Pandora

Income Statement
(in $ thousands)
2007

Fiscal Year Ended January 31

2008
2009

2011

2012

1013

2014

2015

2016

2017

2018

2019

2020

$13,314.00
309.66%
$985.00
6.49%
$14,299.00
242.49%

$18,247.00
37.05%
$1,086.00
10.25%
$19,333.00
35.21%

$50,147.00 $119,333.00
174.82%
137.97%
$5,042.00
$18,431.00
364.27%
265.55%
$55,189.00 $137,764.00
185.47%
149.62%

2010

$221,269.65
85.42%
$21,883.81
18.73%
$243,153.46
76.50%

$369,617.57
67.04%
$41,068.62
87.67%
$410,686.19
68.90%

$578,821.12
56.60%
$86,490.51
110.60%
$665,311.63
62.00%

$881,072.20
52.22%
$155,483.33
79.77%
$1,036,555.53
55.80%

$1,292,232.31
46.67%
$264,674.09
70.23%
$1,556,906.40
50.20%

$1,785,896.19
38.20%
$474,731.90
79.36%
$2,260,628.09
45.20%

$2,417,334.83
35.36%
$763,368.89
60.80%
$3,180,703.73
40.70%

$3,171,734.14
31.21%
$1,173,107.15
53.68%
$4,344,841.29
36.60%

$4,042,005.85
27.44%
$1,732,288.22
47.67%
$5,774,294.08
32.90%

$5,850.00
86.19%
$5,932.00
1452.88%
$8,214.00
1361.57%
$2,577.00
-73.08%
$6,402.00
97.59%
$28,975.00
71.45%
($14,676.00)
-15.33%
$688.00
-23.73%
($13,988.00)
-18.31%
$0.00
($13,988.00)
-18.31%
$0.00
($58.00)
($3,705.00)
($17,751.00)
($3.80)
4671

$7,398.00
26.46%
$6,116.00
3.10%
$13,265.00
61.49%
$4,190.00
62.59%
$15,771.00
146.34%
$46,740.00
61.31%
($27,407.00)
-86.75%
($821.00)
-219.33%
($28,228.00)
-101.80%
$0.00
($28,228.00)
-101.80%
$0.00
($58.00)
($3,751.00)
($32,037.00)
($5.45)
5881

$7,892.00
$11,559.00
6.68%
46.46%
$6,026.00
$6,736.00
-1.47%
11.78%
$17,426.00
$36,250.00
31.37%
108.02%
$6,358.00
$14,183.00
51.74%
123.07%
$32,946.00
$69,357.00
108.90%
110.52%
$70,648.00 $138,085.00
51.15%
95.45%
($15,459.00)
($321.00)
43.59%
97.92%
($1,294.00)
($1,309.00)
-57.61%
-1.16%
($16,753.00) ($1,630.00)
40.65%
90.27%
$0.00
$134.00
($16,753.00) ($1,764.00)
40.65%
89.47%
($1,443.00)
$0.00
($218.00)
($300.00)
($6,461.00)
($8,978.00)
($24,875.00) ($11,042.00)
($3.84)
($1.03)
6482
10761
-0.01
147,213

$19,452.28
68.29%
$8,024.06
19.12%
$72,946.04
101.23%
$19,209.12
35.44%
$158,049.75
127.88%
$277,681.25
101.09%
($34,527.79)
-10656.32%
$1.00
100.08%
($34,526.79)
-2018.21%
$0.00
($34,526.79)
-1857.30%
$0.00
($400.00)
($10,723.00)
($45,649.79)
($4.24)
14900

$31,622.84
62.57%
$12,320.59
53.55%
$119,099.00
63.27%
$34,086.95
77.45%
$246,411.72
55.91%
$443,541.09
59.73%
($32,854.90)
4.85%
$1.00
0.00%
($32,853.90)
4.85%
$0.00
($32,853.90)
4.85%
$0.00
($600.00)
($12,649.00)
($46,102.90)
($4.28)
14900

