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(T) Tj ET Q q 0 0 0 rg BT 58.26 580.42 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 580.42 Td (1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 580.42 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 565.42 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.42 Td (Cost of services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 535.42 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 535.42 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 535.42 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 520.42 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 520.42 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 520.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 505.42 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 505.42 Td (1) Tj ET Q q 0 0 0 rg BT 470.15 505.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 505.42 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 490.42 Td (T) Tj ET Q q 0 0 0 rg BT 70.43 490.42 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 490.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 490.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 475.42 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 475.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 475.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.42 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 460.42 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 460.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 445.42 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 445.42 Td (183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 445.42 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 430.42 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 430.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 430.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.42 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 415.42 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 415.42 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 400.42 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 400.42 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 385.42 Td (Acquisition and other related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 385.42 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 385.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 370.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 370.42 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 370.42 Td (1,41) Tj ET Q q 0 0 0 rg BT 475.15 370.42 Td (1) Tj ET Q 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BT 64.50 295.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 295.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 295.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 280.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 280.42 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 280.47 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 280.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 280.47 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 280.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.42 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 265.42 Td (247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 265.42 Td (369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 250.42 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 250.47 Td (\(81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 250.47 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 235.42 Td (Net income attributable to Sirius XM Radio Inc.'s sole stockholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 235.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 235.42 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 235.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 235.42 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 220.42 Td (Foreign currency translation adjustment, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 220.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 220.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 220.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 205.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 205.42 Td (otal comprehensive income attributable to Sirius XM Radio Inc.'s sole stockholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 205.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 205.42 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 205.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 205.42 Td (280) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 177.25 Td (See accompanying notes to the unaudited consolidated financial statements.) 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s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 212.75 m 483 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 212.75 m 562 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 112.75 m 483 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 97.75 m 483 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 112.75 m 562 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 97.75 m 562 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 83.75 m 483 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 81.75 m 483 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 83.75 m 562 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 81.75 m 562 81.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 697.00 Td (\(in millions, except per shar) Tj ET Q q 0 0 0 rg BT 141.19 697.00 Td (e data\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.50 696.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 433.53 696.98 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 696.98 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 696.98 Td ( 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.35 683.48 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.95 682.43 Td (\(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 668.32 Td (Current assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 653.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 652.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 652.42 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 652.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 652.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 638.32 Td (Receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 637.42 Td (592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 637.42 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 623.32 Td (Inventory) Tj ET Q q 0 0 0 rg BT 102.05 623.32 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 622.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 622.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 608.32 Td (Related party current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 607.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 607.42 Td (1) Tj ET Q q 0 0 0 rg BT 553.15 607.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 593.32 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 592.42 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 592.42 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 578.32 Td (T) Tj ET Q q 0 0 0 rg BT 81.26 578.32 Td (otal current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 577.42 Td (907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 577.42 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 563.32 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 562.42 Td (1,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 562.42 Td (1,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 548.32 Td (Intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 547.42 Td (3,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 547.42 Td (2,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 533.32 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 532.42 Td (3,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 532.42 Td (2,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 518.32 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 517.42 Td (6,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 517.42 Td (9,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 503.32 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 502.42 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 502.42 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 488.32 Td (Operating lease right-of-use assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 487.42 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 473.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 472.42 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 472.42 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 458.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 458.32 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 457.42 Td (17,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 457.42 Td (16,214) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.20 443.48 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 187.85 443.48 Td (AND ST) Tj ET Q q 0 0 0 rg BT 224.06 443.48 Td (OCKHOLDER EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 428.32 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 413.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 412.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 412.42 Td (1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 412.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 412.42 Td (736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 398.32 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 397.42 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 397.42 Td (128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 383.32 Td (Current portion of deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 382.42 Td (1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 382.42 Td (1,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 368.32 Td (Current maturities of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 367.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 367.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 353.32 Td (Operating lease current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 352.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 352.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 338.32 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 337.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 337.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 323.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.91 323.32 Td (otal current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 322.42 Td (3,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 322.42 Td (2,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 308.32 Td (Long-term deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 307.42 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 307.42 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 293.32 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 292.42 Td (7,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 292.42 Td (6,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 278.32 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 277.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 277.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 263.32 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 262.42 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 262.42 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 248.32 Td (Operating lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 247.42 Td (397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 247.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 232.42 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 232.42 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 218.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 218.32 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 217.42 Td (1) Tj ET Q q 0 0 0 rg BT 456.65 217.42 Td (1,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 217.42 Td (9,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 203.32 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 188.32 Td (Stockholder equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 172.42 Td (Common stock, par value $0.001; 9,000 shares authorized; 0.001 shares issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 162.42 Td (outstanding at March 31, 2019 and December 31, 2018, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 162.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 162.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 148.32 Td (Accumulated other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 147.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 147.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 147.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 133.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 132.42 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 132.42 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 117.42 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 117.47 Td (\(2,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 117.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 117.47 Td (\(2,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 117.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 103.32 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 103.32 Td (otal stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 102.42 Td (6,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 102.42 Td (6,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 88.32 Td (T) Tj ET Q q 0 0 0 rg BT 92.91 88.32 Td (otal liabilities and stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 87.42 Td (17,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 87.42 Td (16,214) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 57.45 Td (See accompanying notes to the unaudited consolidated financial statements.) 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Td ( ST) Tj ET Q q 0 0 0 rg BT 429.43 536.25 Td (OCKHOLDER EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.35 524.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 466.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 466.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 466.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 438.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 438.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 438.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 438.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 556.50 438.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 624.50 438.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 438.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 438.75 64.00 -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 352.5 500.75 m 416.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 500.75 m 420.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 500.75 m 484.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 466.75 m 416.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 466.75 m 484.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 466.75 m 552.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 556.5 466.75 m 620.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 466.75 m 688.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 466.75 m 756.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 466.75 m 416.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 466.75 m 484.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 466.75 m 552.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 556.5 466.75 m 620.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 466.75 m 688.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 466.75 m 756.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 438.75 m 416.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 438.75 m 416.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 425.75 m 416.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 423.75 m 416.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 438.75 m 484.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 425.75 m 484.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 423.75 m 484.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 438.75 m 552.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 425.75 m 552.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 423.75 m 552.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 556.5 438.75 m 620.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 556.5 425.75 m 620.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 556.5 423.75 m 620.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 438.75 m 688.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 425.75 m 688.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 423.75 m 688.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 438.75 m 756.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 425.75 m 756.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 423.75 m 756.5 423.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 504.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.65 504.98 Td (Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 471.46 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 470.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 388.80 470.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.95 470.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.30 492.83 Td (Accumulated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 484.83 Td (Other) Tj ET Q q 0 0 0 rg BT 530.14 484.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.40 476.83 Td (Compr) Tj ET Q q 0 0 0 rg BT 517.70 476.83 Td (ehensive ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.85 468.88 Td (Income \(Loss\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 569.75 486.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 575.55 478.98 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 575.30 470.98 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.30 478.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.65 470.98 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 715.25 486.98 Td (T) Tj ET Q q 0 0 0 rg BT 719.85 486.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 703.40 478.98 Td (Stockholder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 712.40 470.98 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 457.32 Td (Balance at December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 457.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 457.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 457.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 457.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 457.32 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 457.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 457.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 594.15 457.32 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 457.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 658.80 457.32 Td (\(2,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 457.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 457.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 730.15 457.32 Td (6,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 443.32 Td (Comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 443.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 443.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 443.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 606.65 443.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 669.65 443.32 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 737.65 443.32 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 429.32 Td (Balance at March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 429.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 594.15 429.32 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 627.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 658.80 429.32 Td (\(2,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 695.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 730.15 429.32 Td (6,397) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 334.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 619.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 623.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 334.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 306.75 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 306.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 306.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 306.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 306.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 619.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 623.50 306.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 306.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 306.75 64.00 -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 351.5 368.75 m 415.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 368.75 m 419.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 368.75 m 483.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 334.75 m 415.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 334.75 m 483.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 334.75 m 551.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 334.75 m 619.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 334.75 m 687.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 334.75 m 755.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 334.75 m 415.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 334.75 m 483.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 334.75 m 551.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 334.75 m 619.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 334.75 m 687.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 334.75 m 755.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 292.75 m 415.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 292.75 m 483.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 292.75 m 551.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 292.75 m 619.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 292.75 m 687.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 292.75 m 755.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 279.75 m 415.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 277.75 m 415.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 279.75 m 483.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 277.75 m 483.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 279.75 m 551.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 277.75 m 551.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 279.75 m 619.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 277.75 m 619.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 279.75 m 687.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 277.75 m 687.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 279.75 m 755.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 277.75 m 755.5 277.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 372.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.65 372.98 Td (Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 339.46 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 338.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 387.88 338.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 338.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 360.83 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 352.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.40 344.83 Td (Compr) Tj ET Q q 0 0 0 rg BT 516.77 344.83 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.85 336.88 Td (\(Loss\) Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.75 354.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.55 346.98 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 574.30 338.98 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 632.30 346.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 643.65 338.98 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 714.25 354.98 Td (T) Tj ET Q q 0 0 0 rg BT 718.85 354.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 702.40 346.98 Td (Stockholder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 711.40 338.98 Td (Equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 325.21 Td (Balance at December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 325.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 325.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 325.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 593.15 325.32 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 626.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 657.80 325.32 Td (\(3,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 325.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 729.15 325.32 Td (5,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 311.32 Td (Cumulative ef) Tj ET Q q 0 0 0 rg BT 94.84 311.32 Td (fect of change in accounting principles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 311.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 311.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 311.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 605.65 311.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 673.65 311.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 741.65 311.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 297.32 Td (Comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 297.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 297.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 297.32 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 297.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 605.65 297.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 668.65 297.32 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 736.65 297.32 Td (279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 283.32 Td (Balance at March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 283.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 283.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 283.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 283.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 283.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 283.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 593.15 283.32 Td (8,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 626.00 283.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 657.80 283.32 Td (\(3,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 283.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 283.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 729.15 283.32 Td (5,359) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.20 234.25 Td (See accompanying notes to the unaudited consolidated financial statements.) 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574.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 574.37 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 574.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 561.32 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 561.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 561.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 548.32 Td (Loss \(gain\) on unconsolidated entity investments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 548.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 548.37 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 548.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 535.32 Td (Gain on fair value instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 535.37 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 535.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 535.37 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 535.32 Td 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rg BT 544.80 470.37 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 470.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 457.32 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 457.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 457.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 444.32 Td (Related party) Tj ET Q q 0 0 0 rg BT 122.76 444.32 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 444.37 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 444.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 444.37 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 444.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 431.32 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 431.37 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 431.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 431.37 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 431.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 418.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 418.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 418.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 405.32 Td (Operating lease right-of-use assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 405.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 405.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 392.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 392.32 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 392.37 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 392.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 379.32 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 379.37 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 379.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 379.37 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 379.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 366.32 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 366.32 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 366.32 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 353.32 Td (Operating lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 353.37 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 353.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 353.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 340.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 340.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 340.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 327.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 327.32 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 327.32 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 314.32 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 301.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 301.37 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 301.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 301.37 Td (\(81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 301.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 288.32 Td (Purchases of other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 288.37 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 288.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 288.37 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 288.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 275.32 Td (Cash received from Pandora ) Tj ET Q q 0 0 0 rg BT 179.29 275.32 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 275.32 Td (313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 275.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 262.32 Td (Sale of short-term investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 262.32 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 262.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 249.32 Td (Investments in related parties and other equity investees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 249.37 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 249.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 249.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 236.32 Td (Repayment from related party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 236.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 236.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 223.32 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 223.32 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 223.37 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 223.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 210.32 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 197.32 Td (Intercompany financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 197.37 Td (\(630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 197.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 197.37 Td (\(358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 197.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 184.32 Td (Revolving credit facility) Tj ET Q q 0 0 0 rg BT 160.92 184.32 Td (, net of deferred financing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 184.32 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 184.32 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 171.32 Td (Principal payments of long-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 171.37 Td (\(152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 171.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 171.37 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 171.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 158.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 158.37 Td (\(639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 158.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 158.37 Td (\(297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 158.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 145.32 Td (Net decrease in cash, cash equivalents and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 145.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 145.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 132.32 Td (Cash, cash equivalents and restricted cash at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 132.32 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 132.32 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 119.32 Td (Cash, cash equivalents and restricted cash at end of period) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 284.75 123.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 119.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 119.32 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 119.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 119.32 Td (89) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 89.25 Td (See accompanying notes to the unaudited consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 740.25 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 728.25 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.95 716.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 221.77 716.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 256.32 716.25 Td (A) Tj ET Q q 0 0 0 rg BT 262.80 716.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 327.72 716.25 Td ( CASH FLOWS - Continued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 704.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.75 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 662.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 662.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 662.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 634.75 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 634.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 634.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 606.75 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 606.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 606.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.75 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 578.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 578.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 578.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 676.75 m 484 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 676.75 m 488 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 676.75 m 563 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 676.75 m 484 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 662.75 m 484 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 676.75 m 563 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 662.75 m 563 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 662.75 m 484 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 662.75 m 563 662.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 681.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.20 680.98 Td (For) Tj ET Q q 0 0 0 rg BT 429.57 680.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 444.08 680.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 457.28 680.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.80 680.98 Td (ch 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 667.00 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 666.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 666.98 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.32 Td (Supplemental Disclosure of Cash and Non-Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 639.32 Td (Cash paid during the period for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 625.32 Td (Interest, net of amounts capitalized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 625.32 Td (128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 625.32 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 611.32 Td (Income taxes paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 611.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 611.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 611.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 611.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 597.32 Td (Non-cash investing and financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 583.32 Td (Holdings' shares issued related to acquisition of a business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 583.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 583.32 Td (2,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 583.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 583.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 569.32 Td (Accumulated other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 569.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 569.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 569.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 569.37 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 569.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 530.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 530.45 Td (The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. ) Tj ET Q q 0 0 0 rg BT 528.67 530.45 Td (The ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 519.65 Td (restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased of) Tj ET Q q 0 0 0 rg BT 481.43 519.65 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 521.49 519.65 Td (The terms ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 508.85 Td (of the letters of credit primarily extend beyond one year) Tj ET Q q 0 0 0 rg BT 277.18 508.85 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 486.35 229.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 486.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 486.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 486.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 486.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 486.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 486.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 486.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 460.35 229.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 460.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 460.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 460.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 460.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 460.35 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 460.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 460.35 68.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 486.35 m 347 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 486.35 m 419 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 486.35 m 491 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 486.35 m 563 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 486.35 m 347 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 460.35 m 347 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 448.35 m 347 448.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 446.35 m 347 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 460.35 m 419 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 448.35 m 419 448.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 446.35 m 419 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 460.35 m 491 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 448.35 m 491 448.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 446.35 m 491 446.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 460.35 m 563 460.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 448.35 m 563 448.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 446.35 m 563 446.35 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 490.30 Td (\(in millions\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.30 490.41 Td (Mar) Tj ET Q q 0 0 0 rg BT 302.45 490.41 Td (ch 31, 2019) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 356.25 490.41 Td (December) Tj ET Q q 0 0 0 rg BT 386.50 490.41 Td ( 31, 2018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 433.30 490.41 Td (Mar) Tj ET Q q 0 0 0 rg BT 446.45 490.41 Td (ch 31, 2018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 500.25 490.41 Td (December) Tj ET Q q 0 0 0 rg BT 530.44 490.41 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 477.60 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 477.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 477.60 Td (62) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 477.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 477.60 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.50 477.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 477.60 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 477.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 477.60 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 464.60 Td (Restricted cash included in Other long-term assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 464.60 Td (1) Tj ET Q q 0 0 0 rg BT 339.80 464.60 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 464.60 Td (1) Tj ET Q q 0 0 0 rg BT 411.80 464.60 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 464.60 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 464.60 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 451.60 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 451.60 Td (otal cash, cash equivalents and restricted cash at end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 451.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 451.60 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 451.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 451.60 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.50 451.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 451.60 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 451.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 451.60 Td (79) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 419.05 Td (See accompanying notes to the unaudited consolidated financial statements.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 736.60 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 683.10 Td (Business & Basis of Pr) Tj ET Q q 0 0 0 rg BT 172.44 683.10 Td (esentation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 665.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 641.10 Td (e operate two complementary audio entertainment businesses - our Sirius XM business and our Pandora business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 617.10 Td (Sirius XM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 593.10 Td (Our Sirius XM business transmits music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 364.32 593.10 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 428.56 593.10 Td (fic and weather channels, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (as infotainment services, in the United States on a subscription fee basis through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.71 581.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.71 581.10 Td ( proprietary satellite radio systems. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Satellite radios are primarily distributed through automakers, retailers and our website. Subscribers can also receive music and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (other channels, plus certain other features, over our Internet radio service, including through applications for mobile devices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (home devices and other consumer electronic equipment. ) Tj ET Q q 0 0 0 rg BT 279.51 545.10 Td (The primary source of revenue from our Sirius XM business is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (generated from subscription fees, with most of our customers subscribing to monthly) Tj ET Q q 0 0 0 rg BT 388.79 533.10 Td (, quarterly) Tj ET Q q 0 0 0 rg BT 429.24 533.10 Td (, semi-annual or annual plans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 521.10 Td (e also derive revenue from advertising on select non-music channels, direct sales of our satellite radios and accessories, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (other ancillary services. ) Tj ET Q q 0 0 0 rg BT 149.18 509.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.63 509.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.22 509.10 Td (, our Sirius XM business had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.10 509.10 Td (34.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.60 509.10 Td ( million subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 485.10 Td (In addition to our audio entertainment businesses, we provide connected vehicle services to several automakers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (directly to consumers through aftermarket devices. ) Tj ET Q q 0 0 0 rg BT 257.58 473.10 Td (These services are designed to enhance safety) Tj ET Q q 0 0 0 rg BT 440.18 473.10 Td (, security and the driving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (experience. ) Tj ET Q q 0 0 0 rg BT 100.12 461.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.76 461.10 Td (e also of) Tj ET Q q 0 0 0 rg BT 142.45 461.10 Td (fer a suite of data services that includes graphical weather) Tj ET Q q 0 0 0 rg BT 373.34 461.10 Td (, fuel prices, sports schedules and scores and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (movie listings, a traf) Tj ET Q q 0 0 0 rg BT 131.53 449.10 Td (fic information service that includes information as to road closings, traf) Tj ET Q q 0 0 0 rg BT 420.98 449.10 Td (fic flow and incident data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (consumers with compatible in-vehicle navigation systems, and real-time weather services designed for improving situational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (awareness in vehicles, boats and planes. Sirius XM also holds a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.89 425.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.22 425.10 Td ( equity interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.09 425.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.42 425.10 Td ( voting interest in Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (Canada Holdings Inc. \("Sirius XM Canada"\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (Pandora) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 365.10 Td (Our Pandora business operates a music discovery platform, of) Tj ET Q q 0 0 0 rg BT 325.31 365.10 Td (fering a personalized experience for each listener wherever ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (and whenever they want to listen to music, whether through mobile devices, car speakers or connected devices in the home. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Pandora enables listeners to create personalized stations and playlists, as well as search and play songs and albums on-demand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (subscription service, called Pandora Premium. ) Tj ET Q q 0 0 0 rg BT 239.46 317.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.90 317.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.50 317.10 Td (, Pandora had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.96 317.10 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.46 317.10 Td ( million subscribers. ) Tj ET Q q 0 0 0 rg BT 543.67 317.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (majority of revenue from our Pandora business is generated from advertising on our ad-supported radio service. In addition, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (a result of the May 2018 acquisition of ) Tj ET Q q 0 0 0 rg BT 206.69 293.10 Td (AdsW) Tj ET Q q 0 0 0 rg BT 231.84 293.10 Td (izz Inc. by Pandora, we provide a comprehensive digital audio advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (technology platform, which connects audio publishers and advertisers. ) Tj ET Q q 0 0 0 rg BT 335.82 281.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.26 281.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.86 281.10 Td (, our Pandora business had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 269.10 Td (66.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.26 269.10 Td ( million active users.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 245.10 Td (Liberty Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 221.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.54 221.10 Td (, Liberty Media Corporation \(Liberty Media\) beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 524.87 221.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 209.10 Td (68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.09 209.10 Td ( of the outstanding shares of Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 350.14 209.10 Td (As a result, Holdings is a controlled company for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (the purposes of the NASDAQ corporate governance requirements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 695.25 Td (Basis of Presentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 678.75 Td (The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 666.75 Td (accepted accounting principles \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 224.99 666.75 Td (All significant intercompany transactions have been eliminated in consolidation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.75 Td (Certain numbers in our prior period consolidated financial statements and footnotes have been reclassified or consolidated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 642.75 Td (conform to our current period presentation. Music Royalty Fee revenue was reported as Other revenue in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.19 642.75 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.79 642.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 630.75 Td (Quarterly Report. ) Tj ET Q q 0 0 0 rg BT 124.85 630.75 Td (This revenue was reclassified to Subscriber revenue to conform with the current period presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 585.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 585.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 585.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 555.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 555.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 555.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 525.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 525.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 525.75 86.00 -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 295.5 600.75 m 381.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 600.75 m 385.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 600.75 m 470.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 600.75 m 474.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 600.75 m 560.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 585.75 m 381.5 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 585.75 m 470.5 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 585.75 m 560.5 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 525.75 m 381.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 525.75 m 470.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 525.75 m 560.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 525.75 m 470.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 525.75 m 560.5 525.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.20 604.98 Td (For) Tj ET Q q 0 0 0 rg BT 362.49 604.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 377.01 604.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 390.20 604.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 466.72 604.98 Td (ch 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.55 589.98 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.80 589.98 Td (Reclassification) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 589.98 Td (Curr) Tj ET Q q 0 0 0 rg BT 511.48 589.98 Td (ent ) Tj ET Q q 0 0 0 rg BT 523.85 589.98 Td (Y) Tj ET Q q 0 0 0 rg BT 528.74 589.98 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 576.32 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 575.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 575.42 Td (1,1) Tj ET Q q 0 0 0 rg BT 367.65 575.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 575.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 575.42 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 575.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 575.42 Td (1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 561.32 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 560.42 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 560.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 560.42 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 546.32 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 545.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 545.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 531.32 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 530.42 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 530.47 Td (\(141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 530.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 530.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 516.32 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 515.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 515.42 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 515.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 515.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 515.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 515.42 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 482.75 Td (The unaudited consolidated financial statements for Sirius XM for the quarterly period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.22 482.75 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.82 482.75 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.75 Td (essentially identical to the unaudited consolidated financial statements included in Holdings' Form 10-Q for the quarterly period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 458.75 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 458.75 Td (, filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.08 458.75 Td (April 24, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.69 458.75 Td (, with the following exceptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 434.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 434.75 Td (As a result of our corporate reor) Tj ET Q q 0 0 0 rg BT 213.60 434.75 Td (ganization ef) Tj ET Q q 0 0 0 rg BT 265.34 434.75 Td (fective November 15, 2013, all of the outstanding shares of Sirius XM's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 422.75 Td (common stock were converted, on a share for share basis, into identical shares of common stock of Holdings and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 410.75 Td (equity-related transactions, including repurchases of Holdings' common stock, dividend payments on shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 398.75 Td (Holdings' common stock, the issuance of equity related to stock-based compensation to Sirius XM employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 386.75 Td (Holdings' directors and third parties, the issuance of Holdings' common stock related to the recapitalization of Sirius ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 374.75 Td (XM Canada and the issuance of Holdings' common stock related to the Pandora ) Tj ET Q q 0 0 0 rg BT 406.95 374.75 Td (Acquisition have been reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 362.75 Td (related party transactions within Sirius XM's unaudited consolidated financial statements. Refer to Note 10 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 350.75 Td (additional information related to related party transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 332.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 332.75 Td (As a result of the Pandora ) Tj ET Q q 0 0 0 rg BT 191.03 332.75 Td (Acquisition ef) Tj ET Q q 0 0 0 rg BT 247.79 332.75 Td (fective February 1, 2019, we assumed Pandora's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 332.75 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.98 332.75 Td ( Convertible Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 320.75 Td (Notes due 2023 \(the Pandora 2023 Notes\). Upon the occurrence of certain events, the Pandora 2023 Notes can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.75 Td (convertible into shares of Holdings' common stock. Holdings allocates the principal amount of the Pandora 2023 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 296.75 Td (Notes between liability and equity components. ) Tj ET Q q 0 0 0 rg BT 280.83 296.75 Td (W) Tj ET Q q 0 0 0 rg BT 289.47 296.75 Td (e have elected to measure the Pandora 2023 Notes at fair value with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.75 Td (changes in fair value recorded within Sirius XM's unaudited consolidated statements of operations. Refer to Note 1) Tj ET Q q 0 0 0 rg BT 545.42 284.75 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.75 Td (for more information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.75 Td (In the opinion of our management, all normal recurring adjustments necessary for a fair presentation of our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.75 Td (consolidated financial statements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.39 236.75 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.99 236.75 Td ( and for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.12 236.75 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.72 236.75 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.16 236.75 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.16 236.75 Td ( have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.75 Td (made. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.75 Td (Interim results are not necessarily indicative of the results that may be expected for a full year) Tj ET Q q 0 0 0 rg BT 424.36 200.75 Td (. ) Tj ET Q q 0 0 0 rg BT 429.18 200.75 Td (This Quarterly Report should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.75 Td (read together with our ) Tj ET Q q 0 0 0 rg BT 140.03 188.75 Td (Annual Report for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.64 188.75 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.23 188.75 Td (, which is available on our website at http://) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.75 Td (investor) Tj ET Q q 0 0 0 rg BT 81.17 176.75 Td (.siriusxm.com/investoroverview/default.aspx#dividend-tab2, and with Holdings) Tj ET Q q 0 0 0 rg BT 403.42 176.75 Td ( ) Tj ET Q q 0 0 0 rg BT 405.37 176.75 Td (Annual Report on Form 10-K for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 164.75 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 164.75 Td (, which was filed with the SEC on January 30, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 140.75 Td (Public companies, including our parent Holdings, are required to disclose certain information about their reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.75 Td (operating segments. Operating segments are defined as significant components of an enterprise for which separate financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.75 Td (information is available and is evaluated on a regular basis by the chief operating decision maker in deciding how to allocate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.75 Td (resources to an individual segment and in assessing performance of the segment. ) Tj ET Q q 0 0 0 rg BT 374.50 104.75 Td (W) Tj ET Q q 0 0 0 rg BT 383.14 104.75 Td (e have determined that we have two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.75 Td (reportable segments as our chief operating decision maker) Tj ET Q q 0 0 0 rg BT 282.07 92.75 Td (, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 380.47 92.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 398.38 92.75 Td (, assesses performance and allocates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.75 Td (resources based on the financial results of these segments. Refer to Note 15 for information related to our segments.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 695.10 Td (e have evaluated events subsequent to the balance sheet date and prior to the furnishing of this Quarterly Report for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.43 683.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 683.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 683.10 Td ( and have determined that no events have occurred that would require adjustment to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (unaudited consolidated financial statements.For a discussion of subsequent events that do not require adjustment to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (unaudited consolidated financial statements refer to Note 17.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 633.60 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 615.60 Td (The preparation of financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 339.95 615.60 Td ( requires management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.60 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 126.53 603.60 Td (fect the amounts reported in the financial statements and footnotes.Estimates, by their nature, are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.60 Td (judgment and available information.) Tj ET Q q 0 0 0 rg BT 199.46 591.60 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 292.87 591.60 Td (fer materially from those estimates.Significant estimates inherent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 579.60 Td (in the preparation of the accompanying unaudited consolidated financial statements include asset impairment, depreciable lives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.60 Td (of our satellites, share-based payment expense, income taxes, and the purchase accounting related to the Pandora ) Tj ET Q q 0 0 0 rg BT 502.95 567.60 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.60 Td (\(defined below\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 531.60 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 531.60 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 513.60 Td (On February 1, 2019, through a series of transactions, Pandora Media, Inc., became an indirect wholly owned subsidiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (of Sirius XM and continues to operate as Pandora Media, LLC \(the Pandora ) Tj ET Q q 0 0 0 rg BT 359.98 501.60 Td (Acquisition\). In connection with the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (Acquisition, Holdings purchased all of the outstanding shares of the capital stock of Pandora for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.63 489.60 Td ($2,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.13 489.60 Td ( by converting each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (outstanding share of Pandora common stock into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.52 477.60 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.02 477.60 Td ( shares of Holdings' common stock and we also canceled our preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (stock investment in Pandora for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.20 465.60 Td ($524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.20 465.60 Td ( for total consideration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.33 465.60 Td ($2,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.83 465.60 Td (. Net cash acquired was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.52 465.60 Td ($313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.52 465.60 Td (. ) Tj ET Q q 0 0 0 rg BT 457.46 465.60 Td (As part of the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (Acquisition, Holdings unconditionally guaranteed all of the payment obligations of Pandora under its outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.37 453.60 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.20 453.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (convertible senior notes due 2020 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.90 441.60 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.73 441.60 Td ( convertible senior notes due 2023. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 423.60 Td (The table below shows the value of the consideration paid in connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 438.79 423.60 Td (Acquisition: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 398.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 398.10 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 368.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 368.10 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 338.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 338.10 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 308.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 308.10 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 278.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 278.10 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 248.10 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 248.10 100.00 -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 462 398.1 m 562 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 368.1 m 562 368.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 338.1 m 562 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 308.1 m 562 308.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 293.1 m 562 293.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 278.1 m 562 278.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 264.1 m 562 264.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 262.1 m 562 262.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.75 402.33 Td (T) Tj ET Q q 0 0 0 rg BT 507.35 402.33 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 387.77 Td (Pandora common stock outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 387.56 Td (272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 372.77 Td (Exchange ratio) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 372.56 Td (1.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 357.56 Td (Holdings' common stock issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 357.56 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 342.77 Td (Price per share of Holdings common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 342.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 342.56 Td (5.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 327.56 Td (V) Tj ET Q q 0 0 0 rg BT 57.50 327.56 Td (alue of Holdings' common stock issued to Pandora stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 327.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 327.56 Td (2,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 312.77 Td (V) Tj ET Q q 0 0 0 rg BT 58.17 312.77 Td (alue of replacement equity awards attributable to pre-combination service) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 312.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 312.56 Td (70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 297.56 Td (Consideration of Holdings' common stock and replacement equity awards for pre-combination service) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 297.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 297.56 Td (2,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 282.77 Td (Sirius XM) Tj ET Q q 0 0 0 rg BT 96.51 282.77 Td (s Pandora preferred stock investment \(related party fair value instrument\) canceled) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 282.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 282.56 Td (524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 267.77 Td (T) Tj ET Q q 0 0 0 rg BT 57.26 267.77 Td (otal consideration for transactions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 267.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 267.56 Td (2,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 252.77 Td (V) Tj ET Q q 0 0 0 rg BT 58.17 252.77 Td (alue attributed to par at $0.001 par value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 252.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 252.56 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 237.77 Td (Balance to capital in excess of par value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 237.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 237.56 Td (2,354) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (The table below summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 664.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 664.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 636.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 636.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 608.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 580.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 580.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 552.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 524.60 432.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 524.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 495.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 495.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 467.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 467.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 439.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 411.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 411.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 383.60 432.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 383.60 81.00 -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 482 538.6 m 563 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 397.6 m 563 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 383.6 m 563 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 370.6 m 563 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 368.6 m 563 368.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 669.17 Td (Acquired ) Tj ET Q q 0 0 0 rg BT 91.93 669.17 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 655.17 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 655.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 655.06 Td (313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 641.17 Td (Receivables, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 641.06 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 627.17 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 627.06 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 613.17 Td (Property and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 613.06 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 599.17 Td (Intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 599.06 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 585.17 Td (Goodwill) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 585.06 Td (1,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 571.17 Td (Deferred tax assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 571.06 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 557.17 Td (Operating lease right-of-use assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 557.06 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 543.17 Td (Long term assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 543.06 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 529.17 Td (T) Tj ET Q q 0 0 0 rg BT 70.26 529.17 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 529.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 529.06 Td (3,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 500.17 Td (Assumed Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 486.17 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 486.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 486.06 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 472.17 Td (Deferred revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 472.06 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 458.17 Td (Operating lease current liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 458.06 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 444.17 Td (Current maturities of debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 444.06 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 430.17 Td (Long-term debt \(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 430.06 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 416.17 Td (Operating lease liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 416.06 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 402.17 Td (Other long-term liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 402.06 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 388.17 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 388.17 Td (otal liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 388.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 388.06 Td (803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 374.17 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 374.17 Td (otal Consideration) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 374.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 374.06 Td (2,879) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 359.30 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 112.50 359.30 Td (Includes the fair value of Pandora's 2023 Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 329.30 Td (The Pandora ) Tj ET Q q 0 0 0 rg BT 130.26 329.30 Td (Acquisition was accounted for using the acquisition method of accounting. ) Tj ET Q q 0 0 0 rg BT 434.46 329.30 Td (The initial purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.30 Td (allocation is preliminary and is subject to revision as permitted by ) Tj ET Q q 0 0 0 rg BT 315.28 317.30 Td (ASC 805, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.23 317.30 Td (Business Combinations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.85 317.30 Td (. ) Tj ET Q q 0 0 0 rg BT 458.17 317.30 Td (The primary areas of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.30 Td (purchase price allocation that are not yet finalized are related to certain current assets, contingencies and tax balances. ) Tj ET Q q 0 0 0 rg BT 526.04 305.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.30 Td (excess purchase price over identifiable net tangible and intangible assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.44 293.30 Td ($1,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.94 293.30 Td ( has been recorded to Goodwill in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.30 Td (unaudited consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.11 281.30 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.71 281.30 Td (. ) Tj ET Q q 0 0 0 rg BT 296.65 281.30 Td (A) Tj ET Q q 0 0 0 rg BT 303.32 281.30 Td ( total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.93 281.30 Td ($776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.93 281.30 Td ( has been allocated to identifiable intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.30 Td (subject to amortization and relates to the assessed fair value of the acquired customer relationships and software and technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.30 Td (and is being amortized over the estimated weighted average useful lives of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.51 257.30 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.51 257.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.94 257.30 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.94 257.30 Td ( years, respectively) Tj ET Q q 0 0 0 rg BT 456.20 257.30 Td (. ) Tj ET Q q 0 0 0 rg BT 463.15 257.30 Td (A) Tj ET Q q 0 0 0 rg BT 469.82 257.30 Td ( total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.43 257.30 Td ($331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.43 257.30 Td ( has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.30 Td (allocated to identifiable indefinite lived intangible assets and relates to the assessed fair value of the acquired trademarks. ) Tj ET Q q 0 0 0 rg BT 539.70 245.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.30 Td (fair value assessed for the majority of the remaining assets acquired and liabilities assumed equaled their carrying value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.30 Td (Goodwill represents syner) Tj ET Q q 0 0 0 rg BT 154.29 221.30 Td (gies and economies of scale expected from the combination of services. Goodwill has been allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.30 Td (to the Pandora segment. ) Tj ET Q q 0 0 0 rg BT 150.04 209.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 199.94 209.30 Td (, in connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 331.30 209.30 Td (Acquisition, we acquired gross net operating loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.30 Td (\(NOL\) carryforwards of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.76 197.30 Td ($1,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.26 197.30 Td ( for federal income tax purposes available to of) Tj ET Q q 0 0 0 rg BT 433.89 197.30 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 545.33 197.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.30 Td (acquired NOL's are limited by Section 382 of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 348.25 185.30 Td (Those limitations are not expected to impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.30 Td (ability to fully utilize those NOL's within the carryforward period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 155.30 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 155.30 Td (e recognized acquisition related costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.85 155.30 Td ($76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.85 155.30 Td ( that were expensed in ) Tj ET Q q 0 0 0 rg BT 355.21 155.30 Td (Acquisition and other related costs in our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.30 Td (consolidated statements of comprehensive income during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.38 143.30 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.31 143.30 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.19 143.30 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.78 143.30 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 125.30 Td (Pro Forma Financial Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 107.30 Td (Pandora was consolidated into our financial statements starting on the acquisition date, February 1, 2019. ) Tj ET Q q 0 0 0 rg BT 503.61 107.30 Td (The aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.30 Td (revenue and net loss of Pandora consolidated into our financial statements since the date of acquisition was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.76 95.30 Td ($251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.76 95.30 Td ( and $122, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 83.30 Td (, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.04 83.30 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.97 83.30 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.85 83.30 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.45 83.30 Td (. ) Tj ET Q q 0 0 0 rg BT 282.77 83.30 Td (The following pro forma financial information presents our results as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.30 Td (if the Pandora ) Tj ET Q q 0 0 0 rg BT 107.54 71.30 Td (Acquisition had occurred on January 1, 2018:) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 671.50 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 671.