The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10‐K and Form 10‐Q, each as they may be amended from time to time. The Company's results of operations for the current period are not necessarily indicative of the Company's operating results for any future periods.

These documents are available online from the SEC or on the SEC Filings section of the Investor Relations section of our website at investor.pandora.com. Information on our website is not part of this release. All forward‐looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward‐looking statements in light of new information or future events.

Non‐GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use the following non‐GAAP measures of financial performance: non‐GAAP revenue, non‐GAAP subscription revenue, non‐GAAP basic EPS and non‐GAAP diluted EPS. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non‐GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non‐GAAP financial measures may be different from the non‐GAAP financial measures used by other companies. These non‐GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non‐GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

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