$24.1 B

SPOT Mkt cap, 14-Nov-2018

€1.4 B

Spotify Revenue Q3, 2018
Spotify Gross profit (Q3, 2018)342 M
Spotify Gross profit margin (Q3, 2018), %25.3%
Spotify Net income (Q3, 2018)43 M
Spotify EBIT (Q3, 2018)-6 M
Spotify Cash, 30-Sep-20181.1 B

Spotify Revenue

Spotify revenue was €4.09 b in FY, 2017 which is a 38.6% year over year increase from the previous period.

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Spotify Revenue Breakdown

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Spotify revenue breakdown by business segment: 10.2% from Ad-Supported and 89.8% from Premium

Spotify revenue breakdown by geographic segment: 50.5% from Other Countries, 10.9% from United Kingdom, 38.6% from United States and 0.1% from Other

Spotify Income Statement

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.1b1.9b3.0b4.1b

Revenue growth, %

45%79%52%39%

Cost of goods sold

910.5m1.7b2.6b3.2b

Gross profit

174.3m226.0m401.0m849.0m

Gross profit Margin, %

16%12%14%21%

Sales and marketing expense

184.0m219.0m368.0m567.0m

R&D expense

114.2m136.0m207.0m396.0m

General and administrative expense

67.2m106.0m175.0m264.0m

Operating expense total

365.4m461.0m750.0m1.2b

EBIT

(191.1m)(235.0m)(349.0m)(378.0m)

EBIT margin, %

(18%)(12%)(12%)(9%)

Interest expense

19.5m26.0m336.0m974.0m

Interest income

28.5m36.0m152.0m118.0m

Pre tax profit

(182.5m)(225.0m)(535.0m)(1.2b)

Income tax expense

5.6m5.0m4.0m2.0m

Net Income

(188.1m)(230.0m)(539.0m)(1.2b)

Spotify Balance Sheet

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Cash

206.5m597.4m755.0m477.0m

Accounts Receivable

142.8m163.9m223.0m272.0m

Current Assets

351.2m870.2m1.9b1.9b

PP&E

50.7m81.1m85.0m73.0m

Goodwill

58.5m64.6m73.0m135.0m

Total Assets

474.3m1.1b2.1b3.1b

Accounts Payable

106.0m76.6m139.0m242.0m

Current Liabilities

424.3m798.4m1.2b1.9b

Long-term debt

1.1b944.0m

Non-Current Liabilities

13.9m24.5m1.1b1.0b

Total Debt

1.1b944.0m

Total Liabilities

438.2m822.9m2.3b2.9b

Common Stock

85.0k

Additional Paid-in Capital

404.2m796.9m830.0m2.5b

Retained Earnings

(423.1m)(654.5m)(1.2b)(2.4b)

Total Equity

36.1m227.9m(240.0m)238.0m

Debt to Equity Ratio

-4.6 x4 x

Debt to Assets Ratio

0.5 x0.3 x

Financial Leverage

13.1 x4.6 x-8.7 x13.1 x

Quarterly

EURQ1, 2018Q2, 2018Q3, 2018

Cash

733.0m810.0m1.1b

Accounts Receivable

232.0m324.0m359.0m

Current Assets

1.9b2.1b2.2b

PP&E

68.0m83.0m135.0m

Goodwill

133.0m144.0m173.0m

Total Assets

3.2b3.4b2.2b

Accounts Payable

255.0m369.0m384.0m

Current Liabilities

1.9b2.3b2.5b

Long-term debt

1.0b

Non-Current Liabilities

1.1b81.0m88.0m

Total Debt

1.0b

Total Liabilities

3.0b2.4b2.5b

Additional Paid-in Capital

2.5b3.7b3.8b

Retained Earnings

(2.6b)(3.0b)(2.9b)

Total Equity

161.0m999.0m2.5b

Debt to Equity Ratio

6.3 x

Debt to Assets Ratio

0.3 x

Financial Leverage

19.9 x3.4 x0.9 x

Spotify Cash Flow

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(188.1m)(230.0m)(539.0m)(1.2b)

Depreciation and Amortization

19.2m30.0m38.0m54.0m

Accounts Receivable

(39.5m)(121.0m)(60.0m)(112.0m)

Accounts Payable

161.2m251.0m245.0m447.0m

Cash From Operating Activities

(73.5m)(38.0m)101.0m179.0m

Purchases of PP&E

(15.6m)(44.0m)(27.0m)(36.0m)

Cash From Investing Activities

(21.2m)(67.0m)(827.0m)(435.0m)

Long-term Borrowings

(801.0k)(4.0m)(5.0m)(4.0m)

Cash From Financing Activities

65.2m476.0m916.0m34.0m

Net Change in Cash

(29.5m)371.0m190.0m(222.0m)