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 671.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 686.5 m 473.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 686.5 m 477.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 686.5 m 552.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 686.5 m 473.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 671.5 m 473.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 686.5 m 477.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 686.5 m 552.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 671.5 m 552.5 671.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.70 690.73 Td (For) Tj ET Q q 0 0 0 rg BT 419.07 690.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 433.58 690.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 446.78 690.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 523.30 690.73 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.50 675.73 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 675.73 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 662.07 Td (T) Tj ET Q q 0 0 0 rg BT 66.76 662.07 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 661.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 661.17 Td (1,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 661.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 661.17 Td (1,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 647.07 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 646.17 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 646.17 Td (172) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 624.00 Td (These pro forma results are based on estimates and assumptions, which we believe are reasonable. ) Tj ET Q q 0 0 0 rg BT 475.52 624.00 Td (They are not the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.00 Td (results that would have been realized had the acquisition actually occurred on January 1, 2018 and are not indicative of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.00 Td (consolidated results of operations in future periods. ) Tj ET Q q 0 0 0 rg BT 259.55 600.00 Td (The pro forma results primarily include adjustments related to amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.00 Td (of acquired intangible assets, depreciation of property and equipment, acquisition costs and associated tax impacts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.00 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 564.00 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 180.12 564.00 Td (Accounting Policies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 546.00 Td (Fair V) Tj ET Q q 0 0 0 rg BT 93.90 546.00 Td (alue Measurements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 528.00 Td (For assets and liabilities required to be reported at fair value, GAAP) Tj ET Q q 0 0 0 rg BT 349.83 528.00 Td ( provides a hierarchy that prioritizes inputs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.00 Td (valuation techniques used to measure fair value into three broad levels. Level 1 inputs are based on unadjusted quoted prices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.00 Td (active markets for identical instruments. Level 2 inputs are inputs, other than quoted market prices included within Level 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.00 Td (that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 219.62 492.00 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 331.43 492.00 Td (. Level 3 inputs are unobservable inputs for the asset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.00 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 480.00 Td (. ) Tj ET Q q 0 0 0 rg BT 86.91 480.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.35 480.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.95 480.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.39 480.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.97 480.00 Td (, the carrying amounts of cash and cash equivalents, receivables, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.00 Td (accounts payable approximated fair value due to the short-term nature of these instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 444.00 Td (Our assets and liabilities measured at fair value were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 396.50 142.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 396.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 396.50 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 396.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 396.50 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 396.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 396.50 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 396.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 396.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 396.50 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 368.50 142.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 368.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 368.50 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 368.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 368.50 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 368.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 368.50 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 368.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 368.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 368.50 47.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 419.5 m 231 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231 419.5 m 235 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 419.5 m 281 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 419.5 m 285 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 419.5 m 324 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 419.5 m 328 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 419.5 m 375 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 419.5 m 418 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 419.5 m 422 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 419.5 m 468 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 419.5 m 472 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 419.5 m 511 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 419.5 m 515 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 419.5 m 562 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 419.5 m 231 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 396.5 m 231 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231 419.5 m 235 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 419.5 m 281 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 396.5 m 281 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 419.5 m 285 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 419.5 m 324 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 396.5 m 324 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 419.5 m 328 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 419.5 m 375 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 396.5 m 375 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 419.5 m 418 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 396.5 m 418 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 419.5 m 422 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 419.5 m 468 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 396.5 m 468 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 419.5 m 472 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 419.5 m 511 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 396.5 m 511 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 419.5 m 515 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 419.5 m 562 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 396.5 m 562 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 396.5 m 231 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 396.5 m 281 396.5 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 423.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.70 423.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 269.61 423.95 Td (ch 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.70 423.95 Td (December) Tj ET Q q 0 0 0 rg BT 472.51 423.95 Td ( 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 400.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.60 400.95 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 243.60 400.95 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.10 400.95 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.85 409.95 Td (T) Tj ET Q q 0 0 0 rg BT 337.03 409.95 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.15 400.95 Td (V) Tj ET Q q 0 0 0 rg BT 345.82 400.95 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.10 400.95 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.60 400.95 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.10 400.95 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.85 409.95 Td (T) Tj ET Q q 0 0 0 rg BT 524.03 409.95 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.15 400.95 Td (V) Tj ET Q q 0 0 0 rg BT 532.82 400.95 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 386.95 Td (Assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 386.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 372.96 Td (Pandora investment ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 136.99 377.04 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 372.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 372.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 372.96 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.50 372.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 372.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 372.96 Td (523) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 358.95 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 344.96 Td (Debt ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 83.24 349.04 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.50 344.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 344.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.25 344.96 Td (7,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 344.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 344.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.25 344.96 Td (7,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 344.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 344.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 344.96 Td (6,633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.50 344.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 344.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 344.96 Td (6,633) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 326.00 Td (During the year ended December31, 2017, Sirius XM completed a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.18 326.00 Td ($480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.18 326.00 Td ( preferred stock ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.43 326.00 Td (investment in Pandora. Prior to the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 315.20 Td (Pandora ) Tj ET Q q 0 0 0 rg BT 107.75 315.20 Td (Acquisition, we elected the fair value option to account for this investment. ) Tj ET Q q 0 0 0 rg BT 383.26 315.20 Td (This investment was canceled in conjunction ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 304.40 Td (with the Pandora ) Tj ET Q q 0 0 0 rg BT 139.24 304.40 Td (Acquisition. Refer to Note 2 for information on this acquisition.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 293.60 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 293.60 Td (The fair value for non-publicly traded debt is based upon estimates from a market maker and brokerage firm. Refer to Note 1) Tj ET Q q 0 0 0 rg BT 528.75 293.60 Td (1 for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 282.80 Td (information related to the carrying value of our debt as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.68 282.80 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.91 282.80 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.41 282.80 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.13 282.80 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 264.80 Td (Accumulated Other Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 246.80 Td (Accumulated other comprehensive income of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.15 246.80 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 246.80 Td (was primarily comprised of the cumulative foreign currency translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.80 Td (adjustments related to our investment in and loan to Sirius XM Canada \(refer to Note 10 for additional information\). During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.80 Td (the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 222.80 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.15 222.80 Td ( ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.03 222.80 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 222.80 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.06 222.80 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.06 222.80 Td (, we recorded foreign currency translation adjustment income \(loss\) of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.13 222.80 Td ($7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.13 222.80 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.80 Td ($\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.16 210.80 Td (, respectively) Tj ET Q q 0 0 0 rg BT 118.82 210.80 Td (, net of tax \(expense\) benefit of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.55 210.80 Td ($\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.21 210.80 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.64 210.80 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.64 210.80 Td (, respectively) Tj ET Q q 0 0 0 rg BT 345.31 210.80 Td (.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 695.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.95 695.25 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 669.75 Td (In ) Tj ET Q q 0 0 0 rg BT 86.78 669.75 Td (August 2018, the Financial ) Tj ET Q q 0 0 0 rg BT 197.05 669.75 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 327.67 669.75 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 384.34 669.75 Td (ASU 2018-15, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.17 669.75 Td (IntangiblesGoodwill and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (OtherInternal-Use Softwar) Tj ET Q q 0 0 0 rg BT 166.07 657.75 Td (e \(Subtopic 350-40\): Customer) Tj ET Q q 0 0 0 rg BT 290.58 657.75 Td () Tj ET Q q 0 0 0 rg BT 292.63 657.75 Td (s ) Tj ET Q q 0 0 0 rg BT 298.84 657.75 Td (Accounting for Implementation Costs Incurr) Tj ET Q q 0 0 0 rg BT 476.22 657.75 Td (ed in a Cloud ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (Computing ) Tj ET Q q 0 0 0 rg BT 96.27 645.75 Td (Arrangement That Is a Service Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.08 645.75 Td (. ) Tj ET Q q 0 0 0 rg BT 264.40 645.75 Td (The amendments in this ) Tj ET Q q 0 0 0 rg BT 362.16 645.75 Td (ASU align the requirements for capitalizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (develop or obtain internal-use software. ) Tj ET Q q 0 0 0 rg BT 213.43 621.75 Td (The implementation costs incurred in a hosting arrangement that is a service contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (should be presented as a prepaid asset in the balance sheet and expensed over the term of the hosting arrangement to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (line item in the statement of income as the costs related to the hosting fees. ) Tj ET Q q 0 0 0 rg BT 353.96 597.75 Td (The guidance in this ) Tj ET Q q 0 0 0 rg BT 437.27 597.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 476.54 597.75 Td (fective for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (including adoption in any interim period. ) Tj ET Q q 0 0 0 rg BT 216.23 573.75 Td (The amendments should be applied either retrospectively or prospectively to all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (implementation costs incurred after adoption. ) Tj ET Q q 0 0 0 rg BT 236.21 561.75 Td (This ) Tj ET Q q 0 0 0 rg BT 255.94 561.75 Td (ASU will not have a material impact on our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 525.75 Td (Recently ) Tj ET Q q 0 0 0 rg BT 114.17 525.75 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 150.19 525.75 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 501.75 Td (ASU 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 173.36 501.75 Td (opic 842\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 501.75 Td (In February 2016, F) Tj ET Q q 0 0 0 rg BT 298.15 501.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 347.05 501.75 Td (ASU 2016-02 which requires companies to recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (lease assets and liabilities arising from operating leases in the statement of financial position. ) Tj ET Q q 0 0 0 rg BT 426.44 489.75 Td (This ) Tj ET Q q 0 0 0 rg BT 446.17 489.75 Td (ASU does not significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (change the previous lease guidance for how a lessee should recognize, measure, and present expenses and cash flows arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (from a lease. ) Tj ET Q q 0 0 0 rg BT 105.31 465.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 155.21 465.75 Td (, the criteria for classifying a finance lease versus an operating lease are substantially the same as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (previous guidance. ) Tj ET Q q 0 0 0 rg BT 129.85 453.75 Td (This ) Tj ET Q q 0 0 0 rg BT 149.58 453.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 188.84 453.75 Td (fective for fiscal years beginning after December 15, 2018, including interim periods within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (those fiscal years, and early adoption is permitted. In July 2018, the F) Tj ET Q q 0 0 0 rg BT 327.31 441.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 376.21 441.75 Td (ASU 2018-1) Tj ET Q q 0 0 0 rg BT 426.67 441.75 Td (1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.67 441.75 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 474.37 441.75 Td (opic 842\) T) Tj ET Q q 0 0 0 rg BT 519.56 441.75 Td (ar) Tj ET Q q 0 0 0 rg BT 528.08 441.75 Td (geted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (Impr) Tj ET Q q 0 0 0 rg BT 68.57 429.75 Td (ovements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.78 429.75 Td (, amending certain aspects of the new leasing standard. ) Tj ET Q q 0 0 0 rg BT 330.52 429.75 Td (The amendment allows an additional optional transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (method whereby an entity records a cumulative ef) Tj ET Q q 0 0 0 rg BT 249.52 417.75 Td (fect adjustment to opening retained earnings in the year of adoption without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (restating prior periods. ) Tj ET Q q 0 0 0 rg BT 145.13 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 153.77 405.75 Td (e adopted this ) Tj ET Q q 0 0 0 rg BT 211.26 405.75 Td (ASU on January 1, 2019 and elected the additional transition method per ) Tj ET Q q 0 0 0 rg BT 504.80 405.75 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (2018-1) Tj ET Q q 0 0 0 rg BT 77.46 393.75 Td (1. Our leases consist of repeater leases, facility leases and equipment leases. ) Tj ET Q q 0 0 0 rg BT 389.11 393.75 Td (W) Tj ET Q q 0 0 0 rg BT 397.75 393.75 Td (e elected the package of practical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (expedients permitted under the transition guidance within the new standard.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 357.75 Td (Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td ($347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 345.75 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 345.75 Td ($369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 345.75 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.60 345.75 Td (, as of January 1, 2019. ) Tj ET Q q 0 0 0 rg BT 259.18 345.75 Td (The standard did not impact our consolidated statements of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (consolidated statements of cash flows or debt. ) Tj ET Q q 0 0 0 rg BT 238.07 333.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 287.97 333.75 Td (, we did not record a cumulative ef) Tj ET Q q 0 0 0 rg BT 427.18 333.75 Td (fect adjustment to opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (retained earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 297.75 Td (The ef) Tj ET Q q 0 0 0 rg BT 102.13 297.75 Td (fect of the changes made to our consolidated balance sheet as of January 1, 2019 for the adoption of ) Tj ET Q q 0 0 0 rg BT 503.67 297.75 Td (ASU 2016-02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (is included in the table below) Tj ET Q q 0 0 0 rg BT 166.32 285.75 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 227.25 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 227.25 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 227.25 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 227.25 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 197.25 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 197.25 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 197.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 197.25 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 197.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 197.25 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 167.25 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 167.25 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 167.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 167.25 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 167.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 167.25 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.25 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 137.25 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 137.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 137.25 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 137.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 137.25 95.00 -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 260.5 242.25 m 359.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 242.25 m 461.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 242.25 m 560.5 242.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.35 254.48 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 339.70 254.48 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 246.48 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.20 254.48 Td (Adjustments Due to ) Tj ET Q q 0 0 0 rg BT 438.98 254.48 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.65 246.48 Td (2016-02) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.35 254.48 Td (Balance at January 1,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 246.48 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 231.93 Td (Balance Sheet) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 215.36259765625005 m 82.9951171875 215.36259765625005 l s q 0 0 0 rg BT 53.00 216.93 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.92 Td (Operating lease right-of-use assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 201.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 201.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 201.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 201.92 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 201.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 201.92 Td (347) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 170.36259765625005 m 99.11328125 170.36259765625005 l s q 0 0 0 rg BT 53.00 171.93 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 156.92 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 156.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 156.92 Td (736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 156.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 156.97 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 156.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 156.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 156.92 Td (735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.92 Td (Operating lease current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 141.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 141.92 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 141.92 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.92 Td (Operating lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 126.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 126.92 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 126.92 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 111.92 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 111.92 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 111.97 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 111.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 111.92 Td (81) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 83.75 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 83.75 Td (Receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 65.75 Td (Receivables, net, includes customer accounts receivable, receivables from distributors and other receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.49 65.75 Td ( ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Customer accounts receivable, net, includes receivables from our subscribers, advertising customers and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (customers, and is stated at amounts due, net of an allowance for doubtful accounts. Our allowance for doubtful accounts is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (based upon our assessment of various factors.) Tj ET Q q 0 0 0 rg BT 237.33 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 245.97 671.10 Td (e consider historical experience, the age of the receivable balances, current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (economic conditions and other factors that may af) Tj ET Q q 0 0 0 rg BT 249.53 659.10 Td (fect the counterparty) Tj ET Q q 0 0 0 rg BT 335.04 659.10 Td (s ability to pay) Tj ET Q q 0 0 0 rg BT 393.55 659.10 Td (.Bad debt expense is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (Customer service and billing expense in our unaudited consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.55 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 623.10 Td (Receivables from distributors primarily include billed and unbilled amounts due from OEMs for services included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (sale or lease price of vehicles, as well as billed amounts due from wholesale distributors of our satellite radios.Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (receivables primarily include amounts due from manufacturers of our radios, modules and chipsets where we are entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (subsidies and royalties based on the number of units produced.) Tj ET Q q 0 0 0 rg BT 305.38 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 314.02 587.10 Td (e have not established an allowance for doubtful accounts for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (our receivables from distributors or other receivables as we have historically not experienced any significant collection issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (with OEMs or other third parties.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 539.10 Td (Receivables, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 513.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 513.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 483.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 483.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 453.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 453.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 453.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 513.6 m 484 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 513.6 m 563 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 513.6 m 484 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 513.6 m 563 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 483.6 m 484 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 483.6 m 563 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 438.6 m 484 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 424.6 m 484 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 422.6 m 484 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 438.6 m 563 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 424.6 m 563 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 422.6 m 563 422.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 518.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 517.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 434.53 517.83 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 517.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 517.83 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 503.27 Td (Gross customer accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 503.27 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 503.27 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 488.27 Td (Allowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 488.32 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 488.32 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 473.27 Td (Customer accounts receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 473.27 Td (445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 473.27 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 458.27 Td (Receivables from distributors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 458.27 Td (121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 458.27 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 443.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 443.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 443.27 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 428.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 428.27 Td (otal receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 428.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 428.27 Td (592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 428.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 428.27 Td (233) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 400.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 118.17 400.10 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 382.10 Td (Inventory consists of finished goods, refurbished goods, chipsets and other raw material components used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (manufacturing radios and connected vehicle devices. Inventory is stated at the lower of cost or market.) Tj ET Q q 0 0 0 rg BT 465.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.64 370.10 Td (e record an estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (allowance for inventory that is considered slow moving or obsolete or whose carrying value is in excess of net realizable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (value.) Tj ET Q q 0 0 0 rg BT 78.47 346.10 Td (The provision related to products purchased for resale in our direct to consumer distribution channel and components ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (held for resale by us is reported as a component of Cost of equipment in our unaudited consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (comprehensive income.) Tj ET Q q 0 0 0 rg BT 149.29 322.10 Td (The provision related to inventory consumed in our OEM channel is reported as a component of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (Subscriber acquisition costs in our unaudited consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.24 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 114.73 286.10 Td (, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 260.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 260.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 260.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 230.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 230.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 230.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 230.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 260.6 m 484 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 260.6 m 563 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 260.6 m 484 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 260.6 m 563 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 215.60000000000002 m 484 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 215.60000000000002 m 563 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 215.60000000000002 m 484 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 201.60000000000002 m 484 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 199.60000000000002 m 484 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 215.60000000000002 m 563 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 201.60000000000002 m 563 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 199.60000000000002 m 563 199.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 264.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 434.53 264.83 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 264.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 264.83 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 250.27 Td (Raw materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 250.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 250.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 250.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 235.27 Td (Finished goods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 235.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 235.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 220.27 Td (Allowance for obsolescence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 220.32 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 220.32 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 205.27 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 205.27 Td (otal inventory) Tj ET Q q 0 0 0 rg BT 125.08 205.27 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 205.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 205.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 177.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 177.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 159.10 Td (Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (intangible assets acquired in business combinations. Our annual impairment assessment of our two reporting units is performed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (as of the fourth quarter of each year) Tj ET Q q 0 0 0 rg BT 192.08 135.10 Td (, and an assessment is performed at other times if an event occurs or circumstances change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (that would more likely than not reduce the fair value of a reporting unit below its carrying amount. ) Tj ET Q q 0 0 0 rg BT 448.83 123.10 Td (ASC 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.78 123.10 Td (Intangibles - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (Goodwill and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.06 111.10 Td (, states that an entity should perform its annual or interim goodwill impairment test by comparing the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (value of a reporting unit with its carrying amount and recognize an impairment char) Tj ET Q q 0 0 0 rg BT 385.04 99.10 Td (ge for the amount by which the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (amount exceeds the reporting unit) Tj ET Q q 0 0 0 rg BT 188.35 87.10 Td (s fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 69.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 69.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 69.10 Td (, there were no indicators of impairment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.26 69.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.26 69.10 Td ( impairment losses were recorded for goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 57.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.76 57.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.64 57.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.23 57.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.67 57.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.67 57.10 Td (.) Tj ET Q q 0 0 0 rg BT 283.62 57.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.06 57.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.66 57.10 Td (, the cumulative balance of goodwill ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (impairments recorded since the July 2008 mer) Tj ET Q q 0 0 0 rg BT 234.27 695.10 Td (ger between our wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 401.08 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.90 695.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.01 695.10 Td (ernon Mer) Tj ET Q q 0 0 0 rg BT 453.76 695.10 Td (ger Corporation, and XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Satellite Radio Holdings Inc. \(XM\), was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.80 683.10 Td ($4,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.30 683.10 Td (, which was recognized during the year ended December31, 2008.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 665.10 Td (As a result of the Pandora ) Tj ET Q q 0 0 0 rg BT 183.03 665.10 Td (Acquisition, we recorded additional goodwill of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.71 665.10 Td ($1,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.21 665.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.04 665.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.97 665.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 653.10 Td ( at our Pandora reporting unit. ) Tj ET Q q 0 0 0 rg BT 238.45 653.10 Td (The goodwill of the acquired company is not deductible for tax purposes. Refer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (to Note 2 for information on this acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 617.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 122.35 617.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 599.10 Td (Our intangible assets include the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 546.60 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 546.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 546.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 546.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 546.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 546.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 546.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 546.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.60 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 518.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 518.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 518.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 518.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 518.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 518.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 518.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.60 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 490.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 490.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 490.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 490.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 490.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 490.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 490.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 462.60 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 462.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 462.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 462.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 462.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 462.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 462.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 462.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 433.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 433.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 433.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 433.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 433.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 433.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 433.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 403.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 403.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 403.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 403.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 403.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 403.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 403.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 373.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 373.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 373.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 373.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 373.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 373.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 373.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 373.60 52.00 -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 233 575.6 m 284 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 575.6 m 288 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 575.6 m 340 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 575.6 m 344 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(December) Tj ET Q q 0 0 0 rg BT 483.32 579.83 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 551.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.25 566.83 Td (W) Tj ET Q q 0 0 0 rg BT 196.03 566.83 Td (eighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 558.83 Td (A) Tj ET Q q 0 0 0 rg BT 196.03 558.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.50 550.83 Td (UsefulLives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.05 566.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 257.75 566.83 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.20 558.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.35 550.83 Td (V) Tj ET Q q 0 0 0 rg BT 253.76 550.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.80 558.83 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.60 550.83 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 558.83 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.85 550.83 Td (V) Tj ET Q q 0 0 0 rg BT 365.26 550.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.05 566.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 424.75 566.83 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.20 558.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.35 550.83 Td (V) Tj ET Q q 0 0 0 rg BT 420.76 550.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 558.83 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 550.83 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.70 558.83 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.85 550.83 Td (V) Tj ET Q q 0 0 0 rg BT 531.89 550.83 Td (alue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 537.86 Td (Indefinite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 523.86 Td (FCC licenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 523.06 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.25 523.06 Td (2,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 523.06 Td (2,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 523.06 Td (2,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 523.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 523.06 Td (2,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 509.86 Td (T) Tj ET Q q 0 0 0 rg BT 69.68 509.86 Td (rademarks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 509.06 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 509.06 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 509.06 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 509.06 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 509.06 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 495.86 Td (Definite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 481.86 Td (OEM relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 481.06 Td (15 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 481.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.50 481.06 Td (\(79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 481.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 481.06 Td (141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 481.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 481.06 Td (\(76) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 481.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 481.06 Td (144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 467.86 Td (Licensing agreements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 467.06 Td (12 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.50 467.06 Td (45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.50 467.06 Td (\(39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 467.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 467.06 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 467.06 Td (45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 467.06 Td (\(38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 467.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 467.06 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 453.86 Td (Software and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 453.06 Td (7 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.50 453.06 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.50 453.06 Td (\(21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 453.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 453.06 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 453.06 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 453.06 Td (\(20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 453.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 453.06 Td (15) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 440.00 Td (Due to Pandora ) Tj ET Q q 0 0 0 rg BT 114.75 440.00 Td (Acquisition:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 424.86 Td (Indefinite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 409.86 Td (T) Tj ET Q q 0 0 0 rg BT 69.68 409.86 Td (rademarks) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 408.06 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 408.06 Td (331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 408.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 408.06 Td (331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 408.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 408.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 408.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 408.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 394.86 Td (Definite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 379.86 Td (Customer relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 378.06 Td (8 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 378.06 Td (403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.00 378.06 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 378.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 378.06 Td (394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 364.86 Td (Software and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 363.06 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 363.06 Td (373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.50 363.06 Td (\(13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 363.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 363.06 Td (360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.50 363.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 363.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 363.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 349.86 Td (T) Tj ET Q q 0 0 0 rg BT 81.37 349.86 Td (otal intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 348.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.25 348.06 Td (3,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 348.06 Td (\(161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 348.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 348.06 Td (3,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 348.06 Td (2,635) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 348.06 Td (\(134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 348.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 348.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 348.06 Td (2,501) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 320.10 Td (Indefinite Life Intangible ) Tj ET Q q 0 0 0 rg BT 170.13 320.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 302.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 302.10 Td (e have identified our FCC licenses and the Pandora, XM and ) Tj ET Q q 0 0 0 rg BT 331.08 302.10 Td (Automatic trademarks as indefinite life intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (after considering the expected use of the assets, the regulatory and economic environment within which they are used and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 278.10 Td (fects of obsolescence on their use. ) Tj ET Q q 0 0 0 rg BT 198.15 278.10 Td (As part of the Pandora ) Tj ET Q q 0 0 0 rg BT 290.08 278.10 Td (Acquisition, we also identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.33 278.10 Td ($331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.33 278.10 Td ( related to its trademarks, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (which the fair value was determined using the relief from royalty method as of the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 242.10 Td (e hold FCC licenses to operate our satellite digital audio radio service and provide ancillary services. Each of the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (licenses authorizes us to use radio spectrum, a reusable resource that does not deplete or exhaust over time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 206.10 Td (Our annual impairment assessment of our identifiable indefinite life intangible assets is performed as of the fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (quarter of each year) Tj ET Q q 0 0 0 rg BT 128.62 194.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.06 194.10 Td (An assessment is performed at other times if an event occurs or circumstances change that would more) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (likely than not reduce the fair value of the asset below its carrying value. If the carrying value of the intangible assets exceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (its fair value, an impairment loss is recognized. ) Tj ET Q q 0 0 0 rg BT 240.56 170.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 170.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.60 170.10 Td (, there were no indicators of impairment, and no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (impairment loss was recognized for intangible assets with indefinite lives during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.68 158.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.27 158.10 Td ( and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 146.10 Td (.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 695.25 Td (Definite Life Intangible ) Tj ET Q q 0 0 0 rg BT 162.90 695.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (Amortization expense for all definite life intangible assets was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.92 677.25 Td ($27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.92 677.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.36 677.25 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 677.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.74 677.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.67 677.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.55 677.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 677.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 665.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 665.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.10 665.25 Td (. ) Tj ET Q q 0 0 0 rg BT 146.42 665.25 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.16 665.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.16 665.25 Td ( retirements of definite lived intangible assets during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.16 665.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.09 665.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 665.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 653.25 Td (. ) Tj ET Q q 0 0 0 rg BT 76.45 653.25 Td (As part of the Pandora ) Tj ET Q q 0 0 0 rg BT 168.37 653.25 Td (Acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.04 653.25 Td ($776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.04 653.25 Td ( was allocated to identifiable intangible assets subject to amortization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (related to the assessed fair value of customer relationships and software and technology) Tj ET Q q 0 0 0 rg BT 399.29 641.25 Td (, which was determined by using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (multi-period excess earnings method and the relief from royalty method, respectively) Tj ET Q q 0 0 0 rg BT 390.13 629.25 Td (, as of the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 611.25 Td (The expected amortization expense for each of the fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.60 611.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.60 611.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.71 611.25 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.71 611.25 Td ( and for periods thereafter is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.75 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 575.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 575.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 547.75 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 547.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 547.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 519.75 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 519.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 519.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.75 434.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 491.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 491.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 575.75 m 484 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 575.75 m 563 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 575.75 m 484 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 491.75 m 563 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 491.75 m 563 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 478.75 m 563 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 476.75 m 563 476.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 579.98 Td (Y) Tj ET Q q 0 0 0 rg BT 57.39 579.98 Td (ears ending December) Tj ET Q q 0 0 0 rg BT 133.23 579.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.95 579.98 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 566.32 Td (2019 \(remaining\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 566.32 Td (1) Tj ET Q q 0 0 0 rg BT 549.15 566.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 552.32 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 552.32 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 538.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 538.32 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 524.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 524.32 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 510.32 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 510.32 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.32 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 496.32 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 482.32 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 482.32 Td (otal definite life intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 482.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 482.32 Td (915) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 454.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 86.87 454.25 Td (operty and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.25 Td (Property and equipment, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 404.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 404.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 404.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 374.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 374.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 344.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 344.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 314.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 314.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 284.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 284.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 284.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 284.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 254.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 254.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 254.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 254.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 224.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 224.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 224.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 404.75 m 484 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 404.75 m 563 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 404.75 m 484 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 404.75 m 563 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 254.75 m 484 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 254.75 m 563 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 224.75 m 484 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 224.75 m 563 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 224.75 m 484 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 210.75 m 484 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 208.75 m 484 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 224.75 m 563 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 210.75 m 563 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 208.75 m 563 208.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 409.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 408.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 434.53 408.98 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 408.98 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 408.98 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 394.42 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 394.42 Td (1,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 394.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 394.42 Td (1,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 379.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 379.42 Td (errestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 379.42 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 379.42 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 364.42 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 364.42 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 364.42 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 349.42 Td (Broadcast studio equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 349.42 Td (1) Tj ET Q q 0 0 0 rg BT 470.15 349.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 349.42 Td (1) Tj ET Q q 0 0 0 rg BT 549.15 349.42 Td (1) Tj ET Q q 0 0 0 rg BT 554.15 349.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 334.42 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 334.42 Td (875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 334.42 Td (824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 319.42 Td (Satellite telemetry) Tj ET Q q 0 0 0 rg BT 125.20 319.42 Td (, tracking and control facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 319.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 319.42 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 304.42 Td (Furniture, fixtures, equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 304.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 304.42 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 289.42 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 289.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 289.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 274.42 Td (Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 274.42 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 274.42 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 259.42 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 259.42 Td (486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 259.42 Td (412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 244.42 Td (T) Tj ET Q q 0 0 0 rg BT 70.26 244.42 Td (otal property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 244.42 Td (3,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 244.42 Td (3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 229.42 Td (Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 229.47 Td (\(1,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 229.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 229.47 Td (\(1,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 229.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 214.42 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 214.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 214.42 Td (1,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 214.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 214.42 Td (1,513) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (Construction in progress consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 669.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 669.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 669.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 639.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 639.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 609.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 609.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 609.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 669.6 m 484 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 669.6 m 563 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 669.6 m 484 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 669.6 m 563 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 609.6 m 484 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 609.6 m 563 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 609.6 m 484 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 595.6 m 484 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 593.6 m 484 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 609.6 m 563 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 595.6 m 563 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 593.6 m 563 593.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 673.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 434.53 673.83 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 673.83 Td (December) Tj ET Q q 0 0 0 rg BT 527.25 673.83 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 659.27 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 659.27 Td (321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 659.27 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 644.27 Td (errestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 644.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 644.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.27 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 629.27 Td (1) Tj ET Q q 0 0 0 rg BT 470.15 629.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 629.27 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 614.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 614.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 614.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 599.27 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 599.27 Td (486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 599.27 Td (412) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 571.10 Td (Depreciation and amortization expense on property and equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.90 571.10 Td ($80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.90 571.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 571.10 Td ($66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.34 571.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.72 571.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 571.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 559.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 559.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 559.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 205.20 559.10 Td (.) Tj ET Q q 0 0 0 rg BT 212.52 559.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.26 559.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.26 559.10 Td ( retirements of property and equipment during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.42 559.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.36 559.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 547.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 547.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 547.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 523.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 523.10 Td (e capitalize a portion of the interest on funds borrowed to finance the construction and launch of our satellites. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (Capitalized interest is recorded as part of the asset) Tj ET Q q 0 0 0 rg BT 252.76 511.10 Td (s cost and depreciated over the satellite) Tj ET Q q 0 0 0 rg BT 412.14 511.10 Td (s useful life. Capitalized interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.10 Td (costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.93 499.10 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.93 499.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.37 499.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.37 499.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.74 499.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.68 499.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.55 499.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 499.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.59 499.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.59 499.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 401.25 499.10 Td (, which related to the construction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.10 Td (our SXM-7 and SXM-8 satellites. ) Tj ET Q q 0 0 0 rg BT 189.59 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 198.23 487.10 Td (e also capitalize a portion of stock based compensation related to employee time for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (capitalized software projects. Capitalized stock based compensation costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.77 475.10 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.77 475.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 475.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.08 475.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.96 475.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.56 475.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 463.10 Td (e did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.35 463.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.35 463.10 Td (t capitalize any stock based compensation for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.17 463.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.11 463.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.98 463.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.58 463.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 433.10 Td (Satellites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 415.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 415.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 415.10 Td (, we owned a fleet of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.89 415.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.44 415.10 Td ( satellites.) Tj ET Q q 0 0 0 rg BT 312.25 415.10 Td (The chart below provides certain information on our satellites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 403.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.76 403.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 371.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 371.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 371.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 341.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 341.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 341.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 311.60 355.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 311.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 311.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 371.6 m 405 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 371.6 m 484 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 371.6 m 563 371.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.45 375.83 Td (Satellite Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.70 375.83 Td (Y) Tj ET Q q 0 0 0 rg BT 425.59 375.83 Td (ear) Tj ET Q q 0 0 0 rg BT 436.55 375.83 Td (Deliver) Tj ET Q q 0 0 0 rg BT 463.28 375.83 Td (ed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.20 383.83 Td (Estimated End of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.70 375.83 Td (Depr) Tj ET Q q 0 0 0 rg BT 513.88 375.83 Td (eciable Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 361.27 Td (SIRIUS FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 361.27 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 361.27 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 346.27 Td (SIRIUS FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 346.27 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 346.27 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 331.27 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 331.27 Td (2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 331.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 316.27 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 316.27 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 316.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 301.27 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 301.27 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 301.27 Td (2025) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 273.10 Td (Each satellite requires an FCC license and prior to the expiration of each license, we are required to apply for a renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.10 Td (of the FCC satellite licenses.) Tj ET Q q 0 0 0 rg BT 169.02 261.10 Td (The renewal and extension of our licenses is reasonably certain at minimal cost, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (expensed as incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 225.10 Td (The following table outlines the years in which each of our satellite licenses expires:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 201.60 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 201.60 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 171.60 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 171.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 171.60 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 141.60 403.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 141.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 141.60 106.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 201.60000000000002 m 453 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 201.60000000000002 m 563 201.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 206.68 Td (FCC satellite licenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.55 205.83 Td (Expirationyear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 192.17 Td (SIRIUS FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 191.27 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 177.17 Td (SIRIUS FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 176.27 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 162.17 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 161.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 147.17 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 146.27 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 132.17 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 131.27 Td (2026) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (\(9\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 103.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 79.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 79.10 Td (e have operating and finance leases for of) Tj ET Q q 0 0 0 rg BT 252.27 79.10 Td (fices, terrestrial repeaters, data centers and certain equipment. Our leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (have remaining lease terms of less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 67.10 Td (1 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.88 67.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 67.10 Td (19 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.25 67.10 Td (, some of which may include options to extend the leases for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.69 67.10 Td (5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 55.10 Td (, and some of which may include options to terminate the leases within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.20 55.10 Td (1 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.36 55.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.67 55.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.31 55.10 Td (e elected the practical expedient to ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (account for the lease and non-lease components as a single component. ) Tj ET Q q 0 0 0 rg BT 338.57 695.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 388.47 695.10 Td (, we elected the practical expedient to not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (less at the lease commencement date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 647.10 Td (The components of lease expense were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 588.60 427.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 588.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 558.60 427.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 558.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 528.60 427.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 528.60 85.00 -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 476.5 603.6 m 561.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 603.6 m 561.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 588.6 m 561.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 588.6 m 561.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 528.6 m 561.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 528.6 m 561.5 528.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 615.83 Td (For) Tj ET Q q 0 0 0 rg BT 493.17 615.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 507.68 615.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 520.88 615.83 Td (ee Months) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.90 607.83 Td (Ended Mar) Tj ET Q q 0 0 0 rg BT 528.16 607.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 592.83 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.27 Td (Operating lease cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 578.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 563.27 Td (Finance lease cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 548.27 Td (Amortization of right-of-use assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 548.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 533.27 Td (Sublease income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 533.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 518.27 Td (T) Tj ET Q q 0 0 0 rg BT 57.41 518.27 Td (otal lease cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 518.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 518.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 490.10 Td (Supplemental cash flow information related to leases was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 431.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 401.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 380.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 446.6 m 560.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 446.6 m 560.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 431.6 m 560.5 431.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.80 458.83 Td (For) Tj ET Q q 0 0 0 rg BT 492.17 458.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 506.68 458.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 519.88 458.83 Td (ee Months) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.90 450.83 Td (Ended Mar) Tj ET Q q 0 0 0 rg BT 527.16 450.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 435.83 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.27 Td (Cash paid for amounts included in the measurement of lease liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 406.27 Td (Operating cash flows from operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 406.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 406.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 391.27 Td (Financing cash flows from finance leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 391.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.27 Td (Right-of-use assets obtained in exchange for lease obligations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 355.27 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 355.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 327.10 Td (Supplemental balance sheet information related to leases was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 286.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 286.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 256.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 226.60 85.00 -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 475.5 301.6 m 560.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 226.60000000000002 m 560.5 226.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 305.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 505.96 305.83 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 291.28 Td (Operating Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.27 Td (Operating lease right-of-use assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 276.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 276.27 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.27 Td (Operating lease current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 246.27 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.27 Td (Operating lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 231.27 Td (397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 216.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 216.27 Td (otal operating lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 216.27 Td (443) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 171.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 171.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 141.