Table 19: Pandora estimate summary Chart 13: Listening hours and active users trends are essentially flat. 1Q17 2017 2017 2018 12%
Revenue
BofAML est. $319 $397 $1,629 $2,036 10%
Growth Y/Y% 18% 25%
Street $318 $390 $1,621 $2,050 8%
BofAML vs. Street Above Above Above Below 6%
EBITDA
BofAML est. -$73 $1 -$17 $25 4%
Street -$73 -$16 -$38 $79
BofAML vs. Street In-line Above Above Below 2%
EPS 0%
corAM est. ce ona a ae oq, {1018 2015 3015 4015 1016 Q16 4Q16 1017E2017E 3Q17E4Q17E
BofAML vs. Street Below Above Above Below
AY Source: BofA Merrill Lynch Global Research estimates, Bloomberg 7h
eee | istening Hours Y/Y Growth === Active Listners Y/Y Growth
Source: BofA Merrill Lynch Global Research estimates, company report
Bankof America
Merrill Lynch Internet/e-Commerce | 06 April2017 31
HOUSE_OVERSIGHT_014917