%PDF-1.5 1 0 obj <> endobj 3 0 obj <>] /Rotate 0 /Contents 4 0 R>> endobj 4 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 18.00 Tf ET q 0 0 0 rg BT 235.55 736.85 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 330.74 736.85 Td (A) Tj ET Q q 0 0 0 rg BT 342.41 736.85 Td (TES) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 112.70 715.25 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 225.25 715.25 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.15 700.85 Td (W) Tj ET Q q 0 0 0 rg BT 255.49 700.85 Td (ashington, D.C. 20549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 690.05 Td () Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.25 668.45 Td (FORM 10-K) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 656.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 656.45 Td (\(Mark One\)) Tj ET Q /GS0 gs q 10.70 0 0 11.71 53.00 631.74 cm /I1 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 83.00 635.32 Td (Annual Report Pursuant to Section13 or 15\(d\) of The Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.65 608.45 Td (for) Tj ET Q q 0 0 0 rg BT 224.24 608.45 Td ( the Fiscal ) Tj ET Q q 0 0 0 rg BT 269.69 608.45 Td (Y) Tj ET Q q 0 0 0 rg BT 275.81 608.45 Td (ear) Tj ET Q q 0 0 0 rg BT 289.50 608.45 Td ( Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.29 608.45 Td (February28, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.34 608.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 597.65 Td () Tj ET Q /GS0 gs q 10.69 0 0 11.71 53.00 572.94 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 83.00 576.52 Td (Transition Report Pursuant to Section13 or 15\(d\) of The Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.20 549.65 Td (for) Tj ET Q q 0 0 0 rg BT 194.79 549.65 Td ( the ) Tj ET Q q 0 0 0 rg BT 212.94 549.65 Td (T) Tj ET Q q 0 0 0 rg BT 218.87 549.65 Td (ransition Period fr) Tj ET Q q 0 0 0 rg BT 298.12 549.65 Td (om ) 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 313.948046875 548.08505859375 m 363.948046875 548.08505859375 l s q 0 0 0 rg BT 313.95 549.65 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.95 549.65 Td ( to ) 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 377.278125 548.08505859375 m 427.278125 548.08505859375 l s q 0 0 0 rg BT 377.28 549.65 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.28 549.65 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 538.85 Td () Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 51.10 510.05 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 299.29 510.05 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 499.53 510.05 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.55 498.05 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 266.74 498.05 Td (egistrant as specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.20 477.05 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.45 477.05 Td (INDIANA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.50 467.45 Td (\(State of incorporation or) Tj ET Q q 0 0 0 rg BT 325.67 467.45 Td ( organization\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.30 446.45 Td (0-23264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 436.85 Td (\(Commission file number\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.80 415.85 Td (35-1542018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.85 406.25 Td (\(I.R.S. 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Tj ET Q q 0 0 0 rg BT 76.57 199.25 Td (Y) Tj ET Q q 0 0 0 rg BT 82.79 199.25 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 96.12 197.09 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.03 199.25 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 132.25 197.09 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Act.) Tj ET Q q 0 0 0 rg BT 76.57 166.25 Td (Y) Tj ET Q q 0 0 0 rg BT 82.79 166.25 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 96.12 164.09 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.03 166.25 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 132.25 164.09 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (Indicate by check mark whether the registrant \(1\)has filed all documents and reports required to be filed by Section13 or 15\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 158.85 133.25 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (required to file such reports\), and \(2\)has been subject to such filing requirements for the past 90 days.) Tj ET Q q 0 0 0 rg BT 468.40 121.25 Td (Y) Tj ET Q q 0 0 0 rg BT 474.62 121.25 Td (es) Tj ET Q /GS0 gs q 8.92 0 0 10.09 487.95 119.09 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.87 121.25 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 521.59 119.09 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 460.51 100.25 Td (W) Tj ET Q q 0 0 0 rg BT 469.15 100.25 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 522.37 100.25 Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (Interactive Data File required to be submitted and posted pursuant to Rule405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 438.34 88.25 Td ( \(232.405 of this chapter\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (during the preceding 12 months \(or for such shorter period that the registrant was required to submit and post such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (files\).) Tj ET Q q 0 0 0 rg BT 82.68 64.25 Td (Y) Tj ET Q q 0 0 0 rg BT 88.90 64.25 Td (es) Tj ET Q /GS0 gs q 8.92 0 0 10.09 102.23 62.09 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.14 64.25 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 138.36 62.09 cm /I10 Do Q endstream endobj 5 0 obj <>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (will not be contained, to the best of registrant) Tj ET Q q 0 0 0 rg BT 234.12 730.10 Td (s knowledge, in definitive proxy or information statements incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reference in Part III of this Form 10-K or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 8.91 0 0 10.09 362.43 715.94 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 697.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 697.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 697.10 Td (, or a non accelerated filer) Tj ET Q q 0 0 0 rg BT 522.50 697.10 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 685.10 Td (. See definitions of lar) Tj ET Q q 0 0 0 rg BT 249.94 685.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 325.59 685.10 Td (, and accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 673.10 Td (Act. \(Check one\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 662.30 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.47 Td (Largeacceleratedfiler) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 641.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 191.00 639.34 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 641.47 Td (Acceleratedfiler) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 641.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 551.00 639.34 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 620.47 Td (Non-accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 620.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 191.00 618.34 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 620.47 Td (Smallerreportingcompany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 620.05 Td () Tj ET Q /GS0 gs q 8.92 0 0 9.76 551.00 618.34 cm /I15 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 599.47 Td (Emerging Growth Company) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 599.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 551.00 597.34 cm /I16 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.30 Td (If an emer) Tj ET Q q 0 0 0 rg BT 90.90 574.30 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 178.02 574.30 Td (, indicate by check mark if the registrant has elected not to use the extended transition period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.30 Td (for complying with any new or revised financial accounting standards pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 502.37 562.30 Td (Act. ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 524.31 560.14 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.30 Td (Indicate by check mark whether the Registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 444.88 541.30 Td (Act\).) Tj ET Q q 0 0 0 rg BT 474.78 541.30 Td (Y) Tj ET Q q 0 0 0 rg BT 481.00 541.30 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 494.33 539.14 cm /I18 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.24 541.30 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 530.46 539.14 cm /I19 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.30 Td (The aggregate market value of the voting stock held by non-af) Tj ET Q q 0 0 0 rg BT 299.17 520.30 Td (filiates of the registrant, as of ) Tj ET Q q 0 0 0 rg BT 418.31 520.30 Td (August31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 520.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.70 520.30 Td (, the last business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.30 Td (day of the Registrant) Tj ET Q q 0 0 0 rg BT 136.37 508.30 Td (s most recently completed second fiscal quarter) Tj ET Q q 0 0 0 rg BT 325.90 508.30 Td (, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.21 508.30 Td ($40,919,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.21 508.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.30 Td (The number of shares outstanding of each of Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 383.82 487.30 Td (s classes of common stock, as of May 5, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.30 Td (2017, was:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.85 458.30 Td (1) Tj ET Q q 0 0 0 rg BT 196.48 458.30 Td (1,345,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.48 458.30 Td ( Class) Tj ET Q q 0 0 0 rg BT 282.60 458.30 Td (A) Tj ET Q q 0 0 0 rg BT 289.27 458.30 Td ( Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.90 441.30 Td (1,142,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.90 441.30 Td ( Class B Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 424.30 Td (0 Class C Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 403.30 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.11 403.30 Td (TED BY) Tj ET Q q 0 0 0 rg BT 354.57 403.30 Td ( REFERENCE) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 392.50 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 157.85 372.830078125 m 196.06875 372.830078125 l s q 0 0 0 rg BT 157.85 374.08 Td (Documents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 373.95 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 402.95 372.830078125 m 476.9890625 372.830078125 l s q 0 0 0 rg BT 402.95 374.08 Td (Form10-KReference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.57 Td (Proxy Statement for 2017 ) Tj ET Q q 0 0 0 rg BT 157.99 360.57 Td (Annual Meeting of Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.57 Td (expected to be filed within 120 days) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 350.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 360.57 Td (PartIII) Tj ET Q BT /F1 10.00 Tf ET 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 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.40 742.25 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 254.81 742.25 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 338.25 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 365.76 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.90 721.25 Td (FORM 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 700.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 700.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 700.25 Td ( CONTENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 689.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 670.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.55 670.18 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 655.1833984375 m 82.6923828125 655.1833984375 l s q 0 0 1 rg BT 53.00 656.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 656.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 656.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 656.52 Td ( I) 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 71 640.1833984375 m 137.38671875 640.1833984375 l s q 0 0 1 rg BT 71.00 641.52 Td (Item 1. Business) 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 71 625.1833984375 m 159.3251953125 625.1833984375 l s q 0 0 1 rg BT 71.00 626.52 Td (Item 1A. Risk Factors) 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 71 610.1833984375 m 222.1865234375 610.1833984375 l s q 0 0 1 rg BT 71.00 611.52 Td (Item 1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 173.02 611.52 Td (f Comments) 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 71 595.1833984375 m 142.3720703125 595.1833984375 l s q 0 0 1 rg BT 71.00 596.52 Td (Item 2. Properties) 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 71 580.1833984375 m 175.9658203125 580.1833984375 l s q 0 0 1 rg BT 71.00 581.52 Td (Item 3. Legal Proceedings) 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 71 565.1833984375 m 200.140625 565.1833984375 l s q 0 0 1 rg BT 71.00 566.52 Td (Item 4. Mine Safety Disclosures) 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 53 535.1833984375 m 86.0224609375 535.1833984375 l s q 0 0 1 rg BT 53.00 536.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 536.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 536.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 536.52 Td ( II) 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 71 520.1833984375 m 471.1025390625 520.1833984375 l s q 0 0 1 rg BT 71.00 521.52 Td (Item 5. Market for Registrant) Tj ET Q q 0 0 1 rg BT 191.24 521.52 Td (s Common Equity) Tj ET Q q 0 0 1 rg BT 263.38 521.52 Td (, Related Stockholder Matters and Issuer Purchases ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 510.18339843750005 m 150.4287109375 510.18339843750005 l s q 0 0 1 rg BT 71.00 511.52 Td (of Equity Securities) 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 71 495.18339843750005 m 196.7861328125 495.18339843750005 l s q 0 0 1 rg BT 71.00 496.52 Td (Item 6. Selected Financial Data) 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 71 480.18339843750005 m 460.1162109375 480.18339843750005 l s q 0 0 1 rg BT 71.00 481.52 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 156.81 481.52 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 225.98 481.52 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 465.18339843750005 m 350.66796875 465.18339843750005 l s q 0 0 1 rg BT 71.00 466.52 Td (Item 7A. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 273.45 466.52 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 450.18339843750005 m 286.7763671875 450.18339843750005 l s q 0 0 1 rg BT 71.00 451.52 Td (Item 8. Financial Statements and Supplementary Data) 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 71 435.18339843750005 m 460.638671875 435.18339843750005 l s q 0 0 1 rg BT 71.00 436.52 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 247.63 436.52 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 312.06 436.52 Td (Accounting and Financial Disclosure) 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 71 420.18339843750005 m 207.3623046875 420.18339843750005 l s q 0 0 1 rg BT 71.00 421.52 Td (Item 9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /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 71 405.18339843750005 m 181.52734375 405.18339843750005 l s q 0 0 1 rg BT 71.00 406.52 Td (Item 9B. Other Information) 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 53 375.18339843750005 m 89.3525390625 375.18339843750005 l s q 0 0 1 rg BT 53.00 376.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 376.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 376.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 376.52 Td ( III) 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 71 360.18339843750005 m 334.3203125 360.18339843750005 l s q 0 0 1 rg BT 71.00 361.52 Td (Item 10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 201.88 361.52 Td (ficers and Corporate Governance) 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 71 345.18339843750005 m 206.7080078125 345.18339843750005 l s q 0 0 1 rg BT 71.00 346.52 Td (Item 1) Tj ET Q q 0 0 1 rg BT 96.45 346.52 Td (1. Executive Compensation) 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 71 330.18339843750005 m 435.609375 330.18339843750005 l s q 0 0 1 rg BT 71.00 331.52 Td (Item 12. Security Ownership of Certain Beneficial Owners, and Management, and Related ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 320.18339843750005 m 152.3720703125 320.18339843750005 l s q 0 0 1 rg BT 71.00 321.52 Td (Stockholder Matters) 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 71 305.18339843750005 m 407.0205078125 305.18339843750005 l s q 0 0 1 rg BT 71.00 306.52 Td (Item 13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 245.50 306.52 Td (T) Tj ET Q q 0 0 1 rg BT 251.26 306.52 Td (ransactions and Director Independence) 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 71 290.18339843750005 m 265.677734375 290.18339843750005 l s q 0 0 1 rg BT 71.00 291.52 Td (Item 14. Principal ) Tj ET Q q 0 0 1 rg BT 144.88 291.52 Td (Accounting Fees and Services) 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 53 260.18339843750005 m 89.82373046875 260.18339843750005 l s q 0 0 1 rg BT 53.00 261.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 261.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 261.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 261.52 Td ( IV) 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 71 245.18339843750005 m 282.34765625 245.18339843750005 l s q 0 0 1 rg BT 71.00 246.52 Td (Item 15. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 581.10 Td (Actual results or events could dif) Tj ET Q q 0 0 0 rg BT 206.29 581.10 Td (fer materially from the plans, intentions or expectations disclosed in the forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (statements we make. ) Tj ET Q q 0 0 0 rg BT 135.35 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.98 569.10 Td (e have included important facts in various cautionary statements in this report that we believe could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 166.72 557.10 Td (fer materially from forward-looking statements that we make. ) Tj ET Q q 0 0 0 rg BT 416.18 557.10 Td (These include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (to, the factors described in PartI, Item1A, Risk Factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 524.10 Td (The forward-looking statements do not reflect the potential impact of any future acquisitions, mer) Tj ET Q q 0 0 0 rg BT 464.81 524.10 Td (gers or dispositions. ) Tj ET Q q 0 0 0 rg BT 547.41 524.10 Td (W) Tj ET Q q 0 0 0 rg BT 556.05 524.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (undertake no obligation to update or revise any forward-looking statements because of new information, future events or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (otherwise.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td ( I) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 719.45 Td (ITEM1. BUSINESS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.45 Td (GENERAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 685.45 Td (e are a diversified media company) Tj ET Q q 0 0 0 rg BT 219.42 685.45 Td (, principally focused on radio broadcasting. Emmis owns 16 FM and 3 ) Tj ET Q q 0 0 0 rg BT 503.27 685.45 Td (AM radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.45 Td (stations in New ) Tj ET Q q 0 0 0 rg BT 114.35 673.45 Td (Y) Tj ET Q q 0 0 0 rg BT 120.57 673.45 Td (ork, Los ) Tj ET Q q 0 0 0 rg BT 155.84 673.45 Td (Angeles, St. Louis, ) Tj ET Q q 0 0 0 rg BT 234.18 673.45 Td (Austin \(Emmis has a 50.1% controlling interest in Emmis) Tj ET Q q 0 0 0 rg BT 468.13 673.45 Td ( radio stations located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.45 Td (there\) and Indianapolis. One of the FM radio stations that Emmis currently owns in New ) Tj ET Q q 0 0 0 rg BT 406.78 661.45 Td (Y) Tj ET Q q 0 0 0 rg BT 413.00 661.45 Td (ork is operated pursuant to a Local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.45 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 93.60 649.45 Td (Agreement \("LMA"\) whereby a third party provides the programming for the station and sells all advertising within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.45 Td (that programming. In addition, Emmis has entered into an agreement to sell its FM radio station in Los ) Tj ET Q q 0 0 0 rg BT 463.26 637.45 Td (Angeles and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.45 Td (transaction is expected to close in the back half of 2017. Emmis also developed and licenses ) Tj ET Q q 0 0 0 rg BT 421.10 625.45 Td (T) Tj ET Q q 0 0 0 rg BT 426.51 625.45 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 464.28 629.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.22 625.45 Td (, a cloud-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.45 Td (software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.45 Td (developed NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 136.92 605.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.86 601.45 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 317.43 601.45 Td (-the-air FM radio broadcasts with visual and interactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.45 Td (features on smartphones, and has introduced the Dial Report) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 291.88 593.98 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 589.45 Td ( to give radio advertising buyers and sellers big data analytics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.45 Td (derived from a nationwide radio station network, smartphone usage, location-based data, demographic profiling and listening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.45 Td (data.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 548.45 Td (In addition to our radio properties, we also publish ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.96 548.45 Td (Indianapolis Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.84 548.45 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.28 548.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.78 548.45 Td (operate Digonex ) Tj ET Q q 0 0 0 rg BT 453.46 548.45 Td (T) Tj ET Q q 0 0 0 rg BT 458.87 548.45 Td (echnologies, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.45 Td (\("Digonex"\), a dynamic pricing business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 519.45 Td (BUSINESS STRA) Tj ET Q q 0 0 0 rg BT 126.79 519.45 Td (TEGY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 502.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 502.45 Td (e are committed to improving the operating results of our core assets while simultaneously seeking future growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.45 Td (opportunities in related businesses. Our strategy is focused on the following operating principles:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 473.45 Td (Develop unique and compelling content and str) Tj ET Q q 0 0 0 rg BT 239.59 473.45 Td (ong local brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 456.45 Td (Most of our established local media brands have achieved and sustained a leading position in their respective market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.45 Td (segments over many years. Knowledge of local markets and consistently producing unique and compelling content that meets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.45 Td (the needs of our tar) Tj ET Q q 0 0 0 rg BT 127.01 432.45 Td (get audiences are critical to our success. ) Tj ET Q q 0 0 0 rg BT 289.17 432.45 Td (As such, we make substantial investments in areas such as market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.45 Td (research, data analysis and creative talent to ensure that our content remains relevant, has a meaningful impact on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.45 Td (communities we serve and reinforces the core brand image of each respective property) Tj ET Q q 0 0 0 rg BT 395.86 408.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 391.45 Td (Extend the r) Tj ET Q q 0 0 0 rg BT 98.50 391.45 Td (each and r) Tj ET Q q 0 0 0 rg BT 140.90 391.45 Td (elevance of our local brands thr) Tj ET Q q 0 0 0 rg BT 269.12 391.45 Td (ough digital platforms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 374.45 Td (In recent years, we have placed substantial emphasis on enhancing the distribution of our content through digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.45 Td (platforms, such as the Internet and smartphones. ) Tj ET Q q 0 0 0 rg BT 245.60 362.45 Td (W) Tj ET Q q 0 0 0 rg BT 254.24 362.45 Td (e believe these digital platforms of) Tj ET Q q 0 0 0 rg BT 392.62 362.45 Td (fer excellent opportunities to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.45 Td (enhance the relationships we have with our audiences by allowing them to consume and share our content in new ways and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.45 Td (providing us with new distribution channels for one-to-one communication with them.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.45 Td (Deliver r) Tj ET Q q 0 0 0 rg BT 86.01 321.45 Td (esults to advertisers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 304.45 Td (Competition for advertising revenue is intense and becoming more so. ) Tj ET Q q 0 0 0 rg BT 357.36 304.45 Td (T) Tj ET Q q 0 0 0 rg BT 362.77 304.45 Td (o remain competitive, we focus on sustaining and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.45 Td (growing our audiences, optimizing our pricing strategy and developing innovative marketing programs for our clients that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.45 Td (allow them to interact with our audiences in more direct and measurable ways. ) Tj ET Q q 0 0 0 rg BT 366.93 280.45 Td (These programs often include elements such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.45 Td (on-air endorsements, events, contests, special promotions, Internet advertising, email marketing, interactive mobile advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.45 Td (and online video. Our ability to deploy multi-touchpoint marketing programs allows us to deliver a stronger return-on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.45 Td (investment for our clients while simultaneously generating ancillary revenue streams for our media properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.45 Td (Extend sales efforts into new market segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 210.45 Td (Given the competitive pressures in many of our traditional advertising categories, we are expanding our network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.45 Td (advertiser relationships into not-for) Tj ET Q q 0 0 0 rg BT 191.15 198.45 Td (-profits, political advertising, corporate philanthropy) Tj ET Q q 0 0 0 rg BT 401.00 198.45 Td (, environmental initiatives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.45 Td (government agencies. ) Tj ET Q q 0 0 0 rg BT 139.51 186.45 Td (These ef) Tj ET Q q 0 0 0 rg BT 173.47 186.45 Td (forts primarily focus on the health care and education sectors. ) Tj ET Q q 0 0 0 rg BT 422.37 186.45 Td (W) Tj ET Q q 0 0 0 rg BT 431.01 186.45 Td (e believe our capabilities can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.45 Td (address these clients) Tj ET Q q 0 0 0 rg BT 134.23 174.45 Td ( under) Tj ET Q q 0 0 0 rg BT 159.30 174.45 Td (-served needs. ) Tj ET Q q 0 0 0 rg BT 218.81 174.45 Td (The early return on these ef) Tj ET Q q 0 0 0 rg BT 328.86 174.45 Td (forts has been encouraging and we plan to shift additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.45 Td (resources toward these ef) Tj ET Q q 0 0 0 rg BT 151.16 162.45 Td (forts over time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 145.45 Td (Enhance the efficiency of our operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 128.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 128.45 Td (e believe it is essential that we operate our businesses as ef) Tj ET Q q 0 0 0 rg BT 317.66 128.45 Td (ficiently as possible. ) Tj ET Q q 0 0 0 rg BT 401.91 128.45 Td (W) Tj ET Q q 0 0 0 rg BT 410.54 128.45 Td (e regularly review our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.45 Td (operations and reduce costs or realign resources as necessary) Tj ET Q q 0 0 0 rg BT 293.14 116.45 Td (. ) Tj ET Q q 0 0 0 rg BT 300.46 116.45 Td (W) Tj ET Q q 0 0 0 rg BT 309.10 116.45 Td (e have also invested in common technology platforms across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.45 Td (all of our radio stations to help further standardize our business processes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 87.45 Td (Effectively deploy technology to enhance the value of our media assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 70.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 70.45 Td (e continue to seek innovative ways to combine or enhance our scalable, low cost radio distribution system with digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.45 Td (systems like HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 142.50 62.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.43 58.45 Td ( and wireless broadband, as well as to enhance radio) Tj ET Q q 0 0 0 rg BT 359.58 58.45 Td (s future through advances like ) Tj ET Q q 0 0 0 rg BT 482.42 58.45 Td (T) Tj ET Q q 0 0 0 rg BT 487.83 58.45 Td (agStation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.45 Td (NextRadio and the Dial Report.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 725.10 Td (RADIO ST) Tj ET Q q 0 0 0 rg BT 97.32 725.10 Td (A) Tj ET Q q 0 0 0 rg BT 103.80 725.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 708.10 Td (In the following table, Market Rank by Revenue is the ranking of the market revenue size of the principal radio market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (served by our stations among all radio markets in the United States. Market revenue rankings are from BIA/Kelsey) Tj ET Q q 0 0 0 rg BT 512.65 696.10 Td (s Media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (Access Pro database as of March 28, 2017. Ranking in Primary Demographic ) Tj ET Q q 0 0 0 rg BT 366.96 684.10 Td (T) Tj ET Q q 0 0 0 rg BT 372.37 684.10 Td (ar) Tj ET Q q 0 0 0 rg BT 379.96 684.10 Td (get is the ranking of the station within its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (designated primary demographic tar) Tj ET Q q 0 0 0 rg BT 194.49 672.10 Td (get among all radio stations in its market based on the March 2017 Nielsen ) Tj ET Q q 0 0 0 rg BT 496.09 672.10 Td (Audio, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (\("Nielsen"\) Portable People Meter results. ) Tj ET Q q 0 0 0 rg BT 220.35 660.10 Td (A) Tj ET Q q 0 0 0 rg BT 227.02 660.10 Td ( t indicates the station tied with another station for the stated ranking. Station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (Audience Share represents a percentage generally computed by dividing the average number of persons in the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (demographic listening to a particular station during specified time periods by the average number of such persons in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (primary demographic for all stations in the market area as determined by Nielsen.) 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0.9333333333333333 1 rg /GS0 gs 418.50 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 511.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 511.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 511.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 511.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 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/F1 10.00 Tf ET q 0 0 0 rg BT 71.00 232.17 Td (WIBC-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 231.27 Td (News/Talk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 231.27 Td (35-64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 231.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.75 231.27 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 216.13 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 212.50 Td ( Our fourth owned station in New ) Tj ET Q q 0 0 0 rg BT 164.28 212.50 Td (Y) Tj ET Q q 0 0 0 rg BT 169.26 212.50 Td (ork, ) Tj ET Q q 0 0 0 rg BT 183.78 212.50 Td (WEPN-FM, is being operated pursuant to an LMA. Under the terms of the LMA, New ) Tj ET Q q 0 0 0 rg BT 462.98 212.50 Td (Y) Tj ET Q q 0 0 0 rg BT 467.96 212.50 Td (ork ) Tj ET Q q 0 0 0 rg BT 480.18 212.50 Td (AM Radio LLC, a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 202.90 Td (subsidiary of Disney Enterprises, Inc., provides the programming for the station and sells all advertising within that programming. Emmis continues to own and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 193.30 Td (operate ) Tj ET Q q 0 0 0 rg BT 75.39 193.30 Td (WEPN-FM. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 176.30 Td (In addition to our other radio broadcasting operations, we own and operate Network Indiana, a radio network that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (provides news and other programming to 60 af) Tj ET Q q 0 0 0 rg BT 237.28 164.30 Td (filiated radio stations in Indiana.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.30 Td (NEW) Tj ET Q q 0 0 0 rg BT 73.71 147.30 Td ( ) Tj ET Q q 0 0 0 rg BT 76.03 147.30 Td (TECHNOLOGIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 130.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 130.30 Td (e believe that the growth of new technologies present not only a challenge, but an opportunity for broadcasters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.30 Td (publishers. ) Tj ET Q q 0 0 0 rg BT 95.93 118.30 Td (The primary challenge is increased competition for the time and attention of our listeners and readers. ) Tj ET Q q 0 0 0 rg BT 505.32 118.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.30 Td (opportunity is to further enhance the relationships we already have with our listeners and readers by expanding products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.30 Td (services of) Tj ET Q q 0 0 0 rg BT 92.86 94.30 Td (fered by our radio stations and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.27 94.30 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 94.30 Td ( and to increase distribution to portable devices like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.30 Td (smartphones and tablets.) 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 31.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (COMMUNITY) Tj ET Q q 0 0 0 rg BT 115.73 742.25 Td ( INV) Tj ET Q q 0 0 0 rg BT 136.37 742.25 Td (OL) Tj ET Q q 0 0 0 rg BT 149.90 742.25 Td (VEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 725.25 Td (e believe that to be successful, we must be integrally involved in the communities we serve. ) Tj ET Q q 0 0 0 rg BT 452.35 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 460.99 725.25 Td (e see ourselves as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (community partners. ) Tj ET Q q 0 0 0 rg BT 135.08 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 140.49 713.25 Td (o that end, each of our radio stations and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.44 713.25 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.82 713.25 Td ( participates in many community ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (programs, fundraisers and activities that benefit a wide variety of causes. Charitable or) Tj ET Q q 0 0 0 rg BT 396.36 701.25 Td (ganizations that have been the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (beneficiaries of our contributions, marathons, walkathons, concerts, fairs and festivals include, among others, ) Tj ET Q q 0 0 0 rg BT 489.97 689.25 Td (The Salvation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Army) Tj ET Q q 0 0 0 rg BT 72.68 677.25 Td (, ) Tj ET Q q 0 0 0 rg BT 77.50 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.54 677.25 Td (ish for Heroes, Habitat for Humanity) Tj ET Q q 0 0 0 rg BT 233.63 677.25 Td (, United ) Tj ET Q q 0 0 0 rg BT 268.16 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 276.80 677.25 Td (ay) Tj ET Q q 0 0 0 rg BT 285.59 677.25 Td (, Juvenile Diabetes Research Foundation, Make-A-W) Tj ET Q q 0 0 0 rg BT 499.29 677.25 Td (ish Foundation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (March of Dimes, Homeboy Industries, Los ) Tj ET Q q 0 0 0 rg BT 223.86 665.25 Td (Angeles Unified School District, ) Tj ET Q q 0 0 0 rg BT 356.90 665.25 Td (American Red Cross, St. Jude, and the Harlem ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (Chamber of Commerce. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 636.25 Td (The National ) Tj ET Q q 0 0 0 rg BT 128.43 636.25 Td (Association of Broadcasters Education Foundation \(NABEF\) has honored us with the Hubbard ) Tj ET Q q 0 0 0 rg BT 519.46 636.25 Td (A) Tj ET Q q 0 0 0 rg BT 525.77 636.25 Td (ward, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (honoring a broadcaster for extraordinary involvement in serving the community) Tj ET Q q 0 0 0 rg BT 373.42 624.25 Td (. Emmis was the second broadcaster to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (receive this prestigious honor) Tj ET Q q 0 0 0 rg BT 167.63 612.25 Td (, after the Hubbard family) Tj ET Q q 0 0 0 rg BT 271.10 612.25 Td (, for which the award is named. ) Tj ET Q q 0 0 0 rg BT 399.49 612.25 Td (The NABEF also recognized Emmis) Tj ET Q q 0 0 0 rg BT 548.72 612.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (WQHT) Tj ET Q q 0 0 0 rg BT 79.07 600.25 Td (-FM in New ) Tj ET Q q 0 0 0 rg BT 130.64 600.25 Td (Y) Tj ET Q q 0 0 0 rg BT 136.87 600.25 Td (ork for its outreach after Hurricane Sandy) Tj ET Q q 0 0 0 rg BT 303.37 600.25 Td (, both for the news coverage it provided and the relief ef) Tj ET Q q 0 0 0 rg BT 528.10 600.25 Td (forts it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 588.25 Td (ganized in the weeks after the storm. ) Tj ET Q q 0 0 0 rg BT 207.36 588.25 Td (WIBC-FM was nominated for a national Crystal ) Tj ET Q q 0 0 0 rg BT 403.16 588.25 Td (A) Tj ET Q q 0 0 0 rg BT 409.46 588.25 Td (ward from the National ) Tj ET Q q 0 0 0 rg BT 504.99 588.25 Td (Association ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (of Broadcasters for our ef) Tj ET Q q 0 0 0 rg BT 152.55 576.25 Td (forts in the community in 2014 and in 2016 and ) Tj ET Q q 0 0 0 rg BT 345.68 576.25 Td (WBLS-FM won a national Crystal ) Tj ET Q q 0 0 0 rg BT 485.95 576.25 Td (A) Tj ET Q q 0 0 0 rg BT 492.26 576.25 Td (ward in 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (INDUSTR) Tj ET Q q 0 0 0 rg BT 94.66 559.25 Td (Y) Tj ET Q q 0 0 0 rg BT 101.51 559.25 Td ( INV) Tj ET Q q 0 0 0 rg BT 122.14 559.25 Td (OL) Tj ET Q q 0 0 0 rg BT 135.67 559.25 Td (VEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 542.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 542.25 Td (e have an active leadership role in a wide range of industry or) Tj ET Q q 0 0 0 rg BT 329.02 542.25 Td (ganizations. Our senior managers have served in various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (capacities with industry associations, including as directors of the National ) Tj ET Q q 0 0 0 rg BT 351.32 530.25 Td (Association of Broadcasters, the Radio ) Tj ET Q q 0 0 0 rg BT 509.06 530.25 Td (Advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (Bureau, the Radio Futures Committee, the Nielsen ) Tj ET Q q 0 0 0 rg BT 254.13 518.25 Td (Audio ) Tj ET Q q 0 0 0 rg BT 281.08 518.25 Td (Advisory Council, the Media Financial Management ) Tj ET Q q 0 0 0 rg BT 494.09 518.25 Td (Association, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (City and Regional Magazine ) Tj ET Q q 0 0 0 rg BT 166.64 506.25 Td (Association and as founding members of the Magazine Publishers of ) Tj ET Q q 0 0 0 rg BT 443.81 506.25 Td (America. Our chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 494.25 Td (ficer has been honored with the National ) Tj ET Q q 0 0 0 rg BT 263.63 494.25 Td (Association of Broadcasters) Tj ET Q q 0 0 0 rg BT 378.41 494.25 Td ( National Radio ) Tj ET Q q 0 0 0 rg BT 448.12 494.25 Td (A) Tj ET Q q 0 0 0 rg BT 454.42 494.25 Td (ward, was named Radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (Ink) Tj ET Q q 0 0 0 rg BT 66.11 482.25 Td (s Radio Executive of the ) Tj ET Q q 0 0 0 rg BT 170.98 482.25 Td (Y) Tj ET Q q 0 0 0 rg BT 177.20 482.25 Td (ear) Tj ET Q q 0 0 0 rg BT 189.01 482.25 Td (, and was recently named the 2017 recipient of the Broadcasters Foundation of ) Tj ET Q q 0 0 0 rg BT 510.02 482.25 Td (America's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td ("Lowry Mays Excellence in Broadcasting ) Tj ET Q q 0 0 0 rg BT 219.31 470.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.62 470.25 Td (ward." Our management and on-air personalities have won numerous industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (awards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 441.25 Td (COMPETITION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 424.25 Td (Radio broadcasting stations compete with the other broadcasting stations in their respective market areas, as well as with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (other advertising media such as newspapers, cable, magazines, outdoor advertising, transit advertising, the Internet, satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (radio, direct marketing and mobile and wireless device marketing. Competition within the broadcasting industry occurs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (primarily in individual market areas, so that a station in one market \(e.g., New ) Tj ET Q q 0 0 0 rg BT 365.09 388.25 Td (Y) Tj ET Q q 0 0 0 rg BT 371.31 388.25 Td (ork\) does not generally compete with stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (in other markets \(e.g., Los ) Tj ET Q q 0 0 0 rg BT 157.20 376.25 Td (Angeles\). In each of our markets, our stations face competition from other stations with substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (financial resources, including stations tar) Tj ET Q q 0 0 0 rg BT 213.94 364.25 Td (geting the same demographic groups. In addition to management experience, factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (that are material to competitive position include the station) Tj ET Q q 0 0 0 rg BT 288.27 352.25 Td (s rank in its market in terms of the number of listeners, authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (power) Tj ET Q q 0 0 0 rg BT 74.59 340.25 Td (, assigned frequency) Tj ET Q q 0 0 0 rg BT 155.85 340.25 Td (, audience characteristics, local program acceptance and the number and characteristics of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (stations in the market area. ) Tj ET Q q 0 0 0 rg BT 159.78 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.42 328.25 Td (e attempt to improve our competitive position with programming and promotional campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (aimed at the demographic groups tar) Tj ET Q q 0 0 0 rg BT 196.16 316.25 Td (geted by our stations. ) Tj ET Q q 0 0 0 rg BT 284.02 316.25 Td (W) Tj ET Q q 0 0 0 rg BT 292.66 316.25 Td (e also seek to improve our position through sales ef) Tj ET Q q 0 0 0 rg BT 498.27 316.25 Td (forts designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (to attract advertisers that have done little or no radio advertising by emphasizing the ef) Tj ET Q q 0 0 0 rg BT 396.37 304.25 Td (fectiveness of radio advertising in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (increasing the advertisers) Tj ET Q q 0 0 0 rg BT 154.21 292.25 Td ( revenues. ) Tj ET Q q 0 0 0 rg BT 197.07 292.25 Td (The policies and rules of the Federal Communications Commission \(the FCC\) permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (certain joint ownership and joint operation of local stations. Most of our radio stations take advantage of these joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (arrangements in an ef) Tj ET Q q 0 0 0 rg BT 136.17 268.25 Td (fort to lower operating costs and to of) Tj ET Q q 0 0 0 rg BT 286.78 268.25 Td (fer advertisers more attractive rates and services. ) Tj ET Q q 0 0 0 rg BT 483.91 268.25 Td (Although we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (believe that each of our stations can compete ef) Tj ET Q q 0 0 0 rg BT 239.74 256.25 Td (fectively in its market, there can be no assurance that any of our stations will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (able to maintain or increase its current audience ratings or advertising revenue market share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 227.25 Td (Although the broadcasting industry is highly competitive, barriers to entry exist. ) Tj ET Q q 0 0 0 rg BT 397.37 227.25 Td (The operation of a broadcasting station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (in the United States requires a license from the FCC. ) Tj ET Q q 0 0 0 rg BT 263.01 215.25 Td (Also, the number of stations that can operate in a given market is limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (by the availability of the frequencies that the FCC will license in that market, as well as by the FCC) Tj ET Q q 0 0 0 rg BT 451.58 203.25 Td (s multiple ownership rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (regulating the number of stations that may be owned or controlled by a single entity) Tj ET Q q 0 0 0 rg BT 384.82 191.25 Td (, and cross ownership rules which limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (types of media properties in any given market that can be owned by the same person or company) Tj ET Q q 0 0 0 rg BT 437.29 179.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (ADVER) Tj ET Q q 0 0 0 rg BT 85.21 162.25 Td (TISING SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 145.25 Td (Our stations derive their advertising revenue from local and regional advertising in the marketplaces in which they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (operate, as well as from the sale of national advertising. Local and most regional sales are made by a station) Tj ET Q q 0 0 0 rg BT 484.58 133.25 Td (s or magazine) Tj ET Q q 0 0 0 rg BT 542.89 133.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (sales staf) Tj ET Q q 0 0 0 rg BT 86.20 121.25 Td (f. National sales are made by firms specializing in such sales, which are compensated on a commission-only basis. ) Tj ET Q q 0 0 0 rg BT 546.72 121.25 Td (W) Tj ET Q q 0 0 0 rg BT 555.36 121.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (believe that the volume of national advertising revenue tends to adjust to shifts in a station) Tj ET Q q 0 0 0 rg BT 414.08 109.25 Td (s audience share position more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (rapidly than does the volume of local and regional advertising revenue. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.76 97.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.36 97.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (approximately 15% of our total advertising revenues were derived from national sales, and 85% were derived from local sales. ) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (EMPLOYEES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 725.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 725.25 Td (, Emmis had approximately 540 full-time employees and approximately 290 part-time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.21 713.25 Td (Approximately 35 employees are represented by unions at our various radio stations. ) Tj ET Q q 0 0 0 rg BT 438.89 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 447.52 713.25 Td (e consider relations with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (employees to be good.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (INTERNET) Tj ET Q q 0 0 0 rg BT 102.06 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 684.25 Td (ADDRESS ) Tj ET Q q 0 0 0 rg BT 152.63 684.25 Td (AND INTERNET) Tj ET Q q 0 0 0 rg BT 228.85 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 230.80 684.25 Td (ACCESS ) Tj ET Q q 0 0 0 rg BT 272.58 684.25 Td (T) Tj ET Q q 0 0 0 rg BT 279.07 684.25 Td (O SEC REPOR) Tj ET Q q 0 0 0 rg BT 345.95 684.25 Td (TS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 667.25 Td (Our Internet address is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.31 667.25 Td (www) Tj ET Q q 0 0 0 rg BT 186.57 667.25 Td (.emmis.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.79 667.25 Td (. ) Tj ET Q q 0 0 0 rg BT 238.60 667.25 Td (Through our Internet website, free of char) Tj ET Q q 0 0 0 rg BT 406.41 667.25 Td (ge, you may obtain copies of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (reports filed or furnished pursuant to Section13\(a\) or 15\(d\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 357.41 643.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 376.67 643.25 Td (These reports will be available the same day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.25 Td (we electronically file such material with, or furnish such material to, the SEC. ) Tj ET Q q 0 0 0 rg BT 364.17 631.25 Td (W) Tj ET Q q 0 0 0 rg BT 372.81 631.25 Td (e have been making such reports available on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (the same day they are filed during the period covered by this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (FEDERAL) Tj ET Q q 0 0 0 rg BT 97.23 598.25 Td ( REGULA) Tj ET Q q 0 0 0 rg BT 141.77 598.25 Td (TION OF) Tj ET Q q 0 0 0 rg BT 183.35 598.25 Td ( BROADCASTING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (Radio ) Tj ET Q q 0 0 0 rg BT 98.03 581.25 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 151.26 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.17 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.53 581.25 Td (United ) Tj ET Q q 0 0 0 rg BT 204.89 581.25 Td (States ) Tj ET Q q 0 0 0 rg BT 230.91 581.25 Td (is ) Tj ET Q q 0 0 0 rg BT 239.72 581.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 270.18 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.10 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.46 581.25 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 342.15 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.62 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.97 581.25 Td (FCC ) Tj ET Q q 0 0 0 rg BT 388.01 581.25 Td (under ) Tj ET Q q 0 0 0 rg BT 412.92 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.27 581.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 497.27 581.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 513.85 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.32 581.25 Td (1934 ) Tj ET Q q 0 0 0 rg BT 546.45 581.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 125.13 569.25 Td (Act\), ) Tj ET Q q 0 0 0 rg BT 152.86 569.25 Td (as ) Tj ET Q q 0 0 0 rg BT 164.22 569.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 203.35 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.15 569.25 Td (part ) Tj ET Q q 0 0 0 rg BT 232.73 569.25 Td (by ) Tj ET Q q 0 0 0 rg BT 245.76 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.78 569.25 Td (T) Tj ET Q q 0 0 0 rg BT 266.19 569.25 Td (elecommunications ) Tj ET Q q 0 0 0 rg BT 346.31 569.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 363.78 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.13 569.25 Td (1996 ) Tj ET Q q 0 0 0 rg BT 398.16 569.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 416.74 569.25 Td (1996 ) Tj ET Q q 0 0 0 rg BT 443.54 569.25 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 471.27 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 474.30 569.25 Td (Radio ) Tj ET Q q 0 0 0 rg BT 501.22 569.25 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 555.34 569.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 92.98 557.25 Td (except ) Tj ET Q q 0 0 0 rg BT 120.94 557.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.59 557.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 177.43 557.25 Td (with ) Tj ET Q q 0 0 0 rg BT 197.08 557.25 Td (a ) Tj ET Q q 0 0 0 rg BT 203.39 557.25 Td (license ) Tj ET Q q 0 0 0 rg BT 233.02 557.