Home URBAN Pandora Reports Record 1Q14 Financial Results

Pandora Reports Record 1Q14 Financial Results

New-Pandora-Radio– 1Q14 GAAP total mobile revenue of $83.9 million, growing 97% year-over-year and non-GAAP mobile revenue of $86.7 million, growing 101% year-over-year, outpacing mobile listener hour growth, which grew 47% year-over-year

One subscribers surpassed 2.5 million, adding over 700 thousand net new subscribers in the first quarter and growing 114% year-over-year

– 1Q14 GAAP total revenue of $125.5 million, growing 55% year-over-year and non-GAAP total revenue of $128.5 million, growing 58% year-over-year

– 1Q14 total listener hours of 4.18 billion, growing 35% year-over-year

– Share of total U.S. radio listening for Pandora in April 2013 was 7.33%, an increase from 5.86% at the same time last year

– Active users reach 70.1 million, growing 35% year-over-year

Pandora (NYSE: P), the leading Internet radio service, today announced financial results for the first quarter fiscal year 2014 ended on April 30, 2013.

“Pandora continues to expand its mobile leadership,” stated Joe Kennedy, Chairman & CEO of Pandora. “Mobile listening hours and mobile ad revenue reached record highs, with growth in mobile ad revenue exceeding growth in mobile listening hours. During the quarter, we successfully implemented a mobile listening limit, enabling us to manage our content acquisition costs with minimal impact on listenership or revenue growth. Pandora’s subscriber base surpassed 2.5 million, adding more net new subscribers in the quarter than in all of fiscal 2013, giving Pandora the largest US streaming subscriber base of any music service.”

Fiscal 1Q14 Financial Results

Total Revenue: For the first quarter of fiscal 2014, GAAP total revenue was $125.5 million, a 55% year-over-year increase. Non-GAAP total revenue[1] was $128.5 million, a 58% year-over-year increase, including $3.0 million in revenue relating to our subscription return reserve. Advertising revenue was $105.1 million, a 49% year-over-year increase. Non-GAAP subscription and other revenue was $23.4 million, a 114% year-over-year increase, including $3.0 million in revenue relating to our subscription return reserve.

EPS: For the first quarter of fiscal 2014, GAAP basic and diluted EPS were ($0.16). Non-GAAP basic and diluted EPS were ($0.10), including $3.0 million in revenue relating to our subscription return reserve, which contributed a $0.02 improvement in non-GAAP EPS, and excluding $7.4 million in expense from stock-based compensation. Basic and diluted EPS were based on 173.6 million weighted average shares outstanding.

Cash: For the first quarter of fiscal 2014, the company ended with $75.4 million in cash, cash equivalents and short-term investments, compared with $89.0 million at the end of the prior quarter. For the first quarter of fiscal 2014, Pandora’s cash used in operating activities was $12.6 million compared to $10.6 million used in the year-ago quarter.

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