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Spotify October 27 , 2021 Dear Shareholders , The business performed very well in the quarter . Nearly all of our major metrics finished better than expected , including MAUS , Revenue , Gross Margin , and Operating Income . Subscriber growth was inline and importantly , ARPU growth increased Y / Y . Additionally , we saw another quarter of significant advertising strength and user engagement metrics across many markets showed encouraging signs of growth . During the quarter , we generated positive Free Cash Flow of € 99 million . SUMMARY USER AND FINANCIAL METRICS USERS ( M ) Total Monthly Active Users ( " MAUS " ) Premium Subscribers Ad - Supported MAUS % Change Q3 2020 Q2 2021 Q3 2021 Y / Y Q / Q 320 365 381 19 % 4 % 144 165 172 19 % 4 % 185 210 220 19 % 5 % FINANCIALS ( ЄM ) Premium Ad - Supported Total Revenue Gross Profit 1,790 2,056 2,178 22 % 6 % 185 275 323 75 % 17 % 1,975 2,331 2,501 27 % 7 % Gross Margin 489 24.8 % 663 668 37 % 1 % 28.4 % 26.7 % -- Operating ( Loss ) / Income ( 40 ) 12 75 Operating Margin ( 2.0 % ) 0.5 % 3.0 % -- Net cash flows from operating activities Free Cash Flow¹ 122 54 123 103 34 99 128 % 191 % 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 . Spotify Technology S.A. 42-44 avenue de la Gare , LU - 1610 Luxembourg 1