Page 1: As filed with the Securities and Exchange Commission on February 11, 2011
Page 2: The information in this prospectus is not complete and may be changed. We and the selling stockholde
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Page 5: TABLE OF CONTENTS
Page 6: PROSPECTUS SUMMARY
Page 7: How We Are Redefining Radio
Page 8: We ve Pioneered a Personalized Playlist Generating System
Page 9: Multi-Platform Ad Solutions
Page 10: Develop Innovative Advertising Products
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Page 12: THE OFFERING
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Page 14: SUMMARY FINANCIAL AND OTHER DATA
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Page 16: RISK FACTORS
Page 17: Our failure to convince advertisers of the benefits of our service in the future could harm our busi
Page 18: Unavailability of, or fluctuations in, third-party measurements of our audience may adversely affect
Page 19: We are and will continue to be faced with many competitive challenges, any of which could adversely
Page 20: We compete for advertising spending with other content providers.
Page 21: We operate under statutory licensing structures for the reproduction and public performance of sound
Page 22: We depend upon third-party licenses for musical works and a change to or loss of these licenses coul
Page 23: If we fail to accurately predict and play music that our listeners enjoy, we may fail to retain exis
Page 24: If we are unable to continue to make our technology compatible with the technologies of third-party
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Page 26: Our business and prospects depend on the strength of our brand and failure to maintain and enhance o
Page 27: Interruptions or delays in service arising from our own systems or from our third-party vendors coul
Page 28: Failure to protect our intellectual property could substantially harm our business and operating res
Page 29: Assertions by third parties of infringement or other violation by us of their intellectual property
Page 30: We may require additional capital to pursue our business objectives and respond to business opportun
Page 31: We face many risks associated with our long-term plan to expand our operations outside of the United
Page 32: If we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork and f
Page 33: If our security systems are breached, we may face civil liability and public perception of our secur
Page 34: If we fail to detect click fraud or other invalid clicks on ads, we could lose the confidence of our
Page 35: Some of our services and technologies may use open source software, which may restrict how we use or
Page 36: We could be adversely affected by regulatory restrictions on the use of mobile and other electronic
Page 37: Risks Related to this Offering and Owning Our Common Stock
Page 38: If securities or industry analysts do not publish research or publish inaccurate or unfavorable rese
Page 39: Our charter documents, Delaware law and certain terms of our music licensing arrangements could disc
Page 40: Investors purchasing common stock in this offering will experience immediate and substantial dilutio
Page 41: SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
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Page 43: USE OF PROCEEDS
Page 44: CAPITALIZATION
Page 45: DILUTION
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Page 47: SELECTED FINANCIAL AND OTHER DATA
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Page 49: MANAGEMENT S DISCUSSION AND ANALYSIS
Page 50: Key Metrics
Page 51: Basis of Presentation
Page 52: Costs and Expenses
Page 53: Provision for Income Taxes
Page 54: Comparison of the Nine Months Ended October 31, 2010 and 2009
Page 55: Product Development
Page 56: Provision for Income Taxes
Page 57: Product Development
Page 58: 2009 Compared to 2010
Page 59: Quarterly Results of Operations
Page 60: Quarterly Trends
Page 61: Liquidity and Capital Resources
Page 62: Equipment Financing Line
Page 63: Investing Activities
Page 64: Financing Activities
Page 65: Revenue Recognition
Page 66: Stock-Based Compensation
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Page 68: Accounting for Income Taxes
Page 69: Quantitative and Qualitative Disclosure About Market Risk
Page 70: Accounting for Redeemable Equity Instruments
Page 71: WHAT WE DO
Page 72: How We Are Redefining Radio
Page 73: We ve Built a Multi-Channel Distribution Ecosystem
Page 74: Our Media Sales Opportunity
Page 75: Develop Innovative Advertising Products.
Page 76: A New Kind of Radio
Page 77: Sales Organization
Page 78: Distributor Relationships
Page 79: Pandora User Experience
Page 80: Other Audio Entertainment Providers.
Page 81: Content, Copyrights Royalties
Page 82: Privacy
Page 84: Employees
Page 85: MANAGEMENT
Page 86: Thomas Conrad
Page 87: Tim Westergren
Page 88: Robert Kavner
Page 89: Board Composition
Page 90: Audit Committee
Page 91: Director Compensation
Page 92: EXECUTIVE COMPENSATION
Page 93: Executive Compensation Process
Page 94: Primary Elements of Compensation
Page 95: Equity Awards
Page 96: Cash Incentive Payments
Page 97: Equity Compensation
Page 98: Severance and Change in Control Arrangements
Page 99: Summary Compensation Table
Page 100: Outstanding Equity Awards at Fiscal Year End
Page 101: Potential Payments on Termination and Change in Control
Page 102: Employee Benefit Plans
Page 103: Restricted Stock Awards and Units
Page 104: Adjustments; Corporate Transactions.
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Page 106: CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Page 107: Investor Offer
Page 108: Engagement of Family Members
Page 109: PRINCIPAL AND SELLING STOCKHOLDERS
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Page 111: DESCRIPTION OF CAPITAL STOCK
Page 112: Preferred Stock
Page 113: S-3 Registration Rights
Page 114: Listing
Page 115: MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES FOR NON-U.S. HOLDERS
Page 116: Gain on Disposition of Our Common Stock
Page 117: SHARES ELIGIBLE FOR FUTURE SALE
Page 118: Rule 701
Page 119: UNDERWRITERS
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Page 122: Pricing of the Offering
Page 123: European Economic Area
Page 124: LEGAL MATTERS
Page 125: INDEX TO FINANCIAL STATEMENTS
Page 126: Report of Independent Registered Public Accounting Firm
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Page 161: PART II
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Page 165: bona fide
Page 166: SIGNATURES
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Page 168: EXHIBIT INDEX