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Pandora Reports Q2 2014 Financial Results

Pandora (NYSE: P), the leading Internet radio service, today announced financial results for the second quarter ended June 30, 2014.

“Our better than expected second quarter results demonstrate success and continued business acceleration as a result of our investments in mobile and local advertising. Mobile advertising reached a record 76% of total ad revenue and local grew at 144% year-over-year,” stated Brian McAndrews Chairman, President and CEO of Pandora. “As a company, we are united by Pandora’s clear sense of purpose to unleash the infinite power of music, and we’re attracting the brightest stars in the advertising, technology and music industries to help drive our business forward."

Second Quarter 2014 Financial Results

Revenue: For the second quarter of 2014, total revenue was $218.9 million, a 38% year-over-year increase on a non-GAAP basis 1. Advertising revenue was $177.3 million, a 39% year-over-year increase. Subscription and other revenue was $41.6 million, a 35% year-over-year increase on a non-GAAP basis.

EPS: For the second quarter of 2014, GAAP basic and diluted EPS were a loss of $0.06. Non-GAAP basic and diluted EPS were $0.04, both excluding $20.6 million in expense from stock-based compensation and $0.2 million in amortization of intangible assets. GAAP basic and diluted EPS and non-GAAP basic EPS were based on 205.7 million weighted average shares outstanding and non-GAAP diluted EPS was based on 218.6 million weighted average shares outstanding.

Cash and Investments: For the second quarter of 2014, the Company ended with $437.9 million in cash and investments compared to $445.9 million at the end of the prior quarter. Cash used in operating activities was $7.1 million for the second quarter of 2014, compared to $4.6 million in the year-ago quarter.

Other Business Metrics

Listener Hours: Total listener hours grew 29% to 5.04 billion for the second quarter of 2014, compared to 3.91 billion for the same period last year.

Active Listeners: Active listeners were 76.4 million at the end of the second quarter of 2014, an increase of 7.5% from 71.1 million from the same period last year.


Based on information available as of July 24, 2014, the Company is providing the following financial guidance:

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