Pandora Media Inc P
Q4 2013 Earnings Call Transcript

Transcript Call Date 03/07/2013

Operator: Welcome to Pandora's Fourth Quarter and Fiscal 2013 Financial Results Call for the quarter and year ended January 31, 2013. Some of our discussions will contain forward-looking statements which may include projected financial results or operating metrics, business strategies, anticipated future products or services, anticipated market demand or opportunities, , and other forward-looking topics. These statements are subject to risks, uncertainties and assumptions. Accordingly, actual results could differ materially. For a discussion of these risk that could cause our results to differ from today's discussion, please refer to the documents we filed with the Securities and Exchange Commission.

Also I would also like to remind you that during the course of this conference call, we will discuss non-GAAP measures of our performance. Reconciliations to the most directly comparable GAAP financial measures are provided in the tables in the press release and Form 8-K filed earlier this afternoon with the SEC.

For your convenience, supplemental information has been included in today's press release and detailed financials regarding RPM metrics that are available on the Investor Relation's site. Today's call is available via webcast and a replay will be available for two weeks, following the conclusion of the call. To access the press release, supplemental financial information or the webcast replay, please consult the IR section of

With that let me turn the call over to Joe Kennedy, Pandora's Chairman and CEO.

Joe Kennedy - President and CEO: Thanks Dom. Pandora continues to demonstrate and expand its mobile leadership with both listeners and advertisers. For the fourth quarter total mobile revenue grew 111% to $80.3 million from $38 million in the same quarter last year, outpacing mobile listener hour growth, which grew 70% year-over-year. For the fiscal year ended 2013, total mobile revenue more than doubled from fiscal 2012 growing to 105% to $255.9 million, with full year mobile revenue growth also exceeding full year mobile listener hour growth, which grew 89% year-over-year. As a result of the success driving mobile monetization, total mobile RPM reached a record high rate for the year of $23.83.

Total listener hours for the quarter grew 53% year-over-year exceeding 4 billion for the quarter compared to $2.66 billion in the same quarter last year. For the fiscal year ended 2013, total listener hours grew 70% year-over-year, exceeding 14 billion compared to 8.2 billion in fiscal year 2012. We continue to lead the market with aggressive listener hour growth resulting in record market share.

Pandora's market share of all US radio as of January 31, 2013, also reached a high of 8.03%, up from 5.55% a year ago. As of this afternoon we've also released February listener metrics and reached another new record of 8.48% share this past month, up from 5.74% a year ago. Fourth quarter results exceeded the high end of our revised revenue and earnings expectations. Pandora's total revenue grew 54% to $125.1 million and non-GAAP EPS was a loss of $0.04.

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