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 259.90 557.25 Td (by ) Tj ET Q q 0 0 0 rg BT 271.77 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.86 557.25 Td (FCC ) Tj ET Q q 0 0 0 rg BT 306.63 557.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 328.51 557.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.82 557.25 Td (finding ) Tj ET Q q 0 0 0 rg BT 365.58 557.25 Td (that ) Tj ET Q q 0 0 0 rg BT 382.44 557.25 Td (the ) 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0 0 0 rg BT 227.23 497.25 Td (stations; ) Tj ET Q q 0 0 0 rg BT 262.95 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.78 497.25 Td (regulates ) Tj ET Q q 0 0 0 rg BT 318.26 497.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 360.09 497.25 Td (other ) Tj ET Q q 0 0 0 rg BT 383.02 497.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 405.95 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.67 497.25 Td (radio ) Tj ET Q q 0 0 0 rg BT 439.60 497.25 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 493.08 497.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 529.91 497.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.07 497.25 Td (rules, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 97.67 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.35 485.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 149.69 485.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 184.59 485.25 Td (under ) Tj ET Q q 0 0 0 rg BT 210.59 485.25 Td (authority ) Tj ET Q q 0 0 0 rg BT 249.94 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.50 485.25 Td (the ) Tj ET Q q 0 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317.07 473.25 Td (control ) Tj ET Q q 0 0 0 rg BT 348.67 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.28 473.25 Td (an ) Tj ET Q q 0 0 0 rg BT 372.99 473.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.04 473.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 432.88 473.25 Td (such ) Tj ET Q q 0 0 0 rg BT 454.48 473.25 Td (a ) Tj ET Q q 0 0 0 rg BT 462.20 473.25 Td (license ) Tj ET Q q 0 0 0 rg BT 493.24 473.25 Td (without ) Tj ET Q q 0 0 0 rg BT 527.07 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.56 473.25 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 86.78 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.91 461.25 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 134.11 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.90 461.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 162.68 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.69 461.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 246.42 461.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 265.15 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.16 461.25 Td (FCC ) Tj ET Q q 0 0 0 rg BT 299.86 461.25 Td (also ) Tj ET Q q 0 0 0 rg BT 317.76 461.25 Td (regulates ) Tj ET Q q 0 0 0 rg BT 355.65 461.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.64 461.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 415.31 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.44 461.25 Td (media ) Tj ET Q q 0 0 0 rg BT 451.67 461.25 Td (that ) Tj ET Q q 0 0 0 rg BT 468.45 461.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 504.12 461.25 Td (with ) Tj ET Q q 0 0 0 rg BT 523.69 461.25 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (stations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 432.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.71 432.25 Td (following ) Tj ET Q q 0 0 0 rg BT 132.76 432.25 Td (is ) Tj ET Q q 0 0 0 rg BT 142.59 432.25 Td (a ) Tj ET Q q 0 0 0 rg BT 150.19 432.25 Td (brief ) Tj ET Q q 0 0 0 rg BT 172.23 432.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 212.61 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.10 432.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 254.46 432.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 299.29 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.78 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.16 432.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 396.96 432.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 414.56 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.16 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.65 432.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 477.90 432.25 Td (FCC ) Tj ET Q q 0 0 0 rg BT 499.97 432.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 547.56 432.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 87.05 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 420.25 Td (Reference ) Tj ET Q q 0 0 0 rg BT 134.48 420.25 Td (should ) Tj ET Q q 0 0 0 rg BT 164.59 420.25 Td (be ) Tj ET Q q 0 0 0 rg BT 177.48 420.25 Td (made ) Tj ET Q q 0 0 0 rg BT 202.59 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.82 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.48 420.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 300.50 420.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 318.39 420.25 Td (as ) Tj ET Q q 0 0 0 rg BT 330.17 420.25 Td (well ) Tj ET Q q 0 0 0 rg BT 350.84 420.25 Td (as ) Tj ET Q q 0 0 0 rg BT 362.62 420.25 Td (FCC ) Tj ET Q q 0 0 0 rg BT 384.97 420.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 410.35 420.25 Td (public ) Tj ET Q q 0 0 0 rg BT 438.80 420.25 Td (notices ) Tj ET Q q 0 0 0 rg BT 470.57 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.46 420.25 Td (rulings ) Tj ET Q q 0 0 0 rg BT 519.69 420.25 Td (for ) Tj ET Q q 0 0 0 rg BT 534.80 420.25 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (information ) Tj ET Q q 0 0 0 rg BT 99.91 408.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 147.03 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.95 408.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 189.63 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.77 408.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 233.90 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.92 408.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 275.38 408.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 318.62 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.64 408.25 Td (radio ) Tj ET Q q 0 0 0 rg BT 352.89 408.25 Td (stations. ) Tj ET Q q 0 0 0 rg BT 388.64 408.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.34 408.25 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 439.03 408.25 Td (has ) Tj ET Q q 0 0 0 rg BT 455.06 408.25 Td (been ) Tj ET Q q 0 0 0 rg BT 476.63 408.25 Td (introduced ) Tj ET Q q 0 0 0 rg BT 522.09 408.25 Td (from ) Tj ET Q q 0 0 0 rg BT 544.23 408.25 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.61 396.25 Td 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0.9333333333333333 1 rg /GS0 gs 261.50 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 478.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 478.50 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 478.50 16.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 478.50 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 478.50 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 478.50 54.00 -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 126.5 712.5 m 183.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 712.5 m 261.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 712.5 m 309.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 712.5 m 382.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 712.5 m 441.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 712.5 m 504.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 712.5 m 562.5 712.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.05 724.73 Td (ExpirationDate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.95 716.73 Td (ofLicense) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 363.39 720.36 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.25 740.58 Td (Height) Tj ET Q q 0 0 0 rg BT 475.92 740.58 Td (Above) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.55 732.58 Td (A) Tj ET Q q 0 0 0 rg BT 465.73 732.58 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.85 724.58 Td (T) Tj ET Q q 0 0 0 rg BT 460.45 724.58 Td (errain\(in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.95 716.58 Td (feet\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.50 724.73 Td (Power\(in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.20 716.73 Td (Kilowatts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 716.73 Td (Radio Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.70 716.73 Td (Stations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.40 716.73 Td (CityofLicense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.85 716.73 Td (Frequency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.15 716.73 Td (FCCClass) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 704.45 Td (Los Angeles, CA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.80 703.75 Td (KPWR-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.75 703.75 Td (LosAngeles,CA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 703.75 Td (105.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.10 703.75 Td (December2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 703.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 703.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 703.75 Td (3,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 703.75 Td (25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.45 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.75 690.75 Td (WQHT-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 690.75 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 690.75 Td (97.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 690.75 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 690.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 690.75 Td (1,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.00 690.75 Td (6.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.25 677.75 Td (WBLS-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 677.75 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 677.75 Td (107.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 677.75 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 677.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 677.75 Td (1,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.00 677.75 Td (4.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 664.75 Td (WLIB-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 664.75 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 664.75 Td (1190) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 664.75 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 664.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 664.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.10 664.75 Td (10 D / 30 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.05 651.75 Td (WEPN-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 651.75 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 651.75 Td (98.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 651.75 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 651.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 651.75 Td (1,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 651.75 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 639.45 Td (St. Louis, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 638.75 Td (KFTK-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.75 638.75 Td (Florissant, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 638.75 Td (97.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 638.75 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 642.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 638.75 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 638.75 Td (561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 638.75 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.80 625.75 Td (KNOU-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.10 625.75 Td (St. Louis, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 625.75 Td (96.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 625.75 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 629.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 625.75 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 625.75 Td (1,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 625.75 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.30 612.75 Td (KPNT-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.70 612.75 Td (Collinsville, IL) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 612.75 Td (105.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 612.75 Td (December 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 612.75 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 612.75 Td (835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 612.75 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 599.75 Td (KSHE-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.20 599.75 Td (Crestwood, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 599.75 Td (94.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 599.75 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 603.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 599.75 Td (C0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 599.75 Td (1,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 599.75 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 587.45 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.05 586.75 Td (KBPA-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.70 586.75 Td (San Marcos, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 586.75 Td (103.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 586.75 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 586.75 Td (C0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 586.75 Td (1,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 586.75 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.70 573.75 Td (KGSR-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.85 573.75 Td (Cedar Park, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 573.75 Td (93.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 573.75 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 577.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 573.75 Td (C) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 573.75 Td (1,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 573.75 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 560.75 Td (KLZT-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.25 560.75 Td (Bastrop, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 560.75 Td (107.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 560.75 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 564.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 560.75 Td (C2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 560.75 Td (499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 560.75 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.15 547.75 Td (KLBJ-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.05 547.75 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 547.75 Td (590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 547.75 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 547.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 547.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 547.75 Td (5 D / 1 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.80 534.75 Td (KLBJ-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.05 534.75 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 534.75 Td (93.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 534.75 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 534.75 Td (C) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 534.75 Td (1,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 534.75 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.05 521.75 Td (KROX-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.25 521.75 Td (Buda, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 521.75 Td (101.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 521.75 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 525.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 521.75 Td (C2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 521.75 Td (847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 521.75 Td (12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 509.45 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 508.75 Td (WFNI-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 508.75 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 508.75 Td (1070) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 508.75 Td (August 2020) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 512.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 508.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 508.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.10 508.75 Td (50 D / 10 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.35 495.75 Td (WLHK-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.55 495.75 Td (Shelbyville, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 495.75 Td (97.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 495.75 Td (August 2020) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 499.86 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 495.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 495.75 Td (732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 495.75 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 482.75 Td (WIBC-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 482.75 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 482.75 Td (93.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 482.75 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 482.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 482.75 Td (991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 482.75 Td (13.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.15 469.75 Td (WYXB-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 469.75 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 469.75 Td (105.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 469.75 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 469.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 469.75 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 469.75 Td (492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 469.75 Td (50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 460.02 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 456.40 Td ( Under the Communications ) Tj ET Q q 0 0 0 rg BT 144.59 456.40 Td (Act, a license expiration date is extended automatically pending action on the renewal application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 439.40 Td (Under the Communications ) Tj ET Q q 0 0 0 rg BT 186.49 439.40 Td (Act, at the time an application is filed for renewal of a station license, parties in interest, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.40 Td (well as members of the public, may apprise the FCC of the service the station has provided during the preceding license term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.40 Td (and ur) Tj ET Q q 0 0 0 rg BT 75.09 415.40 Td (ge the denial of the application. If such a petition to deny presents information from which the FCC concludes \(or if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.40 Td (FCC concludes on its own motion\) that there is a substantial and material question as to whether grant of the renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.40 Td (application would be in the public interest under applicable rules and policy) Tj ET Q q 0 0 0 rg BT 352.87 391.40 Td (, the FCC may conduct a hearing on specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.40 Td (issues to determine whether the renewal application should be granted. ) Tj ET Q q 0 0 0 rg BT 335.56 379.40 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 423.89 379.40 Td (Act provides for the grant of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.40 Td (renewal application upon a finding by the FCC that the licensee:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 352.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 352.40 Td (has served the public interest, convenience and necessity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 340.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 340.40 Td (has committed no serious violations of the Communications ) Tj ET Q q 0 0 0 rg BT 322.20 340.40 Td (Act or the FCC rules; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 328.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 328.40 Td (has committed no other violations of the Communications ) Tj ET Q q 0 0 0 rg BT 314.41 328.40 Td (Act or the FCC rules which would constitute a pattern of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 316.40 Td (abuse.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 299.40 Td (If the FCC cannot make such a finding, it may deny the renewal application, and only then may the FCC consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.40 Td (competing applications for the same frequency) Tj ET Q q 0 0 0 rg BT 236.78 287.40 Td (. In a vast majority of cases, the FCC renews a broadcast license even when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.40 Td (petitions to deny have been filed against the renewal application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 258.40 Td (REVIEW) Tj ET Q q 0 0 0 rg BT 112.70 258.40 Td ( OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 188.44 258.40 Td ( RESTRICTIONS. ) Tj ET Q q 0 0 0 rg BT 266.32 258.40 Td (The FCC is required by statute to review all of its broadcast ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.40 Td (rules on a quadrennial basis \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.91 246.40 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 246.40 Td (, every four years\) and to repeal or modify any of its rules that are no longer necessary in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.40 Td (public interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 217.40 Td (Despite several such reviews and appellate remands, the FCC) Tj ET Q q 0 0 0 rg BT 323.09 217.40 Td (s rules limiting the number of radio stations that may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.40 Td (commonly owned, or owned in combination with a television station or newspaper) Tj ET Q q 0 0 0 rg BT 380.64 205.40 Td (, in a local market have remained lar) Tj ET Q q 0 0 0 rg BT 526.50 205.40 Td (gely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.40 Td (intact. ) Tj ET Q q 0 0 0 rg BT 79.53 193.40 Td (The FCC's previous ownership reviews have been subject to litigation. ) Tj ET Q q 0 0 0 rg BT 366.66 193.40 Td (The most recent court decision was issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.40 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 181.40 Td (Third Circuit in May 2016 and concerned the FCC's then-pending 2010 and 2014 reviews. In ) Tj ET Q q 0 0 0 rg BT 441.55 181.40 Td (August 2016, the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.40 Td (concluded its 2010 and 2014 reviews, deciding to retain the local radio ownership rule, the radio-television cross-ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.40 Td (rule, and the prohibition on newspaper/broadcast cross-ownership without significant alteration. ) Tj ET Q q 0 0 0 rg BT 436.39 157.40 Td (V) Tj ET Q q 0 0 0 rg BT 442.50 157.40 Td (arious parties have appealed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.40 Td (the FCC's ) Tj ET Q q 0 0 0 rg BT 91.26 145.40 Td (August 2016 order) Tj ET Q q 0 0 0 rg BT 165.85 145.40 Td (, and other parties have filed petitions for reconsideration, all of which remain pending. ) Tj ET Q q 0 0 0 rg BT 517.50 145.40 Td (W) Tj ET Q q 0 0 0 rg BT 526.14 145.40 Td (e cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.40 Td (predict whether the appeals or reconsideration proceedings will result in modifications of the ownership rules or the impact \(if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.40 Td (any\) that such modifications would have on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 104.40 Td (The discussion below reviews the pertinent ownership rules currently in ef) Tj ET Q q 0 0 0 rg BT 372.07 104.40 Td (fect as a result of the FCC's ) Tj ET Q q 0 0 0 rg BT 484.13 104.40 Td (August 2016 order) Tj ET Q q 0 0 0 rg BT 558.57 104.40 Td (.) 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 74 86.06699218749998 m 169.5322265625 86.06699218749998 l s q 0 0 0 rg BT 74.00 87.40 Td (Local Radio Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.53 87.40 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 70.40 Td (The local radio ownership rule limits the number of commercial radio stations that may be owned by one entity in a given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.40 Td (radio market based on the number of radio stations in that market:) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 742.10 Td (if the market has 45 or more radio stations, one entity may own up to eight stations, not more than five of which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 730.10 Td (in the same service \(AM or FM\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 718.10 Td (if the market has between 30 and 44 radio stations, one entity may own up to seven stations, not more than four of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 706.10 Td (which may be in the same service;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 694.10 Td (if the market has between 15 and 29 radio stations, one entity may own up to six stations, not more than four of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 682.10 Td (may be in the same service; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 670.10 Td (if the market has 14 or fewer radio stations, one entity may own up to five stations, not more than three of which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 658.10 Td (be in the same service, however one entity may not own more than 50% of the stations in the market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 641.10 Td (Each of the markets in which our radio stations are located has at least 15 radio stations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 624.10 Td (For purposes of applying these numerical limits, the FCC has also adopted rules with respect to \(i\)so-called local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (marketing agreements, or LMAs, by which the licensee of one radio station provides programming for another licensee) Tj ET Q q 0 0 0 rg BT 538.73 612.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (radio station in the same market and sells all of the advertising within that programming and \(ii\)so-called joint sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (agreements, or JSAs, by which the licensee of one station sells the advertising time on another station in the market. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (these rules, an entity that owns one or more radio stations in a market and programs more than 15% of the broadcast time, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (sells more than 15% of the advertising time, on another radio station in the same market pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 485.45 564.10 Td ( or JSA) Tj ET Q q 0 0 0 rg BT 514.91 564.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (generally required to count the station toward its media ownership limits even though it does not own the station. ) Tj ET Q q 0 0 0 rg BT 504.36 552.10 Td (As a result, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (a market where we own one or more radio stations, we generally cannot provide programming to another station under an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (LMA, or sell advertising on another station pursuant to a JSA, if we could not acquire that station under the local radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (ownership rule. In its ) Tj ET Q q 0 0 0 rg BT 136.93 516.10 Td (August 2016 order) Tj ET Q q 0 0 0 rg BT 211.52 516.10 Td (, the FCC declined to make other types of agreements such as shared services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (agreements \(or "SSAs"\) and/or local news service agreements, attributable, and adopted a disclosure requirement for SSAs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (between commercial television stations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 475.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 475.10 Td (April26, 2012, a subsidiary of Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 327.58 475.10 Td ( with New ) Tj ET Q q 0 0 0 rg BT 371.37 475.10 Td (Y) Tj ET Q q 0 0 0 rg BT 377.59 475.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 392.87 475.10 Td (AM Radio, LLC pursuant to which, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 103.60 463.10 Td (April30, 2012, it began purchasing from Emmis the right to provide programming on radio station ) Tj ET Q q 0 0 0 rg BT 501.68 463.10 Td (WEPN-FM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (98.7 FM, New ) Tj ET Q q 0 0 0 rg BT 110.46 451.10 Td (Y) Tj ET Q q 0 0 0 rg BT 116.68 451.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 149.09 451.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 171.87 451.10 Td (August31, 2024, subject to certain conditions.Disney Enterprises, Inc., the parent company of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 439.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 439.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 92.51 439.10 Td (AM Radio, LLC, has guaranteed the obligations under the LMA.Emmis) Tj ET Q q 0 0 0 rg BT 385.88 439.10 Td ( subsidiary will retain ownership of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (98.7 FM FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 249.99 427.10 Td ( and received an annual fee of $8.4 million for the first year of the term under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (the LMA, which fee increases by 3.5% each year thereafter until the LMA) Tj ET Q q 0 0 0 rg BT 346.55 415.10 Td () Tj ET Q q 0 0 0 rg BT 349.33 415.10 Td (s termination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 398.10 Td (Although the FCC) Tj ET Q q 0 0 0 rg BT 150.67 398.10 Td (s quadrennial review decisions have not changed the numerical caps under the local radio rule, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (FCC adjusted the rule in June 2003 by deciding that both commercial and noncommercial stations could be counted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (determining the number of stations in a radio market. ) Tj ET Q q 0 0 0 rg BT 265.32 374.10 Td (The decision also altered the definition of the relevant local market for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (purposes of the rule. ) Tj ET Q q 0 0 0 rg BT 133.96 362.10 Td (The FCC grandfathered existing station clusters not in compliance with the numerical caps as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (calculated pursuant to the new market definition, but provided that they could be sold intact only to small businesses meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (certain requirements. In December 2007, the FCC expanded this policy to allow an owner to sell a grandfathered station cluster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.28 326.10 Td (any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.72 326.10 Td ( buyer) Tj ET Q q 0 0 0 rg BT 99.58 326.10 Td (, so long as the buyer committed to file, within 12 months, an application with the FCC to transfer the excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (station\(s\) to an eligible small business or to a trust for ultimate sale to such an entity) Tj ET Q q 0 0 0 rg BT 385.95 314.10 Td (. ) Tj ET Q q 0 0 0 rg BT 390.40 314.10 Td (Although the ) Tj ET Q q 0 0 0 rg BT 445.21 314.10 Td (Third Circuit vacated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 71.68 302.10 Td (s selected definition of small businesses eligible to purchase clusters that exceed the numerical limits in 201) Tj ET Q q 0 0 0 rg BT 502.86 302.10 Td (1, the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (reinstated that definition in its ) Tj ET Q q 0 0 0 rg BT 171.92 290.10 Td (August 2016 order) Tj ET Q q 0 0 0 rg BT 246.36 290.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.18 290.10 Td (The change in market definition appears to impact the ) Tj ET Q q 0 0 0 rg BT 469.16 290.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 500.65 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 506.06 290.10 Td (exas market, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (such that we exceed the numerical cap for FM stations. If we chose to sell our ) Tj ET Q q 0 0 0 rg BT 363.52 278.10 Td (Austin cluster of stations, we would likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (therefore have to spin of) Tj ET Q q 0 0 0 rg BT 152.00 266.10 Td (f one FM station to a separate buyer or to transfer the cluster to an entity meeting the FCC's small ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (business definition.) 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 74 235.76699218750002 m 172.0419921875 235.76699218750002 l s q 0 0 0 rg BT 74.00 237.10 Td (Cross-Media Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 237.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 220.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 220.10 Td (s radio/television cross-ownership rule generally permits the common ownership of the following combinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (in the same market, to the extent permitted under the FCC) Tj ET Q q 0 0 0 rg BT 285.22 208.10 Td (s television duopoly rule and local radio rules:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 196.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 196.10 Td (up to two commercial television stations and six commercial radio stations or one commercial television station and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 184.10 Td (seven commercial radio stations in a market where at least 20 independent media voices will remain post-mer) Tj ET Q q 0 0 0 rg BT 518.56 184.10 Td (ger;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 172.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 172.10 Td (up to two commercial television stations and four commercial radio stations in a market where at least 10 independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 160.10 Td (media voices will remain post-mer) Tj ET Q q 0 0 0 rg BT 218.67 160.10 Td (ger; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 148.10 Td (two commercial television stations and one commercial radio station in a market with less than 10 independent media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 136.10 Td (voices that will remain post-mer) Tj ET Q q 0 0 0 rg BT 209.23 136.10 Td (ger) Tj ET Q q 0 0 0 rg BT 221.45 136.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (For purposes of this rule, the FCC counts as voices commercial and non-commercial broadcast television and radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (stations as well as some daily newspapers and no more than one cable operator) Tj ET Q q 0 0 0 rg BT 365.19 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.00 107.10 Td (The FCC will consider permanent waivers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (its revised radio/television cross-ownership rule only if one of the stations is a failed" or "failing station. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (FCC rules also generally prohibit common ownership of a daily newspaper and a radio or television station in the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (local market, subject to an exception for combination involving "failed" or "failing" stations or newspapers.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.11 742.10 Td (TTRIBUTION OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 213.85 742.10 Td ( INTERESTS. In applying its ownership rules, the FCC has developed specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (criteria that it uses to determine whether a certain ownership interest or other relationship with an FCC licensee is significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (enough to be attributable or cognizable under its rules. Specifically) Tj ET Q q 0 0 0 rg BT 337.85 718.10 Td (, among other relationships, certain stockholders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 706.10 Td (ficers and directors of a broadcasting company are deemed to have an attributable interest in the licenses held by that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 694.10 Td (, such that there would be a violation of the FCC) Tj ET Q q 0 0 0 rg BT 283.47 694.10 Td (s rules where the broadcasting company and such a stockholder) Tj ET Q q 0 0 0 rg BT 537.16 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 682.10 Td (ficer or director together hold attributable interests in more than the permitted number of stations or a prohibited combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (of outlets in the same market. ) Tj ET Q q 0 0 0 rg BT 173.12 670.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 212.85 670.10 Td (s regulations generally deem the following relationships and interests to be attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (for purposes of its ownership restrictions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (all of) Tj ET Q q 0 0 0 rg BT 106.64 646.10 Td (ficer and director positions in a licensee or its direct/indirect parent\(s\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 113.64 634.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 136.83 634.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 172.24 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.65 634.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.95 634.10 Td (least ) Tj ET Q q 0 0 0 rg BT 212.36 634.10 Td (5% ) Tj ET Q q 0 0 0 rg BT 227.77 634.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 241.51 634.10 Td (20%, ) Tj ET Q q 0 0 0 rg BT 264.43 634.10 Td (if ) Tj ET Q q 0 0 0 rg BT 272.62 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.92 634.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 314.54 634.10 Td (is ) Tj ET Q q 0 0 0 rg BT 323.30 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.82 634.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 361.34 634.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 411.20 634.10 Td (investor) Tj ET Q q 0 0 0 rg BT 443.02 634.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.60 634.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.82 634.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.40 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.92 634.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 500.78 634.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 523.69 634.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (company ) Tj ET Q q 0 0 0 rg BT 125.16 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.99 622.10 Td (bank\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (any ) Tj ET Q q 0 0 0 rg BT 102.43 610.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 129.41 610.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.84 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.60 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.03 610.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 207.35 610.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 254.33 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.65 610.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 294.97 610.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 328.07 610.10 Td (company ) Tj ET Q q 0 0 0 rg BT 366.71 610.10 Td (where ) Tj ET Q q 0 0 0 rg BT 393.13 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.34 610.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.66 610.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 467.96 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 478.28 610.10 Td (member ) Tj ET Q q 0 0 0 rg BT 513.03 610.10 Td (has ) Tj ET Q q 0 0 0 rg BT 528.35 610.10 Td (not ) Tj ET Q q 0 0 0 rg BT 543.12 610.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (insulated ) Tj ET Q q 0 0 0 rg BT 133.48 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 155.42 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.14 598.10 Td (media-related ) Tj ET Q q 0 0 0 rg BT 227.60 598.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 266.20 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.03 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.75 598.10 Td (LP) Tj ET Q q 0 0 0 rg BT 303.05 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.55 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.38 598.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 337.76 598.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 374.70 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.98 598.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 418.57 598.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 439.97 598.10 Td (criteria;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.17 586.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 140.89 586.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.27 586.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 195.77 586.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 224.88 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.83 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.22 586.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 292.75 586.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 322.68 586.10 Td (33% ) Tj ET Q q 0 0 0 rg BT 343.18 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.68 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.07 586.10 Td (total ) Tj ET Q q 0 0 0 rg BT 388.02 586.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 409.63 586.10 Td (value ) Tj ET Q q 0 0 0 rg BT 433.46 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.96 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.57 586.10 Td (station ) Tj ET Q q 0 0 0 rg BT 479.41 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.91 586.10 Td (other ) Tj ET Q q 0 0 0 rg BT 512.63 586.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.23 586.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 104.02 574.10 Td (equity/debt ) Tj ET Q q 0 0 0 rg BT 155.91 574.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 175.05 574.10 Td (policy\), ) Tj ET Q q 0 0 0 rg BT 212.78 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 221.36 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.95 574.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 295.96 574.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 331.21 574.10 Td (more ) Tj ET Q q 0 0 0 rg BT 354.22 574.10 Td (than ) Tj ET Q q 0 0 0 rg BT 373.91 574.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 394.71 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.50 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 574.10 Td (station) Tj ET Q q 0 0 0 rg BT 449.63 574.10 Td (s ) Tj ET Q q 0 0 0 rg BT 455.99 574.10 Td (total ) Tj ET Q q 0 0 0 rg BT 476.23 574.10 Td (weekly ) Tj ET Q q 0 0 0 rg BT 507.58 574.10 Td (programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (\(usually ) Tj ET Q q 0 0 0 rg BT 120.18 562.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 156.57 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.31 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.71 562.10 Td (time ) Tj ET Q q 0 0 0 rg BT 192.44 562.10 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 236.88 562.10 Td (local ) Tj ET Q q 0 0 0 rg BT 258.27 562.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 300.77 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 562.10 Td (network ) Tj ET Q q 0 0 0 rg BT 345.79 562.10 Td (af) Tj ET Q q 0 0 0 rg BT 353.38 562.10 Td (filiation ) Tj ET Q q 0 0 0 rg BT 387.00 562.10 Td (agreement\) ) Tj ET Q q 0 0 0 rg BT 433.93 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.22 562.10 Td (is ) Tj ET Q q 0 0 0 rg BT 452.85 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.24 562.10 Td (same-market ) Tj ET Q q 0 0 0 rg BT 512.84 562.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.24 562.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.33 550.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.55 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.26 550.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 146.78 550.10 Td (company ) Tj ET Q q 0 0 0 rg BT 185.64 550.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.18 550.10 Td (newspaper\). ) Tj ET Q q 0 0 0 rg BT 246.98 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.19 550.10 Td (In ) Tj ET Q q 0 0 0 rg BT 259.73 550.10 Td (December ) Tj ET Q q 0 0 0 rg BT 303.02 550.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 327.73 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.15 550.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.26 550.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.22 550.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.98 550.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 450.97 550.10 Td (under ) Tj ET Q q 0 0 0 rg BT 475.95 550.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.36 550.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (where ) Tj ET Q q 0 0 0 rg BT 112.93 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.64 538.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 155.13 538.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 183.17 538.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.89 538.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 238.71 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 253.41 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.69 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 270.62 538.10 Td (small ) Tj ET Q q 0 0 0 rg BT 294.78 538.10 Td (business ) Tj ET Q q 0 0 0 rg BT 331.17 538.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 365.88 538.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.58 538.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 452.78 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.72 538.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 495.00 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.53 538.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 534.24 538.10 Td (Circuit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 118.64 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.96 526.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 154.64 526.10 Td (s ) Tj ET Q q 0 0 0 rg BT 160.63 526.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 194.94 526.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 235.93 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.36 526.10 Td (small ) Tj ET Q q 0 0 0 rg BT 270.13 526.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 314.46 526.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 346.55 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.43 526.10 Td (take ) Tj ET Q q 0 0 0 rg BT 375.19 526.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 417.83 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.27 526.10 Td (these ) Tj ET Q q 0 0 0 rg BT 450.92 526.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 490.78 526.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 515.66 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.55 526.10 Td (201) Tj ET Q q 0 0 0 rg BT 540.17 526.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 549.78 526.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 107.40 514.10 Td (reinstated ) Tj ET Q q 0 0 0 rg BT 148.77 514.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.27 514.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 207.65 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.93 514.10 Td (its ) Tj ET Q q 0 0 0 rg BT 229.33 514.10 Td (August ) Tj ET Q q 0 0 0 rg BT 260.72 514.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 283.22 514.10 Td (order) Tj ET Q q 0 0 0 rg BT 303.76 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 497.10 Td (o ) Tj ET Q q 0 0 0 rg BT 84.77 497.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 111.58 497.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 146.15 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.95 497.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 180.87 497.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 204.34 497.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.14 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.28 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.08 497.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 278.21 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.90 497.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 321.81 497.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 349.16 497.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 397.62 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.31 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.11 497.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 455.79 497.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 490.35 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 499.39 497.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 549.79 497.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 71.28 485.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 90.88 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.70 485.10 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 148.40 485.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 183.00 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.15 485.10 Td (which ) Tj ET Q q 0 0 0 rg BT 219.97 485.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 284.57 485.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 312.50 485.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 335.99 485.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 371.70 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.28 485.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 419.76 485.10 Td (proportionally ) Tj ET Q q 0 0 0 rg BT 479.35 485.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 513.38 485.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.97 485.10 Td (each ) Tj ET Q q 0 0 0 rg BT 543.67 485.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 96.38 473.10 Td (link ) Tj ET Q q 0 0 0 rg BT 114.44 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.72 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.66 473.10 Td (multi-corporation ) Tj ET Q q 0 0 0 rg BT 204.69 473.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 248.85 473.10 Td (chain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 456.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 100.33 456.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 135.33 456.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 157.57 456.10 Td (policy) Tj ET Q q 0 0 0 rg BT 181.91 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.75 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.86 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.42 456.10 Td (case ) Tj ET Q q 0 0 0 rg BT 234.96 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.63 456.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 299.95 456.10 Td (having ) Tj ET Q q 0 0 0 rg BT 330.50 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.28 456.10 Td (single ) Tj ET Q q 0 0 0 rg BT 369.94 456.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 407.16 456.10 Td (shareholder) Tj ET Q q 0 0 0 rg BT 453.40 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.68 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.23 456.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 515.89 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.56 456.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 102.05 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.77 444.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 154.48 444.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.77 444.