Pandora Reports Q2 Total Revenue Up 30% Year-To-Year
July 23, 2015 at 1:37 PM (PT)
PANDORA just announced its Q2 financial results, with quarterly revenue at $285.6 million, up 30% year-over-year. Advertising revenue ($230.9 million) was also up 30%, with mobile revenue ($229.7) up 37%, local advertising ($58.9 million) increasing 67% and total listener hours (5.3 billion) up 5%.
Total revenue for the trailing 12-month period exceeded $1 billion, while total RPMs reached a record $53.91, growing 24% year-over-year; Ad RPMs were up 25% year-over-year to a record $49.94.
“Our advertising investments, particularly in local, are paying off. This quarter, local ad revenue reached an all-time high, driving record RPMs,” stated PANDORA Chairman/CEO BRIAN McANDREWS. "Our monetization success allows us to be an even more effective platform for helping artists grow their careers. In addition to our ability to provide insights to the entire music industry, we fuel promotion that is extremely valuable to music makers.”
For Q2 2015, adjusted EBITDA was $16.3 million, a 29% year-over-year improvement. Adjusted EBITDA excludes $27.5 million in expense from stock-based compensation, $5 million of depreciation and amortization expense, $300k of other income and $100k of provision for income taxes.
PANDORA ended the quarter with $461.5 million in cash and investments, compared to $481.3 million at the end of the prior quarter. Cash used by operating activities was $9.9 million for the second quarter of 2015, compared to $7.1 million used in operating activities in the same period of the prior year.
Active listeners were 79.4 million at the end of the second quarter of 2015, compared to 76.4 million from the same period last year.
Full-year revenue is expected to be in the range of $1.175 billion to $1.185 billion. Adjusted EBITDA is expected to be in the range of $75 million to $85 million.