Exhibit 99.2
PANDORA FISCAL YEAR-END CHANGE OVERVIEW
The company will transition from a January 31st based fiscal year-end to a December 31st based fiscal year-end, effective with the year ended December 31, 2013, in order to align Pandora’s business calendar with the advertising industry’s standard cycle. The company will report earnings according to the current fiscal 2014 cadence for the fiscal third quarter 2014 ending October 31, 2013, followed by a two-month stub period for November and December 2013 to achieve this transition. The Form 10-K (transition report) for the period ending December 31, 2013 will be based on an eleven month year (Feb - Dec).
The following list of financial statements are recast to the calendar year for Q1 and Q2 2013, 2012 and 2011 and are available in this workbook:
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Income Statement |
Balance Sheet |
Cash Flow |
RPM Summary |
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Non-GAAP Reconciliation |
Quarterly Metrics |
Monthly Metrics |
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Questions? Please contact |
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Dominic Paschel, Corporate Finance & |
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Investor Relations, investor@pandora.com, |
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(510) 842-6960, or Will Valentine, Pandora |
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Communications and Public Relations, |
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press@pandora.com, (510) 842-6996. |
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Pandora Media Inc.
Condensed Consolidated Statements of Operations
Year Ended December 31
(In thousands, except per share amounts)
(Unaudited and subject to reclassification)
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Three months ended |
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Year ended |
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Three months ended |
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Year ended |
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Three months ended |
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3/31/2011 |
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6/30/2011 |
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9/30/2011 |
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12/31/2011 |
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12/31/2011 |
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3/31/2012 |
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6/30/2012 |
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9/30/2012 |
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12/31/2012 |
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12/31/2012 |
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3/31/2013 |
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6/30/2013 |
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Revenue |
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Advertising |
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$ |
38,603 |
(A) |
$ |
53,960 |
(A) |
$ |
61,830 |
|
$ |
78,809 |
|
$ |
233,202 |
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$ |
61,716 |
(G) |
$ |
87,058 |
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$ |
95,797 |
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$ |
116,144 |
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$ |
360,715 |
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$ |
96,714 |
(G) |
$ |
127,555 |
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Subscription services and other |
|
7,056 |
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8,338 |
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8,955 |
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9,216 |
(D) |
33,565 |
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9,696 |
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11,233 |
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13,010 |
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15,355 |
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49,294 |
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18,410 |
(L) |
25,549 |
(O) | ||||||||||||
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Total revenue |
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45,659 |
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62,298 |
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70,785 |
|
88,025 |
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266,767 |
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71,412 |
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98,291 |
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108,807 |
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131,499 |
|
410,009 |
|
115,124 |
|
153,104 |
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Costs and expenses |
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Cost of revenue - Content acquisition costs |
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27,505 |
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32,199 |
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36,617 |
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43,382 |
(E) |
139,703 |
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54,262 |
(H) |
59,021 |
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63,272 |
|
71,758 |
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248,313 |
|
85,823 |
(H) |
79,828 |
(P) | ||||||||||||
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Cost of revenue - Other (1) |
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4,322 |
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5,260 |
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5,792 |
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6,942 |
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22,316 |
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6,760 |
(I) |
7,210 |
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8,077 |
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8,798 |
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30,845 |
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9,729 |
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10,742 |
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Product development (1) |
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2,681 |
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3,098 |
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3,633 |
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3,626 |
(F) |
13,038 |
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4,070 |
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4,296 |
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4,444 |
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4,684 |
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17,494 |
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6,431 |
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7,537 |
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Sales and marketing (1) |
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11,805 |
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14,121 |
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15,944 |
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19,810 |
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61,680 |
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22,095 |
(J) |
23,681 |
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24,872 |
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30,889 |
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101,537 |
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38,002 |
(J) |
44,517 |
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General and administrative (1) |
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6,331 |
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7,870 |
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9,404 |
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10,098 |
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33,703 |
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10,434 |
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10,898 |
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12,079 |
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13,617 |
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47,028 |
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13,681 |
(M) |
17,248 |
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Total costs and expenses |
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52,644 |
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62,548 |
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71,390 |
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83,858 |
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270,440 |
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97,621 |
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105,106 |