Quarterly

EURQ1, 2018Q2, 2018Q3, 2018

Net Income

(169.0m)(563.0m)43.0m

Depreciation and Amortization

11.0m17.0m7.0m

Accounts Receivable

15.0m27.0m(29.0m)

Accounts Payable

70.0m148.0m86.0m

Cash From Operating Activities

84.0m114.0m80.0m

Purchases of PP&E

(6.0m)(11.0m)(49.0m)

Cash From Investing Activities

139.0m122.0m156.0m

Cash From Financing Activities

43.0m98.0m49.0m

Net Change in Cash

266.0m334.0m285.0m

Spotify Ratios

EURY, 2018

Financial Leverage

0.9 x
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Spotify Operating Metrics

Spotify's Monthly Active Users was reported to be 191 m in Q3, 2018.
Q1, 2015Q2, 2015Q3, 2015Q4, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016Q4, 2016FY, 2016Feb, 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2017FY, 2017Feb, 2018Mar, 2018Q1, 2018Q2, 2018Q3, 2018

Monthly Active Users

68 m77 m82 m91 m96 m104 m113 m123 m131 m136 m147 m157 m170 m180 m191 m

Premium Subscriptions

18 m22 m24 m28 m30 m36 m40 m48 m52 m59 m62 m71 m75 m83 m87 m

Ad-Supported Monthly Active Users

51 m56 m60 m64 m67 m70 m75 m77 m83 m82 m91 m92 m99 m101 m

Content, hours

3.70 b4.20 b4.50 b5.10 b17.40 b5.70 b6.40 b6.90 b7.70 b26.70 b8.70 b9.60 b10.20 b11.20 b39.80 b

Premium ARPU

€7.06 €6.84 €6.38 €6.67 €5.76 €6 €6.20 €5.46 €5.53 €5.06 €5.24 €5.32 €4.72

Premium Churn

7.5%7.7%6.9%7%6.4%6%6.6%5.5%5.9%5.7%5.1%5.5%

Mobile-Only Monthly Active Users (US)

16.80 m26.10 m

Monthly Active Users (Europe)

38 m40 m42 m46 m48 m51 m54 m58 m

Monthly Active Users (North America)

34 m36 m39 m42 m44 m46 m48 m51 m

Monthly Active Users (Latin America)

18 m20 m22 m24 m26 m27 m31 m33 m

Monthly Active Users (Rest of World)

7 m8 m9 m11 m12 m13 m15 m16 m

Total Daily Active Users to Monthly Active Users

37%39%38%39%40%44%42%42%44%45%43%44%

Content Hours per Monthly Active User

19 19 19 19 20 21 21 22 23 24 24 25

Premium Subscribers (Europe)

13 m16 m17 m20 m21 m24 m25 m28 m

Premium Subscribers (North America)

11 m13 m14 m16 m17 m19 m20 m22 m

Premium Subscribers (Latin America)

4 m5 m6 m9 m9 m11 m11 m14 m

Premium Subscribers (Rest of World)

2 m3 m3 m4 m4 m5 m5 m6 m

Ad-Supported Monthly Active Users (Europe)

25 m25 m26 m27 m28 m28 m30 m31 m

Ad-Supported Monthly Active Users (North America)

23 m24 m26 m27 m28 m27 m29 m30 m

Ad-Supported Monthly Active Users (Latin America)

14 m15 m16 m16 m17 m17 m20 m20 m

Ad-Supported Monthly Active Users (Rest of World)

5 m6 m6 m7 m8 m8 m10 m10 m

Monthly Active Users (US)

30.40 m47.70 m

Monthly Sessions per User (US)

51 61

Countries

61 65 65 65

Tracks

35 m35 m

Playlists

3.20 b

ARPU

€6.45 €6.87 €6.61 €7.09 €6.89 €7.40 €7.02 €7.32 €6.70 €4.89

Cost per User

€6.13 €5.87 €5.61 €5.85 €6.08 €5.70 €5.46 €5.52 €5.04
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Spotify Human Capital

Spotify's employees are reported to be approximately 39% female and 61% male.

Ethnicity

Jun, 2018Jun, 2016
Black, USA7.7 %
Asian, USA18.7 %14.8 %
White, USA63.2 %78 %
Hispanic, USA7 %
Other3.4 %7.2 %

Job Roles

Jun, 2018Jun, 2016
Female Engineers, percent13.3 %10.9 %
Male Management Percent30.8 %32.5 %
Female Management Percent19.2 %17.5 %
Male Engineers, percent36.7 %39.2 %

Gender

Jun, 2018Jun, 2016
Female38.7 %34.9 %
Male61.3 %65.1 %
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Spotify Employee Rating

4.1350 votes
Culture & Values
4.3
Work/Life Balance
4.1
Senior Management
3.5
Salary & Benefits
4.0
Career Opportunities
3.7
Source