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 201.37 444.10 Td (attributable. ) Tj ET Q q 0 0 0 rg BT 250.92 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.43 444.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 287.26 444.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 298.74 444.10 Td (frey ) Tj ET Q q 0 0 0 rg BT 316.35 444.10 Td (H. ) Tj ET Q q 0 0 0 rg BT 327.58 444.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 365.92 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.32 444.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 398.39 444.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 429.33 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.62 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.35 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 492.75 444.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 530.35 444.10 Td (exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 73.92 432.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.46 432.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 136.76 432.10 Td (appears ) Tj ET Q q 0 0 0 rg BT 170.39 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.26 432.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 206.57 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.44 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.74 432.10 Td (Company) Tj ET Q q 0 0 0 rg BT 270.98 432.10 Td (. ) Tj ET Q q 0 0 0 rg BT 276.57 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.66 432.10 Td (Elimination ) Tj ET Q q 0 0 0 rg BT 329.97 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.39 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.70 432.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 402.00 432.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 414.26 432.10 Td (however) Tj ET Q q 0 0 0 rg BT 448.29 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.88 432.10 Td (under ) Tj ET Q q 0 0 0 rg BT 479.74 432.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 536.70 432.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 432.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 73.74 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.07 420.10 Td (If ) Tj ET Q q 0 0 0 rg BT 85.07 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.62 420.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 144.17 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.18 420.10 Td (eliminated, ) Tj ET Q q 0 0 0 rg BT 200.22 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.89 420.10 Td (if ) Tj ET Q q 0 0 0 rg BT 219.33 420.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 231.00 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 235.84 420.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 274.17 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.40 420.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 308.30 420.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.07 420.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 359.62 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.73 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.40 420.10 Td (below ) Tj ET Q q 0 0 0 rg BT 407.18 420.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 430.34 420.10 Td (then ) Tj ET Q q 0 0 0 rg BT 449.90 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.45 420.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.11 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.78 420.10 Td (any ) Tj ET Q q 0 0 0 rg BT 527.55 420.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 103.80 408.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.06 408.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 144.76 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.36 408.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 187.38 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.86 408.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 247.23 408.10 Td (described ) Tj ET Q q 0 0 0 rg BT 288.82 408.10 Td (above ) Tj ET Q q 0 0 0 rg BT 315.96 408.10 Td (would ) Tj ET Q q 0 0 0 rg BT 344.22 408.10 Td (become ) Tj ET Q q 0 0 0 rg BT 378.58 408.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.39 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.09 408.10 Td (would ) Tj ET Q q 0 0 0 rg BT 473.36 408.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.06 408.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 528.76 408.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.80 408.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 396.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 396.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 133.88 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.04 396.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 186.09 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.92 396.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 247.74 396.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 296.33 396.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.61 396.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 338.01 396.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 382.17 396.10 Td (rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 379.10 Td (Ownership-rule ) Tj ET Q q 0 0 0 rg BT 136.27 379.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 172.22 379.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 200.95 379.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.79 379.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.74 379.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.47 379.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.31 379.10 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 299.03 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.76 379.10 Td (media ) Tj ET Q q 0 0 0 rg BT 338.70 379.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.54 379.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.38 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.11 379.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 437.51 379.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.46 379.10 Td (its ) Tj ET Q q 0 0 0 rg BT 464.43 379.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 511.48 379.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (could ) Tj ET Q q 0 0 0 rg BT 75.05 367.10 Td (require ) Tj ET Q q 0 0 0 rg BT 106.19 367.10 Td (divestitures ) Tj ET Q q 0 0 0 rg BT 155.13 367.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.96 367.10 Td (either ) Tj ET Q q 0 0 0 rg BT 193.55 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.60 367.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.32 367.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.48 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.53 367.10 Td (af) Tj ET Q q 0 0 0 rg BT 284.12 367.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 311.37 367.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 367.24 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.45 367.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 389.50 367.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.66 367.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 447.92 367.10 Td (could ) Tj ET Q q 0 0 0 rg BT 472.97 367.10 Td (result ) Tj ET Q q 0 0 0 rg BT 498.02 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.63 367.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 539.80 367.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 79.67 355.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.47 355.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 118.48 355.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 140.40 355.10 Td (consents ) Tj ET Q q 0 0 0 rg BT 177.86 355.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 219.74 355.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.42 355.10 Td (future ) Tj ET Q q 0 0 0 rg BT 261.31 355.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 314.60 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.62 355.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 362.52 355.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.04 355.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 398.96 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.98 355.10 Td (media ) Tj ET Q q 0 0 0 rg BT 429.43 355.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 465.77 355.10 Td (could ) Tj ET Q q 0 0 0 rg BT 491.01 355.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 523.45 355.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.24 355.10 Td (restrict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 343.10 Td (media ) Tj ET Q q 0 0 0 rg BT 99.98 343.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 150.25 343.10 Td (by ) Tj ET Q q 0 0 0 rg BT 162.75 343.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 215.79 343.10 Td (having ) Tj ET Q q 0 0 0 rg BT 245.51 343.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.34 343.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 296.60 343.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.54 343.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.47 343.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.75 343.10 Td (Emmis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 326.10 Td (ALIEN ) Tj ET Q q 0 0 0 rg BT 104.92 326.10 Td (OWNERSHIP) Tj ET Q q 0 0 0 rg BT 162.15 326.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.59 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.52 326.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 198.45 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.60 326.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 284.21 326.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 304.09 326.10 Td (no ) Tj ET Q q 0 0 0 rg BT 317.02 326.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 338.86 326.10 Td (license ) Tj ET Q q 0 0 0 rg BT 369.56 326.10 Td (may ) Tj ET Q q 0 0 0 rg BT 389.71 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 402.08 326.10 Td (held ) Tj ET Q q 0 0 0 rg BT 422.23 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 435.17 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.54 326.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 491.57 326.10 Td (if ) Tj ET Q q 0 0 0 rg BT 500.61 326.10 Td (more ) Tj ET Q q 0 0 0 rg BT 524.09 326.10 Td (than ) Tj ET Q q 0 0 0 rg BT 544.24 326.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 69.54 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.20 314.10 Td (its ) Tj ET Q q 0 0 0 rg BT 91.98 314.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 120.95 314.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 144.39 314.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.38 314.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 182.37 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.03 314.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 217.57 314.10 Td (by ) Tj ET Q q 0 0 0 rg BT 229.90 314.10 Td (aliens ) Tj ET Q q 0 0 0 rg BT 255.55 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.21 314.10 Td (their ) Tj ET Q q 0 0 0 rg BT 286.86 314.10 Td (representatives, ) Tj ET Q q 0 0 0 rg BT 351.66 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.42 314.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 389.62 314.10 Td (government ) Tj ET Q q 0 0 0 rg BT 439.71 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.37 314.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 508.78 314.10 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 541.92 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 552.58 314.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.37 302.10 Td (or) Tj ET Q q 0 0 0 rg BT 83.52 302.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 117.22 302.10 Td (under ) Tj ET Q q 0 0 0 rg BT 142.59 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.40 302.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 178.33 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.26 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 196.30 302.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 227.78 302.10 Td (country ) Tj ET Q q 0 0 0 rg BT 260.93 302.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 310.25 302.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.35 302.10 Td (Non-U.S. ) Tj ET Q q 0 0 0 rg BT 360.73 302.10 Td (Persons\). ) Tj ET Q q 0 0 0 rg BT 404.71 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.31 302.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 462.39 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.21 302.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 547.57 302.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 87.21 290.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.98 290.10 Td (no ) Tj ET Q q 0 0 0 rg BT 117.75 290.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 139.43 290.10 Td (license ) Tj ET Q q 0 0 0 rg BT 169.97 290.10 Td (may ) Tj ET Q q 0 0 0 rg BT 189.96 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.17 290.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 234.93 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.48 290.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.69 290.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 283.24 290.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 316.55 290.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.66 290.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 368.75 290.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 412.07 290.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.84 290.10 Td (another ) Tj ET Q q 0 0 0 rg BT 457.60 290.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 483.14 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.25 290.10 Td (which ) Tj ET Q q 0 0 0 rg BT 521.46 290.10 Td (more ) Tj ET Q q 0 0 0 rg BT 544.78 290.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (one-fourth ) Tj ET Q q 0 0 0 rg BT 94.86 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.84 278.10 Td (its ) Tj ET Q q 0 0 0 rg BT 117.94 278.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.24 278.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 171.00 278.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.32 278.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 209.63 278.10 Td (or ) Tj ET Q q 0 0 0 rg BT 220.62 278.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 245.48 278.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.13 278.10 Td (Non-U.S. ) Tj ET Q q 0 0 0 rg BT 299.12 278.10 Td (Persons ) Tj ET Q q 0 0 0 rg BT 332.89 278.10 Td (if ) Tj ET Q q 0 0 0 rg BT 341.65 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.51 278.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 378.07 278.10 Td (finds ) Tj ET Q q 0 0 0 rg BT 400.72 278.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.36 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.23 278.10 Td (public ) Tj ET Q q 0 0 0 rg BT 460.88 278.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 492.96 278.10 Td (will ) Tj ET Q q 0 0 0 rg BT 511.17 278.10 Td (be ) Tj ET Q q 0 0 0 rg BT 523.26 278.10 Td (served ) Tj ET Q q 0 0 0 rg BT 552.01 278.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 266.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 91.38 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.07 266.10 Td (such ) Tj ET Q q 0 0 0 rg BT 122.76 266.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 155.39 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.58 266.10 Td (The ) Tj ET Q q 0 0 0 rg BT 175.49 266.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 196.76 266.10 Td (staf) Tj ET Q q 0 0 0 rg BT 211.02 266.10 Td (f ) Tj ET Q q 0 0 0 rg BT 216.71 266.10 Td (had ) Tj ET Q q 0 0 0 rg BT 233.51 266.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 279.18 266.10 Td (this ) Tj ET Q q 0 0 0 rg BT 296.00 266.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 336.14 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.28 266.10 Td (require ) Tj ET Q q 0 0 0 rg BT 376.96 266.10 Td (an ) Tj ET Q q 0 0 0 rg BT 388.76 266.10 Td (af) Tj ET Q q 0 0 0 rg BT 396.35 266.10 Td (firmative ) Tj ET Q q 0 0 0 rg BT 435.36 266.10 Td (public ) Tj ET Q q 0 0 0 rg BT 462.72 266.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.52 266.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 525.77 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.91 266.10 Td (permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 254.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 86.86 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.24 254.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 129.85 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.23 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.72 254.10 Td (license, ) Tj ET Q q 0 0 0 rg BT 179.03 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.52 254.10 Td (had ) Tj ET Q q 0 0 0 rg BT 212.01 254.10 Td (made ) Tj ET Q q 0 0 0 rg BT 235.71 254.10 Td (such ) Tj ET Q q 0 0 0 rg BT 256.09 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.58 254.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 293.52 254.10 Td (only ) Tj ET Q q 0 0 0 rg BT 313.35 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.17 254.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 353.55 254.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 414.74 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.79 254.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.17 254.10 Td (November ) Tj ET Q q 0 0 0 rg BT 471.43 254.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 493.48 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.75 254.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 528.70 254.10 Td (clarified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.52 242.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.60 242.10 Td (would ) Tj ET Q q 0 0 0 rg BT 103.13 242.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 131.19 242.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 166.48 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.79 242.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 201.53 242.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 232.93 242.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.34 242.10 Td (above ) Tj ET Q q 0 0 0 rg BT 305.74 242.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 326.60 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.90 242.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 377.74 242.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 410.83 242.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 458.62 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.58 242.10 Td (that ) Tj ET Q q 0 0 0 rg BT 493.10 242.10 Td (it ) Tj ET Q q 0 0 0 rg BT 501.18 242.10 Td (would ) Tj ET Q q 0 0 0 rg BT 528.71 242.10 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (those ) Tj ET Q q 0 0 0 rg BT 73.08 230.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 107.81 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 119.78 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 126.18 230.10 Td (case-by-case ) Tj ET Q q 0 0 0 rg BT 179.22 230.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 201.19 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.94 230.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 252.88 230.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 287.06 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.24 230.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 344.86 230.10 Td (party ) Tj ET Q q 0 0 0 rg BT 367.38 230.10 Td (had ) Tj ET Q q 0 0 0 rg BT 383.78 230.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 421.29 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.70 230.10 Td (suf) Tj ET Q q 0 0 0 rg BT 439.74 230.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 467.25 230.10 Td (public ) Tj ET Q q 0 0 0 rg BT 494.21 230.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 525.61 230.10 Td (showing. ) Tj ET Q q 0 0 0 rg BT 564.50 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.56 218.10 Td (September ) Tj ET Q q 0 0 0 rg BT 107.55 218.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 133.27 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.72 218.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 170.84 218.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 205.73 218.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 228.39 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.40 218.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 275.96 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.62 218.10 Td (streamline ) Tj ET Q q 0 0 0 rg BT 338.50 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.94 218.10 Td (process ) Tj ET Q q 0 0 0 rg BT 387.16 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.05 218.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 446.93 218.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 486.26 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.26 218.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 528.24 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.69 218.10 Td (25% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 82.79 206.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 113.92 206.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 157.83 206.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 178.97 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.00 206.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 229.56 206.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 267.91 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.60 206.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 315.72 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.19 206.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 385.21 206.10 Td (that ) Tj ET Q q 0 0 0 rg BT 402.46 206.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 437.48 206.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 464.72 206.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 516.94 206.10 Td (must ) Tj ET Q q 0 0 0 rg BT 538.64 206.10 Td (use ) Tj ET Q q 0 0 0 rg BT 554.22 206.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 76.78 194.10 Td (their ) Tj ET Q q 0 0 0 rg BT 97.45 194.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 145.88 194.10 Td (with ) Tj ET Q q 0 0 0 rg BT 166.00 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.56 194.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 211.78 194.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 255.78 194.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 305.05 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.23 194.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.11 194.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 366.33 194.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 413.11 194.10 Td (on ) Tj ET Q q 0 0 0 rg BT 425.45 194.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 447.22 194.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 491.22 194.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 515.78 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.90 194.10 Td (modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (form ) Tj ET Q q 0 0 0 rg BT 72.02 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.38 182.10 Td (other ) Tj ET Q q 0 0 0 rg BT 105.50 182.10 Td (types ) Tj ET Q q 0 0 0 rg BT 129.19 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.10 182.10 Td (business ) Tj ET Q q 0 0 0 rg BT 176.57 182.10 Td (or) Tj ET Q q 0 0 0 rg BT 184.72 182.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 235.34 182.10 Td (including ) Tj ET Q q 0 0 0 rg BT 275.70 182.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 327.15 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.17 182.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 375.08 182.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 408.77 182.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 456.61 182.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.19 182.10 Td (In ) Tj ET Q q 0 0 0 rg BT 470.10 182.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 507.95 182.10 Td (an ) Tj ET Q q 0 0 0 rg BT 519.97 182.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 541.64 182.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.22 182.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.82 170.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 88.07 170.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 117.11 170.10 Td (company ) Tj ET Q q 0 0 0 rg BT 156.14 170.10 Td (is ) Tj ET Q q 0 0 0 rg BT 165.19 170.10 Td (not ) Tj ET Q q 0 0 0 rg BT 180.34 170.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 223.82 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 234.53 170.10 Td (long ) Tj ET Q q 0 0 0 rg BT 254.68 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.39 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.98 170.10 Td (non-foreign ) Tj ET Q q 0 0 0 rg BT 329.57 170.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 357.49 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.20 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.79 170.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 404.07 170.10 Td (license ) Tj ET Q q 0 0 0 rg BT 434.21 170.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 474.91 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.07 170.10 Td (control ) Tj ET Q q 0 0 0 rg BT 515.77 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.59 170.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.86 158.10 Td (station. ) Tj ET Q q 0 0 0 rg BT 96.66 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.30 158.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 117.49 158.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 148.99 158.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 190.50 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.58 158.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 244.07 158.10 Td (Articles ) Tj ET Q q 0 0 0 rg BT 278.36 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.33 158.10 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 346.40 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.47 158.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 394.97 158.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 436.48 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.56 158.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 490.64 158.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 514.38 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 158.10 Td (By-Laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (authorize ) Tj ET Q q 0 0 0 rg BT 90.25 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.52 146.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 133.01 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.39 146.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 184.65 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.48 146.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 230.20 146.10 Td (such ) Tj ET Q q 0 0 0 rg BT 251.58 146.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 291.84 146.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 314.32 146.10 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 361.53 146.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 390.14 146.10 Td (or ) Tj ET Q q 0 0 0 rg BT 401.52 146.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 435.11 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.49 146.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.20 146.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 500.36 146.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.74 146.10 Td (would ) Tj ET Q q 0 0 0 rg BT 539.79 146.10 Td (cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 80.83 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.11 134.10 Td (violate ) Tj ET Q q 0 0 0 rg BT 120.83 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.54 134.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 205.82 134.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 222.76 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.59 134.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 254.99 134.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 304.42 134.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 117.10 Td (ASSIGNMENTS ) Tj ET Q q 0 0 0 rg BT 144.16 117.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 168.38 117.10 Td (TRANSFERS ) Tj ET Q q 0 0 0 rg BT 227.82 117.10 Td (OF ) Tj ET Q q 0 0 0 rg BT 243.36 117.10 Td (CONTROL. ) Tj ET Q q 0 0 0 rg BT 295.84 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.40 117.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.70 117.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 387.18 117.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.37 117.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 442.68 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.66 117.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 505.41 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.50 117.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.69 117.10 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (license ) Tj ET Q q 0 0 0 rg BT 80.35 105.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.26 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.07 105.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 139.19 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.10 105.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.02 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.93 105.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.96 105.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 239.86 105.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 274.64 105.10 Td (without ) Tj ET Q q 0 0 0 rg BT 307.79 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.59 105.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 344.61 105.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 382.18 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.10 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.90 105.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 431.89 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.47 105.10 Td (In ) Tj ET Q q 0 0 0 rg BT 445.39 105.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 496.29 105.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 531.09 105.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.45 105.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.87 93.10 Td (approval, ) Tj ET Q q 0 0 0 rg BT 110.90 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 93.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 147.11 93.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 187.42 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.40 93.10 Td (number ) Tj ET Q q 0 0 0 rg BT 227.49 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.36 93.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 270.61 93.10 Td (including ) Tj ET Q q 0 0 0 rg BT 310.93 93.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 359.56 93.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.88 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.64 93.10 Td (various ) Tj ET Q q 0 0 0 rg BT 426.62 93.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 448.60 93.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 482.82 93.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.35 93.10 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.81 81.10 Td (media ) Tj ET Q q 0 0 0 rg BT 89.72 81.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 135.69 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.38 81.10 Td (character ) Tj ET Q q 0 0 0 rg BT 200.37 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.18 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.87 81.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 265.23 81.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.04 81.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 319.93 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.85 81.10 Td (those ) Tj ET Q q 0 0 0 rg BT 362.44 81.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 396.47 81.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 430.50 81.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 479.52 81.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 516.32 81.10 Td (therein ) Tj ET Q q 0 0 0 rg BT 547.57 81.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.18 69.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.04 69.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.35 69.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 202.31 69.10 Td (Act) Tj ET Q q 0 0 0 rg BT 219.52 69.10 Td (s ) Tj ET Q q 0 0 0 rg BT 225.51 69.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 270.37 69.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.46 69.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 303.98 69.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 347.73 69.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.15 69.10 Td (well ) Tj ET Q q 0 0 0 rg BT 377.46 69.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.88 69.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.51 69.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 447.60 69.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.12 69.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 507.31 69.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 564.51 69.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (When ) Tj ET Q q 0 0 0 rg BT 77.12 57.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 122.02 57.10 Td (an ) Tj ET Q q 0 0 0 rg BT 134.70 57.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 182.95 57.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.52 57.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 228.30 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.88 57.10 Td (control ) Tj ET Q q 0 0 0 rg BT 271.45 57.10 Td (application, ) Tj ET Q q 0 0 0 rg BT 321.63 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.09 57.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 359.24 57.10 Td (is ) Tj ET Q q 0 0 0 rg BT 369.15 57.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 413.50 57.10 Td (from ) Tj ET Q q 0 0 0 rg BT 436.19 57.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 486.09 57.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 521.54 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.00 57.10 Td (public ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.11 742.10 Td (might ) Tj ET Q q 0 0 0 rg BT 108.13 742.10 Td (be ) Tj ET Q q 0 0 0 rg BT 120.25 742.10 Td (served ) Tj ET Q q 0 0 0 rg BT 149.02 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.70 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.82 742.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 221.50 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.51 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.40 742.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 288.40 742.10 Td (license ) Tj ET Q q 0 0 0 rg BT 318.84 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 329.85 742.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 363.07 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.08 742.10 Td (control ) Tj ET Q q 0 0 0 rg BT 405.08 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.09 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.99 742.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 465.87 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.33 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.45 742.10 Td (party ) Tj ET Q q 0 0 0 rg BT 506.67 742.10 Td (other ) Tj ET Q q 0 0 0 rg BT 529.90 742.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.80 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 86.38 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.21 730.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 139.12 730.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 177.71 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.99 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.71 730.10 Td (application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 713.10 Td (PROGRAMMING ) Tj ET Q q 0 0 0 rg BT 151.04 713.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 176.45 713.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 208.13 713.10 Td (TION. ) Tj ET Q q 0 0 0 rg BT 238.25 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.73 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.02 713.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 332.27 713.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 350.45 713.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 386.40 713.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 440.13 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.65 713.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 476.49 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.45 713.10 Td (public ) Tj ET Q q 0 0 0 rg BT 525.63 713.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 564.50 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 94.25 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.61 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.41 701.10 Td (late ) Tj ET Q q 0 0 0 rg BT 136.43 701.10 Td (1970s, ) Tj ET Q q 0 0 0 rg BT 165.41 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.21 701.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 201.69 701.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 242.04 701.10 Td (relaxed ) Tj ET Q q 0 0 0 rg BT 274.05 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.97 701.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 329.76 701.10 Td (many ) Tj ET Q q 0 0 0 rg BT 354.56 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.47 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.27 701.10 Td (more ) Tj ET Q q 0 0 0 rg BT 403.41 701.10 Td (formalized ) Tj ET Q q 0 0 0 rg BT 449.30 701.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 495.75 701.10 Td (it ) Tj ET Q q 0 0 0 rg BT 503.89 701.10 Td (had ) Tj ET Q q 0 0 0 rg BT 520.92 701.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.10 689.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 95.75 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.29 689.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 150.92 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 689.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 191.10 689.10 Td (types ) Tj ET Q q 0 0 0 rg BT 214.53 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.18 689.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 281.94 689.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 327.03 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.13 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.67 689.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 376.76 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.41 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.17 689.10 Td (station) Tj ET Q q 0 0 0 rg BT 423.61 689.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.82 689.10 Td (community ) Tj ET Q q 0 0 0 rg BT 477.70 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.35 689.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 520.94 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.26 689.10 Td (However) Tj ET Q q 0 0 0 rg BT 559.51 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 88.26 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.64 677.10 Td (still ) Tj ET Q q 0 0 0 rg BT 119.82 677.10 Td (required ) Tj ET Q q 0 0 0 rg BT 155.30 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.25 677.10 Td (present ) Tj ET Q q 0 0 0 rg BT 196.30 677.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 252.90 677.10 Td (that ) Tj ET Q q 0 0 0 rg BT 270.07 677.10 Td (is ) Tj ET Q q 0 0 0 rg BT 278.91 677.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 323.85 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.80 677.10 Td (community ) Tj ET Q q 0 0 0 rg BT 381.52 677.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 423.41 677.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 448.34 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.95 677.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.45 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.06 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.01 677.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.70 665.10 Td (records ) Tj ET Q q 0 0 0 rg BT 111.63 665.10 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 171.34 665.10 Td (such ) Tj ET Q q 0 0 0 rg BT 192.17 665.10 Td (responsiveness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 648.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 104.46 648.10 Td (law ) Tj ET Q q 0 0 0 rg BT 121.38 648.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 159.42 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.12 648.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 214.91 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.72 648.10 Td (obscene ) Tj ET Q q 0 0 0 rg BT 260.41 648.10 Td (material ) Tj ET Q q 0 0 0 rg BT 295.64 648.10 Td (at ) Tj ET Q q 0 0 0 rg BT 305.34 648.10 Td (any ) Tj ET Q q 0 0 0 rg BT 322.26 648.10 Td (time ) Tj ET Q q 0 0 0 rg BT 342.51 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.43 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.13 648.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 414.92 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.73 648.10 Td (indecent ) Tj ET Q q 0 0 0 rg BT 462.08 648.10 Td (material ) Tj ET Q q 0 0 0 rg BT 497.32 648.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.91 648.10 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (time ) Tj ET Q q 0 0 0 rg BT 71.09 636.10 Td (periods; ) Tj ET Q q 0 0 0 rg BT 106.62 636.10 Td (these ) Tj ET Q q 0 0 0 rg BT 130.48 636.10 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 182.12 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.64 636.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 229.28 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.37 636.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 293.66 636.10 Td (by ) Tj ET Q q 0 0 0 rg BT 306.97 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.50 636.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 344.71 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.47 636.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 386.32 636.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 409.07 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.71 636.10 Td (up ) Tj ET Q q 0 0 0 rg BT 434.02 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.11 636.10 Td ($325,000 ) Tj ET Q q 0 0 0 rg BT 485.93 636.10 Td (per ) Tj ET Q q 0 0 0 rg BT 502.01 636.10 Td (violation. ) Tj ET Q q 0 0 0 rg BT 543.37 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 636.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (company ) Tj ET Q q 0 0 0 rg BT 88.90 624.10 Td (has ) Tj ET Q q 0 0 0 rg BT 104.48 624.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 143.09 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.78 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.03 624.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.49 624.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 212.60 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.63 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.10 624.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 265.72 624.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 292.40 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.98 624.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 334.12 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.70 624.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.49 624.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 419.73 624.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 466.40 624.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 497.52 624.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 539.22 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 92.91 612.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 114.72 612.10 Td (at ) Tj ET Q q 0 0 0 rg BT 124.31 612.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.89 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.59 612.10 Td (its ) Tj ET Q q 0 0 0 rg BT 176.42 612.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 211.85 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.05 612.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.69 612.10 Td (e ) Tj ET Q q 0 0 0 rg BT 229.50 612.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 258.53 612.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 288.67 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.26 612.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 340.07 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.77 612.10 Td (any ) Tj ET Q q 0 0 0 rg BT 367.58 612.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 410.49 612.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 452.86 612.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 499.65 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.36 612.10 Td (investigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 600.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 102.48 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.31 600.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 140.80 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.63 600.10 Td (future ) Tj ET Q q 0 0 0 rg BT 178.00 600.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 199.40 600.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 251.88 600.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 285.20 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 583.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.22 583.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 110.90 583.10 Td (s ) Tj ET Q q 0 0 0 rg BT 116.46 583.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 158.67 583.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 179.78 583.10 Td (have ) Tj ET Q q 0 0 0 rg BT 200.33 583.10 Td (also ) Tj ET Q q 0 0 0 rg BT 218.11 583.10 Td (been ) Tj ET Q q 0 0 0 rg BT 238.66 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.55 583.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 282.54 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.55 583.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 332.83 583.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.50 583.10 Td (In ) Tj ET Q q 0 0 0 rg BT 344.50 583.10 Td (July ) Tj ET Q q 0 0 0 rg BT 362.84 583.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 387.02 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.91 583.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 432.02 583.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 461.46 583.10 Td (held ) Tj ET Q q 0 0 0 rg BT 480.35 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.24 583.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 515.92 583.10 Td (s ) Tj ET Q q 0 0 0 rg BT 521.48 583.10 Td (indecency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 89.47 571.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.95 571.10 Td (be ) Tj ET Q q 0 0 0 rg BT 110.09 571.10 Td (unconstitutionally ) Tj ET Q q 0 0 0 rg BT 184.01 571.10 Td (vague ) Tj ET Q q 0 0 0 rg BT 209.59 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.08 571.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 256.33 571.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.36 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.28 571.10 Td (First ) Tj ET Q q 0 0 0 rg BT 299.95 571.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 353.59 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.17 571.10 Td (The ) Tj ET Q q 0 0 0 rg BT 372.42 571.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 403.56 571.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 433.04 571.10 Td (later ) Tj ET Q q 0 0 0 rg BT 452.50 571.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 484.74 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.66 571.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 528.68 571.10 Td (decision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (at ) Tj ET Q q 0 0 0 rg BT 60.00 559.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 82.78 559.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.34 559.10 Td (another ) Tj ET Q q 0 0 0 rg BT 126.11 559.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 154.99 559.10 Td (based ) Tj ET Q q 0 0 0 rg BT 180.54 559.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.32 559.10 Td (its ) Tj ET Q q 0 0 0 rg BT 205.55 559.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 233.86 559.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 272.47 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.05 559.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.38 559.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 315.06 559.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 361.16 559.10 Td (these ) Tj ET Q q 0 0 0 rg BT 384.49 559.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 415.05 559.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.61 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.61 559.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 478.94 559.10 Td (Court. ) Tj ET Q q 0 0 0 rg BT 507.00 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.78 559.10 Td (In ) Tj ET Q q 0 0 0 rg BT 520.89 559.10 Td (June ) Tj ET Q q 0 0 0 rg BT 542.00 559.10 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.01 547.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 103.34 547.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 128.91 547.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 162.23 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.24 547.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 209.47 547.10 Td (Circuit) Tj ET Q q 0 0 0 rg BT 240.02 547.10 Td (s ) Tj ET Q q 0 0 0 rg BT 246.70 547.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 285.31 547.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 316.99 547.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.78 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.78 547.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 371.47 547.10 Td (had ) Tj ET Q q 0 0 0 rg BT 388.70 547.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 414.25 547.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.82 547.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 458.16 547.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 496.48 547.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 523.70 547.10 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.14 535.10 Td (contours ) Tj ET Q q 0 0 0 rg BT 102.51 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.76 535.10 Td (its ) Tj ET Q q 0 0 0 rg BT 126.14 535.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 169.60 535.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.52 535.10 Td (with ) Tj ET Q q 0 0 0 rg BT 218.22 535.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 249.46 535.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.17 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.31 535.10 Td (broadcasts ) Tj ET Q q 0 0 0 rg BT 320.45 535.10 Td (at ) Tj ET Q q 0 0 0 rg BT 330.59 535.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 353.52 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.36 535.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 425.61 535.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 479.36 535.10 Td (but ) Tj ET Q q 0 0 0 rg BT 495.06 535.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 527.42 535.10 Td (open ) Tj ET Q q 0 0 0 rg BT 549.79 535.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 93.84 523.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.01 523.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.39 523.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 155.87 523.10 Td (might ) Tj ET Q q 0 0 0 rg BT 181.38 523.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.98 523.10 Td (able ) Tj ET Q q 0 0 0 rg BT 211.81 523.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.75 523.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 253.90 523.