Pandora's Q2 Earnings Registers Gains, Lowers Net Loss

Pandora Narrows Losses

PANDORA announced its Q2 financial results for the period ending JUNE 30th, 2018, with a double-digit uptick in earnings, though net losses topped $92 million. 

CEO ROGER LYNCH stated: “We made continued progress against our strategy with total revenue growing 12%, subscription revenue up 67% and ad hour trends improving for the third straight quarter. New partnerships with top brands like SNAP and AT&T, as well as enhancements to our ad tech and programmatic offerings, position us to further accelerate growth and ownership of the expanding digital audio marketplace.”

The company's Q2 consolidated revenue was $384.8 million, an approximate 12% year-over-year increase compared to the year-ago quarter, excluding AUSTRALIA, NEW ZEALAND and TICKEFLY. This included $271.1 million in advertising revenue and $113.7 million in subscription revenue. Service in both countries was discontinued lst year, while TICKETFLY was sold to EVENTBRITE last SEPTEMBER. 

GAAP net loss was $92 million or $0.38 per share, compared to a net loss of $275.1 million or $1.20 per share in the same quarter last year. Net loss included an unforecasted non-cash charge of $14.6 million related to the convertible debt exchange, a $7.2 million tax benefit for the release of a valuation allowance associated with the ADSWIZZ acquisition and additional expense relating to restructuring and transaction fees, all of which impacted net income by approximately $10.5 million, or $0.04 per share.

The non-GAAP net loss was $38.9 million, or $0.15 per share. This compared to $50.1 million net loss or $0.21 in the year ago quarter. Adjusted EBITDA was a loss of $34.6 million, compared to a loss of $54.3 million in the same quarter last year.

Total listener hours were 5.09 billion for the second quarter of 2018, compared to 5.22 billion for the same period of the prior year, among 71.4 milion active users at the end of Q2. Premium subscribers were approximately 6 million at the end of the second quarter of 2018.

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