Page 1: As filed with the Securities and Exchange Commission on June 10, 2011
Page 2: The information in this prospectus is not complete and may be changed. We and the selling stockholde
Page 3: N/A
Page 4: N/A
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
Page 11: Corporate Information
Page 12: THE OFFERING
Page 13: N/A
Page 14: SUMMARY FINANCIAL AND OTHER DATA
Page 15: N/A
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: If our efforts to attract prospective listeners and to retain existing listeners are not successful,
Page 20: N/A
Page 21: We compete for advertising spending with other content providers.
Page 22: We depend upon third-party licenses for musical works and a change to or loss of these licenses coul
Page 23: If music publishers withdraw all or a portion of their catalogs from performing rights organizations
Page 24: If we fail to accurately predict and play music or comedy content that our listeners enjoy, we may f
Page 25: Loss of agreements with the makers of mobile devices, renegotiation of such agreements on less favor
Page 26: Our independent registered public accounting firm has advised us that it has identified a material w
Page 27: Our business and prospects depend on the strength of our brand and failure to maintain and enhance o
Page 28: We depend on key personnel to operate our business, and if we are unable to retain, attract and inte
Page 29: Failure to protect our intellectual property could substantially harm our business and operating res
Page 30: Assertions by third parties of infringement or other violation by us of their intellectual property
Page 31: We may require additional capital to pursue our business objectives and respond to business opportun
Page 32: We face many risks associated with our long-term plan to expand our operations outside of the United
Page 33: Expansion of our operations into non-music content, including our recent launch of comedy, subjects
Page 34: If we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork and f
Page 35: If our security systems are breached, we may face civil liability and public perception of our secur
Page 36: If we fail to detect click fraud or other invalid clicks on ads, we could lose the confidence of our
Page 37: Some of our services and technologies may use open source software, which may restrict how we use or
Page 38: We rely on third parties to provide software and related services necessary for the operation of our
Page 39: Sales of substantial amounts of our common stock in the public markets, or the perception that they
Page 40: If securities or industry analysts do not publish research or publish inaccurate or unfavorable rese
Page 41: Our charter documents, Delaware law and certain terms of our music licensing arrangements could disc
Page 42: N/A
Page 43: SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
Page 44: N/A
Page 45: USE OF PROCEEDS
Page 46: CAPITALIZATION
Page 47: N/A
Page 48: DILUTION
Page 49: N/A
Page 50: SELECTED FINANCIAL AND OTHER DATA
Page 51: N/A
Page 52: MANAGEMENT S DISCUSSION AND ANALYSIS
Page 53: N/A
Page 54: Key Metrics
Page 55: Subscription Services and Other Revenue
Page 56: General and Administrative
Page 57: Results of Operations
Page 58: Comparison of the Three Months Ended April 30, 2010 and 2011
Page 59: Product Development
Page 60: Other Income (Expense)
Page 61: 2009 Compared to 2010
Page 62: Content Acquisition
Page 63: Quarterly Results of Operations
Page 64: Quarterly Trends
Page 65: Liquidity and Capital Resources
Page 66: Prior Credit Facility
Page 67: Capital Expenditures
Page 68: Investing Activities
Page 69: Off-Balance Sheet Arrangements
Page 70: Revenue Recognition for Multiple-Element Arrangements
Page 71: Stock Option Grants and Common Stock Valuations
Page 72: April 2010 grant
Page 73: June 2010 grant
Page 74: December 8, 2010
Page 75: January 26 and 27, 2011 grants and sales
Page 76: February 8, 2011 grant
Page 77: Accounting for Income Taxes
Page 78: Inflation Risk
Page 79: Accounting for Redeemable Equity Instruments
Page 80: WHAT WE DO
Page 81: How We Are Redefining Radio
Page 82: We ve Built a Multi-Channel Distribution Ecosystem
Page 83: We re Everywhere Our Listeners Want Us to Be.
Page 84: Enhance Our Service.
