Pandora revenue was $1.47 b in FY, 2017 which is a 5.9% year over year increase from the previous period.

## Founding Date | 2000 |

## Total Funding | $750.4 m |

## Investors | GGV Capital, Pinnacle Ventures, Hearst Ventures, W Capital Partners, Greylock Partners, Allen & Company, Crosslink Capital, Slow Ventures, Robert Kavner, Walden Venture Capital, Labrador Ventures, Peter Gotcher, Selby Venture Partners, King Street Partners, Piper Jaffray, Piper Jaffray Private Capital Group, Kelly Perdew, Orrick Venture Fund, KKR & Co. (Kohlberg Kravis Roberts & Co.), Bay Area Equity Fund, MediaWin & Partners, Sirius XM Radio, Larry Kubal |

In total, Pandora had raised $750.4 m. Pandora is a subsidiary of Sirius XM

Pandora revenue breakdown by business segment: 73.3% from Advertising, 21.5% from Subscription and other and 5.2% from Ticketing service

Pandora revenue breakdown by geographic segment: 99.3% from United States and 0.7% from Other

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 920.8m | 1.2b | 1.4b | 1.5b |

| 26% | 19% | 6% | |

## Cost of goods sold | 508.0k | 697.3k | 894.9m | 967.1m |

## Gross profit | 920.3m | 1.2b | 489.9m | 499.7m |

| 100% | 100% | 35% | 34% |

## Sales and marketing expense | 277.3m | 398.2m | 491.5m | 492.5m |

## R&D expense | 53.2m | 84.6m | 141.6m | 154.3m |

## General and administrative expense | 112.4m | 153.9m | 175.6m | 190.7m |

## Operating expense total | 442.9m | 636.7m | 808.7m | 992.6m |

## EBIT | (30.1m) | (170.0m) | (318.8m) | (492.9m) |

| (3%) | (15%) | (23%) | (34%) |

## Interest expense | 2.0m | 26.1m | 29.3m | |

## Pre tax profit | (29.8m) | (171.2m) | (343.2m) | (519.2m) |

## Income tax expense | 584.0k | (1.5m) | (228.0k) | (790.0k) |

## Net Income | (30.4m) | (169.7m) | (343.0m) | (518.4m) |

USD | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|---|

## Cash | 44.1m | 245.8m | 176.0m | 334.7m | 199.9m | 499.6m |

## Accounts Receivable | 66.7m | 218.4m | 277.1m | 309.3m | 336.4m | |

## Prepaid Expenses | 2.8m | 15.4m | 35.9m | 33.2m | 19.2m | |

## Current Assets | 160.1m | 518.8m | 588.4m | 683.5k | 625.8m | 912.2m |

## PP&E | 15.6m | 35.2m | 42.9m | 66.4m | 124.1m | 116.7m |

## Goodwill | 30.4m | 306.7m | 71.2m | |||

## Total Assets | 178.0m | 673.3m | 749.3m | 1.2b | 1.2b | 1.2b |

## Accounts Payable | 2.1m | 14.4m | 10.8m | 17.9m | 15.2m | 14.9m |

## Current Liabilities | 70.9m | 156.0m | 149.2m | 231.8m | 254.1m | 226.3m |

## Long-term debt | 234.6m | 342.2m | 273.0m | |||

## Total Debt | 234.6m | 342.2m | 273.0m | |||

## Total Liabilities | 73.5m | 165.1m | 16.6m | 497.3m | 630.6m | 522.8m |

## Common Stock | 16.0k | 23.0k | 24.0k | 24.0k | 25.0k | |

## Additional Paid-in Capital | 206.0m | 675.1m | 781.0m | 1.1b | 1.3b | 1.4b |

## Retained Earnings | (101.4m) | (166.6m) | (197.0m) | (366.7m) | (709.6m) | (1.3b) |

## Total Equity | 104.5m | 508.2m | 583.4m | (743.4m) | 554.3m | 152.7m |

## Debt to Equity Ratio | -0.3 x | 0.6 x | 1.8 x | |||

## Debt to Assets Ratio | 0.2 x | 0.3 x | 0.2 x | |||

## Financial Leverage | 1.7 x | 1.3 x | 1.3 x | -1.6 x | 2.1 x | 7.6 x |

USD | Q2, 2012 | Q3, 2012 | Q1, 2013 | Q2, 2013 | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 95.3m | 53.9m | 44.7m | 49.5m | 57.7m | 55.4m | 53.6m | 221.0m | 204.1m | 243.0m | 303.5m | 238.4m | 207.7m | 170.9m | 209.6m | 493.2m | 454.9m | 293.0m | 287.5m |

