$2.5 B

P Mkt cap, 20-Sep-2018

$384.8 M

Pandora Revenue Q2, 2018
Pandora Gross profit (Q2, 2018)157.9 M
Pandora Gross profit margin (Q2, 2018), %41%
Pandora Net income (Q2, 2018)-92 M
Pandora EBIT (Q2, 2018)-94.1 M
Pandora Cash, 30-Jun-2018293 M
Pandora EV2.5 B

Pandora Revenue

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

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Pandora Revenue Breakdown

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

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

Pandora Income Statement

Annual

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

Revenue

920.8 m1.2 b1.4 b1.5 b

Revenue growth, %

26%19%6%

Cost of goods sold

508 k697.3 k894.9 m967.1 m

Gross profit

920.3 m1.2 b489.9 m499.7 m

Gross profit Margin, %

100%100%35%34%

Sales and marketing expense

277.3 m398.2 m491.5 m492.5 m

R&D expense

53.2 m84.6 m141.6 m154.3 m

General and administrative expense

112.4 m153.9 m175.6 m190.7 m

Operating expense total

442.9 m636.7 m808.7 m992.6 m

EBIT

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

EBIT margin, %

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

Interest expense

2 m26.1 m29.3 m

Pre tax profit

(29.8 m)(169.7 m)(343.2 m)(519.2 m)

Income tax expense

(584 k)(1.6 m)(228 k)(790 k)

Net Income

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

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q4, 2015Q1, 2016Q2, 2016Q3, 2016Q4, 2016Q1, 2017Q2, 2017Q3, 2017Q4, 2017Q1, 2018Q2, 2018

Revenue

230.8 m285.6 m311.6 m336.2 m297.3 m343 m351.9 m392.6 m316 m376.8 m378.6 m395.3 m319.2 m384.8 m

Cost of goods sold

142.3 m150.2 m232.7 m172.3 m206.9 m216.7 m215.2 m256.7 m231.6 m243.8 m242.8 m248.9 m244.4 m226.9 m

Gross profit

88.5 m135.4 m78.9 m163.9 m90.4 m126.3 m136.7 m135.9 m84.4 m133 m135.9 m146.4 m74.8 m157.9 m

Gross profit Margin, %

38%47%25%49%30%37%39%35%27%35%36%37%23%41%

Sales and marketing expense

84.3 m94 m107.3 m112.5 m117.6 m123.8 m116.5 m133.3 m125.1 m145.9 m107.6 m114 m124.2 m125.4 m

R&D expense

15.9 m18.7 m21.8 m27.9 m35.8 m33.8 m33.7 m38 m39.6 m41.2 m39.5 m34 m35.9 m40.4 m

General and administrative expense

36.8 m38.8 m35.6 m43 m46.3 m40.6 m41.8 m47 m44.5 m58 m48.2 m40.1 m41.6 m53.6 m

Operating expense total

136.9 m151.6 m164.7 m183.4 m199.8 m198.2 m191.9 m218.2 m209.2 m400.5 m195.2 m188.1 m201.7 m219.3 m

EBIT

(48.4 m)(16.2 m)(85.9 m)(19.5 m)(109.4 m)(71.9 m)(55.2 m)(82.3 m)(124.8 m)(267.5 m)(58.9 m)(41.6 m)(126.9 m)(94.1 m)

EBIT margin, %

(21%)(6%)(28%)(6%)(37%)(21%)(16%)(21%)(39%)(71%)(16%)(11%)(40%)(24%)

Interest expense

131 k124 k131 k1.6 m6.2 m6.2 m6.5 m7.2 m7.4 m6.2 m7.6 m7 m7.3 m6.7 m

Pre tax profit

(48.2 m)(16 m)(85.9 m)(21.2 m)(114.7 m)(77.9 m)(61.1 m)(89.5 m)(131.9 m)(274.9 m)(66 m)(46.4 m)(131.6 m)(99.1 m)

