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637.75 m 561.5 637.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 656.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 655.98 Td (As of and for) Tj ET Q q 0 0 0 rg BT 378.20 655.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 392.64 655.98 Td (Y) Tj ET Q q 0 0 0 rg BT 397.82 655.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 472.40 655.98 Td ( 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 642.31 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 172.44 642.31 Td (e data\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.50 641.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.50 641.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 641.98 Td (2016 \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.50 641.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.50 641.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 627.43 Td (Statements of Compr) Tj ET Q q 0 0 0 rg BT 143.00 627.43 Td (ehensive Income Data \(2\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 613.32 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 613.32 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 613.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.60 613.32 Td (5,770,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 613.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 613.32 Td (5,425,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 613.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 589.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 589.42 Td (544,795) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 575.43 Td (Balance Sheet Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 561.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 561.32 Td (54,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 561.32 Td (69,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 561.32 Td (213,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 561.32 Td (1) Tj ET Q q 0 0 0 rg BT 468.15 561.32 Td (1) Tj ET Q q 0 0 0 rg BT 473.15 561.32 Td (1,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 561.32 Td (147,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 547.32 Td (Restricted investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 547.32 Td (10,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 547.32 Td (10,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 547.32 Td (9,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 547.32 Td (9,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 547.32 Td (5,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 532.42 Td (otal assets \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.60 532.42 Td (16,213,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 532.42 Td (14,889,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.60 532.42 Td (13,180,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.60 532.42 Td (1) Tj ET Q q 0 0 0 rg BT 455.60 532.42 Td (1,568,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 532.42 Td (9,905,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 518.32 Td (Long-term debt, net of current portion \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 518.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.60 518.32 Td (6,884,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 518.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 518.32 Td (6,741,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 518.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 518.32 Td (5,842,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 518.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.60 518.32 Td (5,443,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 518.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 518.32 Td (4,487,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 504.32 Td (Stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.60 504.32 Td (6,223,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 504.32 Td (5,062,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 504.32 Td (4,395,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.60 504.32 Td (3,355,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 504.32 Td (2,846,047) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.50 471.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 73.50 471.45 Td (For the year ended December31, 2016, we recorded ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.67 471.45 Td ($293,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.42 471.45 Td ( as an increase to our Deferred tax assets and decrease to our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.50 460.65 Td (Accumulated deficit as a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 253.19 460.65 Td (Accounting Standards Update 2016-09, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.91 460.65 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 536.08 460.65 Td (opic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.50 449.85 Td (718\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.00 449.85 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.50 439.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 73.50 439.05 Td (Net income \(loss\) per share for Sirius XM is not presented since Sirius XM is a wholly-owned subsidiary of Holdings.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.50 428.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 73.50 428.25 Td (The 2014 - 2015 balances reflect the adoption of ) Tj ET Q q 0 0 0 rg BT 250.19 428.25 Td (Accounting Standards Update 2015-03, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.91 428.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 412.07 428.25 Td (est- Imputation of Inter) Tj ET Q q 0 0 0 rg BT 495.48 428.25 Td (est \(Subtopic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.50 417.45 Td (835-30\): Simplifying the Pr) Tj ET Q q 0 0 0 rg BT 172.40 417.45 Td (esentation of Debt Issuance Costs, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.89 417.45 Td (and ) Tj ET Q q 0 0 0 rg BT 313.63 417.45 Td (Accounting Standards Update 2015-15, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.36 417.45 Td (Pr) Tj ET Q q 0 0 0 rg BT 467.02 417.45 Td (esentation and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.50 406.65 Td (Subsequent Measur) Tj ET Q q 0 0 0 rg BT 143.90 406.65 Td (ement of Debt Issuance Costs ) Tj ET Q q 0 0 0 rg BT 252.48 406.65 Td (Associated with Line-of-Cr) Tj ET Q q 0 0 0 rg BT 349.64 406.65 Td (edit ) Tj ET Q q 0 0 0 rg BT 365.22 406.65 Td (Agr) Tj ET Q q 0 0 0 rg BT 378.39 406.65 Td (eements.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.62 406.65 Td ( ) Tj ET Q q 0 0 0 rg BT 413.63 406.65 Td (As a result of our adoption of these ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.50 395.85 Td (ASUs, ) Tj ET Q q 0 0 0 rg BT 99.34 395.85 Td (T) Tj ET Q q 0 0 0 rg BT 104.21 395.85 Td (otal ) Tj ET Q q 0 0 0 rg BT 119.46 395.85 Td (Assets was reduced by $7,155 and $6,444 for the years ended December 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 497.27 395.85 Td (, and Long-term ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.50 385.05 Td (debt, net of current portion, was reduced by $7,155 and $6,444 for the years ended December 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 526.77 385.05 Td (.) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 727.10 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 200.02 727.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 223.64 727.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 251.05 727.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 289.31 727.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 347.92 727.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 411.27 727.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 467.86 727.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 496.11 727.10 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 532.87 727.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 712.10 Td (All amounts referenced in this discussion and analysis are in thousands, except per subscriber and per installation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (amounts, unless otherwise stated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 679.10 Td (The following discussion and analysis of our financial condition and results of operations should be read in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (with our audited consolidated financial statements and related notes included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 429.61 667.10 Td (Annual Report and with Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.34 655.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.92 655.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (Special Note Regarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 613.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 613.10 Td (e have made various statements in this ) Tj ET Q q 0 0 0 rg BT 241.43 613.10 Td (Annual Report that may constitute forward-looking statements within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (meaning of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 259.67 601.10 Td (Act of 1995. Forward-looking statements may also be made in our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (reports furnished to holders of the Notes, in our press releases and in other documents. In addition, from time to time, we, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (through our management, may make oral forward-looking statements. For example, these forward-looking statements may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (include, among other things, our statements about our outlook and our future results of operations and financial condition; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (share repurchase plans; the impact of economic and market conditions; and the impact of our acquisition of Pandora. ) Tj ET Q q 0 0 0 rg BT 521.89 553.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (words will likely result, are expected to, will continue, is anticipated, estimated, believe, intend, plan, may) Tj ET Q q 0 0 0 rg BT 549.96 541.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (should, could, would, likely) Tj ET Q q 0 0 0 rg BT 192.08 529.10 Td (, projection, outlook and similar expressions are intended to identify forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (statements. Forward-looking statements are subject to risks and uncertainties, including those identified above, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (cause actual results to dif) Tj ET Q q 0 0 0 rg BT 150.89 505.10 Td (fer materially from such statements. ) Tj ET Q q 0 0 0 rg BT 299.83 505.10 Td (W) Tj ET Q q 0 0 0 rg BT 308.47 505.10 Td (e caution you that the risk factors described above are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (exclusive. ) Tj ET Q q 0 0 0 rg BT 92.58 493.10 Td (There may also be other risks that we are unable to predict at this time that may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 514.20 493.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (materially from those in forward-looking statements. New factors emer) Tj ET Q q 0 0 0 rg BT 335.00 481.10 Td (ge from time to time, and it is not possible for us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (predict which will arise or to assess with any precision the impact of each factor on our business or the extent to which any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (factor) Tj ET Q q 0 0 0 rg BT 72.92 457.10 Td (, or combination of factors, may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 304.88 457.10 Td (fer materially from those contained in any forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.03 445.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.67 445.10 Td (e believe these factors include but are not limited to those described under Part I - Item 1A. Risk Factors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (Holdings) Tj ET Q q 0 0 0 rg BT 89.26 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.21 433.10 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.70 433.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.28 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.10 433.10 Td (These factors should not be construed as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (exhaustive and should be read in conjunction with the other cautionary statements that are included Holdings) Tj ET Q q 0 0 0 rg BT 488.86 421.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.81 421.10 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (on Form 10-K and in this ) Tj ET Q q 0 0 0 rg BT 153.33 409.10 Td (Annual Report. Readers are cautioned not to place undue reliance on these forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (statements, which speak only as of the date on which they are made. ) Tj ET Q q 0 0 0 rg BT 325.57 397.10 Td (W) Tj ET Q q 0 0 0 rg BT 334.20 397.10 Td (e undertake no obligation to update publicly or revise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (any forward-looking statements, except as required by law) Tj ET Q q 0 0 0 rg BT 283.72 385.10 Td (. New factors emer) Tj ET Q q 0 0 0 rg BT 362.11 385.10 Td (ge from time to time, and it is not possible for us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (to predict which will arise or to assess with any precision the impact of each factor on our business or the extent to which any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (factor) Tj ET Q q 0 0 0 rg BT 72.92 361.10 Td (, or combination of factors, may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 304.88 361.10 Td (fer materially from those contained in any forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 99.53 349.10 Td (The forward-looking statements included below do not reflect the impact of the pending acquisition of Pandora.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 307.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 307.10 Td (e transmit music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 277.61 307.10 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 341.85 307.10 Td (fic and weather channels, as well as infotainment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (services, in the United States on a subscription fee basis through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.78 295.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.78 295.10 Td ( proprietary satellite radio systems, and a lar) Tj ET Q q 0 0 0 rg BT 517.76 295.10 Td (ger set of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (music and other channels through our streamingservice. Our streaming service is available online and through applications for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (mobile devices, home devices and other consumer electronic equipment.) Tj ET Q q 0 0 0 rg BT 345.27 271.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.91 271.10 Td (e also provide connected vehicle services.Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (connected vehicle services are designed to enhance the safety) Tj ET Q q 0 0 0 rg BT 295.34 259.10 Td (, security and driving experience for vehicle operators while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (providing marketing and operational benefits to automakers and their dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 223.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 223.10 Td (e have agreements with every major automaker \(OEMs\) to of) Tj ET Q q 0 0 0 rg BT 341.08 223.10 Td (fer satellite radio in their vehicles, through which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (acquire the majority of our subscribers.) Tj ET Q q 0 0 0 rg BT 211.99 211.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.63 211.10 Td (e also acquire subscribers through marketing to owners and lessees of previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (owned vehicles that include factory-installed satellite radios that are not currently subscribing to our services.Our satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (radios are primarily distributed through automakers, retailers, and our website. Satellite radio services are also of) Tj ET Q q 0 0 0 rg BT 503.84 187.10 Td (fered to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (customers of certain rental car companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 151.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 151.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.03 151.10 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.38 151.10 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.88 151.10 Td ( million subscribers of which approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.29 151.10 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.79 151.10 Td ( million were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (self-pay subscribers and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.39 139.10 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.89 139.10 Td ( million were paid promotional subscribers. Our subscriber totals include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (subscribers under our regular pricing plans; discounted pricing plans; subscribers that have prepaid, including payments either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (made or due from automakers for subscriptions included in the sale or lease price of a vehicle; subscribers to our streaming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (services who do not also have satellite radio subscriptions; and certain subscribers to our weather) Tj ET Q q 0 0 0 rg BT 438.38 103.10 Td (, traf) Tj ET Q q 0 0 0 rg BT 457.08 103.10 Td (fic, and data services who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (do not also have satellite radio subscriptions. Subscribers and subscription related revenues and expenses associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (Sirius XM Canada service, which had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.39 79.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.89 79.10 Td ( million subscribers as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.93 79.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.52 79.10 Td (, and our connected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (vehicle services are not included in our subscriber count or subscriber) Tj ET Q q 0 0 0 rg BT 329.15 67.10 Td (-based operating metrics. ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Our primary source of revenue is subscription fees, with most of our customers subscribing to monthly) Tj ET Q q 0 0 0 rg BT 488.94 742.10 Td (, quarterly) Tj ET Q q 0 0 0 rg BT 529.39 742.10 Td (, semi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (annual or annual plans.) Tj ET Q q 0 0 0 rg BT 147.57 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 156.21 730.10 Td (e of) Tj ET Q q 0 0 0 rg BT 171.29 730.10 Td (fer discounts for prepaid subscription plans, as well as a multiple subscription discount.) Tj ET Q q 0 0 0 rg BT 526.05 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.69 730.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (derive revenue from certain fees, the sale of advertising on select non-music channels, the direct sale of satellite radios and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (accessories, and other ancillary services, such as our weather) Tj ET Q q 0 0 0 rg BT 293.38 706.10 Td (, traf) Tj ET Q q 0 0 0 rg BT 312.08 706.10 Td (fic and data services. ) Tj ET Q q 0 0 0 rg BT 405.75 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.38 706.10 Td (e provide traf) Tj ET Q q 0 0 0 rg BT 468.07 706.10 Td (fic services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 694.10 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 694.10 Td ( million vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (In many cases, a subscription to our radio service is included with the purchase or lease of new or previously owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 87.58 658.10 Td (The length of these subscriptions varies but is typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.60 658.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.58 658.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.36 658.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.96 658.10 Td (.) Tj ET Q q 0 0 0 rg BT 409.28 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.92 658.10 Td (e receive payments for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (subscriptions from certain automakers.) Tj ET Q q 0 0 0 rg BT 210.33 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.97 646.10 Td (e also reimburse various automakers for certain costs associated with satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (installed in new vehicles and pay revenue share to various automakers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 610.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 610.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.03 610.10 Td (, Liberty Media beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 415.02 610.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.28 610.10 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.61 610.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (outstanding shares of Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 244.01 598.10 Td (As a result, Holdings is a controlled company for the purposes of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (NASDAQ corporate governance requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 562.10 Td (e hold an equity method investment in Sirius XM Canada Holdings Inc. \(Sirius XM Canada\), which of) Tj ET Q q 0 0 0 rg BT 506.38 562.10 Td (fers satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (radio services in Canada. ) Tj ET Q q 0 0 0 rg BT 154.97 550.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 550.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.99 550.10 Td (, we owned an approximate 70% equity interest and 33% voting interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Sirius XM Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 514.10 Td (e hold an investment in Pandora Media, Inc. \(Pandora\), which operates an internet-based music discovery platform, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 502.10 Td (fering a personalized experience for listeners. ) Tj ET Q q 0 0 0 rg BT 244.73 502.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.17 502.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.76 502.10 Td (, our interest in Pandora represented an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 490.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 490.10 Td ( interest in Pandora's outstanding common stock, and an approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.17 490.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 490.10 Td ( interest on an as-converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Recent Developments; ) Tj ET Q q 0 0 0 rg BT 147.20 454.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 163.68 454.10 Td (eement to ) Tj ET Q q 0 0 0 rg BT 206.99 454.10 Td (Acquir) Tj ET Q q 0 0 0 rg BT 236.81 454.10 Td (e Pandora Media, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (On September23, 2018, Holdings entered into an ) Tj ET Q q 0 0 0 rg BT 277.52 430.10 Td (Agreement and Plan of Mer) Tj ET Q q 0 0 0 rg BT 388.97 430.10 Td (ger and Reor) Tj ET Q q 0 0 0 rg BT 440.44 430.10 Td (ganization \(the Mer) Tj ET Q q 0 0 0 rg BT 523.55 430.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Agreement\), by and among Holdings, Pandora Billboard Holding Company) Tj ET Q q 0 0 0 rg BT 357.08 418.10 Td (, Inc., a wholly-owned subsidiary of Pandora, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Billboard ) Tj ET Q q 0 0 0 rg BT 89.72 406.10 Td (Acquisition Sub, Inc., a wholly-owned subsidiary of Billboard Holding Company) Tj ET Q q 0 0 0 rg BT 415.15 406.10 Td (, Inc., Sirius XM and ) Tj ET Q q 0 0 0 rg BT 501.63 406.10 Td (White Oaks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Acquisition Corp., pursuant to which, subject to the terms and conditions of the Mer) Tj ET Q q 0 0 0 rg BT 386.99 394.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 401.70 394.10 Td (Agreement, Holdings agreed to acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Pandora \(such transaction, the Mer) Tj ET Q q 0 0 0 rg BT 193.94 382.10 Td (ger\). Pursuant to the Mer) Tj ET Q q 0 0 0 rg BT 300.95 382.10 Td (ger) Tj ET Q q 0 0 0 rg BT 313.32 382.10 Td (, each outstanding share of Pandora common stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td ($0.0001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 370.10 Td ( per share \(Pandora Common Stock\), will be converted into the right to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.90 370.10 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.40 370.10 Td ( shares \(the Exchange Ratio\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of Holdings common stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.03 358.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.53 358.10 Td ( per share \(Holdings Common Stock\). In connection with the Mer) Tj ET Q q 0 0 0 rg BT 505.28 358.10 Td (ger) Tj ET Q q 0 0 0 rg BT 517.65 358.10 Td (, the Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 346.10 Td ( Preferred Stock will be canceled for no consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (Further) Tj ET Q q 0 0 0 rg BT 106.04 322.10 Td (, pursuant to the Mer) Tj ET Q q 0 0 0 rg BT 189.45 322.10 Td (ger: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 298.10 Td (each option granted by Pandora under its stock incentive plans to purchase shares of Pandora Common Stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 286.10 Td (whether vested or unvested will be assumed and converted into an option to purchase shares of Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 274.10 Td (Common Stock, with appropriate adjustments \(based on the Exchange Ratio\) to the exercise price and number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 262.10 Td (shares of Holdings Common Stock subject to such option, and will have the same vesting schedule and exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 250.10 Td (conditions as in ef) Tj ET Q q 0 0 0 rg BT 176.86 250.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 388.84 250.10 Td (ger; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 226.10 Td (each unvested restricted stock unit granted by Pandora under its stock incentive plans will be assumed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 214.10 Td (converted into an unvested restricted stock unit of Holdings, with appropriate adjustments \(based on the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 202.10 Td (Ratio\) to the number of shares of Holdings Common Stock to be received, and will have the same vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.10 Td (schedule and settlement date as in ef) Tj ET Q q 0 0 0 rg BT 249.87 190.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 461.85 190.10 Td (ger; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 166.10 Td (each unvested performance award granted by Pandora under its stock incentive plans shall be canceled and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 154.10 Td (forfeited if the per share value of mer) Tj ET Q q 0 0 0 rg BT 253.47 154.10 Td (ger consideration at the closing of the transactions as determined pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 142.10 Td (the Mer) Tj ET Q q 0 0 0 rg BT 135.20 142.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 149.91 142.10 Td (Agreement is less than $20.00, and otherwise each such award will be assumed and converted into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 130.10 Td (time vesting award to receive a number of shares of Holdings Common Stock based on the Exchange Ratio, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 118.10 Td (will have the same vesting schedule as in ef) Tj ET Q q 0 0 0 rg BT 278.77 118.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 490.74 118.10 Td (ger) Tj ET Q q 0 0 0 rg BT 502.96 118.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (The Mer) Tj ET Q q 0 0 0 rg BT 111.53 94.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 126.24 94.10 Td (Agreement contains customary representations and warranties from both Holdings and Pandora, and each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (party has agreed to customary covenants, including covenants relating to the conduct of Holdings) Tj ET Q q 0 0 0 rg BT 442.48 82.10 Td ( and Pandora) Tj ET Q q 0 0 0 rg BT 497.47 82.10 Td (s businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (during the period between the execution of the Mer) Tj ET Q q 0 0 0 rg BT 255.30 70.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 270.02 70.10 Td (Agreement and the closing of the Mer) Tj ET Q q 0 0 0 rg BT 422.01 70.10 Td (ger) Tj ET Q q 0 0 0 rg BT 434.23 70.10 Td (. In the case of Pandora, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (obligations include its agreement to call a meeting of its stockholders to adopt the Mer) Tj ET Q q 0 0 0 rg BT 395.84 58.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 410.56 58.10 Td (Agreement, and, subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (exceptions, to recommend that its stockholders adopt the Mer) Tj ET Q q 0 0 0 rg BT 296.15 46.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 310.86 46.10 Td (Agreement.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (The Pandora stockholders voted to adopt the Mer) Tj ET Q q 0 0 0 rg BT 274.27 730.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 288.99 730.10 Td (Agreement at a special stockholder meeting on January 29, 2019. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (The completion of the Mer) Tj ET Q q 0 0 0 rg BT 184.56 706.10 Td (ger is subject to customary conditions, including, among others, the absence of any law or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (order that prohibits or makes illegal the Mer) Tj ET Q q 0 0 0 rg BT 226.71 694.10 Td (ger and subject to certain exceptions, the accuracy of the representations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (warranties of each party and compliance by the parties with their respective covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (It is intended that the Mer) Tj ET Q q 0 0 0 rg BT 180.40 658.10 Td (ger qualifies as a "reor) Tj ET Q q 0 0 0 rg BT 270.37 658.10 Td (ganization" within the meaning of Section 368\(a\) of the Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Revenue Code of 1986 for Federal income tax purposes. However) Tj ET Q q 0 0 0 rg BT 317.02 646.10 Td (, if either Pandora or Holdings are unable to receive an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (opinion of counsel to that ef) Tj ET Q q 0 0 0 rg BT 162.29 634.10 Td (fect, the parties have agreed to restructure the Mer) Tj ET Q q 0 0 0 rg BT 363.40 634.10 Td (ger so that the Mer) Tj ET Q q 0 0 0 rg BT 438.75 634.10 Td (ger will be treated as a taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (stock sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 580.10 Td (Set forth below are our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.16 580.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.37 580.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.25 580.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.83 580.10 Td ( compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 580.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.46 580.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 568.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.74 568.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.95 568.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.82 568.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.41 568.10 Td ( compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.83 568.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.03 568.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.91 568.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.49 568.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 550.10 Td (Our forward-looking statements below regarding our expectations for our revenues and expenses do not reflect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (impact of Holdings' proposed acquisition of Pandora.) 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0.9333333333333333 1 rg /GS0 gs 527.25 486.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 456.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 456.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 456.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 456.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 456.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 456.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 456.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 456.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 456.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 426.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 426.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 426.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 426.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 426.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 426.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 426.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 426.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 426.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 396.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 396.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 396.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 396.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 396.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 396.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 396.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 396.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 366.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 366.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 366.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 366.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 366.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 366.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 366.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 366.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 336.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 336.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 336.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 336.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 336.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 336.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 336.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 336.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 306.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 306.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 306.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 306.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 306.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 306.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 306.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 306.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 276.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 276.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 276.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 276.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 276.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 276.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 276.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 276.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 246.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 246.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 246.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 246.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 246.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 246.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 246.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 246.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 216.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 216.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 216.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 216.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 216.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 216.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 216.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 216.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 186.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 186.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 186.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 186.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 186.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 186.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 186.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 186.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 156.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 156.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 156.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 156.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 156.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 156.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 156.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 156.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 126.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 126.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 126.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 126.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 126.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 126.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 126.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 126.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 126.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 96.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 96.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.25 96.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.25 96.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.25 96.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 96.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.25 96.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.25 96.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.25 96.60 35.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 499.6 m 270.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 499.6 m 274.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 499.6 m 325.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.25 499.6 m 329.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 499.6 m 380.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 499.6 m 430.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.25 499.6 m 434.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 499.6 m 469.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 499.6 m 523.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.25 499.6 m 527.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.25 499.6 m 562.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 499.6 m 270.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 486.6 m 270.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 499.6 m 274.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 499.6 m 325.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 486.6 m 325.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.25 499.6 m 329.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 499.6 m 380.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 486.6 m 380.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 486.6 m 430.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 486.6 m 469.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 499.6 m 523.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 486.6 m 523.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.25 499.6 m 527.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.25 499.6 m 562.25 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.25 486.6 m 562.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 411.6 m 270.25 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 411.6 m 325.25 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 411.6 m 380.25 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 411.6 m 430.25 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 411.6 m 523.25 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 216.60000000000002 m 270.25 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 216.60000000000002 m 325.25 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 216.60000000000002 m 380.25 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 216.60000000000002 m 430.25 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 216.60000000000002 m 523.25 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 201.60000000000002 m 270.25 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 201.60000000000002 m 325.25 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 201.60000000000002 m 380.25 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 201.60000000000002 m 430.25 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 201.60000000000002 m 523.25 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 126.60000000000002 m 270.25 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 126.60000000000002 m 325.25 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 126.60000000000002 m 380.25 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 126.60000000000002 m 430.25 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 126.60000000000002 m 523.25 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 111.60000000000002 m 270.25 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 111.60000000000002 m 325.25 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 111.60000000000002 m 380.25 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 111.60000000000002 m 430.25 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 111.60000000000002 m 523.25 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 81.60000000000002 m 270.25 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 57.60000000000002 m 270.25 57.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 55.60000000000002 m 270.25 55.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 81.60000000000002 m 325.25 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 57.60000000000002 m 325.25 57.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.25 55.60000000000002 m 325.25 55.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 81.60000000000002 m 380.25 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 57.60000000000002 m 380.25 57.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.25 55.60000000000002 m 380.25 55.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 81.60000000000002 m 430.25 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 57.60000000000002 m 430.25 57.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 55.60000000000002 m 430.25 55.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 81.60000000000002 m 523.25 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 57.60000000000002 m 523.25 57.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.25 55.60000000000002 m 523.25 55.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.00 503.83 Td (For) Tj ET Q q 0 0 0 rg BT 252.37 503.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 266.81 503.83 Td (Y) Tj ET Q q 0 0 0 rg BT 271.99 503.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 346.57 503.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.55 503.83 Td (2018 vs 2017 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.55 503.83 Td (2017 vs 2016 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.25 490.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.25 490.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 490.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.70 490.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 490.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.70 490.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 490.83 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 476.27 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 461.27 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 461.27 Td (4,593,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.75 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 461.27 Td (4,472,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.75 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 461.27 Td (4,196,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.75 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 461.27 Td (121,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 461.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 461.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.75 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 461.27 Td (275,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.05 461.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 461.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 446.27 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 446.27 Td (187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 446.27 Td (160,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 446.27 Td (138,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 446.27 Td (27,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 446.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 446.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 446.27 Td (22,1) Tj ET Q q 0 0 0 rg BT 504.35 446.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 446.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 446.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 431.27 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 431.27 Td (154,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 431.27 Td (131,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 431.27 Td (1) Tj ET Q q 0 0 0 rg BT 348.85 431.27 Td (18,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 431.27 Td (23,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 431.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 431.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 431.27 Td (12,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 431.27 Td (1) Tj ET Q q 0 0 0 rg BT 545.05 431.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 431.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 416.27 Td (Music royalty fee and other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 416.27 Td (834,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 416.27 Td (660,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 416.27 Td (563,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 416.27 Td (173,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 416.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 416.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 416.27 Td (97,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 416.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 416.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 401.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.51 401.27 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 401.27 Td (5,770,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 401.27 Td (5,425,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 401.27 Td (5,017,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 401.27 Td (345,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 401.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 401.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 401.27 Td (407,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.05 401.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 401.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 386.27 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 371.27 Td (Cost of services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 356.27 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 356.27 Td (1,393,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 356.27 Td (1,210,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 356.27 Td (1,108,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 356.27 Td (183,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 356.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 356.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 356.27 Td (101,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.05 356.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 356.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 341.27 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 341.27 Td (405,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 341.27 Td (388,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 341.27 Td (353,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 341.27 Td (17,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 341.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 341.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 341.27 Td (34,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 341.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 341.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 326.27 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 326.27 Td (382,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 326.27 Td (385,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 326.27 Td (387,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 326.32 Td (\(2,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.70 326.27 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.05 326.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.55 326.32 Td (\(1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 326.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 326.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 311.27 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.90 311.27 Td (95,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.90 311.27 Td (82,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 311.27 Td (103,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 311.27 Td (13,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 311.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 311.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 311.32 Td (\(20,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 311.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 311.27 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 311.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 296.27 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.90 296.27 Td (30,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.90 296.27 Td (35,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.90 296.27 Td (40,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 296.32 Td (\(4,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.70 296.27 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.05 296.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.55 296.32 Td (\(5,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 296.27 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 296.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 281.27 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 281.27 Td (470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 281.27 Td (499,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 281.27 Td (512,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.55 281.32 Td (\(29,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.70 281.27 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.05 281.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 281.32 Td (\(13,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.70 281.27 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 281.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 266.27 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 266.27 Td (484,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 266.27 Td (437,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 266.27 Td (386,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 266.27 Td (46,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 266.27 Td (1) Tj ET Q q 0 0 0 rg BT 452.05 266.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 266.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 266.27 Td (51,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 266.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 266.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 251.27 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 251.27 Td (123,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 251.27 Td (1) Tj ET Q q 0 0 0 rg BT 293.85 251.27 Td (12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.90 251.27 Td (82,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 251.27 Td (10,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 251.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 251.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 251.27 Td (30,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 251.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 251.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 236.27 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 236.27 Td (356,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 236.27 Td (334,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 236.27 Td (341,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 236.27 Td (22,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 236.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 236.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.55 236.32 Td (\(7,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.70 236.27 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 236.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 221.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 221.27 Td (300,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 221.27 Td (298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 221.27 Td (268,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.90 221.27 Td (2,1) Tj ET Q q 0 0 0 rg BT 416.40 221.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 221.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 221.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 221.27 Td (29,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 221.27 Td (1) Tj ET Q q 0 0 0 rg BT 545.05 221.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 221.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 206.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.51 206.27 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 206.27 Td (4,043,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 206.27 Td (3,784,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 206.27 Td (3,585,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 206.27 Td (259,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 206.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 206.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 206.27 Td (199,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.05 206.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 206.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 191.27 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 191.27 Td (1,726,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 191.27 Td (1,640,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 191.27 Td (1,432,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 191.27 Td (86,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.05 191.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 191.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 191.27 Td (208,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 191.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 191.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 176.27 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 161.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.55 161.27 Td (\(350,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.40 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.55 161.32 Td (\(345,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.40 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 161.32 Td (\(331,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 161.32 Td (\(4,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.40 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.70 161.27 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.05 161.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 161.32 Td (\(14,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 161.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.70 161.27 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 161.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 146.27 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.40 146.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.55 146.32 Td (\(43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.55 146.32 Td (\(24,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 146.27 Td (43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.05 146.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 146.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 146.32 Td (\(19,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 146.27 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 146.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 131.27 Td (Other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.90 131.27 Td (43,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.90 131.27 Td (12,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.90 131.27 Td (14,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 131.27 Td (30,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.05 131.27 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 131.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.55 131.32 Td (\(2,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 131.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 131.27 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 131.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 116.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.51 116.27 Td (otal other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.55 116.27 Td (\(306,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.40 116.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.55 116.32 Td (\(376,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.40 116.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 116.32 Td (\(340,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 116.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 116.27 Td (70,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 116.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 116.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 116.32 Td (\(36,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 116.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 116.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 545.03 116.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 116.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 101.27 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 101.27 Td (1,420,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.35 101.27 Td (1,264,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 101.27 Td (1,091,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 101.27 Td (156,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 101.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 101.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.85 101.27 Td (172,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.05 101.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.40 101.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 86.27 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.55 86.27 Td (\(244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.40 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.55 86.32 Td (\(616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.40 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 86.32 Td (\(345,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 86.27 Td (371,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 86.27 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 86.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 86.32 Td (\(270,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 86.27 Td (\(78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 86.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 71.27 Td (Net income attributable to Sirius XM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 61.27 Td (Radio Inc.'s sole stockholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 61.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 61.27 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.75 61.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 61.27 Td (647,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.75 61.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.85 61.27 Td (745,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.75 61.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.85 61.27 Td (527,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 61.27 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 61.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.75 61.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 61.32 Td (\(98,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 61.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 61.27 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.05 61.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.69 742.25 Td (otal Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 724.25 Td (Subscriber Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 724.25 Td (includes subscription, activation and other fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 706.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 706.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 706.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 706.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 706.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 706.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 706.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 706.25 Td (, subscriber revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 706.25 Td ($4,593,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.01 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 694.25 Td ($4,472,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 694.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 228.16 694.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.16 694.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.85 694.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.18 694.25 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.51 694.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.34 694.25 Td ($121,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.84 694.25 Td (.) Tj ET Q q 0 0 0 rg BT 365.16 694.25 Td (The increase was primarily attributable to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.48 694.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.81 694.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 682.25 Td (increase in the daily weighted average number of subscribers. Subscriber revenue was negatively impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 670.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.00 670.25 Td ($94,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 670.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.96 670.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.54 670.25 Td ( due to the adoption of ) Tj ET Q q 0 0 0 rg BT 423.75 670.25 Td (Accounting Standards Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 658.25 Td (\("ASU"\) 2014-09, ef) Tj ET Q q 0 0 0 rg BT 213.75 658.25 Td (fective January 1, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 640.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 640.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 640.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 640.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 640.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 640.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 640.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 640.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 640.25 Td (, subscriber revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 640.25 Td ($4,472,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.01 640.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 628.25 Td ($4,196,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 628.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 228.16 628.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.16 628.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.85 628.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.18 628.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.51 628.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.34 628.25 Td ($275,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.84 628.25 Td (.) Tj ET Q q 0 0 0 rg BT 365.16 628.25 Td (The increase was primarily attributable to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.48 628.25 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.81 628.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 616.25 Td (increase in the daily weighted average number of subscribers as well as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.67 616.25 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 616.25 Td ( increase in average monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 604.25 Td (revenue per subscriber resulting from certain rate increases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 580.25 Td (e expect subscriber revenues to increase based on the growth of our subscriber base, increases in certain of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (subscription rates and the sale of additional services to subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 544.25 Td (Advertising Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.47 544.25 Td (includes the sale of advertising on certain non-music channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 526.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 526.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 526.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 526.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 526.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 526.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 526.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 526.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 526.25 Td (, advertising revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.35 526.25 Td ($187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.85 526.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 514.25 Td ($160,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 514.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 514.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 514.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 514.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 514.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.01 514.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.84 514.25 Td ($27,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.34 514.25 Td (.) Tj ET Q q 0 0 0 rg BT 357.66 514.25 Td (The increase was primarily due to a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 502.25 Td (number of advertising spots sold and transmitted as well as increases in rates char) Tj ET Q q 0 0 0 rg BT 457.17 502.25 Td (ged per spot.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 484.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 484.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 484.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 484.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 484.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 484.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 484.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 484.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 484.25 Td (, advertising revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.35 484.25 Td ($160,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.85 484.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 472.25 Td ($138,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 472.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 472.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 472.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 472.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 472.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.01 472.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.84 472.25 Td ($22,1) Tj ET Q q 0 0 0 rg BT 339.97 472.25 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.97 472.25 Td (.) Tj ET Q q 0 0 0 rg BT 357.29 472.25 Td (The increase was primarily due to a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 460.25 Td (number of advertising spots sold and transmitted as well as increases in rates char) Tj ET Q q 0 0 0 rg BT 457.17 460.25 Td (ged per spot.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 436.25 Td (e expect our advertising revenue to continue to grow as more advertisers are attracted to our national platform and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (growing subscriber base, and as we expand our inventory by launching additional non-music channels.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 400.25 Td (Equipment Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 400.25 Td (includes revenue and royalties from the sale of satellite radios, components and accessories.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 382.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 382.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 382.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 382.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 382.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 382.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 382.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 382.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 382.25 Td (, equipment revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.12 382.25 Td ($154,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.62 382.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 370.25 Td ($131,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 370.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 370.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 370.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 370.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 370.25 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.01 370.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.84 370.25 Td ($23,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.34 370.25 Td (.) Tj ET Q q 0 0 0 rg BT 357.66 370.25 Td (The increase was driven by an increase in royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 358.25 Td (revenue due to our transition to a new generation of chipsets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 340.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 340.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 340.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 340.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 340.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 340.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 340.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 340.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 340.25 Td (, equipment revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.12 340.25 Td ($131,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.62 340.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 328.25 Td ($1) Tj ET Q q 0 0 0 rg BT 140.13 328.25 Td (18,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.63 328.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.29 328.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.29 328.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.98 328.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.31 328.25 Td (1) Tj ET Q q 0 0 0 rg BT 287.94 328.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.27 328.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.10 328.25 Td ($12,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.60 328.25 Td (.) Tj ET Q q 0 0 0 rg BT 356.92 328.25 Td (The increase was driven by royalty revenue on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 316.25 Td (certain satellite radio components starting in the second quarter of 2016 due to our transition to a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 304.25 Td (generation of chipsets and revenue from the sales of connected vehicle devices since the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 292.25 Td (Automatic, partially of) Tj ET Q q 0 0 0 rg BT 221.68 292.25 Td (fset by lower revenue generated through satellite radio sales to distributors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 280.25 Td (consumers and lower OEM production.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 263.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 263.25 Td (e expect equipment revenue to increase as royalty revenues associated with certain new chipsets increases.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 239.25 Td (Music Royalty Fee and Other Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.66 239.25 Td (includes amounts earned from subscribers for the U.S. Music Royalty Fee, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (revenue from our connected vehicle services, our Canadian af) Tj ET Q q 0 0 0 rg BT 296.71 227.25 Td (filiate and ancillary revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 209.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 209.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 209.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 209.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 209.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 209.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 209.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 209.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 209.25 Td (, music royalty fee and other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 197.25 Td ($834,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 197.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 197.25 Td ($660,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 197.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 197.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 197.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 197.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 197.25 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 197.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.78 197.25 Td ($173,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.28 197.25 Td (.) Tj ET Q q 0 0 0 rg BT 419.60 197.25 Td (The increase was primarily driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 185.25 Td (by higher U.S. Music Royalty Fee revenue due to a higher rate and an increase in the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 173.25 Td (subscribers, higher revenue generated from our connected vehicle services and from Sirius XM Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 155.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 155.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 155.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 155.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 155.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 155.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 155.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 155.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 155.25 Td (, music royalty fee and other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 143.25 Td ($660,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 143.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 143.25 Td ($563,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 143.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 143.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 143.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 143.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 143.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 143.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.78 143.25 Td ($97,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.28 143.25 Td (.) Tj ET Q q 0 0 0 rg BT 414.60 143.25 Td (The increase was primarily driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 131.25 Td (by higher revenue from Sirius XM Canada due to the new Services ) Tj ET Q q 0 0 0 rg BT 400.99 131.25 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 464.30 131.25 Td (Advisory Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 119.25 Td (Agreement entered into in the second quarter of 2017, additional revenues from the U.S. Music Royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 107.25 Td (Fee due to an increase in the number of subscribers and subscribers paying at a higher rate and higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 95.25 Td (revenue generated from our connected vehicle services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 71.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 71.25 Td (e expect music royalty fee and other revenue to increase due to an increase in U.S. Music Royalty Fees as current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.25 Td (subscribers migrate to the new increased rate and as our subscriber base grows.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 742.25 Td (Operating Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 724.25 Td (Revenue Shar) Tj ET Q q 0 0 0 rg BT 132.38 724.25 Td (e and Royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.53 724.25 Td (include distribution and content provider revenue share, royalties for transmitting content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (and web streaming, and advertising revenue share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 694.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 694.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 694.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 694.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 694.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 694.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 694.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 694.25 Td (, revenue share and royalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 682.25 Td ($1,393,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.94 682.25 Td ($1,210,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.94 682.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 292.60 682.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 682.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.29 682.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.62 682.25 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.95 682.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.78 682.25 Td ($183,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.28 682.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.22 682.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.97 682.25 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 670.25 Td (total revenue.) Tj ET Q q 0 0 0 rg BT 189.74 670.25 Td (The increase was driven by an increase in the statutory royalty rate applicable to our use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 658.25 Td (post-1972 recordings, which increased from 1) Tj ET Q q 0 0 0 rg BT 313.97 658.25 Td (1% in 2017 to 15.5% in 2018, and overall greater revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 646.25 Td (subject to revenue share with the automakers. Included in the increase was a $69,144 char) Tj ET Q q 0 0 0 rg BT 492.69 646.25 Td (ge related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 634.25 Td (legal settlement that resolved outstanding claims, including ongoing audits, under our statutory license for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 622.25 Td (sound recordings for the period January 1, 2007 through December 31, 2017. In 2017, we recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 610.25 Td ($45,100 of expense related to music royalty legal settlements and related reserves. ) Tj ET Q q 0 0 0 rg BT 464.37 610.25 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 598.25 Td (partially of) Tj ET Q q 0 0 0 rg BT 174.47 598.25 Td (fset by approximately $88,122, for the year ended December 31, 2018, related to the adoption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 586.25 Td (the new revenue standard ef) Tj ET Q q 0 0 0 rg BT 242.49 586.25 Td (fective as of January 1, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 568.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 568.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 568.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 568.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 568.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 568.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 568.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 568.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 568.25 Td (, revenue share and royalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 556.25 Td ($1,210,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 556.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.94 556.25 Td ($1,108,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.94 556.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 292.60 556.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 556.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.29 556.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.62 556.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.95 556.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.78 556.25 Td ($101,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.28 556.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.22 556.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.97 556.25 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 544.25 Td (total revenue.) Tj ET Q q 0 0 0 rg BT 189.74 544.25 Td (The increase was due to overall greater revenues subject to music royalties and revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 532.25 Td (share to automakers and an increase in the statutory royalty rate applicable to our use of post-1972 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 520.25 Td (recordings, which increased from 10.5% in 2016 to 1) Tj ET Q q 0 0 0 rg BT 342.85 520.25 Td (1% in 2017. ) Tj ET Q q 0 0 0 rg BT 396.28 520.25 Td (W) Tj ET Q q 0 0 0 rg BT 404.92 520.25 Td (e recorded $45,100 and $45,900 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 508.25 Td (expense related to music royalty legal settlements and related reserves in 2017 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 536.10 508.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 484.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 484.25 Td (e expect our revenue share and royalty costs to increase as our revenues grow) Tj ET Q q 0 0 0 rg BT 395.64 484.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 460.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.13 460.25 Td (ogramming and Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.41 460.25 Td (includes costs to acquire, create, promote and produce content. ) Tj ET Q q 0 0 0 rg BT 441.02 460.25 Td (W) Tj ET Q q 0 0 0 rg BT 449.66 460.25 Td (e have entered into various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (agreements with third parties for music and non-music programming that require us to pay license fees and other amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 430.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 430.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 430.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 430.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 430.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 430.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 430.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 430.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 430.25 Td (, programming and content expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 418.25 Td ($405,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 418.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 418.25 Td ($388,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 418.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 418.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 418.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 418.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 418.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.95 418.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.78 418.25 Td ($17,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.28 418.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.22 418.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.63 418.25 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 406.25 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 406.25 Td (The increase was driven primarily by personnel-related costs, and higher music licensing costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 388.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 388.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 388.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 388.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 388.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 388.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 388.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 388.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 388.25 Td (, programming and content expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 376.25 Td ($388,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 376.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 376.25 Td ($353,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 376.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 376.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 376.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 376.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 376.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 376.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.78 376.25 Td ($34,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.28 376.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.22 376.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.97 376.25 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 364.25 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 364.25 Td (The increase was primarily due to the addition of video content rights, payment for which started ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 352.25 Td (during the third quarter of 2016, as well as talent and personnel-related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 328.25 Td (e expect our programming and content expenses to increase as we of) Tj ET Q q 0 0 0 rg BT 360.58 328.25 Td (fer additional programming, and renew or replace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (expiring agreements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 292.25 Td (Customer Service and Billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.04 292.25 Td (includes costs associated with the operation and management of internal and third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (customer service centers, and our subscriber management systems as well as billing and collection costs, transaction fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (bad debt expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 250.