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Tj ET Q q 0 0 0 rg BT 405.84 240.10 Td (Y) Tj ET Q q 0 0 0 rg BT 411.44 240.10 Td (es) Tj ET Q /GS0 gs q 9.54 0 0 9.18 423.43 238.16 cm /I5 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.97 240.10 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 457.47 238.16 cm /I6 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 220.30 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 259.00 220.30 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 327.09 220.30 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 399.67 220.30 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 484.25 220.30 Td (, or a smaller ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 209.50 Td (reporting company) Tj ET Q q 0 0 0 rg BT 117.65 209.50 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 214.45 209.50 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 282.54 209.50 Td (, accelerated filer and smaller reporting company in Rule12b-2 of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 198.70 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 87.23 198.70 Td (Act.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 179.46 Td (Largeacceleratedfiler) Tj ET Q /GS0 gs q 10.60 0 0 9.76 181.00 175.94 cm /I7 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.00 179.46 Td (Acceleratedfiler) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.00 179.45 Td () Tj ET Q /GS0 gs q 8.02 0 0 8.78 551.00 176.92 cm /I8 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 162.46 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.78 181.00 159.92 cm /I9 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.02 161.76 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.00 162.46 Td (Smallerreportingcompany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.00 162.45 Td () Tj ET Q /GS0 gs q 8.02 0 0 8.78 551.00 159.92 cm /I10 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.00 149.46 Td (Emerging growth company) Tj ET Q /GS0 gs q 8.02 0 0 8.78 551.00 146.92 cm /I11 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 136.46 Td (If an emer) Tj ET Q q 0 0 0 rg BT 88.81 136.46 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 167.22 136.46 Td (, indicate by check mark if the registrant has elected not to use the extended transition period for complying ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 127.46 Td (with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 439.88 127.46 Td (Act. ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 457.38 125.52 cm /I12 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 106.90 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 458.12 106.90 Td (Act\).) Tj ET Q /GS0 gs q 8.02 0 0 9.18 485.36 104.96 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.38 106.90 Td () Tj ET Q q 0 0 0 rg BT 497.54 106.90 Td (Y) Tj ET Q q 0 0 0 rg BT 503.14 106.90 Td (es) Tj ET Q /GS0 gs q 9.54 0 0 9.18 519.64 104.96 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.18 106.90 Td (No) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.00 90.10 Td (On ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.75 90.10 Td (April27, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 133.50 90.10 Td (, there were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.97 90.10 Td (205,610,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.97 90.10 Td ( outstanding shares of the registrant) Tj ET Q q 0 0 0 rg BT 353.69 90.10 Td (s common stock, $0.01par value per share, including ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 79.30 Td (1,161,510 shares of unvested restricted stock awards and excluding 408,024 shares held in treasury) Tj ET Q q 0 0 0 rg BT 406.32 79.30 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 68.79999999999995 m 562.5 68.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 64.79999999999995 m 562.5 64.79999999999995 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 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 214.90 742.25 Td (LIVE NA) Tj ET Q q 0 0 0 rg BT 255.55 742.25 Td (TION ENTER) Tj ET Q q 0 0 0 rg BT 317.72 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 323.65 742.25 Td (AINMENT) Tj ET Q q 0 0 0 rg BT 371.24 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.25 730.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 287.80 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 294.29 730.25 Td (O FORM10-Q) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 681.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 681.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 681.95 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 651.95 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 651.95 400.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 651.95 29.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 601.95 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 601.95 400.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 601.95 29.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 561.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 561.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 561.95 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 531.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 531.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 531.95 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 502.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 502.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 502.95 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 472.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 472.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 472.95 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 63.50 442.95 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.50 442.95 400.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 442.95 29.00 -15.00 re f /GS0 gs BT /F1 8.00 Tf ET q 0 0 0 rg BT 66.00 700.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.00 700.20 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 524.25 698.930078125 m 540.6875 698.930078125 l s q 0 0 0 rg BT 524.25 700.18 Td (Page) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.15 686.68 Td (PARTIFINANCIAL INFORMATION) Tj ET Q 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 66 670.2833984375 m 94.3251953125 670.2833984375 l s q 0 0 1 rg BT 66.00 671.62 Td (Item1.) 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 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 121 670.2833984375 m 204.59375 670.2833984375 l s q 0 0 1 rg BT 121.00 671.62 Td (Financial Statements) 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 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 121 655.2833984375 m 473.6806640625 655.2833984375 l s q 0 0 1 rg BT 121.00 656.62 Td (Consolidated Balance Sheets \(Unaudited\) as of March 31, 2017 and December31, 2016) 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 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 121 640.2833984375 m 506.4638671875 640.2833984375 l s q 0 0 1 rg BT 121.00 641.62 Td (Consolidated Statements of Operations \(Unaudited\) for the three months ended March 31, 2017 ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121 630.2833984375 m 157.9384765625 630.2833984375 l s q 0 0 1 rg BT 121.00 631.62 Td (and 2016) 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 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 121 615.2833984375 m 509.2421875 615.2833984375 l s q 0 0 1 rg BT 121.00 616.62 Td (Consolidated Statements of Comprehensive Loss \(Unaudited\) for the three months ended March ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121 605.2833984375 m 195.4384765625 605.2833984375 l s q 0 0 1 rg BT 121.00 606.62 Td (31, 2017 and 2016) 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 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 121 590.2833984375 m 509.5400390625 590.2833984375 l s q 0 0 1 rg BT 121.00 591.62 Td (Consolidated Statements of Cash Flows \(Unaudited\) for the three months ended March 31, 2017 ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121 580.2833984375 m 157.9384765625 580.2833984375 l s q 0 0 1 rg BT 121.00 581.62 Td (and 2016) 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 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 121 565.2833984375 m 346.791015625 565.2833984375 l s q 0 0 1 rg BT 121.00 566.62 Td (Notes to Consolidated Financial Statements \(Unaudited\)) 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 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 66 550.2833984375 m 94.3251953125 550.2833984375 l s q 0 0 1 rg BT 66.00 551.62 Td (Item2.) 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 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 121 550.2833984375 m 479.291015625 550.2833984375 l s q 0 0 1 rg BT 121.00 551.62 Td (Management) Tj ET Q q 0 0 1 rg BT 175.98 551.62 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 245.15 551.62 Td (Analysis of Financial Condition and Results of Operations) 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 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 66 535.2833984375 m 94.3251953125 535.2833984375 l s q 0 0 1 rg BT 66.00 536.62 Td (Item3.) 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 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 121 535.2833984375 m 362.62109375 535.2833984375 l s q 0 0 1 rg BT 121.00 536.62 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 285.40 536.62 Td (About Market Risk) 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 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 66 520.2833984375 m 94.3251953125 520.2833984375 l s q 0 0 1 rg BT 66.00 521.62 Td (Item4.) 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 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 121 520.2833984375 m 219.3154296875 520.2833984375 l s q 0 0 1 rg BT 121.00 521.62 Td (Controls and Procedures) 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 211.20 507.63 Td (PART IIOTHER INFORMATION) Tj ET Q 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 66 491.28339843749995 m 94.3251953125 491.28339843749995 l s q 0 0 1 rg BT 66.00 492.62 Td (Item1.) 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54.75 m 561.5 54.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.00 661.83 Td (March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 653.88 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.25 661.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 653.88 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.00 643.70 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.35 631.53 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 620.32 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 607.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 607.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 607.32 Td (2,227,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 607.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 607.32 Td (1,526,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 594.32 Td (Accounts receivable, less allowance of $28,492 and $29,634, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 594.32 Td (584,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 594.32 Td (568,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 581.32 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 581.32 Td (739,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 581.32 Td (528,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 568.32 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 568.32 Td (49,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 568.32 Td (49,774) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 555.48 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 555.32 Td (3,601,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 555.32 Td (2,673,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 542.32 Td (Property, plant and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 529.32 Td (Land, buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 529.32 Td (858,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 529.32 Td (838,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 516.32 Td (Computer equipment and capitalized software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 516.32 Td (543,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 516.32 Td (524,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 503.32 Td (Furniture and other equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 503.32 Td (275,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 503.32 Td (256,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 490.32 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 490.32 Td (124,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 490.32 Td (125,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 477.32 Td (1,801,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 477.32 Td (1,745,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 464.32 Td (Less accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 464.32 Td (1,019,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 464.32 Td (993,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 451.32 Td (782,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 451.32 Td (751,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 438.32 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 425.32 Td (Definite-lived intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 425.32 Td (820,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 425.32 Td (812,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 412.32 Td (Indefinite-lived intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 412.32 Td (368,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 412.32 Td (368,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 399.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 399.32 Td (1,724,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 399.32 Td (1,747,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 386.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 386.32 Td (526,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 386.32 Td (411,294) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 373.48 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 373.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 373.32 Td (7,823,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 373.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 373.32 Td (6,764,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.55 360.48 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 347.32 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 334.32 Td (Accounts payable, client accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 334.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 334.32 Td (856,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 334.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 334.32 Td (726,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 321.32 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 321.32 Td (68,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 321.32 Td (55,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 308.32 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 308.32 Td (707,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 308.32 Td (781,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 295.32 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 295.32 Td (1,796,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 295.32 Td (804,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 282.32 Td (Current portion of long-term debt, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 282.32 Td (59,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 282.32 Td (53,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 269.32 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 269.32 Td (51,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 269.32 Td (39,055) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 256.48 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 256.32 Td (3,539,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 256.32 Td (2,460,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 243.32 Td (Long-term debt, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 242.42 Td (2,258,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 242.42 Td (2,259,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 228.32 Td (Deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 228.32 Td (203,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 228.32 Td (197,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 215.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 215.32 Td (143,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 215.32 Td (149,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 202.32 Td (Commitments and contingent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 189.32 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 189.32 Td (338,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 189.32 Td (347,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 176.32 Td (Stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 163.32 Td (Common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 163.32 Td (2,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 163.32 Td (2,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 150.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 150.32 Td (2,393,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 150.32 Td (2,381,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 137.32 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 137.37 Td (\(1,106,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 137.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.30 137.37 Td (\(1,073,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 137.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 124.32 Td (Cost of shares held in treasury) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 124.37 Td (\(6,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 124.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 124.37 Td (\(6,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 124.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 111.32 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 111.37 Td (\(165,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 111.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 111.37 Td (\(176,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 111.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 98.48 Td (Total Live Nation stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 98.32 Td (1,116,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 98.32 Td (1,126,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 85.32 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 85.32 Td (223,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 85.32 Td (223,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 72.48 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 72.32 Td (1,340,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 72.32 Td (1,349,516) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 59.48 Td (Total liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 59.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 59.32 Td (7,823,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 59.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 59.32 Td (6,764,266) Tj ET Q BT /F1 10.00 Tf ET 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(Comprehensive loss attributable to common stockholders of Live Nation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.50 543.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 543.47 Td (\(21,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 543.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 543.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 543.47 Td (\(45,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 543.42 Td (\)) 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 210.00 31.60 Td (See Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 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561.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 383.75 m 492.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 370.75 m 492.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 370.75 m 561.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 292.75 m 492.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 279.75 m 492.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 266.75 m 492.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 266.75 m 561.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 240.75 m 492.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 240.75 m 561.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 228.75 m 492.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 226.75 m 492.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 228.75 m 561.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 226.75 m 561.5 226.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 674.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 681.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 673.98 Td ( March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 661.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 660.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 660.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 648.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.00 648.00 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 634.48 Td (CASH FLOWS FROM OPERATING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 621.32 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 621.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 621.37 Td (\(47,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 621.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 621.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 621.37 Td (\(55,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 621.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.32 Td (Reconciling items:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 595.32 Td (Depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 595.32 Td (35,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 595.32 Td (33,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 582.32 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 582.32 Td (64,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 582.32 Td (61,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 569.32 Td (Deferred income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 569.37 Td (\(1,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 569.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 569.37 Td (\(1,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 569.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 556.32 Td (Amortization of debt issuance costs, discounts and premium, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 556.32 Td (3,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 556.32 Td (2,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 543.32 Td (Non-cash compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 543.32 Td (7,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 543.32 Td (8,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 530.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 530.32 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 530.32 Td (4,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 517.32 Td (Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 504.32 Td (Increase in accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 504.37 Td (\(6,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 504.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 504.37 Td (\(16,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 504.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 491.32 Td (Increase in prepaid expenses and other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 491.37 Td (\(312,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 491.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 491.37 Td (\(305,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 491.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 478.32 Td (Increase in accounts payable, accrued expenses and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 478.32 Td (56,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 478.32 Td (79,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 465.32 Td (Increase in deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 465.32 Td (959,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 465.32 Td (707,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 452.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 452.32 Td (760,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 452.32 Td (517,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 439.48 Td (CASH FLOWS FROM INVESTING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.32 Td (Investments made in nonconsolidated affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 426.37 Td (\(10,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 426.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 426.37 Td (\(5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 426.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 413.32 Td (Purchases of property, plant and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 413.37 Td (\(58,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 413.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 413.37 Td (\(30,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 413.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 400.32 Td (Cash paid for acquisitions, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 400.37 Td (\(4,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 400.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 400.37 Td (\(43,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 400.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 387.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 387.37 Td (\(838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 387.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 387.37 Td (\(6,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 387.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 374.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 374.37 Td (\(75,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 374.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 374.37 Td (\(85,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 374.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 361.48 Td (CASH FLOWS FROM FINANCING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 348.32 Td (Payments on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 348.37 Td (\(11,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 348.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 348.37 Td (\(9,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 348.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 335.32 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 335.37 Td (\(12,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 335.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 335.37 Td (\(15,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 335.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 322.32 Td (Proceeds from exercise of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 322.32 Td (21,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 322.32 Td (679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 309.32 Td (Payments for deferred and contingent consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 309.37 Td (\(1,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 309.37 Td (\(15,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 296.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 296.37 Td (\(1,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 296.37 Td (\(13,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 283.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 283.37 Td (\(5,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 283.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 283.37 Td (\(53,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 283.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 270.32 Td (Effect of exchange rate changes on cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 270.32 Td (20,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 270.32 Td (17,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 257.32 Td (Net increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 257.32 Td (700,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 257.32 Td (396,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 244.32 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 244.32 Td (1,526,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 244.32 Td (1,303,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.32 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 231.32 Td (2,227,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 231.32 Td (1,699,281) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 214.90 742.25 Td (LIVE NA) Tj ET Q q 0 0 0 rg BT 255.55 742.25 Td (TION ENTER) Tj ET Q q 0 0 0 rg BT 317.72 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 323.65 742.25 Td (AINMENT) Tj ET Q q 0 0 0 rg BT 371.24 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 730.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 730.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 718.25 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (NOTE 1BASIS OF) Tj ET Q q 0 0 0 rg BT 140.76 689.25 Td ( PRESENT) Tj ET Q q 0 0 0 rg BT 188.64 689.25 Td (A) Tj ET Q q 0 0 0 rg BT 195.12 689.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 222.63 689.25 Td (AND OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 333.55 689.25 Td (TION) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 671.25 Td (Preparation of Interim Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 653.25 Td (The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 515.13 653.25 Td ( for interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (financial information and the instructions to Form 10-Q and ) Tj ET Q q 0 0 0 rg BT 291.90 641.25 Td (Article 10 of Regulation S-X issued by the SEC. ) Tj ET Q q 0 0 0 rg BT 487.99 641.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 537.33 641.25 Td (, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (do not include all of the information and footnotes required by GAAP) Tj ET Q q 0 0 0 rg BT 329.29 629.25 Td ( for complete financial statements. In the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.25 Td (interim periods shown.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 587.25 Td (The financial statements should be read in conjunction with the consolidated financial statements and notes thereto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (included in the Company) Tj ET Q q 0 0 0 rg BT 153.59 575.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.99 575.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.99 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.93 575.25 Td (Annual Report on Form10-K filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.47 575.25 Td (February23, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.07 575.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 557.25 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 539.25 Td (Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur from May through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (October) Tj ET Q q 0 0 0 rg BT 81.81 527.25 Td (, the Concerts and Sponsorship & ) Tj ET Q q 0 0 0 rg BT 218.19 527.25 Td (Advertising segments experience higher revenue during the second and third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 87.03 515.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.89 515.25 Td (T) Tj ET Q q 0 0 0 rg BT 110.65 515.25 Td (icketing segment) Tj ET Q q 0 0 0 rg BT 181.46 515.25 Td (s revenue is impacted by fluctuations in the availability of events for sale to the public, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (vary depending upon scheduling by its clients. ) Tj ET Q q 0 0 0 rg BT 238.12 503.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 297.83 503.25 Td (s seasonality also results in higher balances in cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at dif) Tj ET Q q 0 0 0 rg BT 437.41 491.25 Td (ferent times in the year) Tj ET Q q 0 0 0 rg BT 529.04 491.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (Therefore, the results to date are not necessarily indicative of the results expected for the full year) Tj ET Q q 0 0 0 rg BT 440.12 479.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 461.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 443.25 Td (Included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.98 443.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.58 443.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.02 443.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.60 443.25 Td ( cash and cash equivalents balance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.82 443.25 Td ($671.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.71 443.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 443.25 Td ($591.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 431.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 431.25 Td (, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (service char) Tj ET Q q 0 0 0 rg BT 97.84 419.25 Td (ges, which amounts are to be remitted to the clients.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 401.25 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 383.25 Td (During the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.66 383.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.64 383.25 Td ( months of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.92 383.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.92 383.25 Td (, the Company completed several acquisitions that were accounted for as business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (combinations under the acquisition method of accounting. ) Tj ET Q q 0 0 0 rg BT 284.77 371.25 Td (These acquisitions were not significant either on an individual basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (or in the aggregate.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 341.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 100.80 341.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 323.25 Td (Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. ) Tj ET Q q 0 0 0 rg BT 543.73 323.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 311.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.43 311.25 Td (, the Company continued to maintain a full valuation allowance against its net deferred tax assets in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (jurisdictions due to sustained pre-tax losses. ) Tj ET Q q 0 0 0 rg BT 228.03 299.25 Td (As a result of the valuation allowances, no tax benefits have been recognized for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (losses incurred in those tax jurisdictions for the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.24 287.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.22 287.25 Td ( months of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.50 287.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 287.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.94 287.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.94 287.