## Accounts Receivable | 51.4m | 60.2m | 70.5m | 80.4m | 97.9m | 105.3m | 122.9m | 188.5m | 233.7m | 262.9m | 237.8m | 263.7m | 282.8m | 162.9m | 288.3m | 312.3m | 269.6m | 339.6m | 373.4m |

## Prepaid Expenses | 4.2m | 2.5m | 3.2m | 3.6m | 4.4m | 6.2m | 7.1m | 19.4m | 16.7m | 17.2m | 48.2m | 43.3m | 34.2m | 29.4m | 18.2m | 20.3m | 20.1m | 21.8m | 25.7m |

## Current Assets | 150.9m | 153.5m | 154.4m | 166.2m | 182.8m | 186.9m | 198.9m | 589.5m | 622.8m | 643.7m | 635.2m | 600.1m | 677.3m | 543.9m | 801.9m | 912.2m | 870.0m | 806.6m | 819.0m |

## PP&E | 12.3m | 14.4m | 15.2m | 16.1m | 16.4m | 20.9m | 23.3m | 46.7m | 54.7m | 56.4m | 81.4m | 102.0m | 118.5m | 128.8m | 120.8m | 117.7m | 114.5m | 110.6m | 107.8m |

## Goodwill | 407.0k | 23.1m | 304.8m | 306.7m | 306.7m | 306.4m | 71.2m | 71.2m | 71.2m | 178.9m | 178.9m | ||||||||

## Total Assets | 165.2m | 169.9m | 171.9m | 184.5m | 201.8m | 210.1m | 235.4m | 749.9m | 780.4m | 820.7m | 1.2b | 1.2b | 1.2b | 1.1b | 1.0b | 1.2b | 1.1b | 1.2b | 1.2b |

## Accounts Payable | 2.1m | 2.1m | 1.6m | 3.5m | 3.6m | 7.5m | 7.1m | 14.9m | 16.4m | 20.1m | 9.9m | 6.1m | 14.0m | 21.2m | 12.8m | 8.4m | 15.8m | 17.7m | 28.4m |

## Current Liabilities | 58.5m | 59.8m | 76.6m | 87.0m | 93.0m | 125.1m | 133.6m | 172.0m | 189.7m | 279.8m | 251.4m | 254.6m | 259.0m | 254.1m | 265.8m | 218.2m | 240.3m | 295.2m | 326.0m |

## Long-term debt | 10.0m | 239.0m | 243.5m | 337.4m | 347.2m | 352.2m | 267.4m | 278.4m | 250.3m | 255.3m | |||||||||

## Total Debt | 10.0m | 239.0m | 243.5m | 337.4m | 347.2m | 352.2m | 267.4m | 278.4m | 250.3m | 255.3m | |||||||||

## Total Liabilities | 60.8m | 62.3m | 80.0m | 90.3m | 97.0m | 128.7m | 147.1m | 187.2m | 204.9m | 298.1m | 521.9m | 530.9m | 629.9m | 635.2m | 643.6m | 512.6m | 541.4m | 571.4m | 606.9m |

## Common Stock | 16.0k | 16.0k | 17.0k | 17.0k | 17.0k | 17.0k | 18.0k | 23.0k | 23.0k | 23.0k | 24.0k | 24.0k | 24.0k | 24.0k | 24.0k | 25.0k | 26.0k | 27.0k | 27.0k |

## Additional Paid-in Capital | 198.3m | 200.9m | 213.5m | 221.3m | 229.7m | 249.6m | 264.2m | 808.1m | 837.4m | 870.5m | 1.2b | 1.2b | 1.2b | 1.3b | 1.3b | 1.4b | 1.5b | 1.6b | 1.6b |

## Retained Earnings | (93.9m) | (93.2m) | (121.7m) | (127.1m) | (125.0m) | (168.2m) | (175.9m) | (245.3m) | (261.3m) | (347.2m) | (481.8m) | (558.1m) | (619.6m) | (843.1m) | (1.1b) | (1.2b) | (1.4b) | (1.5b) | (1.6b) |

## Total Equity | 104.4m | 107.6m | 91.9m | 94.2m | 104.7m | 81.4m | 88.2m | 562.7m | 575.5m | 522.7m | 670.4m | 628.3m | 607.0m | 462.9m | 213.9m | 169.3m | 45.3m | 90.8m | 52.6m |

## Debt to Equity Ratio | 0.4 x | 0.4 x | 0.6 x | 0.8 x | 1.6 x | 1.6 x | 6.1 x | 2.8 x | 4.9 x | ||||||||||

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.3 x | 0.3 x | 0.3 x | 0.2 x | 0.3 x | 0.2 x | 0.2 x | ||||||||||

