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Table of Contents
ITEM 6. SELECTED FINANCIAL DATA
The following selected consolidated financial and other data should be read in conjunction with, and are qualified by reference to, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of Operations," and our audited consolidated financial statements and the
accompanying notes included elsewhere in this report. The consolidated statements of operations and balance sheet data for the fiscal years ended January 31,
2008 and 2009 and the consolidated balance sheet data as of January 31, 2008, 2009 and 2010 were derived from our audited consolidated financial
statements not included in this report. The consolidated statements of operations data for the fiscal years ended January 31, 2010, 2011 and 2012 and the
consolidated balance sheet data as of January 31, 2011 and 2012 were derived from our audited consolidated financial statements included in this report. The
historical results presented below are not necessarily indicative of financial results to be achieved in future periods.
Fiscal Year Ended January 31,
2008 2009 2010 2011 2012
(in thousands, except per share data)
Statement of Operations Data:
Revenue:
Advertising $ 13,314 $ 18,247 $ 50,147 $119,333 $239,957
Subscription services and other 985 1,086 5,042 18,431 34,383
Total revenue 14,299 19,333 55,189 137,764 274,340
Costs and expenses:
Cost of revenue(1) 5,850 7,398 7,892 11,559 22,759
Product development(1) 5,932 6,116 6,026 6,736 13,425
Marketing and sales(1) 8,214 13,265 17,426 36,250 65,010
General and administrative(1) 2,577 4,190 6,358 14,183 35,428
Content acquisition 6,402 15,771 32,946 69,357 148,708
Total costs and expenses 28,975 46,740 70,648 138,085 285,330
Income (loss) from operations (14,676) (27,407) (15,459) (321) (10,990)
Other income (expense), net 688 (821) (1,294) (1,309) (5,042)
Loss before provision for income taxes (13,988) (28,228) (16,753) (1,630) (16,032)
Provision for income taxes — — — 134 75
Net loss (13,988) (28,228) (16,753) (1,764) (16,107)
Deemed dividend on Series D and Series E — — (1,443) — —
Accretion of redeemable convertible preferred stock (58) (58) (218) (300) (110)
Increase in cumulative dividends payable upon conversion of liquidation of redeemable
convertible preferred stock (3,705) (3,751) (6,461) (8,978) (3,648)
Net loss attributable to common stockholders $(17,751) $(32,037) $(24,875) $ (11,042) $ (19,865)
Basic and diluted net loss per share $ (3.80) $ (5.45) $ (3.84) $ (1.03) $ (0.19)
Weighted-average number of shares used in per share amounts—basic and diluted 4,671 5,881 6,482 10,761 105,955
Key Metrics (unaudited):(2)
Fiscal Year Ended January 31,
2009 2010 2011 2012
Listener hours (in billions)(3) 0.9 1.8 3.8 8.2
As of January 31,
2009 2010 2011 2012
Active users (as of period end, in millions)(4) 7 16 29 47
40