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

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 | 75.30 m | 76.40 m | 76.50 m | 79.20 m | 79.40 m | 78.10 m | 81.10 m | 79.40 m | 78.10 m | 77.90 m | 81 m | 76.70 m | 76 m | 73.70 m | 74.70 m | 72.30 m | 71.40 m | |||||

## Listener Hours | 4.80 b | 5.04 b | 4.99 b | 20.03 b | 5.30 b | 5.30 b | 5.14 b | 21.11 b | 5.52 b | 5.66 b | 5.40 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 | $6.30 | $6.52 | |||||||||||||||

## ARPU | $2.58 | $2.87 | $3.13 | $2.91 | $3.60 | $3.99 | $4.15 | $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 | $1.80 | $1.89 | $2.98 | $2.12 | $2.61 | $2.78 | $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 | 32.60 m | |||||||||||||||||||||

## Paying Subscribers | 4.30 m | 4.71 m | 4.86 m | 5.19 m | 5.48 m | 5.63 m | 6 m | 6.80 m | ||||||||||||||

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

## Tracks | 40 m |

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

Aug, 2017 | |
---|---|

Female (Tech), percent | 11.5 % |

Male (Tech), percent | 38.5 % |

Female (Management), percent | 19 % |

Male (Management), percent | 31 % |

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

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

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

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

- 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