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 269.25 Td (Accounting Pronouncements - Recently ) Tj ET Q q 0 0 0 rg BT 228.30 269.25 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.25 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 156.46 251.25 Td (ASB issued guidance clarifying that the assessment of whether an embedded contingent put or call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four) Tj ET Q q 0 0 0 rg BT 464.41 239.25 Td (-step decision sequence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (outlined in the guidance for embedded derivatives. ) Tj ET Q q 0 0 0 rg BT 255.31 227.25 Td (The guidance should be applied to existing debt instruments using a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (modified retrospective method as of the beginning of the period of adoption. ) Tj ET Q q 0 0 0 rg BT 358.35 215.25 Td (The Company adopted this standard on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (2017, and the adoption did not have an impact on its financial position or results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 185.25 Td (In October 2016, the F) Tj ET Q q 0 0 0 rg BT 162.57 185.25 Td (ASB issued guidance that requires a single decision maker evaluating whether it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. ) Tj ET Q q 0 0 0 rg BT 496.36 161.25 Td (The guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (should be applied retrospectively) Tj ET Q q 0 0 0 rg BT 181.81 149.25 Td (. ) Tj ET Q q 0 0 0 rg BT 186.63 149.25 Td (The Company adopted this standard on January 1, 2017, and the adoption did not have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (impact on its financial position or results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 119.25 Td (In December 2016, the F) Tj ET Q q 0 0 0 rg BT 171.45 119.25 Td (ASB issued guidance making technical corrections and improvements which includes an update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. ) Tj ET Q q 0 0 0 rg BT 536.58 107.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (is a change from current guidance, which did not specify how to account for these types of arrangements. ) Tj ET Q q 0 0 0 rg BT 473.56 95.25 Td (The guidance for this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (specific technical correction should be applied prospectively) Tj ET Q q 0 0 0 rg BT 291.48 83.25 Td (. ) Tj ET Q q 0 0 0 rg BT 296.30 83.25 Td (The Company adopted this guidance on January 1, 2017, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (adoption did not have a material ef) Tj ET Q q 0 0 0 rg BT 189.21 71.25 Td (fect on its financial position or results of operations.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Accounting Pronouncements - Not ) Tj ET Q q 0 0 0 rg BT 207.95 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 212.95 742.25 Td (et ) Tj ET Q q 0 0 0 rg BT 222.29 742.25 Td (Adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 724.25 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 148.70 724.25 Td (ASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (revenue recognition guidance under GAAP) Tj ET Q q 0 0 0 rg BT 222.17 712.25 Td (. ) Tj ET Q q 0 0 0 rg BT 226.99 712.25 Td (The newstandard provides afive-stepanalysis of transactions to determine when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (and howrevenueis recognized. ) Tj ET Q q 0 0 0 rg BT 178.66 700.25 Td (The core principle of the guidance is that a company should recognize revenue to depict the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (be entitled to receive in exchange for those goods or services. ) Tj ET Q q 0 0 0 rg BT 298.62 676.25 Td (The F) Tj ET Q q 0 0 0 rg BT 321.48 676.25 Td (ASB continues to issue important guidance clarifying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (certain guidelines of the standard including \(1\) reframing the indicators in the principal versus agent guidance to focus on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (evidence that a company is acting as a principal rather than agent and \(2\) identifying performance obligations and licensing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 121.18 640.25 Td (fective for annual periods beginning after December 15, 2017 and interim periods within that year) Tj ET Q q 0 0 0 rg BT 513.00 640.25 Td (. Early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (that year) Tj ET Q q 0 0 0 rg BT 84.15 616.25 Td (. ) Tj ET Q q 0 0 0 rg BT 88.97 616.25 Td (The guidance should be applied retrospectively) Tj ET Q q 0 0 0 rg BT 277.42 616.25 Td (, either to each prior period presented in the financial statements, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (only to the most current reporting period presented in the financial statements with a cumulative-ef) Tj ET Q q 0 0 0 rg BT 445.81 604.25 Td (fect adjustment as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (date of adoption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 574.25 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 574.25 Td (o assess the impact of the standard, the Company is dedicating certain of its personnel to lead the implementation ef) Tj ET Q q 0 0 0 rg BT 541.49 574.25 Td (fort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (and supplementing them with additional external resources. ) Tj ET Q q 0 0 0 rg BT 290.86 562.25 Td (These personnel reviewed the amended guidance and subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 538.25 Td (s revenue streams. Surveys were sent to and completed by divisional finance managers in order to obtain a more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (detailed understanding of the contracts within each division and follow-up meetings with these divisions were then conducted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Based on the results of these surveys and meetings, the Company judgmentally selected a sample of contracts based on size and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (complexity and ensuring all major revenue streams were represented. ) Tj ET Q q 0 0 0 rg BT 329.71 502.25 Td (The Company has completed its preliminary review of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (the selected contracts and is in the process of compiling and summarizing the results for additional review and analysis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 472.25 Td (Based on the work to date, the Company believes it has identified all material contract types and costs that may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (impacted by this amended guidance. ) Tj ET Q q 0 0 0 rg BT 198.11 460.25 Td (While it has not completed its assessment, the Company has not identified any changes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (the revenue streams representing the majority of reported revenue. For example, the Concerts business represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.68 448.25 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.01 448.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 436.25 Td (s 2016 revenue and the Company believes that the majority of this revenue will continue to be deferred until the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (event date under the new standard. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 406.25 Td (The Company will finalize its conclusions in 2017 and ensure that it can produce the data necessary for the required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (disclosures along with assessing changes to internal controls and processes that may be required to comply with the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (revenue recognition and disclosure requirements. ) Tj ET Q q 0 0 0 rg BT 249.19 382.25 Td (The Company will adopt this standard on January 1, 2018, and is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (assessing which adoption method it will apply) Tj ET Q q 0 0 0 rg BT 234.33 370.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 352.25 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 161.46 352.25 Td (ASB issued amendments for the recognition, measurement, presentation, and disclosure of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 101.11 340.25 Td (Among other things, the guidance requires equity investments that do not result in consolidation and are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (unless the investments do not have readily determinable fair values. ) Tj ET Q q 0 0 0 rg BT 323.35 316.25 Td (The amendments are ef) Tj ET Q q 0 0 0 rg BT 416.73 316.25 Td (fective for annual periods beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (after December 15, 2017 and interim periods within that year) Tj ET Q q 0 0 0 rg BT 294.37 304.25 Td (. Early adoption is not permitted for most of the amendments. ) Tj ET Q q 0 0 0 rg BT 543.30 304.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (amendments are to be applied through a cumulative-ef) Tj ET Q q 0 0 0 rg BT 267.79 292.25 Td (fect adjustment to the balance sheet as of the beginning of the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (of adoption with the exception of equity investments without readily determinable fair values, which will be applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (prospectively) Tj ET Q q 0 0 0 rg BT 103.22 268.25 Td (. ) Tj ET Q q 0 0 0 rg BT 108.04 268.25 Td (The Company will adopt this standard on January 1, 2018, and is currently evaluating the impact that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (standard will have on its financial position and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 238.25 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 166.46 238.25 Td (ASB issued guidance that requires lessees to recognize most leases on their balance sheet as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. ) Tj ET Q q 0 0 0 rg BT 446.92 226.25 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 520.32 226.25 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (annual periods beginning after December 15, 2018 and interim periods within that year) Tj ET Q q 0 0 0 rg BT 398.11 214.25 Td (, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 532.33 214.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (guidance should be applied on a modified retrospective basis. ) Tj ET Q q 0 0 0 rg BT 298.64 202.25 Td (The Company expects to adopt this standard on January 1, 2019, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (and is currently evaluating the impact that the standard will have on its financial position and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 172.25 Td (In October 2016, the F) Tj ET Q q 0 0 0 rg BT 162.57 172.25 Td (ASB issued guidance that requires companies to recognize the income tax ef) Tj ET Q q 0 0 0 rg BT 468.68 172.25 Td (fects of intercompany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (sales and transfers of assets, other than inventory) Tj ET Q q 0 0 0 rg BT 245.41 160.25 Td (, in the period in which the transfer occurs. ) Tj ET Q q 0 0 0 rg BT 419.34 160.25 Td (That is a change from current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (guidance which requires companies to defer the income tax ef) Tj ET Q q 0 0 0 rg BT 297.77 148.25 Td (fects of intercompany transfers of assets until the asset has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (sold to an outside party or otherwise recognized. ) Tj ET Q q 0 0 0 rg BT 246.71 136.25 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 320.11 136.25 Td (fective for annual periods beginning after December 15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (2017 and interim periods within that year) Tj ET Q q 0 0 0 rg BT 215.12 124.25 Td (, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 349.35 124.25 Td (The guidance should be applied on a modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (retrospective basis. ) Tj ET Q q 0 0 0 rg BT 128.96 112.25 Td (The Company expects to adopt this standard on January 1, 2018, and is currently evaluating the impact that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (the standard will have on its financial position and results of operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 82.25 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 161.46 82.25 Td (ASB issued guidance that changes the definition of a business to assist entities with evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (when a set of transferred assets and activities is a business. ) Tj ET Q q 0 0 0 rg BT 287.53 70.25 Td (The guidance requires an entity to evaluate if substantially all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (the set of transferred assets and activities is not a business. ) Tj ET Q q 0 0 0 rg BT 286.43 46.25 Td (The guidance also requires a business to include at least one ) 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 50.00 742.10 Td (substantive process and narrows the definition of outputs. ) Tj ET Q q 0 0 0 rg BT 282.83 742.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 356.23 742.10 Td (fective for annual periods beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December 15, 2017 and interim periods within that year) Tj ET Q q 0 0 0 rg BT 273.70 730.10 Td (, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 407.93 730.10 Td (The guidance should be applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (prospectively to any transactions occurring within the period of adoption. ) Tj ET Q q 0 0 0 rg BT 346.13 718.10 Td (The Company expects to adopt this standard on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 688.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 161.46 688.10 Td (ASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (to measure a goodwill impairment char) Tj ET Q q 0 0 0 rg BT 206.71 676.10 Td (ge. Instead, entities will record an impairment char) Tj ET Q q 0 0 0 rg BT 410.07 676.10 Td (ge based on the excess of a reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (unit) Tj ET Q q 0 0 0 rg BT 68.33 664.10 Td (s carrying amount over its fair value. ) Tj ET Q q 0 0 0 rg BT 218.11 664.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 291.50 664.10 Td (fective for annual periods beginning after December 15, 2019 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (interim periods within that year) Tj ET Q q 0 0 0 rg BT 175.68 652.10 Td (, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 309.91 652.10 Td (The guidance should be applied prospectively to goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (impairment tests performed within the period of adoption. ) Tj ET Q q 0 0 0 rg BT 284.49 640.10 Td (The Company is considering early adoption and will apply it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (prospectively to impairment tests beginning in the year of adoption, but in any event no later than January 1, 2020.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (NOTE 2LONG-LIVED ) Tj ET Q q 0 0 0 rg BT 161.74 610.10 Td (ASSETS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 592.10 Td (Definite-lived Intangible ) Tj ET Q q 0 0 0 rg BT 166.51 592.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 574.10 Td (The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (intangible assets for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.70 562.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.68 562.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.51 562.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.11 562.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 495.60 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 495.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 495.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 495.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 495.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 495.60 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 495.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 456.60 86.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 456.60 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 456.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 456.60 49.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 456.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 456.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 456.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 456.60 37.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 456.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 456.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 416.60 133.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 416.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 416.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 416.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 416.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 416.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 416.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 416.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 376.60 86.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 376.60 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 376.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 376.60 49.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 376.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 376.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 376.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 376.60 37.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 376.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 376.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 326.60 86.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 326.60 47.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 326.60 50.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 326.60 49.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 326.60 46.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 326.60 46.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 326.60 50.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 326.60 37.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 326.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 326.60 51.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 285.60 133.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 285.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 285.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 285.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 285.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 285.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 285.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 285.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 255.60 86.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 255.60 47.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 255.60 50.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 255.60 49.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 255.60 46.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 255.60 46.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 255.60 50.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 255.60 37.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 255.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 255.60 51.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 213.60 86.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 213.60 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 213.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 213.60 49.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 213.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 213.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 213.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 213.60 37.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 213.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 174.60 86.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 174.60 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 174.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 174.60 49.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 174.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 174.60 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 174.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 174.60 37.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 174.60 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.50 124.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 124.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 124.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 124.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 124.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 124.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 124.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 124.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 124.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 124.60 51.00 -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 146.5 508.6 m 193.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 508.6 m 247.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 508.6 m 300.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 508.6 m 350.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 508.6 m 400.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 508.6 m 454.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 508.6 m 495.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 508.6 m 550.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 431.6 m 193.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 431.6 m 247.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 431.6 m 300.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 431.6 m 350.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 431.6 m 400.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 431.6 m 454.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 431.6 m 495.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 431.6 m 550.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 431.6 m 193.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 431.6 m 247.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 431.6 m 300.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 431.6 m 350.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 431.6 m 400.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 431.6 m 454.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 431.6 m 495.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 309.6 m 193.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 309.6 m 247.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 309.6 m 300.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 309.6 m 350.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 309.6 m 400.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 309.6 m 454.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 309.6 m 495.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 309.6 m 550.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 309.6 m 193.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 285.6 m 193.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 309.6 m 247.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 285.6 m 247.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 309.6 m 300.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 285.6 m 300.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 309.6 m 350.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 285.6 m 350.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 309.6 m 400.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 285.6 m 400.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 309.6 m 454.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 285.6 m 454.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 309.6 m 495.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 285.6 m 495.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 309.6 m 550.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 285.6 m 550.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 213.60000000000002 m 193.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 213.60000000000002 m 247.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 213.60000000000002 m 300.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 213.60000000000002 m 350.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 213.60000000000002 m 400.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 213.60000000000002 m 454.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 213.60000000000002 m 495.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 213.60000000000002 m 550.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 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0 i [] 0 d 0 J 0 j 3 M 251.5 124.60000000000002 m 300.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 124.60000000000002 m 350.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 124.60000000000002 m 400.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 124.60000000000002 m 454.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 124.60000000000002 m 495.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 124.60000000000002 m 550.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 110.60000000000002 m 193.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 108.60000000000002 m 193.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 110.60000000000002 m 247.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 108.60000000000002 m 247.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 110.60000000000002 m 300.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 108.60000000000002 m 300.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 110.60000000000002 m 350.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 108.60000000000002 m 350.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 110.60000000000002 m 400.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 108.60000000000002 m 400.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 110.60000000000002 m 454.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 108.60000000000002 m 454.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 110.60000000000002 m 495.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 108.60000000000002 m 495.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 110.60000000000002 m 550.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 108.60000000000002 m 550.5 108.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.50 528.83 Td (Revenue-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 151.25 520.83 Td (generating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 153.70 512.83 Td (contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.40 528.83 Td (Client /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.05 520.83 Td (vendor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.05 512.83 Td (r) Tj ET Q q 0 0 0 rg BT 203.46 512.83 Td (elationships) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.45 536.83 Td (T) Tj ET Q q 0 0 0 rg BT 259.19 536.83 Td (rademarks) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.05 528.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.60 520.83 Td (naming) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 512.83 Td (rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.55 528.83 Td (Non-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.75 520.83 Td (compete) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 512.83 Td (agr) Tj ET Q q 0 0 0 rg BT 318.91 512.83 Td (eements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.55 512.83 Td (Technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.45 536.83 Td (V) Tj ET Q q 0 0 0 rg BT 423.49 536.83 Td (enue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 528.83 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.55 520.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.65 512.83 Td (leaseholds) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.35 512.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 512.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 499.85 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 486.28 Td (Balance as of December 31, 2016:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 472.17 Td (Gross carrying) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 462.17 Td (amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.10 461.27 Td (760,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.10 461.27 Td (402,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 461.27 Td (94,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 461.27 Td (65,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 461.27 Td (53,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 461.27 Td (54,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 461.27 Td (4,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.60 461.27 Td (1,433,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 447.17 Td (Accumulated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 437.17 Td (amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 436.27 Td (\(316,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.80 436.27 Td (\(213,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 436.27 Td (\(23,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.80 436.32 Td (\(22,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.80 436.32 Td (\(13,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.80 436.32 Td (\(29,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 436.32 Td (\(2,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.80 436.32 Td (\(621,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 422.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.10 421.27 Td (443,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.10 421.27 Td (188,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 421.27 Td (70,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 421.27 Td (43,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 421.27 Td (39,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 421.27 Td (24,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 421.27 Td (1,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 421.27 Td (812,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 407.17 Td (Gross carrying amount:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 392.17 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 382.17 Td (current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.15 381.27 Td (11,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 381.27 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 381.27 Td (11,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 367.17 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 357.17 Td (prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.15 356.27 Td (4,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 356.27 Td (30,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 356.27 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 356.27 Td (36,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 342.17 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 332.17 Td (exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.15 331.27 Td (4,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 331.27 Td (2,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 331.27 Td (360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 331.27 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 331.27 Td (260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 331.27 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 331.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 331.27 Td (8,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 317.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 103.77 321.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 314.32 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 314.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 314.32 Td (\(250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 314.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 314.32 Td (\(291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 314.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 300.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 290.17 Td (change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.15 290.27 Td (9,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.15 290.27 Td (14,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 290.27 Td (31,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 290.27 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 290.27 Td (787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 290.27 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 290.32 Td (\(238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 290.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 290.27 Td (56,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 275.72 Td (Accumulated amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 261.17 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.80 260.27 Td (\(19,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.80 260.27 Td (\(14,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.80 260.27 Td (\(3,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 260.32 Td (\(3,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 260.32 Td (\(2,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 260.32 Td (\(1,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 260.32 Td (\(207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 260.32 Td (\(44,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 246.17 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 236.17 Td (exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 236.27 Td (\(1,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 236.27 Td (\(1,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 236.27 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.30 236.32 Td (\(115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 236.32 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 236.32 Td (\(165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 236.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 236.32 Td (\(3,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 222.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 103.77 226.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.65 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.65 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 218.27 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 218.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 218.27 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 218.27 Td (291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 204.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 194.17 Td (change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.80 193.27 Td (\(20,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.80 193.27 Td (\(16,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.80 193.27 Td (\(3,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 193.32 Td (\(3,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 193.32 Td (\(2,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 193.32 Td (\(1,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 193.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 193.27 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 193.32 Td (\(47,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 193.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 179.28 Td (Balance as of March 31, 2017:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 165.17 Td (Gross carrying) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 155.17 Td (amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.10 154.27 Td (769,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.10 154.27 Td (416,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.10 154.27 Td (125,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 154.27 Td (66,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 154.27 Td (53,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 154.27 Td (54,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 154.27 Td (3,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.60 154.27 Td (1,490,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 140.17 Td (Accumulated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 130.17 Td (amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 129.27 Td (\(337,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.80 129.27 Td (\(229,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 129.27 Td (\(27,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.80 129.32 Td (\(25,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.80 129.32 Td (\(16,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.80 129.32 Td (\(30,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 129.32 Td (\(2,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.80 129.32 Td (\(669,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 129.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 115.