Pandora (P) Financials

$1.8 B

Mkt cap, 25-May-2018

$319.2 M

Revenue Q1, 2018
Gross profit (Q1, 2018)74.8 M
Gross profit margin (Q1, 2018), %23.4%
Net income (Q1, 2018)-131.7 M
EBIT (Q1, 2018)-126.9 M
Cash, 31-Mar-2018454.9 M
EV1.6 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

920.8 m1.2 b1.4 b1.5 b

Revenue growth, %

26%19%

Cost of goods sold

357.1 m894.9 m967.1 m

Gross profit

563.7 m489.9 m499.7 m

Gross profit Margin, %

61%35%34%

Sales and marketing expense

491.5 m492.5 m

R&D expense

141.6 m154.3 m

General and administrative expense

175.6 m190.7 m

Operating expense total

808.7 m992.6 m

EBIT

(30.1 m)(170 m)(318.8 m)(492.9 m)

EBIT margin, %

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

Interest expense

26.1 m29.3 m

Income tax expense

584 k(1.6 m)228 k790 k

Net Income

(30.4 m)(169.7 m)(343 m)(518.4 m)

Quarterly

USDQ3, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q4, 2017Q1, 2018

Revenue

180.4 m194.3 m218.9 m239.6 m230.8 m285.6 m311.6 m297.3 m343 m351.9 m316 m376.8 m395 m319.2 m

Cost of goods sold

123.3 m125.5 m126.8 m142.3 m150.2 m232.7 m206.9 m216.7 m215.2 m231.6 m243.8 m244.4 m

Gross profit

71.1 m93.4 m112.8 m88.5 m135.4 m78.9 m90.4 m126.3 m136.7 m84.4 m133 m74.8 m

Gross profit Margin, %

37%43%47%38%47%25%30%37%39%27%35%23%

Sales and marketing expense

50.6 m61.9 m66.2 m72.3 m84.3 m94 m107.3 m117.6 m123.8 m116.5 m125.1 m145.9 m124.2 m

R&D expense

8.8 m11.8 m13.1 m13.4 m15.9 m18.7 m21.8 m35.8 m33.8 m33.7 m39.6 m41.2 m35.9 m

General and administrative expense

23 m26.4 m25.9 m29.1 m36.8 m38.8 m35.6 m46.3 m40.6 m41.8 m44.5 m58 m41.6 m

Operating expense total

181.9 m100.1 m105.2 m114.8 m136.9 m151.6 m164.7 m199.8 m198.2 m191.9 m209.2 m400.5 m201.7 m

EBIT

(1.5 m)(29 m)(11.7 m)(2 m)(48.4 m)(16.2 m)(85.9 m)(109.4 m)(71.9 m)(55.2 m)(124.8 m)(267.5 m)(126.9 m)

EBIT margin, %

(1%)(15%)(5%)(1%)(21%)(6%)(28%)(37%)(21%)(16%)(39%)(71%)(40%)

Interest expense

167 k129 k6.2 m6.2 m6.5 m7.4 m7.4 m7.3 m

Interest income

5 k218 k

Pre tax profit

(28.9 m)(11.6 m)(2 m)(48.2 m)(16 m)(85.9 m)(114.7 m)(131.9 m)(131.6 m)

Income tax expense

(20 k)(28 k)(99 k)(50 k)(59 k)(115 k)(32 k)(421 k)1.5 m(412 k)(334 k)(277 k)(74 k)

Net Income

(1.7 m)(28.9 m)(11.7 m)(2 m)(48.3 m)(16.1 m)(85.9 m)(115.1 m)(76.3 m)(61.5 m)(132.3 m)(275.1 m)(131.7 m)

Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

16.2 m43 m44.1 m65.7 m176 m334.7 m199.9 m499.6 m

Accounts Receivable

Inventories

15.4 m33.2 m

Current Assets

588.4 m625.8 m912.2 m

PP&E

42.9 m124.1 m116.7 m

Goodwill

306.7 m71.2 m

Total Assets

749.3 m1.2 b1.2 b

Accounts Payable

10.8 m15.2 m14.9 m

Short-term debt

Current Liabilities

149.2 m254.1 m226.3 m

Long-term debt

273 m

Total Debt

234.6 m273 m

Total Liabilities

630.6 m522.8 m

Additional Paid-in Capital

781 m1.3 b1.4 b

Retained Earnings

(197 m)(709.6 m)(1.3 b)

Total Equity

554.3 m152.7 m

Financial Leverage

2.1 x7.6 x

Quarterly

USDQ3, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

442.4 m160.8 m157.8 m148.9 m221 m204.1 m243 m303.5 m238.4 m207.7 m170.9 m209.6 m454.9 m