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112,744 |
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129,746 |
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445,217 |
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153,666 |
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159,872 |
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Income (loss) from operations |
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(6,985 |
) |
(250 |
) |
(605 |
) |
4,167 |
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(3,673 |
) |
(26,209 |
) |
(6,815 |
) |
(3,937 |
) |
1,753 |
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(35,208 |
) |
(38,542 |
) |
(6,768 |
) | ||||||||||||
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Other income (expense) |
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Interest income |
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4 |
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3 |
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18 |
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28 |
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53 |
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33 |
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27 |
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19 |
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19 |
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98 |
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16 |
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12 |
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Interest expense |
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(282 |
) |
(257 |
) |
(123 |
) |
(122 |
) |
(784 |
) |
(125 |
) |
(129 |
) |
(135 |
) |
(137 |
) |
(526 |
) |
(144 |
) |
(141 |
) | ||||||||||||
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Other income (expense), net |
|
(1,229 |
)(B) |
(3,253 |
)(B) |
— |
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— |
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(4,482 |
) |
— |
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— |
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4 |
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(7 |
) |
(3 |
) |
1 |
|
7 |
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Income (loss) before provision for income taxes |
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(8,492 |
) |
(3,757 |
) |
(710 |
) |
4,073 |
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(8,886 |
) |
(26,301 |
) |
(6,917 |
) |
(4,049 |
) |
1,628 |
|
(35,639 |
) |
(38,669 |
) |
(6,890 |
) | ||||||||||||
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Income tax benefit (expense) |
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(55 |
) |
(39 |
) |
(17 |
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(34 |
) |
(145 |
) |
22 |
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(1 |
) |
(2 |
) |
— |
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19 |
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(17 |
) |
(12 |
) | ||||||||||||
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Net income (loss) |
|
$ |
(8,547 |
) |
$ |
(3,796 |
) |
$ |
(727 |
) |
$ |
4,039 |
|
$ |
(9,031 |
) |
$ |
(26,279 |
) |
$ |
(6,918 |
) |
$ |
(4,051 |
) |
$ |
1,628 |
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$ |
(35,620 |
) |
$ |
(38,686 |
) |
$ |
(6,902 |
) |
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Basic net income (loss) per share |
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$ |
(0.06 |
) |
$ |
(0.02 |
) |
$ |
— |
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$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
(0.16 |
) |
$ |
(0.04 |
) |
$ |
(0.02 |
) |
$ |
0.01 |
|
$ |
(0.21 |
) |
$ |
(0.22 |
) |
$ |
(0.04 |
) |
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Weighted-average number of shares used in computing basic per share amounts |
|
152,076 |
(C) |
154,395 |
(C) |
161,154 |
(C) |
161,592 |
(C) |
157,341 |
(C) |
164,385 |
|
166,818 |
|
168,807 |
|
170,196 |
|
167,568 |
|
172,733 |
|
174,789 |
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Diluted net income (loss) per share |
|
$ |
(0.06 |
) |
$ |
(0.02 |
) |
$ |
— |
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$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
(0.16 |
) |
$ |
(0.04 |
) |
$ |
(0.02 |
) |
$ |
0.01 |
|
$ |
(0.21 |
) |
$ |
(0.22 |
) |
$ |
(0.04 |
) |
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Weighted-average number of shares used in computing diluted per share amounts |
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152,076 |
(C) |
154,395 |
(C) |
161,154 |
(C) |
190,960 |
(C) |
157,341 |
(C) |
164,385 |
|
166,818 |
|
168,807 |
|
189,937 |
|
167,568 |
|
172,733 |
|
174,789 |
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3/31/2011 |
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6/30/2011 |
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9/30/2011 |
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12/31/2011 |
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12/31/2011 |
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3/31/2012 |
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6/30/2012 |
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9/30/2012 |
|
12/31/2012 |
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12/31/2012 |
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3/31/2013 |
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6/30/2013 |
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(1) Amounts include stock-based compensation expenses as follows: |
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Cost of revenue - Other |
|
$ |
53 |
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$ |
117 |
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$ |
182 |
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$ |
183 |
|
$ |
535 |
|
$ |
230 |
|
$ |
308 |
|
$ |
328 |
|
$ |
308 |
|
$ |
1,174 |
|
$ |
413 |
|
$ |
482 |
|
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Product development |
|
142 |
|
361 |
|
429 |
|
512 |
|
$ |
1,444 |
|
872 |
|
1,154 |
|
1,197 |
|
1,152 |
|
$ |
4,375 |
|
1,445 |
|
2,394 |
| ||||||||||
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Sales and marketing |
|
309 |
|
809 |
|
1,388 |
|
1,738 |
|
$ |
4,244 |
|
2,515 |
|
2,873 |
|
3,203 |
|
3,230 |
|
$ |
11,821 |
|
4,421 |
|
5,027 |
| ||||||||||
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General and administrative |
|
256 |
|
373 |
|
509 |
|
569 |
|
$ |
1,707 |
|
1,162 |
|
1,774 |
|
2,393 |
(K) |
2,021 |
|
$ |
7,350 |
|
245 |
(N) |
2,235 |
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Total stock-based compensation expenses |
|
$ |
760 |
|
$ |
1,660 |
|
$ |
2,508 |
|
$ |
3,002 |
|
$ |
7,930 |
|
$ |
4,779 |
|
$ |
6,109 |
|
$ |
7,121 |
(K) |
$ |
6,711 |
|
$ |
24,720 |
|
$ |
6,524 |
(N) |
$ |
10,138 |
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Tickmark Explanations:
(A) - During the first and second quarter of 2011, a single customer contributed significantly to mobile revenue. Specifically this customer accounted for approximately 11% of revenue, or $5 million in Q1 2011 and approximately 16% of revenue, or $10 million in Q2 2011.
(B) - The increase in other income (expense), net is due to expense recorded in connection with the increase in fair value of our preferred stock warrants.
(C) - Non-GAAP basic and diluted shares have been computed to give effect to the conversion of the convertible preferred stock and warrants into common stock as though the conversion had occurred at the beginning of 2011.
(D) - During Q4 2011, we began to offer in-app subscriptions through Apple devices, which accelerated the growth of our subscription revenue from that period forward.
(E) - In September 2011, we lifted the web listening limit, which resulted in a subsequent rise in the related content costs from Q4 2011 forward.
(F) - Product development costs remained flat from calendar Q3 2011 to Q4 2011 due to minimal growth in headcount, combined with a non-recurring decrease in infrastructure costs in connection with an office expansion that occurred in Q3 2011.
(G) - The decrease in advertising revenue is due to seasonality. Calendar Q4 has historically been the company’s strongest quarter for advertising revenue due to the holiday season , whereas Q1 typically reflects reduced advertising demand.
(H) - The increase in cost of revenue - content acquisition costs is due to annual contractual rate increases with SoundExchange that occur each January 1st as well as increased listening hours in part due to increased usage from devices received as holiday gifts.
(I) - The decrease in cost of revenue - other is due to a minimal growth in headcount, combined with decreases in expense related to non-recurring website hosting costs in Q4 2011.
(J) - The increase in sales and marketing expense from Q4 to Q1 of each year is partly due to an increase in sales headcount. We have historically invested in new sales hires in Q1 of each year to support company growth during the year.
