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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 8-K
 

 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 20, 2016
 

 
Pandora Media, Inc.
(Exact name of registrant as specified in its charter)
 

 
Delaware
 
001-35198
 
94-3352630
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
2101 Webster Street, Suite 1650
Oakland, CA 94612
(Address of principal executive offices, including zip code)
 
(510) 451-4100
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o                     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o                     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 





Item 2.02                   Results of Operations and Financial Condition.
 
On July 21, 2016, Pandora Media, Inc. (the "Company") issued a press release announcing its financial results for the three month period ended June 30, 2016. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated herein by reference.
 
The information furnished on this Form 8-K, including the exhibit attached, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 5.02                   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)                 On July 20, 2016, Peter Chernin resigned from the Board of Directors (the "Board") of the Company, effective immediately. Mr. Chernin's decision to resign is solely for personal reasons and did not involve any disagreement with the Company, the Company's management or the Board.

Item  9.01                 Financial Statements and Exhibits.
 
(d)                 Exhibits.

Exhibit
No.
 
Exhibit Description
 
 
 
99.1

 
Press Release dated July 21, 2016






SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
 
PANDORA MEDIA, INC.
 
 
 
 
Dated: July 21, 2016
 
By:
/s/ Michael S. Herring
 
 
 
Michael S. Herring
President and Chief Financial Officer







EXHIBIT INDEX
 
Exhibit
No.
 
Exhibit Description
 
 
 
99.1
 
Press Release dated July 21, 2016



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1
 

PANDORA REPORTS Q2 2016 FINANCIAL RESULTS

Q2 2016 total consolidated revenue was $343.0 million, growing 20% year-over-year
Q2 2016 advertising revenue was $265.1 million, growing 15% year-over-year
Q2 2016 ticketing service revenue was $22.8 million, growing approximately 20% year-over-year1 
Q2 2016 total listener hours were 5.66 billion, growing 7% year-over-year
User engagement reached an all-time high of 24 hours per active user per month

OAKLAND, Calif. - July 21, 2016 - Pandora (NYSE: P), the leading Internet radio service, today announced financial results for the second quarter ended June 30, 2016.

“We are making strong progress on Pandora’s transformation into a complete music marketplace,” said Pandora Founder and CEO Tim Westergren. “We made considerable progress on our product development plans while also improving margins sequentially. Pandora plans to deliver a powerfully differentiated music experience to accelerate growth and deliver value to listeners, music makers, advertisers and ultimately shareholders.”

Second Quarter 2016 Financial Results

Revenue: For the second quarter of 2016, total consolidated revenue was $343.0 million, a 20% year-over-year increase. Excluding revenue from ticketing services, total revenue was $320.3 million, an increase of 12% year-over-year. Advertising revenue was $265.1 million, a 15% year-over-year increase. Subscription and other revenue was $55.1 million, a 1% year-over-year increase. Ticketing service revenue was $22.8 million, an approximate 20% year-over-year increase1.

GAAP Net Loss and Adjusted EBITDA: For the second quarter of 2016, GAAP net loss was $76.3 million compared to a net loss of $16.1 million in the same quarter last year, and adjusted EBITDA was a loss of $25.1 million, compared to a profit of $16.3 million in the same quarter last year. For the second quarter of 2016, adjusted EBITDA differs from GAAP net loss in that it excludes $32.4 million in expense from stock-based compensation, $14.4 million of depreciation and amortization expense, $6.0 million of other expense and $1.5 million of benefit from income taxes.

Cash and Investments: For the second quarter of 2016, the Company ended with $311.3 million in cash and investments, compared to $382.5 million at the end of the prior quarter. Cash used in operating activities was $45.5 million for the second quarter of 2016, compared to $9.9 million of cash used by operating activities in the same period of the prior year.

Other Business Metrics

Listener Hours: Total listener hours grew 7% to 5.66 billion for the second quarter of 2016, compared to 5.30 billion for the same period of the prior year.

Active Listeners: Active listeners were 78.1 million at the end of the second quarter of 2016, compared to 79.4 million for the same period of the prior year.

_________________________________________________________
1Ticketfly’s results are included in Pandora’s consolidated financial statements subsequent to the acquisition date of October 31, 2015. Related year-over-year growth rates are calculated based on Ticketfly’s pre-acquisition results.
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Guidance

Based on information available as of July 21, 2016, the Company is providing the following financial guidance:

Third Quarter 2016 Guidance: Revenue is expected to be in the range of $360 million to $370 million. Adjusted EBITDA is expected to be in the range of a loss of $5 million to a profit of $5 million. Adjusted EBITDA differs from GAAP net loss in that it excludes forecasted stock-based compensation expense of approximately $35 million, depreciation and amortization expense of approximately $16 million, a provision for income taxes of approximately $0.5 million and other expense, net of $6 million and assumes minimal cash taxes given our net loss position. Basic shares outstanding for the third quarter 2016 are expected to be approximately 233 million.