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.28 523.10 Td (prohibition ) Tj ET Q q 0 0 0 rg BT 314.89 523.10 Td (on ) Tj ET Q q 0 0 0 rg BT 327.06 523.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 367.54 523.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 410.24 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.19 523.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.58 523.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 463.12 523.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.13 523.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.69 523.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 507.07 523.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 537.02 523.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.43 511.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 91.74 511.10 Td (vacating ) Tj ET Q q 0 0 0 rg BT 127.60 511.10 Td (another ) Tj ET Q q 0 0 0 rg BT 159.58 511.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 180.47 511.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 222.99 511.10 Td (ruling ) Tj ET Q q 0 0 0 rg BT 248.86 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.63 511.10 Td (November ) Tj ET Q q 0 0 0 rg BT 302.83 511.10 Td (201) Tj ET Q q 0 0 0 rg BT 317.45 511.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.94 511.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.37 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.58 511.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 395.11 511.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 419.88 511.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 448.52 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.73 511.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 484.41 511.10 Td (s ) Tj ET Q q 0 0 0 rg BT 490.29 511.10 Td (request ) Tj ET Q q 0 0 0 rg BT 521.15 511.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.80 511.10 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.57 499.10 Td (this ) Tj ET Q q 0 0 0 rg BT 77.26 499.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 115.33 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.57 499.10 Td (It ) Tj ET Q q 0 0 0 rg BT 125.92 499.10 Td (is ) Tj ET Q q 0 0 0 rg BT 134.83 499.10 Td (not ) Tj ET Q q 0 0 0 rg BT 149.85 499.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 171.51 499.10 Td (how ) Tj ET Q q 0 0 0 rg BT 190.98 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.43 499.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 226.58 499.10 Td (will ) Tj ET Q q 0 0 0 rg BT 244.38 499.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 268.83 499.10 Td (these ) Tj ET Q q 0 0 0 rg BT 291.62 499.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 323.85 499.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 363.31 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.33 499.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 422.24 499.10 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 470.86 499.10 Td (including ) Tj ET Q q 0 0 0 rg BT 510.87 499.10 Td (any ) Tj ET Q q 0 0 0 rg BT 527.55 499.10 Td (that ) Tj ET Q q 0 0 0 rg BT 544.79 499.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 82.27 487.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 112.88 487.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 148.21 487.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.81 487.10 Td (how ) Tj ET Q q 0 0 0 rg BT 178.30 487.10 Td (they ) Tj ET Q q 0 0 0 rg BT 197.79 487.10 Td (will ) Tj ET Q q 0 0 0 rg BT 215.62 487.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 245.11 487.10 Td (future ) Tj ET Q q 0 0 0 rg BT 271.26 487.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 292.43 487.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 325.81 487.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.86 487.10 Td (this ) Tj ET Q q 0 0 0 rg BT 352.58 487.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 374.00 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.11 487.10 Td (The ) Tj ET Q q 0 0 0 rg BT 393.93 487.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 415.10 487.10 Td (has ) Tj ET Q q 0 0 0 rg BT 430.71 487.10 Td (also ) Tj ET Q q 0 0 0 rg BT 449.09 487.10 Td (solicited ) Tj ET Q q 0 0 0 rg BT 485.24 487.10 Td (public ) Tj ET Q q 0 0 0 rg BT 512.51 487.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 551.99 487.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (whether) Tj ET Q q 0 0 0 rg BT 81.81 475.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.81 475.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.75 475.10 Td (if ) Tj ET Q q 0 0 0 rg BT 112.35 475.10 Td (so ) Tj ET Q q 0 0 0 rg BT 123.75 475.10 Td (how) Tj ET Q q 0 0 0 rg BT 140.32 475.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.32 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.60 475.10 Td (revise ) Tj ET Q q 0 0 0 rg BT 181.97 475.10 Td (its ) Tj ET Q q 0 0 0 rg BT 193.92 475.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 236.95 475.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 289.42 475.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 325.53 475.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.81 475.10 Td (a ) Tj ET Q q 0 0 0 rg BT 342.74 475.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 389.67 475.10 Td (that ) Tj ET Q q 0 0 0 rg BT 407.16 475.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 441.32 475.10 Td (pending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 458.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 103.68 458.10 Td (law ) Tj ET Q q 0 0 0 rg BT 119.82 458.10 Td (also ) Tj ET Q q 0 0 0 rg BT 137.62 458.10 Td (imposes ) Tj ET Q q 0 0 0 rg BT 172.10 458.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 221.58 458.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 276.59 458.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 289.95 458.10 Td (payola\) ) Tj ET Q q 0 0 0 rg BT 330.51 458.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 386.90 458.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.04 458.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 448.61 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.52 458.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 504.77 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.79 458.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 97.44 446.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 154.88 446.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.89 446.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.57 446.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 202.80 446.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.47 446.10 Td (by ) Tj ET Q q 0 0 0 rg BT 230.48 446.10 Td (third ) Tj ET Q q 0 0 0 rg BT 252.38 446.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 284.55 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.34 446.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.90 446.10 Td (company ) Tj ET Q q 0 0 0 rg BT 345.57 446.10 Td (has ) Tj ET Q q 0 0 0 rg BT 361.91 446.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 401.28 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.73 446.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.96 446.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 470.83 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.63 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.85 446.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 526.24 446.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 553.69 446.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 81.79 434.10 Td (or ) Tj ET Q q 0 0 0 rg BT 93.03 434.10 Td (other ) Tj ET Q q 0 0 0 rg BT 116.48 434.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 169.38 434.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 216.71 434.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 248.49 434.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 290.84 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.08 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.20 434.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 367.89 434.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 424.11 434.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 446.46 434.10 Td (at ) Tj ET Q q 0 0 0 rg BT 456.58 434.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.69 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.93 434.10 Td (its ) Tj ET Q q 0 0 0 rg BT 510.28 434.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 546.25 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.94 434.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.58 434.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 78.44 422.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 107.99 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.00 422.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 158.22 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.33 422.10 Td (any ) Tj ET Q q 0 0 0 rg BT 184.56 422.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 234.13 422.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 289.23 422.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 331.01 422.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 377.22 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.34 422.10 Td (investigation ) Tj ET Q q 0 0 0 rg BT 440.79 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.90 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.91 422.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 491.13 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.25 422.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 528.02 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.13 422.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 71.40 410.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 123.87 410.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 157.20 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.70 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.20 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.70 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 393.10 Td (Stations ) Tj ET Q q 0 0 0 rg BT 106.38 393.10 Td (also ) Tj ET Q q 0 0 0 rg BT 124.64 393.10 Td (must ) Tj ET Q q 0 0 0 rg BT 146.25 393.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 162.84 393.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.09 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.68 393.10 Td (application ) Tj ET Q q 0 0 0 rg BT 269.27 393.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 287.52 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.11 393.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 332.38 393.10 Td (various ) Tj ET Q q 0 0 0 rg BT 363.97 393.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 385.56 393.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 438.26 393.10 Td (under ) Tj ET Q q 0 0 0 rg BT 463.18 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.55 393.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 547.56 393.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.66 381.10 Td (regulate, ) Tj ET Q q 0 0 0 rg BT 105.02 381.10 Td (among ) Tj ET Q q 0 0 0 rg BT 134.90 381.10 Td (other ) Tj ET Q q 0 0 0 rg BT 158.11 381.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 187.72 381.10 Td (political ) Tj ET Q q 0 0 0 rg BT 223.15 381.10 Td (advertising, ) Tj ET Q q 0 0 0 rg BT 272.75 381.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 323.20 381.10 Td (identification, ) Tj ET Q q 0 0 0 rg BT 381.67 381.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 405.99 381.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 458.64 381.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 516.58 381.10 Td (contest ) Tj ET Q q 0 0 0 rg BT 547.57 381.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (lottery ) Tj ET Q q 0 0 0 rg BT 78.60 369.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 143.58 369.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.52 369.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 199.11 369.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 245.77 369.10 Td (including ) Tj ET Q q 0 0 0 rg BT 286.04 369.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 311.32 369.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.82 369.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 346.87 369.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 389.35 369.10 Td (radiation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 352.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 103.26 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.98 352.10 Td (observe ) Tj ET Q q 0 0 0 rg BT 148.01 352.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 169.85 352.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 192.23 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.60 352.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 243.64 352.10 Td (can ) Tj ET Q q 0 0 0 rg BT 260.46 352.10 Td (result ) Tj ET Q q 0 0 0 rg BT 285.61 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.33 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.48 352.10 Td (imposition ) Tj ET Q q 0 0 0 rg BT 357.20 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.47 352.10 Td (various ) Tj ET Q q 0 0 0 rg BT 400.84 352.10 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 443.50 352.10 Td (including ) Tj ET Q q 0 0 0 rg BT 484.21 352.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 524.91 352.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 549.78 352.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 72.29 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.37 340.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 134.64 340.10 Td (\(less ) Tj ET Q q 0 0 0 rg BT 154.72 340.10 Td (than ) Tj ET Q q 0 0 0 rg BT 173.68 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 340.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 229.94 340.10 Td (term\) ) Tj ET Q q 0 0 0 rg BT 253.34 340.10 Td (license ) Tj ET Q q 0 0 0 rg BT 282.85 340.10 Td (renewals ) Tj ET Q q 0 0 0 rg BT 320.13 340.10 Td (or) Tj ET Q q 0 0 0 rg BT 328.06 340.10 Td (, ) Tj ET Q q 0 0 0 rg BT 332.30 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.71 340.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 393.54 340.10 Td (egregious ) Tj ET Q q 0 0 0 rg BT 434.16 340.10 Td (violations, ) Tj ET Q q 0 0 0 rg BT 477.85 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 340.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 517.99 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.06 340.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.25 340.10 Td (license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 84.15 328.10 Td (application ) Tj ET Q q 0 0 0 rg BT 131.07 328.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.90 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.62 328.10 Td (revocation ) Tj ET Q q 0 0 0 rg BT 201.32 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.15 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.09 328.10 Td (license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 133.84 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.83 311.10 Td (DEVELOPMENTS ) Tj ET Q q 0 0 0 rg BT 216.83 311.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 240.49 311.10 Td (PROPOSED ) Tj ET Q q 0 0 0 rg BT 293.62 311.10 Td (CHANGES. ) Tj ET Q q 0 0 0 rg BT 345.34 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.19 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 364.73 311.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 385.63 311.10 Td (has ) Tj ET Q q 0 0 0 rg BT 400.96 311.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 434.61 311.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 456.04 311.10 Td (implementing ) Tj ET Q q 0 0 0 rg BT 513.59 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.02 311.10 Td (low ) Tj ET Q q 0 0 0 rg BT 537.02 311.10 Td (power ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 67.40 299.10 Td (\(LPFM\) ) Tj ET Q q 0 0 0 rg BT 112.01 299.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 145.77 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.15 299.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 223.86 299.10 Td (800 ) Tj ET Q q 0 0 0 rg BT 241.81 299.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.08 299.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 296.59 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 311.74 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.47 299.10 Td (operation. ) Tj ET Q q 0 0 0 rg BT 365.68 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.62 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 379.90 299.10 Td (November ) Tj ET Q q 0 0 0 rg BT 425.05 299.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 450.50 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.66 299.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 487.51 299.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 522.11 299.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 544.50 299.10 Td (that, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (among ) Tj ET Q q 0 0 0 rg BT 79.77 287.10 Td (other ) Tj ET Q q 0 0 0 rg BT 102.88 287.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 132.38 287.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 167.70 287.10 Td (LPFM) Tj ET Q q 0 0 0 rg BT 196.60 287.10 Td (s ) Tj ET Q q 0 0 0 rg BT 203.05 287.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 253.34 287.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 296.44 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 318.44 287.10 Td (subsequently-authorized ) Tj ET Q q 0 0 0 rg BT 418.75 287.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 466.84 287.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 502.45 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.01 287.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 544.79 287.10 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 78.73 275.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 122.45 275.10 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 170.06 275.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 199.33 275.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 240.29 275.10 Td (distance ) Tj ET Q q 0 0 0 rg BT 275.12 275.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 318.28 275.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 372.54 275.10 Td (between ) Tj ET Q q 0 0 0 rg BT 407.92 275.10 Td (full-power ) Tj ET Q q 0 0 0 rg BT 452.20 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.70 275.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 496.89 275.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 532.01 275.10 Td (thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 87.50 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.24 263.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 152.50 263.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 195.56 263.10 Td (af) Tj ET Q q 0 0 0 rg BT 203.15 263.10 Td (forded ) Tj ET Q q 0 0 0 rg BT 231.77 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.07 263.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 259.04 263.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 294.61 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.58 263.10 Td (As ) Tj ET Q q 0 0 0 rg BT 310.21 263.10 Td (required ) Tj ET Q q 0 0 0 rg BT 346.05 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.56 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.30 263.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 419.98 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.72 263.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 456.14 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.44 263.10 Td (January ) Tj ET Q q 0 0 0 rg BT 500.05 263.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 522.57 263.10 Td (submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.77 251.10 Td (report ) Tj ET Q q 0 0 0 rg BT 84.97 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.08 251.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 136.63 251.10 Td (indicating ) Tj ET Q q 0 0 0 rg BT 179.94 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 198.27 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.81 251.10 Td (results ) Tj ET Q q 0 0 0 rg BT 243.25 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.90 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.67 251.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 306.55 251.10 Td (mandated ) Tj ET Q q 0 0 0 rg BT 348.75 251.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 390.95 251.10 Td (study ) Tj ET Q q 0 0 0 rg BT 415.95 251.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 455.93 251.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 476.75 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.08 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 251.10 Td (whole, ) Tj ET Q q 0 0 0 rg BT 535.89 251.10 Td (LPFM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 82.75 239.10 Td (do ) Tj ET Q q 0 0 0 rg BT 94.94 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 109.91 239.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 148.19 239.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 171.76 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.39 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.36 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.77 239.10 Td (future ) Tj ET Q q 0 0 0 rg BT 238.84 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 253.24 239.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 288.20 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.17 239.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 321.74 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.37 239.10 Td (demonstrable ) Tj ET Q q 0 0 0 rg BT 384.43 239.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 425.50 239.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.90 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.09 239.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 514.82 239.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 67.17 227.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 90.43 227.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 126.21 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.93 227.10 Td (In ) Tj ET Q q 0 0 0 rg BT 139.97 227.10 Td (March ) Tj ET Q q 0 0 0 rg BT 168.79 227.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 194.01 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.94 227.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 230.56 227.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 269.38 227.10 Td (its ) Tj ET Q q 0 0 0 rg BT 281.55 227.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 303.70 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.20 227.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 343.02 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.95 227.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 403.44 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.48 227.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.19 227.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 486.03 227.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 537.07 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.23 227.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 94.69 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.82 215.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 151.83 215.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 205.95 215.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 246.18 215.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 295.84 215.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 340.80 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.58 215.10 Td (The ) Tj ET Q q 0 0 0 rg BT 360.04 215.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 380.86 215.10 Td (opened ) Tj ET Q q 0 0 0 rg BT 411.65 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.01 215.10 Td (window ) Tj ET Q q 0 0 0 rg BT 452.14 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.72 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.85 215.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 503.44 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.68 215.10 Td (applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 82.72 203.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 120.99 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.94 203.10 Td (construct ) Tj ET Q q 0 0 0 rg BT 169.77 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.27 203.10 Td (make ) Tj ET Q q 0 0 0 rg BT 204.10 203.10 Td (major ) Tj ET Q q 0 0 0 rg BT 229.60 203.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 263.98 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.93 203.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 302.22 203.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 338.82 203.10 Td (which ) Tj ET Q q 0 0 0 rg BT 365.43 203.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 403.70 203.10 Td (from ) Tj ET Q q 0 0 0 rg BT 425.31 203.10 Td (October ) Tj ET Q q 0 0 0 rg BT 459.69 203.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 471.86 203.10 Td (through ) Tj ET Q q 0 0 0 rg BT 505.14 203.10 Td (November ) Tj ET Q q 0 0 0 rg BT 549.52 203.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 75.44 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.83 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.55 191.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.93 191.10 Td (it ) Tj ET Q q 0 0 0 rg BT 139.43 191.10 Td (received ) Tj ET Q q 0 0 0 rg BT 176.23 191.10 Td (more ) Tj ET Q q 0 0 0 rg BT 199.72 191.10 Td (than ) Tj ET Q q 0 0 0 rg BT 219.88 191.10 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 245.33 191.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 274.39 191.10 Td (applications. ) Tj ET Q q 0 0 0 rg BT 328.16 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.89 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.38 191.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 371.22 191.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 412.49 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.21 191.10 Td (process ) Tj ET Q q 0 0 0 rg BT 456.15 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.31 191.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 522.57 191.10 Td (submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.43 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.97 179.10 Td (window ) Tj ET Q q 0 0 0 rg BT 127.52 179.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 146.78 179.10 Td (although ) Tj ET Q q 0 0 0 rg BT 184.10 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.20 179.10 Td (date ) Tj ET Q q 0 0 0 rg BT 213.18 179.10 Td (there ) Tj ET Q q 0 0 0 rg BT 235.49 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 256.69 179.10 Td (been ) Tj ET Q q 0 0 0 rg BT 277.90 179.10 Td (very ) Tj ET Q q 0 0 0 rg BT 297.99 179.10 Td (few) Tj ET Q q 0 0 0 rg BT 312.33 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 317.15 179.10 Td (if ) Tj ET Q q 0 0 0 rg BT 325.59 179.10 Td (any) Tj ET Q q 0 0 0 rg BT 339.38 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.20 179.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 383.18 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.83 179.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 422.28 179.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 455.16 179.10 Td (interfering ) Tj ET Q q 0 0 0 rg BT 499.69 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 519.79 179.10 Td (full-power ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 73.00 167.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 108.51 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.63 167.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 151.74 167.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 181.96 167.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 216.62 167.10 Td (any ) Tj ET Q q 0 0 0 rg BT 233.51 167.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 262.09 167.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 295.10 167.10 Td (will ) Tj ET Q q 0 0 0 rg BT 313.12 167.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 347.22 167.10 Td (interfere ) Tj ET Q q 0 0 0 rg BT 383.54 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.77 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.44 167.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 456.98 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.77 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.55 167.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 506.55 167.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 539.57 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 167.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 138.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.30 138.10 Td (June ) Tj ET Q q 0 0 0 rg BT 104.60 138.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 130.06 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.25 138.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 167.12 138.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 201.74 138.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 224.15 138.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.11 138.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 267.29 138.10 Td (an ) Tj ET Q q 0 0 0 rg BT 279.04 138.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 298.13 138.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 321.64 138.10 Td (station ) Tj ET Q q 0 0 0 rg BT 351.27 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.02 138.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.32 138.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 417.38 138.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 462.55 138.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 479.97 138.10 Td (translator ) Tj ET Q q 0 0 0 rg BT 520.70 138.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 554.23 138.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (retransmit ) Tj ET Q q 0 0 0 rg BT 93.23 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.54 126.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 126.34 126.10 Td (station) Tj ET Q q 0 0 0 rg BT 155.79 126.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.37 126.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 219.49 126.10 Td (within ) Tj ET Q q 0 0 0 rg BT 247.73 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.04 126.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 280.84 126.10 Td (station) Tj ET Q q 0 0 0 rg BT 310.29 126.10 Td (s ) Tj ET Q q 0 0 0 rg BT 316.87 126.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 361.76 126.10 Td (service ) Tj ET Q q 0 0 0 rg BT 392.76 126.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 414.59 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 126.10 Td (In ) Tj ET Q q 0 0 0 rg BT 428.30 126.10 Td (October ) Tj ET Q q 0 0 0 rg BT 463.20 126.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 488.38 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.29 126.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 524.88 126.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 552.57 126.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (Order ) Tj ET Q q 0 0 0 rg BT 75.52 114.10 Td (that ) Tj ET Q q 0 0 0 rg BT 92.72 114.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 126.57 114.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.21 114.10 Td (two-stage ) Tj ET Q q 0 0 0 rg BT 174.29 114.10 Td (process ) Tj ET Q q 0 0 0 rg BT 206.48 114.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.86 114.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 238.17 114.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 260.92 114.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 293.68 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.66 114.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 335.28 114.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 377.48 114.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 394.13 114.10 Td (translators, ) Tj ET Q q 0 0 0 rg BT 440.49 114.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.13 114.10 Td (began ) Tj ET Q q 0 0 0 rg BT 493.20 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.18 114.10 Td (early ) Tj ET Q q 0 0 0 rg BT 525.37 114.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 547.57 114.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.61 102.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 98.08 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.80 102.10 Td (conclude ) Tj ET Q q 0 0 0 rg BT 147.83 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.54 102.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 183.98 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.71 102.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.19 102.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 227.03 102.10 Td (also ) Tj ET Q q 0 0 0 rg BT 246.08 102.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 280.68 102.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 310.82 102.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.96 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.68 102.10 Td (its ) Tj ET Q q 0 0 0 rg BT 369.06 102.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 391.44 102.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.38 102.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 439.43 102.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 458.49 102.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 481.97 102.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 517.97 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.34 102.10 Td (sought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 89.71 90.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.21 90.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 144.70 90.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 179.41 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.69 90.10 Td (those ) Tj ET Q q 0 0 0 rg BT 213.30 90.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 237.73 90.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.05 90.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.10 90.10 Td (October ) Tj ET Q q 0 0 0 rg BT 292.81 90.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 315.31 90.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 362.23 90.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 396.39 90.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 433.60 90.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 73.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.22 73.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 111.79 73.10 Td (also ) Tj ET Q q 0 0 0 rg BT 130.57 73.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 175.46 73.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 220.33 73.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.22 73.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 264.54 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.65 73.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 322.09 73.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.09 73.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.20 73.10 Td (satellite ) Tj ET Q q 0 0 0 rg BT 373.97 73.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 402.19 73.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 427.08 73.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 450.30 73.10 Td (service ) Tj ET Q q 0 0 0 rg BT 481.28 73.10 Td (\(SDARS\) ) Tj ET Q q 0 0 0 rg BT 531.73 73.10 Td (system. ) Tj ET Q q 0 0 0 rg BT 564.50 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.67 61.10 Td (July ) Tj ET Q q 0 0 0 rg BT 79.68 61.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 104.52 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.07 61.10 Td (two ) Tj ET Q q 0 0 0 rg BT 136.41 61.10 Td (original ) Tj ET Q q 0 0 0 rg BT 169.85 61.10 Td (SDARS ) Tj ET Q q 0 0 0 rg BT 204.43 61.10 Td (companies-Sirius ) Tj ET Q q 0 0 0 rg BT 276.20 61.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 311.31 61.10 Td (Radio, ) Tj ET Q q 0 0 0 rg BT 340.03 61.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 357.64 61.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.42 61.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 392.87 61.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 427.98 61.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 454.20 61.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 495.71 61.10 Td (Inc.-mer) Tj ET Q q 0 0 0 rg BT 529.68 61.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 546.46 61.10 Td (into ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.39 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 76.99 742.10 Td (company ) Tj ET Q q 0 0 0 rg BT 116.59 742.10 Td (called ) Tj ET Q q 0 0 0 rg BT 143.41 742.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 169.70 742.10 Td (XM, ) Tj ET Q q 0 0 0 rg BT 191.26 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 218.65 742.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 257.69 742.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 295.07 742.10 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 342.45 742.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 399.83 742.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 433.59 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.54 742.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 462.83 742.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 481.89 742.10 Td (also ) Tj ET Q q 0 0 0 rg BT 500.94 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 509.09 742.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 527.03 742.10 Td (channels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 730.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 100.54 730.10 Td (local ) Tj ET Q q 0 0 0 rg BT 122.48 730.10 Td (traf) Tj ET Q q 0 0 0 rg BT 136.17 730.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 149.22 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.16 730.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 200.30 730.10 Td (information ) Tj ET Q q 0 0 0 rg BT 250.01 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.17 730.10 Td (major ) Tj ET Q q 0 0 0 rg BT 290.00 730.10 Td (cities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 713.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.02 713.10 Td (October ) Tj ET Q q 0 0 0 rg BT 117.92 713.10 Td (2002, ) Tj ET Q q 0 0 0 rg BT 143.11 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.01 713.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.60 713.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.29 713.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.42 713.10 Td (order ) Tj ET Q q 0 0 0 rg BT 243.21 713.10 Td (selecting ) Tj ET Q q 0 0 0 rg BT 281.44 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.57 713.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 327.35 713.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 363.91 713.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.26 713.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 419.26 713.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 447.50 713.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 472.41 713.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 526.19 713.10 Td (\(DAB, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.25 701.10 Td (known ) Tj ET Q q 0 0 0 rg BT 97.61 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.08 701.10 Td (high ) Tj ET Q q 0 0 0 rg BT 127.99 701.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 169.01 701.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 191.70 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 202.17 701.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 223.19 701.10 Td (Radio\). ) Tj ET Q q 0 0 0 rg BT 259.48 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.47 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.15 701.10 Td (in-band, ) Tj ET Q q 0 0 0 rg BT 314.34 701.10 Td (on-channel ) Tj ET Q q 0 0 0 rg BT 360.90 701.10 Td (\(IBOC\) ) Tj ET Q q 0 0 0 rg BT 402.47 701.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 449.04 701.10 Td (chosen ) Tj ET Q q 0 0 0 rg BT 478.95 701.10 Td (by ) Tj ET Q q 0 0 0 rg BT 491.09 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.44 701.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 535.90 701.10 Td (allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 68.18 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.68 689.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 101.20 689.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 123.81 689.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 175.85 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.69 689.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 225.52 689.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 253.14 689.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 296.86 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.36 689.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 345.42 689.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 379.15 689.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 411.77 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.61 689.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 453.10 689.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.17 689.10 Td (their ) Tj ET Q q 0 0 0 rg BT 485.55 689.10 Td (current ) Tj ET Q q 0 0 0 rg BT 515.93 689.10 Td (frequencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.45 677.10 Td (either ) Tj ET Q q 0 0 0 rg BT 85.89 677.10 Td (full ) Tj ET Q q 0 0 0 rg BT 102.45 677.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 131.78 677.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 159.17 677.10 Td (full ) Tj ET Q q 0 0 0 rg BT 175.73 677.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 203.95 677.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 231.34 677.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.35 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.46 677.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 302.12 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.13 677.10 Td (both ) Tj ET Q q 0 0 0 rg BT 333.58 677.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 346.80 677.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 381.12 677.10 Td (power\). ) Tj ET Q q 0 0 0 rg BT 414.61 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 677.10 Td (In ) Tj ET Q q 0 0 0 rg BT 428.29 677.10 Td (March ) Tj ET Q q 0 0 0 rg BT 457.06 677.10 Td (2005, ) Tj ET Q q 0 0 0 rg BT 482.23 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.12 677.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 518.70 677.10 Td (announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 69.88 665.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 104.49 665.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 141.87 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.59 665.10 Td (final ) Tj ET Q q 0 0 0 rg BT 173.31 665.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 197.64 665.10 Td (it ) Tj ET Q q 0 0 0 rg BT 205.58 665.10 Td (would ) Tj ET Q q 0 0 0 rg BT 232.97 665.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 257.58 665.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 290.52 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.91 665.10 Td (an ) Tj ET Q q 0 0 0 rg BT 314.74 665.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 346.01 665.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 368.40 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.57 665.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 419.27 665.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 454.99 665.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 482.93 665.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 522.81 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.20 665.10 Td (In ) Tj ET Q q 0 0 0 rg BT 535.91 665.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 75.46 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 653.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 112.50 653.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 147.11 653.10 Td (service ) Tj ET Q q 0 0 0 rg BT 178.38 653.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 200.78 653.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.40 653.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 232.80 653.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 256.69 657.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.63 653.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.09 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.04 653.10 Td (Significantly) Tj ET Q q 0 0 0 rg BT 321.06 653.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.51 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.69 653.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.55 653.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 397.60 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.34 653.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 433.52 653.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 450.93 653.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 484.44 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.18 653.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 536.46 653.10 Td (digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (multicast ) Tj ET Q q 0 0 0 rg BT 89.60 641.10 Td (streams ) Tj ET Q q 0 0 0 rg BT 123.09 641.10 Td (without ) Tj ET Q q 0 0 0 rg BT 156.59 641.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 190.07 641.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 212.45 641.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 234.30 641.10 Td (authority) Tj ET Q q 0 0 0 rg BT 269.75 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.19 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.91 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 319.40 641.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 367.32 641.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 404.97 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.69 641.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 438.61 641.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.65 641.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 496.15 641.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 532.40 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.12 641.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 81.55 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.38 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.55 629.10 Td (of) Tj ET Q q 0 0 0 rg BT 116.70 629.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 130.19 629.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 181.47 629.10 Td (services ) Tj ET Q q 0 0 0 rg BT 216.07 629.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 252.90 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.07 629.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 298.23 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.29 629.10 Td (experimental ) Tj ET Q q 0 0 0 rg BT 366.88 629.10 Td (authority) Tj ET Q q 0 0 0 rg BT 402.33 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 407.22 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.61 629.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 437.00 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.61 629.10 Td (new ) Tj ET Q q 0 0 0 rg BT 470.66 629.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 494.99 629.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 511.84 629.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 629.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 82.21 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.78 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.79 617.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 151.11 617.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 180.01 617.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 211.96 617.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.19 617.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 276.42 617.10 Td (more ) Tj ET Q q 0 0 0 rg BT 299.75 617.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 341.98 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.43 617.10 Td (multicasting ) Tj ET Q q 0 0 0 rg BT 408.66 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.89 617.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 473.66 617.10 Td (services; ) Tj ET Q q 0 0 0 rg BT 511.44 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.67 617.10 Td (may ) Tj ET Q q 0 0 0 rg BT 548.67 617.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 84.56 605.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 113.03 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.28 605.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 156.64 605.10 Td (antennas ) Tj ET Q q 0 0 0 rg BT 193.44 605.10 Td (without ) Tj ET Q q 0 0 0 rg BT 225.80 605.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 258.16 605.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 279.41 605.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 300.12 605.10 Td (authority) Tj ET Q q 0 0 0 rg BT 335.58 605.10 Td (. ) Tj ET Q q 0 0 0 rg BT 339.89 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.70 605.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 357.96 605.10 Td (translators, ) Tj ET Q q 0 0 0 rg BT 403.93 605.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 420.19 605.10 Td (boosters ) Tj ET Q q 0 0 0 rg BT 455.33 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.58 605.10 Td (low ) Tj ET Q q 0 0 0 rg BT 488.39 605.10 Td (power ) Tj ET Q q 0 0 0 rg BT 515.19 605.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 531.46 605.10 Td (stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.88 593.10 Td (also ) Tj ET Q q 0 0 0 rg BT 88.66 593.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 129.64 593.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 165.64 593.10 Td (where ) Tj ET Q q 0 0 0 rg BT 192.74 593.10 Td (feasible, ) Tj ET Q q 0 0 0 rg BT 229.00 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.52 593.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 264.30 593.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 297.52 593.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.40 593.10 Td (now ) Tj ET Q q 0 0 0 rg BT 337.29 593.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 369.38 593.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 405.38 593.10 Td (during ) Tj ET Q q 0 0 0 rg BT 434.16 593.10 Td (nighttime ) Tj ET Q q 0 0 0 rg BT 475.16 593.10 Td (hours. ) Tj ET Q q 0 0 0 rg BT 502.54 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.02 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.23 593.10 Td (new ) Tj ET Q q 0 0 0 rg BT 542.56 593.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 85.84 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.80 581.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 154.74 581.10 Td (of) Tj ET Q q 0 0 0 rg BT 162.89 581.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 188.73 581.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 216.25 581.10 Td (service ) Tj ET Q q 0 0 0 rg BT 246.53 581.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.04 581.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.22 581.10 Td (least ) Tj ET Q q 0 0 0 rg BT 308.51 581.10 Td (one ) Tj ET Q q 0 0 0 rg BT 324.92 581.10 Td (free ) Tj ET Q q 0 0 0 rg BT 342.42 581.10 Td (over) Tj ET Q q 0 0 0 rg BT 359.99 581.10 Td (-the-air ) Tj ET Q q 0 0 0 rg BT 391.38 581.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 417.23 581.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 465.83 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 581.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 505.32 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.06 581.10 Td (their ) Tj ET Q q 0 0 0 rg BT 535.35 581.10 Td (analog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 76.71 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.97 569.