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.10 114.27 Td (431,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.10 114.27 Td (186,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 114.27 Td (98,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 114.27 Td (40,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 114.27 Td (37,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 114.27 Td (23,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 114.27 Td (1,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 114.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 114.27 Td (820,727) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (______________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 78.63 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 74.10 Td (Other includes netdowns of fully amortized assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 50.10 Td (Included in the prior year acquisitions amounts above are changes primarily associated with the acquisitions of festival ) 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 49.50 742.10 Td (promotion businesses located in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 724.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.05 724.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.05 724.10 Td ( additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 678.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 678.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 648.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 648.60 69.00 -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 371 678.6 m 440 678.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.40 698.83 Td (W) Tj ET Q q 0 0 0 rg BT 394.96 698.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.05 690.83 Td (A) Tj ET Q q 0 0 0 rg BT 396.23 690.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.30 682.83 Td (Life\(years\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 669.17 Td (Client/vendor relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 668.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 654.17 Td (Technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 653.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 639.17 Td (All categories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 638.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 616.10 Td (Amortization of definite-lived intangible assets for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.71 616.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.70 616.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.53 616.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.12 616.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.56 616.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.56 616.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.11 616.10 Td ($44.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.01 616.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 604.10 Td ($39.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.33 604.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 172.99 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.44 604.10 Td (Amortization related to nonrecoupable ticketing contract advances for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.82 604.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.80 604.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 592.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 592.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 592.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.09 592.10 Td ($20.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.98 592.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.42 592.10 Td ($21.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.31 592.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 352.97 592.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 574.10 Td (As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (completed, amortization may vary) Tj ET Q q 0 0 0 rg BT 186.02 562.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 544.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 526.10 Td (In 2016, the Company) Tj ET Q q 0 0 0 rg BT 165.71 526.10 Td (s reportable segments were Concerts, Sponsorship & ) Tj ET Q q 0 0 0 rg BT 379.01 526.10 Td (Advertising, ) Tj ET Q q 0 0 0 rg BT 431.04 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.80 526.10 Td (icketing and ) Tj ET Q q 0 0 0 rg BT 487.90 526.10 Td (Artist Nation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (Beginning in 2017, the Company will no longer present ) Tj ET Q q 0 0 0 rg BT 274.48 514.10 Td (Artist Nation as a reportable segment. ) Tj ET Q q 0 0 0 rg BT 428.42 514.10 Td (The Company has included the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (business reported in the ) Tj ET Q q 0 0 0 rg BT 146.15 502.10 Td (Artist Nation segment in the prior year in the Concerts segment. See further discussion of the segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (change in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.53 490.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.53 490.10 Td (Segment Data. ) Tj ET Q q 0 0 0 rg BT 188.72 490.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 248.44 490.10 Td (s seven reporting units remain unchanged.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 472.10 Td (The following table presents the changes in the carrying amount of goodwill in each of the Company) Tj ET Q q 0 0 0 rg BT 480.06 472.10 Td (s reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (segments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.09 460.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.08 460.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.90 460.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.50 460.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 401.60 177.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 401.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 401.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 401.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 401.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 372.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 372.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 372.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 372.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 372.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 342.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 342.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 342.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 342.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 342.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 312.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 312.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 312.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 312.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 312.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 282.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 282.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 282.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 282.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 282.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 253.60 177.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 253.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 253.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 253.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 253.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 253.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 253.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 253.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.00 223.60 177.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 223.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 223.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 223.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 223.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 223.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 223.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 223.60 55.00 -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 281 414.6 m 334 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 414.6 m 391 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 414.6 m 448 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 414.6 m 507 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 357.6 m 334 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 357.6 m 391 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 357.6 m 448 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 357.6 m 507 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 342.6 m 334 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 342.6 m 391 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 342.6 m 448 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 342.6 m 507 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 223.60000000000002 m 334 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 223.60000000000002 m 391 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 223.60000000000002 m 448 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 223.60000000000002 m 507 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 211.60000000000002 m 334 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 209.60000000000002 m 334 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 211.60000000000002 m 391 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 209.60000000000002 m 391 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 211.60000000000002 m 448 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 209.60000000000002 m 448 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 211.60000000000002 m 507 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 209.60000000000002 m 507 209.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.65 418.83 Td (Concerts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.85 434.83 Td (Sponsorship) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.65 426.83 Td (& ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.00 418.83 Td (Advertising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.80 418.83 Td (Ticketing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 418.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.50 405.85 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.50 392.33 Td (Balance as of December 31, 2016:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 378.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.10 377.27 Td (1,017,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 377.27 Td (395,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.60 377.27 Td (739,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 377.27 Td (2,151,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 363.17 Td (Accumulated impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 362.27 Td (\(404,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 362.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 362.32 Td (\(404,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 362.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 348.17 Td ( Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 347.27 Td (612,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 347.27 Td (395,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.60 347.27 Td (739,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 347.27 Td (1,747,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 318.17 Td (Acquisitionscurrent year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 317.27 Td (5,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 317.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 317.27 Td (3,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 317.27 Td (8,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 303.17 Td (Acquisitionsprior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.30 302.27 Td (\(29,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.30 302.32 Td (\(8,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 302.27 Td (882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 302.32 Td (\(37,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 288.17 Td (Foreign exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 287.27 Td (2,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 287.27 Td (1,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 287.27 Td (1,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 287.27 Td (5,566) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.50 258.33 Td (Balance as of March 31, 2017:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 244.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 243.27 Td (996,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 243.27 Td (388,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.60 243.27 Td (744,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 243.27 Td (2,128,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 229.17 Td (Accumulated impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 228.27 Td (\(404,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 228.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 228.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 228.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 228.32 Td (\(404,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 228.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 214.17 Td ( Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.60 214.17 Td (591,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 214.17 Td (388,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.60 214.17 Td (744,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 214.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 214.17 Td (1,724,113) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 193.10 Td (Included in the prior year acquisitions amounts above are changes primarily associated with the acquisitions of festival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (promotion businesses located in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 163.10 Td (The Company is in various stages of finalizing its acquisition accounting for recent acquisitions, which include the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.10 Td (allocations, including goodwill and its allocation between segments.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.84 742.25 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.84 742.25 Td (F) Tj ET Q q 0 0 0 rg BT 101.21 742.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 121.86 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 127.79 742.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 724.25 Td (The following table shows the fair value of the Company) Tj ET Q q 0 0 0 rg BT 305.33 724.25 Td (s significant financial assets that are required to be measured at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 648.75 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 648.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 648.75 98.00 -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 275.5 674.75 m 373.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 674.75 m 377.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 674.75 m 475.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 661.75 m 373.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 661.75 m 475.5 661.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.15 686.98 Td (Fair Value Measurements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.15 678.98 Td (at March 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.15 686.98 Td (Fair Value Measurements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.40 678.98 Td (at December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.65 665.98 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 665.98 Td (Level 1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.00 653.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.00 638.42 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.00 623.42 Td ( Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 623.42 Td (295,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 623.42 Td (55,081) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 601.25 Td (The Company has cash equivalents which consist of money market funds. Fair values for cash equivalents are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (quoted prices in an active market which are considered to be Level 1 inputs as defined in the F) Tj ET Q q 0 0 0 rg BT 427.47 589.25 Td (ASB guidance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 571.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 571.25 Td (s outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (debt issuance costs. ) Tj ET Q q 0 0 0 rg BT 130.91 559.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 190.63 559.25 Td (s debt is not publicly traded and the carrying amounts typically approximate fair value for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the F) Tj ET Q q 0 0 0 rg BT 465.48 547.25 Td (ASB guidance. ) Tj ET Q q 0 0 0 rg BT 528.35 547.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (estimated fair values of the Company) Tj ET Q q 0 0 0 rg BT 202.46 535.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.85 535.25 Td (5.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.68 535.25 Td ( senior notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.22 535.25 Td (4.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.05 535.25 Td ( senior notes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.04 535.25 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.87 535.25 Td ( convertible senior notes were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td ($260.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 523.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.89 523.25 Td ($575.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.78 523.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.22 523.25 Td ($299.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.11 523.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 303.77 523.25 Td (, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.49 523.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.09 523.25 Td (. ) Tj ET Q q 0 0 0 rg BT 386.91 523.25 Td (The estimated fair values of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 523.25 Td (5.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.58 523.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (senior notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.05 511.25 Td (4.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.88 511.25 Td ( senior notes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.86 511.25 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.69 511.25 Td ( convertible senior notes were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 511.25 Td ($259.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 511.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.04 511.25 Td ($578.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.93 511.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.37 511.25 Td ($294.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.26 511.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 499.25 Td (, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 499.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.96 499.25 Td (. ) Tj ET Q q 0 0 0 rg BT 195.78 499.25 Td (The estimated fair value of the Company) Tj ET Q q 0 0 0 rg BT 362.39 499.25 Td (s third-party fixed-rate debt is based on quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs. ) Tj ET Q q 0 0 0 rg BT 464.40 487.25 Td (The Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (fixed-rate debt held by noncontrolling interest partners with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.67 475.25 Td ($36.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.56 475.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 475.25 Td ($35.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.89 475.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 475.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.70 475.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 463.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 463.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 198.18 463.25 Td (. ) Tj ET Q q 0 0 0 rg BT 203.00 463.25 Td (The Company is unable to determine the fair value of this debt.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (NOTE 4EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 724.25 Td (The following table shows the reconciliation of the carrying amount of stockholders) Tj ET Q q 0 0 0 rg BT 410.89 724.25 Td ( equity attributable to Live Nation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 712.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.98 712.25 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 700.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 700.25 Td (:) Tj ET Q 0 0 0 rg /GS0 gs 481.25 683.75 4.00 -29.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 654.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.25 641.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 641.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 641.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.25 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 641.75 65.00 -15.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 641.75 65.00 -15.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.25 611.75 218.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 611.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 611.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 611.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.25 611.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 611.75 65.00 -25.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 611.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 611.75 65.00 -25.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 586.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.25 571.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 571.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 571.75 65.00 -15.00 re f 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0.9333333333333333 1 rg /GS0 gs 60.25 501.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.25 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 501.75 65.00 -15.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 501.75 65.00 -15.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.25 471.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.25 471.75 4.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.25 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.25 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.25 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.25 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.25 411.75 65.00 -15.00 re f /GS0 gs 0 0 0 rg /GS0 gs 481.25 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 411.75 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 278.25 654.75 m 343.25 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.25 654.75 m 412.25 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 654.75 m 481.25 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 654.75 m 550.25 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.25 411.75 m 343.25 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.25 397.75 m 343.25 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.25 395.75 m 343.25 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.25 411.75 m 412.25 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.25 397.75 m 412.25 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.25 395.75 m 412.25 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 411.75 m 481.25 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 397.75 m 481.25 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 395.75 m 481.25 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 411.75 m 550.25 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 397.75 m 550.25 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 395.75 m 550.25 395.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.10 674.98 Td (Live Nation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.95 666.98 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 333.47 666.98 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.65 658.98 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 666.98 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 385.80 666.98 Td (olling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.40 658.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 381.58 658.98 Td (ests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 666.98 Td (T) Tj ET Q q 0 0 0 rg BT 444.10 666.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.65 658.98 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.35 674.98 Td (Redeemable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 666.98 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 523.80 666.98 Td (olling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.40 658.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 519.58 658.98 Td (ests) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.25 646.00 Td (\(in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 646.00 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.75 631.43 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.40 631.42 Td (1,126,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.75 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 631.42 Td (223,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.75 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.40 631.42 Td (1,349,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.75 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.90 631.42 Td (347,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 616.42 Td (Non-cash compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.90 616.42 Td (7,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 616.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 616.42 Td (7,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.40 616.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 601.42 Td (Common stock issued under stock plans, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.75 591.42 Td (shares withheld for employee taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.55 591.47 Td (\(4,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 591.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 591.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 591.47 Td (\(4,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 591.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.40 591.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 576.42 Td (Exercise of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.90 576.42 Td (21,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 576.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 576.42 Td (21,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.40 576.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 561.42 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.40 561.42 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.40 561.42 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 561.47 Td (\(1,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 546.42 Td (Purchases of noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.05 546.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.05 546.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.05 546.47 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 531.42 Td (Redeemable noncontrolling interests fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.75 521.42 Td (adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.55 521.47 Td (\(12,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 521.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.55 521.47 Td (\(12,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.90 521.42 Td (12,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 506.42 Td (Contributions received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 506.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.90 506.42 Td (7,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 506.42 Td (7,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.40 506.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 491.42 Td (Cash distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 491.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.55 491.47 Td (\(2,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 491.47 Td (\(2,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 491.47 Td (\(9,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 476.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 476.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.90 476.42 Td (1,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 476.42 Td (1,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.05 476.47 Td (\(688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 476.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.75 461.42 Td (Comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.75 446.42 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.55 446.47 Td (\(32,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 446.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.55 446.47 Td (\(5,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 446.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.55 446.47 Td (\(38,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 446.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 446.47 Td (\(9,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 446.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.75 431.42 Td (Foreign currency translation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.90 431.42 Td (11,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 431.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 431.42 Td (11,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.75 417.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 416.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.40 416.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.40 416.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.40 416.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.75 401.43 Td (Balance at March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.40 401.42 Td (1,116,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.75 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 401.42 Td (223,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.75 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.40 401.42 Td (1,340,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.75 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.90 401.42 Td (338,316) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 379.25 Td (Accumulated Other Comprehensive Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 361.25 Td (The following table presents changes in the components of ) Tj ET Q q 0 0 0 rg BT 309.44 361.25 Td (AOCI, net of taxes, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.86 361.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.84 361.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.67 361.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 349.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.25 227.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 99.75 296.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.75 296.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 296.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.75 296.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.75 296.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.75 296.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 99.75 256.75 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.75 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.75 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.75 256.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.75 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.75 256.75 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 317.75 311.75 m 382.75 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.75 311.75 m 451.75 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 311.75 m 520.75 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.75 256.75 m 382.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.75 256.75 m 451.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 256.75 m 520.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.75 241.75 m 382.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.75 227.75 m 382.75 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.75 225.75 m 382.75 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.75 241.75 m 451.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.75 227.75 m 451.75 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.75 225.75 m 451.75 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 241.75 m 520.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 227.75 m 520.75 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 225.75 m 520.75 225.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.45 323.98 Td (Foreign) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.80 315.98 Td (Currency Items) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.60 315.98 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.00 315.98 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.75 301.00 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.25 286.43 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.25 286.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.05 286.47 Td (\(176,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.90 286.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.25 286.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.55 286.47 Td (\(461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.90 286.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.25 286.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.05 286.47 Td (\(176,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.90 286.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.25 271.42 Td (Other comprehensive income before) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.25 261.42 Td (reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.40 261.42 Td (11,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 261.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.40 261.42 Td (11,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.25 246.42 Td (Net other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.40 246.42 Td (11,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 246.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.40 246.42 Td (11,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.25 231.43 Td (Balance at March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.25 231.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.05 231.47 Td (\(164,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.90 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.25 231.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.55 231.47 Td (\(381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.90 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.25 231.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.05 231.47 Td (\(165,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.90 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 209.25 Td (Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 191.25 Td (Basic net income \(loss\) per common share is computed by dividing the net income \(loss\) available to common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (stockholders by the weighted average number of common shares outstanding during the period. ) Tj ET Q q 0 0 0 rg BT 434.22 179.25 Td (The calculation of diluted net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (income \(loss\) per common share includes the ef) Tj ET Q q 0 0 0 rg BT 240.65 167.25 Td (fects of the assumed exercise of any outstanding stock options, the assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes where dilutive. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.49 143.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 143.