Full Year 2016 Guidance: Revenue is expected to be in the range of $1.385 billion to $1.405 billion. Adjusted EBITDA loss is expected to be in the range of $70 million to $50 million. Adjusted EBITDA differs from GAAP net loss in that it excludes forecasted stock-based compensation expense of approximately $142 million, depreciation and amortization expense of approximately $62 million, a benefit from income taxes of approximately $0.3 million and other expense, net of $23 million and assumes minimal cash taxes given our net loss position. Basic shares outstanding for the full year 2016 are expected to be approximately 231 million. We anticipate a non-GAAP effective tax rate between 30-35% for full year 2016.

Board of Directors Update: Pandora also announced today that Peter Chernin concluded his tenure on the company’s board effective July 20, 2016. Chernin served on Pandora’s board since January 2011.

Second Quarter 2016 Financial Results Conference Call: Pandora will host a conference call today at 2 p.m. PT/5 p.m. ET to discuss second quarter 2016 financial results with the investment community. A live webcast of the event will be available on the Pandora Investor Relations website at http://investor.pandora.com. A live domestic dial-in is available at (877) 355-0067 or internationally at (443) 853-1239. A domestic replay will be available at (855) 859-2056 or internationally at (404) 537-3406, using passcode 39740169, and available via webcast until August 4, 2016.

ABOUT PANDORA 
Pandora (NYSE: P) is the world’s most powerful music discovery platform - a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
www.pandora.com | Pandora Blog | Pandora LinkedIn | @PandoraPulse

"Safe harbor" Statement:
This press release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected revenue and adjusted EBITDA. These forward-looking statements are based on Pandora's current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: our operation in an emerging market and our relatively new and evolving business model; our ability to estimate revenue reserves; our ability to increase our listener base and listener hours; our ability to attract and retain advertisers; our ability to generate additional revenue on a cost-effective basis; competitive factors; our ability to continue operating under existing laws and licensing regimes; our ability to enter into and maintain commercially viable direct licenses with record labels for the right to reproduce and publicly perform sound recordings on our service; our ability to establish and maintain relationships with makers of mobile devices, consumer electronic products and automobiles; our ability to manage our growth and geographic expansion; our ability to continue to innovate and keep pace with changes in technology and our

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competitors; our ability to expand our operations to delivery of non-music content; our ability to protect our intellectual property; risks related to service interruptions or security breaches; and general economic conditions worldwide. Further information on these factors and other risks that may affect the business are included in filings with the Securities and Exchange Commission (SEC) from time to time, including under the heading “Risk Factors” in our Annual Report on Form 10-K for the current period.

The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K and Form 10-Q, each as they may be amended from time to time. The Company's results of operations for the current period are not necessarily indicative of the Company's operating results for any future periods.

These documents are available online from the SEC or on the SEC Filings section of the Investor Relations section of our website at investor.pandora.com. Information on our website is not part of this release. All forward-looking statements in this press release are based on information currently available to the Company, which assumes no obligation to update these forward-looking statements in light of new information or future events.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP net income (loss), non-GAAP basic EPS, non-GAAP diluted EPS and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP net income (loss), non-GAAP basic EPS and non-GAAP diluted EPS differ from GAAP in that they exclude stock-based compensation expense, intangible amortization expense and amortization of non-recoupable ticketing contract advances. The income tax effects of non-GAAP net income (loss) before provision for income taxes and the related non-GAAP adjustments have been reflected in non-GAAP net income (loss), non-GAAP basic EPS and non-GAAP diluted EPS.

Stock-based Compensation Expense: consists of expenses for stock options and other awards under our equity incentive plans. Stock-based compensation is included in the following cost and expense line items of our GAAP presentation: cost of revenue - other, cost of revenue - ticketing service, product development, sales and marketing and general and administrative.

Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, management excludes stock-based compensation from our non-GAAP measures for purposes of evaluating our continuing operating performance primarily because it is a non-cash expense not believed by management to be reflective of our core business, ongoing operating results or future outlook. In addition, the value of stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.

