Spotify Technology S.A. (NYSE:SPOT):
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Dear Shareholders,
We ended 2021 with strong Q4 results, led by outperformance in
MAUs, continued momentum in our subscription business, and
meaningful advertising results. Looking back on not just this
quarter, but the past few years, we are increasingly excited about
the investments we have made and see meaningful progress within a
number of our initiatives. As we move into 2022 and beyond, the
opportunities in front of us are large and we see a tremendous
amount of greenfield on the horizon.
Fourth Quarter and Full Year 2021 Earnings Highlights
- MAUs grew 18% Y/Y to 406 million in Q4, near the top end of
guidance range.
- Premium Subscribers grew 16% Y/Y to 180 million in Q4, led by
strong promotional campaign performance.
- Premium ARPU grew 3% Y/Y in Q4 and 1% Y/Y on a constant
currency basis.
- Ad-Supported Revenue reached a record 15% of Total Revenue in
Q4.
- Gross Margin finished at 26.5% in Q4, above the top end of our
guidance range.
- Announced the agreement to acquire Findaway and the acquisition
of Whooshkaa in Q4.
MONTHLY ACTIVE USERS (“MAUs”)
Total MAUs grew 18% Y/Y to 406 million in the quarter, up from
381 million last quarter and near the top end of our guidance
range. We saw double digit Y/Y growth in all regions with
particular strength in the Rest of World, which was led by strong
results in India and Indonesia. Latin America also outperformed
expectations.
On December 1, 2021, we successfully launched the 7th annual
year-end Spotify Wrapped campaign to users in 103 markets.
Collectively, 120 million MAUs engaged with Wrapped content in Q4
(up 29% Y/Y) and there was strong Y/Y growth in engagement across
all regions and demographics. The campaign trended worldwide with
nearly 60 million shares of Wrapped stories and cards, triggering
significant levels of consumption across our two personalized
playlists (Your Top Songs and Your Artists Revealed) which were
responsible for almost 8% of total on-platform consumption hours
within 48 hours of launch.
PREMIUM SUBSCRIBERS
Our Premium Subscribers grew 16% Y/Y to 180 million in the
quarter, up from 172 million last quarter and near the top end of
the guidance range. All regions contributed to growth, led by
Europe and Latin America on an absolute Q/Q basis. Additionally, we
tested a shortened holiday promotional campaign for our Standard
plan (4 weeks vs. 6 weeks in Q4 2020) which shifted typical gross
intake seasonality. Despite the two fewer weeks, campaign
performance exceeded expectations.
This quarter we also added several major promotional
partnerships, including Xiaomi (Spotify preloads on the world’s
second largest phone manufacturer), Shopee (offering 3 month trials
with the number one eCommerce platform in Southeast Asia), Visa
(offering 3 month trials in India for credit and debit
cardholders), and TecToy (Spotify preloads on TecToy mobile devices
in Brazil and 3 month trials available for TecToy customers who
make an audio or technology portfolio product purchase).
Additionally, we renewed our reseller partnership with KPN, the
Netherlands' leading telecom operator.
FINANCIAL METRICS
Revenue
Revenue of €2,689 million grew 24% Y/Y in Q4 (or 20% Y/Y on a
constant currency basis) and was above the top end of our guidance
range due to significant strength in advertising and favorable FX
movements. Premium Revenue grew 22% Y/Y to €2,295 million (or 18%
Y/Y constant currency) while Ad-Supported Revenue was particularly
strong, growing 40% Y/Y to €394 million (or 34% Y/Y constant
currency).
Within Premium, average revenue per user (“ARPU”) of €4.40 in Q4
was up 3% Y/Y (or up 1% Y/Y constant currency). Excluding the
impact of FX, we saw a benefit to ARPU primarily from our price
increases.
Ad-Supported Revenue reached a record 15% of total revenues in
the quarter and continued to benefit from higher sold impressions,
increased CPMs, and growing demand within the Spotify Audience
Network. Podcast revenue strength was led by the Spotify Audience
Network, where we saw a significant increase in inventory in
conjunction with increased CPMs. Additionally, podcast revenue
benefited from strong growth across existing Spotify studios and
our exclusive licensing deals.
