Balance Sheet Spotify Technology S.A.

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SPOT

LU1778762911

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Published financial data: SPOTIFY TECHNOLOGY S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	9.67B	11.73B	13.25B	15.67B	17.19B
Total Revenues	9.67B	11.73B	13.25B	15.67B	17.19B
Cost of Goods Sold, Total	7.08B	8.8B	9.8B	10.93B	11.69B
Gross Profit	2.59B	2.93B	3.45B	4.74B	5.5B
Selling General & Admin Expenses, Total	1.58B	2.19B	2B	1.86B	1.9B
R&D Expenses	912M	1.39B	1.53B	1.48B	1.39B
Other Operating Expenses, Total	2.5B	3.58B	3.53B	3.33B	3.3B
Operating Income	96M	-650M	-82M	1.41B	2.2B
Interest Expense, Total	-69M	-58M	-49M	-36M	-31M
Interest And Investment Income	11M	47M	131M	242M	268M
Net Interest Expenses	-58M	-11M	82M	206M	237M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	47M	72M	-52M	30M	-100M
Other Non Operating Income (Expenses)	164M	228M	-89M	-260M	-111M
EBT, Excl. Unusual Items	249M	-361M	-141M	1.38B	2.22B
Restructuring Charges	-	-	-241M	-	-
Merger & Related Restructuring Charges	-	-9M	-	-	-
Gain (Loss) On Sale Of Investments	2M	-	-	-	-
Asset Writedown	-	-	-123M	-43M	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-2M	-	-	-	-
EBT, Incl. Unusual Items	249M	-370M	-505M	1.34B	2.22B
Income Tax Expense	283M	60M	27M	203M	12M
Earnings From Continuing Operations	-34M	-430M	-532M	1.14B	2.21B
Net Income to Company	-34M	-430M	-532M	1.14B	2.21B
Net Income - (IS)	-34M	-430M	-532M	1.14B	2.21B
Net Income to Common Incl Extra Items	-34M	-430M	-532M	1.14B	2.21B
Net Income to Common Excl. Extra Items	-34M	-430M	-532M	1.14B	2.21B
Per Share Items
Net EPS - Basic	-0.18	-2.23	-2.73	5.67	10.77
Basic EPS - Continuing Operations	-0.18	-2.23	-2.73	5.67	10.77
Basic Weighted Average Shares Outstanding	191M	193M	195M	201M	205M
Net EPS - Diluted	-1.03	-2.93	-2.73	5.5	10.51
Diluted EPS - Continuing Operations	-1.03	-2.93	-2.73	5.5	10.51
Diluted Weighted Average Shares Outstanding	194M	196M	195M	207M	211M
Normalized Basic EPS	0.81	-1.17	-0.45	4.31	6.77
Normalized Diluted EPS	0.8	-1.15	-0.45	4.18	6.6
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	155M	-555M	10M	1.48B	2.25B
EBITA	114M	-614M	-46M	1.44B	2.22B
EBIT	96M	-650M	-82M	1.41B	2.2B
EBITDAR	162M	-549M	14M	1.48B	2.26B
Effective Tax Rate - (Ratio)	113.65	-16.22	-5.35	15.14	0.54
Total Current Taxes	39M	95M	52M	245M	214M
Total Deferred Taxes	244M	-35M	-25M	-42M	-202M
Normalized Net Income	156M	-226M	-88.12M	865M	1.39B
Interest on Long-Term Debt	58M	41M	38M	36M	31M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.14B	1.57B	1.47B	1.38B	1.43B
General and Administrative Expenses	448M	617M	533M	475M	479M
Research And Development Expense From Footnotes	912M	1.39B	1.72B	1.49B	1.39B
Net Rental Expense, Total	7M	6M	4M	4M	5M
Imputed Operating Lease Interest Expense	3.18M	1.57M	895K	600K	615K