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 250.25 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 250.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 250.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 250.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 250.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 250.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 250.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 250.25 Td (, customer service and billing expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 238.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.43 238.25 Td ($382,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.93 238.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 238.25 Td ($385,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.87 238.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.53 238.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 238.25 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 238.25 Td ( of less than 1%, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.59 238.25 Td ($2,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.09 238.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.03 238.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.44 238.25 Td ( as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 226.25 Td (percentage of total revenue.) Tj ET Q q 0 0 0 rg BT 246.37 226.25 Td (The decrease was primarily driven by lower call center costs due to lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 214.25 Td (agent rates, increased customer self-service resulting in lower contact rates and improved non-pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 202.25 Td (processes driving lower bad debt expense, partially of) Tj ET Q q 0 0 0 rg BT 345.81 202.25 Td (fset by increased transaction fees from a lar) Tj ET Q q 0 0 0 rg BT 519.71 202.25 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 190.25 Td (subscriber base and personnel-related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 172.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 172.25 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 172.25 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 172.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 172.25 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 172.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 172.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 172.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 172.25 Td (, customer service and billing expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 160.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.43 160.25 Td ($385,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.93 160.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 160.25 Td ($387,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.87 160.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.53 160.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 160.25 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 160.25 Td ( of less than 1%, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.59 160.25 Td ($1,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.09 160.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.03 160.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.44 160.25 Td ( as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 148.25 Td (percentage of total revenue.) Tj ET Q q 0 0 0 rg BT 246.37 148.25 Td (The decrease was primarily due to a decline in call center agent rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 136.25 Td (contact rates, partially of) Tj ET Q q 0 0 0 rg BT 229.72 136.25 Td (fset by increased transaction fees based on a higher subscriber base.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 112.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 112.25 Td (e expect our customer service and billing expenses to increase as our subscriber base grows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 88.25 Td (Satellite and T) Tj ET Q q 0 0 0 rg BT 135.28 88.25 Td (ransmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.12 88.25 Td (consists of costs associated with the operation and maintenance of our terrestrial repeater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (networks; satellites; satellite telemetry) Tj ET Q q 0 0 0 rg BT 202.42 76.25 Td (, tracking and control systems; satellite uplink facilities; studios; and delivery of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (streaming service and connected vehicle services.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 742.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 742.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 742.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 742.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 742.10 Td (, satellite and transmission expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 730.10 Td ($95,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.44 730.10 Td ($82,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.94 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.60 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.60 730.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.29 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.62 730.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.95 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.78 730.10 Td ($13,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.28 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.22 730.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.97 730.10 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 718.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 718.10 Td (The increase was primarily driven by higher wireless costs associated with our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 706.10 Td (services and higher streaming costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 688.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 688.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 688.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 688.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 688.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 688.10 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 688.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 688.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 688.10 Td (, satellite and transmission expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 676.10 Td ($82,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 676.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.44 676.10 Td ($103,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.94 676.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 272.60 676.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.60 676.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.95 676.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.28 676.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.61 676.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.44 676.10 Td ($20,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.94 676.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.88 676.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.29 676.10 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 664.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 664.10 Td (The decrease was driven by lower wireless costs associated with our connected vehicle services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 652.10 Td (and a reduction in terrestrial repeater costs as a result of the elimination of duplicative repeater sites; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 640.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 174.47 640.10 Td (fset by increased streaming costs. Satellite and transmission costs in 2016 included a loss on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 628.10 Td (disposal of certain obsolete satellite parts of $12,912.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 604.10 Td (e expect satellite and transmission expenses to grow as costs associated with our investment in streaming services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (increase. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 568.10 Td (Cost of Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.44 568.10 Td (includes costs from the sale of satellite radios, components and accessories and provisions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (inventory allowance attributable to products purchased for resale in our direct to consumer distribution channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 538.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 538.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 538.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 538.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 538.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 538.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 538.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 538.10 Td (, cost of equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.42 538.10 Td ($30,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.92 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 526.10 Td ($35,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 526.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 215.66 526.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.66 526.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.01 526.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.34 526.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.67 526.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 526.10 Td ($4,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 526.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.94 526.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.36 526.10 Td ( as a percentage of equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 514.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 514.10 Td (The decrease was primarily due to lower direct satellite radio sales to consumers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 496.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 496.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 496.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 496.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 496.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 496.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 496.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 496.10 Td (, cost of equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.42 496.10 Td ($35,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.92 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 484.10 Td ($40,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 484.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 215.66 484.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.66 484.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.01 484.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.34 484.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.67 484.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 484.10 Td ($5,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 484.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.94 484.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.36 484.10 Td ( as a percentage of equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 472.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 472.10 Td (The decrease was primarily due to lower direct satellite radio sales to distributors and consumers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 460.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 174.47 460.10 Td (fset by the incremental costs associated with the sale of connected vehicle devices since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 448.10 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 187.16 448.10 Td (Automatic.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 424.10 Td (e expect cost of equipment to increase as device sales from our connected vehicle services increase.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 400.10 Td (Subscriber ) Tj ET Q q 0 0 0 rg BT 123.15 400.10 Td (Acquisition Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.93 400.10 Td (include hardware subsidies paid to radio manufacturers, distributors and automakers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (chipsets; product warranty obligations; and freight. ) Tj ET Q q 0 0 0 rg BT 256.21 376.10 Td (The majority of subscriber acquisition costs are incurred and expensed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (advance of, or concurrent with, acquiring a subscriber) Tj ET Q q 0 0 0 rg BT 264.70 364.10 Td (. Subscriber acquisition costs do not include advertising costs, marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (loyalty payments to distributors and dealers of satellite radios or revenue share payments to automakers and retailers of satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (radios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 322.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 322.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 322.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 322.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 322.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 322.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 322.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 322.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 322.10 Td (, subscriber acquisition costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 310.10 Td ($470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 310.10 Td ($499,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 310.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 310.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.95 310.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.28 310.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.61 310.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.44 310.10 Td ($29,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.94 310.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.88 310.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.29 310.10 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 298.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 298.10 Td (The decrease was driven by reductions to OEM hardware subsidy rates, lower subsidized costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 286.10 Td (related to the transition of chipsets, and a decrease in satellite radio installations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 268.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 268.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 268.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 268.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 268.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 268.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 268.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 268.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 268.10 Td (, subscriber acquisition costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 256.10 Td ($499,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 256.10 Td ($512,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 256.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 256.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.95 256.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.28 256.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.61 256.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.44 256.10 Td ($13,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.94 256.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.88 256.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.29 256.10 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 244.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 244.10 Td (The decrease was driven by reductions to OEM hardware subsidy rates, lower subsidized costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 232.10 Td (related to the transition of chipsets, and a decrease in satellite radio installations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 208.10 Td (e expect subscriber acquisition costs to increase as we increase OEM installations and increase OEM hardware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (subsidy rates.) Tj ET Q q 0 0 0 rg BT 108.76 196.10 Td (W) Tj ET Q q 0 0 0 rg BT 117.40 196.10 Td (e intend to continue to of) Tj ET Q q 0 0 0 rg BT 217.47 196.10 Td (fer subsidies and other incentives to induce OEMs to include our technology in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (vehicles.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 160.10 Td (Sales and Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 160.10 Td (includes costs for marketing, advertising, media and production, including promotional events and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (sponsorships; cooperative marketing; and personnel. Marketing costs include expenses related to direct mail, outbound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (telemarketing and email communications.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 118.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 118.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 118.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 118.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 118.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 118.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 118.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 118.10 Td (, sales and marketing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 106.10 Td ($484,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 106.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 106.10 Td ($437,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 106.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 106.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 106.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 106.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 106.10 Td (1) Tj ET Q q 0 0 0 rg BT 345.25 106.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.58 106.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.41 106.10 Td ($46,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.91 106.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.85 106.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 106.10 Td ( as a percentage of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 94.10 Td (revenue.) Tj ET Q q 0 0 0 rg BT 169.46 94.10 Td (The increase was primarily due to additional subscriber communications, retention programs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 82.10 Td (acquisition campaigns, as well as higher personnel-related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 64.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 64.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 64.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 64.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 64.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 64.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 64.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 64.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 64.10 Td (, sales and marketing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 52.10 Td ($437,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 52.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.44 52.10 Td ($386,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 52.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.60 52.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 52.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.29 52.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.62 52.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.95 52.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.78 52.10 Td ($51,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.28 52.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.22 52.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.97 52.10 Td ( as a percentage of total ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 742.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 169.46 742.10 Td (The increase was primarily due to additional subscriber communications, retention programs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 730.10 Td (acquisition campaigns as well as higher personnel-related costs; partially of) Tj ET Q q 0 0 0 rg BT 432.73 730.10 Td (fset by the timing of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 718.10 Td (OEM marketing campaigns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 694.10 Td (e anticipate that sales and marketing expenses will increase as we expand programs to retain our existing subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (win back former subscribers, and attract new subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 658.10 Td (Engineering, Design and Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.52 658.10 Td (consists primarily of compensation and related costs to develop chipsets and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (products and services,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.08 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.58 646.10 Td (including streaming and connected vehicle services,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.84 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.34 646.10 Td (research and development for broadcast information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (systems and costs associated with the incorporation of our radios into new vehicles manufactured) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.12 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.62 634.10 Td (by automakers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 616.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 616.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 616.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 616.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 616.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 616.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 616.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 616.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 616.10 Td (, engineering, design and development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 604.10 Td (expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.03 604.10 Td ($123,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.53 604.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 604.10 Td ($1) Tj ET Q q 0 0 0 rg BT 257.59 604.10 Td (12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.09 604.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 337.76 604.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.76 604.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.45 604.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.78 604.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.11 604.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.94 604.10 Td ($10,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.44 604.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.38 604.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.13 604.10 Td ( as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 592.10 Td (percentage of total revenue.) Tj ET Q q 0 0 0 rg BT 246.37 592.10 Td (The increase was driven by the continued development of our streaming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 580.10 Td (product and connected vehicle services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 562.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 562.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 562.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 562.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 562.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 562.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 562.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 562.10 Td (, engineering, design and development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 550.10 Td (expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.03 550.10 Td ($1) Tj ET Q q 0 0 0 rg BT 200.66 550.10 Td (12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.16 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.59 550.10 Td ($82,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.09 550.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 332.76 550.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.76 550.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.45 550.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.78 550.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.11 550.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.94 550.10 Td ($30,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.44 550.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.38 550.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.13 550.10 Td ( as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 538.10 Td (percentage of total revenue.) Tj ET Q q 0 0 0 rg BT 246.37 538.10 Td (The increase was driven by development of our connected vehicle services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 526.10 Td (and additional costs associated with the development of our audio and video streaming products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 502.10 Td (e expect engineering, design and development expenses to increase in future periods as we continue to develop our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (infrastructure, products and services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 466.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 130.09 466.10 Td (Administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.47 466.10 Td (primarily consists of compensation and related costs for personnel and facilities, and include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (costs related to our finance, legal, human resources and information technologies departments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 436.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 436.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 436.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 436.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 436.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 436.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 436.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 436.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 436.10 Td (, general and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 424.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.43 424.10 Td ($356,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.93 424.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 424.10 Td ($334,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.87 424.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.53 424.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 424.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.22 424.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.55 424.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.88 424.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.71 424.10 Td ($22,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.21 424.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 424.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.90 424.10 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 412.10 Td (total revenue.) Tj ET Q q 0 0 0 rg BT 189.74 412.10 Td (The increase was primarily driven by higher personnel-related costs, information technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 400.10 Td (costs, a one-time char) Tj ET Q q 0 0 0 rg BT 217.51 400.10 Td (ge for sales and use taxes, and expenses associated with the pending Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 388.10 Td (acquisition; partially of) Tj ET Q q 0 0 0 rg BT 223.63 388.10 Td (fset by lower legal costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 370.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 370.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 370.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 370.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 370.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 370.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 370.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 370.10 Td (, general and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 358.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.43 358.10 Td ($334,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.93 358.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 358.10 Td ($341,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.87 358.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.53 358.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.53 358.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 358.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.21 358.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.54 358.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.37 358.10 Td ($7,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.87 358.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.81 358.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.22 358.10 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 346.10 Td (total revenue.) Tj ET Q q 0 0 0 rg BT 189.74 346.10 Td (The decrease was primarily driven by lower legal costs, litigation reserves and consulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 334.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 157.82 334.10 Td (The decrease was partially of) Tj ET Q q 0 0 0 rg BT 274.80 334.10 Td (fset by higher personnel-related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 310.10 Td (e expect our general and administrative expenses to increase to support the growth of our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 286.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 97.68 286.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 149.71 286.10 Td (Amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.44 286.10 Td (represents the recognition in earnings of the acquisition cost of assets used in operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (including our satellite constellations, property) Tj ET Q q 0 0 0 rg BT 232.42 274.10 Td (, equipment and intangible assets, over their estimated service lives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 256.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 256.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 256.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 256.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 256.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 256.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 256.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 256.10 Td (, depreciation and amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 244.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.55 244.10 Td ($300,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.05 244.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.49 244.10 Td ($298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.99 244.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.65 244.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 244.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.34 244.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.67 244.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 244.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.83 244.10 Td ($2,1) Tj ET Q q 0 0 0 rg BT 404.96 244.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.96 244.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.90 244.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.32 244.10 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 232.10 Td (total revenue.) Tj ET Q q 0 0 0 rg BT 189.74 232.10 Td (The depreciation increase was driven by additional assets placed in-service, partially of) Tj ET Q q 0 0 0 rg BT 538.86 232.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 220.10 Td (by acceleration of amortization related to a shorter useful life of certain software during 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 202.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 202.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 202.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 202.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 202.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 202.10 Td (, depreciation and amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 190.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.55 190.10 Td ($298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.05 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.49 190.10 Td ($268,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.99 190.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.65 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 190.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.34 190.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.67 190.10 Td (1) Tj ET Q q 0 0 0 rg BT 363.30 190.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.63 190.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.46 190.10 Td ($29,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.96 190.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.90 190.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.66 190.10 Td ( as a percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 178.10 Td (total revenue. Depreciation increased as a result of the acceleration of amortization related to a shorter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 166.10 Td (useful life of certain software as well as additional assets placed in-service.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 136.10 Td (Other Income \(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 118.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 96.57 118.10 Td (est Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.99 118.10 Td (includes interest on outstanding debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 100.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 100.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 100.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 100.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 100.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 100.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 100.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 100.10 Td (, interest expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.91 100.10 Td ($350,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.41 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 88.10 Td ($345,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 88.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 88.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 88.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 88.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 88.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.01 88.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.84 88.10 Td ($4,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.34 88.10 Td (.) Tj ET Q q 0 0 0 rg BT 347.66 88.10 Td (The increase was primarily due to higher average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 76.10 Td (debt outstanding, partially of) Tj ET Q q 0 0 0 rg BT 245.85 76.10 Td (fset by an increase in capitalized interest associated with the construction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 64.10 Td (new satellites.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 742.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 742.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 742.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 742.10 Td (, interest expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.91 742.10 Td ($345,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.41 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 730.10 Td ($331,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 730.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 730.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.01 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.84 730.10 Td ($14,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.34 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 352.66 730.10 Td (The increase was primarily due to higher average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 718.10 Td (debt during the year ended December 31, 2017 compared to the year ended December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 694.10 Td (Loss on Extinguishment of Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.77 694.10 Td (includes losses incurred as a result of the retirement of certain debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 676.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 676.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 676.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 676.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 676.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 676.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 676.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 676.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 676.10 Td (, loss on extinguishment of debt, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.04 676.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.04 676.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 664.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.44 664.10 Td ($43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.94 664.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 232.60 664.10 Td (.During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.73 664.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.31 664.10 Td (, we recorded losses due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 652.10 Td (redemption of our 4.25% Senior Notes due 2020, 5.75% Senior Notes due 2021, and 5.25% Senior Secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 640.10 Td (Notes due 2022.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 622.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 622.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 622.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 622.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 622.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 622.10 Td (, loss on extinguishment of debt, net, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 610.10 Td ($43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.44 610.10 Td ($24,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.94 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.60 610.10 Td (.During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.73 610.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.31 610.10 Td (, we recorded losses on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 598.10 Td (extinguishment of debt due to the redemption of our 4.25% Senior Notes due 2020, 5.75% Senior Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 586.10 Td (due 2021, and 5.25% Senior Secured Notes due 2022. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.92 586.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.51 586.10 Td (, a loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 574.10 Td (was recorded on the redemption of our then outstanding 5.875% Senior Notes due 2020.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 550.10 Td (Other Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.26 550.10 Td (primarily) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.47 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.97 550.10 Td (includes realized and unrealized gains and losses, interest income, and our share of the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (or loss of Sirius XM Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 520.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 520.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 520.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 520.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 520.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 520.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 520.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 520.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 520.10 Td (, other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.25 520.10 Td ($43,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.75 520.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.19 520.10 Td ($12,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.69 520.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 508.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 178.16 508.10 Td (.Other income for the year ended December 31, 2018 was driven by unrealized gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 496.10 Td ($42,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 496.10 Td ( from a fair value adjustment of our investment in Pandora, and interest earned on our loan to Sirius ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 484.10 Td (XM Canada of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.43 484.10 Td ($10,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.93 484.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 273.90 484.10 Td (fset by losses on other investments of $9,675. Other income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 472.10 Td (year ended December 31, 2017, included interest earned on our loan to Sirius XM Canada, and our share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 460.10 Td (Sirius XM Canada's net income, partially of) Tj ET Q q 0 0 0 rg BT 306.25 460.10 Td (fset by transaction costs associated with our investment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 448.10 Td (Pandora.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 430.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 430.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 430.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 430.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 430.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 430.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 430.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 430.10 Td (, other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.25 430.10 Td ($12,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.75 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.19 430.10 Td ($14,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.69 430.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 418.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 178.16 418.10 Td (.Other income for the year ended December 31, 2017 included interest earned on our loan to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 406.10 Td (Sirius XM Canada, and our share of Sirius XM Canada's net income, partially of) Tj ET Q q 0 0 0 rg BT 452.89 406.10 Td (fset by transaction costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 394.10 Td (associated with our investment in Pandora. Other income for the year ended December 31, 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 382.10 Td (primarily driven by our share of Sirius XM Canada) Tj ET Q q 0 0 0 rg BT 338.23 382.10 Td (s net income and dividends received from Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 370.10 Td (Canada in excess of our investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 340.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.30 340.10 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 322.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.07 322.10 Td (ax Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 322.10 Td (includes the change in our deferred tax assets, foreign withholding taxes and current federal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (state tax expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 292.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 292.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 292.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 292.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 292.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 292.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 292.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 292.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 292.10 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.62 292.10 Td ($244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.12 292.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 280.10 Td ($616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 280.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 280.10 Td (, and our ef) Tj ET Q q 0 0 0 rg BT 266.02 280.10 Td (fective tax rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.97 280.10 Td (17.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 280.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.24 280.10 Td (48.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.07 280.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 469.73 280.10 Td (. On December 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 268.10 Td (2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 510.76 268.10 Td (T) Tj ET Q q 0 0 0 rg BT 516.17 268.10 Td (ax Cut and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 256.10 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 150.23 256.10 Td (Act \(the T) Tj ET Q q 0 0 0 rg BT 195.07 256.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 206.45 256.10 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 235.98 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 253.84 256.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.25 256.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 270.64 256.10 Td (Act made broad and complex changes to the U.S. tax code, including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 244.10 Td (accelerated depreciation that will allow for full expensing of qualified property) Tj ET Q q 0 0 0 rg BT 445.84 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 453.16 244.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.02 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 476.43 244.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 487.82 244.10 Td (Act also reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 232.10 Td (the U.S. federal corporate income tax rate from 35% to 21%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 214.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 156.13 214.10 Td (fective tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.87 214.10 Td (17.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 214.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.16 214.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.74 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.24 214.10 Td (was primarily impacted by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 202.10 Td (reduced federal tax rate to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.88 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.38 202.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.71 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.71 202.10 Td (the recognition of excess tax benefits related to share based compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 190.10 Td (and a benefit related to state and federal research and development credits. ) Tj ET Q q 0 0 0 rg BT 433.51 190.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 459.14 190.10 Td (fective tax rate of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.38 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.88 190.10 Td (48.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.71 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 178.10 Td (for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.96 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.46 178.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.04 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.54 178.10 Td (was negatively impacted by the revaluation of our net deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 166.10 Td (assets, excluding after tax credits as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.61 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.11 166.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.70 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.20 166.10 Td (as a result of the reduction of the federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 154.10 Td (corporate income tax rate. ) Tj ET Q q 0 0 0 rg BT 239.71 154.10 Td (This was of) Tj ET Q q 0 0 0 rg BT 286.19 154.10 Td (fset by the recognition of excess tax benefits related to share based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 142.10 Td (compensation and a benefit related to federal research and development credits, under the Protecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 130.10 Td (Americans from ) Tj ET Q q 0 0 0 rg BT 198.07 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.48 130.10 Td (ax Hikes ) Tj ET Q q 0 0 0 rg BT 240.70 130.10 Td (Act of 2015. Based on this revaluation, we recorded an additional tax expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 118.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.83 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.33 118.10 Td ($184,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.83 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.33 118.10 Td (to reduce our net deferred tax asset balance for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.25 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 118.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.34 118.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 100.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 100.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.50 100.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.33 100.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.33 100.10 Td (:For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 100.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.78 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 100.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 100.10 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.62 100.10 Td ($616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.12 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 88.10 Td ($345,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 88.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.66 88.10 Td (, and our ef) Tj ET Q q 0 0 0 rg BT 266.02 88.10 Td (fective tax rate was 48.7% and 31.7%, respectively) Tj ET Q q 0 0 0 rg BT 469.73 88.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.68 88.10 Td (As a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 76.10 Td (reduction of the federal corporate income tax rate, we revalued our net deferred tax asset, excluding after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 64.10 Td (tax credits, as of December31, 2017. Based on this revaluation, we recorded a net tax expense of $184,599 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 52.10 Td (to reduce our net deferred tax asset balance, which was recorded as additional income tax expense for the ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 742.10 Td (year ended December31, 2017. Our ef) Tj ET Q q 0 0 0 rg BT 288.31 742.10 Td (fective tax rate increased by 14.6% to 48.7% primarily as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 730.10 Td (the revaluation of our net deferred tax asset. For the years ended December31, 2017 and 2016, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 718.10 Td (recorded a $21,700 and a $66,326 tax credit, respectively) Tj ET Q q 0 0 0 rg BT 358.93 718.10 Td (, under the Protecting ) Tj ET Q q 0 0 0 rg BT 446.97 718.10 Td (Americans from ) Tj ET Q q 0 0 0 rg BT 514.54 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 519.95 718.10 Td (ax Hikes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 706.10 Td (Act of 2015 related to research and development activities, which reduced our ef) Tj ET Q q 0 0 0 rg BT 453.24 706.10 Td (fective tax rate by 1.7% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 694.10 Td (and 6.1%, respectively) Tj ET Q q 0 0 0 rg BT 220.93 694.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 670.10 Td (As a result of the ) Tj ET Q q 0 0 0 rg BT 148.13 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.54 670.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 164.93 670.10 Td (Act and our tax planning strategies, we estimate our ef) Tj ET Q q 0 0 0 rg BT 383.01 670.10 Td (fective tax rate beginning in 2019 will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (approximately 24.6%.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.45 628.10 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 604.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 604.10 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 187.54 604.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 318.16 604.10 Td (ASB\) issued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.38 604.10 Td (ASU 2014-09, Revenue - Revenue fr) Tj ET Q q 0 0 0 rg BT 519.39 604.10 Td (om ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 592.10 Td (Contracts with Customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 568.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 170.96 568.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 219.87 568.10 Td (ASU 2016-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.70 568.10 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 318.40 568.10 Td (opic 842\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.44 568.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 544.10 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 160.96 544.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 209.87 544.10 Td (ASU 2016-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.70 544.10 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 424.22 544.10 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 487.17 544.10 Td (ovements to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 532.10 Td (Employee Shar) Tj ET Q q 0 0 0 rg BT 137.44 532.10 Td (e-Based Payment ) Tj ET Q q 0 0 0 rg BT 209.46 532.10 Td (Accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 532.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 508.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 508.10 Td (In November 2016, the F) Tj ET Q q 0 0 0 rg BT 177.07 508.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 225.97 508.10 Td (ASU 2016-18, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.81 508.10 Td (Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 397.00 508.10 Td (opic 230\): Restricted Cash.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 484.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 484.10 Td (In February 2018, the F) Tj ET Q q 0 0 0 rg BT 170.96 484.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 219.87 484.10 Td (ASU 2018-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.70 484.10 Td (Income Statement - Reporting Compr) Tj ET Q q 0 0 0 rg BT 430.30 484.10 Td (ehensive Income \(T) Tj ET Q q 0 0 0 rg BT 507.13 484.10 Td (opic 220\): ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 472.10 Td (Reclassification of Certain T) Tj ET Q q 0 0 0 rg BT 191.36 472.10 Td (ax Effects fr) Tj ET Q q 0 0 0 rg BT 239.30 472.10 Td (om ) Tj ET Q q 0 0 0 rg BT 253.85 472.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 361.79 472.10 Td (ehensive Income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 448.10 Td (In June 2018, the F) Tj ET Q q 0 0 0 rg BT 153.20 448.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 202.10 448.10 Td (ASU 2018-07, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.93 448.10 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 416.45 448.10 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 479.40 448.10 Td (ovements to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 436.10 Td (Nonemployee Shar) Tj ET Q q 0 0 0 rg BT 152.44 436.10 Td (e-Based Payment ) Tj ET Q q 0 0 0 rg BT 224.46 436.10 Td (Accounting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 412.10 Td (In ) Tj ET Q q 0 0 0 rg BT 87.28 412.10 Td (August 2018, the F) Tj ET Q q 0 0 0 rg BT 163.21 412.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 212.11 412.10 Td (ASU 2018-15, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.94 412.10 Td (IntangiblesGoodwill and OtherInternal-Use Softwar) Tj ET Q q 0 0 0 rg BT 500.62 412.10 Td (e \(Subtopic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 400.10 Td (350-40\): Customer) Tj ET Q q 0 0 0 rg BT 153.75 400.10 Td () Tj ET Q q 0 0 0 rg BT 155.79 400.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.00 400.10 Td (Accounting for Implementation Costs Incurr) Tj ET Q q 0 0 0 rg BT 339.39 400.10 Td (ed in a Cloud Computing ) Tj ET Q q 0 0 0 rg BT 442.83 400.10 Td (Arrangement That Is a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 388.10 Td (Service Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.48 388.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 364.10 Td (For additional information regarding Recent ) Tj ET Q q 0 0 0 rg BT 260.56 364.10 Td (Accounting Pronouncements, refer to Note 3 to our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (statements of this ) Tj ET Q q 0 0 0 rg BT 121.94 352.10 Td (Annual Report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (Key Financial and Operating Performance Metrics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 298.10 Td (In this section, we present certain financial performance measures some of which are not calculated and presented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (accordance with generally accepted accounting principles in the United States \(Non-GAAP\), which include free cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (and adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 146.74 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.38 274.10 Td (e also present certain operating performance measures, which include average monthly revenue per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (subscriber) Tj ET Q q 0 0 0 rg BT 90.70 262.10 Td (, or ) Tj ET Q q 0 0 0 rg BT 105.98 262.10 Td (ARPU; customer service and billing expenses, per average subscriber; and subscriber acquisition cost, or SAC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (per installation. Our adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 207.19 250.10 Td ( excludes the impact of share-based payment expense and certain purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (accounting adjustments related to the mer) Tj ET Q q 0 0 0 rg BT 216.71 238.10 Td (ger of Sirius and XM \(the "XM Mer) Tj ET Q q 0 0 0 rg BT 361.42 238.10 Td (ger"\). ) Tj ET Q q 0 0 0 rg BT 388.55 238.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 438.45 238.10 Td (, when applicable, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 121.93 226.10 Td ( metric excludes the ef) Tj ET Q q 0 0 0 rg BT 212.27 226.10 Td (fect of significant items that do not relate to the on-going performance of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (business.) Tj ET Q q 0 0 0 rg BT 91.21 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.85 214.10 Td (e use these Non-GAAP) Tj ET Q q 0 0 0 rg BT 193.07 214.10 Td ( financial and operating performance measures to manage our business, to set operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (goals and as a basis for determining performance-based compensation for our employees. See the accompanying glossary on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.27 190.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.27 190.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 190.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.38 190.10 Td ( for more details and for the reconciliation to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 458.96 190.10 Td ( measure \(where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (applicable\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 154.10 Td (e believe these Non-GAAP) Tj ET Q q 0 0 0 rg BT 195.40 154.10 Td ( financial and operating performance measures provide useful information to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (regarding our financial condition and results of operations. ) Tj ET Q q 0 0 0 rg BT 287.25 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.89 142.10 Td (e believe these Non-GAAP) Tj ET Q q 0 0 0 rg BT 404.65 142.10 Td ( financial and operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (measures may be useful to investors in evaluating our core trends because they provide a more direct view of our underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 74.82 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.46 118.10 Td (e believe investors may use our adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 283.69 118.10 Td ( to estimate our current enterprise value and to make investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 92.04 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 100.67 106.10 Td (e believe free cash flow provides useful supplemental information to investors regarding our cash available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (future subscriber acquisitions and capital expenditures, to repurchase or retire debt, to acquire other companies and our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (to return capital to stockholders. By providing these Non-GAAP) Tj ET Q q 0 0 0 rg BT 310.14 82.10 Td ( financial and operating performance measures, together with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (the reconciliations to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 282.07 70.10 Td ( measure \(where applicable\), we believe we are enhancing investors' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (understanding of our business and our results of operations.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Our Non-GAAP) Tj ET Q q 0 0 0 rg BT 143.46 742.10 Td ( financial measures should be viewed in addition to, and not as an alternative for or superior to, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reported results prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 256.04 730.10 Td (.In addition, our Non-GAAP) Tj ET Q q 0 0 0 rg BT 375.38 730.10 Td ( financial measures may not be comparable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (similarly-titled measures by other companies.Please refer to the glossary \(pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.29 718.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.29 718.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.40 718.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.40 718.10 Td (\) for a further discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (such Non-GAAP) Tj ET Q q 0 0 0 rg BT 118.24 706.10 Td ( financial and operating performance measures and reconciliations to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 542.44 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (measure \(where applicable\). Subscribers and subscription related revenues and expenses associated with our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (services and Sirius XM Canada are not included in our subscriber count or subscriber) Tj ET Q q 0 0 0 rg BT 391.66 682.10 Td (-based operating metrics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 658.10 Td (Set forth below are our subscriber balances as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.38 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.88 658.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.46 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.96 658.10 Td (compared to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.66 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.16 658.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.75 658.10 Td ( and as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.34 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 646.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.87 646.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 593.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 593.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 593.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 593.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 593.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 593.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 593.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 563.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 563.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 563.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 563.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 563.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 563.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 563.60 36.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 608.6 m 266.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 608.6 m 270.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 608.6 m 320.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 608.6 m 374.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 608.6 m 428.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 608.6 m 432.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 608.6 m 468.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 608.6 m 522.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 608.6 m 526.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 593.6 m 266.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 593.6 m 320.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 608.6 m 374.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 593.6 m 374.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 593.6 m 428.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 593.6 m 468.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 608.6 m 522.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 593.6 m 522.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 608.6 m 526.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 593.6 m 562.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 593.6 m 266.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 593.6 m 320.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 593.6 m 374.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 593.6 m 428.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 593.6 m 468.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 593.6 m 522.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 593.6 m 562.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 563.6 m 266.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 549.6 m 266.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 547.6 m 266.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 563.6 m 320.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 549.6 m 320.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 547.6 m 320.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 563.6 m 374.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 549.6 m 374.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 547.6 m 374.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 563.6 m 428.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 549.6 m 428.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 547.6 m 428.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 563.6 m 522.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 549.6 m 522.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 547.6 m 522.5 547.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.95 612.83 Td (As of December) Tj ET Q q 0 0 0 rg BT 316.08 612.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 612.83 Td (2018 vs 2017 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 612.83 Td (2017 vs 2016 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 597.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 597.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 597.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.95 597.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 597.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.95 597.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.00 597.83 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 583.06 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.25 583.06 Td (28,915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.25 583.06 Td (27,513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.25 583.06 Td (25,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 583.06 Td (1,402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 583.06 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 583.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 583.06 Td (1,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 583.06 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 583.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 568.06 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.75 568.06 Td (5,124) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.75 568.06 Td (5,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 568.06 Td (5,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 568.06 Td (\(99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 568.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 568.06 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 568.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 568.06 Td (\(172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 568.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.00 568.06 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.50 568.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 553.06 Td (Ending subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.25 553.06 Td (34,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.25 553.06 Td (32,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.25 553.06 Td (31,346) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 553.06 Td (1,303) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 553.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 553.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 553.06 Td (1,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 553.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 553.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 525.10 Td (The following table contains our Non-GAAP) Tj ET Q q 0 0 0 rg BT 257.43 525.10 Td ( financial and operating performance measures which are based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (adjusted results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.30 513.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.39 513.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.27 513.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.86 513.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.86 513.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.86 513.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.36 513.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.79 513.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.79 513.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 513.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.11 513.10 Td (The ) Tj ET Q q 0 0 0 rg BT 418.61 513.10 Td (ARPU and SAC, per installation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (metrics for the year ended December 31, 2018 have been reduced due to the adoption of the new revenue standard ) Tj ET Q q 0 0 0 rg BT 508.98 501.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (2014-09 as of January 1, 2018 by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.09 489.10 Td ($0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.59 489.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.03 489.10 Td ($0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.53 489.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 303.19 489.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.69 489.10 Td (For more information regarding the impact of the adoption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (ASU 2014-09 on these metrics, refer to the glossary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.01 477.10 Td ( \(pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 477.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.11 477.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 477.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.21 477.10 Td (\). For more information regarding the adoption of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (new revenue standard, refer to Note 3 to our consolidated financial statements of this ) Tj ET Q q 0 0 0 rg BT 391.84 465.10 Td (Annual Report.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.60 166.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 419.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 419.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 419.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 419.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 419.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 419.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 419.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.60 166.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 391.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 391.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 391.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 391.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 391.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 391.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 391.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.60 166.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 354.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 354.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 354.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 354.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 354.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 354.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 354.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 326.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 326.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 326.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 326.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 326.60 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 326.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 326.60 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 297.60 166.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 297.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 297.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 297.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 297.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 297.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 297.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 297.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.60 166.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 260.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 260.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 260.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 260.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 260.60 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 260.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 260.60 34.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 433.6 m 267.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 433.6 m 271.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 433.6 m 322.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 433.6 m 377.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 433.6 m 431.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 433.6 m 435.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 433.6 m 469.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 433.6 m 523.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 433.6 m 527.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 433.6 m 561.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 419.6 m 267.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 419.6 m 322.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 433.6 m 377.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 419.6 m 431.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 419.6 m 469.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 419.6 m 523.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 419.6 m 561.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 419.6 m 377.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 419.6 m 561.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 391.6 m 267.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 391.6 m 267.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 378.6 m 267.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 376.6 m 267.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 391.6 m 322.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 378.6 m 322.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 376.6 m 322.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 391.6 m 377.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 378.6 m 377.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 376.6 m 377.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 391.6 m 431.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 378.6 m 431.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 376.6 m 431.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 391.6 m 523.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 378.6 m 523.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 376.6 m 523.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 376.6 m 267.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 378.6 m 267.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 376.6 m 431.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 378.6 m 431.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 376.6 m 523.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 378.6 m 523.5 378.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.25 437.83 Td (For) Tj ET Q q 0 0 0 rg BT 249.62 437.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 264.06 437.83 Td (Y) Tj ET Q q 0 0 0 rg BT 269.24 437.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 343.82 437.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.30 437.83 Td (2018 vs 2017 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 437.83 Td (2017 vs 2016 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.50 423.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.50 423.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.50 423.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.95 423.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 423.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.95 423.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.00 423.83 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 410.06 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.25 410.06 Td (1,402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 410.06 Td (1,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 410.06 Td (1,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.00 410.06 Td (\(160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 410.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 410.06 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 410.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 410.06 Td (\(101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 410.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 410.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 410.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 396.06 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 396.06 Td (\(99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 396.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 396.06 Td (\(172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.50 396.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 396.06 Td (89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 396.06 Td (73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 396.06 Td (42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 396.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 396.06 Td (\(261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 396.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 396.06 Td (\(293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 396.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 382.06 Td (Net additions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.25 382.06 Td (1,303) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 382.06 Td (1,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 382.06 Td (1,752) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.50 382.06 Td (\(87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 382.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 382.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 382.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 382.06 Td (\(362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 382.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 382.06 Td (\(21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 382.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 368.06 Td (Daily weighted average number of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 359.06 Td (subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 234.75 359.06 Td (33,345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.75 359.06 Td (31,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 359.06 Td (30,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.25 359.06 Td (1,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 359.06 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 359.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.25 359.06 Td (1,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 359.06 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 359.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 345.06 Td (A) Tj ET Q q 0 0 0 rg BT 59.17 345.06 Td (verage self-pay monthly churn) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.25 345.06 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 345.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.25 345.06 Td (1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.50 345.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 345.06 Td (1.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.50 345.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.25 345.06 Td (\(0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 345.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 345.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 345.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.25 345.06 Td (\(0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 345.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 345.06 Td (\(5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 345.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 331.06 Td (New vehicle consumer conversion rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.50 331.06 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 331.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.50 331.06 Td (40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.50 331.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 331.06 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.50 331.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 331.06 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 331.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 331.06 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 331.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.00 331.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 331.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 331.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 331.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 302.06 Td (ARPU) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 302.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.25 302.06 Td (13.34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 302.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 302.06 Td (13.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 302.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 302.06 Td (12.91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 302.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 302.06 Td (0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 302.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 302.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 302.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.75 302.06 Td (0.34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 302.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 302.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 288.06 Td (SAC, per installation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 288.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.25 288.06 Td (25.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 288.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.25 288.06 Td (29.53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 288.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 288.06 Td (30.61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 288.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 288.06 Td (\(3.87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 288.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 288.06 Td (\(13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 288.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 288.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.75 288.06 Td (\(1.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 288.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 288.06 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 288.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 274.06 Td (Customer service and billing expenses, per) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 265.06 Td (average subscriber) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.75 265.06 Td (0.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.75 265.06 Td (0.94) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 265.06 Td (1.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 265.06 Td (\(0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 265.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 265.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.75 265.06 Td (\(0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 265.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 265.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 251.06 Td (Adjusted EBITDA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 251.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 223.50 251.06 Td (2,240,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 251.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.50 251.06 Td (2,1) Tj ET Q q 0 0 0 rg BT 289.75 251.06 Td (15,886) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 251.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 251.06 Td (1,875,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 251.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.25 251.06 Td (124,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 251.06 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 251.