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606.5333984375 l s q 0 0 1 rg BT 532.00 607.87 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 532 587.5333984375 m 542 587.5333984375 l s q 0 0 1 rg BT 532.00 588.87 Td (22) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 7 0 obj <>] /Rotate 0 /Contents 8 0 R>> endobj 8 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 (2) 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 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f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 515.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 515.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 515.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 485.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 485.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 485.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 455.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 455.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 455.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 455.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 425.75 73.00 -15.00 re f /GS0 gs 0.8 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 680.75 m 486 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 680.75 m 490 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 680.75 m 563 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 680.75 m 486 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 665.75 m 486 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 680.75 m 563 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 665.75 m 563 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 590.75 m 486 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 590.75 m 563 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 395.75 m 486 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 395.75 m 563 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 380.75 m 486 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 380.75 m 563 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 320.75 m 486 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 320.75 m 563 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 305.75 m 486 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 305.75 m 563 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 275.75 m 486 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 261.75 m 486 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 259.75 m 486 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 275.75 m 563 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 261.75 m 563 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 259.75 m 563 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 245.75 m 486 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 231.75 m 486 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 229.75 m 486 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 245.75 m 563 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 231.75 m 563 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 229.75 m 563 229.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 684.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.20 684.98 Td (For the Three Months Ended March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 670.00 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 669.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.00 669.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 655.42 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 655.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 655.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 655.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 640.42 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 640.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 640.42 Td (1,009,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 640.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 640.42 Td (911,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 625.42 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 625.42 Td (31,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 625.42 Td (26,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 610.42 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 610.42 Td (27,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 610.42 Td (24,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 595.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 595.42 Td (132,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 595.42 Td (117,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.42 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 580.42 Td (1,201,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 580.42 Td (1,080,990) 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 449.65 535.42 Td (251,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 535.42 Td (212,978) 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 454.65 520.42 Td (85,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 520.42 Td (71,146) 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 454.65 505.42 Td (96,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 505.42 Td (92,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 490.42 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 490.42 Td (23,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 490.42 Td (21,304) 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 459.65 475.42 Td (9,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 475.42 Td (8,845) 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 449.65 460.42 Td (132,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 460.42 Td (122,260) 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 454.65 445.42 Td (88,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 445.42 Td (78,744) 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 454.65 430.42 Td (19,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 430.42 Td (14,960) 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 454.65 415.42 Td (77,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 415.42 Td (79,823) 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 454.65 400.42 Td (67,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 400.42 Td (65,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 385.42 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 385.42 Td (852,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 385.42 Td (767,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 370.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 370.42 Td (348,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 370.42 Td (313,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 355.42 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 340.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 340.47 Td (\(78,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 340.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 340.47 Td (\(69,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 340.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 325.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 325.42 Td (10,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 325.42 Td (723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 310.42 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 310.47 Td (\(67,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 310.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 310.47 Td (\(69,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 310.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 295.42 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 295.42 Td (280,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 295.42 Td (244,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 280.42 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 280.47 Td (\(109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 280.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 280.47 Td (\(138,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 280.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.42 Td (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 415.50 265.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 265.42 Td (171,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 265.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 265.42 Td (105,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 250.42 Td (Foreign currency translation adjustment, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 250.42 Td (449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 250.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 235.42 Td (Total 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 415.50 235.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 235.42 Td (171,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 235.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 235.42 Td (105,692) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 207.25 Td (See accompanying notes to the unaudited consolidated financial statements.) 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481.50 667.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 667.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 667.42 Td () 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 414.50 652.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 652.42 Td (101,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 652.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 652.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 652.42 Td (111,838) 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 448.65 637.42 Td (228,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 637.42 Td (234,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 623.32 Td (Inventory, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 622.42 Td (21,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 622.42 Td (22,295) 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 458.65 607.42 Td (5,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 607.42 Td (5,941) 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 448.65 592.42 Td (204,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 592.42 Td (187,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 578.32 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 577.42 Td (562,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 577.42 Td (561,889) 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 441.15 562.42 Td (1,400,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 562.42 Td (1,415,401) 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 441.15 547.42 Td (2,580,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 547.42 Td (2,593,346) 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 441.15 532.42 Td (2,205,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 532.42 Td (2,205,107) 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 441.15 517.42 Td (4,095,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 517.42 Td (3,522,162) 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 441.15 502.42 Td (1,012,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 502.42 Td (1,115,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 488.32 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 487.42 Td (159,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 487.42 Td (155,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 473.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 472.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 472.42 Td (12,016,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 472.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 472.42 Td (11,568,824) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.20 458.48 Td (LIABILITIES AND STOCKHOLDER EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 443.32 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 428.32 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 427.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 427.42 Td (603,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 427.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 427.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 427.42 Td (625,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 413.32 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 412.42 Td (89,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 412.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 412.42 Td (91,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 398.32 Td (Current portion of deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 397.42 Td (1,799,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 397.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 397.42 Td (1,771,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 383.32 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 382.42 Td (5,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 382.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 382.42 Td (4,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 368.32 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 367.42 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 367.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 367.42 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 353.32 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 352.42 Td (2,501,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 352.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 352.42 Td (2,496,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 338.32 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 337.42 Td (160,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 337.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 337.42 Td (157,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 323.32 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 322.42 Td (5,709,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 322.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 322.42 Td (5,443,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 308.32 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 307.42 Td (10,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 307.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 307.42 Td (10,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 293.32 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 292.42 Td (6,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 292.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 292.42 Td (6,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 278.32 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 277.42 Td (101,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 277.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 277.42 Td (97,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 263.32 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 262.42 Td (8,489,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 262.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 262.42 Td (8,213,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 248.32 Td (Commitments and contingencies \(Note 12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 247.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 247.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 247.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.32 Td (Stockholder equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 232.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 232.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 232.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 217.42 Td (Common stock, par value $0.001; 9,000,000 shares authorized; 1 share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 207.42 Td ( issued and outstanding at March 31, 2016 and December 31, 2015, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 207.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 207.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 207.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 193.32 Td (Accumulated other comprehensive loss, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 192.47 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 192.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 192.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 192.47 Td (\(502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 192.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 178.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 177.42 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 177.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 177.42 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 162.42 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 162.47 Td (\(5,152,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 162.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 162.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 162.47 Td (\(5,323,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 162.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 148.32 Td (Total stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 147.42 Td (3,527,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 147.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 147.42 Td (3,355,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 133.32 Td (Total liabilities and stockholder equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 132.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 132.42 Td (12,016,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 132.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 132.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 132.42 Td (11,568,824) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 102.45 Td (See accompanying notes to the unaudited consolidated financial statements.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 591.2669921875 m 120.9521484375 591.2669921875 l s q 0 0 1 rg BT 50.00 592.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 592.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 33.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.80 560.25 Td (SIRIUS XM RADIO INC. ) Tj ET Q q 0 0 0 rg BT 405.43 560.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.05 548.25 Td (\(a wholly-owned subsidiary of Sirius XM Holdings Inc.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.85 536.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 314.67 536.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 349.23 536.25 Td (A) Tj ET Q q 0 0 0 rg BT 355.70 536.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 398.86 536.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 414.88 536.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 429.43 536.25 Td (OCKHOLDER EQUITY) Tj ET Q q 0 0 0 rg BT 537.13 536.25 Td ( ) 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 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 466.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 466.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 466.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 466.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 466.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 466.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 466.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 466.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 626.50 466.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 466.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 694.50 466.75 62.00 -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 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 438.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 438.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 438.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 438.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 438.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 438.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 438.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 620.50 438.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 626.50 438.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 438.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 694.50 438.75 62.00 -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 354.5 500.75 m 412.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 500.75 m 418.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 500.75 m 476.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 466.75 m 412.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 466.75 m 476.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 466.75 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 558.5 466.75 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 626.5 466.75 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 694.5 466.75 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 354.5 438.75 m 412.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 438.75 m 476.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 438.75 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 558.5 438.75 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 626.5 438.75 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 694.5 438.75 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 354.5 425.75 m 412.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 423.75 m 412.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 425.75 m 476.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 423.75 m 476.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 425.75 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 482.5 423.75 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 558.5 425.75 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 558.5 423.75 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 626.5 425.75 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 626.5 423.75 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 694.5 425.75 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 694.5 423.75 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 388.65 504.98 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.00 505.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 504.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.00 504.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 589.00 504.98 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 471.46 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 470.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 387.80 470.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.00 470.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.95 470.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.00 470.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 492.83 Td (Accumulated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.85 484.83 Td (Other) Tj ET Q q 0 0 0 rg BT 527.14 484.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.40 476.83 Td (Compr) Tj ET Q q 0 0 0 rg BT 514.70 476.83 Td (ehensive ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.85 468.88 Td (\(Loss\) Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.00 470.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 570.75 486.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 576.55 478.98 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 576.30 470.98 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 478.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 645.65 470.98 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 691.00 470.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 716.25 486.98 Td (T) Tj ET Q q 0 0 0 rg BT 720.85 486.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 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(171,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 429.32 Td (Balance at March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 429.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 429.32 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.00 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 429.32 Td (8,679,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 629.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 641.30 429.32 Td (\(5,152,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.65 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 691.00 429.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 697.00 429.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 429.32 Td (3,527,459) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.20 395.25 Td (See accompanying notes to the unaudited consolidated financial statements.) 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 585.52 Td (10,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 571.52 Td (Amortization of deferred income related to equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 571.57 Td (\(694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 571.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 571.57 Td (\(694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 571.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 557.52 Td (Gain on unconsolidated entity investments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 557.57 Td (\(6,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 557.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 557.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 543.52 Td (Dividend received from unconsolidated entity investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 543.52 Td (3,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 543.52 Td (3,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 529.52 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 529.52 Td (23,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 529.52 Td (19,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 515.52 Td (Deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 515.52 Td (103,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 515.52 Td (136,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 501.52 Td (Other non-cash purchase price adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 501.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 501.57 Td (\(836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 501.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 487.52 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 473.52 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 473.57 Td (\(6,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 473.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 473.57 Td (\(9,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 473.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 459.52 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 459.52 Td (540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 459.57 Td (\(3,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 459.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 445.52 Td (Related party, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 445.52 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 445.57 Td (\(10,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 445.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 431.52 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 431.57 Td (\(18,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 431.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 431.57 Td (\(19,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 431.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 417.52 Td (Other long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 417.57 Td (\(956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 417.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 417.52 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 403.52 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 403.57 Td (\(23,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 403.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 403.57 Td (\(29,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 403.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 389.52 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 389.57 Td (\(1,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 389.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 389.57 Td (\(12,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 389.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 375.52 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 375.52 Td (30,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 375.52 Td (40,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 361.52 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 361.52 Td (3,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 361.52 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 347.52 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 347.52 Td (360,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 347.52 Td (297,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 333.52 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 319.52 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 319.57 Td (\(30,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 319.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 319.57 Td (\(29,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 319.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 305.52 Td (Purchases of restricted and other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 305.57 Td (\(3,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 305.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 305.57 Td (\(3,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 305.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 291.52 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 291.57 Td (\(33,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 291.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 291.57 Td (\(33,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 291.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 277.52 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 263.52 Td (Intercompany financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 263.57 Td (\(594,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 263.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 263.57 Td (\(535,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 263.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 249.52 Td (Proceeds from long-term borrowings and revolving credit facility, net of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 249.52 Td (330,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 249.52 Td (1,263,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 235.52 Td (Repayment of long-term borrowings and revolving credit facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 235.57 Td (\(72,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 235.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 235.57 Td (\(657,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 235.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 221.52 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 221.57 Td (\(336,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 221.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 221.52 Td (70,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 207.52 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 207.57 Td (\(9,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 207.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 207.52 Td (334,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 193.52 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 193.52 Td (111,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 193.52 Td (147,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 179.52 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 179.52 Td (101,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 179.52 Td (482,043) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 145.45 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 9.00 Tf ET q 0 0 0 rg BT 198.95 729.45 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 161.95 717.45 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 221.77 717.45 Td (TED ST) Tj ET Q q 0 0 0 rg BT 256.32 717.45 Td (A) Tj ET Q q 0 0 0 rg BT 262.80 717.45 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 327.72 717.45 Td ( CASH FLOWS - Continued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 705.45 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 663.95 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 663.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 663.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 663.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 635.95 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 635.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 635.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 635.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 607.95 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 607.95 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 607.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 607.95 73.00 -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 413 677.95 m 486 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 677.95 m 490 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 677.95 m 563 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 677.95 m 486 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 663.95 m 486 663.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 677.95 m 563 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 663.95 m 563 663.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 663.95 m 486 663.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 663.95 m 563 663.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 682.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.20 682.18 Td (For the Three Months Ended March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 668.20 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 668.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.00 668.18 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 654.52 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 52.50 640.52 Td (Cash paid during the period for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 626.52 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 626.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 626.52 Td (76,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 626.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 626.52 Td (76,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.52 Td (Non-cash investing and financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 598.52 Td (Capital lease obligations incurred to acquire assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 598.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 598.52 Td (6,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 598.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 598.52 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 570.45 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 175.30 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 748.60 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 692.10 Td (Business & Basis of Pr) Tj ET Q q 0 0 0 rg BT 172.44 692.10 Td (esentation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 674.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 656.10 Td (e transmit music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 276.11 656.10 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 340.35 656.10 Td (fic and weather channels, as well as infotainment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (services, in the United States on a subscription fee basis through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.28 644.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.28 644.10 Td ( proprietary satellite radio systems.Subscribers can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (also receive music and other channels, plus features such as SiriusXM On Demand and MySXM, over our Internet radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (service, including through applications for mobile devices.) Tj ET Q q 0 0 0 rg BT 289.26 620.10 Td (W) Tj ET Q q 0 0 0 rg BT 297.89 620.10 Td (e are also a leader in providing connected vehicle services.Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (connected vehicle services are designed to enhance the safety) Tj ET Q q 0 0 0 rg BT 294.84 608.10 Td (, security and driving experience for vehicle operators while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (providing marketing and operational benefits to automakers and their dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 572.10 Td (e have agreements with every major automaker \(OEMs\) to of) Tj ET Q q 0 0 0 rg BT 339.58 572.10 Td (fer satellite radio in their vehicles. ) Tj ET Q q 0 0 0 rg BT 478.51 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 487.14 572.10 Td (e also acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (subscribers through marketing to owners and lessees of previously owned vehicles that include factory-installed satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (that are not currently subscribing to our services. ) Tj ET Q q 0 0 0 rg BT 249.45 548.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 299.35 548.10 Td (, we distribute our satellite radios through retailers online and at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (locations nationwide and through our website.Satellite radio services are also of) Tj ET Q q 0 0 0 rg BT 373.95 536.10 Td (fered to customers of certain rental car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 500.10 Td (Our primary source of revenue is subscription fees, with most of our customers subscribing on an annual, semi-annual, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (quarterly or monthly plan.) Tj ET Q q 0 0 0 rg BT 159.29 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.93 488.10 Td (e of) Tj ET Q q 0 0 0 rg BT 183.02 488.10 Td (fer discounts for prepaid, longer term subscription plans, as well as a multiple subscription ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (discount.) Tj ET Q q 0 0 0 rg BT 90.71 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.34 476.10 Td (e also derive revenue from activation and other fees, the sale of advertising on select non-music channels, the direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (sale of satellite radios and accessories, and other ancillary services, such as our weather) Tj ET Q q 0 0 0 rg BT 399.24 464.10 Td (, traf) Tj ET Q q 0 0 0 rg BT 417.93 464.10 Td (fic and data services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 440.10 Td (In certain cases, a subscription to our radio services is included in the sale or lease price of new or previously owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 87.08 428.10 Td (The length of these subscriptions varies but is typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.10 428.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.08 428.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.86 428.10 Td (twelve months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.46 428.10 Td (.) Tj ET Q q 0 0 0 rg BT 408.78 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.42 428.10 Td (e receive payments for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (subscriptions from certain automakers.) Tj ET Q q 0 0 0 rg BT 209.83 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.47 416.10 Td (e also reimburse various automakers for certain costs associated with satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (installed in new vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 380.10 Td (Liberty Media Corporation \(Liberty Media\) beneficially owns, directly and indirectly) Tj ET Q q 0 0 0 rg BT 426.29 380.10 Td (, over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 380.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.88 380.10 Td ( of the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (shares of Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 194.34 368.10 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 49.50 356.10 Td (corporate governance requirements.Liberty Media owns interests in a range of media, communications and entertainment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (businesses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 318.60 Td (Basis of Presentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 302.10 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 49.50 290.10 Td (accepted accounting principles \(GAAP\). Certain information and footnote disclosures normally included in the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (statements presented in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 239.90 278.10 Td ( have been condensed or omitted pursuant to such rules and regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 254.10 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 452.22 254.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.82 254.10 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 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 49.50 230.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 230.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 230.10 Td (, filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.08 230.10 Td (April 28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.69 230.10 Td (, with the following exceptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 206.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 206.10 Td (As a result of our corporate reor) Tj ET Q q 0 0 0 rg BT 213.60 206.10 Td (ganization ef) Tj ET Q q 0 0 0 rg BT 265.34 206.10 Td (fective November 15, 2013, all of the outstanding shares of Sirius XM's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 194.10 Td (common stock were converted, on a share for share basis, into identical shares of common stock of Holdings and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 182.10 Td (equity-related transactions, including repurchases of Holdings' common stock and the issuance of equity related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 170.10 Td (stock-based compensation to Sirius XM employees have been reported as related party transactions within Sirius XM's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 158.10 Td (unaudited consolidated financial statements. Refer to Note 8 for additional information related to related party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 146.10 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 122.10 Td (Certain numbers in our prior period consolidated financial statements have been reclassified to conform to our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (period presentation. ) Tj ET Q q 0 0 0 rg BT 133.37 110.10 Td (All significant intercompany transactions have been eliminated in consolidation. In the opinion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (management, all normal recurring adjustments necessary for a fair presentation of our unaudited consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (statements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.87 86.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.47 86.10 Td ( and for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.60 86.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.20 86.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.63 86.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.63 86.10 Td ( have been made. Interim results are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (not necessarily indicative of the results that may be expected for a full year) Tj ET Q q 0 0 0 rg BT 349.11 74.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.43 74.10 Td (This Quarterly Report should be read together with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.78 62.10 Td (Annual Report for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.39 62.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.98 62.10 Td (, which is available on our website at http://investor) Tj ET Q q 0 0 0 rg BT 486.33 62.10 Td (.siriusxm.com/) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (investor) Tj ET Q q 0 0 0 rg BT 81.52 704.10 Td (-overview/default.aspx#dividend-tab2, and with Holdings) Tj ET Q q 0 0 0 rg BT 315.44 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.39 704.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 692.10 Td (, which was filed with the SEC on February 2, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 668.10 Td (Public companies, including our parent Holdings, are required to disclose certain information about their reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (operating segments. Operating segments are defined as significant components of an enterprise for which separate financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (information is available and is evaluated on a regular basis by the chief operating decision makers in deciding how to allocate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (resources to an individual segment and in assessing performance of the segment. ) Tj ET Q q 0 0 0 rg BT 374.50 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 383.14 632.10 Td (e have determined that we have one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (reportable segment as our chief operating decision maker) Tj ET Q q 0 0 0 rg BT 278.18 620.10 Td (, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 376.58 620.