Imputed Operating Lease Depreciation	3.82M	4.43M	3.1M	3.4M	4.38M
Stock-Based Comp., COGS (Total)	9M	8M	5M	5M	5M
Stock-Based Comp., R&D Exp. (Total)	119M	218M	194M	152M	138M
Stock-Based Comp., S&M Exp. (Total)	41M	73M	66M	61M	62M
Stock-Based Comp., G&A Exp. (Total)	54M	82M	56M	49M	42M
Total Stock-Based Compensation	223M	381M	321M	267M	247M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.74B	2.48B	3.11B	4.78B	5.26B
Short Term Investments	689M	867M	859M	1.97B	2.46B
Total Cash And Short Term Investments	3.43B	3.35B	3.97B	6.75B	7.72B
Accounts Receivable, Total	437M	502M	602M	540M	536M
Other Receivables	189M	193M	276M	259M	382M
Total Receivables	626M	695M	878M	799M	918M
Prepaid Expenses	74M	89M	64M	71M	75M
Other Current Assets, Total	239M	218M	345M	756M	1.79B
Total Current Assets	4.37B	4.35B	5.26B	8.38B	10.5B
Gross Property Plant And Equipment	1.14B	1.22B	1.22B	1.09B	1.06B
Accumulated Depreciation	-328M	-450M	-674M	-678M	-641M
Net Property Plant And Equipment	809M	765M	547M	414M	422M
Long-term Investments	916M	1.14B	1.22B	1.64B	2.18B
Goodwill	894M	1.17B	1.14B	1.2B	1.08B
Other Intangibles, Total	58M	108M	71M	40M	29M
Accounts Receivable Long-Term	-	-	-	74M	69M
Deferred Tax Assets Long-Term	13M	8M	28M	186M	662M
Deferred Charges Long-Term	31M	19M	13M	8M	12M
Other Long-Term Assets, Total	77M	78M	75M	68M	61M
Total Assets	7.17B	7.64B	8.35B	12B	15.02B
Liabilities
Accounts Payable, Total	534M	588M	662M	933M	783M
Accrued Expenses, Total	2.03B	2.32B	2.67B	2.61B	2.9B
Current Portion of Long-Term Debt	-	-	-	-	1.46B
Current Portion of Leases	44M	28M	65M	75M	65M
Current Income Taxes Payable	23M	11M	12M	33M	72M
Unearned Revenue Current, Total	458M	520M	622M	683M	711M
Other Current Liabilities	133M	52M	55M	119M	92M
Total Current Liabilities	3.23B	3.52B	4.09B	4.45B	6.08B
Long-Term Debt	1.2B	1.13B	1.2B	1.54B	-
Long-Term Leases	579M	555M	493M	462M	433M
Deferred Tax Liability Non Current	-	5M	8M	21M	163M
Other Non Current Liabilities	44M	31M	29M	8M	5M
Total Liabilities	5.05B	5.24B	5.82B	6.48B	6.69B
Additional Paid In Capital	4.75B	4.79B	5.16B	6.12B	6.5B
Retained Earnings	-3.22B	-3.65B	-4.18B	-3.04B	-832M
Treasury Stock	-260M	-262M	-262M	-262M	-701M
Comprehensive Income and Other	853M	1.52B	1.81B	2.71B	3.37B
Total Common Equity	2.12B	2.4B	2.52B	5.52B	8.33B
Total Equity	2.12B	2.4B	2.52B	5.52B	8.33B
Total Liabilities And Equity	7.17B	7.64B	8.35B	12B	15.02B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	193M	197M	204M	206M
ECS Total Common Shares Outstanding	192M	193M	197M	204M	206M
Book Value / Share	11.03	12.42	12.8	27.1	40.46
Tangible Book Value	1.17B	1.12B	1.32B	4.28B	7.22B
Tangible Book Value Per Share	6.07	5.82	6.67	21.02	35.06
Total Debt	1.82B	1.71B	1.76B	2.08B	1.96B
Net Debt	-1.61B	-1.64B	-2.21B	-4.68B	-5.76B
