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12.€€€€€€€€€€€€€€€€€€€€€€ Selected Quarterly Financial Data (unaudited)
Three months ended
March 31, June 30,
September
30,
December
31, March 31, June 30,
September
30,
December
31,
2014 2014 2014 2014 2015 2015 2015 2015
(in thousands, except per share data)
Total revenue (1) $194,315 $218,894 $239,593 $268,000 $230,764 $285,560 $311,562 $336,157
Cost of revenue
Cost of Revenue—
Content acquisition
costs 108,275 111,461 111,315 115,326 126,023 130,134 211,272 142,933
Cost of revenue—
Other 14,979 13,989 15,453 17,206 16,233 20,043 21,414 22,168
Cost of revenue—
Ticketing service (1) — — — — — — — 7,121
Total cost of revenue 123,254 125,450 126,768 132,532 142,256 150,177 232,686 172,222
Gross profit 71,061 93,444 112,825 135,468 88,508 135,383 78,876 163,935
Operating expenses
Product development
(1) 11,831 13,076 13,381 14,865 15,875 18,742 21,849 28,115
Sales and marketing
(1) 61,864 66,232 72,320 76,914 84,274 94,035 107,286 112,574
General and
administrative (1) 26,361 25,865 29,143 31,074 36,754 38,812 35,603 42,774
Total operating expenses 100,056 105,173 114,844 122,853 136,903 151,589 164,738 183,463
Income (loss) from
operations (28,995)(11,729)(2,019)12,615 (48,395)(16,206)(85,862)(19,528)
Net income (loss) (28,931)(11,728)(2,025)12,278 (48,257)(16,065)(85,930)(19,409)
Net income (loss) per
share, basic (0.14)(0.06)(0.01)0.06 (0.23)(0.08)(0.40)(0.09)
Net income (loss) per
share, diluted $(0.14) $ (0.06) $ (0.01) $ 0.06 $(0.23) $ (0.08) $ (0.40) $ (0.09)
(1) Includes two months of revenue and expense for Ticketfly from the acquisition date of October 31, 2015 to December 31, 2015.
Table of Contents
Pandora Media,€Inc.
103