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 394.49 620.10 Td (, assesses performance and allocates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (resources based on the consolidated results of operations of our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 584.10 Td (e have evaluated events subsequent to the balance sheet date and prior to the filing of this Quarterly Report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (10-Q for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.24 572.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.84 572.10 Td (. Refer to Note 12, Commitments and Contingencies - Legal Proceedings, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (the subsequent event, the execution of a memorandum of understanding relating to the settlement of purported class action suits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (that allege violations of the ) Tj ET Q q 0 0 0 rg BT 160.68 548.10 Td (T) Tj ET Q q 0 0 0 rg BT 166.09 548.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 291.34 548.10 Td (Act of 1991, which required adjustment to our unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (consolidated financial statements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.39 536.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.99 536.10 Td (. No other events have occurred that would require adjustment to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (unaudited consolidated financial statements.For a discussion of additional subsequent events that do not require adjustment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (our unaudited consolidated financial statements refer to Note 14.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 486.60 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 470.10 Td (The preparation of financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 339.95 470.10 Td ( requires management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 126.53 458.10 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 49.50 446.10 Td (judgment and available information. ) Tj ET Q q 0 0 0 rg BT 199.46 446.10 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 292.87 446.10 Td (fer materially from those estimates. Significant estimates inherent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 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 49.50 422.10 Td (of our satellites, share-based payment expense, and income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 386.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 180.12 386.10 Td (Accounting Policies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 368.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 93.90 368.10 Td (alue Measurements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 351.60 Td (For assets and liabilities required to be reported at fair value, GAAP) Tj ET Q q 0 0 0 rg BT 348.83 351.60 Td ( provides a hierarchy that prioritizes inputs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.60 Td (valuation techniques used to measure fair value into three broad levels. Level1 inputs are based on unadjusted quoted prices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.60 Td (active markets for identical instruments. Level2 inputs are inputs, other than quoted market prices included within Level1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.60 Td (that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 219.62 315.60 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 331.43 315.60 Td (. Level3 inputs are unobservable inputs for the asset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.60 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 303.60 Td (. ) Tj ET Q q 0 0 0 rg BT 86.91 303.60 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.35 303.60 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.95 303.60 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.39 303.60 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.97 303.60 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 49.50 291.60 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 76.50 267.60 Td (Our assets and liabilities measured at fair value were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 220.10 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 220.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 220.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 220.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 220.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 220.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 220.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 220.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 220.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 220.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 174.10 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 174.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 174.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 174.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 174.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 174.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 174.10 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 174.10 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 174.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 174.10 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 186 243.10000000000002 m 226 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 243.10000000000002 m 230 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 243.10000000000002 m 277 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 243.10000000000002 m 281 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 243.10000000000002 m 321 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 243.10000000000002 m 325 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 243.10000000000002 m 372 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 243.10000000000002 m 416 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 243.10000000000002 m 420 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 243.10000000000002 m 467 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 243.10000000000002 m 471 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 243.10000000000002 m 511 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 243.10000000000002 m 515 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 243.10000000000002 m 562 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 243.10000000000002 m 226 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 220.10000000000002 m 226 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 243.10000000000002 m 230 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 243.10000000000002 m 277 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 220.10000000000002 m 277 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 243.10000000000002 m 281 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 243.10000000000002 m 321 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 220.10000000000002 m 321 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 243.10000000000002 m 325 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 243.10000000000002 m 372 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 220.10000000000002 m 372 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 243.10000000000002 m 416 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 220.10000000000002 m 416 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 243.10000000000002 m 420 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 243.10000000000002 m 467 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 220.10000000000002 m 467 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 243.10000000000002 m 471 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 243.10000000000002 m 511 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 220.10000000000002 m 511 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 243.10000000000002 m 515 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 243.10000000000002 m 562 243.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 220.10000000000002 m 562 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 220.10000000000002 m 226 220.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230 220.10000000000002 m 277 220.10000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 247.56 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.70 247.55 Td (March 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.20 247.55 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 224.56 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.60 224.55 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.10 224.55 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.60 224.55 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.85 233.55 Td (T) Tj ET Q q 0 0 0 rg BT 334.03 233.55 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.15 224.55 Td (V) Tj ET Q q 0 0 0 rg BT 342.82 224.55 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.60 224.55 Td (Level 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.10 224.55 Td (Level2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.60 224.55 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.85 233.55 Td (T) Tj ET Q q 0 0 0 rg BT 524.03 233.55 Td (otalFair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.15 224.55 Td (V) Tj ET Q q 0 0 0 rg BT 532.82 224.55 Td (alue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 210.55 Td (Assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 188.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 210.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 196.56 Td (Sirius XM Canada Holdings Inc. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 187.56 Td (\(Sirius XM Canada\) - ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 178.56 Td (investment ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 105.24 182.64 Td (\(a\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 188.50 178.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.25 178.56 Td (168,863) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.50 178.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 178.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 178.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 178.56 Td (168,863) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 178.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 178.56 Td (141,850) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.50 178.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.50 178.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 178.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 178.56 Td (141,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 164.55 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 188.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 164.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 150.56 Td (Debt ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 83.24 154.64 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 188.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.50 150.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 150.56 Td (5,945,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 150.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.50 150.56 Td (5,945,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.50 150.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 150.56 Td (5,649,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.50 150.56 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 150.56 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 150.56 Td (5,649,173) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 132.80 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 132.80 Td (This amount approximates fair value. ) Tj ET Q q 0 0 0 rg BT 215.55 132.80 Td (The carrying value of our investment in Sirius XM Canada was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.24 132.80 Td ($6,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.99 132.80 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.49 132.80 Td ($0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.49 132.80 Td ( as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.23 132.80 Td (March31, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 122.00 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 94.50 122.00 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.99 122.00 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.72 122.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 230.12 122.00 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 111.20 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 111.20 Td (The fair value for non-publicly traded instruments is based upon estimates from a market maker and brokerage firm. Refer to Note 9 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 100.40 Td (for information related to the carrying value of our debt as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.42 100.40 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.66 100.40 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.15 100.40 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.88 100.40 Td (.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.95 704.25 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 687.75 Td (In March 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 194.81 687.75 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 325.43 687.75 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 382.10 687.75 Td (Accounting Standards Update \(ASU\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (2016-09,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.33 675.75 Td ( Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 241.35 675.75 Td (opic 718\): Impr) Tj ET Q q 0 0 0 rg BT 304.29 675.75 Td (ovements to Employee Shar) Tj ET Q q 0 0 0 rg BT 414.72 675.75 Td (e-Based Payment ) Tj ET Q q 0 0 0 rg BT 486.74 675.75 Td (Accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.78 675.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.75 Td (areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (the income tax consequences, classification of awards as either equity or liabilities, forfeiture calculations, and classification on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.75 Td (the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 165.68 639.75 Td (The amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 315.44 639.75 Td (fective for fiscal years beginning after December 15, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 627.75 Td (and interim periods within those fiscal years, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 363.04 627.75 Td (An entity that elects early adoption must adopt all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (of the amendments in the same period. ) Tj ET Q q 0 0 0 rg BT 209.00 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 217.63 615.75 Td (e are currently evaluating the timing of adoption and the impact of this ) Tj ET Q q 0 0 0 rg BT 502.27 615.75 Td (ASU on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.75 Td (consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 579.75 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 171.46 579.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 220.37 579.75 Td (ASU 2016-02,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.70 579.75 Td ( Leases \(T) Tj ET Q q 0 0 0 rg BT 318.90 579.75 Td (opic 842\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.94 579.75 Td (. ) Tj ET Q q 0 0 0 rg BT 364.26 579.75 Td (This ) Tj ET Q q 0 0 0 rg BT 383.99 579.75 Td (ASU requires a company to recognize lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.75 Td (assets and liabilities arising from operating leases in the statement of financial position. ) Tj ET Q q 0 0 0 rg BT 403.95 567.75 Td (This ) Tj ET Q q 0 0 0 rg BT 423.68 567.75 Td (ASU does not significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.75 Td (change the previous lease guidance for how a lessee should recognize the recognition, measurement, and presentation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.75 Td (expenses and cash flows arising from a lease. ) Tj ET Q q 0 0 0 rg BT 235.55 543.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 285.46 543.75 Td (, the criteria for classifying a finance lease versus an operating lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.75 Td (are substantially the same as the previous guidance. ) Tj ET Q q 0 0 0 rg BT 260.92 531.75 Td (The amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 410.69 531.75 Td (fective for fiscal years beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.75 Td (after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 491.14 519.75 Td (W) Tj ET Q q 0 0 0 rg BT 499.78 519.75 Td (e plan to adopt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.75 Td (this ) Tj ET Q q 0 0 0 rg BT 65.90 507.75 Td (ASU on January 1, 2019. Companies are required to use a modified retrospective approach to adopt this ) Tj ET Q q 0 0 0 rg BT 486.35 507.75 Td (ASU. ) Tj ET Q q 0 0 0 rg BT 513.67 507.75 Td (W) Tj ET Q q 0 0 0 rg BT 522.31 507.75 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.75 Td (currently evaluating the impact of the adoption of this ) Tj ET Q q 0 0 0 rg BT 266.94 495.75 Td (ASU on our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 471.75 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 153.70 471.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 202.60 471.75 Td (ASU 2014-09, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.43 471.75 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 306.09 471.75 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 435.75 471.75 Td (opic 606\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.79 471.75 Td (. ) Tj ET Q q 0 0 0 rg BT 481.11 471.75 Td (This ) Tj ET Q q 0 0 0 rg BT 500.84 471.75 Td (ASU is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.75 Td (services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.75 Td (This ) Tj ET Q q 0 0 0 rg BT 69.23 435.75 Td (ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.75 Td (from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.75 Td (to obtain or fulfill a contract. In ) Tj ET Q q 0 0 0 rg BT 180.30 411.75 Td (August 2015, the F) Tj ET Q q 0 0 0 rg BT 256.22 411.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 305.13 411.75 Td (ASU 2015-14 which amended the ef) Tj ET Q q 0 0 0 rg BT 451.30 411.75 Td (fective date of this ) Tj ET Q q 0 0 0 rg BT 527.38 411.75 Td (ASU to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.75 Td (fiscal years beginning after December 15, 2017, and early adoption is permitted only for fiscal years beginning after December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.75 Td (15, 2016. ) Tj ET Q q 0 0 0 rg BT 91.82 387.75 Td (W) Tj ET Q q 0 0 0 rg BT 100.46 387.75 Td (e plan to adopt this ) Tj ET Q q 0 0 0 rg BT 178.50 387.75 Td (ASU on January 1, 2018. In March 2016, the F) Tj ET Q q 0 0 0 rg BT 368.57 387.75 Td (ASB issued additional guidance which clarified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.75 Td (principal versus agent considerations and in ) Tj ET Q q 0 0 0 rg BT 226.68 375.75 Td (April 2016, the F) Tj ET Q q 0 0 0 rg BT 294.82 375.75 Td (ASB issued additional guidance which clarified the identification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (of performance obligations and the implementation guidance for licensing. Companies may use either a full retrospective or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.75 Td (modified retrospective approach to adopt this ) Tj ET Q q 0 0 0 rg BT 232.78 351.75 Td (ASU.) Tj ET Q q 0 0 0 rg BT 260.11 351.75 Td (W) Tj ET Q q 0 0 0 rg BT 268.74 351.75 Td (e are currently evaluating the impact of the adoption of this ) Tj ET Q q 0 0 0 rg BT 507.83 351.75 Td (ASU on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.75 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 303.75 Td (Receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 285.75 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 73.50 261.75 Td (Customer accounts receivable, net, includes receivables from our subscribers and advertising customers and is stated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (amounts due, net of an allowance for doubtful accounts. Our allowance for doubtful accounts is based upon our assessment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (various factors. ) Tj ET Q q 0 0 0 rg BT 115.96 237.75 Td (W) Tj ET Q q 0 0 0 rg BT 124.60 237.75 Td (e consider historical experience, the age of the receivable balances, current economic conditions and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (factors that may af) Tj ET Q q 0 0 0 rg BT 124.01 225.75 Td (fect the counterparty) Tj ET Q q 0 0 0 rg BT 209.52 225.75 Td (s ability to pay) Tj ET Q q 0 0 0 rg BT 268.03 225.75 Td (. Bad debt expense is included in Customer service and billing expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (in our unaudited consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 189.75 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 49.50 177.75 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 49.50 165.75 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 49.50 153.75 Td (subsidies and royalties based on the number of units produced. ) Tj ET Q q 0 0 0 rg BT 305.38 153.75 Td (W) Tj ET Q q 0 0 0 rg BT 314.02 153.75 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 49.50 141.75 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 49.50 129.75 Td (with OEMs or other third parties.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 704.10 Td (Receivables, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 678.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 678.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 678.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 648.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 648.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 648.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 618.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 618.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 618.60 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 409 678.6 m 484 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.6 m 563 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 678.6 m 484 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 678.6 m 563 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 648.6 m 484 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 648.6 m 563 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 603.6 m 484 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 589.6 m 484 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 587.6 m 484 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 603.6 m 563 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 589.6 m 563 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 587.6 m 563 587.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 683.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 682.83 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 682.83 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 668.27 Td (Gross customer accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 668.27 Td (93,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 668.27 Td (98,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.27 Td (Allowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 653.32 Td (\(6,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 653.32 Td (\(6,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.27 Td (Customer accounts receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 638.27 Td (86,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 638.27 Td (92,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 623.27 Td (Receivables from distributors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 623.27 Td (118,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 623.27 Td (120,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 608.27 Td (22,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 608.27 Td (22,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 593.27 Td (Total receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 593.27 Td (228,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 593.27 Td (234,782) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 553.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 118.17 553.10 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 535.10 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 49.50 523.10 Td (manufacturing radios. Inventory is stated at the lower of cost or market. ) Tj ET Q q 0 0 0 rg BT 341.17 523.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.81 523.10 Td (e record an estimated allowance for inventory that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (considered slow moving or obsolete or whose carrying value is in excess of net realizable value. ) Tj ET Q q 0 0 0 rg BT 439.20 511.10 Td (The provision related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.10 Td (products purchased for resale in our direct to consumer distribution channel and components held for resale by us is reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.10 Td (a component of Cost of equipment in our unaudited consolidated statements of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 467.00 487.10 Td (The provision related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (to inventory consumed in our OEM and retail distribution channel is reported as a component of Subscriber acquisition costs in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (our unaudited consolidated statements of comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 439.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 114.73 439.10 Td (, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 407.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 407.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 407.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 377.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 377.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 377.60 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 409 407.6 m 484 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 407.6 m 563 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 407.6 m 484 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 407.6 m 563 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 362.6 m 484 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 362.6 m 563 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 362.6 m 484 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 348.6 m 484 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 346.6 m 484 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 362.6 m 563 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 348.6 m 563 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 346.6 m 563 346.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 411.83 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.75 411.83 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 397.27 Td (Raw materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 397.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 397.27 Td (10,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 397.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 397.27 Td (11,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 382.27 Td (Finished goods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 382.27 Td (21,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 382.27 Td (21,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 367.27 Td (Allowance for obsolescence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 367.32 Td (\(10,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 367.32 Td (\(9,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 352.27 Td (Total inventory, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 352.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 352.27 Td (21,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 352.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 352.27 Td (22,295) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 312.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 294.10 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 49.50 282.10 Td (intangible assets acquired in business combinations. Our annual impairment assessment of our single reporting unit is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (performed as of the fourth quarter of each year) Tj ET Q q 0 0 0 rg BT 236.23 270.10 Td (, and an assessment is performed at other times if an event occurs or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. If the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (value of goodwill exceeds its fair value, an impairment loss is recognized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 222.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 222.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.54 222.10 Td (, there were no indicators of impairment, and no impairment loss was recorded for goodwill during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.03 210.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 210.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.06 210.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.06 210.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.01 210.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.46 210.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.05 210.10 Td (, the cumulative balance of goodwill impairments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (recorded since the July 2008 mer) Tj ET Q q 0 0 0 rg BT 181.78 198.10 Td (ger \(the Mer) Tj ET Q q 0 0 0 rg BT 236.01 198.10 Td (ger\) between our wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 410.59 198.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.41 198.10 Td (V) Tj ET Q q 0 0 0 rg BT 421.52 198.10 Td (ernon Mer) Tj ET Q q 0 0 0 rg BT 463.27 198.10 Td (ger Corporation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (XM Satellite Radio Holdings Inc. \(XM\), was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.41 186.10 Td ($4,766,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.41 186.10 Td (, which was recognized during the year ended December31, 2008.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 704.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 122.35 704.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 686.25 Td (Our intangible assets include the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.75 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 633.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 633.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 633.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.75 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 605.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 605.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 605.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.75 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 577.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 577.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 577.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 577.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 577.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 577.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 577.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 577.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.75 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 549.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 549.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 549.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 549.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 549.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 549.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 549.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 549.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 521.75 131.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 521.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 521.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 521.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 521.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 521.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 521.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 521.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 493.75 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 493.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 493.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 493.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 493.75 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 233 662.75 m 284 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 662.75 m 288 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 662.75 m 340 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 662.75 m 344 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 662.75 m 396 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 662.75 m 451 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 662.75 m 455 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 662.75 m 507 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 662.75 m 511 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 662.75 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 181 633.75 m 229 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 633.75 m 284 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 633.75 m 340 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 633.75 m 396 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 633.75 m 451 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 633.75 m 507 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 633.75 m 563 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 493.75 m 284 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 479.75 m 284 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233 477.75 m 284 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 493.75 m 340 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 479.75 m 340 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 477.75 m 340 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 493.75 m 396 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 479.75 m 396 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 477.75 m 396 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 493.75 m 451 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 479.75 m 451 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 477.75 m 451 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 493.75 m 507 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 479.75 m 507 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 477.75 m 507 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 493.75 m 563 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 479.75 m 563 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 477.75 m 563 477.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 666.32 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.50 667.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.50 666.98 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.75 666.98 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.25 653.98 Td (Weighted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 645.98 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.50 637.98 Td (UsefulLives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.05 653.98 Td (Gross) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.20 645.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.35 637.98 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.80 645.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.60 637.98 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 645.98 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.85 637.98 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.05 653.98 Td (Gross) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.20 645.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.35 637.98 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 645.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.60 637.98 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.70 645.98 Td (NetCarrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.85 637.98 Td (Value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 625.01 Td (Indefinite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 624.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 611.01 Td (FCC licenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 610.21 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.50 610.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 610.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 610.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 610.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 610.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 610.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 610.21 Td (2,083,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 597.01 Td (T) Tj ET Q q 0 0 0 rg BT 69.68 597.01 Td (rademark) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 596.21 Td (Indefinite) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 596.21 Td (250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.25 596.21 Td (250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 596.21 Td (250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 596.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 596.21 Td (250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 583.01 Td (Definite life intangible assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 569.01 Td (Subscriber relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 568.21 Td (9 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 568.21 Td (380,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.25 568.21 Td (\(344,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 568.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 568.21 Td (35,891) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 568.21 Td (380,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 568.21 Td (\(336,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 568.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 568.21 Td (43,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 555.01 Td (OEM relationships) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 554.21 Td (15 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 554.21 Td (220,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 554.21 Td (\(35,444) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 554.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.25 554.21 Td (184,556) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 554.21 Td (220,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 554.21 Td (\(31,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 554.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 554.21 Td (188,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 541.01 Td (Licensing agreements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 540.21 Td (12 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.75 540.21 Td (45,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 540.21 Td (\(27,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 540.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 540.21 Td (17,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 540.21 Td (45,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 540.21 Td (\(26,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 540.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 540.21 Td (18,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 527.01 Td (Proprietary software) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 526.21 Td (8 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.75 526.21 Td (27,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 526.21 Td (\(18,267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 526.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 526.21 Td (8,948) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 526.21 Td (27,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 526.21 Td (\(17,752) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 526.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 526.21 Td (9,463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 513.01 Td (Developed technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 512.21 Td (10 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.25 512.21 Td (2,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.25 512.21 Td (\(1,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 512.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 512.21 Td (467) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.25 512.21 Td (2,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.25 512.21 Td (\(1,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 512.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 512.21 Td (517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 499.01 Td (Leasehold interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.00 498.21 Td (7.4 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 498.21 Td (132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 498.21 Td (\(132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 498.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 498.21 Td (132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 498.21 Td (\(132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 498.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 485.01 Td (T) Tj ET Q q 0 0 0 rg BT 81.37 485.01 Td (otal intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.50 483.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.50 483.21 Td (3,008,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.25 483.21 Td (\(427,384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.50 483.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.50 483.21 Td (2,580,906) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 483.21 Td (3,008,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 483.21 Td (\(414,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.50 483.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 483.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 483.21 Td (2,593,346) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 455.25 Td (Indefinite Life Intangible ) Tj ET Q q 0 0 0 rg BT 170.13 455.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 437.25 Td (e have identified our FCC licenses and the XM trademark as indefinite life intangible assets after considering the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (expected use of the assets, the regulatory and economic environment within which they are used and the ef) Tj ET Q q 0 0 0 rg BT 476.39 425.25 Td (fects of obsolescence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (on their use.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 389.25 Td (e hold FCC licenses to operate our satellite digital audio radio service and provide ancillary services. ) Tj ET Q q 0 0 0 rg BT 490.67 389.25 Td (The following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (table outlines the years in which each of our satellite licenses expires: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 351.75 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 351.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 325.75 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 325.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 299.75 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 299.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 273.75 402.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 273.75 106.00 -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 50 351.75 m 452 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 351.75 m 562 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 351.75 m 562 351.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 355.98 Td (FCC satellite licenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.55 355.98 Td (Expirationyear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 342.32 Td (SIRIUS FM-1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 342.32 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 329.32 Td (SIRIUS FM-2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 329.32 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 316.32 Td (SIRIUS FM-3*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 316.32 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 303.32 Td (SIRIUS FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 303.32 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 290.32 Td (SIRIUS FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 290.