(K) - The increase in stock-based compensation is due to non-recurring compensation costs incurred in connection with the announced CFO transition in Q3 2012.
(L) - During Q1 2013, we began to offer in-app subscriptions through Google devices.
(M) - General and administrative costs remained flat from Q4 2012 to Q1 2013, due primarily to a decrease in stock-based compensation expense in connection with the CEO transition (see tickmark N for details).
(N) - The decrease in stock-based compensation is due to a non-recurring benefit recorded to stock-based compensation expense in Q1 2013 in connection with the re-evaluation of certain estimates and assumptions associated with the CEO’s equity awards in light of his announced transition.
(O) - The increase in subscription revenue is due to a significant increase in the number of subscribers due to the introduction of the mobile listening limit in March 2013.
(P) - The decrease in cost of revenue - content acquisition costs is primarily due to the impact of the mobile listening limit implemented in March 2013. The listening limit resulted in a decrease in listening hours from 4.26 billion in Q1 2013 to 3.91 billion in Q2 2013.
Pandora Media Inc.
Condensed Consolidated Balance Sheets
Year Ended December 31
(In thousands)
(Unaudited and subject to reclassification)
|
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3/31/2011 |
|
6/30/2011 |
|
9/30/2011 |
|
12/31/2011 |
|
3/31/2012 |
|
6/30/2012 |
|
9/30/2012 |
|
12/31/2012 |
|
3/31/2013 |
|
6/30/2013 |
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Assets |
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Current assets |
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Cash and cash equivalents |
|
$ |
44,913 |
|
$ |
103,697 |
(A) |
$ |
64,492 |
|
$ |
46,103 |
|
$ |
47,666 |
|
$ |
47,269 |
|
$ |
55,727 |
|
$ |
59,939 |
|
$ |
52,236 |
|
$ |
40,113 |
|
|
Short-term investments |
|
— |
|
— |
|
28,920 |
(E) |
44,893 |
|
40,399 |
|
31,475 |
|
21,259 |
|
26,006 |
|
20,474 |
|
19,656 |
| ||||||||||
|
Accounts receivable, net |
|
40,236 |
|
46,408 |
|
55,207 |
|
73,626 |
(F) |
64,217 |
|
82,414 |
|
91,961 |
|
110,225 |
(F) |
106,579 |
|
124,286 |
| ||||||||||
|
Prepaid expenses and other current assets |
|
2,475 |
|
3,703 |
|
2,495 |
|
2,156 |
|
2,752 |
|
3,692 |
|
3,967 |
|
4,614 |
|
5,857 |
|
8,950 |
| ||||||||||
|
Total current assets |
|
87,624 |
|
153,808 |
|
151,114 |
|
166,778 |
|
155,034 |
|
164,850 |
|
172,914 |
|
200,784 |
|
185,146 |
|
193,005 |
| ||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Property and equipment, net |
|
8,779 |
|
11,482 |
|
13,578 |
|
15,102 |
|
15,251 |
|
16,074 |
|
16,407 |
|
16,606 |
|
20,149 |
|
23,039 |
| ||||||||||
|
Other long-term assets |
|
2,254 |
|
1,888 |
|
1,936 |
|
2,362 |
|
2,286 |
|
2,178 |
|
2,295 |
|
2,531 |
|
2,377 |
|
13,251 |
(H) | ||||||||||
|
Total assets |
|
$ |
98,657 |
|
$ |
167,178 |
|
$ |
166,628 |
|
$ |
184,242 |
|
$ |
172,571 |
|
$ |
183,102 |
|
$ |
191,616 |
|
$ |
219,921 |
|
$ |
207,672 |
|
$ |
229,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| ||||||||||
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Liabilities, preferred stock and stockholders’ equity (deficit) |
|
|
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|
|
|
|
|
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|
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| ||||||||||
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Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
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Accounts payable |
|
$ |
1,486 |
|
$ |
2,444 |
|
$ |
1,532 |
|
$ |
1,517 |
|
$ |
1,062 |
|
$ |
2,751 |
|
$ |
2,568 |
|
$ |
3,974 |
|
$ |
5,718 |
|
$ |
8,172 |
|
|
Accrued liabilities |
|
3,822 |
|
6,304 |
|
4,708 |
|
3,702 |
|
4,728 |
|
4,943 |
|
5,362 |
|
7,425 |
|
8,968 |
|
17,302 |
(H) | ||||||||||
|
Accrued royalties |
|
19,669 |
|
23,706 |
|
26,611 |
|
32,663 |
|
38,012 |
|
42,064 |
|
45,014 |
|
51,347 |
|
60,700 |
|
55,097 |
| ||||||||||
|
Deferred revenue |
|
17,238 |
|
18,770 |
|
18,705 |
|
19,420 |
|
21,503 |
|
23,721 |
|
26,406 |
|
29,517 |
|
36,939 |
(G) |
42,369 |
| ||||||||||
|
Accrued compensation |
|
5,171 |
|
6,086 |
|
6,887 |
|
10,851 |
|
9,390 |
|
10,788 |
|
8,967 |
|
14,047 |
|
9,980 |
|
14,468 |
| ||||||||||
|
Current portion of long-term debt |
|
6,652 |
|
9,000 |
|
— |
(B) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Total current liabilities |
|
54,038 |
|
66,310 |
|
58,443 |
|
68,153 |
|
74,695 |
|
84,267 |
|
88,317 |
|
106,310 |
|
122,305 |
|
137,408 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Long-term debt |
