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Pandora Cheap Pandora Charms Canada media's ceo talks Pandora charms canada about f1q14 results Welcome to pandora's first quarter fiscal year 2014 financial results business call. (Book of manuals)Opening all of us call is dominic paschel, v.P, pandora.Good morning, and this is pandora's first quarter fiscal year 2014 financial results call for the quarter ended april 30, 2013.Some of our discussions will contain forward looking statements which occasionally includes projected financial results or operating metrics, business strategy, anticipated future services or products, anticipated market demand or investment funds and other forward looking topics.These statements are foreclosures risks, concerns and assumptions.As necessary, actual end result could differ materially.For attorney at law of the risks that could cause our results to differ from today's discussion, please refer to the documents we've filed with the sec and exchange commission.Furthermore, i would like to remind you that over the course of this conference call, we will discuss non gaap measures of our general ability.Reconciliations to the directly comparable gaap financial measures are provided in the tables in the press release and form 8 k filed earlier today with the sec.For your leisure, supplemental information has been included in today's press release and detailed financials regarding rpm metrics and are avalable on the investor relations site.Today's call is available via webcast and a replay will be presented to 2 weeks, following the final outcome of the call.The real key, let me turn the letter over to joe kennedy, pandora's chairman and boss.Kudos, dom.The first quarter was a busy quarter for pandora as we continued to execute across the business to show and expand our mobile leadership with both listeners and advertisers.During the quarter we marked two notable goals.Only, we have reached over 200 million users and also surpassed 2.5 million Pandora One readers.Not lots of firms have the privilege of operating at this scale and i want to thank our listeners for helping us to achieve these milestones.Throughout the quarter we added more than 700, 000 net new online website purchasers to pandora one, in excess of what we added in all of fiscal year 2013.And pandora a person's over 2.5 million online website purchasers, Absolutely half, Have now been generated on cellular phones.Total listener hours for the quarter grew 35% annually, reaching out to a record high of 4.2 billion hours which quarter, Than 3.1 billion in the same quarter yr after.Active users also reached accurate documentation high in april, improving 35% to 70.1 million, Through 51.9 million located inside of April 2012.We a week ago exceeded 30 billion(Inaudible), An important user engagement metric which further fuels the big data intellectual property component of our best in the world customisable radio technology.We created a 40 hour listening limit for mobile users in march, much like we did on the desktop nearly four in years past.To limit has worked as intended.We saw a rise in total active listeners and a deceleration in total hours streamed, enabling us to manage our content get cost with minimal impact on listenership or revenue growth.The airwaves as of april 30, 2013 have been 7.33%, Up originally caused by 5.86% a last year.We are also anxious about our financial results for the quarter with total gaap revenue growing 55% to $125.5 million and GAAP EPS lack of $0.16.Pandora's total non gaap earning grew 58% to $128.5 million and non GAAP EPS departure was $0.10.Mike will advise you the non gaap presentation in a minute.There are two important macro drivers of our business that in order to gain strong momentum.First, our mix of listener hours and ad revenue is constantly on the ship towards mobile.Listening on mobile and other connected devices symbolized 79% of total listener hours during the first quarter and revenue generated from mobile manifested two thirds of pandora's total revenue. For you to the first quarter, Total mobile revenue on a non GAAP basis including as well as subscription based revenue, Developed101% to $86.7 million, Such as $43.2 million in the same quarter yr after.As a result of our focus on driving mobile money making total mobile rpm on a non gaap basis reached $26.15, In $19.16 in the first quarter yr after.Mobile monetization appears to have been a core focus and our rpm growth is a clear demonstration of the progress we have made.A second important macro trend affecting the organization is the attraction of local advertising to digital channels.And because mobile is perfect for local advertising, this segment of our clients are growing quickly.A recent report from bia/kelsey predicted a seven fold rise in mobile local media by 2017 to 9.1 million from 1.2 million in 2012, A nearly 50% compound annual rate of growth.Our strong listener presence in local radio ad markets combined with our mobile advertising capabilities have accelerated our possibilities to grow our local advertising dollars.Pandora is number one in terms of listening in most local radio markets and we