Current Assets

599.9 m505.1 m512 m525 m589.5 m622.8 m643.7 m635.2 m600.1 m677.3 m543.9 m801.9 m870 m

PP&E

27.8 m38.7 m40.1 m42.3 m46.7 m54.7 m56.4 m81.4 m102 m118.5 m128.8 m120.8 m114.5 m

Goodwill

23.1 m304.8 m306.7 m306.7 m306.4 m71.2 m71.2 m

Total Assets

637.7 m662.2 m679.5 m702.3 m749.9 m780.4 m820.7 m1.2 b1.2 b1.2 b1.1 b1 b1.1 b

Accounts Payable

7.5 m10.1 m11.4 m13 m14.9 m16.4 m20.1 m9.9 m6.1 m14 m21.2 m12.8 m15.8 m

Current Liabilities

143.9 m145.8 m150.7 m149.1 m172 m189.7 m279.8 m251.4 m254.6 m259 m254.1 m265.8 m240.3 m

Long-term debt

278.4 m

Total Debt

278.4 m

Total Liabilities

152.1 m155.6 m161 m159.9 m187.2 m204.9 m298.1 m521.9 m530.9 m629.9 m635.2 m643.6 m541.4 m

Additional Paid-in Capital

663.2 m702.3 m725.8 m752 m808.1 m837.4 m870.5 m1.2 b1.2 b1.2 b1.3 b1.3 b1.5 b

Retained Earnings

(177.6 m)(195.5 m)(207.3 m)(209.3 m)(245.3 m)(261.3 m)(347.2 m)(481.8 m)(558.1 m)(619.6 m)(843.1 m)(1.1 b)(1.4 b)

Total Equity

485.6 m506.6 m518.5 m575.5 m522.7 m670.4 m628.3 m607 m462.9 m213.9 m45.3 m

Financial Leverage

1.3 x1.3 x1.3 x1.4 x1.6 x1.8 x1.8 x2 x2.4 x4.8 x24 x

Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(27 m)(343 m)(518.4 m)

Depreciation and Amortization

10.1 m60.8 m62.9 m

Accounts Receivable

(61 m)(35.7 m)(36.8 m)

Inventories

Accounts Payable

Cash From Operating Activities

(3 m)158.7 m(181.7 m)(210.7 m)

Purchases of PP&E

(21.2 m)(59.8 m)(15.7 m)

Cash From Investing Activities

(211.9 m)(52.2 m)129.9 m

Long-term Borrowings

(10 m)

Cash From Financing Activities

395 m99.8 m380.2 m

Interest Paid

18 k7.2 m9 m

Income Taxes Paid

26 k297 k209 k

Quarterly

USDQ3, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

(1.7 m)(28.9 m)(11.7 m)(2 m)(48.3 m)(16.1 m)(85.9 m)(115.1 m)(76.3 m)(61.5 m)(132.3 m)(131.7 m)

Depreciation and Amortization

13.8 m

Accounts Receivable

67.2 m

Accounts Payable

11.4 m13 m14.9 m16.4 m20.1 m9.9 m6.1 m14 m21.2 m

Cash From Operating Activities

17.4 m

Purchases of PP&E

(3.4 m)

Cash From Investing Activities

(62.2 m)

Cash From Financing Activities

(2 k)

Interest Paid

249 k

Ratios

USDY, 2018

EV/EBIT

-12.7 x

EV/CFO

92.6 x

Financial Leverage

24 x
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Operating Metrics

Pandora's Active Users was reported to be 73.7 m in Q3, 2017. Pandora's Paying Subscribers was reported to be 5.5 m in Q4, 2017. Pandora's Monthly Unique Users was reported to be 32.6 m in Q1, 2017.
Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017Q4, 2017

Active Users

75.30 m76.40 m76.50 m79.20 m79.40 m78.10 m81.10 m79.40 m78.10 m77.90 m76.70 m76 m73.70 m

Internet Radio Streamed, hours

21.11 b5.21 b

Listener Hours

4.80 b5.04 b4.99 b20.03 b5.30 b5.30 b5.14 b21.11 b5.52 b5.66 b5.40 b21.96 b5.21 b5.22 b5.15 b

Monthly Sessions per User (US)

23

Monthly Unique Users

32.60 m

Paying Subscribers

4.30 m4.71 m4.86 m5.19 m5.48 m

Quarterly ARPU

$4.76 $4.82

Tracks

40 m
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Human Capital

Pandora's employees are reported to be approximately 48% female and 52% male.

Ethnicity

Y, 2016Q2, 2016Y, 2014
White64.4 %71 %71 %
Asian15.8 %12 %12 %
Hispanic7.9 %7 %7 %
Multi Ethnicity5.9 %6 %
Other5.9 %10 %4 %
Y, 2016Q2, 2016Y, 2014
Female48 %49 %49 %
Male52 %51 %51 %
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