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 251.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.25 251.06 Td (240,1) Tj ET Q q 0 0 0 rg BT 503.50 251.06 Td (1) Tj ET Q q 0 0 0 rg BT 508.00 251.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 251.06 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 251.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 237.06 Td (Free cash flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 223.50 237.06 Td (1,517,1) Tj ET Q q 0 0 0 rg BT 250.50 237.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.50 237.06 Td (1,559,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 237.06 Td (1,509,1) Tj ET Q q 0 0 0 rg BT 360.50 237.06 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 237.06 Td (\(42,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 237.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 237.06 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 237.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.75 237.06 Td (50,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 237.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 237.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 198.30 Td (Subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 198.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.22 198.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.81 198.30 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.16 198.30 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.66 198.30 Td ( million subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.54 198.30 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.24 198.30 Td ( of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.83 198.30 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.33 198.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.30 Td (million subscribers, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.71 186.30 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.04 186.30 Td (, from the approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.96 186.30 Td (32.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.46 186.30 Td ( million subscribers as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 186.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.08 186.30 Td (. ) Tj ET Q q 0 0 0 rg BT 463.40 186.30 Td (The increase in total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.30 Td (subscribers was primarily due to growth in our self-pay subscriber base, which increased by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.93 174.30 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.83 174.30 Td (. ) Tj ET Q q 0 0 0 rg BT 531.15 174.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (increase in self-pay subscribers was primarily driven by trial conversions by owners and lessees of new and used vehicles as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (well as subscriber win back programs, partially of) Tj ET Q q 0 0 0 rg BT 249.26 150.30 Td (fset by deactivations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 132.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 132.30 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 132.30 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 132.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 132.30 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 132.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 132.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 132.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 132.30 Td (, net additions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.03 132.30 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.92 132.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.36 132.30 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.25 132.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 120.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 120.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 120.30 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.51 120.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 120.30 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.17 120.30 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 120.30 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.90 120.30 Td (. Self-pay net additions primarily decreased due to decreased growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 108.30 Td (in trial conversions and gross add win-backs, partially of) Tj ET Q q 0 0 0 rg BT 330.21 108.30 Td (fset by improvements in average self-pay monthly churn. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 96.30 Td (The reduction of paid promotional subscribers improved due to higher shipments out-pacing declines in trial starts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 84.30 Td (from automakers of) Tj ET Q q 0 0 0 rg BT 182.18 84.30 Td (fering paid promotional subscriptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 66.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 66.30 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 66.30 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 66.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 66.30 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 66.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 66.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 66.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 66.30 Td (, net additions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.03 66.30 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.92 66.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.36 66.30 Td (1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.25 66.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 54.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 54.30 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 54.30 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.17 54.30 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 54.30 Td (0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.90 54.30 Td (. ) Tj ET Q q 0 0 0 rg BT 296.21 54.30 Td (The decline of paid promotional net additions was due to paid ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 742.10 Td (promotional subscription ends out-pacing paid promotional subscription starts as starts from automakers of) Tj ET Q q 0 0 0 rg BT 531.58 742.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 730.10 Td (paid promotional subscriptions remained relatively flat. Self-pay net additions declined due to higher vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 718.10 Td (turnover of our subscriber base mitigated by growth in gross additions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.06 694.10 Td (verage Self-pay Monthly Churn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.91 694.10 Td (is derived by dividing the monthly average of self-pay deactivations for the period by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (the average number of self-pay subscribers forthe period. \(See accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.98 682.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.98 682.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 682.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.08 682.10 Td ( for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 652.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 652.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 652.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 652.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 652.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 652.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 652.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 652.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 652.10 Td (, our average self-pay monthly churn rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 640.10 Td (1.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.33 640.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.77 640.10 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.60 640.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.26 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.58 640.10 Td (The decrease was due to improvements in non-pay and voluntary churn.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 622.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 622.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 622.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 622.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 622.10 Td (, our average self-pay monthly churn rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 610.10 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.33 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.77 610.10 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.60 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.26 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.58 610.10 Td (The decrease was due to improvements in non-pay and voluntary churn.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 586.10 Td (New V) Tj ET Q q 0 0 0 rg BT 102.78 586.10 Td (ehicle Consumer Conversion Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.20 586.10 Td (is the percentage of owners and lessees of new vehicles that receive our service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (and convert to become self-paying subscribers after an initial promotional period. ) Tj ET Q q 0 0 0 rg BT 378.10 574.10 Td (The metric excludes rental and fleet vehicles.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.41 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (\(See accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.18 562.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.18 562.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.29 562.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.29 562.10 Td ( for more details\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 544.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 544.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 544.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 544.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 544.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 544.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 544.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 544.10 Td (, our new vehicle consumer conversion rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 532.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.83 532.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.27 532.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.60 532.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 212.26 532.10 Td (. ) Tj ET Q q 0 0 0 rg BT 219.58 532.10 Td (The decrease was driven primarily by a decline in conversion of first time trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 520.10 Td (subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 502.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 502.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 502.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 502.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 502.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 502.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 502.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 502.10 Td (, our new vehicle consumer conversion rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 490.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.83 490.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.27 490.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.60 490.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 212.26 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 219.58 490.10 Td (The increase was driven by improvements in the conversion of promotional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 478.10 Td (subscribers who were also existing self-pay subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 454.10 Td (ARPU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 454.10 Td (is derived from total earned subscriber revenue \(excluding revenue derived from our connected vehicle services\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (net advertising revenue and other subscription-related revenue, divided by the number of months in the period, divided by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (daily weighted average number of subscribers for the period. \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.92 430.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.92 430.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 430.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.03 430.10 Td ( for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 400.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 400.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 400.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 400.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 400.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 400.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 400.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.66 400.10 Td (ARPU was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.89 400.10 Td ($13.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.39 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.83 400.10 Td ($13.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.33 400.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 544.99 400.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 388.10 Td (The increase in certain of our subscription rates, including the U. S. Music Royalty Fee, and higher advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 376.10 Td (revenue was negatively impacted by the adoption of the new revenue standard, ef) Tj ET Q q 0 0 0 rg BT 429.03 376.10 Td (fective as of January 1, 2018 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 364.10 Td ($0.24, and the growth in subscription discounts of) Tj ET Q q 0 0 0 rg BT 303.58 364.10 Td (fered through customer acquisition and retention programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 346.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 346.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 346.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 346.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 346.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 346.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 346.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 346.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.66 346.10 Td (ARPU was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.89 346.10 Td ($13.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.39 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.83 346.10 Td ($12.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.33 346.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 544.99 346.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 334.10 Td (The increase was driven primarily by increases in certain of our subscription rates in 2016, partially of) Tj ET Q q 0 0 0 rg BT 512.91 334.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 322.10 Td (growth in subscription discounts of) Tj ET Q q 0 0 0 rg BT 244.42 322.10 Td (fered through customer acquisition and retention programs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 298.10 Td (SAC, Per Installation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.33 298.10 Td (is derived from subscriber acquisition costs and mar) Tj ET Q q 0 0 0 rg BT 376.71 298.10 Td (gins from the sale of radios, components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (accessories \(excluding connected vehicle services\), divided by the number of satellite radio installations in new vehicles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (shipments of aftermarket radios for the period. \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.72 274.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.72 274.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.83 274.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.83 274.10 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 256.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 256.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 256.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 256.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 256.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 256.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 256.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 256.10 Td (, SAC, per installation, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.43 256.10 Td ($25.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.37 256.10 Td ($29.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.87 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 244.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.48 244.10 Td (The decrease was driven by reductions to OEM hardware subsidy rates, our transition to a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 232.10 Td (generation of chipsets as well as the impact of the adoption of the new revenue standard, ef) Tj ET Q q 0 0 0 rg BT 467.91 232.10 Td (fective as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 220.10 Td (2018, of $0.26.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 202.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 202.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 202.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 202.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 202.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 202.10 Td (, SAC, per installation, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.43 202.10 Td ($29.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.37 202.10 Td ($30.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.87 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 190.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.48 190.10 Td (The decrease was driven by reductions to OEM hardware subsidy rates as well as lower subsidized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 178.10 Td (costs related to the transition of chipsets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 154.10 Td (Customer Service and Billing Expenses, Per ) Tj ET Q q 0 0 0 rg BT 257.00 154.10 Td (A) Tj ET Q q 0 0 0 rg BT 262.56 154.10 Td (verage Subscriber) Tj ET Q q 0 0 0 rg BT 334.49 154.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.49 154.10 Td (is derived from total customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (expenses, excluding connected vehicle customer service and billing expenses and share-based payment expense, divided by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (number of months in the period, divided by the daily weighted average number of subscribers for the period. \(See the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.91 118.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 118.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.02 118.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.02 118.10 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 100.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 100.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 100.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 100.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 100.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 100.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 100.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 100.10 Td (, customer service and billing expenses, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 88.10 Td (average subscriber) Tj ET Q q 0 0 0 rg BT 177.78 88.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.71 88.10 Td ($0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.21 88.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 88.10 Td ($0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 88.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 321.81 88.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.13 88.10 Td (The decrease was primarily driven by lower call center ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 76.10 Td (costs due to lower agent rates, increased customer self-service resulting in lower contact rates and improved non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 64.10 Td (pay processes driving lower bad debt expense.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 742.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 742.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 742.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 742.10 Td (, customer service and billing expenses, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 730.10 Td (average subscriber) Tj ET Q q 0 0 0 rg BT 177.78 730.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.71 730.10 Td ($0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.21 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 730.10 Td ($1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 321.81 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.13 730.10 Td (The decrease was primarily related to lower call center ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 718.10 Td (costs due to lower contact rates and lower agent rates, partially of) Tj ET Q q 0 0 0 rg BT 365.44 718.10 Td (fset by higher transaction fees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 694.10 Td (Adjusted EBITDA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.43 694.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 190.54 694.10 Td ( is defined as net income before interest expense, income tax expense and depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (amortization.) Tj ET Q q 0 0 0 rg BT 106.99 682.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 181.70 682.10 Td ( excludes the impact of other income, loss on extinguishment of debt, acquisition related costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (other non-cash char) Tj ET Q q 0 0 0 rg BT 128.17 670.10 Td (ges, such as certain purchase price accounting adjustments, share-based payment expense, loss on disposal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (of assets, and legal settlements and reserves related to the historical use of sound recordings. \(See the accompanying glossary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.27 646.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.27 646.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.38 646.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.38 646.10 Td ( for a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 261.58 646.10 Td ( and for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 628.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 628.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 628.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 628.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 628.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 628.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 628.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 628.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 628.10 Td (, adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 443.15 628.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.70 628.10 Td ($2,240,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.70 628.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 616.10 Td ($2,1) Tj ET Q q 0 0 0 rg BT 120.63 616.10 Td (15,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.13 616.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 200.79 616.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.79 616.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.48 616.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.81 616.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.14 616.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 616.10 Td ($124,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.47 616.10 Td (. ) Tj ET Q q 0 0 0 rg BT 337.79 616.10 Td (The increase was due to: growth of 6% in total revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 604.10 Td (which was primarily a result of the increase in our subscriber base; additional revenues from the U.S. Music ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 592.10 Td (Royalty Fee; an increase in advertising revenue; and lower subscriber acquisition costs. ) Tj ET Q q 0 0 0 rg BT 458.22 592.10 Td (The increases were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 580.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 147.47 580.10 Td (fset by higher revenue share and royalty) Tj ET Q q 0 0 0 rg BT 307.31 580.10 Td (, sales and marketing, programming and content, satellite and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 568.10 Td (transmission, and general and administrative costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 550.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 550.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 550.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 550.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 550.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 550.10 Td (, adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 443.15 550.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.70 550.10 Td ($2,1) Tj ET Q q 0 0 0 rg BT 480.83 550.10 Td (15,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.33 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 538.10 Td ($1,875,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 538.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 201.16 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.16 538.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.85 538.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.18 538.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.51 538.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.34 538.10 Td ($240,1) Tj ET Q q 0 0 0 rg BT 325.47 538.10 Td (1) Tj ET Q q 0 0 0 rg BT 330.10 538.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.10 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 342.42 538.10 Td (The increase was due to: a growth in revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 526.10 Td (resulting from an increase in our subscriber base; an increase in certain of our subscription prices; an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 514.10 Td (Other revenue from higher revenue from Sirius XM Canada under the new Services ) Tj ET Q q 0 0 0 rg BT 440.89 514.10 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 504.20 514.10 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 502.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 139.33 502.10 Td (Agreement; additional amounts produced by the U.S. Music Royalty Fee; and lower general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 490.10 Td (administrative costs and subscriber acquisition costs. ) Tj ET Q q 0 0 0 rg BT 319.95 490.10 Td (These favorable variances were partially of) Tj ET Q q 0 0 0 rg BT 492.73 490.10 Td (fset by higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 478.10 Td (revenue share and royalty costs due to growth in our revenues and royalty rates, programming and content, sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 466.10 Td (and marketing and engineering, design and development costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 442.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 87.13 442.10 Td (ee Cash Flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.62 442.10 Td (includes cash provided by operations, net of additions to property and equipment, restricted and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (investment activity and the return of capital from an investment in an unconsolidated entity) Tj ET Q q 0 0 0 rg BT 414.03 430.10 Td (. \(See the accompanying glossary on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.77 418.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.77 418.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.88 418.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.88 418.10 Td ( for a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 249.08 418.10 Td ( and for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 400.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 400.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 400.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 400.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 400.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 400.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 400.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 400.10 Td (, free cash flow was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 400.10 Td ($1,517,1) Tj ET Q q 0 0 0 rg BT 483.03 400.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.03 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.47 400.10 Td ($1,559,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.47 400.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 388.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 388.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 388.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.51 388.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 388.10 Td ($42,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.34 388.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.17 388.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.82 388.10 Td (The decrease was driven by the one-time lump sum payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 376.10 Td ($150,000 to resolve all outstanding claims under our statutory license for sound recordings for the period January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 364.10 Td (1, 2007 through December 31, 2017, an increase in additions to property and equipment due to the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 352.10 Td (payments for new satellite construction, and the timing of payments to vendors; partially of) Tj ET Q q 0 0 0 rg BT 468.79 352.10 Td (fset by higher net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 340.10 Td (provided by operating activities resulting from improved operating performance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 322.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 322.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.50 322.10 Td ( vs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 322.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 322.10 Td (: For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.19 322.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.78 322.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.21 322.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 322.10 Td (, free cash flow was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 322.10 Td ($1,559,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 322.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.84 322.10 Td ($1,509,1) Tj ET Q q 0 0 0 rg BT 547.47 322.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.47 322.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 310.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.16 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 310.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.85 310.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.18 310.10 Td ($50,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.68 310.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.51 310.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.84 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 283.16 310.10 Td (The increase was driven by higher net cash provided by operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 298.10 Td (activities resulting from improved operating performance, partially of) Tj ET Q q 0 0 0 rg BT 382.11 298.10 Td (fset by an increase in additions to property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 286.10 Td (and equipment resulting from new satellite construction.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 742.25 Td (ces) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Cash Flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.90 724.25 Td (year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.67 724.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.54 724.25 Td (December31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.13 724.25 Td ( compar) Tj ET Q q 0 0 0 rg BT 286.81 724.25 Td (ed with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.19 724.25 Td (year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.96 724.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.84 724.25 Td (December31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.43 724.25 Td ( and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.14 724.25 Td (year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 510.91 724.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (December31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.59 712.25 Td ( compar) Tj ET Q q 0 0 0 rg BT 161.27 712.25 Td (ed with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.65 712.25 Td (year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.42 712.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.30 712.25 Td (December31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.89 712.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (The following table presents a summary of our cash flow activity for the periods set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 657.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 657.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 657.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 657.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 657.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 657.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 627.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 627.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 627.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 627.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 627.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 627.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 627.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 627.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 627.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 587.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 587.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 587.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 587.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 587.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 587.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 587.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 587.75 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 670.75 m 326.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 670.75 m 330.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 670.75 m 385.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 670.75 m 444.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 657.75 m 326.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 670.75 m 385.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 657.75 m 385.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 670.75 m 444.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 657.75 m 444.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 657.75 m 503.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 657.75 m 562.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 657.75 m 326.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 657.75 m 385.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 657.75 m 444.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 657.75 m 562.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 612.75 m 326.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 612.75 m 385.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 612.75 m 444.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 612.75 m 503.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 612.75 m 562.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 562.75 m 326.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 562.75 m 385.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 562.75 m 444.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 562.75 m 503.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 562.75 m 562.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 538.75 m 326.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 536.75 m 326.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 538.75 m 385.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 536.75 m 385.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 538.75 m 444.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 536.75 m 444.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 538.75 m 503.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 536.75 m 503.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 538.75 m 562.5 538.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 536.75 m 562.5 536.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 674.98 Td (For) Tj ET Q q 0 0 0 rg BT 310.62 674.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 325.06 674.98 Td (Y) Tj ET Q q 0 0 0 rg BT 330.24 674.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 404.82 674.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.50 661.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 661.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 661.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.90 661.98 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.90 661.98 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.42 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 647.42 Td (1,760,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.60 647.42 Td (1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.60 647.42 Td (1,676,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 647.47 Td (\(2,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 647.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 647.42 Td (86,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.42 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.80 632.47 Td (\(379,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 632.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 632.47 Td (\(1,146,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 632.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 632.47 Td (\(210,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 632.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 632.42 Td (767,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 632.47 Td (\(936,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 632.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.42 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 617.47 Td (\(1,395,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 617.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 617.47 Td (\(761,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 617.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.30 617.47 Td (\(1,364,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 617.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 617.47 Td (\(633,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 617.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 617.42 Td (602,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.42 Td (Net \(decrease\) increase in cash, cash equivalents and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.42 Td (restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.80 592.47 Td (\(14,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 592.47 Td (\(144,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 592.42 Td (102,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 592.42 Td (130,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 592.47 Td (\(246,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td (Cash, cash equivalents and restricted cash at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.42 Td (beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 567.42 Td (79,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 567.42 Td (223,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 567.42 Td (121,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 567.47 Td (\(144,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 567.42 Td (102,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.42 Td (Cash, cash equivalents and restricted cash at end of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.42 Td (period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 542.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 542.42 Td (65,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 542.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 542.42 Td (79,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 542.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 542.42 Td (223,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 542.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 542.47 Td (\(14,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 542.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 542.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 542.47 Td (\(144,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 542.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (Cash Flows Pr) Tj ET Q q 0 0 0 rg BT 109.64 518.25 Td (ovided by Operating ) Tj ET Q q 0 0 0 rg BT 194.16 518.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 500.25 Td (Cash flows provided by operating activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.63 500.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.04 500.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 500.25 Td ($2,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.54 500.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.32 500.25 Td ($1,760,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.32 500.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 500.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.91 500.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.78 500.25 Td (December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.37 500.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 488.25 Td ($1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 488.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.32 488.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.52 488.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 488.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.98 488.25 Td (. Cash flows provided by operating activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.11 488.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.87 488.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.87 488.25 Td ($86,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.37 488.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td ($1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 476.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.38 476.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.58 476.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.46 476.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.04 476.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.48 476.25 Td ($1,676,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.48 476.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.86 476.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.07 476.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 476.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.53 476.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 452.25 Td (Our lar) Tj ET Q q 0 0 0 rg BT 106.42 452.25 Td (gest source of cash provided by operating activities is cash generated by subscription and subscription-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (revenues.) Tj ET Q q 0 0 0 rg BT 92.86 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 101.49 440.25 Td (e also generate cash from the sale of advertising on certain non-music channels and the sale of satellite radios, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (components and accessories.Our primary uses of cash from operating activities include revenue share and royalty payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (distributors, programming and content providers, and payments to radio manufacturers, distributors and automakers. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (addition, uses of cash from operating activities include payments to vendors to service, maintain and acquire subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (general corporate expenditures, and compensation and related costs.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (Cash Flows Used in Investing ) Tj ET Q q 0 0 0 rg BT 172.31 362.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 344.25 Td (Cash flows used in investing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.09 344.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.19 344.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.06 344.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 344.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.09 344.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.09 344.25 Td ( were primarily due to additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (spending to construct replacement satellites, improve our terrestrial repeater network, for capitalized software and hardware, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (deferred compensation and invest in other equity investees. ) Tj ET Q q 0 0 0 rg BT 291.97 320.25 Td (W) Tj ET Q q 0 0 0 rg BT 300.61 320.25 Td (e spent $166,632 and $139,937 on capitalized software and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (hardware as well as $132,317 and $99,980 to construct replacement satellites during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.62 308.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.72 308.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.59 308.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.18 308.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 296.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 296.25 Td (. In addition, cash flows used in investing activities in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.62 296.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.83 296.25 Td ( ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.71 296.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.29 296.25 Td (were primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (to our investment in Pandora of $480,000, loans to related parties of$132,465, payments to acquire additional ownership in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (related parties \(inclusive of transaction costs\) of$132,205 and the acquisition of ) Tj ET Q q 0 0 0 rg BT 372.97 272.25 Td (Automatic for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.34 272.25 Td ($107,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.84 272.25 Td (\(net of cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (restricted cash acquired\). In 2016, our cash flows used in investing activities were primarily due to additional spending of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td ($43,300 to construct replacement satellites, improve our terrestrial repeater network and for capitalized software.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (Cash Flows Used in Financing ) Tj ET Q q 0 0 0 rg BT 176.76 218.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 200.25 Td (Cash flows used in financing activities consists of the issuance and repayment of long-term debt, the purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (common stock under Holdings' share repurchase program and the payment of cash dividends.Proceeds from long-term debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (have been used to fund our operations, construct and launch new satellites, invest in other infrastructure improvements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (purchase shares of Holdings' common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 140.25 Td (Cash flows used in financing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.19 140.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.39 140.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.27 140.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.86 140.25 Td ( were primarily due to the purchase and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (retirement of shares of Holdings' common stock under Holdings' repurchase program for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 128.25 Td ($1,314,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.40 128.25 Td (, the payment of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (dividends on Holdings' common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.79 116.25 Td ($201,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.29 116.25 Td ( and repayment under the Credit Facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.79 116.25 Td ($136,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.29 116.25 Td (. Cash flows used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (financing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.86 104.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.06 104.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.94 104.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.53 104.25 Td ( were primarily due to the redemption of $1,500,000 aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (principal amount of then-outstanding notes, the purchase and retirement for $1,409,035 of shares of Holdings' common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (under Holdings' repurchase program, the payment of cash dividends of $190,242, and net repayments of $90,000 under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (Credit Facility) Tj ET Q q 0 0 0 rg BT 107.40 68.25 Td (, partially of) Tj ET Q q 0 0 0 rg BT 156.37 68.25 Td (fset by the issuance of $1,000,000 aggregate principal amount of 3.875% Senior Notes due 2022 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td ($1,500,000 aggregate principal amount of 5.00% Senior Notes due 2027. Cash flows used in financing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.62 56.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.83 56.25 Td ( ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 742.10 Td ( were primarily due to the purchase and retirement of shares of our common stock under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (repurchase program for $1,673,518, the redemption of $650,000 of our then-outstanding 5.875% Senior Notes due 2020 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the payment of a cash dividend of $48,079, partially of) Tj ET Q q 0 0 0 rg BT 269.48 718.10 Td (fset by the issuance of $1,000,000 aggregate principal amount of 5.375% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Senior Notes due 2026 and $50,000 in net borrowings under the Credit Facility) Tj ET Q q 0 0 0 rg BT 366.25 706.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (Future Liquidity and Capital Resource Requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 658.10 Td (Based upon our current business plans, we expect to fund operating expenses, capital expenditures, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (construction of replacement satellites, working capital requirements, interest payments, taxes and scheduled maturities of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (debt with existing cash, cash flow from operations and borrowings under our Credit Facility) Tj ET Q q 0 0 0 rg BT 417.61 634.10 Td (.) Tj ET Q q 0 0 0 rg BT 424.56 634.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 634.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.58 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ($1,31) Tj ET Q q 0 0 0 rg BT 72.13 622.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.63 622.10 Td ( was available for future borrowing under our Credit Facility) Tj ET Q q 0 0 0 rg BT 336.96 622.10 Td (.) Tj ET Q q 0 0 0 rg BT 344.28 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 352.92 622.10 Td (e believe that we have suf) Tj ET Q q 0 0 0 rg BT 456.30 622.10 Td (ficient cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (equivalents as well as debt capacity to cover our estimated short-term and long-term funding needs, including amounts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (construct, launch and insure replacement satellites, as well as fund Holdings' stock repurchases, future dividend payments on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Holdings' common stock and strategic opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 562.10 Td (Our ability to meet our debt and other obligations depends on our future operating performance and on economic, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (financial, competitive and other factors. ) Tj ET Q q 0 0 0 rg BT 211.70 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.34 550.10 Td (e continually review our operations for opportunities to adjust the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (expenditures to ensure that suf) Tj ET Q q 0 0 0 rg BT 172.01 538.10 Td (ficient resources are maintained.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 514.10 Td (e regularly evaluate our business plans and strategy) Tj ET Q q 0 0 0 rg BT 291.75 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.07 514.10 Td (These evaluations often result in changes to our business plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and strategy) Tj ET Q q 0 0 0 rg BT 97.94 502.10 Td (, some of which may be material and significantly change our cash requirements. ) Tj ET Q q 0 0 0 rg BT 427.10 502.10 Td (These changes in our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (plans or strategy may include: the acquisition of unique or compelling programming; the development and introduction of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (features or services; significant new or enhanced distribution arrangements; investments in infrastructure, such as satellites, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (equipment or radio spectrum; and acquisitions and investments, including acquisitions and investments that are not directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (related to our satellite radio business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (Holdings' Capital Return Pr) Tj ET Q q 0 0 0 rg BT 163.16 424.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.72 406.10 Td (January29, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.32 406.10 Td (, Holdings' board of directors approved an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.01 406.10 Td ($2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.01 406.10 Td ( for repurchase of Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 115.92 394.10 Td (The new approval increases the amount of common stock that we have been authorized to repurchase to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.19 382.10 Td ($14,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.19 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 159.14 382.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.58 382.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.17 382.10 Td (, Holdings' cumulative repurchases since December 2012 under Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (stock repurchase program totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.50 370.10 Td ($10,674,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 370.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.44 370.10 Td ($1,325,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.44 370.10 Td ( remained available for additional repurchases under Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (existing stock repurchase program authorization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 334.10 Td (Shares of common stock may be purchased from time to time on the open market and in privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its af) Tj ET Q q 0 0 0 rg BT 504.38 322.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 536.42 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.05 322.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (intend to fund the additional repurchases through a combination of cash on hand, cash generated by operations and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 274.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.72 274.10 Td (January29, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.32 274.10 Td (, Holdings' board of directors declared a quarterly dividend on Holdings' common stock in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 262.10 Td ($0.0121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 262.10 Td ( per share of Holdings' common stock payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.19 262.10 Td (February28, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.79 262.10 Td ( to Holdings' stockholders of record as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (of the close of business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.32 250.10 Td (February1) Tj ET Q q 0 0 0 rg BT 201.54 250.10 Td (1, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.54 250.10 Td (. Holdings' board of directors expects to declare regular quarterly dividends, in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (aggregate annual amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.84 238.10 Td ($0.0484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.34 238.10 Td ( per share of Holdings' common stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Debt Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 190.10 Td (The indentures governing our senior notes and the agreement governing the Credit Facility include restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (covenants.) Tj ET Q q 0 0 0 rg BT 96.93 178.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 178.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 178.10 Td (, we were in compliance with such covenants.For a discussion of our Debt Covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (refer to Note 1) Tj ET Q q 0 0 0 rg BT 108.21 166.10 Td (1 to our consolidated financial statements in this ) Tj ET Q q 0 0 0 rg BT 303.73 166.10 Td (Annual Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 136.10 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.33 136.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 118.10 Td (e do not have any significant of) Tj ET Q q 0 0 0 rg BT 212.53 118.10 Td (f-balance sheet arrangements other than those disclosed in Note 14 to our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (financial statements in this ) Tj ET Q q 0 0 0 rg BT 158.87 106.10 Td (Annual Report that are reasonably likely to have a material ef) Tj ET Q q 0 0 0 rg BT 405.25 106.10 Td (fect on our financial condition, results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 94.10 Td (, capital expenditures or capital resources.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Contractual Cash Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 724.25 Td (For a discussion of our Contractual Cash Commitments, refer to Note 14 to our consolidated financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 712.25 Td (Annual Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Related Party T) Tj ET Q q 0 0 0 rg BT 114.06 682.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 664.25 Td (For a discussion of Related Party ) Tj ET Q q 0 0 0 rg BT 217.24 664.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.00 664.25 Td (ransactions, refer to Note 10 to our consolidated financial statements in this ) Tj ET Q q 0 0 0 rg BT 531.52 664.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 83.24 622.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 604.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 604.25 Td (e adopted the new revenue standard using the modified retrospective method by recognizing the cumulative ef) Tj ET Q q 0 0 0 rg BT 527.69 604.25 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (initially applying the new revenue standard to all non-completed contracts as of January 1, 2018 as an adjustment to opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (Accumulated deficit in the period of adoption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.22 580.25 Td ( For more information regarding the adoption of the new revenue standard, refer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (to Note 3 to our consolidated financial statements of this ) Tj ET Q q 0 0 0 rg BT 278.29 568.25 Td (Annual Report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 550.25 Td (Our consolidated financial statements are prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 387.60 550.25 Td (, which requires management to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 183.68 538.25 Td (fect the reported amounts of assets and liabilities at the date of the financial statements and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (reported amounts of revenues and expenses during the periods. ) Tj ET Q q 0 0 0 rg BT 303.82 526.25 Td (Accounting estimates require the use of significant management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (assumptions and judgments as to future events, and the ef) Tj ET Q q 0 0 0 rg BT 280.33 514.25 Td (fect of those events cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 495.70 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 500.52 514.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (accounting estimates will change as new events occur) Tj ET Q q 0 0 0 rg BT 264.80 502.25 Td (, more experience is acquired and more information is obtained. ) Tj ET Q q 0 0 0 rg BT 522.86 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 531.50 502.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (evaluate and update our assumptions and estimates on an ongoing basis and use outside experts to assist in that evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (when we deem necessary) Tj ET Q q 0 0 0 rg BT 150.69 478.25 Td (. ) Tj ET Q q 0 0 0 rg BT 155.51 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 164.15 478.25 Td (e have identified all significant accounting policies in Note 3 to our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (statements in this ) Tj ET Q q 0 0 0 rg BT 121.39 466.25 Td (Annual Report. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 448.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 121.42 448.25 Td (Assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.42 448.25 Td (Our intangible assets include goodwill, other indefinite-lived assets \(our FCC licenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (trademarks\) and definite-lived assets. Our annual impairment assessment of our goodwill and our indefinite-lived assets is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (performed as of the fourth quarter of each year) Tj ET Q q 0 0 0 rg BT 236.58 424.25 Td (. ) Tj ET Q q 0 0 0 rg BT 241.40 424.25 Td (W) Tj ET Q q 0 0 0 rg BT 250.03 424.25 Td (e also review our intangible assets for impairment whenever events or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (changes in circumstances indicate that the carrying amount of an asset is not recoverable. If an impairment exists, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (impairment is measured as the amount by which the carrying amount of an intangible asset exceeds its implied fair value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 382.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (Goodwill:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.56 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.50 382.25 Td (ASC 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.46 382.25 Td (Intangibles - Goodwill and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.34 382.25 Td (, states that an entity should perform its annual or interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.25 Td (goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 358.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 142.63 358.25 Td (ge for the amount by which the carrying amount exceeds the reporting unit) Tj ET Q q 0 0 0 rg BT 444.75 358.25 Td (s fair value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 340.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 340.25 Td (Indefinite-lived) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.08 340.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.58 340.25 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.91 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.86 340.25 Td (ASC 350-30-35, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.48 340.25 Td (Intangibles - General Intangibles Other than Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.90 340.25 Td (, provides for an option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.25 Td (to first perform a qualitative assessment to determine whether it is more likely than not that an asset is impaired. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.25 Td (qualitative assessment supports that it is more likely than not that the fair value of the asset exceeds its carrying value, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 304.25 Td (company is not required to perform a quantitative impairment test. If the qualitative assessment does not support that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 292.25 Td (fair value of the asset exceeds its carrying value, then a quantitative assessment is performed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 274.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (Definite-lived: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.81 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 155.44 274.25 Td (e carry our definite-lived assets at cost less accumulated amortization. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 256.25 Td (Useful Life of Br) Tj ET Q q 0 0 0 rg BT 144.57 256.25 Td (oadcast/T) Tj ET Q q 0 0 0 rg BT 183.47 256.25 Td (ransmission System. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.08 256.25 Td (Our satellite system includes the costs of our satellite construction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (launch vehicles, launch insurance, capitalized interest, spare satellites, terrestrial repeater network and satellite uplink facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 232.25 Td (e monitor our satellites for impairment whenever events or changes in circumstances indicate that the carrying amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (asset is not recoverable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 202.25 Td (e operate two in-orbit Sirius satellites, FM-5 and FM-6, which launched in 2009 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 499.24 202.25 Td (, and estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (they will operate ef) Tj ET Q q 0 0 0 rg BT 127.29 190.25 Td (fectively through the end of their depreciable lives in 2024 and 2028, respectively) Tj ET Q q 0 0 0 rg BT 454.03 190.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 172.25 Td (e operate three in-orbit XM satellites, XM-3, XM-4 and XM-5. ) Tj ET Q q 0 0 0 rg BT 341.67 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 350.31 172.25 Td (e estimate that our XM-3 and XM-4 satellites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (launched in 2005 and 2006, respectively) Tj ET Q q 0 0 0 rg BT 210.97 160.25 Td (, will reach the end of their depreciable lives in 2020 and 2021, respectively) Tj ET Q q 0 0 0 rg BT 513.83 160.25 Td (. Our XM-5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (satellite was launched in 2010, is used as an in-orbit spare for the Sirius and XM systems and is expected to reach the end of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (depreciable life in 2025. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 118.25 Td (Our satellites have been designed to last fifteen-years. Our in-orbit satellites may experience component failures which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 123.12 106.25 Td (fect their useful lives. ) Tj ET Q q 0 0 0 rg BT 212.08 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 220.71 106.25 Td (e monitor the operating condition of our in-orbit satellites and if events or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (circumstances indicate that the depreciable lives of our in-orbit satellites have changed, we will modify the depreciable life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 96.55 82.25 Td (. If we were to revise our estimates, our depreciation expense would change. ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.57 742.10 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.84 742.10 Td ( Deferred income taxes are recognized for the tax consequences related to temporary dif) Tj ET Q q 0 0 0 rg BT 486.99 742.10 Td (ferences between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (enacted tax laws and statutory tax rates applicable to the periods in which the dif) Tj ET Q q 0 0 0 rg BT 372.49 718.10 Td (ferences are expected to af) Tj ET Q q 0 0 0 rg BT 478.90 718.10 Td (fect taxable income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 700.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 700.10 Td (e assess the recoverability of deferred tax assets at each reporting date and, where applicable, a valuation allowance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (of the deferred tax assets will not be realized. Our assessment includes an analysis of whether deferred tax assets will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (realized in the ordinary course of operations based on the available positive and negative evidence, including the scheduling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (deferred tax liabilities and forecasted income from operations. ) Tj ET Q q 0 0 0 rg BT 301.11 652.10 Td (The underlying assumptions we use in forecasting future taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (income require significant judgment. In the event that actual income from operations dif) Tj ET Q q 0 0 0 rg BT 402.76 640.10 Td (fers from forecasted amounts, or if we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (change our estimates of forecasted income from operations, we could record additional char) Tj ET Q q 0 0 0 rg BT 417.73 628.10 Td (ges or reduce allowances in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (to adjust the carrying value of deferred tax assets to their realizable amount. Such adjustments could be material to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 586.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 586.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.03 586.10 Td (, we had a valuation allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.64 586.10 Td ($66,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.14 586.10 Td ( relating to deferred tax assets that are not more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (likely than not to be realized due to timing of certain state net operating loss limitations and acquired net operating losses that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (were not likely to be utilized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 544.10 Td (ASC 740, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.95 544.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 156.53 544.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.29 544.10 Td (, requires a company to first determine whether it is more likely than not that a tax position will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (and have full knowledge of all relevant information. ) Tj ET Q q 0 0 0 rg BT 260.77 520.10 Td (A) Tj ET Q q 0 0 0 rg BT 267.44 520.10 Td ( tax position that meets this more likely than not threshold is then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (measured and recognized at the lar) Tj ET Q q 0 0 0 rg BT 188.92 508.10 Td (gest amount of benefit that is greater than fifty percent likely to be realized upon ef) Tj ET Q q 0 0 0 rg BT 521.11 508.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (settlement with a taxing authority) Tj ET Q q 0 0 0 rg BT 183.76 496.10 Td (. If the tax position is not more likely than not to be sustained, the gross amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (unrecognized tax position will not be recorded in the financial statements but will be shown in tabular format within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (uncertain income tax positions. Changes in recognition or measurement are reflected in the period in which the change in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (judgment occurs due to the following conditions: \(1\) the tax position is more likely than not to be sustained, \(2\) the tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (position, amount, and/or timing is ultimately settled through negotiation or litigation, or \(3\) the statute of limitations for the tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (position has expired. ) Tj ET Q q 0 0 0 rg BT 134.99 436.10 Td (A) Tj ET Q q 0 0 0 rg BT 141.66 436.10 Td ( number of years may elapse before an uncertain tax position is ef) Tj ET Q q 0 0 0 rg BT 404.72 436.10 Td (fectively settled or until there is a lapse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (in the applicable statute of limitations. ) Tj ET Q q 0 0 0 rg BT 205.62 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 214.25 424.10 Td (e record interest and penalties related to uncertain tax positions in Income tax expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (in our consolidated statements of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 281.61 412.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.05 412.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.63 412.10 Td (, the gross liability for income taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (associated with uncertain tax positions was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.96 400.10 Td ($387,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.46 400.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Glossary) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 356.53505859375 m 156.46533203125 356.53505859375 l s q 0 0 0 rg BT 77.00 358.10 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.19 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.69 358.10 Td (- EBITDA) Tj ET Q q 0 0 0 rg BT 200.63 358.10 Td ( is defined as net income before interest expense, income tax expense and depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (and amortization. ) Tj ET Q q 0 0 0 rg BT 151.79 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.43 346.10 Td (e adjust EBITDA) Tj ET Q q 0 0 0 rg BT 229.87 346.10 Td ( to exclude the impact of other income as well as certain other char) Tj ET Q q 0 0 0 rg BT 497.63 346.10 Td (ges discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (below) Tj ET Q q 0 0 0 rg BT 100.79 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 107.74 334.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 182.45 334.10 Td ( is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 248.47 334.10 Td ( financial measure that excludes \(if applicable\):\(i\) certain adjustments as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (result of the purchase price accounting for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.54 322.10 Td ( XM Mer) Tj ET Q q 0 0 0 rg BT 298.13 322.10 Td (ger) Tj ET Q q 0 0 0 rg BT 310.50 322.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 322.10 Td (\(ii\) share-based payment expense and \(iii\) other significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (operating expense \(income\) that do not relate to the on-going performance of our business. ) Tj ET Q q 0 0 0 rg BT 445.04 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.67 310.10 Td (e believe adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 298.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 113.11 298.10 Td ( is a useful measure of the underlying trend of our operating performance, which provides useful information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 286.10 Td (about our business apart from the costs associated with our capital structure and purchase price accounting. ) Tj ET Q q 0 0 0 rg BT 510.57 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.21 286.10 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (investors find this Non-GAAP) Tj ET Q q 0 0 0 rg BT 198.57 274.10 Td ( financial measure useful when analyzing our past operating performance with our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 Td (performance and comparing our operating performance to the performance of other communications, entertainment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (media companies. ) Tj ET Q q 0 0 0 rg BT 154.02 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 162.65 250.10 Td (e believe investors use adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 327.34 250.10 Td ( to estimate our current enterprise value and to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 238.10 Td (investment decisions. ) Tj ET Q q 0 0 0 rg BT 167.55 238.10 Td (As a result of lar) Tj ET Q q 0 0 0 rg BT 234.01 238.10 Td (ge capital investments in our satellite radio system, our results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (reflect significant char) Tj ET Q q 0 0 0 rg BT 166.77 226.10 Td (ges for depreciation expense. ) Tj ET Q q 0 0 0 rg BT 288.21 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 296.84 226.10 Td (e believe the exclusion of share-based payment expense is useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.10 Td (as it is not directly related to the operational conditions of our business. ) Tj ET Q q 0 0 0 rg BT 367.59 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.23 214.10 Td (e also believe the exclusion of the legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.10 Td (settlements and reserves related to the historical use of sound recordings, acquisition related costs, loss on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 Td (extinguishment of debt and loss on disposal of assets, to the extent they occur during the period, is useful as they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.10 Td (significant expenses not incurred as part of our normal operations for the period.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 151.72 742.10 Td ( has certain limitations in that it does not take into account the impact to our statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (comprehensive income of certain expenses, including share-based payment expense and certain purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (accounting for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.75 718.10 Td ( XM Mer) Tj ET Q q 0 0 0 rg BT 187.34 718.10 Td (ger) Tj ET Q q 0 0 0 rg BT 199.56 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.88 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 215.52 718.10 Td (e endeavor to compensate for the limitations of the Non-GAAP) Tj ET Q q 0 0 0 rg BT 468.69 718.10 Td ( measure presented by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (also providing the comparable GAAP) Tj ET Q q 0 0 0 rg BT 227.71 706.10 Td ( measure with equal or greater prominence and descriptions of the reconciling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (items, including quantifying such items, to derive the Non-GAAP) Tj ET Q q 0 0 0 rg BT 339.92 694.10 Td ( measure.Investors that wish to compare and evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (our operating results after giving ef) Tj ET Q q 0 0 0 rg BT 218.16 682.10 Td (fect for these costs, should refer to net income as disclosed in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (statements of comprehensive income. Since adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 329.16 670.10 Td ( is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 395.17 670.10 Td ( financial performance measure, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (calculation of adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 206.13 658.10 Td ( may be susceptible to varying calculations; may not be comparable to other similarly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (titled measures of other companies; and should not be considered in isolation, as a substitute for) Tj ET Q q 0 0 0 rg BT 460.40 646.10 Td (, or superior to measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (of financial performance prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 319.94 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.26 634.10 Td (The reconciliation of net income to the adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 557.20 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (is calculated as follows: ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 585.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 585.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 585.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 555.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 555.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 555.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 525.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 525.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 525.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 495.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 495.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 495.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 465.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 465.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 465.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 435.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 435.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 435.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 405.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 405.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 405.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 598.6 m 419.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 598.6 m 423.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 598.6 m 490.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 598.6 m 494.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 598.6 m 562.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 585.6 m 419.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 585.6 m 490.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 585.6 m 562.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 585.6 m 419.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 585.6 m 490.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 585.6 m 562.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 390.6 m 419.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 390.6 m 490.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 390.6 m 562.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 390.6 m 419.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 376.6 m 419.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 374.6 m 419.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 390.6 m 490.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 376.6 m 490.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 374.6 m 490.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 390.6 m 562.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 376.6 m 562.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 374.6 m 562.5 374.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 602.83 Td (For) Tj ET Q q 0 0 0 rg BT 410.12 602.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 424.56 602.83 Td (Y) Tj ET Q q 0 0 0 rg BT 429.74 602.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 504.32 602.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.50 589.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 589.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 589.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.17 Td (Net income:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 575.27 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 575.27 Td (647,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 575.27 Td (745,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (Add back items excluded from ) Tj ET Q q 0 0 0 rg BT 178.52 561.17 Td (Adjusted EBITDA:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 546.17 Td (Purchase price accounting adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 531.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 530.27 Td (7,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 530.27 Td (7,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 530.27 Td (7,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 516.17 Td (Sound recording legal settlements and reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 515.27 Td (69,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 515.27 Td (45,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.27 Td (45,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 501.17 Td (Acquisition related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 500.27 Td (3,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 486.17 Td (Loss on disposal of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 485.27 Td (12,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 471.17 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 470.27 Td (133,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 470.27 Td (124,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 470.27 Td (108,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 456.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 455.27 Td (300,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 455.27 Td (298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 455.27 Td (268,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 441.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 440.27 Td (350,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 440.27 Td (345,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 440.27 Td (331,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 426.17 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 425.27 Td (43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 425.27 Td (24,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 411.17 Td (Other \(income\) expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 410.32 Td (\(43,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 410.32 Td (\(12,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 410.32 Td (\(14,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 396.17 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 395.27 Td (244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 395.27 Td (616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 395.27 Td (345,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 380.27 Td (2,240,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 380.27 Td (2,1) Tj ET Q q 0 0 0 rg BT 459.15 380.27 Td (15,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 380.27 Td (1,875,775) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 350.53505859375 m 104.7734375 350.53505859375 l s q 0 0 0 rg BT 77.00 352.10 Td (ARPU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.77 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.27 352.10 Td (- is derived from total earned subscriber revenue \(excluding revenue associated with our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 340.10 Td (services\), advertising revenue and other subscription-related revenue, divided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.66 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.16 340.10 Td (the number of months in the period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.10 Td (divided by the daily weighted average number of subscribers for the period. Other subscription-related revenue includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.10 Td (the U.S. Music Royalty Fee.) Tj ET Q q 0 0 0 rg BT 195.42 316.10 Td (The ) Tj ET Q q 0 0 0 rg BT 212.92 316.10 Td (ARPU for the year ended December 31, 2018 reflects adjustments as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 304.10 Td (adopting the new revenue standard as of January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 311.10 304.10 Td (ARPU is calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 267.