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 277.32 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 277.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 264.32 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 264.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 251.32 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 251.32 Td (2018) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 237.45 Td (* ) Tj ET Q q 0 0 0 rg BT 55.75 237.45 Td (As of ) Tj ET Q q 0 0 0 rg BT 77.26 237.45 Td (April 7, 2016, these satellites were no longer being used to transmit satellite radio. ) Tj ET Q q 0 0 0 rg BT 378.02 237.45 Td (W) Tj ET Q q 0 0 0 rg BT 385.80 237.45 Td (e plan to deorbit these satellites during 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 213.45 Td (Prior to expiration of our FCC licenses, we are required to apply for a renewal of our FCC licenses.) Tj ET Q q 0 0 0 rg BT 480.00 213.45 Td (The renewal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.45 Td (extension of our licenses is reasonably certain at minimal cost, which is expensed as incurred.Each of the FCC licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.45 Td (authorizes us to use the radio spectrum, which is a renewable, 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 77.50 165.45 Td (Our annual impairment assessment of our identifiable indefinite intangible assets is performed as of the fourth quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.45 Td (each year) Tj ET Q q 0 0 0 rg BT 86.97 153.45 Td (. ) Tj ET Q q 0 0 0 rg BT 93.92 153.45 Td (An assessment is performed at other times if an event occurs or circumstances change that would more likely than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.45 Td (not reduce the fair value of the asset below its carrying value. If the carrying value of the intangible assets exceeds its fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.45 Td (value, an impairment loss is recognized. ) Tj ET Q q 0 0 0 rg BT 214.73 129.45 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.18 129.45 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.78 129.45 Td (, there were no indicators of impairment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.49 129.45 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.49 129.45 Td ( impairment loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.45 Td (was recorded 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 394.13 117.45 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.73 117.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.17 117.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.17 117.45 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 704.25 Td (Definite Life Intangible ) Tj ET Q q 0 0 0 rg BT 162.90 704.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 686.25 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 329.92 686.25 Td ($12,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.42 686.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.86 686.25 Td ($13,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.36 686.25 Td ( for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 674.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 674.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 674.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 674.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 205.20 674.25 Td (.Expected amortization expense for the remaining period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.39 674.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.39 674.25 Td (, each of the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.10 662.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.10 662.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.21 662.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.21 662.25 Td ( and for periods thereafter is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 638.75 438.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 638.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.75 438.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 608.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.75 438.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 578.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.75 438.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 548.75 71.00 -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 50 638.75 m 488 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 638.75 m 563 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 638.75 m 563 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 548.75 m 563 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 548.75 m 563 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 534.75 m 563 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 532.75 m 563 532.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 642.98 Td (Y) Tj ET Q q 0 0 0 rg BT 57.39 642.98 Td (ears ending December) Tj ET Q q 0 0 0 rg BT 133.23 642.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.95 642.98 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.42 Td (2016 \(remaining\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 628.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 628.42 Td (36,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 613.42 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 613.42 Td (34,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 598.42 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 598.42 Td (19,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 583.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 583.42 Td (19,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 568.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 568.42 Td (18,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 553.42 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 553.42 Td (119,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 538.42 Td (Total definite life intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 538.42 Td (247,252) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 498.25 Td (\(7\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 498.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 86.87 498.25 Td (operty and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 474.25 Td (Property and equipment, net, consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 448.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 448.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 448.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 448.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 418.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 418.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 418.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 418.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 388.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 388.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 388.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 388.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 358.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 358.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 358.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 358.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 328.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 328.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 328.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 328.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 298.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 298.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 298.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 298.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 268.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 268.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 268.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 268.75 71.00 -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 418 448.75 m 488 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 448.75 m 563 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 448.75 m 488 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 448.75 m 563 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 298.75 m 488 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 298.75 m 563 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 268.75 m 488 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 268.75 m 563 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 268.75 m 488 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 254.75 m 488 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 252.75 m 488 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 268.75 m 563 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 254.75 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 492 252.75 m 563 252.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 453.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 452.98 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 452.98 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 438.42 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 438.42 Td (2,388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.42 Td (2,388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 423.42 Td (Terrestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 423.42 Td (115,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 423.42 Td (117,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 408.42 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 408.42 Td (49,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 408.42 Td (49,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 393.42 Td (Broadcast studio equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 393.42 Td (72,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 393.42 Td (70,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 378.42 Td (Capitalized software and hardware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 378.42 Td (487,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 378.42 Td (466,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 363.42 Td (Satellite telemetry, tracking and control facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 363.42 Td (75,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 363.42 Td (75,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 348.42 Td (Furniture, fixtures, equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 348.42 Td (75,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 348.42 Td (81,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 333.42 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 333.42 Td (38,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 333.42 Td (38,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 318.42 Td (Building) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 318.42 Td (60,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 318.42 Td (60,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 303.42 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 303.42 Td (123,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 303.42 Td (101,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 288.42 Td (Total property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 288.42 Td (3,486,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 288.42 Td (3,449,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 273.42 Td (Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 273.47 Td (\(2,086,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 273.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 273.47 Td (\(2,034,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 273.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 258.42 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 258.42 Td (1,400,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 258.42 Td (1,415,401) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 230.25 Td (Construction in progress consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 204.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 204.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 204.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 204.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 174.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 174.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 174.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 144.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 144.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 144.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 144.75 71.00 -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 418 204.75 m 488 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 204.75 m 563 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 204.75 m 488 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 204.75 m 563 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 144.75 m 488 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 144.75 m 563 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 144.75 m 488 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 130.75 m 488 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 128.75 m 488 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 144.75 m 563 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 130.75 m 563 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 128.75 m 563 128.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 209.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 208.98 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 208.98 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.42 Td (Satellite system) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 194.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 194.42 Td (12,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 194.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 194.42 Td (12,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 179.42 Td (Terrestrial repeater network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 179.42 Td (30,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 179.42 Td (25,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 164.42 Td (Capitalized software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 164.42 Td (53,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 164.42 Td (37,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 149.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 149.42 Td (27,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 149.42 Td (25,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 134.42 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 134.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 134.42 Td (123,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 134.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 134.42 Td (101,324) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.25 Td (Depreciation expense on property and equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.93 106.25 Td ($55,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.43 106.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.87 106.25 Td ($51,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.37 106.25 Td ( for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.55 106.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 94.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 94.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.10 94.25 Td (.) Tj ET Q q 0 0 0 rg BT 146.42 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 155.06 94.25 Td (e retired property and equipment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.45 94.25 Td ($3,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.95 94.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.38 94.25 Td ($4,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.88 94.25 Td ( during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.52 94.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 82.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 82.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 82.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.60 82.25 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 692.25 Td (Satellites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 674.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 674.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 674.25 Td (, we owned a fleet of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.89 674.25 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.89 674.25 Td ( operating satellites.In March 2016, we de-orbited XM-1, a satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (that was no longer in use and had also reached the end of its operational life. ) Tj ET Q q 0 0 0 rg BT 357.83 662.25 Td (The chart below provides certain information on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 650.25 Td (our operating satellites as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.74 650.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.34 650.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 618.75 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 618.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 618.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 588.75 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 588.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 588.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 558.75 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 558.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 558.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 528.75 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 528.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 528.75 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 50 618.75 m 415 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 618.75 m 489 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 618.75 m 563 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 618.75 m 489 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 618.75 m 563 618.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.45 622.98 Td (Satellite Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.20 622.98 Td (Y) Tj ET Q q 0 0 0 rg BT 433.09 622.98 Td (ear) Tj ET Q q 0 0 0 rg BT 444.05 622.98 Td (Deliver) Tj ET Q q 0 0 0 rg BT 470.78 622.98 Td (ed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.70 630.98 Td (Estimated End of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.20 622.98 Td (Depr) Tj ET Q q 0 0 0 rg BT 516.38 622.98 Td (eciable Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.42 Td (FM-1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 608.42 Td (2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 608.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 593.42 Td (FM-2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 593.42 Td (2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 593.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.42 Td (FM-3*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 578.42 Td (2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 578.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.42 Td (FM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 563.42 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 563.42 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 548.42 Td (FM-6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 548.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 548.42 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 533.42 Td (XM-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 533.42 Td (2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 533.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 518.42 Td (XM-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 518.42 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 518.42 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 503.42 Td (XM-5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 503.42 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 503.42 Td (2025) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 488.45 Td (* Satellite was fully depreciated and was still in operation as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.44 488.45 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.67 488.45 Td (. ) Tj ET Q q 0 0 0 rg BT 342.93 488.45 Td (As of ) Tj ET Q q 0 0 0 rg BT 364.43 488.45 Td (April 7, 2016, these satellites were no longer being ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 477.65 Td (used to transmit satellite radio. ) Tj ET Q q 0 0 0 rg BT 164.56 477.65 Td (W) Tj ET Q q 0 0 0 rg BT 172.34 477.65 Td (e plan to deorbit these satellites during 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.65 Td (\(8\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 441.65 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 137.96 441.65 Td (T) Tj ET Q q 0 0 0 rg BT 143.89 441.65 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 417.65 Td (In the normal course of business, we enter into transactions with related parties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 393.65 Td (Liberty Media) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.15 Td (Liberty Media has beneficially owned over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.44 377.15 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.77 377.15 Td ( of Holdings) Tj ET Q q 0 0 0 rg BT 322.35 377.15 Td ( outstanding common stock since January 2013 and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.04 377.15 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.04 377.15 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.15 Td (executives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.14 365.15 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.58 365.15 Td ( of its directors on Holdings) Tj ET Q q 0 0 0 rg BT 240.10 365.15 Td ( board of directors. Gregory B. Maf) Tj ET Q q 0 0 0 rg BT 385.15 365.15 Td (fei, the President and Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.15 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 353.15 Td (ficer of Liberty Media, is the Chairman of Holdings) Tj ET Q q 0 0 0 rg BT 269.91 353.15 Td ( board of directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 329.15 Td (Sirius XM Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 312.65 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 518.70 312.65 Td (All equity-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.65 Td (related transactions, including repurchases of Holdings' common stock and the issuance of equity related to stock-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.65 Td (compensation for Sirius XM employees have been reported as related party transactions within Sirius XM's consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.65 Td (financial statements. ) Tj ET Q q 0 0 0 rg BT 136.51 276.65 Td (The stock-based compensation for Sirius XM employees is recorded in Sirius XM's unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.65 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 189.55 264.65 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 386.15 264.65 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.74 264.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.18 264.65 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.77 264.65 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.65 Td (Sirius XM includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.78 252.65 Td ($4,088,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.78 252.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.22 252.65 Td ($3,522,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.22 252.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 291.88 252.65 Td (, 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 49.50 240.65 Td (equity-related transactions, as well as for the conversion of the 7% Exchangeable Senior Subordinated Notes in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.65 Td (2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 204.65 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 204.65 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.46 204.65 Td (, Holdings' repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.23 204.65 Td ($588,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.73 204.65 Td ( of its common stock, which was funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.65 Td (with our cash. ) Tj ET Q q 0 0 0 rg BT 110.70 192.65 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 67.50 168.65 Td (Sirius XM Canada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 152.15 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 152.15 Td (e hold an equity method investment in Sirius XM Canada.) Tj ET Q q 0 0 0 rg BT 322.70 152.15 Td (W) Tj ET Q q 0 0 0 rg BT 331.34 152.15 Td (e own approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.26 152.15 Td (47,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.76 152.15 Td ( of Sirius XM Canada) Tj ET Q q 0 0 0 rg BT 536.30 152.15 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.15 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 140.15 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 140.15 Td ( shares on a converted basis, representing an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.48 140.15 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.81 140.15 Td ( equity interest and an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.10 140.15 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.43 140.15 Td ( voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.15 Td (interest.) Tj ET Q q 0 0 0 rg BT 86.25 128.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.89 128.15 Td (e primarily provide programming and content services to Sirius XM Canada and are reimbursed from Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.15 Td (Canada for certain product development costs, production and distribution of chipset radios, as well as for information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.15 Td (technology and streaming support costs.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 704.10 Td (e had the following related party balances associated with Sirius XM Canada:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 678.60 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 678.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 678.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 648.60 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 648.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 648.60 72.00 -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 414 678.6 m 486 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 678.6 m 562 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 678.6 m 486 678.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.50 682.83 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 682.83 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 668.27 Td (Related party current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 668.27 Td (5,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 668.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 668.27 Td (5,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 653.27 Td (Related party long-term assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 653.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 653.27 Td (6,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 653.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 653.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 653.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 638.27 Td (Related party current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 638.27 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 638.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 638.27 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 623.27 Td (Related party long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 623.27 Td (10,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 623.27 Td (10,795) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 595.10 Td (Our related party current asset balances primarily consist of activation fees and programming and chipset costs for which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.10 Td (we are reimbursed. Our related party long-term asset balance as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 583.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.82 583.10 Td ( primarily included our investment balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (in Sirius XM Canada. Our related party liabilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.89 571.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.49 571.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.93 571.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.52 571.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.95 571.10 Td ($2,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.45 571.10 Td ( for the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (portion of deferred revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.61 559.10 Td ($9,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.11 559.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.54 559.10 Td ($10,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.04 559.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 310.71 559.10 Td (, for the long-term portion of deferred revenue recorded as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (the Mer) Tj ET Q q 0 0 0 rg BT 80.70 547.10 Td (ger date related to agreements with XM Canada, now Sirius XM Canada.) Tj ET Q q 0 0 0 rg BT 378.49 547.10 Td (These costs are being amortized on a straight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (line basis through 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 511.10 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 49.50 499.10 Td (statements of comprehensive income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 458.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 458.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 458.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 428.60 359.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 428.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 428.60 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 408 473.6 m 483 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 473.6 m 487 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 473.6 m 562 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 473.6 m 483 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 458.6 m 483 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 473.6 m 562 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 458.6 m 562 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 458.6 m 483 458.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 478.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.20 479.28 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 462.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 464.28 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 464.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 448.27 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 88.99 452.80 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 448.27 Td (9,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 448.27 Td (13,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 433.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 433.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 433.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 418.27 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 150.69 422.80 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 418.27 Td (6,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 418.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 418.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 403.27 Td (Dividends ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 95.11 407.80 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 403.27 Td (3,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 403.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 403.27 Td (976) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 382.30 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 382.30 Td (Under our agreements with Sirius XM Canada, we currently receive a percentage-based royalty of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.61 382.30 Td (10%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.11 382.30 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.60 382.30 Td (15%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.10 382.30 Td ( for certain types of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 371.50 Td (subscription revenue earned by Sirius XM Canada for Sirius and XM platforms, respectively; and additional royalties for premium ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 360.70 Td (services and royalties for activation fees and reimbursements for other char) Tj ET Q q 0 0 0 rg BT 347.23 360.70 Td (ges.) Tj ET Q q 0 0 0 rg BT 365.81 360.70 Td (W) Tj ET Q q 0 0 0 rg BT 373.59 360.70 Td (e record revenue from Sirius XM Canada as Other ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 349.90 Td (revenue in our unaudited consolidated statements of comprehensive income.) Tj ET Q q 0 0 0 rg BT 356.00 349.90 Td (The license and services agreement entered into with ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 339.10 Td (Sirius Canada will expire in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 179.23 339.10 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.23 339.10 Td (.) Tj ET Q q 0 0 0 rg BT 203.82 339.10 Td (The license agreement entered into with XM Canada will expire in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.48 339.10 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.48 339.10 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 328.30 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 328.30 Td (W) Tj ET Q q 0 0 0 rg BT 84.27 328.30 Td (e recognize our proportionate share of earnings or losses of Sirius XM Canada as they occur as a component of Other income in our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 317.50 Td (unaudited consolidated statements of comprehensive income on a one month lag.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 306.70 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 306.70 Td (Sirius XM Canada paid gross dividends to us of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.24 306.70 Td ($3,575) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.99 306.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.48 306.70 Td ($3,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.23 306.70 Td ( during the three months ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.21 306.70 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.45 306.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.94 306.70 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.94 306.70 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 295.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 119.40 295.90 Td (.) Tj ET Q q 0 0 0 rg BT 125.98 295.90 Td (These dividends were first recorded as a reduction to our investment balance in Sirius XM Canada to the extent a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 285.10 Td (balance existed and then as Other income for the remaining portion.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (\(9\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 704.25 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 680.25 Td (Our debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.93 680.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.53 680.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.97 680.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.55 680.25 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 632.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 632.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.00 632.75 76.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 632.75 60.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 632.75 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 632.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 632.75 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 632.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 632.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 574.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 574.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.00 574.75 76.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 574.75 60.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 574.75 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 574.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 574.75 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 574.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 574.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 516.75 40.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 516.75 48.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.00 516.75 76.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 516.75 60.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 516.75 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 516.75 68.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 516.75 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 516.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 516.75 71.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 458.75 40.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 458.75 48.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.00 458.75 76.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 458.75 60.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 458.75 63.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 458.75 68.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 458.75 59.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 458.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 458.75 71.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 384.75 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 94.00 384.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.00 384.75 76.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 384.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 384.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 384.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 384.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 384.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 384.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 358.75 375.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 358.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 358.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 358.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 358.75 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 332.75 375.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 332.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 332.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 332.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 332.75 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 429 653.75 m 488 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 653.75 m 492 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 653.75 m 563 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 632.75 m 90 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 94 632.75 m 142 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 632.75 m 222 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 632.75 m 286 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 632.75 m 353 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 632.75 m 425 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 632.75 m 488 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 632.75 m 563 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 632.75 m 90 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 371.75 m 488 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 371.75 m 563 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 332.75 m 488 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 320.75 m 488 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 318.75 m 488 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 332.75 m 563 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 320.75 m 563 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 318.75 m 563 318.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 96.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.50 657.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 657.98 Td (Carrying value) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 514.02 661.61 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.09 657.98 Td ( at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 644.98 Td (Issuer) Tj ET Q q 0 0 0 rg BT 77.75 644.98 Td ( / ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.95 636.98 Td (Borr) Tj ET Q q 0 0 0 rg BT 69.24 636.98 Td (ower) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 92.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 106.60 636.98 Td (Issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.25 636.98 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.95 636.98 Td (Maturity Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.15 636.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 310.33 636.98 Td (est Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.90 644.98 Td (Principal Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.65 636.98 Td (at March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.50 636.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 636.98 Td (March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 636.98 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 624.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 616.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 624.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 624.70 Td (May 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 624.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 624.70 Td (4.25%SeniorNotes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 616.70 Td (\(the"4.25%Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 624.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 624.70 Td (May 15, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 624.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 624.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 616.70 Td (May15and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 608.70 Td (November15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 624.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 624.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 624.70 Td (500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.50 624.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 624.70 Td (496,475) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 624.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 624.70 Td (496,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 595.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 587.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 595.70 Td (September ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 587.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 595.70 Td (5.875%SeniorNotes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 587.70 Td (\(the"5.875%Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 595.70 Td (October 1, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 595.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 587.70 Td (April1and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 579.70 Td (October1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 595.70 Td (650,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 595.70 Td (644,961) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 595.70 Td (644,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 566.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 558.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 566.70 Td (August 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 566.70 Td (5.75%SeniorNotes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 558.70 Td (\(the"5.75%Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 566.70 Td (August 1, 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 566.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 558.70 Td (February1 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 550.70 Td (August1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 566.70 Td (600,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 566.70 Td (595,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 566.