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 111.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 111.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 81.60 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 81.60 85.00 -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 475.5 186.60000000000002 m 560.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 141.60000000000002 m 560.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 81.60000000000002 m 560.5 81.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 190.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 505.96 190.83 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 176.28 Td (Finance Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.27 Td (Property and equipment, gross) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 161.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 161.27 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.27 Td (Accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 146.32 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 131.27 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 131.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 131.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 101.27 Td (Current maturities of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 101.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 86.27 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 86.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 71.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 71.27 Td (otal finance lease liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 71.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 686.50 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 686.50 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.50 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 656.50 85.00 -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 475.5 686.5 m 560.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 686.5 m 560.5 686.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 690.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 505.96 690.73 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 676.18 Td (W) Tj ET Q q 0 0 0 rg BT 62.45 676.18 Td (eighted ) Tj ET Q q 0 0 0 rg BT 95.50 676.18 Td (A) Tj ET Q q 0 0 0 rg BT 101.98 676.18 Td (verage Remaining Lease ) Tj ET Q q 0 0 0 rg BT 208.73 676.18 Td (T) Tj ET Q q 0 0 0 rg BT 214.48 676.18 Td (erm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.17 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 661.17 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.17 Td (Finance leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 646.17 Td (2 years) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.50 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 616.50 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.50 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 586.50 85.00 -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 475.5 616.5 m 560.5 616.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.00 620.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 505.96 620.73 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 606.18 Td (W) Tj ET Q q 0 0 0 rg BT 62.45 606.18 Td (eighted ) Tj ET Q q 0 0 0 rg BT 95.50 606.18 Td (A) Tj ET Q q 0 0 0 rg BT 101.98 606.18 Td (verage Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.17 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 591.17 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.17 Td (Finance leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 576.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 548.00 Td (Maturities of lease liabilities were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 522.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 522.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 522.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 522.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 492.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 492.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 492.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 492.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 462.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 462.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 462.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 432.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 432.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 432.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 432.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 402.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 402.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 402.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 402.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 522.5 m 482.5 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 522.5 m 561.5 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 522.5 m 482.5 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 522.5 m 561.5 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 417.5 m 482.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 417.5 m 561.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 387.5 m 482.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 387.5 m 561.5 387.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.60 526.73 Td (Operating Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.60 526.73 Td (Finance Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 512.18 Td (Y) Tj ET Q q 0 0 0 rg BT 58.11 512.18 Td (ear) Tj ET Q q 0 0 0 rg BT 71.81 512.18 Td ( ending December) Tj ET Q q 0 0 0 rg BT 148.84 512.18 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 497.17 Td (2019 \(remaining\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 497.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 497.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 482.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 482.17 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.00 482.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 467.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 467.17 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.00 467.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 452.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 452.17 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 452.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 437.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 437.17 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 422.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 422.17 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 422.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 407.17 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 407.17 Td (otal future minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 407.17 Td (576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.00 407.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 392.17 Td (Less imputed interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 392.22 Td (\(133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 392.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 392.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 392.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 377.17 Td (T) Tj ET Q q 0 0 0 rg BT 69.41 377.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 377.17 Td (443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 377.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 377.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 349.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 349.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 349.00 Td (, we had entered into an additional operating lease for of) Tj ET Q q 0 0 0 rg BT 391.11 349.00 Td (fice space that has not yet commenced of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.00 Td ($33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 337.00 Td (. ) Tj ET Q q 0 0 0 rg BT 71.82 337.00 Td (This operating lease will commence in the second quarter of 2019 with a lease term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.48 337.00 Td (1) Tj ET Q q 0 0 0 rg BT 424.11 337.00 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.11 337.00 Td ( years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.00 Td (\(10\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 313.00 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 137.96 313.00 Td (T) Tj ET Q q 0 0 0 rg BT 143.89 313.00 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 289.00 Td (In the normal course of business, we enter into transactions with related parties such as Liberty Media and Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.00 Td (Canada.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 253.00 Td (Liberty Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 235.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 235.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 235.00 Td (, Liberty Media beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 399.53 235.00 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.79 235.00 Td (68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.12 235.00 Td ( of the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.00 Td (shares of our common stock. Liberty Media has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.56 223.00 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.56 223.00 Td ( executives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.71 223.00 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.14 223.00 Td ( of its directors on our board of directors.Gregory B. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.00 Td (Maf) Tj ET Q q 0 0 0 rg BT 65.98 211.00 Td (fei, the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 230.47 211.00 Td (ficer of Liberty Media, is the Chairman of our board of directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 187.00 Td (Sirius XM Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 170.50 Td (Sirius XM is a wholly-owned subsidiary of Holdings. Holdings has no operations independent of Sirius XM. ) Tj ET Q q 0 0 0 rg BT 518.70 170.50 Td (All equity-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.50 Td (related transactions, including repurchases of Holdings' common stock, dividend payments on shares of Holdings' common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.50 Td (stock, the issuance of equity related to stock-based compensation for Sirius XM employees, Holdings' directors and third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.50 Td (parties and the issuance of Holdings' common stock related to the recapitalization of Sirius XM Canada and the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.50 Td (Acquisition have been reported as related party transactions within our unaudited consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 516.95 122.50 Td (The stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.50 Td (based compensation for Sirius XM employees, Holdings' directors and third parties has been recorded in our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.50 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 189.55 98.50 Td (The Related party long-term assets balance as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 98.50 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.74 98.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.18 98.50 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.77 98.50 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.50 Td (Sirius XM includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.78 86.50 Td ($6,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.28 86.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.72 86.50 Td ($8,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.22 86.50 Td ( respectively) Tj ET Q q 0 0 0 rg BT 254.38 86.50 Td (, primarily for net amounts due from Holdings in connection with these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.50 Td (equity-related transactions.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 695.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 695.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.98 695.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 695.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.46 695.10 Td (, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.45 695.10 Td ($630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 695.10 Td ( of our cash for the purchase and retirement of shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Holdings' common stock under Holdings' repurchase program and payment of a cash dividend on Holdings' common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (This amount is included in our Related party long-term asset balance as a receivable due from Holdings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 647.10 Td (Sirius XM Canada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (On May 25, 2017, we completed a recapitalization of Sirius XM Canada \(the T) Tj ET Q q 0 0 0 rg BT 397.44 629.10 Td (ransaction\), which is now a privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (held corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (Following the ) Tj ET Q q 0 0 0 rg BT 134.65 593.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.41 593.10 Td (ransaction, we hold a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.88 593.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 593.10 Td ( equity interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.08 593.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.41 593.10 Td ( voting interest in Sirius XM Canada, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (remainder of the voting power and equity interests held by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.10 581.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 581.10 Td ( of Sirius XM Canada) Tj ET Q q 0 0 0 rg BT 391.65 581.10 Td (s previous shareholders. ) Tj ET Q q 0 0 0 rg BT 492.83 581.10 Td (The total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (consideration from Sirius XM to Sirius XM Canada, excluding transaction costs, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.61 569.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.82 569.10 Td ( ended December 31, 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td ($309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 557.10 Td (, which included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.37 557.10 Td ($130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.37 557.10 Td ( in cash and we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.02 557.10 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.02 557.10 Td ( shares of our common stock with an aggregate value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.34 557.10 Td ($179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.34 557.10 Td ( to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (holders of the shares of Sirius XM Canada acquired in the ) Tj ET Q q 0 0 0 rg BT 283.98 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.74 545.10 Td (ransaction. Sirius XM received common stock, non-voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (common stock and preferred stock of Sirius XM Canada. ) Tj ET Q q 0 0 0 rg BT 282.87 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.51 533.10 Td (e own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.17 533.10 Td (591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.17 533.10 Td ( shares of preferred stock of Sirius XM Canada, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (has a liquidation preference of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.61 521.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.05 521.10 Td ( Canadian dollar per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 497.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 168.52 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.27 497.10 Td (ransaction, we also made a loan to Sirius XM Canada in the aggregate amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.85 497.10 Td ($131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.85 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 528.17 497.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (within ) Tj ET Q q 0 0 0 rg BT 77.00 473.10 Td (Accumulated other comprehensive \(loss\) income. ) Tj ET Q q 0 0 0 rg BT 280.37 473.10 Td (The loan has a term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.56 473.10 Td (fifteen years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.25 473.10 Td (, bears interest at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.75 473.10 Td (7.62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.58 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (per annum and includes customary covenants and events of default, including an event of default relating to Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Canada) Tj ET Q q 0 0 0 rg BT 82.26 449.10 Td (s failure to maintain specified leverage ratios. ) Tj ET Q q 0 0 0 rg BT 269.51 449.10 Td (The terms of the loan require Sirius XM Canada to prepay a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the outstanding principal amount of the loan within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 437.10 Td (sixty days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.52 437.10 Td ( of the end of each fiscal year in an amount equal to any cash on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (hand in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.15 425.10 Td (C$10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.82 425.10 Td ( at the last day of the financial year if all tar) Tj ET Q q 0 0 0 rg BT 317.28 425.10 Td (get dividends have been paid in full. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.06 425.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.95 413.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 413.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 413.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.86 413.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.86 413.10 Td (, Sirius XM Canada repaid less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 413.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 413.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.94 413.10 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.94 413.10 Td ( of the principal amount of the loan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 401.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 168.52 377.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.27 377.10 Td (ransaction, we also entered into a Services ) Tj ET Q q 0 0 0 rg BT 345.88 377.10 Td (Agreement and an ) Tj ET Q q 0 0 0 rg BT 421.13 377.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 496.68 377.10 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (Sirius XM Canada. Each agreement has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 365.10 Td (thirty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 365.10 Td ( year term. Pursuant to the Services ) Tj ET Q q 0 0 0 rg BT 383.85 365.10 Td (Agreement, Sirius XM Canada pays us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.43 365.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.76 365.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (of its gross revenues on a monthly basis through December 31, 2021 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.33 353.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.66 353.10 Td ( of its gross revenues on a monthly basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 87.25 341.10 Td (. Pursuant to the ) Tj ET Q q 0 0 0 rg BT 156.69 341.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 232.24 341.10 Td (Agreement, Sirius XM Canada pays us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.82 341.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 341.10 Td ( of its gross revenues on a monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 76.82 329.10 Td (These agreements superseded and replaced the former agreements between Sirius XM Canada and its predecessors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 293.10 Td (Sirius XM Canada is accounted for as an equity method investment, and its results are not consolidated in our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (consolidated financial statements. Sirius XM Canada does not meet the requirements for consolidation as we do not have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (ability to direct the most significant activities that impact Sirius XM Canada's economic performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 245.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 245.10 Td (e had the following related party balances associated with Sirius XM Canada:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 219.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 219.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 219.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 189.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 189.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 189.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 219.60000000000002 m 483 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 219.60000000000002 m 562 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 219.60000000000002 m 483 219.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.50 223.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 433.53 223.83 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 223.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 223.83 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 209.27 Td (Related party current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 209.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 209.27 Td (1) Tj ET Q q 0 0 0 rg BT 553.15 209.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 194.27 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 194.27 Td (448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 194.27 Td (437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 179.27 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 179.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 179.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 164.27 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 164.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 164.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 136.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 136.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 136.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 136.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.56 136.10 Td (, our related party current asset balance included amounts due under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 85.33 124.10 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 148.64 124.10 Td (Advisory Services ) Tj ET Q q 0 0 0 rg BT 224.18 124.10 Td (Agreement and certain amounts related to transactions outside the scope of the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (services arrangements. Our related party long-term assets balance as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.83 112.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.42 112.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.86 112.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 112.10 Td ( included the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (carrying value of our investment balance in Sirius XM Canada of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.59 100.10 Td ($320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.59 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.03 100.10 Td ($31) Tj ET Q q 0 0 0 rg BT 367.66 100.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.66 100.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 425.32 100.10 Td (, and, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.42 100.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 100.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 88.10 Td (, also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.63 88.10 Td ($128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 88.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.06 88.10 Td ($126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.06 88.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 300.73 88.10 Td (, for the long-term value of the outstanding loan to Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (Canada. Our related party liabilities for both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.94 76.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.54 76.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.98 76.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.56 76.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 76.10 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 76.10 Td ( for the current portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (deferred revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.39 64.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.39 64.10 Td ( for the long-term portion of deferred revenue recorded as of the date of the Sirius and XM mer) Tj ET Q q 0 0 0 rg BT 527.18 64.10 Td (ger ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (related to agreements with legacy XM Canada, now Sirius XM Canada.) Tj ET Q q 0 0 0 rg BT 341.46 695.10 Td (These costs are being amortized on a straight line basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (through 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 659.10 Td (Sirius XM Canada paid gross dividends to us of less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.87 659.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.87 659.10 Td ( during each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.34 659.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.28 659.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 659.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.75 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 647.10 Td (.Dividends are first recorded as a reduction to our investment balance in Sirius XM Canada to the extent a balance exists ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (and then as Other income for any remaining portion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 611.10 Td (e recorded the following revenue and other income associated with Sirius XM Canada in our unaudited consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (statements of comprehensive income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.60 349.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 548.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 548.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.60 349.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 518.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 518.60 80.00 -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 399 561.6 m 479 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 561.6 m 483 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 561.6 m 563 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 561.6 m 479 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 548.6 m 479 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 561.6 m 563 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 548.6 m 563 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 548.6 m 479 548.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 566.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.20 567.28 Td (For) Tj ET Q q 0 0 0 rg BT 424.57 567.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 439.08 567.28 Td (Thr) Tj ET Q q 0 0 0 rg BT 452.28 567.28 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 528.80 567.28 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 553.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.50 553.28 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 553.28 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 538.27 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 89.99 542.80 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.50 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 538.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 538.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 523.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.50 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 508.27 Td (Share of net earnings ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 151.69 512.80 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.50 508.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 508.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 508.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 508.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 493.27 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.92 497.80 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.50 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 493.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 493.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 472.30 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 472.30 Td (W) Tj ET Q q 0 0 0 rg BT 84.27 472.30 Td (e record revenue from Sirius XM Canada as Other revenue in our unaudited consolidated statements of comprehensive income.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 461.50 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 461.50 Td (For both the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 122.75 461.50 Td (three months) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.49 461.50 Td ( ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.48 461.50 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.72 461.50 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.21 461.50 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.21 461.50 Td (, Share of net earnings included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.42 461.50 Td ($1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.42 461.50 Td ( of amortization expense related to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 450.70 Td (equity method intangible assets.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 439.90 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 439.90 Td (This interest income relates to the loan to Sirius XM Canada and is recorded as Other income \(expense\) in our unaudited consolidated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 429.10 Td (statements of comprehensive income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 405.10 Td (Pandora) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 381.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.55 381.10 Td ($523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.55 381.10 Td ( preferred stock investment in Pandora as of December 31, 2018 was canceled in conjunction with the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.10 Td (Acquisition. Refer to Note 2 for information on this acquisition.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 57.28 695.25 Td (1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 671.25 Td (Our debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.93 671.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.53 671.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.97 671.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.55 671.25 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 615.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 615.75 47.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.00 615.75 78.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 615.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 615.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 615.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 615.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 615.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 615.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 557.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 557.75 47.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.00 557.75 78.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 557.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 557.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 557.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 557.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 557.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 557.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 499.75 47.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.00 499.75 78.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 499.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 499.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 499.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 499.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 499.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 499.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 441.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 441.75 47.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.00 441.75 78.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 441.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 441.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 441.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 441.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 441.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 441.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 383.75 40.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 383.75 47.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.00 383.75 78.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.00 383.75 48.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 383.75 62.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 383.75 68.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 383.75 71.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 383.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 383.75 71.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 333.75 363.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 333.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 333.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 333.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 333.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 307.75 363.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 307.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 307.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 307.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 307.75 71.00 -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 417 644.75 m 488 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 644.75 m 492 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 644.75 m 563 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 615.75 m 90 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 94 615.75 m 141 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145 615.75 m 223 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 615.75 m 275 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 615.75 m 341 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 615.75 m 413 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 615.75 m 488 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 615.75 m 563 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 615.75 m 90 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 94 615.75 m 141 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145 615.75 m 223 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 615.75 m 275 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 615.75 m 341 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 615.75 m 413 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 615.75 m 488 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 615.75 m 563 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 333.75 m 488 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 333.75 m 563 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 294.75 m 488 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 282.75 m 488 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 280.75 m 488 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 294.75 m 563 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 282.75 m 563 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 280.75 m 563 280.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.50 648.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.25 648.98 Td (Carrying value) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 508.02 652.61 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.09 648.98 Td ( at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 627.98 Td (Issuer) Tj ET Q q 0 0 0 rg BT 77.75 627.98 Td ( / ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.95 619.98 Td (Borr) Tj ET Q q 0 0 0 rg BT 69.24 619.98 Td (ower) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.10 619.98 Td (Issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.25 619.98 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.90 627.98 Td (Maturity ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.50 619.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.65 619.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 298.83 619.98 Td (est Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.90 627.98 Td (Principal ) Tj ET Q q 0 0 0 rg BT 381.23 627.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.65 619.98 Td (at Mar) Tj ET Q q 0 0 0 rg BT 371.34 619.98 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.50 619.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 440.53 619.98 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 619.98 Td (December) Tj ET Q q 0 0 0 rg BT 529.25 619.98 Td ( 31, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 607.70 Td (Pandora) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 599.70 Td (\(b\) \(c\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 607.70 Td (December ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 599.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 607.70 Td (1.75% Convertible ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 599.70 Td (Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 607.70 Td (December 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 599.70 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 607.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 599.70 Td (June 1 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 591.70 Td (December 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 607.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 607.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 607.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 607.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 578.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 570.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 578.70 Td (July 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 578.70 Td (3.875% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 578.70 Td (August 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 570.70 Td (2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 578.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 570.70 Td (February 1and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 562.70 Td (August 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 578.70 Td (1,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 578.70 Td (994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 578.70 Td (994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 549.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 541.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 549.70 Td (May 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 549.70 Td (4.625% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 549.70 Td (May 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 541.70 Td (2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 549.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 541.70 Td (May15and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 533.70 Td (November15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 549.70 Td (500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 549.70 Td (497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 549.70 Td (497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 520.70 Td (Pandora) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 512.70 Td (\(b\) \(e\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 520.70 Td (June 2018) Tj ET Q BT /F1 8.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 520.70 Td (1.75% Convertible ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 512.70 Td (Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 520.70 Td (December 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 512.70 Td (2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 520.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 512.70 Td (June 1 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 504.70 Td (December 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 520.70 Td (193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 520.70 Td (215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 520.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 491.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 483.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 491.70 Td (May 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 491.70 Td (6.00% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 491.70 Td (July 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 483.70 Td (2024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 491.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 483.70 Td (January15 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 475.70 Td (July15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 491.70 Td (1,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 491.70 Td (1,490) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 491.70 Td (1,490) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 462.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 454.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 462.70 Td (March 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 462.70 Td (5.375% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 462.70 Td (April 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 454.70 Td (2025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 462.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 454.70 Td (April15and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 446.70 Td (October15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 462.70 Td (1,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 462.70 Td (993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 462.70 Td (992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 433.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 425.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 433.70 Td (May 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 433.70 Td (5.375% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 433.70 Td (July 15,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 425.70 Td (2026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 433.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 425.70 Td (January 15and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 417.70 Td (July15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 433.70 Td (1,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 433.70 Td (991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 433.70 Td (991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 404.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 396.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 404.70 Td (July 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 404.70 Td (5.00% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 404.70 Td (August 1,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 396.70 Td (2027) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 404.70 Td (semi-annually on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 396.70 Td (February 1and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 388.70 Td (August 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 404.70 Td (1,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 404.70 Td (1,488) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 404.70 Td (1,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 375.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 367.70 Td (\(f\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 375.70 Td (December ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 367.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 375.70 Td (Senior Secured ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 367.70 Td (Revolving Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 359.70 Td (Facility \(the "Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 351.70 Td (Facility"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 375.70 Td (June 29,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 367.70 Td (2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 375.70 Td (variable fee paid ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 367.70 Td (quarterly) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 375.70 Td (1,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 375.70 Td (582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 375.70 Td (439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 338.70 Td (Sirius XM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 338.70 Td (V) Tj ET Q q 0 0 0 rg BT 101.39 338.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 338.70 Td (Finance leases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.50 338.70 Td (V) Tj ET Q q 0 0 0 rg BT 234.39 338.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 338.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.70 338.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 338.70 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 338.70 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 325.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 325.70 Td (otal Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 325.70 Td (7,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 325.70 Td (6,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 312.70 Td (Less: total current maturities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 312.70 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 312.70 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 299.70 Td (Less: total deferred financing costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 299.70 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 299.70 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 286.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 286.70 Td (otal long-term debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 286.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 286.70 Td (7,245) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 286.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 286.70 Td (6,885) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 265.45 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 265.45 Td (The carrying value of the obligations is net of any remaining unamortized original issue discount.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 254.65 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 254.65 Td (Holdings has unconditionally guaranteed all of the payment obligations of Pandora under these notes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 243.85 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 243.85 Td (W) Tj ET Q q 0 0 0 rg BT 84.27 243.85 Td (e acquired ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.75 243.85 Td ($152) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 141.75 243.85 Td ( in principal amount of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.73 243.85 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.97 243.85 Td ( Convertible Senior Notes due 2020 as part of the Pandora ) Tj ET Q q 0 0 0 rg BT 474.68 243.85 Td (Acquisition. On ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 233.05 Td (February 14, 2019, Pandora announced a tender of) Tj ET Q q 0 0 0 rg BT 258.53 233.05 Td (fer to repurchase for cash any and all of its outstanding ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.71 233.05 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.96 233.05 Td ( Convertible Senior ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 222.25 Td (Notes due 2020 at a price equal to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.46 222.25 Td (100%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.46 222.25 Td ( of the aggregate principal amount thereof plus accrued and unpaid interest thereon to, but not ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 211.45 Td (including, the repurchase date. On March 18, 2019, we purchased $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.17 211.45 Td (151) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.67 211.45 Td ( in aggregate principal amount of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.87 211.45 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.12 211.45 Td ( Convertible ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 200.65 Td (Senior Notes due 2020 that had been validly tendered and not validly withdrawn in the repurchase of) Tj ET Q q 0 0 0 rg BT 439.73 200.65 Td (fer) Tj ET Q q 0 0 0 rg BT 449.23 200.65 Td (. ) Tj ET Q q 0 0 0 rg BT 455.81 200.65 Td (W) Tj ET Q q 0 0 0 rg BT 463.59 200.65 Td (e recorded ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.56 200.65 Td ($1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.56 200.65 Td ( Loss on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 189.85 Td (extinguishment of debt in connection with this transaction. In addition, we unwound the capped call security acquired as part of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 179.05 Td (Pandora ) Tj ET Q q 0 0 0 rg BT 107.75 179.05 Td (Acquisition in March 2019 for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.98 179.05 Td ($3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.98 179.05 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (\(d\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 168.25 Td (Substantially all material domestic subsidiaries, including Pandora and its subsidiaries, that guarantee the credit facility have ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 157.45 Td (guaranteed these notes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 146.65 Td (\(e\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 146.65 Td (W) Tj ET Q q 0 0 0 rg BT 84.27 146.65 Td (e acquired ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.75 146.65 Td ($193) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 141.75 146.65 Td ( in principal amount of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.73 146.65 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.97 146.65 Td ( Convertible Senior Notes due 2023 as part of the Pandora ) Tj ET Q q 0 0 0 rg BT 474.68 146.65 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 523.27 146.65 Td (W) Tj ET Q q 0 0 0 rg BT 531.04 146.65 Td (e ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 135.85 Td (elected to record the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.96 135.85 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.21 135.85 Td ( Convertible Senior Notes due 2023 at fair value which will be remeasured each reporting period. ) Tj ET Q q 0 0 0 rg BT 530.43 135.85 Td (The ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 125.05 Td (changes in fair value will be recorded in our unaudited consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 417.23 125.05 Td (The ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.47 125.05 Td (1.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.72 125.05 Td ( Convertible Senior Notes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 114.25 Td (due 2023 were not convertible and not redeemable as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.42 114.25 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.66 114.25 Td (. ) Tj ET Q q 0 0 0 rg BT 343.92 114.25 Td (As a result, we have classified the debt as Long-term within ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 103.45 Td (our unaudited consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 234.54 103.45 Td (This classification will be reassessed each reporting period.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 92.65 Td (\(f\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 92.65 Td (In June 2018, we entered into an amendment to extend the maturity of the Credit Facility to June 2023. Our obligations under the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 81.85 Td (Credit Facility are guaranteed by certain of our material domestic subsidiaries, including Pandora and its subsidiaries, and are secured ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 71.05 Td (by a lien on substantially all of our assets and the assets of our material domestic subsidiaries.Interest on borrowings is payable on a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 60.25 Td (monthly basis and accrues at a rate based on LIBOR plus an applicable rate.) Tj ET Q q 0 0 0 rg BT 354.74 60.25 Td (W) Tj ET Q q 0 0 0 rg BT 362.52 60.25 Td (e are also required to pay a variable fee on the average ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 49.45 Td (daily unused portion of the Credit Facility which is payable on a quarterly basis.) Tj ET Q q 0 0 0 rg BT 369.77 49.45 Td (The variable rate for the unused portion of the Credit ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 695.80 Td (Facility was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 122.49 695.80 Td (0.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.74 695.80 Td ( per annum as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.97 695.80 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 265.21 695.80 Td (. Our outstanding borrowings under the Credit Facility are classified as Long-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 685.00 Td (term debt within our unaudited consolidated balance sheets due to the long-term maturity of this debt. ) Tj ET Q q 0 0 0 rg BT 446.91 685.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 491.82 685.00 Td (, the amount ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 674.20 Td (available for future borrowing under the Credit Facility is reduced by letters of credit issued for the benefit of Pandora, which were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.59 674.20 Td ($1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.59 674.20 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 663.40 Td (as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.99 663.40 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.23 663.40 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 639.40 Td (Covenants and Restrictions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 621.40 Td (Under the Credit Facility) Tj ET Q q 0 0 0 rg BT 177.10 621.40 Td (, we must comply with a debt maintenance covenant that cannot exceed a total leverage ratio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.40 Td (calculated as consolidated total debt to consolidated operating cash flow) Tj ET Q q 0 0 0 rg BT 337.92 609.40 Td (, of 5.0 to 1.0.) Tj ET Q q 0 0 0 rg BT 398.85 609.40 Td (The Credit Facility generally requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.40 Td (compliance with certain covenants that restrict our ability to, among other things, \(i\)incur additional indebtedness, \(ii\)incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.40 Td (liens, \(iii\)pay dividends or make certain other restricted payments, investments or acquisitions, \(iv\)enter into certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.40 Td (transactions with af) Tj ET Q q 0 0 0 rg BT 127.63 573.40 Td (filiates, \(v\)mer) Tj ET Q q 0 0 0 rg BT 189.37 573.40 Td (ge or consolidate with another person, \(vi\)sell, assign, lease or otherwise dispose of all or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.40 Td (substantially all of our assets, and \(vii\)make voluntary prepayments of certain debt, in each case subject to exceptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 537.40 Td (The indentures governing our notes restrict our non-guarantor subsidiaries' ability to create, assume, incur or guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.40 Td (additional indebtedness without such non-guarantor subsidiary guaranteeing each such series of notes on a pari passu ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.40 Td (basis.) Tj ET Q q 0 0 0 rg BT 76.82 513.40 Td (The indentures governing the notes also contain covenants that, among other things, limit our ability and the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.40 Td (our subsidiaries to create certain liens; enter into sale/leaseback transactions; and mer) Tj ET Q q 0 0 0 rg BT 391.13 501.40 Td (ge or consolidate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 477.40 Td (Under our debt agreements, the following generally constitute an event of default: \(i\)a default in the payment of interest; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.40 Td (\(ii\)a default in the payment of principal; \(iii\)failure to comply with covenants; \(iv\)failure to pay other indebtedness after final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.40 Td (maturity or acceleration of other indebtedness exceeding a specified amount; \(v\)certain events of bankruptcy; \(vi\)a judgment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.40 Td (for payment of money exceeding a specified aggregate amount; and \(vii\)voidance of subsidiary guarantees, subject to grace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.40 Td (periods where applicable.If an event of default occurs and is continuing, our debt could become immediately due and payable.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.50 405.40 Td (Pandora Convertible Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 381.40 Td (Pandora's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.46 381.40 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.29 381.40 Td ( Convertible Senior Notes due 2020 \(the Pandora 2020 Notes\) and Pandora's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.13 381.40 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.96 381.40 Td ( Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.40 Td (Senior Notes due 2023 \(the Pandora 2023 Notes and, together with the Pandora 2020 Notes, the Pandora Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.40 Td (Notes\) are unsecured, senior obligations of Pandora. Holdings has guaranteed the payment and performance obligations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.40 Td (Pandora under each series of the Pandora Convertible Notes and the indentures governing such Pandora Convertible Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 321.40 Td (The Pandora 2020 Notes will mature on December 1, 2020, unless earlier repurchased or redeemed by Pandora or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.40 Td (converted in accordance with their terms. Upon consummation of the Pandora ) Tj ET Q q 0 0 0 rg BT 363.85 309.40 Td (Acquisition, the conversion rate applicable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.40 Td (Pandora 2020 Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.15 297.40 Td (87.7032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.65 297.40 Td ( shares of Holdings) Tj ET Q q 0 0 0 rg BT 263.73 297.40 Td ( common stock per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.60 297.40 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.10 297.40 Td ( principal amount of the Pandora 2020 Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.40 Td (Pandora has irrevocably elected and determined to settle all conversion obligations from and after February 1, 2019 with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.40 Td (respect to the Pandora 2020 Notes solely in cash. During the three months ended March 31, 2019, Pandora purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.60 273.40 Td ($151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.60 273.40 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.40 Td (aggregate principal amount of the Pandora 2020 Notes. See footnote \(c\) to the table above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 237.40 Td (The Pandora 2023 Notes will mature on December 1, 2023, unless earlier repurchased or redeemed by Pandora or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.40 Td (converted in accordance with their terms. Upon consummation of the Pandora ) Tj ET Q q 0 0 0 rg BT 363.85 225.40 Td (Acquisition, the conversion rate applicable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.40 Td (Pandora 2023 Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.15 213.40 Td (150.4466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 213.40 Td ( shares of Holdings common stock per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.01 213.40 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.51 213.40 Td ( principal amount of the Pandora 2023 Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 189.40 Td (The indentures governing the Pandora Convertible Notes contain covenants that limit Pandora) Tj ET Q q 0 0 0 rg BT 457.13 189.40 Td (s ability to mer) Tj ET Q q 0 0 0 rg BT 517.22 189.40 Td (ge or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.40 Td (consolidate and provide for customary events of default, which include nonpayment of principal or interest, breach of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.40 Td (covenants, payment defaults or acceleration of other indebtedness and certain events of bankruptcy) Tj ET Q q 0 0 0 rg BT 445.09 165.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 141.40 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 141.40 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.60 141.40 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.04 141.40 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.62 141.40 Td (, we were in compliance with our debt covenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 117.40 Td (\(12\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 117.40 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 127.99 117.40 Td ( Equity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 99.40 Td (Common Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 172.17 99.40 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 199.67 99.40 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 81.40 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 81.40 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 81.40 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 81.40 Td ( shares of common stock. ) Tj ET Q q 0 0 0 rg BT 335.91 81.40 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.36 81.40 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.96 81.40 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.39 81.40 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.39 81.40 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.81 81.40 Td (0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.31 81.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.40 Td (shares of common stock of Sirius XM issued and outstanding, which were owned by Holdings.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 695.25 Td (Preferred Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 173.82 695.25 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 201.32 695.25 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 677.25 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 677.25 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.04 677.25 Td ( shares of undesignated preferred stock with a liquidation preference of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.43 677.25 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.93 677.25 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 77.92 665.25 Td (There were no shares of preferred stock issued or outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.38 665.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.98 665.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.42 665.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.42 665.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (\(13\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 641.25 Td (Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 623.25 Td (e recognized share-based payment expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.61 623.25 Td ($70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.61 623.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.04 623.25 Td ($34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.04 623.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.42 623.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.36 623.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.23 623.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.83 623.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.27 623.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.27 623.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 611.25 Td (. ) Tj ET Q q 0 0 0 rg BT 104.48 611.25 Td (This amount includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.08 611.25 Td ($21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.08 611.25 Td ( of share-based compensation expense recorded in ) Tj ET Q q 0 0 0 rg BT 411.06 611.25 Td (Acquisition and other related costs in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (our unaudited consolidated statements of comprehensive income during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 599.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.07 599.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.95 599.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.55 599.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 569.25 Td (2015 Long-T) Tj ET Q q 0 0 0 rg BT 120.19 569.25 Td (erm Stock Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 551.25 Td (In May 2015, Holdings' stockholders approved the Sirius XM Holdings Inc. 2015 Long-T) Tj ET Q q 0 0 0 rg BT 436.34 551.25 Td (erm Stock Incentive Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (2015 Plan\).Employees, consultants and members of Holdings' board of directors are eligible to receive awards under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (2015 Plan.) Tj ET Q q 0 0 0 rg BT 97.10 527.25 Td (The 2015 Plan provides for the grant of stock options, restricted stock awards, restricted stock units and other stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (based awards that the compensation committee of Holdings' board of directors deems appropriate.Stock-based awards granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (under the 2015 Plan are generally subject to a graded vesting requirement, which is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.93 503.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.92 503.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.69 503.25 Td (four years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.95 503.25 Td ( from the grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (date.Stock options generally expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.07 491.25 Td (ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.88 491.25 Td ( from the date of grant.Restricted stock units include performance-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (restricted stock units \(PRSUs\), the vesting of which are subject to the achievement of performance goals and the employee's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (continued employment and generally clif) Tj ET Q q 0 0 0 rg BT 213.71 467.25 Td (f vest on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.36 467.25 Td (third) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.25 467.25 Td ( anniversary of the grant date. Each restricted stock unit entitles the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (holder to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.19 455.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.63 455.25 Td ( share of common stock upon vesting.) Tj ET Q q 0 0 0 rg BT 289.99 455.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.44 455.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.04 455.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.04 455.25 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.04 455.25 Td ( shares of common stock were available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (for future grants under the 2015 Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 425.25 Td (In connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 204.41 425.25 Td (Acquisition, Holdings assumed all shares available for issuance \(including any shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (that later become available for issuance in accordance with the terms of the applicable plans\) under each of the 2014 Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (Incentive Plan of ) Tj ET Q q 0 0 0 rg BT 119.76 401.25 Td (AdsW) Tj ET Q q 0 0 0 rg BT 144.91 401.25 Td (izz Inc., the Pandora Media, Inc. 201) Tj ET Q q 0 0 0 rg BT 292.26 401.25 Td (1 Equity Incentive Plan, the Pandora Media, Inc. 2004 Stock Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (and the ) Tj ET Q q 0 0 0 rg BT 80.97 389.25 Td (TheSavageBeast.com, Inc. 2000 Stock Incentive Plan, which were previously approved by stockholders of Pandora or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (the applicable adopting entity) Tj ET Q q 0 0 0 rg BT 167.42 377.25 Td (. ) Tj ET Q q 0 0 0 rg BT 174.37 377.25 Td (All shares available under these stock plans became additional shares available for grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (pursuant to the terms of the 2015 Plan \(as adjusted, to the extent appropriate, to reflect the application of the exchange ratio\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (Subject to certain limitations set forth in the 2015 Plan, such shares may be used for awards under the 2015 Plan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 323.25 Td (Other Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 305.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 305.25 Td (e maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.57 305.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.24 305.25 Td ( additional share-based benefit plans the Sirius XM Radio Inc. 2009 Long-T) Tj ET Q q 0 0 0 rg BT 458.97 305.25 Td (erm Stock Incentive Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 293.25 Td (Amended and Restated Sirius Satellite Radio 2003 Long-T) Tj ET Q q 0 0 0 rg BT 298.76 293.25 Td (erm Stock Incentive Plan, the 2014 Stock Incentive Plan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (AdsW) Tj ET Q q 0 0 0 rg BT 74.65 281.25 Td (izz Inc., the Pandora Media, Inc. 201) Tj ET Q q 0 0 0 rg BT 222.00 281.25 Td (1 Equity Incentive Plan, the Pandora Media, Inc. 2004 Stock Plan and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (TheSavageBeast.com, Inc. 2000 Stock Incentive Plan. Excluding dividend equivalent units granted as a result of a declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (dividend, no further awards may be made under these plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 233.25 Td (The following table summarizes the weighted-average assumptions used to compute the fair value of options granted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (employees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 184.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 184.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 184.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 184.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 154.75 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 154.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 154.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 197.75 m 483 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 197.75 m 487 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 197.75 m 562 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 184.75 m 483 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 184.75 m 562 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 184.75 m 483 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 184.75 m 562 184.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 202.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.20 201.98 Td (For) Tj ET Q q 0 0 0 rg BT 428.57 201.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 443.08 201.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 456.28 201.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 532.80 201.98 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 189.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 188.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 188.98 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 175.32 Td (Risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.55 174.42 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.55 174.42 Td (2.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 160.32 Td (Expected life of options years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.25 159.42 Td (3.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.25 159.42 Td (3.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 145.32 Td (Expected stock price volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 144.42 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 144.42 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 130.32 Td (Expected dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.55 129.42 Td (0.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.55 129.42 Td (0.7%) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (The following table summarizes stock option activity under Holdings' share-based plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.71 695.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.64 695.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 683.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 627.60 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 627.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 627.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 627.60 4.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 368.00 567.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 567.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 567.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 567.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 567.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 567.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.60 257.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 537.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 537.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 537.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 537.60 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 627.6 m 368 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 627.6 m 433 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 627.6 m 498 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 627.6 m 563 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 627.6 m 368 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 552.6 m 368 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 538.6 m 368 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 536.6 m 368 536.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 632.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.40 631.83 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.40 655.83 Td (W) Tj ET Q q 0 0 0 rg BT 391.96 655.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.05 647.83 Td (A) Tj ET Q q 0 0 0 rg BT 393.23 647.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.60 639.83 Td (Exer) Tj ET Q q 0 0 0 rg BT 403.89 639.83 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.25 631.83 Td (Price Per) Tj ET Q q 0 0 0 rg BT 406.86 631.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 425.16 631.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.40 663.83 Td (W) Tj ET Q q 0 0 0 rg BT 456.96 663.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.05 655.83 Td (A) Tj ET Q q 0 0 0 rg BT 458.23 655.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 647.83 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.30 639.83 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.55 631.83 Td (T) Tj ET Q q 0 0 0 rg BT 449.15 631.83 Td (erm \(Y) Tj ET Q q 0 0 0 rg BT 472.47 631.83 Td (ears\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 647.83 Td (Aggr) Tj ET Q q 0 0 0 rg BT 531.68 647.83 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.30 639.83 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.35 631.83 Td (V) Tj ET Q q 0 0 0 rg BT 527.39 631.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 617.27 Td (Outstanding as of December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 617.27 Td (243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 617.27 Td (4.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 602.72 Td (Options granted in connection with Pandora ) Tj ET Q q 0 0 0 rg BT 242.80 602.72 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 602.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 602.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 602.27 Td (3.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 588.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 587.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 587.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 587.27 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 573.17 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 572.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 572.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 572.27 Td (3.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 558.17 Td (Forfeited, cancelled or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 557.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 557.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 557.27 Td (5.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 543.17 Td (Outstanding as of March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 542.27 Td (258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 542.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 542.27 Td (4.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 542.27 Td (6.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 542.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 542.27 Td (386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 528.17 Td (Exercisable as of March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 527.27 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 527.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 527.27 Td (3.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 527.27 Td (5.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 527.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 527.27 Td (303) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 505.10 Td (The weighted average grant date fair value per share of stock options granted during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.08 505.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.02 505.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.90 505.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 493.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.05 493.10 Td ($1.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.55 493.10 Td (.) Tj ET Q q 0 0 0 rg BT 119.87 493.10 Td (The total intrinsic value of stock options exercised during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.59 493.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.52 493.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 493.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 493.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.43 493.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.43 493.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 481.10 Td ($10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.55 481.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 481.10 Td ($55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.99 481.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 169.65 481.