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Pandora Media,€Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
€
Eleven Months Ended
December 31,
Twelve Months Ended€
€December 31,
2013 2014 2015
Revenue
Advertising $489,340 $732,338 $933,305
Subscription and other 110,893 188,464 220,571
Ticketing service — — 10,167
Total revenue 600,233 920,802 1,164,043
Cost of revenue
Cost of revenue—Content acquisition costs 314,866 446,377 610,362
Cost of revenue—Other 42,217 61,627 79,858
Cost of revenue—Ticketing service — — 7,121
Total cost of revenue 357,083 508,004 697,341
Gross profit 243,150 412,798 466,702
Operating expenses
Product development 31,294 53,153 84,581
Sales and marketing 169,005 277,330 398,169
General and administrative 69,300 112,443 153,943
Total operating expenses 269,599 442,926 636,693
Loss from operations (26,449)(30,128)(169,991)
Other income (expense), net (474)306 (1,220)
Loss before benefit from (provision for) income taxes (26,923)(29,822)(171,211)
Benefit from (provision for) income taxes (94)(584)1,550
Net loss $(27,017) $ (30,406) $ (169,661)
Weighted-average common shares outstanding used
in€computing basic and diluted net loss per share 180,968 205,273 213,790
Net loss per share, basic and diluted $(0.15) $ (0.15) $ (0.79)
€
The accompanying notes are an integral part of the consolidated financial statements.
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