$31.6 B

SPOT Mkt cap, 18-Sep-2018

€1.3 B

Spotify Revenue Q2, 2018
Spotify Gross profit (Q2, 2018)329 M
Spotify Gross profit margin (Q2, 2018), %25.8%
Spotify Net income (Q2, 2018)-394 M
Spotify EBIT (Q2, 2018)-90 M
Spotify Cash, 30-Jun-2018810 M

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

1.1 b1.9 b3 b4.1 b

Revenue growth, %

45%79%52%39%

Cost of goods sold

910.5 m1.7 b2.6 b3.2 b

Gross profit

174.3 m226 m401 m849 m

Gross profit Margin, %

16%12%14%21%

Sales and marketing expense

184 m219 m368 m567 m

R&D expense

114.2 m136 m207 m396 m

General and administrative expense

67.2 m106 m175 m264 m

Operating expense total

365.4 m461 m750 m1.2 b

EBIT

(191.1 m)(235 m)(349 m)(378 m)

EBIT margin, %

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

Interest expense

19.5 m26 m336 m974 m

Interest income

28.5 m36 m152 m118 m

Pre tax profit

(182.5 m)(225 m)(535 m)(1.2 b)

Income tax expense

5.6 m5 m4 m2 m

Net Income

(188.1 m)(230 m)(539 m)(1.2 b)

Spotify Balance Sheet

Annual

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

Cash

206.5 m597.4 m755 m477 m

Accounts Receivable

142.8 m163.9 m223 m272 m

Current Assets

351.2 m870.2 m1.9 b1.9 b

PP&E

50.7 m81.1 m85 m73 m

Goodwill

58.5 m64.6 m73 m135 m

Total Assets

474.3 m1.1 b2.1 b3.1 b

Accounts Payable

106 m76.6 m139 m242 m

Current Liabilities

424.3 m798.4 m1.2 b1.9 b

Long-term debt

1.1 b944 m

Non-Current Liabilities

13.9 m24.5 m1.1 b1 b

Total Debt

1.1 b944 m

Total Liabilities

438.2 m822.9 m2.3 b2.9 b

Common Stock

85 k

Additional Paid-in Capital

404.2 m796.9 m830 m2.5 b

Retained Earnings

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

Total Equity

36.1 m227.9 m(240 m)238 m

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, 2018

Cash

733 m810 m

Accounts Receivable

232 m324 m

Current Assets

1.9 b2.1 b

PP&E

68 m83 m

Goodwill

133 m144 m

Total Assets

3.2 b3.4 b

Accounts Payable

255 m369 m

Current Liabilities

1.9 b2.3 b

Long-term debt

1 b

Non-Current Liabilities

1.1 b81 m

Total Debt

1 b

Total Liabilities

3 b2.4 b

Additional Paid-in Capital

2.5 b3.7 b

Retained Earnings

(2.6 b)(3 b)

Total Equity

161 m999 m

Debt to Equity Ratio

6.3 x

Debt to Assets Ratio

0.3 x

Financial Leverage

19.9 x3.4 x

Spotify Cash Flow

Annual

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

Net Income

(188.1 m)(230 m)(539 m)(1.2 b)

Depreciation and Amortization

19.2 m30 m38 m54 m

Accounts Receivable

(39.5 m)(121 m)(60 m)(112 m)

Accounts Payable

161.2 m251 m245 m447 m

Cash From Operating Activities

(73.5 m)(38 m)101 m179 m

Purchases of PP&E

(15.6 m)(44 m)(27 m)(36 m)

Cash From Investing Activities

(21.2 m)(67 m)(827 m)(435 m)

Long-term Borrowings

(801 k)(4 m)(5 m)(4 m)

Cash From Financing Activities

65.2 m476 m916 m34 m

Net Change in Cash

(29.5 m)371 m190 m(222 m)

Quarterly

EURQ1, 2018Q2, 2018

Net Income

(169 m)(563 m)

Depreciation and Amortization

11 m17 m

Accounts Receivable

15 m27 m

Accounts Payable

70 m148 m

Cash From Operating Activities

84 m114 m

Purchases of PP&E

(6 m)(11 m)

Cash From Investing Activities

139 m122 m

Cash From Financing Activities

43 m98 m

Net Change in Cash

266 m334 m

Spotify Ratios

EURY, 2018

Financial Leverage

3.4 x
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Spotify Operating Metrics

Spotify's Monthly Active Users was reported to be 180 m in Q2, 2018.
Q1, 2015Q2, 2015Q3, 2015Q4, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016Q4, 2016FY, 2016Feb, 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2017FY, 2017Feb, 2018Mar, 2018Q1, 2018Q2, 2018

Monthly Active Users

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

Premium Subscriptions

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