During the quarter, we announced the acquisition of Whooshkaa, a
podcast technology platform that offers a specialized tool for
radio broadcasters to turn their existing audio content into
on-demand podcast content. This technology will be integrated into
the Megaphone suite which will bring more third-party content into
the Spotify Audience Network, connect advertisers to more
audiences, and allow radio broadcasters to expand their reach and
increase monetization.
Gross Margin
Gross Margin finished at 26.5% in Q4, above the top end of our
guidance range and flat versus the prior year period. The Gross
Margin trend reflected a favorable revenue mix shift towards
podcasts, marketplace activity, and Other Cost of Revenue
efficiencies (e.g. payment fees, streaming delivery costs), which
were offset by higher non-music and other content costs and
publishing rate increases. As a reminder, our Q4 2020 Gross Margin
benefited from adjustments to estimated music royalties that
positively impacted Gross Margin by nearly 60 bps.
Premium Gross Margin was 29.2% in Q4, up 33 bps Y/Y, and
Ad-Supported Gross Margin was 10.8% in Q4, or flat Y/Y. As a
reminder, all content costs related to podcast investment are
included in the Ad-Supported business for the current and
historical periods.
Operating Expenses
Operating Expenses totaled €719 million in Q4, an increase of
12% Y/Y. Social Charges were above forecast given the increase in
our share price during the quarter. Additionally, personnel costs
came in lower than expected as well as certain marketing expenses.
Excluding the impact of Social Charge movements, Operating Expenses
were better than forecast and contributed to positive Operating
Income in the quarter.
As a reminder, Social Charges are payroll taxes associated with
employee salaries and benefits, including share-based compensation.
We are subject to social taxes in several countries in which we
operate, although Sweden accounts for the bulk of the social costs.
We don’t forecast stock price changes in our guidance so upward or
downward movements will impact our reported operating expenses.
At the end of Q4, our workforce consisted of 7,690 FTEs
globally.
Free Cash Flow
Free Cash Flow was €103 million in Q4, a €29 million increase
Y/Y primarily due to an increase in net income adjusted for
non-cash items, partially offset by higher working capital needs
arising from higher podcast-related payments and licensor payments.
Capital expenditures decreased €19 million due to finalization of
various office build-outs in New York City, Singapore, and Los
Angeles.
At the end of Q4, we maintained a strong liquidity position with
€3.6 billion in cash and cash equivalents, restricted cash, and
short term investments.
PRODUCT AND PLATFORM UPDATES
Two-Sided Marketplace
The Two-Sided Marketplace exceeded our contribution expectations
for Q4 and full year 2021 due to continued adoption of paid
marketplace tools. Additionally, in October we announced a new
integration with Shopify that enables artists to link their Shopify
store to their Spotify for Artists account and post merchandise on
their artist profile for fans around the world.
Podcasting
At the end of Q4, we had 3.6 million podcasts on the platform
(up from 3.2 million at the end of Q3) and were pleased to see a
double digit increase in the number of MAUs that engaged with
podcast content relative to Q3. Among MAUs that engaged with
podcasts in Q4, consumption trends remained strong (up 20% Y/Y on a
per user basis) and podcast share of overall consumption hours on
our platform reached another all-time high. We also expanded our
paid podcast subscriptions to creators and listeners in 33
additional markets and enabled podcasts for users in Russia, Egypt,
and Saudi Arabia.
Product Enhancements
During the quarter, we introduced several enhancements to our
service aimed at driving user engagement, retention, and
conversion. These included the rollout of lyrics on mobile,
desktop, and smart TV platforms and extensions to our ubiquity
strategy such as support for Alexa in Saudi Arabia and United Arab
Emirates, a partnership with Peloton to match users with an
instructor based on their listening taste, an audio playback widget
with Vivo, and an integration with Apple’s SharePlay product which
allows Spotify Premium users to share their favorite content over
FaceTime to enjoy a shared listening experience.
Audiobooks
During the quarter, we also accelerated our entry into the
audiobook space through the announcement of the agreement to
acquire Findaway, a global leader in digital audiobook
distribution. The closing of the transaction is subject to
regulatory review and approval.