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 457.10 Td (In connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 204.41 457.10 Td (Acquisition, each option granted by Pandora under its stock incentive plans to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (shares of Pandora common stock, whether vested or unvested, was assumed and converted into an option to purchase shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (Holdings' common stock, with appropriate adjustments \(based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.47 433.10 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.97 433.10 Td ( exchange ratio\) to the exercise price and number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (shares of Holdings' common stock subject to such option, and has the same vesting schedule and exercise conditions as in ef) Tj ET Q q 0 0 0 rg BT 546.84 421.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (as of immediately prior to the closing of the Pandora ) Tj ET Q q 0 0 0 rg BT 262.23 409.10 Td (Acquisition; provided, that any Pandora stock option that had an exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (price per share that was equal to or greater than the value, at the closing of the Pandora ) Tj ET Q q 0 0 0 rg BT 399.09 397.10 Td (Acquisition, of Holdings' common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (issued as mer) Tj ET Q q 0 0 0 rg BT 103.20 385.10 Td (ger consideration in exchange for each share of Pandora common stock, was canceled without payment. ) Tj ET Q q 0 0 0 rg BT 523.98 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.62 385.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.98 373.10 Td ($8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.98 373.10 Td ( to Goodwill related to pre-acquisition replacement equity awards attributable to pre-combination service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 349.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 349.10 Td (e recognized share-based payment expense associated with stock options of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.04 349.10 Td ($20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.04 349.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.47 349.10 Td ($19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.47 349.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.85 349.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.78 349.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 337.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 337.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 337.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 205.20 337.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 313.10 Td (The following table summarizes the restricted stock unit, including PRSU, activity under our share-based plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.43 301.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 301.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 301.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 261.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 261.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 261.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 231.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 231.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 231.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 201.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 201.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 201.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 261.6 m 482 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 261.6 m 561 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 261.6 m 482 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 186.60000000000002 m 482 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 172.60000000000002 m 482 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 170.60000000000002 m 482 170.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 266.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 265.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 448.80 265.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.55 281.83 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.15 273.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 519.67 273.83 Td ( ) Tj ET Q q 0 0 0 rg BT 521.52 273.83 Td (V) Tj ET Q q 0 0 0 rg BT 526.56 273.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.15 265.83 Td (Per) Tj ET Q q 0 0 0 rg BT 517.99 265.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 536.30 265.83 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 251.27 Td (Nonvested as of December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 251.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 251.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 251.27 Td (5.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 236.27 Td (Units granted in connection with Pandora ) Tj ET Q q 0 0 0 rg BT 237.08 236.27 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 236.27 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 236.27 Td (5.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 221.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 221.27 Td (1) Tj ET Q q 0 0 0 rg BT 473.15 221.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 221.27 Td (5.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 206.27 Td (V) Tj ET Q q 0 0 0 rg BT 75.17 206.27 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 206.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 206.27 Td (5.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 191.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 191.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 191.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 191.27 Td (5.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 176.27 Td (Nonvested as of March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 176.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 176.27 Td (5.69) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 154.10 Td (The total intrinsic value of restricted stock units, including PRSUs, vesting during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.73 154.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.66 154.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.54 154.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 142.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 142.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 142.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 142.10 Td ($74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 142.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.93 142.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.93 142.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 226.59 142.10 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 142.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.57 142.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.45 142.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.05 142.10 Td ( we granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.19 142.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.19 142.10 Td ( PRSUs to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 99.58 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.22 130.10 Td (e believe it is probable that the performance tar) Tj ET Q q 0 0 0 rg BT 296.84 130.10 Td (get applicable to these PRSUs will be achieved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 106.10 Td (In connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 204.41 106.10 Td (Acquisition, each unvested restricted stock unit granted by Pandora under its stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (incentive plans was assumed and converted into an unvested restricted stock unit of Holdings, with appropriate adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (\(based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.32 82.10 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 82.10 Td ( exchange ratio\) to the number of shares of Holding's common stock to be received, and has the same vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (schedule and settlement date as in ef) Tj ET Q q 0 0 0 rg BT 195.37 70.10 Td (fect as of immediately prior to the closing of the Pandora ) Tj ET Q q 0 0 0 rg BT 425.59 70.10 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 479.57 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 488.21 70.10 Td (e recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.63 70.10 Td ($62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.63 70.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (Goodwill related to pre-acquisition replacement equity awards attributable to pre-combination service.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (In connection with the cash dividend paid during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 695.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.44 695.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.31 695.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 695.10 Td (, we granted less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.77 695.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.77 695.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (restricted stock units, including PRSUs, in accordance with the terms of existing award agreements. ) Tj ET Q q 0 0 0 rg BT 451.17 683.10 Td (These grants did not result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (in any additional incremental share-based payment expense being recognized during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 671.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.58 671.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.46 671.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.06 671.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 647.10 Td (e recognized share-based payment expense associated with restricted stock units, including PRSUs, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.42 647.10 Td ($50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.42 647.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.86 647.10 Td ($15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.86 647.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 635.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.15 635.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.03 635.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.06 635.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.06 635.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 300.73 635.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 611.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.91 611.10 Td (otal unrecognized compensation costs related to unvested share-based payment awards for stock options and restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (stock units, including PRSUs, granted to employees, members of our board of directors and third parties at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.86 599.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.46 599.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 587.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.64 587.10 Td ($477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.64 587.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.07 587.10 Td ($254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.07 587.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 260.74 587.10 Td (.) Tj ET Q q 0 0 0 rg BT 268.05 587.10 Td (The total unrecognized compensation costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 587.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.59 587.10 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (expected to be recognized over a weighted-average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.76 575.10 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.26 575.10 Td ( years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 545.10 Td (401\(k\) Savings Plans) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 527.10 Td (Sirius XM 401\(k\) Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 509.10 Td (e sponsor the Sirius XM Radio Inc. 401\(k\) Savings Plan \(the Sirius XM Plan\) for eligible employees. ) Tj ET Q q 0 0 0 rg BT 502.84 509.10 Td (The Sirius ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (XM Plan allows eligible employees to voluntarily contribute from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.39 497.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.72 497.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.50 497.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.83 497.10 Td ( of their pre-tax eligible earnings, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (certain defined limits. ) Tj ET Q q 0 0 0 rg BT 139.29 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.93 485.10 Td (e match ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.80 485.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.13 485.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 267.05 485.10 Td (s voluntary contributions per pay period on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.62 485.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.95 485.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 555.87 485.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (pre-tax salary up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.29 473.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.62 473.10 Td ( of eligible compensation.) Tj ET Q q 0 0 0 rg BT 312.30 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.94 473.10 Td (e may also make additional discretionary matching, true-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (matching and non-elective contributions to the Sirius XM Plan.Employer matching contributions under the Sirius XM Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (vest at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.08 449.10 Td (33.33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.91 449.10 Td ( for each year of employment and are fully vested after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.31 449.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.89 449.10 Td ( of employment for all current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (future contributions.Our cash employer matching contributions are not used to purchase shares of Holdings' common stock on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (the open market, unless the employee elects Holdings' common stock as their investment option for this contribution.) Tj ET Q q 0 0 0 rg BT 523.25 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 531.89 425.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.86 413.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.86 413.10 Td ( in expense during both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.95 413.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.88 413.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.76 413.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.36 413.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 413.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 413.10 Td (, in connection with the Sirius XM Plan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 395.10 Td (Pandora Media, LLC 401\(k\) Pr) Tj ET Q q 0 0 0 rg BT 204.07 395.10 Td (ofit Sharing Plan and T) Tj ET Q q 0 0 0 rg BT 297.97 395.10 Td (rust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 377.10 Td (Pandora sponsors the Pandora Media, LLC 401\(k\) Profit Sharing Plan and ) Tj ET Q q 0 0 0 rg BT 377.28 377.10 Td (T) Tj ET Q q 0 0 0 rg BT 383.03 377.10 Td (rust \(the Pandora Plan\) for eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.08 365.10 Td (The Pandora Plan allows eligible employees to voluntarily contribute from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.68 365.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.01 365.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.79 365.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.12 365.10 Td ( of their pre-tax eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (earnings, subject to certain defined limits. ) Tj ET Q q 0 0 0 rg BT 221.77 353.10 Td (There is no employer matching of employee's contributions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 323.10 Td (Sirius XM Holdings Inc. Deferred Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 305.10 Td (The Sirius XM Holdings Inc. Deferred Compensation Plan \(the DCP\) allows members of Holdings' board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (and certain eligible employees to defer all or a portion of their base salary) Tj ET Q q 0 0 0 rg BT 344.01 293.10 Td (, cash incentive compensation and/or board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (directors) Tj ET Q q 0 0 0 rg BT 87.07 281.10 Td ( cash compensation, as applicable. Pursuant to the terms of the DCP) Tj ET Q q 0 0 0 rg BT 360.91 281.10 Td (, Holdings or any of its subsidiaries may elect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (make additional contributions beyond amounts deferred by participants, but is under no obligation to do so. Holdings has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (established a grantor \(or rabbi\) trust to facilitate the payment of its obligations under the DCP) Tj ET Q q 0 0 0 rg BT 431.90 257.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 233.10 Td (Contributions to the DCP) Tj ET Q q 0 0 0 rg BT 178.34 233.10 Td (, net of withdrawals, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 233.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.58 233.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.46 233.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 233.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.49 233.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.49 233.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.92 233.10 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.92 233.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.36 233.10 Td ($7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.36 233.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 221.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.11 221.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.55 221.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 221.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.59 221.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.59 221.10 Td (, the fair value of the investments held in the trust were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 221.10 Td ($30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.58 221.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.02 221.10 Td ($22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.02 221.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 556.68 221.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (which is included in Other long-term assets in our unaudited consolidated balance sheets and classified as trading securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 197.10 Td (rading gains and losses associated with these investments are recorded in Other income within our unaudited consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (statements of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 204.83 185.10 Td (The associated liability is recorded within Other long-term liabilities in our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (consolidated balance sheets, and any increase or decrease in the liability is recorded in General and administration expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (within our unaudited consolidated statements of comprehensive income. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.98 161.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.91 161.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.79 161.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.39 161.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.83 161.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.83 161.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (we recorded an immaterial amount of unrealized gains and losses on investments, respectively) Tj ET Q q 0 0 0 rg BT 426.23 149.10 Td (, held in the trust.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(14\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.25 Td (The following table summarizes our expected contractual cash commitments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.78 677.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 677.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 654.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 654.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 654.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 654.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 654.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 654.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 654.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 654.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 654.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 626.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 626.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 626.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 626.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 626.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 626.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 626.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 598.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 598.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 598.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 598.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 598.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 598.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 598.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 598.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 598.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 570.75 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 570.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 570.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 570.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 570.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 570.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 570.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 570.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 570.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 531.75 119.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 531.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 531.75 53.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 531.75 53.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 531.75 52.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 531.75 53.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 531.75 53.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 531.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 531.75 55.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 654.75 m 220 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 654.75 m 277 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 654.75 m 334 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 654.75 m 390 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 654.75 m 447 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 654.75 m 504 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 654.75 m 563 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 654.75 m 220 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 496.75 m 220 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 496.75 m 277 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 496.75 m 334 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 496.75 m 390 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 496.75 m 447 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 496.75 m 504 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 496.75 m 563 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 483.75 m 220 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 481.75 m 220 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 483.75 m 277 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 481.75 m 277 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 483.75 m 334 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 481.75 m 334 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 483.75 m 390 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 481.75 m 390 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 483.75 m 447 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 481.75 m 447 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 483.75 m 504 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 481.75 m 504 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 483.75 m 563 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 481.75 m 563 481.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.00 658.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.00 658.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.00 658.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.50 658.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.00 658.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.70 658.83 Td (Ther) Tj ET Q q 0 0 0 rg BT 475.44 658.83 Td (eafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.25 658.83 Td (T) Tj ET Q q 0 0 0 rg BT 530.85 658.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 645.32 Td (Debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.15 645.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 645.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 645.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 645.32 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 645.32 Td (1,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 645.32 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 645.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 645.32 Td (7,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 631.32 Td (Cash interest payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.15 631.32 Td (232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 631.32 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 631.32 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 631.32 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 631.32 Td (304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 631.32 Td (632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 631.32 Td (2,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 617.32 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.15 617.32 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 617.32 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 617.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 617.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 617.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 617.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 617.32 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 603.32 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.15 603.32 Td (193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 603.32 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 603.32 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 603.32 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 603.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 603.32 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 603.32 Td (768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 589.32 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.15 589.32 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 589.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 589.32 Td (1) Tj ET Q q 0 0 0 rg BT 325.15 589.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 589.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 589.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 589.32 Td (1) Tj ET Q q 0 0 0 rg BT 495.15 589.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 589.32 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 575.32 Td (Satellite incentive payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.15 575.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 575.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 575.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 575.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 575.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 575.32 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 575.32 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 561.32 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.15 561.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 561.32 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 561.32 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 561.32 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 561.32 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 561.32 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 561.32 Td (450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 547.32 Td (Advertising sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 537.32 Td (commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.15 536.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 536.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 536.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 536.42 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 522.32 Td (Royalties, minimum) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.32 Td (guarantees and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.15 501.42 Td (337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 501.42 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 501.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 501.42 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 501.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 501.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 501.42 Td (667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 487.32 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 487.32 Td (otal ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 81.41 491.39 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.15 487.32 Td (941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 487.32 Td (944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 487.32 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 487.32 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 487.32 Td (1,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 487.32 Td (6,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 487.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 487.32 Td (1) Tj ET Q q 0 0 0 rg BT 536.65 487.32 Td (1,793) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 466.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 466.45 Td (The table does not include our reserve for uncertain tax positions, which at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.92 466.45 Td (March31, 2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.15 466.45 Td ( totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.14 466.45 Td ($8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.14 466.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 442.45 Td (Debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.94 442.45 Td (Debt obligations include principal payments on outstanding debt and finance lease obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 418.45 Td (Cash inter) Tj ET Q q 0 0 0 rg BT 119.08 418.45 Td (est payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.95 418.45 Td (Cash interest payments include interest due on outstanding debt and capital lease payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.45 Td (through maturity) Tj ET Q q 0 0 0 rg BT 116.34 406.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 382.45 Td (Satellite and transmission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.89 382.45 Td (W) Tj ET Q q 0 0 0 rg BT 202.53 382.45 Td (e have entered into agreements with several third parties to design, build, launch and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.45 Td (insure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.44 370.45 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.44 370.45 Td ( satellites, SXM-7 and SXM-8. ) Tj ET Q q 0 0 0 rg BT 220.70 370.45 Td (W) Tj ET Q q 0 0 0 rg BT 229.33 370.45 Td (e also have entered into agreements with third parties to operate and maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.45 Td (satellite telemetry) Tj ET Q q 0 0 0 rg BT 120.21 358.45 Td (, tracking and control facilities and certain components of our terrestrial repeater networks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 334.45 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.13 334.45 Td (ogramming and content.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.18 334.45 Td (W) Tj ET Q q 0 0 0 rg BT 203.81 334.45 Td (e have entered into various programming and content agreements. Under the terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.45 Td (these agreements, our obligations include fixed payments, advertising commitments and revenue sharing arrangements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.45 Td (certain of these agreements, the future revenue sharing costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 471.09 310.45 Td (ficult to estimate; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.45 Td (therefore, they are not included in our minimum contractual cash commitments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 274.45 Td (Sales and marketing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.66 274.45 Td (W) Tj ET Q q 0 0 0 rg BT 180.29 274.45 Td (e have entered into various marketing, sponsorship and distribution agreements to promote our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.45 Td (brands and are obligated to make payments to sponsors, retailers, automakers and radio manufacturers under these agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.45 Td (Certain programming and content agreements also require us to purchase advertising on properties owned or controlled by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.45 Td (licensors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 214.45 Td (Satellite incentive payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.63 214.45 Td (Boeing Satellite Systems International, Inc., the manufacturer of certain of our in-orbit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.45 Td (satellites, may be entitled to future in-orbit performance payments upon XM-3 and XM-4 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 202.45 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.59 202.45 Td (-year design life, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.45 Td (which we expect to occur) Tj ET Q q 0 0 0 rg BT 151.13 190.45 Td (.Boeing may also be entitled to up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.82 190.45 Td ($10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.82 190.45 Td ( of additional incentive payments if our XM-4 satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.45 Td (continues to operate above baseline specifications during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.97 178.45 Td (five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 178.45 Td ( beyond the satellite) Tj ET Q q 0 0 0 rg BT 417.15 178.45 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.54 178.45 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.64 178.45 Td (-year design life, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.45 Td (currently not expected to occur) Tj ET Q q 0 0 0 rg BT 173.34 166.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 142.45 Td (Space Systems/Loral, the manufacturer of certain of our in-orbit satellites, may be entitled to future in-orbit performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.45 Td (payments upon XM-5, SIRIUS FM-5 and SIRIUS FM-6 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.66 130.45 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.75 130.45 Td (-year design life, which we expect to occur) Tj ET Q q 0 0 0 rg BT 531.35 130.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 106.45 Td (Operating lease obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.66 106.45 Td (W) Tj ET Q q 0 0 0 rg BT 210.30 106.45 Td (e have entered into both cancelable and non-cancelable operating leases for of) Tj ET Q q 0 0 0 rg BT 522.47 106.45 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.45 Td (space, terrestrial repeaters, data centers and equipment. ) Tj ET Q q 0 0 0 rg BT 272.54 94.45 Td (These leases provide for minimum lease payments, additional operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.45 Td (expense char) Tj ET Q q 0 0 0 rg BT 101.23 82.45 Td (ges, leasehold improvements and rent escalations that have initial terms ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 82.45 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.74 82.45 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.52 82.45 Td (fifteen years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.21 82.45 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.45 Td (certain leases have options to renew) Tj ET Q q 0 0 0 rg BT 192.96 70.45 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 695.10 Td (Advertising Sales Commitments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 695.10 Td () Tj ET Q q 0 0 0 rg BT 217.03 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.67 695.10 Td (e have entered into agreements with third parties that contain minimum advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (sales guarantees, and require that we make guaranteed payments. ) Tj ET Q q 0 0 0 rg BT 314.39 683.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.84 683.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.43 683.10 Td (, we had future minimum guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (commitments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.27 671.10 Td ($50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.27 671.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.04 671.10 Td ($15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.04 671.10 Td ( will be paid in 2019 and the remainder will be paid in 2020. On a quarterly basis, we record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (the greater of the cumulative actual expense incurred or the cumulative minimum guarantee based on our forecast for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (minimum guarantee period. ) Tj ET Q q 0 0 0 rg BT 165.12 647.10 Td (The minimum guarantee period is the period of time that the minimum guarantee relates to, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (specified in the agreement, which may be annual or a longer period. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 611.10 Td (Royalties, Minimum Guarantees and Other) Tj ET Q q 0 0 0 rg BT 249.42 611.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.74 611.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.38 611.10 Td (e have entered into music royalty arrangements that include fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (payments. Certain of our content acquisition agreements also contain minimum guarantees, and require that we make upfront ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (minimum guaranteed payments. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.63 587.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.56 587.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.44 587.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.04 587.10 Td (, we prepaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.68 587.10 Td ($1) Tj ET Q q 0 0 0 rg BT 434.31 587.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.31 587.10 Td ( in content acquisition costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (related to minimum guarantees. ) Tj ET Q q 0 0 0 rg BT 180.57 575.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.02 575.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.62 575.10 Td (, we have future fixed minimum guarantee commitments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.10 575.10 Td ($250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.10 575.10 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.44 563.10 Td ($189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 563.10 Td ( will be paid in 2019 and the remainder will be paid thereafter) Tj ET Q q 0 0 0 rg BT 343.58 563.10 Td (. On a quarterly basis, we record the greater of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (cumulative actual content acquisition costs incurred or the cumulative minimum guarantee based on forecasted usage for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (minimum guarantee period. ) Tj ET Q q 0 0 0 rg BT 165.12 539.10 Td (The minimum guarantee period is the period of time that the minimum guarantee relates to, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (specified in each agreement, which may be annual or a longer period. ) Tj ET Q q 0 0 0 rg BT 332.26 527.10 Td (The cumulative minimum guarantee, based on forecasted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (usage, considers factors such as listening hours, revenue, subscribers and other terms of each agreement that impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (expected attainment or recoupment of the minimum guarantees based on the relative attribution method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 479.10 Td (Several of our content agreements also include provisions related to the royalty payments and structures of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (agreements relative to other content licensing arrangements, which, if triggered, could cause our payments under those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (agreements to escalate. In addition, record labels, publishers and performing rights or) Tj ET Q q 0 0 0 rg BT 393.38 455.10 Td (ganizations \(PROs\) with whom we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (have entered into direct license agreements have the right to audit our content acquisition payments, and any such audit could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (result in disputes over whether we have paid the proper content acquisition costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 407.10 Td (e have also entered into various agreements with third parties for general operating purposes. ) Tj ET Q q 0 0 0 rg BT 463.05 407.10 Td (The cost of Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (common stock acquired in Holdings' capital return program but not paid for as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.78 395.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.37 395.10 Td ( was also included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (category) Tj ET Q q 0 0 0 rg BT 83.27 383.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 359.10 Td (In addition to the minimum contractual cash commitments described above, we have entered into other variable cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 110.68 347.10 Td (These future costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 363.73 347.10 Td (ficult to anticipate; however) Tj ET Q q 0 0 0 rg BT 475.79 347.10 Td (, these costs may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 99.59 335.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.23 335.10 Td (e may enter into additional programming, distribution, marketing and other agreements that contain similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (variable cost provisions. ) Tj ET Q q 0 0 0 rg BT 151.80 323.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.44 323.10 Td (e also have a surety bond of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.83 323.10 Td ($45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.83 323.10 Td ( primarily used as security against non-performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (in the normal course of business. ) Tj ET Q q 0 0 0 rg BT 185.96 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.60 311.10 Td (e do not have any other significant of) Tj ET Q q 0 0 0 rg BT 343.54 311.10 Td (f-balance sheet financing arrangements that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (reasonably likely to have a material ef) Tj ET Q q 0 0 0 rg BT 202.03 299.10 Td (fect on our financial condition, results of operations, liquidity) Tj ET Q q 0 0 0 rg BT 447.43 299.10 Td (, capital expenditures or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 257.10 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 239.10 Td (In the ordinary course of business, we are a defendant or party to various claims and lawsuits, including those discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.29 227.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 203.10 Td (e record a liability when we believe that it is both probable that a liability will be incurred, and the amount of loss can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (be reasonably estimated. ) Tj ET Q q 0 0 0 rg BT 150.39 191.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.03 191.10 Td (e evaluate developments in legal matters that could af) Tj ET Q q 0 0 0 rg BT 373.77 191.10 Td (fect the amount of liability that has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (previously accrued and make adjustments as appropriate.Significant judgment is required to determine both probability and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (the estimated amount of a loss or potential loss.) Tj ET Q q 0 0 0 rg BT 244.56 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.20 167.10 Td (e may be unable to reasonably estimate the reasonably possible loss or range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (of loss for a particular legal contingency for various reasons, including, among others, because: \(i\) the damages sought are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (indeterminate; \(ii\)the proceedings are in the relative early stages; \(iii\)there is uncertainty as to the outcome of pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (proceedings \(including motions and appeals\); \(iv\)there is uncertainty as to the likelihood of settlement and the outcome of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (negotiations with respect thereto; \(v\)there remain significant factual issues to be determined or resolved; \(vi\)the relevant law is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (unsettled; or \(vii\) the proceedings involve novel or untested legal theories.In such instances, there may be considerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (uncertainty regarding the ultimate resolution of such matters, including the likelihood or magnitude of a possible eventual loss, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (if any) Tj ET Q q 0 0 0 rg BT 71.90 83.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 59.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.14 59.10 Td (elephone Consumer Pr) Tj ET Q q 0 0 0 rg BT 172.98 59.10 Td (otection ) Tj ET Q q 0 0 0 rg BT 207.51 59.10 Td (Act Suits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.78 59.10 Td (. On March 13, 2017, ) Tj ET Q q 0 0 0 rg BT 333.42 59.10 Td (Thomas Buchanan, individually and on behalf of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.10 Td (others similarly situated, filed a class action complaint against us in the United States District Court for the Northern District of ) Tj ET Q 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 /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 695.10 Td (exas, Dallas Division. ) Tj ET Q q 0 0 0 rg BT 147.49 695.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 194.24 695.10 Td (f in this action alleges that we violated the ) Tj ET Q q 0 0 0 rg BT 365.40 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 370.81 695.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 496.06 695.10 Td (Act of 1991 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 71.36 683.10 Td (A\) by) Tj ET Q q 0 0 0 rg BT 98.20 683.10 Td (, among other things, making telephone solicitations to persons on the National Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 500.54 683.10 Td (, a database ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (established to allow consumers to exclude themselves from telemarketing calls unless they consent to receive the calls in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (signed, written agreement, and making calls to consumers in violation of our internal Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 474.86 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.18 659.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 528.92 659.10 Td (f is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (seeking various forms of relief, including statutory damages of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.32 647.10 Td (five hundred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 647.10 Td ( dollars for each violation of the ) Tj ET Q q 0 0 0 rg BT 484.75 647.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 502.17 647.10 Td (A) Tj ET Q q 0 0 0 rg BT 508.84 647.10 Td ( or) Tj ET Q q 0 0 0 rg BT 519.27 647.10 Td (, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (alternative, treble damages of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.05 635.10 Td (fifteen hundred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 635.10 Td ( dollars for each knowing and willful violation of the ) Tj ET Q q 0 0 0 rg BT 468.63 635.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 486.05 635.10 Td (A) Tj ET Q q 0 0 0 rg BT 492.72 635.10 Td ( and a permanent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (injunction prohibiting us from making, or having made, any calls to land lines that are listed on the National Do-Not-Call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (registry or our internal Do-Not-Call registry) Tj ET Q q 0 0 0 rg BT 225.19 611.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 587.10 Td (Following a mediation, on January 31, 2019, we entered into a memorandum of understanding to settle this purported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (class action suit. ) Tj ET Q q 0 0 0 rg BT 120.14 575.10 Td (The settlement is expected to resolve the claims of consumers for the period October 2013 through January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 76.45 563.10 Td (As part of the settlement, we will agree to pay $25 into a non-reversionary settlement fund from which cash to class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (members, notice, administrative costs, and attorney's fees and costs will be paid. ) Tj ET Q q 0 0 0 rg BT 375.76 551.10 Td (The settlement also contemplates that we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (provide three months of service to our ) Tj ET Q q 0 0 0 rg BT 204.18 539.10 Td (All ) Tj ET Q q 0 0 0 rg BT 218.91 539.10 Td (Access subscription package for those members of the class that elect to receive it, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (lieu of cash, at no cost to those class members and who are not active subscribers at the time of the distribution. ) Tj ET Q q 0 0 0 rg BT 500.59 527.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (availability of this three-month service option will not diminish the $25 common fund. ) Tj ET Q q 0 0 0 rg BT 400.84 515.10 Td (As part of the settlement, we also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (expects to implement certain changes relating to our Do-Not-Call practices and telemarketing programs. Settlement of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (matter is subject to execution of a definitive settlement agreement between the parties and, among other things, approval by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (Court.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 455.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 86.13 455.10 Td (e-1972 Sound Recor) Tj ET Q q 0 0 0 rg BT 167.40 455.10 Td (ding Litigation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.63 455.10 Td (On October 2, 2014, Flo & Eddie Inc. filed a class action suit against Pandora in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (the federal district court for the Central District of California. ) Tj ET Q q 0 0 0 rg BT 299.79 443.10 Td (The complaint alleges misappropriation and conversion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (connection with the public performance of sound recordings recorded prior to February 15, 1972. On December 19, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Pandora filed a motion to strike the complaint pursuant to California) Tj ET Q q 0 0 0 rg BT 326.11 419.10 Td (s ) Tj ET Q q 0 0 0 rg BT 331.95 419.10 Td (Anti-Strategic Lawsuit ) Tj ET Q q 0 0 0 rg BT 425.26 419.10 Td (Against Public Participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (\("Anti-SLAPP"\) statute, which following denial of Pandora) Tj ET Q q 0 0 0 rg BT 290.69 407.10 Td (s motion was appealed to the Ninth Circuit Court of ) Tj ET Q q 0 0 0 rg BT 500.10 407.10 Td (Appeals. ) Tj ET Q q 0 0 0 rg BT 540.19 407.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (district court litigation is currently stayed pending the Ninth Circuit) Tj ET Q q 0 0 0 rg BT 322.50 395.10 Td (s decision. In March 2019, theNinth Circuit requested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (certification to the California Supreme Court on the substantive legal questions. ) Tj ET Q q 0 0 0 rg BT 373.41 383.10 Td (The California Supreme Court has accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (certification, briefing in the case is complete, but the Court has not yet scheduled oral ar) Tj ET Q q 0 0 0 rg BT 401.70 371.10 Td (gument.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 347.10 Td (In September and October 2015, ) Tj ET Q q 0 0 0 rg BT 208.69 347.10 Td (Arthur and Barbara Sheridan filed separate class action suits against Pandora in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (federal district courts for the Northern District of California and the District of New Jersey) Tj ET Q q 0 0 0 rg BT 411.51 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.83 335.10 Td (The complaints allege a variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (violations of common law and state copyright statutes, common law misappropriation, unfair competition, conversion, unjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (enrichment and violation of rights of publicity arising from allegations that Pandora owes royalties for the public performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (of sound recordings recorded prior to February 15, 1972. ) Tj ET Q q 0 0 0 rg BT 282.04 299.10 Td (The actions in California and New Jersey are currently stayed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (pending the Ninth Circuit's decision in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.28 287.10 Td (Flo & Eddie, Inc. v) Tj ET Q q 0 0 0 rg BT 282.74 287.10 Td (. Pandora Media, Inc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.55 287.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 263.10 Td (In September 2016, Ponderosa ) Tj ET Q q 0 0 0 rg BT 201.57 263.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.98 263.10 Td (wins Plus One and others filed a class action suit against Pandora alleging claims similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (to those asserted in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.37 251.10 Td (Flo & Eddie, Inc. v) Tj ET Q q 0 0 0 rg BT 204.83 251.10 Td (. Pandora Media Inc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.14 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.46 251.10 Td (The action is currently stayed in the Northern District of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (California pending the Ninth Circuit) Tj ET Q q 0 0 0 rg BT 197.81 239.10 Td (s decision in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.30 239.10 Td (Flo & Eddie, Inc. v) Tj ET Q q 0 0 0 rg BT 326.76 239.10 Td (. Pandora Media, Inc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.57 239.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 215.10 Td (e believe we have substantial defenses to the claims asserted in these actions, and we intend to defend these actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (vigorously) Tj ET Q q 0 0 0 rg BT 91.63 203.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 179.10 Td (Other Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.44 179.10 Td (.In the ordinary course of business, we are a defendant in various other lawsuits and arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (proceedings, including derivative actions; actions filed by subscribers, both on behalf of themselves and on a class action basis; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (former employees; parties to contracts or leases; owners of patents, trademarks, copyrights or other intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (andcertain contingencies related to Pandora.None of these other matters, in our opinion, is likely to have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 131.10 Td (fect on our business, financial condition or results of operations.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /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 50.00 742.25 Td (\(15\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.25 Td (Segments and Geographic Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 718.25 Td (In accordance with F) Tj ET Q q 0 0 0 rg BT 161.39 718.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 182.79 718.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 204.56 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 209.97 718.25 Td (opic 280, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.69 718.25 Td (Segment Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.06 718.25 Td (, we disaggregate our operations into two reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (segments: Sirius XM and Pandora. ) Tj ET Q q 0 0 0 rg BT 193.97 706.25 Td (The change in segment reporting is due to the acquisition of Pandora. ) Tj ET Q q 0 0 0 rg BT 476.50 706.25 Td (The financial results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (of these segments are utilized by the chief operating decision maker) Tj ET Q q 0 0 0 rg BT 321.17 694.25 Td (, who is our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 448.46 694.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 466.37 694.25 Td (, for evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (segment performance and allocating resources. Our reportable segments have been determined based on our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (management structure. For additional information on our segments refer to Note 1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 646.25 Td (Segment results include the revenues and cost of services which are directly attributable to each segment. ) Tj ET Q q 0 0 0 rg BT 501.84 646.25 Td (There are no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (indirect revenues or costs incurred that are allocated to the segments. ) Tj ET Q q 0 0 0 rg BT 330.55 634.25 Td (There are planned intersegment advertising campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (which will be eliminated. ) Tj ET Q q 0 0 0 rg BT 156.46 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 165.10 622.25 Td (e did not have any intersegment advertising campaigns during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.58 622.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.51 622.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.39 622.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 610.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 586.25 Td (Segment revenue and gross profit were as follows during the periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 533.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 533.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 533.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 503.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 503.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 503.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 473.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 473.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 473.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 443.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 443.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 443.75 90.00 -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 283.5 548.75 m 372.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 548.75 m 376.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 548.75 m 466.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 548.75 m 470.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 548.75 m 560.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 548.75 m 372.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 533.75 m 372.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 548.75 m 376.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 548.75 m 466.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 533.75 m 466.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 548.75 m 470.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 548.75 m 560.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 533.75 m 560.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 458.75 m 466.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 458.75 m 372.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 458.75 m 466.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 458.75 m 560.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 428.75 m 372.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 428.75 m 376.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 428.75 m 466.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 414.75 m 372.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 412.75 m 372.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 414.75 m 466.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 412.75 m 466.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 428.75 m 560.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 414.75 m 560.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 412.75 m 560.5 412.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.20 552.98 Td (For) Tj ET Q q 0 0 0 rg BT 356.49 552.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 371.01 552.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 384.20 552.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 460.72 552.98 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.80 537.98 Td (Sirius XM) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 537.98 Td (Pandora) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.25 537.98 Td (T) Tj ET Q q 0 0 0 rg BT 510.85 537.98 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 509.32 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 508.42 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 508.42 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 508.42 Td (1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 494.32 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 493.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 493.42 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 493.42 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 479.32 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 478.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 478.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 478.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 464.32 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 463.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 463.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 463.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 448.42 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 448.42 Td (1,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 448.42 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 448.42 Td (1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.42 Td (Cost of services ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.38 437.95 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 433.47 Td (\(569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 433.47 Td (\(170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 433.47 Td (\(739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.42 Td (Segment gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 418.42 Td (924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 418.42 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 418.42 Td (1,005) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 390.25 Td (The reconciliation between reportable segment gross profit to consolidated income before income tax is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 346.75 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 346.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 316.75 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 316.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 286.75 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 286.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.75 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 256.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 226.75 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 226.75 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 346.75 m 561.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 346.75 m 561.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 211.75 m 561.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 197.75 m 561.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 195.75 m 561.5 195.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.60 358.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 492.79 358.98 Td (ee Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.50 350.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 504.46 350.98 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 336.43 Td (Segment Gr) Tj ET Q q 0 0 0 rg BT 103.20 336.43 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 128.85 336.43 Td (ofit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 336.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 336.42 Td (1,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 321.42 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 321.47 Td (\(108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 321.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 306.42 Td (Sales and marketing ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 135.59 310.95 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 306.47 Td (\(168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 306.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 291.42 Td (Engineering, design and development ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 205.57 295.95 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 291.47 Td (\(45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 291.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 276.42 Td (General and administrative ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 162.79 280.95 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 276.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 547.63 276.47 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 276.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 261.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 261.47 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 261.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.42 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 246.47 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 246.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.42 Td (Acquisition and other related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 231.47 Td (\(76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.41 216.42 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 216.47 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 216.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 201.43 Td (Consolidated income befor) Tj ET Q q 0 0 0 rg BT 166.26 201.43 Td (e income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 201.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 201.42 Td (243) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 186.45 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 77.00 186.45 Td (Share-based payment expense includes $9 related to cost of services, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.16 186.45 Td ($15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.66 186.45 Td ( related to sales and marketing, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.87 186.45 Td ($9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.87 186.45 Td ( related to engineering, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 175.65 Td (design and development and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.97 175.65 Td ($16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.47 175.65 Td ( related to general and administrative.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 151.65 Td (A) Tj ET Q q 0 0 0 rg BT 84.67 151.65 Td ( measure of segment assets is not currently provided to the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 399.12 151.65 Td (ficer and has therefore not been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.65 Td (provided.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 115.65 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 115.65 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.04 115.65 Td (, long-lived assets were predominantly located in the United States. No individual foreign country ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.65 Td (represented a material portion of our consolidated revenue during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.34 103.65 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.27 103.65 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 103.65 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 103.65 Td (.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.80 760.60 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 315.43 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.05 748.60 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.60 736.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 736.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 736.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 736.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 736.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 736.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 736.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 724.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 712.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 256.77 712.60 Td (es in millions, except per) Tj ET Q q 0 0 0 rg BT 361.30 712.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 382.51 712.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (\(16\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 695.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 110.48 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.23 695.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 677.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.61 677.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 677.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.42 677.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.02 677.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.46 677.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.46 677.25 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.87 677.25 Td ($81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.87 677.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 677.25 Td ($80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 677.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.96 677.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 653.25 Td (Our ef) Tj ET Q q 0 0 0 rg BT 102.14 653.25 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.92 653.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.85 653.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.73 653.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.33 653.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.77 653.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.77 653.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.32 653.25 Td (33.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 653.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.59 653.25 Td (21.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.42 653.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 521.08 653.25 Td (. ) Tj ET Q q 0 0 0 rg BT 528.40 653.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 641.25 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.87 641.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.80 641.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.68 641.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.28 641.25 Td ( was primarily impacted by the increase to the valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (related to the federal research and development credits that are no longer expected to be realizable. ) Tj ET Q q 0 0 0 rg BT 449.68 629.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 475.31 629.25 Td (fective tax rate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 617.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.15 617.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.03 617.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 617.25 Td ( was primarily impacted by the recognition of excess tax benefits related to share based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 112.36 605.25 Td (W) Tj ET Q q 0 0 0 rg BT 121.00 605.25 Td (e estimate our ef) Tj ET Q q 0 0 0 rg BT 187.18 605.25 Td (fective tax rate for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.38 605.25 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.96 605.25 Td ( will be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.72 605.25 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.05 605.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 581.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 581.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 581.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 581.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.56 581.25 Td (, we had a valuation allowance related to deferred tax assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.51 581.25 Td ($88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.51 581.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td ($66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 569.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 117.16 569.25 Td (, that were not likely to be realized due to certain net operating loss limitations, including tax credits, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (acquired net operating losses that were not more likely than not going to be utilized.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 467.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 467.25 Td (April23, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.28 467.25 Td (, Holdings' board of directors declared a quarterly dividend on Holdings' common stock in the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 455.25 Td ($0.0121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 455.25 Td ( per share of Holdings' common stock payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.20 455.25 Td (May31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.03 455.25 Td ( to Holdings' stockholders of record as of the close of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 443.25 Td (May10, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.22 443.25 Td (.) 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 (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 200.02 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 223.64 742.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 251.05 742.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 289.31 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 347.92 742.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 411.27 742.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 467.86 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 496.11 742.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 532.87 742.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 727.25 Td (All amounts referenced in this discussion and analysis are in millions, except subscriber amounts are in thousands and per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 715.25 Td (subscriber and per installation amounts are in ones, unless otherwise stated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (The following discussion and analysis of our financial condition and results of operations should be read in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 90.42 670.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.76 670.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.34 670.25 Td (.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (Among the significant factors that could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 357.57 502.25 Td (fer materially from those expressed in the forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (looking statements are:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 478.25 Td (e face substantial competition and that competition is likely to increase over time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (If our ef) Tj ET Q q 0 0 0 rg BT 118.58 466.25 Td (forts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (business will be adversely af) Tj ET Q q 0 0 0 rg BT 200.79 454.25 Td (fected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 442.25 Td (e engage in extensive marketing ef) Tj ET Q q 0 0 0 rg BT 233.56 442.25 Td (forts and the continued ef) Tj ET Q q 0 0 0 rg BT 335.57 442.25 Td (fectiveness of those ef) Tj ET Q q 0 0 0 rg BT 424.52 442.25 Td (forts are an important part of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 418.25 Td ( substantial number of our subscribers periodically cancel their subscriptions and we cannot predict how successful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (we will be at retaining customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (Our ability to profitably attract and retain 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Tf ET q 0 0 0 rg BT 86.00 262.25 Td (Privacy and data security laws and regulations may impose legal liabilities and may hinder our ability to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (advertising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (Consumer protection laws and our failure to comply with them could damage our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 226.25 Td (e rely on third parties for the operation of our business, and the failure of third parties to perform could adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (af) Tj ET Q q 0 0 0 rg BT 93.59 214.25 Td (fect our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (Our business depends in part upon the auto industry) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (Our Pandora business depends in part upon consumer electronics manufacturers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (The market for music rights is changing and is subject to significant uncertainties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (Our ability to of) Tj ET Q q 0 0 0 rg BT 150.53 166.25 Td (fer interactive features in our Pandora services depends upon maintaining licenses with copyright ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (owners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (The rates we must pay for mechanical rights to use musical works on our Pandora service have increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (substantially and these new rates may adversely af) Tj ET Q q 0 0 0 rg BT 287.69 130.25 Td (fect our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (Our use of pre-1972 sound recordings on our Pandora service could result in additional costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (Failure of our satellites would significantly damage our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (Our Sirius XM service may experience harmful interference from new wireless operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Failure to comply with FCC requirements could damage our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (Economic conditions, including advertising budgets and discretionary spending, may adversely af) Tj ET Q q 0 0 0 rg BT 477.39 70.25 Td (fect our business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (operating results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 46.