Income tax expense

(59 k)(115 k)(32 k)(1.8 m)(421 k)(1.5 m)412 k483 k334 k277 k266 k(1.7 m)(74 k)(7.1 m)

Net Income

(48.3 m)(16.1 m)(85.9 m)(19.4 m)(115.1 m)(76.3 m)(61.5 m)(90 m)(132.3 m)(275.1 m)(66.2 m)(44.7 m)(131.7 m)(92 m)

Pandora Balance Sheet

Annual

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

Cash

176 m334.7 m199.9 m499.6 m

Accounts Receivable

218.4 m277.1 m309.3 m336.4 m

Prepaid Expenses

15.4 m35.9 m33.2 m19.2 m

Current Assets

588.4 m683.5 k625.8 m912.2 m

PP&E

42.9 m66.4 m124.1 m116.7 m

Goodwill

30.4 m306.7 m71.2 m

Total Assets

749.3 m1.2 b1.2 b1.2 b

Accounts Payable

10.8 m17.9 m15.2 m14.9 m

Current Liabilities

149.2 m231.8 m254.1 m226.3 m

Long-term debt

234.6 m342.2 m273 m

Total Debt

234.6 m342.2 m273 m

Total Liabilities

16.6 m497.3 m630.6 m522.8 m

Common Stock

23 k24 k24 k25 k

Additional Paid-in Capital

781 m1.1 b1.3 b1.4 b

Retained Earnings

(197 m)(366.7 m)(709.6 m)(1.3 b)

Total Equity

583.4 m(743.4 m)554.3 m152.7 m

Debt to Equity Ratio

-0.3 x0.6 x1.8 x

Debt to Assets Ratio

0.2 x0.3 x0.2 x

Financial Leverage

1.3 x-1.6 x2.1 x7.6 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

221 m204.1 m243 m303.5 m238.4 m207.7 m170.9 m209.6 m493.2 m454.9 m293 m

Accounts Receivable

188.5 m233.7 m262.9 m237.8 m263.7 m282.8 m162.9 m288.3 m312.3 m269.6 m339.6 m

Prepaid Expenses

19.4 m16.7 m17.2 m48.2 m43.3 m34.2 m29.4 m18.2 m20.3 m20.1 m21.8 m

Current Assets

589.5 m622.8 m643.7 m635.2 m600.1 m677.3 m543.9 m801.9 m912.2 m870 m806.6 m

PP&E

46.7 m54.7 m56.4 m81.4 m102 m118.5 m128.8 m120.8 m117.7 m114.5 m110.6 m

Goodwill

407 k23.1 m304.8 m306.7 m306.7 m306.4 m71.2 m71.2 m71.2 m178.9 m

Total Assets

749.9 m780.4 m820.7 m1.2 b1.2 b1.2 b1.1 b1 b1.2 b1.1 b1.2 b

Accounts Payable

14.9 m16.4 m20.1 m9.9 m6.1 m14 m21.2 m12.8 m8.4 m15.8 m17.7 m

Current Liabilities

172 m189.7 m279.8 m251.4 m254.6 m259 m254.1 m265.8 m218.2 m240.3 m295.2 m

Long-term debt

239 m243.5 m337.4 m347.2 m352.2 m267.4 m278.4 m250.3 m

Total Debt

239 m243.5 m337.4 m347.2 m352.2 m267.4 m278.4 m250.3 m

Total Liabilities

187.2 m204.9 m298.1 m521.9 m530.9 m629.9 m635.2 m643.6 m512.6 m541.4 m571.4 m

Common Stock

23 k23 k23 k24 k24 k24 k24 k24 k25 k26 k27 k

Additional Paid-in Capital

808.1 m837.4 m870.5 m1.2 b1.2 b1.2 b1.3 b1.3 b1.4 b1.5 b1.6 b

Retained Earnings

(245.3 m)(261.3 m)(347.2 m)(481.8 m)(558.1 m)(619.6 m)(843.1 m)(1.1 b)(1.2 b)(1.4 b)(1.5 b)