|
845 |
|
— |
(B) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Preferred stock warrant liability |
|
2,273 |
|
— |
(C) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
Other long-term liabilities |
|
1,629 |
|
2,166 |
|
2,365 |
|
2,220 |
|
3,454 |
|
3,297 |
|
3,230 |
|
3,979 |
|
3,759 |
|
3,705 |
| ||||||||||
|
Total liabilities |
|
58,785 |
|
68,476 |
|
60,808 |
|
70,373 |
|
78,149 |
|
87,564 |
|
91,547 |
|
110,289 |
|
126,064 |
|
141,113 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Redeemable convertible preferred stock |
|
128,256 |
|
— |
(D) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Common stock |
|
1 |
|
16 |
|
16 |
|
16 |
|
16 |
|
17 |
|
17 |
|
17 |
|
17 |
|
18 |
| ||||||||||
|
Additional paid-in capital |
|
1,399 |
|
192,266 |
|
200,134 |
|
204,139 |
|
210,959 |
|
218,993 |
|
227,568 |
|
235,506 |
|
246,169 |
|
259,696 |
| ||||||||||
|
Accumulated deficit |
|
(89,784 |
) |
(93,580 |
) |
(94,307 |
) |
(90,268 |
) |
(116,547 |
) |
(123,465 |
) |
(127,516 |
) |
(125,888 |
) |
(164,574 |
) |
(171,476 |
) | ||||||||||
|
Accumulated other comprehensive income (loss) |
|
— |
|
— |
|
(23 |
) |
(18 |
) |
(6 |
) |
(7 |
) |
— |
|
(3 |
) |
(4 |
) |
(56 |
) | ||||||||||
|
Total stockholders’ equity (deficit) |
|
(88,384 |
) |
98,702 |
|
105,820 |
|
113,869 |
|
94,422 |
|
95,538 |
|
100,069 |
|
109,632 |
|
81,608 |
|
88,182 |
| ||||||||||
|
Total liabilities, preferred stock and stockholders’ equity (deficit) |
|
$ |
98,657 |
|
$ |
167,178 |
|
$ |
166,628 |
|
$ |
184,242 |
|
$ |
172,571 |
|
$ |
183,102 |
|
$ |
191,616 |
|
$ |
219,921 |
|
$ |
207,672 |
|
$ |
229,295 |
|
Tickmark Explanations:
(A) - The increase in cash and cash equivalents is due to cash received in connection with the initial public offering (IPO), which was completed in June 2011.
(B) - The decrease in debt is due to the use of cash proceeds from the IPO to pay outstanding debt.
(C) - The preferred stock warrant liability was converted to APIC as part of the IPO.
(D) - The redeemable convertible preferred stock was converted to APIC as part of the IPO.
(E) - The increase in short-term investments from Q2 2011 to Q3 2011 is due to the use of the IPO proceeds to purchase investments.
(F) - Accounts receivable, net, have historically increased in Q4 of each calendar year due to seasonality and the timing of holiday campaigns.
(G) - Deferred revenue increased in Q1 2013 due to increases in subscriptions, in part driven by the introduction of the mobile listening limit in March 2013.
(H) - Other long-term assets and accrued liabilities increased primarily due to $8 million of patents purchased from Yahoo! in June 2013.
Pandora Media Inc.
Condensed Consolidated Statements of Cash Flows
Year Ended December 31
(In thousands)
(Unaudited and subject to reclassification)
|
|
|
Three months ended |
|
Year ended |
|
Three months ended |
|
Year ended |
|
Three months ended |
| ||||||||||||||||||||||||||
|
|
|
3/31/2011 |
|
6/30/2011 |
|
9/30/2011 |
|
12/31/2011 |
|
12/31/2011 |
|
3/31/2012 |
|
6/30/2012 |
|
9/30/2012 |
|
12/31/2012 |
|
12/31/2012 |
|
3/31/2013 |
|
6/30/2013 |
| ||||||||||||
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net income (loss) |
|
$ |
(8,547 |
) |
$ |
(3,796 |
) |
$ |
(727 |
) |
$ |
4,039 |
|
$ |
(9,031 |
) |
$ |
(26,279 |
) |
$ |
(6,918 |
) |
$ |
(4,051 |
) |
$ |
1,628 |
|
$ |
(35,620 |
) |
$ |
(38,686 |
) |
$ |
(6,902 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Depreciation and amortization |
|
796 |
|
853 |
|
1,131 |
|
1,441 |
|
4,221 |
|
1,534 |
|
1,733 |
|
1,764 |
|
1,886 |
|
6,917 |
|
2,034 |
|
2,501 |
| ||||||||||||
|
Loss on retirement of fixed assets |
|
— |
|
— |
|
— |
|
282 |
|
282 |
|
— |
|
38 |
|
45 |
|
— |
|
83 |
|
— |
|
— |
| ||||||||||||
|
Stock-based compensation |
|
760 |
|
1,660 |
|
2,508 |
|
3,002 |
|
7,930 |
|
4,779 |
|
6,109 |
|
7,121 |
|
6,711 |
|
24,720 |
|
6,524 |
|
10,138 |
| ||||||||||||
|
Remeasurement of preferred stock warrants |
|
1,246 |
|
3,253 |
|
— |
|
— |
|
4,499 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Amortization of premium on investments |
|
— |
|
— |
|
66 |
|
133 |
|
199 |
|
121 |
|
86 |
|
97 |
|
79 |
|
383 |
|
60 |
|
20 |
| ||||||||||||
|
Amortization of debt issuance costs and debt discount |
|
— |
|
334 |
|
71 |
|
66 |
|
471 |
|
66 |
|
66 |
|
66 |
|
66 |
|
264 |
|
66 |
|
66 |
| ||||||||||||
|
Reimbursement of cost of leasehold improvements |
|
— |
|
375 |
|
— |
|
— |
|
375 |
|
1,484 |
|
— |
|
— |
|
— |
|
1,484 |
|
— |
|
276 |
| ||||||||||||
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Accounts receivable |
|