Q1 2022 OUTLOOK
We are re-aligning our current guidance practice to better
reflect how we run the business. Since the vast majority of our
initiatives are multi-year in nature and measured as such, we no
longer plan to issue annual guidance. However, we intend to utilize
quarterly guidance as checkpoints against our progress and will
provide additional thoughts and perspective around 2022
expectations on our earnings call. As for quarterly guidance, going
forward we will simplify our approach by providing a single
estimate for each metric instead of a range of outcomes.
Additionally, we plan to host an investor day later in 2022 to
offer an update on the strength of our platform and our advancement
towards our long-term operating goals.
The following forward-looking statements reflect Spotify’s
expectations for Q1 2022 as of February 2, 2022 and are subject to
substantial uncertainty. Given the extraordinary operating
circumstances we currently face with respect to the impact of
COVID-19, there is a greater likelihood of variances with respect
to such point estimates than in typical quarters.
- Total MAUs: 418 million
- Total Premium Subscribers: 183 million
- Total Revenue: €2.60 billion
- Assumes approximately 360 bps tailwind to growth Y/Y due to
movements in foreign exchange rates
- Gross Margin: 25.0%
- Operating Profit/Loss: €(67) million
SHARE REPURCHASE PROGRAM
On August 20, 2021, Spotify announced a program to repurchase up
to $1.0 billion of its ordinary shares. The repurchase program will
expire on April 21, 2026. In Q4, the company repurchased 300,724
ordinary shares for €59 million under the Share Repurchase program
at a weighted average cost of $222.42 per share. In 2021 the
company repurchased a total of 458,234 ordinary shares for €89
million at a weighted average cost of $222.57 per share.
EARNINGS QUESTION & ANSWER SESSION
We will host a live question and answer session starting at 4:30
p.m. ET today on investors.spotify.com. Daniel Ek, our Founder and
CEO, and Paul Vogel, our Chief Financial Officer, will be on hand
to answer questions submitted through slido.com using the event
code #SpotifyEarningsQ421. Participants also may join using
the listen-only conference line by registering through the
following site:
Direct Event Registration Portal:
https://conferencingportals.com/event/txExvogt
We use investors.spotify.com and newsroom.spotify.com websites
as well as other social media listed in the “Resources – Social
Media” tab of our Investors website to disclose material company
information.
Use of Non-IFRS Measures
To supplement our financial information presented in accordance
with IFRS, we use the following non-IFRS financial measures:
Revenue excluding foreign exchange effect, Premium revenue
excluding foreign exchange effect, Ad-Supported revenue excluding
foreign exchange effect, and Free Cash Flow. Management believes
that Revenue excluding foreign exchange effect, Premium revenue
excluding foreign exchange effect, and Ad-Supported revenue
excluding foreign exchange effect are useful to investors because
they present measures that facilitate comparison to our historical
performance. However, Revenue excluding foreign exchange effect,
Premium revenue excluding foreign exchange effect, and Ad-Supported
revenue excluding foreign exchange effect should be considered in
addition to, not as a substitute for or superior to, Revenue,
Premium revenue, Ad-Supported revenue or other financial measures
prepared in accordance with IFRS. Management believes that Free
Cash Flow is useful to investors because it presents a measure that
approximates the amount of cash generated that is available to
repay debt obligations, to make investments, and for certain other
activities that exclude certain infrequently occurring and/or
non-cash items. However, Free Cash Flow should be considered in
addition to, not as a substitute for or superior to, net cash flows
(used in)/from operating activities or other financial measures
prepared in accordance with IFRS. For more information on these
non-IFRS financial measures, please see “Reconciliation of IFRS to
Non-IFRS Results” table.
Forward Looking Statements
This shareholder letter contains estimates and forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements. The words “may,” “might,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “seek,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “contemplate,” “possible,” and similar words are
intended to identify estimates and forward-looking statements.
Our estimates and forward-looking statements are mainly based on
our current expectations and estimates of future events and trends,
which affect or may affect our businesses and operations. Although
we believe that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to numerous
risks and uncertainties and are made in light of information
currently available to us. Many important factors may adversely
affect our results as indicated in forward-looking statements.
