PANDORA REPORTS Q4 and FULL YEAR 2016 FINANCIAL RESULTS
Q4 2016 Ad RPMs were $67.43, growing 18% year-over-year
Full year 2016 Ad RPMs were $55.94, growing 11% year-over-year
Q4 2016 total revenue was $392.6 million, growing 17% year-over-year
Full year 2016 total revenue was $1.385 billion, growing 19% year-over-year
Q4 2016 advertising revenue was $313.3 million, growing 16% year-over-year
Full year 2016 advertising revenue was $1.072 billion, growing 15% year-over-year
Q4 2016 ticketing service revenue was $19.4 million, growing approximately 20% year-over-year
Full year 2016 ticketing service revenue was $86.6 million, growing approximately 25% year-over-year
OAKLAND, Calif. - February 9, 2017 - Pandora (NYSE: P), the world’s most powerful music discovery platform, today announced financial results for the fourth quarter and full year ended December 31, 2016.
"We made significant progress in 2016 by driving leverage in our core business while accelerating subscriptions to our paid product," said Tim Westergren, founder and CEO of Pandora. "We enter 2017 laser-focused on the growth of our ad-supported business, the launch and growth of our subscription products, and an artist-to-fan platform to drive listener engagement and ticket sales. These three strategic pillars operate in harmony to create mutually reinforcing revenue streams across a large and growing addressable market."
Fourth Quarter 2016 Financial Results
Revenue: For the fourth quarter of 2016, consolidated total revenue was $392.6 million, a 17% year-over-year increase. Advertising revenue was $313.3 million, a 16% year-over-year increase. Subscription and other revenue was $59.8 million, a 5% year-over-year increase. Ticketing service revenue was $19.4 million, growing approximately 20% year-over-year.1
GAAP Net Loss and Adjusted EBITDA: For the fourth quarter of 2016, GAAP net loss was $90.0 million compared to a net loss of $19.4 million in the same quarter last year, and adjusted EBITDA was a loss of $30.4 million, compared to a profit of $24.8 million in the same quarter last year. For the fourth quarter of 2016, adjusted EBITDA differs from GAAP net loss in that it excludes $34.6 million in expense from stock-based compensation, $17.3 million of depreciation and amortization expense, $7.2 million of other expense and $0.5 million of provision for income taxes.
Average Revenue Per Paid Subscriber ("ARPU") and Licensing Costs Per Paid Subscriber ("LPU"): For the fourth quarter of 2016, subscription ARPU was $4.73 and subscription LPU was $3.12. Beginning with the fourth quarter of 2016, subscription ARPU and LPU are new metrics that replace subscription RPM and LPM.
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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The following information was filed by Pandora Media, Inc. (P) on Thursday, February 9, 2017 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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Ticker: P CIK: 1230276 Form Type:10-K Annual Report Accession Number: 0001230276-17-000011 Submitted to the SEC: Wed Feb 15 2017 8:43:46 PM EST Accepted by the SEC: Thu Feb 16 2017 Period: Saturday, December 31, 2016 Industry: Radio Broadcasting Stations