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Pandora Media,€Inc.
Consolidated Statements of Cash Flows
(in thousands)
Eleven Months Ended€
€December 31,
Twelve Months Ended€
€December 31,
2013 2014 2015
Operating activities
Net loss $(27,017) $ (30,406) $ (169,661)
Adjustments to reconcile net loss to net cash provided by (used in) operating
activities
Depreciation and amortization 10,112 15,431 24,458
Stock-based compensation 40,041 87,055 111,645
Amortization of premium on investments 237 2,833 1,911
Excess tax benefit from stock-based awards — (348)—
Amortization of debt discount — — 1,084
Other operating activities 220 1,366 2,134
Changes in assets and liabilities
Accounts receivable (60,613)(55,478)(55,904)
Prepaid expenses and other assets (7,891)(9,219)(18,918)
Accounts payable, accrued and other current liabilities 11,745 4,830 18,080
Accrued royalties 13,027 7,608 23,736
Accrued compensation (3,393)13,736 7,378
Other long-term liabilities 5,607 7,690 6,005
Deferred revenue 13,384 (28,238)4,946
Reimbursement of cost of leasehold improvements 1,555 4,169 1,024
Net cash provided by (used in) operating activities (2,986)21,029 (42,082)
Investing activities
Purchases of property and equipment (21,180)(30,039)(32,074)
Purchases of patents (8,000)— —
Purchases of investments (224,549)(340,679)(140,980)
Proceeds from maturities of investments 42,210 258,518 228,998
Proceeds from sale of investments — — 111,356
Payments related to acquisitions, net of cash acquired (400)— (269,566)
Net cash used in investing activities (211,919)(112,200)(102,266)
Financing activities
Proceeds from issuance of convertible notes — — 345,000
Payments for purchase of capped call — — (43,160)
Payment of debt issuance costs (450)— (8,909)
Borrowings under debt arrangements 10,000 — —
Repayments of debt (10,000)— —
Proceeds from follow-on offering, net of issuance costs 378,654 — —
Proceeds from exercise of stock options 17,273 16,894 5,192
Tax payments from net share settlements of restricted stock units (480)(2,019)(2,540)
Excess tax benefit from stock-based awards — 348 —
Proceeds from employee stock purchase plan — 6,438 7,552
Net cash provided by financing activities 394,997 21,661 303,135
Effect of exchange rate changes on cash and cash equivalents (62)(288)(77)
Net increase (decrease) in cash and cash equivalents 180,030 (69,798)158,710
Cash and cash equivalents at beginning of period 65,725 245,755 175,957
Cash and cash equivalents at end of period $245,755 $175,957 $334,667
Supplemental disclosures of cash flow information
Cash paid during the period for income taxes $26 $164 $389
Cash paid during the period for interest $18 $314 $351
Purchases of property and equipment recorded in accounts payable and
accrued liabilities $7,910 $751 $5,890
Fair value of shares issued related to the acquisition of a business $—$—$146,855
The accompanying notes are an integral part of the consolidated financial statements.
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