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 566.70 Td (595,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 537.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 529.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 537.70 Td (May 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 537.70 Td (4.625% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 529.70 Td (\(the "4.625% Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 537.70 Td (May 15, 2023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 537.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 529.70 Td (May15and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 521.70 Td (November15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 537.70 Td (500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 537.70 Td (495,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 537.70 Td (495,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 508.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 500.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 508.70 Td (May 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 508.70 Td (6.00% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 500.70 Td (\(the "6.00% Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 508.70 Td (July 15, 2024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 508.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 500.70 Td (January15 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 492.70 Td (July15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 508.70 Td (1,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.75 508.70 Td (1,485,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 508.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 508.70 Td (1,485,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 479.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 471.70 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 479.70 Td (March 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 479.70 Td (5.375% Senior Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 471.70 Td (\(the "5.375% Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 479.70 Td (April 15, 2025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 479.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 471.70 Td (April15and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 463.70 Td (October15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 479.70 Td (1,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 479.70 Td (989,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 479.70 Td (989,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 450.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 442.70 Td (\(b\)\(c\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 450.70 Td (August 2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 450.70 Td (5.25% ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 442.70 Td (SeniorSecured ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 434.70 Td (Notes \(the "5.25% ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 426.70 Td (Notes"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 450.70 Td (August 15, 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 450.70 Td (semi-annually on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 442.70 Td (February15 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 434.70 Td (August15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 450.70 Td (400,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 450.70 Td (395,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 450.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 450.70 Td (395,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 413.70 Td (Sirius XM ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 405.70 Td (\(d\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 413.70 Td (December ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 405.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 413.70 Td (Senior Secured ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 405.70 Td (Revolving Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 397.70 Td (Facility \(the "Credit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 389.70 Td (Facility"\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 413.70 Td (June 16, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 413.70 Td (variable fee paid ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 405.70 Td (quarterly) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.80 413.70 Td (1,750,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 413.70 Td (600,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 413.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.80 413.70 Td (340,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 376.70 Td (Sirius XM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 92.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.50 376.70 Td (V) Tj ET Q q 0 0 0 rg BT 101.39 376.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.50 376.70 Td (Capital leases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.50 376.70 Td (V) Tj ET Q q 0 0 0 rg BT 233.39 376.70 Td (arious) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 376.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.70 376.70 Td ( n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 376.70 Td (17,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 376.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.80 376.70 Td (12,892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 363.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 363.70 Td (otal Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 363.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.75 363.70 Td (5,721,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 363.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 363.70 Td (5,455,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 350.70 Td (Less: total current maturities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 350.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 350.70 Td (5,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 350.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 350.70 Td (4,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 337.70 Td (Less: total deferred financing costs for Notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 337.70 Td (6,931) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 337.70 Td (7,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 324.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.83 324.70 Td (otal long-term debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.50 324.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.50 324.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.75 324.70 Td (5,709,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 324.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 324.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.80 324.70 Td (5,443,614) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 303.45 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 303.45 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 49.50 292.65 Td (\(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 292.65 Td (Substantially all of our domestic wholly-owned subsidiaries have guaranteed these notes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 281.85 Td (\(c\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 281.85 Td (The liens securing the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.97 281.85 Td (5.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.22 281.85 Td ( Notes are equal and ratable to the liens granted to secure the Credit Facility) Tj ET Q q 0 0 0 rg BT 454.04 281.85 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 271.05 Td (\(d\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 271.05 Td (In December 2012, we entered into a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.94 271.05 Td (five) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.94 271.05 Td (-year Credit Facility with a syndicate of financial institutions for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.38 271.05 Td ($1,250,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.88 271.05 Td (.In June 2015, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 260.25 Td (we entered into an amendment to increase the total borrowing capacity under the Credit Facility to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.38 260.25 Td ($1,750,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.88 260.25 Td ( and to extend the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 249.45 Td (maturity to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.49 249.45 Td (June 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.24 249.45 Td (.Our obligations under the Credit Facility are guaranteed by certain of our material domestic subsidiaries and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 238.65 Td (are secured by a lien on substantially all of our assets and the assets of its material domestic subsidiaries.Interest on borrowings is ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 227.85 Td (payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate.) Tj ET Q q 0 0 0 rg BT 402.47 227.85 Td (W) Tj ET Q q 0 0 0 rg BT 410.25 227.85 Td (e are also required to pay a variable fee ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 217.05 Td (on the average daily unused portion of the Credit Facility which is payable on a quarterly basis.) Tj ET Q q 0 0 0 rg BT 424.49 217.05 Td (The variable rate for the unused ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 206.25 Td (portion of the Credit Facility was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.48 206.25 Td (0.30%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.73 206.25 Td ( per annum as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.96 206.25 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.20 206.25 Td (.) Tj ET Q q 0 0 0 rg BT 347.45 206.25 Td (As of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.45 206.25 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.69 206.25 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.19 206.25 Td ($1,150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.69 206.25 Td ( was available for future ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 195.45 Td (borrowing under the Credit Facility) Tj ET Q q 0 0 0 rg BT 203.89 195.45 Td (.Our outstanding borrowings under the Credit Facility are classified as Long-term debt within our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 184.65 Td (unaudited consolidated balance sheets due to the long-term maturity of this debt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 160.65 Td (Covenants and Restrictions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 142.65 Td (Under the Credit Facility) Tj ET Q q 0 0 0 rg BT 177.10 142.65 Td (, we must comply with a debt maintenance covenant that it not exceed a total leverage ratio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.65 Td (calculated as consolidated total debt to consolidated operating cash flow) Tj ET Q q 0 0 0 rg BT 337.92 130.65 Td (, of 5.0 to 1.0.) Tj ET Q q 0 0 0 rg BT 398.85 130.65 Td (The Credit Facility generally requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.65 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 49.50 106.65 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 94.65 Td (transactions with af) Tj ET Q q 0 0 0 rg BT 127.63 94.65 Td (filiates, \(v\)mer) Tj ET Q q 0 0 0 rg BT 189.37 94.65 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 82.65 Td (substantially all of our assets, and \(vii\)make voluntary prepayments of certain debt, in each case subject to exceptions.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 704.10 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 49.50 692.10 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 49.50 680.10 Td (basis.) Tj ET Q q 0 0 0 rg BT 76.82 680.10 Td (The indentures governing the notes also contain covenants that, among other things, limit our ability and the ability of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (subsidiaries to create certain liens; enter into sale/leaseback transactions; and mer) Tj ET Q q 0 0 0 rg BT 375.30 668.10 Td (ge or consolidate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 644.10 Td (Under our debt agreements, the following generally constitute an event of default: \(i\)a default in the payment of interest; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (\(ii\)a default in the payment of principal; \(iii\)failure to comply with covenants; \(iv\)failure to pay other indebtedness after final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (maturity or acceleration of other indebtedness exceeding a specified amount; \(v\)certain events of bankruptcy; \(vi\)a judgment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (for payment of money exceeding a specified aggregate amount; and \(vii\)voidance of subsidiary guarantees, subject to grace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (periods where applicable.If an event of default occurs and is continuing, our debt could become immediately due and payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 572.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 572.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.60 572.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.04 572.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.62 572.10 Td (, we were in compliance with our debt covenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (\(10\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 536.10 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 127.99 536.10 Td ( Equity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 512.10 Td (Common Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 176.67 512.10 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 204.17 512.10 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 495.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 495.60 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 495.60 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.04 495.60 Td (9,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.04 495.60 Td ( shares of common stock. ) Tj ET Q q 0 0 0 rg BT 362.41 495.60 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.86 495.60 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.46 495.60 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.89 495.60 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.48 495.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.60 Td (there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.91 483.60 Td (one thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.96 483.60 Td ( shares of common stock of Sirius XM issued and outstanding, which was owned by Holdings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 459.60 Td (Preferred Stock, par value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 178.32 459.60 Td ($0.001) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 205.82 459.60 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 443.10 Td (e are authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 443.10 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.54 443.10 Td ( shares of undesignated preferred stock with a liquidation preference of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.93 443.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.43 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (per share. ) Tj ET Q q 0 0 0 rg BT 93.19 431.10 Td (There were no shares of preferred stock issued or outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 431.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.25 431.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.69 431.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.27 431.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (\(1) Tj ET Q q 0 0 0 rg BT 57.28 395.10 Td (1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 395.10 Td (Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 377.10 Td (e recognized share-based payment expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.61 377.10 Td ($23,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.11 377.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.54 377.10 Td ($19,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.04 377.10 Td ( for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.23 377.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.83 377.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 365.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 365.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 341.10 Td (2015 Long-T) Tj ET Q q 0 0 0 rg BT 120.19 341.10 Td (erm Stock Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 323.10 Td (In May 2015, Holdings) Tj ET Q q 0 0 0 rg BT 172.42 323.10 Td ( stockholders approved the Sirius XM Holdings Inc. 2015 Long-T) Tj ET Q q 0 0 0 rg BT 436.13 323.10 Td (erm Stock Incentive Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (2015 Plan\). Employees, consultants and members of Holdings) Tj ET Q q 0 0 0 rg BT 312.60 311.10 Td ( 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 49.50 299.10 Td (2015 Plan. ) Tj ET Q q 0 0 0 rg BT 97.10 299.10 Td (The 2015 Plan provides for the grant of stock options, restricted stock awards, restricted stock units and other stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (based awards that the compensation committee of Holdings) Tj ET Q q 0 0 0 rg BT 290.64 287.10 Td ( board of directors deem appropriate. ) Tj ET Q q 0 0 0 rg BT 443.73 287.10 Td (V) Tj ET Q q 0 0 0 rg BT 449.84 287.10 Td (esting and other terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (stock-based awards are set forth in the agreements with the individuals receiving the awards. Stock-based awards granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (under the 2015 Plan are generally subject to a vesting requirement. Stock options generally expire ten years from the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (grant. Each restricted stock unit entitles the holder to receive one share of common stock upon vesting. ) Tj ET Q q 0 0 0 rg BT 467.99 251.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.43 251.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.03 251.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (242,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 239.10 Td ( shares of common stock were available for future grants under the 2015 Plan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 215.10 Td (Other Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 197.10 Td (e maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.57 197.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.23 197.10 Td ( other share-based benefit plans the Sirius XM Radio Inc. 2009 Long-T) Tj ET Q q 0 0 0 rg BT 443.52 197.10 Td (erm Stock Incentive Plan, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (XM 2007 Stock Incentive Plan, the ) Tj ET Q q 0 0 0 rg BT 192.54 185.10 Td (Amended and Restated Sirius Satellite Radio 2003 Long-T) Tj ET Q q 0 0 0 rg BT 427.63 185.10 Td (erm Stock Incentive Plan and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (XM 1998 Shares ) Tj ET Q q 0 0 0 rg BT 119.22 173.10 Td (A) Tj ET Q q 0 0 0 rg BT 125.53 173.10 Td (ward Plan. No further awards may be made under these plans.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 704.10 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 49.50 692.10 Td (employees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 655.60 367.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 655.60 146.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 625.60 367.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 625.60 146.00 -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 416 668.6 m 562 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 655.6 m 562 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 655.6 m 562 655.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 672.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.20 672.83 Td (For the Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 659.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.50 659.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 646.17 Td (Risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.05 645.27 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 631.17 Td (Expected life of options years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.75 630.27 Td (3.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 616.17 Td (Expected stock price volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 615.27 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 601.17 Td (Expected dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 600.27 Td (0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 578.10 Td (There were no options granted to members of Holdings' board of directors or third parties during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 566.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.54 566.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.54 566.10 Td (, or employees during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.77 566.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.37 566.10 Td (.) Tj ET Q q 0 0 0 rg BT 408.68 566.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.32 566.10 Td (e do not intend to pay regular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (dividends on Holdings' common stock.) Tj ET Q q 0 0 0 rg BT 209.91 554.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 259.25 554.10 Td (, the dividend yield used in the Black-Scholes-Merton option value was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (zero for all periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 518.10 Td (The following table summarizes stock option activity under our share-based plans for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.38 518.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 506.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 450.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 450.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 450.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 420.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 420.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 420.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 420.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 420.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 420.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 420.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 420.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 390.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 390.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 390.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 390.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 390.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 390.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 390.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 390.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 450.6 m 353 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 450.6 m 423 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 450.6 m 493 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 450.6 m 563 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 390.6 m 353 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 376.6 m 353 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 374.6 m 353 374.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 455.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.90 454.83 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 455.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.90 478.83 Td (W) Tj ET Q q 0 0 0 rg BT 382.46 478.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.55 470.83 Td (A) Tj ET Q q 0 0 0 rg BT 383.73 470.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.10 462.83 Td (Exer) Tj ET Q q 0 0 0 rg BT 394.39 462.83 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.75 454.83 Td (Price Per) Tj ET Q q 0 0 0 rg BT 397.36 454.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 415.66 454.83 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.50 455.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.90 486.83 Td (W) Tj ET Q q 0 0 0 rg BT 452.46 486.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.55 478.83 Td (A) Tj ET Q q 0 0 0 rg BT 453.73 478.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 470.83 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.80 462.83 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.05 454.83 Td (T) Tj ET Q q 0 0 0 rg BT 444.65 454.83 Td (erm \(Y) Tj ET Q q 0 0 0 rg BT 467.97 454.83 Td (ears\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 455.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.00 470.83 Td (Aggr) Tj ET Q q 0 0 0 rg BT 532.18 470.83 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.80 462.83 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.85 454.83 Td (V) Tj ET Q q 0 0 0 rg BT 527.89 454.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 440.27 Td (Outstanding as of December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 440.27 Td (338,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 440.27 Td (3.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 426.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 425.27 Td (4,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 425.27 Td (3.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 425.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 411.17 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.30 410.32 Td (\(2,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 410.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 410.27 Td (1.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 410.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 396.17 Td (Forfeited, cancelled or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.30 395.32 Td (\(6,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 395.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 395.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 395.27 Td (4.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 395.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 381.17 Td (Outstanding as of March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 380.27 Td (334,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 380.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 380.27 Td (3.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 380.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 380.27 Td (7.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 380.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 380.27 Td (226,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 366.17 Td (Exercisable as of March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 365.27 Td (116,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.50 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 365.27 Td (2.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 365.27 Td (5.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 365.27 Td (176,113) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 343.10 Td (The weighted average grant date fair value per share of options granted during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.29 343.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.89 343.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 331.10 Td ($0.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.05 331.10 Td (.) Tj ET Q q 0 0 0 rg BT 97.37 331.10 Td (The total intrinsic value of stock options exercised during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.90 331.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 331.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.93 331.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.93 331.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td ($4,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 319.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 319.10 Td ($30,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.94 319.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.60 319.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 295.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 295.10 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 391.04 295.10 Td ($19,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.54 295.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.97 295.10 Td ($16,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.47 295.10 Td ( for the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 283.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 283.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.91 283.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.91 283.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 231.58 283.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 259.10 Td (The following table summarizes the restricted stock unit and stock award activity under our share-based plans for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.31 247.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 247.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 207.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 207.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 207.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 177.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 177.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 177.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 147.60 389.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 147.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 147.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 207.60000000000002 m 497 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 207.60000000000002 m 561 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 207.60000000000002 m 497 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 147.60000000000002 m 497 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 133.60000000000002 m 497 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 131.60000000000002 m 497 131.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 212.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 211.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 471.30 211.83 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 212.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.05 227.83 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.65 219.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 527.17 219.83 Td ( ) Tj ET Q q 0 0 0 rg BT 529.02 219.83 Td (V) Tj ET Q q 0 0 0 rg BT 534.06 219.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.65 211.83 Td (Per) Tj ET Q q 0 0 0 rg BT 525.49 211.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 543.80 211.83 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 197.27 Td (Nonvested as of December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 197.27 Td (16,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 197.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 197.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 197.27 Td (3.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 182.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 182.27 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 182.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 182.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 182.27 Td (3.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 167.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 152.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 152.32 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 152.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 152.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 152.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 152.27 Td (3.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 137.27 Td (Nonvested as of March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 137.27 Td (16,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 137.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 137.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 137.27 Td (3.72) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 115.10 Td (The total intrinsic value of restricted stock units and stock awards vesting during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.23 115.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.83 115.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 103.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 103.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 103.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.99 103.10 Td (.) 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 recognized share-based payment expense associated with restricted stock units and stock awards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 79.10 Td ($4,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.60 79.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td ($2,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 67.10 Td ( during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.64 67.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.23 67.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.67 67.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.67 67.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 359.33 67.10 Td (.) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.91 704.10 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 49.50 692.10 Td (stock units granted to employees, members of Holdings' board of directors and third parties at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.32 692.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.92 692.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 680.10 Td (, net of estimated forfeitures, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.03 680.10 Td ($227,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.53 680.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.96 680.10 Td ($261,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.46 680.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 415.13 680.10 Td (.) Tj ET Q q 0 0 0 rg BT 422.44 680.10 Td (The total unrecognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (compensation costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.76 668.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.36 668.10 Td ( are 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 466.83 668.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.33 668.10 Td ( years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 638.10 Td (401\(k\) Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 620.10 Td (Sirius XM sponsors 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 535.61 620.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Sirius XM Plan allows eligible employees to voluntarily contribute from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.23 608.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.56 608.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.34 608.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.67 608.10 Td ( of their pre-tax eligible earnings, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (certain defined limits. ) Tj ET Q q 0 0 0 rg BT 139.29 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.93 596.10 Td (e match ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.80 596.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.13 596.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 267.05 596.10 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 475.62 596.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.95 596.10 Td ( of an employee) Tj ET Q q 0 0 0 rg BT 555.87 596.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (pre-tax salary up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.29 584.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.62 584.10 Td ( of eligible compensation.) Tj ET Q q 0 0 0 rg BT 312.30 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.94 584.10 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 49.50 572.10 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 49.50 560.10 Td (vest at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.08 560.10 Td (33.33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.91 560.10 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 366.31 560.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.89 560.10 Td ( of employment for all current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 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 49.50 536.10 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 523.25 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 531.89 536.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.86 524.10 Td ($1,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.36 524.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 524.10 Td ($3,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.30 524.10 Td ( in expense during three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.21 524.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 524.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.24 524.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.24 524.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 482.90 524.10 Td (, to the Sirius XM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Plan in fulfillment of our matching obligation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 482.10 Td (Sirius XM Holdings Inc. Deferred Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 464.10 Td (In 2015, Holdings' adopted the Sirius XM Holdings Inc. Deferred Compensation Plan \(the DCP\). ) Tj ET Q q 0 0 0 rg BT 480.17 464.10 Td (The DCP) Tj ET Q q 0 0 0 rg BT 517.30 464.10 Td ( allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (members of Holdings' board of directors and certain eligible employees to defer all or a portion of their base salary) Tj ET Q q 0 0 0 rg BT 508.55 452.10 Td (, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (incentive compensation and/or board of directors) Tj ET Q q 0 0 0 rg BT 248.41 440.10 Td ( compensation, as applicable, each plan year starting in 2016. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (terms of the DCP) Tj ET Q q 0 0 0 rg BT 118.11 428.10 Td (, Holdings or any of its subsidiaries may elect to make additional contributions beyond amounts deferred by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (participants, but is under no obligation to do so. Holdings has established a grantor \(or rabbi\) trust to facilitate the payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (of its obligations under the DCP) Tj ET Q q 0 0 0 rg BT 177.55 404.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.95 380.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.39 380.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.99 380.10 Td (, the fair value of the investments in the trust was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.38 380.10 Td ($4,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.88 380.10 Td (, which is included in Other long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (assets in our unaudited consolidated balance sheets and is classified as trading securities. ) Tj ET Q q 0 0 0 rg BT 409.50 368.10 Td (T) Tj ET Q q 0 0 0 rg BT 415.25 368.10 Td (rading gains and losses associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (with the trust are recorded in Other income within our unaudited consolidated statements of comprehensive income. ) Tj ET Q q 0 0 0 rg BT 518.63 356.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (associated liability is recorded within Other long-term liabilities in our unaudited consolidated balance sheets, and any increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (or decrease in the liability is recorded in General and administration expense within our unaudited consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (comprehensive income. For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.38 320.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.98 320.10 Td (, we recorded an immaterial amount of unrealized gains on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (investments held in the trust.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (\(12\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 272.10 Td (Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 254.10 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 407.78 254.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 254.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.60 121.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 231.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 231.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 231.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.60 121.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 203.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 203.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 175.60 121.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 175.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 175.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 147.60 121.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 147.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 147.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 119.60 121.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.00 119.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 119.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 119.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 119.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 119.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 119.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 119.60 53.00 -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 171 231.60000000000002 m 224 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 231.60000000000002 m 281 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 231.60000000000002 m 338 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 231.60000000000002 m 392 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 231.60000000000002 m 449 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 231.60000000000002 m 506 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 231.60000000000002 m 563 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 231.60000000000002 m 224 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 119.60000000000002 m 224 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 119.60000000000002 m 281 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 119.60000000000002 m 338 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 119.60000000000002 m 392 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 119.60000000000002 m 449 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 119.60000000000002 m 506 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 119.60000000000002 m 563 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 106.60000000000002 m 224 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 104.60000000000002 m 224 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 106.60000000000002 m 281 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 104.60000000000002 m 281 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 106.60000000000002 m 338 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 104.60000000000002 m 338 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 106.60000000000002 m 392 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 104.60000000000002 m 392 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 106.60000000000002 m 449 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 104.60000000000002 m 449 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 106.60000000000002 m 506 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 104.60000000000002 m 506 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 106.60000000000002 m 563 106.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 104.60000000000002 m 563 104.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.00 235.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.00 235.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.00 235.