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 267.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 267.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 267.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 237.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 237.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 237.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 237.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 207.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 207.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 207.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 207.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 280.6 m 418.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 280.6 m 422.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 280.6 m 489.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 280.6 m 493.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 280.6 m 561.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 267.6 m 418.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 267.6 m 489.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 267.6 m 561.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 267.6 m 418.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 267.6 m 489.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 267.6 m 561.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 222.60000000000002 m 418.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 208.60000000000002 m 418.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 206.60000000000002 m 418.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 222.60000000000002 m 489.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 208.60000000000002 m 489.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 206.60000000000002 m 489.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 222.60000000000002 m 561.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 208.60000000000002 m 561.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 206.60000000000002 m 561.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 206.60000000000002 m 418.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 208.60000000000002 m 418.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 193.60000000000002 m 418.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 191.60000000000002 m 418.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 206.60000000000002 m 489.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 208.60000000000002 m 489.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 193.60000000000002 m 489.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 191.60000000000002 m 489.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 206.60000000000002 m 561.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 208.60000000000002 m 561.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 193.60000000000002 m 561.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 191.60000000000002 m 561.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 191.60000000000002 m 418.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 193.60000000000002 m 418.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 178.60000000000002 m 418.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 176.60000000000002 m 418.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 191.60000000000002 m 489.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 193.60000000000002 m 489.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 178.60000000000002 m 489.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 176.60000000000002 m 489.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 191.60000000000002 m 561.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 193.60000000000002 m 561.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 178.60000000000002 m 561.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 176.60000000000002 m 561.5 176.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.75 284.83 Td (For) Tj ET Q q 0 0 0 rg BT 409.12 284.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 423.56 284.83 Td (Y) Tj ET Q q 0 0 0 rg BT 428.74 284.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 503.32 284.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 271.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 271.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 271.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 257.27 Td (Subscriber revenue, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 257.27 Td (4,482,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 257.27 Td (4,388,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 257.27 Td (4,108,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 242.27 Td (Add: advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 242.27 Td (187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 242.27 Td (160,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 242.27 Td (138,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 227.27 Td (Add: other subscription-related revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 227.27 Td (669,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 227.27 Td (518,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 227.27 Td (478,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 212.27 Td (5,339,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 212.27 Td (5,067,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 212.27 Td (4,724,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 197.27 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 197.27 Td (33,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 197.27 Td (31,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 197.27 Td (30,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 182.27 Td (ARPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 182.27 Td (13.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 182.27 Td (13.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 182.27 Td (12.91) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (The table below illustrates the impact that the adoption of the new revenue standard had on ) Tj ET Q q 0 0 0 rg BT 443.55 742.10 Td (ARPU for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.60 742.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.81 742.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 730.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 677.60 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 677.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 677.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 677.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 647.60 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 647.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 647.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 647.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 617.60 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 617.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 617.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 617.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 706.6 m 419.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 706.6 m 423.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 706.6 m 490.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 706.6 m 494.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 706.6 m 561.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 677.6 m 419.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 677.6 m 490.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 677.6 m 561.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 677.6 m 419.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 677.6 m 490.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 677.6 m 561.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 632.6 m 419.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 618.6 m 419.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 616.6 m 419.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 632.6 m 490.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 618.6 m 490.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 616.6 m 490.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 632.6 m 561.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 618.6 m 561.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 616.6 m 561.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 603.6 m 419.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 601.6 m 419.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 603.6 m 490.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 601.6 m 490.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 603.6 m 561.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 601.6 m 561.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 601.6 m 419.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 603.6 m 419.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 588.6 m 419.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 586.6 m 419.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 601.6 m 490.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 603.6 m 490.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 588.6 m 490.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 586.6 m 490.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 601.6 m 561.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 603.6 m 561.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 588.6 m 561.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 586.6 m 561.5 586.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.85 710.83 Td (For) Tj ET Q q 0 0 0 rg BT 402.22 710.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 416.66 710.83 Td (Y) Tj ET Q q 0 0 0 rg BT 421.84 710.83 Td (ear) Tj ET Q q 0 0 0 rg BT 432.43 710.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 493.16 710.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.05 681.83 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.90 697.83 Td (Impact of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.70 689.83 Td (Adopting ) Tj ET Q q 0 0 0 rg BT 465.49 689.83 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.15 681.83 Td (2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.30 697.83 Td (Balances ) Tj ET Q q 0 0 0 rg BT 529.38 697.83 Td (W) Tj ET Q q 0 0 0 rg BT 537.23 697.83 Td (ithout) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.35 689.83 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 540.58 689.83 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.15 681.83 Td (2014-09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 667.27 Td (Subscriber revenue, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 667.27 Td (4,482,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 667.27 Td (94,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 667.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 667.27 Td (4,577,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 652.27 Td (Add: advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 652.27 Td (187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 652.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 652.27 Td (187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 637.27 Td (Add: other subscription-related revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 637.27 Td (669,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 637.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 637.27 Td (669,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 622.27 Td (5,339,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 622.27 Td (94,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 622.27 Td (5,434,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 607.27 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 607.27 Td (33,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 607.27 Td (33,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 607.27 Td (33,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.27 Td (ARPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 592.27 Td (13.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 592.27 Td (0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 592.27 Td (13.58) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 551.73505859375 m 213.748046875 551.73505859375 l s q 0 0 0 rg BT 77.00 553.30 Td (A) Tj ET Q q 0 0 0 rg BT 83.48 553.30 Td (verage self-pay monthly churn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.75 553.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.25 553.30 Td (- is defined as the monthly average of self-pay deactivations for the period divided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 541.30 Td (the average number of self-pay subscribers for the period.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 515.73505859375 m 341.51904296875 515.73505859375 l s q 0 0 0 rg BT 77.00 517.30 Td (Customer) Tj ET Q q 0 0 0 rg BT 119.03 517.30 Td ( service and billing expenses, per) Tj ET Q q 0 0 0 rg BT 258.29 517.30 Td ( average subscriber) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.43 517.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.93 517.30 Td (- is derived from total customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 505.30 Td (expenses, excluding connected vehicle customer service and billing expenses and share-based payment expense, divided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 493.30 Td (by the number of months in the period, divided by the daily weighted average number of subscribers for the period. ) Tj ET Q q 0 0 0 rg BT 543.64 493.30 Td (W) Tj ET Q q 0 0 0 rg BT 552.28 493.30 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 481.30 Td (believe the exclusion of share-based payment expense in our calculation of customer service and billing expenses, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.30 Td (average subscriber) Tj ET Q q 0 0 0 rg BT 151.28 469.30 Td (, is useful as share-based payment expense is not directly related to the operational conditions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 457.30 Td (give rise to variations in the components of our customer service and billing expenses. Customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 445.30 Td (expenses, per average subscriber) Tj ET Q q 0 0 0 rg BT 207.65 445.30 Td (, is calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 408.80 302.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 408.80 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 408.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 408.80 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 408.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 408.80 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 368.80 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 368.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 368.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 368.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 368.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 368.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.80 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 338.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 338.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 338.80 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 421.8 m 418.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 421.8 m 422.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 421.8 m 489.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 421.8 m 493.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 421.8 m 561.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 408.8 m 418.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 408.8 m 489.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 408.8 m 561.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 408.8 m 418.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 408.8 m 489.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 408.8 m 561.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 368.8 m 418.5 368.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 354.8 m 418.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 352.8 m 418.5 352.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 368.8 m 489.5 368.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 354.8 m 489.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 352.8 m 489.5 352.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 368.8 m 561.5 368.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 354.8 m 561.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 352.8 m 561.5 352.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 339.8 m 418.5 339.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 337.8 m 418.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 339.8 m 489.5 339.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 337.8 m 489.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 339.8 m 561.5 339.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 337.8 m 561.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 324.8 m 418.5 324.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 322.8 m 418.5 322.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 324.8 m 489.5 324.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 322.8 m 489.5 322.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 324.8 m 561.5 324.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 322.8 m 561.5 322.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.75 426.03 Td (For) Tj ET Q q 0 0 0 rg BT 409.12 426.03 Td ( the ) Tj ET Q q 0 0 0 rg BT 423.56 426.03 Td (Y) Tj ET Q q 0 0 0 rg BT 428.74 426.03 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 503.32 426.03 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 413.03 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 413.03 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 413.03 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 398.47 Td (Customer service and billing expenses, excluding connected vehicle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 388.47 Td (services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 388.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 388.47 Td (357,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 388.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 388.47 Td (365,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 388.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 388.47 Td (367,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 373.47 Td (Less: share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 373.52 Td (\(4,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 373.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 373.52 Td (\(4,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 373.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 373.52 Td (\(3,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 373.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 358.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 358.47 Td (353,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 358.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 358.47 Td (360,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 358.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 358.47 Td (364,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 343.47 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 343.47 Td (33,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 343.47 Td (31,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 343.47 Td (30,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 328.47 Td (Customer service and billing expenses, per average subscriber) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 328.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 328.47 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 328.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 328.47 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 328.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 328.47 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 740.68505859375 m 138.46484375 740.68505859375 l s q 0 0 0 rg BT 77.00 742.25 Td (Fr) Tj ET Q q 0 0 0 rg BT 87.37 742.25 Td (ee cash flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.46 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.96 742.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.79 742.25 Td (is derived from cash flow provided by operating activities, net of additions to property and equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.25 Td (and purchases of other investments. Free cash flow is a metric that our management and board of directors use to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (evaluate the cash generated by our operations, net of capital expenditures and other investment activity) Tj ET Q q 0 0 0 rg BT 488.14 718.25 Td (. In a capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.25 Td (intensive business, with significant investments in satellites, we look at our operating cash flow) Tj ET Q q 0 0 0 rg BT 458.23 706.25 Td (, net of these investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.25 Td (retire debt, to acquire other companies and to evaluate our ability to return capital to stockholders. ) Tj ET Q q 0 0 0 rg BT 474.18 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 482.82 682.25 Td (e exclude from free ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.25 Td (cash flow certain items that do not relate to the on-going performance of our business, such as cash outflows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.25 Td (acquisitions, strategic investments, and net loan activity with related parties and other equity investees. ) Tj ET Q q 0 0 0 rg BT 493.37 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 502.01 658.25 Td (e believe free ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.25 Td (cash flow is an indicator of the long-term financial stability of our business.Free cash flow) Tj ET Q q 0 0 0 rg BT 443.20 646.25 Td (, which is reconciled to Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.25 Td (cash provided by operating activities, is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 297.13 634.25 Td ( financial measure.) Tj ET Q q 0 0 0 rg BT 377.75 634.25 Td (This measure can be calculated by deducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.25 Td (amounts under the captions Additions to property and equipment and deducting or adding Restricted and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.25 Td (investment activity from Net cash provided by operating activities from the consolidated statements of cash flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.25 Td (Free cash flow should be used in conjunction with other GAAP) Tj ET Q q 0 0 0 rg BT 330.48 598.25 Td ( financial performance measures and may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.25 Td (comparable to free cash flow measures presented by other companies.Free cash flow should be viewed as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.25 Td (supplemental measure rather than an alternative measure of cash flows from operating activities, as determined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.25 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 170.86 562.25 Td (.Free cash flow is limited and does not represent remaining cash flows available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (discretionary expenditures due to the fact that the measure does not deduct the payments required for debt maturities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 538.25 Td (e believe free cash flow provides useful supplemental information to investors regarding our current cash flow) Tj ET Q q 0 0 0 rg BT 526.79 538.25 Td (, along ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (with other GAAP) Tj ET Q q 0 0 0 rg BT 147.18 526.25 Td ( measures \(such as cash flows from operating and investing activities\), to determine our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (condition, and to compare our operating performance to other communications, entertainment and media companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (Free cash flow is calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.17 502.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 457.75 302.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 457.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 457.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 457.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 457.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 457.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 428.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 428.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 428.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 428.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 398.75 302.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 398.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 398.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 398.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 398.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 398.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 369.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 369.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 369.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 369.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 339.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 339.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 339.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 339.75 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 470.75 m 418.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 470.75 m 422.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 470.75 m 489.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 470.75 m 493.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 470.75 m 561.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 457.75 m 418.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 457.75 m 489.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 457.75 m 561.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 457.75 m 418.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 457.75 m 489.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 457.75 m 561.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 324.75 m 418.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 310.75 m 418.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 308.75 m 418.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 324.75 m 489.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 310.75 m 489.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 308.75 m 489.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 324.75 m 561.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 310.75 m 561.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 308.75 m 561.5 308.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.75 474.98 Td (For) Tj ET Q q 0 0 0 rg BT 409.12 474.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 423.56 474.98 Td (Y) Tj ET Q q 0 0 0 rg BT 428.74 474.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 503.32 474.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 461.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 461.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 461.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 448.48 Td (Cash Flow information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 434.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 433.42 Td (1,760,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 433.42 Td (1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 433.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 433.42 Td (1,676,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 419.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 418.47 Td (\(379,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 418.47 Td (\(1,146,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 418.47 Td (\(210,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 404.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 403.47 Td (\(1,395,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 403.47 Td (\(761,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 403.47 Td (\(1,364,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 403.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 389.48 Td (Fr) Tj ET Q q 0 0 0 rg BT 62.37 389.48 Td (ee Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 374.42 Td (1,760,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 374.42 Td (1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 374.42 Td (1,676,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 360.32 Td (Equity-related transactions for Holdings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 224.79 364.85 Td ( \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 359.42 Td (1) Tj ET Q q 0 0 0 rg BT 387.15 359.42 Td (19,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 359.42 Td (91,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 359.42 Td (42,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 345.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 344.47 Td (\(355,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 344.47 Td (\(287,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 344.47 Td (\(205,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 330.32 Td (Purchases of other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 329.47 Td (\(7,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 329.47 Td (\(7,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 329.47 Td (\(4,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 329.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 315.32 Td (Free cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 314.42 Td (1,517,1) Tj ET Q q 0 0 0 rg BT 404.65 314.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 314.42 Td (1,559,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 314.42 Td (1,509,1) Tj ET Q q 0 0 0 rg BT 547.65 314.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (Subsequent to our corporate reor) Tj ET Q q 0 0 0 rg BT 198.89 298.25 Td (ganization in November 2013, certain equity-related transactions are reported as related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (party transactions within our consolidated statements of cash flows. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.88 286.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.98 286.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.86 286.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.44 286.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.88 286.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.88 286.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (this included payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.54 274.25 Td ($1) Tj ET Q q 0 0 0 rg BT 183.17 274.25 Td (19,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.67 274.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.10 274.25 Td ($92,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.60 274.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 315.27 274.25 Td (, for taxes paid in lieu of shares issued for stock-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (compensation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.98 262.25 Td ($7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.42 262.25 Td ($774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.42 262.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.08 262.25 Td (, in proceeds from the exercise of stock options. ) Tj ET Q q 0 0 0 rg BT 441.51 262.25 Td (These equity-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (transactions are classified as Cash flows used in financing activities within Holdings' consolidated statements of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (flows, and therefore, are adjusted to reflect free cash flow at Sirius XM.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 212.68505859375 m 240.1103515625 212.68505859375 l s q 0 0 0 rg BT 77.00 214.25 Td (New vehicle consumer) Tj ET Q q 0 0 0 rg BT 171.79 214.25 Td ( conversion rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.11 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.61 214.25 Td (- is defined as the percentage of owners and lessees of new vehicles that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.25 Td (receive our satellite radio service and convert to become self-paying subscribers after the initial promotion period. ) Tj ET Q q 0 0 0 rg BT 537.95 202.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.25 Td (the time satellite radio enabled vehicles are sold or leased, the owners or lessees generally receive trial subscriptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (ranging from three to twelve months. ) Tj ET Q q 0 0 0 rg BT 230.67 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 239.31 178.25 Td (e measure conversion rate three months after the period in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (promotional period ends. ) Tj ET Q q 0 0 0 rg BT 182.08 166.25 Td (The metric excludes rental and fleet vehicles.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 740.68505859375 m 261.375 740.68505859375 l s q 0 0 0 rg BT 77.00 742.25 Td (Subscriber) Tj ET Q q 0 0 0 rg BT 123.49 742.25 Td ( acquisition cost, per) Tj ET Q q 0 0 0 rg BT 211.09 742.25 Td ( installation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.38 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.88 742.25 Td (- or SAC, per installation, is derived from subscriber acquisition costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.25 Td (mar) Tj ET Q q 0 0 0 rg BT 92.37 730.25 Td (gins from the sale of radios, components and accessories \(excluding connected vehicle services\), divided by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (number of satellite radio installations in new vehicles and shipments of aftermarket radios for the period.) Tj ET Q q 0 0 0 rg BT 501.14 718.25 Td (The SAC, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.25 Td (installation, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.32 706.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.52 706.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.40 706.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.98 706.25 Td ( reflects adjustments as a result of adopting the new revenue standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (as of January 1, 2018. SAC, per installation, is calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 657.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 657.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 657.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 657.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 657.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 617.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 617.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 617.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 617.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 587.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 587.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 587.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 587.75 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 670.75 m 418.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 670.75 m 422.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 670.75 m 489.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 670.75 m 493.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 670.75 m 561.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 657.75 m 418.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 657.75 m 489.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 657.75 m 561.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 657.75 m 418.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 657.75 m 489.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 657.75 m 561.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 617.75 m 418.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 603.75 m 418.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 601.75 m 418.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 617.75 m 489.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 603.75 m 489.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 601.75 m 489.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 617.75 m 561.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 603.75 m 561.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 601.75 m 561.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 588.75 m 418.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 586.75 m 418.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 588.75 m 489.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 586.75 m 489.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 588.75 m 561.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 586.75 m 561.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 573.75 m 418.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 571.75 m 418.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 573.75 m 489.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 571.75 m 489.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 573.75 m 561.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 571.75 m 561.5 571.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.75 674.98 Td (For) Tj ET Q q 0 0 0 rg BT 409.12 674.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 423.56 674.98 Td (Y) Tj ET Q q 0 0 0 rg BT 428.74 674.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 503.32 674.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 661.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 661.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 661.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 648.32 Td (Subscriber acquisition costs, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 647.42 Td (470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 647.42 Td (499,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 647.42 Td (512,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 632.42 Td (Less: mar) Tj ET Q q 0 0 0 rg BT 90.97 632.42 Td (gin from sales of radios and accessories, excluding connected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.42 Td (vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 622.47 Td (\(122,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 622.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 622.47 Td (\(96,1) Tj ET Q q 0 0 0 rg BT 475.63 622.47 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 622.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 622.47 Td (\(78,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 622.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 607.42 Td (347,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 607.42 Td (403,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 607.42 Td (434,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 593.32 Td (Installations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 592.42 Td (13,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 592.42 Td (13,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 592.42 Td (14,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.32 Td (SAC, per installation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 577.42 Td (25.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 577.42 Td (29.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 577.42 Td (30.61) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 549.25 Td (The table below illustrates the impact that the adoption of the new revenue standard has had on SAC, per installation, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.25 Td (the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 537.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 537.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.92 537.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 537.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 537.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 484.75 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 484.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 484.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 484.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 484.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 484.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 444.75 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 444.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 444.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 444.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 414.75 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 414.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 414.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 414.75 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 513.75 m 419.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 513.75 m 423.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 513.75 m 490.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 513.75 m 494.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 513.75 m 561.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 484.75 m 419.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 484.75 m 490.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 484.75 m 561.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 484.75 m 419.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 484.75 m 490.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 484.75 m 561.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 444.75 m 419.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 430.75 m 419.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 428.75 m 419.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 444.75 m 490.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 430.75 m 490.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 428.75 m 490.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 444.75 m 561.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 430.75 m 561.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 428.75 m 561.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 415.75 m 419.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 413.75 m 419.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 415.75 m 490.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 413.75 m 490.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 415.75 m 561.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 413.75 m 561.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 400.75 m 419.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 398.75 m 419.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 400.75 m 490.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 398.75 m 490.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 400.75 m 561.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 398.75 m 561.5 398.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.85 517.98 Td (For) Tj ET Q q 0 0 0 rg BT 402.22 517.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 416.66 517.98 Td (Y) Tj ET Q q 0 0 0 rg BT 421.84 517.98 Td (ear) Tj ET Q q 0 0 0 rg BT 432.43 517.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 493.16 517.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.05 488.98 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.90 504.98 Td (Impact of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.70 496.98 Td (Adopting ) Tj ET Q q 0 0 0 rg BT 465.49 496.98 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.15 488.98 Td (2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.30 504.98 Td (Balances ) Tj ET Q q 0 0 0 rg BT 529.38 504.98 Td (W) Tj ET Q q 0 0 0 rg BT 537.23 504.98 Td (ithout) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.35 496.98 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 540.58 496.98 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.15 488.98 Td (2014-09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 475.32 Td (Subscriber acquisition costs, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 474.42 Td (470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 474.42 Td (3,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 474.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 474.42 Td (473,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 459.42 Td (Less: mar) Tj ET Q q 0 0 0 rg BT 90.97 459.42 Td (gin from sales of radios and accessories, excluding connected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 449.42 Td (vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 449.47 Td (\(122,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 449.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 449.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 449.47 Td (\(122,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 449.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 434.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 434.42 Td (347,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 434.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 434.42 Td (3,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 434.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 434.42 Td (351,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 420.32 Td (Installations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 419.42 Td (13,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 419.42 Td (13,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 419.42 Td (13,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 405.32 Td (SAC, per installation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 404.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 404.42 Td (25.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 404.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 404.42 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 404.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 404.42 Td (25.92) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.05 742.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 316.13 742.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 357.81 742.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 710.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 710.25 Td (o the Board of Directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 698.25 Td (Sirius XM Radio Inc. and subsidiaries:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (Opinion on the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 659.25 Td (e have audited the accompanying consolidated balance sheets of Sirius XM Radio Inc. andsubsidiaries \(the Company\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (December31, 2018 and 2017, the related consolidated statements of comprehensive income, stockholder equity) Tj ET Q q 0 0 0 rg BT 496.49 647.25 Td (, and cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 635.25 Td (each ) Tj ET Q q 0 0 0 rg BT 84.48 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.31 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.02 635.25 Td (years ) Tj ET Q q 0 0 0 rg BT 133.62 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.90 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.62 635.25 Td (three) Tj ET Q /GS0 gs q 5.00 0 0 10.09 178.60 633.09 cm /I1 Do Q q 0 0 0 rg BT 183.60 635.25 Td (year ) Tj ET Q q 0 0 0 rg BT 203.31 635.25 Td (period ) Tj ET Q q 0 0 0 rg BT 231.36 635.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 257.73 635.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 316.32 635.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 341.32 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.25 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.97 635.25 Td (related ) Tj ET Q q 0 0 0 rg BT 402.67 635.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 426.28 635.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 475.61 635.25 Td (, ) Tj ET Q q 0 0 0 rg BT 480.61 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.33 635.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (financial statements\). In our opinion, the consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 402.07 623.25 Td (, in all material respects, the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (position of the Company as of December31, 2018 and 2017, and the results of its operations and its cash flows for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (years ) Tj ET Q q 0 0 0 rg BT 73.10 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.38 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.09 599.25 Td (three) Tj ET Q /GS0 gs q 5.00 0 0 10.09 118.08 597.09 cm /I2 Do Q q 0 0 0 rg BT 123.08 599.25 Td (year ) Tj ET Q q 0 0 0 rg BT 142.79 599.25 Td (period ) Tj ET Q q 0 0 0 rg BT 170.83 599.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 197.21 599.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 255.79 599.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 280.79 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.07 599.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 338.01 599.25 Td (with ) Tj ET Q q 0 0 0 rg BT 358.28 599.25 Td (U.S.generally ) Tj ET Q q 0 0 0 rg BT 418.27 599.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 455.74 599.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 502.11 599.25 Td (principles.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 571.85 Td (Change ) Tj ET Q q 0 0 0 rg BT 83.11 571.85 Td (in ) Tj ET Q q 0 0 0 rg BT 93.21 571.85 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 141.25 571.85 Td (Principle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.85 Td (As described in Note 3 to the consolidated financial statements, the Company changed its method of accounting for revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.85 Td (recognition ) Tj ET Q q 0 0 0 rg BT 97.54 539.85 Td (ef) Tj ET Q q 0 0 0 rg BT 105.13 539.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 134.83 539.85 Td (January1, ) Tj ET Q q 0 0 0 rg BT 178.43 539.85 Td (2018 ) Tj ET Q q 0 0 0 rg BT 200.93 539.85 Td (due ) Tj ET Q q 0 0 0 rg BT 217.87 539.85 Td (to ) Tj ET Q q 0 0 0 rg BT 228.15 539.85 Td (the ) Tj ET Q q 0 0 0 rg BT 242.86 539.85 Td (adoption ) Tj ET Q q 0 0 0 rg BT 280.36 539.85 Td (of ) Tj ET Q q 0 0 0 rg BT 290.64 539.85 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 339.79 539.85 Td (Standard ) Tj ET Q q 0 0 0 rg BT 377.84 539.85 Td (Update ) Tj ET Q q 0 0 0 rg BT 409.22 539.85 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 438.38 539.85 Td (2014) Tj ET Q /GS0 gs q 5.00 0 0 10.09 458.38 537.69 cm /I3 Do Q q 0 0 0 rg BT 463.38 539.85 Td (09 ) Tj ET Q q 0 0 0 rg BT 475.88 539.85 Td (and ) Tj ET Q q 0 0 0 rg BT 492.82 539.85 Td (all ) Tj ET Q q 0 0 0 rg BT 505.32 539.85 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.85 Td (amendments, which established ) Tj ET Q q 0 0 0 rg BT 178.36 527.85 Td (Accounting Standard Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 346.49 527.85 Td (T) Tj ET Q q 0 0 0 rg BT 351.90 527.85 Td (opic 606, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.61 527.85 Td (Revenue ) Tj ET Q /GS0 gs q 5.00 0 0 10.09 427.98 525.69 cm /I4 Do Q q 0 0 0 rg BT 432.98 527.85 Td ( ) Tj ET Q q 0 0 0 rg BT 435.48 527.85 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 471.84 527.85 Td (fr) Tj ET Q q 0 0 0 rg BT 478.14 527.85 Td (om ) Tj ET Q q 0 0 0 rg BT 492.86 527.85 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 534.81 527.85 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 515.85 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.28 515.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.85 Td (Also as discussed in Note 3 to the consolidated financial statements, the Company changed its method of accounting for share-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.85 Td (based payments in 2016 due to the adoption of ) Tj ET Q q 0 0 0 rg BT 238.08 481.85 Td (ASU 2016-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.91 481.85 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 452.43 481.85 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 515.38 481.85 Td (ovements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 469.85 Td (to Employee Shar) Tj ET Q q 0 0 0 rg BT 120.22 469.85 Td (e-Based Payment ) Tj ET Q q 0 0 0 rg BT 192.23 469.85 Td (Accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.78 469.85 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 447.85 Td (Basis for Opinion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.85 Td (These consolidated financial statements are the responsibility of the Company) Tj ET Q q 0 0 0 rg BT 364.69 430.85 Td (s management. Our responsibility is to express ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.85 Td (an opinion on these consolidated financial statements based on our audits. ) Tj ET Q q 0 0 0 rg BT 347.58 418.85 Td (W) Tj ET Q q 0 0 0 rg BT 356.22 418.85 Td (e are a public accounting firm registered with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.85 Td (Public Company ) Tj ET Q q 0 0 0 rg BT 118.39 406.85 Td (Accounting Oversight Board \(United States\) \(PCAOB\) and are required to be independent with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.85 Td (Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.85 Td (Exchange Commission and the PCAOB.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 360.85 Td (e conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.85 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.35 348.85 Td (America. ) Tj ET Q q 0 0 0 rg BT 217.59 348.85 Td (Those standards require that we plan and perform the audit to obtain reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.85 Td (assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.85 Td (Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.85 Td (whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.85 Td (test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.85 Td (evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.85 Td (presentation of the consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 263.97 276.85 Td (W) Tj ET Q q 0 0 0 rg BT 272.61 276.85 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 240.85 Td (/s/ KPMG LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 216.85 Td (e have served as the Company) Tj ET Q q 0 0 0 rg BT 182.26 216.85 Td (s auditor since 2008.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.85 Td (New ) Tj ET Q q 0 0 0 rg BT 70.51 192.85 Td (Y) Tj ET Q q 0 0 0 rg BT 76.73 192.85 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 116.07 192.85 Td (Y) Tj ET Q q 0 0 0 rg BT 122.29 192.85 Td (ork) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.85 Td (January 30, 2019) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 730.10 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 730.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 718.10 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.75 706.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 214.57 706.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 249.13 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 255.60 706.10 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 320.52 706.10 Td ( COMPREHENSIVE INCOME ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 667.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 667.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 667.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 667.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 667.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 637.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 637.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 637.60 4.00 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0.9333333333333333 1 rg /GS0 gs 495.00 517.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 487.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 487.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 487.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 487.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 487.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 487.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 457.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 457.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 457.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 457.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 427.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 427.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 427.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 427.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 397.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 397.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 397.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 397.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 367.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 367.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 367.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 367.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 337.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 337.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 337.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 337.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 307.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 307.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 307.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 307.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 277.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 277.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 277.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 277.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 247.60 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 247.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 247.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 247.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 682.6 m 421 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 682.6 m 425 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 682.6 m 491 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 682.6 m 495 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 682.6 m 563 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 682.6 m 421 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 667.6 m 421 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 682.6 m 425 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 682.6 m 491 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 667.6 m 491 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 682.6 m 495 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 682.6 m 563 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 667.6 m 563 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 592.6 m 421 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 592.6 m 491 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 592.6 m 563 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 397.6 m 421 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 397.6 m 491 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 397.6 m 563 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 382.6 m 421 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 382.6 m 491 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 382.6 m 563 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 307.6 m 491 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 307.6 m 421 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 307.6 m 563 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 292.6 m 421 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 292.6 m 491 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 292.6 m 563 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 262.6 m 421 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 248.60000000000002 m 421 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 246.60000000000002 m 421 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 262.6 m 491 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 248.60000000000002 m 491 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 246.60000000000002 m 491 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 262.6 m 563 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 248.60000000000002 m 563 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 246.60000000000002 m 563 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 232.60000000000002 m 421 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 208.60000000000002 m 421 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 206.60000000000002 m 421 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 232.60000000000002 m 491 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 208.60000000000002 m 491 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 206.60000000000002 m 491 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 232.60000000000002 m 563 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 208.60000000000002 m 563 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 206.60000000000002 m 563 206.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.25 686.83 Td (For) Tj ET Q q 0 0 0 rg BT 411.62 686.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 426.06 686.83 Td (Y) Tj ET Q q 0 0 0 rg BT 431.24 686.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 505.82 686.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 671.85 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.50 671.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 671.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 671.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 657.27 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 642.27 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 642.27 Td (4,593,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 642.27 Td (4,472,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 642.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 642.27 Td (4,196,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 627.27 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 627.27 Td (187,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 627.27 Td (160,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 627.27 Td (138,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 612.27 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 612.27 Td (154,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 612.27 Td (131,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 612.27 Td (1) Tj ET Q q 0 0 0 rg BT 531.65 612.27 Td (18,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 597.27 Td (Music royalty fee and other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 597.27 Td (834,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 597.27 Td (660,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 597.27 Td (563,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 582.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 582.27 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 582.27 Td (5,770,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 582.27 Td (5,425,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 582.27 Td (5,017,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 567.27 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 552.27 Td (Cost of services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 537.27 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 537.27 Td (1,393,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 537.27 Td (1,210,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 537.27 Td (1,108,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 522.27 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 522.27 Td (405,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 522.27 Td (388,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 522.27 Td (353,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 507.27 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 507.27 Td (382,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 507.27 Td (385,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 507.27 Td (387,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 492.27 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 492.27 Td (95,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 492.27 Td (82,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 492.27 Td (103,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 477.27 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 477.27 Td (30,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 477.27 Td (35,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 477.27 Td (40,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.27 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 462.27 Td (470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 462.27 Td (499,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 462.27 Td (512,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 447.27 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 447.27 Td (484,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 447.27 Td (437,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 447.27 Td (386,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 432.27 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 432.27 Td (123,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 432.27 Td (1) Tj ET Q q 0 0 0 rg BT 459.65 432.27 Td (12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 432.27 Td (82,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 417.27 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 417.27 Td (356,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 417.27 Td (334,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 417.27 Td (341,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 402.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 402.27 Td (300,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 402.27 Td (298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 402.27 Td (268,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 387.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 387.27 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 387.27 Td (4,043,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 387.27 Td (3,784,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 387.27 Td (3,585,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 372.27 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 372.27 Td (1,726,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 372.27 Td (1,640,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 372.27 Td (1,432,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 357.27 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 342.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 342.32 Td (\(350,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 342.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 342.32 Td (\(345,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 342.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 342.32 Td (\(331,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 342.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 327.27 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 327.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 327.32 Td (\(43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 327.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 327.32 Td (\(24,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 327.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 312.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 312.27 Td (43,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 312.27 Td (12,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 312.27 Td (14,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 297.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 297.27 Td (otal other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 297.32 Td (\(306,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 297.32 Td (\(376,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 297.32 Td (\(340,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 282.27 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 282.27 Td (1,420,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 282.27 Td (1,264,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 282.27 Td (1,091,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 267.27 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 267.32 Td (\(244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 267.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 267.32 Td (\(616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 267.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 267.32 Td (\(345,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 267.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 252.27 Td (Net income attributable to Sirius XM Radio Inc.'s sole stockholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 252.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 252.27 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 252.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 252.27 Td (647,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 252.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 252.27 Td (745,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 237.27 Td (Foreign currency translation adjustment, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 237.32 Td (\(28,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 237.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 237.27 Td (18,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 237.27 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 222.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 222.27 Td (otal comprehensive income attributable to Sirius XM Radio Inc.'s sole) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 212.27 Td (stockholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 212.27 Td (1,147,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 212.27 Td (666,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 212.27 Td (746,296) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.20 184.10 Td (See accompanying notes to the consolidated financial statements.) 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 144.75 m 483 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 129.75 m 483 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 144.75 m 562 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 129.75 m 562 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 115.75 m 483 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 113.75 m 483 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 115.75 m 562 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 113.75 m 562 113.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.45 696.98 Td (As of December) Tj ET Q q 0 0 0 rg BT 505.58 696.98 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 684.00 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 147.86 684.00 Td (e data\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 683.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 683.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.35 670.48 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 655.32 Td (Current assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 640.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 639.42 Td (54,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 639.42 Td (69,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 625.32 Td (Receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 624.42 Td (232,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 624.42 Td (241,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 610.32 Td (Inventory) Tj ET Q q 0 0 0 rg BT 102.05 610.32 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 609.42 Td (22,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 609.42 Td (20,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 595.32 Td (Related party current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 594.42 Td (10,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 594.42 Td (10,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 580.32 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 579.42 Td (158,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 579.42 Td (129,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 565.32 Td (T) Tj ET Q q 0 0 0 rg BT 81.26 565.32 Td (otal current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 564.42 Td (478,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 564.42 Td (470,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 550.32 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 549.42 Td (1,512,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 549.42 Td (1,462,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 535.32 Td (Intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 534.42 Td (2,501,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 534.42 Td (2,522,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 520.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 519.42 Td (2,289,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 519.42 Td (2,286,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 505.32 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 504.42 Td (9,001,1) Tj ET Q q 0 0 0 rg BT 469.15 504.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 504.42 Td (7,522,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 490.32 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 489.42 Td (292,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 489.42 Td (505,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 475.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 474.42 Td (137,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 474.42 Td (1) Tj ET Q q 0 0 0 rg BT 530.65 474.42 Td (18,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 460.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 460.32 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 459.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 459.42 Td (16,213,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 459.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 459.42 Td (14,889,301) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.20 445.48 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 187.85 445.48 Td (AND ST) Tj ET Q q 0 0 0 rg BT 224.06 445.48 Td (OCKHOLDER EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 430.32 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 415.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 414.42 Td (735,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 414.42 Td (768,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 400.32 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 399.42 Td (128,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 399.42 Td (137,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 385.32 Td (Current portion of deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 384.42 Td (1,931,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 384.42 Td (1,881,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 370.32 Td (Current maturities of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 369.42 Td (3,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 369.42 Td (5,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 355.32 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 354.42 Td (4,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 354.42 Td (2,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 340.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.91 340.32 Td (otal current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 339.42 Td (2,802,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 339.42 Td (2,795,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 325.32 Td (Long-term deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 324.42 Td (148,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 324.42 Td (174,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 310.32 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 309.42 Td (6,884,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 309.42 Td (6,741,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 295.32 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 294.42 Td (4,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 294.42 Td (7,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 280.32 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 279.42 Td (47,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 279.42 Td (8,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 265.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 264.42 Td (101,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 264.42 Td (100,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 250.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 250.32 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 249.42 Td (9,989,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 249.42 Td (9,826,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 235.32 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 220.32 Td (Stockholder equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 204.42 Td (Common stock, par value $0.001; 9,000,000 shares authorized; 1 share issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 194.42 Td (outstanding at December 31, 2018 and December 31, 2017, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 194.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 194.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 180.32 Td (Accumulated other comprehensive \(loss\) income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 179.47 Td (\(6,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 179.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 179.42 Td (18,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 165.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 164.42 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 164.42 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 149.42 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 149.47 Td (\(2,449,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 149.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 149.47 Td (\(3,635,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 149.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 135.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 135.32 Td (otal stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 134.42 Td (6,223,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 134.42 Td (5,062,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 120.32 Td (T) Tj ET Q q 0 0 0 rg BT 92.91 120.32 Td (otal liabilities and stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 119.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 119.42 Td (16,213,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 119.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 119.42 Td (14,889,301) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.20 89.45 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 591.2669921875 m 120.9521484375 591.2669921875 l s q 0 0 1 rg BT 50.00 592.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 592.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.05 33.60 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.80 560.25 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 405.43 560.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.05 548.25 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.85 536.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 314.67 536.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 349.23 536.25 Td (A) Tj ET Q q 0 0 0 rg BT 355.70 536.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 398.86 536.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 414.88 536.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 429.43 536.25 Td (OCKHOLDER EQUITY) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 478.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 478.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 478.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 450.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 450.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 450.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 422.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 422.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 394.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 394.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 394.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 394.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 394.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 394.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 394.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 394.75 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/F2 8.00 Tf ET q 0 0 0 rg BT 633.30 490.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.65 482.98 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 715.25 498.98 Td (T) Tj ET Q q 0 0 0 rg BT 719.85 498.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 703.40 490.98 Td (Stockholder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 712.40 482.98 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 469.32 Td (Balance at January 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 469.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 469.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 469.32 Td (\(502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 469.32 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 641.30 469.32 Td (\(5,323,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 469.32 Td (3,355,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 455.32 Td (Cumulative ef) Tj ET Q q 0 0 0 rg BT 95.84 455.32 Td (fect of change in accounting principle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 455.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 455.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 455.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 455.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 652.15 455.32 Td (293,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 720.15 455.32 Td (293,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 441.32 Td (Comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 441.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 441.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 441.32 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 441.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 652.15 441.32 Td (745,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 720.15 441.32 Td (746,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 427.32 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 427.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 427.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 427.32 Td (\(139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 427.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 427.32 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 641.30 427.32 Td (\(4,283,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 427.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 427.32 Td (4,395,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 413.32 Td (Comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 413.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 413.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 413.32 Td (18,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 413.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 652.15 413.32 Td (647,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 720.15 413.32 Td (666,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 399.32 Td (Balance at December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 399.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 399.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 399.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 399.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 399.32 Td (18,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 399.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 399.32 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 399.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 641.30 399.32 Td (\(3,635,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 399.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 399.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 399.32 Td (5,062,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 385.32 Td (Cumulative ef) Tj ET Q q 0 0 0 rg BT 95.84 385.32 Td (fect of change in accounting principles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 385.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 385.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 385.32 Td (4,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 385.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 657.15 385.32 Td (10,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 725.15 385.32 Td (14,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 371.32 Td (Comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 371.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 371.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.80 371.32 Td (\(28,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 371.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 371.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 644.65 371.32 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 371.32 Td (1,147,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 357.32 Td (Balance at December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 357.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 357.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 357.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 357.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 357.32 Td (\(6,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 357.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 357.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 357.32 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 357.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 641.30 357.32 Td (\(2,449,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 357.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 357.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 357.32 Td (6,223,881) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.20 323.25 Td (See accompanying notes to the consolidated financial statements.) 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0.9333333333333333 1 rg /GS0 gs 498.00 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 455.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 429.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 429.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 429.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 429.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 403.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 403.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 403.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 403.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 377.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 377.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 377.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 377.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 351.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 351.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 351.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 351.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 325.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 325.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 325.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 325.