2,096 |
|
(6,172 |
) |
(8,799 |
) |
(18,419 |
) |
(31,294 |
) |
9,409 |
|
(18,197 |
) |
(9,547 |
) |
(18,264 |
) |
(36,599 |
) |
3,647 |
|
(17,707 |
) | ||||||||||||
|
Prepaid expenses and other assets |
|
(1,229 |
) |
(1,196 |
) |
1,166 |
|
(109 |
) |
(1,368 |
) |
(501 |
) |
(856 |
) |
(439 |
) |
(936 |
) |
(2,732 |
) |
(1,143 |
) |
(9,459 |
) | ||||||||||||
|
Accounts payable and accrued liabilities |
|
403 |
|
1,055 |
|
(352 |
) |
(545 |
) |
561 |
|
616 |
|
1,462 |
|
484 |
|
3,949 |
|
6,511 |
|
1,911 |
|
12,250 |
| ||||||||||||
|
Accrued royalties |
|
3,663 |
|
4,037 |
|
2,905 |
|
6,052 |
|
16,657 |
|
5,349 |
|
4,052 |
|
2,950 |
|
6,333 |
|
18,684 |
|
9,353 |
|
(5,603 |
) | ||||||||||||
|
Accrued compensation |
|
(4,787 |
) |
917 |
|
803 |
|
3,867 |
|
800 |
|
(1,363 |
) |
1,398 |
|
(1,821 |
) |
5,080 |
|
3,294 |
|
(4,065 |
) |
4,363 |
| ||||||||||||
|
Deferred revenue |
|
2,600 |
|
1,532 |
|
(65 |
) |
715 |
|
4,782 |
|
2,083 |
|
2,218 |
|
2,685 |
|
3,112 |
|
10,098 |
|
7,422 |
|
5,431 |
| ||||||||||||
|
Net cash provided by (used in) operating activities |
|
(2,999 |
) |
2,852 |
(A) |
(1,293 |
) |
524 |
|
(916 |
) |
(2,702 |
) |
(8,809 |
) |
(646 |
) |
9,644 |
|
(2,513 |
) |
(12,877 |
) |
(4,626 |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Purchases of property and equipment |
|
(3,478 |
) |
(2,739 |
) |
(3,444 |
) |
(3,495 |
) |
(13,156 |
) |
(1,871 |
) |
(2,202 |
) |
(2,347 |
) |
(1,704 |
) |
(8,124 |
) |
(4,318 |
) |
(6,693 |
) | ||||||||||||
|
Changes in restricted cash |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(3,200 |
) | ||||||||||||
|
Purchases of short-term investments |
|
— |
|
— |
|
(29,086 |
) |
(30,548 |
) |
(59,634 |
) |
(20,131 |
) |
(17,716 |
) |
(13,242 |
) |
(15,741 |
) |
(66,830 |
) |
(13,365 |
) |
(10,069 |
) | ||||||||||||
|
Proceeds from maturities of short-term investments |
|
— |
|
— |
|
— |
|
14,403 |
|
14,403 |
|
24,431 |
|
26,510 |
|
23,350 |
|
10,893 |
|
85,184 |
|
18,830 |
|
10,860 |
| ||||||||||||
|
Payments related to acquisition |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(400 |
) | ||||||||||||
|
Net cash provided by (used in) investing activities |
|
(3,478 |
) |
(2,739 |
) |
(32,530 |
) |
(19,640 |
) |
(58,387 |
) |
2,429 |
|
6,592 |
|
7,761 |
|
(6,552 |
) |
10,230 |
|
1,147 |
|
(9,502 |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Borrowings under debt agreements |
|
142 |
|
2,348 |
|
— |
|
— |
|
2,490 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Repayments of debt |
|
(295 |
) |
(845 |
) |
(9,000 |
) |
— |
|
(10,140 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Proceeds from issuance of common stock to directors for cash |
|
3,800 |
|
— |
|
— |
|
— |
|
3,800 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Proceeds from initial public offering, net of offering costs |
|
— |
|
84,910 |
|
4,766 |
|
(281 |
) |
89,395 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Payment of dividends to preferred stockholders at initial public offering |
|
— |
|
(28,450 |
) |
(1,329 |
) |
— |
|
(29,779 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
|
Proceeds from issuance of common stock, preferred stock and warrant, net |
|
1,748 |
|
708 |
|
181 |
|
1,008 |
|
3,645 |
|
1,836 |
|
1,820 |
|
1,347 |
|
1,120 |
|
6,123 |
|
4,033 |
|
2,053 |
| ||||||||||||
|
Net cash provided by (used in) financing activities |
|
5,395 |
|
58,671 |
|
(5,382 |
) |
727 |
|
59,411 |
|
1,836 |
|
1,820 |
|
1,347 |
|
1,120 |
|
6,123 |
|
4,033 |
|
2,053 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Effects of foreign currency translation on cash and cash equivalents |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
(6 |
) |
(48 |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net increase (decrease) in cash and cash equivalents |
|
(1,082 |
) |
58,784 |
|
(39,205 |
) |
(18,389 |
) |
108 |
|
1,563 |
|
(397 |
) |
8,458 |
|
4,212 |
|
13,836 |
|
(7,703 |
) |
(12,123 |
) | ||||||||||||
|
Cash and cash equivalents at beginning of period |
|
45,995 |
|
44,913 |
|
103,697 |
|
64,492 |
|
45,995 |
|
46,103 |
|
47,666 |
|
47,269 |
|
55,727 |
|
46,103 |
|
59,939 |
|
52,236 |
| ||||||||||||
|
Cash and cash equivalents at end of period |
|
$ |
44,913 |
|
$ |
103,697 |
|
$ |
64,492 |
|
$ |
46,103 |
|
$ |
46,103 |
|
$ |
47,666 |
|
$ |
47,269 |
|
$ |
55,727 |
|
$ |
59,939 |
|
$ |
59,939 |
|
$ |
52,236 |
|
$ |
40,113 |
|
Tickmark Explanations:
(A) - The Company generated cash from operating activities in Q2 2011 but not in Q2 2012 or 2013 as Q2 2011 reflects a DSO of approximately 77 days whereas Q2 2012 and 2013 reflect a DSO ranging between 85 and 88 days.
