Upcoming AWS Coverage on Sirius XM Holdings Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 24, 2017 / Active Wall St. announces its post-earnings coverage on Pandora Media, Inc. (NYSE: P). The Company reported its financial results for the first quarter fiscal 2017 (Q1 FY17) on May 08, 2017. The Oakland, California-based Company reported a 6% y-o-y growth in its total revenues during Q1 FY17. Register with us now for your free membership at:

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One of Pandora Media's competitors within the Broadcasting - Radio space, Sirius XM Holdings Inc. (NASDAQ: SIRI), reported on April 27, 2017, its Q1 2017 operating and financial results. AWS will be initiating a research report on Sirius XM in the coming days.

Today, AWS is promoting its earnings coverage on P; touching on SIRI. Get our free coverage by signing up to:

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Earnings Reviewed

In the quarter ended on March 31, 2017, Pandora's total net revenues increased to $316.00 million from $297.31 million recorded at the end of Q1 FY16. However, total revenue numbers for Q1 FY17 lagged behind market consensus estimates of $318.00 million. Meanwhile, the Company's advertising revenue grew marginally to $223.31 million in Q1 FY17 from $220.31 million in Q1 FY16. Subscriptions and other revenues for the reported quarter was $64.88 million, an increase of 19% y-o-y. Furthermore, Ticketing service revenues surged 25% y-o-y during Q1 FY17 to $27.82 million.

The web music streaming Company's GAAP net loss widened during Q1 FY17 to $132.27 million, or $0.56 loss per diluted share, from GAAP net loss of $115.10 million, or $0.51 loss per diluted share, in Q1 FY16. The Company's non-GAAP net loss for Q1 FY17 stood at $57.19 million, or $0.24 loss per diluted share, versus non-GAAP net loss of $45.22 million, or $0.20 loss per diluted share, in Q1 FY16. Meanwhile, Wall Street had expected the Company to report net loss of $0.34 per share.

Operational Metrics

For the reported quarter, Pandora's GAAP gross profit came in at $84.43 million compared to $90.20 million in the prior year's same quarter. The Company's non-GAAP gross profit for Q1 FY17 stood at $87.01 million versus $93.15 million in the prior year's comparable quarter. Total operating expenses increased during Q1 FY17 to $209.22 million from $199.57 million in Q1 FY16.

In Q1 FY17, the Company reported loss from operations of $124.78 million compared to loss from operations of $109.37 million in Q1 FY16. Furthermore, the Company posted negative adjusted EBITDA of $71.30 million in Q1 FY17 compared to a negative adjusted EBITDA of $57.44 million in Q1 FY16.

Pandora's advertising RPM (Revenue per thousand listener hours) grew 12% to $50.87 in Q1 FY17 from $45.47 in the previous year's same quarter. Meanwhile, advertising LPM (Licensing costs per thousand listener hours) was $33.44 in Q1 FY17 compared to $30.48 in Q1 FY16. In the reported quarter, subscription ARPU (Average revenue per user) stood at $4.76, while the LPU (Licensing cost per user) was $2.96 in Q1 FY17.

Total listener hours during Q1 F17 were 5.21 billion compared to 5.52 billion in the last year's comparable quarter. The Company had 76.7 million active listeners at the end of Q1 FY17 versus 79.4 million in Q1 FY16.

Cash Flow & Balance Sheet

During Q1 FY17, Pandora used $36.02 million of net cash in its operating activities, up from $13.10 million of cash used in operating activities in Q1 FY16. At the close of books in the reported quarter, Pandora had $170.88 million in cash and cash equivalents compared to $199.94 million at the close of books on December 31, 2016. Furthermore, the Company reported net long-term debt of $347.22 million as on March 31, 2017, compared to $342.25 million as on December 31, 2016.

Outlook

For its Q2 FY17 guidance, Pandora expects total revenue to be in the range of $360 million to $375 million, reflecting a 7% y-o-y growth at the midpoint. The Company forecasts an adjusted EBITDA loss in the range of $65 million to $50 million for Q2 FY17.

For full-year FY17, the Company projects total net revenue in the range $1.50 billion to $1.65 billion.

Stock Performance

At the close of trading session on Tuesday, May 23, 2017, Pandora Media's stock price was marginally up 0.22% to end the day at $9.14. A total volume of 8.31 million shares were exchanged during the session. The stock currently has a market cap of $2.24 billion.

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SOURCE: Active Wall Street