Debt Equivalent Oper. Leases	56M	48M	32M	32M	40M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	6.62K	8.36K	9.12K	7.69K	7K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	6M	7M	5M	3M	5M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-34M	-430M	-532M	1.14B	2.21B
Depreciation & Amortization - CF	94M	118M	110M	85M	79M
Amortization of Goodwill and Intangible Assets - (CF)	18M	36M	36M	28M	19M
Depreciation & Amortization, Total	112M	154M	146M	113M	98M
Amortization of Deferred Charges, Total - (CF)	33M	17M	12M	8M	4M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	152M	43M	8M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	223M	381M	321M	267M	247M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	63M	-267M	117M	356M	116M
Change In Accounts Receivable	-245M	-84M	-145M	145M	-115M
Change In Accounts Payable	137M	226M	501M	183M	281M
Change in Unearned Revenues	67M	52M	113M	45M	60M
Change in Other Net Operating Assets	5M	-3M	-5M	3M	22M
Cash from Operations	361M	46M	680M	2.3B	2.93B
Capital Expenditure	-85M	-25M	-6M	-17M	-61M
Cash Acquisitions	-115M	-306M	-7M	-10M	-18M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	22M	-89M	-211M	-1.47B	-1.73B
Other Investing Activities, Total	-9M	-3M	7M	12M	20M
Cash from Investing	-187M	-423M	-217M	-1.49B	-1.78B
Long-Term Debt Issued, Total	1.22B	-	-	-	-
Total Debt Issued	1.22B	-	-	-	-
Long-Term Debt Repaid, Total	-35M	-43M	-66M	-69M	-73M
Total Debt Repaid	-35M	-43M	-66M	-69M	-73M
Issuance of Common Stock	167M	43M	366M	933M	372M
Repurchase of Common Stock	-143M	-42M	-68M	-135M	-680M
Other Financing Activities, Total	38M	2M	2M	-	-
Cash from Financing	1.25B	-40M	234M	729M	-381M
Foreign Exchange Rate Adjustments	169M	156M	-66M	123M	-290M
Net Change in Cash	1.59B	-261M	631M	1.67B	477M
Supplemental Items
Cash Interest Paid	50M	53M	38M	36M	36M
Cash Income Tax Paid (Refund)	6M	43M	43M	53M	86M
Levered Free Cash Flow	569M	328M	673M	1.24B	675M
Unlevered Free Cash Flow	594M	364M	704M	1.26B	695M
Change In Net Working Capital	-269M	-243M	-282M	-11M	967M
Net Debt Issued / Repaid	1.19B	-43M	-66M	-69M	-73M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.89	-5.49	-0.64	8.65	10.17
Return on Total Capital	1.63	-10.09	-1.22	14.81	15.36
Return On Equity %	-1.38	-19.03	-21.61	28.28	31.93
Return on Common Equity	-1.38	-19.03	-21.61	28.28	31.93
Margin Analysis
Gross Profit Margin %	26.8	24.95	26.03	30.25	31.98
SG&A Margin	16.37	18.67	15.09	11.84	11.08
EBITDA Margin %	1.6	-4.73	0.08	9.42	13.12
EBITA Margin %	1.18	-5.24	-0.35	9.16	12.9
EBIT Margin %	0.99	-5.54	-0.62	8.98	12.79
Income From Continuing Operations Margin %	-0.35	-3.67	-4.02	7.26	12.87
Net Income Margin %	-0.35	-3.67	-4.02	7.26	12.87
Net Avail. For Common Margin %	-0.35	-3.67	-4.02	7.26	12.87
Normalized Net Income Margin	1.61	-1.92	-0.67	5.52	8.09
Levered Free Cash Flow Margin	5.88	2.79	5.08	7.91	3.93
Unlevered Free Cash Flow Margin	6.14	3.1	5.31	8.05	4.04
Asset Turnover
Asset Turnover	1.43	1.58	1.66	1.54	1.27
Fixed Assets Turnover	12.35	14.9	20.19	32.62	41.11
