LONDON, UK / ACCESSWIRE / December 14, 2017 / Active-Investors free earnings report on Pandora Media, Inc. (NYSE: P) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=P. The Company posted its financial results on November 02, 2017, for the third quarter fiscal 2017. The music streaming and automated music recommendation service provider's adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pandora Media most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
For three months ended September 30, 2017, Pandora's total revenue increased 7.6% to $378.64 million from $351.90 million in Q3 FY16. The Company's total revenue was below analysts' expectations of $380.57 million.
For the reported quarter, the Company's advertising revenue increased 0.7% to $275.74 million from $273.72 million in Q3 FY16. For the reported quarter, the Company's subscription and other revenue increased 50.5% to $84.41 million from $56.10 million in Q3 FY16. For the reported quarter, the Company's ticketing service revenue decreased 16.3% to $18.48 million from $22.09 million in Q3 FY16. The decrease was due to the Ticketfly divestiture closing in the beginning of September, resulting in only two months of ticketing revenue in the third quarter of 2017.
For the reported quarter, the Company's advertising RPM increased 20.9% to $70.27 from $58.10 in the third quarter of 2016. The increase was driven by higher ad loads, an increase in blended effective CPMs, and improvements in sell-through. During Q3 FY17, the Company's advertising LPM increased 17.1% to $37.01 from $31.60 in Q3 FY16.
During Q3 FY17, Pandora's gross profit decreased 0.4% to $135.86 million from $136.35 million in the same period last year. For the reported quarter, the Company's gross margin decreased 280 basis points to 35.9% of revenue, from 38.7% of revenue in the third quarter of last year. During Q3 FY17, Pandora's adjusted gross profit decreased 0.8% to $138.24 million from $139.34 million in the same period last year. For the reported quarter, the Company's adjusted gross margin decreased 310 basis points to 36.5% of revenue from 39.6% of revenue in the third quarter of last year. The decrease was due to higher content cost under direct deals versus statutory rates.
During Q3 FY17, Pandora's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was negative $5.28 million compared to negative $6.61 million in the same period last year.
For the reported quarter, Pandora's operating loss was $58.94 million compared to operating loss of $55.21 million in Q3 FY16.
During Q3 FY17, Pandora's earnings before tax (EBT) was negative $65.98 million compared to negative $61.12 million in the same period last year.
For the reported quarter, Pandora's net loss was $84.56 million compared to net loss of $61.53 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS was negative $0.34 compared to negative $0.27 in the same period last year. For the reported quarter, Pandora's adjusted net loss was $15.94 million compared to adjusted net loss of $16.06 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS was negative $0.06 compared to negative $0.07 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of negative $0.08.
Balance Sheet
As on September 30, 2017, Pandora's cash and cash equivalents increased 146.7% to $493.18 million from $199.94 million on December 31, 2016. For the reported quarter, the Company's net long-term debt decreased 21.9% to $267.40 million from $342.25 million in Q4 FY16
For the reported quarter, the Company's net accounts receivable increased 1% to $312.28 million from $309.27 million in Q4 FY16. For the reported quarter, the Company's accounts payable decreased 44.5% to $8.44 million, from $15.22 million in the fourth quarter of 2016.
During Q3 FY17, the Company's cash provided by operating activities was negative $79.20 million compared to negative $120.50 million in the same period last year.
Stock Performance Snapshot
December 13, 2017 - At Wednesday's closing bell, Pandora Media's stock was slightly up 0.40%, ending the trading session at $5.01.
Volume traded for the day: 11.17 million shares, which was above the 3-month average volume of 9.43 million shares.
Stock performance in the last month – up 7.28%
After yesterday's close, Pandora Media's market cap was at $1.23 billion.
The stock is part of the Services sector, categorized under the Broadcasting - Radio industry. This sector was up 0.2% at the end of the session.
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