197 CANDIDATES and 104 VALIDATED PLANETS in K2's FIRST FIVE FIELDS

We present 197 planet candidates discovered using data from the first year of the NASA K2 mission (Campaigns 0-4), along with the results of an intensive program of photometric analyses, stellar spectroscopy, high-resolution imaging, and statistical validation. We distill these candidates into sets of 104 validated planets (57 in multi-planet systems), false positives, and 63 remaining candidates. Our validated systems span a range of properties, with median values of R_P= 2.3 R⊕, P = 8.6 days, T_eff = 5300 K, and Kp = 12.7mag. Stellar spectroscopy provides precise stellar and planetary parameters for most of these systems. We show that K2 has increased by 30% the number of small planets known to orbit moderately bright stars (1-4 R R⊕, Kp = 9-13 mag). Of particular interest are planets smaller than 2 R_⊕, orbiting stars brighter than Kp = 11.5 mag, 5 receiving Earth-like irradiation levels, and several multi-planet systems - including 4 planets orbiting the M dwarf K2-72 near mean-motion resonances. By quantifying the likelihood that each candidate is a planet we demonstrate that our candidate sample has an overall false positive rate of 15%-30%, with rates substantially lower for small candidates (<2R⊕) and larger for candidates with radii >8 R⊕ and/or with P<3 days. Extrapolation of the current planetary yield suggests that K2 will discover between 500 and 1000 planets in its planned four-year mission, assuming sufficient follow-up resources are available. Efficient observing and analysis, together with an organized and coherent follow-up strategy, are essential for maximizing the efficacy of planet-validation efforts for K2, TESS, and future large-scale surveys.