These factors include, but are not limited to: our ability to
attract prospective users, retain existing users, and monetize our
products and services; competition for users, user listening time,
and advertisers; risks associated with our international operations
and our ability to manage our growth; our emphasis on innovation
and long-term user engagement over short-term results; our ability
to predict, recommend, and play content that our users enjoy; our
ability to be profitable or generate positive cash flow on a
sustained basis; our ability to convince advertisers of the
benefits of our advertising offerings; our ability to forecast or
optimize advertising inventory amid emerging industry trends in
digital advertising; our ability to generate revenues from podcasts
and other non-music content; potential disputes or liabilities
associated with content made available on our Service; risks
relating to acquisitions, investments, and strategic alliances; the
impact of the COVID-19 pandemic and other public health crises; our
dependence upon third-party licenses for most of the content we
stream; our lack of control over third-party content providers who
are concentrated and can unilaterally affect our access to content;
our ability to comply with complex license agreements; our ability
to accurately estimate royalty payments under our license
agreements and relevant statutes; the limitations on our operating
flexibility due to financial commitments required under certain of
our license agreements; our ability to identify the compositions
and ownership thereof embodied in sound recordings in order to
obtain licenses or comply with existing license agreements;
assertions by third parties of infringement or other violations by
us of their intellectual property rights; our ability to protect
our intellectual property; the dependence of streaming on operating
systems, online platforms, hardware, networks, regulations, and
standards that we do not control; our ability to maintain user data
security; undetected errors, bugs or vulnerabilities in our
products; interruptions, delays, or discontinuations in service
arising from our systems or systems of third parties; changes in
laws or regulations affecting us; risks relating to privacy and
data security; our ability to maintain, protect, and enhance our
brand; our ability to achieve our net zero emissions target or make
progress in other environmental, social, and governance
initiatives; payment-related risks; our dependence on key personnel
and ability to attract, retain, and motivate highly skilled
employees; our ability to access to capital to support growth;
risks relating to currency exchange rate fluctuations and foreign
exchange controls; the impact of economic, social, or political
conditions; our ability to accurately estimate user metrics and
other estimates; our ability to manage and remediate attempts to
manipulate streams and attempts to gain or provide unauthorized
access to certain features of our Service; risks related to our
Exchangeable Notes; tax-related risks; the concentration of voting
power among our founders, which limits shareholders’ ability to
influence our governance and business; and risks related to our
status as a foreign private issuer and a Luxembourg company. A
detailed discussion of these and other risks and uncertainties that
could cause actual results and events to differ materially from our
estimates and forward-looking statements is included in our filings
with the U.S. Securities and Exchange Commission (“SEC”), including
our Annual Report on Form 20-F filed with the SEC on February 5,
2021, as updated by subsequently filed Annual Reports or reports
for our interim results on Form 6-K. We undertake no obligation to
update forward-looking statements to reflect events or
circumstances occurring after the date of this shareholder
letter.
Rounding
Certain monetary amounts, percentages, and other figures
included in this letter have been subject to rounding adjustments.
The sum of individual metrics may not always equal total amounts
indicated due to rounding.