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 299.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 299.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 299.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 299.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 273.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 273.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 273.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 273.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 247.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 247.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 247.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 247.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 221.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 221.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 221.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 221.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 195.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 195.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 195.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 195.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 195.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 195.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 169.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 169.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 169.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 169.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 169.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 169.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 143.75 313.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 143.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 143.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 143.75 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 143.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 143.75 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 689.75 m 428 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 689.75 m 432 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 689.75 m 498 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 689.75 m 502 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 689.75 m 562 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 675.75 m 428 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 675.75 m 498 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 689.75 m 562 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 675.75 m 562 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 675.75 m 428 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 675.75 m 498 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 675.75 m 562 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 351.75 m 428 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 351.75 m 498 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 351.75 m 562 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 260.75 m 428 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 260.75 m 498 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 260.75 m 562 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 169.75 m 428 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 156.75 m 428 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 169.75 m 498 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 156.75 m 498 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 169.75 m 562 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 156.75 m 562 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 130.75 m 428 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 118.75 m 428 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 116.75 m 428 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 130.75 m 498 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 118.75 m 498 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 116.75 m 498 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 130.75 m 562 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 118.75 m 562 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 116.75 m 562 116.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.25 693.98 Td (For) Tj ET Q q 0 0 0 rg BT 414.62 693.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 429.06 693.98 Td (Y) Tj ET Q q 0 0 0 rg BT 434.24 693.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 508.82 693.98 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 680.00 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 679.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.50 679.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 679.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 666.32 Td (Cash flows from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 653.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 653.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 653.32 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 653.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 653.32 Td (647,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 653.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 653.32 Td (745,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 639.42 Td (Adjustments to reconcile net income to net cash provided by operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 629.42 Td (activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 615.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 615.32 Td (300,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 615.32 Td (298,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 615.32 Td (268,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 602.32 Td (Non-cash interest expense, net of amortization of premium) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 602.32 Td (9,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 602.32 Td (9,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 602.32 Td (8,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 589.32 Td (Provision for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 589.32 Td (50,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 589.32 Td (55,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 589.32 Td (55,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 576.32 Td (Amortization of deferred income related to equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 576.37 Td (\(2,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 576.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 576.37 Td (\(2,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 576.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 576.37 Td (\(2,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 576.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 563.32 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 563.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 563.32 Td (43,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 563.32 Td (24,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 550.32 Td (Loss \(gain\) on unconsolidated entity investments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 550.32 Td (10,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 550.37 Td (\(4,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 550.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 550.37 Td (\(12,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 550.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 537.32 Td (Gain on fair value instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 537.37 Td (\(42,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 537.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 537.37 Td (\(472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 537.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 537.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 524.32 Td (Dividend received from unconsolidated entity investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 524.32 Td (2,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 524.32 Td (3,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 524.32 Td (7,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 511.32 Td (Loss on disposal of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 511.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 511.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 511.32 Td (12,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.32 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 498.32 Td (133,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 498.32 Td (124,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 498.32 Td (108,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 485.32 Td (Deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 485.32 Td (256,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 485.32 Td (583,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 485.32 Td (323,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 472.32 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 459.32 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 459.37 Td (\(42,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 459.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 459.37 Td (\(73,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 459.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 459.37 Td (\(44,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 459.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 446.32 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 446.37 Td (\(1,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 446.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 446.32 Td (1,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 446.32 Td (1,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 433.32 Td (Related party) Tj ET Q q 0 0 0 rg BT 122.76 433.32 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 433.37 Td (\(101,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 433.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 433.37 Td (\(73,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 433.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 433.37 Td (\(45,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 433.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 420.32 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 420.37 Td (\(20,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 420.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 420.32 Td (50,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 420.32 Td (7,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 407.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 407.32 Td (10,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 407.32 Td (7,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 407.32 Td (38,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 394.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 394.37 Td (\(37,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 394.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 394.32 Td (21,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 394.32 Td (78,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 381.32 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 381.37 Td (\(9,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 381.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 381.32 Td (22,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 381.32 Td (22,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 368.32 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 368.32 Td (70,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 368.32 Td (41,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 368.32 Td (79,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 355.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 355.37 Td (\(1,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 355.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 355.32 Td (7,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 355.37 Td (\(2,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 355.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 342.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 342.32 Td (1,760,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 342.32 Td (1,763,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 342.32 Td (1,676,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 329.32 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 316.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 316.37 Td (\(355,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 316.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 316.37 Td (\(287,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 316.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 316.37 Td (\(205,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 316.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 303.32 Td (Purchases of other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 303.37 Td (\(7,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 303.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 303.37 Td (\(7,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 303.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 303.37 Td (\(4,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 303.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 290.32 Td (Acquisitions, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 290.37 Td (\(2,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 290.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 290.37 Td (\(107,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 290.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 290.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 277.32 Td (Investments in related parties and other equity investees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 277.37 Td (\(16,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 277.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 277.37 Td (\(612,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 277.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 277.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 264.32 Td (Repayment from \(loan to\) related party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 264.32 Td (3,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 264.37 Td (\(130,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 264.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 264.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 251.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 251.37 Td (\(379,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 251.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 251.37 Td (\(1,146,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 251.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 251.37 Td (\(210,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 251.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 238.32 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 225.32 Td (Intercompany financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 225.37 Td (\(1,515,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 225.37 Td (\(1,599,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 225.37 Td (\(1,721,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 212.32 Td (Revolving credit facility) Tj ET Q q 0 0 0 rg BT 160.92 212.32 Td (, net of deferred financing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 212.32 Td (136,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 212.37 Td (\(90,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 212.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 212.32 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 199.32 Td (Proceeds from long-term borrowings, net of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 199.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 199.32 Td (2,473,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 199.32 Td (987,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 186.32 Td (Principal payments of long-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 186.37 Td (\(15,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 186.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 186.37 Td (\(1,512,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 186.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 186.37 Td (\(660,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 186.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 173.32 Td (Payment of premiums on redemption of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 173.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 173.37 Td (\(33,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 173.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 173.37 Td (\(19,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 173.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 160.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 160.37 Td (\(1,395,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 160.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 160.37 Td (\(761,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 160.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 160.37 Td (\(1,364,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 160.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 147.32 Td (Net decrease in cash, cash equivalents and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 147.37 Td (\(14,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 147.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 147.37 Td (\(144,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 147.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 147.32 Td (102,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 134.32 Td (Cash, cash equivalents and restricted cash at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 134.32 Td (79,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 134.32 Td (223,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 134.32 Td (121,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 121.32 Td (Cash, cash equivalents and restricted cash at end of period) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 284.75 125.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 121.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 121.32 Td (65,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 121.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 121.32 Td (79,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 121.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 121.32 Td (223,828) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.20 91.25 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 33.60 Td (F-6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 740.25 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 728.25 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.95 716.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 221.77 716.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 256.32 716.25 Td (A) Tj ET Q q 0 0 0 rg BT 262.80 716.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 327.72 716.25 Td ( CASH FLOWS - Continued) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 674.75 287.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 674.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 674.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 674.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 646.75 287.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 646.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 646.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 646.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 646.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 646.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 618.75 287.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 618.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 618.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 618.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 618.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 618.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 590.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 590.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 590.75 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 688.75 m 412 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 688.75 m 416 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 688.75 m 491 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 688.75 m 495 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 688.75 m 563 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 688.75 m 412 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 674.75 m 412 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 688.75 m 491 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 674.75 m 491 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 688.75 m 495 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 674.75 m 495 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 688.75 m 563 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 674.75 m 563 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 674.75 m 412 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 674.75 m 491 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 674.75 m 495 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 674.75 m 563 674.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 693.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.25 692.98 Td (For) Tj ET Q q 0 0 0 rg BT 402.62 692.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 417.06 692.98 Td (Y) Tj ET Q q 0 0 0 rg BT 422.24 692.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 496.82 692.98 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 679.00 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.00 678.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.00 678.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 678.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 665.32 Td (Supplemental Disclosure of Cash and Non-Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 651.32 Td (Cash paid during the period for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 637.32 Td (Interest, net of amounts capitalized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.50 637.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 637.32 Td (344,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 637.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 637.32 Td (310,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 637.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 637.32 Td (292,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 623.32 Td (Income taxes paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.50 623.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 623.32 Td (6,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 623.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 623.32 Td (28,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 623.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 623.32 Td (20,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.32 Td (Non-cash investing and financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 595.32 Td (Capital lease obligations incurred to acquire assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.50 595.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 595.32 Td (499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 595.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 595.32 Td (2,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 595.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 595.32 Td (6,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 580.42 Td (Accumulated other comprehensive loss \(income\), net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 580.42 Td (28,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 580.47 Td (\(18,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 580.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 580.47 Td (\(363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 580.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 541.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 541.45 Td (The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. ) Tj ET Q q 0 0 0 rg BT 528.67 541.45 Td (The ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 530.65 Td (restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased of) Tj ET Q q 0 0 0 rg BT 481.43 530.65 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 521.49 530.65 Td (The terms ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 519.85 Td (of the letters of credit primarily extend beyond one year) Tj ET Q q 0 0 0 rg BT 277.18 519.85 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.35 229.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 497.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 497.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 497.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 497.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 497.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 497.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 497.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.35 229.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 471.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 471.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 471.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 471.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 471.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 471.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 471.35 68.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 497.35 m 347 497.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 497.35 m 419 497.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 497.35 m 491 497.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 497.35 m 563 497.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 497.35 m 347 497.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 458.35 m 347 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 446.35 m 347 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 444.35 m 347 444.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 458.35 m 419 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 446.35 m 419 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 444.35 m 419 444.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 458.35 m 491 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 446.35 m 491 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 444.35 m 491 444.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 458.35 m 563 458.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 446.35 m 563 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 444.35 m 563 444.35 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.25 501.41 Td (December) Tj ET Q q 0 0 0 rg BT 314.50 501.41 Td ( 31, 2018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 356.25 501.41 Td (December) Tj ET Q q 0 0 0 rg BT 386.50 501.41 Td ( 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 428.25 501.41 Td (December) Tj ET Q q 0 0 0 rg BT 458.50 501.41 Td ( 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 500.25 501.41 Td (December) Tj ET Q q 0 0 0 rg BT 530.44 501.41 Td ( 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 488.60 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 488.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 488.60 Td (54,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 488.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 488.60 Td (69,022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.50 488.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.80 488.60 Td (213,939) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 488.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 488.60 Td (1) Tj ET Q q 0 0 0 rg BT 537.80 488.60 Td (1) Tj ET Q q 0 0 0 rg BT 541.80 488.60 Td (1,838) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 475.60 Td (Restricted cash included in Prepaid expenses and other current assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 475.60 Td (150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.80 475.60 Td (244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 475.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 475.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 462.60 Td (Restricted cash included in Other long-term assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 462.60 Td (10,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 462.60 Td (10,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 462.60 Td (9,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 462.60 Td (9,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 449.60 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 449.60 Td (otal cash, cash equivalents and restricted cash at end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 449.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 449.60 Td (65,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 449.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 449.60 Td (79,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.50 449.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.80 449.60 Td (223,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 449.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 449.60 Td (121,727) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.20 417.05 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 33.60 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 683.10 Td (Business & Basis of Pr) Tj ET Q q 0 0 0 rg BT 172.44 683.10 Td (esentation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 647.10 Td (e transmit music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 276.11 647.10 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 340.35 647.10 Td (fic and weather channels, as well as infotainment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (services, in the United States on a subscription fee basis through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.28 635.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.28 635.10 Td ( proprietary satellite radio systems. ) Tj ET Q q 0 0 0 rg BT 485.33 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.97 635.10 Td (e also transmit a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (lar) Tj ET Q q 0 0 0 rg BT 59.87 623.10 Td (ger set of music and other channels and video programming through our streaming service. Our streaming service is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (available online and through applications for mobile devices, home devices and other consumer electronic equipment.) Tj ET Q q 0 0 0 rg BT 526.38 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.02 611.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (provide connected vehicle services.Our connected vehicle services are designed to enhance the safety) Tj ET Q q 0 0 0 rg BT 460.05 599.10 Td (, security and driving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (experience for vehicle operators while providing marketing and operational benefits to automakers and their dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 563.10 Td (e have agreements with every major automaker \(OEMs\) to of) Tj ET Q q 0 0 0 rg BT 339.58 563.10 Td (fer satellite radio in their vehicles, through which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (acquire the majority of our subscribers. ) Tj ET Q q 0 0 0 rg BT 208.99 551.10 Td (W) Tj ET Q q 0 0 0 rg BT 217.63 551.10 Td (e also acquire subscribers through marketing to owners and lessees of used vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (that include factory-installed satellite radios that are not currently subscribing to our services. Our satellite radios are primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (distributed through automakers, retailers, and our website. Satellite radio services are also of) Tj ET Q q 0 0 0 rg BT 421.98 527.10 Td (fered to customers of certain rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (car companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 491.10 Td (Our primary source of revenue is subscription fees, with most of our customers subscribing to monthly) Tj ET Q q 0 0 0 rg BT 487.44 491.10 Td (, quarterly) Tj ET Q q 0 0 0 rg BT 527.89 491.10 Td (, semi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (annual or annual plans.) Tj ET Q q 0 0 0 rg BT 147.07 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.71 479.10 Td (e of) Tj ET Q q 0 0 0 rg BT 170.79 479.10 Td (fer discounts for prepaid subscription plans, as well as a multiple subscription discount.) Tj ET Q q 0 0 0 rg BT 525.55 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.19 479.10 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (derive revenue from certain fees, the sale of advertising on select non-music channels, the direct sale of satellite radios and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (accessories, and other ancillary services, such as our weather) Tj ET Q q 0 0 0 rg BT 292.88 455.10 Td (, traf) Tj ET Q q 0 0 0 rg BT 311.58 455.10 Td (fic and data services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 431.10 Td (In many cases, a subscription to our radio services is included with the purchase or lease of new or previously owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 87.08 419.10 Td (The length of these subscriptions varies but is typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.10 419.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.08 419.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.86 419.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.46 419.10 Td (.) Tj ET Q q 0 0 0 rg BT 408.78 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.42 419.10 Td (e receive payments for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (subscriptions from certain automakers.) Tj ET Q q 0 0 0 rg BT 209.83 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.47 407.10 Td (e also reimburse various automakers for certain costs associated with satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (installed in new vehicles and pay revenue share to various automakers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 371.10 Td (On September23, 2018, Holdings entered into an agreement to acquire Pandora Media, Inc. \(Pandora\) in an all-stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (transaction initially valued at $3.5 billion. In connection with the acquisition, each outstanding share of Pandora common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (stock, par value $0.0001 per share, will be converted into the right to receive 1.44 shares of Holdings common stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td ($0.001 per share. ) Tj ET Q q 0 0 0 rg BT 123.19 335.10 Td (The transaction is conditioned upon the vote of holders of a majority of the combined voting power of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (outstanding shares of Pandora common stock and the outstanding shares of Pandora) Tj ET Q q 0 0 0 rg BT 388.04 323.10 Td (s Series ) Tj ET Q q 0 0 0 rg BT 420.82 323.10 Td (A) Tj ET Q q 0 0 0 rg BT 427.49 323.10 Td ( Preferred Stock, voting together ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (as a single class, in favor of the adoption of the mer) Tj ET Q q 0 0 0 rg BT 255.93 311.10 Td (ger agreement. In addition, the completion of the transaction is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (other customary conditions, including, among others, the absence of any law or order that prohibits or makes illegal the mer) Tj ET Q q 0 0 0 rg BT 545.30 299.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (and subject to certain exceptions, the accuracy of the representations and warranties of each party and compliance by the parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (with their respective covenants. ) Tj ET Q q 0 0 0 rg BT 178.44 275.10 Td (The transaction is expected to close in the first quarter of 2019. Refer to Note 10 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (information on this transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 239.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 239.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 239.10 Td (, Liberty Media Corporation \(Liberty Media\) beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 539.86 239.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 227.10 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.09 227.10 Td ( of the outstanding shares of Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 350.14 227.10 Td (As a result, Holdings is a controlled company for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (the purposes of the NASDAQ corporate governance requirements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 189.60 Td (Basis of Presentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 173.10 Td (The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (accounting principles \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 187.52 161.10 Td (All significant intercompany transactions have been eliminated in consolidation. Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (numbers in our prior period consolidated financial statements and footnotes have been reclassified or consolidated to conform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (to our current period presentation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (The consolidated financial statements for Sirius XM for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.51 113.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.09 113.10 Td ( are essentially identical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (to the consolidated financial statements included in Holdings' Form 10-K for the annual period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.59 101.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.17 101.10 Td (, filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 89.10 Td (January 30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.43 89.10 Td (, with the following exceptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 65.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 65.10 Td (As a result of our corporate reor) Tj ET Q q 0 0 0 rg BT 213.60 65.10 Td (ganization ef) Tj ET Q q 0 0 0 rg BT 265.34 65.10 Td (fective November 15, 2013, all of the outstanding shares of Sirius XM's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 53.10 Td (common stock were converted, on a share for share basis, into identical shares of common stock of Holdings and all ) Tj ET Q endstream endobj 63 0 obj <><><><><><><><><>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 33.60 Td (F-8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 695.10 Td (equity-related transactions, including repurchases of Holdings' common stock, dividend payments on shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 683.10 Td (Holdings' common stock, the issuance of equity related to stock-based compensation to Sirius XM employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 671.10 Td (Holdings' directors and third parties and the issuance of Holdings' common stock related to the recapitalization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 659.10 Td (Sirius XM Canada have been reported as related party transactions within Sirius XM's consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 647.10 Td (statements. Refer to Note 10 for additional information related to related party transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 623.10 Td (This ) Tj ET Q q 0 0 0 rg BT 96.23 623.10 Td (Annual Report should be read together with Holdings) Tj ET Q q 0 0 0 rg BT 313.50 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.45 623.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 611.10 Td (, which was filed with the SEC on January 30, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 587.10 Td (Public companies, including our parent Holdings, are required to disclose certain information about their reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (operating segments. Operating segments are defined as significant components of an enterprise for which separate financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (information is available and is evaluated on a regular basis by the chief operating decision maker in deciding how to allocate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (resources to an individual segment and in assessing performance of the segment. ) Tj ET Q q 0 0 0 rg BT 374.50 551.10 Td (W) Tj ET Q q 0 0 0 rg BT 383.14 551.10 Td (e have determined that we have one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (reportable segment as our chief operating decision maker) Tj ET Q q 0 0 0 rg BT 278.18 539.10 Td (, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 376.58 539.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 394.49 539.10 Td (, assesses performance and allocates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (resources based on the consolidated results of operations of our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 503.10 Td (e have evaluated events subsequent to the balance sheet date and prior to the furnishing of this ) Tj ET Q q 0 0 0 rg BT 464.19 503.10 Td (Annual Report for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.71 491.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 491.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 491.10 Td ( and have determined that no events have occurred that would require adjustment to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (consolidated financial statements.For a discussion of subsequent events that do not require adjustment to our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (financial statements refer to Note 16.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 441.60 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 423.60 Td (The preparation of financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 339.95 423.60 Td ( requires management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.60 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 126.53 411.60 Td (fect the amounts reported in the financial statements and footnotes.Estimates, by their nature, are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.60 Td (judgment and available information.) Tj ET Q q 0 0 0 rg BT 199.46 399.60 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 292.87 399.60 Td (fer materially from those estimates.Significant estimates inherent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.60 Td (in the preparation of the accompanying consolidated financial statements include asset impairment, depreciable lives of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.60 Td (satellites, share-based payment expense, and income taxes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.60 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 351.60 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 327.60 Td (On ) Tj ET Q q 0 0 0 rg BT 90.67 327.60 Td (April 18, 2017, Sirius XM acquired ) Tj ET Q q 0 0 0 rg BT 235.10 327.60 Td (Automatic Labs Inc. \(Automatic\), a connected vehicle device and mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.60 Td (application company) Tj ET Q q 0 0 0 rg BT 132.43 315.60 Td (, for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 315.60 Td ($107,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 315.60 Td (, net of cash and restricted cash acquired of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.23 315.60 Td ($819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.23 315.60 Td (. ) Tj ET Q q 0 0 0 rg BT 516.55 315.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.60 Td (transaction was accounted for using the acquisition method of accounting. No purchase price adjustments were recorded during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 291.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.42 291.60 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.30 291.60 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.88 291.60 Td (. ) Tj ET Q q 0 0 0 rg BT 195.83 291.60 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.28 291.60 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.86 291.60 Td (, the Goodwill balance associated with the acquisition was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td ($81,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 279.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.60 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 250.60 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 180.12 250.60 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 232.60 Td (In addition to the significant accounting policies discussed in this Note 3, the following table includes our significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.60 Td (accounting policies that are described in other notes to our consolidated financial statements, including the number and page of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.60 Td (the note:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 185.10 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 185.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 185.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 185.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 185.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 155.10 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 155.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 155.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 155.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 155.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 125.10 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 125.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 125.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 125.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 125.10 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 95.10 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 95.10 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 95.10 40.00 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Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 159.77 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 144.77 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.27 144.77 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 144.77 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 129.77 Td (Property and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 129.77 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 114.77 Td (Equity Method Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 114.77 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 99.77 Td (Share-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 99.77 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 84.77 Td (Legal Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 84.77 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 69.77 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.80 69.77 Td (T) Tj ET Q q 0 0 0 rg BT 90.21 69.77 Td (axes) Tj ET Q BT /F1 10.00 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0.49 w 0 i [] 0 d 1 J 1 j 3 M 525.5 68.43339843750005 m 544.3916015625 68.43339843750005 l s q 0 0 1 rg BT 525.50 69.77 Td (F-29) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 33.60 Td (F-9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 695.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.25 Td (Our cash and cash equivalents consist of cash on hand, money market funds, certificates of deposit, in-transit credit card ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (receipts and highly liquid investments purchased with an original maturity of three months or less.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 635.25 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 611.25 Td (Revenue is measured according to ) Tj ET Q q 0 0 0 rg BT 215.62 611.25 Td (Accounting Standards Codification \("ASC"\) 606, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.98 611.25 Td (Revenue - Revenue fr) Tj ET Q q 0 0 0 rg BT 500.84 611.25 Td (om Contracts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.01 599.25 Td (, and is recognized based on consideration specified in a contract with a customer) Tj ET Q q 0 0 0 rg BT 437.61 599.25 Td (, and excludes any sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (incentives and amounts collected on behalf of third parties. ) Tj ET Q q 0 0 0 rg BT 290.63 587.25 Td (W) Tj ET Q q 0 0 0 rg BT 299.27 587.25 Td (e recognize revenue when it satisfies a performance obligation by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (transferring control over a service or product to a customer) Tj ET Q q 0 0 0 rg BT 284.69 575.25 Td (. ) Tj ET Q q 0 0 0 rg BT 292.01 575.25 Td (W) Tj ET Q q 0 0 0 rg BT 300.65 575.25 Td (e report revenues net of any tax assessed by a governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (customer in our consolidated statements of comprehensive income. For equipment sales, we are responsible for arranging for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (shipping and handling. Shipping and handling costs billed to customers are recorded as revenue and are reported as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (component of Cost of equipment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 503.25 Td (The following is a description of the principal activities from which we generate our revenue, including from self-pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (and paid promotional subscribers, advertising, and sales of equipment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 467.25 Td (Subscriber revenue consists primarily of subscription fees and other ancillary subscription based revenues. Revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (recognized on a straight line basis when the performance obligations to provide each service for the period are satisfied, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (is over time as our subscription services are continuously transmitted and can be consumed by customers at any time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (Consumers purchasing or leasing a vehicle with a factory-installed satellite radio typically receive between a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.84 431.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.82 431.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.26 431.25 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.92 431.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (month subscription to our service.In certain cases, the subscription fees for these consumers are prepaid by the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (automaker) Tj ET Q q 0 0 0 rg BT 91.15 407.25 Td (. Prepaid subscription fees received from automakers or directly from consumers are recorded as deferred revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (and amortized to revenue ratably over the service period which commences upon sale. ) Tj ET Q q 0 0 0 rg BT 399.09 395.25 Td (Activation fees are recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.74 395.25 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (month) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.06 383.25 Td ( as the activation fees are non-refundable and do not provide for a material right to the customer) Tj ET Q q 0 0 0 rg BT 458.53 383.25 Td (. ) Tj ET Q q 0 0 0 rg BT 465.85 383.25 Td (There is no revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (recognized for unpaid trial subscriptions. In some cases we pay a loyalty fee to the OEM when we receive a certain amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (payments from self-pay customers acquired from that OEM. ) Tj ET Q q 0 0 0 rg BT 295.92 359.25 Td (These fees are considered incremental costs to obtain a contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (and are, therefore, recognized as an asset and amortized to Subscriber acquisition costs over an average subscriber life. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (Revenue share and loyalty fees paid to an OEM of) Tj ET Q q 0 0 0 rg BT 251.20 335.25 Td (fering a paid trial are accounted for as a reduction of revenue as the payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (does not provide a distinct good or service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 299.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 299.25 Td (e recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (therefore, revenue is recognized at a point in time when each advertising spot is transmitted. ) Tj ET Q q 0 0 0 rg BT 422.71 287.25 Td (Agency fees are calculated based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (on a stated percentage applied to gross billing revenue for our advertising inventory and are reported as a reduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (advertising revenue.) Tj ET Q q 0 0 0 rg BT 135.03 263.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 184.93 263.25 Td (, we pay certain third parties a percentage of advertising revenue.) Tj ET Q q 0 0 0 rg BT 450.37 263.25 Td (Advertising revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (recorded gross of such revenue share payments as we control the advertising service, including the ability to establish pricing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (and we are primarily responsible for providing the service.) Tj ET Q q 0 0 0 rg BT 288.59 239.25 Td (Advertising revenue share payments are recorded to Revenue share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (and royalties during the period in which the advertising is transmitted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 203.25 Td (Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized when the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (performance obligation is satisfied and control is transferred, which is generally upon shipment. Revenue is recognized net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (discounts and rebates. Shipping and handling costs billed to customers are recorded as revenue.Shipping and handling costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (associated with shipping goods to customers are reported as a component of Cost of equipment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 143.25 Td (Music royalty fee and other revenue primarily consists of U.S. music royalty fees \("MRF"\) collected from subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (The related costs we incur for the right to broadcast music and other programming are recorded as Revenue share and royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (expense.Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to revenue ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (the service period as the royalties relate to the subscription services which are continuously delivered to our customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 83.25 Td (Customers pay for the services in advance of the performance obligation and therefore these prepayments are recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.25 Td (deferred revenue. ) Tj ET Q q 0 0 0 rg BT 124.27 71.25 Td (The deferred revenue is recognized as revenue in our consolidated statement of comprehensive income as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.25 Td (services are provided. Changes in the deferred revenue balance during the period ended December 31, 2018 was not materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.25 Td (impacted by other factors.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (As the majority of our contracts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.17 695.10 Td (one year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.32 695.10 Td ( or less, we have utilized the optional exemption under ) Tj ET Q q 0 0 0 rg BT 476.09 695.10 Td (ASC 606-10-50-14 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (and will not disclose information about the remaining performance obligations for contracts which have original expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (durations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.05 671.10 Td (one year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.19 671.10 Td ( or less. ) Tj ET Q q 0 0 0 rg BT 169.47 671.10 Td (As of December 31, 2018, less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.71 671.10 Td (ten percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.86 671.10 Td ( of our total deferred revenue balance related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (contracts that extended beyond one year) Tj ET Q q 0 0 0 rg BT 209.71 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 217.03 659.10 Td (These contracts primarily include prepaid data trials which are typically provided for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.49 647.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.26 647.10 Td (five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.41 647.10 Td ( as well as for self-pay customers who prepay for their audio subscriptions for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.55 647.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.13 647.10 Td ( in advance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (These amounts are recognized on a straight-line basis as our services are provided.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 605.10 Td (Revenue Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 587.10 Td (e share a portion of our subscription revenues earned from self-pay subscribers with certain automakers.) Tj ET Q q 0 0 0 rg BT 507.76 587.10 Td (The terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (the revenue share agreements vary with each automaker) Tj ET Q q 0 0 0 rg BT 273.16 575.10 Td (, but are typically based upon the earned audio revenue as reported or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (gross billed audio revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 533.10 Td (Programming Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 515.10 Td (Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (costs which are for a specified season or include programming through a dedicated channel are amortized over the season or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (period on a straight-line basis. ) Tj ET Q q 0 0 0 rg BT 172.63 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 181.26 491.10 Td (e allocate a portion of certain programming costs which are related to sponsorship and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (marketing activities to Sales and marketing expense on a straight-line basis over the term of the agreement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 449.10 Td (Advertising Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 431.10 Td (Media is expensed when aired and advertising production costs are expensed as incurred. ) Tj ET Q q 0 0 0 rg BT 438.77 431.10 Td (Advertising production costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (include expenses related to marketing and retention activities, including expenses related to direct mail, outbound telemarketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (and email communications. ) Tj ET Q q 0 0 0 rg BT 164.57 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.21 407.10 Td (e also incur advertising production costs related to cooperative marketing and promotional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (events and sponsorships. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.18 395.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.77 395.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.77 395.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.77 395.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.21 395.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.21 395.10 Td (, we recorded advertising costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td ($266,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 383.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 383.10 Td ($262,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 383.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.94 383.10 Td ($226,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.44 383.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 239.10 383.10 Td (.) Tj ET Q q 0 0 0 rg BT 246.42 383.10 Td (These costs are reflected in Sales and marketing expense in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (statements of comprehensive income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 341.10 Td (Subscriber ) Tj ET Q q 0 0 0 rg BT 110.08 341.10 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 323.10 Td (Subscriber acquisition costs consist of costs incurred to acquire new subscribers which include hardware subsidies paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (prepaid subscription to our service in the sale or lease price of a new vehicle; subsidies paid for chipsets and certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (inventory allowance attributable to inventory consumed in our OEM and retail distribution channels.Subscriber acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (automakers and retailers of radios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 215.10 Td (Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (activation and are included in Subscriber acquisition costs because we are responsible for providing the service to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (customers.Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios.Chipsets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as Subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (acquisition costs when placed into production by radio manufacturers.Costs for chipsets not held on consignment are expensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (as Subscriber acquisition costs when the automaker confirms receipt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 125.10 Td (Research& Development Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 107.10 Td (Research and development costs are expensed as incurred and primarily include the cost of new product development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (chipset design, software development and engineering.During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.68 95.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.26 95.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.26 95.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.26 95.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.70 95.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.70 95.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (recorded research and development costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.20 83.10 Td ($105,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.70 83.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.70 83.10 Td ($96,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.20 83.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.64 83.10 Td ($69,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 83.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 406.80 83.10 Td (.) Tj ET Q q 0 0 0 rg BT 414.12 83.10 Td (These costs are reported as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (component of Engineering, design and development expense in our consolidated statements of comprehensive income.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.70 33.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 310.22 33.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 695.25 Td (Accumulated Other Comprehensive \(Loss\) Income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (Accumulated other comprehensive loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.28 677.25 Td ($6,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.78 677.25 Td ( was primarily comprised of the cumulative foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (translation adjustments related to Sirius XM Canada \(refer to Note 10 for additional information\). During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.56 665.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.76 665.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 653.25 Td (, we recorded a foreign currency translation adjustment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 653.25 Td ($28,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 653.25 Td (, which is recorded net of tax of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td ($9,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 641.25 Td (. In addition, we reclassified stranded tax ef) Tj ET Q q 0 0 0 rg BT 253.98 641.25 Td (fects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.18 641.25 Td ($4,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.68 641.25 Td ( related to the adoption of ) Tj ET Q q 0 0 0 rg BT 418.66 641.25 Td (Accounting Standards Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (\("ASU"\) 2018-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.16 629.25 Td (Income Statement - Reporting Compr) Tj ET Q q 0 0 0 rg BT 274.76 629.25 Td (ehensive Income \(T) Tj ET Q q 0 0 0 rg BT 351.58 629.25 Td (opic 220\): Reclassification of Certain T) Tj ET Q q 0 0 0 rg BT 509.82 629.25 Td (ax Effects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (fr) Tj ET Q q 0 0 0 rg BT 55.80 617.25 Td (om ) Tj ET Q q 0 0 0 rg BT 70.34 617.25 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 178.28 617.25 Td (ehensive Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.64 617.25 Td (. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.66 617.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.24 617.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.68 617.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.68 617.25 Td (, we recorded foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (currency translation adjustment gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.51 605.25 Td ($18,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.01 605.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.45 605.25 Td ($363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.45 605.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 337.11 605.25 Td (, net of tax. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 579.75 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.95 579.75 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 555.75 Td (In ) Tj ET Q q 0 0 0 rg BT 87.78 555.75 Td (August 2018, the Financial ) Tj ET Q q 0 0 0 rg BT 198.05 555.75 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 328.67 555.75 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 385.34 555.75 Td (ASU 2018-15, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.17 555.75 Td (IntangiblesGoodwill and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 543.75 Td (OtherInternal-Use Softwar) Tj ET Q q 0 0 0 rg BT 166.07 543.75 Td (e \(Subtopic 350-40\): Customer) Tj ET Q q 0 0 0 rg BT 290.58 543.75 Td () Tj ET Q q 0 0 0 rg BT 292.63 543.75 Td (s ) Tj ET Q q 0 0 0 rg BT 298.84 543.75 Td (Accounting for Implementation Costs Incurr) Tj ET Q q 0 0 0 rg BT 476.22 543.75 Td (ed in a Cloud ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 531.75 Td (Computing ) Tj ET Q q 0 0 0 rg BT 96.27 531.75 Td (Arrangement That Is a Service Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.08 531.75 Td (. ) Tj ET Q q 0 0 0 rg BT 264.40 531.75 Td (The amendments in this ) Tj ET Q q 0 0 0 rg BT 362.16 531.75 Td (ASU align the requirements for capitalizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.75 Td (implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.75 Td (develop or obtain internal-use software. ) Tj ET Q q 0 0 0 rg BT 213.43 507.75 Td (The implementation costs incurred in a hosting arrangement that is a service contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.75 Td (should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.75 Td (line item in the statement of income as the costs related to the hosting fees. ) Tj ET Q q 0 0 0 rg BT 353.96 483.75 Td (The guidance in this ) Tj ET Q q 0 0 0 rg BT 437.27 483.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 476.54 483.75 Td (fective for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.75 Td (years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (including adoption in any interim period. ) Tj ET Q q 0 0 0 rg BT 216.23 459.75 Td (The amendments should be applied either retrospectively or prospectively to all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.75 Td (implementation costs incurred after adoption. ) Tj ET Q q 0 0 0 rg BT 236.21 447.75 Td (This ) Tj ET Q q 0 0 0 rg BT 255.94 447.75 Td (ASU will not have a material impact on our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 411.75 Td (In February 2016, F) Tj ET Q q 0 0 0 rg BT 156.75 411.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 205.65 411.75 Td (ASU 2016-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.48 411.75 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 304.18 411.75 Td (opic 842\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.23 411.75 Td (. ) Tj ET Q q 0 0 0 rg BT 347.05 411.75 Td (This ) Tj ET Q q 0 0 0 rg BT 366.77 411.75 Td (ASU requires a company to recognize lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.75 Td (assets and liabilities arising from operating leases in the statement of financial position. ) Tj ET Q q 0 0 0 rg BT 401.45 399.75 Td (This ) Tj ET Q q 0 0 0 rg BT 421.18 399.75 Td (ASU does not significantly change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.75 Td (the previous lease guidance for how a lessee should recognize the recognition, measurement, and presentation of expenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.75 Td (cash flows arising from a lease. ) Tj ET Q q 0 0 0 rg BT 177.52 375.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 227.42 375.75 Td (, the criteria for classifying a finance lease versus an operating lease are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (substantially the same as the previous guidance. ) Tj ET Q q 0 0 0 rg BT 243.71 363.75 Td (This ) Tj ET Q q 0 0 0 rg BT 263.44 363.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 302.70 363.75 Td (fective for fiscal years beginning after December 15, 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.75 Td (including interim periods within those fiscal years, and early adoption is permitted. In July 2018, the F) Tj ET Q q 0 0 0 rg BT 458.96 351.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 507.86 351.75 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.75 Td (2018-1) Tj ET Q q 0 0 0 rg BT 77.46 339.75 Td (1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.46 339.75 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 125.15 339.75 Td (opic 842\) T) Tj ET Q q 0 0 0 rg BT 170.34 339.75 Td (ar) Tj ET Q q 0 0 0 rg BT 178.87 339.75 Td (geted Impr) Tj ET Q q 0 0 0 rg BT 222.09 339.75 Td (ovements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.30 339.75 Td (, amending certain aspects of the new leasing standard. ) Tj ET Q q 0 0 0 rg BT 484.04 339.75 Td (The amendment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.75 Td (allows an additional optional transition method whereby an entity records a cumulative ef) Tj ET Q q 0 0 0 rg BT 408.10 327.75 Td (fect adjustment to opening retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.75 Td (earnings in the year of adoption without restating prior periods. ) Tj ET Q q 0 0 0 rg BT 307.59 315.75 Td (W) Tj ET Q q 0 0 0 rg BT 316.23 315.75 Td (e will adopt this ) Tj ET Q q 0 0 0 rg BT 382.34 315.75 Td (ASU on January 1, 2019 and elected the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (additional transition method and do not expect to record a cumulative ef) Tj ET Q q 0 0 0 rg BT 337.84 303.75 Td (fect adjustment to opening ) Tj ET Q q 0 0 0 rg BT 446.15 303.75 Td (Accumulated deficit. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.75 Td (leases consist of repeater leases, facility leases and equipment leases. ) Tj ET Q q 0 0 0 rg BT 330.60 291.75 Td (W) Tj ET Q q 0 0 0 rg BT 339.24 291.75 Td (e expect the adoption of ) Tj ET Q q 0 0 0 rg BT 437.26 291.75 Td (ASU 2016-02 will result in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.75 Td (recognition of right-of-use assets of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 279.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 279.75 Td ($360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 279.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 279.75 Td (and lease liabilities of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 279.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.23 279.75 Td ($370,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.73 279.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.23 279.75 Td (in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.75 Td (balance sheets for operating leases and will not impact our consolidated statements of operations or our debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.70 267.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 243.75 Td (Recently ) Tj ET Q q 0 0 0 rg BT 114.17 243.75 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 150.19 243.75 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 219.75 Td (ASU 2014-09, Revenue - Revenue fr) Tj ET Q q 0 0 0 rg BT 220.51 219.75 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.69 219.75 Td (. In May 2014, the F) Tj ET Q q 0 0 0 rg BT 423.39 219.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 472.29 219.75 Td (ASU 2014-09 which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.75 Td (requires entities to recognize revenues when control of the promised goods or services is transferred to customers at an amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.75 Td (that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.75 Td (the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.75 Td (with customers. ) Tj ET Q q 0 0 0 rg BT 117.64 171.75 Td (W) Tj ET Q q 0 0 0 rg BT 126.28 171.75 Td (e adopted ) Tj ET Q q 0 0 0 rg BT 166.82 171.75 Td (ASU 2014-09, and all related amendments, which established ) Tj ET Q q 0 0 0 rg BT 415.66 171.75 Td (ASC ) Tj ET Q q 0 0 0 rg BT 437.43 171.75 Td (T) Tj ET Q q 0 0 0 rg BT 442.84 171.75 Td (opic 606 \(the "new revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.75 Td (standard"\), ef) Tj ET Q q 0 0 0 rg BT 103.38 159.75 Td (fective as of January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 225.66 159.75 Td (W) Tj ET Q q 0 0 0 rg BT 234.29 159.75 Td (e adopted the new revenue standard using the modified retrospective method by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.75 Td (recognizing the cumulative ef) Tj ET Q q 0 0 0 rg BT 168.44 147.75 Td (fect of initially applying the new revenue standard to all non-completed contracts as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.75 Td (2018 as an adjustment to opening ) Tj ET Q q 0 0 0 rg BT 185.59 135.75 Td (Accumulated deficit in the period of adoption. Results for reporting periods beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.75 Td (January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (reported in accordance with our historic accounting under ) Tj ET Q q 0 0 0 rg BT 283.12 111.75 Td (T) Tj ET Q q 0 0 0 rg BT 288.53 111.75 Td (opic 605.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.75 111.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 87.75 Td (The new revenue standard primarily impacts how we account for revenue share payments and also has other immaterial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.75 Td (impacts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.10 75.75 Td ( ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (Revenue Share - Paid ) Tj ET Q q 0 0 0 rg BT 165.18 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 170.94 695.10 Td (rials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 671.10 Td (e previously recorded revenue share related to paid trials as Revenue share and royalties expense. Under the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (revenue standard, we have recorded these revenue share payments as a reduction to revenue as the payments do not transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (distinct good or service to us. Prior to the adoption, we recognized revenue share related to paid trial subscriptions as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (Current portion of deferred revenue. Under the new revenue standard, we reclassified the revenue share related to paid trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (subscriptions existing as of the date of adoption from Current portion of deferred revenue to ) Tj ET Q q 0 0 0 rg BT 419.68 623.10 Td (Accounts payable and accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (expenses. For new paid trial subscriptions, the net amount of the paid trial subscription is recorded as deferred revenue and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (portion of revenue share is recorded to ) Tj ET Q q 0 0 0 rg BT 205.83 599.10 Td (Accounts payable and accrued expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.82 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 575.10 Td (Other Impacts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 551.10 Td (Other impacts of the new revenue standard include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 527.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 527.10 Td (Activation fees were previously recognized over the expected subscriber life using the straight-line method. Under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 515.10 Td (new revenue standard, activation fees have been recognized over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.53 515.10 Td (one month) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.03 515.10 Td ( period from activation as the activation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 503.10 Td (fees are non-refundable and they do not convey a material right. ) Tj ET Q q 0 0 0 rg BT 346.23 503.10 Td (As of January 1, 2018, we reduced deferred revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 491.10 Td (related to activation fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.84 491.10 Td ($8,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.34 491.10 Td (, net of tax, to ) Tj ET Q q 0 0 0 rg BT 281.83 491.10 Td (Accumulated deficit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.68 491.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 467.10 Td (Loyalty payments to OEMs were previously expensed when incurred as Subscriber acquisition costs. Under the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 455.10 Td (revenue standard, these costs have been capitalized in Prepaid expenses and other current assets as costs to obtain a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 443.10 Td (contract and these costs will be amortized to Subscriber acquisition costs over an average self-pay subscriber life of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 431.10 Td (that OEM. ) Tj ET Q q 0 0 0 rg BT 132.17 431.10 Td (As of January 1, 2018, we capitalized previously expensed loyalty payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.53 431.10 Td ($10,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.03 431.10 Td (, net of tax, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 419.10 Td (Prepaid expenses and other current assets by reducing ) Tj ET Q q 0 0 0 rg BT 303.21 419.10 Td (Accumulated deficit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.06 419.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 395.10 Td (These changes do not have a material impact to our financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.95 395.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 371.10 Td (ASU 2018-02, Income Statement - Reporting Compr) Tj ET Q q 0 0 0 rg BT 285.26 371.10 Td (ehensive Income \(T) Tj ET Q q 0 0 0 rg BT 362.09 371.10 Td (opic 220\): Reclassification of Certain T) Tj ET Q q 0 0 0 rg BT 520.32 371.10 Td (ax Effects ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (fr) Tj ET Q q 0 0 0 rg BT 55.80 359.10 Td (om ) Tj ET Q q 0 0 0 rg BT 70.34 359.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 178.28 359.10 Td (ehensive Income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.14 359.10 Td ( In February 2018, the F) Tj ET Q q 0 0 0 rg BT 346.10 359.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 395.00 359.10 Td (ASU 2018-02 to amend its standard on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (comprehensive income to provide an option for an entity to reclassify the stranded tax ef) Tj ET Q q 0 0 0 rg BT 403.65 347.10 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 450.39 347.10 Td (T) Tj ET Q q 0 0 0 rg BT 455.80 347.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 525.25 347.10 Td (Act \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.35 335.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 70.74 335.10 Td (Act\) that was passed in December 2017 from accumulated other comprehensive income \(AOCI\) directly to retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 88.20 323.10 Td (The stranded tax ef) Tj ET Q q 0 0 0 rg BT 164.92 323.10 Td (fects result from the remeasurement of deferred tax assets and liabilities which were originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (recorded in comprehensive income but whose remeasurement is reflected in the income statement. ) Tj ET Q q 0 0 0 rg BT 448.34 311.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 521.74 311.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (for interim and fiscal years beginning after December 15, 2018, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 432.53 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.17 299.10 Td (e elected to adopt ) Tj ET Q q 0 0 0 rg BT 513.36 299.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (2018-02 ef) Tj ET Q q 0 0 0 rg BT 92.92 287.10 Td (fective January 1, 2018 and reclassified the stranded tax ef) Tj ET Q q 0 0 0 rg BT 327.09 287.10 Td (fects due to the ) Tj ET Q q 0 0 0 rg BT 390.22 287.10 Td (T) Tj ET Q q 0 0 0 rg BT 395.63 287.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 407.01 287.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.78 287.10 Td ($4,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.28 287.10 Td ( related to the currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (translation adjustment from our investment balance and note receivable with Sirius XM Canada from ) Tj ET Q q 0 0 0 rg BT 456.61 275.10 Td (AOCI to ) Tj ET Q q 0 0 0 rg BT 493.28 275.10 Td (Accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (deficit. ) Tj ET Q q 0 0 0 rg BT 82.36 263.10 Td (The adoption did not have any impact on our consolidated statement of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.48 263.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 239.10 Td (ASU 2018-07,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.16 239.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.66 239.10 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 289.18 239.10 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 352.13 239.10 Td (ovements to Nonemployee Shar) Tj ET Q q 0 0 0 rg BT 477.55 239.10 Td (e-Based Payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (Accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.54 227.10 Td (In June 2018, the F) Tj ET Q q 0 0 0 rg BT 178.74 227.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 227.64 227.10 Td (ASU 2018-07 which simplifies the accounting for share-based payments made to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (nonemployees so that the accounting for such payments is substantially the same as those made to employees, with certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (exceptions. Under this ) Tj ET Q q 0 0 0 rg BT 143.65 203.10 Td (ASU, equity-classified share based awards to nonemployees will be measured at fair value on the grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (awards will continue to be classified according to ) Tj ET Q q 0 0 0 rg BT 249.44 179.10 Td (ASC 718 upon vesting which eliminates the need to reassess classification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (upon vesting, consistent with awards granted to employees, unless the award is modified after the service has been rendered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the nonemployee is no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (longer providing services. ) Tj ET Q q 0 0 0 rg BT 158.46 143.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 231.86 143.10 Td (fective for fiscal years beginning after December 15, 2018, including interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (periods within those fiscal years, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 315.09 131.10 Td (W) Tj ET Q q 0 0 0 rg BT 323.72 131.10 Td (e elected to early adopt ) Tj ET Q q 0 0 0 rg BT 418.40 131.10 Td (ASU 2018-07 ef) Tj ET Q q 0 0 0 rg BT 484.32 131.10 Td (fective July 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (2018 and remeasured our unsettled liability-classified nonemployee awards at their January 1, 2018 fair value by recording a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (retrospective cumulative ef) Tj ET Q q 0 0 0 rg BT 158.16 107.10 Td (fect adjustment to opening ) Tj ET Q q 0 0 0 rg BT 266.47 107.10 Td (Accumulated deficit and reclassified our previously liability-classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (awards to equity) Tj ET Q q 0 0 0 rg BT 114.94 95.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.44 95.10 Td ( ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (The cumulative ef) Tj ET Q q 0 0 0 rg BT 149.06 695.10 Td (fects of the changes made to our consolidated balance sheet as of January 1, 2018 for the adoption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (ASU 2014-09, ) Tj ET Q q 0 0 0 rg BT 109.78 683.10 Td (ASU 2018-02 and ) Tj ET Q q 0 0 0 rg BT 184.50 683.10 Td (ASU 2018-07 are included in the table below) Tj ET Q q 0 0 0 rg BT 365.20 683.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.70 683.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 636.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 636.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 636.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 636.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 636.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 636.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 596.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 596.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 596.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 596.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 596.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 596.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 566.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 566.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 566.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 566.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 566.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 566.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 536.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 536.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 536.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 536.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 536.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 496.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 496.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 496.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 496.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 496.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 496.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 496.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 496.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 496.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 496.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 466.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 466.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 466.