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Pandora Media (P) Timothy Westergren on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 5:00 pm ET

Executives

Dominic Paschel - Vice President, Corporate Finance & Investor Relations

Timothy Westergren - Chief Executive Officer & Director

Sara Clemens - Chief Operating Officer

Michael S. Herring - Chief Financial Officer

Analysts

Michael Graham - Canaccord Genuity, Inc.

Amy Yong - Macquarie Capital (NYSE:USA), Inc.

Laura Martin - Needham & Co. LLC

Mark Kelley - Citigroup Global Markets, Inc. (Broker)

Bart E. Crockett - FBR Capital Markets & Co.

John P. Egbert - Stifel, Nicolaus & Co., Inc.

Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC

Heath Terry - Goldman Sachs & Co.

Rich R. Tullo - Albert Fried & Co. LLC

Andrew Bruckner - RBC Capital Markets LLC

Operator

Welcome to Pandora's First Quarter 2016 Financial Results Conference Call. All lines have been placed on mute. There will be a question-and-answer session at the end of the conference. Opening today's call is Dominic Paschel, Vice President, Pandora.

Dominic Paschel - Vice President, Corporate Finance & Investor Relations

Awesome, thanks, Kyle. Good afternoon and welcome to Pandora's first quarter 2016 financial results call.

Before we begin, let me remind everyone that today's discussion will contain forward-looking statements based on our current assumptions, expectations and beliefs, including projected financial results or operating metrics, business strategies, anticipated future products, or services, anticipated market demand, or opportunities and other forward-looking topics. For a discussion of the specific risk factors that could cause our actual results to differ materially from today's discussion, please refer to the documents we filed with the Securities and Exchange Commission.

Also, during this call, we will discuss non-GAAP measures of our performance. GAAP financial reconciliations and supplemental financial information are provided in the press release filed today with the SEC, and detailed financials are available on our Investor Relations site. Today's call is available via webcast and a replay will be available for two weeks. We will also post the full text of today's prepared remarks and email them out once Mike concludes. You can find all of the information I have just described on the Investor Relations section of Pandora.com.

On today's call, we have Tim Westergren, Founder and CEO; Mike Herring, President and CFO; and Sara Clemens, Chief Operating Officer.

With that, let me turn the call over to Tim Westergren, Pandora's Founder and CEO.

Timothy Westergren - Chief Executive Officer & Director

Thanks, Dom, and thank you all for being on the call today. Before I turn to the corporate update and the latest quarterly results, I want to offer some perspective on this company that I founded with two friends over 16 years ago. When I was 29 years-old I was keyboardists and a songwriter in a travelling rock band, spending weeks on the road traversing Colorado, Idaho, Washington, Oregon and California on the so called Crescent Moon Tour.

We were one in a sea of bands driving thousands of miles packed in with our equipment, playing in small clubs and doing the best we could with wires and staple guns to get locals to show up. The music was great but like so many other bands, we shared the stage with, we were penniless and struggling to create a sustainable career. I saw so many great bands that never made it past their first self produced album. And I remember like it was yesterday the moment I decided somewhere on a stretch of I-80 in Nevada to hang it up.

Five years later as the dotcom wave swept across the country, I hatched an idea that I thought might fundamentally change the odds for musicians and there was no way I wasn't going to pursue it. The Music Genome product was the first recommendation methodology that offered the promise of a level playing field and a powerful discovery engine if we could get it to scale. Done right, we could for musicians what eBay did for small merchants. It's hard to put into words just how profound and gratifying it is to see this vision taking shape. Barely a day goes by now that I don't hear some anecdote about a working musician somewhere feeling the Pandora effect.