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 235.68 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 235.68 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.70 235.68 Td (Ther) Tj ET Q q 0 0 0 rg BT 477.44 235.68 Td (eafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.25 235.68 Td (T) Tj ET Q q 0 0 0 rg BT 531.85 235.68 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 222.17 Td (Debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 222.17 Td (4,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 222.17 Td (5,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 222.17 Td (4,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 222.17 Td (3,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.10 222.17 Td (1,750,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.10 222.17 Td (4,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.50 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 222.17 Td (5,767,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 208.17 Td (Cash interest payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.60 208.17 Td (223,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.60 208.17 Td (300,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.60 208.17 Td (300,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 208.17 Td (300,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.60 208.17 Td (280,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.60 208.17 Td (736,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 208.17 Td (2,141,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.17 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 194.17 Td (7,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.65 194.17 Td (3,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 194.17 Td (4,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 194.17 Td (4,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 194.17 Td (3,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 194.17 Td (8,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 194.17 Td (31,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 180.17 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.60 180.17 Td (170,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.60 180.17 Td (226,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.60 180.17 Td (205,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 180.17 Td (187,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.60 180.17 Td (163,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.60 180.17 Td (298,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 180.17 Td (1,252,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 166.17 Td (Marketing and distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.65 166.17 Td (16,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 166.17 Td (13,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 166.17 Td (12,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 166.17 Td (10,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 166.17 Td (4,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 166.17 Td (4,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 166.17 Td (61,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 152.17 Td (Satellite incentive payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 152.17 Td (9,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 152.17 Td (13,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 152.17 Td (14,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 152.17 Td (10,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 152.17 Td (7,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 152.17 Td (35,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 152.17 Td (91,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 138.17 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.65 138.17 Td (32,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 138.17 Td (43,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 138.17 Td (42,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 138.17 Td (38,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 138.17 Td (35,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.60 138.17 Td (179,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 138.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 138.17 Td (372,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 124.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.65 124.17 Td (80,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 124.17 Td (21,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 124.17 Td (6,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 124.17 Td (702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 124.17 Td (360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 124.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 124.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 124.17 Td (109,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 110.17 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 110.17 Td (otal ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 81.41 114.24 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.60 110.17 Td (544,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.60 110.17 Td (628,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.60 110.17 Td (590,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 110.17 Td (555,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.10 110.17 Td (2,247,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.10 110.17 Td (5,263,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.50 110.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 110.17 Td (9,828,047) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 84.50 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 84.50 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 84.50 Td (March31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.15 84.50 Td ( totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.14 84.50 Td ($4,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.89 84.50 Td (, as the specific timing of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 73.70 Td (any cash payments cannot be projected with reasonable certainty) Tj ET Q q 0 0 0 rg BT 309.32 73.70 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 49.70 Td (Debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.94 49.70 Td (Debt obligations include principal payments on outstanding debt and capital lease obligations.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 704.10 Td (Cash inter) Tj ET Q q 0 0 0 rg BT 119.08 704.10 Td (est payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.95 704.10 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 49.50 692.10 Td (through maturity) Tj ET Q q 0 0 0 rg BT 116.34 692.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 668.10 Td (Satellite and transmission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.89 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 202.53 668.10 Td (e have entered into agreements with third parties to operate and maintain the of) Tj ET Q q 0 0 0 rg BT 519.17 668.10 Td (f-site ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (satellite telemetry) Tj ET Q q 0 0 0 rg BT 120.21 656.10 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 77.50 632.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.13 632.10 Td (ogramming and content.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.18 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.81 632.10 Td (e have entered into various programming agreements. Under the terms of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (agreements, our obligations include fixed payments, advertising commitments and revenue sharing arrangements. Our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (revenue sharing costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 315.88 608.10 Td (ficult to estimate; therefore, they are not included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (minimum contractual cash commitments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 572.10 Td (Marketing and distribution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.33 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 206.97 572.10 Td (e have entered into various marketing, sponsorship and distribution agreements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (promote our brand and are obligated to make payments to sponsors, retailers, automakers and radio manufacturers under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (agreements. Certain programming and content agreements also require us to purchase advertising on properties owned or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (controlled by the licensors. ) Tj ET Q q 0 0 0 rg BT 160.13 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 168.76 536.10 Td (e also reimburse automakers for certain engineering and development costs associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (incorporation of satellite radios into new vehicles they manufacture.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 500.10 Td (Satellite incentive payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.63 500.10 Td (Boeing Satellite Systems International, Inc., the manufacturer of certain of our in-orbit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (satellites, may be entitled to future in-orbit performance payments with respect to XM-3 and XM-4 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.37 488.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.46 488.10 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (design life.Boeing may also be entitled to additional incentive payments up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.60 476.10 Td ($10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 476.10 Td ( if our XM-4 satellite continues to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (operate above baseline specifications during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.87 464.10 Td (five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.02 464.10 Td ( beyond the satellite) Tj ET Q q 0 0 0 rg BT 366.05 464.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.44 464.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.53 464.10 Td (-year design life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 440.10 Td (Space Systems/Loral, the manufacturer of certain of our in-orbit satellites, may be entitled to future in-orbit performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (payments with respect to XM-5, FM-5 and FM-6 meeting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.18 428.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.28 428.10 Td (-year design life.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 404.10 Td (Operating lease obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.66 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.30 404.10 Td (e have entered into both cancelable and non-cancelable operating leases for of) Tj ET Q q 0 0 0 rg BT 522.47 404.10 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (space, equipment and terrestrial repeaters. ) Tj ET Q q 0 0 0 rg BT 220.07 392.10 Td (These leases provide for minimum lease payments, additional operating expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 380.10 Td (ges, leasehold improvements and rent escalations that have initial terms ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.59 380.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.03 380.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.81 380.10 Td (fifteen years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 380.10 Td (, and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (leases have options to renew) Tj ET Q q 0 0 0 rg BT 163.26 368.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.08 368.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 193.71 368.10 Td (fect of the rent holidays and rent concessions are recognized on a straight-line basis over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (the lease term, including reasonably assured renewal periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 332.10 Td (Other) Tj ET Q q 0 0 0 rg BT 99.72 332.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.22 332.10 Td (W) Tj ET Q q 0 0 0 rg BT 120.86 332.10 Td (e have entered into various agreements with third parties for general operating purposes. In addition to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (minimum contractual cash commitments described above, we have entered into agreements with other variable cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 108.18 308.10 Td (These future costs are dependent upon many factors and are dif) Tj ET Q q 0 0 0 rg BT 361.23 308.10 Td (ficult to anticipate; however) Tj ET Q q 0 0 0 rg BT 473.29 308.10 Td (, these costs may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 97.09 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.73 296.10 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 49.50 284.10 Td (variable cost provisions.) Tj ET Q q 0 0 0 rg BT 151.80 284.10 Td (The cost of Holdings' stock acquired but not paid for as of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.38 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.88 284.10 Td (March31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.48 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.98 284.10 Td (is) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.65 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 284.10 Td (also) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.26 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.76 284.10 Td (included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (category) Tj ET Q q 0 0 0 rg BT 83.27 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 248.10 Td (e do not have any other significant of) Tj ET Q q 0 0 0 rg BT 235.08 248.10 Td (f-balance sheet financing arrangements that are reasonably likely to have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (material ef) Tj ET Q q 0 0 0 rg BT 92.35 236.10 Td (fect on our financial condition, results of operations, liquidity) Tj ET Q q 0 0 0 rg BT 337.75 236.10 Td (, capital expenditures or capital resources.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.50 206.10 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 188.10 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 49.50 176.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.29 176.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.14 152.10 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 49.50 140.10 Td (be reasonably estimated. ) Tj ET Q q 0 0 0 rg BT 150.39 140.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.03 140.10 Td (e evaluate developments in legal matters that could af) Tj ET Q q 0 0 0 rg BT 373.77 140.10 Td (fect the amount of liability that has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 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 49.50 116.10 Td (the estimated amount of a loss or potential loss.) Tj ET Q q 0 0 0 rg BT 244.56 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.20 116.10 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 49.50 104.10 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 92.10 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 80.10 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 68.10 Td (negotiations with respect thereto; \(v\)there remain significant factual issues to be determined or resolved; \(vi\)the relevant law is ) Tj ET Q 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 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 49.50 692.10 Td (uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any) Tj ET Q q 0 0 0 rg BT 458.19 692.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 668.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.14 668.10 Td (elephone Consumer Pr) Tj ET Q q 0 0 0 rg BT 173.98 668.10 Td (otection ) Tj ET Q q 0 0 0 rg BT 208.51 668.10 Td (Act Suits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.78 668.10 Td (.) Tj ET Q q 0 0 0 rg BT 251.10 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.74 668.10 Td (e are a defendant in several purported class action suits that allege that we, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (or call center vendors acting on our behalf, made calls which violate provisions of the ) Tj ET Q q 0 0 0 rg BT 394.76 656.10 Td (T) Tj ET Q q 0 0 0 rg BT 400.17 656.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 525.43 656.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (1991 \(the TCP) Tj ET Q q 0 0 0 rg BT 111.91 644.10 Td (A\).) Tj ET Q q 0 0 0 rg BT 134.22 644.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 180.96 644.10 Td (fs in these actions allege, among other things, that we called mobile phones using an automatic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (telephone dialing system without the consumer) Tj ET Q q 0 0 0 rg BT 238.45 632.10 Td () Tj ET Q q 0 0 0 rg BT 241.22 632.10 Td (s prior consent or) Tj ET Q q 0 0 0 rg BT 310.53 632.10 Td (, alternatively) Tj ET Q q 0 0 0 rg BT 364.86 632.10 Td (, after the consumer revoked his or her prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (consent.In one of the actions, the plaintif) Tj ET Q q 0 0 0 rg BT 217.61 620.10 Td (f also alleges that we violated the ) Tj ET Q q 0 0 0 rg BT 353.21 620.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 370.63 620.10 Td (A) Tj ET Q q 0 0 0 rg BT 376.75 620.10 Td () Tj ET Q q 0 0 0 rg BT 379.52 620.10 Td (s call time restrictions and, in one of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (other actions, the plaintif) Tj ET Q q 0 0 0 rg BT 149.29 608.10 Td (f also alleges that we violated the ) Tj ET Q q 0 0 0 rg BT 284.90 608.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 302.32 608.10 Td (A) Tj ET Q q 0 0 0 rg BT 308.43 608.10 Td () Tj ET Q q 0 0 0 rg BT 311.21 608.10 Td (s do not call restrictions. ) Tj ET Q q 0 0 0 rg BT 414.07 608.10 Td (These purported class action cases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (are titled ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 87.2587890625 594.7669921875 m 238.826171875 594.7669921875 l s q 0 0 0 rg BT 87.26 596.10 Td (Erik Knutson v) Tj ET Q q 0 0 0 rg BT 147.72 596.10 Td (. Sirius XM Radio Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.83 596.10 Td (, No. 12-cv-0418-AJB-NLS \(S.D. Cal.\), ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 401.3115234375 594.7669921875 m 559.2705078125 594.7669921875 l s q 0 0 0 rg BT 401.31 596.10 Td (Francis ) Tj ET Q q 0 0 0 rg BT 433.07 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.59 596.10 Td (. Hooker v) Tj ET Q q 0 0 0 rg BT 483.43 596.10 Td (. Sirius XM Radio ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 582.7669921875 m 64.7685546875 582.7669921875 l s q 0 0 0 rg BT 49.50 584.10 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.77 584.10 Td (, No. 4:13-cv-3 \(E.D. ) Tj ET Q q 0 0 0 rg BT 152.35 584.10 Td (V) Tj ET Q q 0 0 0 rg BT 158.46 584.10 Td (a.\), ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 173.54296875 582.7669921875 m 437.7568359375 582.7669921875 l s q 0 0 0 rg BT 173.36 584.10 Td (Y) Tj ET Q q 0 0 0 rg BT 179.58 584.10 Td (efim Elikman v) Tj ET Q q 0 0 0 rg BT 241.14 584.10 Td (. Sirius XM Radio Inc. and Career Horizons, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.76 584.10 Td (, No. 1:15-cv-02093 \(N.D. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Ill.\), and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 85.87939453125 570.7669921875 m 247.1611328125 570.7669921875 l s q 0 0 0 rg BT 85.60 572.10 Td (Anthony Parker v) Tj ET Q q 0 0 0 rg BT 156.05 572.10 Td (. Sirius XM Radio Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.16 572.10 Td (, No. 8:15-cv-01710-JSM-EAJ \(M.D. Fla\), and are described in Item 3., Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Proceedings, in our ) Tj ET Q q 0 0 0 rg BT 128.93 560.10 Td (Annual Report on Form 10-K for the year ended December 31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 536.10 Td (On ) Tj ET Q q 0 0 0 rg BT 91.67 536.10 Td (April 5, 2016, we entered into a memorandum of understanding to settle these purported class action suits. ) Tj ET Q q 0 0 0 rg BT 522.22 536.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (settlement is expected to resolve the claims of consumers beginning in February 2008 relating to telemarketing calls to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (mobile telephones. ) Tj ET Q q 0 0 0 rg BT 129.49 512.10 Td (As part of this settlement, we will agree to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.60 512.10 Td ($35,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 512.10 Td ( in cash \(from which notice, administration and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (other costs and attorneys) Tj ET Q q 0 0 0 rg BT 151.23 500.10 Td ( fees will be paid\), to of) Tj ET Q q 0 0 0 rg BT 246.30 500.10 Td (fer participating class members the option of receiving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 500.10 Td (three months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.27 500.10 Td ( of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Select service for no char) Tj ET Q q 0 0 0 rg BT 150.94 488.10 Td (ge, and to enter into agreements to make modifications to the system architecture of certain call center ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (vendors. ) Tj ET Q q 0 0 0 rg BT 88.48 476.10 Td (The memorandum of understanding is subject to the execution of a definitive settlement agreement and court ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (approval, neither of which can be assured.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 440.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.13 440.10 Td (e-1972 Sound Recor) Tj ET Q q 0 0 0 rg BT 168.40 440.10 Td (ding Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.79 440.10 Td (.In ) Tj ET Q q 0 0 0 rg BT 237.57 440.10 Td (August 2013, SoundExchange, Inc. filed a complaint in the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (District Court for the District of Columbia alleging that we underpaid royalties for statutory licenses during the 2007-2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (period in violation of the regulations established by the Copyright Royalty Board for that period.SoundExchange principally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (alleges that we improperly reduced our calculation of gross revenues, on which the royalty payments are based, by deducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (non-recognized revenue attributable to pre-1972 recordings and Premier package revenue that is not separately char) Tj ET Q q 0 0 0 rg BT 516.89 392.10 Td (ged as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (required by the regulations.SoundExchange is seeking compensatory damages of not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.57 380.10 Td ($50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.07 380.10 Td ( and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.29 380.10 Td ($100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.79 380.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (more, payment of late fees and interest, and attorneys) Tj ET Q q 0 0 0 rg BT 265.90 368.10 Td ( fees and costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 344.10 Td (In ) Tj ET Q q 0 0 0 rg BT 87.78 344.10 Td (August 2014, the United States District Court for the District of Columbia granted our motion to dismiss the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (complaint without prejudice on the grounds that the case properly should be pursued before the Copyright Royalty Board rather ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (than the district court.In December 2014, SoundExchange filed a petition with the Copyright Royalty Board requesting an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (order interpreting the applicable regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 284.10 Td (This matter is titled ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 158.0419921875 282.7669921875 m 343.7548828125 282.7669921875 l s q 0 0 0 rg BT 158.04 284.10 Td (SoundExchange, Inc. v) Tj ET Q q 0 0 0 rg BT 250.15 284.10 Td (. Sirius XM Radio, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.75 284.10 Td (, No.13-cv-1290-RJL) Tj ET Q q 0 0 0 rg BT 429.20 284.10 Td ( \(D.D.C.\), and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.92 284.10 Td (Determination of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Rates and T) Tj ET Q q 0 0 0 rg BT 96.36 272.10 Td (erms for Pr) Tj ET Q q 0 0 0 rg BT 142.10 272.10 Td (eexisting Subscription Services and Satellite Digital ) Tj ET Q q 0 0 0 rg BT 352.44 272.10 Td (Audio Radio Services,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.03 272.10 Td ( United States Copyright ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Royalty Board, No. 2006-1 CRB DSTRA.Information concerning the action is publicly available in filings under the docket ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (numbers. ) Tj ET Q q 0 0 0 rg BT 91.26 248.10 Td (The outcome of this matter is inherently unpredictable and subject to significant uncertainties, many of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (beyond our control. No provision was made for losses to the extent such are not probable and estimable. ) Tj ET Q q 0 0 0 rg BT 473.66 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.30 236.10 Td (e believe we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (substantial defenses to the claims asserted, and intend to defend this action vigorously) Tj ET Q q 0 0 0 rg BT 392.94 224.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.50 200.10 Td (Other Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 200.10 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 49.50 188.10 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 49.50 176.10 Td (former employees; parties to contracts or leases; and owners of patents, trademarks, copyrights or other intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 164.10 Td (.None of these other matters, in our opinion, is likely to have a material adverse ef) Tj ET Q q 0 0 0 rg BT 416.33 164.10 Td (fect on our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (condition or results of operations.) 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 148.60 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.82 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.31 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.41 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.59 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.58 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 361.06 748.60 Td (TEMENTS - Continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 736.60 Td (\(UNAUDITED\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 724.60 Td (\(Dollars and shar) Tj ET Q q 0 0 0 rg BT 252.02 724.60 Td (es in thousands, except per) Tj ET Q q 0 0 0 rg BT 366.02 724.60 Td ( shar) Tj ET Q q 0 0 0 rg BT 387.23 724.60 Td (e amounts\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (\(13\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 704.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 110.48 704.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.23 704.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 686.25 Td (Income tax expense for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.10 686.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.70 686.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.13 686.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.13 686.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.69 686.25 Td ($109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.19 686.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 686.25 Td ($138,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.12 686.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 539.79 686.25 Td (. ) Tj ET Q q 0 0 0 rg BT 547.10 686.25 Td (W) Tj ET Q q 0 0 0 rg BT 555.74 686.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 674.25 Td (estimate our annual ef) Tj ET Q q 0 0 0 rg BT 137.89 674.25 Td (fective tax rate for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.10 674.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.68 674.25 Td ( will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.18 674.25 Td (37.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.01 674.25 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 448.15 674.25 Td (fective tax rate for the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 662.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.42 662.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.98 662.25 Td (39.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.81 662.25 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 250.95 662.25 Td (fective tax rate for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.54 662.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.14 662.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.69 662.25 Td (56.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.52 662.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 650.25 Td (primarily due to the ef) Tj ET Q q 0 0 0 rg BT 138.73 650.25 Td (fect of a tax law change in the District of Columbia which will reduce our future taxes. ) Tj ET Q q 0 0 0 rg BT 490.56 650.25 Td (As a result of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (2015 tax law change, we will use less of certain net operating losses in the future which resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 638.25 Td ($44,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.60 638.25 Td ( increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (valuation allowance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 602.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 602.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 602.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 602.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.56 602.25 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 516.51 602.25 Td ($47,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.01 602.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 590.25 Td ($49,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.94 590.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.60 590.25 Td (, that were not likely to be realized due to certain net operating loss limitations and acquired net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (operating losses that we were not more likely than not going to utilize.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (\(14\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 542.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 524.25 Td (Holdings' Stock Repur) Tj ET Q q 0 0 0 rg BT 152.53 524.25 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 187.43 524.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 507.75 Td (For the period from ) Tj ET Q q 0 0 0 rg BT 157.04 507.75 Td (April 1, 2016 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.88 507.75 Td (April26, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.49 507.75 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.45 507.75 Td ($123,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.95 507.75 Td ( of Holdings' common stock on the open ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.75 Td (market, including fees and commissions.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) 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 thousands, except per subscriber and per installation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 715.25 Td (amounts, 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, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.34 670.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Special Note Regarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 628.25 Td (The following cautionary statements identify important factors that could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 489.48 628.25 Td (fer materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (from those projected in forward-looking statements made in this Quarterly Report and in other reports and documents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (published by us from time to time. ) Tj ET Q q 0 0 0 rg BT 189.99 604.25 Td (Any statements about our beliefs, plans, objectives, expectations, assumptions, future events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (or performance are not historical facts and may be forward-looking. ) Tj ET Q q 0 0 0 rg BT 323.88 592.25 Td (These statements are often, but not always, made through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, estimated, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (intend, plan, projection and outlook. ) Tj ET Q q 0 0 0 rg BT 232.71 568.25 Td (Any forward-looking statements are qualified in their entirety by reference to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (factors discussed throughout this Quarterly Report and in other reports and documents published by us from time to time, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (particularly the risk factors described under Risk Factors in PartI, Item1A, of Holdings' Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 532.25 Td ( and Management) Tj ET Q q 0 0 0 rg BT 207.44 532.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 276.61 532.25 Td (Analysis of Financial Condition and Results or Operations herein and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (in PartII, Item7, of Holdings' ) Tj ET Q q 0 0 0 rg BT 172.62 520.25 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 368.96 520.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.54 520.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 496.25 Td (Among the significant factors that could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 357.57 496.25 Td (fer materially from those expressed in the forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (looking statements are:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.85 Td (we 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 68.00 449.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 449.45 Td (our ability to attract and retain subscribers in the future is uncertain;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 432.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 432.05 Td (consumer protection laws and their enforcement could damage our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 414.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 414.65 Td (the unfavorable outcome of pending or future litigation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 397.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.25 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 68.00 379.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 379.85 Td (our business depends in lar) Tj ET Q q 0 0 0 rg BT 194.13 379.85 Td (ge part upon the auto industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 362.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 362.45 Td (general economic conditions can af) Tj ET Q q 0 0 0 rg BT 227.43 362.45 Td (fect our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 345.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 345.05 Td (if we fail to protect the security of personal information about our customers, we could be subject to costly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 327.65 Td (government enforcement actions and private litigation and our reputation could suf) Tj ET Q q 0 0 0 rg BT 417.94 327.65 Td (fer;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (other existing or future government laws and regulations could harm our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 292.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.85 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 68.00 275.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 275.45 Td (interruption or failure of our information technology and communications systems could negatively impact our results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 258.05 Td (and our brand;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 240.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 240.65 Td (we may not realize the benefits of acquisitions or other strategic initiatives;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 223.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.25 Td (rapid technological and industry changes could adversely impact our services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 205.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 205.85 Td (failure of third parties to perform could adversely af) Tj ET Q q 0 0 0 rg BT 294.07 205.85 Td (fect our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 188.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 188.45 Td (our service may experience harmful interference from new and existing wireless operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 171.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 171.05 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 68.00 153.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 153.65 Td (we may from time to time modify our business plan, and these changes could adversely af) Tj ET Q q 0 0 0 rg BT 446.28 153.65 Td (fect us and our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.25 Td (condition;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.85 Td (we have a significant amount of indebtedness, and our revolving credit facility contains certain covenants that restrict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.45 Td (our current and future operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 84.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 84.05 Td (our studios, terrestrial repeater networks, satellite uplink facilities or other ground facilities could be damaged by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 66.65 Td (natural catastrophes or terrorist activities;) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) 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 (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 86.00 724.70 Td (its interests may dif) Tj ET Q q 0 0 0 rg BT 164.42 724.70 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 68.00 707.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 707.30 Td (Holdings' is a controlled company within the meaning of the NASDAQ listing rules and, as a result, qualifies for) Tj ET Q q 0 0 0 rg BT 545.64 707.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 689.90 Td (and relies on, exemptions from certain corporate governance requirements; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 672.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 672.50 Td (our business may be impaired by third-party intellectual property rights. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 648.50 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 422.80 648.50 Td (fer materially from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.50 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 50.00 624.50 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 50.00 612.50 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 50.00 600.50 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 531.66 600.50 Td (. New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.50 Td (factors emer) Tj ET Q q 0 0 0 rg BT 99.51 588.50 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 50.00 576.50 Td (impact of each factor on our business or the extent to which any factor) Tj ET Q q 0 0 0 rg BT 331.45 576.50 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 50.00 564.50 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 564.50 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 50.00 540.50 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 510.50 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 510.50 Td (e transmit music, sports, entertainment, comedy) Tj ET Q q 0 0 0 rg BT 277.61 510.50 Td (, talk, news, traf) Tj ET Q q 0 0 0 rg BT 341.85 510.50 Td (fic and weather channels, as well as infotainment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.50 Td (services, in the United States on a subscription fee basis through our two proprietary satellite radio systems.Subscribers can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.50 Td (also receive music and other channels, plus features such as SiriusXM On Demand and MySXM, over our Internet radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.50 Td (service, including through applications for mobile devices.) Tj ET Q q 0 0 0 rg BT 289.76 474.50 Td (W) Tj ET Q q 0 0 0 rg BT 298.39 474.50 Td (e are also a leader in providing connected vehicle services.Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.50 Td (connected vehicle services are designed to enhance the safety) Tj ET Q q 0 0 0 rg BT 295.34 462.50 Td (, security and driving experience for vehicle operators while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.50 Td (providing marketing and operational benefits to automakers and their dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 426.50 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 426.50 Td (e have agreements with every major automaker \(OEMs\) to of) Tj ET Q q 0 0 0 rg BT 341.08 426.50 Td (fer satellite radio in their vehicles.) Tj ET Q q 0 0 0 rg BT 482.51 426.50 Td (W) Tj ET Q q 0 0 0 rg BT 491.14 426.50 Td (e also acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.50 Td (subscribers through marketing to owners and lessees of previously owned vehicles that include factory-installed satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.50 Td (that are not currently subscribing to our services.) Tj ET Q q 0 0 0 rg BT 249.95 402.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 299.85 402.50 Td (, we distribute our satellite radios through retailers online and at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.50 Td (locations nationwide and through our website.Satellite radio services are also of) Tj ET Q q 0 0 0 rg BT 374.45 390.50 Td (fered to customers of certain rental car ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.50 Td (companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 354.50 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 354.50 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.04 354.50 Td (, we had nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.63 354.50 Td (30.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.13 354.50 Td ( million subscribers of which approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.54 354.50 Td (24.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.04 354.50 Td ( million were self-pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.50 Td (subscribers and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.69 342.50 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.19 342.50 Td ( million were paid promotional subscribers. Our subscriber totals include subscribers under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.50 Td (our regular pricing plans; discounted pricing plans; subscribers that have prepaid, including payments either made or due from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.50 Td (automakers for subscriptions included in the sale or lease price of a vehicle; subscribers to our Internet services who do not also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.50 Td (have satellite radio subscriptions; and certain subscribers to our weather) Tj ET Q q 0 0 0 rg BT 337.56 306.50 Td (, traf) Tj ET Q q 0 0 0 rg BT 356.26 306.50 Td (fic, and data services who do not also have satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.50 Td (radio subscriptions.Subscribers and subscription related revenues and expenses associated with our connected vehicle services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.50 Td (are not included in our subscriber count or subscriber) Tj ET Q q 0 0 0 rg BT 263.07 282.50 Td (-based operating metrics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 258.50 Td (Our primary source of revenue is subscription fees, with most of our customers subscribing on an annual, semi-annual, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.50 Td (quarterly or monthly plan.) Tj ET Q q 0 0 0 rg BT 159.79 246.50 Td (W) Tj ET Q q 0 0 0 rg BT 168.43 246.50 Td (e of) Tj ET Q q 0 0 0 rg BT 183.52 246.50 Td (fer discounts for prepaid, longer term subscription plans, as well as a multiple subscription ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.50 Td (discount.) Tj ET Q q 0 0 0 rg BT 91.21 234.50 Td (W) Tj ET Q q 0 0 0 rg BT 99.84 234.50 Td (e also derive revenue from activation and other fees, the sale of advertising on select non-music channels, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.50 Td (direct sale of satellite radios and accessories, and other ancillary services, such as our weather) Tj ET Q q 0 0 0 rg BT 425.00 222.50 Td (, traf) Tj ET Q q 0 0 0 rg BT 443.70 222.50 Td (fic and data services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 198.50 Td (In certain cases, a subscription to our radio services is included in the sale or lease price of new vehicles or previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.50 Td (owned vehicles. ) Tj ET Q q 0 0 0 rg BT 116.74 186.50 Td (The length of these subscriptions varies but is typically three to twelve months.) Tj ET Q q 0 0 0 rg BT 438.44 186.50 Td (W) Tj ET Q q 0 0 0 rg BT 447.08 186.50 Td (e receive payments for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.50 Td (subscriptions from certain automakers.) Tj ET Q q 0 0 0 rg BT 210.33 174.50 Td (W) Tj ET Q q 0 0 0 rg BT 218.97 174.50 Td (e also reimburse various automakers for certain costs associated with satellite radios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.50 Td (installed in new vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 138.50 Td (Liberty Media beneficially owns, directly and indirectly) Tj ET Q q 0 0 0 rg BT 301.44 138.50 Td (, over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.71 138.50 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.04 138.50 Td ( of the outstanding shares of Holdings' common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.50 Td (stock.) Tj ET Q q 0 0 0 rg BT 78.06 126.50 Td (As a result, Holdings is a controlled company for the purposes of the NASDAQ corporate governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.50 Td (requirements.Liberty Media owns interests in a range of media, communications and entertainment businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 90.50 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 90.50 Td (e also have an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.98 90.50 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.31 90.50 Td ( equity interest in Sirius XM Canada which of) Tj ET Q q 0 0 0 rg BT 400.54 90.50 Td (fers satellite radio services in Canada. