Spotify公司（SPOT）2025年第一季度股东大会业绩更新报告「NYSE」（英文版）（34页）.pdf

1、Q1 2025 UpdateApril 29th,2025 Table ofContentsKey HighlightsFinancial SummaryMAUs&SubscribersProduct&PlatformOutlookFinancial StatementsExecutive Summary2p.03p.04p.06p.13p.16p.19p.22Executive SummaryUSER&FINANCIAL SUMMARYQ1 2024Q4 2024Q1 2025Y/YQ/QUSERS(M)Total Monthly Active Users(MAUs)61567567810%

2、0%Premium Subscribers23926326812%2%Ad-Supported MAUs3884254239%0%FINANCIALS(M)Premium3,2473,7053,77116%2%Ad-Supported3895374198%-22%Total Revenue3,6364,2424,19015%-1%Gross Profit1,0041,3681,32632%-3%Gross Margin27.6%32.2%31.6%-Operating Income168477509203%7%Operating Margin4.6%11.2%12.1%-Net Cash Fl

3、ows From Operating Activities211883539155%-39%Free Cash Flow*207877534158%-39%*Free Cash Flow is a non-IFRS measure.See Use of Non-IFRS Measures and Reconciliation of IFRS to Non-IFRS Results for additional information.We are pleased with our performance in Q1,as nearly all of our KPIs were in-line

4、to ahead of guidance.The business added 3 million MAU during the quarter,in-line with our expectations for a seasonally small quarter,while Subscriber net additions of 5 million significantly outperformed guidance by 3 million.Revenue was in-line,as Premium and Ad-Supported outperformance was offset

5、 by unfavorable currency movements.Gross Margin of 31.6%was modestly above guidance and reflected 403 bps of Y/Y expansion.Operating Income of 509 million was below guidance as Gross Profit strength and lower personnel and related and marketing costs were more than offset by 76 million in Social Cha

6、rges.Social Charges were 58 million above forecast due to share price appreciation during the quarter.As a reminder,we do not incorporate share price movements into our forecast since they are beyond our control.Free Cash Flow*reached 534 million in Q1,bringing LTM Free Cash Flow generation to 2.6 b