20/264 subscriber and up to five additional sub­accounts, allowing up to six Premium Subscribers per Family Plan subscription. Premium Subscribers includes subscribers who are within a grace period of up to 30 days after failing to pay their subscription fee. ( 6 ) Ad­Supported monthly active users (“Ad­Supported MAUs”) refers to the total count of Ad­Supported Users that have consumed content for greater than zero milliseconds in the last thirty days from the period­end indicated. Reported Ad­Supported MAUs may overstate the number of unique individuals who actively use our Ad­Supported Service within a thirty­day period, as one individual may register for, and use, multiple accounts. Additionally, fraud and unauthorized access to our Service may contribute, from time to time, to an over statement of Ad­Supported MAUs, if undetected. ( 7 ) Average revenue per Premium User (“Premium ARPU”) is a monthly measure defined as Premium revenue recognized in the quarter indicated divided by average daily Premium Subscribers in such quarter, which is then divided by three months. Annual figures are calculated by averaging Premium ARPU for the four quarters in such fiscal year. ( 8 ) Content hours (“Content Hours”) refers to the aggregate number of hours Users spent consuming audio and video content on Spotify for the period indicated. ( 9 ) Premium churn (“Premium Churn”) is a monthly measure defined as Premium Subscriber cancellations in the quarter indicated divided by the average number of daily Premium Subscribers in such quarter, which is then divided by three months. Annual figures are calculated by averaging Premium Churn for the four quarters in such fiscal year. ( 1 0 ) The pro forma column in the consolidated balance sheet data table above reflects the exchange of all the outstanding Convertible Notes into ordinary shares assuming the exchange was consummated on December 31, 2017. See “Summary—Recent Developments—Exchange of Convertible Notes” and Note 2(b) to our consolidated financial statements. 13