Total Equity

562.7 m575.5 m522.7 m670.4 m628.3 m607 m462.9 m213.9 m169.3 m45.3 m90.8 m

Debt to Equity Ratio

0.4 x0.4 x0.6 x0.8 x1.6 x1.6 x6.1 x2.8 x

Debt to Assets Ratio

0.2 x0.2 x0.3 x0.3 x0.3 x0.2 x0.3 x0.2 x

Financial Leverage

1.3 x1.4 x1.6 x1.8 x1.8 x2 x2.4 x4.8 x6.9 x24 x12.9 x

Pandora Cash Flow

Annual

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

Net Income

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

Depreciation and Amortization

15.4 m24.5 m60.8 m62.9 m

Accounts Receivable

(55.9 m)(55.1 m)(35.7 m)(36.8 m)

Inventories

Accounts Payable

4.8 m18.1 m5.3 m9.1 m

Cash From Operating Activities

21 m(42.1 m)(181.7 m)(210.7 m)

Purchases of PP&E

(30 m)(23.5 m)(59.8 m)(15.7 m)

Cash From Investing Activities

(112.2 m)(102.3 m)(52.2 m)129.9 m

Cash From Financing Activities

21.7 m303.1 m99.8 m380.2 m

Net Change in Cash

(69.8 m)158.7 m(134.7 m)299.7 m

Interest Paid

18 k351 k7.2 m9 m

Income Taxes Paid

26 k389 k297 k209 k

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

(48.3 m)(64.3 m)(150.3 m)(115.1 m)(191.4 m)(253 m)(132.3 m)(407.4 m)(473.6 m)(131.7 m)(223.7 m)

Depreciation and Amortization

4.3 m9.4 m15.2 m13.3 m27.6 m43.5 m17.7 m35.1 m49.1 m13.8 m28.1 m

Accounts Receivable

29.2 m(16.1 m)(45.8 m)38.5 m12.1 m(8.3 m)44.9 m12.6 m(11.3 m)67.2 m16.1 m

Accounts Payable

8.1 m12 m29.6 m(3.5 m)(17.4 m)(5 m)13.2 m15.1 m(257 k)4.7 m3.6 m

Cash From Operating Activities

27 m17.1 m28.9 m(13.1 m)(58.6 m)(179.1 m)(36 m)(139.4 m)(218.6 m)17.4 m(32 m)

Purchases of PP&E

(4.3 m)(14.6 m)(21.3 m)(14.4 m)(34.6 m)(46.4 m)(2 m)(8.5 m)(12.9 m)(3.4 m)(5 m)

Cash From Investing Activities

16.4 m6.1 m32 m(18.9 m)(40.4 m)(43.8 m)1.5 m5.2 m135.1 m(62.2 m)(173.6 m)

Long-term Borrowings

(90 m)

Cash From Financing Activities

1.8 m5.2 m6.5 m913 k2.9 m96.2 m5.2 m169.2 m376.6 m(2 k)(2.3 m)

Net Change in Cash

45.1 m28.1 m67 m(31.2 m)(96.3 m)(127 m)(29.1 m)35.2 m293.2 m(44.9 m)(207.9 m)

Interest Paid

219 k1.3 m107 k5.3 m3.3 m896 k4.8 m5.8 m249 k3.5 m

Pandora Ratios

USDY, 2018

EV/EBIT

-26.1 x

EV/CFO

-76.9 x

Debt/Equity

2.8 x

Debt/Assets

0.2 x

Financial Leverage

12.9 x
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Pandora Operating Metrics

Pandora's Active Users was reported to be 71.4 m in Q2, 2018. Pandora's Paying Subscribers was reported to be 6 m in Q2, 2018. Pandora's Monthly Unique Users was reported to be 32.6 m in Q1, 2017.
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Pandora 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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