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.50 Td (Subscribers to the Sirius XM Canada service are not included in our subscriber count. ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 724.25 Td (Set forth below are our results of operations for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.97 724.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.57 724.25 Td ( compared with the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 712.25 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.92 712.25 Td (.) 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40.50 663.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.00 663.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 663.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 663.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.95 663.98 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 663.32 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.00 663.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 649.42 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 634.42 Td (Subscriber revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 634.42 Td (1,009,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 634.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 634.42 Td (911,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 634.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 634.42 Td (98,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 634.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 634.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 634.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 619.42 Td (Advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 619.42 Td (31,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 619.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 619.42 Td (26,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 619.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 619.42 Td (4,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 619.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 619.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 619.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 604.42 Td (Equipment revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 604.42 Td (27,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 604.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 604.42 Td (24,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 604.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 604.42 Td (2,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 604.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 604.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 604.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 589.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 589.42 Td (132,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 589.42 Td (117,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 589.42 Td (14,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 589.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 589.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 589.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 574.42 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 574.42 Td (1,201,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 574.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 574.42 Td (1,080,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 574.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 574.42 Td (120,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 574.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 574.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 574.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 559.42 Td (Operating expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 559.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 544.42 Td (Cost of services:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 544.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 529.42 Td (Revenue share and royalties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 529.42 Td (251,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 529.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 529.42 Td (212,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 529.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 529.42 Td (38,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 529.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 529.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 529.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 514.42 Td (Programming and content) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 514.42 Td (85,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 514.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 514.42 Td (71,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 514.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 514.42 Td (13,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 514.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 514.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 514.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 499.42 Td (Customer service and billing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 499.42 Td (96,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 499.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 499.42 Td (92,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 499.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 499.42 Td (4,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 499.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 499.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 499.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.42 Td (Satellite and transmission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 484.42 Td (23,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 484.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 484.42 Td (21,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 484.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 484.42 Td (2,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 484.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 484.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 484.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 469.42 Td (Cost of equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 469.42 Td (9,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 469.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 469.42 Td (8,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 469.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 469.42 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 469.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 469.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 469.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 454.42 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 454.42 Td (132,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 454.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 454.42 Td (122,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 454.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 454.42 Td (10,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 454.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 454.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 454.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 439.42 Td (Sales and marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 439.42 Td (88,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 439.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 439.42 Td (78,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 439.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 439.42 Td (9,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 439.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 439.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 439.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 424.42 Td (Engineering, design and development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 424.42 Td (19,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 424.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 424.42 Td (14,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 424.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 424.42 Td (4,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 424.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 424.42 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 424.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 409.42 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 409.42 Td (77,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 409.42 Td (79,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 409.47 Td (\(2,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.45 409.42 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.80 409.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 394.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 394.42 Td (67,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 394.42 Td (65,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 394.42 Td (2,600) 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 551.80 394.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 394.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 379.42 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 379.42 Td (852,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 379.42 Td (767,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 379.42 Td (85,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 379.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 379.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 364.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 364.42 Td (348,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 364.42 Td (313,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 364.42 Td (34,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 364.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 364.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 349.42 Td (Other income \(expense\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 334.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 334.47 Td (\(78,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 334.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 334.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 334.47 Td (\(69,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 334.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 334.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 334.47 Td (\(8,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 334.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 334.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.45 334.42 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.80 334.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 319.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 319.42 Td (10,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 319.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 319.42 Td (723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 319.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 319.42 Td (10,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 319.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 319.42 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 304.42 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 304.47 Td (\(67,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 304.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 304.47 Td (\(69,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 304.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 304.42 Td (1,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 304.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 304.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 289.42 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 289.42 Td (280,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 289.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 289.42 Td (244,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 289.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 289.42 Td (36,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 289.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 289.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 289.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 274.42 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 274.47 Td (\(109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 274.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 274.47 Td (\(138,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 274.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 274.42 Td (29,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 274.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 274.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 40.50 259.42 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 259.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 259.42 Td (171,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 259.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 259.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 259.42 Td (105,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.50 259.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 259.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 259.42 Td (65,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 259.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 259.42 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.15 259.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 225.25 Td (T) Tj ET Q q 0 0 0 rg BT 69.19 225.25 Td (otal Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 207.25 Td (Subscriber Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.19 207.25 Td (includes subscription, activation and other fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 183.25 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 183.25 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 183.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 183.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 183.25 Td (, subscriber revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.75 183.25 Td ($1,009,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 183.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.19 183.25 Td ($91) Tj ET Q q 0 0 0 rg BT 471.82 183.25 Td (1,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.32 183.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 546.98 183.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 171.25 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.69 171.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 171.25 Td (1) Tj ET Q q 0 0 0 rg BT 139.65 171.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 171.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.81 171.25 Td ($98,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.31 171.25 Td (. ) Tj ET Q q 0 0 0 rg BT 208.63 171.25 Td (The increase was primarily attributable to a 9% increase in the daily weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 159.25 Td (number of subscribers and increases in certain of our self-pay subscription rates, partially of) Tj ET Q q 0 0 0 rg BT 445.03 159.25 Td (fset by subscription ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 147.25 Td (discounts and limited channel plans of) Tj ET Q q 0 0 0 rg BT 230.40 147.25 Td (fered in customer acquisition and retention plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 123.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 123.25 Td (e expect subscriber revenues to increase based on the growth of our subscriber base, the ef) Tj ET Q q 0 0 0 rg BT 443.99 123.25 Td (fects of increases in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (of our subscription rates and the sale of additional services to subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 87.25 Td (Advertising Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.97 87.25 Td (includes the sale of advertising on certain non-music channels.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 742.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 742.10 Td (, advertising revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.09 742.10 Td ($31,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.59 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.03 742.10 Td ($26,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.53 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 533.19 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.19 742.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 730.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 730.10 Td ($4,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.74 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.06 730.10 Td (The increase was primarily due to a greater number of advertising spots sold and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (transmitted as well as increased rates per spot.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 694.10 Td (e expect our advertising revenue to continue to grow as more advertisers are attracted to our national platform and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (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 78.00 658.10 Td (Equipment Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.19 658.10 Td (includes revenue and royalties from the sale of satellite radios, components and accessories.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 634.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 634.10 Td (, equipment revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.87 634.10 Td ($27,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.37 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 634.10 Td ($24,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 530.96 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.96 634.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 622.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 622.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.41 622.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.24 622.10 Td ($2,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.74 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 184.56 622.10 Td (The increase was driven by higher sales to distributors and increased royalties from OEM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (production, partially of) Tj ET Q q 0 0 0 rg BT 169.29 610.10 Td (fset by lower royalty rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 586.10 Td (e expect equipment revenue to fluctuate based on OEM production for which we receive royalty payments for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (technology and, to a lesser extent, on the volume of equipment sales in our aftermarket and direct to consumer business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 550.10 Td (Other Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.19 550.10 Td (includes amounts earned from subscribers for the U.S. Music Royalty Fee, revenue from our connected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (vehicle business, our Canadian af) Tj ET Q q 0 0 0 rg BT 183.95 538.10 Td (filiate and ancillary revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 514.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 514.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 514.10 Td (, other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.20 514.10 Td ($132,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.70 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.14 514.10 Td ($1) Tj ET Q q 0 0 0 rg BT 438.77 514.10 Td (17,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.27 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 518.93 514.10 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 502.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 502.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 502.10 Td ($14,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.74 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.06 502.10 Td (The increase was driven by revenues from the U.S. Music Royalty Fee due to higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (subscriber volumes on the rate which was increased in the first quarter of 2015 as well as an increase in subscribers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 466.10 Td (e expect other revenue to increase as our growing subscriber base drives higher U.S. Music Royalty Fees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 436.10 Td (Operating Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 418.10 Td (Revenue Shar) Tj ET Q q 0 0 0 rg BT 132.88 418.10 Td (e and Royalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.03 418.10 Td (include distribution and content provider revenue share, royalties for transmitting content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and web streaming, and advertising revenue share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 382.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 382.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 382.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 382.10 Td (, revenue share and royalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 382.10 Td ($251,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.44 382.10 Td ($212,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.94 382.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 370.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 370.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 370.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 370.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 370.10 Td ($38,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.34 370.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.28 370.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.04 370.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 450.17 370.10 Td (The increase was due, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 358.10 Td (part, to greater revenues subject to royalty and revenue sharing arrangements, the inclusion of certain pre-1972 sound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (recordings, based on the Capitol Records settlement in 2015, and a 5% increase in the statutory royalty rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (performance of sound recordings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 310.10 Td (e expect our revenue share and royalty costs to increase as our revenues grow) Tj ET Q q 0 0 0 rg BT 395.14 310.10 Td (, as the statutory royalty rate applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (to post-1972 sound recordings increase and as a result of our settlement of litigation associated with our use of pre-1972 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (recordings. For the remainder of 2016 and in 2017, we expect to recognize $30,083 and $43,442, respectively) Tj ET Q q 0 0 0 rg BT 490.89 286.10 Td (, in expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (related to the settlement for the use of pre-1972 sound recordings. ) Tj ET Q q 0 0 0 rg BT 317.98 274.10 Td (As determined by the Copyright Royalty Board, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (paid or will pay royalties for the use of certain post-1972 sound recordings on our satellite radio service of 10.0%, 10.5% and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 250.10 Td (1% in 2015, 2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 217.84 250.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 226.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 87.63 226.10 Td (ogramming and Content ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.91 226.10 Td (includes costs to acquire, create, promote and produce content. ) Tj ET Q q 0 0 0 rg BT 441.52 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.16 226.10 Td (e have entered into various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (agreements with third parties for music and non-music programming that require us to pay license fees and other amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 190.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 190.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 190.10 Td (, programming and content expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.29 190.10 Td ($85,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.79 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.23 190.10 Td ($71,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.73 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 178.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 178.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 178.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 178.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 178.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 178.10 Td ($13,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.34 178.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.28 178.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.04 178.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 450.17 178.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 166.10 Td (primarily due to renewed programming licenses as well as increased consulting and personnel related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 142.10 Td (e expect our programming and content expenses to increase as we of) Tj ET Q q 0 0 0 rg BT 360.08 142.10 Td (fer additional programming, and renew or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (replace expiring agreements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 106.10 Td (Customer Service and Billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.54 106.10 Td (includes costs associated with the operation and management of internal and third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (customer service centers, and our subscriber management systems as well as billing and collection costs, bad debt expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (and transaction fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 58.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 58.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 58.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 58.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 58.10 Td (, customer service and billing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.01 58.10 Td ($96,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.51 58.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 46.10 Td ($92,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 46.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.16 46.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.16 46.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.85 46.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.18 46.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.51 46.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.34 46.10 Td ($4,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.84 46.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.12 46.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.54 46.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 477.67 46.10 Td (The increase was ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (primarily due to costs associated with a higher subscriber base driving increased call center costs, transaction fees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (bad debt expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 706.10 Td (e expect our customer service and billing expenses to increase as our subscriber base grows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 682.10 Td (Satellite and T) Tj ET Q q 0 0 0 rg BT 135.78 682.10 Td (ransmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.62 682.10 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 50.00 670.10 Td (networks; satellites; satellite telemetry) Tj ET Q q 0 0 0 rg BT 202.92 670.10 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 50.00 658.10 Td (Internet streaming and connected vehicle services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 634.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 634.10 Td (, satellite and transmission expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.08 634.10 Td ($23,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.58 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.02 634.10 Td ($21,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.52 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 622.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 622.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 622.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 622.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 622.10 Td ($2,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.34 622.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.62 622.10 Td (remained flat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 622.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 458.79 622.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (primarily due to transmission costs associated with our connected vehicle services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 586.10 Td (e expect satellite and transmission expenses to increase as a result of connected vehicle services costs; partially of) Tj ET Q q 0 0 0 rg BT 540.57 586.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (by decreases in Internet streaming costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 550.10 Td (Cost of Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.94 550.10 Td (includes costs from the sale of satellite radios, components and accessories and provisions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (inventory allowance attributable to products purchased for resale in our direct to consumer distribution channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 514.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 514.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 514.10 Td (, cost of equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.16 514.10 Td ($9,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.66 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.10 514.10 Td ($8,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.60 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 516.26 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.26 514.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 502.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 502.10 Td (1) Tj ET Q q 0 0 0 rg BT 127.71 502.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.04 502.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.87 502.10 Td ($934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.87 502.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.81 502.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.57 502.10 Td ( as a percentage of equipment revenue. ) Tj ET Q q 0 0 0 rg BT 394.64 502.10 Td (The increase was primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (higher sales to distributors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 466.10 Td (e expect cost of equipment to fluctuate with changes in sales and inventory valuations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 442.10 Td (Subscriber ) Tj ET Q q 0 0 0 rg BT 123.65 442.10 Td (Acquisition Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.43 442.10 Td (include hardware subsidies paid to radio manufacturers, distributors and automakers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (chipsets; commissions paid to automakers and retailers; product warranty obligations; freight; and provisions for inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (allowances attributable to inventory consumed in our OEM and retail distribution channels. ) Tj ET Q q 0 0 0 rg BT 418.34 406.10 Td (The majority of subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (acquisition costs are incurred and expensed in advance of, or concurrent with, acquiring a subscriber) Tj ET Q q 0 0 0 rg BT 451.52 394.10 Td (. Subscriber acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (costs do not include advertising costs, marketing, loyalty payments to distributors and dealers of satellite radios or revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (share payments to automakers and retailers of satellite radios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 346.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 346.10 Td (, subscriber acquisition costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.37 346.10 Td ($132,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.87 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 346.10 Td ($122,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 334.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 334.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 334.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.01 334.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 334.10 Td ($10,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.34 334.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.62 334.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 334.10 Td ( as a percentage of total revenue. Increased costs related to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (lar) Tj ET Q q 0 0 0 rg BT 87.37 322.10 Td (ger number of satellite radio installations in new vehicles were partially of) Tj ET Q q 0 0 0 rg BT 384.59 322.10 Td (fset by improved OEM and chipset subsidy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (rates per vehicle.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 286.10 Td (e expect subscriber acquisition costs to fluctuate with OEM installations and aftermarket volume; however) Tj ET Q q 0 0 0 rg BT 512.06 286.10 Td (, the cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (of subsidized radio components is expected to decline. ) Tj ET Q q 0 0 0 rg BT 273.09 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.73 274.10 Td (e intend to continue to of) Tj ET Q q 0 0 0 rg BT 381.80 274.10 Td (fer subsidies, commissions and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (incentives to acquire subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 238.10 Td (Sales and Marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.26 238.10 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 50.00 226.10 Td (sponsorships; cooperative marketing; and personnel. Marketing costs include expenses related to direct mail, outbound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (telemarketing and email communications.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 190.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 190.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 190.10 Td (, sales and marketing expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.40 190.10 Td ($88,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.34 190.10 Td ($78,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.84 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 178.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 178.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 178.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 178.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.01 178.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 178.10 Td ($9,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.34 178.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.62 178.10 Td (remained flat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 178.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 456.29 178.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 166.10 Td (primarily due to additional subscriber communications and retention programs associated with a greater number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.10 Td (subscribers and promotional trials, as well as higher personnel costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 130.10 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 50.00 118.10 Td (win back former subscribers and attract new subscribers. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 94.10 Td (Engineering, Design and Development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.02 94.10 Td (consists primarily of compensation and related costs to develop chipsets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (new products and services, including streaming and connected vehicle services, research and development for broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (information systems and costs associated with the incorporation of our radios into new vehicles manufactured by automakers.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 742.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 742.10 Td (, engineering, design and development expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.38 742.10 Td ($19,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.88 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.94 730.10 Td ($14,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.44 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 179.10 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.10 730.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.79 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.12 730.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.45 730.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.28 730.10 Td ($4,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.78 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.72 730.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.47 730.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 499.61 730.10 Td (The increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (was driven primarily by higher personnel related costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 694.10 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 50.00 682.10 Td (infrastructure, products and services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 658.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 130.59 658.10 Td (Administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.97 658.10 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 50.00 646.10 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 77.00 622.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 622.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 622.10 Td (, general and administrative expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 622.10 Td ($77,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.55 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.99 622.10 Td ($79,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.49 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 610.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.66 610.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.01 610.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.34 610.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.67 610.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 610.10 Td ($2,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.00 610.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.94 610.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.36 610.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 438.49 610.10 Td (The decrease was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (driven by lower litigation costs and personnel-related costs partially of) Tj ET Q q 0 0 0 rg BT 359.24 598.10 Td (fset by higher consulting expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 574.10 Td (e expect our general and administrative expenses to increase in future periods as a result of, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (enhanced information technology) Tj ET Q q 0 0 0 rg BT 183.75 562.10 Td (, on-going legal costs and personnel costs to support the growth of our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 538.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 98.18 538.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 150.21 538.10 Td (Amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.94 538.10 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 50.00 526.10 Td (our satellite constellations, property) Tj ET Q q 0 0 0 rg BT 192.65 526.10 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 77.00 502.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 502.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 502.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 502.10 Td (, depreciation and amortization expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.61 502.10 Td ($67,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.11 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td ($65,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 490.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.16 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.16 490.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.85 490.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.18 490.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.51 490.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.34 490.10 Td ($2,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.84 490.10 Td (, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.12 490.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.54 490.10 Td ( as a percentage of total revenue. ) Tj ET Q q 0 0 0 rg BT 475.17 490.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 478.10 Td (driven by additional software placed in-service, partially of) Tj ET Q q 0 0 0 rg BT 313.95 478.10 Td (fset by a reduction of amortization associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (stepped-up basis in assets acquired in the July 2008 mer) Tj ET Q q 0 0 0 rg BT 300.94 466.10 Td (ger between our wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 467.75 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.57 466.10 Td (V) Tj ET Q q 0 0 0 rg BT 478.68 466.10 Td (ernon Mer) Tj ET Q q 0 0 0 rg BT 520.43 466.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.10 Td (Corporation, and XM Satellite Radio Holdings Inc. \(the Mer) Tj ET Q q 0 0 0 rg BT 323.44 454.10 Td (ger\) \(including intangible assets, property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.10 Td (equipment\) through the end of their estimated service lives and certain satellites reaching the end of their estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (service lives.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 400.10 Td (Other Income \(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 382.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 97.07 382.10 Td (est Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.49 382.10 Td (includes interest on outstanding debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 358.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 358.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 358.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 358.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 358.10 Td (, interest expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 358.10 Td ($78,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 358.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.59 358.10 Td ($69,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.09 358.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 518.75 358.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.75 358.