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.25 Td (If we are unable to attract and retain qualified personnel, our business could be harmed) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 Td (e may not realize the benefits of acquisitions or other strategic investments and initiatives, including the acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (of Pandora) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 718.10 Td (e may from time to time modify our business plan, and these changes could adversely af) Tj ET Q q 0 0 0 rg BT 447.69 718.10 Td (fect us and our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 694.10 Td (e have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Our facilities could be damaged by natural catastrophes or terrorist activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (The unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Failure to protect our intellectual property or actions by third-parties to enforce their intellectual property rights could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (substantially harm our business and operating results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (Some of our services and technologies may use open source software, which may restrict how we use or distribute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (our services or require that we release the source code subject to those licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (Rapid technological and industry changes and new entrants could adversely impact our services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (Existing or future laws and regulations could harm our business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 574.10 Td (e may be exposed to liabilities that other entertainment service providers would not customarily be subject to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (Our business and prospects depend on the strength of our brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Holdings is a controlled company within the meaning of the NASDAQ listing rules and, as a result, qualify for) Tj ET Q q 0 0 0 rg BT 537.73 550.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (rely on, exemptions from certain corporate governance requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (While we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (at any time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (Holdings' principal stockholder has significant influence, including over actions requiring stockholder approval, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (its interests may dif) Tj ET Q q 0 0 0 rg BT 164.42 490.10 Td (fer from the interests of other holders of our common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 472.10 Td (Because the risk factors referred to above could cause actual results or outcomes to dif) Tj ET Q q 0 0 0 rg BT 422.80 472.10 Td (fer materially from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (expressed in any forward-looking statements made by us or on our behalf, you should not place undue reliance on any of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (forward-looking statements. In addition, any forward-looking statement speaks only as of the date on which it is made, and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (on which the statement is made, to reflect the occurrence of unanticipated events or otherwise, except as required by law) Tj ET Q q 0 0 0 rg BT 531.66 424.10 Td (. New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (factors emer) Tj ET Q q 0 0 0 rg BT 99.51 412.10 Td (ge from time to time, and it is not possible for us to predict which will arise or to assess with any precision the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (impact of each factor on our business or the extent to which any factor) Tj ET Q q 0 0 0 rg BT 331.45 400.10 Td (, or combination of factors, may cause actual results to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 388.10 Td (fer materially from those contained in any forward-looking statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Recent Developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 340.10 Td (On February 1, 2019, through a series of transactions, Pandora Media, Inc., became an indirect wholly owned subsidiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (of Sirius XM and continues to operate as Pandora Media, LLC \(the Pandora ) Tj ET Q q 0 0 0 rg BT 360.48 328.10 Td (Acquisition\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 304.10 Td (Each share of Pandora common stock, par value $0.0001 per share, outstanding immediately prior to the consummation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (of the transactions, was converted into 1.44 shares \(the Exchange Ratio\) of Holdings' common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 280.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 268.10 Td (Further) Tj ET Q q 0 0 0 rg BT 106.04 268.10 Td (, pursuant to the transactions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 256.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 244.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.10 Td (each option granted by Pandora under its stock incentive plans to purchase shares of Pandora common stock, whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.10 Td (vested or unvested, was assumed and converted into an option to purchase shares of Holdings' common stock, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (appropriate adjustments \(based on the Exchange Ratio\) to the exercise price and number of shares of Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (common stock subject to such option, and has the same vesting schedule and exercise conditions as in ef) Tj ET Q q 0 0 0 rg BT 504.05 208.10 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.10 Td (immediately prior to the closing of the transactions; provided that any Pandora stock option that had an exercise price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.10 Td (per share that was equal to or greater than the value, at the closing of the transactions, of Holdings' common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 172.10 Td (issued as mer) Tj ET Q q 0 0 0 rg BT 139.70 172.10 Td (ger consideration in exchange for each share of Pandora common stock, was canceled without payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (therefore; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 148.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 136.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (each unvested restricted stock unit granted by Pandora under its stock incentive plans was assumed and converted into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.10 Td (an unvested restricted stock unit of Holdings, with appropriate adjustments \(based on the Exchange Ratio\) to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.10 Td (number of shares of Holdings' common stock to be received, and has the same vesting schedule and settlement date as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 100.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 103.87 100.10 Td (fect as of immediately prior to the closing of the transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 76.10 Td (In connection with the transaction, Holdings issued in the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 76.10 Td ($2,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.60 76.10 Td ( of its common stock and assumed $345 in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (aggregate principal amount of Pandora) Tj ET Q q 0 0 0 rg BT 208.28 64.10 Td (s outstanding debt. ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 718.25 Td (e operate two complementary audio entertainment businesses - our Sirius XM business and our Pandora business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 694.25 Td (Sirius XM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 670.25 Td (Our Sirius XM business transmits music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 364.82 670.25 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 429.06 670.25 Td (fic and weather channels, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (as infotainment services, in the United States on a subscription fee basis through our two proprietary satellite radio systems. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Satellite radios are primarily distributed through automakers, retailers and our website. Subscribers can also receive music and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (other channels, plus certain other features, over our Internet radio service, including through applications for mobile devices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (home devices and other consumer electronic equipment. ) Tj ET Q q 0 0 0 rg BT 280.01 622.25 Td (The primary source of revenue from our Sirius XM business is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (generated from subscription fees, with most of our customers subscribing to monthly) Tj ET Q q 0 0 0 rg BT 389.29 610.25 Td (, quarterly) Tj ET Q q 0 0 0 rg BT 429.74 610.25 Td (, semi-annual or annual plans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 598.25 Td (e also derive revenue from advertising on select non-music channels, direct sales of our satellite radios and accessories, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (other ancillary services. ) Tj ET Q q 0 0 0 rg BT 149.68 586.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.13 586.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.72 586.25 Td (, our Sirius XM business had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.60 586.25 Td (34.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 586.25 Td ( million subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 562.25 Td (In addition to our audio entertainment businesses, we provide connected vehicle services to several automakers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (directly to consumers through aftermarket devices. ) Tj ET Q q 0 0 0 rg BT 258.08 550.25 Td (These services are designed to enhance the safety) Tj ET Q q 0 0 0 rg BT 455.40 550.25 Td (, security and driving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (experience. ) Tj ET Q q 0 0 0 rg BT 100.62 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.26 538.25 Td (e also of) Tj ET Q q 0 0 0 rg BT 142.95 538.25 Td (fer a suite of data services that includes graphical weather) Tj ET Q q 0 0 0 rg BT 373.84 538.25 Td (, fuel prices, sports schedules and scores and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (movie listings, a traf) Tj ET Q q 0 0 0 rg BT 132.03 526.25 Td (fic information service that includes information as to road closings, traf) Tj ET Q q 0 0 0 rg BT 421.48 526.25 Td (fic flow and incident data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (consumers with compatible in-vehicle navigation systems, and real-time weather services designed for improving situational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (awareness in vehicles, boats and planes. Sirius XM also holds a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.39 502.25 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.72 502.25 Td ( equity interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.59 502.25 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.92 502.25 Td ( voting interest in Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Canada Holdings Inc. \("Sirius XM Canada"\). Sirius XM Canada's subscribers are not included in our subscriber count or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (subscriber) Tj ET Q q 0 0 0 rg BT 90.90 478.25 Td (-based operating metrics.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (Pandora) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 430.25 Td (Our Pandora business operates a music discovery platform, of) Tj ET Q q 0 0 0 rg BT 325.81 430.25 Td (fering a personalized experience for each listener ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (wherever and whenever they want to listen to music-whether through mobile devices, car speakers or connected devices in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (home. Pandora enables listeners to create personalized stations and playlists, as well as search and play songs and albums on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (demand. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (demand subscription service, called Pandora Premium. ) Tj ET Q q 0 0 0 rg BT 274.11 382.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.55 382.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 382.25 Td (, Pandora had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.62 382.25 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.12 382.25 Td ( million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (subscribers. ) Tj ET Q q 0 0 0 rg BT 102.31 370.25 Td (The majority of revenue from our Pandora business is generated from advertising on our ad-supported radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (service. In addition, as a result of the May 2018 acquisition of ) Tj ET Q q 0 0 0 rg BT 302.44 358.25 Td (AdsW) Tj ET Q q 0 0 0 rg BT 327.59 358.25 Td (izz Inc. by Pandora, we provide a comprehensive digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (audio advertising technology platform, which connects audio publishers and advertisers. ) Tj ET Q q 0 0 0 rg BT 407.97 346.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.41 346.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.01 346.25 Td (, our Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (business had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.59 334.25 Td (66.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.09 334.25 Td ( million active users. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 310.25 Td (Liberty Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 286.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 286.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.04 286.25 Td (, Liberty Media beneficially owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 400.03 286.25 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.29 286.25 Td (68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.62 286.25 Td ( of the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (shares of Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 194.84 274.25 Td (As a result, Holdings is a controlled company for the purposes of the NASDAQ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (corporate governance requirements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 238.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.25 Td (This Quarterly Report for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.69 214.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.62 214.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 214.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.10 214.25 Td (, includes our unaudited results compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 202.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 202.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 202.25 Td (. ) Tj ET Q q 0 0 0 rg BT 201.73 202.25 Td (The discussion of our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.08 202.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.01 202.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.89 202.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.49 202.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (includes the financial results of Pandora from February 1, 2019, the date of the Pandora ) Tj ET Q q 0 0 0 rg BT 402.40 190.25 Td (Acquisition, while the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.03 178.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.97 178.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.84 178.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.44 178.25 Td ( do not include the results of Pandora since that was prior to the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 103.98 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 112.62 166.25 Td (e also include unaudited information on the revenues and costs of services of each of our segments compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (with the three months ended March31, 2018. ) Tj ET Q q 0 0 0 rg BT 236.72 154.25 Td (The absence of the Pandora results for January 2019 and from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.19 154.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.13 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 142.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 142.25 Td ( may render the comparison of the unaudited actual results for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.44 142.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.37 142.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.25 142.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.85 142.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (the prior period less meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 106.25 Td (e have also included in this Quarterly Report for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.13 106.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.06 106.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.94 106.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.54 106.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.04 106.25 Td (pr) Tj ET Q q 0 0 0 rg BT 452.56 106.25 Td (o forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.95 106.25 Td ( unaudited results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.92 94.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.85 94.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.73 94.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.33 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 278.65 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 287.29 94.25 Td (e also include ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.77 94.25 Td (pr) Tj ET Q q 0 0 0 rg BT 353.29 94.25 Td (o forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.68 94.25 Td ( unaudited information on the revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (costs of sales of each of our segments compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.21 82.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.14 82.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.02 82.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.62 82.25 Td (. ) Tj ET Q q 0 0 0 rg BT 431.94 82.25 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.32 82.25 Td (pr) Tj ET Q q 0 0 0 rg BT 466.84 82.25 Td (o forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.23 82.25 Td ( results assume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (that the Pandora ) Tj ET Q q 0 0 0 rg BT 116.93 70.25 Td (Acquisition occurred on January 1, 2018 and eliminate the ef) Tj ET Q q 0 0 0 rg BT 361.12 70.25 Td (fect of certain purchase accounting adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (associated with the Pandora ) Tj ET Q q 0 0 0 rg BT 163.31 58.25 Td (Acquisition. ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 742.10 Td (e have also included in this Quarterly Report certain financial performance measures for our company as well as for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our Sirius XM and our Pandora businesses, when applicable, some of which are not calculated and presented in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (with generally accepted accounting principles in the United States \(Non-GAAP\). ) Tj ET Q q 0 0 0 rg BT 387.49 718.10 Td (These Non-GAAP) Tj ET Q q 0 0 0 rg BT 461.27 718.10 Td ( items include free cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (flow and adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 165.07 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.71 706.10 Td (e also present certain operating performance measures. ) Tj ET Q q 0 0 0 rg BT 398.15 706.10 Td (These financial and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (performance measures are also presented on a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.30 694.10 Td (pr) Tj ET Q q 0 0 0 rg BT 244.82 694.10 Td (o forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.21 694.10 Td ( basis and assume that the Pandora ) Tj ET Q q 0 0 0 rg BT 417.02 694.10 Td (Acquisition occurred on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2018 and eliminate the ef) Tj ET Q q 0 0 0 rg BT 151.45 682.10 Td (fect of certain purchase accounting adjustments associated with the Pandora ) Tj ET Q q 0 0 0 rg BT 457.46 682.10 Td (Acquisition. See Key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Financial and Operating Performance Metrics, for more information on these performance measures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Results of Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 94.54 628.10 Td (Actual Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 610.10 Td (Set forth below are our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.16 610.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 610.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.97 610.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.57 610.10 Td ( compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 610.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.92 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 598.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.29 598.10 Td (The discussion of our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.64 598.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.58 598.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.45 598.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.05 598.10 Td ( includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (financial results of Pandora from the date of the Pandora ) Tj ET Q q 0 0 0 rg BT 278.26 586.10 Td (Acquisition, February 1, 2019, while the results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 574.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 574.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 574.10 Td ( do not include the results of Pandora. ) Tj ET Q q 0 0 0 rg BT 348.36 574.10 Td (The inclusion of these results may render direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (comparisons with results for prior periods less meaningful. ) Tj ET Q q 0 0 0 rg BT 290.33 562.10 Td (The results of operations are presented for each of our reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (segments for revenue and cost of services and on a consolidated basis for all other items.) 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0.9333333333333333 1 rg /GS0 gs 407.75 422.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 422.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 392.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 392.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 392.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 392.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 392.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 362.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 362.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 362.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 362.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 362.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 332.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 332.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 332.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 332.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 332.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 302.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 302.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 302.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 302.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 302.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 272.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 272.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 272.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 272.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 272.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 272.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 272.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 272.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 242.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 242.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 242.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 242.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 242.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 242.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 242.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 242.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 212.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 212.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 212.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 212.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 212.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 212.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 212.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 212.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 182.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 182.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 182.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 182.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 182.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 182.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 182.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 182.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 152.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 152.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 152.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 152.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 152.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 152.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 152.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 152.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 122.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 122.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 122.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 122.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 122.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 122.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 122.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 122.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.75 92.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.75 92.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.75 92.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 92.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 92.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 92.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 92.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 92.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 735.5 m 324.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.75 735.5 m 328.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 735.5 m 403.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 735.5 m 482.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 735.5 m 486.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 735.5 m 561.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 722.5 m 324.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 722.5 m 403.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 722.5 m 482.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 722.5 m 561.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 722.5 m 324.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 722.5 m 403.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 722.5 m 482.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 722.5 m 561.75 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 632.5 m 324.75 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 617.5 m 324.75 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 632.5 m 403.75 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 617.5 m 403.75 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 632.5 m 482.75 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 617.5 m 482.75 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 572.5 m 324.75 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 557.5 m 324.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 572.5 m 403.75 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 557.5 m 403.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 572.5 m 482.75 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 557.5 m 482.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 542.5 m 324.75 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 542.5 m 403.75 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 542.5 m 482.75 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 437.5 m 324.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 437.5 m 403.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 437.5 m 482.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 437.5 m 324.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 422.5 m 324.75 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 437.5 m 403.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 422.5 m 403.75 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 437.5 m 482.75 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 422.5 m 482.75 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 347.5 m 324.75 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 332.5 m 324.75 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 347.5 m 403.75 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 332.5 m 403.75 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 347.5 m 482.75 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 332.5 m 482.75 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 227.5 m 324.75 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 227.5 m 403.75 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 227.5 m 482.75 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 212.5 m 324.75 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 212.5 m 403.75 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 212.5 m 482.75 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 137.5 m 324.75 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 137.5 m 403.75 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 137.5 m 482.75 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 122.5 m 324.75 122.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 122.5 m 403.75 122.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 122.5 m 482.75 122.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 92.5 m 324.75 92.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 78.5 m 324.75 78.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.75 76.5 m 324.75 76.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 92.5 m 403.75 92.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 78.5 m 403.75 78.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.75 76.5 m 403.75 76.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 92.5 m 482.75 92.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 78.5 m 482.75 78.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 76.5 m 482.75 76.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.95 739.73 Td (For) Tj ET Q q 0 0 0 rg BT 270.32 739.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 284.83 739.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 298.03 739.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 374.55 739.73 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.55 739.73 Td (2019 vs 2018 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.75 726.73 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.75 726.73 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.70 726.73 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.75 726.73 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.25 712.21 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 697.17 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 682.17 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.25 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 682.17 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.25 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.40 682.17 Td (1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.25 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 682.17 Td (1) Tj ET Q q 0 0 0 rg BT 468.90 682.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 682.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 682.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 667.17 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 667.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 667.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 667.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 667.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 667.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 652.17 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 652.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 652.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 652.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 652.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 652.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 637.17 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 637.17 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 637.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 637.22 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 637.17 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 637.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 622.17 Td (T) Tj ET Q q 0 0 0 rg BT 88.01 622.17 Td (otal Sirius XM revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 622.17 Td (1,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.40 622.17 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 622.17 Td (1) Tj ET Q q 0 0 0 rg BT 468.90 622.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 622.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 622.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 607.17 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 592.17 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 592.17 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 592.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 592.17 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 592.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 577.17 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 577.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 577.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 577.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 577.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 562.17 Td (T) Tj ET Q q 0 0 0 rg BT 88.01 562.17 Td (otal Pandora revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 562.17 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 562.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 562.17 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 562.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 547.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.01 547.17 Td (otal consolidated revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 547.17 Td (1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.40 547.17 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 547.17 Td (369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 547.17 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 547.17 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.25 532.21 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 517.17 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 502.17 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 502.17 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 502.17 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 502.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 502.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 502.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 487.17 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 487.17 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 487.17 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 487.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 487.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 487.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 472.17 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 472.17 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 472.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 472.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 472.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 472.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 457.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 457.17 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 457.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 457.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 457.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 457.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 457.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 442.17 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 442.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.90 442.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 442.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 442.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 442.17 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 442.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 427.17 Td (T) Tj ET Q q 0 0 0 rg BT 88.01 427.17 Td (otal Sirius XM cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 427.17 Td (578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 427.17 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 427.17 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 427.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 427.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 412.17 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 397.17 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 397.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 397.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 397.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 397.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 382.17 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 382.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 382.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 382.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 382.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 367.17 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 367.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 367.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 367.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 367.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 352.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.01 352.17 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 352.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 352.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 352.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 352.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 337.17 Td (T) Tj ET Q q 0 0 0 rg BT 87.66 337.17 Td (otal Pandora cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 337.17 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 337.17 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 337.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 322.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.01 322.17 Td (otal consolidated cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 322.17 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 322.17 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 322.17 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 322.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 322.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 307.17 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 307.17 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 307.17 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 307.22 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 307.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 307.17 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 307.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 292.17 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 292.17 Td (183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 292.17 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 292.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 292.17 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 292.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 277.17 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 277.17 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 277.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 277.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 277.17 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 277.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 262.17 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 262.17 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 262.17 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 262.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 262.17 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 262.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 247.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 247.17 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 247.17 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 247.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 247.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 247.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 232.17 Td (Acquisition and other related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.90 232.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 232.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 232.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 232.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 217.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.01 217.17 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 217.17 Td (1,41) Tj ET Q q 0 0 0 rg BT 315.90 217.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 217.17 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 217.17 Td (459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 217.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 217.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 202.17 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 202.17 Td (333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 202.17 Td (423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 202.22 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 202.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 202.17 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 202.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 187.17 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 172.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.55 172.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.90 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.55 172.22 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 172.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 172.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 172.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 157.17 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.55 157.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.90 157.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 157.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 157.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 157.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.45 157.17 Td (nm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 143.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.90 142.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 142.17 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 142.22 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 142.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 142.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 142.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 127.17 Td (T) Tj ET Q q 0 0 0 rg BT 63.66 127.17 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.55 127.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.90 127.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.55 127.22 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 127.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 127.22 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 127.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 127.17 Td (\(59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 127.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 112.17 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 112.17 Td (247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 112.17 Td (369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.55 112.22 Td (\(122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 112.17 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 112.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 97.17 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.55 97.22 Td (\(81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.90 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.55 97.22 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 97.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 97.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 97.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.25 82.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.25 82.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 82.17 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.25 82.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 82.17 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.25 82.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.55 82.22 Td (\(123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 82.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.55 82.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 82.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 742.25 Td (Sirius XM Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td (Refer to page ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.86 718.25 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.86 718.25 Td ( for our discussion on Sirius XM revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 688.25 Td (Pandora Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 664.25 Td (Pandora revenue includes actual results for the period from the acquisition date to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.11 664.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.71 664.25 Td (. Refer to page ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.58 664.25 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.58 664.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (our discussion on Pandora revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 622.25 Td (Sirius XM Cost of Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (Refer to page ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.86 598.25 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.86 598.25 Td ( for our discussion on Sirius XM cost of services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 568.25 Td (Pandora Cost of Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 544.25 Td (Pandora cost of services includes actual results for the period from the acquisition date to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.11 544.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.71 544.25 Td (. Refer to page ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 532.25 Td ( for our discussion on Pandora cost of services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 502.25 Td (Operating Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 478.25 Td (Subscriber ) Tj ET Q q 0 0 0 rg BT 123.15 478.25 Td (Acquisition Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.93 478.25 Td (are costs only associated with Sirius XM and include hardware subsidies paid to radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (manufacturers, distributors and automakers; subsidies paid for chipsets and certain other components used in manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (radios; device royalties for certain radios and chipsets; product warranty obligations; and freight. ) Tj ET Q q 0 0 0 rg BT 439.20 454.25 Td (The majority of subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (acquisition costs are incurred and expensed in advance of acquiring a subscriber) Tj ET Q q 0 0 0 rg BT 369.66 442.25 Td (. Subscriber acquisition costs do not include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (advertising costs, marketing, loyalty payments to distributors and dealers of satellite radios or revenue share payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (automakers and retailers of satellite radios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 394.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 394.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 394.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 394.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 394.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 394.25 Td (, subscriber acquisition costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.87 394.25 Td ($108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.87 394.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 394.25 Td ($123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.30 394.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 542.96 394.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.96 394.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.91 382.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.24 382.25 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.57 382.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.40 382.25 Td ($15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.40 382.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.34 382.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.76 382.25 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 370.89 382.25 Td (The decrease was driven by reductions to OEM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.25 Td (hardware subsidy rates, lower subsidized costs related to the transition of chipsets, and a decrease in the volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.25 Td (satellite radio installations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 334.25 Td (e expect subscriber acquisition costs to fluctuate with OEM installations; however) Tj ET Q q 0 0 0 rg BT 414.55 334.25 Td (, the subsidized chipsets cost is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (expected to decline as we transition to a new generation of chipsets.) Tj ET Q q 0 0 0 rg BT 325.89 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 334.53 322.25 Td (e intend to continue to of) Tj ET Q q 0 0 0 rg BT 434.60 322.25 Td (fer subsidies and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (incentives to induce OEMs to include our technology in their vehicles. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 286.25 Td (Sales and Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 286.25 Td (includes costs for marketing, advertising, media and production, including promotional events and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (sponsorships; cooperative marketing; and personnel related costs including salaries, commissions, and sales support. Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (costs include expenses related to direct mail, outbound telemarketing, email communications, and artist marketing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 238.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 238.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 238.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 238.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 238.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 238.25 Td (, sales and marketing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.90 238.25 Td ($183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 238.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.34 238.25 Td ($107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.34 238.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 551.00 238.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.19 226.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.52 226.25 Td (71%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.85 226.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.68 226.25 Td ($76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.68 226.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.62 226.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.38 226.25 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 379.51 226.25 Td (The increase was primarily due to additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.25 Td (costs associated with the inclusion of Pandora, additional subscriber communications, retention programs and acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.25 Td (campaigns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 178.25 Td (e anticipate that sales and marketing expenses will increase as we expand programs to retain our existing subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (win back former subscribers, and attract new subscribers and listeners. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 142.25 Td (Engineering, Design and Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.52 142.25 Td (consists primarily of compensation and related costs to develop chipsets and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (products and services, including streaming and connected vehicle services, research and development for broadcast information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (systems and costs associated with the incorporation of Sirius XM radios into new vehicles manufactured by automakers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 94.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 94.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 94.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 94.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 94.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 94.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 94.25 Td (, engineering, design and development expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.88 94.25 Td ($54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.88 94.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.32 94.25 Td ($31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.32 94.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 82.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.16 82.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.16 82.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 82.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.18 82.25 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.51 82.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.34 82.25 Td ($23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 82.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.28 82.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.04 82.25 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 429.67 82.25 Td (The increase was driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 70.25 Td (additional costs associated with the inclusion of Pandora. ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 742.10 Td (e expect engineering, design and development expenses to increase in future periods as we continue to develop our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (infrastructure, products and services. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 706.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 130.09 706.10 Td (Administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.47 706.10 Td (primarily consists of compensation and related costs for personnel and facilities, and include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (costs related to our finance, legal, human resources and information technologies departments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 670.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 670.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 670.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 670.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 670.10 Td (, general and administrative expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 670.10 Td ($135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.55 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.99 670.10 Td ($85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.99 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.16 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.16 658.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 658.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.18 658.10 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.51 658.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.34 658.10 Td ($50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 658.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.28 658.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.04 658.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 432.17 658.10 Td (The increase was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (driven by additional expense associated with the inclusion of Pandora and a one-time $25 legal settlement reserve for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.10 Td (Do-Not-Call litigation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 610.10 Td (e expect our general and administrative expenses to increase to support the growth of our business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 586.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 97.68 586.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 149.71 586.10 Td (Amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.44 586.10 Td (represents the recognition in earnings of the cost of assets used in operations, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (our satellite constellations, property) Tj ET Q q 0 0 0 rg BT 192.15 574.10 Td (, equipment and intangible assets, over their estimated service lives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 550.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 550.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 550.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 550.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 550.10 Td (, depreciation and amortization expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.11 550.10 Td ($107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.11 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 550.10 Td ($72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.55 550.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.16 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.16 538.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 538.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.18 538.10 Td (49%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.51 538.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.34 538.10 Td ($35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 538.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.28 538.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.04 538.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 432.17 538.10 Td (The increase was driven by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td (amortization of definite life intangibles resulting from the Pandora ) Tj ET Q q 0 0 0 rg BT 344.48 526.10 Td (Acquisition and higher depreciation costs related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (additional assets placed in-service. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 490.10 Td (Acquisition and Other Related Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.66 490.10 Td (represents costs associated with the Pandora ) Tj ET Q q 0 0 0 rg BT 405.50 490.10 Td (Acquisition and related reor) Tj ET Q q 0 0 0 rg BT 517.22 490.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 454.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 454.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 454.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 454.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 454.10 Td (, acquisition and other related costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.95 454.10 Td ($76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.39 454.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.39 454.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 554.05 454.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 424.10 Td (Other Income \(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 406.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 96.57 406.10 Td (est Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.99 406.10 Td (includes interest on outstanding debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 382.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 382.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 382.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 382.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 382.10 Td (, interest expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 382.10 Td ($89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 382.10 Td (. Lower average debt outstanding and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 Td (increase in the amount of capitalized interest due to increased spend on the construction of new satellites was of) Tj ET Q q 0 0 0 rg BT 523.95 370.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 Td (the additional interest expense associated with the inclusion of Pandora's debt instruments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 334.10 Td (Loss on Extinguishment of Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.77 334.10 Td (includes losses incurred as a result of the redemption of certain debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 310.10 Td (e recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.49 310.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.49 310.10 Td ( loss on extinguishment of debt during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.58 310.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.52 310.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.39 310.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.99 310.10 Td ( due to the repurchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td ($151 principal amount of Pandora's 1.75% Convertible Senior Notes due 2020. ) Tj ET Q q 0 0 0 rg BT 398.07 298.10 Td (There was no loss on extinguishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (debt during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.54 286.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.48 286.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.35 286.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.95 286.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 262.10 Td (Other Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.26 262.10 Td (primarily) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.47 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.97 262.10 Td (includes realized and unrealized gains and losses, interest and dividend income, our share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (income or loss from our equity investments, and transaction costs related to non-operating investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 226.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 226.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 226.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 226.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 226.10 Td (, other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.49 226.10 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.49 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.93 226.10 Td ($36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.93 226.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 466.59 226.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 226.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.13 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.88 214.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.48 214.10 Td (, we recorded our share of Sirius XM Canada's net gain, interest earned on our loan to Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td (Canada, the change in the fair value of the Pandora 2023 notes and trading gains associated with the investments held for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 Td (our Deferred Compensation Plan, partially of) Tj ET Q q 0 0 0 rg BT 257.38 190.10 Td (fset by losses on other investments. For the three months ended March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.10 Td (2018, we recorded an unrealized gain of $31 from a fair value adjustment of our investment in Pandora, interest earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.10 Td (on our loan to Sirius XM Canada, and our share of Sirius XM Canada's net income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 136.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.30 136.10 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 118.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.07 118.10 Td (ax Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 118.10 Td (includes the change in our deferred tax assets, foreign withholding taxes and current federal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (state tax expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 88.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 88.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 88.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 88.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 88.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 88.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 88.10 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.87 88.10 Td ($81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.87 88.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 88.10 Td ($80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 88.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 497.96 88.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 64.10 Td (Our ef) Tj ET Q q 0 0 0 rg BT 102.14 64.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.92 64.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.85 64.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.73 64.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.33 64.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.77 64.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.77 64.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.32 64.10 Td (33.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 64.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.59 64.10 Td (21.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.42 64.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 521.08 64.10 Td (. ) Tj ET Q q 0 0 0 rg BT 528.40 64.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 52.10 Td (ef) Tj ET Q q 0 0 0 rg BT 84.09 52.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.87 52.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.80 52.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.68 52.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.28 52.10 Td ( was primarily impacted by the increase to the valuation ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (allowance related to the federal research and development credits that are no longer expected to be realizable. ) Tj ET Q q 0 0 0 rg BT 519.71 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (ef) Tj ET Q q 0 0 0 rg BT 84.09 730.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.87 730.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.80 730.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.68 730.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.28 730.10 Td ( was primarily impacted by the recognition of excess tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.10 Td (benefits related to share based compensation. ) Tj ET Q q 0 0 0 rg BT 262.36 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.00 718.10 Td (e estimate our ef) Tj ET Q q 0 0 0 rg BT 337.18 718.10 Td (fective tax rate for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.38 718.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.97 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 Td (will be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.75 706.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.08 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 682.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.40 682.10 Td (, in connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 257.76 682.10 Td (Acquisition, we acquired gross net operating loss \(NOL\) carryforwards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.59 670.10 Td ($1,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.09 670.10 Td ( for federal income tax purposes available to of) Tj ET Q q 0 0 0 rg BT 363.72 670.10 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 475.16 670.10 Td (The acquired NOL's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (are limited by Section 382 of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 309.59 658.10 Td (Those limitations are not expected to impact our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (fully utilize those NOL's within the carryforward period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Unaudited Pr) Tj ET Q q 0 0 0 rg BT 104.35 616.10 Td (o Forma Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 598.10 Td (Set forth below are our pro forma results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.37 598.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.30 598.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.18 598.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.78 598.10 Td ( compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 586.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 586.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.73 586.10 Td (These pro forma results are based on estimates and assumptions, which we believe are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (reasonable. ) Tj ET Q q 0 0 0 rg BT 100.07 574.10 Td (They are not the results that would have been realized had the acquisition actually occurred on January 1, 2018 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (are not indicative of our consolidated results of operations in future periods. ) Tj ET Q q 0 0 0 rg BT 358.62 562.10 Td (The pro forma results primarily include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (adjustments related to amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (associated tax impacts. Please refer to the Footnotes to Results of Operations \(pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 538.10 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 538.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.41 538.10 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.41 538.10 Td (\) following our discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (of results of operations.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 697.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 697.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 697.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 697.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 697.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 697.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 697.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 697.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 669.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 669.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 669.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 669.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 669.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 669.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 669.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 669.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 641.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 641.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 641.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 641.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 641.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 641.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 641.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 641.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 613.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 613.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 613.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 613.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 613.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 585.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 585.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 585.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 585.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 585.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 585.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 557.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 557.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 557.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 557.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 557.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 557.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 529.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 529.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 529.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 529.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 529.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 529.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 529.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 529.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 501.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 501.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 501.60 4.00 -14.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 413.00 417.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 417.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 417.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 389.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 389.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 389.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 389.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 389.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 389.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 389.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 389.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 361.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 361.60 70.00 -14.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 487.00 333.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 305.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 305.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 305.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 305.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 305.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 277.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 277.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 277.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 277.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 277.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 249.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 249.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 249.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 249.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 249.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 249.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 249.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 249.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 221.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 193.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 165.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 137.60 211.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 137.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 137.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 137.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 137.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 137.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 137.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 137.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.00 109.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 109.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 109.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 109.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 109.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 109.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 109.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 109.60 70.00 -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 265 711.6 m 335 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 711.6 m 339 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 711.6 m 409 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 711.6 m 483 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 711.6 m 487 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 711.6 m 557 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 697.6 m 335 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 697.6 m 409 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 697.6 m 483 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 697.6 m 557 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 697.6 m 335 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 697.6 m 409 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 613.6 m 335 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 599.6 m 335 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 613.6 m 409 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 599.6 m 409 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 613.6 m 483 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 599.6 m 483 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 557.6 m 335 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 543.6 m 335 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 557.6 m 409 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 543.6 m 409 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 557.6 m 483 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 543.6 m 483 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 529.6 m 335 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 529.6 m 409 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 529.6 m 483 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 431.6 m 335 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 431.6 m 409 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 431.6 m 483 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 431.6 m 335 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 417.6 m 335 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 431.6 m 409 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 417.6 m 409 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 431.6 m 483 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 417.6 m 483 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 347.6 m 335 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 333.6 m 335 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 347.6 m 409 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 333.6 m 409 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 347.6 m 483 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 333.6 m 483 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 235.60000000000002 m 335 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 235.60000000000002 m 409 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 235.60000000000002 m 483 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 221.60000000000002 m 335 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 221.60000000000002 m 409 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 221.60000000000002 m 483 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 165.60000000000002 m 335 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 165.60000000000002 m 409 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 165.60000000000002 m 483 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 137.60000000000002 m 335 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 137.60000000000002 m 409 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 137.60000000000002 m 483 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 123.60000000000002 m 335 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 110.60000000000002 m 335 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 108.60000000000002 m 335 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 123.60000000000002 m 409 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 110.60000000000002 m 409 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 108.60000000000002 m 409 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 123.60000000000002 m 483 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 110.60000000000002 m 483 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 108.60000000000002 m 483 108.