Receivables Turnover (Average Receivables)	25.58	24.98	24	27.45	31.94
Short Term Liquidity
Current Ratio	1.36	1.24	1.29	1.88	1.72
Quick Ratio	1.26	1.15	1.19	1.7	1.42
Operating Cash Flow to Current Liabilities	0.11	0.01	0.17	0.52	0.48
Days Sales Outstanding (Average Receivables)	14.27	14.61	15.21	13.33	11.43
Average Days Payable Outstanding	24.96	23.27	23.28	26.7	26.79
Long Term Solvency
Total Debt/Equity	86.13	71.26	69.8	37.57	23.48
Total Debt / Total Capital	46.27	41.61	41.11	27.31	19.02
LT Debt/Equity	84.05	70.1	67.22	36.22	5.2
Long-Term Debt / Total Capital	45.16	40.93	39.59	26.33	4.21
Total Liabilities / Total Assets	70.45	68.56	69.77	53.98	44.53
EBIT / Interest Expense	1.39	-11.21	-1.67	39.11	70.9
EBITDA / Interest Expense	3.01	-8.55	1.31	42.25	74.06
(EBITDA - Capex) / Interest Expense	1.78	-8.98	1.18	41.78	72.1
Total Debt / EBITDA	8.77	-3.45	27.52	1.36	0.85
Net Debt / EBITDA	-7.73	3.3	-34.56	-3.07	-2.51
Total Debt / (EBITDA - Capex)	14.84	-3.28	30.36	1.38	0.88
Net Debt / (EBITDA - Capex)	-13.07	3.15	-38.14	-3.11	-2.58
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	22.69	21.3	12.96	18.31	9.65
Gross Profit, 1 Yr. Growth %	28.59	12.93	17.84	37.5	16
EBITDA, 1 Yr. Growth %	-168.89	-462.74	-101.77	18.36K	55.66
EBITA, 1 Yr. Growth %	-143.51	-648.21	-92.62	-3.22K	57.57
EBIT, 1 Yr. Growth %	-134.91	-791.49	-87.56	-1.82K	59.39
Earnings From Cont. Operations, 1 Yr. Growth %	-94.15	1.16K	23.72	-313.91	94.38
Net Income, 1 Yr. Growth %	-94.15	1.16K	23.72	-313.91	94.38
Normalized Net Income, 1 Yr. Growth %	-135.88	-244.98	-61.89	-1.08K	64.13
Diluted EPS Before Extra, 1 Yr. Growth %	-66.9	185.64	-6.79	-301.32	91.09
Accounts Receivable, 1 Yr. Growth %	36.99	14.87	19.92	-10.3	-0.74
Net Property, Plant and Equip., 1 Yr. Growth %	6.87	-5.44	-28.5	-24.31	1.93
Total Assets, 1 Yr. Growth %	13.34	6.5	9.3	43.84	25.07
Tangible Book Value, 1 Yr. Growth %	-41.8	-3.6	16.89	225.78	68.46
Common Equity, 1 Yr. Growth %	-24.46	13.31	5.08	118.99	50.75
Cash From Operations, 1 Yr. Growth %	39.38	-87.26	1.38K	238.38	27.47
Capital Expenditures, 1 Yr. Growth %	8.97	-70.59	-76	183.33	258.82
Levered Free Cash Flow, 1 Yr. Growth %	237.86	-42.3	130.62	82.28	-44.7
Unlevered Free Cash Flow, 1 Yr. Growth %	193.88	-38.63	114.48	79.32	-44.15
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	19.55	21.99	17.06	15.61	13.9
Gross Profit, 2 Yr. CAGR %	22.66	20.5	15.36	27.29	26.27
EBITDA, 2 Yr. CAGR %	135.28	74.63	-78.73	73.97	641.46
EBITA, 2 Yr. CAGR %	62.82	51.36	-39.82	53.94	283.17
EBIT, 2 Yr. CAGR %	27.56	48.94	-6.6	46.17	232.34
Earnings From Cont. Operations, 2 Yr. CAGR %	-57.25	-13.97	295.56	62.68	103.91
Net Income, 2 Yr. CAGR %	-57.25	-13.97	295.56	62.68	103.91
Normalized Net Income, 2 Yr. CAGR %	45.88	-28.64	-24.75	93.4	193.6
Diluted EPS Before Extra, 2 Yr. CAGR %	-0.19	-2.77	63.17	36.99	96.14
Accounts Receivable, 2 Yr. CAGR %	21.3	25.45	17.37	3.72	-5.64