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 346.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 346.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 346.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.24 346.10 Td ($8,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.74 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.56 346.10 Td (The increase was primarily due to higher average debt during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.60 334.10 Td ( compared to the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.83 334.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.43 334.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 310.10 Td (e expect interest expense to increase in future periods to the extent our total debt outstanding increases.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 286.10 Td (Other Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.76 286.10 Td (primarily) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.97 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.47 286.10 Td (includes realized gains and losses, interest income, and our share of the income or loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Sirius XM Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 250.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 250.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 250.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 250.10 Td (, interest and investment income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.20 250.10 Td ($10,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.70 250.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.13 250.10 Td ($723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.13 250.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 238.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 131.98 238.10 Td (The income for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 238.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.25 238.10 Td ( was driven by our share of Sirius XM Canada's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (net income and by the dividends received from Sirius XM Canada in excess of our investment. ) Tj ET Q q 0 0 0 rg BT 461.17 226.10 Td (The income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.81 214.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.41 214.10 Td ( was driven by the dividends received from Sirius XM Canada in excess of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.10 Td (investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 64.00 172.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.80 172.10 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 154.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.57 154.10 Td (ax Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.33 154.10 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 50.00 142.10 Td (state tax expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 118.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 118.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 118.10 Td (, income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.37 118.10 Td ($109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.87 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 118.10 Td ($138,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 118.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.46 118.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 106.10 Td (Our ef) Tj ET Q q 0 0 0 rg BT 102.64 106.10 Td (fective tax rate for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.23 106.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.83 106.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.38 106.10 Td (39.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.21 106.10 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 417.35 106.10 Td (fective tax rate for the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.33 94.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.92 94.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.48 94.10 Td (56.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.31 94.10 Td ( primarily due to the ef) Tj ET Q q 0 0 0 rg BT 337.04 94.10 Td (fect of a tax law change in the District of Columbia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 82.10 Td (which will reduce our future taxes. ) Tj ET Q q 0 0 0 rg BT 220.84 82.10 Td (As a result of this 2015 tax law change, we will use less of certain net operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 70.10 Td (losses in the future which resulted in a $44,392 increase in our valuation allowance. ) Tj ET Q q 0 0 0 rg BT 417.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.64 70.10 Td (e estimate our annual ef) Tj ET Q q 0 0 0 rg BT 520.97 70.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 58.10 Td (tax rate for the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 58.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.09 58.10 Td ( will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.58 58.10 Td (37.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.41 58.10 Td (. ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Key Operating Metrics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 724.25 Td (In this section, we present certain financial and operating performance measures that are not calculated and presented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (accordance with generally accepted accounting principles in the United States \(Non-GAAP\).) Tj ET Q q 0 0 0 rg BT 434.95 712.25 Td (These metrics include: average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (monthly revenue per subscriber) Tj ET Q q 0 0 0 rg BT 175.95 700.25 Td (, or ) Tj ET Q q 0 0 0 rg BT 191.23 700.25 Td (ARPU; customer service and billing expenses, per average subscriber; subscriber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (acquisition cost, or SAC, per installation; free cash flow; and adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 373.92 688.25 Td (These measures exclude the impact of share-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (based payment expense and certain purchase price accounting adjustments related to the Mer) Tj ET Q q 0 0 0 rg BT 421.89 676.25 Td (ger) Tj ET Q q 0 0 0 rg BT 434.26 676.25 Td (, which include the elimination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (of deferred revenue associated with the investment in XM Canada, and elimination of the benefit of deferred credits on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (executory contracts, which are primarily attributable to third party arrangements with programming providers.) Tj ET Q q 0 0 0 rg BT 495.42 652.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 545.32 652.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (when applicable, our adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 208.01 640.25 Td ( and free cash flow metrics exclude the ef) Tj ET Q q 0 0 0 rg BT 374.42 640.25 Td (fect of any significant items that do not relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (to the on-going performance of our business.) Tj ET Q q 0 0 0 rg BT 234.50 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.13 628.25 Td (e use these Non-GAAP) Tj ET Q q 0 0 0 rg BT 336.36 628.25 Td ( financial measures to manage our business, to set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (operational goals and as a basis for determining performance-based compensation for our employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 592.25 Td (Free cash flow is a metric that our management and board of directors use to evaluate the cash generated by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (operations, net of certain of Holdings' equity-related transactions, capital expenditures and other investment activity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (significant items that do not relate to the on-going performance of our business.In a capital intensive business, with significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (investments in satellites, we look at our operating cash flow) Tj ET Q q 0 0 0 rg BT 288.74 556.25 Td (, net of these investing and financing cash outflows, to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (cash available for future subscriber acquisition and capital expenditures, to repurchase or retire debt, to acquire other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (companies and to evaluate our ability to return capital to Holdings' stockholders. ) Tj ET Q q 0 0 0 rg BT 374.59 532.25 Td (W) Tj ET Q q 0 0 0 rg BT 383.23 532.25 Td (e believe free cash flow is an indicator of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (the long-term financial stability of our business.Free cash flow) Tj ET Q q 0 0 0 rg BT 305.12 520.25 Td (, which is reconciled to Net cash provided by operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (activities, is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 159.05 508.25 Td ( financial measure.) Tj ET Q q 0 0 0 rg BT 239.67 508.25 Td (This measure can be calculated by deducting amounts used in certain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (Holdings' equity-related transactions, and by deducting amounts under the captions Additions to property and equipment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (deducting or adding Restricted and other investment activity from Net cash provided by operating activities from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (unaudited consolidated statements of cash flows, adjusted for any significant legal settlements.Free cash flow should be used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (in conjunction with other GAAP) Tj ET Q q 0 0 0 rg BT 180.17 460.25 Td ( financial performance measures and may not be comparable to free cash flow measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (presented by other companies.Free cash flow should be viewed as a supplemental measure rather than an alternative measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (of cash flows from operating activities, as determined in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 371.57 436.25 Td (.Free cash flow is limited and does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (represent remaining cash flows available for discretionary expenditures due to the fact that the measure does not deduct the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (payments required for debt maturities. ) Tj ET Q q 0 0 0 rg BT 205.33 412.25 Td (W) Tj ET Q q 0 0 0 rg BT 213.96 412.25 Td (e believe free cash flow provides useful supplemental information to investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (regarding our current and projected cash flow) Tj ET Q q 0 0 0 rg BT 232.05 400.25 Td (, along with other GAAP) Tj ET Q q 0 0 0 rg BT 331.95 400.25 Td ( measures \(such as cash flows from operating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (investing activities\), to determine our financial condition, and to compare our operating performance to other communications, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (entertainment and media companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 352.25 Td (e believe these Non-GAAP) Tj ET Q q 0 0 0 rg BT 195.40 352.25 Td ( financial measures provide useful information to investors regarding our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (condition and results of operations. ) Tj ET Q q 0 0 0 rg BT 193.13 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 201.76 340.25 Td (e believe investors find these Non-GAAP) Tj ET Q q 0 0 0 rg BT 367.74 340.25 Td ( financial performance measures useful in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (evaluating our core trends because it provides a direct view of our underlying contractual costs. ) Tj ET Q q 0 0 0 rg BT 434.13 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.77 328.25 Td (e believe investors use our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (current and projected adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 209.39 316.25 Td ( to estimate our current or prospective enterprise value and to make investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (decisions. By providing these Non-GAAP) Tj ET Q q 0 0 0 rg BT 218.23 304.25 Td ( financial measures, together with the reconciliations to the most directly comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 292.25 Td ( measure, we believe we are enhancing investors' understanding of our business and our 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 /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (These Non-GAAP) Tj ET Q q 0 0 0 rg BT 151.78 742.10 Td ( financial measures should be viewed in addition to, and not as an alternative for or superior to, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reported results prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 256.04 730.10 Td (.In addition, these Non-GAAP) Tj ET Q q 0 0 0 rg BT 382.59 730.10 Td ( financial measures may not be comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (to similarly-titled measures by other companies.Please refer to the glossary \(pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.57 718.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.57 718.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.68 718.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.68 718.10 Td (\) for a further discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (such Non-GAAP) Tj ET Q q 0 0 0 rg BT 118.24 706.10 Td ( financial measures and reconciliations to the most directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 432.21 706.10 Td ( measure.) Tj ET Q q 0 0 0 rg BT 475.35 706.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (contains our key operating metrics based on our adjusted results of operations for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 694.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.09 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 682.10 Td (. Subscribers and subscription related revenues and expenses associated with our connected vehicle services are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (included in our subscriber count or subscriber) Tj ET Q q 0 0 0 rg BT 233.09 670.10 Td (-based operating metrics:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 620.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 620.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 590.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 590.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 560.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 560.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 560.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 530.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 530.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 530.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 500.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 500.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 470.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 470.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 440.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 440.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 410.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 410.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 410.60 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 408.5 646.6 m 483.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 646.6 m 487.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 646.6 m 562.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 646.6 m 483.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 633.6 m 483.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 646.6 m 487.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 633.6 m 487.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 646.6 m 562.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 633.6 m 562.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 620.6 m 483.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 620.6 m 483.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 590.6 m 483.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 590.6 m 483.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 576.6 m 483.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 574.6 m 483.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 590.6 m 562.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 574.6 m 562.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 545.6 m 483.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 545.6 m 483.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 531.6 m 483.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 529.6 m 483.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 545.6 m 562.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 531.6 m 562.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 529.6 m 562.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 529.6 m 483.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 531.6 m 483.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 516.6 m 483.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 514.6 m 483.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 516.6 m 562.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 514.6 m 562.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 501.6 m 483.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 499.6 m 483.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 501.6 m 562.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 499.6 m 562.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 499.6 m 483.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 501.6 m 483.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 486.6 m 483.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 484.6 m 483.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 486.6 m 562.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 484.6 m 562.5 484.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 650.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.95 650.83 Td (Unaudited) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 637.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.70 637.83 Td (For the Three Months Ended March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 624.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 624.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 624.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 610.27 Td (Self-pay subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 610.27 Td (24,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 610.27 Td (22,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 595.27 Td (Paid promotional subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 595.27 Td (5,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.27 Td (4,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.27 Td (Ending subscribers ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.88 584.80 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 580.27 Td (30,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 580.27 Td (27,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 565.27 Td (Self-pay subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 565.27 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 565.27 Td (394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 550.27 Td (Paid promotional subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 550.27 Td (117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 550.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.27 Td (Net additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 535.27 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 535.27 Td (431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.27 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 520.27 Td (29,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 520.27 Td (27,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.27 Td (Average self-pay monthly churn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 505.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 505.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 505.27 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 505.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.27 Td (New vehicle consumer conversion rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 490.27 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 490.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 490.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 490.27 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 490.27 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 475.06 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 475.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 475.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 475.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.27 Td (ARPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 460.27 Td (12.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.27 Td (12.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.27 Td (SAC, per installation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 445.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 445.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 445.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 445.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.27 Td (Customer service and billing expenses, per average subscriber) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 430.27 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 430.27 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.27 Td (Free cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 415.27 Td (328,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 415.27 Td (276,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.27 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 400.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 400.27 Td (441,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 400.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 400.27 Td (399,227) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 379.30 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 379.30 Td (Amounts may not sum as a result of rounding.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 356.50 Td (Subscribers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.22 356.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.72 356.50 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.32 356.50 Td (, we had nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.90 356.50 Td (30.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.40 356.50 Td ( million subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.29 356.50 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.98 356.50 Td ( of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.57 356.50 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.07 356.50 Td ( million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.50 Td (subscribers, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.82 344.50 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.15 344.50 Td (, from the approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.29 344.50 Td (27.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.79 344.50 Td ( million subscribers as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.83 344.50 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.43 344.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 326.50 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 326.50 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 326.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 326.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 326.50 Td (, net additions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.77 326.50 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.77 326.50 Td ( thousand and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.81 326.50 Td (431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.81 326.50 Td ( thousand, respectively) Tj ET Q q 0 0 0 rg BT 552.08 326.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 314.50 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.69 314.50 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 314.50 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.35 314.50 Td (.) Tj ET Q q 0 0 0 rg BT 155.67 314.50 Td (The increase in subscribers was primarily due to increases in original and subsequent owner trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 302.50 Td (conversions, as well as increases in shipments of vehicles by OEMs of) Tj ET Q q 0 0 0 rg BT 358.98 302.50 Td (fering paid trials and activations of inactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 290.50 Td (radios, partially of) Tj ET Q q 0 0 0 rg BT 150.41 290.50 Td (fset by higher deactivations lar) Tj ET Q q 0 0 0 rg BT 273.52 290.50 Td (gely for vehicle related reasons.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 266.50 Td (A) Tj ET Q q 0 0 0 rg BT 83.56 266.50 Td (verage Self-pay Monthly Churn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.41 266.50 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 50.00 254.50 Td (the average number of self-pay subscribers forthe period. \(See accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.48 254.50 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.48 254.50 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.58 254.50 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.58 254.50 Td ( for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.50 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 224.50 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 224.50 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 224.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 224.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 224.50 Td (, our average self-pay monthly churn rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.72 224.50 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.55 224.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.99 224.50 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.82 224.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 212.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 212.50 Td (.) Tj ET Q q 0 0 0 rg BT 131.98 212.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.03 212.50 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.78 212.50 Td ( was due to increases in vehicle related and voluntary churn.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 188.50 Td (New V) Tj ET Q q 0 0 0 rg BT 103.28 188.50 Td (ehicle Consumer Conversion Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.70 188.50 Td (is the percentage of owners and lessees of new vehicles that receive our service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.50 Td (and convert to become self-paying subscribers after an initial promotional period. ) Tj ET Q q 0 0 0 rg BT 378.60 176.50 Td (The metric excludes rental and fleet vehicles.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.91 176.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.50 Td (\(See accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.68 164.50 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.68 164.50 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.79 164.50 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.79 164.50 Td ( for more details\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 146.50 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 146.50 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 146.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 146.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 146.50 Td (, our new vehicle consumer conversion rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.61 146.50 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.94 146.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.38 146.50 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.71 146.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 134.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 134.50 Td (.) Tj ET Q q 0 0 0 rg BT 131.98 134.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.03 134.50 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.44 134.50 Td ( in the new vehicle consumer conversion rate was primarily due to an increased vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 122.50 Td (penetration rate as well as lower conversion of first-time buyers and lessees of satellite enabled cars.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 98.50 Td (ARPU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.05 98.50 Td (is derived from total earned subscriber revenue \(excluding revenue derived from our connected vehicle services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.50 Td (business\), net advertising revenue and other subscription-related revenue, divided by the number of months in the period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.50 Td (divided by the daily weighted average number of subscribers for the period. \(For a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 477.01 74.50 Td ( see the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.50 Td (accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.41 62.50 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 62.50 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.52 62.50 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.52 62.50 Td ( for more details.\)) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 742.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.40 742.10 Td (ARPU was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.63 742.10 Td ($12.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.13 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.57 742.10 Td ($12.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.07 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 470.73 742.10 Td (.) Tj ET Q q 0 0 0 rg BT 478.05 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.10 742.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.85 742.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (driven primarily by increases in certain of our subscription rates, partially of) Tj ET Q q 0 0 0 rg BT 382.28 730.10 Td (fset by growth in subscription discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (of) Tj ET Q q 0 0 0 rg BT 85.15 718.10 Td (fered through customer acquisition and retention programs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 694.10 Td (SAC, Per Installation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.83 694.10 Td (is derived from subscriber acquisition costs and mar) Tj ET Q q 0 0 0 rg BT 377.21 694.10 Td (gins from the sale of radios, components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (accessories, divided by the number of satellite radio installations in new vehicles and shipments of aftermarket radios for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (period. \(For a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 201.82 670.10 Td ( see the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.71 670.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.71 670.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.82 670.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.82 670.10 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 652.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 652.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 652.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 652.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 652.10 Td (, SAC, per installation, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.17 652.10 Td ($34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.17 652.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.61 652.10 Td ($33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.61 652.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 506.27 652.10 Td (.) Tj ET Q q 0 0 0 rg BT 513.59 652.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 640.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 640.10 Td ( was primarily due to lower aftermarket production, partially of) Tj ET Q q 0 0 0 rg BT 363.38 640.10 Td (fset by improvements in contractual OEM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 628.10 Td (technology rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 604.10 Td (Customer Service and Billing Expenses, Per ) Tj ET Q q 0 0 0 rg BT 257.50 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 263.06 604.10 Td (verage Subscriber) Tj ET Q q 0 0 0 rg BT 334.99 604.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.99 604.10 Td (is derived from total customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (expenses, excluding connected vehicle customer service and billing expenses and share-based payment expense, divided by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (number of months in the period, divided by the daily weighted average number of subscribers for the period. \(For a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 144.61 568.10 Td ( see the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 568.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 568.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.61 568.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.61 568.10 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 550.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 550.10 Td (, customer service and billing expenses, per average subscriber) Tj ET Q q 0 0 0 rg BT 543.13 550.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.05 538.10 Td ($1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.55 538.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 514.10 Td (Fr) Tj ET Q q 0 0 0 rg BT 87.63 514.10 Td (ee Cash Flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.12 514.10 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 50.00 502.10 Td (other investment activity) Tj ET Q q 0 0 0 rg BT 148.77 502.10 Td (. \(For a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 275.04 502.10 Td ( see the accompanying glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.93 502.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.93 502.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.04 502.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.04 502.10 Td ( for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 472.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 472.10 Td (March31, 2016) 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 (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 472.10 Td (, free cash flow was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.14 472.10 Td ($328,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.64 472.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.08 472.10 Td ($276,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.58 472.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 521.24 472.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.24 472.10 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 ($51,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.58 460.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.41 460.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.74 460.10 Td (.) Tj ET Q q 0 0 0 rg BT 197.06 460.10 Td (The increase was primarily driven by higher net cash provided by operating activities from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 448.10 Td (improved operating performance, and higher collections from subscribers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 424.10 Td (Adjusted EBITDA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.93 424.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 191.04 424.10 Td ( is defined as net income before interest expense, income tax expense and depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (amortization.) Tj ET Q q 0 0 0 rg BT 107.49 412.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 182.20 412.10 Td ( excludes the impact of other income as well as certain other non-cash char) Tj ET Q q 0 0 0 rg BT 482.18 412.10 Td (ges, such as certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (purchase price accounting adjustments and share-based payment expense. \(For a reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 469.21 400.10 Td ( see the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (glossary on pages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 388.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.60 388.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.71 388.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.71 388.10 Td ( for more details.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.10 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.92 370.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 370.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 370.10 Td (, adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 368.89 370.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.44 370.10 Td ($441,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.94 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.38 370.10 Td ($399,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.88 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 536.54 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.54 370.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 358.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 358.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 358.10 Td (1) Tj ET Q q 0 0 0 rg BT 127.71 358.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.04 358.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.87 358.10 Td ($42,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.37 358.10 Td (.) Tj ET Q q 0 0 0 rg BT 196.69 358.10 Td (The increase was due to growth in revenues primarily as a result of the increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (subscriber base and certain of our subscription rates, partially of) Tj ET Q q 0 0 0 rg BT 333.40 346.10 Td (fset by higher costs associated with the growth in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (revenues and subscriber base.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 304.10 Td (ces) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Cash Flows for the thr) Tj ET Q q 0 0 0 rg BT 140.20 280.10 Td (ee months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.34 280.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 226.19 280.10 Td (ch31, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.13 280.10 Td ( compar) Tj ET Q q 0 0 0 rg BT 305.81 280.10 Td (ed with the thr) Tj ET Q q 0 0 0 rg BT 363.49 280.10 Td (ee months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.64 280.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 449.49 280.10 Td (ch31, 2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 256.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.44 256.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.04 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.48 256.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.06 256.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.16 256.10 Td ($101,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 256.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 256.10 Td ($1) Tj ET Q q 0 0 0 rg BT 365.73 256.10 Td (1) Tj ET Q q 0 0 0 rg BT 370.36 256.10 Td (1,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.86 256.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 445.52 256.10 Td (, of cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (equivalents. ) Tj ET Q q 0 0 0 rg BT 100.36 244.10 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 50.50 194.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 194.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 194.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 194.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 194.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 194.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 164.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 164.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 164.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 164.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 164.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 164.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 134.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 134.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 134.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 134.60 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 329.5 220.60000000000002 m 404.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 220.60000000000002 m 408.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 220.60000000000002 m 483.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 207.60000000000002 m 404.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 207.60000000000002 m 408.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 207.60000000000002 m 483.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 194.60000000000002 m 404.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 207.60000000000002 m 483.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 194.60000000000002 m 483.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 194.60000000000002 m 562.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 194.60000000000002 m 404.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 194.60000000000002 m 483.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 149.60000000000002 m 404.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 149.60000000000002 m 483.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 149.60000000000002 m 562.5 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 119.60000000000002 m 404.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 119.60000000000002 m 483.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 119.60000000000002 m 562.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 105.60000000000002 m 404.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 103.60000000000002 m 404.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 105.60000000000002 m 483.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 103.60000000000002 m 483.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 105.60000000000002 m 562.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 103.60000000000002 m 562.5 103.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.95 224.83 Td (Unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.70 211.83 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 198.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 198.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.90 198.83 Td (2016 vs 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 184.27 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 184.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 184.27 Td (360,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 184.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 184.27 Td (297,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 184.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 184.27 Td (63,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 169.27 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.80 169.32 Td (\(33,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 169.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 169.32 Td (\(33,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 169.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 169.32 Td (\(172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 169.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.27 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 154.32 Td (\(336,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 154.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 154.27 Td (70,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 154.32 Td (\(407,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 154.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 139.27 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 139.32 Td (\(9,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 139.27 Td (334,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 139.32 Td (\(344,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.27 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 124.27 Td (111,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 124.27 Td (147,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 124.32 Td (\(35,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.27 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 109.27 Td (101,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 109.27 Td (482,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 109.32 Td (\(380,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 109.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (Cash Flows Pr) Tj ET Q q 0 0 0 rg BT 109.64 85.10 Td (ovided by Operating ) Tj ET Q q 0 0 0 rg BT 194.16 85.