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.20 715.83 Td (For) Tj ET Q q 0 0 0 rg BT 280.57 715.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 295.08 715.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 308.28 715.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 384.80 715.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.80 715.83 Td (2019 vs 2018 Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.50 701.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.50 701.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.45 701.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 701.83 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.50 688.16 Td (Revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.35 688.06 Td (\(Pro Forma\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.35 688.06 Td (\(Pro Forma\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 674.17 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 660.17 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.50 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 660.17 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 660.17 Td (1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 660.17 Td (1) Tj ET Q q 0 0 0 rg BT 469.15 660.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 660.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 660.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 646.17 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 646.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 646.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 646.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 646.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 646.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 632.17 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 632.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 632.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 632.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 632.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 632.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 618.17 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 618.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 618.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 618.22 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 618.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 618.17 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 618.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 604.17 Td (T) Tj ET Q q 0 0 0 rg BT 92.26 604.17 Td (otal Sirius XM revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 604.17 Td (1,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 604.17 Td (1,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 604.17 Td (1) Tj ET Q q 0 0 0 rg BT 469.15 604.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 604.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 604.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 590.17 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 576.17 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 576.17 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 576.17 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 576.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 576.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 562.17 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 562.17 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 562.17 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 562.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 562.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 562.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 548.17 Td (T) Tj ET Q q 0 0 0 rg BT 92.26 548.17 Td (otal Pandora revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 548.17 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 548.17 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 548.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 548.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 548.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 534.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.26 534.17 Td (otal consolidated revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 534.17 Td (1,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 534.17 Td (1,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 534.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 534.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 534.17 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 56.50 520.16 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 506.17 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 492.17 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 492.17 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 492.17 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 492.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 492.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 492.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 478.17 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 478.17 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 478.17 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 478.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 478.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 478.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 464.17 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 464.17 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 464.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 464.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 464.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 464.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 450.17 Td (T) Tj ET Q q 0 0 0 rg BT 80.43 450.17 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 450.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 450.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 450.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 450.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 450.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 436.17 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 436.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 436.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 436.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 436.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 436.17 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 436.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 422.17 Td (T) Tj ET Q q 0 0 0 rg BT 92.26 422.17 Td (otal Sirius XM cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 422.17 Td (578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 422.17 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 422.17 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 422.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 422.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 408.17 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 394.17 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 394.17 Td (217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 394.17 Td (222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 394.22 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 394.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 394.17 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 394.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 380.17 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 380.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 380.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 380.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.80 380.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 380.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 366.17 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 366.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 366.17 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 366.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 366.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 366.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 352.17 Td (T) Tj ET Q q 0 0 0 rg BT 80.26 352.17 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 352.17 Td (1) Tj ET Q q 0 0 0 rg BT 326.15 352.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 352.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 352.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 352.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 352.17 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 352.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 338.17 Td (T) Tj ET Q q 0 0 0 rg BT 91.91 338.17 Td (otal Pandora cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 338.17 Td (255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 338.17 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 338.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 338.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 338.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 338.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 324.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.26 324.17 Td (otal consolidated cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 324.17 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 324.17 Td (790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 324.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 324.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 324.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 310.17 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 310.17 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 310.17 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 310.22 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 310.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 310.17 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 310.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 296.17 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 296.17 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 296.17 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 296.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 296.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 296.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 282.17 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 282.17 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 282.17 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 282.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 282.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 282.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 268.17 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 268.17 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 268.17 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 268.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 268.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 268.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 254.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 254.17 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 254.17 Td (1) Tj ET Q q 0 0 0 rg BT 395.15 254.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 254.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 254.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 254.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 240.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.26 240.17 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 240.17 Td (1,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 240.17 Td (1,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 240.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 240.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 240.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 226.17 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 226.17 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 226.17 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 226.17 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 226.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 226.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 212.17 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 198.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.80 198.22 Td (\(91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 198.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 198.22 Td (\(97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 198.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 198.22 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 198.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 198.17 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 198.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 184.17 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.80 184.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 184.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 184.22 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 184.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 184.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 184.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 184.17 Td (\(50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 184.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 170.17 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 170.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 170.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 170.22 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 170.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 170.17 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 170.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 156.17 Td (T) Tj ET Q q 0 0 0 rg BT 67.91 156.17 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.80 156.22 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 156.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 156.22 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 156.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 156.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 156.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 156.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 142.17 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 142.17 Td (272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 142.17 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 142.17 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 142.17 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 142.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 128.17 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.80 128.22 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 128.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 128.22 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 128.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 128.22 Td (\(46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 128.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.45 128.17 Td (\(1) Tj ET Q q 0 0 0 rg BT 534.78 128.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 128.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 114.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.50 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 114.17 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 114.17 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 114.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 114.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 114.17 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 85.86 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.50 84.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 84.27 Td (567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 84.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 84.27 Td (447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 84.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 84.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 84.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 84.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 742.25 Td (Sirius XM Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 718.25 Td (Sirius XM Subscriber Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.97 718.25 Td (includes self-pay and paid promotional subscriptions, U.S. Music Royalty Fees and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (ancillary fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 682.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 682.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 682.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 682.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 682.25 Td (, subscriber revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.75 682.25 Td ($1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 682.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.69 682.25 Td ($1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.19 682.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 519.85 682.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.85 682.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 670.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 670.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.41 670.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.24 670.25 Td ($1) Tj ET Q q 0 0 0 rg BT 161.87 670.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.87 670.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.19 670.25 Td (The increase was primarily driven by higher U.S. Music Royalty Fees due to a higher music ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.25 Td (royalty rate and higher self-pay subscription revenue as a result of a 4% increase in the daily weighted average number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.25 Td (of subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 622.25 Td (e expect subscriber revenues to increase based on the growth of our subscriber base, increases in the average price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 610.25 Td (ged and the sale of additional services to subscribers. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 586.25 Td (Sirius XM ) Tj ET Q q 0 0 0 rg BT 120.60 586.25 Td (Advertising Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.56 586.25 Td (includes the sale of advertising on Sirius XM) Tj ET Q q 0 0 0 rg BT 389.15 586.25 Td (s non-music channels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 562.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 562.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 562.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 562.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 562.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 562.25 Td (, advertising revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.09 562.25 Td ($46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.09 562.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.53 562.25 Td ($42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.53 562.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.19 562.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.19 562.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.88 562.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.33 550.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.16 550.25 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.16 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 125.98 550.25 Td (The increase was primarily due to increases in rates char) Tj ET Q q 0 0 0 rg BT 352.09 550.25 Td (ged per spot as well as a greater number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 538.25 Td (advertising spots sold and transmitted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 514.25 Td (e expect our Sirius XM advertising revenue to continue to grow as more advertisers are attracted to our national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (platform and growing subscriber base and as we launch additional non-music channels. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 478.25 Td (Sirius XM Equipment Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.47 478.25 Td ( includes revenue and royalties from the sale of satellite radios, components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (accessories.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 442.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 442.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 442.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 442.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 442.25 Td (, equipment revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.87 442.25 Td ($41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.87 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.30 442.25 Td ($35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 442.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 495.96 442.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.96 442.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.66 442.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.33 430.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.66 430.25 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.66 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 125.98 430.25 Td (The increase was driven by an increase in royalty revenue due to our transition to a new generation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 418.25 Td (chipsets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 394.25 Td (e expect equipment revenue to increase as royalty revenue associated with certain new chipsets increases and as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (device sales from our connected vehicle services increase.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 358.25 Td (Sirius XM Other Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.97 358.25 Td (includes service and advisory revenue from our Canadian af) Tj ET Q q 0 0 0 rg BT 423.25 358.25 Td (filiate, our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (services, and ancillary revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 322.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 322.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 322.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 322.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 322.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 322.25 Td (, other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.20 322.25 Td ($36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.20 322.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.64 322.25 Td ($40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.64 322.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.30 322.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 322.25 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 322.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.98 322.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.31 322.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 310.25 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 105.15 310.25 Td (The decrease was primarily driven by a decrease in data usage revenue generated from our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 298.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 274.25 Td (e expect other revenue to increase due to additional revenues generated from our Canadian af) Tj ET Q q 0 0 0 rg BT 459.62 274.25 Td (filiate and from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (connected vehicle services. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 232.25 Td (Pandora Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 208.25 Td (Pandora Subscriber Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.69 208.25 Td (includes fees char) Tj ET Q q 0 0 0 rg BT 269.14 208.25 Td (ged for Pandora Plus and Pandora Premium subscriptions to the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 178.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 178.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 178.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 178.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 178.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 178.25 Td (, Pandora subscriber revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.02 178.25 Td ($134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.02 178.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.46 178.25 Td ($104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.46 178.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 540.12 178.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.12 178.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 166.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 166.25 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 166.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 166.25 Td ($30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.24 166.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.56 166.25 Td (The increase was primarily due to an increase in the number of subscribers and an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (the average price per paid subscriber due to the growth of Pandora Plus and Pandora Premium subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 136.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 136.25 Td (e expect Pandora subscriber revenues to increase based on the growth of our Pandora Plus and Pandora Premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (subscriber base.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Pandora ) Tj ET Q q 0 0 0 rg BT 115.32 742.10 Td (Advertising Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.29 742.10 Td (is generated primarily from audio, display and video advertising.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 724.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 724.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 724.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 724.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 724.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 724.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 724.10 Td (, Pandora advertising revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.36 724.10 Td ($231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.36 724.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.79 724.10 Td ($215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.79 724.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.46 724.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.46 724.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 712.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 712.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 712.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.41 712.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.24 712.10 Td ($16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.24 712.10 Td (. ) Tj ET Q q 0 0 0 rg BT 174.56 712.10 Td (The increase was primarily due to of) Tj ET Q q 0 0 0 rg BT 320.99 712.10 Td (f-platform programmatic advertising revenue related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 700.10 Td (AdsW) Tj ET Q q 0 0 0 rg BT 102.15 700.10 Td (izz acquisition during the second quarter of 2018 and an increase in the average price per ad due to new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 688.10 Td (advertising products, partially of) Tj ET Q q 0 0 0 rg BT 207.34 688.10 Td (fset by a decrease in ad hours resulting in a lower number of ads sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 670.10 Td (e expect our advertising revenue to continue to grow due to our of) Tj ET Q q 0 0 0 rg BT 349.82 670.10 Td (f-platform revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 640.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.19 640.10 Td (otal Consolidated Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.64 616.10 Td (otal Consolidated Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.90 616.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.77 616.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.71 616.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.58 616.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.18 616.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.62 616.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.62 616.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.67 616.10 Td ($1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.17 616.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.61 616.10 Td ($1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.11 616.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.77 616.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.69 604.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.02 604.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.35 604.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.18 604.10 Td ($369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.18 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 169.50 604.10 Td (The increase was driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.40 604.10 Td ($251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.40 604.10 Td ( of additional revenue associated with the inclusion of Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (and the increase in Sirius XM subscriber revenue noted above.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 562.10 Td (Sirius XM Cost of Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (Sirius XM Cost of Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.71 538.10 Td (includes revenue share and royalties, programming and content, customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (and transmission expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 508.10 Td (Sirius XM Revenue Shar) Tj ET Q q 0 0 0 rg BT 175.66 508.10 Td (e and Royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.81 508.10 Td (include royalties for transmitting content and web streaming as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (automaker) Tj ET Q q 0 0 0 rg BT 91.80 496.10 Td (, content provider and advertising revenue share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 472.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 472.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 472.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 472.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 472.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 472.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 472.10 Td (, revenue share and royalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 472.10 Td ($347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 472.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.94 472.10 Td ($310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.94 472.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 542.60 472.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.60 472.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 460.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 460.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 460.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 460.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 460.10 Td ($37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.24 460.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.18 460.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.94 460.10 Td ( as a percentage of total Sirius XM revenue. ) Tj ET Q q 0 0 0 rg BT 412.53 460.10 Td (The increase was driven by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 448.10 Td (increase in our pre-1972 recording royalties, overall greater revenues subject to revenue share with the automakers, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 436.10 Td (higher streaming royalties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 412.10 Td (e expect our revenue share and royalty costs to increase as our revenues grow) Tj ET Q q 0 0 0 rg BT 396.14 412.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 388.10 Td (Sirius XM Pr) Tj ET Q q 0 0 0 rg BT 130.41 388.10 Td (ogramming and Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.69 388.10 Td (includes costs to acquire, create, promote and produce content. ) Tj ET Q q 0 0 0 rg BT 484.30 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.94 388.10 Td (e have entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (into various agreements with third parties for music and non-music programming that require us to pay license fees and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (amounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 340.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 340.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 340.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 340.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 340.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 340.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 340.10 Td (, programming and content expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.29 340.10 Td ($102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.29 340.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.73 340.10 Td ($101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.73 340.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 328.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 328.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 328.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 328.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.01 328.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 328.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.84 328.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.12 328.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.54 328.10 Td ( as a percentage of total Sirius XM revenue. ) Tj ET Q q 0 0 0 rg BT 467.13 328.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.10 Td (primarily driven by slightly higher content licensing costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 292.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 292.10 Td (e expect our Sirius XM programming and content expenses to increase as we of) Tj ET Q q 0 0 0 rg BT 405.53 292.10 Td (fer additional programming, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (renew or replace expiring agreements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 256.10 Td (Sirius XM Customer Service and Billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.32 256.10 Td (includes costs associated with the operation and management of internal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (third party customer service centers, and our subscriber management systems as well as billing and collection costs, bad debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (expense, and transaction fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 208.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 208.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 208.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 208.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 208.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 208.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 208.10 Td (, customer service and billing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.01 208.10 Td ($98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.01 208.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.44 208.10 Td ($94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.44 208.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 196.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 196.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 196.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 196.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 196.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.01 196.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 196.10 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.84 196.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.12 196.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.54 196.10 Td ( as a percentage of total Sirius XM revenue. ) Tj ET Q q 0 0 0 rg BT 467.13 196.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 184.10 Td (driven by increased transaction fees from a lar) Tj ET Q q 0 0 0 rg BT 262.01 184.10 Td (ger subscriber base and higher bad debt expense, partially of) Tj ET Q q 0 0 0 rg BT 503.97 184.10 Td (fset by lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 172.10 Td (call center costs due to lower agent rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 148.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 148.10 Td (e expect our Sirius XM customer service and billing expenses to increase as our subscriber base grows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 124.10 Td (Sirius XM T) Tj ET Q q 0 0 0 rg BT 125.79 124.10 Td (ransmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.63 124.10 Td (consists of costs associated with the operation and maintenance of our terrestrial repeater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (networks; satellites; satellite telemetry) Tj ET Q q 0 0 0 rg BT 202.92 112.10 Td (, tracking and control systems; satellite uplink facilities; studios; and delivery of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (Internet streaming and connected vehicle services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 76.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 76.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 76.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 76.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 76.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 76.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 76.10 Td (, transmission expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.54 76.10 Td ($25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.54 76.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.98 76.10 Td ($22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.98 76.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 512.64 76.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.64 76.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 64.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 64.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 64.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 64.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 64.10 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.24 64.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.18 64.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.94 64.10 Td ( as a percentage of total Sirius XM revenue. ) Tj ET Q q 0 0 0 rg BT 407.53 64.10 Td (The increase was primarily driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 52.10 Td (higher wireless costs associated with our streaming services and higher repeater network costs. ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 742.10 Td (e expect transmission expenses to increase as costs associated with our investment in Internet streaming grow) Tj ET Q q 0 0 0 rg BT 523.48 742.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 718.10 Td (Sirius XM Cost of Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.72 718.10 Td (includes costs from the sale of satellite radios, components and accessories and provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (for inventory allowance attributable to products purchased for resale in our direct to consumer distribution channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 682.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 682.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 682.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 682.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 682.10 Td (, cost of equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.16 682.10 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.16 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 682.10 Td ($7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.60 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 481.26 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.26 682.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.61 682.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.94 682.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.27 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 670.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 670.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.77 670.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.18 670.10 Td ( as a percentage of equipment revenue. ) Tj ET Q q 0 0 0 rg BT 319.76 670.10 Td (The decrease was primarily due to lower direct satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (radio sales to consumers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 634.10 Td (e expect cost of equipment to increase as device sales from our connected vehicle services increase.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 604.10 Td (Pandora Cost of Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 580.10 Td (Pandora Cost of Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.43 580.10 Td (includes revenue share and royalties, programming and content, customer service and billing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (and transmission expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (Pandora Revenue Shar) Tj ET Q q 0 0 0 rg BT 169.38 550.10 Td (e and Royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.03 550.10 Td ( includes licensing fees paid for streaming music or other content to our listeners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (as well as revenue share paid to third party ad servers. ) Tj ET Q q 0 0 0 rg BT 271.13 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 279.77 538.10 Td (e make payments to third party ad servers for the period the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (advertising impressions are delivered or click-through actions occur) Tj ET Q q 0 0 0 rg BT 321.46 526.10 Td (, and accordingly) Tj ET Q q 0 0 0 rg BT 389.95 526.10 Td (, we record this as a cost of service in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (related period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 496.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 496.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 496.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 496.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 496.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 496.10 Td (, revenue share and royalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 496.10 Td ($217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.94 496.10 Td ($222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.94 496.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 542.60 496.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.60 496.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 484.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.41 484.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.74 484.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.07 484.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.90 484.10 Td ($5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.90 484.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.84 484.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.26 484.10 Td ( as a percentage of total Pandora revenue. ) Tj ET Q q 0 0 0 rg BT 396.66 484.10 Td (The decrease was primarily attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 472.10 Td (to lower minimum guarantees related to our direct license agreements with major and independent labels, distributors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 460.10 Td (PROs and publishers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 436.10 Td (e expect our Pandora revenue share and royalty costs to increase as our revenues grow) Tj ET Q q 0 0 0 rg BT 431.41 436.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 418.10 Td (Pandora Pr) Tj ET Q q 0 0 0 rg BT 124.13 418.10 Td (ogramming and Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.41 418.10 Td (includes costs to produce live listener events and promote content.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 400.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 400.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 400.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 400.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 400.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 400.10 Td (, programming and content expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.29 400.10 Td ($4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.29 400.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.73 400.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.73 400.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.73 400.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.42 400.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 388.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 388.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.16 388.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.99 388.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.99 388.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.93 388.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.68 388.10 Td ( as a percentage of total Pandora revenue. ) Tj ET Q q 0 0 0 rg BT 368.09 388.10 Td (The increase was primarily attributable to costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 376.10 Td (associated to ) Tj ET Q q 0 0 0 rg BT 130.32 376.10 Td (AdsW) Tj ET Q q 0 0 0 rg BT 155.47 376.10 Td (izz which was acquired during the second quarter of 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 352.10 Td (e expect our Pandora programming and content costs to increase as we continue to produce live listener events and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (promotions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (Pandora Customer Service and Billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.54 322.10 Td ( includes transaction fees on subscription purchases through mobile app stores, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (and bad debt expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 292.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 292.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 292.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 292.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 292.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 292.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 292.10 Td (, customer service and billing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.01 292.10 Td ($23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.01 292.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.44 292.10 Td ($20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.44 292.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 280.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 280.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 280.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 280.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 280.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 280.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 280.10 Td ($3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.84 280.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.78 280.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.54 280.10 Td ( as a percentage of total Pandora revenue. ) Tj ET Q q 0 0 0 rg BT 462.94 280.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 268.10 Td (primarily driven by higher bad debt expense and increased transaction fees from a lar) Tj ET Q q 0 0 0 rg BT 418.07 268.10 Td (ger user base.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 250.10 Td (e expect our Pandora customer service and billing costs to increase as our subscriber base grows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 232.10 Td (Pandora T) Tj ET Q q 0 0 0 rg BT 119.51 232.10 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.85 232.10 Td ( includes costs associated with content streaming, maintaining our streaming radio and on-demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (subscription services and creating and serving advertisements through third-party ad servers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 202.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 202.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 202.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 202.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 202.10 Td (, transmission expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.54 202.10 Td ($1) Tj ET Q q 0 0 0 rg BT 420.17 202.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.17 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.61 202.10 Td ($12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.61 202.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 512.27 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.27 202.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.62 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 190.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.16 190.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.99 190.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.99 190.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.93 190.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.34 190.10 Td ( as a percentage of total Pandora revenue. ) Tj ET Q q 0 0 0 rg BT 359.75 190.10 Td (The decrease was primarily driven by lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.10 Td (advertisement serving costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 160.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 160.10 Td (e expect our Pandora transmission costs to increase with growth in our subscriber base and ) Tj ET Q q 0 0 0 rg BT 450.83 160.10 Td (AdsW) Tj ET Q q 0 0 0 rg BT 475.98 160.10 Td (izz service.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 130.10 Td (Operating Costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 106.10 Td (Subscriber ) Tj ET Q q 0 0 0 rg BT 123.65 106.10 Td (Acquisition Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.43 106.10 Td (are costs only associated with Sirius XM and include hardware subsidies paid to radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (manufacturers, distributors and automakers; subsidies paid for chipsets and certain other components used in manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (radios; device royalties for certain radios and chipsets; product warranty obligations; and freight. ) Tj ET Q q 0 0 0 rg BT 439.70 82.10 Td (The majority of subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (acquisition costs are incurred and expensed in advance of acquiring a subscriber) Tj ET Q q 0 0 0 rg BT 370.16 70.10 Td (. Subscriber acquisition costs do not include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (advertising costs, marketing, loyalty payments to distributors and dealers of satellite radios or revenue share payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (automakers and retailers of satellite radios. ) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 742.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 742.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 742.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 742.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 742.10 Td (, subscriber acquisition costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.37 742.10 Td ($108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.37 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 742.10 Td ($123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.46 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.46 742.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.41 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.74 730.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.07 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.90 730.10 Td ($15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.90 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.84 730.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.26 730.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 371.39 730.10 Td (The decrease was driven by reductions to OEM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (hardware subsidy rates, lower subsidized costs related to the transition of chipsets, and a decrease in the volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (satellite radio installations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 682.10 Td (e expect subscriber acquisition costs to fluctuate with OEM installations; however) Tj ET Q q 0 0 0 rg BT 415.05 682.10 Td (, the subsidized chipsets cost is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (expected to decline as we transition to a new generation of chipsets.) Tj ET Q q 0 0 0 rg BT 326.39 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.03 670.10 Td (e intend to continue to of) Tj ET Q q 0 0 0 rg BT 435.10 670.10 Td (fer subsidies and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (incentives to induce OEMs to include our technology in their vehicles. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 634.10 Td (Sales and Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.26 634.10 Td (includes costs for marketing, advertising, media and production, including promotional events and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (sponsorships; cooperative marketing; and personnel related costs including salaries, commissions, and sales support. Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (costs include expenses related to direct mail, outbound telemarketing, email communications, and artist marketing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 586.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 586.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 586.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 586.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 586.10 Td (, sales and marketing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.40 586.10 Td ($219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.40 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.84 586.10 Td ($206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.84 586.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 551.50 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.69 574.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 574.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.35 574.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.18 574.10 Td ($13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.18 574.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.46 574.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.88 574.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 375.01 574.10 Td (The increase was primarily due to additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (subscriber communications, retention programs and acquisition campaigns, as well as higher personnel-related costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 538.10 Td (e anticipate that sales and marketing expenses will increase as we expand programs to retain our existing subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (win back former subscribers, and attract new subscribers and listeners. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 502.10 Td (Engineering, Design and Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.02 502.10 Td (consists primarily of compensation and related costs to develop chipsets and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (products and services, including streaming and connected vehicle services, research and development for broadcast information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (systems and costs associated with the incorporation of our radios into new vehicles manufactured by automakers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 454.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 454.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 454.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 454.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 454.10 Td (, engineering, design and development expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.38 454.10 Td ($68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.38 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.82 454.10 Td ($62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.82 454.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 442.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 442.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 442.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 442.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 442.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 442.10 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.84 442.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.78 442.10 Td (remained flat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.81 442.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 440.45 442.10 Td (The increase was driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (higher personnel-related costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 406.10 Td (e expect engineering, design and development expenses to increase in future periods as we continue to develop our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (infrastructure, products and services. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 370.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 130.59 370.10 Td (Administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.97 370.10 Td (primarily consists of compensation and related costs for personnel and facilities, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (include costs related to our finance, legal, human resources and information technologies departments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 334.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 334.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 334.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 334.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 334.10 Td (, general and administrative expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 334.10 Td ($151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.05 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.49 334.10 Td ($129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.49 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 322.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 322.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 322.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 322.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 322.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 322.10 Td ($22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.84 322.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.78 322.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.54 322.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 432.67 322.10 Td (The increase was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (driven by a one-time $25 legal settlement reserve for Do-Not-Call litigation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 286.10 Td (e expect our general and administrative expenses to increase to support the growth of our business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 262.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 98.18 262.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 150.21 262.10 Td (Amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.94 262.10 Td (represents the recognition in earnings of the cost of assets used in operations, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (our satellite constellations, property) Tj ET Q q 0 0 0 rg BT 192.65 250.10 Td (, equipment and intangible assets, over their estimated service lives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 226.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 226.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 226.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 226.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 226.10 Td (, depreciation and amortization expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.61 226.10 Td ($122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.61 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.05 226.10 Td ($1) Tj ET Q q 0 0 0 rg BT 520.68 226.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.68 226.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 214.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 214.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 214.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 214.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.01 214.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 214.10 Td ($9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.84 214.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.78 214.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.20 214.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 424.33 214.10 Td (The increase was driven by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.10 Td (additional amortization associated with the acquired intangible assets recorded as part of the Pandora ) Tj ET Q q 0 0 0 rg BT 482.98 202.10 Td (Acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 120.97 190.10 Td (fset by normal depreciation associated with assets revalued in purchase accounting.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 160.10 Td (Other Income \(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 142.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 97.07 142.10 Td (est Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.49 142.10 Td (includes interest on outstanding debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 118.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 118.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 118.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 118.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 118.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 118.10 Td (, interest expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 118.10 Td ($91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.09 118.10 Td ($97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 118.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 483.75 118.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 118.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 118.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.43 118.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.76 118.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 106.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 106.10 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 106.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.15 106.10 Td (The decrease was primarily due lower average debt outstanding and an increase in the amount of capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (interest due to increased spending on the construction of new satellites. ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Loss on Extinguishment of Debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.77 742.10 Td (includes losses incurred as a result of the redemption of certain debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 718.10 Td (e recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.99 718.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.99 718.10 Td ( loss on extinguishment of debt during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.08 718.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.02 718.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.89 718.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.49 718.10 Td ( due to the repurchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td ($151 principal amount of Pandora's 1.75% Convertible Senior Notes due 2020. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.29 706.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.23 706.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.60 694.10 Td ( Pandora recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.78 694.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.78 694.10 Td ( loss on the cancellation of their convertible subordinated promissory note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (receivable. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 658.10 Td (Other Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.76 658.10 Td (primarily) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.97 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.47 658.10 Td (includes realized and unrealized gains and losses, interest and dividend income, our share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (income or loss from our equity investments, and transaction costs related to non-operating investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 622.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 622.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 622.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 622.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 622.10 Td (, other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.99 622.10 Td ($5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.99 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.43 622.10 Td ($38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.43 622.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 467.09 622.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.70 622.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.63 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.38 610.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.98 610.10 Td (, we recorded our share of Sirius XM Canada's net gain, interest earned on our loan to Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (Canada, the change in the fair value of the Pandora 2023 notes and trading gains associated with the investments held for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (our Deferred Compensation Plan, partially of) Tj ET Q q 0 0 0 rg BT 257.88 586.10 Td (fset by losses on other investments. For the three months ended March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (2018, we recorded an unrealized gain of $31 from a fair value adjustment of our investment in Pandora, interest earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (on our loan to Sirius XM Canada, and our share of Sirius XM Canada's net income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 532.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.80 532.10 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 514.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.57 514.10 Td (ax Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.33 514.10 Td (includes the change in our deferred tax assets, foreign withholding taxes and current federal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (state tax expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 484.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 484.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 484.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 484.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 484.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 484.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 484.10 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.37 484.10 Td ($87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 484.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 484.10 Td ($41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 484.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.46 484.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 460.10 Td (Our ef) Tj ET Q q 0 0 0 rg BT 102.64 460.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.42 460.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.35 460.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.23 460.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.83 460.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.27 460.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.27 460.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.82 460.10 Td (32.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 460.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.09 460.10 Td (19.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.92 460.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 521.58 460.10 Td (. ) Tj ET Q q 0 0 0 rg BT 528.90 460.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 448.10 Td (ef) Tj ET Q q 0 0 0 rg BT 84.59 448.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.37 448.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.30 448.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.18 448.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.78 448.10 Td ( was primarily impacted by the increase to the valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 436.10 Td (allowance related to the federal research and development credits that are no longer expected to be realizable. ) Tj ET Q q 0 0 0 rg BT 520.21 436.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 424.10 Td (ef) Tj ET Q q 0 0 0 rg BT 84.59 424.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.37 424.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.30 424.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.18 424.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.78 424.10 Td ( was primarily impacted by the recognition of excess tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 412.10 Td (benefits related to share based compensation. ) Tj ET Q q 0 0 0 rg BT 262.86 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.50 412.10 Td (e estimate our ef) Tj ET Q q 0 0 0 rg BT 337.68 412.10 Td (fective tax rate for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.88 412.10 Td (December31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.47 412.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 400.10 Td (will be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.25 400.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.58 400.10 Td (. Pro forma income tax expense for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.09 400.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.02 400.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.90 400.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 400.10 Td ( included income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 388.10 Td (tax benefit of $39 resulting from the Pandora ) Tj ET Q q 0 0 0 rg BT 259.18 388.10 Td (Acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 364.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.90 364.10 Td (, in connection with the Pandora ) Tj ET Q q 0 0 0 rg BT 258.26 364.10 Td (Acquisition, we acquired gross NOL) Tj ET Q q 0 0 0 rg BT 404.81 364.10 Td ( carryforwards of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 352.10 Td ($1,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 352.10 Td ( for federal income tax purposes available to of) Tj ET Q q 0 0 0 rg BT 293.13 352.10 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 404.57 352.10 Td (The acquired NOL's are limited by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 340.10 Td (Section 382 of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 252.05 340.10 Td (Those limitations are not expected to impact our ability to fully utilize those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.10 Td (NOL's within the carryforward period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Footnotes to Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 280.10 Td (The following tables reconcile our GAAP) Tj ET Q q 0 0 0 rg BT 245.08 280.10 Td ( results of operations to our non-GAAP) Tj ET Q q 0 0 0 rg BT 402.47 280.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.97 280.10 Td (pr) Tj ET Q q 0 0 0 rg BT 413.49 280.10 Td (o forma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.88 280.10 Td ( results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.93 268.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 268.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 268.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.85 268.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.85 268.10 Td ( which includes the Pandora pre-acquisition financial information. ) Tj ET Q q 0 0 0 rg BT 503.59 268.10 Td (These pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (forma results are based on estimates and assumptions, which we believe are reasonable. ) Tj ET Q q 0 0 0 rg BT 405.81 256.10 Td (They are not the results that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (have been realized had the acquisition actually occurred on January 1, 2018 and are not indicative of our consolidated results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (operations in future periods. ) Tj ET Q q 0 0 0 rg BT 167.57 232.10 Td (The pro forma results primarily include adjustments related to amortization of acquired intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (assets, depreciation of property and equipment, acquisition costs and associated tax impacts.) 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0.9333333333333333 1 rg /GS0 gs 499.50 223.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 223.50 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 195.50 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 195.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 195.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 195.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 195.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 195.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 195.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 195.50 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 195.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 195.50 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 167.50 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 167.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 167.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 167.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 167.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 167.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 167.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 167.50 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 167.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 167.50 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 139.50 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 139.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 139.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 139.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 139.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 139.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 139.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 139.50 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 139.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 139.50 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 111.50 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 111.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 111.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 111.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 111.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 111.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 111.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 111.50 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 111.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 111.50 58.00 -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 274.5 734.5 m 331.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 734.5 m 335.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 734.5 m 395.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 734.5 m 399.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 734.5 m 474.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 734.5 m 478.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 734.5 m 499.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 734.5 m 503.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 734.5 m 561.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 699.5 m 331.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 699.5 m 395.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 699.5 m 474.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 699.5 m 499.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 699.5 m 561.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 699.5 m 395.5 699.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 615.5 m 331.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 601.5 m 331.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 615.5 m 395.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 601.5 m 395.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 615.5 m 474.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 601.5 m 474.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 615.5 m 561.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 601.5 m 561.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 559.5 m 331.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 545.5 m 331.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 559.5 m 395.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 545.5 m 395.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 559.5 m 474.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 545.5 m 474.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 559.5 m 561.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 545.5 m 561.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 531.5 m 331.5 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 531.5 m 395.5 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 531.5 m 474.5 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 531.5 m 561.5 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 433.5 m 331.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 433.5 m 395.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 433.5 m 474.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 433.5 m 561.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 433.5 m 331.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 419.5 m 331.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 433.5 m 395.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 419.5 m 395.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 433.5 m 474.