have deployed ad sales reps in 28 of the top 40 local markets, to further capture our share of the appropriate advertising budgets.To aid our growth in these markets, we are making numerous investments in system and technology.As an example, just last week we announced an alternate stage of our efforts to fully integrate pandora into media buying platforms.One last year, we announced the partnership with triton digital to measure pandora using old school radio metrics such as aqh and cume.Recording we integrated those metrics into the mediaocean and strata media buying platforms, an integration that is constantly on the rollout through this summer.The later stage offer a full cycle cure, from intending buying, to billing for multiplatform audio campaigns on pandora with proprietary software built by pandora's engineering team beside pandora's ad operations and billing teams.Pandora is the foremost and only digital publisher to integrate the planning, buying and billing phases of the media planning processes for any form of digital name recognition strategies.These technology improvements and the integrations with strata and mediaocean are making local advertising easier to buy.We believe lots of people of local audience reach, locals ad sales teams and technology intergrated, have lead to increased momentum in local advertising revenue, our fastest growing area of selling sales.On the fans side of our business, the next huge wave driving technology innovation and consumer adoption is on the web of all things, the online market place connected on all devices.Everywhere the user wants access to service and software application submissions like pandora.Music is truly the soundtrack of our lives and thus pervasive through our daily viewpoints.Thereby, no category benefits more and no company is better positioned to make full use of this huge next wave than pandora.As we work to realize fully our mission of connecting people who the music they love, we to be able to innovate within our product offering as well.The modern examples of this are the launch of the pandora premieres station and our latest integration with facebook.New item date.Our expanded venture with facebook broadens our social innovation through a new timeline app.The timeline app allows listeners on both mobile and desktop to promptly publish their musical activity to their facebook timeline and curate their musical identity within the music section of the timeline.We are excited to offer both listeners and artist's new ways to get in touch.Methods, pandora is productively executing on our core growth strategies, notably mobile, local and everytime, anywhere access via the particular web of all things.And this quarter we are seeing effects of our efforts through increased momentum and network effects.We see tremendous possiblity to grow all of the key dimensions of our business this year.We remain pumped up about our future and believe that we have just scratched the surface of our potential.Bring back, i will hand the letter over to michael herring, our chief debt relief officer.John?Say thanks a lot, later on.Let me start by discussing the impact of our mobile listening minutes before walking through our first quarter functioning in more detail.Beginning with this quarter, pandora limited mobile enjoying 40 hours per month to manage usage growth and the associated cost of content while minimizing listener disruption.This guidelines has worked as intended.We saw a rise in total active listeners and a deceleration in full hours streamed.After you operate at the scale of 70 million active users however, some outcomes of those kind of changes can have material effect beyond your what you had envisioned.Notably, although we had forecasted a rise in subscription activity with the establishment of the listening limit, the reoccuring conversion rate was higher than expected, providing a significant step up in subscription numbers.As this increase in customers was material, we have presented a temporary non gaap adjustment to revenue to reflect the management estimate on reoccuring return to better illustrate the period's activity. Because we have had limited operating history with in app membership return, We are required to reserve100% of the revenue attached to this subscription increase until that return right expires despite all the cost connected with delivering those services, Deal fees and content fees being incurred in the period. We forecast that this100% return reserve will be required through the fourth quarter and then will be adjusted to a level based on actual experience with January of 2014.To enable the revenue results to be comparable across periods, we have adjusted revenue for the return reserve for non gaap exposure purposes, creating additional non gaap revenue in this quarter and anticipate similar adjustment in the second and third quarters of this year.As we have sufficient history to estimate a reserve in january of 2014, the sum build up of those adjustments will be added to gaap revenue in the fourth quarter.Throughout the q1, the reserve adjustment resulted in $3 million increase in non gaap request revenue and $0.02 trend of non GAAP EPS for the first quarter.Based on our current skill, approximately 99% of the related deferred revenue balance will be released in the first quarter and forward motion the return reserve will be carried at approximately 1% of related revenue.Now for legal representative of our first quarter results.Pandora routed first quarter gaap revenue of $125.5 million that represent 55% growth from the year ago quarter, Above huge end our guidance range.Non gaap revenue the actual subscription return reserve adjustment grew 58% to $128.5 million.Merchandising revenue was $105.1 million, A 49% annually increase.Reoccuring and other revenue was $20. 