Income Tax Effects of Non-GAAP Adjustments: The Company adjusts non-GAAP net income (loss) by considering the income tax effects of its non-GAAP net income (loss) before provision for income taxes and the related non-GAAP adjustments. The Company is currently forecasting a non-GAAP effective tax rate of approximately 30% to 35% for the full year 2016. The Company does not expect to pay significant cash income taxes for the foreseeable future due to its net operating loss position.


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Adjusted EBITDA

Adjusted EBITDA excludes stock-based compensation expense, benefit from (provision for) income taxes, depreciation and intangible amortization expense, amortization of non-recoupable ticketing contract advances and other income (expense).

Benefit from (Provision for) Income Taxes: consists of expense recognized related to U.S. and foreign income taxes. The Company considers its adjusted EBITDA results without these charges when evaluating its ongoing performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Depreciation and Intangible Amortization Expense: consists of non-cash charges that can be affected by the timing and magnitude of business combinations and asset purchases. Depreciation is included in the following cost and expense line items of our GAAP presentation: cost of revenue - other, cost of revenue - ticketing service, product development, sales and marketing and general and administrative. Intangible amortization expense is included in the following cost and expense line items of our GAAP presentation: cost of revenue - ticketing service, product development, sales and marketing and general and administrative. Depreciation and intangible amortization expense also consists of non-cash amortization of non-recoupable amounts paid in advance to the Company’s clients pursuant to ticketing agreements. Amortization of non-recoupable ticketing contract advances is included in the sales and marketing line of our GAAP presentation. Management considers its operating results without intangible amortization expense when evaluating its ongoing non-GAAP performance and without depreciation and intangible amortization expense when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of business combinations, asset purchases and new client agreements and may not be reflective of our core business, ongoing operating results or future outlook.

Management believes these non-GAAP financial measures serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and, when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this earnings release.

###
Contacts:

Dominic Paschel
Corporate Finance & Investor Relations
investor@pandora.com
(510) 842-6960

Will Valentine
Pandora Corporate Communications
press@pandora.com
(510) 842-6996


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Pandora Media, Inc.
Condensed Consolidated  Statements of Operations
(in thousands, except per share amounts)
(unaudited)
 
 
Three months ended 
 June 30,
 
Six months ended 
 June 30,
 
2015
 
2016
 
2015
 
2016
Revenue
 

 
 

 
 
 
 
Advertising
$
230,921

 
$
265,126

 
$
409,660

 
$
485,434

Subscription and other
54,639

 
55,125

 
106,664

 
109,857

Ticketing service

 
22,771

 

 
45,036

Total revenue
285,560

 
343,022

 
516,324

 
640,327

 
 
 
 
 
 
 
 
Cost of revenue
 

 
 

 
 
 
 
Cost of revenue - Content acquisition costs
130,134

 
176,633

 
256,157

 
347,897

Cost of revenue - Other (1)
20,043

 
24,833

 
36,276

 
45,832

Cost of revenue - Ticketing service (1)

 
15,259

 

 
29,905

Total cost of revenue
150,177

 
216,725

 
292,433

 
423,634

Gross profit
135,383

 
126,297

 
223,891

 
216,693

 
 
 
 
 
 
 
 
Operating expenses
 

 
 
 
 
 
 
Product development (1)
18,742

 
33,808

 
34,617

 
69,654

Sales and marketing (1)
94,035

 
123,812

 
178,309

 
241,434

General and administrative (1)
38,812

 
40,562

 
75,566

 
86,858

Total operating expenses
151,589

 
198,182

 
288,492

 
397,946

Loss from operations
(16,206
)
 
(71,885
)
 
(64,601
)
 
(181,253
)
 
 
 
 
 
 
 
 
Interest expense
(124
)
 
(6,247
)
 
(255
)
 
(12,422
)
Other income, net
380

 
255

 
708

 
1,117

Total other income (expense), net
256

 
(5,992
)
 
453

 
(11,305
)
Loss before benefit from (provision for) income taxes
(15,950
)
 
(77,877
)
 
(64,148
)
 
(192,558
)
 
 
 
 
 
 
 
 
Benefit from (provision for) income taxes
(115
)
 
1,544

 
(174
)
 
1,123

Net loss
$
(16,065
)
 
$
(76,333
)
 
$
(64,322
)
 
$
(191,435
)
 
 
 
 
 
 
 
 
Basic and diluted net loss per share
$
(0.08
)
 
$
(0.33
)
 
$
(0.31
)
 
$
(0.84
)
Weighted-average basic and diluted shares
211,742

 
229,745

 
210,840

 
228,202

 
(1) Includes stock-based compensation expense as follows:
 