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 419.5 m 474.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 433.5 m 561.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 419.5 m 561.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 349.5 m 331.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 335.5 m 331.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 349.5 m 395.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 335.5 m 395.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 349.5 m 474.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 335.5 m 474.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 349.5 m 561.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 335.5 m 561.5 335.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 237.5 m 331.5 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 237.5 m 395.5 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 237.5 m 474.5 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 237.5 m 561.5 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 223.5 m 331.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 223.5 m 395.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 223.5 m 474.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 223.5 m 561.5 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 153.5 m 331.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 153.5 m 395.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 153.5 m 474.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 153.5 m 561.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 139.5 m 331.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 139.5 m 395.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 139.5 m 474.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 139.5 m 561.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 111.5 m 331.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 98.5 m 331.5 98.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 96.5 m 331.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 111.5 m 395.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 98.5 m 395.5 98.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 96.5 m 395.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 111.5 m 474.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 98.5 m 474.5 98.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 96.5 m 474.5 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 111.5 m 561.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 98.5 m 561.5 98.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 96.5 m 561.5 96.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.30 738.73 Td (Unaudited for) Tj ET Q q 0 0 0 rg BT 370.45 738.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 384.97 738.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 398.17 738.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 474.68 738.73 Td (ch 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.05 703.73 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.05 726.58 Td (Pandora Pr) Tj ET Q q 0 0 0 rg BT 381.68 726.58 Td (e-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.40 718.58 Td (Acquisition ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.95 710.58 Td (Financial ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.40 702.58 Td (Information \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.90 719.73 Td (Pur) Tj ET Q q 0 0 0 rg BT 423.64 719.73 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 711.73 Td (Accounting and Pr) Tj ET Q q 0 0 0 rg BT 466.60 711.73 Td (o) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.35 703.73 Td (Forma ) Tj ET Q q 0 0 0 rg BT 427.01 703.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.50 703.73 Td (Ref) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.30 703.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 521.59 703.73 Td (o Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 690.06 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 676.07 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 662.07 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 662.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 662.07 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 662.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 662.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 662.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 662.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 662.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 662.07 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 648.07 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 648.07 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 648.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 648.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 648.07 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 634.07 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 634.07 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 634.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 634.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 634.07 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 620.07 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 620.07 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 620.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 620.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 620.07 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 620.07 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 606.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 606.07 Td (otal Sirius XM revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 606.07 Td (1,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 606.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 606.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 606.07 Td (1,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.07 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 578.07 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 578.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 578.07 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 578.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 578.07 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 564.07 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 564.07 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 564.07 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 564.07 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 550.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 550.07 Td (otal Pandora revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 550.07 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 550.07 Td (1) Tj ET Q q 0 0 0 rg BT 381.65 550.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 550.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 550.07 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 536.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 536.07 Td (otal consolidated revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 536.07 Td (1,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 536.07 Td (1) Tj ET Q q 0 0 0 rg BT 381.65 536.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 536.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 536.07 Td (1,860) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 522.06 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.07 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 494.07 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 494.07 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 494.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 494.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 494.07 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 480.07 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 480.07 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 480.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 480.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 480.07 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 466.07 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 466.07 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 466.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 466.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 466.07 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 452.07 Td (T) Tj ET Q q 0 0 0 rg BT 69.93 452.07 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 452.07 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 452.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 452.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 452.07 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 438.07 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 438.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 438.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 438.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 438.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 424.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 424.07 Td (otal Sirius XM cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 424.07 Td (578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 424.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 424.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 424.07 Td (578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 410.07 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 396.07 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 396.07 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 396.07 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 396.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 396.07 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 396.07 Td (217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 382.07 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 382.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 382.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 382.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 382.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 368.07 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 368.07 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 368.07 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 368.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 368.07 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 354.07 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 354.07 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 354.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 354.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 354.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 354.07 Td (1) Tj ET Q q 0 0 0 rg BT 552.65 354.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 340.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.41 340.07 Td (otal Pandora cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 340.07 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 340.07 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 340.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 340.07 Td (255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 326.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 326.07 Td (otal consolidated cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 326.07 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 326.07 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 326.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 326.07 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 312.07 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 312.07 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 312.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 312.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 312.07 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 298.07 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 298.07 Td (183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 298.07 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 298.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 298.07 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 284.07 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 284.07 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 284.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 284.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 284.07 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 270.07 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 270.07 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 270.07 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 270.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 270.07 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 256.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 256.07 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 256.07 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 256.07 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 256.07 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 256.07 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 242.07 Td (Acquisition and other related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 242.07 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 242.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 242.12 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 242.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 242.07 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 242.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 228.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 228.07 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 228.07 Td (1,41) Tj ET Q q 0 0 0 rg BT 322.65 228.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 228.07 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 228.12 Td (\(67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 228.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 228.07 Td (1,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 214.07 Td (Income \(loss\) from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 214.07 Td (333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 214.12 Td (\(43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 214.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 214.07 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 214.07 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 200.07 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 186.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 186.12 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 186.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 186.12 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 186.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 186.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 186.12 Td (\(91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 186.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 172.07 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 172.12 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 172.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 172.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 172.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 172.12 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 172.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 158.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 158.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 158.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 158.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 158.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 144.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 144.07 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 144.12 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 144.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 144.12 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 144.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 144.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 144.12 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 144.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 130.07 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 130.07 Td (247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 130.12 Td (\(44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 130.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 130.07 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 130.07 Td (272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 116.07 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 116.12 Td (\(81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 116.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 116.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 116.12 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 116.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 116.07 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 116.12 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 116.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 102.07 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 102.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 102.07 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 102.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 102.12 Td (\(44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 102.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 102.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 102.07 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 102.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 102.07 Td (185) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 87.20 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 77.00 87.20 Td (Represents Pandora) Tj ET Q q 0 0 0 rg BT 150.73 87.20 Td (s results for the period January 1, 2019 through January 31, 2019.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 76.45 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 77.00 76.45 Td (This adjustment eliminates the impact of additional revenue associated with certain programming agreements recorded as part of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 65.65 Td (XM Mer) Tj ET Q q 0 0 0 rg BT 108.58 65.65 Td (ger) Tj ET Q q 0 0 0 rg BT 119.58 65.65 Td (.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 742.80 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 77.00 742.80 Td (This adjustment includes the impact of additional expense associated with minimum guarantee royalty contracts recorded as part of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 732.00 Td (the Pandora ) Tj ET Q q 0 0 0 rg BT 121.49 732.00 Td (Acquisition.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 721.20 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 77.00 721.20 Td (This adjustment includes the impact of the additional amortization associated with the acquired intangible assets recorded as part of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 710.40 Td (the Pandora ) Tj ET Q q 0 0 0 rg BT 121.49 710.40 Td (Acquisition that are subject to amortization, partially of) Tj ET Q q 0 0 0 rg BT 321.27 710.40 Td (fset by normal depreciation associated with assets revalued in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 699.60 Td (purchase accounting.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 688.80 Td (\(e\) ) Tj ET Q q 0 0 0 rg BT 77.00 688.80 Td (This adjustment eliminates the impact of acquisition and other related costs.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 678.00 Td (\(f\) ) Tj ET Q q 0 0 0 rg BT 77.00 678.00 Td (This adjustment to income taxes was calculated by applying Sirius XM's statutory tax rate at March 31, 2019 to the pro forma ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 667.20 Td (adjustments of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.99 667.20 Td ($69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.49 667.20 Td ( and Pandora's pre-acquisition loss before income tax of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.31 667.20 Td ($\(44\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.80 667.20 Td (.) 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0.9333333333333333 1 rg /GS0 gs 395.50 136.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 136.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 136.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 136.50 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 136.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 136.50 58.00 -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 274.5 734.5 m 331.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 734.5 m 335.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 734.5 m 395.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 734.5 m 399.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 734.5 m 474.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 734.5 m 478.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 734.5 m 499.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 734.5 m 503.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 734.5 m 561.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 696.5 m 331.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 696.5 m 395.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 696.5 m 474.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 696.5 m 499.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 696.5 m 561.5 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 612.5 m 331.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 598.5 m 331.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 612.5 m 395.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 598.5 m 395.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 612.5 m 474.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 598.5 m 474.5 598.5 l s 0 0 0 RG 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474.68 738.73 Td (ch 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.05 700.73 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.05 724.73 Td (Pandora Pr) Tj ET Q q 0 0 0 rg BT 381.68 724.73 Td (e-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.40 716.73 Td (Acquisition ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.95 708.73 Td (Financial ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.40 700.73 Td (Information \(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.90 716.73 Td (Pur) Tj ET Q q 0 0 0 rg BT 423.64 716.73 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.30 708.73 Td (Accounting and Pr) Tj ET Q q 0 0 0 rg BT 466.60 708.73 Td (o) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.35 700.73 Td (Forma ) Tj ET Q q 0 0 0 rg BT 427.01 700.73 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.50 700.73 Td (Ref) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.30 700.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 521.59 700.73 Td (o Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 687.06 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 673.07 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 659.07 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 659.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 659.07 Td (1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 659.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 659.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 659.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 659.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 659.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 659.07 Td (1,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 645.07 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 645.07 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 645.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 645.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 645.07 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 631.07 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 631.07 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 631.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 631.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 631.07 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 617.07 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 617.07 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 617.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 617.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 617.07 Td (\(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 617.07 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 603.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 603.07 Td (otal Sirius XM revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 603.07 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 603.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 603.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 603.07 Td (1,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.07 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 575.07 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 575.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 575.07 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 575.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 575.07 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 561.07 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 561.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 561.07 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 561.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 561.07 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 547.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 547.07 Td (otal Pandora revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 547.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 547.07 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 547.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 547.07 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 533.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 533.07 Td (otal consolidated revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 533.07 Td (1,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 533.07 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 533.07 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 533.07 Td (1,697) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 519.06 Td (Cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 505.07 Td (Sirius XM:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 491.07 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 491.07 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 491.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 491.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 491.07 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 477.07 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 477.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 477.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 477.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 477.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 463.07 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 463.07 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 463.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 463.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 463.07 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 449.07 Td (T) Tj ET Q q 0 0 0 rg BT 69.93 449.07 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 449.07 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 449.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 449.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 449.07 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 435.07 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 435.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 435.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 435.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 435.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 421.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 421.07 Td (otal Sirius XM cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 421.07 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 421.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 421.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 421.07 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 407.07 Td (Pandora:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 393.07 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 393.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 393.07 Td (222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 393.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 393.07 Td (222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 379.07 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 379.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 379.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 379.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 379.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 365.07 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 365.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 365.07 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 365.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 365.07 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 351.07 Td (T) Tj ET Q q 0 0 0 rg BT 69.76 351.07 Td (ransmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 351.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 351.07 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 351.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 351.07 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 337.07 Td (T) Tj ET Q q 0 0 0 rg BT 81.41 337.07 Td (otal Pandora cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 337.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 337.07 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 337.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 337.07 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 323.07 Td (otal consolidated cost of services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 323.07 Td (534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 323.07 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 323.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 323.07 Td (790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 309.07 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 309.07 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 309.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 309.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 309.07 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 295.07 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 295.07 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 295.07 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 295.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 295.07 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 281.07 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 281.07 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 281.07 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 281.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 281.07 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 267.07 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 267.07 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 267.07 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 267.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 267.07 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 253.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 253.07 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 253.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 253.07 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 253.07 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 253.07 Td (1) Tj ET Q q 0 0 0 rg BT 547.65 253.07 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 239.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 239.07 Td (otal operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 239.07 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 239.07 Td (444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 239.07 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 239.07 Td (1,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 225.07 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 225.07 Td (423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 225.12 Td (\(125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 225.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 225.12 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 225.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 225.07 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 211.07 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 197.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 197.12 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 197.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 197.12 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 197.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 197.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 197.12 Td (\(97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 197.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 183.07 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 183.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 183.12 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 183.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 183.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 183.12 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 183.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 169.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 169.07 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 169.07 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 169.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 169.07 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 155.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.76 155.07 Td (otal other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 155.12 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 155.12 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 155.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 155.12 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 141.07 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 141.07 Td (369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 141.12 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 141.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 141.12 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 141.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 141.07 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 127.07 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 127.12 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 127.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 127.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 127.07 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 127.07 Td (\(j\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 127.12 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 127.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 112.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 112.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 112.17 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 112.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 112.22 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 112.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 112.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 112.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 112.17 Td (172) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 97.20 Td (\(g\) ) Tj ET Q q 0 0 0 rg BT 77.00 97.20 Td (Represents Pandora) Tj ET Q q 0 0 0 rg BT 150.73 97.20 Td (s results for the period January 1, 2018 through March 31, 2018.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 86.45 Td (\(h\) ) Tj ET Q q 0 0 0 rg BT 77.00 86.45 Td (This adjustment eliminates the impact of additional revenue associated with certain programming agreements recorded as part of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 75.65 Td (XM Mer) Tj ET Q q 0 0 0 rg BT 108.58 75.65 Td (ger) Tj ET Q q 0 0 0 rg BT 119.58 75.65 Td (.) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 742.80 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 77.00 742.80 Td (This adjustment includes the impact of the additional amortization associated with the acquired intangible assets recorded as part of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 732.00 Td (the Pandora ) Tj ET Q q 0 0 0 rg BT 121.49 732.00 Td (Acquisition that are subject to amortization, partially of) Tj ET Q q 0 0 0 rg BT 321.27 732.00 Td (fset by normal depreciation associated with assets revalued in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 721.20 Td (purchase accounting.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.40 Td (\(j\) ) Tj ET Q q 0 0 0 rg BT 77.00 710.40 Td (This adjustment to income taxes was calculated by applying Sirius XM's statutory tax rate at March 31, 2018 to the pro forma ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 699.60 Td (adjustments of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.99 699.60 Td ($\(24\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.49 699.60 Td ( and Pandora's loss before income tax of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.07 699.60 Td ($\(132\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.06 699.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.80 Td (Key Financial and Operating Performance Metrics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 652.80 Td (In this section, we present certain financial performance measures some of which are presented as Non-GAAP) Tj ET Q q 0 0 0 rg BT 519.69 652.80 Td ( items, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.80 Td (which include free cash flow and adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 264.75 640.80 Td (W) Tj ET Q q 0 0 0 rg BT 273.39 640.80 Td (e also present certain operating performance measures. Our adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.80 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 628.80 Td ( excludes the impact of share-based payment expense and certain purchase price accounting adjustments related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.80 Td (mer) Tj ET Q q 0 0 0 rg BT 65.37 616.80 Td (ger of Sirius and XM \(the "XM Mer) Tj ET Q q 0 0 0 rg BT 210.08 616.80 Td (ger"\) and the Pandora ) Tj ET Q q 0 0 0 rg BT 299.13 616.80 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 352.74 616.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 402.65 616.80 Td (, when applicable, our adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.80 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 604.80 Td ( metric excludes the ef) Tj ET Q q 0 0 0 rg BT 176.44 604.80 Td (fect of significant items that do not relate to the on-going performance of our business.) Tj ET Q q 0 0 0 rg BT 528.11 604.80 Td (W) Tj ET Q q 0 0 0 rg BT 536.74 604.80 Td (e use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.80 Td (these Non-GAAP) Tj ET Q q 0 0 0 rg BT 120.45 592.80 Td ( financial and operating performance measures to manage our business, to set operational goals and as a basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.80 Td (for determining performance-based compensation for our employees. See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.46 580.80 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.46 580.80 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.57 580.80 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.57 580.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.80 Td (for more details and for the reconciliation to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 375.08 568.80 Td ( measure \(where applicable\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 544.80 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 544.80 Td (e believe these Non-GAAP) Tj ET Q q 0 0 0 rg BT 195.40 544.80 Td ( financial and operating performance measures provide useful information to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.80 Td (regarding our financial condition and results of operations. ) Tj ET Q q 0 0 0 rg BT 287.25 532.80 Td (W) Tj ET Q q 0 0 0 rg BT 295.89 532.80 Td (e believe these Non-GAAP) Tj ET Q q 0 0 0 rg BT 404.65 532.80 Td ( financial and operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.80 Td (measures may be useful to investors in evaluating our core trends because they provide a more direct view of our underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.80 Td (costs. ) Tj ET Q q 0 0 0 rg BT 74.82 508.80 Td (W) Tj ET Q q 0 0 0 rg BT 83.46 508.80 Td (e believe investors may use our adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 283.69 508.80 Td ( to estimate our current enterprise value and to make investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.80 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 92.04 496.80 Td (W) Tj ET Q q 0 0 0 rg BT 100.67 496.80 Td (e believe free cash flow provides useful supplemental information to investors regarding our cash available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.80 Td (future subscriber acquisitions and capital expenditures, to repurchase or retire debt, to acquire other companies and our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.80 Td (to return capital to stockholders. By providing these Non-GAAP) Tj ET Q q 0 0 0 rg BT 310.14 472.80 Td ( financial and operating performance measures, together with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.80 Td (the reconciliations to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 282.07 460.80 Td ( measure \(where applicable\), we believe we are enhancing investors' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.80 Td (understanding of our business and our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 424.80 Td (Our Non-GAAP) Tj ET Q q 0 0 0 rg BT 143.46 424.80 Td ( financial measures should be viewed in addition to, and not as an alternative for or superior to, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.80 Td (reported results prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 256.04 412.80 Td (.In addition, our Non-GAAP) Tj ET Q q 0 0 0 rg BT 375.38 412.80 Td ( financial measures may not be comparable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.80 Td (similarly-titled measures by other companies.Please refer to the glossary \(pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.29 400.80 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.29 400.80 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.40 400.80 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.40 400.80 Td (\) for a further discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.80 Td (such Non-GAAP) Tj ET Q q 0 0 0 rg BT 118.24 388.80 Td ( financial and operating performance measures and reconciliations to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 542.44 388.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.80 Td (measure \(where applicable\). Subscribers and subscription related revenues and expenses associated with our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.80 Td (services and Sirius XM Canada are not included in our subscriber count or subscriber) Tj ET Q q 0 0 0 rg BT 391.66 364.80 Td (-based operating metrics.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Set forth below are our subscriber balances as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.38 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.88 742.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.47 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.97 742.10 Td (compared to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.68 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.18 742.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.77 742.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 693.60 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 693.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 693.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 693.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 693.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 693.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 693.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 693.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 665.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 665.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 665.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 665.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 665.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.60 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 636.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 636.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 636.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 636.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 636.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 636.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 636.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 220.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 608.60 68.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 608.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 608.60 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 608.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 608.60 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 608.60 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 608.60 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 586.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 586.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 586.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 586.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 586.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 558.60 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 558.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 558.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 558.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 558.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 558.60 70.00 -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 270.5 706.6 m 338.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 706.6 m 342.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 706.6 m 412.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 706.6 m 486.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 706.6 m 490.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 706.6 m 560.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 706.6 m 338.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 693.6 m 338.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 706.6 m 342.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 706.6 m 412.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 693.6 m 412.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 706.6 m 486.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 693.6 m 486.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 706.6 m 490.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 706.6 m 560.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 693.6 m 560.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 650.6 m 338.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 650.6 m 412.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 650.6 m 338.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 650.6 m 412.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 544.6 m 338.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 544.6 m 412.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 544.6 m 338.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 544.6 m 412.5 544.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.70 710.83 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 348.28 710.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 710.83 Td (2019 vs 2018 Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 697.85 Td (\(subscribers in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.00 697.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.95 697.83 Td (2018 ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 382.95 701.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 697.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.00 697.83 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 684.05 Td (Sirius XM) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 670.06 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 670.06 Td (29,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.25 670.06 Td (27,720) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 670.06 Td (1,326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 670.06 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 670.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 655.06 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 655.06 Td (5,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 655.06 Td (5,347) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 655.06 Td (\(222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 655.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.00 655.06 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 655.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 641.06 Td (Ending subscribers ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 135.99 644.68 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 641.06 Td (34,171) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.25 641.06 Td (33,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 641.06 Td (1,105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 641.06 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 641.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 627.06 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 627.06 Td (raf) Tj ET Q q 0 0 0 rg BT 80.01 627.06 Td (fic users) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 627.06 Td (8,849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 627.06 Td (7,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 627.06 Td (1,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 627.06 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 627.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 613.06 Td (Sirius XM Canada subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 613.06 Td (2,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 613.06 Td (2,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 613.06 Td (31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 613.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 613.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 591.05 Td (Pandora) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 577.06 Td (Active users - all services) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 577.06 Td (66,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.25 577.06 Td (72,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 577.06 Td (\(6,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 577.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.00 577.06 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 577.06 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 563.06 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 563.06 Td (6,160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 563.06 Td (5,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 563.06 Td (534) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 563.06 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 563.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 549.06 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.50 549.06 Td (736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 549.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 549.06 Td (736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.45 549.06 Td (nm) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 535.06 Td (Ending subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 535.06 Td (6,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 535.06 Td (5,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 535.06 Td (1,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 535.06 Td (23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.50 535.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 520.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 77.00 520.30 Td (Includes Pandora's results as of March 31, 2018.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 509.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 77.00 509.50 Td (Amounts may not sum as a result of rounding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 485.50 Td (The following table contains our Non-GAAP) Tj ET Q q 0 0 0 rg BT 257.43 485.50 Td ( financial and operating performance measures which are based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.50 Td (adjusted results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.30 473.50 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.23 473.50 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.11 473.50 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.71 473.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.14 473.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.14 473.50 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 425.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 425.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 425.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 425.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 425.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 425.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 425.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 425.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 397.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 397.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 397.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 397.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 397.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 397.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 397.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 397.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 369.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 369.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 369.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 369.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 369.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 369.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 369.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 369.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 341.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 341.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 341.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 341.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 341.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 341.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 341.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 341.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 312.00 220.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 312.00 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 312.00 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 312.00 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 312.00 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 312.00 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 312.00 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 312.00 70.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 290.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 290.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 290.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 290.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 290.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 290.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 290.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 290.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 262.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 262.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 262.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 262.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 262.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 262.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 262.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 262.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 234.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 234.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 234.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 234.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 234.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 234.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 234.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 234.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 206.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 206.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 206.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 206.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 206.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 206.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 206.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 206.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 178.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 178.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 178.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 178.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 178.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 178.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 178.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 178.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 155.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 155.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 155.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 155.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 155.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 155.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 155.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 155.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 127.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 127.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 127.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 127.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 127.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 127.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 127.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 127.00 70.00 -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 269.5 438 m 339.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 438 m 343.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 438 m 413.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 438 m 487.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 438 m 491.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 438 m 561.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 438 m 339.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 425 m 339.5 425 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 438 m 343.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 438 m 413.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 425 m 413.5 425 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 438 m 487.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 425 m 487.5 425 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 438 m 491.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 438 m 561.5 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 425 m 561.5 425 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 383 m 339.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 383 m 413.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 383 m 339.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 383 m 413.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 262 m 339.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 262 m 339.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 262 m 413.5 262 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.70 442.23 Td (For) Tj ET Q q 0 0 0 rg BT 285.07 442.23 Td ( the ) Tj ET Q q 0 0 0 rg BT 299.58 442.23 Td (Thr) Tj ET Q q 0 0 0 rg BT 312.78 442.23 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 389.30 442.23 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.30 442.23 Td (2019 vs 2018 Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 429.25 Td (\(subscribers in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.95 429.23 Td (2019 ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 309.95 432.86 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.95 429.23 Td (2018 ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 383.95 432.86 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.95 429.23 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 429.23 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 415.45 Td (Sirius XM) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 401.46 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 401.46 Td (131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 401.46 Td (206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 401.46 Td (\(75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 401.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 401.46 Td (\(36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 401.46 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 387.46 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.00 387.46 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 387.46 Td (124) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 387.46 Td (\(123) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 387.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 387.46 Td (\(99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 387.46 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 373.46 Td (Net additions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 373.46 Td (132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 373.46 Td (330) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 373.46 Td (\(198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 373.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 373.46 Td (\(60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 373.46 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 359.46 Td (W) Tj ET Q q 0 0 0 rg BT 59.77 359.46 Td (eighted average number of subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.75 359.46 Td (34,015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 359.46 Td (32,828) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 359.46 Td (1,187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 359.46 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 359.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 345.46 Td (A) Tj ET Q q 0 0 0 rg BT 57.83 345.46 Td (verage self-pay monthly churn) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.25 345.46 Td (1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.50 345.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.25 345.46 Td (1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 345.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 345.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 345.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 345.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 331.46 Td (ARPU ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 78.26 335.54 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 331.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.25 331.46 Td (13.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 331.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 331.46 Td (12.95) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 331.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.25 331.46 Td (0.57) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 331.46 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 331.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 316.46 Td (SAC, per installation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 316.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.25 316.46 Td (24.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 316.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 316.46 Td (28.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 316.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 316.46 Td (\(4.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 316.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 316.46 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 316.46 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 294.45 Td (Pandora) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 280.46 Td (Self-pay subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 280.46 Td (246) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 280.46 Td (148) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 280.46 Td (98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 280.46 Td (66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 280.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 266.46 Td (Paid promotional subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 266.46 Td (\(20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.50 266.46 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 266.57 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 266.46 Td (\(20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 266.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.45 266.46 Td (nm) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 252.46 Td (Net additions ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 102.49 256.54 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 252.46 Td (227) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 252.46 Td (148) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 252.46 Td (79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 252.46 Td (53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 252.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 238.46 Td (W) Tj ET Q q 0 0 0 rg BT 59.77 238.46 Td (eighted average number of subscribers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.25 238.46 Td (6,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 238.46 Td (5,524) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 238.46 Td (1,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 238.46 Td (21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 238.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 224.46 Td (ARPU) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 224.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.75 224.46 Td (6.70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 224.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 224.46 Td (6.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 224.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.25 224.46 Td (0.40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 224.46 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 224.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 210.46 Td (Ad supported listener hours \(in billions\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.75 210.46 Td (3.42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 210.46 Td (3.85) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 210.46 Td (\(0.43) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 210.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 210.46 Td (\(1) Tj ET Q q 0 0 0 rg BT 546.00 210.46 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 210.46 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 196.46 Td (Advertising revenue per thousand listener hours \(RPM\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 196.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.25 196.46 Td (62.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 196.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 196.46 Td (55.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 196.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.25 196.46 Td (7.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 196.46 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 196.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 182.46 Td (Licensing costs per thousand listener hours \(LPM\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 182.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.25 182.46 Td (36.64) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 182.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 182.46 Td (36.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 182.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.25 182.46 Td (0.29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 182.46 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 182.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 168.46 Td (Licensing costs per paid subscriber \(LPU\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 168.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.75 168.46 Td (3.97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 168.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 168.46 Td (4.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 168.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 168.46 Td (\(0.68) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 168.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.50 168.46 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 168.46 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 145.45 Td (T) Tj ET Q q 0 0 0 rg BT 57.18 145.45 Td (otal Company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 131.46 Td (Adjusted EBITDA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 131.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 131.46 Td (567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 131.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 131.46 Td (447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 131.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.50 131.46 Td (120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 131.46 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 131.46 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 117.46 Td (Free cash flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 117.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 117.46 Td (300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 117.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 117.46 Td (327) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 117.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 117.46 Td (\(27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 117.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 117.46 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 117.46 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 102.70 Td (nm - not meaningful) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 91.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 77.00 91.90 Td (Includes Pandora's results for the three month period, inclusive of pre-acquisition results for the period January 1, 2019 through ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 81.10 Td (January 31, 2019.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 70.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 77.00 70.30 Td (Includes Pandora's pre-acquisition results for the period January 1, 2018 through March 31, 2018.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 59.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 77.00 59.50 Td (ARPU for Sirius XM excludes subscriber revenue from our connected vehicle services of $36 and $25 for the three months ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 48.70 Td (March 31, 2019 and 2018, respectively) Tj ET Q q 0 0 0 rg BT 217.13 48.70 Td (.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 742.80 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 77.00 742.80 Td (Amounts may not sum as a result of rounding.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 702.00 Td (Sirius XM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 678.00 Td (Subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 678.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.22 678.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.82 678.00 Td (, Sirius XM had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.47 678.00 Td (34,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.97 678.00 Td ( subscribers, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.48 678.00 Td (1,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.98 678.00 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.81 678.00 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.14 678.00 Td (, from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 666.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 666.00 Td (33,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.26 666.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.42 666.00 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.02 666.00 Td (. ) Tj ET Q q 0 0 0 rg BT 232.34 666.00 Td (The increase in total subscribers was primarily due to growth in our self-pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.00 Td (subscriber base from original and subsequent owner trial conversions as well as subscriber win back programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 636.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 636.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 636.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 636.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 636.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 636.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 636.00 Td (, net additions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.27 636.00 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.27 636.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.71 636.00 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.71 636.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.37 636.00 Td (. Growth from paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 624.00 Td (promotional subscribers decreased due to declines in shipments and trial starts from automakers of) Tj ET Q q 0 0 0 rg BT 470.93 624.00 Td (fering paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 612.00 Td (promotional subscriptions. Self-pay net additions decreased primarily due to increases in vehicle related deactivations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 588.00 Td (T) Tj ET Q q 0 0 0 rg BT 82.51 588.00 Td (raffic Users.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.51 588.00 Td ( ) Tj ET Q q 0 0 0 rg BT 134.83 588.00 Td (W) Tj ET Q q 0 0 0 rg BT 143.47 588.00 Td (e of) Tj ET Q q 0 0 0 rg BT 158.55 588.00 Td (fer services that provide graphic information as to road closings, traf) Tj ET Q q 0 0 0 rg BT 432.45 588.00 Td (fic flow and incident data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.00 Td (consumers with compatible in-vehicle navigation systems. ) Tj ET Q q 0 0 0 rg BT 287.79 576.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.29 576.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.88 576.00 Td (, Sirius XM had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.54 576.00 Td (8,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.04 576.00 Td ( traf) Tj ET Q q 0 0 0 rg BT 529.23 576.00 Td (fic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.00 Td (users, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.05 564.00 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.74 564.00 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.07 564.00 Td (1,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.57 564.00 Td ( users, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.46 564.00 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.79 564.00 Td (, from the approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.70 564.00 Td (7,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.20 564.00 Td ( traf) Tj ET Q q 0 0 0 rg BT 353.40 564.00 Td (fic users as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.16 564.00 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.75 564.00 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 540.00 Td (Sirius XM Canada Subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.67 540.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.17 540.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.77 540.00 Td (, Sirius XM Canada had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.90 540.00 Td (2,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 540.00 Td ( subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.89 540.00 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.59 540.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 528.00 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 528.00 Td ( Sirius XM Canada subscribers, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.59 528.00 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.92 528.00 Td (, from the approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.83 528.00 Td (2,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.33 528.00 Td ( Sirius XM Canada subscribers as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.92 528.00 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 516.00 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 492.00 Td (A) Tj ET Q q 0 0 0 rg BT 83.06 492.00 Td (verage Self-pay Monthly Churn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.91 492.00 Td (is derived by dividing the monthly average of self-pay deactivations for the period by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.00 Td (the average number of self-pay subscribers forthe period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 480.00 Td ( \(See accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.98 480.00 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.98 480.00 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 480.00 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.08 480.00 Td ( for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.00 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 450.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 450.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 450.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 450.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 450.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 450.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 450.00 Td (, our average self-pay monthly churn rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.22 450.00 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.05 450.00 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 426.00 Td (ARPU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 426.00 Td (is derived from total earned Sirius XM subscriber revenue \(excluding revenue derived from our connected vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.00 Td (services\) and net advertising revenue, divided by the number of months in the period, divided by the daily weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.00 Td (number of subscribers for the period. \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.69 402.00 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.69 402.00 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.79 402.00 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.79 402.00 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 384.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 384.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 384.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 384.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 384.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 384.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 384.00 Td (, subscriber ) Tj ET Q q 0 0 0 rg BT 339.50 384.00 Td (ARPU - Sirius XM was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.01 384.00 Td ($13.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.51 384.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.95 384.00 Td ($12.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.45 384.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 372.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.16 372.00 Td (. ) Tj ET Q q 0 0 0 rg BT 131.48 372.00 Td (The increase was driven by increases in certain of our subscription rates, including the U. S. Music Royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 360.00 Td (Fee, and higher advertising revenue. