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July 27, 2015 9:54 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: 56
Total Annual Compensation: $955.0K
Chief Financial Officer and Executive Vice President
Age: 46
Total Annual Compensation: $564.3K
Chief Strategy Officer
Age: 43
Total Annual Compensation: $457.5K
Chief Revenue Officer
Age: 51
Total Annual Compensation: $450.0K
Chief Product Officer
Age: 40
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 Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year of 2015

Pandora Media, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of USD 285.560 million compared to USD 218.894 million a year ago. Loss from operations was USD 16.206 million compared to USD 11.729 million a year ago. Loss before provision for income taxes was USD 15.950 million compared to USD 11.629 million a year ago. Net loss was USD 16.065 million compared to USD 11.728 million a year ago. Basic and diluted net loss per share was USD 0.08 compared to USD 0.06 a year ago. Net cash used in operating activities was USD 9.923 million compared to USD 7.130 million a year ago. Purchase of property and equipment was USD 12.016 million compared to USD 4.537 million a year ago. Purchase of investments was USD 54.751 million compared to USD 78.533 million a year ago. Non-GAAP net income was USD 11.602 million compared to USD 9.067 million a year ago. Basic and diluted non GAAP EPS was USD 0.05 compared to USD 0.04 a year ago. Adjusted EBITDA was USD 16.303 million compared to USD 12.647 million a year ago. For the six months, the company reported total revenues of USD 516.324 million compared to USD 413.209 million a year ago. Loss from operations was USD 64.601 million compared to USD 40.724 million a year ago. Loss before provision for income taxes was USD 64.148 million compared to USD 40.532 million a year ago. Net loss was USD 64.322 million compared to USD 40.659 million a year ago. Basic and diluted net loss per share was USD 0.31 compared to USD 0.20 a year ago. Net cash provided by operating activities was USD 17.059 million compared to net cash used in operating activities of USD 9.252 million a year ago. Purchase of property and equipment was USD 17.947 million compared to USD 16.424 million a year ago. Purchase of investments was USD 111.541 million compared to USD 194.122 million a year ago. Non-GAAP net loss was USD 13.277 million compared to USD 16.476 million a year ago. Basic and diluted non GAAP LPS was USD 0.06 compared to USD 0.08 a year ago. Adjusted LBITDA was USD 4.557 million compared to USD 9.796 million a year ago. For the third quarter 2015 revenue is expected to be in the range of USD 310 million to USD 315 million. Adjusted EBITDA is expected to be in the range of USD 25 million to USD 30 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately USD 30 million and forecasted depreciation and amortization expense of approximately USD 6 million and assumes minimal provision for income taxes given to the company’s net loss position. The Company is currently forecasting a non-GAAP effective tax rate of approximately 1% to 7% for the third quarter 2015. For the full year revenue is expected to be in the range of USD 1.175 billion to USD 1.185 billion. Adjusted EBITDA is expected to be in the range of USD 75 million to USD 85 million. Adjusted EBITDA excludes forecasted stock-based compensation expense of approximately USD 112 million and forecasted depreciation and amortization expense of approximately USD 22 million and assumes minimal provision for income taxes given to the company’s net loss position. The Company is currently forecasting a non-GAAP effective tax rate of approximately 30% to 35% for the full year 2015.

Pandora and Toyota Team Up to Bring Music to Australian Cars

Pandora announced the integration of its streaming radio app into new models from car manufacturer Toyota. The deal with Toyota enables Pandora to significantly grow its market share for in-car music streaming. As a result, Pandora will now be integrated into selected models from nearly two thirds of all new vehicles shipped in Australia. Starting July, models equipped with Toyota Link will be able to stream Pandora via their smartphones. Once the phone is connected to the vehicle via Bluetooth, a listener's Pandora account is then replicated from the handset to the cars head-unit.

Pandora Media, Inc., Q2 2015 Earnings Call, Jul 23, 2015

Pandora Media, Inc., Q2 2015 Earnings Call, Jul 23, 2015

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