Pandora Media Inc.
Monetization: RPM History
(Unaudited and subject to reclassification)
|
|
|
Three months ended |
|
Year ended |
|
Three months ended |
|
Year ended |
|
Three months ended |
| ||||||||||||||
|
|
|
3/31/2011 |
|
6/30/2011 |
|
9/30/2011 |
|
12/31/2011 |
|
12/31/2011 |
|
3/31/2012 |
|
6/30/2012 |
|
9/30/2012 |
|
12/31/2012 |
|
12/31/2012 |
|
3/31/2013 |
|
6/30/2013 |
|
|
Advertising RPMs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional computer |
|
52.63 |
|
64.23 |
|
68.90 |
|
69.00 |
|
64.11 |
|
43.23 |
(A) |
53.99 |
(A) |
57.06 |
(A) |
59.31 |
(A) |
53.47 |
|
44.63 |
(D) |
58.53 |
(D) |
|
Mobile and other connected devices |
|
16.37 |
|
22.56 |
|
22.85 |
|
22.88 |
|
21.61 |
|
15.73 |
(B) |
22.25 |
(B) |
23.51 |
|
25.52 |
|
22.15 |
|
20.43 |
(D) |
32.56 |
(D) |
|
Total |
|
28.13 |
|
34.04 |
|
34.18 |
|
35.28 |
|
33.31 |
|
22.45 |
(C) |
29.33 |
(C) |
30.30 |
(C) |
32.33 |
(C) |
28.92 |
|
24.85 |
(D) |
37.89 |
(D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total RPMs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional computer |
|
51.45 |
|
60.32 |
|
63.35 |
|
63.77 |
|
60.06 |
|
42.80 |
(A) |
52.07 |
(A) |
55.51 |
(A) |
57.67 |
(A) |
52.01 |
|
45.17 |
(D) |
56.73 |
(D) |
|
Mobile and other connected devices |
|
17.37 |
|
23.48 |
|
23.78 |
|
23.59 |
|
22.49 |
|
16.68 |
(B) |
23.25 |
(B) |
24.87 |
|
26.93 |
|
23.38 |
|
22.41 |
(D) |
34.37 |
(D) |
|
Total |
|
29.95 |
|
35.30 |
|
35.27 |
|
35.80 |
|
34.40 |
|
23.86 |
(C) |
30.40 |
(C) |
31.70 |
(C) |
33.68 |
(C) |
30.23 |
|
26.96 |
(D) |
39.17 |
(D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total RPMs based on non-GAAP revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional computer |
|
51.45 |
|
60.32 |
|
63.35 |
|
63.80 |
|
60.07 |
|
42.92 |
(A) |
52.20 |
(A) |
55.64 |
(A) |
57.83 |
(A) |
52.15 |
|
45.36 |
(D) |
57.09 |
(D) |
|
Mobile and other connected devices |
|
17.37 |
|
23.48 |
|
23.78 |
|
23.70 |
|
22.52 |
|
17.06 |
(B) |
23.65 |
|
25.20 |
|
27.34 |
|
23.76 |
|
22.92 |
(D) |
36.01 |
(D) |
|
Total |
|
29.95 |
|
35.30 |
|
35.27 |
|
35.88 |
|
34.42 |
|
24.16 |
(C) |
30.74 |
(C) |
31.98 |
(C) |
34.03 |
(C) |
30.55 |
|
27.41 |
(D) |
40.53 |
(D) |
Tickmark Explanations:
(A) - The year-over-year decreases in traditional computer RPMs stem from the Company’s shift in focus towards monetizing mobile inventory as well as the release of the listening limit on web devices in September 2011.
(B) - The decrease in mobile and other connected devices RPMs from calendar Q1 and Q2 2011 to calendar Q1 and Q2 2012 is due to a large amount of revenue recognized in Q1 and Q2 2011 from one large customer. This customer substantially reduced their advertising with us during the corresponding periods in 2012.
(C) - The year-over-year decreases in total RPMs relate to the rapid growth in mobile listening.
(D) - The year-over-year increases in RPMs across all categories stem from the Company’s increased ability to monetize listener hours. In addition, mobile and total RPMs increased in part due to the implementation of the mobile listening limit in March 2013.
