Pandora Media, Inc. (P) 10-K Annual Report February 2015


•	Full year 2014 total GAAP and non-GAAP mobile revenue was $712.0 million and $699.1 million, growing 58% and 52%, now 77% of total GAAP and non-GAAP revenue


•	Q4 2014 local advertising revenue was $49.9 million, growing 90% year-over-year


•	Full year 2014 local advertising revenue was $152.9 million, growing 155% year-over-year


•	Mobile monetization reached record highs across all dimensions of Pandora’s business


•	Year-end 2014 active listeners were a record 81.5 million, growing 7% year-over-year


•	Full year 2014 total listener hours were 20.03 billion, growing 20% year-over-year

OAKLAND, Calif. - February 5, 2015 - Pandora (NYSE: P), the leading Internet radio service, today announced financial results for the fourth quarter and full year ended December 31, 2014.

“We end 2014 in a very good position, with stronger relationships across the music community, record monetization metrics and highly engaged users,” stated Brian McAndrews Chairman, President and CEO of Pandora. “We’re looking forward to an exciting and productive 2015. We have spent the past two years building our monetization capabilities and infrastructure to a point where we are driving healthy gross margins and are cash flow positive. 2015 will be a year in which we optimize Pandora’s potential for long-term growth. We enter the year with energy and focus on what comes next -further migrating radio budgets from terrestrial to digital, defining the future of mobile marketing and advancing Pandora’s leading role in the future of the music industry.”

Fourth Quarter 2014 Financial Results

Revenue: For the fourth quarter of 2014, total revenue was $268.0 million, a 33% year-over-year increase on a non-GAAP basis¹. Advertising revenue was $220.1 million, a 36% year-over-year increase. Subscription and other revenue was $47.9 million, a 24% year-over-year increase on a non-GAAP basis.

Adjusted EBITDA: For the fourth quarter of 2014, adjusted EBITDA was $43.8 million, a 68% year-over-year increase. Adjusted EBITDA excludes $26.9 million in expense from stock-based compensation, $4.2 million of depreciation and amortization expense, $0.4 million of provision for income taxes and $0.1 million of other income.

EPS: For the fourth quarter of 2014, GAAP basic and diluted EPS was $0.06. Non-GAAP basic and diluted EPS were $0.19 and $0.18, both excluding $26.9 million in expense from stock-based compensation and $0.2 million in amortization of intangible assets. GAAP and non-GAAP basic EPS were based on 208.4 million weighted average shares outstanding and GAAP and non-GAAP diluted EPS were based on 217.6 million weighted average shares outstanding.

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¹ Prior to the first quarter of 2014, the Company recognized revenue on a non-GAAP basis from a subscription return reserve, which consisted of revenue that was deferred on a GAAP basis because the Company had limited operating history with certain mobile subscription refund rights. The Company was required to defer all revenue until the refund rights lapsed or until it developed sufficient operating history to estimate a reserve. In periods prior to the first quarter of 2014, the subscription return reserve was excluded from the subscription and other revenue line of our GAAP presentation and included in this line of our non-GAAP presentation. In the first quarter of 2014, the Company established sufficient operating history to estimate a reserve for these mobile subscription refund rights. As such, the GAAP revenue results for the first quarter of 2014 included a one-time reversal of substantially all of the deferred revenue related to the subscription return reserve. This reversal was excluded from non-GAAP revenue.

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The following information was filed by Pandora Media, Inc. (P) on Thursday, February 5, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Material Contracts, Statements, Certifications & more

Pandora Media, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.10K: Material Contract

Exhibit 23.01: Consents Of Experts And Counsel

Exhibit 31.01: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.02: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.01: Section 1350 Certification

Ticker: P
CIK: 1230276
Form Type: 10-K Annual Report
Accession Number: 0001230276-15-000005
Submitted to the SEC: Wed Feb 11 2015 4:59:46 PM EST
Accepted by the SEC: Wed Feb 11 2015
Period: Wednesday, December 31, 2014
Industry: Radio Broadcasting Stations

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Pandora Media, Inc. (P) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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