Page 85: A New Kind of Radio
Page 86: Sales Organization
Page 87: Distributor Relationships
Page 88: Comedy Genome Project
Page 89: Competition
Page 90: Other Internet Companies.
Page 91: We operate under statutory licensing structures
Page 92: Musical Compositions
Page 93: Non-U.S. Licensing Regimes
Page 94: Employees
Page 95: N/A
Page 96: MANAGEMENT
Page 97: Thomas Conrad
Page 98: Tim Westergren
Page 99: Robert Kavner
Page 100: Board Composition
Page 101: Audit Committee
Page 102: Director Compensation
Page 103: EXECUTIVE COMPENSATION
Page 104: Executive Compensation Process
Page 105: Primary Elements of Compensation
Page 106: Equity Awards
Page 107: Cash Incentive Payments
Page 108: N/A
Page 109: Equity Compensation
Page 110: Risk Assessment of Compensation Programs
Page 111: Grants of Plan-Based Awards
Page 112: Option Exercises and Stock Vested
Page 113: Other Named Executive Officers
Page 114: Authorized Shares
Page 115: 2004 Stock Plan and 2000 Stock Incentive Plan
Page 116: Indemnification of Directors and Executive Officers and Limitations on Liability
Page 117: CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Page 118: Investor Offer
Page 119: Engagement of Family Members
Page 120: PRINCIPAL AND SELLING STOCKHOLDERS
Page 121: N/A
Page 122: N/A
Page 123: N/A
Page 124: N/A
Page 125: DESCRIPTION OF CAPITAL STOCK
Page 126: Rights and Preferences
Page 127: Piggyback Registration Rights
Page 128: Certificate of Incorporation and Bylaws
Page 129: Listing
Page 130: MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES FOR NON-U.S. HOLDERS
Page 131: Gain on Disposition of Our Common Stock
Page 132: SHARES ELIGIBLE FOR FUTURE SALE
Page 133: Rule 701
Page 134: N/A
Page 135: UNDERWRITERS
Page 136: N/A
Page 137: N/A
Page 138: N/A
Page 139: Pricing of the Offering
Page 140: LEGAL MATTERS
Page 141: INDEX TO FINANCIAL STATEMENTS
Page 142: Report of Independent Registered Public Accounting Firm
Page 143: Pandora Media, Inc.
Page 144: Pandora Media, Inc.
Page 145: Pandora Media, Inc.
Page 146: Pandora Media, Inc.
Page 147: Pandora Media, Inc.
Page 148: Pandora Media, Inc.
Page 149: Pandora Media, Inc.
Page 150: Pandora Media, Inc.
Page 151: Pandora Media, Inc.
Page 152: Pandora Media, Inc.
Page 153: Pandora Media, Inc.
Page 154: Pandora Media, Inc.
Page 155: Pandora Media, Inc.
Page 156: Pandora Media, Inc.
Page 157: Pandora Media, Inc.
Page 158: Pandora Media, Inc.
Page 159: Pandora Media, Inc.
Page 160: Pandora Media, Inc.
Page 161: Pandora Media, Inc.
Page 162: Pandora Media, Inc.
Page 163: Pandora Media, Inc.
Page 164: Pandora Media, Inc.
Page 165: Pandora Media, Inc.
Page 166: Pandora Media, Inc.
Page 167: Pandora Media, Inc.
Page 168: Pandora Media, Inc.
Page 169: Pandora Media, Inc.
Page 170: Pandora Media, Inc.
Page 171: Pandora Media, Inc.
Page 172: Pandora Media, Inc.
Page 173: Pandora Media, Inc.
Page 174: Pandora Media, Inc.
Page 175: Pandora Media, Inc.
Page 176: N/A
Page 177: N/A
Page 178: PART II
Page 179: N/A
Page 180: N/A
Page 181: N/A
Page 182: bona fide
Page 183: SIGNATURES
Page 184: EXHIBIT INDEX