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 342.00 Td (SAC, Per Installation,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.83 342.00 Td ( is derived from subscriber acquisition costs and mar) Tj ET Q q 0 0 0 rg BT 375.71 342.00 Td (gins from the sale of radios, components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.00 Td (accessories \(excluding connected vehicle services\), divided by the number of satellite radio installations in new vehicles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.00 Td (shipments of aftermarket radios for the period. \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.72 318.00 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.72 318.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.22 318.00 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.83 318.00 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.83 318.00 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 300.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 300.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 300.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 300.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 300.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 300.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 300.00 Td (, SAC, per installation, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.67 300.00 Td ($24.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.17 300.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.61 300.00 Td ($28.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.11 300.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 530.77 300.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.77 300.00 Td ( ) Tj ET Q q 0 0 0 rg BT 538.09 300.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.00 Td (decrease was driven by our transition to a new generation of chipsets and reductions to OEM hardware subsidy rates.) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 258.00 Td (Pandora) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 234.00 Td (Active Users. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.32 234.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.82 234.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 234.00 Td (, Pandora had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.88 234.00 Td (66,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.38 234.00 Td ( users, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.43 234.00 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.78 234.00 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.11 234.00 Td (6,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.61 234.00 Td ( users, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 234.00 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.83 234.00 Td (, from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 222.00 Td (72,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.26 222.00 Td ( users as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.47 222.00 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.07 222.00 Td (. ) Tj ET Q q 0 0 0 rg BT 255.39 222.00 Td (The decrease in active users was driven by growth in ad-supported listener ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.00 Td (churn as users searched for on-demand alternatives as well as higher churn resulting from an increase in ads broadcast per hour) Tj ET Q q 0 0 0 rg BT 557.65 210.00 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 186.00 Td (Subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 186.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.22 186.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.82 186.00 Td (, Pandora had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.29 186.00 Td (6,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.79 186.00 Td ( subscribers, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 186.00 Td (1,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 186.00 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.63 186.00 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.96 186.00 Td (, from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 174.00 Td (5,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.26 174.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.42 174.00 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.02 174.00 Td (. ) Tj ET Q q 0 0 0 rg BT 227.34 174.00 Td (The increase in total subscribers was primarily due to an increase in paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.00 Td (promotional subscribers and a decrease in subscriber churn of Pandora Premium and Pandora Plus.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 144.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 144.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 144.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 144.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 144.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 144.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 144.00 Td (, net additions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.27 144.00 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.27 144.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.71 144.00 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.71 144.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.37 144.00 Td (. Net additions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 132.00 Td (increased driven by growth in both our Pandora Premium and Pandora Plus services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 108.00 Td (ARPU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 108.00 Td (is defined as average monthly revenue per paid subscriber on our Pandora subscription services. \(See the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.00 Td (accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.91 96.00 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 96.00 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.02 96.00 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.02 96.00 Td ( for more details.\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 78.00 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 78.00 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 78.00 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 78.00 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 78.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 78.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 78.00 Td (, subscriber ) Tj ET Q q 0 0 0 rg BT 339.50 78.00 Td (ARPU - Pandora was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.83 78.00 Td ($6.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.33 78.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.77 78.00 Td ($6.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.27 78.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 544.93 78.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 66.00 Td (The increase in subscription ) Tj ET Q q 0 0 0 rg BT 190.91 66.00 Td (ARPU was primarily due to an increase in Pandora Premium subscribers. Pandora Premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 54.00 Td (launched in the second quarter of 2017 at a higher price point than Pandora Plus.) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 742.10 Td (Ad supported listener hours ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.39 742.10 Td (are a key indicator of the growth of our Pandora business and the engagement of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Pandora listeners. ) Tj ET Q q 0 0 0 rg BT 125.41 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 134.05 730.10 Td (e include ad supported listener hours related to Pandora's non-radio content of) Tj ET Q q 0 0 0 rg BT 445.86 730.10 Td (ferings in the definition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (listener hours.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 700.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 700.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 700.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 700.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 700.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 700.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 700.10 Td (, ad supported listener hours were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.92 700.10 Td (3,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.42 700.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.86 700.10 Td (3,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.36 700.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 546.02 700.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 688.10 Td (The decline in ad supported listener hours was primarily driven by growth in ad-supported listener churn as users search ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 676.10 Td (for on-demand alternatives as well as higher churn resulting from an increase in ads broadcast per hour) Tj ET Q q 0 0 0 rg BT 488.02 676.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 652.10 Td (RPM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.05 652.10 Td ( is a key indicator of our ability to monetize advertising inventory created by our listener hours on the Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 88.66 640.10 Td (Ad RPM is calculated by dividing advertising revenue by the number of thousands of listener hours of our Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (advertising-based service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 610.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 610.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 610.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 610.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 610.10 Td (, RPM was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.13 610.10 Td ($62.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.63 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.07 610.10 Td ($55.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.57 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 465.23 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.55 610.10 Td (The increase was due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.10 Td (to an increase in the average price per ad due to new advertising products resulting in improved monetization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 Td (partially due to a decrease in listener hours.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 562.10 Td (LPM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 562.10 Td (is tracked for our non-subscription, ad-supported service across all Pandora delivery platforms. ) Tj ET Q q 0 0 0 rg BT 482.49 562.10 Td (The content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (acquisition costs included in our ad LPM calculations are based on the rates set by our license agreements with record labels, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (performing rights or) Tj ET Q q 0 0 0 rg BT 130.41 538.10 Td (ganizations and music publishers or the applicable rates set by the Copyright Royalty Board if we have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (entered into a license agreement with the copyright owner of a particular sound recording.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 508.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 508.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 508.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 508.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 508.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 508.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 508.10 Td (, LPM was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.57 508.10 Td ($36.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.07 508.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.51 508.10 Td ($36.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.01 508.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 464.67 508.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.99 508.10 Td (The increase was due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 496.10 Td (to the decline in the listener hours.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 472.10 Td (LPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 472.10 Td ( is defined as average monthly licensing costs per paid subscriber on our Pandora subscription services. ) Tj ET Q q 0 0 0 rg BT 512.50 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.13 472.10 Td (e track ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (LPU because it is a key measure of our ability to manage costs for our subscription services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 442.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 442.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 442.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 442.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 442.10 Td (, LPU was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 442.10 Td ($3.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.40 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.84 442.10 Td ($4.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.34 442.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 453.00 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.32 442.10 Td (The decrease was due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (lower minimum guarantees associated with our direct license agreements with major and independent labels, distributors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 Td (PROs and publishers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.69 388.10 Td (otal Company) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 364.10 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 154.25 364.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.36 364.10 Td (djusted EBITDA) Tj ET Q q 0 0 0 rg BT 227.86 364.10 Td ( is defined as net income before interest expense, income tax expense and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (depreciation and amortization adjusted for pro forma information which is inclusive of the predecessor periods \(Pandora's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (results for the period January 1, 2019 through January 31, 2019 and January 1, 2018 through March 31, 2018.\).) Tj ET Q q 0 0 0 rg BT 498.86 340.10 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.61 328.10 Td ( excludes the impact of other income, loss on extinguishment of debt, other non-cash char) Tj ET Q q 0 0 0 rg BT 444.77 328.10 Td (ges, such as certain purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (price accounting adjustments, share-based payment expense, loss on disposal of assets, and legal settlements and reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (related to the historical use of sound recordings \(if applicable\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.53 304.10 Td ( \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.42 304.10 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.42 304.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.53 304.10 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.53 304.10 Td ( for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 144.11 292.10 Td ( and for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 274.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 274.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 274.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 274.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 274.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 274.10 Td (, adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 368.39 274.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.94 274.10 Td ($567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.94 274.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.38 274.10 Td ($447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.38 274.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 501.04 274.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.04 274.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.73 274.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.83 262.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.66 262.10 Td ($120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.66 262.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.98 262.10 Td (The increase was due to growth in Sirius XM subscriber revenue from higher U.S. Music Royalty Fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.10 Td (and self-pay subscription revenue due to a higher music royalty rate, a 4% increase in the daily weighted average number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td (of subscribers and an increase in subscriber revenue generated from our connected vehicle services, and Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 Td (subscriber revenue growth from increase in the number of subscribers and an increase in the average price per paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td (subscriber due to the growth of Plus and Pandora subscribers; partially of) Tj ET Q q 0 0 0 rg BT 369.87 214.10 Td (fset by higher revenue share and royalty costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td (driven by growth in our revenue and royalty rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.27 202.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 178.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 87.13 178.10 Td (ee Cash Flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.62 178.10 Td (includes cash provided by operations, net of additions to property and equipment, and restricted and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (other investment activity) Tj ET Q q 0 0 0 rg BT 148.27 166.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.77 166.10 Td ( \(See the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.66 166.10 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.66 166.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.77 166.10 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.77 166.10 Td ( for a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 496.98 166.10 Td ( and for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 136.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 136.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.54 136.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.42 136.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.02 136.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.46 136.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 136.10 Td (, free cash flow was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.64 136.10 Td ($300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.64 136.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.08 136.10 Td ($327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.08 136.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 485.74 136.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.74 136.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.10 136.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 124.10 Td ($27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 124.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.33 124.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.66 124.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.98 124.10 Td (The decrease was driven lower cash from operating activities due to the inclusion of Pandora, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 112.10 Td (of) Tj ET Q q 0 0 0 rg BT 84.65 112.10 Td (fset by the timing of vendor payments and lower satellite construction spend.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 742.25 Td (ces) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Cash Flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.90 724.25 Td (thr) Tj ET Q q 0 0 0 rg BT 140.20 724.25 Td (ee months) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.46 724.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.34 724.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 226.19 724.25 Td (ch31, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.13 724.25 Td ( compar) Tj ET Q q 0 0 0 rg BT 305.81 724.25 Td (ed with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.19 724.25 Td (thr) Tj ET Q q 0 0 0 rg BT 363.49 724.25 Td (ee months) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.76 724.25 Td ( ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.64 724.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 449.49 724.25 Td (ch31, 2018) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.25 Td (The following table presents a summary of our cash flow activity for the periods set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 282.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 669.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 669.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 669.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 669.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 669.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.75 282.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 639.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 639.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 639.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.75 282.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 609.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 609.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 609.75 74.00 -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 332.5 682.75 m 406.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 682.75 m 410.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 682.75 m 484.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 669.75 m 406.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 682.75 m 484.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 669.75 m 484.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 669.75 m 406.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 669.75 m 484.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 624.75 m 406.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 624.75 m 484.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 624.75 m 562.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 594.75 m 406.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 594.75 m 484.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 594.75 m 562.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 580.75 m 406.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 578.75 m 406.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 580.75 m 484.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 578.75 m 484.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 580.75 m 562.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 578.75 m 562.5 578.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.70 686.98 Td (For) Tj ET Q q 0 0 0 rg BT 352.07 686.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 366.58 686.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 379.78 686.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 456.30 686.98 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 673.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 673.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.40 673.98 Td (2019 vs 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.42 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 659.42 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 659.42 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 659.47 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 659.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.42 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 644.42 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 644.47 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 644.42 Td (369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.42 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 629.47 Td (\(639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 629.47 Td (\(297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 629.47 Td (\(342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.42 Td (Net increase in cash, cash equivalents and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 614.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 614.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 614.47 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.42 Td (Cash, cash equivalents and restricted cash at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 599.42 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 599.42 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 599.47 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.42 Td (Cash, cash equivalents and restricted cash at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 584.42 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 584.42 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 584.47 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (Cash Flows Pr) Tj ET Q q 0 0 0 rg BT 109.64 560.25 Td (ovided by Operating ) Tj ET Q q 0 0 0 rg BT 194.16 560.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 542.25 Td (Cash flows provided by operating activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.63 542.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.04 542.25 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 542.25 Td ($29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.04 542.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.82 542.25 Td ($363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.82 542.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.20 542.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.13 542.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.01 542.25 Td (March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.61 542.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td ($392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 530.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.38 530.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.31 530.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.19 530.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.79 530.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 506.25 Td (Our lar) Tj ET Q q 0 0 0 rg BT 106.42 506.25 Td (gest source of cash provided by operating activities is cash generated by subscription and subscription-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (revenues.) Tj ET Q q 0 0 0 rg BT 92.86 494.25 Td (W) Tj ET Q q 0 0 0 rg BT 101.49 494.25 Td (e also generate cash from the sale of advertising on Pandora, advertising on Sirius XM certain non-music channels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (and the sale of satellite radios, components and accessories.Our primary uses of cash from operating activities include revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (share and royalty payments to distributors, programming and content providers, and payments to radio manufacturers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (distributors and automakers. In addition, uses of cash from operating activities include payments to vendors to service, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (maintain and acquire listeners and subscribers, general corporate expenditures, and compensation and related costs.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (Cash Flows Pr) Tj ET Q q 0 0 0 rg BT 109.64 416.25 Td (ovided by \(Used in\) Investing ) Tj ET Q q 0 0 0 rg BT 229.70 416.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 398.25 Td (Cash flows provided by investing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.53 398.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.46 398.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.34 398.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.94 398.25 Td ( were primarily due to cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (received from the Pandora ) Tj ET Q q 0 0 0 rg BT 157.73 386.25 Td (Acquisition and from the sale of short-term investments, partially of) Tj ET Q q 0 0 0 rg BT 430.27 386.25 Td (fset by additional spending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (primarily for capitalized software and hardware, and to construct replacement satellites. Cash flows used in investing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 362.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.93 362.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.81 362.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.40 362.25 Td ( were primarily due to additional spending primarily for capitalized software and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (hardware, and to construct replacement satellites. ) Tj ET Q q 0 0 0 rg BT 252.24 350.25 Td (W) Tj ET Q q 0 0 0 rg BT 260.87 350.25 Td (e spent $39 and $36 on capitalized software and hardware as well as $26 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (and $36 to construct replacement satellites during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.04 338.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.98 338.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.86 338.25 Td (March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.45 338.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.89 338.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.89 338.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 502.55 338.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (Cash Flows Used in Financing ) Tj ET Q q 0 0 0 rg BT 176.76 308.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 290.25 Td (Cash flows used in financing activities consists of the issuance and repayment of long-term debt, the purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (common stock under Holdings' share repurchase program and the payment of cash dividends.Proceeds from long-term debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (have been used to fund our operations, construct and launch new satellites, invest in other infrastructure improvements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (purchase shares of Holdings' common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 230.25 Td (Cash flows used in financing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.19 230.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.12 230.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 230.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 230.25 Td ( were primarily due to the purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (and retirement of shares of Holdings' common stock under Holdings' repurchase program for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.34 218.25 Td ($576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.34 218.25 Td (, the repurchase for $154 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (Pandora's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.96 206.25 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.79 206.25 Td ( Convertible Senior Notes due 2020 and the payment of cash dividends on Holdings' common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.36 206.25 Td ($57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.36 206.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 194.25 Td (fset by net borrowings under the Credit Facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.54 194.25 Td ($143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.54 194.25 Td (. Cash flows used in financing activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.23 194.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.16 194.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 182.25 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 182.25 Td ( were primarily due to the purchase and retirement for $309 of shares of Holdings' common stock under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (Holdings' repurchase program and the payment of cash dividends on Holdings' common stock for $49, partially of) Tj ET Q q 0 0 0 rg BT 506.93 170.25 Td (fset by net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (borrowings of $65 under the Credit Facility) Tj ET Q q 0 0 0 rg BT 223.76 158.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (Future Liquidity and Capital Resource Requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 110.25 Td (Based upon our current business plans, we expect to fund operating expenses, capital expenditures, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (construction of replacement satellites, working capital requirements, interest payments, taxes and scheduled maturities of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (debt with existing cash, cash flow from operations and borrowings under our Credit Facility) Tj ET Q q 0 0 0 rg BT 417.61 86.25 Td (.) Tj ET Q q 0 0 0 rg BT 424.56 86.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 86.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.60 86.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 86.25 Td ($582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.60 86.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (outstanding under our Credit Facility) Tj ET Q q 0 0 0 rg BT 197.66 74.25 Td (. ) Tj ET Q q 0 0 0 rg BT 204.61 74.25 Td (As the amount available for future borrowing is reduced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.54 74.25 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.54 74.25 Td ( related to letters of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (issued for the benefit of Pandora, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.24 62.25 Td ($1,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.74 62.25 Td ( was available for future borrowing under our Credit Facility) Tj ET Q q 0 0 0 rg BT 455.07 62.25 Td (.) Tj ET Q q 0 0 0 rg BT 462.39 62.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.03 62.25 Td (e believe that we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 50.25 Td (ficient cash and cash equivalents as well as debt capacity to cover our estimated short-term and long-term funding needs, ) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (including amounts to construct, launch and insure replacement satellites, as well as fund Holdings' stock repurchases, future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (dividend payments on Holdings' common stock and strategic opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 706.10 Td (Our ability to meet our debt and other obligations depends on our future operating performance and on economic, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (financial, competitive and other factors. ) Tj ET Q q 0 0 0 rg BT 211.70 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.34 694.10 Td (e continually review our operations for opportunities to adjust the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (expenditures to ensure that suf) Tj ET Q q 0 0 0 rg BT 172.01 682.10 Td (ficient resources are maintained.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 658.10 Td (e regularly evaluate our business plans and strategy) Tj ET Q q 0 0 0 rg BT 291.75 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.07 658.10 Td (These evaluations often result in changes to our business plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (and strategy) Tj ET Q q 0 0 0 rg BT 97.94 646.10 Td (, some of which may be material and significantly change our cash requirements. ) Tj ET Q q 0 0 0 rg BT 427.10 646.10 Td (These changes in our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (plans or strategy may include: the acquisition of unique or compelling programming; the development and introduction of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (features or services; significant new or enhanced distribution arrangements; investments in infrastructure, such as satellites, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (equipment or radio spectrum; and acquisitions and investments, including acquisitions and investments that are not directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (related to our existing business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 574.10 Td (e may from time to time purchase our outstanding debt through open market purchases, privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (transactions or otherwise. Purchases or retirement of debt, if any) Tj ET Q q 0 0 0 rg BT 307.32 562.10 Td (, will depend on prevailing market conditions, liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (requirements, contractual restrictions and other factors. ) Tj ET Q q 0 0 0 rg BT 273.07 550.10 Td (The amounts involved may be material.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Holdings' Capital Return Pr) Tj ET Q q 0 0 0 rg BT 163.16 520.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 502.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.04 502.10 Td (, Holdings' board of directors had authorized for repurchase an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.33 502.10 Td ($14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.83 502.10 Td ( of Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (common stock.) Tj ET Q q 0 0 0 rg BT 115.55 490.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 490.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.59 490.10 Td (, Holdings' cumulative repurchases since December 2012 under Holdings' stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (repurchase program totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.89 478.10 Td ($1) Tj ET Q q 0 0 0 rg BT 171.52 478.10 Td (1,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.02 478.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.96 478.10 Td ($2,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.46 478.10 Td ( remained available for additional repurchases under Holdings' existing stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (repurchase program authorization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 442.10 Td (Shares of common stock may be purchased from time to time on the open market and in privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (transactions, including in accelerated stock repurchase transactions and transactions with Liberty Media and its af) Tj ET Q q 0 0 0 rg BT 504.38 430.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 536.42 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.05 430.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (intend to fund the additional repurchases through a combination of cash on hand, cash generated by operations and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 382.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.17 382.10 Td (April23, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.78 382.10 Td (, Holdings' board of directors declared a quarterly dividend on Holdings' common stock in the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 370.10 Td ($0.0121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 370.10 Td ( per share of Holdings' common stock payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.70 370.10 Td (May31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.53 370.10 Td ( to Holdings' stockholders of record as of the close ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.72 358.10 Td (May10, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.55 358.10 Td (. Holdings' board of directors expects to declare regular quarterly dividends, in an aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (annual amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.48 346.10 Td ($0.0484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.98 346.10 Td ( per share of Holdings' common stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (Debt Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 298.10 Td (The indentures governing our senior notes and Pandora's Convertible Notes and the agreement governing the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Facility include restrictive covenants.) Tj ET Q q 0 0 0 rg BT 204.40 286.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 286.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.44 286.10 Td (, we were in compliance with such covenants.For a discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (our Debt Covenants, refer to Note 1) Tj ET Q q 0 0 0 rg BT 202.08 274.10 Td (1 to our unaudited consolidated financial statements in this Quarterly Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 244.10 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.33 244.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 226.10 Td (e do not have any significant of) Tj ET Q q 0 0 0 rg BT 212.53 226.10 Td (f-balance sheet arrangements other than those disclosed in Note 14 to our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (consolidated financial statements in this Quarterly Report that are reasonably likely to have a material ef) Tj ET Q q 0 0 0 rg BT 467.72 214.10 Td (fect on our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (condition, results of operations, liquidity) Tj ET Q q 0 0 0 rg BT 212.11 202.10 Td (, capital expenditures or capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Contractual Cash Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 154.10 Td (For a discussion of our Contractual Cash Commitments, refer to Note 14 to our unaudited consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (statements in this Quarterly Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Related Party T) Tj ET Q q 0 0 0 rg BT 114.06 112.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 94.10 Td (For a discussion of Related Party ) Tj ET Q q 0 0 0 rg BT 217.24 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.00 94.10 Td (ransactions, refer to Note 10 to our unaudited consolidated financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (this Quarterly Report.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 83.24 742.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 724.25 Td (For a discussion of our Critical ) Tj ET Q q 0 0 0 rg BT 208.54 724.25 Td (Accounting Policies and Estimates, refer to Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 516.37 724.25 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (of Financial Condition and Results of Operations in our ) Tj ET Q q 0 0 0 rg BT 279.14 712.25 Td (Annual Report for the year ended December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 499.16 712.25 Td (There have) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (been no material changes to our critical accounting policies and estimates since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.88 700.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.47 700.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Glossary) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 650.68505859375 m 128.9287109375 650.68505859375 l s q 0 0 0 rg BT 77.00 652.25 Td (Active users) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.93 652.25 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.26 652.25 Td (the number of distinct registered users on the Pandora services, including subscribers, that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 640.25 Td (consumed content within the trailing 30 days to the end of the final calendar month of the period. ) Tj ET Q q 0 0 0 rg BT 468.10 640.25 Td (The number of active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 628.25 Td (users on the Pandora services may overstate the number of unique individuals who actively use our Pandora service, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 616.25 Td (one individual may use multiple accounts. ) Tj ET Q q 0 0 0 rg BT 248.17 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.58 616.25 Td (o become a registered user on the Pandora services, a person must sign-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 604.25 Td (using an email address or phone number) Tj ET Q q 0 0 0 rg BT 238.23 604.25 Td (, or access our service using a device with a unique identifier) Tj ET Q q 0 0 0 rg BT 481.62 604.25 Td (, which we use to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 592.25 Td (create an account for our service. Prior to the second quarter of 2018, Pandora defined active users as the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 580.25 Td (distinct registered users, including subscribers, that have requested audio from our Pandora servers during the trailing 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 568.25 Td (days to the end of the final calendar month of the period.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 542.68505859375 m 213.748046875 542.68505859375 l s q 0 0 0 rg BT 77.00 544.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.48 544.25 Td (verage self-pay monthly churn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.75 544.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.25 544.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.08 544.25 Td (the monthly average of self-pay deactivations for the period divided by the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 532.25 Td (number of self-pay subscribers for the period.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 506.68505859375 m 156.46533203125 506.68505859375 l s q 0 0 0 rg BT 77.00 508.25 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.19 508.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.69 508.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.52 508.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 200.63 508.25 Td ( is defined as net income before interest expense, income tax expense and depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 496.25 Td (and amortization. ) Tj ET Q q 0 0 0 rg BT 151.79 496.25 Td (W) Tj ET Q q 0 0 0 rg BT 160.43 496.25 Td (e adjust EBITDA) Tj ET Q q 0 0 0 rg BT 229.87 496.25 Td ( to exclude the impact of other income as well as certain other char) Tj ET Q q 0 0 0 rg BT 497.63 496.25 Td (ges discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 484.25 Td (below) Tj ET Q q 0 0 0 rg BT 100.79 484.25 Td (. ) Tj ET Q q 0 0 0 rg BT 107.74 484.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 182.45 484.25 Td ( is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 248.47 484.25 Td ( financial measure that excludes \(if applicable\):\(i\) certain adjustments as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 472.25 Td (result of the purchase price accounting for the XM Mer) Tj ET Q q 0 0 0 rg BT 298.13 472.25 Td (ger and the Pandora ) Tj ET Q q 0 0 0 rg BT 379.77 472.25 Td (Acquisition, \(ii\) predecessor net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 460.25 Td (adjusted for certain expenses, including depreciation and amortization, other income \(loss\), and share-based payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 448.25 Td (expense for January 2019 and the three months ended March 31, 2018, \(iii\) share-based payment expense and \(iv\) other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 436.25 Td (significant operating expense \(income\) that do not relate to the on-going performance of our business. ) Tj ET Q q 0 0 0 rg BT 489.75 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 498.39 436.25 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 424.25 Td (adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.93 424.25 Td ( is a useful measure of the underlying trend of our operating performance, which provides useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 412.25 Td (information about our business apart from the costs associated with our capital structure and purchase price accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 400.25 Td (e believe investors find this Non-GAAP) Tj ET Q q 0 0 0 rg BT 245.52 400.25 Td ( financial measure useful when analyzing our past operating performance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 388.25 Td (our current performance and comparing our operating performance to the performance of other communications, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 376.25 Td (entertainment and media companies. ) Tj ET Q q 0 0 0 rg BT 228.43 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 237.07 376.25 Td (e believe investors use adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 401.75 376.25 Td ( to estimate our current enterprise value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 364.25 Td (and to make investment decisions. ) Tj ET Q q 0 0 0 rg BT 218.92 364.25 Td (As a result of lar) Tj ET Q q 0 0 0 rg BT 285.38 364.25 Td (ge capital investments in our satellite radio system, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 352.25 Td (operations reflect significant char) Tj ET Q q 0 0 0 rg BT 210.93 352.25 Td (ges for depreciation expense. ) Tj ET Q q 0 0 0 rg BT 332.36 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 341.00 352.25 Td (e believe the exclusion of share-based payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 340.25 Td (expense is useful as it is not directly related to the operational conditions of our business. ) Tj ET Q q 0 0 0 rg BT 438.41 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 447.04 340.25 Td (e also believe the exclusion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.25 Td (of the legal settlements and reserves, acquisition related costs, loss on extinguishment of debt and loss on disposal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 316.25 Td (assets, to the extent they occur during the period, is useful as they are significant expenses not incurred as part of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 304.25 Td (normal operations for the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.40 304.25 Td ( ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 151.72 742.10 Td ( has certain limitations in that it does not take into account the impact to our statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (comprehensive income of certain expenses, including share-based payment expense and certain purchase price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (accounting for the XM Mer) Tj ET Q q 0 0 0 rg BT 187.34 718.10 Td (ger and the Pandora ) Tj ET Q q 0 0 0 rg BT 268.98 718.10 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 322.97 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 331.60 718.10 Td (e endeavor to compensate for the limitations of the Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 103.86 706.10 Td ( measure presented by also providing the comparable GAAP) Tj ET Q q 0 0 0 rg BT 346.19 706.10 Td ( measure with equal or greater prominence and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP) Tj ET Q q 0 0 0 rg BT 463.78 694.10 Td ( measure.Investors that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (wish to compare and evaluate our operating results after giving ef) Tj ET Q q 0 0 0 rg BT 339.50 682.10 Td (fect for these costs, should refer to net income as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (disclosed in our unaudited consolidated statements of comprehensive income. Since adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 489.96 670.10 Td ( is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 555.97 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (financial performance measure, our calculation of adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 350.78 658.10 Td ( may be susceptible to varying calculations; may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (substitute for) Tj ET Q q 0 0 0 rg BT 129.09 634.10 Td (, or superior to measures of financial performance prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 473.12 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.44 634.10 Td (The reconciliation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (of net income to the adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 231.41 622.10 Td ( is calculated as follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.71 622.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 585.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 585.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 555.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 555.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 525.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 525.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 495.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 495.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 465.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 465.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 435.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 435.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 435.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 405.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 405.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 375.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 375.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 375.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 598.6 m 483.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 598.6 m 487.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 598.6 m 562.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 585.6 m 483.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 585.6 m 562.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 585.6 m 483.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 585.6 m 562.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 375.6 m 483.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 375.6 m 562.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 361.6 m 483.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 359.6 m 483.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 361.6 m 562.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 359.6 m 562.5 359.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.70 602.83 Td (For) Tj ET Q q 0 0 0 rg BT 429.07 602.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 443.58 602.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 456.78 602.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.30 602.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 589.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 589.83 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.17 Td (Net income:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 575.27 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 575.27 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (Add back items excluded from ) Tj ET Q q 0 0 0 rg BT 178.52 561.17 Td (Adjusted EBITDA:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 546.17 Td (Legal settlements and reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 545.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 545.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 531.17 Td (Acquisition and other related costs ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 206.35 535.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 530.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 516.17 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 515.27 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 515.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 501.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 500.27 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 500.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 486.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 485.27 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 485.27 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 471.17 Td (Loss on extinguishment of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 470.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 456.17 Td (Other \(income\) expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 455.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 455.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 455.32 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 455.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 441.17 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 440.27 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 440.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 426.17 Td (Purchase price accounting adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 411.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 410.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 410.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 396.17 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 395.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 395.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 381.17 Td (Pro forma adjustment ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 154.15 385.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 380.32 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 380.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 380.32 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 380.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 365.27 Td (567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 365.27 Td (447) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 86.00 349.10 Td (Acquisition and other related costs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.29 349.10 Td ($21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.29 349.10 Td ( of share-based compensation expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 86.00 337.10 Td (Pro forma adjustment for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.03 337.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.96 337.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.84 337.10 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.44 337.10 Td ( includes Pandora's January 2019 Net income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 325.10 Td ($\(44\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.66 325.10 Td ( plus Depreciation and amortization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.28 325.10 Td ($6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.28 325.10 Td (, Share-based payment expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.11 325.10 Td ($1) Tj ET Q q 0 0 0 rg BT 422.74 325.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.74 325.10 Td (, ) Tj ET Q q 0 0 0 rg BT 432.19 325.10 Td (Acquisition and other related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 313.10 Td (costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.33 313.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.33 313.10 Td (, and Interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.29 313.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.29 313.10 Td ( of) Tj ET Q q 0 0 0 rg BT 249.94 313.10 Td (fset by Other income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.41 313.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.41 313.10 Td (, plus purchase price accounting impacts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.91 313.10 Td ($1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.91 313.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 301.10 Td (Pro forma adjustment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.31 301.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.24 301.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.12 301.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.72 301.10 Td ( includes Pandora's Net income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.76 301.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.69 301.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 289.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.98 289.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.31 289.10 Td ($\(132\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.97 289.10 Td ( plus Depreciation and amortization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.58 289.10 Td ($14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.58 289.10 Td (, Share-based payment expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.42 289.10 Td ($26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.42 289.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 277.10 Td (Loss on extinguishment of debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.43 277.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.43 277.10 Td (, and Interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.39 277.10 Td ($7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.39 277.10 Td ( of) Tj ET Q q 0 0 0 rg BT 356.04 277.10 Td (fset by Other income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.51 277.10 Td ($2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.51 277.10 Td (.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 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 (56) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 740.68505859375 m 138.46484375 740.68505859375 l s q 0 0 0 rg BT 77.00 742.25 Td (Fr) Tj ET Q q 0 0 0 rg BT 87.37 742.25 Td (ee cash flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.46 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.96 742.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.79 742.25 Td (is derived from cash flow provided by operating activities, net of additions to property and equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.25 Td (and purchases of other investments. Free cash flow is a metric that our management and board of directors use to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (evaluate the cash generated by our operations, net of capital expenditures and other investment activity) Tj ET Q q 0 0 0 rg BT 488.14 718.25 Td (. In a capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.25 Td (intensive business, with significant investments in satellites, we look at our operating cash flow) Tj ET Q q 0 0 0 rg BT 458.23 706.25 Td (, net of these investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.25 Td (cash outflows, to determine cash available for future subscriber acquisition and capital expenditures, to repurchase or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.25 Td (retire debt, to acquire other companies and to evaluate our ability to return capital to stockholders. ) Tj ET Q q 0 0 0 rg BT 474.18 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 482.82 682.25 Td (e exclude from free ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.25 Td (cash flow certain items that do not relate to the on-going performance of our business, such as cash flows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.25 Td (acquisitions, strategic and short-term investments, and net loan activity with related parties and other equity investees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 646.25 Td (e believe free cash flow is an indicator of the long-term financial stability of our business.Free cash flow) Tj ET Q q 0 0 0 rg BT 508.19 646.25 Td (, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.25 Td (reconciled to Net cash provided by operating activities, is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 372.93 634.25 Td ( financial measure.) Tj ET Q q 0 0 0 rg BT 453.54 634.25 Td (This measure can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.25 Td (calculated by deducting amounts under the captions Additions to property and equipment and deducting or adding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.25 Td (Restricted and other investment activity from Net cash provided by operating activities from the unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.25 Td (consolidated statements of cash flows. Free cash flow should be used in conjunction with other GAAP) Tj ET Q q 0 0 0 rg BT 489.05 598.25 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.25 Td (performance measures and may not be comparable to free cash flow measures presented by other companies.Free cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.25 Td (flow should be viewed as a supplemental measure rather than an alternative measure of cash flows from operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.25 Td (activities, as determined in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 280.54 562.25 Td (.Free cash flow is limited and does not represent remaining cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 538.25 Td (debt maturities. ) Tj ET Q q 0 0 0 rg BT 144.03 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.66 538.25 Td (e believe free cash flow provides useful supplemental information to investors regarding our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (cash flow) Tj ET Q q 0 0 0 rg BT 114.95 526.25 Td (, along with other GAAP) Tj ET Q q 0 0 0 rg BT 214.85 526.25 Td ( measures \(such as cash flows from operating and investing activities\), to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (our financial condition, and to compare our operating performance to other communications, entertainment and media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (companies. Free cash flow is calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.44 502.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 465.75 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 465.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 465.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 436.75 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 436.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 436.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.75 360.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 406.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 406.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 406.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 377.75 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 377.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 377.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 377.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 347.75 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 347.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 347.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 347.75 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 478.75 m 483.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 478.75 m 487.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 478.75 m 561.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 465.75 m 483.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 465.75 m 561.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 465.75 m 483.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 465.75 m 561.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 332.75 m 483.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 318.75 m 483.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 316.75 m 483.5 316.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 332.75 m 561.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 316.75 m 561.5 316.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.70 482.98 Td (For) Tj ET Q q 0 0 0 rg BT 429.07 482.98 Td ( the ) Tj ET Q q 0 0 0 rg BT 443.58 482.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 456.78 482.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.30 482.98 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 469.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 469.98 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 456.48 Td (Cash Flow information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 442.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 441.42 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 441.42 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 427.32 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 426.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 426.42 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 426.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 426.47 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 426.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 412.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 411.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 411.47 Td (\(639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 411.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 411.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 411.47 Td (\(297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 411.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 397.48 Td (Fr) Tj ET Q q 0 0 0 rg BT 62.37 397.48 Td (ee Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 383.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 382.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 382.42 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 382.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 382.42 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 368.32 Td (Equity-related transactions for Holdings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 224.79 372.85 Td ( \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 367.42 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 367.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 353.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 352.47 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 352.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 352.47 Td (\(81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 352.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 338.32 Td (Purchases of other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 337.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 337.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 337.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 337.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.32 Td (Free cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 322.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 322.42 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 322.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 322.42 Td (327) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 306.25 Td (Subsequent to our corporate reor) Tj ET Q q 0 0 0 rg BT 198.89 306.25 Td (ganization in November 2013, certain equity-related transactions are reported as related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 294.25 Td (party transactions within our unaudited consolidated statements of cash flows. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.81 294.25 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 294.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.62 294.25 Td (March31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.22 294.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 282.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.94 282.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.94 282.25 Td (, this included payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.48 282.25 Td ($33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.48 282.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.91 282.25 Td ($23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.91 282.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 317.58 282.25 Td (, for taxes paid in lieu of shares issued for stock-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 270.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 130.86 270.25 Td (These equity-related transactions are classified as Cash flows used in financing activities within Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 258.25 Td (unaudited consolidated statements of cash flows, and therefore, are adjusted to reflect free cash flow at Sirius XM.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 232.68505859375 m 104.7734375 232.68505859375 l s q 0 0 0 rg BT 77.00 234.25 Td (ARPU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.77 234.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.27 234.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 234.25 Td (Sirius XM ) Tj ET Q q 0 0 0 rg BT 157.00 234.25 Td (ARPU is derived from total earned subscriber revenue \(excluding revenue associated with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 222.25 Td (connected vehicle services\), advertising revenue, divided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.02 222.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.52 222.25 Td (the number of months in the period, divided by the daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 210.25 Td (weighted average number of subscribers for the period. Pandora ) Tj ET Q q 0 0 0 rg BT 337.75 210.25 Td (ARPU is defined as average monthly subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 198.25 Td (revenue per paid subscriber on our Pandora subscription services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.42 198.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 172.68505859375 m 267.205078125 172.68505859375 l s q 0 0 0 rg BT 77.00 174.25 Td (Subscriber) Tj ET Q q 0 0 0 rg BT 123.49 174.25 Td ( acquisition cost, per) Tj ET Q q 0 0 0 rg BT 211.09 174.25 Td ( installation -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.21 174.25 Td ( or SAC, per installation, is derived from subscriber acquisition costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 162.25 Td (mar) Tj ET Q q 0 0 0 rg BT 92.37 162.25 Td (gins from the sale of radios and accessories \(excluding connected vehicle services\), divided by the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 150.25 Td (satellite radio installations in new vehicles and shipments of aftermarket radios for the period. SAC, per installation, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 138.25 Td (calculated as follows:) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 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 (57) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 718.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 718.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 718.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 688.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 688.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 688.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 658.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 658.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 658.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 733.5 m 483.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 733.5 m 487.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 718.5 m 483.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 718.5 m 562.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 718.5 m 483.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 718.5 m 562.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 688.5 m 483.5 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 674.5 m 483.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 672.5 m 483.5 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 688.5 m 562.5 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 674.5 m 562.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 672.5 m 562.5 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 659.5 m 483.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 657.5 m 483.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 659.5 m 562.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 657.5 m 562.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 644.5 m 483.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 642.5 m 483.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 644.5 m 562.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 642.5 m 562.5 642.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.70 737.73 Td (For) Tj ET Q q 0 0 0 rg BT 429.07 737.73 Td ( the ) Tj ET Q q 0 0 0 rg BT 443.58 737.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 456.78 737.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 533.30 737.73 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 722.73 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 722.73 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 708.17 Td (Subscriber acquisition costs, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 708.17 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 708.17 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 693.17 Td (Less: mar) Tj ET Q q 0 0 0 rg BT 92.06 693.17 Td (gin from sales of radios and accessories, excluding connected vehicle services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 693.22 Td (\(34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 693.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 693.22 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 693.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 678.17 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 678.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.17 Td (Installations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 663.17 Td (3,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 663.17 Td (3,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.17 Td (SAC, per installation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.66 652.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 648.17 Td (24.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 648.17 Td (28.18) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 633.20 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 77.00 633.20 Td (Amounts may not recalculate as a result of rounding.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 607.63505859375 m 196.5556640625 607.63505859375 l s q 0 0 0 rg BT 77.00 609.20 Td (Ad supported listener) Tj ET Q q 0 0 0 rg BT 169.60 609.20 Td ( hours) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.56 609.20 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.89 609.20 Td (is based on the total bytes served over our advertising supported platforms for each track ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 597.20 Td (that is requested and served from our Pandora servers, as measured by our internal analytics systems, whether or not a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 585.20 Td (listener listens to the entire track. For non-music content such as podcasts, episodes are divided into approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 573.20 Td (track-length parts, which are treated as tracks. ) Tj ET Q q 0 0 0 rg BT 263.12 573.20 Td (T) Tj ET Q q 0 0 0 rg BT 268.53 573.20 Td (o the extent that third-party measurements of advertising hours are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 561.20 Td (calculated using a similar server) Tj ET Q q 0 0 0 rg BT 205.64 561.20 Td (-based approach, the third-party measurements may dif) Tj ET Q q 0 0 0 rg BT 426.21 561.20 Td (fer from our measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.28 561.20 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 535.63505859375 m 99.7685546875 535.63505859375 l s q 0 0 0 rg BT 77.00 537.20 Td (RPM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.77 537.20 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.27 537.20 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.60 537.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 537.20 Td (is calculated by dividing advertising revenue, excluding ) Tj ET Q q 0 0 0 rg BT 333.59 537.20 Td (AdsW) Tj ET Q q 0 0 0 rg BT 358.74 537.20 Td (izz and other of) Tj ET Q q 0 0 0 rg BT 421.03 537.20 Td (f-platform revenue, by the number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 525.20 Td (of thousands of listener hours on our Pandora advertising-based service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.26 525.20 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 499.63505859375 m 99.216796875 499.63505859375 l s q 0 0 0 rg BT 77.00 501.20 Td (LPM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.22 501.20 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.05 501.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.55 501.20 Td (is calculated by dividing advertising licensing costs by the number of thousands of listener hours on our Pandora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 489.20 Td (advertising-based service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.85 489.20 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77 463.63505859375 m 97 463.63505859375 l s q 0 0 0 rg BT 77.00 465.20 Td (LPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 465.20 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.33 465.20 Td (is calculated by dividing subscriber licensing costs by the number of paid subscribers on our Pandora subscription ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 453.20 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.71 453.20 Td ( ) Tj ET Q endstream endobj 119 0 obj <> /View <>>>>> endobj 120 0 obj <> /View <>>>>> endobj 121 0 obj <> endobj 122 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;