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 143.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.35 143.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.35 143.25 Td (, there were no reconciling items to the weighted average common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td (outstanding in the calculation of diluted net income \(loss\) per common share. ) 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 73.50 742.10 Td (The following table shows securities excluded from the calculation of diluted net income \(loss\) per common share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (because such securities are anti-dilutive:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 118.25 666.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 666.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 666.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.25 636.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 636.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 636.60 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 358.25 692.6 m 423.25 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 692.6 m 427.25 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 692.6 m 492.25 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 692.6 m 423.25 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 679.6 m 423.25 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 692.6 m 492.25 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 679.6 m 492.25 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 679.6 m 423.25 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 621.6 m 423.25 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 621.6 m 492.25 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 597.6 m 423.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 595.6 m 423.25 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 597.6 m 492.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 595.6 m 492.25 595.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.35 704.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.25 696.83 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.25 683.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.25 683.83 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.75 670.85 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 657.17 Td (Options to purchase shares of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 656.27 Td (16,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 656.27 Td (17,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 642.17 Td (Restricted stock awardsunvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 641.27 Td (1,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 641.27 Td (1,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 627.17 Td (Conversion shares related to the convertible senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 626.27 Td (7,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 626.27 Td (7,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 611.27 Td (Number of anti-dilutive potentially issuable shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.75 601.27 Td (excluded from diluted common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 601.27 Td (25,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 601.27 Td (26,338) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (NOTE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.84 579.10 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.84 579.10 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 145.67 579.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 161.87 579.10 Td (T) Tj ET Q q 0 0 0 rg BT 167.80 579.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 561.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 561.10 Td (s reportable segments are Concerts, Sponsorship& ) Tj ET Q q 0 0 0 rg BT 339.79 561.10 Td (Advertising and ) Tj ET Q q 0 0 0 rg BT 406.26 561.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.02 561.10 Td (icketing. Prior to 2017, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (reported an ) Tj ET Q q 0 0 0 rg BT 97.20 549.10 Td (Artist Nation segment, which is now included in its Concerts segment based on the Company) Tj ET Q q 0 0 0 rg BT 473.54 549.10 Td (s belief that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (strategy behind artist management is to provide a full range of services related to concert promotion and to expand the Concerts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (line of business. In connection with this, there has been a change in the way the chief operating decision maker) Tj ET Q q 0 0 0 rg BT 493.62 525.10 Td (, as defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (the F) Tj ET Q q 0 0 0 rg BT 69.54 513.10 Td (ASB guidance, makes decisions around allocations of resources and management responsibilities for this business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 495.10 Td (The Concerts segment involves the promotion of live music events globally in the Company) Tj ET Q q 0 0 0 rg BT 445.88 495.10 Td (s owned or operated venues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (of associated content and the provision of management and other services to artists. ) Tj ET Q q 0 0 0 rg BT 386.39 471.10 Td (The Sponsorship& ) Tj ET Q q 0 0 0 rg BT 466.11 471.10 Td (Advertising segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (manages the development of strategic sponsorship programs in addition to the sale of international, national and local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (sponsorships and the placement of advertising such as signage, promotional programs, rich media of) Tj ET Q q 0 0 0 rg BT 451.67 447.10 Td (ferings, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (advertising associated with live streaming and music-related original content, and ads across the Company) Tj ET Q q 0 0 0 rg BT 478.77 435.10 Td (s distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (network of venues, events and websites. ) Tj ET Q q 0 0 0 rg BT 213.11 423.10 Td (The ) Tj ET Q q 0 0 0 rg BT 230.98 423.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.73 423.10 Td (icketing segment involves the management of the Company) Tj ET Q q 0 0 0 rg BT 479.17 423.10 Td (s global ticketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (operations, including providing ticketing software and services to clients, ticket resale services and online access for customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (relating to ticket and event information, and is responsible for the Company) Tj ET Q q 0 0 0 rg BT 356.04 399.10 Td (s primary ticketing website, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.62 399.10 Td (www) Tj ET Q q 0 0 0 rg BT 488.89 399.10 Td (.ticketmaster) Tj ET Q q 0 0 0 rg BT 539.15 399.10 Td (.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.31 399.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 381.10 Td (Revenue and expenses earned and char) Tj ET Q q 0 0 0 rg BT 230.13 381.10 Td (ged between segments are eliminated in consolidation. ) Tj ET Q q 0 0 0 rg BT 451.00 381.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 510.71 381.10 Td (s capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (expenditures below include accruals for amounts incurred but not yet paid for) Tj ET Q q 0 0 0 rg BT 360.33 369.10 Td (, but are not reduced by reimbursements received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (from outside parties such as landlords or replacements funded by insurance proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.10 Td (The Company manages its working capital on a consolidated basis. ) Tj ET Q q 0 0 0 rg BT 344.78 339.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 394.11 339.10 Td (, segment assets are not reported to, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (used by) Tj ET Q q 0 0 0 rg BT 80.18 327.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 141.56 327.10 Td (s management to allocate resources to or assess performance of the segments, and therefore, total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (segment assets have not been presented.) 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589.17 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 579.22 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 581.27 Td (228,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 581.27 Td (19,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.10 581.27 Td (130,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.10 581.27 Td (5,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 581.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 581.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 581.27 Td (383,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 567.17 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 557.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 547.22 Td (amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 549.27 Td (46,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.15 549.27 Td (6,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 549.27 Td (47,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 549.27 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 549.27 Td (935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 549.32 Td (\(740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 549.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 549.27 Td (100,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 535.17 Td (Loss \(gain\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 525.17 Td (disposal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 515.17 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 505.22 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.30 507.27 Td (\(683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.65 507.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 507.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 507.32 Td (\(659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 507.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 493.17 Td (Corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 483.22 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.10 485.27 Td (25,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 485.27 Td (25,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 471.17 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 461.17 Td (income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.80 460.27 Td (\(75,807) Tj ET 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0.9333333333333333 1 rg /GS0 gs 80.00 453.10 54.70 -9.09 re f /GS0 gs q 0 0 0 rg BT 80.00 446.17 Td (Intersegment ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 89.00 443.10 31.65 -9.09 re f /GS0 gs q 0 0 0 rg BT 89.00 436.17 Td (revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 435.27 Td (10,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.15 435.27 Td (2,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 435.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 435.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 435.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 435.32 Td (\(13,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 435.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 435.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 421.17 Td (Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 411.17 Td (expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 410.27 Td (33,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 410.27 Td (505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 410.27 Td (25,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 410.27 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 410.27 Td (4,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 410.27 Td (63,867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 393.83 Td (Three Months Ended March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 377.17 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 376.27 Td (754,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 376.27 Td (57,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.10 376.27 Td (405,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 376.27 Td (841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 376.32 Td (\(11,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.60 376.27 Td (1,207,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 362.17 Td (Direct operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 352.17 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 351.27 Td (575,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 351.27 Td (13,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.10 351.27 Td (206,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 351.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 351.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 351.32 Td (\(10,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 351.27 Td (784,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 337.17 Td (Selling, general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 327.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 317.17 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 307.22 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.10 309.27 Td (202,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 309.27 Td (13,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.10 309.27 Td (118,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.10 309.27 Td (2,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 309.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 309.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 309.27 Td (337,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 295.17 Td (Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 285.17 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 275.22 Td (amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 277.27 Td (43,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.15 277.27 Td (4,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 277.27 Td (45,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 277.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 277.27 Td (922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 277.32 Td (\(569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 277.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 277.27 Td (94,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 263.17 Td (Loss \(gain\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 253.17 Td (disposal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 243.17 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 233.22 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.30 235.27 Td (\(34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 235.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 235.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 221.17 Td (Corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 211.17 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.65 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.10 212.27 Td (24,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 212.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 212.27 Td (24,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 198.17 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 188.17 Td (income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.80 187.27 Td (\(66,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 187.27 Td (25,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 187.27 Td (35,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.80 187.32 Td (\(1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 187.32 Td (\(25,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 187.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.80 187.32 Td (\(33,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 173.17 Td (Intersegment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 163.17 Td (revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 162.27 Td (10,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.15 162.27 Td (1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 162.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 162.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 162.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 162.32 Td (\(11,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 162.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 162.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 162.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 148.17 Td (Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 138.17 Td (expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.15 138.27 Td (6,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 138.27 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 138.27 Td (16,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 138.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 138.27 Td (1,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 138.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 138.27 Td (24,526) Tj ET Q BT /F1 10.00 Tf ET 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 (Item 2. Management) Tj ET Q q 0 0 0 rg BT 141.55 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.53 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 724.25 Td (Live Nation \(which may be r) Tj ET Q q 0 0 0 rg BT 198.90 724.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 217.97 724.25 Td (ed to as the Company) Tj ET Q q 0 0 0 rg BT 309.63 724.25 Td (, we, us or our\) means Live Nation Entertainment, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (Inc. and its subsidiaries, or one of our segments or subsidiaries, as the context r) Tj ET Q q 0 0 0 rg BT 370.45 712.25 Td (equir) Tj ET Q q 0 0 0 rg BT 391.19 712.25 Td (es. Y) Tj ET Q q 0 0 0 rg BT 409.16 712.25 Td (ou should r) Tj ET Q q 0 0 0 rg BT 454.35 712.25 Td (ead the following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (discussion of our financial condition and r) Tj ET Q q 0 0 0 rg BT 220.19 700.25 Td (esults of operations together with the unaudited consolidated financial statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (and notes to the financial statements included elsewher) Tj ET Q q 0 0 0 rg BT 270.98 688.25 Td (e in this quarterly r) Tj ET Q q 0 0 0 rg BT 348.38 688.25 Td (eport.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.70 670.25 Td (Special Note ) Tj ET Q q 0 0 0 rg BT 255.70 670.25 Td (About Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.25 Td (Certain statements contained in this quarterly report \(or otherwise made by us or on our behalf from time to time in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (reports, filings with the SEC, news releases, conferences, internet postings or otherwise\) that are not statements of historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (fact constitute forward-looking statements within the meaning of Section27A) Tj ET Q q 0 0 0 rg BT 370.20 628.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 439.62 628.25 Td (Act of 1933, as amended, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Section21E of the Exchange ) Tj ET Q q 0 0 0 rg BT 168.02 616.25 Td (Act of 1934, as amended, notwithstanding that such statements are not specifically identified. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Forward-looking statements include, but are not limited to, statements about our financial position, business strategy) Tj ET Q q 0 0 0 rg BT 515.65 604.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (competitive position, potential growth opportunities, potential operating performance improvements, the ef) Tj ET Q q 0 0 0 rg BT 478.32 592.25 Td (fects of competition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 580.25 Td (fects of future legislation or regulations and plans and objectives of our management for future operations. ) Tj ET Q q 0 0 0 rg BT 500.60 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 509.24 580.25 Td (e have based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (our forward-looking statements on our beliefs and assumptions considering the information available to us at the time the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (statements are made. Use of the words may) Tj ET Q q 0 0 0 rg BT 227.62 556.25 Td (, should, continue, plan, potential, anticipate, believe, estimate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (expect, intend, outlook, could, tar) Tj ET Q q 0 0 0 rg BT 224.17 544.25 Td (get, project, seek, predict, or variations of such words and similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.25 Td (Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (cause actual results to dif) Tj ET Q q 0 0 0 rg BT 150.89 502.25 Td (fer materially from those in such statements. Factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 506.44 502.25 Td (fer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (those discussed in the forward-looking statements include, but are not limited to, those set forth below under Part II Item1A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Risk Factors, in Part I Item IA.Risk Factors of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.31 478.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.31 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.26 478.25 Td (Annual Report on Form 10-K, as well as other factors described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (herein or in our annual, quarterly and other reports we file with the SEC \(collectively) Tj ET Q q 0 0 0 rg BT 390.07 466.25 Td (, cautionary statements\). Based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (prove incorrect, actual results may vary materially from those described in any forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 482.08 442.25 Td (All subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (entirety by the applicable cautionary statements. ) Tj ET Q q 0 0 0 rg BT 245.58 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 254.22 418.25 Td (e do not intend to update these forward-looking statements, except as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (required by applicable law) Tj ET Q q 0 0 0 rg BT 155.69 406.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (Executive Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 370.25 Td (The first quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.30 370.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.30 370.25 Td ( was another strong start for the year with our overall revenue increasing by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.75 370.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.08 370.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.86 370.25 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.97 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (on a reported basis for the quarter) Tj ET Q q 0 0 0 rg BT 184.55 358.25 Td (, representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.47 358.25 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.80 358.25 Td ( growth on a constant currency basis. ) Tj ET Q q 0 0 0 rg BT 410.69 358.25 Td (This revenue growth was across all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (of our segments as a result of increased concert fans, higher sponsorship revenue and increased fee-bearing ticket sales. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (operating loss and net loss for the quarter were lower than in the first quarter of 2016 lar) Tj ET Q q 0 0 0 rg BT 402.76 334.25 Td (gely due to improved operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (in our ) Tj ET Q q 0 0 0 rg BT 75.93 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 81.68 322.25 Td (icketing segment. ) Tj ET Q q 0 0 0 rg BT 154.17 322.25 Td (As the leading global live event and ticketing company) Tj ET Q q 0 0 0 rg BT 374.01 322.25 Td (, we believe that we are well-positioned to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (provide the best service to artists, teams, fans and venues and therefore drive growth across all our businesses. ) Tj ET Q q 0 0 0 rg BT 493.30 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 501.94 310.25 Td (e believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (by leveraging our leadership position in the entertainment industry to reach fans through the live concert experience, we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (sell more tickets and uniquely engage more advertising partners. By advancing innovation in ticketing technology) Tj ET Q q 0 0 0 rg BT 505.06 286.25 Td (, we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (continue to improve the fan experience by of) Tj ET Q q 0 0 0 rg BT 229.47 274.25 Td (fering increased and more diversified choices in an expanded ticketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 103.68 262.25 Td (This gives us a compelling opportunity to continue to grow our fan base and our results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.25 Td (Our Concerts segment revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.32 244.25 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.65 244.25 Td ( on a reported basis, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.24 244.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.57 244.25 Td ( on a constant currency basis, lar) Tj ET Q q 0 0 0 rg BT 501.17 244.25 Td (gely due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (increased stadium and arena attendance. Show count for the quarter was flat to last year while the number of fans attending our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (concert events increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.72 220.25 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.05 220.25 Td ( in the quarter to almost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.81 220.25 Td (1) Tj ET Q q 0 0 0 rg BT 283.44 220.25 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.83 220.25 Td (, with growth lar) Tj ET Q q 0 0 0 rg BT 386.30 220.25 Td (gely from arena activity in North ) Tj ET Q q 0 0 0 rg BT 520.15 220.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (and stadium activity in ) Tj ET Q q 0 0 0 rg BT 143.32 208.25 Td (Australia. Despite the increased attendance at our shows, our overall Concerts operating loss increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 196.25 Td (gely due to higher selling, general and administrative expenses in the quarter related to compensation and overhead for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (newly acquired companies which we anticipate will drive revenue growth in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 478.29 184.25 Td (T) Tj ET Q q 0 0 0 rg BT 484.04 184.25 Td (icket sales for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (future events during 2017 are tracking ahead of where we were at the same time last year) Tj ET Q q 0 0 0 rg BT 406.11 172.25 Td (, driving a 34% growth in event-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (related deferred revenue at the end of March, which puts us in a good position for our concert season in the second and third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (quarters. In addition to growing our footprint, we continue to focus on initiatives that expand ticket distribution and premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (ticket products as well as elevate our on-site of) Tj ET Q q 0 0 0 rg BT 237.53 136.25 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 270.12 136.25 Td (W) Tj ET Q q 0 0 0 rg BT 278.76 136.25 Td (e will continue to look for expansion opportunities in Concerts, both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (domestically and internationally) Tj ET Q q 0 0 0 rg BT 178.20 124.25 Td (, as well as ways to market our events more ef) Tj ET Q q 0 0 0 rg BT 362.69 124.25 Td (fectively in order to continue to expand our fan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (base and geographic reach and to sell more tickets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 94.25 Td (Our Sponsorship & ) Tj ET Q q 0 0 0 rg BT 150.73 94.25 Td (Advertising segment revenue increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.17 94.25 Td (1) Tj ET Q q 0 0 0 rg BT 327.80 94.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.13 94.25 Td ( on a reported basis, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.72 94.25 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.05 94.25 Td ( on a constant currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (basis, driven by the acquisitions of a digital content company and festival promotion businesses, higher online revenue in North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (America as well as increased festival sales in ) Tj ET Q q 0 0 0 rg BT 232.15 70.25 Td (Australia and the Middle East. ) Tj ET Q q 0 0 0 rg BT 356.39 70.25 Td (This year) Tj ET Q q 0 0 0 rg BT 393.47 70.25 Td (, we are focused on developing new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (festival sponsor opportunities, expanding our national and global partnerships and increasing our concert-related content on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (third-party platforms. Our extensive on-site and online reach, global venue distribution network, artist relationships and ) 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 (ticketing operations are the key to securing long-term sponsorship and advertising agreements with major brands, and we plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to expand these assets while extending our sales reach further into new international markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 712.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 88.87 712.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.63 712.10 Td (icketing segment revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.56 712.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.89 712.10 Td ( on a reported basis, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.48 712.10 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.81 712.10 Td ( on a constant currency basis. ) Tj ET Q q 0 0 0 rg BT 489.87 712.10 Td (The revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (growth came from both higher primary ticket sales globally as well as continued growth from our resale business. Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (income for the quarter also improved, lar) Tj ET Q q 0 0 0 rg BT 213.93 688.10 Td (gely from the higher primary and resale activity) Tj ET Q q 0 0 0 rg BT 404.59 688.10 Td (. Overall, the total number of fee-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (bearing tickets sold increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.51 676.10 Td (1) Tj ET Q q 0 0 0 rg BT 175.14 676.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.47 676.10 Td ( lar) Tj ET Q q 0 0 0 rg BT 201.34 676.10 Td (gely due to stronger concert ticket sales in both North ) Tj ET Q q 0 0 0 rg BT 417.95 676.10 Td (America and internationally) Tj ET Q q 0 0 0 rg BT 529.48 676.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.93 676.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (result, three of our top ten global sales months ever were in the first quarter of 2017. Our ongoing ef) Tj ET Q q 0 0 0 rg BT 450.54 664.10 Td (forts to enhance the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (consumer experience were reflected in higher conversion rates globally for the first quarter) Tj ET Q q 0 0 0 rg BT 413.33 652.10 Td (, with both mobile and desktop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (conversion up year) Tj ET Q q 0 0 0 rg BT 125.88 640.10 Td (-over) Tj ET Q q 0 0 0 rg BT 146.78 640.10 Td (-year) Tj ET Q q 0 0 0 rg BT 166.77 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.22 640.10 Td (As a result of our focus on improving consumer choice and convenience, our mobile sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (continue to grow) Tj ET Q q 0 0 0 rg BT 117.11 628.10 Td (. ) Tj ET Q q 0 0 0 rg BT 121.93 628.10 Td (This quarter) Tj ET Q q 0 0 0 rg BT 170.13 628.10 Td (, 30% of our total tickets were sold via mobile and tablet devices, up from 24% in the first quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (of 2016. ) Tj ET Q q 0 0 0 rg BT 85.65 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.29 616.10 Td (e will continue to invest in our ticketing platform to improve the ticket buying experience for our fans and provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (better tools and information resources for our venue clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 586.10 Td (e are optimistic about the long-term potential of our Company and are focused on the key elements of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (model: expand our concerts platform and improve the on-site experience for our fans, drive conversion of ticket sales through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (development of innovative products to sell more tickets, and develop unique marketing and content programs for top brands.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 544.10 Td ( History) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 526.10 Td (e were incorporated in Delaware on ) Tj ET Q q 0 0 0 rg BT 227.57 526.10 Td (August2, 2005 in preparation for the contribution and transfer by Clear Channel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Communications, Inc. of substantially all of its entertainment assets and liabilities to us.) Tj ET Q q 0 0 0 rg BT 404.20 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.84 514.10 Td (e completed the separation on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (December21, 2005, and became a publicly traded company on the New ) Tj ET Q q 0 0 0 rg BT 340.63 502.10 Td (Y) Tj ET Q q 0 0 0 rg BT 346.86 502.10 Td (ork Stock Exchange trading under the symbol ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (L) Tj ET Q q 0 0 0 rg BT 59.55 490.10 Td (YV) Tj ET Q q 0 0 0 rg BT 72.70 490.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 472.10 Td (On January25, 2010, we mer) Tj ET Q q 0 0 0 rg BT 191.85 472.10 Td (ged with ) Tj ET Q q 0 0 0 rg BT 228.88 472.10 Td (T) Tj ET Q q 0 0 0 rg BT 234.64 472.10 Td (icketmaster Entertainment LLC and it became a wholly-owned subsidiary of Live ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Nation. Ef) Tj ET Q q 0 0 0 rg BT 91.47 460.10 Td (fective with the mer) Tj ET Q q 0 0 0 rg BT 171.54 460.10 Td (ger) Tj ET Q q 0 0 0 rg BT 183.91 460.10 Td (, Live Nation, Inc. changed its name to Live Nation Entertainment, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Segment Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 424.10 Td (Our reportable segments are Concerts, Sponsorship& ) Tj ET Q q 0 0 0 rg BT 291.73 424.10 Td (Advertising and ) Tj ET Q q 0 0 0 rg BT 358.21 424.10 Td (T) Tj ET Q q 0 0 0 rg BT 363.97 424.10 Td (icketing. Prior to 2017 we reported an ) Tj ET Q q 0 0 0 rg BT 517.82 424.10 Td (Artist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Nation segment, which is now included in our Concerts segment. See further discussion of the segment change in Item 1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Financial StatementsNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.53 400.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.53 400.10 Td (Segment Data.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 382.10 Td (Concerts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 364.10 Td (Our Concerts segment principally involves the global promotion of live music events in our owned or operated venues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (and in rented third-party venues, the operation and management of music venues, the production of music festivals across the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (world, the creation of associated content and the provision of management and other services to artists. ) Tj ET Q q 0 0 0 rg BT 464.14 340.10 Td (While our Concerts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (segment operates year) Tj ET Q q 0 0 0 rg BT 138.65 328.10 Td (-round, we experience higher revenue during the second and third quarters due to the seasonal nature of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (shows at our outdoor amphitheaters and festivals, which primarily occur from May through October) Tj ET Q q 0 0 0 rg BT 449.90 316.10 Td (. Revenue and related costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (for events are generally deferred and recognized when the event occurs. ) Tj ET Q q 0 0 0 rg BT 339.30 304.10 Td (All advertising costs incurred during the year for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (shows in future years are expensed at the end of the year) Tj ET Q q 0 0 0 rg BT 275.75 292.