Consolidated statement of
operations (Unaudited) (in € millions, except share and per
share data)
Three months ended
Twelve months ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Revenue
2,689
2,501
2,168
9,668
7,880
Cost of revenue
1,977
1,833
1,593
7,077
5,865
Gross profit
712
668
575
2,591
2,015
Research and development
253
208
232
912
837
Sales and marketing
340
280
294
1,135
1,029
General and administrative
126
105
118
450
442
719
593
644
2,497
2,308
Operating (loss)/income
(7
)
75
(69
)
94
(293
)
Finance income
20
101
4
246
94
Finance costs
(21
)
(14
)
(114
)
(91
)
(510
)
Finance income/(costs) - net
(1
)
87
(110
)
155
(416
)
(Loss)/income before tax
(8
)
162
(179
)
249
(709
)
Income tax expense/(benefit)
31
160
(54
)
283
(128
)
Net (loss)/income attributable to
owners of the parent
(39
)
2
(125
)
(34
)
(581
)
(Loss)/earnings per share attributable
to owners of the parent
Basic
(0.20
)
0.01
(0.66
)
(0.18
)
(3.10
)
Diluted
(0.21
)
(0.41
)
(0.66
)
(1.03
)
(3.10
)
Weighted-average ordinary shares
outstanding
Basic
191,952,473
191,485,473
189,852,424
191,298,397
187,583,307
Diluted
192,144,654
194,551,862
189,852,424
193,943,455
187,583,307
Consolidated statement of financial
position (Unaudited) (in € millions)
December 31, 2021
December 31, 2020
Assets
Non-current assets
Lease right-of-use assets
437
444
Property and equipment
372
313
Goodwill
894
736
Intangible assets
89
97
Long term investments
916
2,277
Restricted cash and other non-current
assets
77
78
Deferred tax assets
13
15
2,798
3,960
Current assets
Trade and other receivables
621
464
Income tax receivable
5
4
Short term investments
756
596
Cash and cash equivalents
2,744
1,151
Other current assets
246
151
4,372
2,366
Total assets
7,170
6,326
Equity and liabilities
Equity
Share capital
—
—
Other paid in capital
4,746
4,583
Treasury shares
(260
)
(175
)
Other reserves
853
1,687
Accumulated deficit
(3,220
)
(3,290
)
Equity attributable to owners of the
parent
2,119
2,805
Non-current liabilities
Exchangeable Notes
1,202
—
Lease liabilities
579
577
Accrued expenses and other liabilities
37
42
Provisions
7
2
1,825
621
Current liabilities
Trade and other payables
793
638
Income tax payable
23
9
Deferred revenue
458
380
Accrued expenses and other liabilities
1,841
1,748
Provisions
22
20
Derivative liabilities
89
105
3,226
2,900
Total liabilities
5,051
3,521
Total equity and liabilities
7,170
6,326
Consolidated statement of cash
flows (Unaudited) (in € millions)
Three months ended
Twelve months ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Operating activities
Net (loss)/income
(39
)
2
(125
)
(34
)
(581
)
Adjustments to reconcile net (loss)/income
to net cash flows
Depreciation of property and equipment and
lease right-of-use assets
25
24
21
94
86
Amortization of intangible assets
8
9
8
33
25
Share-based compensation expense
50
57
43
223
176
Finance income
(20
)
(101
)
(4
)
(246
)
(94
)
Finance costs
21
14
114
91
510
Income tax expense/(benefit)
31
160
(54
)
283
(128
)
Other
3
(2
)
4
6
7
Changes in working capital:
Increase in trade receivables and other
assets
(63
)
(102
)
(94
)
(245
)
(187
)
Increase in trade and other
liabilities
92
82
182
137
425
Increase/(decrease) in deferred
revenue
17
(4
)
23
67
73
Increase/(decrease) in provisions
8
(2
)
—
5
6
Interest paid on lease liabilities
(13
)
(13
)
(12
)
(50
)
(55
)
Interest received
—
1
1
3
4
Income tax paid
(1
)
(2
)
—
(6
)
(8
)
Net cash flows from operating
activities
119
123
107
361
259
Investing activities
Business combinations, net of cash
acquired
(14
)
—
(194
)
(115
)
(336
)
Purchases of property and equipment
(16
)
(25
)
(35
)
(85
)
(78
)
Purchases of short term investments
(112
)
(161
)
(406
)
(497
)
(1,354
)
Sales and maturities of short term
investments
88
63
505
375
1,421
Proceeds from sale of long term
investment
144
—
—
144
—
Change in restricted cash
—
1
2
1
2
Other
(3
)
1
(4
)
(10
)
(27
)