## Financial Leverage | 1.6 x | 1.6 x | 1.9 x | 2 x | 1.9 x | 2.6 x | 2.7 x | 1.3 x | 1.4 x | 1.6 x | 1.8 x | 1.8 x | 2 x | 2.4 x | 4.8 x | 6.9 x | 24 x | 12.9 x | 22.3 x |

USD | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|---|

## Net Income | (16.1m) | (27.0m) | (30.4m) | (169.7m) | (343.0m) | (518.4m) |

## Depreciation and Amortization | 4.5m | 10.1m | 15.4m | 24.5m | 60.8m | 62.9m |

## Accounts Receivable | (24.5m) | (60.6m) | (55.9m) | (55.1m) | (35.7m) | (36.8m) |

## Accounts Payable | (865.0k) | 17.4m | 4.8m | 18.1m | 5.3m | 9.1m |

## Cash From Operating Activities | 5.9m | (3.0m) | 21.0m | (42.1m) | (181.7m) | (210.7m) |

## Purchases of PP&E | (11.6m) | (21.2m) | (30.0m) | (23.5m) | (59.8m) | (15.7m) |

## Cash From Investing Activities | (59.1m) | (211.9m) | (112.2m) | (102.3m) | (52.2m) | 129.9m |

## Long-term Borrowings | (7.6m) | (10.0m) | ||||

## Dividends Paid | (31.0m) | |||||

## Cash From Financing Activities | 54.3m | 395.0m | 21.7m | 303.1m | 99.8m | 380.2m |

## Net Change in Cash | 1.1m | 180.0m | (69.8m) | 158.7m | (134.7m) | 299.7m |

## Interest Paid | 887.0k | 18.0k | 18.0k | 351.0k | 7.2m | 9.0m |

## Income Taxes Paid | 125.0k | 26.0k | 26.0k | 389.0k | 297.0k | 209.0k |

USD | Q2, 2012 | Q3, 2012 | Q1, 2013 | Q2, 2013 | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (8.6m) | (7.9m) | (20.2m) | (25.6m) | (23.6m) | (28.6m) | (36.4m) | (28.9m) | (40.7m) | (42.7m) | (48.3m) | (64.3m) | (150.3m) | (115.1m) | (191.4m) | (253.0m) | (132.3m) | (407.4m) | (473.6m) | (131.7m) | (223.7m) | (287.4m) |

## Depreciation and Amortization | 1.7m | 3.0m | 1.5m | 3.3m | 5.1m | 2.1m | 4.9m | 3.3m | 7.1m | 11.2m | 4.3m | 9.4m | 15.2m | 13.3m | 27.6m | 43.5m | 17.7m | 35.1m | 49.1m | 13.8m | 28.1m | 44.2m |

## Accounts Receivable | (9.2m) | (18.0m) | (3.8m) | (13.6m) | (31.1m) | (1.9m) | (19.5m) | 15.7m | (13.2m) | (33.5m) | 29.2m | (16.1m) | (45.8m) | 38.5m | 12.1m | (8.3m) | 44.9m | 12.6m | (11.3m) | 67.2m | 16.1m | (20.2m) |

## Accounts Payable | (1.1m) | 259.0k | 1.0m | 1.7m | 4.5m | 2.9m | 5.2m | 1.4m | 1.1m | 5.8m | 8.1m | 12.0m | 29.6m | (3.5m) | (17.4m) | (5.0m) | 13.2m | 15.1m | (257.0k) | 4.7m | 3.6m | 26.2m |

## Cash From Operating Activities | 3.4m | 3.5m | (10.6m) | (7.7m) | (8.6m) | (12.6m) | (14.9m) | (2.2m) | (9.4m) | (4.3m) | 27.0m | 17.1m | 28.9m | (13.1m) | (58.6m) | (179.1m) | (36.0m) | (139.4m) | (218.6m) | 17.4m | (32.0m) | (59.1m) |

## Purchases of PP&E | (5.4m) | (9.0m) | (1.2m) | (3.9m) | (6.0m) | (4.4m) | (10.6m) | (11.8m) | (16.3m) | (23.2m) | (4.3m) | (14.6m) | (21.3m) | (14.4m) | (34.6m) | (46.4m) | (2.0m) | (8.5m) | (12.9m) | (3.4m) | (5.0m) | (7.3m) |

## Cash From Investing Activities | (5.4m) | (46.0m) | 9.2m | 9.6m | 17.4m | (1.2m) | (14.3m) | (93.4m) | (93.6m) | (110.0m) | 16.4m | 6.1m | 32.0m | (18.9m) | (40.4m) | (43.8m) | 1.5m | 5.2m | 135.1m | (62.2m) | (173.6m) | (152.3m) |