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (Concerts direct operating expenses include artist fees, event production costs, show-related marketing and advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (expenses, along with other costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 244.10 Td (o judge the health of our Concerts segment, we primarily monitor the number of confirmed events in our network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (owned or operated and third-party venues, talent fees, average paid attendance, advance ticket sales and number of major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (clients represented. In addition, at our owned or operated venues and festivals, we monitor ancillary revenue per fan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (premium ticket sales. For business that is conducted in foreign markets, we also compare the operating results from our foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (operations to prior periods without the impact of changes in foreign exchange rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 178.10 Td (Sponsorship& ) Tj ET Q q 0 0 0 rg BT 127.04 178.10 Td (Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 160.10 Td (Our Sponsorship& ) Tj ET Q q 0 0 0 rg BT 153.73 160.10 Td (Advertising segment employs a sales force that creates and maintains relationships with sponsors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (through a combination of strategic, international, national and local opportunities that allow businesses to reach customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (through our concerts, venue, artist relationship and ticketing assets, including advertising on our websites. ) Tj ET Q q 0 0 0 rg BT 476.39 136.10 Td (W) Tj ET Q q 0 0 0 rg BT 485.03 136.10 Td (e drive increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (advertising scale to further monetize our concerts platform through rich media of) Tj ET Q q 0 0 0 rg BT 373.87 124.10 Td (ferings including advertising associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (live streaming and music-related original content. ) Tj ET Q q 0 0 0 rg BT 251.14 112.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.78 112.10 Td (e work with our corporate clients to help create marketing programs that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (drive their business goals and connect their brands directly with fans and artists. ) Tj ET Q q 0 0 0 rg BT 372.51 100.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.15 100.10 Td (e also develop, book and produce custom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (events or programs for our clients) Tj ET Q q 0 0 0 rg BT 187.83 88.10 Td ( specific brands which are typically experienced exclusively by the clients) Tj ET Q q 0 0 0 rg BT 486.97 88.10 Td ( consumers. ) Tj ET Q q 0 0 0 rg BT 537.06 88.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (custom events can involve live music events with talent and media, using both online and traditional outlets. ) Tj ET Q q 0 0 0 rg BT 485.56 76.10 Td (W) Tj ET Q q 0 0 0 rg BT 494.20 76.10 Td (e typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (experience higher revenue in the second and third quarters, as a lar) Tj ET Q q 0 0 0 rg BT 316.92 64.10 Td (ge portion of sponsorships are associated with shows at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (outdoor amphitheaters and festivals, which primarily occur from May through October) Tj ET Q q 0 0 0 rg BT 396.85 52.10 Td (.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Direct operating expenses include fulfillment costs related to our sponsorship programs, along with other costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 724.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 724.10 Td (o judge the health of our Sponsorship& ) Tj ET Q q 0 0 0 rg BT 241.62 724.10 Td (Advertising segment, we primarily review the revenue generated through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.10 Td (sponsorship arrangements, the percentage of expected revenue under contract and online advertising revenue. For business that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (impact of changes in foreign exchange rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 67.74 670.10 Td (icketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 652.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.37 652.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.13 652.10 Td (icketing segment is primarily an agency business that sells tickets for events on behalf of our clients and retains a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (service char) Tj ET Q q 0 0 0 rg BT 97.84 640.10 Td (ge for these services. Gross transaction value, or GTV) Tj ET Q q 0 0 0 rg BT 313.15 640.10 Td (, represents the total amount of the transaction related to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (ticket sale and includes the face value of the ticket as well as the service char) Tj ET Q q 0 0 0 rg BT 357.73 628.10 Td (ge. Service char) Tj ET Q q 0 0 0 rg BT 421.68 628.10 Td (ges are generally based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (percentage of the face value or a fixed fee. ) Tj ET Q q 0 0 0 rg BT 222.49 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 231.13 616.10 Td (e sell tickets through websites, mobile apps, ticket outlets and telephone call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (centers. Our ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (depending upon scheduling by our clients. ) Tj ET Q q 0 0 0 rg BT 221.73 592.10 Td (W) Tj ET Q q 0 0 0 rg BT 230.37 592.10 Td (e also of) Tj ET Q q 0 0 0 rg BT 264.07 592.10 Td (fer ticket resale services, sometimes referred to as secondary ticketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (primarily through our integrated inventory platform, league/team platforms and other platforms internationally) Tj ET Q q 0 0 0 rg BT 492.00 580.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 514.87 580.10 Td (T) Tj ET Q q 0 0 0 rg BT 520.63 580.10 Td (icketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (segment manages our online activities including enhancements to our ticketing websites and product of) Tj ET Q q 0 0 0 rg BT 463.32 568.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 495.91 568.10 Td (Through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (websites, we sell tickets to our own events as well as tickets for our clients and provide event information. Revenue related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (ticketing service char) Tj ET Q q 0 0 0 rg BT 135.33 544.10 Td (ges is recognized when the ticket is sold for our outside clients. For our own events, where our concert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (promoters control ticketing, revenue is deferred and recognized as the event occurs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 514.10 Td (icketing direct operating expenses include ticketing client royalties and credit card fees, along with other costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 496.10 Td (o judge the health of our ) Tj ET Q q 0 0 0 rg BT 179.76 496.10 Td (T) Tj ET Q q 0 0 0 rg BT 185.51 496.10 Td (icketing segment, we primarily review GTV) Tj ET Q q 0 0 0 rg BT 362.50 496.10 Td ( and the number of tickets sold through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (primary and secondary ticketing operations, the number of clients renewed or added and the average royalty rate paid to clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (who use our ticketing services. In addition, we review the number of visits to our websites, the purchase conversion rate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (overall number of customers in our database, the number of tickets sold via mobile and the number of app installs. For business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (the impact of changes in foreign exchange rates.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Key Operating Metrics) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 672.95 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 672.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 672.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 672.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 643.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 643.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 643.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 643.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 613.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 613.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 613.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 613.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 583.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 583.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 583.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 583.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 553.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 553.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 553.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 553.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 524.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 524.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 524.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 524.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 494.95 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 494.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 494.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 494.95 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 421.5 699.95 m 425.5 699.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 699.95 m 490.5 699.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 699.95 m 421.5 699.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 686.95 m 421.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 699.95 m 425.5 699.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 699.95 m 490.5 699.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 686.95 m 490.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 613.95 m 421.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 613.95 m 490.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 613.95 m 421.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 598.95 m 421.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 598.95 m 490.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 553.95 m 421.5 553.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 553.95 m 490.5 553.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 538.95 m 421.5 538.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 538.95 m 490.5 538.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 494.95 m 421.5 494.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 494.95 m 490.5 494.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 494.95 m 421.5 494.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 479.95 m 421.5 479.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 494.95 m 490.5 494.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 479.95 m 490.5 479.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.60 712.18 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.50 704.18 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.50 691.18 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 691.18 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.45 677.20 Td (\(in thousands except estimated events\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.00 663.63 Td (Concerts ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 163.82 668.16 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 648.62 Td (Estimated events:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 633.62 Td (North America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 633.62 Td (3,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 633.62 Td (3,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 618.62 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 618.62 Td (2,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 618.62 Td (2,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.00 603.62 Td (Total estimated events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 603.62 Td (5,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 603.62 Td (5,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 588.62 Td (Estimated fans:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 573.62 Td (North America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 573.62 Td (5,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 573.62 Td (4,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 558.62 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 558.62 Td (5,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 558.62 Td (4,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.00 543.62 Td (Total estimated fans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 543.62 Td (10,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 543.62 Td (8,920) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.00 529.63 Td (T) Tj ET Q q 0 0 0 rg BT 129.49 529.63 Td (icketing ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 165.88 534.16 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 514.62 Td (Number of fee-bearing tickets sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 514.62 Td (49,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 514.62 Td (44,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 499.62 Td (Number of non-fee-bearing tickets sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 499.62 Td (78,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 499.62 Td (76,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.00 484.62 Td (Total tickets sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 484.62 Td (128,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 484.62 Td (121,005) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.45 Td (_________) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 50.00 450.98 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 446.45 Td (Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 434.45 Td (event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 422.45 Td (days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 410.45 Td (metrics are estimated each quarter) Tj ET Q q 0 0 0 rg BT 208.54 410.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 50.00 402.98 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 398.45 Td (The number of fee-bearing tickets sold includes primary and secondary tickets that are sold using our ) Tj ET Q q 0 0 0 rg BT 479.97 398.45 Td (T) Tj ET Q q 0 0 0 rg BT 485.73 398.45 Td (icketmaster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 386.45 Td (systems or that we issue through af) Tj ET Q q 0 0 0 rg BT 212.85 386.45 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 244.88 386.45 Td (This metric includes primary tickets sold during the period regardless of event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 374.45 Td (timing, except for our own events where our concert promoters control ticketing and which are reported as the events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 362.45 Td (occur) Tj ET Q q 0 0 0 rg BT 94.16 362.45 Td (. ) Tj ET Q q 0 0 0 rg BT 98.97 362.45 Td (The non-fee-bearing tickets sold reported above includes primary tickets sold using our ) Tj ET Q q 0 0 0 rg BT 450.91 362.45 Td (T) Tj ET Q q 0 0 0 rg BT 456.67 362.45 Td (icketmaster systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 350.45 Td (through season seat packages and our venue clients) Tj ET Q q 0 0 0 rg BT 280.30 350.45 Td ( box of) Tj ET Q q 0 0 0 rg BT 308.45 350.45 Td (fices, along with tickets sold on our do it yourself) Tj ET Q q 0 0 0 rg BT 510.63 350.45 Td () Tj ET Q q 0 0 0 rg BT 513.22 350.45 Td ( platform.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.45 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 332.45 Td ( Measur) Tj ET Q q 0 0 0 rg BT 133.98 332.45 Td (es) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 314.45 Td (Reconciliation of ) Tj ET Q q 0 0 0 rg BT 134.96 314.45 Td (Adjusted Operating Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 296.45 Td (AOI is a non-GAAP) Tj ET Q q 0 0 0 rg BT 155.57 296.45 Td ( financial measure that we define as operating income \(loss\) before acquisition expenses \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.45 Td (transaction costs, changes in the fair value of acquisition-related contingent consideration obligations, and acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.45 Td (severance and compensation\), depreciation and amortization \(including goodwill impairment\), loss \(gain\) on disposal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.45 Td (operating assets and certain stock-based compensation expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.69 260.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.19 260.45 Td ( ) Tj ET Q q 0 0 0 rg BT 307.51 260.45 Td (W) Tj ET Q q 0 0 0 rg BT 316.15 260.45 Td (e use ) Tj ET Q q 0 0 0 rg BT 338.36 260.45 Td (AOI to evaluate the performance of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.45 Td (segments. ) Tj ET Q q 0 0 0 rg BT 92.04 248.45 Td (W) Tj ET Q q 0 0 0 rg BT 100.67 248.45 Td (e believe that information about ) Tj ET Q q 0 0 0 rg BT 230.36 248.45 Td (AOI assists investors by allowing them to evaluate changes in the operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.45 Td (of our portfolio of businesses separate from non-operational factors that af) Tj ET Q q 0 0 0 rg BT 347.50 236.45 Td (fect net income, thus providing insights into both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.45 Td (operations and the other factors that af) Tj ET Q q 0 0 0 rg BT 203.65 224.45 Td (fect reported results. ) Tj ET Q q 0 0 0 rg BT 287.50 224.45 Td (AOI is not calculated or presented in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 531.04 224.45 Td (. ) Tj ET Q q 0 0 0 rg BT 535.48 224.45 Td (A) Tj ET Q q 0 0 0 rg BT 542.15 224.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.45 Td (limitation of the use of ) Tj ET Q q 0 0 0 rg BT 143.04 212.45 Td (AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.45 Td (used in generating revenue in our business. ) Tj ET Q q 0 0 0 rg BT 224.40 200.45 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 273.74 200.45 Td (, ) Tj ET Q q 0 0 0 rg BT 278.19 200.45 Td (AOI should be considered in addition to, and not as a substitute for) Tj ET Q q 0 0 0 rg BT 545.80 200.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.45 Td (operating income \(loss\), net income \(loss\), and other measures of financial performance reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 544.27 188.45 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.45 Td (Furthermore, this measure may vary among other companies; thus, ) Tj ET Q q 0 0 0 rg BT 319.66 176.45 Td (AOI as presented herein may not be comparable to similarly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.45 Td (titled measures of other companies.) Tj ET Q 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 74.00 742.10 Td (The following table sets forth the reconciliation of ) Tj ET Q q 0 0 0 rg BT 277.28 742.10 Td (AOI to operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 675.60 209.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 675.60 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 675.60 60.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 675.60 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 675.60 58.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 675.60 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 675.60 55.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 675.60 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 675.60 55.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 675.60 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 675.60 55.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 642.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 642.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 642.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 642.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 642.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 642.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 642.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 612.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 612.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 612.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 612.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 612.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 612.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 612.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 582.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 582.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 582.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 582.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 582.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 582.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 582.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 549.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 549.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 549.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 549.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 549.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 549.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 549.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 519.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 519.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 519.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 519.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 519.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 519.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 519.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 489.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 489.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 489.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 489.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 489.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 489.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 489.60 55.00 -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 203.5 688.6 m 258.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 688.6 m 322.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 688.6 m 384.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 688.6 m 443.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 688.6 m 502.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 688.6 m 561.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 582.6 m 258.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 582.6 m 322.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 582.6 m 384.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 582.6 m 443.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 582.6 m 502.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 568.6 m 258.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 566.6 m 258.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 582.6 m 322.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 568.6 m 322.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 566.6 m 322.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 582.6 m 384.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 568.6 m 384.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 566.6 m 384.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 582.6 m 443.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 568.6 m 443.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 566.6 m 443.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 582.6 m 502.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 568.6 m 502.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 566.6 m 502.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 582.6 m 561.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 568.6 m 561.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 566.6 m 561.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 474.6 m 258.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 474.6 m 322.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 474.6 m 384.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 474.6 m 443.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 474.6 m 502.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 474.6 m 258.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 460.6 m 258.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 458.6 m 258.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 460.6 m 322.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 458.6 m 322.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 460.6 m 384.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 458.6 m 384.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 460.6 m 443.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 458.6 m 443.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 460.6 m 502.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 458.6 m 502.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 474.6 m 561.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 460.6 m 561.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 458.6 m 561.5 458.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.90 708.83 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.25 700.83 Td (income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.60 692.83 Td (\(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.10 716.83 Td (Stock-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.20 708.83 Td (based) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.40 700.83 Td (compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.65 692.83 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.20 716.83 Td (Loss\(gain\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.65 708.83 Td (on disposal of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.55 700.83 Td (operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.20 692.83 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.55 708.83 Td (Depr) Tj ET Q q 0 0 0 rg BT 410.73 708.83 Td (eciation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.05 700.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.50 692.83 Td (amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.90 700.83 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.60 692.83 Td (expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.90 692.83 Td (AOI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 679.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.00 679.85 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 664.33 Td (Three Months Ended March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 648.17 Td (Concerts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 647.27 Td (\(75,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 647.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 647.27 Td (2,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 647.32 Td (\(683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 647.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 647.27 Td (46,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 647.27 Td (5,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 647.32 Td (\(22,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 647.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 633.17 Td (Sponsorship& Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 632.27 Td (26,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 632.27 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 632.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 632.27 Td (6,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 632.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 632.27 Td (33,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 618.17 Td (Ticketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 617.27 Td (54,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 617.27 Td (880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 617.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 617.27 Td (47,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 617.27 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 617.27 Td (103,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 603.17 Td (Other and Eliminations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 602.27 Td (226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 602.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 602.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 602.32 Td (\(631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 602.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 602.32 Td (\(405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 588.17 Td (Corporate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 587.27 Td (\(26,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 587.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 587.27 Td (3,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 587.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 587.27 Td (935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 587.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 587.32 Td (\(21,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 587.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 573.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 572.27 Td (\(21,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 572.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 572.27 Td (7,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 572.32 Td (\(659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 572.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 572.27 Td (100,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 572.27 Td (5,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 572.27 Td (92,018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 556.33 Td (Three Months Ended March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 540.17 Td (Concerts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 539.27 Td (\(66,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 539.27 Td (3,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 539.32 Td (\(34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 539.27 Td (43,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 539.27 Td (2,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 539.32 Td (\(16,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 525.17 Td (Sponsorship& Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 524.27 Td (25,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 524.27 Td (387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 524.27 Td (4,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 524.27 Td (30,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 510.17 Td (Ticketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 509.27 Td (35,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 509.27 Td (964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 509.27 Td (45,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 509.27 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 509.27 Td (82,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 495.17 Td (Other and Eliminations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.80 494.27 Td (\(1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.30 494.32 Td (\(549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 494.32 Td (\(2,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 480.17 Td (Corporate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 479.27 Td (\(25,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 479.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 479.27 Td (4,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 479.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 479.27 Td (922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 479.27 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 479.32 Td (\(19,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 479.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 465.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.80 464.27 Td (\(33,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 464.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 464.27 Td (8,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 464.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 464.27 Td (94,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 464.27 Td (2,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 464.27 Td (73,385) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 436.10 Td (AOI Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 418.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 109.64 418.10 Td (gin is a non-GAAP) Tj ET Q q 0 0 0 rg BT 186.21 418.10 Td ( financial measure that we calculate by dividing ) Tj ET Q q 0 0 0 rg BT 379.47 418.10 Td (AOI by revenue. ) Tj ET Q q 0 0 0 rg BT 448.71 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.35 418.10 Td (e use ) Tj ET Q q 0 0 0 rg BT 479.57 418.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 515.21 418.10 Td (gin to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (evaluate the performance of our operating segments. ) Tj ET Q q 0 0 0 rg BT 262.51 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.15 406.10 Td (e believe that information about the ) Tj ET Q q 0 0 0 rg BT 415.55 406.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 451.19 406.10 Td (gin assists investors by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (that af) Tj ET Q q 0 0 0 rg BT 75.08 382.10 Td (fect net income, thus providing insights into both operations and the other factors that af) Tj ET Q q 0 0 0 rg BT 427.88 382.10 Td (fect reported results. ) Tj ET Q q 0 0 0 rg BT 511.73 382.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 547.37 382.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (is not calculated or presented in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 273.26 370.10 Td (. ) Tj ET Q q 0 0 0 rg BT 277.71 370.10 Td (A) Tj ET Q q 0 0 0 rg BT 284.38 370.10 Td ( limitation of the use of ) Tj ET Q q 0 0 0 rg BT 379.92 370.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 415.56 370.10 Td (gin as a performance measure is that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. ) Tj ET Q q 0 0 0 rg BT 481.26 358.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 530.60 358.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 85.64 346.10 Td (gin should be considered in addition to, and not as a substitute for) Tj ET Q q 0 0 0 rg BT 348.25 346.10 Td (, operating income \(loss\) mar) Tj ET Q q 0 0 0 rg BT 465.54 346.10 Td (gin, net income \(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 334.10 Td (gin, and other measures of financial performance reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 404.12 334.10 Td (. Furthermore, this measure may vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (among other companies; thus, ) Tj ET Q q 0 0 0 rg BT 171.92 322.10 Td (AOI mar) Tj ET Q q 0 0 0 rg BT 207.56 322.10 Td (gin as presented herein may not be comparable to similarly titled measures of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (companies. