Page 1: UNITED STATES
Page 2: PANDORA MEDIA, INC.
Page 3: SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
Page 4: Our Service
Page 5: Advertising
Page 6: Our Technologies
Page 7: Pandora API
Page 8: Other Internet Companies
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Page 10: Musical Compositions
Page 11: Government Regulation
Page 12: Seasonality
Page 13: Risks Related to Our Business
Page 14: Our failure to convince advertisers of the benefits of our service in the future could harm our busi
Page 15: If our efforts to attract prospective listeners and to retain existing listeners are not successful,
Page 16: If we fail to effectively manage our growth, our business and operating results may suffer.
Page 17: We compete for advertising spending with other content providers.
Page 18: Our ability to increase the number of our listeners will depend in part on our ability to establish
Page 19: Unavailability of, or fluctuations in, third-party measurements of our audience may adversely affect
Page 20: We depend upon third-party licenses for musical works and a change to or loss of these licenses coul
Page 21: If music publishers withdraw all or a portion of their catalogs from performing rights organizations
Page 22: If we fail to accurately predict and play music or comedy content that our listeners enjoy, we may f
Page 23: Our business and prospects depend on the strength of our brand and failure to maintain and enhance o
Page 24: We depend on key personnel to operate our business, and if we are unable to retain, attract and inte
Page 25: Failure to protect our intellectual property could substantially harm our business and operating res
Page 26: Assertions by third parties of infringement or other violation by us of their intellectual property
Page 27: We may require additional capital to pursue our business objectives and respond to business opportun
Page 28: We face many risks associated with our long-term plan to expand our operations outside of the United
Page 29: Expansion of our operations into non-music content, including our recent launch of comedy, subjects
Page 30: If our security systems are breached, we may face civil liability and public perception of our secur
Page 31: We are subject to a number of risks related to credit card and debit card payments we accept.
Page 32: If we fail to detect click fraud or other invalid clicks on ads, we could lose the confidence of our
Page 33: We could be adversely affected by regulatory restrictions on the use of mobile and other electronic
Page 34: Risks Related to Owning Our Common Stock
Page 35: If securities or industry analysts do not publish research, publish inaccurate or unfavorable resear
Page 36: N/A
Page 37: PART II
Page 38: Comparison of Cumulative Total Return Among Pandora Media, Inc., New
Page 39: N/A
Page 40: Key Metrics (unaudited):(2)
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Page 42: You should read the following discussion of our financial condition and results of operations in con
Page 43: Opportunities, Challenges and Risks
Page 44: Basis of Presentation
Page 45: Subscription Services and Other Revenue
Page 46: General and Administrative
Page 47: Results of Operations
Page 48: Comparison of Fiscal 2010, 2011 and 2012
Page 49: Product Development
Page 50: Content Acquisition
Page 51: Sources of Funds
Page 52: Historical Trends
Page 53: Contractual Obligations and Commitments
Page 54: Revenue Recognition
Page 55: Allowance for Doubtful Accounts
Page 56: Interest Rate Fluctuation Risk
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Page 58: Report of Independent Registered Public Accounting Firm
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Page 97: Evaluation of Disclosure Controls and Procedures
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Page 99: PART IV
Page 100: N/A
Page 101: N/A
Page 102: SIGNATURES
Page 103: POWER OF ATTORNEY
Page 104: EXHIBIT INDEX
Page 105: N/A