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May 05, 2015 8:30 PM ET

Internet Software and Services

Company Overview of Pandora Media, Inc.

Company Overview

Pandora Media, Inc. provides Internet radio services in the United States. The company allows listeners to create up to 100 personalized stations to access free music and comedy catalogs, as well as offers Pandora One, a paid subscription service to listeners. It also sells audio, display, and video advertising to advertisers for delivery on computer, mobile, and other connected device platforms. As of December 31, 2014, the company had approximately 250 million registered users; and 81.5 million active users. Pandora Media, Inc. was founded in 2000 and is headquartered in Oakland, California.

2101 Webster Street

Suite 1650

Oakland, CA 94612

United States

Founded in 2000

1,414 Employees

Phone:

510-451-4100

Fax:

510-451-4286

Key Executives for Pandora Media, Inc.

Chairman, Chief Executive Officer and President
Age: 55
Total Annual Compensation: $955.0K
Chief Financial Officer and Executive Vice President
Age: 45
Total Annual Compensation: $564.3K
Chief Strategy Officer
Age: 42
Total Annual Compensation: $457.5K
Chief Revenue Officer
Age: 50
Total Annual Compensation: $450.0K
Chief Product Officer
Age: 39
Total Annual Compensation: $162.9K
Compensation as of Fiscal Year 2014.

Pandora Media, Inc. Key Developments

Pandora Media, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter of 2015 and Full Year 2015

Pandora Media, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $230,764,000 compared to $194,315,000 a year ago. Loss from operations was $48,395,000 compared to $28,995,000 a year ago. Loss before provision for income taxes was $48,198,000 compared to $28,903,000 a year ago. Net loss was $48,257,000 or $0.14 basic and diluted per share compared to $28,931,000 or $0.23 basic and diluted per share a year ago. Net cash provided by operating activities was $26,982,000 compared to net cash used in operating activities of $2,122,000 a year ago. Purchases of property and equipment were $5,931,000 compared to $11,887,000 a year ago. Non-GAAP net loss was $24,879,000 or $0.12 basic and diluted per share compared to $25,543,000 or $0.13 basic and diluted per share a year ago. Adjusted LBITDA was $20,860,000 compared to $22,443,000 a year ago. For the second quarter of 2015, the company reported revenue is expected to be in the range of $280 million to $285 million. Adjusted EBITDA is expected to be in the range of $8 million to $13 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately $31 million and forecasted depreciation and amortization expense of approximately $5 million and assumes minimal provision for income taxes given net loss position. Diluted shares outstanding for the second quarter 2015 are expected to be approximately 219 million. For the full year 2015, the company reported revenue is expected to be in the range of $1.16 billion to $1.18 billion. Adjusted EBITDA is expected to be in the range of $75 million to $85 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately $122 million and forecasted depreciation and amortization expense of approximately $23 million and assumes minimal provision for income taxes given net loss position. Diluted shares outstanding for the full year 2015 are expected to be approximately 221 million. For the full year 2015, the company is currently, forecasting a non-GAAP tax rate of approximately 30% to 35% to be used when calculating non-GAAP net income and non-GAAP EPS.

Pandora Announces Board Appointments

Pandora announced that Tim Leiweke has been elected and Roger Faxon has been nominated for election to the company's board of directors. Leiweke currently serves as CEO of Maple Leaf Sports & Entertainment. Faxon currently owns and leads A&R Investments. Faxon also serves on the boards of ITV PLC, The Songwriters Hall of Fame, The John Hopkins University, and is on the Council of The Brookings Institution. Leiweke's election is effective immediately, while Faxon is being nominated for election at the upcoming annual meeting of stockholders on June 4, 2015.

Pandora Media, Inc. to Report Q1, 2015 Results on Apr 23, 2015

Pandora Media, Inc. announced that they will report Q1, 2015 results After-Market on Apr 23, 2015

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