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 292.10 Td (Constant Currency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 274.10 Td (Constant currency is a non-GAAP) Tj ET Q q 0 0 0 rg BT 209.33 274.10 Td ( financial measure. ) Tj ET Q q 0 0 0 rg BT 287.44 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 296.08 274.10 Td (e calculate currency impacts as the dif) Tj ET Q q 0 0 0 rg BT 448.60 274.10 Td (ference between current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (period activity translated using the current period) Tj ET Q q 0 0 0 rg BT 249.94 262.10 Td (s currency exchange rates and the comparable prior period) Tj ET Q q 0 0 0 rg BT 486.49 262.10 Td (s currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (exchange rates. ) Tj ET Q q 0 0 0 rg BT 113.95 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 122.59 250.10 Td (e present constant currency information to provide a framework for assessing how our underlying businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (performed excluding the ef) Tj ET Q q 0 0 0 rg BT 158.38 238.10 Td (fect of foreign currency rate fluctuations.) Tj ET Q 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Segment Operating Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Concerts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 706.25 Td (Our Concerts segment operating results were, and discussions of significant variances are, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 127.00 642.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 642.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 642.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 642.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 642.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 642.75 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.00 612.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 612.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 612.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 612.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 612.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 612.75 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.00 582.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 582.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 582.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 582.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 582.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 582.75 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.00 552.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 552.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 552.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 552.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 552.75 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.00 522.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 522.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 522.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 522.75 34.00 -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 317 668.75 m 380 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 668.75 m 384 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 668.75 m 446 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 668.75 m 484 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 655.75 m 380 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 655.75 m 446 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 567.75 m 380 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 567.75 m 446 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 553.75 m 380 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 551.75 m 380 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 553.75 m 446 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 551.75 m 446 551.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 129.50 673.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.60 680.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 672.98 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.50 680.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.35 672.98 Td (Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 129.50 660.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.00 659.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.50 659.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 129.50 647.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.00 647.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 632.42 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.25 632.42 Td (863,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 632.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.25 632.42 Td (754,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 632.42 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 617.42 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.25 617.42 Td (664,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.25 617.42 Td (575,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 617.42 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 603.32 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.25 602.42 Td (228,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.25 602.42 Td (202,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 602.42 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 587.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 587.42 Td (46,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 587.42 Td (43,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 587.42 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 573.32 Td (Gain on disposal of operating assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.45 572.42 Td (\(683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 572.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.45 572.42 Td (\(34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 572.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 572.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 557.42 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 557.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.95 557.42 Td (\(75,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 557.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 557.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.95 557.42 Td (\(66,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 557.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 557.42 Td (\(14\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 542.42 Td (Operating margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.95 542.42 Td (\(8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 542.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 542.42 Td (\(8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 542.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 527.42 Td (AOI**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 527.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.95 527.42 Td (\(22,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 527.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 527.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.95 527.42 Td (\(16,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 527.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 527.42 Td (\(30\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 512.42 Td (AOI margin**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.95 512.42 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 512.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 512.42 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 512.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (_______) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 470.32 Td (Percentages are not meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.32 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 455.32 Td (See Non-GAAP Measures above for definition and reconciliation of AOI and AOI margin.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 432.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 414.25 Td (Concerts revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 414.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.45 414.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.95 414.25 Td ($108.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.84 414.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.66 414.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 414.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.47 414.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.07 414.25 Td ( as compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (period of the prior year) Tj ET Q q 0 0 0 rg BT 142.19 402.25 Td (. Excluding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.51 402.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.92 402.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.25 402.25 Td ($13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.14 402.25 Td ( related to currency impacts, revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.35 402.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.10 402.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.60 402.25 Td ($122.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.49 402.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 390.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.16 390.25 Td (, on a constant currency basis, primarily due to more shows in our international stadiums, North ) Tj ET Q q 0 0 0 rg BT 464.36 390.25 Td (America arenas and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (worldwide theaters and clubs partially of) Tj ET Q q 0 0 0 rg BT 213.38 378.25 Td (fset by fewer international arena shows. Concerts had incremental revenue of $25.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (million from the acquisitions of concert and festival promotion businesses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 348.25 Td (Operating r) Tj ET Q q 0 0 0 rg BT 119.63 348.25 Td (esults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 330.25 Td (The increased operating loss for Concerts for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.21 330.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.20 330.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.02 330.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.62 330.25 Td ( was primarily driven by higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (compensation costs associated with annual salary increases, headcount growth and recent acquisitions partially of) Tj ET Q q 0 0 0 rg BT 504.12 318.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (improved operating results for our worldwide arenas and international stadiums. ) Tj ET Q 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 q 0 0 0 rg BT 50.00 742.25 Td (Sponsorship& ) Tj ET Q q 0 0 0 rg BT 115.59 742.25 Td (Advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 724.25 Td (Our Sponsorship& ) Tj ET Q q 0 0 0 rg BT 153.73 724.25 Td (Advertising segment operating results were, and discussions of significant variances are, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 660.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 660.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 660.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 660.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 630.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 630.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 630.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 630.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 600.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 600.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 600.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 600.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 570.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 570.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 570.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 570.75 38.00 -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 318.5 686.75 m 377.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 686.75 m 381.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 686.75 m 440.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 686.75 m 482.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 686.75 m 377.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 673.75 m 377.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 686.75 m 381.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 686.75 m 440.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 673.75 m 440.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 600.75 m 377.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 586.75 m 377.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 584.75 m 377.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 600.75 m 440.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 586.75 m 440.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 584.75 m 440.5 584.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.60 698.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 690.98 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.00 698.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.85 690.98 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 677.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.50 677.98 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.00 665.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 651.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 650.42 Td (63,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 650.42 Td (57,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 650.42 Td (11%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 636.32 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 635.42 Td (11,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 635.42 Td (13,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 635.42 Td (\(14\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 621.32 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 620.42 Td (19,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 620.42 Td (13,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 620.42 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 606.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 605.42 Td (6,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 605.42 Td (4,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 605.42 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 591.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 590.42 Td (26,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 590.42 Td (25,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 590.42 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 576.32 Td (Operating margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 575.42 Td (41.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 575.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 575.42 Td (44.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 575.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 561.32 Td (AOI**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 560.42 Td (33,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 560.42 Td (30,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 560.42 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 546.32 Td (AOI margin**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 545.42 Td (52.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 545.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 545.42 Td (53.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 545.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (_______) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.32 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 509.32 Td (See Non-GAAP Measures above for definition and reconciliation of AOI and AOI margin.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 486.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 468.25 Td (Sponsorship& ) Tj ET Q q 0 0 0 rg BT 135.68 468.25 Td (Advertising revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.54 468.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 468.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.80 468.25 Td ($6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.69 468.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.51 468.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 468.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.32 468.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.92 468.25 Td ( as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (the same period of the prior year primarily due to increased online advertising and incremental revenue of $3.9 million from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (acquisitions of a digital content company and festival promotion businesses. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 426.25 Td (Operating r) Tj ET Q q 0 0 0 rg BT 121.13 426.25 Td (esults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 408.25 Td (The increase in Sponsorship & ) Tj ET Q q 0 0 0 rg BT 199.26 408.25 Td (Advertising operating income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.05 408.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.04 408.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.86 408.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.46 408.25 Td ( was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (driven by improved online advertising results and lower fulfillment costs on certain sponsorship programs partially of) Tj ET Q q 0 0 0 rg BT 521.11 396.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (increased compensation costs associated with higher headcount. ) Tj ET Q 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 q 0 0 0 rg BT 50.00 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 56.49 742.25 Td (icketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 724.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.87 724.25 Td (T) Tj ET Q q 0 0 0 rg BT 97.63 724.25 Td (icketing segment operating results were, and discussions of significant variances are, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 660.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 660.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 660.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 660.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 630.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 630.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 630.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 630.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 600.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 600.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 600.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 600.75 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.50 570.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 570.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 570.75 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 570.75 38.00 -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 318.5 686.75 m 377.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 686.75 m 381.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 686.75 m 440.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 686.75 m 482.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 686.75 m 377.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 673.75 m 377.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 686.75 m 381.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 686.75 m 440.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 673.75 m 440.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 600.75 m 377.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 586.75 m 377.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 584.75 m 377.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 600.75 m 440.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 586.75 m 440.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 584.75 m 440.5 584.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.60 698.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 690.98 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.00 698.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.85 690.98 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 677.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.50 677.98 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.00 665.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 650.42 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 650.42 Td (493,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 650.42 Td (405,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 650.42 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 635.42 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 635.42 Td (261,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 635.42 Td (206,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 635.42 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 621.32 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 620.42 Td (130,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 620.42 Td (118,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 620.42 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 605.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 605.42 Td (47,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 605.42 Td (45,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 605.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 590.42 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 590.42 Td (54,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 590.42 Td (35,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 590.42 Td (54%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 575.42 Td (Operating margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 575.42 Td (11.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 575.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 575.42 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 575.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 560.42 Td (AOI**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 560.42 Td (103,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 560.42 Td (82,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 560.42 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 545.42 Td (AOI margin**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 545.42 Td (20.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 545.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 545.42 Td (20.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 545.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (_______) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.32 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 503.32 Td (See Non-GAAP Measures above for definition and reconciliation of AOI and AOI margin.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 480.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 462.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 462.25 Td (icketing revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.61 462.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.37 462.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.87 462.25 Td ($87.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.76 462.25 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.58 462.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.57 462.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.40 462.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.99 462.25 Td ( as compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (of the prior year) Tj ET Q q 0 0 0 rg BT 114.14 450.25 Td (. Excluding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 450.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.88 450.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.21 450.25 Td ($5.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.10 450.25 Td ( related to currency impacts, revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 450.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.06 450.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.56 450.25 Td ($93.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.45 450.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.28 450.25 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.61 450.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (on a constant currency basis, primarily due to increased worldwide primary ticket volume and fees driven by concert ticket ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (sales along with higher North ) Tj ET Q q 0 0 0 rg BT 170.26 426.25 Td (America resale ticket volume for concert events.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 408.25 Td (Operating r) Tj ET Q q 0 0 0 rg BT 121.13 408.25 Td (esults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 390.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 390.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.80 390.25 Td ( in ) Tj ET Q q 0 0 0 rg BT 137.40 390.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.16 390.25 Td (icketing operating income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.94 390.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.93 390.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.75 390.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.35 390.25 Td ( was primarily due to increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (operating results from primary and North ) Tj ET Q q 0 0 0 rg BT 217.18 378.25 Td (America resale ticket sales partially of) Tj ET Q q 0 0 0 rg BT 370.54 378.25 Td (fset by increased legal costs and higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (compensation costs associated with annual salary increases.) 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0.9333333333333333 1 rg /GS0 gs 282.75 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.75 391.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.75 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.75 391.75 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.75 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 391.75 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.75 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.75 391.75 39.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.75 391.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.75 391.75 51.00 -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 222.75 710.75 m 282.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.75 710.75 m 286.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 710.75 m 336.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.75 710.75 m 340.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 710.75 m 399.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 710.75 m 403.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 710.75 m 463.75 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 697.75 m 282.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.75 697.75 m 286.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 697.75 m 336.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.75 697.75 m 340.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 697.75 m 399.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 697.75 m 463.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 697.75 m 506.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.75 697.75 m 510.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 697.75 m 561.75 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 670.75 m 282.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 670.75 m 336.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 670.75 m 399.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 670.75 m 463.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 670.75 m 506.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 670.75 m 561.75 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 536.75 m 463.75 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 536.75 m 282.75 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 536.75 m 336.75 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 522.75 m 336.75 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.75 520.75 m 336.75 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 536.75 m 399.75 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 522.75 m 399.75 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.75 520.75 m 399.75 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 436.75 m 282.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 436.75 m 403.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 436.75 m 463.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 436.75 m 282.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 436.75 m 403.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 436.75 m 463.75 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 406.75 m 282.75 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 406.75 m 403.75 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 406.75 m 463.75 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 406.75 m 282.75 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 366.75 m 282.75 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 366.75 m 403.75 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 366.75 m 463.75 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 366.75 m 282.75 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 342.75 m 282.75 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.75 340.75 m 282.75 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 342.75 m 403.75 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 340.75 m 403.75 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 342.75 m 463.75 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 340.75 m 463.75 340.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.85 714.98 Td (Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.25 709.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.10 701.98 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 701.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.25 701.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.80 674.98 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.85 682.98 Td (Currency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.45 674.98 Td (Impacts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.95 682.98 Td (At Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.35 674.98 Td (Currency**) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.80 674.98 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 682.98 Td (As) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 674.98 Td (Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.95 682.98 Td (At Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.35 674.98 Td (Currency**) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.75 662.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 648.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.25 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 647.42 Td (1,413,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.25 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.35 647.42 Td (20,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.25 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 647.42 Td (1,433,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 647.42 Td (1,207,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.55 647.42 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 647.42 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 633.32 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 618.32 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 617.42 Td (925,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.35 617.42 Td (13,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 617.42 Td (939,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 617.42 Td (784,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.55 617.42 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 617.42 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 603.32 Td (Selling, general and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.25 593.32 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 592.42 Td (383,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.40 592.42 Td (7,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 592.42 Td (390,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 592.42 Td (337,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.55 592.42 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 592.42 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 578.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 577.42 Td (100,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.40 577.42 Td (1,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 577.42 Td (102,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 577.42 Td (94,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.05 577.42 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.05 577.42 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 563.32 Td (Loss \(gain\) on disposal of operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.25 553.37 Td (assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.20 556.42 Td (\(659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 556.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.90 556.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.20 556.42 Td (\(659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.55 556.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.55 556.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.25 556.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 556.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 542.32 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 541.42 Td (25,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.90 541.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 541.42 Td (25,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 541.42 Td (24,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.05 541.42 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.05 541.42 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 526.42 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 526.42 Td (\(21,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.25 526.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.05 526.47 Td (\(2,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.25 526.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 526.42 Td (\(23,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.55 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 526.42 Td (\(33,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.55 526.42 Td (36%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.55 526.42 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 511.42 Td (Operating margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 511.42 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 511.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.70 511.42 Td (\(1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.55 511.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.70 511.42 Td (\(2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 511.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 497.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 496.42 Td (26,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 496.42 Td (25,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 482.32 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.20 481.42 Td (\(945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.20 481.42 Td (\(556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 466.42 Td (Equity in earnings of nonconsolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.25 456.42 Td (affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.70 456.42 Td (\(2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 456.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.20 456.42 Td (\(592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 456.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 442.32 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.70 441.42 Td (\(2,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 441.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 441.42 Td (\(8,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 441.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 427.32 Td (Loss before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 426.42 Td (\(41,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 426.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 426.42 Td (\(49,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 426.