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.79 569.10 Td (they ) Tj ET Q q 0 0 0 rg BT 131.83 569.10 Td (simulcast ) Tj ET Q q 0 0 0 rg BT 172.42 569.10 Td (their ) Tj ET Q q 0 0 0 rg BT 193.57 569.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 223.05 569.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 280.30 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.13 569.10 Td (their ) Tj ET Q q 0 0 0 rg BT 314.27 569.10 Td (main ) Tj ET Q q 0 0 0 rg BT 337.09 569.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 365.46 569.10 Td (stream, ) Tj ET Q q 0 0 0 rg BT 397.44 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.70 569.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 449.19 569.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 501.99 569.10 Td (from ) Tj ET Q q 0 0 0 rg BT 524.25 569.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 97.89 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.03 557.10 Td (digital. ) Tj ET Q q 0 0 0 rg BT 138.43 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.61 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.51 557.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.77 557.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 215.99 557.10 Td (either ) Tj ET Q q 0 0 0 rg BT 241.11 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.24 557.10 Td (set ) Tj ET Q q 0 0 0 rg BT 264.70 557.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.49 557.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 326.60 557.10 Td (deadline ) Tj ET Q q 0 0 0 rg BT 362.83 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.84 557.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 429.17 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.30 557.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 471.64 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.77 557.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.67 557.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 553.68 557.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 545.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 91.69 545.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 134.19 545.10 Td (public ) Tj ET Q q 0 0 0 rg BT 161.70 545.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.65 545.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 240.60 545.10 Td (\(beyond ) Tj ET Q q 0 0 0 rg BT 275.88 545.10 Td (those ) Tj ET Q q 0 0 0 rg BT 299.50 545.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.01 545.10 Td (already ) Tj ET Q q 0 0 0 rg BT 348.95 545.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 373.67 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.96 545.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 413.13 545.10 Td (broadcasters\) ) Tj ET Q q 0 0 0 rg BT 468.95 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.46 545.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.53 545.10 Td (broadcasters. ) Tj ET Q q 0 0 0 rg BT 564.50 545.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.06 533.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 91.47 533.10 Td (did, ) Tj ET Q q 0 0 0 rg BT 110.27 533.10 Td (however) Tj ET Q q 0 0 0 rg BT 144.29 533.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.31 533.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 176.04 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.99 533.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 216.94 533.10 Td (Notice ) Tj ET Q q 0 0 0 rg BT 247.11 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.95 533.10 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 299.69 533.10 Td (Rulemaking ) Tj ET Q q 0 0 0 rg BT 352.08 533.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 386.14 533.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 426.87 533.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.38 533.10 Td (\(among ) Tj ET Q q 0 0 0 rg BT 474.44 533.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.50 533.10 Td (things\) ) Tj ET Q q 0 0 0 rg BT 529.79 533.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.13 521.10 Td (public ) Tj ET Q q 0 0 0 rg BT 119.26 521.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.83 521.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.41 521.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.76 521.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 249.98 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 254.61 521.10 Td (including ) Tj ET Q q 0 0 0 rg BT 294.52 521.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 350.53 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.00 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.58 521.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 418.03 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 435.16 521.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 457.84 521.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 490.54 521.10 Td (report ) Tj ET Q q 0 0 0 rg BT 516.55 521.10 Td (their ) Tj ET Q q 0 0 0 rg BT 537.02 521.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (service ) Tj ET Q q 0 0 0 rg BT 80.75 509.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 137.61 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.82 509.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 172.46 509.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.89 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.76 509.10 Td (standardized ) Tj ET Q q 0 0 0 rg BT 244.72 509.10 Td (form ) Tj ET Q q 0 0 0 rg BT 266.59 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.46 509.10 Td (post ) Tj ET Q q 0 0 0 rg BT 302.56 509.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.99 509.10 Td (form ) Tj ET Q q 0 0 0 rg BT 341.86 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.73 509.10 Td (all ) Tj ET Q q 0 0 0 rg BT 371.15 509.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.13 509.10 Td (contents ) Tj ET Q q 0 0 0 rg BT 429.89 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.65 509.10 Td (their ) Tj ET Q q 0 0 0 rg BT 461.40 509.10 Td (public ) Tj ET Q q 0 0 0 rg BT 488.83 509.10 Td (inspection ) Tj ET Q q 0 0 0 rg BT 532.36 509.10 Td (files ) Tj ET Q q 0 0 0 rg BT 552.01 509.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.37 497.10 Td (station) Tj ET Q q 0 0 0 rg BT 94.81 497.10 Td (s ) Tj ET Q q 0 0 0 rg BT 101.86 497.10 Td (website. ) Tj ET Q q 0 0 0 rg BT 138.06 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.98 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 159.68 497.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 181.74 497.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 237.11 497.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 274.15 497.10 Td (an ) Tj ET Q q 0 0 0 rg BT 286.74 497.10 Td (online ) Tj ET Q q 0 0 0 rg BT 314.89 497.10 Td (public ) Tj ET Q q 0 0 0 rg BT 343.04 497.10 Td (file ) Tj ET Q q 0 0 0 rg BT 359.52 497.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 410.98 497.10 Td (on ) Tj ET Q q 0 0 0 rg BT 424.13 497.10 Td (television ) Tj ET Q q 0 0 0 rg BT 466.17 497.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 499.88 497.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 519.97 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.90 497.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.84 485.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 120.49 485.10 Td (that ) Tj ET Q q 0 0 0 rg BT 137.82 485.10 Td (it ) Tj ET Q q 0 0 0 rg BT 145.71 485.10 Td (would ) Tj ET Q q 0 0 0 rg BT 173.05 485.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 202.04 485.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.37 485.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 270.02 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.13 485.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 303.02 485.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 338.41 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.75 485.10 Td (In ) Tj ET Q q 0 0 0 rg BT 351.41 485.10 Td (January ) Tj ET Q q 0 0 0 rg BT 384.85 485.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 409.69 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.24 485.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 445.48 485.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 476.69 485.10 Td (its ) Tj ET Q q 0 0 0 rg BT 488.47 485.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 511.92 485.10 Td (service ) Tj ET Q q 0 0 0 rg BT 542.58 485.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.27 473.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 82.98 473.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 98.93 473.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 121.54 473.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 153.59 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.86 473.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 197.11 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.82 473.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 250.63 473.10 Td (power ) Tj ET Q q 0 0 0 rg BT 277.12 473.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 301.94 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.76 473.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 334.37 473.10 Td (transmissions. ) Tj ET Q q 0 0 0 rg BT 392.81 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.31 473.10 Td (In ) Tj ET Q q 0 0 0 rg BT 404.13 473.10 Td (September ) Tj ET Q q 0 0 0 rg BT 448.39 473.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 472.38 473.10 Td (shortly ) Tj ET Q q 0 0 0 rg BT 501.66 473.10 Td (after ) Tj ET Q q 0 0 0 rg BT 521.46 473.10 Td (approving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.98 461.10 Td (Sirius-XM ) Tj ET Q q 0 0 0 rg BT 110.52 461.10 Td (mer) Tj ET Q q 0 0 0 rg BT 125.89 461.10 Td (ger) Tj ET Q q 0 0 0 rg BT 138.26 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.52 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.50 461.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 180.16 461.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 209.59 461.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 249.56 461.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.32 461.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 297.29 461.10 Td (it ) Tj ET Q q 0 0 0 rg BT 305.61 461.10 Td (should ) Tj ET Q q 0 0 0 rg BT 335.04 461.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 371.67 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.65 461.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 426.08 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.17 461.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 454.38 461.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 478.26 465.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.96 461.10 Td (features ) Tj ET Q q 0 0 0 rg BT 520.37 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.91 461.10 Td (satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 72.77 449.10 Td (receivers. ) Tj ET Q q 0 0 0 rg BT 113.59 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.65 449.10 Td (That ) Tj ET Q q 0 0 0 rg BT 136.21 449.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 182.86 449.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 216.74 449.10 Td (pending, ) Tj ET Q q 0 0 0 rg BT 253.69 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.35 449.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.24 449.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 313.13 449.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 343.12 449.10 Td (its ) Tj ET Q q 0 0 0 rg BT 354.79 449.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 391.45 449.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.01 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.46 449.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 445.90 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 463.12 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.79 449.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 505.34 449.10 Td (might ) Tj ET Q q 0 0 0 rg BT 530.90 449.10 Td (have ) Tj ET Q q 0 0 0 rg BT 552.01 449.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 437.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 420.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.02 420.10 Td (order ) Tj ET Q q 0 0 0 rg BT 104.81 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.27 420.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 154.28 420.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 187.07 420.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 242.09 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.11 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.58 420.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 289.92 420.10 Td (them ) Tj ET Q q 0 0 0 rg BT 311.60 420.10 Td (over ) Tj ET Q q 0 0 0 rg BT 331.06 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.97 420.10 Td (Internet, ) Tj ET Q q 0 0 0 rg BT 380.25 420.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 410.27 420.10 Td (must ) Tj ET Q q 0 0 0 rg BT 431.41 420.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 447.54 420.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 483.66 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.13 420.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 533.14 420.10 Td (owners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 408.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 95.03 408.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 151.17 408.10 Td (\(typically) Tj ET Q q 0 0 0 rg BT 188.84 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.14 408.10 Td (songwriters ) Tj ET Q q 0 0 0 rg BT 243.60 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.84 408.10 Td (publishers\). ) Tj ET Q q 0 0 0 rg BT 310.58 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.18 408.10 Td (These ) Tj ET Q q 0 0 0 rg BT 339.85 408.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 380.98 408.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 412.66 408.10 Td (often ) Tj ET Q q 0 0 0 rg BT 436.01 408.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 454.36 408.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.16 408.10 Td (or) Tj ET Q q 0 0 0 rg BT 475.31 408.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 523.65 408.10 Td (known ) Tj ET Q q 0 0 0 rg BT 553.67 408.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.44 396.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 122.67 396.10 Td (or) Tj ET Q q 0 0 0 rg BT 130.82 396.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 181.31 396.10 Td (which ) Tj ET Q q 0 0 0 rg BT 208.20 396.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 247.30 396.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 281.41 396.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.64 396.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 342.41 396.10 Td (users ) Tj ET Q q 0 0 0 rg BT 365.42 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.53 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.19 396.10 Td (public ) Tj ET Q q 0 0 0 rg BT 421.64 396.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 474.61 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.40 396.10 Td (their ) Tj ET Q q 0 0 0 rg BT 506.17 396.10 Td (compositions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 79.23 384.10 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 118.75 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.77 384.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 176.12 384.10 Td (them ) Tj ET Q q 0 0 0 rg BT 198.70 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.06 384.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 249.97 384.10 Td (owners. ) Tj ET Q q 0 0 0 rg BT 283.93 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.33 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.46 384.10 Td (three ) Tj ET Q q 0 0 0 rg BT 327.02 384.10 Td (major ) Tj ET Q q 0 0 0 rg BT 352.93 384.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 400.50 384.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 425.86 384.10 Td (or) Tj ET Q q 0 0 0 rg BT 434.01 384.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 484.63 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 506.65 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 533.67 384.10 Td (Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (has ) Tj ET Q q 0 0 0 rg BT 66.58 372.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 101.48 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.17 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.20 372.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.88 372.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 189.47 372.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 211.05 372.10 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 251.23 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 266.68 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.43 372.10 Td (American ) Tj ET Q q 0 0 0 rg BT 324.10 372.10 Td (Society ) Tj ET Q q 0 0 0 rg BT 357.35 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.93 372.10 Td (Composers, ) Tj ET Q q 0 0 0 rg BT 418.96 372.10 Td (Authors, ) Tj ET Q q 0 0 0 rg BT 456.93 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.61 372.10 Td (Publishers, ) Tj ET Q q 0 0 0 rg BT 522.03 372.10 Td (Broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (Music, ) Tj ET Q q 0 0 0 rg BT 78.85 360.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 97.97 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.76 360.10 Td (SESAC, ) Tj ET Q q 0 0 0 rg BT 148.73 360.10 Td (Inc.. ) Tj ET Q q 0 0 0 rg BT 167.85 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.10 360.10 Td (These ) Tj ET Q q 0 0 0 rg BT 194.33 360.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 214.56 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.11 360.10 Td (set ) Tj ET Q q 0 0 0 rg BT 240.57 360.10 Td (periodically) Tj ET Q q 0 0 0 rg BT 287.68 360.10 Td (, ) Tj ET Q q 0 0 0 rg BT 291.53 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.09 360.10 Td (often ) Tj ET Q q 0 0 0 rg BT 326.98 360.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 369.99 360.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.34 360.10 Td (or) Tj ET Q q 0 0 0 rg BT 389.48 360.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 436.38 360.10 Td (acting ) Tj ET Q q 0 0 0 rg BT 462.16 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.51 360.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 499.85 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.53 360.10 Td (broadcasters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 348.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.40 348.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 123.02 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.67 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.75 348.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 178.00 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.87 348.10 Td (It ) Tj ET Q q 0 0 0 rg BT 189.85 348.10 Td (also ) Tj ET Q q 0 0 0 rg BT 208.83 348.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.37 348.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 254.02 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 271.88 348.10 Td (songwriters ) Tj ET Q q 0 0 0 rg BT 321.41 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.61 348.10 Td (publishers ) Tj ET Q q 0 0 0 rg BT 376.59 348.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.68 348.10 Td (disassociate ) Tj ET Q q 0 0 0 rg BT 447.31 348.10 Td (with ) Tj ET Q q 0 0 0 rg BT 467.96 348.10 Td (these ) Tj ET Q q 0 0 0 rg BT 491.38 348.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 539.23 348.10 Td (rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 336.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 109.14 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.43 336.10 Td (that ) Tj ET Q q 0 0 0 rg BT 138.38 336.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 181.32 336.10 Td (such ) Tj ET Q q 0 0 0 rg BT 202.60 336.10 Td (or) Tj ET Q q 0 0 0 rg BT 210.75 336.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 259.25 336.10 Td (could ) Tj ET Q q 0 0 0 rg BT 284.42 336.10 Td (emer) Tj ET Q q 0 0 0 rg BT 304.22 336.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 316.61 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.34 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.51 336.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 371.84 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.80 336.10 Td (In ) Tj ET Q q 0 0 0 rg BT 386.08 336.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 409.03 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.43 336.10 Td (new ) Tj ET Q q 0 0 0 rg BT 436.04 336.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 483.98 336.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 509.71 336.10 Td (or) Tj ET Q q 0 0 0 rg BT 517.86 336.10 Td (ganization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (named ) Tj ET Q q 0 0 0 rg BT 79.03 324.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 108.63 324.10 Td (Music ) Tj ET Q q 0 0 0 rg BT 136.01 324.10 Td (Rights ) Tj ET Q q 0 0 0 rg BT 164.51 324.10 Td (\("GMR"\), ) Tj ET Q q 0 0 0 rg BT 206.99 324.10 Td (was ) Tj ET Q q 0 0 0 rg BT 224.93 324.10 Td (formed. ) Tj ET Q q 0 0 0 rg BT 258.68 324.10 Td (GMR ) Tj ET Q q 0 0 0 rg BT 283.84 324.10 Td (has ) Tj ET Q q 0 0 0 rg BT 299.55 324.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 336.37 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.96 324.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 376.12 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.28 324.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 415.86 324.10 Td (high-value ) Tj ET Q q 0 0 0 rg BT 461.00 324.10 Td (copyrights ) Tj ET Q q 0 0 0 rg BT 505.60 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.42 324.10 Td (is ) Tj ET Q q 0 0 0 rg BT 531.47 324.10 Td (seeking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.79 312.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 98.46 312.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 141.03 312.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 179.15 312.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 226.69 312.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.49 312.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 269.05 312.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 301.62 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 315.30 312.10 Td (songs ) Tj ET Q q 0 0 0 rg BT 340.10 312.10 Td (within ) Tj ET Q q 0 0 0 rg BT 367.67 312.10 Td (its ) Tj ET Q q 0 0 0 rg BT 379.13 312.10 Td (repertoire. ) Tj ET Q q 0 0 0 rg BT 422.51 312.10 Td (GMR ) Tj ET Q q 0 0 0 rg BT 447.31 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.76 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.00 312.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 503.90 312.10 Td (Music ) Tj ET Q q 0 0 0 rg BT 530.92 312.10 Td (License ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 98.95 300.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 116.23 300.10 Td (\("RMLC"\), ) Tj ET Q q 0 0 0 rg BT 163.91 300.10 Td (which ) Tj ET Q q 0 0 0 rg BT 190.36 300.10 Td (negotiates ) Tj ET Q q 0 0 0 rg BT 232.92 300.10 Td (music ) Tj ET Q q 0 0 0 rg BT 258.82 300.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 296.93 300.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 315.05 300.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.84 300.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 387.37 300.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 412.16 300.10 Td (or) Tj ET Q q 0 0 0 rg BT 420.31 300.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 467.87 300.10 Td (on ) Tj ET Q q 0 0 0 rg BT 479.88 300.10 Td (behlaf ) Tj ET Q q 0 0 0 rg BT 506.88 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.22 300.10 Td (many ) Tj ET Q q 0 0 0 rg BT 541.45 300.10 Td (radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 86.44 288.10 Td (have ) Tj ET Q q 0 0 0 rg BT 108.71 288.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 144.87 288.10 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 181.03 288.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 220.52 288.10 Td (against ) Tj ET Q q 0 0 0 rg BT 252.24 288.10 Td (one ) Tj ET Q q 0 0 0 rg BT 270.06 288.10 Td (another) Tj ET Q q 0 0 0 rg BT 299.65 288.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.53 288.10 Td (which ) Tj ET Q q 0 0 0 rg BT 333.36 288.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 368.40 288.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 406.51 288.10 Td (In ) Tj ET Q q 0 0 0 rg BT 418.23 288.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 456.89 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.49 288.10 Td (Department ) Tj ET Q q 0 0 0 rg BT 523.08 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.80 288.10 Td (Justice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (\("DOJ"\) ) Tj ET Q q 0 0 0 rg BT 85.68 276.10 Td (has ) Tj ET Q q 0 0 0 rg BT 101.52 276.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 136.24 276.10 Td (disagreed ) Tj ET Q q 0 0 0 rg BT 177.08 276.10 Td (with ) Tj ET Q q 0 0 0 rg BT 197.37 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.33 276.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 234.60 276.10 Td (court ) Tj ET Q q 0 0 0 rg BT 257.66 276.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 298.49 276.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 333.22 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.95 276.10 Td (DOJ's ) Tj ET Q q 0 0 0 rg BT 374.50 276.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 407.56 276.10 Td (decrees ) Tj ET Q q 0 0 0 rg BT 440.05 276.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.35 276.10 Td (major ) Tj ET Q q 0 0 0 rg BT 486.19 276.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 539.23 276.10 Td (rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 264.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 105.78 264.10 Td (require ) Tj ET Q q 0 0 0 rg BT 136.18 264.10 Td (so-called ) Tj ET Q q 0 0 0 rg BT 174.36 264.10 Td ("full-work" ) Tj ET Q q 0 0 0 rg BT 222.37 264.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 256.11 264.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 285.97 264.10 Td (would ) Tj ET Q q 0 0 0 rg BT 313.05 264.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 337.35 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.88 264.10 Td (license-holder ) Tj ET Q q 0 0 0 rg BT 402.60 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.47 264.10 Td (play ) Tj ET Q q 0 0 0 rg BT 431.77 264.10 Td (all ) Tj ET Q q 0 0 0 rg BT 443.85 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.26 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.56 264.10 Td (works ) Tj ET Q q 0 0 0 rg BT 495.09 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.96 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.48 264.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 75.13 252.10 Td (or) Tj ET Q q 0 0 0 rg BT 83.28 252.10 Td (ganization's ) Tj ET Q q 0 0 0 rg BT 132.97 252.10 Td (repertoire\). ) Tj ET Q q 0 0 0 rg BT 180.01 252.10 Td (If ) Tj ET Q q 0 0 0 rg BT 189.02 252.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.81 252.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 240.38 252.10 Td (number ) Tj ET Q q 0 0 0 rg BT 273.27 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.95 252.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 317.41 252.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 369.20 252.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 409.87 252.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 441.11 252.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 481.23 252.10 Td (from ) Tj ET Q q 0 0 0 rg BT 503.01 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.58 252.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 98.60 240.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 124.99 240.10 Td (or) Tj ET Q q 0 0 0 rg BT 133.13 240.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 184.79 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.73 240.10 Td (if ) Tj ET Q q 0 0 0 rg BT 206.45 240.10 Td (new ) Tj ET Q q 0 0 0 rg BT 226.72 240.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 275.31 240.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 301.70 240.10 Td (or) Tj ET Q q 0 0 0 rg BT 309.85 240.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 359.01 240.10 Td (form ) Tj ET Q q 0 0 0 rg BT 382.06 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.44 240.10 Td (license ) Tj ET Q q 0 0 0 rg BT 424.82 240.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 481.77 240.10 Td (that ) Tj ET Q q 0 0 0 rg BT 500.37 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 516.19 240.10 Td (not ) Tj ET Q q 0 0 0 rg BT 532.58 240.10 Td (already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (licensed, ) Tj ET Q q 0 0 0 rg BT 87.61 228.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 118.53 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.87 228.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 151.54 228.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 172.76 228.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.44 228.10 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 230.77 228.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 253.12 228.10 Td (could ) Tj ET Q q 0 0 0 rg BT 277.68 228.10 Td (increase. ) Tj ET Q q 0 0 0 rg BT 315.27 228.10 Td (Emmis' ) Tj ET Q q 0 0 0 rg BT 347.75 228.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 378.42 228.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 399.64 228.10 Td (or ) Tj ET Q q 0 0 0 rg BT 410.32 228.10 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 457.65 228.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 480.00 228.10 Td (could ) Tj ET Q q 0 0 0 rg BT 504.56 228.10 Td (also ) Tj ET Q q 0 0 0 rg BT 523.01 228.10 Td (change ) Tj ET Q q 0 0 0 rg BT 553.67 228.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 216.10 Td (result ) Tj ET Q q 0 0 0 rg BT 81.66 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.49 216.10 Td (GMR/RMLC ) Tj ET Q q 0 0 0 rg BT 148.89 216.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 187.50 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.33 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.04 216.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 255.54 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.37 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.08 216.10 Td (full-work ) Tj ET Q q 0 0 0 rg BT 321.35 216.10 Td (licensing ) Tj ET Q q 0 0 0 rg BT 359.96 216.10 Td (issue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.60 199.10 Td (order ) Tj ET Q q 0 0 0 rg BT 105.96 199.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.01 199.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 144.93 199.10 Td (music ) Tj ET Q q 0 0 0 rg BT 171.09 199.10 Td (over ) Tj ET Q q 0 0 0 rg BT 191.13 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.61 199.10 Td (Internet, ) Tj ET Q q 0 0 0 rg BT 241.47 199.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 272.08 199.10 Td (must ) Tj ET Q q 0 0 0 rg BT 293.79 199.10 Td (also ) Tj ET Q q 0 0 0 rg BT 312.17 199.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 339.43 199.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 373.35 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.06 199.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 406.77 199.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 443.47 199.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.52 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.00 199.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 499.15 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.75 199.10 Td (copyrights ) Tj ET Q q 0 0 0 rg BT 554.23 199.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 76.28 187.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 120.87 187.10 Td (\(typically) Tj ET Q q 0 0 0 rg BT 158.54 187.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.43 187.10 Td (artists ) Tj ET Q q 0 0 0 rg BT 189.71 187.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.53 187.10 Td (record ) Tj ET Q q 0 0 0 rg BT 234.46 187.10 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 285.44 187.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.65 187.10 Td (These ) Tj ET Q q 0 0 0 rg BT 313.92 187.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 350.74 187.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.34 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.50 187.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 410.66 187.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.83 187.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 457.65 187.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.70 187.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 505.18 187.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 547.00 187.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (must ) Tj ET Q q 0 0 0 rg BT 71.64 175.10 Td (also ) Tj ET Q q 0 0 0 rg BT 89.93 175.10 Td (be ) Tj ET Q q 0 0 0 rg BT 101.56 175.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 120.97 175.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.94 175.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.65 175.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 208.61 175.10 Td (or) Tj ET Q q 0 0 0 rg BT 216.76 175.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 266.99 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.02 175.10 Td (The ) Tj ET Q q 0 0 0 rg BT 286.76 175.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 329.51 175.10 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 363.36 175.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 389.99 175.10 Td (\(CRB\) ) Tj ET Q q 0 0 0 rg BT 427.72 175.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 462.11 175.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 505.95 175.10 Td (its ) Tj ET Q q 0 0 0 rg BT 517.59 175.10 Td (proceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.58 163.10 Td (set ) Tj ET Q q 0 0 0 rg BT 76.49 163.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 99.16 163.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.63 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.64 163.10 Td (2016-2020 ) Tj ET Q q 0 0 0 rg BT 177.77 163.10 Td (license ) Tj ET Q q 0 0 0 rg BT 209.34 163.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 241.18 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.71 163.10 Td (The ) Tj ET Q q 0 0 0 rg BT 264.06 163.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 287.87 163.10 Td (set ) Tj ET Q q 0 0 0 rg BT 302.78 163.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.01 163.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 329.80 163.10 Td (during ) Tj ET Q q 0 0 0 rg BT 359.71 163.10 Td (this ) Tj ET Q q 0 0 0 rg BT 377.96 163.10 Td (period ) Tj ET Q q 0 0 0 rg BT 407.30 163.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.76 163.10 Td (performances ) Tj ET Q q 0 0 0 rg BT 480.98 163.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.78 163.10 Td (non-subscription ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (noninteractive ) Tj ET Q q 0 0 0 rg BT 108.96 151.10 Td (services ) Tj ET Q q 0 0 0 rg BT 142.93 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.02 151.10 Td (0.17 ) Tj ET Q q 0 0 0 rg BT 172.29 151.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 190.70 151.10 Td (per ) Tj ET Q q 0 0 0 rg BT 205.23 151.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 236.43 151.10 Td (per ) Tj ET Q q 0 0 0 rg BT 250.96 151.10 Td (song, ) Tj ET Q q 0 0 0 rg BT 274.12 151.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.32 151.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.52 151.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 313.27 151.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.69 151.10 Td (noninteractive ) Tj ET Q q 0 0 0 rg BT 385.65 151.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 436.30 151.10 Td (services ) Tj ET Q q 0 0 0 rg BT 470.27 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.36 151.10 Td (0.22 ) Tj ET Q q 0 0 0 rg BT 499.62 151.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 518.04 151.10 Td (per ) Tj ET Q q 0 0 0 rg BT 532.57 151.10 Td (listener ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (per ) Tj ET Q q 0 0 0 rg BT 65.81 139.10 Td (song, ) Tj ET Q q 0 0 0 rg BT 90.24 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.29 139.10 Td (both ) Tj ET Q q 0 0 0 rg BT 114.11 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.48 139.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.96 139.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.21 139.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 199.58 139.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.40 139.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 245.64 139.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.68 139.10 Td (mirror ) Tj ET Q q 0 0 0 rg BT 292.27 139.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 327.52 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.34 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.60 139.10 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 397.75 139.10 Td (Price ) Tj ET Q q 0 0 0 rg BT 421.34 139.10 Td (Index. ) Tj ET Q q 0 0 0 rg BT 449.43 139.10 Td (The ) Tj ET Q q 0 0 0 rg BT 468.02 139.10 Td (CRB's ) Tj ET Q q 0 0 0 rg BT 496.76 139.10 Td (2016-2020 ) Tj ET Q q 0 0 0 rg BT 543.13 139.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 89.59 127.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.98 127.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 134.34 127.10 Td (from ) Tj ET Q q 0 0 0 rg BT 156.72 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.88 127.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 194.83 127.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 217.78 127.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 239.61 127.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 283.64 127.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.37 127.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 347.29 127.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.67 127.10 Td (other ) Tj ET Q q 0 0 0 rg BT 388.16 127.10 Td (webcasters, ) Tj ET Q q 0 0 0 rg BT 437.48 127.10 Td (but ) Tj ET Q q 0 0 0 rg BT 453.20 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.36 127.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 526.85 127.10 Td (has ) Tj ET Q q 0 0 0 rg BT 543.12 127.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (appealed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 98.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.42 98.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 119.78 98.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 154.65 98.10 Td (have ) Tj ET Q q 0 0 0 rg BT 175.62 98.10 Td (been ) Tj ET Q q 0 0 0 rg BT 196.58 98.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 217.00 98.10 Td (under ) Tj ET Q q 0 0 0 rg BT 241.86 98.10 Td (various ) Tj ET Q q 0 0 0 rg BT 273.39 98.10 Td (state ) Tj ET Q q 0 0 0 rg BT 293.80 98.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 314.22 98.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 362.96 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.27 98.10 Td (right ) Tj ET Q q 0 0 0 rg BT 398.25 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.67 98.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 436.31 98.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 460.61 98.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 513.26 98.10 Td (services ) Tj ET Q q 0 0 0 rg BT 547.56 98.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 102.52 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.85 86.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 148.17 86.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 182.93 86.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.80 86.10 Td (reproduce ) Tj ET Q q 0 0 0 rg BT 236.33 86.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 262.77 86.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 307.52 86.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 330.62 86.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 352.60 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.93 86.10 Td (February ) Tj ET Q q 0 0 0 rg BT 401.58 86.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 416.62 86.10 Td (1972 ) Tj ET Q q 0 0 0 rg BT 439.17 86.10 Td (\(pre-1972 ) Tj ET Q q 0 0 0 rg BT 485.59 86.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 512.03 86.10 Td (recordings\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (without ) Tj ET Q q 0 0 0 rg BT 82.13 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 88.13 74.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 119.97 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.54 74.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 143.11 74.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 168.57 74.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 212.35 74.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 250.01 74.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.79 74.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 294.79 74.10 Td (from ) Tj ET Q q 0 0 0 rg BT 315.80 74.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 345.12 74.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 385.02 74.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 429.63 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.09 74.10 Td (The ) Tj ET Q q 0 0 0 rg BT 448.20 74.10 Td (1976 ) Tj ET Q q 0 0 0 rg BT 469.77 74.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 511.55 74.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 527.56 74.10 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.68 62.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 104.46 62.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 130.03 62.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 173.92 62.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.81 62.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.93 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.83 62.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 247.84 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.85 62.10 Td (state ) Tj ET Q q 0 0 0 rg BT 277.86 62.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 317.86 62.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 360.09 62.10 Td (until ) Tj ET Q q 0 0 0 rg BT 380.10 62.10 Td (2067. ) Tj ET Q q 0 0 0 rg BT 404.28 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.59 62.10 Td (As ) Tj ET Q q 0 0 0 rg BT 418.39 62.10 Td (a ) Tj ET Q q 0 0 0 rg BT 424.51 62.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 450.91 62.10 Td (there ) Tj ET Q q 0 0 0 rg BT 472.57 62.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.46 62.10 Td (various ) Tj ET Q q 0 0 0 rg BT 517.58 62.10 Td (protections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.31 50.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 98.39 50.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 124.27 50.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 168.46 50.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.22 50.10 Td (place ) Tj ET Q q 0 0 0 rg BT 201.29 50.10 Td (across ) Tj ET Q q 0 0 0 rg BT 228.27 50.10 Td (various ) Tj ET Q q 0 0 0 rg BT 259.69 50.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 286.39 50.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.81 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.01 50.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 341.76 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.07 50.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 398.49 50.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.91 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.22 50.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 469.97 50.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.39 50.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 531.15 50.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.91 50.10 Td (those ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 95.84 742.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 121.12 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 141.97 742.10 Td (state ) Tj ET Q q 0 0 0 rg BT 161.70 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.88 742.10 Td (state. ) Tj ET Q q 0 0 0 rg BT 193.12 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.52 742.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 233.55 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.46 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.08 742.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 289.69 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 299.42 742.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 323.60 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.33 742.10 Td (any ) Tj ET Q q 0 0 0 rg BT 349.18 742.10 Td (public ) Tj ET Q q 0 0 0 rg BT 375.58 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 427.51 742.10 Td (right ) Tj ET Q q 0 0 0 rg BT 447.80 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.99 742.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 494.49 742.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 519.79 742.10 Td (recordings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.80 730.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 88.68 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.31 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.45 730.10 Td (For ) Tj ET Q q 0 0 0 rg BT 114.47 730.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 153.98 730.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 181.55 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.47 730.10 Td (California ) Tj ET Q q 0 0 0 rg BT 236.14 730.10 Td (have ) Tj ET Q q 0 0 0 rg BT 258.15 730.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.29 730.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 326.64 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.55 730.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 361.79 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.25 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.60 730.10 Td (putative ) Tj ET Q q 0 0 0 rg BT 423.95 730.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 465.41 730.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 497.43 730.10 Td (against ) Tj ET Q q 0 0 0 rg BT 528.89 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 536.46 730.10 Td (digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 103.50 718.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 137.26 718.10 Td (One ) Tj ET Q q 0 0 0 rg BT 156.87 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.15 718.10 Td (these ) Tj ET Q q 0 0 0 rg BT 191.64 718.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 215.68 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.30 718.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 264.34 718.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 299.50 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.45 718.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 341.49 718.10 Td (in 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) Tj ET Q q 0 0 0 rg BT 253.34 706.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 306.09 706.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 331.08 706.10 Td (under ) Tj ET Q q 0 0 0 rg BT 356.07 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.51 706.10 Td (common ) Tj ET Q q 0 0 0 rg BT 407.72 706.10 Td (law ) Tj ET Q q 0 0 0 rg BT 424.38 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.38 706.10 Td (those ) Tj ET Q q 0 0 0 rg BT 457.71 706.10 Td (states. ) Tj ET Q q 0 0 0 rg BT 484.48 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 502.25 706.10 Td (New ) Tj ET Q q 0 0 0 rg BT 523.02 706.10 Td (Y) Tj ET Q q 0 0 0 rg BT 529.24 706.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 544.79 706.10 Td (case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.77 694.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 102.19 694.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 138.29 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.29 694.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 171.60 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.15 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.59 694.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 224.36 694.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 277.14 694.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 310.17 694.10 Td (while ) Tj ET Q q 0 0 0 rg BT 334.61 694.10 Td (an ) Tj ET Q q 0 0 0 rg BT 346.26 694.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 374.58 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.13 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.56 694.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 430.67 694.10 Td (case ) Tj ET Q q 0 0 0 rg BT 450.10 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.98 694.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 495.92 694.10 Td (If ) Tj ET Q q 0 0 0 rg BT 504.80 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.24 694.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 545.89 694.10 Td (find ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.27 682.10 Td (there ) Tj ET Q q 0 0 0 rg BT 89.54 682.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.03 682.10 Td (public ) Tj ET Q q 0 0 0 rg BT 131.30 682.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 184.10 682.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 209.16 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.22 682.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 257.59 682.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 302.08 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.80 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.29 682.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 372.79 682.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.28 682.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 432.87 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.92 682.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 467.42 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.48 682.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 500.30 682.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 553.68 682.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 84.10 670.10 Td (streaming, ) Tj ET Q q 0 0 0 rg BT 129.05 670.10 Td (this ) Tj ET Q q 0 0 0 rg BT 146.51 670.10 Td (could ) Tj ET Q q 0 0 0 rg BT 171.73 670.10 Td (impede ) Tj ET Q q 0 0 0 rg BT 204.18 670.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 235.10 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.11 670.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 266.67 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.46 670.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 318.79 670.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 347.34 670.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 377.01 670.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 416.12 670.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 443.02 670.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 488.24 670.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 516.79 670.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 552.56 670.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 75.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 120.16 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 139.44 641.10 Td (has ) Tj ET Q q 0 0 0 rg BT 155.94 641.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 201.32 641.10 Td (been ) Tj ET Q q 0 0 0 rg BT 223.37 641.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 269.30 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.25 641.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 320.64 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.80 641.10 Td (would ) Tj ET Q q 0 0 0 rg BT 366.97 641.10 Td (require ) Tj ET Q q 0 0 0 rg BT 398.46 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.84 641.