$49,898.37
57.79%
$18,628.73
51.20%
$179,634.14
50.83%
$57,882.11
69.81%
$365,921.40
48.50%
$671,964.75
51.50%
($6,653.12)
79.75%
$1.00
0.00%
($6,652.12)
79.75%
$0.00
($6,652.12)
79.75%
$0.00
($823.00)
($15,836.00)
($23,311.12)
($2.17)
14900

$75,668.55
51.65%
$25,913.89
39.11%
$259,138.88
44.26%
$94,326.55
62.96%
$518,277.76
41.64%
$973,325.64
44.85%
$63,229.89
1050.38%
$1.00
0.00%
$63,230.89
1050.54%
$0.00
$63,230.89
1050.54%
$0.00
($1,072.00)
($18,427.00)
$43,731.89
$4.06
14900

$110,540.35
46.08%
$35,808.85
38.18%
$358,088.47
38.18%
$149,463.01
58.45%
$731,746.01
41.19%
$1,385,646.70
42.36%
$171,259.70
-170.85%
$1.00
0.00%
$171,260.70
-170.85%
$0.00
$171,260.70
-170.85%
$0.00
($1,386.00)
($21,064.00)
$148,810.70
$13.83
14900

$158,243.97
43.15%
$45,212.56
26.26%
$497,338.18
38.89%
$228,323.44
52.76%
$1,017,282.64
39.02%
$1,946,400.79
40.47%
$314,227.30
-83.48%
$1.00
0.00%
$314,228.30
-83.48%
$0.00
$314,228.30
-83.48%
$0.00
($1,500.00)
($25,782.00)
$286,946.30
$26.67
14900

$219,468.56
38.69%
$54,071.96
19.60%
$667,947.78
34.30%
$337,154.60
47.67%
$1,367,702.60
34.45%
$2,646,345.50
35.96%
$534,358.23
-70.05%
$1.00
0.00%
$534,359.23
-70.05%
$0.00
$534,359.23
-70.05%
$0.00
($1,500.00)
($28,930.00)
$503,929.23
$46.83
14900

$295,449.21
34.62%
$56,482.94
4.46%
$868,968.26
30.10%
$482,277.38
43.04%
$1,737,936.52
27.07%
$3,441,114.30
30.03%
$903,726.99
-69.12%
$1.00
0.00%
$903,727.99
-69.12%
$0.00
$903,727.99
-69.12%
$0.00
($1,500.00)
($33,005.00)
$869,222.99
$80.78
14900

$386,877.70
30.95%
$57,742.94
2.23%
$1,097,115.87
26.26%
$669,818.11
38.89%
$2,136,488.81
22.93%
$4,348,043.44
26.36%
$1,426,250.64
-57.82%
$1.00
0.00%
$1,426,251.64
-57.82%
$0.00
$1,426,251.64
-57.82%
$0.00
($1,500.00)
($37,056.00)
$1,387,695.64
$128.96
14900

49
68.97%

78
59.18%

110
41.03%

143
30.00%

170
18.88%

185
8.82%

194
4.86%

200
3.09%

203
1.50%

Revenue:
Advertising
Supscription

$3,250.00
$925.00

Total Revenue

$4,175.00

Costs and Expenses:

Cost of Revenue

$3,142.00

Product Development
Marketing and Sales
General and administrative
Content acquisition
Total costs and expenses
Loss from operations
Other income (expense), net

$382.00
$562.00
$9,574.00
$3,240.00
$16,900.00
($12,725.00)
$902.00

Loss before provision for taxes

($11,823.00)

Provision for taxes

Net loss

$0.00
($11,823.00)

Dividend on Series D and E

$0.00
Accretion of redeemable convertible pref. stock
($53.00)
increase in cumulative dividends payable on conversion(above) ($2,949.00)
Net loss attributable to commone shareholders
($14,825.00)
Basic and diluted net loss
($3.62)
Weighted average number of shares
4097
Pro forma net loss per share
Pro forma weighted average shares

User Growth
Active users (millions)

16
128.57%

29
81.25%