Pandora just filed to go public.
We went through the S-1.
- Proposed amount to raise is $100 million.
- Revenue for the 9 months ended October 31, 2010 was $90.12 million. That’s an increase over 30.1 million over the same months in 2009.
- Net income in the first 9 months of 2010 was…a loss of $328,000. Pandora lost $18 million during the same months in 2009.
- Pandora has more than 80 million users in the US.
- During the first nine months of 2010, Pandora ad revenue reached $78 million. That’s up from $29 million during the same period in 2009. That’s huge growth.
- Subscription revenue was $12.3 million during the first 9 months of 2010. It was $4 million during the first 9 months of 2009. That’s huge growth.
- Pandora founder Tim Westergren only owns 2.39% of the company. CEO Josephy Kennedy owns 2.71%.
- Morgan Stanley and JP Morgan are leading the deal.
- Here’s the full ownership table:
- Risk factors are, basically, Pandora’s ability to keep people listening.
- Pandora CEO Joseph Kennedy will make a $325,000 salary in 2011. His 2010 bonus was $503,829.
- Here’s the full compensation table:
- ANALYSIS: A 10x valuation on ~$120 million revenues puts Pandora’s value close around $1.2 billion.
- One of Pandora’s risk factors: We’re growing super fast. “We have recently experienced, and expect to continue to experience, rapid growth which has placed, and will continue to place, significant demands on our management and our operational and financial infrastructure.”
- Another risk: If too many people start using Pandora, high-speed Internet could become clogged.