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 451.44 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.94 641.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.63 641.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 554.24 641.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (artists, ) Tj ET Q q 0 0 0 rg BT 78.88 629.10 Td (musicians, ) Tj ET Q q 0 0 0 rg BT 123.87 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.69 629.10 Td (record ) Tj ET Q q 0 0 0 rg BT 162.73 629.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.98 629.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 236.03 629.10 Td (music ) Tj ET Q q 0 0 0 rg BT 262.41 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.57 629.10 Td (played ) Tj ET Q q 0 0 0 rg BT 300.72 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.22 629.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 354.02 629.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 377.06 629.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 412.61 629.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 442.33 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.26 629.10 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 506.75 629.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 547.57 629.10 Td (law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (exception. ) Tj ET Q q 0 0 0 rg BT 93.87 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.37 617.10 Td (If ) Tj ET Q q 0 0 0 rg BT 105.53 617.10 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 141.06 617.10 Td (such ) Tj ET Q q 0 0 0 rg BT 161.89 617.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 206.05 617.10 Td (could ) Tj ET Q q 0 0 0 rg BT 230.77 617.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.15 617.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.09 617.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 297.12 617.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.84 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.34 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 617.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 372.66 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.49 617.10 Td (music ) Tj ET Q q 0 0 0 rg BT 409.88 617.10 Td (programming.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 600.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.41 600.10 Td (December ) Tj ET Q q 0 0 0 rg BT 127.57 600.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 153.15 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.44 600.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 190.42 600.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 226.27 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.78 600.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 281.28 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.14 600.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 329.09 600.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 369.40 600.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 424.68 600.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 462.19 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.05 600.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 509.45 600.10 Td (broadcasters) Tj ET Q q 0 0 0 rg BT 562.01 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (service ) Tj ET Q q 0 0 0 rg BT 81.22 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.90 588.10 Td (their ) Tj ET Q q 0 0 0 rg BT 113.13 588.10 Td (local ) Tj ET Q q 0 0 0 rg BT 135.46 588.10 Td (communities, ) Tj ET Q q 0 0 0 rg BT 192.53 588.10 Td (including ) Tj ET Q q 0 0 0 rg BT 233.20 588.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 245.54 588.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 285.10 588.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 318.56 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.24 588.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 367.14 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.48 588.10 Td (community ) Tj ET Q q 0 0 0 rg BT 427.38 588.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 464.72 588.10 Td (board, ) Tj ET Q q 0 0 0 rg BT 497.33 588.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 512.45 588.10 Td (reinstating ) Tj ET Q q 0 0 0 rg BT 557.56 588.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 100.63 576.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.94 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.70 576.10 Td (station) Tj ET Q q 0 0 0 rg BT 154.15 576.10 Td (s ) Tj ET Q q 0 0 0 rg BT 160.36 576.10 Td (main ) Tj ET Q q 0 0 0 rg BT 182.67 576.10 Td (studio ) Tj ET Q q 0 0 0 rg BT 209.44 576.10 Td (be ) Tj ET Q q 0 0 0 rg BT 221.20 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.29 576.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.06 576.10 Td (community ) Tj ET Q q 0 0 0 rg BT 290.93 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.58 576.10 Td (license ) Tj ET Q q 0 0 0 rg BT 331.67 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.42 576.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 365.74 576.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 405.28 576.10 Td (local ) Tj ET Q q 0 0 0 rg BT 427.04 576.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 483.79 576.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 536.09 576.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 555.90 576.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.75 564.10 Td (met, ) Tj ET Q q 0 0 0 rg BT 86.21 564.10 Td (would ) Tj ET Q q 0 0 0 rg BT 114.18 564.10 Td (result ) Tj ET Q q 0 0 0 rg BT 139.37 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.12 564.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 193.08 564.10 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 228.27 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.57 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.98 564.10 Td (station) Tj ET Q q 0 0 0 rg BT 276.42 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 283.28 564.10 Td (license ) Tj ET Q q 0 0 0 rg BT 314.02 564.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 348.63 564.10 Td (application. ) Tj ET Q q 0 0 0 rg BT 398.53 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.29 564.10 Td (While ) Tj ET Q q 0 0 0 rg BT 428.69 564.10 Td (many ) Tj ET Q q 0 0 0 rg BT 453.88 564.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 506.82 564.10 Td (have ) Tj ET Q q 0 0 0 rg BT 528.67 564.10 Td (opposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.05 552.10 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 116.38 552.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.54 552.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 159.69 552.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 189.96 552.10 Td (how ) Tj ET Q q 0 0 0 rg BT 209.68 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.39 552.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 245.80 552.10 Td (will ) Tj ET Q q 0 0 0 rg BT 263.85 552.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 295.23 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.95 552.10 Td (issues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 535.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 111.76 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.73 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.48 535.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 164.92 535.10 Td (also ) Tj ET Q q 0 0 0 rg BT 183.56 535.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.98 535.10 Td (under ) Tj ET Q q 0 0 0 rg BT 230.28 535.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 289.19 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.16 535.10 Td (may ) Tj ET Q q 0 0 0 rg BT 325.92 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.23 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.98 535.10 Td (future ) Tj ET Q q 0 0 0 rg BT 377.40 535.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 413.81 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.78 535.10 Td (adopt, ) Tj ET Q q 0 0 0 rg BT 458.03 535.10 Td (new ) Tj ET Q q 0 0 0 rg BT 477.23 535.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 500.60 535.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 547.56 535.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 84.83 523.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 126.87 523.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.03 523.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 158.19 523.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 189.68 523.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.73 523.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 245.44 523.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 278.60 523.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.32 523.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 325.76 523.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 360.02 523.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.08 523.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 409.75 523.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.97 523.10 Td (af) Tj ET Q q 0 0 0 rg BT 423.56 523.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 442.27 523.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.21 523.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 502.19 523.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 547.58 523.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 100.03 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.62 511.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.22 511.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 166.79 511.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 202.11 511.10 Td (result ) Tj ET Q q 0 0 0 rg BT 226.59 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.63 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.11 511.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 268.93 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.53 511.10 Td (audience ) Tj ET Q q 0 0 0 rg BT 317.32 511.10 Td (share ) Tj ET Q q 0 0 0 rg BT 340.68 511.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.38 511.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 404.08 511.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.88 511.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.80 511.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.39 511.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 511.97 511.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 511.10 Td (and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.45 499.10 Td (af) Tj ET Q q 0 0 0 rg BT 68.03 499.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 85.14 499.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.58 499.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.25 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.15 499.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 169.69 499.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 211.79 499.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 252.23 499.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 284.90 499.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.35 499.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 326.89 499.10 Td (such ) Tj ET Q q 0 0 0 rg BT 347.33 499.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 399.72 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.84 499.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 423.96 499.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 455.51 499.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 489.56 499.10 Td (but ) Tj ET Q q 0 0 0 rg BT 504.45 499.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.78 499.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.67 499.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.10 Td (proposals to impose spectrum use or other fees on FCC licensees;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 463.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 463.10 Td (proposals to repeal or modify some or all of the FCC) Tj ET Q q 0 0 0 rg BT 300.41 463.10 Td (s multiple ownership rules and/or policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 451.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 451.10 Td (proposals to change rules relating to political broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 439.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 439.10 Td (technical and frequency allocation matters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 427.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.10 Td (AM stereo broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.02 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.48 415.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 166.06 415.10 Td (service ) Tj ET Q q 0 0 0 rg BT 196.06 415.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.18 415.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 249.96 415.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 271.09 415.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.43 415.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 311.67 415.10 Td (radio, ) Tj ET Q q 0 0 0 rg BT 336.41 415.10 Td (including ) Tj ET Q q 0 0 0 rg BT 375.87 415.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 410.33 415.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.01 415.10 Td (public ) Tj ET Q q 0 0 0 rg BT 478.69 415.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.81 415.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 403.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 403.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 140.97 403.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 169.02 403.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 193.74 403.10 Td (broadcasters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.10 Td (proposals to restrict or prohibit the advertising of beer) Tj ET Q q 0 0 0 rg BT 301.65 391.10 Td (, wine and other alcoholic beverages;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 379.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 379.10 Td (proposals to tighten safety guidelines relating to radio frequency radiation exposure;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td (proposals permitting FM stations to accept formerly impermissible interference;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 355.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.10 Td (proposals to reinstate holding periods for licenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 343.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 343.10 Td (changes to broadcast technical requirements related to the implementation of SDARS; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 331.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td (proposals to modify broadcasters) Tj ET Q q 0 0 0 rg BT 221.06 331.10 Td ( public interest obligations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 319.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.10 Td (proposals to limit the tax deductibility of advertising expenses by advertisers; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 307.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.10 Td (proposals to regulate violence and hate speech in broadcasts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 290.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.58 290.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 116.75 290.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 147.02 290.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 181.73 290.10 Td (any ) Tj ET Q q 0 0 0 rg BT 198.68 290.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 237.84 290.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 272.56 290.10 Td (will ) Tj ET Q q 0 0 0 rg BT 290.62 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 302.57 290.10 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 339.23 290.10 Td (what ) Tj ET Q q 0 0 0 rg BT 361.18 290.10 Td (other ) Tj ET Q q 0 0 0 rg BT 384.23 290.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 416.17 290.10 Td (might ) Tj ET Q q 0 0 0 rg BT 442.01 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 453.96 290.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 499.78 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.07 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.79 290.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 553.68 290.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (what ) Tj ET Q q 0 0 0 rg BT 71.94 278.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 104.15 278.10 Td (if ) Tj ET Q q 0 0 0 rg BT 112.76 278.10 Td (any) Tj ET Q q 0 0 0 rg BT 126.55 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.55 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 278.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 211.53 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 278.10 Td (any ) Tj ET Q q 0 0 0 rg BT 239.30 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.13 278.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.17 278.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 314.00 278.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.83 278.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 359.54 278.10 Td (might ) Tj ET Q q 0 0 0 rg BT 385.38 278.10 Td (have ) Tj ET Q q 0 0 0 rg BT 406.75 278.10 Td (on ) Tj ET Q q 0 0 0 rg BT 419.25 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.08 278.10 Td (business.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 138.10 Td ( Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (Our results of operations could be negatively impacted by weak economic conditions and instability in financial markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 104.10 Td (e believe that advertising is a discretionary business expense. Spending on advertising tends to decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (disproportionately during an economic recession or downturn as compared to other types of business spending. Consequently) Tj ET Q q 0 0 0 rg BT 551.47 92.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (downturn in the United States economy generally has an adverse ef) Tj ET Q q 0 0 0 rg BT 319.18 80.10 Td (fect on our advertising revenue and, therefore, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.10 68.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.77 68.10 Td ( recession or downturn in the economy of any individual geographic market, particularly a major market such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 56.10 Td (Angeles or New ) Tj ET Q q 0 0 0 rg BT 134.06 56.10 Td (Y) Tj ET Q q 0 0 0 rg BT 140.28 56.10 Td (ork, also generally has a significant ef) Tj ET Q q 0 0 0 rg BT 291.99 56.10 Td (fect on us. ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Even in the absence of a general recession or downturn in the economy) Tj ET Q q 0 0 0 rg BT 358.25 742.10 Td (, an individual business sector \(such as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (automotive industry\) that tends to spend more on advertising than other sectors might be forced to reduce its advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (expenditures if that sector experiences a downturn. If that sector) Tj ET Q q 0 0 0 rg BT 306.94 718.10 Td () Tj ET Q q 0 0 0 rg BT 309.72 718.10 Td (s spending represents a significant portion of our advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (revenues, any reduction in its advertising expenditures may af) Tj ET Q q 0 0 0 rg BT 297.80 706.10 Td (fect our revenue.) 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0 rg BT 164.70 672.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 199.55 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.53 672.10 Td (which ) Tj ET Q q 0 0 0 rg BT 238.16 672.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.02 672.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 285.64 672.10 Td (have ) Tj ET Q q 0 0 0 rg BT 307.71 672.10 Td (lagged ) Tj ET Q q 0 0 0 rg BT 337.56 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.97 672.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 384.50 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.03 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.44 672.10 Td (general ) Tj ET Q q 0 0 0 rg BT 444.06 672.10 Td (United ) Tj ET Q q 0 0 0 rg BT 474.47 672.10 Td (States ) Tj ET Q q 0 0 0 rg BT 501.55 672.10 Td (economy) Tj ET Q q 0 0 0 rg BT 537.56 672.10 Td (. ) Tj ET Q q 0 0 0 rg BT 543.25 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 672.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.51 660.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 119.29 660.10 Td (as ) 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(States ) Tj ET Q q 0 0 0 rg BT 106.10 612.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 147.48 612.10 Td (growth.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 595.10 Td (e may lose audience share and advertising revenue to competing radio stations or other types of media.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 578.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 578.10 Td (e operate in highly competitive industries. Our radio stations compete for audiences and advertising revenue with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (radio stations and station groups, as well as with other media. Shifts in population, demographics, audience tastes, consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (use of technology and forms of media and other factors beyond our control could cause us to lose market share. ) Tj ET Q q 0 0 0 rg BT 497.92 554.10 Td (Any adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (change in a particular market, or adverse change in the relative market positions of the stations located in a particular market, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.92 530.10 Td (fect on our revenue or ratings, could require increased promotion or other expenses in that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (market, and could adversely af) Tj ET Q q 0 0 0 rg BT 172.82 518.10 Td (fect our revenue in other markets. Other radio broadcasting companies may enter the markets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (which we operate or may operate in the future. ) Tj ET Q q 0 0 0 rg BT 239.18 506.10 Td (These companies may be lar) Tj ET Q q 0 0 0 rg BT 352.85 506.10 Td (ger and have more financial resources than we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (have. Our radio stations may not be able to maintain or increase their current audience ratings and advertising revenue in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (face of such competition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 465.10 Td (e routinely conduct market research to review the competitive position of our stations in their respective markets. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (determine that a station could improve its operating performance by serving a dif) Tj ET Q q 0 0 0 rg BT 374.16 453.10 Td (ferent demographic within its market, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (change the format of that station. Our competitors may respond to our actions by more aggressive promotions of their stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (or by replacing the format we vacate, limiting our options if we do not achieve expected results with our new format.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 412.10 Td (From time to time, other stations may change their format or programming, a new station may adopt a format to compete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (directly with our stations for audiences and advertisers, or stations might engage in aggressive promotional campaigns. ) Tj ET Q q 0 0 0 rg BT 528.03 400.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (tactics could result in lower ratings and advertising revenue or increased promotion and other expenses and, consequently) Tj ET Q q 0 0 0 rg BT 536.14 388.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (lower earnings and cash flow for us. ) Tj ET Q q 0 0 0 rg BT 197.18 376.10 Td (Any failure by us to respond, or to respond as quickly as our competitors, could also have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (an adverse ef) Tj ET Q q 0 0 0 rg BT 102.56 364.10 Td (fect on our business and financial performance. In February 2015, one of our lar) Tj ET Q q 0 0 0 rg BT 425.61 364.10 Td (ge competitors changed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 227.75 352.10 Td (Angeles radio market to more directly compete with our radio station in Los ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (Angeles. ) Tj ET Q q 0 0 0 rg BT 87.59 340.10 Td (This development in Los ) Tj ET Q q 0 0 0 rg BT 189.24 340.10 Td (Angeles negatively impacted our financial performance in fiscal 2016 and 2017 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (early months of fiscal 2018. On May 8, 2017, we entered into an agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 477.12 328.10 Td (Angeles, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (certain regulatory approvals and closing conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 299.10 Td (Because of the competitive factors we face, we cannot assure investors that we will be able to maintain or increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (current audience ratings and advertising revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (Our radio operations are heavily concentrated in the New ) Tj ET Q q 0 0 0 rg BT 289.54 270.10 Td (Y) Tj ET Q q 0 0 0 rg BT 294.54 270.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 346.12 270.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.10 Td (Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 190.54 253.10 Td (Y) Tj ET Q q 0 0 0 rg BT 196.76 253.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 246.48 253.10 Td (Angeles, including the LMA) Tj ET Q q 0 0 0 rg BT 360.91 253.10 Td ( fee we receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 534.63 253.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (accounted for approximately 50% of our radio revenues in fiscal 2017. Our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 527.15 241.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (by decreased ratings or resulting revenues in either one of these markets. On May 8, 2017, we entered into an agreement to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (our radio station in Los ) Tj ET Q q 0 0 0 rg BT 145.27 217.10 Td (Angeles, subject to certain regulatory approvals and closing conditions. Our exposure to the Los ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (Angeles radio market will be eliminated if we are able to close this transaction, as expected, in the back half of 2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (Our radio operations lack the scale of some of our competitors, especially in the New ) Tj ET Q q 0 0 0 rg BT 401.47 188.10 Td (Y) Tj ET Q q 0 0 0 rg BT 406.47 188.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 458.05 188.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 171.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 171.10 Td (e currently own one station in Los ) Tj ET Q q 0 0 0 rg BT 221.22 171.10 Td (Angeles and four stations in New ) Tj ET Q q 0 0 0 rg BT 356.93 171.10 Td (Y) Tj ET Q q 0 0 0 rg BT 363.16 171.10 Td (ork, one of which is being programmed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (another broadcaster under the terms of an LMA. Some of our competitors in these markets have lar) Tj ET Q q 0 0 0 rg BT 446.64 159.10 Td (ger clusters of radio stations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (Our competitors may be able to leverage their market share to extract a greater percentage of available advertising revenues in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (these markets and may be able to realize operating ef) Tj ET Q q 0 0 0 rg BT 262.22 135.10 Td (ficiencies by programming multiple stations in a market. ) Tj ET Q q 0 0 0 rg BT 490.78 135.10 Td (Also, given our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (reliance on urban formats in each of these markets, our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 446.05 123.10 Td (fected by additional urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (format competition by our competitors. On May 8, 2017, we entered into an agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 522.67 111.10 Td (Angeles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (subject to certain regulatory approvals and closing conditions. Our exposure to the Los ) Tj ET Q q 0 0 0 rg BT 399.36 99.10 Td (Angeles radio market will be eliminated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (if we are able to close this transaction, as expected, in the back half of 2017.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 742.25 Td (e must respond to the rapid changes in technology) Tj ET Q q 0 0 0 rg BT 264.46 742.25 Td (, services and standards that characterize our industry in order to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (remain competitive, and changes in technology may increase the risk of material intellectual property infringement claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (The radio broadcasting industry is subject to rapid technological changes, evolving industry standards and the emer) Tj ET Q q 0 0 0 rg BT 535.36 713.25 Td (gence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (of competition from new technologies and services. ) Tj ET Q q 0 0 0 rg BT 259.20 701.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.84 701.25 Td (e cannot assure that we will have the resources to acquire new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (technologies or to introduce new services that could compete with these new technologies. ) Tj ET Q q 0 0 0 rg BT 414.71 689.25 Td (V) Tj ET Q q 0 0 0 rg BT 420.83 689.25 Td (arious media technologies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (services that have been developed or introduced include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 660.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 660.25 Td (satellite-delivered digital audio radio service, which has resulted in subscriber) Tj ET Q q 0 0 0 rg BT 396.96 660.25 Td (-based satellite radio services with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 648.25 Td (numerous niche formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 631.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 631.25 Td (audio programming by cable systems, direct-broadcast satellite systems, Internet content providers and other digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 619.25 Td (audio broadcast formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 602.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 602.25 Td (personal digital audio devices \(e.g., audio via ) Tj ET Q q 0 0 0 rg BT 269.25 602.25 Td (W) Tj ET Q q 0 0 0 rg BT 278.29 602.25 Td (i-Fi, smartphones, iPods) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 375.52 606.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.45 602.25 Td (, iPhones) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 417.12 606.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.06 602.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.88 602.25 Td (W) Tj ET Q q 0 0 0 rg BT 435.92 602.25 Td (iMAX, the Internet and MP3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 590.25 Td (players\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 573.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 573.25 Td (HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.43 577.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 573.25 Td (, which provides multi-channel, multi-format digital radio services in the same bandwidth currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 561.25 Td (occupied by traditional ) Tj ET Q q 0 0 0 rg BT 179.74 561.25 Td (AM and FM radio services; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 544.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 544.25 Td (low-power FM radio, which could result in additional FM radio broadcast outlets, including additional low-power FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 532.25 Td (radio signals authorized in December 2010 under the Local Community Radio ) Tj ET Q q 0 0 0 rg BT 401.36 532.25 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 515.25 Td (New media has resulted in fragmentation in the advertising market, but we cannot predict the impact that additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (competition arising from new technologies may have on the radio broadcasting industry or on our financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (results of operations. ) Tj ET Q q 0 0 0 rg BT 135.91 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 144.55 491.25 Td (e also cannot ensure that our investments in HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 362.56 495.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 372.32 491.25 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 491.25 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 415.50 495.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.44 491.25 Td (, NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 468.76 495.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.70 491.25 Td ( and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (technologies will produce the desired returns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 462.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 462.25 Td ( number of automakers are introducing more advanced, interactive dashboard technology including the introduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (technologies like ) Tj ET Q q 0 0 0 rg BT 119.99 450.25 Td (Apple CarPlay and Google ) Tj ET Q q 0 0 0 rg BT 229.97 450.25 Td (Android ) Tj ET Q q 0 0 0 rg BT 265.24 450.25 Td (Auto that enable vehicle entertainment systems to more easily interface ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (with a consumer) Tj ET Q q 0 0 0 rg BT 116.46 438.25 Td () Tj ET Q q 0 0 0 rg BT 119.24 438.25 Td (s smartphone and include alternative audio entertainment options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 421.25 Td (Programmatic buying, which enables an advertiser to purchase advertising inventory through an exchange or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (service and bypass the traditional personal sales relationship, has become widely adopted in the purchase of digital advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (and is an emer) Tj ET Q q 0 0 0 rg BT 107.85 397.25 Td (ging trend in the radio industry) Tj ET Q q 0 0 0 rg BT 231.35 397.25 Td (. ) Tj ET Q q 0 0 0 rg BT 238.67 397.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.30 397.25 Td (e cannot predict the impact programmatic buying may have on the radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (industry or our financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 368.25 Td (, technological advancements in the operation of radio stations and related businesses have increased the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (number of patent and other intellectual property infringement claims brought against broadcasters, including Emmis. ) Tj ET Q q 0 0 0 rg BT 519.69 356.25 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (Emmis has not historically been subject to material patent and other intellectual property claims and takes certain steps to limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (the likelihood of, and exposure to, such claims, no assurance can be given that material claims will not be asserted in the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 315.25 Td (Our business depends heavily on maintaining our licenses with the FCC. ) Tj ET Q q 0 0 0 rg BT 352.66 315.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.81 315.25 Td (e could be prevented from operating a radio ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 303.25 Td (station if we fail to maintain its license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.25 Td (The radio broadcasting industry is subject to extensive and changing regulation. ) Tj ET Q q 0 0 0 rg BT 395.96 286.25 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 484.28 286.25 Td (Act and FCC rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (and policies require FCC approval for transfers of control and assignments of FCC licenses. ) Tj ET Q q 0 0 0 rg BT 420.02 274.25 Td (The filing of petitions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (complaints against FCC licensees could result in the FCC delaying the grant of, or refusing to grant, its consent to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (assignment of licenses to or from an FCC licensee or the transfer of control of an FCC licensee. In certain circumstances, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 238.25 Td (Act and FCC rules and policies will operate to impose limitations on alien ownership and voting of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 113.42 226.25 Td (There can be no assurance that there will be no changes in the current regulatory scheme, the imposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (additional regulations or the creation of new regulatory agencies, which changes could restrict or curtail our ability to acquire, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (operate and dispose of stations or) Tj ET Q q 0 0 0 rg BT 183.18 202.25 Td (, in general, to compete profitably with other operators of radio and other media properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 185.25 Td (Each of our radio stations operates pursuant to one or more licenses issued by the FCC. Under FCC rules, radio licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (are granted for a term of eight years. Our licenses expire at various times through June 2022. ) Tj ET Q q 0 0 0 rg BT 422.94 173.25 Td (Although we will apply to renew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (these licenses, third parties may challenge our renewal applications. ) Tj ET Q q 0 0 0 rg BT 323.89 161.25 Td (While we are not aware of facts or circumstances that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (would prevent us from having our current licenses renewed, there can be no assurance that the licenses will be renewed or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (renewals will not include conditions or qualifications that could adversely af) Tj ET Q q 0 0 0 rg BT 355.84 137.25 Td (fect our business and operations. Failure to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (the renewal of any of our broadcast licenses may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 352.18 125.25 Td (fect on our business and operations. In addition, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (we or any of our of) Tj ET Q q 0 0 0 rg BT 126.74 113.25 Td (ficers, directors or significant stockholders materially violates the FCC) Tj ET Q q 0 0 0 rg BT 413.06 113.25 Td (s rules and regulations or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 101.25 Td (Act, is convicted of a felony or is found to have engaged in unlawful anticompetitive conduct or fraud upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (another government agency) Tj ET Q q 0 0 0 rg BT 160.42 89.25 Td (, the FCC may) Tj ET Q q 0 0 0 rg BT 218.10 89.25 Td (, in response to a petition from a third party or on its own initiative, in its discretion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (commence a proceeding to impose sanctions upon us which could involve the imposition of monetary fines, the revocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (our broadcast licenses or other sanctions. If the FCC were to issue an order denying a license renewal application or revoking a ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (license, we would be required to cease operating the applicable radio station only after we had exhausted all rights to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (administrative and judicial review without success.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (The FCC has engaged in vigorous enforcement of its indecency rules against the broadcast industry) Tj ET Q q 0 0 0 rg BT 461.32 713.10 Td (, which could have a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 128.13 701.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 684.10 Td (s rules prohibit the broadcast of obscene material at any time and indecent material between the hours of 6 a.m. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (and 10 p.m. Broadcasters risk violating the prohibition on the broadcast of indecent material because of the FCC) Tj ET Q q 0 0 0 rg BT 502.94 672.10 Td (s broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (definition of such material, coupled with the spontaneity of live programming.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 643.10 Td (Congress has dramatically increased the penalties for broadcasting obscene, indecent or profane programming and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (broadcasters can potentially face license revocation, renewal or qualification proceedings in the event that they broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (indecent material. In addition, the FCC) Tj ET Q q 0 0 0 rg BT 209.13 619.10 Td (s heightened focus on indecency) Tj ET Q q 0 0 0 rg BT 338.44 619.10 Td (, against the broadcast industry generally) Tj ET Q q 0 0 0 rg BT 501.63 619.10 Td (, may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (encourage third parties to oppose our license renewal applications or applications for consent to acquire broadcast stations. ) Tj ET Q q 0 0 0 rg BT 543.17 607.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (result of these developments, we have implemented certain measures that are designed to reduce the risk of broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (indecent material in violation of the FCC) Tj ET Q q 0 0 0 rg BT 217.19 583.10 Td (s rules. ) Tj ET Q q 0 0 0 rg BT 247.84 583.10 Td (These and other future modifications to our programming in an ef) Tj ET Q q 0 0 0 rg BT 510.91 583.10 Td (fort to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (reduce the risk of indecency violations could have an adverse ef) Tj ET Q q 0 0 0 rg BT 305.83 571.10 Td (fect on our competitive position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (Any changes in current FCC ownership regulations may negatively impact our ability to compete or otherwise harm our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 525.10 Td (The FCC is required to review all of its broadcast ownership rules every four years and to repeal or modify any of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (rules that are no longer necessary in the public interest. ) Tj ET Q q 0 0 0 rg BT 281.67 513.10 Td (W) Tj ET Q q 0 0 0 rg BT 290.31 513.10 Td (e cannot predict the impact of these reviews on our business or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (their ef) Tj ET Q q 0 0 0 rg BT 78.41 501.10 Td (fect on our ability to acquire broadcast stations in the future or to continue to own and freely transfer stations that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (have already acquired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 472.10 Td (In 2003, we acquired a controlling interest in five FM stations and one ) Tj ET Q q 0 0 0 rg BT 357.83 472.10 Td (AM station in the ) Tj ET Q q 0 0 0 rg BT 430.05 472.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 461.54 472.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.95 472.10 Td (exas market. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (ownership regulations released after the date of our acquisition, it appears that we would be permitted to own or control only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (four FM stations in the ) Tj ET Q q 0 0 0 rg BT 143.61 448.10 Td (Austin market \(ownership of one ) Tj ET Q q 0 0 0 rg BT 277.75 448.10 Td (AM station would continue to be allowed\). ) Tj ET Q q 0 0 0 rg BT 451.99 448.10 Td (The new rules do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (require divestiture of existing non-conforming station combinations, but do provide that such clusters may be transferred only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (to defined small business entities or to buyers that commit to selling any excess stations to such entities within one year) Tj ET Q q 0 0 0 rg BT 527.70 424.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 104.35 412.10 Td (, if we wish to sell our interest in the ) Tj ET Q q 0 0 0 rg BT 252.38 412.10 Td (Austin stations, we will likely have to either sell to an entity that meets those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (FCC requirements or exclude at least one FM station from the transaction.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (Changes in current Federal regulations could adversely af) Tj ET Q q 0 0 0 rg BT 290.66 383.10 Td (fect our business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 366.10 Td (Congress and the FCC have under consideration, and may in the future consider and adopt, new laws, regulations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (policies that could, directly or indirectly) Tj ET Q q 0 0 0 rg BT 209.86 354.10 Td (, af) Tj ET Q q 0 0 0 rg BT 222.45 354.10 Td (fect the profitability of our broadcast stations. In particular) Tj ET Q q 0 0 0 rg BT 456.69 354.10 Td (, Congress is considering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (a revocation of radio) Tj ET Q q 0 0 0 rg BT 135.80 342.10 Td (s exemption from paying royalties to performing artists for use of their recordings \(radio already pays a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (royalty to songwriters\). ) Tj ET Q q 0 0 0 rg BT 145.54 330.10 Td (A) Tj ET Q q 0 0 0 rg BT 152.21 330.10 Td ( requirement to pay additional royalties could have an adverse ef) Tj ET Q q 0 0 0 rg BT 410.82 330.10 Td (fect on our business operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (financial performance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (Our business strategy and our ability to operate profitably depend on the continued services of our key employees, the loss of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (whom could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 210.36 289.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 272.10 Td (Our ability to maintain our competitive position depends to a significant extent on the ef) Tj ET Q q 0 0 0 rg BT 427.07 272.10 Td (forts and abilities of our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (management team and certain key employees. ) Tj ET Q q 0 0 0 rg BT 236.31 260.10 Td (Although our executive of) Tj ET Q q 0 0 0 rg BT 341.38 260.10 Td (ficers are typically under employment agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (their managerial, technical and other services would be dif) Tj ET Q q 0 0 0 rg BT 283.89 248.10 Td (ficult to replace if we lose the services of one or more of them or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (other key personnel. Our business could be seriously harmed if one of them decides to join a competitor or otherwise competes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (directly or indirectly against us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 207.10 Td (Our radio stations employ or independently contract with several on-air personalities and hosts of syndicated radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (programs with lar) Tj ET Q q 0 0 0 rg BT 120.91 195.10 Td (ge and loyal audiences in their respective broadcast areas. ) Tj ET Q q 0 0 0 rg BT 354.52 195.10 Td (These on-air personalities are sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (significantly responsible for the ranking of a station and, thus, the ability of the station to sell advertising. Such on-air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (personalities or other key individuals may not remain with our radio stations and we may not retain their audiences, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (could af) Tj ET Q q 0 0 0 rg BT 82.30 159.10 Td (fect our competitive position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Impairment losses related to our intangible assets have reduced our earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 125.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 125.10 Td (e have reported significant net losses in our consolidated statement of operations in the past as a result of recording ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (noncash impairment char) Tj ET Q q 0 0 0 rg BT 150.89 113.10 Td (ges, mostly related to FCC licenses and goodwill. During the years ended February 28 \(29\), 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (2016 and 2017, we incurred impairment losses of $67.9 million, $9.5 million, and $9.8 million, respectively) Tj ET Q q 0 0 0 rg BT 481.51 101.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.46 101.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 89.10 Td (, our FCC licenses and goodwill comprise 70% of our total assets. If events occur or circumstances change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (that would reduce the fair value of the FCC licenses and goodwill below the amount reflected on the balance sheet, we may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (required to recognize impairment char) Tj ET Q q 0 0 0 rg BT 203.08 65.10 Td (ges, which may be material, in future periods.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Future operation of our business may require significant additional capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The continued development, growth and operation of our businesses may require substantial capital. In particular) Tj ET Q q 0 0 0 rg BT 526.24 725.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (additional acquisitions may require lar) Tj ET Q q 0 0 0 rg BT 203.66 713.25 Td (ge amounts of capital. ) Tj ET Q q 0 0 0 rg BT 294.29 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 302.92 713.25 Td (e intend to fund our growth, including acquisitions, if any) Tj ET Q q 0 0 0 rg BT 533.07 713.25 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (cash generated from operations, borrowings under our Credit ) Tj ET Q q 0 0 0 rg BT 296.32 701.25 Td (Agreement dated June 10, 2014 \(the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 497.66 701.25 Td (Agreement\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (as amended, and proceeds from future issuances of debt and equity) Tj ET Q q 0 0 0 rg BT 317.31 689.25 Td (, both public and private. Currently) Tj ET Q q 0 0 0 rg BT 457.47 689.25 Td (, the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Agreement substantially limits our ability to make acquisitions. Our ability to raise additional debt or equity financing is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (subject to market conditions, our financial condition and other factors. If we cannot obtain financing on acceptable terms when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (needed, our results of operations and financial condition could be adversely impacted. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 635.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 635.85 Td (e may fail to realize any benefits and incur unanticipated losses related to any acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.43 635.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 618.85 Td (The success of our strategic acquisitions will depend, in part, on our ability to successfully integrate the acquired assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.85 Td (with our existing assets. It is possible that the integration process could result in the loss of key employees, the disruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.85 Td (ongoing business or inconsistencies in standards, controls, procedures and policies that adversely af) Tj ET Q q 0 0 0 rg BT 448.61 594.85 Td (fect our ability to maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.85 Td (relationships with clients, customers and employees or to achieve the anticipated benefits of the acquisition. Successful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.85 Td (integration may also be hampered by any dif) Tj ET Q q 0 0 0 rg BT 228.37 570.85 Td (ferences between the operations and corporate culture of the two or) Tj ET Q q 0 0 0 rg BT 497.52 570.85 Td (ganizations. