v3.25.0.1
Consolidated statement of cash flows - EUR (€)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income/(loss) € 1,138,000,000 € (532,000,000) € (430,000,000)
Adjustments to reconcile net income/(loss) to net cash flows      
Depreciation of property and equipment and lease right-of-use assets 85,000,000 110,000,000 118,000,000
Amortization of intangible assets 36,000,000 48,000,000 53,000,000
Excess and obsolete reserve 0 0 14,000,000
Impairment charges on real estate assets 43,000,000 123,000,000 0
Write-off of content assets 0 29,000,000 0
Share-based compensation expense 267,000,000 321,000,000 381,000,000
Finance income (328,000,000) (161,000,000) (421,000,000)
Finance costs 352,000,000 220,000,000 132,000,000
Income tax expense 203,000,000 27,000,000 60,000,000
Other 2,000,000 1,000,000 7,000,000
Changes in working capital:      
Decrease/(increase) in trade receivables and other assets 145,000,000 (145,000,000) (84,000,000)
Increase in trade and other liabilities 183,000,000 501,000,000 226,000,000
Increase in deferred revenue 45,000,000 113,000,000 52,000,000
Increase/(decrease) in provisions 3,000,000 (5,000,000) (3,000,000)
Interest paid on lease liabilities (36,000,000) (38,000,000) (53,000,000)
Interest received 216,000,000 111,000,000 37,000,000
Income tax paid (53,000,000) (43,000,000) (43,000,000)
Net cash flows from operating activities 2,301,000,000 680,000,000 46,000,000
Investing activities      
Business combinations, net of cash acquired 0 0 (295,000,000)
Payment of deferred consideration pertaining to business combinations (10,000,000) (7,000,000) (11,000,000)
Purchases of property and equipment (17,000,000) (6,000,000) (25,000,000)
Purchases of short term investments (7,275,000,000) (1,590,000,000) (457,000,000)
Sales and maturities of short term investments 5,804,000,000 1,379,000,000 368,000,000
Change in restricted cash 1,000,000 4,000,000 0
Dividends received 19,000,000 0 0
Other (8,000,000) 3,000,000 (3,000,000)
Net cash flows used in investing activities (1,486,000,000) (217,000,000) (423,000,000)
Financing activities      
Payments of lease liabilities (69,000,000) (66,000,000) (43,000,000)
Lease incentives received 0 2,000,000 2,000,000
Repurchases of ordinary shares 0 0 (2,000,000)
Proceeds from exercise of stock options 933,000,000 366,000,000 43,000,000
Payments for employee taxes withheld from restricted stock unit releases (135,000,000) (68,000,000) (40,000,000)
Net cash flows from/(used in) financing activities 729,000,000 234,000,000 (40,000,000)
Net increase/(decrease) in cash and cash equivalents 1,544,000,000 697,000,000 (417,000,000)
Cash and cash equivalents at January 1 3,114,000,000 2,483,000,000 2,744,000,000
Net foreign exchange gains/(losses) on cash and cash equivalents 123,000,000 (66,000,000) 156,000,000
Cash and cash equivalents at December 31 4,781,000,000 3,114,000,000 2,483,000,000
Non-cash investing and financing activities      
Recognition of lease right-of-use asset in exchange for lease liabilities 25,000,000 22,000,000 20,000,000
Real estate assets disposed of in exchange for finance lease receivables 62,000,000 0 0
Purchases of property and equipment in trade and other liabilities 2,000,000 6,000,000 5,000,000
Employee taxes withheld from restricted stock unit releases in trade and other liabilities 2,000,000 3,000,000 0
Issuance of ordinary shares upon net settlement of warrants € 36,000,000 € 0 € 0