Pandora Media Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands, except per share amounts)
(Unaudited and subject to reclassification)
|
|
|
Three months ended |
|
Year ended |
|
Three months ended |
|
Year ended |
|
Three months ended |
| ||||||||||||||||||||||||||
|
|
|
3/31/2011 |
|
6/30/2011 |
|
9/30/2011 |
|
12/31/2011 |
|
12/31/2011 |
|
3/31/2012 |
|
6/30/2012 |
|
9/30/2012 |
|
12/31/2012 |
|
12/31/2012 |
|
3/31/2013 |
|
6/30/2013 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
GAAP total revenue |
|
$ |
45,659 |
|
$ |
62,298 |
|
$ |
70,785 |
|
$ |
88,025 |
|
$ |
266,767 |
|
$ |
71,412 |
|
$ |
98,291 |
|
$ |
108,807 |
|
$ |
131,499 |
|
$ |
410,009 |
|
$ |
115,124 |
|
$ |
153,104 |
|
|
Subscription return reserve (1) |
|
— |
|
— |
|
— |
|
203 |
|
203 |
|
923 |
|
1,078 |
|
979 |
|
1,378 |
|
4,358 |
|
1,917 |
|
5,331 |
| ||||||||||||
|
Non-GAAP total revenue |
|
$ |
45,659 |
|
$ |
62,298 |
|
$ |
70,785 |
|
$ |
88,228 |
|
$ |
266,970 |
|
$ |
72,335 |
|
$ |
99,369 |
|
$ |
109,786 |
|
$ |
132,877 |
|
$ |
414,367 |
|
$ |
117,041 |
|
$ |
158,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
GAAP net income (loss) |
|
$ |
(8,547 |
) |
$ |
(3,796 |
) |
$ |
(727 |
) |
$ |
4,039 |
|
$ |
(9,031 |
) |
$ |
(26,279 |
) |
$ |
(6,918 |
) |
$ |
(4,051 |
) |
$ |
1,628 |
|
$ |
(35,620 |
) |
$ |
(38,686 |
) |
$ |
(6,902 |
) |
|
Subscription return reserve (1) |
|
— |
|
— |
|
— |
|
203 |
|
203 |
|
923 |
|
1,078 |
|
979 |
|
1,378 |
|
4,358 |
|
1,917 |
|
5,331 |
| ||||||||||||
|
Stock-based compensation & warrant remeasurement |
|
2,005 |
|
4,913 |
|
2,508 |
|
3,002 |
|
12,428 |
|
4,779 |
|
6,109 |
|
7,121 |
|
6,711 |
|
24,720 |
|
6,524 |
|
10,138 |
| ||||||||||||
|
Non-GAAP net income (loss) |
|
$ |
(6,542 |
) |
$ |
1,117 |
|
$ |
1,781 |
|
$ |
7,244 |
|
$ |
3,600 |
|
$ |
(20,577 |
) |
$ |
269 |
|
$ |
4,049 |
|
$ |
9,717 |
|
$ |
(6,542 |
) |
$ |
(30,245 |
) |
$ |
8,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Basic EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
GAAP basic EPS |
|
$ |
(0.06 |
) |
$ |
(0.02 |
) |
$ |
— |
|
$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
(0.16 |
) |
$ |
(0.04 |
) |
$ |
(0.02 |
) |
$ |
0.01 |
|
$ |
(0.21 |
) |
$ |
(0.22 |
) |
$ |
(0.04 |
) |
|
Subscription return reserve (1), (2) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.01 |
|
— |
|
0.01 |
|
0.02 |
|
0.01 |
|
0.03 |
| ||||||||||||
|
Stock-based compensation & warrant remeasurement (2) |
|
0.02 |
|
0.03 |
|
0.01 |
|
0.02 |
|
0.08 |
|
0.03 |
|
0.03 |
|
0.04 |
|
0.04 |
|
0.15 |
|
0.03 |
|
0.06 |
| ||||||||||||
|
Non-GAAP basic EPS |
|
$ |
(0.04 |
) |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.04 |
|
$ |
0.02 |
|
$ |
(0.13 |
) |
$ |
— |
|
$ |
0.02 |
|
$ |
0.06 |
|
$ |
(0.04 |
) |
$ |
(0.18 |
) |
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Shares used in computing non-GAAP basic EPS (3) |
|
152,076 |
|
154,395 |
|
161,154 |
|
161,592 |
|
157,341 |
|
164,385 |
|
166,818 |
|
168,807 |
|
170,196 |
|
167,568 |
|
172,733 |
|
174,789 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
GAAP diluted EPS |
|
$ |
(0.06 |
) |
$ |
(0.02 |
) |
$ |
— |
|
$ |
0.02 |
|
$ |
(0.06 |
) |
$ |
(0.16 |
) |
$ |
(0.04 |
) |
$ |
(0.02 |
) |
$ |
0.01 |
|
$ |
(0.21 |
) |
$ |
(0.22 |
) |
$ |
(0.04 |
) |
|
Subscription return reserve (1), (2) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.01 |
|
0.01 |
|
0.01 |
|
0.01 |
|
0.03 |
|
0.01 |
|
0.03 |
| ||||||||||||
|
Stock-based compensation & warrant remeasurement (2) |
|
0.02 |
|
0.03 |
|
0.01 |
|
0.02 |
|
0.08 |
|
0.02 |
|
0.03 |
|
0.03 |
|
0.03 |
|
0.14 |
|
0.03 |
|
0.05 |
| ||||||||||||
|
Non-GAAP diluted EPS |
|
$ |
(0.04 |
) |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.04 |
|
$ |
0.02 |
|
$ |
(0.13 |
) |
$ |
— |
|
$ |
0.02 |
|
$ |
0.05 |
|
$ |
(0.04 |
) |
$ |
(0.18 |
) |
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
Shares used in computing non-GAAP basic EPS (3) |
|
152,076 |
|
187,840 |
|
191,479 |
|
190,960 |
|
186,825 |
|
164,385 |
|
189,796 |
|
190,273 |
|
189,937 |
|
167,568 |
|
172,733 |
|
195,487 |
| ||||||||||||
(1) The subscription return reserve consists of revenue that we defer on a GAAP basis because we have limited operating history with certain mobile subscription refund rights. We are required to defer revenue until the refund rights lapse or until we have developed sufficient transaction history to estimate a reserve. The subscription return reserve is excluded from the subscription services and other revenue line of our GAAP presentation. Management includes revenue relating to our subscription return reserve because we believe that this non-GAAP measure will provide greater comparability with future GAAP revenue once sufficient transaction history is developed and a return reserve can be estimated.
(2) EPS amounts may not recalculate due to rounding.