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.85 Td (we experience dif) Tj ET Q q 0 0 0 rg BT 120.89 558.85 Td (ficulties with the integration process, the anticipated benefits of the acquisition may not be realized fully) Tj ET Q q 0 0 0 rg BT 537.89 558.85 Td (, or at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.85 Td (all, or may take longer to realize than expected. Finally) Tj ET Q q 0 0 0 rg BT 270.10 546.85 Td (, any cost savings that are realized may be of) Tj ET Q q 0 0 0 rg BT 449.29 546.85 Td (fset by losses in revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.85 Td (from the acquired business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 517.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 517.45 Td (e may fail to consummate dispositions or complete them in a timely manner) Tj ET Q q 0 0 0 rg BT 368.15 517.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 500.45 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 500.45 Td (e regularly review our portfolio of assets and periodically dispose of assets when we believe it is appropriate to do so. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.45 Td (In that respect, on ) Tj ET Q q 0 0 0 rg BT 123.59 488.45 Td (August 19, 2016, we announced that we were exploring strategic alternatives for our publishing division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.45 Td (\(except ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.92 476.45 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 476.45 Td (\), our radio stations in ) Tj ET Q q 0 0 0 rg BT 258.67 476.45 Td (T) Tj ET Q q 0 0 0 rg BT 264.08 476.45 Td (erre Haute, Indiana, and ) Tj ET Q q 0 0 0 rg BT 362.73 476.45 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 441.51 476.45 Td (Y) Tj ET Q q 0 0 0 rg BT 447.73 476.45 Td (ork. ) Tj ET Q q 0 0 0 rg BT 465.88 476.45 Td (W) Tj ET Q q 0 0 0 rg BT 474.52 476.45 Td (e completed our sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.45 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.83 464.45 Td (T) Tj ET Q q 0 0 0 rg BT 65.47 464.45 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.07 464.45 Td ( on November 1, 2016, our sale of radio stations in ) Tj ET Q q 0 0 0 rg BT 324.68 464.45 Td (T) Tj ET Q q 0 0 0 rg BT 330.09 464.45 Td (erre Haute, Indiana on January 30, 2017, and the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.45 Td (the remainder of our publishing division \(except ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.79 452.45 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.17 452.45 Td (\) on February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 428.92 452.45 Td (W) Tj ET Q q 0 0 0 rg BT 437.55 452.45 Td (e continue to explore our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.45 Td (options with ) Tj ET Q q 0 0 0 rg BT 102.05 440.45 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 180.83 440.45 Td (Y) Tj ET Q q 0 0 0 rg BT 187.05 440.45 Td (ork. In addition, the amendment to our credit agreement that we executed on ) Tj ET Q q 0 0 0 rg BT 495.00 440.45 Td (April 18, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.45 Td (requires Emmis to divest of assets that will yield at least $80 million of proceeds beyond the transactions that had closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.45 Td (through February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 162.03 416.45 Td (W) Tj ET Q q 0 0 0 rg BT 170.66 416.45 Td (e have nine months from the date of the amendment to enter into definitive agreements for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.45 Td (requisite sales and six additional months to close the transactions. ) Tj ET Q q 0 0 0 rg BT 317.54 404.45 Td (The sale and transfer of an FCC license requires approval by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.45 Td (the FCC. ) Tj ET Q q 0 0 0 rg BT 88.44 392.45 Td (While we have entered into an agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 378.90 392.45 Td (Angeles for $82.8 million, which satisfies the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.45 Td (requirement to enter into definitive agreements within nine months, the closing is subject to certain regulatory approvals and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.45 Td (closing conditions. ) Tj ET Q q 0 0 0 rg BT 127.50 368.45 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 176.84 368.45 Td (, we cannot assure investors that necessary regulatory approvals will be obtained and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.45 Td (closing conditions will be met that will allow the disposition to close by July 18, 2018. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 339.45 Td (Our operating results have been and may again be adversely af) Tj ET Q q 0 0 0 rg BT 309.25 339.45 Td (fected by acts of war) Tj ET Q q 0 0 0 rg BT 392.56 339.45 Td (, terrorism and natural catastrophes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 322.45 Td (Acts of war and terrorism against the United States, and the country) Tj ET Q q 0 0 0 rg BT 348.37 322.45 Td (s response to such acts, may negatively af) Tj ET Q q 0 0 0 rg BT 515.36 322.45 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.45 Td (U.S. advertising market, which could cause our advertising revenues to decline due to advertising cancellations, delays or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.45 Td (defaults in payment for advertising time, and other factors. In addition, these events may have other negative ef) Tj ET Q q 0 0 0 rg BT 495.22 298.45 Td (fects on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.45 Td (business, the nature and duration of which we cannot predict.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.45 Td (For example, after the September1) Tj ET Q q 0 0 0 rg BT 214.69 269.45 Td (1, 2001 terrorist attacks, we decided that the public interest would be best served by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.45 Td (the presentation of continuous commercial-free coverage of the unfolding events on our stations. ) Tj ET Q q 0 0 0 rg BT 439.14 257.45 Td (This temporary policy had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.45 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 245.45 Td (fect on our advertising revenues and operating results for the month of September 2001. Future events like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.45 Td (those of September1) Tj ET Q q 0 0 0 rg BT 134.33 233.45 Td (1, 2001 may cause us to adopt similar policies, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 479.87 233.45 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.45 Td (advertising revenues and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 204.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 204.45 Td (, the attacks on the ) Tj ET Q q 0 0 0 rg BT 200.92 204.45 Td (W) Tj ET Q q 0 0 0 rg BT 209.56 204.45 Td (orld ) Tj ET Q q 0 0 0 rg BT 227.98 204.45 Td (T) Tj ET Q q 0 0 0 rg BT 233.74 204.45 Td (rade Center on September1) Tj ET Q q 0 0 0 rg BT 345.00 204.45 Td (1, 2001 resulted in the destruction of the transmitter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.45 Td (facilities that were located there. ) Tj ET Q q 0 0 0 rg BT 182.16 192.45 Td (Although we had no transmitter facilities located at the ) Tj ET Q q 0 0 0 rg BT 404.41 192.45 Td (W) Tj ET Q q 0 0 0 rg BT 413.05 192.45 Td (orld ) Tj ET Q q 0 0 0 rg BT 431.47 192.45 Td (T) Tj ET Q q 0 0 0 rg BT 437.23 192.45 Td (rade Center) Tj ET Q q 0 0 0 rg BT 483.19 192.45 Td (, broadcasters that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.45 Td (had facilities located in the destroyed buildings experienced temporary disruptions in their ability to broadcast. Since we tend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.45 Td (locate transmission facilities for stations serving urban areas on tall buildings or other significant structures, such as the Empire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.45 Td (State Building in New ) Tj ET Q q 0 0 0 rg BT 141.29 156.45 Td (Y) Tj ET Q q 0 0 0 rg BT 147.51 156.45 Td (ork, further terrorist attacks or other disasters could cause similar disruptions in our broadcasts in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.45 Td (areas af) Tj ET Q q 0 0 0 rg BT 80.63 144.45 Td (fected. If these disruptions occur) Tj ET Q q 0 0 0 rg BT 211.01 144.45 Td (, we may not be able to locate adequate replacement facilities in a cost-ef) Tj ET Q q 0 0 0 rg BT 503.47 144.45 Td (fective or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.45 Td (timely manner or at all. Failure to remedy disruptions caused by terrorist attacks or other disasters and any resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.45 Td (degradation in signal coverage could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 303.87 120.45 Td (fect on our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 103.45 Td (Similarly) Tj ET Q q 0 0 0 rg BT 110.57 103.45 Td (, hurricanes, floods, tornadoes, earthquakes, wild fires and other natural disasters can have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.45 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 91.45 Td (fect on our operations in any given market. ) Tj ET Q q 0 0 0 rg BT 232.08 91.45 Td (While we generally carry insurance covering such catastrophes, we cannot be sure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.45 Td (that the proceeds from such insurance will be suf) Tj ET Q q 0 0 0 rg BT 245.87 79.45 Td (ficient to of) Tj ET Q q 0 0 0 rg BT 292.34 79.45 Td (fset the costs of rebuilding or repairing our property or the lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.45 Td (income.) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 742.25 Td (e have significant obligations relating to our current operating leases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 725.25 Td (In February 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 200.81 725.25 Td (Accounting Standards Board released ) Tj ET Q q 0 0 0 rg BT 353.54 725.25 Td (Accounting Standards Update 2016-02, Leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 58.74 713.25 Td (opic 842\) \("ASU 2016-02"\). ) Tj ET Q q 0 0 0 rg BT 174.77 713.25 Td (This update requires lessees to recognize, on the balance sheet, assets and liabilities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (with classification af) Tj ET Q q 0 0 0 rg BT 133.13 689.25 Td (fecting the pattern of expense recognition in the income statement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 672.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 672.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.54 672.25 Td (, we had operating lease commitments of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.42 672.25 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.31 672.25 Td (. ) Tj ET Q q 0 0 0 rg BT 456.13 672.25 Td (These leases are classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (as operating leases and disclosed in Note 1) Tj ET Q q 0 0 0 rg BT 220.97 660.25 Td (1 to our accompanying consolidated financial statements. Currently) Tj ET Q q 0 0 0 rg BT 490.80 660.25 Td (, operating leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (are classified as of) Tj ET Q q 0 0 0 rg BT 123.95 648.25 Td (f-balance sheet transactions and only the current year operating lease expense is accounted for in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (consolidated statements of operations as rent expense. ) Tj ET Q q 0 0 0 rg BT 268.27 636.25 Td (All of our leases classified as operating leases require us to make certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (estimates at the inception of the lease in order to determine whether the lease is operating or capital. ) Tj ET Q q 0 0 0 rg BT 451.80 624.25 Td (ASU 2016-02 requires that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (substantially all operating leases be recognized as assets \(the right to use the leased property\) and liabilities \(the present value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (of future lease payments\). ) Tj ET Q q 0 0 0 rg BT 156.17 600.25 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 252.62 600.25 Td (fective for the Company as of March 1, 2019 and requires a modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (retrospective implementation. ) Tj ET Q q 0 0 0 rg BT 171.72 588.25 Td (When adopted, ) Tj ET Q q 0 0 0 rg BT 234.20 588.25 Td (ASU 2016-02 will result in an increase in the assets and liabilities reflected on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (our consolidated balance sheets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (Our business is dependent upon the proper functioning of our internal business processes and information systems and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (modification or interruption of such systems may disrupt our business, processes and internal controls. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 530.25 Td (The proper functioning of our internal business processes and information systems is critical to the ef) Tj ET Q q 0 0 0 rg BT 477.50 530.25 Td (ficient operation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (management of our business. If these information technology systems fail or are interrupted, our operations may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 506.25 Td (fected and operating results could be harmed. Our business processes and information systems need to be suf) Tj ET Q q 0 0 0 rg BT 493.68 506.25 Td (ficiently scalable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (to support the future growth of our business and may require modifications or upgrades that expose us to a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (operational risks. Our information technology systems, and those of third party providers, may also be vulnerable to damage or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (disruption caused by circumstances beyond our control. ) Tj ET Q q 0 0 0 rg BT 275.32 470.25 Td (These include catastrophic events, power anomalies or outages, natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (disasters, computer system or network failures, viruses or malware, physical or electronic intrusions, unauthorized access and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (cyber) Tj ET Q q 0 0 0 rg BT 72.01 446.25 Td (-attacks. ) Tj ET Q q 0 0 0 rg BT 107.55 446.25 Td (Any material disruption, malfunction or similar challenges with our business processes or information systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (or disruptions or challenges relating to the transition to new processes, systems or providers, could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 422.25 Td (fect on our financial position, results of operations and cash flows. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 405.25 Td (Because of our holding company structure, we depend on our subsidiaries for cash flow) Tj ET Q q 0 0 0 rg BT 411.33 405.25 Td (, and our access to this cash flow is ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 393.25 Td (restricted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 376.25 Td (e operate as a holding company) Tj ET Q q 0 0 0 rg BT 206.83 376.25 Td (. ) Tj ET Q q 0 0 0 rg BT 211.28 376.25 Td (All of our radio stations and other assets are currently owned and operated by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (subsidiaries. Emmis Operating Company \(EOC\), our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 374.02 364.25 Td (, is the borrower under our credit facility) Tj ET Q q 0 0 0 rg BT 536.09 364.25 Td (. ) Tj ET Q q 0 0 0 rg BT 540.54 364.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (of our station and other operating subsidiaries and FCC license subsidiaries are subsidiaries of EOC. Further) Tj ET Q q 0 0 0 rg BT 483.40 352.25 Td (, we guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (EOC) Tj ET Q q 0 0 0 rg BT 72.78 340.25 Td (s obligations under the credit facility and substantially all of EOC) Tj ET Q q 0 0 0 rg BT 338.28 340.25 Td (s assets are pledged as collateral under the credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (facility) Tj ET Q q 0 0 0 rg BT 77.67 328.25 Td (. ) Tj ET Q q 0 0 0 rg BT 82.12 328.25 Td (As a holding company) Tj ET Q q 0 0 0 rg BT 171.73 328.25 Td (, our only source of cash to pay our obligations, including corporate overhead expenses, is cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (distributed from our subsidiaries. ) Tj ET Q q 0 0 0 rg BT 185.08 316.25 Td (W) Tj ET Q q 0 0 0 rg BT 193.72 316.25 Td (e currently expect that the majority of the net earnings and cash flow of our subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (will be retained and used by them in their operations, including servicing their debt obligations. Even if our subsidiaries elect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (make distributions to us, we cannot be assured that applicable state law and contractual restrictions, including covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (contained in our credit facility) Tj ET Q q 0 0 0 rg BT 170.42 280.25 Td (, would permit such dividends or distributions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 246.25 Td ( Indebtedness:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (Our substantial indebtedness could adversely af) Tj ET Q q 0 0 0 rg BT 246.22 229.25 Td (fect our financial health.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 212.25 Td (e have a significant amount of indebtedness. ) Tj ET Q q 0 0 0 rg BT 262.03 212.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.53 212.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.13 212.25 Td (, our total indebtedness was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.44 212.25 Td ($221.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.33 212.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 200.25 Td ($152.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.78 200.25 Td ( under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 255.82 200.25 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.24 200.25 Td ($60.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.14 200.25 Td ( of 98.7FM nonrecourse debt and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.94 200.25 Td ($8.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.83 200.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (other nonrecourse debt. ) Tj ET Q q 0 0 0 rg BT 146.45 188.25 Td (The Company expects that proceeds from the LMA) Tj ET Q q 0 0 0 rg BT 352.23 188.25 Td ( in New ) Tj ET Q q 0 0 0 rg BT 386.02 188.25 Td (Y) Tj ET Q q 0 0 0 rg BT 392.24 188.25 Td (ork with a subsidiary of Disney will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 176.25 Td (ficient to pay all debt service related to the 98.7FM nonrecourse debt. Our shareholders) Tj ET Q q 0 0 0 rg BT 414.24 176.25 Td ( deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.83 176.25 Td ($36.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.72 176.25 Td (. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (substantial indebtedness could have important consequences to investors. For example, it could:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 147.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 147.25 Td (make it more dif) Tj ET Q q 0 0 0 rg BT 151.79 147.25 Td (ficult for us to satisfy our obligations with respect to our indebtedness;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 130.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 130.25 Td (increase our vulnerability to generally adverse economic and industry conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 113.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 113.25 Td (require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 101.25 Td (reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 89.25 Td (purposes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 72.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 72.25 Td (result in higher interest expense in the event of increases in interest rates because some of our debt is at variable rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 60.25 Td (of interest;) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 742.10 Td (limit our flexibility in planning for) Tj ET Q q 0 0 0 rg BT 223.79 742.10 Td (, or reacting to, changes in our businesses and the industries in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 725.10 Td (place us at a competitive disadvantage compared to some of our competitors that have less debt; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 708.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 708.10 Td (limit, along with the financial and other restrictive covenants in our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.19 708.10 Td (Agreement, our ability to borrow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 696.10 Td (additional funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 679.10 Td (If we cannot continue to comply with the financial covenants in our debt instruments, or obtain waivers or other relief from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (our lenders, we may default, which could result in loss of our sources of liquidity and acceleration of our indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 650.10 Td (e have a substantial amount of indebtedness, and the instruments governing such indebtedness contain restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (financial covenants. Our ability to comply with the covenants in our debt instruments will depend upon our future performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (and various other factors, such as business, competitive, technological, legislative and regulatory factors, some of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (beyond our control. ) Tj ET Q q 0 0 0 rg BT 130.91 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.55 614.10 Td (e may not be able to maintain compliance with all of these covenants. In that event, we would need to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (seek an amendment to our debt instruments, or would need to refinance our debt instruments. ) Tj ET Q q 0 0 0 rg BT 425.56 602.10 Td (There can be no assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (we can obtain future amendments or waivers of our debt instruments, or refinance our debt instruments and, even if so, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (likely that such relief would only last for a specified period, potentially necessitating additional amendments, waivers or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (refinancings in the future. In the event that we do not maintain compliance with the covenants under our debt instruments, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (lenders could declare an event of default, subject to applicable notice and cure provisions, resulting in a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (impact on our financial position. Upon the occurrence of an event of default under our debt instruments, the lenders could elect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (to declare all amounts outstanding under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 280.23 530.10 Td (Agreement to be immediately due and payable and terminate all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (commitments to extend further credit. If we were unable to repay those amounts, the lenders could proceed against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (collateral granted to them to secure that indebtedness. Our lenders under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.39 506.10 Td (Agreement have taken security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (interests in substantially all of our consolidated assets. If the lenders accelerate the repayment of borrowings, we may be forced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (to liquidate certain assets to repay all or part of our debt instruments, and we cannot be assured that suf) Tj ET Q q 0 0 0 rg BT 461.92 482.10 Td (ficient assets will remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (for us to continue our business operations after we have paid all of the borrowings under our debt instruments. Our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (liquidate assets is af) Tj ET Q q 0 0 0 rg BT 130.08 458.10 Td (fected by the regulatory restrictions associated with radio stations, including FCC licensing, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (make the market for these assets less liquid and increase the chances that these assets will be liquidated at a significant loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 429.10 Td (Our 98.7FM debt is not subject to these risks to the same degree as the debt under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 471.71 429.10 Td (Agreement, as certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (rights and payments under the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 229.15 417.10 Td ( have been assigned to the holder of the 98.7FM debt, the 98.7FM debt is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (nonrecourse to the rest of Emmis, and the LMA) Tj ET Q q 0 0 0 rg BT 240.79 405.10 Td ( payments have been guaranteed by Disney Enterprises, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (The terms of our indebtedness and the indebtedness of our direct and indirect subsidiaries may restrict our current and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (future operations, particularly our ability to respond to changes in market conditions or to take some actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 359.10 Td (Our debt instruments impose significant operating and financial restrictions on us. ) Tj ET Q q 0 0 0 rg BT 404.86 359.10 Td (These restrictions significantly limit or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (prohibit, among other things, our ability and the ability of our subsidiaries to incur additional indebtedness, issue preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (stock, incur liens, pay dividends, enter into asset purchase or sale transactions, mer) Tj ET Q q 0 0 0 rg BT 381.39 335.10 Td (ge or consolidate with another company) Tj ET Q q 0 0 0 rg BT 540.97 335.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (dispose of all or substantially all of our assets or make certain other payments or investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 306.10 Td (These restrictions currently limit our ability to grow our business through acquisitions and could limit our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (respond to market conditions or meet extraordinary capital needs. ) Tj ET Q q 0 0 0 rg BT 314.73 294.10 Td (They also could restrict our corporate activities in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (ways. ) Tj ET Q q 0 0 0 rg BT 75.37 282.10 Td (These restrictions could adversely af) Tj ET Q q 0 0 0 rg BT 221.80 282.10 Td (fect our ability to finance our future operations or capital needs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 265.10 Td (o service our indebtedness and other obligations, we will require a significant amount of cash. Our ability to generate cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (depends on many factors beyond our control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 236.10 Td (Our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 141.50 236.10 Td (Agreement, as amended, requires us to repay approximately $12.1 million of our term notes in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (2018 and $4.7 million annually thereafter until maturity in addition to periodic interest payments. Our ability to make payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (on our indebtedness and to fund capital expenditures will depend on our ability to generate cash in the future. ) Tj ET Q q 0 0 0 rg BT 489.69 212.10 Td (This ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (generate cash, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (that are beyond our control. Our businesses might not generate suf) Tj ET Q q 0 0 0 rg BT 315.59 188.10 Td (ficient cash flow from operations. ) Tj ET Q q 0 0 0 rg BT 453.14 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.78 188.10 Td (e might not be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (complete future of) Tj ET Q q 0 0 0 rg BT 123.68 176.10 Td (ferings, and future borrowings might not be available to us in an amount suf) Tj ET Q q 0 0 0 rg BT 427.88 176.10 Td (ficient to enable us to pay our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (indebtedness or to fund our other liquidity needs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 130.10 Td ( Common Stock:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (One shareholder controls a majority of the voting power of our common stock, and his interest may conflict with those of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (other shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 84.10 Td (As of May 5, 2017, our Chairman of the Board of Directors and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 409.57 84.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 427.48 84.10 Td (, Jef) Tj ET Q q 0 0 0 rg BT 443.96 84.10 Td (frey H. Smulyan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (beneficially owned shares representing approximately 51.6% of the outstanding combined voting power of all classes of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (common stock, as calculated pursuant to Rule 13d-3 of the Exchange ) Tj ET Q q 0 0 0 rg BT 328.81 60.10 Td (Act. He therefore is in a position to exercise substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (influence over the outcome of most matters submitted to a vote of our shareholders, including the election of directors.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 79.54 742.25 Td (ficulties associated with any attempt to gain control of our company could adversely af) Tj ET Q q 0 0 0 rg BT 435.18 742.25 Td (fect the price of our Class) Tj ET Q q 0 0 0 rg BT 543.13 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 549.25 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (Jef) Tj ET Q q 0 0 0 rg BT 85.48 713.25 Td (frey H. Smulyan has substantial influence over the decision as to whether a change in control will occur for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.83 701.25 Td (There are also provisions contained in our articles of incorporation, by-laws and Indiana law that could make it more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 689.25 Td (ficult for a third party to acquire control of Emmis. In addition, FCC approval for transfers of control of FCC licenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (assignments of FCC licenses are required. ) Tj ET Q q 0 0 0 rg BT 220.62 677.25 Td (These restrictions and limitations could adversely af) Tj ET Q q 0 0 0 rg BT 429.26 677.25 Td (fect the trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 665.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 665.25 Td ( common stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (Our stock price and trading volume could be volatile. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 631.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 114.17 631.25 Td (A) Tj ET Q q 0 0 0 rg BT 120.84 631.25 Td ( common stock is currently listed on the National ) Tj ET Q q 0 0 0 rg BT 319.97 631.25 Td (Association of Securities Dealers ) Tj ET Q q 0 0 0 rg BT 454.94 631.25 Td (Automated Quotation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (\("Nasdaq"\) Global Select Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 300.42 619.25 Td (The market price of our Class ) Tj ET Q q 0 0 0 rg BT 421.50 619.25 Td (A) Tj ET Q q 0 0 0 rg BT 428.17 619.25 Td ( common stock and our trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (volume have been subject to fluctuations since our initial public of) Tj ET Q q 0 0 0 rg BT 316.42 607.25 Td (fering in 1994. ) Tj ET Q q 0 0 0 rg BT 377.52 607.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 426.86 607.25 Td (, the market price of our Class ) Tj ET Q q 0 0 0 rg BT 549.60 607.25 Td (A) Tj ET Q q 0 0 0 rg BT 556.27 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (common stock could experience volatility) Tj ET Q q 0 0 0 rg BT 217.08 595.25 Td (, regardless of our operating performance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 93.54 571.25 Td (A) Tj ET Q q 0 0 0 rg BT 99.65 571.25 Td ( common stock may cease to be listed on the Nasdaq Global Select Market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 554.25 Td (Our common stock is currently listed on the Nasdaq Global Select Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 486.40 554.25 Td (W) Tj ET Q q 0 0 0 rg BT 495.04 554.25 Td (e may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (able to meet the continued listing requirements of the Nasdaq Global Select Market, which require, among other things, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (minimum closing price of our common stock and a minimum market capitalization. In the past, we have received written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (deficiency notices from ) Tj ET Q q 0 0 0 rg BT 146.72 518.25 Td (The Nasdaq Stock Market advising us that the closing bid price of our Class ) Tj ET Q q 0 0 0 rg BT 453.33 518.25 Td (A) Tj ET Q q 0 0 0 rg BT 460.00 518.25 Td ( common stock did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (meet the continued listing requirements pursuant to NASDAQ Listing Rule 5450\(a\)\(1\). In each of these instances, we were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (able to satisfy the requirements for continued listing. If we are unable to satisfy the requirements of the Nasdaq Global Select ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (Market for continued listing, our common stock would be subject to delisting from that market, and we might or might not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (eligible to list our shares on another Nasdaq market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 453.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 453.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 453.25 Td ( delisting of our Class ) Tj ET Q q 0 0 0 rg BT 182.39 453.25 Td (A) Tj ET Q q 0 0 0 rg BT 189.06 453.25 Td ( common stock from the Nasdaq Global Select Market could negatively impact us by) Tj ET Q q 0 0 0 rg BT 529.16 453.25 Td (, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.25 Td (other things, reducing the liquidity and market price of our common stock. ) Tj ET Q q 0 0 0 rg BT 350.86 441.25 Td (There can be no assurance that we will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.25 Td (comply with the Minimum Bid Price Rule, or any other requirement in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (ITEM1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 143.27 400.25 Td (VED ST) Tj ET Q q 0 0 0 rg BT 178.37 400.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 197.44 400.25 Td ( COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 383.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (ITEM2. PROPER) Tj ET Q q 0 0 0 rg BT 129.93 354.25 Td (TIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 337.25 Td (The types of properties required to support each of our radio stations include of) Tj ET Q q 0 0 0 rg BT 391.23 337.25 Td (fices, studios and transmitter/antenna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (sites. ) Tj ET Q q 0 0 0 rg BT 72.60 325.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.24 325.25 Td (e typically lease our studio and of) Tj ET Q q 0 0 0 rg BT 216.02 325.25 Td (fice space, although we do own some of our facilities. Most of our studio and of) Tj ET Q q 0 0 0 rg BT 536.04 325.25 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (space leases contain lease terms with expiration dates of five to fifteen years. ) Tj ET Q q 0 0 0 rg BT 359.88 313.25 Td (A) Tj ET Q q 0 0 0 rg BT 366.55 313.25 Td ( station) Tj ET Q q 0 0 0 rg BT 398.50 313.25 Td (s studios are generally housed with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 301.25 Td (fices in downtown or business districts. ) Tj ET Q q 0 0 0 rg BT 218.23 301.25 Td (W) Tj ET Q q 0 0 0 rg BT 226.87 301.25 Td (e generally consider our facilities to be suitable and of adequate size for our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (and intended purposes. ) Tj ET Q q 0 0 0 rg BT 144.24 289.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.88 289.25 Td (e own several of our main transmitter/antenna sites and lease the remainder of our transmitter/antenna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (sites with lease terms that generally range from five to twenty years. ) Tj ET Q q 0 0 0 rg BT 325.56 277.25 Td (The transmitter/antenna site for each station is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (located so as to provide maximum market coverage, consistent with the station) Tj ET Q q 0 0 0 rg BT 368.25 265.25 Td (s FCC license. In general, we do not anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 253.25 Td (ficulties in renewing facility or transmitter/antenna site leases or in leasing additional space or sites if required. ) Tj ET Q q 0 0 0 rg BT 506.71 253.25 Td (W) Tj ET Q q 0 0 0 rg BT 515.35 253.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 241.25 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 241.25 Td ( in aggregate minimumrental commitments under real estate leases. Many of these leases contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (escalation clauses such as defined contractual increases or cost-of-living adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 212.25 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 179.05 212.25 Td (fices are located at 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (approximately 91,500 square feet of owned of) Tj ET Q q 0 0 0 rg BT 234.48 200.25 Td (fice space which is shared by our Indianapolis radio stations and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 510.52 200.25 Td (Indianapolis ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.33 188.25 Td ( publication. ) Tj ET Q q 0 0 0 rg BT 135.63 188.25 Td (This property is subject to a mortgage under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 380.31 188.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 171.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 171.25 Td (e own substantially all of our other equipment, consisting principally of transmitting antennae, transmitters, studio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.25 Td (equipment and general of) Tj ET Q q 0 0 0 rg BT 151.72 159.25 Td (fice equipment. ) Tj ET Q q 0 0 0 rg BT 216.24 159.25 Td (The towers, antennae and other transmission equipment used by our stations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.25 Td (generally in good condition, although opportunities to upgrade facilities are periodically reviewed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (ITEM3. LEGAL) Tj ET Q q 0 0 0 rg BT 123.63 118.25 Td ( PROCEEDINGS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 97.25 Td (The Company is a party to various legal proceedings arising in the ordinary course of business. In the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (management of the Company) Tj ET Q q 0 0 0 rg BT 167.37 85.25 Td (, there are no legal proceedings pending against the Company likely to have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 73.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 140.53 73.25 Td (.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (EXECUTIVE OFFICERS OF) Tj ET Q q 0 0 0 rg BT 178.54 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.85 742.25 Td (THE REGISTRANT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Listed below is certain information about the executive of) Tj ET Q q 0 0 0 rg BT 305.41 725.25 Td (ficers of Emmis or its af) Tj ET Q q 0 0 0 rg BT 402.15 725.25 Td (filiates who are not directors or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (nominees to be directors.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 660.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 660.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 660.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 630.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 630.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 630.75 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 144.5 660.75 m 409.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 660.75 m 483.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 660.75 m 562.5 660.75 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 663.730078125 m 77.44140625 663.730078125 l s q 0 0 0 rg BT 53.00 664.98 Td (NAME) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.90 664.98 Td (POSITION) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.35 680.98 Td (AGE ) Tj ET Q q 0 0 0 rg BT 452.24 680.98 Td (A) Tj ET Q q 0 0 0 rg BT 457.43 680.98 Td (T) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.05 672.98 Td (FEBRUAR) Tj ET Q q 0 0 0 rg BT 458.44 672.98 Td (Y) Tj ET Q q 0 0 0 rg BT 463.92 672.98 Td (28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.00 664.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.15 688.98 Td (YEAR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.75 680.98 Td (FIRST) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.35 672.98 Td (ELECTED) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 664.98 Td (OFFICER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.32 Td (Paul V. Brenner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 650.42 Td (President - TagStation / NextRadio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 650.42 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 650.42 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.32 Td (J. Scott Enright) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 635.42 Td (Executive Vice President, General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 635.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 635.42 Td (1998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.32 Td (Ryan A. Hornaday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 620.42 Td (Executive Vice President, Chief Financial Officer and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 620.42 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 620.42 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.32 Td (GregoryT.Loewen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 605.42 Td (President - Publishing Division and Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 605.42 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 605.42 Td (2007) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 584.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 584.25 Td (. Brenner was appointed as an executive of) Tj ET Q q 0 0 0 rg BT 257.09 584.25 Td (ficer of Emmis in July 2016 and has served as President - ) Tj ET Q q 0 0 0 rg BT 489.08 584.25 Td (T) Tj ET Q q 0 0 0 rg BT 494.49 584.25 Td (agStation / ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (NextRadio since March 2016. Previously) Tj ET Q q 0 0 0 rg BT 217.10 572.25 Td (, Mr) Tj ET Q q 0 0 0 rg BT 233.77 572.25 Td (. Brenner served as Senior ) Tj ET Q q 0 0 0 rg BT 341.33 572.25 Td (V) Tj ET Q q 0 0 0 rg BT 347.95 572.25 Td (ice President and Chief ) Tj ET Q q 0 0 0 rg BT 443.30 572.25 Td (T) Tj ET Q q 0 0 0 rg BT 448.71 572.25 Td (echnology Of) Tj ET Q q 0 0 0 rg BT 503.24 572.25 Td (ficer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (March 2009 to February 2016. Mr) Tj ET Q q 0 0 0 rg BT 189.15 560.25 Td (. Brenner joined Emmis in 1998.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 543.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 543.25 Td (.Enright was appointed Executive ) Tj ET Q q 0 0 0 rg BT 225.45 543.25 Td (V) Tj ET Q q 0 0 0 rg BT 232.07 543.25 Td (ice President, General Counsel and Secretary in March 2009. Previously) Tj ET Q q 0 0 0 rg BT 521.07 543.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 531.25 Td (.Enright served as Senior ) Tj ET Q q 0 0 0 rg BT 167.02 531.25 Td (V) Tj ET Q q 0 0 0 rg BT 173.64 531.25 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 229.46 531.25 Td (Associate General Counsel and Secretary of Emmis fromSeptember 2006 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (February 2009 and as ) Tj ET Q q 0 0 0 rg BT 138.69 519.25 Td (V) Tj ET Q q 0 0 0 rg BT 145.31 519.25 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 201.13 519.25 Td (Associate General Counsel and ) Tj ET Q q 0 0 0 rg BT 328.32 519.25 Td (Assistant Secretary fromthe date he joined Emmis in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (October 1998, adding the of) Tj ET Q q 0 0 0 rg BT 162.29 507.25 Td (fice of Secretary in 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 490.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 490.25 Td (. Hornaday was appointed Executive ) Tj ET Q q 0 0 0 rg BT 234.88 490.25 Td (V) Tj ET Q q 0 0 0 rg BT 241.50 490.25 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 372.68 490.25 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 410.25 490.25 Td (T) Tj ET Q q 0 0 0 rg BT 416.01 490.25 Td (reasurer in ) Tj ET Q q 0 0 0 rg BT 460.43 490.25 Td (August 2015. Previously) Tj ET Q q 0 0 0 rg BT 558.95 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 478.25 Td (. Hornaday served as Senior ) Tj ET Q q 0 0 0 rg BT 176.46 478.25 Td (V) Tj ET Q q 0 0 0 rg BT 183.08 478.25 Td (ice President - Finance and ) Tj ET Q q 0 0 0 rg BT 293.69 478.25 Td (T) Tj ET Q q 0 0 0 rg BT 299.45 478.25 Td (reasurer from December 2008 to July 2015. Mr) Tj ET Q q 0 0 0 rg BT 488.29 478.25 Td (. Hornaday joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Emmis in 1999.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 449.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 449.25 Td (.Loewen was appointed President Publishing Division and Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 402.67 449.25 Td (ficer in March 2010. Mr) Tj ET Q q 0 0 0 rg BT 499.03 449.25 Td (. Loewen has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (also served as President of Digonex since our acquisition of a controlling interest in June 2014. Previously) Tj ET Q q 0 0 0 rg BT 475.10 437.25 Td (, Mr) Tj ET Q q 0 0 0 rg BT 491.77 437.25 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (as Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 131.74 425.25 Td (ficer from February 2007 to February 2010. Prior to joining Emmis in February 2007, Mr) Tj ET Q q 0 0 0 rg BT 489.47 425.25 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.65 413.25 Td (V) Tj ET Q q 0 0 0 rg BT 67.27 413.25 Td (ice President of Digital Media and Strategy for ) Tj ET Q q 0 0 0 rg BT 257.04 413.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.90 413.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.31 413.25 Td (oronto Star) Tj ET Q q 0 0 0 rg BT 324.48 413.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (ITEM4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 157.97 384.25 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (Not applicable.) 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 (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (ITEM5. MARKET) Tj ET Q q 0 0 0 rg BT 133.99 704.25 Td ( FOR REGISTRANTS COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 327.53 704.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 359.57 704.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 394.68 704.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 479.22 704.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 513.96 704.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (ISSUER PURCHASES OF) Tj ET Q q 0 0 0 rg BT 165.21 692.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 692.25 Td ( SECURITIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 675.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 92.04 675.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 139.55 675.25 Td (TION FOR OUR COMMON ST) Tj ET Q q 0 0 0 rg BT 271.61 675.25 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (Emmis) Tj ET Q q 0 0 0 rg BT 104.92 658.25 Td ( Class) Tj ET Q q 0 0 0 rg BT 131.04 658.25 Td (A) Tj ET Q q 0 0 0 rg BT 137.71 658.25 Td ( common stock is traded in the over) Tj ET Q q 0 0 0 rg BT 280.53 658.25 Td (-the-counter market and is quoted on the Nasdaq Global Select ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 187.58 646.25 Td (There is no established public trading market for Emmis) Tj ET Q q 0 0 0 rg BT 415.67 646.25 Td ( Class B common stock or Class C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (common stock. On July 8, 2016, we ef) Tj ET Q q 0 0 0 rg BT 204.24 634.25 Td (fected a one-for) Tj ET Q q 0 0 0 rg BT 267.33 634.25 Td (-four reverse stock split for all classes of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.25 Td (The following table sets forth the high and low sales prices of the Class) Tj ET Q q 0 0 0 rg BT 361.72 617.25 Td (A) Tj ET Q q 0 0 0 rg BT 368.39 617.25 Td ( common stock for the periods indicated. Sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.25 Td (prices have been adjusted for all periods presented to reflect the impact of the reverse stock split.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 561.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 561.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 531.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 531.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 508.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 508.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 508.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 478.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 478.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 478.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 576.75 m 483.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 576.75 m 562.5 576.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 581.00 Td (QUARTER ENDED) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.50 581.00 Td (HIGH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.45 581.00 Td (LOW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.32 Td (May 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 566.42 Td (8.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 566.42 Td (4.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.32 Td (August 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 551.42 Td (5.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 551.42 Td (3.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.32 Td (November 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 536.42 Td (5.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 536.42 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.32 Td (February 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 521.42 Td (3.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 521.42 Td (1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.32 Td (May 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 498.42 Td (2.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 498.42 Td (1.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.32 Td (August 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 483.42 Td (4.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 483.42 Td (2.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (November 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 468.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 468.42 Td (4.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 468.