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 67.10 Td (Cash flows provided by operating activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.63 67.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.38 67.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.38 67.10 Td ($63,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.88 67.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.66 67.10 Td ($360,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.16 67.10 Td ( for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.35 67.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 55.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.44 55.10 Td ($297,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 55.10 Td ( for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.13 55.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.72 55.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 742.10 Td (Our lar) Tj ET Q q 0 0 0 rg BT 106.42 742.10 Td (gest source of cash provided by operating activities is generated by subscription and subscription-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (revenues.) Tj ET Q q 0 0 0 rg BT 92.86 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 101.49 730.10 Td (e also generate cash from the sale of advertising on certain non-music channels and the sale of satellite radios, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (components and accessories.Our primary uses of cash from operating activities include revenue share and royalty payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (distributors, programming and content providers, and payments to radio manufacturers, distributors and automakers. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (addition, uses of cash from operating activities include payments to vendors to service, maintain and acquire subscribers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (general corporate expenditures, and compensation and related costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (Cash Flows Used in Investing ) Tj ET Q q 0 0 0 rg BT 172.31 652.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 634.10 Td (Cash flows used in investing activities are primarily due to additional spending to improve our terrestrial repeater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (network and for capitalized software.In 2015, our cash flows used in investing activities also included an increase to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (letters of credit issued for the benefit of lessors of certain of our of) Tj ET Q q 0 0 0 rg BT 315.56 610.10 Td (fice space.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (Cash Flows \(Used in\) Pr) Tj ET Q q 0 0 0 rg BT 149.63 580.10 Td (ovided by Financing ) Tj ET Q q 0 0 0 rg BT 234.15 580.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 562.10 Td (Cash flows used in financing activities consists of the issuance and repayment of long-term debt and the purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (common stock under Holdings' share repurchase program.Proceeds from long-term debt, related party debt and equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (issuances have been used to fund our operations, construct and launch new satellites and invest in other infrastructure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (improvements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.10 Td (Cash flows provided by financing activities in the first quarter of 2016 were due to borrowings under the Credit Facility) Tj ET Q q 0 0 0 rg BT 556.96 502.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Cash flows used in financing activities in the first quarter of 2016 were primarily due to the purchase and retirement of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (of our common stock under our repurchase program for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.21 478.10 Td ($594,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.71 478.10 Td ( and repayments under the Credit Facility) Tj ET Q q 0 0 0 rg BT 478.12 478.10 Td (. Cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (provided by financing activities in the first quarter of 2015 were due to the issuance of $1,000,000 aggregate principal amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of 5.375% Senior Notes due 2025 and borrowings under the Credit Facility) Tj ET Q q 0 0 0 rg BT 350.41 454.10 Td (.Cash flows used in financing activities in the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (quarter of 2015 were primarily due to the purchase and retirement of shares of Holdings' common stock under our repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (program for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 430.10 Td ($535,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 430.10 Td ( and repayments under the Credit Facility) Tj ET Q q 0 0 0 rg BT 303.45 430.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 418.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Future Liquidity and Capital Resource Requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 388.10 Td (Based upon our current business plans, we expect to fund operating expenses, capital expenditures, working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (requirements, legal settlements, interest payments, taxes and scheduled maturities of our debt with existing cash, cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (from operations and borrowings under our Credit Facility) Tj ET Q q 0 0 0 rg BT 279.58 364.10 Td (.) Tj ET Q q 0 0 0 rg BT 286.53 364.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.97 364.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.57 364.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.57 364.10 Td ($1,150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.57 364.10 Td ( was available for future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (borrowing under our Credit Facility) Tj ET Q q 0 0 0 rg BT 192.66 352.10 Td (.) Tj ET Q q 0 0 0 rg BT 199.98 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.61 352.10 Td (e believe that we have suf) Tj ET Q q 0 0 0 rg BT 312.00 352.10 Td (ficient cash and cash equivalents as well as debt capacity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (cover our estimated short-term and long-term funding needs, as well as fund stock repurchases and any strategic opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 316.10 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 50.00 304.10 Td (financial, competitive and other factors. ) Tj ET Q q 0 0 0 rg BT 211.70 304.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.34 304.10 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 50.00 292.10 Td (expenditures to ensure that suf) Tj ET Q q 0 0 0 rg BT 172.01 292.10 Td (ficient resources are maintained.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 268.10 Td (e regularly evaluate our business plans and strategy) Tj ET Q q 0 0 0 rg BT 291.75 268.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.57 268.10 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 50.00 256.10 Td (and strategy) Tj ET Q q 0 0 0 rg BT 97.94 256.10 Td (, some of which may be material and significantly change our cash requirements. ) Tj ET Q q 0 0 0 rg BT 424.60 256.10 Td (These changes in our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (plans or strategy may include: the acquisition of unique or compelling programming; the introduction of new features or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (services; significant new or enhanced distribution arrangements; investments in infrastructure, such as satellites, equipment or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (radio spectrum; and acquisitions, including acquisitions that are not directly related to our satellite radio business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td (Holdings' Stock Repur) Tj ET Q q 0 0 0 rg BT 157.53 196.10 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 192.43 196.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 178.10 Td (Since December 2012, Holdings' board of directors has approved for repurchase an aggregate of $8,000,000 of Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 142.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 142.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.04 142.10 Td (, Holdings' cumulative repurchases since December 2012 totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.48 142.10 Td ($6,889,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.48 142.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.42 142.10 Td ($1,1) Tj ET Q q 0 0 0 rg BT 511.55 142.10 Td (10,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (remained available under Holdings' stock repurchase program.) Tj ET Q q 0 0 0 rg BT 305.14 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.78 130.10 Td (e expect to fund future repurchases of Holdings' common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (stock through a combination of cash on hand, cash generated by operations and future borrowings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Debt Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 70.10 Td (The indentures governing our senior notes, and the agreement governing the Credit Facility include restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (covenants.) Tj ET Q q 0 0 0 rg BT 96.93 58.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 58.10 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 58.10 Td (, we were in compliance with such covenants.For a discussion of our Debt Covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (refer to Note 9 to our unaudited consolidated financial statements in this Quarterly Report.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Contractual Cash Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 652.25 Td (For a discussion of our Contractual Cash Commitments, refer to Note 12 to our unaudited consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (statements in this Quarterly Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Related Party T) Tj ET Q q 0 0 0 rg BT 114.06 610.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 592.25 Td (For a discussion of Related Party ) Tj ET Q q 0 0 0 rg BT 217.24 592.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.00 592.25 Td (ransactions, refer to Note 8 to our unaudited consolidated financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (this Quarterly Report.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 83.24 550.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 526.25 Td (For a discussion of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.16 526.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.72 526.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 209.66 526.25 Td (Accounting Policies and Estimates, refer to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.88 526.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.45 526.25 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 518.62 526.25 Td (Analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of Financial Condition and Results of Operations in our ) Tj ET Q q 0 0 0 rg BT 279.14 514.25 Td (Annual Report for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 514.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.34 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 501.66 514.25 Td (There have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 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 369.88 502.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.47 502.25 Td (.) 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Tj ET Q q 0 0 0 rg BT 113.71 376.25 Td (The purchase price accounting adjustments include the elimination of deferred revenue associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 364.25 Td (investment in XM Canada, and elimination of the benefit of deferred credits on executory contracts, which are primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 352.25 Td (attributable to third party arrangements with programming providers.) Tj ET Q q 0 0 0 rg BT 353.91 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 362.55 352.25 Td (e believe adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 472.79 352.25 Td ( is a useful measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 340.25 Td (of the underlying trend of our operating performance, which provides useful information about our business apart from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 328.25 Td (the costs associated with our physical plant, capital structure and purchase price accounting. ) Tj ET Q q 0 0 0 rg BT 443.03 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 451.67 328.25 Td (e believe investors find this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 316.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 119.91 316.25 Td ( financial measure useful when analyzing our results and comparing our operating performance to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 304.25 Td (performance of other communications, entertainment and media companies. ) Tj ET Q q 0 0 0 rg BT 379.43 304.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.07 304.25 Td (e believe investors use current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 292.25 Td (projected adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 184.14 292.25 Td ( to estimate our current and prospective enterprise value and to make investment decisions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 280.25 Td (Because we fund and build-out our satellite radio system through the periodic raising and expenditure of lar) Tj ET Q q 0 0 0 rg BT 503.31 280.25 Td (ge amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 268.25 Td (capital, our results of operations reflect significant char) Tj ET Q q 0 0 0 rg BT 293.34 268.25 Td (ges for depreciation expense. ) Tj ET Q q 0 0 0 rg BT 412.28 268.25 Td (The exclusion of depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 256.25 Td (amortization expense is useful given significant variation in depreciation and amortization expense that can result from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 244.25 Td (the potential variations in estimated useful lives, all of which can vary widely across dif) Tj ET Q q 0 0 0 rg BT 423.61 244.25 Td (ferent industries or among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 232.25 Td (companies within the same industry) Tj ET Q q 0 0 0 rg BT 215.71 232.25 Td (.) Tj ET Q q 0 0 0 rg BT 223.03 232.25 Td (W) Tj ET Q q 0 0 0 rg BT 231.67 232.25 Td (e believe the exclusion of share-based payment expense is useful as it is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 220.25 Td (directly related to the operational conditions of our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 196.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 147.22 196.25 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 72.50 184.25 Td (comprehensive income of certain expenses, including share-based payment expense and certain purchase price accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 172.25 Td (for the Mer) Tj ET Q q 0 0 0 rg BT 117.86 172.25 Td (ger) Tj ET Q q 0 0 0 rg BT 130.07 172.25 Td (. ) Tj ET Q q 0 0 0 rg BT 134.89 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 143.53 172.25 Td (e endeavor to compensate for the limitations of the Non-GAAP) Tj ET Q q 0 0 0 rg BT 396.70 172.25 Td ( measure presented by also providing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 160.25 Td (comparable GAAP) Tj ET Q q 0 0 0 rg BT 148.50 160.25 Td ( measure with equal or greater prominence and descriptions of the reconciling items, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 148.25 Td (quantifying such items, to derive the Non-GAAP) Tj ET Q q 0 0 0 rg BT 268.49 148.25 Td ( measure.Investors that wish to compare and evaluate our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 136.25 Td (results after giving ef) Tj ET Q q 0 0 0 rg BT 157.57 136.25 Td (fect for these costs, should refer to net income as disclosed in our unaudited consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 124.25 Td (of comprehensive income. Since adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 277.45 124.25 Td ( is a Non-GAAP) Tj ET Q q 0 0 0 rg BT 343.46 124.25 Td ( financial performance measure, our calculation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 112.25 Td (adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 144.43 112.25 Td ( may be susceptible to varying calculations; may not be comparable to other similarly titled measures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 100.25 Td (other companies; and should not be considered in isolation, as a substitute for) Tj ET Q q 0 0 0 rg BT 382.31 100.25 Td (, or superior to measures of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 88.25 Td (performance prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 267.13 88.25 Td (. ) Tj ET Q q 0 0 0 rg BT 271.95 88.25 Td (The reconciliation of net income to the adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 501.88 88.25 Td ( is calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 76.25 Td (as follows:) Tj ET Q endstream 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j 3 M 407.5 722.5 m 482.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 709.5 m 482.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 722.5 m 561.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 709.5 m 561.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 709.5 m 482.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 709.5 m 561.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 559.5 m 482.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 559.5 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 407.5 559.5 m 482.5 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 545.5 m 482.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 543.5 m 482.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 559.5 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 486.5 545.5 m 561.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 684.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 684.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 684.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 670.07 Td (Purchase price accounting adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 669.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 669.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 669.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 655.07 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 654.17 Td (1,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 654.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 654.17 Td (1,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 640.07 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 639.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 639.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 639.22 Td (\(836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 639.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 625.07 Td (Share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 624.17 Td (23,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 624.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 624.17 Td (19,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 610.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 609.17 Td (67,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 609.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 609.17 Td (65,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 595.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 594.17 Td (78,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 594.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 594.17 Td (69,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 580.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 579.22 Td (\(10,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 579.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 579.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 579.22 Td (\(723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 579.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 565.07 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 564.17 Td (109,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 564.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 564.17 Td (138,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 550.07 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 549.17 Td (441,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 549.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 549.17 Td (399,227) 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 77 519.43505859375 m 104.7734375 519.43505859375 l s q 0 0 0 rg BT 77.00 521.00 Td (ARPU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.77 521.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.27 521.00 Td (- is derived from total earned subscriber revenue, advertising revenue and other subscription-related revenue, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 509.00 Td (excluding revenue associated with our connected vehicle business, divided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.57 509.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.07 509.00 Td (the number of months in the period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 497.00 Td (divided by the daily weighted average number of subscribers for the period. Other subscription-related revenue includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 485.00 Td (the U.S. Music Royalty Fee.) Tj ET Q q 0 0 0 rg BT 195.05 485.00 Td (ARPU is calculated as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 435.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 435.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 435.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 435.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 405.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 405.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 405.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 405.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 375.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 375.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 375.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 375.50 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 407.5 461.5 m 482.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 448.5 m 482.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 461.5 m 486.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 448.5 m 486.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 461.5 m 561.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 448.5 m 561.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 435.5 m 482.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 435.5 m 561.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 435.5 m 482.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 435.5 m 561.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 390.5 m 482.5 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 376.5 m 482.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 374.5 m 482.5 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 390.5 m 561.5 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 376.5 m 561.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 374.5 m 561.5 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 374.5 m 482.5 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 376.5 m 482.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 361.5 m 482.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 359.5 m 482.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 374.5 m 561.5 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 376.5 m 561.5 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 361.5 m 561.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.5 m 561.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 359.5 m 482.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 361.5 m 482.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 346.5 m 482.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 344.5 m 482.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.5 m 561.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 361.5 m 561.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 346.5 m 561.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 344.5 m 561.5 344.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.95 465.73 Td (Unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.70 452.73 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 439.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 439.73 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 425.17 Td (Subscriber revenue, excluding connected vehicle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 425.17 Td (984,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 425.17 Td (888,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 410.17 Td (Add: advertising revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 410.17 Td (31,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 410.17 Td (26,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 395.17 Td (Add: other subscription-related revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 395.17 Td (114,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 395.17 Td (92,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 380.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 380.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 380.17 Td (1,130,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 380.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 380.17 Td (1,007,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 365.17 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 365.17 Td (29,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 365.17 Td (27,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 350.17 Td (ARPU) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 350.17 Td (12.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 350.17 Td (12.26) 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 77 320.43505859375 m 213.748046875 320.43505859375 l s q 0 0 0 rg BT 77.00 322.00 Td (A) Tj ET Q q 0 0 0 rg BT 83.48 322.00 Td (verage self-pay monthly churn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.75 322.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.25 322.00 Td (- is defined as the monthly average of self-pay deactivations for the period divided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.00 Td (the average number of self-pay subscribers for the period.) 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 77 284.43505859375 m 341.51904296875 284.43505859375 l s q 0 0 0 rg BT 77.00 286.00 Td (Customer) Tj ET Q q 0 0 0 rg BT 119.03 286.00 Td ( service and billing expenses, per) Tj ET Q q 0 0 0 rg BT 258.29 286.00 Td ( average subscriber) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.43 286.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.93 286.00 Td (- is derived from total customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 274.00 Td (expenses, excluding connected vehicle customer service and billing expenses and share-based payment expense, divided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 262.00 Td (by the number of months in the period, divided by the daily weighted average number of subscribers for the period. ) Tj ET Q q 0 0 0 rg BT 541.14 262.00 Td (W) Tj ET Q q 0 0 0 rg BT 549.78 262.00 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 250.00 Td (believe the exclusion of share-based payment expense in our calculation of customer service and billing expenses, per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 238.00 Td (average subscriber) Tj ET Q q 0 0 0 rg BT 151.28 238.00 Td (, is useful as share-based payment expense is not directly related to the operational conditions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.00 Td (give rise to variations in the components of our customer service and billing expenses. Customer service and billing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.00 Td (expenses, per average subscriber) Tj ET Q q 0 0 0 rg BT 207.65 214.00 Td (, is calculated as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 164.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 164.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 164.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 164.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 134.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 134.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 134.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 134.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 104.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 104.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 104.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 104.50 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 407.5 190.5 m 482.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 190.5 m 486.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 190.5 m 561.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 177.5 m 482.5 177.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 177.5 m 486.5 177.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 177.5 m 561.5 177.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 164.5 m 482.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 164.5 m 561.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 164.5 m 482.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 164.5 m 561.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 134.5 m 482.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 120.5 m 482.5 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 118.5 m 482.5 118.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 134.5 m 561.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 120.5 m 561.5 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 118.5 m 561.5 118.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 105.5 m 482.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 103.5 m 482.5 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 105.5 m 561.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 103.5 m 561.5 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 90.5 m 482.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 88.5 m 482.5 88.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 90.5 m 561.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 88.5 m 561.5 88.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.95 194.73 Td (Unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.70 181.73 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 168.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 168.73 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 154.17 Td (Customer service and billing expenses, excluding connected vehicle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 154.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 154.17 Td (91,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 154.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 154.17 Td (84,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 139.17 Td (Less: share-based payment expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 139.22 Td (\(806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 139.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 139.22 Td (\(695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 139.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 124.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 124.17 Td (90,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 124.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 124.17 Td (83,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 109.17 Td (Daily weighted average number of subscribers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 109.17 Td (29,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 109.17 Td (27,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 94.17 Td (Customer service and billing expenses, per average subscriber) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 94.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 94.17 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 94.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 94.17 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET 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 /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 (- 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 restricted and other investment activity) Tj ET Q q 0 0 0 rg BT 249.35 730.25 Td (, excluding cash used for certain of Holdings' equity-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.25 Td (transactions.Free cash flow is calculated as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 668.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 668.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 668.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 668.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 639.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 639.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 639.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 609.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 609.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 609.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 580.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 580.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 580.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 550.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 550.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 550.75 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 407.5 694.75 m 482.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 694.75 m 486.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 694.75 m 561.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 694.75 m 482.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 681.75 m 482.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 694.75 m 486.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 681.75 m 486.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 694.75 m 561.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 681.75 m 561.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 681.75 m 482.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 668.75 m 482.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 681.75 m 561.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 668.75 m 561.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 668.75 m 482.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 668.75 m 561.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 535.75 m 482.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 535.75 m 561.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 535.75 m 482.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 521.75 m 482.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 519.75 m 482.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 535.75 m 561.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 521.75 m 561.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 519.75 m 561.5 519.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.95 698.98 Td (Unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.70 685.98 Td (For the Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 672.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 672.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 659.48 Td (Cash Flow information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 645.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 644.42 Td (360,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 644.42 Td (297,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 630.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 629.47 Td (\(33,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 629.47 Td (\(33,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 615.32 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 614.47 Td (\(336,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 614.42 Td (70,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 600.48 Td (Fr) Tj ET Q q 0 0 0 rg BT 62.37 600.48 Td (ee Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 586.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 585.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 585.42 Td (360,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 585.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 585.42 Td (297,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 571.32 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 224.79 575.85 Td ( \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 570.42 Td (1,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 570.42 Td (12,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 556.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 555.47 Td (\(30,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 555.47 Td (\(29,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 541.32 Td (Purchases of restricted and other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 540.47 Td (\(3,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 540.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 540.47 Td (\(3,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 540.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 526.32 Td (Free cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 525.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 525.42 Td (328,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 525.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 525.42 Td (276,232) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 509.25 Td (Subsequent to our corporate reor) Tj ET Q q 0 0 0 rg BT 198.89 509.25 Td (ganization ef) Tj ET Q q 0 0 0 rg BT 250.63 509.25 Td (fective November 15, 2013, all equity-related transactions are reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 497.25 Td (related party transactions within Sirius XM's consolidated financial statements. For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.37 497.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 485.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 485.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.44 485.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.44 485.25 Td (, this included payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.98 485.25 Td ($1,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.48 485.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.91 485.25 Td ($12,71) Tj ET Q q 0 0 0 rg BT 312.04 485.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.04 485.25 Td (, respectively for taxes paid in lieu of shares issued for stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 473.25 Td (based compensation. ) Tj ET Q q 0 0 0 rg BT 156.13 473.25 Td (These equity-related transactions are classified as Cash flows provided by financing activities within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 461.25 Td (Holdings' unaudited consolidated statements of cash flows, and therefore, are adjusted to reflect free cash flow at Sirius ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 449.25 Td (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 77 423.68505859375 m 240.1103515625 423.68505859375 l s q 0 0 0 rg BT 77.00 425.25 Td (New vehicle consumer) Tj ET Q q 0 0 0 rg BT 171.79 425.25 Td ( conversion rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.11 425.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.61 425.25 Td (- is defined as the percentage of owners and lessees of new vehicles that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 413.25 Td (receive our satellite radio service and convert to become self-paying subscribers after the initial promotion period. ) Tj ET Q q 0 0 0 rg BT 535.45 413.25 Td (At the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 401.25 Td (time satellite radio enabled vehicles are sold or leased, the owners or lessees generally receive trial subscriptions ranging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 389.25 Td (from three to twelve months. ) Tj ET Q q 0 0 0 rg BT 195.13 389.25 Td (W) Tj ET Q q 0 0 0 rg BT 203.76 389.25 Td (e measure conversion rate three months after the period in which the trial service ends. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 377.25 Td (The metric excludes rental and fleet vehicles.) 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 77 351.68505859375 m 261.375 351.68505859375 l s q 0 0 0 rg BT 77.00 353.25 Td (Subscriber) Tj ET Q q 0 0 0 rg BT 123.49 353.25 Td ( acquisition cost, per) Tj ET Q q 0 0 0 rg BT 211.09 353.25 Td ( installation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.38 353.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.88 353.25 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 77.00 341.25 Td (mar) Tj ET Q q 0 0 0 rg BT 92.37 341.25 Td (gins from the sale of radios and accessories, 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 77.00 329.25 Td (shipments of aftermarket radios for the period. SAC, per installation, is calculated as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 279.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 279.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 279.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 249.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 249.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 249.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 249.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 219.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 219.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 219.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 219.75 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 407.5 305.75 m 482.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 305.75 m 486.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 305.75 m 561.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 305.75 m 482.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 292.75 m 482.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 305.75 m 486.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 292.75 m 486.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 305.75 m 561.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 292.75 m 482.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 279.75 m 482.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 279.75 m 482.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 249.75 m 482.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 235.75 m 482.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 233.75 m 482.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 235.75 m 561.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 233.75 m 561.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 220.75 m 482.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 218.75 m 482.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 220.75 m 561.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 218.75 m 561.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 205.75 m 482.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 203.75 m 482.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 205.75 m 561.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 203.75 m 561.5 203.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.95 309.98 Td (Unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.10 296.98 Td (Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 283.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 283.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 270.32 Td (Subscriber acquisition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 269.42 Td (132,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 269.42 Td (122,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 254.42 Td (Less: margin from direct sales of radios and accessories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 254.47 Td (\(17,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 254.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 254.47 Td (\(15,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 254.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 240.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 239.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 239.42 Td (115,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 239.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 239.42 Td (106,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 225.32 Td (Installations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 224.42 Td (3,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 224.42 Td (3,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 210.32 Td (SAC, per installation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 209.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 209.42 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