 
Three months ended 
 June 30,
 
Six months ended 
 June 30,
 
2015
 
2016
 
2015
 
2016
Cost of revenue - Other
$
1,406

 
$
1,544

 
$
2,613

 
$
3,021

Cost of revenue - Ticketing service

 
67

 

 
127

Product development
5,354

 
7,243

 
9,959

 
15,744

Sales and marketing
13,327

 
15,128

 
24,671

 
28,741

General and administrative
7,397

 
8,450

 
13,436

 
23,454

Total stock-based compensation expense
$
27,484

 
$
32,432

 
$
50,679

 
$
71,087





Pandora Media, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
  
 
As of December 31,
 
As of June 30,
 
2015
 
2016
 
(audited)
 
(unaudited)
Assets
 
 
 
Current assets
 

 
 

Cash and cash equivalents
$
334,667

 
$
238,367

Short-term investments
35,844

 
54,800

Accounts receivable, net
277,075

 
263,654

Prepaid expenses and other current assets
35,920

 
43,286

Total current assets
683,506

 
600,107

 
 
 
 
Long-term investments
46,369

 
18,153

Property and equipment, net
66,370

 
102,016

Goodwill
303,875

 
306,715

Intangible assets, net
110,745

 
100,705

Other long-term assets
29,792

 
31,478

Total assets
$
1,240,657

 
$
1,159,174

 
 
 
 
Liabilities and stockholders’ equity
 

 
 

Current liabilities
 

 
 

Accounts payable
$
17,897

 
$
6,132

Accrued liabilities
37,185

 
29,723

Accrued royalties
97,390

 
123,583

Deferred revenue
19,939

 
28,751

Accrued compensation
43,788

 
48,971

Other current liabilities
15,632

 
17,432

Total current liabilities
231,831

 
254,592

 
 
 
 
Long-term debt, net
234,577

 
243,483

Other long-term liabilities
30,862

 
32,804

Total liabilities
497,270

 
530,879

 
 
 
 
Stockholders’ equity
 

 
 

Common stock
23

 
23

Additional paid-in capital
1,110,539

 
1,186,777

Accumulated deficit
(366,658
)
 
(558,093
)
Accumulated other comprehensive loss
(517
)
 
(412
)
Total stockholders’ equity
743,387

 
628,295

Total liabilities and stockholders’ equity
$
1,240,657

 
$
1,159,174






Pandora Media, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
 
Three months ended 
 June 30,
 
Six months ended 
 June 30,
 
2015
 
2016
 
2015
 
2016
Operating Activities
 

 
 

 
 
 
 
Net loss
$
(16,065
)
 
$
(76,333
)
 
$
(64,322
)
 
$
(191,435
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
 
 
 
 
 

 
 

Depreciation and amortization
5,025

 
14,360

 
9,365

 
27,637

Stock-based compensation
27,484

 
32,432

 
50,679

 
71,087

Amortization of premium on investments, net
610

 
107

 
1,229

 
247

Other operating activities
110

 
579

 
944

 
1,474

Amortization of debt discount

 
4,504

 

 
8,938

Changes in operating assets and liabilities
 
 
 
 
 

 
 
Accounts receivable
(45,305
)
 
(26,375
)
 
(16,123
)
 
12,139

Prepaid expenses and other assets
2,972

 
3,602

 
(2,104
)
 
(16,140
)
Accounts payable, accrued and other current liabilities
3,872

 
(13,942
)
 
11,959

 
(17,409
)
Accrued royalties
801

 
12,025

 
7,697

 
26,177

Accrued compensation
10,287

 
2,900

 
5,897

 
5,497

Other long-term liabilities
(70
)
 
(658
)
 
(1,596
)
 
1

Deferred revenue
357

 
1,172

 
12,685

 
8,812

Reimbursement of cost of leasehold improvements

 
153

 
749

 
4,397

Net cash provided by (used in) operating activities
(9,922
)
 
(45,474
)
 
17,059

 
(58,578
)
 
 
 
 
 
 
 
 
Investing Activities
 

 
 

 
 
 
 
Purchases of property and equipment
(10,239
)
 
(20,193
)
 
(14,578
)
 
(34,564
)
Internal-use software costs
(1,777
)
 
(7,133
)
 
(3,369
)
 
(14,310
)
Changes in restricted cash

 
(250
)
 

 
(250
)
Purchases of investments
(54,751
)
 
(6,098
)
 
(111,541
)
 
(11,091
)
Proceeds from maturities of investments
53,630

 
11,675

 
132,119

 
20,007

Proceeds from sales of investments
3,022

 
500

 
3,662

 
500

Payments related to acquisition, net of cash acquired
(200
)
 

