Pandora 2016 Annual Report Download - page 70

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Investing activities
In the twelve months ended December€31, 2015, net cash used in investing activities was $102.3 million, primarily due
to $269.6 million in payments related to acquisitions, net of cash acquired due to the acquisitions of Rdio, Ticketfly, NBS and
KXMZ, $141.0 million of purchases of investments and $32.1 million of capital expenditures for leasehold improvements and
server equipment, offset by $229.0 million in maturities of investments and $111.4 million in proceeds from sale of
investments.
In the twelve months ended December 31, 2014, net cash used in investing activities was $112.2 million, primarily due
to€$340.7 million€of purchases of investments and€$30.0 million€of capital expenditures for leasehold improvements and server
equipment, partially offset by€$258.5 million€in maturities of investments.
In the eleven months ended December 31, 2013, net cash used in investing activities was $211.9 million,€primarily due
to $224.5 million for purchases of investments, $21.2 million for capital expenditures for server equipment and leasehold
improvements and $8.0 million for the purchase of patents, offset by $42.2 million in maturities of short-term investments.
Financing activities
In the twelve months ended December€31, 2015, net cash provided by financing activities was $303.1 million, primarily
consisting of $345.0 million in proceeds from issuance of the Notes, offset by $43.2 million in payments pursuant to the capped
call transaction and $8.9 million in payment of debt issuance costs related to the issuance of the Notes and the amendment to
our line of credit facility.
In the twelve months ended December 31, 2014, net cash provided by financing activities was $21.7 million,€primarily
consisting of€$16.9 million€in proceeds from the exercise of stock options and $6.4 million in proceeds from our employee
stock purchase plan.
In the eleven months ended December 31, 2013, net cash provided by financing activities was $395.0 million,€primarily
consisting of net proceeds from the follow-on public equity offering of $378.7 million and cash proceeds from the issuance of
common stock of $17.3 million.
Contractual Obligations and Commitments
The following summarizes our contractual obligations as of December€31, 2015:
Payments Due by Period
Less Than More Than
Total 1 Year 1 - 3 Years 4 - 5 Years 5 Years
(in thousands)
Purchase obligations $153,252 $60,252 $93,000 $—$—
Operating lease obligations 162,634 19,044 45,941 41,747 55,902
Total $315,886 $79,296 $138,941 $41,747 $55,902
Purchase Obligation
As of December 31, 2015, we had various non-cancelable minimum payments, primarily in connection with the
publishing agreements signed in 2015, of which $124.0 million is recoupable against future royalty payments and $29.3 million
of which is not recoupable against future royalty payments, through 2018.
Off-Balance Sheet Arrangements
As of December 31, 2014 and 2015, we did not have any off-balance sheet arrangements.
Business Trends
Our operating results fluctuate from quarter to quarter as a result of a variety of factors. We expect our operating results
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