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 466.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 466.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 466.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 466.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 466.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 466.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 466.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 436.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 436.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 436.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 436.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 436.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 436.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203 651.6 m 278 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 651.6 m 349 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 651.6 m 420 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 651.6 m 491 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 651.6 m 562 651.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.10 663.83 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.75 655.83 Td (December) Tj ET Q q 0 0 0 rg BT 242.25 655.83 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.30 663.83 Td (Adjustments Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.55 655.83 Td (to ) Tj ET Q q 0 0 0 rg BT 296.77 655.83 Td (ASU 2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.30 663.83 Td (Adjustments Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.55 655.83 Td (to ) Tj ET Q q 0 0 0 rg BT 367.77 655.83 Td (ASU 2018-02) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.30 663.83 Td (Adjustments Due ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.55 655.83 Td (to ) Tj ET Q q 0 0 0 rg BT 438.77 655.83 Td (ASU 2018-07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.10 663.83 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.75 655.83 Td (January 1, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 641.28 Td (Balance Sheet) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 51.5 624.71259765625 m 78.1650390625 624.71259765625 l s q 0 0 0 rg BT 51.50 626.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 611.27 Td (Prepaid expenses and other current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 601.27 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 601.27 Td (129,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 601.27 Td (8,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 601.27 Td (137,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 586.27 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 586.27 Td (1) Tj ET Q q 0 0 0 rg BT 246.65 586.27 Td (18,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 586.27 Td (2,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 586.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 586.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 586.27 Td (121,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 571.27 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 571.27 Td (505,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 571.32 Td (\(5,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 571.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 571.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 571.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 571.27 Td (499,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 556.27 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 556.27 Td (7,522,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 556.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 556.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 556.32 Td (\(4,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 556.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 556.27 Td (7,517,875) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 51.5 524.71259765625 m 97.61328125 524.71259765625 l s q 0 0 0 rg BT 51.50 526.28 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 511.27 Td (Accounts payable and accrued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 501.27 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 501.27 Td (768,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 501.27 Td (32,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 501.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 501.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 501.27 Td (800,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 486.27 Td (Current portion of deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 486.27 Td (1,881,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 486.32 Td (\(41,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 486.27 Td (1,839,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 471.27 Td (Long-term deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 471.27 Td (174,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 471.32 Td (\(3,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 471.27 Td (170,589) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 51.5 439.71259765625 m 83.7314453125 439.71259765625 l s q 0 0 0 rg BT 51.50 441.28 Td (Equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 426.27 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.80 426.27 Td (\(3,635,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 426.27 Td (18,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.30 426.32 Td (\(4,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 426.32 Td (\(4,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 426.32 Td (\(3,625,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 411.27 Td (AOCI, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 411.27 Td (18,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 411.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 411.27 Td (4,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 411.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 411.27 Td (22,420) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 383.10 Td (The following tables illustrate the impacts of adopting ) Tj ET Q q 0 0 0 rg BT 295.34 383.10 Td (ASU 2014-09 on our consolidated statement of comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 301.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 301.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 301.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 301.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 271.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 271.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 271.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 271.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 241.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 241.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 241.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 241.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 211.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 211.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 211.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 211.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 181.60 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 181.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 181.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 181.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 345.6 m 416.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 345.6 m 420.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 345.6 m 487.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 345.6 m 491.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 345.6 m 558.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 345.6 m 416.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 316.6 m 416.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 345.6 m 420.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 345.6 m 487.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 316.6 m 487.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 345.6 m 491.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 345.6 m 558.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 316.6 m 558.5 316.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.85 349.83 Td (For) Tj ET Q q 0 0 0 rg BT 399.14 349.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 413.51 349.83 Td (Y) Tj ET Q q 0 0 0 rg BT 418.40 349.83 Td (ear) Tj ET Q q 0 0 0 rg BT 429.36 349.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 490.09 349.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.05 320.83 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 336.83 Td (Impact of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 328.83 Td (Adopting ) Tj ET Q q 0 0 0 rg BT 462.27 328.83 Td (ASU ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.15 320.83 Td (2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 336.83 Td (Balances ) Tj ET Q q 0 0 0 rg BT 526.38 336.83 Td (W) Tj ET Q q 0 0 0 rg BT 534.23 336.83 Td (ithout ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.35 328.83 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 537.58 328.83 Td (ASU ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.15 320.83 Td (2014-09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 306.28 Td (Income Statement) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 55 289.71259765625 m 95.5517578125 289.71259765625 l s q 0 0 0 rg BT 55.00 291.28 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 276.27 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 276.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 276.27 Td (4,593,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 276.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 276.27 Td (94,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 276.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 276.27 Td (4,688,570) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 55 244.71259765625007 m 94.453125 244.71259765625007 l s q 0 0 0 rg BT 55.00 246.28 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 231.27 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 231.27 Td (1,393,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 231.27 Td (88,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 231.27 Td (1,481,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 216.27 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 216.27 Td (470,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 216.27 Td (3,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 216.27 Td (473,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 201.27 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 201.32 Td (\(244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 201.32 Td (\(534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 201.32 Td (\(245,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 171.27 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 171.27 Td (1,175,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 171.27 Td (2,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 171.27 Td (1,178,464) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 143.10 Td (ASU 2016-18,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.16 143.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.66 143.10 Td (Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 245.86 143.10 Td (opic 230\): Restricted Cash. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.84 143.10 Td (In November 2016, the F) Tj ET Q q 0 0 0 rg BT 460.91 143.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 509.81 143.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (2016-18, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.83 131.10 Td (Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 198.03 131.10 Td (opic 230\): Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.51 131.10 Td (. ) Tj ET Q q 0 0 0 rg BT 312.83 131.10 Td (This ) Tj ET Q q 0 0 0 rg BT 332.55 131.10 Td (ASU updates the guidance related to the statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (cash flows and requires that the statement includes restricted cash with cash and cash equivalents when reconciling beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (and ending cash. ) Tj ET Q q 0 0 0 rg BT 121.24 107.10 Td (The guidance was ef) Tj ET Q q 0 0 0 rg BT 203.52 107.10 Td (fective for fiscal years beginning after December 15, 2017, including interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (within that reporting period. ) Tj ET Q q 0 0 0 rg BT 167.07 95.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.71 95.10 Td (e adopted this ) Tj ET Q q 0 0 0 rg BT 233.20 95.10 Td (ASU ef) Tj ET Q q 0 0 0 rg BT 263.29 95.10 Td (fective January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 363.54 95.10 Td (As a result of the adoption, we have added ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (restricted cash to the reconciliation of beginning and ending cash and cash equivalents and included a reconciliation of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (cash, cash equivalents and restricted cash to the balance sheet for each period presented in the consolidated statements of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (flows.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (ASU 2016-09, Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 289.18 695.10 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 352.13 695.10 Td (ovements to Employee Shar) Tj ET Q q 0 0 0 rg BT 462.55 695.10 Td (e-Based Payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.54 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 111.18 683.10 Td (e elected to early adopt this ) Tj ET Q q 0 0 0 rg BT 222.81 683.10 Td (ASU in the third quarter of 2016, which required that any adjustments be reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. ) Tj ET Q q 0 0 0 rg BT 457.83 671.10 Td (The areas for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (simplification in this ) Tj ET Q q 0 0 0 rg BT 134.22 659.10 Td (ASU involve several aspects of the accounting for share-based payment transactions, including the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (tax consequences, classification of awards as either equity or liabilities, forfeiture calculations, and classification on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 148.46 635.10 Td (The primary impact of adoption of ) Tj ET Q q 0 0 0 rg BT 288.98 635.10 Td (ASU 2016-09 was the recognition of excess tax benefits in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (provision for income taxes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 605.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.40 605.10 Td (, we recognized net operating losses related to excess share-based compensation tax return deductions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (were previously tracked of) Tj ET Q q 0 0 0 rg BT 156.22 593.10 Td (f balance sheet but not recorded in our financial statements. ) Tj ET Q q 0 0 0 rg BT 396.41 593.10 Td (As of January 1, 2016, $293,896, net of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td ($1,946 reserve for an uncertain tax position, was recorded as an increase to our Deferred tax assets and decrease to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Accumulated deficit in our consolidated balance sheets as a result of the cumulative ef) Tj ET Q q 0 0 0 rg BT 395.02 569.10 Td (fect of this change in accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (principle. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.20 533.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.20 533.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 94.34 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.66 533.10 Td (V) Tj ET Q q 0 0 0 rg BT 102.97 533.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 155.83 533.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 515.10 Td (The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (transaction between market participants. ) Tj ET Q q 0 0 0 rg BT 215.55 503.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.99 503.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.58 503.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.02 503.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.02 503.10 Td (, the carrying amounts of cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (equivalents, receivables, and accounts payable approximated fair value due to the short-term nature of these instruments. ) Tj ET Q q 0 0 0 rg BT 537.11 491.10 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (820, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 479.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 94.78 479.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 144.68 479.10 Td (ements and Disclosur) Tj ET Q q 0 0 0 rg BT 230.96 479.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.29 479.10 Td (, establishes a fair value hierarchy for input into valuation techniques as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 461.10 Td (i. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 461.10 Td (Level 1 input: unadjusted quoted prices in active markets for identical instrument;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 443.10 Td (ii. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 443.10 Td (Level 2 input: observable market data for the same or similar instrument but not Level 1, including quoted prices for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 431.10 Td (identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 419.10 Td (corroborated by observable market data for substantially the full term of the assets or liabilities; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 401.10 Td (iii. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 401.10 Td (Level 3 input: unobservable inputs developed using management's assumptions about the inputs used for pricing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 389.10 Td (asset or liability) Tj ET Q q 0 0 0 rg BT 157.73 389.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 365.10 Td (Investments are periodically reviewed for impairment and an impairment is recorded whenever declines in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (below carrying value are determined to be other than temporary) Tj ET Q q 0 0 0 rg BT 304.02 353.10 Td (. In making this determination, we consider) Tj ET Q q 0 0 0 rg BT 479.97 353.10 Td (, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (factors, the severity and duration of the decline as well as the likelihood of a recovery within a reasonable timeframe.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 317.10 Td (Our assets and liabilities measured at fair value were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 269.60 142.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 269.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 269.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 269.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 269.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 269.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 269.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 269.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 269.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 269.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 241.60 142.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 241.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 241.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 241.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 241.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 241.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 241.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 241.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 241.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 241.60 47.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 292.6 m 231 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231 292.6 m 235 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 292.6 m 281 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 292.6 m 285 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 292.6 m 324 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 292.6 m 328 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 292.6 m 375 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 292.6 m 418 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 292.6 m 422 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 292.6 m 469 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 292.6 m 473 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 292.6 m 512 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 292.6 m 516 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 292.6 m 563 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 292.6 m 231 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 269.6 m 231 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 292.6 m 281 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 269.6 m 281 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 292.6 m 324 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 269.6 m 324 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 292.6 m 375 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 269.6 m 375 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 292.6 m 418 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 269.6 m 418 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 292.6 m 469 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 269.6 m 469 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 292.6 m 512 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 269.6 m 512 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 292.6 m 563 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 269.6 m 563 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 269.6 m 231 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 269.6 m 281 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 269.6 m 324 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 269.6 m 375 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 269.6 m 418 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 269.6 m 469 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 269.6 m 512 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 269.6 m 563 269.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 297.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.70 297.05 Td (December) Tj ET Q q 0 0 0 rg BT 285.59 297.05 Td ( 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.20 297.05 Td (December) Tj ET Q q 0 0 0 rg BT 473.01 297.05 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 283.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.10 274.05 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.60 274.05 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.10 274.05 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.85 283.05 Td (T) Tj ET Q q 0 0 0 rg BT 337.03 283.05 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.15 274.05 Td (V) Tj ET Q q 0 0 0 rg BT 345.82 274.05 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.10 274.05 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.10 274.05 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.10 274.05 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.85 283.05 Td (T) Tj ET Q q 0 0 0 rg BT 525.03 283.05 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.15 274.05 Td (V) Tj ET Q q 0 0 0 rg BT 533.82 274.05 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 260.55 Td (Assets:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.50 260.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 260.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 246.06 Td (Pandora investment ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 137.99 250.14 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.50 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 246.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.25 246.06 Td (523,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 246.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 246.06 Td (523,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 246.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.25 246.06 Td (480,472) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 246.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 246.06 Td (480,472) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 232.55 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 218.46 Td (Debt ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 84.24 222.54 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.50 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 218.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 241.50 218.06 Td (6,632,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 218.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.50 218.06 Td (6,632,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 218.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 218.06 Td (6,987,473) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 218.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 218.06 Td (6,987,473) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 196.10 Td (During the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 117.49 196.10 Td (year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 132.98 196.10 Td ( ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.97 196.10 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.69 196.10 Td (, Sirius XM completed a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.18 196.10 Td ($480,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.93 196.10 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.43 196.10 Td (investment in Pandora. ) Tj ET Q q 0 0 0 rg BT 443.50 196.10 Td (W) Tj ET Q q 0 0 0 rg BT 451.28 196.10 Td (e have elected the fair value ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 185.30 Td (option to account for this investment. Refer to Note 10 for information on this transaction. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 174.50 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 174.50 Td (The fair value for non-publicly traded instruments is based upon estimates from a market maker and brokerage firm.Refer to Note 1) Tj ET Q q 0 0 0 rg BT 555.26 174.50 Td (1 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 163.70 Td (for information related to the carrying value of our debt as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.42 163.70 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.15 163.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.64 163.70 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.64 163.70 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 139.70 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 139.70 Td (Receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 121.70 Td (Receivables, net, includes customer accounts receivable, receivables from distributors and other receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.49 121.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 97.70 Td (Customer accounts receivable, net, includes receivables from our subscribers and other customers, including advertising, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.70 Td (and is stated at amounts due, net of an allowance for doubtful accounts. Our allowance for doubtful accounts is based upon our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.70 Td (assessment of various factors.) Tj ET Q q 0 0 0 rg BT 173.73 73.70 Td (W) Tj ET Q q 0 0 0 rg BT 182.37 73.70 Td (e consider historical experience, the age of the receivable balances, current economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.70 Td (conditions and other factors that may af) Tj ET Q q 0 0 0 rg BT 208.16 61.70 Td (fect the counterparty) Tj ET Q q 0 0 0 rg BT 293.67 61.70 Td (s ability to pay) Tj ET Q q 0 0 0 rg BT 352.18 61.70 Td (.Bad debt expense is included in Customer service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.70 Td (and billing expense in our consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.42 49.70 Td ( ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Receivables from distributors primarily include billed and unbilled amounts due from OEMs for services included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (sale or lease price of vehicles, as well as billed amounts due from wholesale distributors of our satellite radios.Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (receivables primarily include amounts due from manufacturers of our radios, modules and chipsets where we are entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (subsidies and royalties based on the number of units produced.) Tj ET Q q 0 0 0 rg BT 305.38 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 314.02 659.10 Td (e have not established an allowance for doubtful accounts for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (our receivables from distributors or other receivables as we have historically not experienced any significant collection issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (with OEMs or other third parties.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 611.10 Td (Receivables, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 585.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 585.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 585.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 555.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 555.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 525.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 525.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 585.6 m 484 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 585.6 m 563 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 585.6 m 484 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 585.6 m 563 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 555.6 m 484 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 555.6 m 563 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 510.6 m 484 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 496.6 m 484 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 494.6 m 484 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 510.6 m 563 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 496.6 m 563 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 494.6 m 563 494.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 590.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.75 589.83 Td (December) Tj ET Q q 0 0 0 rg BT 448.32 589.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 589.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 589.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 575.27 Td (Gross customer accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 575.27 Td (104,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 575.27 Td (100,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 560.27 Td (Allowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 560.32 Td (\(6,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 560.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 560.32 Td (\(9,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 560.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 545.27 Td (Customer accounts receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 545.27 Td (97,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 545.27 Td (90,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 530.27 Td (Receivables from distributors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 530.27 Td (107,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 530.27 Td (121,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 515.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 515.27 Td (27,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 515.27 Td (29,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 500.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 500.27 Td (otal receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 500.27 Td (232,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 500.27 Td (241,727) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 472.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 118.17 472.10 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 454.10 Td (Inventory consists of finished goods, refurbished goods, chipsets and other raw material components used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (manufacturing radios and connected vehicle devices. Inventory is stated at the lower of cost or market.) Tj ET Q q 0 0 0 rg BT 465.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.64 442.10 Td (e record an estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (allowance for inventory that is considered slow moving or obsolete or whose carrying value is in excess of net realizable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (value.) Tj ET Q q 0 0 0 rg BT 78.47 418.10 Td (The provision related to products purchased for resale in our direct to consumer distribution channel and components ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (held for resale by us is reported as a component of Cost of equipment in our consolidated statements of comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (income.) Tj ET Q q 0 0 0 rg BT 86.25 394.10 Td (The provision related to inventory consumed in our OEM channel is reported as a component of Subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (acquisition costs in our consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.04 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 114.73 358.10 Td (, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 332.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 332.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 332.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 332.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 302.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 302.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 302.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 332.6 m 484 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 332.6 m 563 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 332.6 m 484 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 332.6 m 563 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 287.6 m 484 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 287.6 m 563 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 287.6 m 484 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 273.6 m 484 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 271.6 m 484 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 287.6 m 563 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 273.6 m 563 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 271.6 m 563 271.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 337.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.75 336.83 Td (December) Tj ET Q q 0 0 0 rg BT 448.32 336.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 336.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 336.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 322.27 Td (Raw materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 322.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 322.27 Td (4,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 322.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 322.27 Td (6,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 307.27 Td (Finished goods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 307.27 Td (23,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 307.27 Td (21,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 292.27 Td (Allowance for obsolescence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 292.32 Td (\(5,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 292.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 292.32 Td (\(7,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 292.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 277.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 277.27 Td (otal inventory) Tj ET Q q 0 0 0 rg BT 125.08 277.27 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 277.27 Td (22,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 277.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 277.27 Td (20,199) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 249.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 231.10 Td (Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (intangible assets acquired in business combinations. Our annual impairment assessment of our single reporting unit is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (performed as of the fourth quarter of each year) Tj ET Q q 0 0 0 rg BT 236.23 207.10 Td (, and an assessment is performed at other times if an event occurs or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. ) Tj ET Q q 0 0 0 rg BT 538.79 195.10 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 183.10 Td (Intangibles - Goodwill and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.38 183.10 Td (, states that an entity should perform its annual or interim goodwill impairment test by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (comparing the fair value of a reporting unit with its carrying amount and recognize an impairment char) Tj ET Q q 0 0 0 rg BT 461.39 171.10 Td (ge for the amount by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (which the carrying amount exceeds the reporting unit) Tj ET Q q 0 0 0 rg BT 265.82 159.10 Td (s fair value. ) Tj ET Q q 0 0 0 rg BT 315.06 159.10 Td (W) Tj ET Q q 0 0 0 rg BT 323.70 159.10 Td (e performed a qualitative analysis to determine whether it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (was more likely than not that a goodwill impairment exists. ) Tj ET Q q 0 0 0 rg BT 289.55 147.10 Td (W) Tj ET Q q 0 0 0 rg BT 298.19 147.10 Td (e were not aware of any adverse qualitative factors that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (indicate any impairment to our goodwill as of the date of our annual assessment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 135.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 135.10 Td ( and as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.90 135.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.48 135.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 117.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 117.10 Td (e recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.55 117.10 Td ($3,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.05 117.10 Td ( to Goodwill related to an immaterial acquisition during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.55 117.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.76 117.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.63 117.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.22 117.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 99.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 99.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 99.10 Td (, there were no indicators of impairment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.24 99.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.24 99.10 Td ( impairment losses were recorded for goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 87.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.92 87.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 87.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.38 87.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.82 87.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.82 87.10 Td (.) Tj ET Q q 0 0 0 rg BT 267.77 87.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.21 87.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 87.10 Td (, the cumulative balance of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (impairments recorded since the July 2008 mer) Tj ET Q q 0 0 0 rg BT 234.27 75.10 Td (ger between our wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 401.08 75.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.90 75.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.01 75.10 Td (ernon Mer) Tj ET Q q 0 0 0 rg BT 453.76 75.10 Td (ger Corporation, and XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (Satellite Radio Holdings Inc. \(XM\), was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.80 63.10 Td ($4,766,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.80 63.10 Td (, which was recognized during the year ended December31, 2008.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 624.75 m 451 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 624.75 m 507 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 624.75 m 563 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 512.75 m 284 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 498.75 m 284 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 496.75 m 284 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 512.75 m 340 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 498.75 m 340 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 496.75 m 340 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 512.75 m 396 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 498.75 m 396 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 496.75 m 396 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 512.75 m 451 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 498.75 m 451 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 496.75 m 451 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 512.75 m 507 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 498.75 m 507 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 496.75 m 507 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 512.75 m 563 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 498.75 m 563 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 496.75 m 563 496.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 657.32 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.50 658.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.75 657.98 Td (December) Tj ET Q q 0 0 0 rg BT 316.32 657.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 657.98 Td (December) Tj ET Q q 0 0 0 rg BT 483.32 657.98 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.25 644.98 Td (W) Tj ET Q q 0 0 0 rg BT 196.03 644.98 Td (eighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 636.98 Td (A) Tj ET Q q 0 0 0 rg BT 196.03 636.98 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.50 628.98 Td (UsefulLives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.05 644.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 257.75 644.98 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.20 636.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.35 628.98 Td (V) Tj ET Q q 0 0 0 rg BT 253.76 628.98 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.80 636.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.60 628.98 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 636.98 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.85 628.98 Td (V) Tj ET Q q 0 0 0 rg BT 365.26 628.98 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.05 644.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 424.75 644.98 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.20 636.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.35 628.98 Td (V) Tj ET Q q 0 0 0 rg BT 420.76 628.98 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 636.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 628.98 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.70 636.98 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.85 628.98 Td (V) Tj ET Q q 0 0 0 rg BT 531.89 628.98 Td (alue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 616.01 Td (Indefinite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 602.01 Td (FCC licenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 601.21 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.50 601.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 601.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 601.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 601.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 601.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 601.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 601.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 588.01 Td (T) Tj ET Q q 0 0 0 rg BT 69.68 588.01 Td (rademarks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 587.21 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 587.21 Td (250,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.25 587.21 Td (250,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 587.21 Td (250,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 587.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 587.21 Td (250,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 574.01 Td (Definite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 573.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 560.01 Td (Subscriber relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 559.21 Td (9 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.50 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 559.21 Td (380,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 559.21 Td (\(380,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 559.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 559.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 546.01 Td (OEM relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 545.21 Td (15 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 545.21 Td (220,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 545.21 Td (\(75,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.25 545.21 Td (144,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 545.21 Td (220,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 545.21 Td (\(61,1) Tj ET Q q 0 0 0 rg BT 494.50 545.21 Td (1) Tj ET Q q 0 0 0 rg BT 499.00 545.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 545.21 Td (158,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 532.01 Td (Licensing agreements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 531.21 Td (12 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.75 531.21 Td (45,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 531.21 Td (\(38,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 531.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 531.21 Td (7,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 531.21 Td (45,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 531.21 Td (\(34,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 531.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 531.21 Td (10,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 518.01 Td (Software and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 517.21 Td (7 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.75 517.21 Td (35,572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 517.21 Td (\(20,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 517.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 517.21 Td (15,408) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 517.21 Td (43,915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 517.21 Td (\(25,351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 517.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 517.21 Td (18,564) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 504.01 Td (T) Tj ET Q q 0 0 0 rg BT 81.37 504.01 Td (otal intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.50 502.21 Td (2,635,315) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.25 502.21 Td (\(133,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 502.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 502.21 Td (2,501,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 502.21 Td (3,023,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 502.21 Td (\(500,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 502.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 502.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 502.21 Td (2,522,846) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 474.25 Td (Indefinite Life Intangible ) Tj ET Q q 0 0 0 rg BT 170.13 474.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 456.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 456.25 Td (e have identified our FCC licenses and the XM and ) Tj ET Q q 0 0 0 rg BT 293.32 456.25 Td (Automatic trademarks as indefinite life intangible assets after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (considering the expected use of the assets, the regulatory and economic environment within which they are used and the ef) Tj ET Q q 0 0 0 rg BT 540.27 444.25 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (of obsolescence on their use. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 408.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 408.25 Td (e hold FCC licenses to operate our satellite digital audio radio service and provide ancillary services. Each of the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (licenses authorizes us to use radio spectrum, a reusable resource that does not deplete or exhaust over time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 372.25 Td (ASC 350-30-35, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.11 372.25 Td (Intangibles - Goodwill and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 372.25 Td (, provides for an option to first perform a qualitative assessment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (determine whether it is more likely than not that an asset is impaired. If the qualitative assessment supports that it is more likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (than not that the fair value of the asset exceeds its carrying value, a quantitative impairment test is not required. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (qualitative assessment does not support the fair value of the asset, then a quantitative assessment is performed. Our annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (impairment assessment of our identifiable indefinite lived intangible assets is performed as of the fourth quarter of each year) Tj ET Q q 0 0 0 rg BT 547.12 324.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (An assessment is performed at other times if an event occurs or circumstances change that would more likely than not reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (the fair value of the asset below its carrying value. If the carrying value of the intangible assets exceeds its fair value, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (impairment loss is recognized in an amount equal to that excess.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 264.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 264.25 Td (e completed qualitative assessments of our FCC licenses and XM and, to the extent applicable, ) Tj ET Q q 0 0 0 rg BT 467.44 264.25 Td (Automatic trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (during the fourth quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.41 252.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.41 252.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.41 252.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.41 252.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.85 252.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.85 252.25 Td (. ) Tj ET Q q 0 0 0 rg BT 252.80 252.25 Td (As of the date of our annual assessment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.03 252.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.03 252.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 252.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.03 252.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.46 252.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.46 252.25 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (qualitative impairment assessment of the fair value of our indefinite intangible assets indicated that such assets substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (exceeded their carrying value and therefore was not at risk of impairment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.49 228.25 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.71 228.25 Td ( impairments were recorded for intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (with indefinite lives during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.31 216.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.41 216.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.29 216.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.87 216.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.87 216.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.87 216.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.31 216.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.31 216.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 192.25 Td (Definite Life Intangible ) Tj ET Q q 0 0 0 rg BT 162.90 192.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 174.25 Td (Definite-lived intangible assets are amortized over their respective estimated useful lives to their estimated residual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (values, in a pattern that reflects when the economic benefits will be consumed, and are reviewed for impairment under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.25 Td (provisions of ) Tj ET Q q 0 0 0 rg BT 103.95 150.25 Td (ASC 360-10-35, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.56 150.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 182.19 150.25 Td (operty) Tj ET Q q 0 0 0 rg BT 207.19 150.25 Td (, Plant and Equipment/Overall/Subsequent Measur) Tj ET Q q 0 0 0 rg BT 411.51 150.25 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.38 150.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.20 150.25 Td (W) Tj ET Q q 0 0 0 rg BT 448.84 150.25 Td (e review intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (subject to amortization for impairment whenever events or circumstances indicate that the carrying amount of an asset may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.25 Td (be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.25 Td (asset, an impairment loss is recognized in an amount by which the carrying amount of the asset exceeds its fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.86 114.25 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.08 114.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.25 Td (impairments were recorded for intangible assets with definite lives during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.91 102.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.01 102.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.88 102.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.47 102.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.47 102.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.47 102.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.91 102.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.91 102.25 Td (.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Amortization expense for all definite life intangible assets was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.92 695.10 Td ($23,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.42 695.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.42 695.10 Td ($37,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.92 695.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.36 695.10 Td ($48,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.86 695.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.24 695.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.34 695.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 683.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 683.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.08 683.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.52 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.52 683.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.18 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 252.50 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.14 683.10 Td (e retired definite lived intangible assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.36 683.10 Td ($390,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.86 683.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.69 683.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.89 683.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 671.10 Td ( primarily related to fully amortized subscriber relationships and acquired proprietary software. ) Tj ET Q q 0 0 0 rg BT 513.88 671.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 659.10 Td ( retirements of definite lived intangible assets during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.49 659.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.59 659.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.47 659.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.05 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.49 659.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.49 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.81 659.10 Td (The expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (amortization expense for each of the fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.52 647.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.52 647.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.63 647.10 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.63 647.10 Td ( and for periods thereafter is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.60 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 623.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 595.60 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 595.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 567.60 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 567.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 539.60 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 539.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 623.6 m 484 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 623.6 m 563 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 539.6 m 563 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 539.6 m 563 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 526.6 m 563 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 524.6 m 563 524.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 627.83 Td (Y) Tj ET Q q 0 0 0 rg BT 57.39 627.83 Td (ears ending December) Tj ET Q q 0 0 0 rg BT 133.23 627.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.95 627.83 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 614.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 614.17 Td (23,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 600.17 Td (22,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 586.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 586.17 Td (17,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 572.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 572.17 Td (15,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 558.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 558.17 Td (15,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 544.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 544.17 Td (72,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 530.17 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 530.17 Td (otal definite life intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 530.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 530.17 Td (166,907) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (\(9\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 86.87 502.10 Td (operty and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 478.10 Td (Property and equipment, including satellites, are stated at cost, less accumulated depreciation. Equipment under capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (leases is stated at the present value of minimum lease payments. Depreciation is calculated using the straight-line method over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (the following estimated useful life of the asset:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 431.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 431.60 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 401.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 401.60 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 371.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 371.60 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 341.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 341.60 259.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 421.27 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 421.27 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 406.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.26 406.27 Td (errestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 406.27 Td (5 - 15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 391.27 Td (Broadcast studio equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 391.27 Td (3 - 15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 376.27 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 376.27 Td (2 - 7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 361.27 Td (Satellite telemetry) Tj ET Q q 0 0 0 rg BT 124.20 361.27 Td (, tracking and control facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 361.27 Td (3 - 15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 346.27 Td (Furniture, fixtures, equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 346.27 Td (2 - 7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 331.27 Td (Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 331.27 Td (20 or 30 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 316.27 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 316.27 Td (Lesser of useful life or remaining lease term) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 288.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 288.10 Td (e review long-lived assets, such as property and equipment, for impairment whenever events or changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (circumstances indicate the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (the asset. If the carrying amount of an asset exceeds the estimated future cash flows, an impairment char) Tj ET Q q 0 0 0 rg BT 466.66 252.10 Td (ge is recognized in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (amount by which the carrying amount exceeds the fair value of the asset. ) Tj ET Q q 0 0 0 rg BT 343.66 240.10 Td (W) Tj ET Q q 0 0 0 rg BT 352.30 240.10 Td (e did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.51 240.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.51 240.10 Td (t record any impairments during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.58 240.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.68 240.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 228.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 228.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.46 228.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.46 228.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.90 228.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 228.10 Td (.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (Property and equipment, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 669.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 669.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 669.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 639.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 639.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 609.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 609.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 609.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 579.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 519.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 519.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 519.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 489.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 489.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 489.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 669.6 m 484 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 669.6 m 563 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 669.6 m 484 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 669.6 m 563 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 519.6 m 484 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 519.6 m 563 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 489.6 m 484 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 489.6 m 563 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 489.6 m 484 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 475.6 m 484 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 473.6 m 484 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 489.6 m 563 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 475.6 m 563 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 473.6 m 563 473.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.75 673.83 Td (December) Tj ET Q q 0 0 0 rg BT 448.32 673.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 673.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 673.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 659.27 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 659.27 Td (1,586,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 659.27 Td (1,586,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 644.27 Td (errestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 644.27 Td (98,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 644.27 Td (123,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.27 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 629.27 Td (58,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 629.27 Td (57,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 614.27 Td (Broadcast studio equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 614.27 Td (1) Tj ET Q q 0 0 0 rg BT 452.65 614.27 Td (1) Tj ET Q q 0 0 0 rg BT 457.65 614.27 Td (1,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 614.27 Td (96,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 599.27 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 599.27 Td (824,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 599.27 Td (639,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 584.27 Td (Satellite telemetry) Tj ET Q q 0 0 0 rg BT 125.20 584.27 Td (, tracking and control facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 584.27 Td (75,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 584.27 Td (69,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.27 Td (Furniture, fixtures, equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 569.27 Td (97,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 569.27 Td (96,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.27 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 554.27 Td (38,41) Tj ET Q q 0 0 0 rg BT 475.15 554.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 554.27 Td (38,41) Tj ET Q q 0 0 0 rg BT 554.15 554.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 539.27 Td (Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 539.27 Td (62,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 539.27 Td (61,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 524.27 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 524.27 Td (41) Tj ET Q q 0 0 0 rg BT 457.65 524.27 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 524.27 Td (301,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 509.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.26 509.27 Td (otal property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 509.27 Td (3,364,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 509.27 Td (3,071,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 494.27 Td (Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 494.32 Td (\(1,851,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 494.32 Td (\(1,608,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 479.27 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 479.27 Td (1,512,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 479.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 479.27 Td (1,462,766) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 451.10 Td (Construction in progress consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 425.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 425.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 395.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 395.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 395.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 365.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 365.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 365.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 425.6 m 484 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 425.6 m 563 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 425.6 m 484 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 425.6 m 563 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 365.6 m 484 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 365.6 m 563 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 365.6 m 484 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 351.6 m 484 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 349.6 m 484 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 365.6 m 563 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 351.6 m 563 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 349.6 m 563 349.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 430.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.75 429.83 Td (December) Tj ET Q q 0 0 0 rg BT 448.32 429.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 429.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 429.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.27 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 415.27 Td (296,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 415.27 Td (183,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 400.27 Td (errestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 400.27 Td (4,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 400.27 Td (2,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 385.27 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 385.27 Td (76,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 385.27 Td (94,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 370.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 370.27 Td (33,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 370.27 Td (20,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 355.27 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 355.27 Td (41) Tj ET Q q 0 0 0 rg BT 457.65 355.27 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 355.27 Td (301,153) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 327.10 Td (Depreciation and amortization expense on property and equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.90 327.10 Td ($277,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 327.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 327.10 Td ($261,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 327.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.84 327.10 Td ($220,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.34 327.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.72 327.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.82 327.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 315.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 315.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.46 315.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.46 315.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.90 315.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 315.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 271.56 315.10 Td (.) Tj ET Q q 0 0 0 rg BT 278.88 315.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.52 315.10 Td (e retired property and equipment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.91 315.10 Td ($35,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.41 315.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.41 315.10 Td ($78,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.91 315.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.35 315.10 Td ($843,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.85 315.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 303.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.92 303.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 303.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.38 303.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.38 303.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.38 303.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.82 303.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.82 303.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 338.48 303.10 Td (, which included approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.62 303.10 Td ($801,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.12 303.10 Td ( related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (satellites during 2016. ) Tj ET Q q 0 0 0 rg BT 142.92 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.56 291.10 Td (e recognized a loss on disposal of assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.13 291.10 Td ($12,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.63 291.10 Td (, which was recorded in Satellite and transmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (expense in our consolidated statements of comprehensive income, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.69 279.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.90 279.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.77 279.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.36 279.10 Td (, which related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (the disposal of certain obsolete spare parts for a future satellite.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 243.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 243.10 Td (e capitalize a portion of the interest on funds borrowed to finance the construction and launch of our satellites. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (Capitalized interest is recorded as part of the asset) Tj ET Q q 0 0 0 rg BT 252.76 231.10 Td (s cost and depreciated over the satellite) Tj ET Q q 0 0 0 rg BT 412.14 231.10 Td (s useful life. Capitalized interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.93 219.10 Td ($1) Tj ET Q q 0 0 0 rg BT 103.56 219.10 Td (1,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.06 219.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.06 219.10 Td ($4,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.56 219.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 219.10 Td ($419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 219.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.37 219.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.47 219.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.35 219.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.93 219.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.93 219.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.93 219.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.37 219.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.37 219.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 475.03 219.10 Td (, which related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (construction of our SXM-7 and SXM-8 satellites. ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 695.25 Td (Satellites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 677.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 677.25 Td (, we owned a fleet of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.88 677.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.43 677.25 Td ( satellites.) Tj ET Q q 0 0 0 rg BT 327.24 677.25 Td (The chart below provides certain information on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (satellites as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.65 665.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.23 665.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.75 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 633.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 633.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 633.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 633.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.75 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 603.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 603.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 573.75 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 573.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 573.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 633.75 m 405 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 633.75 m 484 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 633.75 m 563 633.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.45 637.98 Td (Satellite Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.70 637.98 Td (Y) Tj ET Q q 0 0 0 rg BT 425.59 637.98 Td (ear) Tj ET Q q 0 0 0 rg BT 436.55 637.98 Td (Deliver) Tj ET Q q 0 0 0 rg BT 463.28 637.98 Td (ed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.20 645.98 Td (Estimated End of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.70 637.98 Td (Depr) Tj ET Q q 0 0 0 rg BT 513.88 637.98 Td (eciable Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 623.42 Td (SIRIUS FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 623.42 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 623.42 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.42 Td (SIRIUS FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 608.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 608.42 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 593.42 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 593.42 Td (2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 593.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.42 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 578.42 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 578.42 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.42 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 563.42 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 563.42 Td (2025) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 535.25 Td (Each satellite requires an FCC license and prior to the expiration of each license, we are required to apply for a renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (of the FCC satellite licenses.) Tj ET Q q 0 0 0 rg BT 169.02 523.25 Td (The renewal and extension of our licenses is reasonably certain at minimal cost, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (expensed as incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 487.25 Td (The following table outlines the years in which each of our satellite licenses expires:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 463.75 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 463.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.75 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 433.75 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.75 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 403.75 106.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 463.75 m 453 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 463.75 m 563 463.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 468.83 Td (FCC satellite licenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.55 467.98 Td (Expirationyear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 454.32 Td (SIRIUS FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 453.42 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.32 Td (SIRIUS FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 438.42 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.32 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 423.42 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 409.32 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 408.42 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 394.32 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 393.42 Td (2026) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (\(10\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 365.25 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 137.96 365.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.89 365.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 341.25 Td (In the normal course of business, we enter into transactions with related parties such as Liberty Media, Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (Canada and Pandora.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 305.25 Td (Liberty Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 287.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 287.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 287.25 Td (, Liberty Media beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 414.52 287.25 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.78 287.25 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.11 287.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (outstanding shares of our common stock. Liberty Media has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.73 275.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.73 275.25 Td ( executives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.87 275.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.31 275.25 Td ( of its directors on our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (directors.Gregory B. Maf) Tj ET Q q 0 0 0 rg BT 155.96 263.25 Td (fei, the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 320.44 263.25 Td (ficer of Liberty Media, is the Chairman of our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 227.25 Td (Sirius XM Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 210.75 Td (Sirius XM is a wholly-owned subsidiary of Holdings. Holdings has no operations independent of Sirius XM. ) Tj ET Q q 0 0 0 rg BT 518.70 210.75 Td (All equity-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.75 Td (related transactions, including repurchases of Holdings' common stock, dividend payments on shares of Holdings' common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.75 Td (stock, the issuance of equity related to stock-based compensation for Sirius XM employees, Holdings' directors and third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (parties and the issuance of Holdings' common stock related to the recapitalization of Sirius XM Canada have been reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (related party transactions within our consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 336.45 162.75 Td (The stock-based compensation for Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.75 Td (employees, Holdings' directors and third parties has been recorded in our consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 484.05 150.75 Td (The Related party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.75 Td (long-term assets balance as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.96 138.75 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.54 138.75 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.98 138.75 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.56 138.75 Td ( of Sirius XM includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.17 138.75 Td ($8,040,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.17 138.75 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.61 138.75 Td ($6,559,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.61 138.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 126.75 Td (, primarily for net amounts due from Holdings in connection with these equity-related transactions.) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 695.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.25 695.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.13 695.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.71 695.10 Td (, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.71 695.10 Td ($1,515,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.71 695.10 Td ( of our cash for the purchase and retirement of shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Holdings' common stock under Holdings' repurchase program and payment of a cash dividend on Holdings' common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (This amount is included in our Related party long-term asset balance as a receivable due from Holdings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 647.10 Td (Sirius XM Canada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (On May 25, 2017, we completed a recapitalization of Sirius XM Canada \(the T) Tj ET Q q 0 0 0 rg BT 397.44 629.10 Td (ransaction\), which is now a privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (held corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (Following the ) Tj ET Q q 0 0 0 rg BT 134.65 593.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.41 593.10 Td (ransaction, we hold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.88 593.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 593.10 Td ( equity interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.08 593.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.41 593.10 Td ( voting interest in Sirius XM Canada, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (remainder of the voting power and equity interests held by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.10 581.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 581.10 Td ( of Sirius XM Canada) Tj ET Q q 0 0 0 rg BT 391.65 581.10 Td (s previous shareholders. ) Tj ET Q q 0 0 0 rg BT 492.83 581.10 Td (The total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (consideration from Sirius XM to Sirius XM Canada, excluding transaction costs, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.61 569.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.82 569.10 Td ( ended December 31, 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td ($308,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 557.10 Td (, which included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.87 557.10 Td ($129,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.37 557.10 Td ( in cash and we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.02 557.10 Td (35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.52 557.10 Td ( shares of our common stock with an aggregate value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td ($178,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 545.10 Td ( to the holders of the shares of Sirius XM Canada acquired in the ) Tj ET Q q 0 0 0 rg BT 348.98 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.73 545.10 Td (ransaction. Sirius XM received common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (non-voting common stock and preferred stock of Sirius XM Canada. ) Tj ET Q q 0 0 0 rg BT 329.26 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.90 533.10 Td (e own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.56 533.10 Td (590,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.06 533.10 Td ( shares of preferred stock of Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (Canada, which has a liquidation preference of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.54 521.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.97 521.10 Td ( Canadian dollar per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 497.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 168.52 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.27 497.10 Td (ransaction, we also made a loan to Sirius XM Canada in the aggregate amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.85 497.10 Td ($130,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.35 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.67 497.