Net cash flows from/(used in) investing
activities
87
(121
)
(132
)
(187
)
(372
)
Financing activities
Payments of lease liabilities
(10
)
(9
)
(8
)
(35
)
(24
)
Lease incentives received
—
7
7
7
20
Proceeds from exercise of stock
options
64
26
45
167
319
Proceeds from issuance of Exchangeable
Notes, net of costs
—
—
—
1,223
—
Proceeds from issuance of warrants
—
31
—
31
—
Repurchases of ordinary shares
(65
)
(24
)
—
(89
)
—
Payments for employee taxes withheld from
restricted stock unit releases
(14
)
(12
)
(11
)
(54
)
(30
)
Net cash flows (used in)/from financing
activities
(25
)
19
33
1,250
285
Net increase in cash and cash
equivalents
181
21
8
1,424
172
Cash and cash equivalents at beginning of
the period
2,512
2,440
1,182
1,151
1,065
Net foreign exchange gains/(losses) on
cash and cash equivalents
51
51
(39
)
169
(86
)
Cash and cash equivalents at period
end
2,744
2,512
1,151
2,744
1,151
Calculation of basic and diluted
(loss)/earnings per share (Unaudited) (in € millions, except
share and per share data)
Three months ended
Twelve months ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Basic (loss)/earnings per share
Net (loss)/income attributable to owners
of the parent
(39
)
2
(125
)
(34
)
(581
)
Share used in computation:
Weighted-average ordinary shares
outstanding
191,952,473
191,485,473
189,852,424
191,298,397
187,583,307
Basic (loss)/earnings per share
attributable to owners of the parent
(0.20
)
0.01
(0.66
)
(0.18
)
(3.10
)
Diluted loss per share
Net (loss)/income attributable to owners
of the parent
(39
)
2
(125
)
(34
)
(581
)
Fair value gains on dilutive warrants
(2
)
(30
)
—
(53
)
—
Fair value gains on dilutive Exchangeable
Notes
—
(52
)
—
(112
)
—
Net loss used in the computation of
diluted loss per share
(41
)
(80
)
(125
)
(199
)
(581
)
Shares used in computation:
Weighted-average ordinary shares
outstanding
191,952,473
191,485,473
189,852,424
191,298,397
187,583,307
Warrants
192,181
154,889
—
220,137
—
Exchangeable Notes
—
2,911,500
—
2,424,921
—
Diluted weighted-average ordinary
shares
192,144,654
194,551,862
189,852,424
193,943,455
187,583,307
Diluted loss per share attributable to
owners of the parent
(0.21
)
(0.41
)
(0.66
)
(1.03
)
(3.10
)
Reconciliation of IFRS to Non-IFRS
Results (Unaudited) (in € millions, except percentages)
Three months ended
Twelve months ended
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
IFRS revenue
2,689
2,168
9,668
7,880
Foreign exchange effect on 2021 revenue
using 2020 rates
79
(101
)
Revenue excluding foreign exchange
effect
2,610
9,769
IFRS revenue year-over-year change %
24
%
23
%
Revenue excluding foreign exchange effect
year-over-year change %
20
%
24
%
IFRS Premium revenue
2,295
1,887
8,460
7,135
Foreign exchange effect on 2021 Premium
revenue using 2020 rates
62
(80
)
Premium revenue excluding foreign exchange
effect
2,233
8,540
IFRS Premium revenue year-over-year change
%
22
%
19
%
Premium revenue excluding foreign exchange
effect year-over-year change %
18
%
20
%
IFRS Ad-Supported revenue
394
281
1,208
745
Foreign exchange effect on 2021
Ad-Supported revenue using 2020 rates
17
(21
)
Ad-Supported revenue excluding foreign
exchange effect
377
1,229
IFRS Ad-Supported revenue year-over-year
change %
40
%
62
%
Ad-Supported revenue excluding foreign
exchange effect year-over-year change %
34
%
65
%
Free Cash Flow (Unaudited) (in €
millions)
Three months ended
Twelve months ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net cash flows from operating
activities
119
123
107
361
259
Capital expenditures
(16
)
(25
)
(35
)
(85
)
(78
)
Change in restricted cash
—
1
2
1
2
Free Cash Flow
103
99
74
277
183
1Free Cash Flow is a non-IFRS measure. See “Use of Non-IFRS
Measures” and “Reconciliation of IFRS to Non-IFRS Results” for
additional information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220202005417/en/
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