Thu, Jul. 23, 4:22 PM
- Pandora (NYSE:P) expects Q3 revenue of $310M-$315M (above a $309.2M consensus) and 2015 revenue of $1.175B-$1.185B (above a $1.17B consensus). Adjusted EBITDA guidance is respectively at $25M-$30M and $75M-$85M.
- Top-line performance: Q2 ad revenue +30% Y/Y to $230.9M. Subscription/other revenue +31% to $54.6M. Mobile revenue +37% to $229.7M (80% of total revenue). Local ad revenue +67% to $58.9M (21% of total).
- Metrics: Listener hours +5% Y/Y to 5.3B. Active listeners +4% to 79.4M. Ad RPMs rose to $49.94 from $40.11 a year ago - $74.35 for PCs, $46.15 for mobile/other devices.
- Financials: Content acquisition costs (royalties) rose 17% Y/Y to $130.1M (46% of revenue), but grew slower than revenue (30%). On the other hand, GAAP operating expenses rose 44% to $151.6M - sales/marketing spend totaled $94M, R&D $18.7M, and G&A $38.8M. Pandora ended Q2 with $461.5M in cash/investments, and no debt.
- Shares have risen to $14.41 AH.
- Q2 results, PR
- Update (7:40PM ET): Pandora is now up 10.2% AH.
Thu, Jul. 23, 4:04 PM
Wed, Jul. 22, 5:35 PM
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Thu, Apr. 23, 4:24 PM
- Pandora Media (NYSE:P) has slipped 5.1% after hours despite a Q1 earnings beat, as it guides low on EBITDA for the second quarter.
- Adjusted EBITDA was -$20.9M, up 7% Y/Y and beating an expected -$30.8M.
- Revenue breakout: Advertising revenue of $178.7M (up 27%); subscription and other revenue, $52M (up 32%). Total mobile revenue came to $181.1M, up 35% on a non-GAAP basis.
- Listener hours grew to 5.3B, up 11% Y/Y. Active listeners were up to 79.2M from the prior year's 75.3M.
- The company's updated guidance to suggest Q2 revenue of $280M-$285M (on the high side of expected $280.3M), but EBITDA of $8M-$13M vs. an consensus of $14.6M. For full 2015, the company's expecting revenue of $1.16B-$1.18B (vs. consensus $1.16B) and adjusted EBITDA of $75M-$85M (vs. expected $76.7M).
- Pandora ended Q1 with $481.3M in cash and equivalents, up from Q4's $458.8M. Cash from operating activities was $27M.
- Conference call at 5 p.m. ET.
- Press release
Thu, Apr. 23, 4:02 PM
Wed, Apr. 22, 5:35 PM
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Thu, Feb. 5, 4:13 PM
- Pandora (NYSE:P) is off significantly after hours, -19.9%, after an earnings report that missed on revenue, and which featured light guidance.
- Revenue of $268M inclued $220.1M in advertising revenue (up 36%) and $47.9M in subscription revenue (up 24%).
- Adjusted EBITDA of $43.8M (up 68%) vs. an expected $45.5M.
- The company stated an outlook for fiscal Q1 of revenues in the range of $220M-225M, vs. consensus expectations of $241.8M, and adjusted EBITDA of -$35M to -$30M vs. expectations of -$9.6M.
- Press release
Thu, Feb. 5, 4:08 PM
Wed, Feb. 4, 5:35 PM
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Tue, Feb. 3, 5:35 PM
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Nov. 3, 2014, 5:35 PM
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Oct. 23, 2014, 6:18 PM
- Though its results and guidance beat expectations, Pandora (NYSE:P) reports it had 76.5M active listeners at the end of Q3, barely above the 76.4M it had at the end of Q2 and up only 5.2% Y/Y. Questions about the impact of competition are bound to come up.
- Listener hours totaled 4.99B, -1% Q/Q and +25% Y/Y; Y/Y growth benefited from the presence of a 40-hour free mobile listening cap during part of Q3 2013. Pandora's share of U.S. radio listening rose to 9.06% in September from 8.9% in June and 7.77% a year ago.
- Total Q3 ad revenue per thousand ad-supported listener hours (RPM) rose to $44.35 from $40.11 in Q2 and $39.68 a year ago. PC ad RPM +10% Y/Y to $64.13; mobile ad RPM +16% to $40.82.
- The RPM gains helped ad revenue rise 44% to $194.3M. Subscription/other revenue rose 25% to $45.3M. GAAP opex rose 48% to $114.8M, and content acquisition costs (driven by royalties) 33% to $111.3M.
- P -6.1% AH. Q3 results, PR
Oct. 23, 2014, 4:06 PM
Oct. 22, 2014, 5:35 PM
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Jul. 25, 2014, 1:20 AM
- Pandora (NYSE:P) ended June with 76.4M active listeners, up 7.5% from 71.1M a year earlier but down 1% from 77M at the end of May. By contrast, the company saw a 300K listener increase from May to June in 2013.
- Q2 listener hours jumped 29% Y/Y to 5.04B. Favorable comps - Pandora had a 40-hour free mobile listening cap in place from March-August - helped with the growth.
- The company faced several CC questions (transcript) over listener growth and competition. SunTrust asked if the Apple/Beats deal had an effect, and Canaccord suggested Pandora isn't investing heavily in customer acquisition for the time being since it still has excess ad inventory to sell.
- Pandora insists the competitive landscape hasn't changed, noting it has an estimated 77.6% U.S. Web radio listening share among the top 20 properties (per Triton Digital), and argues seasonality hurt June figures. The company says it's spending more on marketing than ever, but admits it doesn't have a large budget.
- The Q2 slowdown in Y/Y subscription/other revenue growth is attributed to tougher comps - the mobile listening cap led to a surge in subscriptions last year. But growth was also relatively modest on a Q/Q basis (+5%). Pandora's subscriber base grew by 100K to 3.5M.
- Mobile ad revenue per thousand hours (RPM) rose 22% Y/Y to $36.00. It remained well below a PC ad RPM of $62.43 (+18%). Sales/marketing spend rose 49% to $66.2M, as Pandora continues spending heavily on sales hiring. Content acquisition costs were 52% of revenue.
- Shares finished AH trading down 10.5%. Q2 results, guidance/details
Jul. 24, 2014, 4:12 PM
- Pandora (NYSE:P) expects Q3 revenue of $235M-$240M and EPS of $0.05-$0.08; the former is above a $234.6M consensus, while the latter is mostly below an $0.08 consensus.
- Full-year guidance is for revenue of $895M-$915M and EPS of $0.16-$0.19 vs. a consensus of $900.8M and $0.17.
- Ad revenue +39% Y/Y to $177.3M vs. +45% in Q1. Subscription/other revenue +35% to $41.6M, a marked slowdown from Q1's +94%. Did a price hike take a toll?
- Q2 results, PR
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