M
Change In Net Working Capital	-437M	-379M	-269M	-243M	-282M
Net Debt Issued / Repaid	-17M	-24M	1.19B	-43M	-66M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-0.71	-3	0.89	-5.49	-0.64
Return on Total Capital	-1.42	-5.66	1.63	-10.09	-1.22
Return On Equity %	-9	-24	-1.38	-19.03	-21.61
Return on Common Equity	-9	-24	-1.38	-19.03	-21.61
Margin Analysis
Gross Profit Margin %	25.46	25.57	26.8	24.95	26.03
SG&A Margin	17.16	18.44	16.37	18.67	15.09
EBITDA Margin %	-0.24	-2.86	1.6	-4.73	0.08
EBITA Margin %	-0.67	-3.32	1.18	-5.24	-0.35
EBIT Margin %	-0.8	-3.49	0.99	-5.54	-0.62
Income From Continuing Operations Margin %	-2.75	-7.37	-0.35	-3.67	-4.02
Net Income Margin %	-2.75	-7.37	-0.35	-3.67	-4.02
Net Avail. For Common Margin %	-2.75	-7.37	-0.35	-3.67	-4.02
Normalized Net Income Margin	-1.03	-5.5	1.61	-1.92	-0.67
Levered Free Cash Flow Margin	6.66	4.85	5.88	2.79	5.08
Unlevered Free Cash Flow Margin	7.06	5.28	6.14	3.1	5.31
Asset Turnover
Asset Turnover	1.43	1.38	1.43	1.58	1.66
Fixed Assets Turnover	13.85	10.25	12.35	14.9	20.19
Receivables Turnover (Average Receivables)	23.73	25.58	25.58	24.98	24
Short Term Liquidity
Current Ratio	0.91	0.82	1.36	1.24	1.29
Quick Ratio	0.82	0.74	1.26	1.15	1.19
Operating Cash Flow to Current Liabilities	0.23	0.09	0.11	0.01	0.17
Days Sales Outstanding (Average Receivables)	15.38	14.31	14.27	14.61	15.21
Average Days Payable Outstanding	24.32	25.3	24.96	23.27	23.28
Long Term Solvency
Total Debt/Equity	30.88	21.68	86.13	71.26	69.8
Total Debt / Total Capital	23.59	17.81	46.27	41.61	41.11
LT Debt/Equity	30.54	20.57	84.05	70.1	67.22
Long-Term Debt / Total Capital	23.33	16.91	45.16	40.93	39.59
Total Liabilities / Total Assets	60.23	55.66	70.45	68.56	69.77
EBIT / Interest Expense	-1.26	-5.09	1.39	-11.21	-1.67
EBITDA / Interest Expense	0.6	-3.26	3.01	-8.55	1.31
(EBITDA - Capex) / Interest Expense	-2.53	-4.7	1.78	-8.98	1.18
Total Debt / EBITDA	24.19	-3.45	8.77	-3.45	27.52
Net Debt / EBITDA	-37.38	6.12	-7.73	3.3	-34.56
Total Debt / (EBITDA - Capex)	-5.77	-2.39	14.84	-3.28	30.36
Net Debt / (EBITDA - Capex)	8.92	4.24	-13.07	3.15	-38.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	28.62	16.5	22.69	21.3	12.96
Gross Profit, 1 Yr. Growth %	27.27	17.02	28.59	12.93	17.84
EBITDA, 1 Yr. Growth %	-5.88	1.31K	-168.89	-462.74	-101.77
EBITA, 1 Yr. Growth %