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (within ) Tj ET Q q 0 0 0 rg BT 77.00 473.10 Td (Accumulated other comprehensive \(loss\) income. ) Tj ET Q q 0 0 0 rg BT 280.37 473.10 Td (The loan has a term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.56 473.10 Td (fifteen years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.25 473.10 Td (, bears interest at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.75 473.10 Td (7.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.58 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (per annum and includes customary covenants and events of default, including an event of default relating to Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Canada) Tj ET Q q 0 0 0 rg BT 82.26 449.10 Td (s failure to maintain specified leverage ratios. ) Tj ET Q q 0 0 0 rg BT 269.51 449.10 Td (The terms of the loan require Sirius XM Canada to prepay a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the outstanding principal amount of the loan within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 437.10 Td (sixty days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.52 437.10 Td ( of the end of each fiscal year in an amount equal to any cash on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (hand in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.15 425.10 Td (C$10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.32 425.10 Td ( at the last day of the financial year if all tar) Tj ET Q q 0 0 0 rg BT 334.78 425.10 Td (get dividends have been paid in full. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.56 425.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.77 425.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 413.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 413.10 Td (, Sirius XM Canada repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.88 413.10 Td ($3,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.38 413.10 Td ( of the principal amount of the loan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 168.52 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.27 389.10 Td (ransaction, we also entered into a Services ) Tj ET Q q 0 0 0 rg BT 345.88 389.10 Td (Agreement and an ) Tj ET Q q 0 0 0 rg BT 421.13 389.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 496.68 389.10 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Sirius XM Canada. Each agreement has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 377.10 Td (thirty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 377.10 Td ( year term. Pursuant to the Services ) Tj ET Q q 0 0 0 rg BT 383.85 377.10 Td (Agreement, Sirius XM Canada pays us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.43 377.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.76 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (of its gross revenues on a monthly basis through December 31, 2021 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.33 365.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.66 365.10 Td ( of its gross revenues on a monthly basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 87.25 353.10 Td (. Pursuant to the ) Tj ET Q q 0 0 0 rg BT 156.69 353.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 232.24 353.10 Td (Agreement, Sirius XM Canada pays us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.82 353.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 353.10 Td ( of its gross revenues on a monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 76.82 341.10 Td (These agreements superseded and replaced the former agreements between Sirius XM Canada and its predecessors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 305.10 Td (Sirius XM Canada is accounted for as an equity method investment, and its results are not consolidated in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (consolidated financial statements. Sirius XM Canada does not meet the requirements for consolidation as we do not have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (ability to direct the most significant activities that impact Sirius XM Canada's economic performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 257.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 106.47 257.10 Td (ference between our investment and our share of the fair value of the underlying net assets of Sirius XM Canada ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (is first allocated to either finite-lived intangibles or indefinite-lived intangibles and the balance is attributed to goodwill. ) Tj ET Q q 0 0 0 rg BT 531.41 245.10 Td (W) Tj ET Q q 0 0 0 rg BT 540.05 245.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 77.56 233.10 Td (ASC 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.51 233.10 Td (Intangibles - Goodwill and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.39 233.10 Td (, which requires that equity method finite-lived intangibles be amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. ) Tj ET Q q 0 0 0 rg BT 439.20 221.10 Td (The amortization of equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (method finite-lived intangible assets is recorded in Other income \(expense\) in our consolidated statements of comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 83.75 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.39 197.10 Td (e periodically evaluate our equity method investments to determine if there has been an other) Tj ET Q q 0 0 0 rg BT 464.84 197.10 Td (-than temporary decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (in fair value below carrying value. Equity method finite-lived intangibles, indefinite-lived intangibles and goodwill are included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (in the carrying amount of the investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 149.10 Td (e had the following related party balances associated with Sirius XM Canada:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 123.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 123.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 123.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 123.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 93.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 93.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 93.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 93.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 123.60000000000002 m 483 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 123.60000000000002 m 562 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 123.60000000000002 m 483 123.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.75 127.83 Td (December) Tj ET Q q 0 0 0 rg BT 447.32 127.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 127.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 127.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 113.27 Td (Related party current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 113.27 Td (10,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 113.27 Td (10,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 98.27 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 98.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 98.27 Td (437,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 98.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 98.27 Td (481,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 83.27 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 83.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 83.27 Td (4,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 83.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 83.27 Td (2,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 68.27 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 68.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 68.27 Td (4,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 68.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 68.27 Td (7,364) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 695.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 695.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 695.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.97 695.10 Td (, our related party current asset balance included amounts due under the Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 112.81 683.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 188.36 683.10 Td (Agreement and certain amounts related to transactions outside the scope of the new services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (arrangements. Our related party long-term assets balance as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.12 671.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.70 671.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.14 671.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.14 671.10 Td ( included the carrying value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (investment balance in Sirius XM Canada of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 659.10 Td ($31) Tj ET Q q 0 0 0 rg BT 241.59 659.10 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.09 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.53 659.10 Td ($341,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.03 659.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 373.69 659.10 Td (, and, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.79 659.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.37 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.81 659.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.81 659.10 Td (, also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.43 647.10 Td ($126,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.93 647.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.37 647.10 Td ($140,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.87 647.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 233.53 647.10 Td (, for the long-term value of the outstanding loan to Sirius XM Canada. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (related party liabilities as of each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.27 635.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.86 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.29 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.29 635.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.73 635.10 Td ($2,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 635.10 Td ( for the current portion of deferred revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 623.10 Td ($2,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.94 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.38 623.10 Td ($5,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.88 623.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 193.54 623.10 Td (, for the long-term portion of deferred revenue recorded as of the date of the Sirius and XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 611.10 Td (ger related to agreements with legacy XM Canada, now Sirius XM Canada.) Tj ET Q q 0 0 0 rg BT 372.10 611.10 Td (These costs are being amortized on a straight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (line basis through 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 575.10 Td (e recorded the following revenue and other income associated with Sirius XM Canada in our consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (of comprehensive income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.60 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 512.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 512.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 512.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 482.60 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 482.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 482.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 482.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 452.60 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 452.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 452.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 452.60 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 525.6 m 413 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 525.6 m 417 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 525.6 m 496 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 525.6 m 500 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 525.6 m 563 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 525.6 m 413 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 512.6 m 413 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 525.6 m 417 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 525.6 m 496 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 512.6 m 496 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 525.6 m 500 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 525.6 m 563 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 512.6 m 563 512.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 530.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.75 531.28 Td (For) Tj ET Q q 0 0 0 rg BT 401.12 531.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 415.56 531.28 Td (Y) Tj ET Q q 0 0 0 rg BT 420.74 531.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 495.32 531.28 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 517.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.00 517.28 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 517.28 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.00 517.28 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.27 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 89.99 506.80 Td (\(a\)\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 502.27 Td (96,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 502.27 Td (87,1) Tj ET Q q 0 0 0 rg BT 482.15 502.27 Td (1) Tj ET Q q 0 0 0 rg BT 487.15 502.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 502.27 Td (45,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 487.27 Td (Other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 487.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 472.27 Td (Share of net \(loss\) earnings ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 176.41 476.80 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 472.32 Td (\(804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 472.27 Td (4,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 472.27 Td (12,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 457.27 Td (Dividends ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 108.11 461.80 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 457.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 457.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 457.27 Td (3,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 442.27 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.92 446.80 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 442.27 Td (10,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 442.27 Td (6,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 421.30 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 421.30 Td (Prior to the ) Tj ET Q q 0 0 0 rg BT 119.08 421.30 Td (T) Tj ET Q q 0 0 0 rg BT 124.26 421.30 Td (ransaction, under our former agreements with Sirius XM Canada, we received a percentage-based fee of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.86 421.30 Td (10%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.35 421.30 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.85 421.30 Td (15%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.34 421.30 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 410.50 Td (for certain types of subscription revenue earned by Sirius XM Canada for the use of the Sirius and XM platforms, respectively) Tj ET Q q 0 0 0 rg BT 531.04 410.50 Td (, and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 399.70 Td (additional fees for premium services and fees for activation fees and reimbursements for other char) Tj ET Q q 0 0 0 rg BT 433.20 399.70 Td (ges.) Tj ET Q q 0 0 0 rg BT 451.78 399.70 Td (W) Tj ET Q q 0 0 0 rg BT 459.55 399.70 Td (e record revenue from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 388.90 Td (Sirius XM Canada as Music royalty fee and other revenue in our consolidated statements of comprehensive income.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 378.10 Td (Prior to the ) Tj ET Q q 0 0 0 rg BT 119.08 378.10 Td (T) Tj ET Q q 0 0 0 rg BT 124.26 378.10 Td (ransaction, we recognized our proportionate share of revenue and earnings or losses attributable to Sirius XM Canada on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 367.30 Td (a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.74 367.30 Td (one) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.74 367.30 Td ( month lag. ) Tj ET Q q 0 0 0 rg BT 140.49 367.30 Td (As a result of the ) Tj ET Q q 0 0 0 rg BT 204.06 367.30 Td (T) Tj ET Q q 0 0 0 rg BT 209.24 367.30 Td (ransaction, there is no longer a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.95 367.30 Td (one) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.95 367.30 Td (-month lag and Sirius XM Canada changed its fiscal year) Tj ET Q q 0 0 0 rg BT 540.96 367.30 Td (-end ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 355.30 Td (to December 31 to align with our fiscal year) Tj ET Q q 0 0 0 rg BT 234.95 355.30 Td (. For the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.70 355.30 Td (years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.69 355.30 Td ( ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.67 355.30 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.40 355.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.90 355.30 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 355.30 Td (, Share of net \(loss\) earnings included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 344.50 Td ($2,434) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.25 344.50 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.74 344.50 Td ($1,501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.49 344.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 190.89 344.50 Td (, of amortization expense related to equity method intangible assets.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 333.70 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 333.70 Td (Sirius XM Canada paid gross dividends to us of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.24 333.70 Td ($2,240) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.99 333.70 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.49 333.70 Td ($3,796) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.24 333.70 Td (, and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.98 333.70 Td ($7,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.73 333.70 Td ( during the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.98 333.70 Td (years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.97 333.70 Td ( ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.96 333.70 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.68 333.70 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.18 333.70 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.18 333.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 322.90 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 94.50 322.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 141.90 322.90 Td (.Dividends are first recorded as a reduction to our investment balance in Sirius XM Canada to the extent a balance ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 312.10 Td (existed and then as Other income \(expense\) for the remaining portion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (\(d\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 300.10 Td (This interest income relates to the loan to Sirius XM Canada and is recorded as Other income \(expense\) in our consolidated statements ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 289.30 Td (of comprehensive income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 265.30 Td (Pandora) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 247.30 Td (On September 22, 2017, we completed a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.73 247.30 Td ($480,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.23 247.30 Td ( investment in Pandora in which we purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.08 247.30 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.08 247.30 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.30 Td (Pandora) Tj ET Q q 0 0 0 rg BT 85.05 235.30 Td (s Series ) Tj ET Q q 0 0 0 rg BT 117.83 235.30 Td (A) Tj ET Q q 0 0 0 rg BT 124.50 235.30 Td ( Convertible Preferred Stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.61 235.30 Td ($0.0001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.11 235.30 Td ( per share \(the Series ) Tj ET Q q 0 0 0 rg BT 406.35 235.30 Td (A) Tj ET Q q 0 0 0 rg BT 413.02 235.30 Td ( Preferred Stock\). ) Tj ET Q q 0 0 0 rg BT 492.71 235.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 223.30 Td (, the Series ) Tj ET Q q 0 0 0 rg BT 174.19 223.30 Td (A) Tj ET Q q 0 0 0 rg BT 180.86 223.30 Td ( Preferred Stock, including accrued but unpaid dividends, represents a stake of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.30 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 211.30 Td ( of Pandora's common stock outstanding and approximately a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.53 211.30 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.86 211.30 Td ( interest on an as-converted basis. Pandora operates an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.30 Td (internet-based music discovery platform, of) Tj ET Q q 0 0 0 rg BT 223.99 199.30 Td (fering a personalized experience for listeners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 175.30 Td (The Series ) Tj ET Q q 0 0 0 rg BT 120.93 175.30 Td (A) Tj ET Q q 0 0 0 rg BT 127.60 175.30 Td ( Preferred Stock is convertible at the option of the holders at any time into shares of common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.30 Td (Pandora \(Pandora Common Stock\) at an initial conversion price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.76 163.30 Td ($10.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.26 163.30 Td ( per share of Pandora Common Stock and an initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.30 Td (conversion rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.19 151.30 Td (95.2381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.69 151.30 Td ( shares of Pandora Common Stock per share of Series ) Tj ET Q q 0 0 0 rg BT 373.87 151.30 Td (A) Tj ET Q q 0 0 0 rg BT 380.54 151.30 Td ( Preferred Stock, subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.30 Td (customary anti-dilution adjustments. Holders of the Series ) Tj ET Q q 0 0 0 rg BT 286.96 139.30 Td (A) Tj ET Q q 0 0 0 rg BT 293.63 139.30 Td ( Preferred Stock are entitled to a cumulative dividend at the rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.30 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 127.30 Td ( per annum, payable quarterly in arrears, if and when declared. Pandora has the option to pay dividends in cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.30 Td (accumulate dividends in lieu of paying cash. ) Tj ET Q q 0 0 0 rg BT 231.95 115.30 Td (Any conversion of Series ) Tj ET Q q 0 0 0 rg BT 335.27 115.30 Td (A) Tj ET Q q 0 0 0 rg BT 341.94 115.30 Td ( Preferred Stock may be settled by Pandora, at its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.30 Td (option, in shares of Pandora Common Stock, cash or any combination thereof. However) Tj ET Q q 0 0 0 rg BT 404.02 103.30 Td (, unless and until Pandora) Tj ET Q q 0 0 0 rg BT 509.84 103.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.30 Td (stockholders have approved the issuance of greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.53 91.30 Td (19.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.36 91.30 Td ( of the outstanding Pandora Common Stock, the Series ) Tj ET Q q 0 0 0 rg BT 527.44 91.30 Td (A) Tj ET Q q 0 0 0 rg BT 534.11 91.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.30 Td (Preferred Stock may not be converted into more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 79.30 Td (19.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.98 79.30 Td ( of Pandora) Tj ET Q q 0 0 0 rg BT 343.86 79.30 Td (s outstanding Pandora Common Stock as of June 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.30 Td (2017. ) Tj ET Q q 0 0 0 rg BT 76.82 67.30 Td (The liquidation preference of the Series ) Tj ET Q q 0 0 0 rg BT 237.31 67.30 Td (A) Tj ET Q q 0 0 0 rg BT 243.98 67.30 Td ( Preferred Stock, including accrued dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.03 67.30 Td ($40,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.53 67.30 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.58 67.30 Td ($520,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.08 67.30 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 55.30 Td (.) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (As the investment includes a conversion option, we have elected to account for this investment under the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (option to reduce the accounting asymmetry that would otherwise arise when recognizing the changes in the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 100.38 671.10 Td (-sale investments. Under the fair value option, any gains \(losses\) associated with the change in fair value will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (recognized in Other income within our consolidated statements of comprehensive income. In connection with the acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (of Pandora, the Series ) Tj ET Q q 0 0 0 rg BT 139.20 647.10 Td (A) Tj ET Q q 0 0 0 rg BT 145.87 647.10 Td ( Preferred Stock will be canceled as part of the proposed transaction. ) Tj ET Q q 0 0 0 rg BT 425.59 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 434.23 647.10 Td (e recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.47 647.10 Td ($42,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.97 647.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td ($472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 635.10 Td ( unrealized gain during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.18 635.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.28 635.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.16 635.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.74 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.18 635.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.18 635.10 Td ( as Other income \(expense\) in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (statements of comprehensive income for this investment. ) Tj ET Q q 0 0 0 rg BT 282.32 623.10 Td (The fair value of our investment in Pandora, including accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (dividends, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.05 611.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.63 611.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.07 611.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.07 611.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.62 611.10 Td ($523,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.12 611.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.56 611.10 Td ($480,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.06 611.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 400.72 611.10 Td (, and is recorded as a related party long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (term asset within our consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 253.98 599.10 Td (This investment does not meet the requirements for the equity method of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (accounting as it does not qualify as in-substance common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 563.10 Td (On September23, 2018, Holdings entered into an ) Tj ET Q q 0 0 0 rg BT 277.02 563.10 Td (Agreement and Plan of Mer) Tj ET Q q 0 0 0 rg BT 388.47 563.10 Td (ger and Reor) Tj ET Q q 0 0 0 rg BT 439.94 563.10 Td (ganization \(the Mer) Tj ET Q q 0 0 0 rg BT 523.05 563.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (Agreement\), by and among Holdings, Pandora, Billboard Holding Company) Tj ET Q q 0 0 0 rg BT 359.08 551.10 Td (, Inc., a wholly-owned subsidiary of Pandora, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (Billboard ) Tj ET Q q 0 0 0 rg BT 89.22 539.10 Td (Acquisition Sub, Inc., a wholly-owned subsidiary of Billboard Holding Company) Tj ET Q q 0 0 0 rg BT 414.65 539.10 Td (, Inc., Sirius XM and ) Tj ET Q q 0 0 0 rg BT 501.13 539.10 Td (White Oaks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (Acquisition Corp., pursuant to which, subject to the terms and conditions of the Mer) Tj ET Q q 0 0 0 rg BT 386.49 527.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 401.20 527.10 Td (Agreement, Holdings agreed to acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Pandora \(such transaction, the Mer) Tj ET Q q 0 0 0 rg BT 193.44 515.10 Td (ger\). Pursuant to the Mer) Tj ET Q q 0 0 0 rg BT 300.45 515.10 Td (ger) Tj ET Q q 0 0 0 rg BT 312.82 515.10 Td (, each outstanding share of Pandora Common Stock, will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (converted into the right to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.22 503.10 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.72 503.10 Td ( shares \(the Exchange Ratio\) of Holdings common stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 503.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.58 503.10 Td ( per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (\(Holdings Common Stock\). In connection with the Mer) Tj ET Q q 0 0 0 rg BT 282.89 491.10 Td (ger) Tj ET Q q 0 0 0 rg BT 295.26 491.10 Td (, the Series ) Tj ET Q q 0 0 0 rg BT 341.36 491.10 Td (A) Tj ET Q q 0 0 0 rg BT 348.03 491.10 Td ( Preferred Stock will be canceled for no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 455.10 Td (Further) Tj ET Q q 0 0 0 rg BT 105.54 455.10 Td (, pursuant to the Mer) Tj ET Q q 0 0 0 rg BT 188.95 455.10 Td (ger: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 431.10 Td (each option granted by Pandora under its stock incentive plans to purchase shares of Pandora Common Stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 419.10 Td (whether vested or unvested will be assumed and converted into an option to purchase shares of Holdings Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 407.10 Td (Stock, with appropriate adjustments \(based on the Exchange Ratio\) to the exercise price and number of shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 395.10 Td (Holdings Common Stock subject to such option, and will have the same vesting schedule and exercise conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 383.10 Td (as in ef) Tj ET Q q 0 0 0 rg BT 132.20 383.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 344.17 383.10 Td (ger; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 359.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 359.10 Td (each unvested restricted stock unit granted by Pandora under its stock incentive plans will be assumed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 347.10 Td (converted into an unvested restricted stock unit of Holdings, with appropriate adjustments \(based on the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 335.10 Td (Ratio\) to the number of shares of Holdings Common Stock to be received, and will have the same vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 323.10 Td (schedule and settlement date as in ef) Tj ET Q q 0 0 0 rg BT 249.37 323.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 461.35 323.10 Td (ger; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 299.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 299.10 Td (each unvested performance award granted by Pandora under its stock incentive plans shall be canceled and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 287.10 Td (forfeited if the per share value of mer) Tj ET Q q 0 0 0 rg BT 252.97 287.10 Td (ger consideration at the closing of the transactions as determined pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 275.10 Td (the Mer) Tj ET Q q 0 0 0 rg BT 134.70 275.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 149.41 275.10 Td (Agreement is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.72 275.10 Td ($20.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.22 275.10 Td (, and otherwise each such award will be assumed and converted into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 263.10 Td (time vesting award to receive a number of shares of Holdings Common Stock based on the Exchange Ratio, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 251.10 Td (will have the same vesting schedule as in ef) Tj ET Q q 0 0 0 rg BT 278.27 251.10 Td (fect as of immediately prior to the closing of the Mer) Tj ET Q q 0 0 0 rg BT 490.24 251.10 Td (ger) Tj ET Q q 0 0 0 rg BT 502.46 251.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 227.10 Td (The Mer) Tj ET Q q 0 0 0 rg BT 111.03 227.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 125.74 227.10 Td (Agreement contains customary representations and warranties from both Holdings and Pandora, and each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (party has agreed to customary covenants, including covenants relating to the conduct of Holdings) Tj ET Q q 0 0 0 rg BT 441.98 215.10 Td ( and Pandora) Tj ET Q q 0 0 0 rg BT 496.97 215.10 Td (s businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (during the period between the execution of the Mer) Tj ET Q q 0 0 0 rg BT 254.80 203.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 269.52 203.10 Td (Agreement and the closing of the Mer) Tj ET Q q 0 0 0 rg BT 421.51 203.10 Td (ger) Tj ET Q q 0 0 0 rg BT 433.73 203.10 Td (. In the case of Pandora, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (obligations include its agreement to call a meeting of its stockholders to adopt the Mer) Tj ET Q q 0 0 0 rg BT 395.34 191.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 410.06 191.10 Td (Agreement, and, subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (exceptions, to recommend that its stockholders adopt the Mer) Tj ET Q q 0 0 0 rg BT 295.65 179.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 310.36 179.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 155.10 Td (The Pandora stockholders voted to adopt the Mer) Tj ET Q q 0 0 0 rg BT 273.77 155.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 288.49 155.10 Td (Agreement at a special stockholder meeting on January 29, 2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.30 155.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 131.10 Td (The completion of the Mer) Tj ET Q q 0 0 0 rg BT 184.06 131.10 Td (ger is subject to customary conditions, including, among others, the absence of any law or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (order that prohibits or makes illegal the Mer) Tj ET Q q 0 0 0 rg BT 226.21 119.10 Td (ger and,subject to certain exceptions, the accuracy of the representations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (warranties of each party and compliance by the parties with their respective covenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.86 107.10 Td ( ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 57.28 695.25 Td (1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 671.25 Td (Our debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.93 671.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.51 671.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.95 671.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.95 671.25 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 615.75 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350.90 627.98 Td (at December) Tj ET Q q 0 0 0 rg BT 394.14 627.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 619.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 619.98 Td (December) Tj ET Q q 0 0 0 rg BT 454.32 619.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 619.98 Td (December) Tj ET Q q 0 0 0 rg BT 529.25 619.98 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 607.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 599.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 607.70 Td (July 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 607.70 Td (3.875% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 607.70 Td (August 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 599.70 Td (2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 607.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 599.70 Td (February 1and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 591.70 Td (August 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 607.70 Td (1,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 607.70 Td (993,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 607.70 Td (992,01) Tj ET Q q 0 0 0 rg BT 555.80 607.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 578.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 570.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 578.70 Td (May 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 578.70 Td (4.625% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 578.70 Td (May 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 570.70 Td (2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 578.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 570.70 Td (May15and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 562.70 Td (November15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.80 578.70 Td (500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 578.70 Td (497,207) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 578.70 Td (496,646) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 549.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 541.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 549.70 Td (May 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 549.70 Td (6.00% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 549.70 Td (July 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 541.70 Td (2024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 549.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 541.70 Td (January15 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 533.70 Td (July15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 549.70 Td (1,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 549.70 Td (1,489,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 549.70 Td (1,488,002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 520.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 512.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 520.70 Td (March 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 520.70 Td (5.375% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 520.70 Td (April 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 512.70 Td (2025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 520.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 512.70 Td (April15and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 504.70 Td (October15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 520.70 Td (1,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 520.70 Td (992,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 520.70 Td (991,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 491.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 483.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 491.70 Td (May 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 491.70 Td (5.375% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 491.70 Td (July 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 483.70 Td (2026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 491.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 483.70 Td (January 15and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 475.70 Td (July15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 491.70 Td (1,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 491.70 Td (991,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 491.70 Td (990,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 462.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 454.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 462.70 Td (July 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 462.70 Td (5.00% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 462.70 Td (August 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 454.70 Td (2027) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 462.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 454.70 Td (February 1and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 446.70 Td (August 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 462.70 Td (1,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 462.70 Td (1,487,309) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 462.70 Td (1,486,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 433.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 425.70 Td (\(c\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 433.70 Td (December ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 425.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 433.70 Td (Senior Secured ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 425.70 Td (Revolving Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 417.70 Td (Facility \(the "Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 409.70 Td (Facility"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 433.70 Td (June 29,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 425.70 Td (2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 433.70 Td (variable fee paid ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 425.70 Td (quarterly) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.80 433.70 Td (1,750,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 433.70 Td (439,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 433.70 Td (300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 396.70 Td (Sirius XM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 396.70 Td (V) Tj ET Q q 0 0 0 rg BT 101.39 396.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 396.70 Td (Capital leases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 396.70 Td (V) Tj ET Q q 0 0 0 rg BT 234.39 396.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 396.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.70 396.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 396.70 Td (5,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.80 396.70 Td (10,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 383.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 383.70 Td (otal Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 383.70 Td (6,895,413) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 383.70 Td (6,754,841) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 370.70 Td (Less: total current maturities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 370.70 Td (3,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 370.70 Td (5,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 357.70 Td (Less: total deferred financing costs for Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 357.70 Td (7,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 357.70 Td (8,493) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 344.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 344.70 Td (otal long-term debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 344.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 344.70 Td (6,884,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 344.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 344.70 Td (6,741,243) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 323.45 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 323.45 Td (The carrying value of the obligations is net of any remaining unamortized original issue discount.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 312.65 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 312.65 Td (Substantially all of our domestic wholly-owned subsidiaries have guaranteed these notes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 301.85 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 301.85 Td (In June 2018, we entered into an amendment to extend the maturity of the Credit Facility to June 2023. Our obligations under the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 291.05 Td (Credit Facility are guaranteed by certain of our material domestic subsidiaries and are secured by a lien on substantially all of our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 280.25 Td (assets and the assets of our material domestic subsidiaries.Interest on borrowings is payable on a monthly basis and accrues at a rate ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 269.45 Td (based on LIBOR plus an applicable rate.) Tj ET Q q 0 0 0 rg BT 227.04 269.45 Td (W) Tj ET Q q 0 0 0 rg BT 234.82 269.45 Td (e are also required to pay a variable fee on the average daily unused portion of the Credit ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 258.65 Td (Facility which is payable on a quarterly basis.) Tj ET Q q 0 0 0 rg BT 245.79 258.65 Td (The variable rate for the unused portion of the Credit Facility was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.72 258.65 Td (0.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.97 258.65 Td ( per annum as ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 247.85 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.25 247.85 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.97 247.85 Td (. Our outstanding borrowings under the Credit Facility are classified as Long-term debt within our consolidated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 237.05 Td (balance sheets due to the long-term maturity of this debt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 213.05 Td (Covenants and Restrictions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 195.05 Td (Under the Credit Facility) Tj ET Q q 0 0 0 rg BT 177.10 195.05 Td (, we must comply with a debt maintenance covenant that cannot exceed a total leverage ratio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.05 Td (calculated as consolidated total debt to consolidated operating cash flow) Tj ET Q q 0 0 0 rg BT 337.92 183.05 Td (, of 5.0 to 1.0.) Tj ET Q q 0 0 0 rg BT 398.85 183.05 Td (The Credit Facility generally requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.05 Td (compliance with certain covenants that restrict our ability to, among other things, \(i\)incur additional indebtedness, \(ii\)incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.05 Td (liens, \(iii\)pay dividends or make certain other restricted payments, investments or acquisitions, \(iv\)enter into certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.05 Td (transactions with af) Tj ET Q q 0 0 0 rg BT 127.63 147.05 Td (filiates, \(v\)mer) Tj ET Q q 0 0 0 rg BT 189.37 147.05 Td (ge or consolidate with another person, \(vi\)sell, assign, lease or otherwise dispose of all or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.05 Td (substantially all of our assets, and \(vii\)make voluntary prepayments of certain debt, in each case subject to exceptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 111.05 Td (The indentures governing our notes restrict our non-guarantor subsidiaries' ability to create, assume, incur or guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.05 Td (additional indebtedness without such non-guarantor subsidiary guaranteeing each such series of notes on a pari passu ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.05 Td (basis.) Tj ET Q q 0 0 0 rg BT 76.82 87.05 Td (The indentures governing the notes also contain covenants that, among other things, limit our ability and the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.05 Td (our subsidiaries to create certain liens; enter into sale/leaseback transactions; and mer) Tj ET Q q 0 0 0 rg BT 391.13 75.05 Td (ge or consolidate.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Under our debt agreements, the following generally constitute an event of default: \(i\)a default in the payment of interest; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (\(ii\)a default in the payment of principal; \(iii\)failure to comply with covenants; \(iv\)failure to pay other indebtedness after final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (maturity or acceleration of other indebtedness exceeding a specified amount; \(v\)certain events of bankruptcy; \(vi\)a judgment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (for payment of money exceeding a specified aggregate amount; and \(vii\)voidance of subsidiary guarantees, subject to grace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (periods where applicable.If an event of default occurs and is continuing, our debt could become immediately due and payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 623.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.58 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.02 623.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.02 623.10 Td (, we were in compliance with our debt covenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (\(12\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 599.10 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 127.99 599.10 Td ( Equity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 581.10 Td (Common Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 172.17 581.10 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 199.67 581.10 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 563.10 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 563.10 Td (9,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.04 563.10 Td ( shares of common stock. ) Tj ET Q q 0 0 0 rg BT 353.41 563.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.86 563.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.44 563.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.88 563.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.88 563.10 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.29 563.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.61 551.10 Td ( shares of common stock of Sirius XM issued and outstanding, which were owned by Holdings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 527.10 Td (Preferred Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 173.82 527.10 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 201.32 527.10 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 509.10 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 509.10 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.54 509.10 Td ( shares of undesignated preferred stock with a liquidation preference of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.93 509.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.43 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (per share. ) Tj ET Q q 0 0 0 rg BT 93.19 497.10 Td (There were no shares of preferred stock issued or outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 497.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.23 497.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.67 497.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.67 497.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (\(13\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 455.10 Td (e recognized share-based payment expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.61 455.10 Td ($133,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.11 455.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.11 455.10 Td ($124,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.61 455.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.04 455.10 Td ($108,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.54 455.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.92 455.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.02 455.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.90 455.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 443.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 443.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 443.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.94 443.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 443.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.60 443.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 425.10 Td (e account for equity instruments granted in accordance with ) Tj ET Q q 0 0 0 rg BT 327.44 425.10 Td (ASC 718, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.39 425.10 Td (Compensation - Stock Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.44 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.88 425.10 Td (ASC 718 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (requires all share-based compensation payments to be recognized in the financial statements based on fair value. ) Tj ET Q q 0 0 0 rg BT 501.65 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.29 413.10 Td (e use the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Black-Scholes-Merton option-pricing model to value stock option awards and have elected to treat awards with graded vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (as a single award. Share-based compensation expense is recognized ratably over the requisite service period, which is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (the vesting period. ) Tj ET Q q 0 0 0 rg BT 125.97 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 134.61 377.10 Td (e measure restricted stock awards and units using the fair market value of the restricted shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (stock on the day the award is granted. Stock-based awards granted to employees, non-employees and members of our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (directors include stock options and restricted stock units.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 335.10 Td (Fair value as determined using the Black-Scholes-Merton model varies based on assumptions used for the expected life, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (expected stock price volatility) Tj ET Q q 0 0 0 rg BT 169.08 323.10 Td (, expected dividend yield and risk-free interest rates. For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.31 323.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.89 323.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 311.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 311.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 311.10 Td (, we estimated the fair value of awards granted using the hybrid approach for volatility) Tj ET Q q 0 0 0 rg BT 454.56 311.10 Td (, which weights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (observable historical volatility and implied volatility of qualifying actively traded options on our common stock. ) Tj ET Q q 0 0 0 rg BT 502.00 299.10 Td (The expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (life assumption represents the weighted-average period stock-based awards are expected to remain outstanding. ) Tj ET Q q 0 0 0 rg BT 498.04 287.10 Td (These expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (life assumptions are established through a review of historical exercise behavior of stock-based award grants with similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (vesting periods. ) Tj ET Q q 0 0 0 rg BT 115.14 263.10 Td (Where historical patterns do not exist for non-employees, contractual terms are used. Dividend yield is based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (on the current expected annual dividend per share and our stock price. ) Tj ET Q q 0 0 0 rg BT 332.26 251.10 Td (The risk-free interest rate represents the daily treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (yield curve rate at the grant date based on the closing market bid yields on actively traded U.S. treasury securities in the over) Tj ET Q q 0 0 0 rg BT 548.58 239.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (the-counter market for the expected term. Our assumptions may change in future periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 197.10 Td (2015 Long-T) Tj ET Q q 0 0 0 rg BT 120.19 197.10 Td (erm Stock Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 179.10 Td (In May 2015, Holdings' stockholders approved the Sirius XM Holdings Inc. 2015 Long-T) Tj ET Q q 0 0 0 rg BT 436.34 179.10 Td (erm Stock Incentive Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (2015 Plan\).Employees, consultants and members of Holdings' board of directors are eligible to receive awards under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (2015 Plan.) Tj ET Q q 0 0 0 rg BT 97.10 155.10 Td (The 2015 Plan provides for the grant of stock options, restricted stock awards, restricted stock units and other stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (based awards that the compensation committee of Holdings' board of directors deems appropriate.Stock-based awards granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (under the 2015 Plan are generally subject to a graded vesting requirement, which is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.93 131.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.92 131.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.69 131.10 Td (four years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.95 131.10 Td ( from the grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (date.Stock options generally expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.07 119.10 Td (ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.88 119.10 Td ( from the date of grant.Restricted stock units include performance-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (restricted stock units \(PRSUs\), the vesting of which are subject to the achievement of performance goals and the employee's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (continued employment and generally clif) Tj ET Q q 0 0 0 rg BT 213.71 95.10 Td (f vest on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.36 95.10 Td (third) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.25 95.10 Td ( anniversary of the grant date. Each restricted stock unit entitles the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (holder to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.19 83.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.63 83.10 Td ( share of common stock upon vesting.) Tj ET Q q 0 0 0 rg BT 289.99 83.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.44 83.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.02 83.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.02 83.10 Td (154,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.52 83.10 Td ( shares of common stock were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (available for future grants under the 2015 Plan.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-25) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 695.25 Td (Other Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.25 Td (Holdings maintains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.05 677.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.05 677.25 Td ( other share-based benefit plans the Sirius XM Radio Inc. 2009 Long-T) Tj ET Q q 0 0 0 rg BT 469.34 677.25 Td (erm Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (Plan and the ) Tj ET Q q 0 0 0 rg BT 100.88 665.25 Td (Amended and Restated Sirius Satellite Radio 2003 Long-T) Tj ET Q q 0 0 0 rg BT 335.97 665.25 Td (erm Stock Incentive Plan. Excluding dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (equivalent units granted as a result of a declared dividend, no further awards may be made under these plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 629.25 Td (The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (employees and members of Holdings' board of directors:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 580.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 580.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 580.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 580.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 550.75 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 550.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 550.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 550.75 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 593.75 m 419 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 593.75 m 423 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 593.75 m 491 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 593.75 m 495 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 593.75 m 562 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 580.75 m 419 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 580.75 m 491 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 580.75 m 562 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 580.75 m 419 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 580.75 m 491 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 580.75 m 562 580.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 598.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.75 597.98 Td (For) Tj ET Q q 0 0 0 rg BT 409.12 597.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 423.56 597.98 Td (Y) Tj ET Q q 0 0 0 rg BT 428.74 597.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 503.32 597.98 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 585.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 584.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 584.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 584.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 571.32 Td (Risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 570.42 Td (2.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.05 570.42 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.55 570.42 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 556.32 Td (Expected life of options years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.75 555.42 Td (4.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.75 555.42 Td (4.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.25 555.42 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 541.32 Td (Expected stock price volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 540.42 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 540.42 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 540.42 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 526.32 Td (Expected dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 525.42 Td (0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.05 525.42 Td (0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.55 525.42 Td (0.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 503.25 Td (Since Holdings did not historically pay dividends on our common stock prior to the fourth quarter of 2016, the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (dividend yield used in the Black-Scholes-Merton option-pricing model was less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.82 491.25 Td (one tenth percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.68 491.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.06 491.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.26 491.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 479.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 455.25 Td (The following table summarizes stock option activity under Holdings' share-based plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.71 455.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.81 455.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 443.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 443.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.08 443.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.52 443.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.52 443.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 387.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 387.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 387.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 387.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 387.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 387.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 387.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 357.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 357.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 357.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 357.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 357.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 357.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 357.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 357.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 327.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 327.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 327.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 327.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 327.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 327.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 327.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 327.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 297.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 297.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 297.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 297.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 297.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 267.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 267.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 267.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 267.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 267.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 237.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 237.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 237.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 237.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 237.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 237.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 237.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 237.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 207.75 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 207.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 207.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 207.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 207.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 207.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 207.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 207.75 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 387.75 m 368 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 387.75 m 433 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 387.75 m 498 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 387.75 m 563 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 327.75 m 368 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 267.75 m 368 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 207.75 m 368 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 193.75 m 368 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 191.75 m 368 191.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 392.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.40 391.98 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.40 415.98 Td (W) Tj ET Q q 0 0 0 rg BT 391.96 415.98 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.05 407.98 Td (A) Tj ET Q q 0 0 0 rg BT 393.23 407.98 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.60 399.98 Td (Exer) Tj ET Q q 0 0 0 rg BT 403.89 399.98 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.25 391.98 Td (Price Per) Tj ET Q q 0 0 0 rg BT 406.86 391.98 Td ( Shar) Tj ET Q q 0 0 0 rg BT 425.16 391.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.40 423.98 Td (W) Tj ET Q q 0 0 0 rg BT 456.96 423.98 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.05 415.98 Td (A) Tj ET Q q 0 0 0 rg BT 458.23 415.98 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 407.98 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.30 399.98 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.55 391.98 Td (T) Tj ET Q q 0 0 0 rg BT 449.15 391.98 Td (erm \(Y) Tj ET Q q 0 0 0 rg BT 472.47 391.98 Td (ears\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 407.98 Td (Aggr) Tj ET Q q 0 0 0 rg BT 531.68 407.98 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.30 399.98 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.35 391.98 Td (V) Tj ET Q q 0 0 0 rg BT 527.39 391.98 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 377.42 Td (Outstanding at the beginning of January 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 377.42 Td (338,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 377.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 377.42 Td (3.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 363.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 362.42 Td (55,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 362.42 Td (4.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 348.32 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 347.47 Td (\(50,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 347.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 347.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 347.42 Td (2.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 333.32 Td (Forfeited, cancelled or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 332.47 Td (\(10,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 332.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 332.42 Td (4.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 317.42 Td (Outstanding as of December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 317.42 Td (332,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 317.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 317.42 Td (3.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 303.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 302.42 Td (27,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 302.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 302.42 Td (5.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 288.32 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 287.47 Td (\(73,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 287.42 Td (3.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 273.32 Td (Forfeited, cancelled or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 272.47 Td (\(6,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 272.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 272.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 272.42 Td (4.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 257.42 Td (Outstanding as of December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 257.42 Td (280,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 257.42 Td (3.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 243.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 242.42 Td (31,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 242.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 242.42 Td (6.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 228.32 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 227.47 Td (\(64,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 227.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 227.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 227.42 Td (3.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 213.32 Td (Forfeited, cancelled or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 212.47 Td (\(4,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 212.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 212.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 212.42 Td (4.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 198.32 Td (Outstanding as of December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 197.42 Td (243,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 197.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 197.42 Td (4.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 197.42 Td (6.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 197.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 197.42 Td (391,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 183.32 Td (Exercisable as of December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 182.42 Td (143,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 182.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 182.42 Td (3.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 182.42 Td (5.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 182.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 182.42 Td (303,266) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 160.25 Td (The weighted average grant date fair value per share of stock options granted during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.08 160.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.18 160.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.06 160.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 148.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 148.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 148.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.94 148.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 148.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.49 148.25 Td ($1.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.99 148.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.99 148.25 Td ($1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.49 148.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.93 148.25 Td ($0.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.43 148.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.09 148.25 Td (.) Tj ET Q q 0 0 0 rg BT 306.41 148.25 Td (The total intrinsic value of stock options exercised during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 136.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.48 136.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.06 136.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 136.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.06 136.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 136.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 136.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.05 136.25 Td ($214,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.55 136.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.55 136.25 Td ($166,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.05 136.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.49 136.25 Td ($81,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.99 136.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 447.65 136.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 112.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 112.25 Td (e recognized share-based payment expense associated with stock options of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.04 112.25 Td ($67,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.54 112.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.54 112.25 Td ($78,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.04 112.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.47 112.25 Td ($80,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 112.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 100.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.48 100.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.06 100.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 100.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.06 100.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 100.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 100.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.16 100.25 Td (.) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (The following table summarizes the restricted stock unit, including PRSU, activity under our share-based plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 683.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.48 683.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.06 683.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 683.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.06 683.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 683.10 Td (2016) Tj ET Q BT /F1 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75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 463.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 643.6 m 482 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 643.6 m 561 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 643.6 m 482 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 583.6 m 482 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 523.6 m 482 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 463.6 m 482 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 449.6 m 482 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 447.6 m 482 447.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 648.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 647.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 448.80 647.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.55 663.83 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.15 655.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 519.67 655.83 Td ( ) Tj ET Q q 0 0 0 rg BT 521.52 655.83 Td (V) Tj ET Q q 0 0 0 rg BT 526.56 655.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.15 647.83 Td (Per) Tj ET Q q 0 0 0 rg BT 517.99 647.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 536.30 647.83 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 633.27 Td (Nonvested at the beginning of January 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 633.27 Td (16,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 633.27 Td (3.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 618.72 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 618.27 Td (18,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 618.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 618.27 Td (4.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 603.27 Td (V) Tj ET Q q 0 0 0 rg BT 75.17 603.27 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 603.32 Td (\(4,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 603.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 603.27 Td (3.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 588.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 588.32 Td (\(506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 588.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 588.27 Td (3.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 573.27 Td (Nonvested as of December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 573.27 Td (29,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 573.27 Td (4.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 558.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 558.27 Td (1) Tj ET Q q 0 0 0 rg BT 455.65 558.27 Td (1,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 558.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 558.27 Td (5.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 543.27 Td (V) Tj ET Q q 0 0 0 rg BT 75.17 543.27 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 543.32 Td (\(8,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 543.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 543.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 543.27 Td (3.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 528.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 528.32 Td (\(1,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 528.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 528.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 528.27 Td (4.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 513.27 Td (Nonvested as of December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 513.27 Td (31,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 513.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 513.27 Td (4.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 498.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 498.27 Td (17,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 498.27 Td (6.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 483.27 Td (V) Tj ET Q q 0 0 0 rg BT 75.17 483.27 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 483.32 Td (\(12,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 483.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 483.27 Td (4.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 468.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 468.32 Td (\(1,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 468.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 468.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 468.27 Td (4.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 453.27 Td (Nonvested as of December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 453.27 Td (34,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 453.27 Td (5.50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 431.10 Td (The total intrinsic value of restricted stock units, including PRSUs, vesting during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.73 431.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.83 431.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.71 431.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.29 431.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 419.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 419.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 419.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 419.10 Td ($84,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.99 419.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.99 419.10 Td ($48,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.49 419.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.93 419.10 Td ($17,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.43 419.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 304.09 419.10 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.14 419.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.24 419.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.11 419.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.70 419.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.70 419.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.70 419.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.13 419.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.13 419.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (we granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.15 407.10 Td (5,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.65 407.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.65 407.10 Td (938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.65 407.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.08 407.10 Td (3,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.58 407.10 Td ( PRSUs to certain employees, respectively) Tj ET Q q 0 0 0 rg BT 349.90 407.10 Td (. ) Tj ET Q q 0 0 0 rg BT 357.21 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 365.85 407.10 Td (e believe it is probable that the performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 395.10 Td (get applicable to these PRSUs will be achieved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 371.10 Td (In connection with the cash dividends paid during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 371.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.49 371.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.37 371.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.95 371.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.95 371.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.95 371.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.39 371.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.39 371.10 Td (, we granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.04 371.10 Td (249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.04 371.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 359.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.94 359.10 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.94 359.10 Td ( restricted stock units, respectively) Tj ET Q q 0 0 0 rg BT 231.86 359.10 Td (, including PRSUs, in accordance with the terms of existing award agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (These grants did not result in any additional incremental share-based payment expense being recognized during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.24 347.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.33 347.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 335.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 335.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.08 335.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.52 335.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.52 335.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 311.10 Td (e recognized share-based payment expense associated with restricted stock units, including PRSUs, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.42 311.10 Td ($66,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.92 311.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td ($45,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 299.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 299.10 Td ($28,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 299.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.32 299.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.41 299.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.29 299.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.88 299.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.88 299.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.88 299.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.31 299.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.31 299.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 410.97 299.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.91 275.10 Td (otal unrecognized compensation costs related to unvested share-based payment awards for stock options and restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (stock units, including PRSUs, granted to employees, members of our board of directors and third parties at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.86 263.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.44 263.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 251.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 251.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 251.10 Td ($254,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 251.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.93 251.10 Td ($241,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.43 251.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 254.09 251.10 Td (.) Tj ET Q q 0 0 0 rg BT 261.41 251.10 Td (The total unrecognized compensation costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.35 251.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.93 251.10 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (expected to be recognized over a weighted-average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.76 239.10 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.26 239.10 Td ( years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 209.10 Td (401\(k\) Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 191.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 191.10 Td (e sponsor the Sirius XM Radio Inc. 401\(k\) Savings Plan \(the Sirius XM Plan\) for eligible employees. ) Tj ET Q q 0 0 0 rg BT 502.84 191.10 Td (The Sirius ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (XM Plan allows eligible employees to voluntarily contribute from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.39 179.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.72 179.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.50 179.