4 million on a GAAP schedule, An increase of100% annually and $23.4 million on a non GAAP perspective.With regard to that first quarter of fiscal 2014, gaap basic and watered down loss per share was $0.16.Non gaap basic and watered down loss per share was $0.10 including about $7.4 million in stock based compensation and including $3 million in revenue related to our membership return reserve, At huge end of our non GAAP EPS guidance range.Basic and diluted eps were for $173.6 million weighted average shares unique.As we stressed on our last call, revolutions per minute, or revenue per thousand hours and lpm or accreditation cost per thousand hours, are key metrics in knowing the dynamics of our financial model.Lpms are largely fixed with annual increases so the margin on the particular business improved with rpm growth in excess of lpm.A building block of our future success is total mobile rpm growth, including advertising subscription revenue, and that is why we are so happy our continued performance in this area.First quarter 2014 total mobile rpm based on non gaap revenue boosted to $26.15 based in $19.16 in the same period yr after.Web rpm also boosted to $48.33 regarding quarter, Up in $45.64 the first quarter of 2013.Our total shared rpm based on non gaap revenue for the quarter was $30.74, Up 17% when than the year ago period.Lpm for the quarter extra to $19.81 originally caused by $18.03 in the same period last year due to the annual rise in the licensing rates that went into effect in January 2013.Pandora completed the first quarter with $75.4 million in loan, Cash equivalents and short term stocks, Compared to $89 million on the end of the prior quarter.The decrease was primarily due to a rise in royalty payments and other Sale pandora bracelets operating investments and to year end bonuses and commissions paid in the first quarter to our sales force.Cash used in operating things was $12.6 million for the first quarter of fiscal 2014 in comparison with $10.6 million used throughout the year ago quarter of fiscal 2013.Content pay for costs were $82.9 million or 64% of non GAAP business for the first quarter.As revenue leverage raises, the percentage of our revenue paid for content acquire will decrease.Although the absolute dollar amount raises with listener hours, we are working on greater control and a rise in our ability to predict licensing costs and manage growth with the limit on mobile listening hours.As an institution, we increased headcount 55% annually to 883 employees at the end of the first quarter in fiscal 2014 from 568 employees in the same period last year.We increased engineering headcount 45% as we continued to pay attention to innovation and mobile leadership.Marketing and advertising also grew, maximising 67% from the year ago period.Notably, advertising sales support grew 62%, while quota bearing sales reps grew 73% to $248 total sales reps when they get home of the quarter, as we sturdy our position in local market following listener growth and advertiser acceptance.We continue to spotlight building our sales team as effectively as possible and manage our growth and markets by territory to ensure new sales force additions are productive.All in all, our advertising sales expense represented 31% of non gaap revenue in the first quarter, an increased 71% as opposed to year ago quarter from $23.5 million when you need that $40.1 million.Our application expense represented 5% of non gaap revenue in the first quarter, and increased 71% as opposed to year ago quarter from $4.1 million in which on the way to allow them up so that it will $7 million.Our g expense represented 11% of non gaap revenue in the first quarter and increased 34% in comparison to the year ago quarter, originally caused by $10.6 million within order at $14.2 million.We continue to see leverage in g as we grow the particular business.And as a portion of revenue, g declined from 13% to 11% of non gaap revenue annually.I will wrap up with a thoughts regarding our guidance.As a result of the changes we made to limit listener hours and the growth of our request business, we are raising our guidance based on higher expectations for revenue from subscribers, momentum in our merchandising business, and increased leverage in our business model.You start with the full fiscal year 2014, we are price non gaap total revenues to be in the range of $615 million to $635 million, or growth at the mid point of greater than 45%.

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