Pandora Reports Q1 2015 Financial Results
April 24, 2015 at 2:41 AM (PT)
PANDORA has released financial results for the first quarter ended MARCH 31st, 2015. The highlights:
- User engagement reaches an all-time high of 22.3 hours per active user per month
- Q1 2015 total revenue was $230.8 million, growing 19% year-over-year on a GAAP basis and 28% on a non-GAAP basis
- Q1 2015 advertising revenue was $178.7 million, growing 27% year-over-year
- Q1 2015 total mobile revenue was $181.1 million, growing 23% year-over-year on a GAAP basis and 35% on a non-GAAP basis
- Q1 2015 local advertising revenue was $43.3 million, growing 67% year-over-year
- Q1 2015 total listener hours were 5.30 billion, growing 11% year-over-year
“We’ve been actively investing in every part of our business -- from the music we play, to the ad technology and music maker products we offer. This quarter’s results are a reflection of those investments paying off,” stated Chairman/Pres./CEO BRIAN MCANDREWS. "In a time when listeners and brand partners have more choices than ever, listener hours grew, local advertisers increased their spending with us and we continued to advance our lead in digital audio by generating more demand and strong sell through.”
First Quarter 2015 Financial Results
Revenue: For the first quarter of 2015, total revenue was $230.8 million, a 19% year-over-year increase on a GAAP basis and a 28% year-over-year increase on a non-GAAP basis1. Advertising revenue was $178.7 million, a 27% year-over-year increase. Subscription and other revenue was $52.0 million, a 32% year-over-year increase on a non-GAAP basis.
Adjusted EBITDA: For the first quarter of 2015, adjusted EBITDA was a loss of $20.9 million, a 7% year-over-year improvement. Adjusted EBITDA excludes $23.2 million in expense from stock-based compensation, $4.3 million of depreciation and amortization expense, $0.1 million of provision for income taxes and $0.2 million of other income.
Cash and Investments: For the first quarter of 2015, the Company ended with $481.3 million in cash and investments, compared to $458.8 million at the end of the prior quarter. Cash provided by operating activities was $27.0 million for the first quarter of 2015, compared to $2.1 million used in operating activities in the same period of the prior year.
Total listener hours grew 11% to 5.30 billion for the first quarter of 2015, compared to 4.80 billion for the same period last year.
Active Listeners: Active listeners were 79.2 million at the end of the first quarter of 2015, compared to 75.3 million from the same period last year.