(3) 2011 Non-GAAP basic and diluted common shares have been computed to give effect to the conversion of the convertible preferred stock and warrants into common stock as though the conversion had occurred at the beginning of the period.
Pandora Media Inc.
Quarterly Metrics
|
Calendar |
|
Calendar |
|
Registered |
|
Active |
|
Listener |
|
Internet |
|
US Radio |
|
US Radio |
|
Employees |
|
|
2011 |
|
Q1 |
|
90 |
|
32.0 |
|
1.52 |
|
55.4 |
|
3.04 |
|
3.12 |
|
346 |
|
|
|
|
Q2 |
|
100+ |
|
36.1 |
|
1.76 |
|
58.5 |
|
3.37 |
|
3.44 |
|
427 |
|
|
|
|
Q3 |
|
100+ |
|
39.0 |
|
2.01 |
|
65.8 |
|
4.03 |
|
3.90 |
|
460 |
|
|
|
|
Q4 |
|
125+ |
|
47.6 |
|
2.46 |
|
70.9 |
|
4.71 |
|
4.94 |
|
515 |
|
|
2012 |
|
Q1 |
|
125+ |
|
51.0 |
|
2.93 |
|
71.7 |
|
5.79 |
|
5.73 |
|
559 |
|
|
|
|
Q2 |
|
150+ |
|
54.5 |
|
3.24 |
|
72.7 |
|
5.98 |
|
5.92 |
|
571 |
|
|
|
|
Q3 |
|
150+ |
|
58.3 |
|
3.43 |
|
75.1 |
|
6.53 |
|
6.38 |
|
631 |
|
|
|
|
Q4 |
|
175+ |
|
67.1 |
|
3.91 |
|
77.3 |
|
7.19 |
|
7.58 |
|
698 |
|
|
2013 |
|
Q1 |
|
200+ |
|
69.5 |
|
4.26 |
|
75.0 |
|
x |
|
8.05 |
|
820 |
|
|
|
|
Q2 |
|
200+ |
|
71.1 |
|
3.91 |
|
72.7 |
|
x |
|
7.04 |
|
976 |
|
x - metric discontinued as of March 2013 to provide a more accurate reflection of our market share.
Pandora Media Inc.
Monthly Metrics
|
Calendar |
|
Month |
|
Active |
|
Listener |
|
US Radio |
|
US Radio |
|
|
2011 |
|
January |
|
29.3 |
|
0.474 |
|
2.86 |
|
2.70 |
|
|
|
|
February |
|
31.0 |
|
0.483 |
|
2.90 |
|
2.97 |
|
|
|
|
March |
|
32.0 |
|
0.567 |
|
3.04 |
|
3.12 |
|
|
|
|
April |
|
34.0 |
|
0.566 |
|
3.11 |
|
3.24 |
|
|
|
|
May |
|
35.1 |
|
0.592 |
|
3.08 |
|
3.28 |
|
|
|
|
June |
|
36.1 |
|
0.605 |
|
3.37 |
|
3.44 |
|
|
|
|
July |
|
37.1 |
|
0.637 |
|
3.59 |
|
3.38 |
|
|
|
|
August |
|
38.0 |
|
0.682 |
|
3.67 |
|
3.58 |
|
|
|
|
September |
|
39.0 |
|
0.687 |
|
4.03 |
|
3.90 |
|
|
|
|
October |
|
40.3 |
|
0.754 |
|
4.27 |
|
4.19 |
|
|
|
|
November |
|
43.1 |
|
0.798 |
|
4.32 |
|
4.49 |
|
|
|
|
December |
|
47.6 |
|
0.905 |
|
4.71 |
|
4.94 |
|
|
2012 |
|
January |
|
47.6 |
|
0.952 |
|
5.55 |
|
5.25 |
|
|
|
|
February |
|
49.0 |
|
0.975 |
|
5.74 |
|
5.58 |
|
|
|
|
March |
|
51.0 |
|
1.00 |
|
5.79 |
|
5.73 |
|
|
|
|
April |
|
51.9 |
|
1.06 |
|
5.95 |
|
5.86 |
|
|
|
|
May |
|
53.3 |
|
1.10 |
|
5.80 |
|
5.89 |
|
|
|
|
June |
|
54.5 |
|
1.08 |
|
5.98 |
|
5.92 |
|
|
|
|
July |
|
54.9 |
|
1.12 |
|
6.13 |
|
6.02 |
|
|
|
|
August |
|
56.2 |
|
1.16 |
|
6.30 |
|
6.19 |
|
|
|
|
September |
|
58.3 |
|
1.15 |
|
6.53 |
|
6.38 |
|
|
|
|
October |
|
59.2 |
|
1.25 |
|
6.55 |
|
6.61 |
|
|
|
|
November |
|
62.4 |
|
1.27 |
|
7.09 |
|
7.17 |
|
|
|
|
December |
|
67.1 |
|
1.39 |
|
7.19 |
|
7.58 |
|
|
2013 |
|
January |
|
65.6 |
|
1.39 |
|
8.03 |
|
7.68 |
|
|
|
|
February |
|
67.7 |
|
1.38 |
|
8.48 |
|
8.25 |
|
|
|
|
March |
|
69.5 |
|
1.49 |
|
x |
|
8.05 |
|
|
|
|
April |
|
70.1 |
|
1.31 |
|
x |
|
7.33 |
|
|
|
|
May |
|
70.8 |
|
1.35 |
|
x |
|
7.29 |
|
|
|
|
June |
|
71.1 |
|
1.25 |
|
x |
|
7.04 |
|
|
|
|
July |
|
71.2 |
|
1.28 |
|
x |
|
7.08 |
|
|
|
|
August |
|
72.1 |
|
1.35 |
|
x |
|
7.46 |
|
x - metric discontinued as of March 2013 to provide a more accurate reflection of our market share.