Net Property, Plant and Equip., 2 Yr. CAGR %	1.84	0.53	-17.77	-26.44	-12.17
Total Assets, 2 Yr. CAGR %	18.32	9.87	7.89	25.39	34.13
Tangible Book Value, 2 Yr. CAGR %	-12.58	-25.09	6.15	95.14	134.27
Common Equity, 2 Yr. CAGR %	1.99	-7.48	9.12	51.69	81.69
Cash From Operations, 2 Yr. CAGR %	-20.63	-57.86	37.25	607.26	107.68
Capital Expenditures, 2 Yr. CAGR %	-20.65	-43.39	-73.43	-17.54	218.85
Levered Free Cash Flow, 2 Yr. CAGR %	11.91	44.37	8.9	102.42	5.49
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.11	38.05	8.96	96.11	4.96
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	22.5	20.13	18.9	17.47	13.59
Gross Profit, 3 Yr. CAGR %	24.18	19.33	19.61	22.31	23.38
EBITDA, 3 Yr. CAGR %	141.53	170.63	-61.98	88.36	66.54
EBITA, 3 Yr. CAGR %	52.73	142.61	-44.43	124.45	54.09
EBIT, 3 Yr. CAGR %	30.7	122.51	-34.59	146.5	49.41
Earnings From Cont. Operations, 3 Yr. CAGR %	-24.18	32.23	-2.89	222.27	72.63
Net Income, 3 Yr. CAGR %	-24.18	32.23	-2.89	222.27	72.63
Normalized Net Income, 3 Yr. CAGR %	13.34	45.58	-41.63	77.14	81.82
Diluted EPS Before Extra, 3 Yr. CAGR %	26.43	41.71	-4.13	75.01	53.06
Accounts Receivable, 3 Yr. CAGR %	16.98	19.12	23.58	7.31	2.21
Net Property, Plant and Equip., 3 Yr. CAGR %	60.14	-0.65	-10.26	-20.01	-17.99
Total Assets, 3 Yr. CAGR %	18.25	14.24	9.68	18.74	25.28
Tangible Book Value, 3 Yr. CAGR %	-15.5	-9.68	-13.12	54.26	85.81
Common Equity, 3 Yr. CAGR %	0.4	5.63	-3.47	37.64	51.38
Cash From Operations, 3 Yr. CAGR %	1.62	-56.86	37.95	85.41	299.5
Capital Expenditures, 3 Yr. CAGR %	-12.06	-43	-57.47	-41.52	34.63
Levered Free Cash Flow, 3 Yr. CAGR %	22.51	-10.33	62.41	29.74	30.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	23.79	-8.9	54.49	28.65	28.41
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	26.78	23.45	20.29	18.3	16.88
Gross Profit, 5 Yr. CAGR %	45.23	28.08	20.57	22.45	22.22
EBITDA, 5 Yr. CAGR %	-13	11.37	-1.89	121.03	65.42
EBITA, 5 Yr. CAGR %	-19.77	10.66	7.53	101.71	52.59
EBIT, 5 Yr. CAGR %	-22.75	11.45	13.78	88.6	49.63
Earnings From Cont. Operations, 5 Yr. CAGR %	-42.46	-19.02	46.81	43.66	30.65
Net Income, 5 Yr. CAGR %	-42.46	-19.02	46.81	43.66	30.65
Normalized Net Income, 5 Yr. CAGR %	-14.18	-21.77	-3.78	63.9	25.69
Diluted EPS Before Extra, 5 Yr. CAGR %	-22.34	-18.48	40.01	39.8	27.66
Accounts Receivable, 5 Yr. CAGR %	14.4	13.04	17.14	12.7	10.94
Net Property, Plant and Equip., 5 Yr. CAGR %	56.93	59.98	22.66	-11.9	-11.03
Total Assets, 5 Yr. CAGR %	27.84	19.7	13.99	18.57	18.87
Tangible Book Value, 5 Yr. CAGR %	29.94	66.47	-7.42	22.91	29.2
Common Equity, 5 Yr. CAGR %	54.59	58.77	3.8	22.09	24.32
Cash From Operations, 5 Yr. CAGR %	29.01	-23.8	14.6	32.05	62.48
Capital Expenditures, 5 Yr. CAGR %	25.78	-7.03	-45.52	-33.93	-4.8
Levered Free Cash Flow, 5 Yr. CAGR %	95.83	14.85	16.82	22.23	33.86
Unlevered Free Cash Flow, 5 Yr. CAGR %	91.82	17.02	17.58	21.27	29.48