## Long-term Borrowings | (7.6m) | (7.6m) | (90.0m) | |||||||||||||||||||

## Dividends Paid | (30.6m) | (31.0m) | ||||||||||||||||||||

## Cash From Financing Activities | 54.3m | 53.3m | 1.9m | 3.6m | 4.9m | 3.5m | 17.2m | 10.6m | 15.0m | 17.6m | 1.8m | 5.2m | 6.5m | 913.0k | 2.9m | 96.2m | 5.2m | 169.2m | 376.6m | (2.0k) | (2.3m) | (1.6m) |

## Net Change in Cash | 52.3m | 10.8m | 564.0k | 5.4m | 13.6m | (10.3m) | (12.1m) | (85.0m) | 45.1m | 28.1m | 67.0m | (31.2m) | (96.3m) | (127.0m) | (29.1m) | 35.2m | 293.2m | (44.9m) | (207.9m) | (213.3m) | ||

## Interest Paid | 246.0k | 314.0k | 219.0k | 1.3m | 107.0k | 5.3m | 3.3m | 896.0k | 4.8m | 5.8m | 249.0k | 3.5m | 3.7m |

USD | Q2, 2012 |
---|---|

## Financial Leverage | 1.6 x |

Q1, 2014 | Q2, 2014 | Q3, 2014 | FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q4, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q4, 2016 | FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q4, 2017 | FY, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Active Users | 75.3 m | 76.4 m | 76.5 m | 79.2 m | 79.4 m | 78.1 m | 81.1 m | 79.4 m | 78.1 m | 77.9 m | 81 m | 76.7 m | 76 m | 73.7 m | 74.7 m | 72.3 m | 71.4 m | |||||

## Listener Hours | 4.8 b | 5.04 b | 4.99 b | 20.03 b | 5.3 b | 5.3 b | 5.14 b | 21.11 b | 5.52 b | 5.66 b | 5.4 b | 21.96 b | 5.21 b | 5.22 b | 5.15 b | 5.03 b | 20.61 b | 4.96 b | 5.09 b | |||

## LPU | $3.12 | $2.96 | $3.11 | $3.87 | $3.62 | $4.65 | $4.78 | |||||||||||||||

## Average Revenue per Subscriber | $4.73 | $4.76 | $4.82 | $5.58 | $5.34 | $6.3 | $6.52 | |||||||||||||||

## ARPU | $2.58 | $2.87 | $3.13 | $2.91 | $3.6 | $3.99 | $4.14 | $3.74 | $4.39 | $4.52 | $4.85 | $4.12 | $4.96 | $5.14 | $5.29 | $4.42 | $5.38 | |||||

## Cost per User | $1.64 | $1.64 | $1.66 | $1.8 | $1.89 | $2.98 | $2.12 | $2.61 | $2.77 | $2.76 | $3.17 | $3.02 | $3.21 | $3.29 | $3.33 | $3.38 | $3.63 | |||||

## Internet Radio Streamed, hours | 21.11 b | 5.21 b | ||||||||||||||||||||

## Monthly Sessions per User (US) | 23 | |||||||||||||||||||||

## Monthly Unique Users | 32.6 m | |||||||||||||||||||||

## Paying Subscribers | 4.3 m | 4.71 m | 4.86 m | 5.19 m | 5.48 m | 5.63 m | 6 m | 6.8 m | ||||||||||||||

## Quarterly ARPU | $4.76 | $4.82 | ||||||||||||||||||||

## Tracks | 40 m |

- Source: TechCrunch, TechCrunch, Investor Relations, Company Filings

Aug, 2017 | Y, 2016 | Q2, 2016 | Y, 2014 | |
---|---|---|---|---|

Female (Tech), percent | 7.7% | |||

Male (Tech), percent | 25.7% | |||

Female (Management), percent | 12.7% | |||

Female, percent | 16.3% | 48% | 49% | 49% |

Male, percent | 17% | 52% | 51% | 51% |

Male (Management), percent | 20.7% |

- Source: www.pandora.com, www.visualcapitalist.com

Aug, 2017 | Y, 2016 | Q2, 2016 | Y, 2014 | |
---|---|---|---|---|

White, percent | 65% | 64.4% | 71% | 71% |

Hispanic, percent | 8% | 7.9% | 7% | 7% |

Asian, percent | 16% | 15.8% | 12% | 12% |

Other | 11% | 5.9% | 3% | 4% |

Multi Ethnicity, percent | 5.9% | 6% | ||

Other Ethnicity, percent | 7% |

- Source: www.pandora.com, www.visualcapitalist.com