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.83 179.10 Td ( of their pre-tax eligible earnings, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (certain defined limits. ) Tj ET Q q 0 0 0 rg BT 139.29 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.93 167.10 Td (e match ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.80 167.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.13 167.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 267.05 167.10 Td (s voluntary contributions per pay period on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.62 167.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.95 167.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 555.87 167.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (pre-tax salary up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.29 155.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.62 155.10 Td ( of eligible compensation.) Tj ET Q q 0 0 0 rg BT 312.30 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.94 155.10 Td (e may also make additional discretionary matching, true-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (matching and non-elective contributions to the Sirius XM Plan.Employer matching contributions under the Sirius XM Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (vest at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.08 131.10 Td (33.33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.91 131.10 Td ( for each year of employment and are fully vested after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.31 131.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.89 131.10 Td ( of employment for all current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (future contributions.Our cash employer matching contributions are not used to purchase shares of Holdings' common stock on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (the open market, unless the employee elects Holdings' common stock as their investment option for this contribution.) Tj ET Q q 0 0 0 rg BT 523.25 107.10 Td (W) Tj ET Q q 0 0 0 rg BT 531.89 107.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.86 95.10 Td ($8,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.36 95.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.36 95.10 Td ($7,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.86 95.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.30 95.10 Td ($7,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.80 95.10 Td ( in expense during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.61 95.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.71 95.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.59 95.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.17 95.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.17 95.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.17 95.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.61 95.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.61 95.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 539.27 95.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (connection with the Sirius XM Plan.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-27) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 695.25 Td (Sirius XM Holdings Inc. Deferred Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (In 2015, Holdings' adopted the Sirius XM Holdings Inc. Deferred Compensation Plan \(the DCP\). ) Tj ET Q q 0 0 0 rg BT 480.17 677.25 Td (The DCP) Tj ET Q q 0 0 0 rg BT 517.30 677.25 Td ( allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (members of Holdings' board of directors and certain eligible employees to defer all or a portion of their base salary) Tj ET Q q 0 0 0 rg BT 508.55 665.25 Td (, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (incentive compensation and/or board of directors) Tj ET Q q 0 0 0 rg BT 248.41 653.25 Td ( cash compensation, as applicable. Pursuant to the terms of the DCP) Tj ET Q q 0 0 0 rg BT 522.24 653.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (Holdings or any of its subsidiaries may elect to make additional contributions beyond amounts deferred by participants, but is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (under no obligation to do so. Holdings has established a grantor \(or rabbi\) trust to facilitate the payment of its obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (under the DCP) Tj ET Q q 0 0 0 rg BT 107.83 617.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 593.25 Td (Contributions to the DCP) Tj ET Q q 0 0 0 rg BT 178.34 593.25 Td (, net of withdrawals, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 593.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.74 593.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.62 593.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.21 593.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.21 593.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.21 593.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.64 593.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.64 593.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.07 593.25 Td ($7,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.57 593.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td ($7,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 581.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 581.25 Td ($4,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.94 581.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 176.60 581.25 Td (. ) Tj ET Q q 0 0 0 rg BT 183.55 581.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.99 581.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.58 581.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.01 581.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.01 581.25 Td (, the fair value of the investments held in the trust were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td ($21,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 569.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 569.25 Td ($14,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 569.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.60 569.25 Td (, which is included in Other long-term assets in our consolidated balance sheets and classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (as trading securities. ) Tj ET Q q 0 0 0 rg BT 136.24 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 142.00 557.25 Td (rading gains and losses associated with these investments are recorded in Other income within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (consolidated statements of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 257.87 545.25 Td (The associated liability is recorded within Other long-term liabilities in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (consolidated balance sheets, and any increase or decrease in the liability is recorded in General and administration expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (within our consolidated statements of comprehensive income. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.04 521.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 521.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.02 521.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.60 521.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.04 521.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.04 521.25 Td (, we recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (an immaterial amount of unrealized losses and gains on investments, respectively) Tj ET Q q 0 0 0 rg BT 374.59 509.25 Td (, held in the trust.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (\(14\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 485.25 Td (Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 467.25 Td (The following table summarizes our expected contractual cash commitments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.78 467.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.36 467.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 444.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 444.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 444.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 444.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 444.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 444.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 444.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 444.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 416.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 416.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 416.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 416.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 416.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 416.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 416.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 416.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 388.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 388.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 388.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 388.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 388.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 388.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 388.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 388.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 388.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 360.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 360.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 360.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 360.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 360.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 360.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 360.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 360.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 332.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 332.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 332.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 332.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 332.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 332.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 332.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 332.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 332.75 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 444.75 m 220 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 444.75 m 277 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 444.75 m 334 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 444.75 m 390 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 444.75 m 447 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 444.75 m 504 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 444.75 m 563 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 444.75 m 220 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 332.75 m 220 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 332.75 m 277 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 332.75 m 334 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 332.75 m 390 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 332.75 m 447 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 332.75 m 504 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 332.75 m 563 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 319.75 m 220 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 317.75 m 220 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 319.75 m 277 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 317.75 m 277 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 319.75 m 334 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 317.75 m 334 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 319.75 m 390 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 317.75 m 390 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 319.75 m 447 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 317.75 m 447 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 319.75 m 504 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 317.75 m 504 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 319.75 m 563 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 317.75 m 563 317.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.00 448.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.00 448.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.00 448.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.50 448.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.00 448.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.70 448.83 Td (Ther) Tj ET Q q 0 0 0 rg BT 475.44 448.83 Td (eafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.25 448.83 Td (T) Tj ET Q q 0 0 0 rg BT 530.85 448.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 435.32 Td (Debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.65 435.32 Td (3,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 435.32 Td (1,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 435.32 Td (726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 435.32 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 435.32 Td (939,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.10 435.32 Td (5,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 435.32 Td (6,944,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 421.32 Td (Cash interest payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 421.32 Td (357,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.60 421.32 Td (358,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 421.32 Td (358,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.60 421.32 Td (358,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 421.32 Td (296,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 421.32 Td (631,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 421.32 Td (2,361,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 407.32 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 407.32 Td (97,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 407.32 Td (50,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 407.32 Td (3,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 407.32 Td (2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 407.32 Td (1,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 407.32 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 407.32 Td (159,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 393.32 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 393.32 Td (261,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.60 393.32 Td (220,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 393.32 Td (126,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 393.32 Td (55,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 393.32 Td (33,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 393.32 Td (129,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 393.32 Td (827,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 379.32 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 379.32 Td (37,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 379.32 Td (8,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 379.32 Td (7,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 379.32 Td (1,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 379.32 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 379.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 379.32 Td (54,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 365.32 Td (Satellite incentive payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 365.32 Td (1) Tj ET Q q 0 0 0 rg BT 193.65 365.32 Td (1,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 365.32 Td (10,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 365.32 Td (8,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 365.32 Td (8,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 365.32 Td (8,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 365.32 Td (52,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 365.32 Td (100,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 351.32 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 351.32 Td (43,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 351.32 Td (49,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 351.32 Td (45,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 351.32 Td (42,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 351.32 Td (35,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 351.32 Td (144,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 351.32 Td (361,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 337.32 Td (Royalties and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 337.32 Td (168,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.60 337.32 Td (1) Tj ET Q q 0 0 0 rg BT 245.60 337.32 Td (13,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 337.32 Td (92,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 337.32 Td (23,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 337.32 Td (5,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 337.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 337.32 Td (402,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 323.32 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 323.32 Td (otal ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 81.41 327.39 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 323.32 Td (980,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.60 323.32 Td (813,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 323.32 Td (642,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 323.32 Td (1,492,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.10 323.32 Td (1,320,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.10 323.32 Td (5,962,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 323.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 323.32 Td (1) Tj ET Q q 0 0 0 rg BT 519.10 323.32 Td (1,21) Tj ET Q q 0 0 0 rg BT 536.60 323.32 Td (1,904) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 302.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 302.45 Td (The table does not include our reserve for uncertain tax positions, which at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.92 302.45 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.64 302.45 Td ( totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.63 302.45 Td ($8,541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.38 302.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 278.45 Td (Debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.94 278.45 Td (Debt obligations include principal payments on outstanding debt and capital lease obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 254.45 Td (Cash inter) Tj ET Q q 0 0 0 rg BT 119.08 254.45 Td (est payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.95 254.45 Td (Cash interest payments include interest due on outstanding debt and capital lease payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.45 Td (through maturity) Tj ET Q q 0 0 0 rg BT 116.34 242.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 218.45 Td (Satellite and transmission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.89 218.45 Td (W) Tj ET Q q 0 0 0 rg BT 202.53 218.45 Td (e have entered into agreements with several third parties to design, build, launch and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.45 Td (insure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.44 206.45 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.44 206.45 Td ( satellites, SXM-7 and SXM-8. ) Tj ET Q q 0 0 0 rg BT 220.70 206.45 Td (W) Tj ET Q q 0 0 0 rg BT 229.33 206.45 Td (e also have entered into agreements with third parties to operate and maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.45 Td (satellite telemetry) Tj ET Q q 0 0 0 rg BT 120.21 194.45 Td (, tracking and control facilities and certain components of our terrestrial repeater networks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 170.45 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.13 170.45 Td (ogramming and content.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.18 170.45 Td (W) Tj ET Q q 0 0 0 rg BT 203.81 170.45 Td (e have entered into various programming and content agreements. Under the terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.45 Td (these agreements, our obligations include fixed payments, advertising commitments and revenue sharing arrangements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.45 Td (certain of these agreements, the future revenue sharing costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 471.09 146.45 Td (ficult to estimate; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.45 Td (therefore, they are not included in our minimum contractual cash commitments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 110.45 Td (Sales and marketing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.66 110.45 Td (W) Tj ET Q q 0 0 0 rg BT 180.29 110.45 Td (e have entered into various marketing, sponsorship and distribution agreements to promote our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.45 Td (brand and are obligated to make payments to sponsors, retailers, automakers and radio manufacturers under these agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.45 Td (Certain programming and content agreements also require us to purchase advertising on properties owned or controlled by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.45 Td (licensors.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Satellite incentive payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.63 695.10 Td (Boeing Satellite Systems International, Inc., the manufacturer of certain of our in-orbit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (satellites, may be entitled to future in-orbit performance payments upon XM-3 and XM-4 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 683.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.59 683.10 Td (-year design life, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (which we expect to occur) Tj ET Q q 0 0 0 rg BT 151.13 671.10 Td (.Boeing may also be entitled to up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.82 671.10 Td ($10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.32 671.10 Td ( of additional incentive payments if our XM-4 satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (continues to operate above baseline specifications during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.97 659.10 Td (five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 659.10 Td ( beyond the satellite) Tj ET Q q 0 0 0 rg BT 417.15 659.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.54 659.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.64 659.10 Td (-year design life, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (currently not expected to occur) Tj ET Q q 0 0 0 rg BT 173.34 647.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 623.10 Td (Space Systems/Loral, the manufacturer of certain of our in-orbit satellites, may be entitled to future in-orbit performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (payments upon XM-5, SIRIUS FM-5 and SIRIUS FM-6 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.66 611.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.75 611.10 Td (-year design life, which we expect to occur) Tj ET Q q 0 0 0 rg BT 531.35 611.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 587.10 Td (Operating lease obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.66 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.30 587.10 Td (e have entered into both cancelable and non-cancelable operating leases for of) Tj ET Q q 0 0 0 rg BT 522.47 587.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (space, equipment and terrestrial repeaters. ) Tj ET Q q 0 0 0 rg BT 220.07 575.10 Td (These leases provide for minimum lease payments, additional operating expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 563.10 Td (ges, leasehold improvements and rent escalations that have initial terms ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.59 563.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.03 563.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.81 563.10 Td (fifteen years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 563.10 Td (, and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (leases have options to renew) Tj ET Q q 0 0 0 rg BT 163.26 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.08 551.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 193.71 551.10 Td (fect of the rent holidays and rent concessions are recognized on a straight-line basis over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (the lease term, including reasonably assured renewal periods. ) Tj ET Q q 0 0 0 rg BT 299.51 539.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.92 539.10 Td (otal rent recognized in connection with leases for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 527.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 527.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.46 527.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.46 527.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.90 527.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 527.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.45 527.10 Td ($43,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.95 527.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.95 527.10 Td ($43,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.45 527.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.89 527.10 Td ($46,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.39 527.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 414.05 527.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 503.10 Td (Royalties and other) Tj ET Q q 0 0 0 rg BT 154.71 503.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.21 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.85 503.10 Td (e have entered into certain music royalty arrangements that include fixed payments. ) Tj ET Q q 0 0 0 rg BT 515.54 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 524.18 503.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (also entered into various agreements with third parties for general operating purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 467.10 Td (In addition to the minimum contractual cash commitments described above, we have entered into other variable cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 108.18 455.10 Td (These future costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 361.23 455.10 Td (ficult to anticipate; however) Tj ET Q q 0 0 0 rg BT 473.29 455.10 Td (, these costs may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 97.09 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.73 443.10 Td (e may enter into additional programming, distribution, marketing and other agreements that contain similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (variable cost provisions. ) Tj ET Q q 0 0 0 rg BT 151.80 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.44 431.10 Td (e also have a surety bond of approximately $45,000 primarily used as security against non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (performance in the normal course of business. ) Tj ET Q q 0 0 0 rg BT 236.48 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 245.12 419.10 Td (e do not have any other significant of) Tj ET Q q 0 0 0 rg BT 394.06 419.10 Td (f-balance sheet financing arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (that are reasonably likely to have a material ef) Tj ET Q q 0 0 0 rg BT 234.23 407.10 Td (fect on our financial condition, results of operations, liquidity) Tj ET Q q 0 0 0 rg BT 479.64 407.10 Td (, capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (expenditures or capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 365.10 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 347.10 Td (In the ordinary course of business, we are a defendant or party to various claims and lawsuits, including those discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.29 335.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 311.10 Td (e record a liability when we believe that it is both probable that a liability will be incurred, and the amount of loss can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (be reasonably estimated. ) Tj ET Q q 0 0 0 rg BT 150.39 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.03 299.10 Td (e evaluate developments in legal matters that could af) Tj ET Q q 0 0 0 rg BT 373.77 299.10 Td (fect the amount of liability that has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (previously accrued and make adjustments as appropriate.Significant judgment is required to determine both probability and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (the estimated amount of a loss or potential loss.) Tj ET Q q 0 0 0 rg BT 244.56 275.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.20 275.10 Td (e may be unable to reasonably estimate the reasonably possible loss or range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (of loss for a particular legal contingency for various reasons, including, among others, because: \(i\) the damages sought are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (indeterminate; \(ii\)the proceedings are in the relative early stages; \(iii\)there is uncertainty as to the outcome of pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (proceedings \(including motions and appeals\); \(iv\)there is uncertainty as to the likelihood of settlement and the outcome of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (negotiations with respect thereto; \(v\)there remain significant factual issues to be determined or resolved; \(vi\)the relevant law is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (unsettled; or \(vii\) the proceedings involve novel or untested legal theories.In such instances, there may be considerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (uncertainty regarding the ultimate resolution of such matters, including the likelihood or magnitude of a possible eventual loss, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (if any) Tj ET Q q 0 0 0 rg BT 71.90 191.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 167.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.14 167.10 Td (elephone Consumer Pr) Tj ET Q q 0 0 0 rg BT 172.98 167.10 Td (otection ) Tj ET Q q 0 0 0 rg BT 207.51 167.10 Td (Act Suits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.78 167.10 Td (. On March 13, 2017, ) Tj ET Q q 0 0 0 rg BT 333.42 167.10 Td (Thomas Buchanan, individually and on behalf of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (others similarly situated, filed a class action complaint against us in the United States District Court for the Northern District of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 143.10 Td (exas, Dallas Division. ) Tj ET Q q 0 0 0 rg BT 147.49 143.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 194.24 143.10 Td (f in this action alleges that we violated the ) Tj ET Q q 0 0 0 rg BT 365.40 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 370.81 143.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 496.06 143.10 Td (Act of 1991 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 71.36 131.10 Td (A\) by) Tj ET Q q 0 0 0 rg BT 98.20 131.10 Td (, among other things, making telephone solicitations to persons on the National Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 500.54 131.10 Td (, a database ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (established to allow consumers to exclude themselves from telemarketing calls unless they consent to receive the calls in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (signed, written agreement, and making calls to consumers in violation of our internal Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 474.86 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.18 107.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 528.92 107.10 Td (f is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (seeking various forms of relief, including statutory damages of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.32 95.10 Td (five hundred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 95.10 Td ( dollars for each violation of the ) Tj ET Q q 0 0 0 rg BT 484.75 95.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 502.17 95.10 Td (A) Tj ET Q q 0 0 0 rg BT 508.84 95.10 Td ( or) Tj ET Q q 0 0 0 rg BT 519.27 95.10 Td (, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (alternative, treble damages of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.05 83.10 Td (fifteen hundred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 83.10 Td ( dollars for each knowing and willful violation of the ) Tj ET Q q 0 0 0 rg BT 468.63 83.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 486.05 83.10 Td (A) Tj ET Q q 0 0 0 rg BT 492.72 83.10 Td ( and a permanent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (injunction prohibiting us from making, or having made, any calls to land lines that are listed on the National Do-Not-Call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (registry or our internal Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 225.19 59.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.51 59.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 279.26 59.10 Td (f has filed a motion seeking class certification, and that motion is ) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 89.04 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.67 695.10 Td (e believe we have substantial defenses to the claims asserted in this action, and we intend to defend this action ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (vigorously) Tj ET Q q 0 0 0 rg BT 91.63 683.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 659.10 Td (Other Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.44 659.10 Td (.In the ordinary course of business, we are a defendant in various other lawsuits and arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (proceedings, including derivative actions; actions filed by subscribers, both on behalf of themselves and on a class action basis; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (former employees; parties to contracts or leases; and owners of patents, trademarks, copyrights or other intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 623.10 Td (.None of these other matters, in our opinion, is likely to have a material adverse ef) Tj ET Q q 0 0 0 rg BT 416.33 623.10 Td (fect on our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (condition or results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (\(15\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 587.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 110.48 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 116.23 587.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 569.10 Td (There is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.49 569.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.49 569.10 Td ( current U.S. federal income tax provision, as all federal taxable income was of) Tj ET Q q 0 0 0 rg BT 438.85 569.10 Td (fset by utilizing U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (net operating loss carryforwards.) Tj ET Q q 0 0 0 rg BT 185.94 557.10 Td (The current state income tax provision is primarily related to taxable income in certain states ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (that have suspended or limited the ability to use net operating loss carryforwards or where net operating losses have been fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (utilized.) Tj ET Q q 0 0 0 rg BT 86.81 533.10 Td (The current foreign income tax provision is primarily related to foreign withholding taxes on dividends paid to us by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (Sirius XM Canada.Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 497.10 Td (Sirius XM and its wholly-owned subsidiaries are included in the consolidated federal income tax returns of Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (Holdings files a consolidated federal income tax return with its wholly-owned subsidiaries, including Sirius XM.Income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (expense consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 434.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 434.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 434.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 434.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 404.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 344.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 344.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 344.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 314.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 314.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 314.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 447.6 m 435 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 447.6 m 439 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 447.6 m 499 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 447.6 m 503 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 447.6 m 563 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 447.6 m 435 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 434.6 m 435 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 447.6 m 499 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 434.6 m 499 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 447.6 m 563 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 434.6 m 563 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 434.6 m 435 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 434.6 m 499 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 434.6 m 563 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 374.6 m 435 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 374.6 m 499 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 374.6 m 563 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 374.6 m 435 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 374.6 m 499 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 374.6 m 563 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 314.6 m 435 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 314.6 m 499 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 314.6 m 563 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 314.6 m 435 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 299.6 m 435 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 314.6 m 499 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 299.6 m 499 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 314.6 m 563 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 299.6 m 563 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 299.6 m 435 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 285.6 m 435 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 283.6 m 435 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 299.6 m 499 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 285.6 m 499 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 283.6 m 499 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 299.6 m 563 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 285.6 m 563 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 283.6 m 563 283.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 452.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 451.83 Td (For) Tj ET Q q 0 0 0 rg BT 421.62 451.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 436.06 451.83 Td (Y) Tj ET Q q 0 0 0 rg BT 441.24 451.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 515.82 451.83 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 438.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.50 438.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 438.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.50 438.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 425.17 Td (Current taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 409.27 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 409.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 409.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 409.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 394.27 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 394.27 Td (12,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 394.32 Td (\(32,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 394.32 Td (\(21,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 379.27 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 379.32 Td (\(144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 379.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 379.32 Td (\(202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 379.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 379.32 Td (\(383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 379.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 364.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.26 364.27 Td (otal current taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 364.27 Td (1) Tj ET Q q 0 0 0 rg BT 408.65 364.27 Td (1,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 364.32 Td (\(32,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 364.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 364.32 Td (\(22,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 364.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 349.27 Td (Deferred taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 334.27 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 334.32 Td (\(258,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 334.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 334.32 Td (\(564,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 334.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 334.32 Td (\(304,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 334.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 319.27 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 319.27 Td (2,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 319.32 Td (\(19,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 319.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 319.32 Td (\(19,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 319.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 304.27 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 304.27 Td (otal deferred taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 304.32 Td (\(256,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 304.32 Td (\(583,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 304.32 Td (\(323,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 289.27 Td (T) Tj ET Q q 0 0 0 rg BT 93.91 289.27 Td (otal income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 289.32 Td (\(244,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 289.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 289.32 Td (\(616,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 289.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 289.32 Td (\(345,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 289.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 261.10 Td (Income tax expense for Sirius XM and Holdings was the same for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 261.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.38 261.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.38 261.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.38 261.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.82 261.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.82 261.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (The following table presents a reconciliation of the U.S. federal statutory tax rate and our ef) Tj ET Q q 0 0 0 rg BT 416.69 249.10 Td (fective tax rate:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 210.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 180.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 150.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 150.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 150.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 150.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 120.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 120.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 120.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 120.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 120.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 120.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 223.60000000000002 m 435 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 223.60000000000002 m 439 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 223.60000000000002 m 499 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 223.60000000000002 m 503 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 223.60000000000002 m 563 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 223.60000000000002 m 435 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 210.60000000000002 m 435 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 223.60000000000002 m 499 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 210.60000000000002 m 499 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 223.60000000000002 m 563 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 210.60000000000002 m 563 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 210.60000000000002 m 435 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 210.60000000000002 m 499 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 210.60000000000002 m 563 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 105.60000000000002 m 435 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 105.60000000000002 m 499 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 105.60000000000002 m 563 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 105.60000000000002 m 435 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 91.60000000000002 m 435 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 89.60000000000002 m 435 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 105.60000000000002 m 499 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 91.60000000000002 m 499 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 89.60000000000002 m 499 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 105.60000000000002 m 563 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 91.60000000000002 m 563 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 89.60000000000002 m 563 89.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 228.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 227.83 Td (For) Tj ET Q q 0 0 0 rg BT 421.62 227.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 436.06 227.83 Td (Y) Tj ET Q q 0 0 0 rg BT 441.24 227.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 515.82 227.83 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 214.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.50 214.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 214.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.50 214.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 201.17 Td (Federal tax expense, at statutory rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 200.27 Td (21.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 200.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 200.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 185.27 Td (State income tax expense, net of federal benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 185.27 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 185.27 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 185.27 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 170.27 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 170.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 170.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.95 170.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 170.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 170.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 170.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 155.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.26 155.27 Td (ax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.95 155.27 Td (\(6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 155.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.95 155.27 Td (\(1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 155.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 155.27 Td (\(6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 155.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 140.27 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.95 140.27 Td (\(3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 140.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.95 140.27 Td (\(2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 140.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 140.27 Td (\(0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 140.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 125.27 Td (Federal tax reform - deferred rate change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 125.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 125.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 125.27 Td (14.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 125.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 125.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 125.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 110.27 Td (Other) Tj ET Q q 0 0 0 rg BT 86.87 110.27 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 110.27 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 110.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 110.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 110.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 110.27 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 110.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 95.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 85.76 95.27 Td (fective tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 95.27 Td (17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 95.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 95.27 Td (48.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 95.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 95.27 Td (31.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 95.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 531.06 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 536.47 695.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 71.26 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.12 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.53 683.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 105.92 683.10 Td (Act made broad and complex changes to the U.S. tax code, including, accelerated depreciation that will allow for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (full expensing of qualified property) Tj ET Q q 0 0 0 rg BT 191.03 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.35 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.22 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 221.63 671.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 233.02 671.10 Td (Act also reduced the U.S. federal corporate income tax rate from 35% to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 671.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.73 671.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 647.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 103.13 647.10 Td (fective tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.87 647.10 Td (17.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.70 647.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.16 647.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.74 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.24 647.10 Td (was primarily impacted by the reduced federal tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (rate to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.76 635.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.26 635.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.59 635.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.59 635.10 Td (the recognition of excess tax benefits related to share based compensation and a benefit related to state and federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (research and development credits. ) Tj ET Q q 0 0 0 rg BT 190.37 623.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 216.00 623.10 Td (fective tax rate of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.24 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.74 623.10 Td (48.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.57 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.07 623.10 Td (for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.53 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.03 623.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.61 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.11 623.10 Td (was negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (impacted by the revaluation of our net deferred tax assets, excluding after tax credits as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.36 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.86 611.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.44 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.94 611.10 Td (as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (reduction of the federal corporate income tax rate. ) Tj ET Q q 0 0 0 rg BT 254.77 599.10 Td (This was of) Tj ET Q q 0 0 0 rg BT 301.25 599.10 Td (fset by the recognition of excess tax benefits related to share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (based compensation and a benefit related to federal research and development credits, under the Protecting ) Tj ET Q q 0 0 0 rg BT 478.77 587.10 Td (Americans from ) Tj ET Q q 0 0 0 rg BT 546.35 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 551.76 587.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (Hikes ) Tj ET Q q 0 0 0 rg BT 74.78 575.10 Td (Act of 2015. Based on this revaluation, we recorded an additional tax expense of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.23 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.73 575.10 Td ($184,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.23 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 575.10 Td (to reduce our net deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (asset balance for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.93 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.43 563.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.02 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 265.33 563.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 290.97 563.10 Td (fective tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 563.10 Td (31.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.53 563.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 563.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.58 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (was primarily impacted by the benefit related to federal research and development credits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 527.10 Td (Deferred income taxes are recognized for the tax consequences related to temporary dif) Tj ET Q q 0 0 0 rg BT 427.15 527.10 Td (ferences between the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year) Tj ET Q q 0 0 0 rg BT 507.50 515.10 Td (-end, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (on enacted tax laws and statutory tax rates applicable to the periods in which the dif) Tj ET Q q 0 0 0 rg BT 384.49 503.10 Td (ferences are expected to af) Tj ET Q q 0 0 0 rg BT 490.90 503.10 Td (fect taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 86.25 491.10 Td (The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 196.79 479.10 Td (ferences can be carried forward under tax law) Tj ET Q q 0 0 0 rg BT 379.08 479.10 Td (.Our evaluation of the realizability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (deferred tax assets considers both positive and negative evidence, including historical financial performance, scheduled reversal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (of deferred tax assets and liabilities, projected taxable income and tax planning strategies.) Tj ET Q q 0 0 0 rg BT 413.08 455.10 Td (The weight given to the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 443.10 Td (fects of positive and negative evidence is based on the extent to which it can be objectively verified. ) Tj ET Q q 0 0 0 rg BT 464.45 443.10 Td (A) Tj ET Q q 0 0 0 rg BT 471.12 443.10 Td ( valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (of the deferred tax assets will not be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 395.10 Td (The tax ef) Tj ET Q q 0 0 0 rg BT 117.85 395.10 Td (fects of temporary dif) Tj ET Q q 0 0 0 rg BT 204.58 395.10 Td (ferences that give rise to significant portions of the deferred tax assets and deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (liabilities, shown before jurisdictional netting, are presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 344.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 344.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 314.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 314.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 284.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 284.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 284.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 254.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 254.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 254.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 224.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 224.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 194.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 194.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 194.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 194.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 164.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 164.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 164.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 164.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 134.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 134.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 134.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 104.60 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 104.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 104.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 104.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 357.6 m 494 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 357.6 m 498 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 357.6 m 563 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 357.6 m 494 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 344.6 m 494 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 357.6 m 563 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 344.6 m 563 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 344.6 m 494 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 344.6 m 563 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 224.60000000000002 m 494 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 224.60000000000002 m 563 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 224.60000000000002 m 494 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 209.60000000000002 m 494 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 224.60000000000002 m 563 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 209.60000000000002 m 563 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 209.60000000000002 m 494 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 209.60000000000002 m 563 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 134.60000000000002 m 494 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 119.60000000000002 m 494 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 134.60000000000002 m 563 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 119.60000000000002 m 563 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 119.60000000000002 m 494 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 119.60000000000002 m 563 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 89.60000000000002 m 494 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 89.60000000000002 m 563 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 89.60000000000002 m 494 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 75.60000000000002 m 494 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 73.60000000000002 m 494 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 89.60000000000002 m 563 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 75.60000000000002 m 563 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 73.60000000000002 m 563 73.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 362.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 361.83 Td (For) Tj ET Q q 0 0 0 rg BT 448.62 361.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 463.06 361.83 Td (Y) Tj ET Q q 0 0 0 rg BT 468.24 361.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 542.82 361.83 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 348.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.00 348.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 348.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 335.17 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 320.17 Td (Net operating loss carryforwards and tax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 319.27 Td (952,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 319.27 Td (686,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 304.27 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 304.27 Td (88,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 304.27 Td (500,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 289.27 Td (Accrued bonus) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 289.27 Td (26,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 289.27 Td (24,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 274.27 Td (Expensed costs capitalized for tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 274.27 Td (15,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 274.27 Td (13,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 259.27 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 259.27 Td (1) Tj ET Q q 0 0 0 rg BT 467.65 259.27 Td (1,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 259.27 Td (29,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 244.27 Td (Stock based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 244.27 Td (55,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 244.27 Td (50,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 229.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 229.27 Td (5,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 229.27 Td (20,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.26 214.27 Td (otal deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 214.27 Td (1,156,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 214.27 Td (1,325,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 199.27 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 199.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 199.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 184.27 Td (Depreciation of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 184.32 Td (\(230,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 184.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 184.32 Td (\(156,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 184.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 169.27 Td (FCC license) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 169.32 Td (\(515,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 169.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 169.32 Td (\(506,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 169.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 154.27 Td (Other intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 154.32 Td (\(101,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 154.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 154.32 Td (\(105,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 154.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 139.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 139.27 Td (2,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 139.32 Td (\(7,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 124.27 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 124.27 Td (otal deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 124.32 Td (\(845,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 124.32 Td (\(775,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 109.27 Td (Net deferred tax assets before valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 109.27 Td (31) Tj ET Q q 0 0 0 rg BT 467.65 109.27 Td (1,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 109.27 Td (550,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 94.27 Td (V) Tj ET Q q 0 0 0 rg BT 58.61 94.27 Td (aluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 94.32 Td (\(66,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 94.32 Td (\(52,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 79.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 79.27 Td (otal net deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 79.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 79.27 Td (245,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 79.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 79.27 Td (497,359) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Net operating loss carryforwards and tax credits increased as a result of accelerated tax benefits due to accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (methods changes and accelerated depreciation that allowed for full expensing on qualified property under the ) Tj ET Q q 0 0 0 rg BT 488.88 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 494.29 683.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 505.67 683.10 Td (Act of) Tj ET Q q 0 0 0 rg BT 530.76 683.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (the utilization of net operating losses related to current year taxable income. For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.36 671.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.94 671.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.38 671.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.38 671.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (we recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.14 659.10 Td ($96,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.64 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.07 659.10 Td ($21,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.57 659.10 Td ( state and federal tax credits, respectively) Tj ET Q q 0 0 0 rg BT 350.13 659.10 Td (. Our gross federal net operating loss carryforwards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (are approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.47 647.10 Td ($2,760,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.47 647.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 623.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 623.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.97 623.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.97 623.10 Td (, we had a valuation allowance related to deferred tax assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.91 623.10 Td ($66,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.41 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.85 623.10 Td ($52,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 623.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 611.10 Td (, which were not likely to be realized due to the timing of certain federal and state net operating loss limitations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.63 599.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.21 599.10 Td (, our allowance increased primarily due to time limitations associated with federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (research and development credits. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.18 587.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.76 587.10 Td (, our valuation allowance increased primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (to the impact of the ) Tj ET Q q 0 0 0 rg BT 129.57 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.98 575.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 146.37 575.10 Td (Act as the federal rate decreases from 35% to 21% af) Tj ET Q q 0 0 0 rg BT 358.87 575.10 Td (fected the value of the state valuation allowances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (The net operating loss carryforwards and tax credits upon which the valuation allowance is assessed are projected to expire on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (various dates through 2037 and 2038, respectively) Tj ET Q q 0 0 0 rg BT 250.19 551.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 527.10 Td (ASC 740, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.45 527.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 156.03 527.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.79 527.10 Td (, requires a company to first determine whether it is more likely than not that a tax position will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (have full knowledge of all relevant information.) Tj ET Q q 0 0 0 rg BT 245.83 503.10 Td (A) Tj ET Q q 0 0 0 rg BT 252.50 503.10 Td ( tax position that meets this more likely than not threshold is then measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (and recognized at the lar) Tj ET Q q 0 0 0 rg BT 147.60 491.10 Td (gest amount of benefit that is greater than fifty percent likely to be realized upon ef) Tj ET Q q 0 0 0 rg BT 479.79 491.10 Td (fective settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (with a taxing authority) Tj ET Q q 0 0 0 rg BT 139.67 479.10 Td (. If the tax position is not more likely than not to be sustained, the gross amount of the unrecognized tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (position will not be recorded in the financial statements but will be shown in tabular format within the uncertain income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (positions. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (following conditions: \(1\) the tax position is more likely than not to be sustained, \(2\) the tax position, amount, and/or timing is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (ultimately settled through negotiation or litigation, or \(3\) the statute of limitations for the tax position has expired.) Tj ET Q q 0 0 0 rg BT 509.69 431.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.36 431.10 Td ( number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (years may elapse before an uncertain tax position is ef) Tj ET Q q 0 0 0 rg BT 266.18 419.10 Td (fectively settled or until there is a lapse in the applicable statute of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (limitations.) Tj ET Q q 0 0 0 rg BT 99.60 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.24 407.10 Td (e record interest and penalties related to uncertain tax positions in Income tax expense in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 371.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 371.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.53 371.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 371.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.97 371.10 Td (, the gross liability for income taxes associated with uncertain tax positions was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td ($387,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 359.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 359.10 Td ($334,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.94 359.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 196.60 359.10 Td (.If recognized, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.12 359.10 Td ($306,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 359.10 Td ( of unrecognized tax benefits would af) Tj ET Q q 0 0 0 rg BT 453.27 359.10 Td (fect our ef) Tj ET Q q 0 0 0 rg BT 494.18 359.10 Td (fective tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (rate.Uncertain tax positions are recognized in Other long-term liabilities which, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.61 347.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.19 347.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.63 347.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.63 347.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td ($8,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 335.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 335.10 Td ($12,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.94 335.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.60 335.10 Td (, including accrued interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.39 335.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.61 335.10 Td ( penalties have been accrued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 311.10 Td (e have state income tax audits pending.) Tj ET Q q 0 0 0 rg BT 247.85 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.49 311.10 Td (e do not expect the ultimate outcome of these audits to have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 299.10 Td (fect on our financial position or results of operations.) Tj ET Q q 0 0 0 rg BT 307.39 299.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.03 299.10 Td (e also do not currently anticipate that our existing reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (related to uncertain tax positions as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.18 287.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.76 287.10 Td ( will significantly increase or decrease during the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (December31, 2019. ) Tj ET Q q 0 0 0 rg BT 135.40 275.10 Td (V) Tj ET Q q 0 0 0 rg BT 141.52 275.10 Td (arious events could cause our current expectations to change. Should our position with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (majority of these uncertain tax positions be upheld, the ef) Tj ET Q q 0 0 0 rg BT 279.26 263.10 Td (fect would be recorded in our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (comprehensive income as part of the income tax provision.) Tj ET Q q 0 0 0 rg BT 290.64 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 299.28 251.10 Td (e recorded interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.16 251.10 Td ($627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.16 251.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.60 251.10 Td ($708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.60 251.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 239.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.52 239.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 239.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.18 239.10 Td (, related to unrecognized tax benefits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 215.10 Td (Changes in our uncertain income tax positions, from January1 through December31 are set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 189.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 189.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 189.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 159.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 159.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 159.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 159.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 129.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 129.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 129.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 129.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 189.60000000000002 m 499 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 189.60000000000002 m 563 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 189.60000000000002 m 499 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 189.60000000000002 m 563 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 129.60000000000002 m 499 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 129.60000000000002 m 563 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 129.60000000000002 m 499 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 115.60000000000002 m 499 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 113.60000000000002 m 499 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 129.60000000000002 m 563 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 115.60000000000002 m 563 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 113.60000000000002 m 563 113.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 193.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.50 193.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 179.27 Td (Balance, beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 179.27 Td (334,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 179.27 Td (303,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 164.27 Td (Increases in tax positions for prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 164.27 Td (65,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 164.27 Td (14,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 149.27 Td (Increases in tax positions for current years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 149.27 Td (14,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 149.27 Td (16,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 134.27 Td (Decreases in tax positions for prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 134.32 Td (\(26,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 134.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 134.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 119.27 Td (Balance, end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 119.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 119.27 Td (387,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 119.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 119.27 Td (334,254) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(16\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.50 677.25 Td (Pandora ) Tj ET Q q 0 0 0 rg BT 100.82 677.25 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 659.25 Td (The Pandora stockholders voted to adopt the Mer) Tj ET Q q 0 0 0 rg BT 274.77 659.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 289.49 659.25 Td (Agreement at a special stockholder meeting on January 29, 2019. ) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.50 641.25 Td (Holdings' Capital Return Pr) Tj ET Q q 0 0 0 rg BT 176.66 641.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 623.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.22 623.25 Td (January29, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.82 623.25 Td (, Holdings' board of directors declared a quarterly dividend on Holdings' common stock in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 611.25 Td ($0.0121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.33 611.25 Td ( per share of Holdings' common stock payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.69 611.25 Td (February28, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.29 611.25 Td ( to Holdings' stockholders of record as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (of the close of business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.82 599.25 Td (February1) Tj ET Q q 0 0 0 rg BT 201.04 599.25 Td (1, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.04 599.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 581.25 Td (On January 29, 2019, Holdings' board of directors approved an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.51 581.25 Td ($2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.51 581.25 Td ( for repurchase of Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 112.92 569.25 Td (The new approval increases the amount of common stock that we have been authorized to repurchase to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.69 557.25 Td ($14,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.69 557.25 Td (. Shares of common stock may be purchased from time to time on the open market and in privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (negotiated transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 533.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 89.12 533.25 Td (W) Tj ET Q q 0 0 0 rg BT 97.76 533.25 Td (e intend to fund the additional repurchases through a combination of cash on hand, cash generated by operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (and future borrowings.) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(17\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Quarterly Financial Data--Unaudited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 695.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (Our quarterly results of operations are summarized below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 636.75 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 636.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 636.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 636.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 636.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 636.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 636.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 636.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 606.75 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 606.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 606.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 606.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 606.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 576.75 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 576.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 576.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 576.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 576.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 546.75 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 546.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 546.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 546.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 546.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 516.75 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 516.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 516.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 516.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 516.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 651.75 m 369.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 651.75 m 373.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 651.75 m 433.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 651.75 m 437.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 651.75 m 497.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 651.75 m 501.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 651.75 m 561.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 651.75 m 369.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 636.75 m 369.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 651.75 m 433.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 636.75 m 433.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 651.75 m 497.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 636.75 m 497.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 651.75 m 561.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 636.75 m 561.5 636.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 656.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.20 655.98 Td (For) Tj ET Q q 0 0 0 rg BT 397.49 655.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 412.01 655.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 425.20 655.98 Td (ee Months Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 641.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.50 640.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 337.46 640.98 Td (ch 31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.75 640.98 Td (June 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 640.98 Td (September) Tj ET Q q 0 0 0 rg BT 480.33 640.98 Td ( 30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.75 640.98 Td (December) Tj ET Q q 0 0 0 rg BT 543.25 640.98 Td ( 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 626.43 Td (2018 ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 74.50 630.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 611.42 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 611.42 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.60 611.42 Td (1,375,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 611.42 Td (1,432,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 611.42 Td (1,467,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 611.42 Td (1,495,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 596.42 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.80 596.47 Td (\(534,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 596.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 596.47 Td (\(636,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 596.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 596.47 Td (\(564,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 596.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 596.47 Td (\(572,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 596.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 581.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 581.42 Td (423,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 581.42 Td (361,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 581.42 Td (482,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 581.42 Td (459,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 566.42 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 566.42 Td (289,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 566.42 Td (292,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 566.42 Td (343,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 566.42 Td (251,052) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 551.43 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 74.50 555.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 536.42 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 536.42 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.60 536.42 Td (1,294,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 536.42 Td (1,347,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 536.42 Td (1,379,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 536.42 Td (1,403,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 521.42 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.80 521.47 Td (\(497,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 521.47 Td (\(513,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 521.47 Td (\(519,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 521.47 Td (\(572,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 506.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 506.42 Td (393,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 506.42 Td (416,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 506.42 Td (433,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 506.42 Td (396,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 491.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 491.42 Td (207,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 491.42 Td (202,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 491.42 Td (275,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 491.47 Td (\(36,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 470.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 470.45 Td (Net income \(loss\) per share for Sirius XM is not presented since Sirius XM is a wholly-owned subsidiary of Holdings.) 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