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 412.32 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 411.42 Td (6,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 411.42 Td (6,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 397.32 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 396.42 Td (\(47,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 396.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 396.42 Td (\(55,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 396.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 381.42 Td (Net loss attributable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.25 371.42 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 371.42 Td (\(14,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 371.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 371.42 Td (\(11,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 371.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 356.42 Td (Net loss attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.25 346.42 Td (stockholders of Live Nation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.25 346.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 346.42 Td (\(32,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 346.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.25 346.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.70 346.42 Td (\(44,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 346.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 312.25 Td (The following table summarizes the components of depreciation and amortization in each respective period:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 132.75 252.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 252.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 252.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.75 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.75 252.75 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.75 222.75 183.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 222.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 222.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 222.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.75 222.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.75 222.75 34.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.75 184.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.75 184.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 184.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 184.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.75 184.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.75 184.75 34.00 -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 315.75 280.75 m 375.75 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.75 280.75 m 379.75 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 280.75 m 439.75 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 267.75 m 375.75 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 267.75 m 439.75 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 267.75 m 375.75 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 267.75 m 439.75 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 184.75 m 375.75 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 184.75 m 439.75 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 170.75 m 375.75 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.75 168.75 m 375.75 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 184.75 m 439.75 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 170.75 m 439.75 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 168.75 m 439.75 168.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.85 292.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.75 284.98 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.25 279.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.10 271.98 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.25 271.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.25 271.98 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.25 257.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.25 242.42 Td (Depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.25 242.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.40 242.42 Td (35,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 242.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 242.42 Td (33,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.55 242.42 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.25 228.32 Td (Amortization of intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.40 227.42 Td (44,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 227.42 Td (39,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.05 227.42 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.25 213.32 Td (Amortization of nonrecoupable ticketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.25 203.32 Td (contract advances ***) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.40 204.42 Td (20,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 204.42 Td (21,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.25 204.42 Td (\(6\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.25 190.32 Td (Amortization of other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.90 189.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.90 189.42 Td (710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.75 189.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.25 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 174.42 Td (100,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 174.42 Td (94,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.55 174.42 Td (6%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (___________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 138.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 138.32 Td (Percentages are not meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 123.32 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 122.42 Td (See Non-GAAP Measures above for definition of constant currency.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 108.32 Td (***) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 108.32 Td (In accounting for the merger between Live Nation and Ticketmaster Entertainment LLC in January 2010, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 98.32 Td (nonrecoupable ticketing contract advances that existed at the date of the merger were written off in acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 88.32 Td (accounting in accordance with GAAP. Had we continued amortizing the net book value of these nonrecoupable ticketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 78.32 Td (contract advances, the amortization above would have been $0.3 million higher for each of the quarters ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 68.37 Td (2017 and 2016.) 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 301.00 31.60 Td (23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 742.25 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 724.25 Td (Other income, net includes the impact of net foreign exchange rate gains of $2.7 million and $7.8 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.87 724.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.86 724.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 712.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 712.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.86 712.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.86 712.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.52 712.25 Td (, primarily from revaluation of certain foreign currency denominated net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (assets held internationally) Tj ET Q q 0 0 0 rg BT 152.71 700.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 678.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 660.25 Td (Our cash is centrally managed on a worldwide basis. Our primary short-term liquidity needs are to fund general working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (capital requirements, capital expenditures and debt service requirements while our long-term liquidity needs are primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (related to acquisitions and debt repayment. Our primary sources of funds for our short-term liquidity needs will be cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (from operations and borrowings under our senior secured credit facility) Tj ET Q q 0 0 0 rg BT 335.09 624.25 Td (, while our long-term sources of funds will be from cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (flows from operations, long-term bank borrowings and other debt or equity financings. ) Tj ET Q q 0 0 0 rg BT 399.74 612.25 Td (W) Tj ET Q q 0 0 0 rg BT 408.38 612.25 Td (e may from time to time engage in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (open market purchases of our outstanding debt securities or redeem or otherwise repay such debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 582.25 Td (Our balance sheet reflects cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.40 582.25 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.52 582.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.73 582.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.33 582.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.77 582.25 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.88 582.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.10 582.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 570.25 Td (. Included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.48 570.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.08 570.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 570.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.10 570.25 Td ( cash and cash equivalents balances are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.75 570.25 Td ($671.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.64 570.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td ($591.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 558.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.55 558.25 Td (, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.25 Td (their share of service char) Tj ET Q q 0 0 0 rg BT 153.10 546.25 Td (ges that we refer to as client cash. ) Tj ET Q q 0 0 0 rg BT 290.36 546.25 Td (W) Tj ET Q q 0 0 0 rg BT 298.99 546.25 Td (e generally do not utilize client cash for our own financing or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (investing activities as the amounts are payable to clients on a regular basis. Our foreign subsidiaries held approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.25 534.25 Td ($972.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 522.25 Td ( in cash and cash equivalents, excluding client cash, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.82 522.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.42 522.25 Td (.) Tj ET Q q 0 0 0 rg BT 367.24 522.25 Td (W) Tj ET Q q 0 0 0 rg BT 375.87 522.25 Td (e generally do not intend to repatriate these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.25 Td (funds, but if we did, we would need to accrue and pay United States federal and state income taxes on any future repatriations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.25 Td (net of applicable foreign tax credits. ) Tj ET Q q 0 0 0 rg BT 196.70 498.25 Td (W) Tj ET Q q 0 0 0 rg BT 205.34 498.25 Td (e may from time to time enter into borrowings under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 528.21 498.25 Td (. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.25 Td (original maturity of these borrowings is 90 days or less, we present the borrowings and subsequent repayments on a net basis in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td (the statement of cash flows to better represent our financing activities. Our balance sheet reflects total net debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.83 474.25 Td ($2.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.94 474.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 462.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.04 462.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.62 462.25 Td (. Our weighted-average cost of debt, excluding unamortized debt discounts and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (issuance costs on our term loans and notes, was 3.8% at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.79 450.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.38 450.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 432.25 Td (Our cash and cash equivalents are held in accounts managed by third-party financial institutions and consist of cash in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (our operating accounts and invested cash. Cash held in non-interest-bearing and interest-bearing operating accounts in many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (cases exceeds the Federal Deposit Insurance Corporation insurance limits. ) Tj ET Q q 0 0 0 rg BT 349.17 408.25 Td (The invested cash is in interest-bearing funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (consisting primarily of bank deposits and money market funds. ) Tj ET Q q 0 0 0 rg BT 304.78 396.25 Td (While we monitor cash and cash equivalent balances in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (operating accounts on a regular basis and adjust the balances as appropriate, these balances could be impacted if the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (financial institutions fail. ) Tj ET Q q 0 0 0 rg BT 152.58 372.25 Td (T) Tj ET Q q 0 0 0 rg BT 157.99 372.25 Td (o date, we have experienced no loss or lack of access to our cash and cash equivalents; however) Tj ET Q q 0 0 0 rg BT 541.33 372.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (can provide no assurances that access to our cash and cash equivalents will not be impacted by adverse conditions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (financial markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 330.25 Td (For our Concerts segment, we generally receive cash related to ticket revenue at our owned or operated venues in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (advance of the event, which is recorded in deferred revenue until the event occurs. ) Tj ET Q q 0 0 0 rg BT 381.89 318.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.93 318.25 Td (ith the exception of some upfront costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (and artist deposits, which are recorded in prepaid expenses until the event occurs, we pay the majority of event-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (expenses at or after the event.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 276.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 276.25 Td (e view our available cash as cash and cash equivalents, less ticketing-related client cash, less event-related deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaid expenses. ) Tj ET Q q 0 0 0 rg BT 533.24 264.25 Td (This is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (essentially our cash available to, among other things, repay debt balances, make acquisitions and finance capital expenditures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 234.25 Td (Our intra-year cash fluctuations are impacted by the seasonality of our various businesses. Examples of seasonal ef) Tj ET Q q 0 0 0 rg BT 533.95 234.25 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.25 Td (include our Concerts segment, which reports the majority of its revenue in the second and third quarters. Cash inflows and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (outflows depend on the timing of event-related payments but the majority of the inflows generally occur prior to the event. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 Td (Seasonality below) Tj ET Q q 0 0 0 rg BT 141.27 198.25 Td (. ) Tj ET Q q 0 0 0 rg BT 146.09 198.25 Td (W) Tj ET Q q 0 0 0 rg BT 154.73 198.25 Td (e believe that we have suf) Tj ET Q q 0 0 0 rg BT 258.11 198.25 Td (ficient financial flexibility to fund these fluctuations and to access the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.25 Td (global capital markets on satisfactory terms and in adequate amounts, although there can be no assurance that this will be the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 Td (case, and capital could be less accessible and/or more costly given current economic conditions. ) Tj ET Q q 0 0 0 rg BT 436.35 174.25 Td (W) Tj ET Q q 0 0 0 rg BT 444.99 174.25 Td (e expect cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (operations and borrowings under our senior secured credit facility) Tj ET Q q 0 0 0 rg BT 313.15 162.25 Td (, along with other financing alternatives, to satisfy working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.25 Td (capital requirements, capital expenditures and debt service requirements for at least the succeeding year) Tj ET Q q 0 0 0 rg BT 464.27 150.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 132.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 132.25 Td (e may need to incur additional debt or issue equity to make other strategic acquisitions or investments. ) Tj ET Q q 0 0 0 rg BT 494.58 132.25 Td (There can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (assurance that such financing will be available to us on acceptable terms or at all. ) Tj ET Q q 0 0 0 rg BT 377.48 120.25 Td (W) Tj ET Q q 0 0 0 rg BT 386.11 120.25 Td (e may make significant acquisitions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (near term, subject to limitations imposed by our financing agreements and market conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 90.25 Td (The lenders under our revolving loans and counterparties to our interest rate hedge agreements consist of banks and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (third-party financial institutions. ) Tj ET Q q 0 0 0 rg BT 182.02 78.25 Td (While we currently have no indications or expectations that such lenders and counterparties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (will be unable to fund their commitments as required, we can provide no assurances that future funding availability will not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.25 Td (impacted by adverse conditions in the financial markets. Should an individual lender default on its obligations, the remaining ) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 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 (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (lenders would not be required to fund the shortfall, resulting in a reduction in the total amount available to us for future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (borrowings, but would remain obligated to fund their own commitments. Should any counterparty to our interest rate hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (agreements default on its obligations, we could experience higher interest rate volatility during the period of any such default.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (Sour) Tj ET Q q 0 0 0 rg BT 70.38 700.10 Td (ces of Cash) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 682.10 Td (Senior Secured Credit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 664.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 664.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.60 664.10 Td (, our senior secured credit facility consists of \(i\) a $190 million term loan ) Tj ET Q q 0 0 0 rg BT 443.25 664.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.92 664.10 Td ( facility) Tj ET Q q 0 0 0 rg BT 480.09 664.10 Td (, \(ii\) a $975 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (term loan B facility and \(iii\) a $365 million revolving credit facility) Tj ET Q q 0 0 0 rg BT 319.56 652.10 Td (. Subject to certain conditions, we have the right to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (the facility by an amount equal to the sum of $625 million and the aggregate principal amount of voluntary prepayments of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (term B loans and permanent reductions of the revolving credit facility commitments, in each case, other than from proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (long-term indebtedness, and additional amounts so long as the senior secured leverage ratio calculated on a pro-forma basis \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (defined in the agreement\) is no greater than 3.25x. ) Tj ET Q q 0 0 0 rg BT 253.91 604.10 Td (The revolving credit facility provides for borrowing up to the amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (facility with sublimits of up to \(i\) $150 million for the issuance of letters of credit, \(ii\) $50 million for swingline loans, \(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td ($200 million for borrowings in Euros and British Pounds and \(iv\) $50 million for borrowings in one or more other approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 95.90 568.10 Td (The senior secured credit facility is secured by \(i\) a first priority lien on substantially all of our tangible and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (intangible personal property of our domestic subsidiaries that are guarantors and \(ii\) a pledge of substantially all of the shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (of stock, partnership interests and limited liability company interests of our direct and indirect domestic subsidiaries and 65% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (of each class of capital stock of any first-tier foreign subsidiaries, subject to certain exceptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (The interest rates per annum applicable to revolving credit facility loans and the term loan ) Tj ET Q q 0 0 0 rg BT 436.37 514.10 Td (A) Tj ET Q q 0 0 0 rg BT 443.04 514.10 Td ( under the senior secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (credit facility are, at our option, equal to either LIBOR plus 2.25% or a base rate plus 1.25%, subject to stepdowns based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (net leverage ratio. ) Tj ET Q q 0 0 0 rg BT 124.22 490.10 Td (The interest rates per annum applicable to the term loan B are, at our option, equal to either LIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (2.50% or a base rate plus 1.50%. ) Tj ET Q q 0 0 0 rg BT 183.67 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.31 478.10 Td (e are required to pay a commitment fee of 0.5% per year on the undrawn portion available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (under the revolving credit facility) Tj ET Q q 0 0 0 rg BT 183.75 466.10 Td (, subject to a stepdown based on our net leverage ratio, and variable fees on outstanding letters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of credit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (For the term loan ) Tj ET Q q 0 0 0 rg BT 145.10 436.10 Td (A, we are required to make quarterly payments increasing over time from $2.4 million to $28.5 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (with the balance due at maturity in October 2021. For the term loan B, we are required to make quarterly payments of $2.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (million with the balance due at maturity in October 2023. ) Tj ET Q q 0 0 0 rg BT 282.26 412.10 Td (The revolving credit facility matures in October 2021. ) Tj ET Q q 0 0 0 rg BT 501.18 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.81 412.10 Td (e are also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (required to make mandatory prepayments of the loans under the credit agreement, subject to specified exceptions, from excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (cash flow) Tj ET Q q 0 0 0 rg BT 87.95 388.10 Td (, and with the proceeds of asset sales, debt issuances and specified other events. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 370.10 Td (Stock Option Exercises) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 352.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.55 352.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.53 352.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.36 352.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.96 352.10 Td ( we received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.98 352.10 Td ($21.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.87 352.10 Td ( of proceeds from the exercise of stock options.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 334.10 Td (Debt Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (Our senior secured credit facility contains a number of covenants and restrictions that, among other things, requires us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (satisfy certain financial covenants and restricts our and our subsidiaries) Tj ET Q q 0 0 0 rg BT 337.77 304.10 Td ( ability to incur additional debt, make certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (investments and acquisitions, repurchase our stock and prepay certain indebtedness, create liens, enter into agreements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 280.10 Td (filiates, modify the nature of our business, enter into sale-leaseback transactions, transfer and sell material assets, mer) Tj ET Q q 0 0 0 rg BT 527.80 280.10 Td (ge or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (consolidate, and pay dividends and make distributions \(with the exception of subsidiary dividends or distributions to the parent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (company or other subsidiaries on at least a pro-rata basis with any noncontrolling interest partners\). Non-compliance with one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (or more of the covenants and restrictions could result in the full or partial principal balance of the credit facility becoming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (immediately due and payable. ) Tj ET Q q 0 0 0 rg BT 172.28 232.10 Td (The senior secured credit facility agreement has one covenant, measured quarterly) Tj ET Q q 0 0 0 rg BT 500.64 232.10 Td (, that relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (total leverage. ) Tj ET Q q 0 0 0 rg BT 108.96 220.10 Td (The consolidated total leverage covenant requires us to maintain a ratio of consolidated total funded debt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 139.15 208.10 Td ( \(both as defined in the credit agreement\) of 5.5x over the trailing four consecutive quarters through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (September 30, 2017. ) Tj ET Q q 0 0 0 rg BT 135.08 196.10 Td (The consolidated total leverage ratio will reduce to 5.25x on December31, 2017, 5.0x on December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (2018, 4.75x on December 31, 2019 and 4.5x on December 31, 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 166.10 Td (The indentures governing our 4.875% senior notes and 5.375% senior notes contain covenants that limit, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (things, our ability and the ability of our restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (make certain distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (of restricted subsidiaries to make payments to us, mer) Tj ET Q q 0 0 0 rg BT 265.04 130.10 Td (ge, consolidate or sell all of our assets, create certain liens, and engage in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (transactions with af) Tj ET Q q 0 0 0 rg BT 128.13 118.10 Td (filiates on terms that are not on an arms-length basis. Certain covenants, including those pertaining to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (incurrence of indebtedness, restricted payments, asset sales, mer) Tj ET Q q 0 0 0 rg BT 306.95 106.10 Td (gers, and transactions with af) Tj ET Q q 0 0 0 rg BT 423.68 106.10 Td (filiates will be suspended during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (any period in which the notes are rated investment grade by both rating agencies and no default or event of default under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (indenture has occurred and is continuing. ) Tj ET Q q 0 0 0 rg BT 217.27 82.10 Td (The 4.875% senior notes and the 5.375% senior notes contain two incurrence-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (financial covenants, as defined, requiring a minimum fixed char) Tj ET Q q 0 0 0 rg BT 305.84 70.10 Td (ge coverage ratio of 2.0x and a maximum secured indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (leverage ratio of 3.5x.) 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 50 771.2669921875 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 (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Some of our other subsidiary indebtedness includes restrictions on entering into various transactions, such as acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and disposals, and prohibits payment of ordinary dividends.) Tj ET Q q 0 0 0 rg BT 291.45 730.10 Td (They also have financial covenants including minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 139.15 718.10 Td ( to consolidated net interest payable, minimum consolidated cash flow to consolidated debt service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (maximum consolidated debt to consolidated EBITDA, all as defined in the applicable debt agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 688.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 688.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.04 688.10 Td (, we believe we were in compliance with all of our debt covenants. ) Tj ET Q q 0 0 0 rg BT 431.49 688.10 Td (W) Tj ET Q q 0 0 0 rg BT 440.12 688.10 Td (e expect to remain in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (compliance with all of our debt covenants throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.61 676.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.61 676.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Uses of Cash) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 640.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 622.10 Td (When we make acquisitions, the acquired entity may have cash at the time of acquisition. ) Tj ET Q q 0 0 0 rg BT 432.11 622.10 Td (All amounts related to the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of cash for acquisitions discussed in this section are presented net of any cash acquired. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 610.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 610.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 598.10 Td (, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.59 598.10 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.48 598.10 Td ( of cash primarily for the acquisitions of a concert promotion business in Italy and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (ticketing business with locations in the Czech Republic and Poland. ) Tj ET Q q 0 0 0 rg BT 323.01 586.10 Td (As of the date of acquisition, the acquired businesses had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (total of $8.1 million of cash on their balance sheets, primarily related to deferred revenue for future events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 556.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.05 556.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.03 556.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.86 556.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.46 556.10 Td (, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.45 556.10 Td ($43.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.34 556.10 Td ( of cash primarily for the acquisitions of a concert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (promoter located in Germany and a controlling interest in a festival and concert promoter located in the United Kingdom. ) Tj ET Q q 0 0 0 rg BT 538.18 544.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (the date of acquisition, the acquired businesses had a total of $6.7 million of cash on their balance sheets, primarily related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (deferred revenue for future events.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 502.10 Td (Capital Expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 484.10 Td (V) Tj ET Q q 0 0 0 rg BT 80.11 484.10 Td (enue and ticketing operations are capital intensive businesses, requiring continual investment in our existing venues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (ticketing systems in order to address fan, client and artist expectations, technological industry advances and various federal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (state and/or local regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 442.10 Td (e categorize capital outlays between maintenance capital expenditures and revenue generating capital expenditures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Maintenance capital expenditures are associated with the renewal and improvement of existing venues and technology systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (web development and administrative of) Tj ET Q q 0 0 0 rg BT 208.11 418.10 Td (fices. Revenue generating capital expenditures generally relate to the construction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (of new online or ticketing tools and other technology enhancements. Revenue generating capital expenditures can also include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (smaller projects whose purpose is to increase revenue and/or improve operating income. Capital expenditures typically increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (during periods when venues are not in operation since that is the time that such improvements can be completed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 352.10 Td (Our capital expenditures, including accruals for amounts incurred but not yet paid for but net of expenditures funded by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (outside parties such as landlords or replacements funded by insurance proceeds, consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 283.60 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 283.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 283.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 283.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.60 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 255.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 255.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 255.60 63.00 -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 472.5 308.6 m 476.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 308.6 m 539.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 308.6 m 472.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 296.6 m 472.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 308.6 m 539.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 296.6 m 539.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 296.6 m 472.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 255.60000000000002 m 472.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 255.60000000000002 m 539.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 255.60000000000002 m 472.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 242.60000000000002 m 472.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 240.60000000000002 m 472.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 255.60000000000002 m 539.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 242.60000000000002 m 539.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 240.60000000000002 m 539.5 240.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 320.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 312.83 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 300.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.45 300.68 Td (2016 ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 513.45 304.31 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 287.85 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 274.17 Td (Maintenance capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 274.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 274.17 Td (24,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 274.