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Pandora Reports 1Q13 Financial Results

OAKLAND, Calif. May 23, 2012

http://photos.prnewswire.com/prnh/20110615/SF20192LOGO

Joe Kennedy

Fiscal 1Q13 Financial Results

Total Revenue $80.8 million $70.6 million $10.2 million

Net Loss per Share: ($0.12) ($0.09) $5.5 million

Cash $80.6 million $90.6 million $10.6 million $2.8 million

Other Business Metrics

Total listener hours

Guidance

May 23, 2013

2Q13 Guidance $99 million to $101 million ($0.03) and ($0.05)

Fiscal 2013 Guidance $420 million to $427 million ($0.07) and ($0.11)

1Q13 Financial Results Conference Call: 2 p.m. PT 5 p.m. ET http://investor.pandora.com June 7, 2012

About Pandora

www.pandora.com

"Safe harbor" Statement:

January 31, 2012 April 30, 2012

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 first quarter of fiscal 2013 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

the United States

These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, which consists of expenses for stock options and other awards under our equity incentive plans. The non-GAAP net income (loss) and non-GAAP historical diluted earnings (loss) per share measures also exclude the applicable change in fair value of certain warrants issued by us. The change in fair value of certain warrants issued by us is included within other expense, and stock-based compensation is included in the following cost and expense line items of our GAAP presentation:

  • Cost of revenue
  • Product development
  • Marketing and sales
  • General and administrative

Although stock-based compensation is an expense for us and is viewed as a form of compensation, management excludes stock-based compensation from our non-GAAP measures for purposes of evaluating our continuing operating performance primarily because it is a non-cash expense not believed by management to be reflective of our core business, ongoing operating results or future outlook. Furthermore, determining the fair value of both stock-based compensation and stock-derived warrants involves a high degree of estimation and judgment such that the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based instruments. In addition, the value of stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control. We believe these non-GAAP financial measures serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and, when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors’ overall understanding of our current financial performance.

In the financial tables below, we provide a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this earnings release.

Pandora Media, Inc.

Condensed Consolidated  Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

April 30,

2011

2012

Revenue:

     Advertising

$    43,661

$      70,597

     Subscription services and other

7,379

10,187

Total revenue

51,040

80,784

Costs and expenses:

     Cost of revenue (1)

4,360

6,917

     Product development (1)

2,731

4,119

     Marketing and sales  (1)

12,964

23,460

     General and administrative  (1)

6,943

10,612

     Content acquisition

29,158

55,818

Total costs and expenses

56,156

100,926

Loss from operations

(5,116)

(20,142)

Other income (expense):

     Interest income 

2

32

     Interest expense

(109)

(124)

     Other income (expense), net

(1,509)

Loss before income taxes

(6,732)

(20,234)

Income tax benefit (expense)

(22)

6

Net loss

$    (6,754)

$    (20,228)

     Accretion of redeemable convertible preferred stock

(70)

     Increase in cumulative dividends payable upon conversion or liquidation of redeemable convertible preferred stock

(2,320)

Net loss attributable to common stockholders

$    (9,144)

$    (20,228)

Basic and diluted net loss per share attributable to common stockholders 

$      (0.61)

$        (0.12)

Weighted-average shares used in computing basic and diluted per share amounts

14,900

165,404

(1) Amounts include stock-based compensation expenses as follows: 

2011

2012

Cost of revenue

$           64

$           263

Product development

177

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