 
(200
)
 
(676
)
Net cash provided by (used in) investing activities
(10,315
)
 
(21,499
)
 
6,093

 
(40,384
)
 
 
 
 
 
 
 
 
Financing activities
 

 
 

 
 
 
 
Proceeds from employee stock purchase plan
1,656

 
2,150

 
3,275

 
3,837

Proceeds from exercise of stock options
1,768

 
1,353

 
2,862

 
1,873

Payment of debt issuance costs

 
(32
)
 

 
(32
)
Tax payments from net share settlements of restricted stock units
(19
)
 
(1,467
)
 
(907
)
 
(2,761
)
Net cash provided by financing activities
3,405

 
2,004

 
5,230

 
2,917

 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(79
)
 
(118
)
 
(236
)
 
(255
)
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(16,911
)
 
(65,087
)
 
28,146

 
(96,300
)
Cash and cash equivalents at beginning of period
221,014

 
303,454

 
175,957

 
334,667

Cash and cash equivalents at end of period
$
204,103

 
$
238,367

 
$
204,103

 
$
238,367






Pandora Media, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
(unaudited)
 
 
Three months ended 
 June 30,
 
Six months ended 
 June 30,
 
2015
 
2016
 
2015
 
2016
Gross profit
 

 
 

 
 
 
 
GAAP gross profit
$
135,383

 
$
126,297

 
$
223,891

 
$
216,693

Stock-based compensation: Cost of revenue - Other
1,406

 
1,544

 
2,613

 
3,021

Stock-based compensation: Cost of revenue - Ticketing service

 
67

 

 
127

Amortization of intangibles - Cost of revenue - Ticketing service

 
1,419

 

 
2,836

Non-GAAP gross profit
$
136,789

 
$
129,327

 
$
226,504

 
$
222,677

 
 
 
 
 
 
 
 
Net loss
 

 
 

 
 
 
 
GAAP net loss
$
(16,065
)
 
$
(76,333
)
 
$
(64,322
)
 
$
(191,435
)
Amortization of intangibles
183

 
5,138

 
366

 
10,271

Amortization of non-recoupable ticketing contract advances

 
1,280

 

 
2,442

Stock-based compensation
27,484

 
32,432

 
50,679

 
71,087

Income tax effects of non-GAAP net loss before provision for income taxes and the related non-GAAP adjustments

 
10,700

 

 
35,636

Non-GAAP net income (loss)
$
11,602

 
$
(26,783
)
 
$
(13,277
)
 
$
(71,999
)
 
 
 
 
 
 
 
 
Non-GAAP EPS - basic
$
0.05

 
$
(0.12
)
 
$
(0.06
)
 
$
(0.32
)
Non-GAAP EPS - diluted
$
0.05

 
$
(0.12
)
 
$
(0.06
)
 
$
(0.32
)
 
 
 
 
 
 
 
 
Weighted average basic shares
211,742

 
229,745

 
210,840

 
228,202

Weighted average diluted shares
221,260

 
229,745

 
210,840

 
228,202

 
 
 
 
 
 
 
 
Adjusted EBITDA
 

 
 

 
 
 
 
GAAP net loss
$
(16,065
)
 
$
(76,333
)
 
$
(64,322
)
 
$
(191,435
)
Depreciation and amortization
5,025

 
14,360

 
9,365

 
27,637

Stock-based compensation
27,484

 
32,432

 
50,679

 
71,087

Other expense (income), net
(256
)
 
5,992

 
(453
)
 
11,305

Provision for (benefit from) income taxes
115

 
(1,544
)
 
174

 
(1,123
)
Adjusted EBITDA
$
16,303

 
$
(25,093
)
 
$
(4,557
)
 
$
(82,529
)
 
 






Pandora Media, Inc.
RPM and LPM History
(unaudited)

 
Three months ended June 30,
 
Six months ended June 30,
 
2015
 
2016
 
2015
 
2016
 
RPM
 
LPM
 
RPM
 
LPM
 
RPM
 
LPM
 
RPM
 
LPM
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
Advertising
$
49.94

 
$
22.54

 
$
53.34

 
$
30.65

 
$
44.09

 
$
22.13

 
$
49.46

 
$
30.56

Subscription
81.15

 
38.49

 
79.79

 
35.30

 
81.60

 
38.68

 
80.62

 
35.24

Total
$
53.91

 
$
24.57

 
$
56.56

 
$
31.21

 
$
48.72

 
$
24.17

 
$
53.25

 
$
31.13



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