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 274.17 Td (13,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.17 Td (Revenue generating capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 260.17 Td (32,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 260.17 Td (11,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.17 Td (Total capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 246.17 Td (57,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 246.17 Td (24,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (___________) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 72.50 222.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.08 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.03 218.10 Td (Approximately $1.0 million has been reclassified from maintenance to revenue generating capital expenditures from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (amounts previously reported in 2016. ) Tj ET Q q 0 0 0 rg BT 202.02 206.10 Td (The total capital expenditures are unchanged.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 188.10 Td (Maintenance capital expenditures during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.82 188.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.80 188.10 Td ( months of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.08 188.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.08 188.10 Td ( increased from the same period of the prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (primarily associated with the expansion of certain of) Tj ET Q q 0 0 0 rg BT 260.03 176.10 Td (fice facilities, technology system enhancements and venue-related projects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 158.10 Td (Revenue generating capital expenditures during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.87 158.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.85 158.10 Td ( months of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.13 158.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.13 158.10 Td ( increased from the same period of the prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (year primarily due to venue improvements including wifi enhancements at our amphitheaters. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 128.10 Td (e currently expect capital expenditures to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.98 128.10 Td ($220 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.38 128.10 Td ( for the full year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.85 128.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.85 128.10 Td (.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 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 (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Cash Flows) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 684.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 684.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 684.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 684.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 654.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 654.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 654.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 654.75 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 492.5 710.75 m 496.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 710.75 m 561.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 710.75 m 492.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 697.75 m 492.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 710.75 m 561.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 697.75 m 561.5 697.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 722.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.50 714.98 Td ( March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 701.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.50 701.98 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.00 689.00 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.32 Td (Cash provided by \(used in\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 660.32 Td (Operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 659.42 Td (760,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 659.42 Td (517,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 645.32 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 644.47 Td (\(75,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 644.47 Td (\(85,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 630.32 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 629.47 Td (\(5,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 629.47 Td (\(53,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 607.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 105.80 607.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 589.25 Td (Cash provided by operating activities increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.16 589.25 Td ($243.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.05 589.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.43 589.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.42 589.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.24 589.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.84 589.25 Td ( as compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (to the same period of the prior year) Tj ET Q q 0 0 0 rg BT 190.23 577.25 Td (. During the first three months of 2017, we received more cash for future events, increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (deferred revenue, partially of) Tj ET Q q 0 0 0 rg BT 166.42 565.25 Td (fset by a decrease in accounts payable and accrued liabilities based on the timing of payments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 547.25 Td (Investing ) Tj ET Q q 0 0 0 rg BT 102.47 547.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 529.25 Td (Cash used in investing activities decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.29 529.25 Td ($10.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.18 529.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.55 529.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.54 529.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.37 529.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.96 529.25 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.25 Td (same period of the prior year primarily due to lower net payments for acquisitions partially of) Tj ET Q q 0 0 0 rg BT 424.43 517.25 Td (fset by higher purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 505.25 Td (, plant and equipment. See Uses of Cash above for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 487.25 Td (Financing ) Tj ET Q q 0 0 0 rg BT 107.48 487.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 469.25 Td (Cash used in financing activities decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.38 469.25 Td ($48.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.28 469.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 469.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.64 469.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.46 469.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.06 469.25 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (same period of the prior year primarily as a result of higher proceeds from the exercise of stock options and lower payments for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (deferred and contingent consideration related to past acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.25 Td (Our Concerts and Sponsorship & ) Tj ET Q q 0 0 0 rg BT 208.72 409.25 Td (Advertising segments typically experience higher operating income in the second and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (third quarters as our outdoor venues and festivals are primarily used in or occur from May through October) Tj ET Q q 0 0 0 rg BT 478.49 397.25 Td (. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year) Tj ET Q q 0 0 0 rg BT 550.56 385.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (although annual results may not be impacted. Our ) Tj ET Q q 0 0 0 rg BT 251.71 373.25 Td (T) Tj ET Q q 0 0 0 rg BT 257.47 373.25 Td (icketing segment revenue is impacted by fluctuations in the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (events for sale to the public, which vary depending upon scheduling by our clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 343.25 Td (Cash flows from our Concerts segment typically have a slightly dif) Tj ET Q q 0 0 0 rg BT 342.10 343.25 Td (ferent seasonality as payments are often made for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. ) Tj ET Q q 0 0 0 rg BT 498.82 331.25 Td (These artist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (receive payments from ticket sales at our owned or operated venues and festivals in advance of when the event occurs. ) Tj ET Q q 0 0 0 rg BT 526.58 307.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.22 307.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (record these ticket sales as revenue when the event occurs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 259.25 Td (e are exposed to market risks arising from changes in market rates and prices, including movements in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (exchange rates and interest rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 229.25 Td (Foreign Currency Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 211.25 Td (e have operations in countries throughout the world. ) Tj ET Q q 0 0 0 rg BT 293.79 211.25 Td (The financial results of our foreign operations are measured in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (their local currencies. Our foreign subsidiaries also carry certain net assets or liabilities that are denominated in a currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (other than that subsidiary) Tj ET Q q 0 0 0 rg BT 154.15 187.25 Td (s functional currency) Tj ET Q q 0 0 0 rg BT 237.91 187.25 Td (. ) Tj ET Q q 0 0 0 rg BT 242.35 187.25 Td (As a result, our financial results could be af) Tj ET Q q 0 0 0 rg BT 416.28 187.25 Td (fected by factors such as changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (foreign currency exchange rates or weak economic conditions in the foreign markets in which we have operations. Currently) Tj ET Q q 0 0 0 rg BT 548.06 175.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (we do not operate in any hyper) Tj ET Q q 0 0 0 rg BT 173.65 163.25 Td (-inflationary countries. Our foreign operations reported operating income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.21 163.25 Td ($19.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.10 163.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 151.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.70 151.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.53 151.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.13 151.25 Td (. ) Tj ET Q q 0 0 0 rg BT 213.95 151.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.58 151.25 Td (e estimate that a 10% change in the value of the United States dollar relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (foreign currencies would change our operating loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.31 139.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.29 139.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 139.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.72 139.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.72 139.25 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.61 139.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.06 139.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 127.25 Td (, our primary foreign exchange exposure included the Euro, British Pound, ) Tj ET Q q 0 0 0 rg BT 414.64 127.25 Td (Australian Dollar and Canadian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (Dollar) Tj ET Q q 0 0 0 rg BT 75.00 115.25 Td (. ) Tj ET Q q 0 0 0 rg BT 79.81 115.25 Td (This analysis does not consider the implication such currency fluctuations could have on the overall economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (conditions of the United States or other foreign countries in which we operate or on the results of operations of our foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (entities. In addition, the reported carrying value of our assets and liabilities, including the total cash and cash equivalents held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (by our foreign operations, will also be af) Tj ET Q q 0 0 0 rg BT 212.55 79.25 Td (fected by changes in foreign currency exchange rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 61.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 61.25 Td (e primarily use forward currency contracts, in addition to options, to reduce our exposure to foreign currency risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (associated with short-term artist fee commitments. ) Tj ET Q q 0 0 0 rg BT 254.49 49.25 Td (W) Tj ET Q q 0 0 0 rg BT 263.13 49.25 Td (e also may enter into forward currency contracts to minimize the risks ) 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 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and/or costs associated with changes in foreign currency rates on forecasted operating income. ) Tj ET Q q 0 0 0 rg BT 429.86 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.36 742.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.96 742.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (forward currency contracts and options outstanding with a notional amount of $173.8 million.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 712.10 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 694.10 Td (Our market risk is also af) Tj ET Q q 0 0 0 rg BT 175.18 694.10 Td (fected by changes in interest rates. ) Tj ET Q q 0 0 0 rg BT 315.22 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 323.86 694.10 Td (e had $2.4 billion of total debt, excluding debt discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and issuance costs, outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.14 682.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.74 682.10 Td (, of which $1.2 billion was fixed-rate debt and $1.2 billion was floating-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (rate debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.10 Td (Based on the amount of our floating-rate debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.61 652.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.21 652.10 Td (, each 25-basis point increase or decrease in interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (rates would increase or decrease our annual interest expense and cash outlay by approximately $3.0million when the floor rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (is not applicable. ) Tj ET Q q 0 0 0 rg BT 120.36 628.10 Td (This potential increase or decrease is based on the simplified assumption that the level of floating-rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (remains constant with an immediate across-the-board increase or decrease as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.70 616.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.30 616.10 Td ( with no subsequent change in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (rates for the remainder of the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 586.10 Td (e have one interest rate cap agreement with an aggregate notional amount of $6.2 million at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.11 586.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.71 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 519.53 586.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (interest rate cap agreement ensures that a portion of our floating-rate debt does not exceed 4.25% and expires in June 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (This agreement has not been designated as a hedging instrument. ) Tj ET Q q 0 0 0 rg BT 312.25 562.10 Td (Therefore, any change in fair value is recorded in earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (during the period of change.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Ratio of Earnings to Fixed Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (The ratio of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 210.43 514.10 Td (ges is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 475.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 475.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 475.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 475.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 475.60 82.00 -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 49.5 488.6 m 131.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 488.6 m 135.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 488.6 m 217.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 488.6 m 303.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 488.6 m 307.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 488.6 m 389.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 488.6 m 393.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 488.6 m 475.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 488.6 m 479.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 488.6 m 561.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 488.6 m 131.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 475.6 m 131.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 488.6 m 217.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 475.6 m 217.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 488.6 m 303.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 475.6 m 303.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 488.6 m 389.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 475.6 m 389.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 488.6 m 475.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 475.6 m 475.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 488.6 m 561.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 475.6 m 561.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 475.6 m 131.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 475.6 m 217.5 475.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 79.45 492.83 Td (Three months ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 492.83 Td (Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.00 479.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.00 479.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.00 479.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.00 479.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 479.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.00 479.83 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 465.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 465.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.25 465.27 Td (1.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.25 465.27 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 465.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 465.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 449.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.92 449.10 Td (March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.02 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.52 449.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.52 449.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.96 449.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.96 449.10 Td (, fixed char) Tj ET Q q 0 0 0 rg BT 328.03 449.10 Td (ges exceeded earnings before income taxes and fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 437.10 Td (char) Tj ET Q q 0 0 0 rg BT 85.03 437.10 Td (ges by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.36 437.10 Td ($43.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.25 437.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.69 437.10 Td ($49.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.58 437.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 293.24 437.10 Td (. For the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.91 437.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.91 437.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.35 437.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.35 437.10 Td (, fixed char) Tj ET Q q 0 0 0 rg BT 542.42 437.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 425.10 Td (exceeded earnings before income taxes and fixed char) Tj ET Q q 0 0 0 rg BT 284.10 425.10 Td (ges by $104.0 million and $6.0 million, respectively) Tj ET Q q 0 0 0 rg BT 492.31 425.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 407.10 Td (The ratio of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 210.43 407.10 Td (ges was computed on a total company basis. Earnings represent income before income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (taxes less equity in undistributed net income \(loss\) of nonconsolidated af) Tj ET Q q 0 0 0 rg BT 341.43 395.10 Td (filiates plus fixed char) Tj ET Q q 0 0 0 rg BT 430.38 395.10 Td (ges. Fixed char) Tj ET Q q 0 0 0 rg BT 491.02 395.10 Td (ges represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (interest, amortization of debt discount, debt issuance costs and premium and the estimated interest portion of rental char) Tj ET Q q 0 0 0 rg BT 529.96 383.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (Rental char) Tj ET Q q 0 0 0 rg BT 95.63 371.10 Td (ges exclude variable rent expense for events in third-party venues.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 111.76 353.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 335.10 Td (Information regarding recently issued and adopted accounting pronouncements can be found in Item 1.Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (StatementsNote 1Basis of Presentation and Other Information. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 305.10 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 287.10 Td (The preparation of our financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 353.28 287.10 Td ( requires management to make estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (judgments and assumptions that af) Tj ET Q q 0 0 0 rg BT 188.13 275.10 Td (fect the reported amounts of assets and liabilities, disclosure of contingent assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (are believed to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 270.00 239.10 Td (The result of these evaluations forms the basis for making judgments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (about the carrying values of assets and liabilities and the reported amount of revenue and expenses that are not readily apparent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (from other sources. Because future events and their ef) Tj ET Q q 0 0 0 rg BT 265.57 215.10 Td (fects cannot be determined with certainty) Tj ET Q q 0 0 0 rg BT 430.13 215.10 Td (, actual results could dif) Tj ET Q q 0 0 0 rg BT 525.75 215.10 Td (fer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (our assumptions and estimates, and such dif) Tj ET Q q 0 0 0 rg BT 225.63 203.10 Td (ference could be material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 185.10 Td (Management believes that the accounting estimates involved in business combinations, impairment of long-lived assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (and goodwill, revenue recognition, litigation accruals and income taxes are the most critical to aid in fully understanding and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (evaluating our reported financial results, and they require management) Tj ET Q q 0 0 0 rg BT 335.72 161.10 Td (s most dif) Tj ET Q q 0 0 0 rg BT 374.99 161.10 Td (ficult, subjective or complex judgments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (resulting from the need to make estimates about the ef) Tj ET Q q 0 0 0 rg BT 266.69 149.10 Td (fect of matters that are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 444.21 149.10 Td (These critical accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (estimates, the judgments and assumptions and the ef) Tj ET Q q 0 0 0 rg BT 259.22 137.10 Td (fect if actual results dif) Tj ET Q q 0 0 0 rg BT 351.23 137.10 Td (fer from these assumptions are described in Part II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (Financial Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.48 125.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.48 125.10 Td (Item7. Management) Tj ET Q q 0 0 0 rg BT 233.28 125.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 302.45 125.10 Td (Analysis of Financial Condition and Results of Operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (our 2016 ) Tj ET Q q 0 0 0 rg BT 87.78 113.10 Td (Annual Report on Form 10-K filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.32 113.10 Td (February23, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.91 113.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 95.10 Td (There have been no changes to our critical accounting policies during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.44 95.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.43 95.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.25 95.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.85 95.10 Td (.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 3. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 247.59 742.25 Td (es ) Tj ET Q q 0 0 0 rg BT 257.87 742.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 724.25 Td (Required information is within Item2. Management) Tj ET Q q 0 0 0 rg BT 285.90 724.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 355.07 724.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (OperationsMarket Risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Item4. Contr) Tj ET Q q 0 0 0 rg BT 107.86 694.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 151.02 694.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 180.28 694.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 149.83 676.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 182.14 676.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 225.30 676.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 254.56 676.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 658.25 Td (e have established disclosure controls and procedures to ensure that material information relating to our company) Tj ET Q q 0 0 0 rg BT 535.46 658.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (including our consolidated subsidiaries, is made known to the of) Tj ET Q q 0 0 0 rg BT 307.55 646.25 Td (ficers who certify our financial reports and to other members of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (senior management and our board of directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.25 Td (Based on their evaluation as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.07 616.25 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.67 616.25 Td (, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 362.07 616.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 474.63 616.25 Td (ficer have concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (that our disclosure controls and procedures \(as defined in Rules13a-15\(e\) and 15d-15\(e\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 530.12 604.25 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (1934, as amended\)are ef) Tj ET Q q 0 0 0 rg BT 150.05 592.25 Td (fective to ensure that \(1\)the information required to be disclosed by us in the reports that we file or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 203.02 580.25 Td (Act of 1934, as amended, is recorded, processed, summarized and reported within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (time periods specified in SEC rules and forms, and \(2\)the information we are required to disclose in such reports is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (accumulated and communicated to management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 381.37 556.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 493.93 556.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 511.84 556.25 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.25 Td (Our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 281.81 526.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 394.37 526.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 412.28 526.25 Td (, does not expect that our disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (controls and procedures or internal controls will prevent all possible errors and fraud. Our disclosure controls and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (are, however) Tj ET Q q 0 0 0 rg BT 101.24 502.25 Td (, designed to provide reasonable assurance of achieving their objectives, and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 503.13 502.25 Td (ficer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 490.25 Td (ficer have concluded that our disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 407.28 490.25 Td (fective at that reasonable assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.89 460.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 194.64 460.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.25 Td (There has been no change in our internal control over financial reporting during the period covered by this report that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 430.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 282.04 430.25 Td (fect, our internal control over financial reporting.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.70 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 232.07 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 246.16 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 252.65 742.25 Td ( IIOTHER INFORMA) Tj ET Q q 0 0 0 rg BT 359.69 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Item 1. Legal Pr) Tj ET Q q 0 0 0 rg BT 119.24 730.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 712.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.25 Td (While we attempt to identify) Tj ET Q q 0 0 0 rg BT 188.32 676.25 Td (, manage and mitigate risks and uncertainties associated with our business to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (practical under the circumstances, some level of risk and uncertainty will always be present. Part I Financial Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.89 664.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Item1A. Risk Factors of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.49 652.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.49 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.43 652.25 Td (Annual Report on Form 10-K filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.97 652.25 Td (February23, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.57 652.25 Td (, describes some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (the risks and uncertainties associated with our business which have the potential to materially af) Tj ET Q q 0 0 0 rg BT 434.16 640.25 Td (fect our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (condition or results of operations. ) Tj ET Q q 0 0 0 rg BT 187.02 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 195.65 628.25 Td (e do not believe that there have been any material changes to the risk factors previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 616.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.83 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.77 616.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Item 2. Unr) Tj ET Q q 0 0 0 rg BT 99.53 598.25 Td (egister) Tj ET Q q 0 0 0 rg BT 127.67 598.25 Td (ed Sales of Equity Securities and Use of Pr) Tj ET Q q 0 0 0 rg BT 308.59 598.25 Td (oceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 580.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Item 3. Defaults Upon Senior) Tj ET Q q 0 0 0 rg BT 173.98 562.25 Td ( Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 544.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Item 5. Other) Tj ET Q q 0 0 0 rg BT 107.86 526.25 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 508.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Item 6. Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 472.25 Td (The information in the Exhibit Index of this Quarterly Report on Form 10-Q is incorporated into this Item 6 by reference.) Tj ET Q 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 300.05 721.25 Td (Act of 1934, the registrant has duly caused this report to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (signed on its behalf by the undersigned, thereunto duly authorized, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.88 709.25 Td (May4, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.71 709.25 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 698.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 653.95 m 560.5 653.95 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 678.52 Td (LIVE NATION ENTERTAINMENT, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 659.52 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 659.52 Td (/s/ Brian Capo) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.60 645.18 Td (Brian Capo) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.45 632.18 Td (Chief Accounting Officer \(Duly Authorized Officer\)) Tj ET Q BT /F1 10.00 Tf ET 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.30 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.91 742.25 Td (INDEX) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 697.75 45.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 697.75 11.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 697.75 230.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 697.75 4.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 697.75 26.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 697.75 4.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 697.75 56.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 697.75 4.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 697.75 47.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 697.75 4.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 697.75 47.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 697.75 4.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 697.75 30.00 -44.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 611.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 611.75 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 611.75 26.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 611.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 611.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 611.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 611.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 581.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 581.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 581.75 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 581.75 26.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 581.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 581.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 581.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 581.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 551.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 551.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 551.75 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 551.75 26.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 551.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 551.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 551.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 551.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 521.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 521.75 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 521.75 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 521.75 26.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 521.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 521.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 521.75 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 521.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 491.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.50 491.75 11.00 -15.00 re f /GS0 gs 0.8 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