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 468.42 Td (3.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.32 Td (February 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 453.42 Td (3.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 453.42 Td (2.76) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (HOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 415.25 Td (At May 5, 2017, there were 51) Tj ET Q q 0 0 0 rg BT 196.37 415.25 Td (1 record holders of the Class) Tj ET Q q 0 0 0 rg BT 313.01 415.25 Td (A) Tj ET Q q 0 0 0 rg BT 319.68 415.25 Td ( common stock, and there was one record holder of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (Class B common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (DIVIDENDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 369.25 Td (Emmis currently intends to retain future earnings for use in its business and has no plans to pay any dividends on shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (of its common stock in the foreseeable future. Emmis) Tj ET Q q 0 0 0 rg BT 266.70 357.25 Td ( 2014 Credit ) Tj ET Q q 0 0 0 rg BT 318.64 357.25 Td (Agreement sets forth certain restrictions on our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (pay dividends. See Note 5 to the accompanying consolidated financial statements for more discussion of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (SHARE REPURCHASES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 299.25 Td (During the three-month period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.34 299.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.94 299.25 Td (, there was withholding of shares of common stock upon vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (of restricted stock to cover withholding tax obligations. ) Tj ET Q q 0 0 0 rg BT 273.94 287.25 Td (The following table provides information on our repurchases during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 275.25 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.41 275.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 182.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 182.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 182.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 182.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 182.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 153.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 153.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 153.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 153.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 153.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 153.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 153.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 153.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 123.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 123.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 123.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 123.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 123.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 123.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 123.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 123.75 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 250.5 182.75 m 325.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 182.75 m 404.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 182.75 m 483.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 182.75 m 562.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 123.75 m 325.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 123.75 m 483.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 109.75 m 325.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 107.75 m 325.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 109.75 m 483.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 107.75 m 483.5 107.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 186.98 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.80 210.98 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.60 202.98 Td (T) Tj ET Q q 0 0 0 rg BT 268.20 202.98 Td (otalNumber) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.65 194.98 Td (of Shar) Tj ET Q q 0 0 0 rg BT 296.62 194.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.55 186.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 282.29 186.98 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.60 210.98 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.70 202.98 Td (A) Tj ET Q q 0 0 0 rg BT 347.88 202.98 Td (veragePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.75 194.98 Td (Paid Per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.55 186.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 372.85 186.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.05 242.98 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 234.98 Td (T) Tj ET Q q 0 0 0 rg BT 420.85 234.98 Td (otalNumber) Tj ET Q q 0 0 0 rg BT 464.04 234.98 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 226.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 450.30 226.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 218.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 435.74 218.98 Td (chased as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.60 210.98 Td (Part of Publicly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.90 202.98 Td (Announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.45 194.98 Td (Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.65 186.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 436.94 186.98 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 242.98 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.70 234.98 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 226.98 Td (Appr) Tj ET Q q 0 0 0 rg BT 519.98 226.98 Td (oximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.75 218.98 Td (Dollar) Tj ET Q q 0 0 0 rg BT 520.38 218.98 Td () Tj ET Q q 0 0 0 rg BT 522.23 218.98 Td (V) Tj ET Q q 0 0 0 rg BT 527.28 218.98 Td (alueof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.05 210.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 511.35 210.98 Td (es) Tj ET Q q 0 0 0 rg BT 519.87 210.98 Td (ThatMay) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 202.98 Td (Y) Tj ET Q q 0 0 0 rg BT 499.44 202.98 Td (etBePur) Tj ET Q q 0 0 0 rg BT 531.28 202.98 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 194.98 Td (Under) Tj ET Q q 0 0 0 rg BT 513.93 194.98 Td ( the Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.90 186.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 499.19 186.98 Td (ograms\(in000) Tj ET Q q 0 0 0 rg BT 552.22 186.98 Td (s\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 173.48 Td (ClassA Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 159.32 Td (December 1, 2016 - December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 158.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 158.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 158.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 158.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 158.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 158.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.70 144.32 Td (January 1, 2017 - January 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 143.42 Td (24,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 143.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 143.42 Td (3.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 143.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 143.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 143.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 129.32 Td (February 1, 2017 - February 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 128.42 Td (11,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 128.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 128.42 Td (2.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 128.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 128.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 128.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 113.42 Td (35,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 113.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (ITEM6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 201.14 80.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 217.34 80.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.27 80.25 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 56.25 Td (As a smaller reporting company) Tj ET Q q 0 0 0 rg BT 200.15 56.25 Td (, we are not required to provide this information.) 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 (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ITEM7. MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 239.19 730.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 262.81 730.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 290.22 730.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 328.48 730.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.09 730.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 450.44 730.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 507.03 730.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 535.28 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 718.10 Td (TIONS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (GENERAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (The following discussion pertains to Emmis Communications Corporation \(ECC\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 539.94 684.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Emmis or the Company\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 655.10 Td (e principally own and operate radio properties located in the United States. Our revenues are mostly af) Tj ET Q q 0 0 0 rg BT 492.59 655.10 Td (fected by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (advertising rates our entities char) Tj ET Q q 0 0 0 rg BT 182.55 643.10 Td (ge, as advertising sales represent approximately 70% of our consolidated revenues. ) Tj ET Q q 0 0 0 rg BT 516.98 643.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (rates are in lar) Tj ET Q q 0 0 0 rg BT 106.73 631.10 Td (ge part based on our entities) Tj ET Q q 0 0 0 rg BT 221.78 631.10 Td ( ability to attract audiences/subscribers in demographic groups tar) Tj ET Q q 0 0 0 rg BT 484.85 631.10 Td (geted by their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (advertisers. ) Tj ET Q q 0 0 0 rg BT 98.13 619.10 Td (The Nielsen Company generally measures radio station ratings weekly for markets measured by the Portable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (People Meter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.59 611.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.96 607.10 Td ( and two times a year for markets measured by diaries. Because audience ratings in a station) Tj ET Q q 0 0 0 rg BT 481.22 607.10 Td (s local market are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (critical to the station) Tj ET Q q 0 0 0 rg BT 134.70 595.10 Td (s financial success, our strategy is to use market research, advertising and promotion to attract and retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (audiences in each station) Tj ET Q q 0 0 0 rg BT 152.46 583.10 Td (s chosen demographic tar) Tj ET Q q 0 0 0 rg BT 254.19 583.10 Td (get group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (Our revenues vary throughout the year) Tj ET Q q 0 0 0 rg BT 228.12 566.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.56 566.10 Td (As is typical in the broadcasting industry) Tj ET Q q 0 0 0 rg BT 395.78 566.10 Td (, our revenues and operating income are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (usually lowest in our fourth fiscal quarter) Tj ET Q q 0 0 0 rg BT 214.96 554.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 537.10 Td (In addition to the sale of advertising time for cash, stations typically exchange advertising time for goods or services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (which can be used by the station in its business operations. ) Tj ET Q q 0 0 0 rg BT 287.56 525.10 Td (These barter transactions are recorded at the estimated fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (the product or service received. ) Tj ET Q q 0 0 0 rg BT 178.09 513.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.73 513.10 Td (e generally confine the use of such trade transactions to promotional items or services for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (which we would otherwise have paid cash. In addition, it is our general policy not to preempt advertising spots paid for in cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (with advertising spots paid for in trade.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 468.10 Td (The following table summarizes the sources of our revenues for the past three years. ) Tj ET Q q 0 0 0 rg BT 411.92 468.10 Td (The category Non ) Tj ET Q q 0 0 0 rg BT 490.87 468.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.63 468.10 Td (raditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (principally consists of ticket sales and sponsorships of events our stations and magazines conduct in their local markets. ) Tj ET Q q 0 0 0 rg BT 531.66 456.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (category Other includes, among other items, revenues related to our ) Tj ET Q q 0 0 0 rg BT 332.49 444.10 Td (T) Tj ET Q q 0 0 0 rg BT 337.90 444.10 Td (agStation and Digonex businesses, network revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (and barter) Tj ET Q q 0 0 0 rg BT 89.70 432.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.52 432.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.16 432.10 Td (e sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.27 432.10 Td (T) Tj ET Q q 0 0 0 rg BT 133.91 432.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 432.10 Td ( and our radio stations in ) Tj ET Q q 0 0 0 rg BT 288.97 432.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.38 432.10 Td (erre Haute, Indiana on November 1, 2016 and January 30, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 420.10 Td (, which impacts the comparability of fiscal 2015 and 2016 to fiscal 2017. Our sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.24 420.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 456.02 420.10 Td (Angeles Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.61 420.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Atlanta Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 408.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.38 408.10 Td (Cincinnati Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.54 408.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.98 408.10 Td (Orange Coast Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.31 408.10 Td ( on February 28, 2017 does not af) Tj ET Q q 0 0 0 rg BT 463.11 408.10 Td (fect the comparability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (results in the table below) Tj ET Q q 0 0 0 rg BT 149.33 396.10 Td (, but will ef) Tj ET Q q 0 0 0 rg BT 195.25 396.10 Td (fect comparability of results in future periods.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 354.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 324.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 264.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 234.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 234.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 367.6 m 267.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 367.6 m 271.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 367.6 m 326.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 367.6 m 330.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 367.6 m 385.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 367.6 m 389.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 367.6 m 444.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 367.6 m 448.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 367.6 m 503.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 367.6 m 507.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 367.6 m 562.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 367.6 m 267.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 354.6 m 267.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 354.6 m 326.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 354.6 m 385.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 354.6 m 444.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 354.6 m 503.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 354.6 m 562.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 219.60000000000002 m 267.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 219.60000000000002 m 385.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 219.60000000000002 m 503.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 205.60000000000002 m 267.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 203.60000000000002 m 267.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 205.60000000000002 m 385.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 203.60000000000002 m 385.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 205.60000000000002 m 503.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 203.60000000000002 m 503.5 203.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 371.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 371.83 Td (Years ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 358.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.50 358.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.45 358.83 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 358.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.45 358.83 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 358.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.45 358.83 Td (%ofTotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.17 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 330.17 Td (Local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 329.27 Td (136,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 329.27 Td (57.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 329.27 Td (130,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 329.27 Td (56.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 329.27 Td (121,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 329.27 Td (56.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 315.17 Td (National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 314.27 Td (29,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 314.27 Td (12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 314.27 Td (26,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 314.27 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 314.27 Td (21,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 314.27 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 300.17 Td (Political) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 299.27 Td (1,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 299.27 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 299.27 Td (661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 299.27 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 299.27 Td (2,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 299.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 285.17 Td (Publication Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 284.27 Td (6,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 284.27 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 284.27 Td (5,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 284.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 284.27 Td (4,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 284.27 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 270.17 Td (Non Traditional) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 269.27 Td (23,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 269.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 269.27 Td (25,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 269.27 Td (11.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 269.27 Td (22,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 269.27 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 255.17 Td (Interactive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 254.27 Td (12,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 254.27 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 254.27 Td (13,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 254.27 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 254.27 Td (14,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 254.27 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 240.17 Td (LMA Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 239.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 239.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 239.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 239.27 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 239.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 239.27 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 225.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 224.27 Td (17,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 224.27 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 224.27 Td (18,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 224.27 Td (7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 224.27 Td (16,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 224.27 Td (7.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.17 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 209.27 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 209.27 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 209.27 Td (214,568) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 188.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 188.10 Td ( significant portion of our expenses varies in connection with changes in revenue. ) Tj ET Q q 0 0 0 rg BT 409.28 188.10 Td (These variable expenses primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (relate to costs in our sales department, such as salaries, commissions and bad debt. Our costs that do not vary as much in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (relation to revenue are mostly in our programming and general and administrative departments, such as talent costs, syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (programming fees, utilities, of) Tj ET Q q 0 0 0 rg BT 171.18 152.10 Td (fice expenses and salaries. Lastly) Tj ET Q q 0 0 0 rg BT 303.54 152.10 Td (, our costs that are highly discretionary are costs in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (marketing and promotions department, which we primarily incur to maintain and/or increase our audience and market share.) 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 (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (KNOWN ) Tj ET Q q 0 0 0 rg BT 92.32 742.25 Td (TRENDS ) Tj ET Q q 0 0 0 rg BT 134.83 742.25 Td (AND UNCER) Tj ET Q q 0 0 0 rg BT 194.20 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 200.13 742.25 Td (AINTIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The U.S. radio industry is a mature industry and its growth rate has stalled. Management believes this is principally the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (result of two factors: \(1\)new media, such as various media distributed via the Internet, telecommunication companies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (cable interconnects, as well as social networks, have gained advertising share against radio and other traditional media and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (created a proliferation of advertising inventory and \(2\)the fragmentation of the radio audience and time spent listening caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (by satellite radio, audio streaming services and podcasts has led some investors and advertisers to conclude that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 665.25 Td (fectiveness of radio advertising has diminished.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 641.25 Td (The Company and the radio industry are leading several initiatives to address these issues. ) Tj ET Q q 0 0 0 rg BT 437.33 641.25 Td (The radio industry is working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (aggressively to increase the number of smartphones and other wireless devices that contain an enabled FM tuner) Tj ET Q q 0 0 0 rg BT 499.31 629.25 Td (. Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (smartphones currently sold in the United States contain an FM tuner) Tj ET Q q 0 0 0 rg BT 322.73 617.25 Td (. However) Tj ET Q q 0 0 0 rg BT 366.48 617.25 Td (, most wireless carriers in the United States have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.25 Td (not historically permitted the FM tuner to receive the free over) Tj ET Q q 0 0 0 rg BT 300.27 605.25 Td (-the-air local radio stations it was designed to receive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.25 Td (Furthermore, in many countries outside the United States, enabled FM tuners are made available to smartphone consumers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (consequently) Tj ET Q q 0 0 0 rg BT 102.11 581.25 Td (, radio listening increases. ) Tj ET Q q 0 0 0 rg BT 210.70 581.25 Td (Activating FM as a feature on smartphones sold in the United States has the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (to increase radio listening and improve the perception of the radio industry while of) Tj ET Q q 0 0 0 rg BT 384.44 569.25 Td (fering wireless network providers the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (benefits of a proven emer) Tj ET Q q 0 0 0 rg BT 152.00 557.25 Td (gency notification system, reduced network congestion from audio streaming services, and a host of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (new revenue generating applications. Emmis is at the leading edge of this initiative and has developed ) Tj ET Q q 0 0 0 rg BT 461.08 545.25 Td (T) Tj ET Q q 0 0 0 rg BT 466.49 545.25 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 504.27 549.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.21 545.25 Td (, a cloud-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (based software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (broadcasts, and NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 157.47 525.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.41 521.25 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 337.98 521.25 Td (-the-air FM radio broadcasts with visual and interactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (features, as an industry solution to enrich the user experience of listening to free over) Tj ET Q q 0 0 0 rg BT 390.52 509.25 Td (-the-air radio broadcasts on their FM-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (enabled smartphones and other wireless devices. Recently) Tj ET Q q 0 0 0 rg BT 281.77 497.25 Td (, we introduced the Dial Report) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 407.85 501.78 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 497.25 Td (, an online data portal that enables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (advertisers and other users of radio to access rich data about the usage and consumption of radio and the behavior of radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (listeners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.25 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 452.25 Td (August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (whereby Sprint agreed to pre-load the Company's NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 294.24 444.78 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.86 440.25 Td (smartphone application on a minimum of 30 million FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (wireless devices on the Sprint wireless network over a three-year period. In return, NextRadio LLC agreed to serve as a conduit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (for the radio industry to pay Sprint $15 million per year in equal quarterly installments over the three year term and to share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (with Sprint certain revenue generated by the NextRadio application. NextRadio LLC collected money from the radio industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (and forwarded it to Sprint. During the years ended February 2015 and 2016, Emmis' funding of its share of NextRadio's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (payment to Sprint was $0.5 million and $0.4 million, respectively) Tj ET Q q 0 0 0 rg BT 312.09 380.25 Td (. ) Tj ET Q q 0 0 0 rg BT 316.91 380.25 Td (These amounts are included in station operating expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (the accompanying consolidated statements of operations. Emmis has not guaranteed NextRadio LLC's performance under this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (agreement and Sprint does not have recourse to any Emmis related entity other than NextRadio LLC. ) Tj ET Q q 0 0 0 rg BT 456.83 356.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 506.73 356.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (agreement does not limit the ability of NextRadio LLC to place the NextRadio application on FM-enabled devices on other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (wireless networks. ) Tj ET Q q 0 0 0 rg BT 126.75 332.25 Td (Through February 28, 2017, the NextRadio application had not generated a material amount of revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 311.25 Td (Since the inception of NextRadio LLC's agreement with Sprint through December 7, 2016, NextRadio LLC had remitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (to Sprint approximately $33.2 million. Ef) Tj ET Q q 0 0 0 rg BT 218.13 299.25 Td (fective December 8, 2016, NextRadio LLC and Sprint entered into an amendment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (their original agreement. ) Tj ET Q q 0 0 0 rg BT 153.39 287.25 Td (The amendment called for NextRadio LLC to make installment payments totaling $6.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (through March 15, 2017, which have been paid. In exchange, Sprint agreed to for) Tj ET Q q 0 0 0 rg BT 378.05 275.25 Td (give the remaining $5.8 million that it was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (due under the original agreement, and in return receive a higher share of certain revenue generated by the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (application. In addition, Sprint agreed, so long as commercially reasonable, to continue to pre-load the NextRadio application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (through March 31, 2020 with no additional cash payments from NextRadio \(other than revenue share payments\). NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (LLC received a loan of $4.0 million for the sole purpose of fulfilling the payment obligations to Sprint under the amendment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (The loan will be repaid out of proceeds from sales of enhanced advertising through the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 494.68 215.25 Td (Through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (February 28, 2017, NextRadio LLC received $3.4 million under the loan, which was promptly remitted to Sprint and included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (in station operating expenses in the accompanying consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 407.78 191.25 Td (The remaining $0.6 million of loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (proceeds was received in March 2017, remitted to Sprint, and included in station operating expenses in the quarter ending May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (31, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 146.25 Td ( On July 27, 2015, NextRadio LLC entered into an agreement with ) Tj ET Q q 0 0 0 rg BT 341.89 146.25 Td (A) Tj ET Q q 0 0 0 rg BT 348.00 146.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 367.82 146.25 Td ( whereby ) Tj ET Q q 0 0 0 rg BT 406.69 146.25 Td (A) Tj ET Q q 0 0 0 rg BT 412.81 146.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 432.62 146.25 Td ( agreed to include FM chip ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (activation in its ) Tj ET Q q 0 0 0 rg BT 113.60 134.25 Td (Android device specifications to wireless device manufacturers. In exchange, ) Tj ET Q q 0 0 0 rg BT 424.87 134.25 Td (A) Tj ET Q q 0 0 0 rg BT 430.99 134.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 450.80 134.25 Td ( will receive a share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (certain revenue generated by the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 277.50 122.25 Td (This agreement was subsequently assigned to ) Tj ET Q q 0 0 0 rg BT 461.72 122.25 Td (T) Tj ET Q q 0 0 0 rg BT 467.13 122.25 Td (agStation LLC \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (parent entity of NextRadio LLC and owner of the ) Tj ET Q q 0 0 0 rg BT 250.60 110.25 Td (T) Tj ET Q q 0 0 0 rg BT 256.01 110.25 Td (agStation and NextRadio applications\). In ) Tj ET Q q 0 0 0 rg BT 425.97 110.25 Td (August 2015, ) Tj ET Q q 0 0 0 rg BT 482.18 110.25 Td (T) Tj ET Q q 0 0 0 rg BT 487.37 110.25 Td (-Mobile expressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (its intent to include FM chip activation in its device specifications. On September 9, 2016, ) Tj ET Q q 0 0 0 rg BT 413.64 98.25 Td (T) Tj ET Q q 0 0 0 rg BT 419.05 98.25 Td (agStation LLC entered into an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (agreement with ) Tj ET Q q 0 0 0 rg BT 114.24 86.25 Td (T) Tj ET Q q 0 0 0 rg BT 119.43 86.25 Td (-Mobile whereby ) Tj ET Q q 0 0 0 rg BT 190.89 86.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.08 86.25 Td (-Mobile agreed to include FM chip activation in its ) Tj ET Q q 0 0 0 rg BT 402.43 86.25 Td (Android device specifications to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (wireless device manufacturers. In exchange, ) Tj ET Q q 0 0 0 rg BT 229.46 74.25 Td (T) Tj ET Q q 0 0 0 rg BT 234.65 74.25 Td (-Mobile will receive a share of certain revenue generated by the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (application. ) Tj ET Q q 0 0 0 rg BT 99.25 62.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.66 62.25 Td (agStation LLC has been working directly with numerous device manufacturers to accelerate the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (NextRadio to consumers. BLU Products, an ) Tj ET Q q 0 0 0 rg BT 227.76 50.25 Td (American mobile phone manufacturer) Tj ET Q q 0 0 0 rg BT 379.79 50.25 Td (, has chosen to make NextRadio the native ) 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 (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (FM tuner on its ) Tj ET Q q 0 0 0 rg BT 113.90 742.10 Td (Android smartphones. In ) Tj ET Q q 0 0 0 rg BT 215.55 742.10 Td (April 2016, ) Tj ET Q q 0 0 0 rg BT 263.61 742.10 Td (Alcatel entered into a similar arrangement for NextRadio. ) Tj ET Q q 0 0 0 rg BT 496.95 742.10 Td (The Samsung ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (S7 and S8 family of smartphones are FM-enabled and NextRadio compatible across all major U.S. wireless networks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 718.10 Td (agStation LLC and the radio industry continue to work with other leading United States wireless network providers, device ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (manufacturers, regulators and legislators to cause FM tuners to be enabled in all smartphones.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 685.10 Td (Emmis granted the U.S. radio industry \(as defined in the funding agreements\) a call option on substantially all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (assets used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 184.24 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 189.65 673.10 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 358.06 673.10 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 502.73 673.10 Td (August 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 661.10 Td (August 2019 by paying Emmis a purchase price equal to the greater of \(i\) the appraised fair market value of the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 649.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.17 649.10 Td (agStation businesses, or \(ii\) two times Emmis' cumulative investments in the development of the businesses through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (August 2015. If the call option is exercised, the businesses will continue to be subject to the operating limitations applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (today) Tj ET Q q 0 0 0 rg BT 71.57 625.10 Td (, and no radio operator will be permitted to own more than 30% of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 417.41 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 422.82 625.10 Td (agStation businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.10 Td (Along with the rest of the radio industry) Tj ET Q q 0 0 0 rg BT 234.16 604.10 Td (, the majority of our stations have deployed HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 451.33 608.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.27 604.10 Td (. HD Radio of) Tj ET Q q 0 0 0 rg BT 512.75 604.10 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (listeners advantages over standard analog broadcasts, including improved sound quality and additional digital channels. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (addition to of) Tj ET Q q 0 0 0 rg BT 103.70 580.10 Td (fering secondary channels, the HD Radio spectrum allows broadcasters to transmit other forms of data. ) Tj ET Q q 0 0 0 rg BT 518.12 580.10 Td (W) Tj ET Q q 0 0 0 rg BT 526.76 580.10 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (participating in a joint venture with other broadcasters to provide the bandwidth that a third party uses to transmit location-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (based data to hand-held and in-car navigation devices. ) Tj ET Q q 0 0 0 rg BT 269.46 556.10 Td (The number of radio receivers incorporating HD Radio has increased in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (the past year) Tj ET Q q 0 0 0 rg BT 100.13 544.10 Td (, particularly in new automobiles. It is unclear what impact HD Radio will have on the markets in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (operate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 511.10 Td (The Company has also aggressively worked to harness the power of broadband and mobile media distribution in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (development of emer) Tj ET Q q 0 0 0 rg BT 134.79 499.10 Td (ging business opportunities by developing highly interactive websites with content that engages our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (listeners, deploying mobile applications and streaming our content, harnessing the power of digital video on our websites and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 475.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 71.98 475.10 Td (ube channels, and delivering real-time traf) Tj ET Q q 0 0 0 rg BT 241.17 475.10 Td (fic to navigation devices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 454.10 Td (The results of our radio operations are heavily dependent on the results of our stations in the New ) Tj ET Q q 0 0 0 rg BT 464.80 454.10 Td (Y) Tj ET Q q 0 0 0 rg BT 471.02 454.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 520.74 454.10 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 86.47 442.10 Td (These markets account for approximately 50% of our radio net revenues. Our acquisition of ) Tj ET Q q 0 0 0 rg BT 455.89 442.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 520.71 442.10 Td (WLIB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (AM in New ) Tj ET Q q 0 0 0 rg BT 99.90 430.10 Td (Y) Tj ET Q q 0 0 0 rg BT 106.12 430.10 Td (ork in fiscal 2015 enhanced our ability to adapt to competitive environment shifts in that market, but our single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (station in the Los ) Tj ET Q q 0 0 0 rg BT 121.11 418.10 Td (Angeles market, KPWR-FM, has less ability to adapt. Furthermore, some of our competitors that operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 406.10 Td (ger station clusters in New ) Tj ET Q q 0 0 0 rg BT 169.14 406.10 Td (Y) Tj ET Q q 0 0 0 rg BT 175.36 406.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 225.07 406.10 Td (Angeles are able to leverage their market share to extract a greater percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (available advertising revenue through packaging a variety of advertising inventory at discounted unit rates and may be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (realize operating ef) Tj ET Q q 0 0 0 rg BT 126.99 382.10 Td (ficiencies by programming multiple stations in these markets. In February 2015, one of our lar) Tj ET Q q 0 0 0 rg BT 504.50 382.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (competitors changed the format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 327.99 370.10 Td (Angeles radio market to more directly compete with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (radio station in Los ) Tj ET Q q 0 0 0 rg BT 129.44 358.10 Td (Angeles. In addition, the new station hired our former KPWR-FM morning radio host to be its morning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (radio host. ) Tj ET Q q 0 0 0 rg BT 94.54 346.10 Td (This development in Los ) Tj ET Q q 0 0 0 rg BT 196.19 346.10 Td (Angeles negatively impacted our financial performance in fiscal 2016 and 2017, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the early months of fiscal 2018. On May 8, 2017, we entered into an agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 491.84 334.10 Td (Angeles, subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (to certain regulatory approvals and closing conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 301.10 Td (Both the Los ) Tj ET Q q 0 0 0 rg BT 126.11 301.10 Td (Angeles and New ) Tj ET Q q 0 0 0 rg BT 199.33 301.10 Td (Y) Tj ET Q q 0 0 0 rg BT 205.55 301.10 Td (ork radio markets showed signs of improvement during the year ended February 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Market revenues for Los ) Tj ET Q q 0 0 0 rg BT 150.52 289.10 Td (Angeles and New ) Tj ET Q q 0 0 0 rg BT 223.74 289.10 Td (Y) Tj ET Q q 0 0 0 rg BT 229.96 289.10 Td (ork as measured by Miller Kaplan ) Tj ET Q q 0 0 0 rg BT 368.26 289.10 Td (Arase LLP) Tj ET Q q 0 0 0 rg BT 411.48 289.10 Td ( \("Miller Kaplan"\), an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (public accounting firm used by the radio industry to compile revenue information, were up 3.3% and 0.2%, respectively) Tj ET Q q 0 0 0 rg BT 529.49 277.10 Td (, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (twelve months ended February 28, 2017, as compared to the same period of the prior year) Tj ET Q q 0 0 0 rg BT 409.06 265.10 Td (. However) Tj ET Q q 0 0 0 rg BT 450.31 265.10 Td (, during the same period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (our station in Los ) Tj ET Q q 0 0 0 rg BT 122.22 253.10 Td (Angeles, KPWR-FM, and our cluster in New ) Tj ET Q q 0 0 0 rg BT 304.88 253.10 Td (Y) Tj ET Q q 0 0 0 rg BT 311.10 253.10 Td (ork both lagged their respective market performance. ) Tj ET Q q 0 0 0 rg BT 525.45 253.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (discussed above, KPWR-FM has been adversely af) Tj ET Q q 0 0 0 rg BT 254.49 241.10 Td (fected by the introduction of a format competitor) Tj ET Q q 0 0 0 rg BT 449.71 241.10 Td (. Our New ) Tj ET Q q 0 0 0 rg BT 493.77 241.10 Td (Y) Tj ET Q q 0 0 0 rg BT 499.99 241.10 Td (ork operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (were negatively impacted by severe weather at our lar) Tj ET Q q 0 0 0 rg BT 265.83 229.10 Td (gest outdoor concert in June 2016, as well as intensifying competition for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (transactional business in the local market. ) Tj ET Q q 0 0 0 rg BT 219.49 217.10 Td (W) Tj ET Q q 0 0 0 rg BT 228.13 217.10 Td (e have made changes in our local sales or) Tj ET Q q 0 0 0 rg BT 393.44 217.10 Td (ganization in New ) Tj ET Q q 0 0 0 rg BT 468.88 217.10 Td (Y) Tj ET Q q 0 0 0 rg BT 475.10 217.10 Td (ork to derive more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (local, direct business and reduce our reliance on transactional, agency business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 184.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 199.72 184.10 Td (, we continually evaluate potential acquisitions of radio stations, publishing properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (other businesses that we believe hold promise for long-term appreciation in value and leverage our strengths. However) Tj ET Q q 0 0 0 rg BT 524.73 172.10 Td (, Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 160.10 Td (Agreement substantially limits our ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 355.61 160.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.25 160.10 Td (e also regularly review our portfolio of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (and may opportunistically dispose of assets when we believe it is appropriate to do so. In that respect, on ) Tj ET Q q 0 0 0 rg BT 471.29 148.10 Td (August 19, 2016, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (announced that we were exploring strategic alternatives for our publishing division \(except ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.55 136.10 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.93 136.10 Td (\), our radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (stations in ) Tj ET Q q 0 0 0 rg BT 93.15 124.10 Td (T) Tj ET Q q 0 0 0 rg BT 98.56 124.10 Td (erre Haute, Indiana, and ) Tj ET Q q 0 0 0 rg BT 197.22 124.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 276.00 124.10 Td (Y) Tj ET Q q 0 0 0 rg BT 282.22 124.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 302.87 124.10 Td (W) Tj ET Q q 0 0 0 rg BT 311.51 124.10 Td (e completed our sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.30 124.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.95 124.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.54 124.10 Td ( on November 1, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (our sale of radio stations in ) Tj ET Q q 0 0 0 rg BT 160.91 112.10 Td (T) Tj ET Q q 0 0 0 rg BT 166.32 112.10 Td (erre Haute, Indiana on January 30, 2017, and the sale of the remainder of our publishing division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (\(except ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.92 100.10 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 100.10 Td (\) on February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 267.55 100.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.19 100.10 Td (e continue to explore our options with ) Tj ET Q q 0 0 0 rg BT 430.70 100.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 509.48 100.10 Td (Y) Tj ET Q q 0 0 0 rg BT 515.70 100.10 Td (ork. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (addition, the amendment to our credit agreement that we executed on ) Tj ET Q q 0 0 0 rg BT 328.79 88.10 Td (April 18, 2017, requires that Emmis divest of assets that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (will yield at least $80 million of proceeds beyond the transactions that have closed as of February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 485.27 76.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.91 76.10 Td (e have nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (months from the date of the amendment to enter into definitive agreements for these sales. On May 8, 2017, we entered into an ) 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 (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 216.07 742.10 Td (Angeles for $82.8 million, which satisfies this requirement. Closing is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certain regulatory approvals and closing conditions, but we expect it to occur in the back half of 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 99.46 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.41 706.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 689.10 Td (Critical accounting policies are defined as those that encompass significant judgments and uncertainties, and potentially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (derive materially dif) Tj ET Q q 0 0 0 rg BT 131.45 677.10 Td (ferent results under dif) Tj ET Q q 0 0 0 rg BT 222.07 677.10 Td (ferent assumptions and conditions. ) Tj ET Q q 0 0 0 rg BT 363.26 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.89 677.10 Td (e believe that our critical accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (are those described below) Tj ET Q q 0 0 0 rg BT 152.92 665.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 648.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 631.10 Td (Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (delivery of the publication. Both broadcasting revenue and publication revenue recognition is subject to meeting certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 464.41 607.10 Td (These criteria are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (generally met at the time the advertisement is aired for broadcasting revenue and upon delivery of the publication for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (publication revenue. ) Tj ET Q q 0 0 0 rg BT 133.58 583.10 Td (Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (of advertising agency fees, usually at a rate of 15% of gross revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 554.10 Td (FCC Licenses and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 537.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 537.10 Td (e have made acquisitions in the past for which a significant amount of the purchase price was allocated to FCC licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (and goodwill assets. ) Tj ET Q q 0 0 0 rg BT 132.77 525.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 525.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.82 525.10 Td (, we have recorded approximately $202.3 million in goodwill and FCC licenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (which represents approximately 70% of our total assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (In the case of our radio stations, we would not be able to operate the properties without the related FCC license for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 484.10 Td (. FCC licenses are renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 320.55 484.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 470.34 484.10 Td ( compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (various regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 229.30 472.10 Td (, all of our FCC licenses have been renewed at the end of their respective periods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (and we expect that all FCC licenses will continue to be renewed in the future. ) Tj ET Q q 0 0 0 rg BT 362.50 460.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.14 460.10 Td (e consider our FCC licenses to be indefinite-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (lived intangibles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 431.10 Td (e do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment at least annually or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (more frequently if events or circumstances indicate that an asset may be impaired. ) Tj ET Q q 0 0 0 rg BT 380.81 419.10 Td (When evaluating our radio broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (licenses for impairment, the testing is performed at the unit of accounting level as determined by ) Tj ET Q q 0 0 0 rg BT 438.50 407.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 139.80 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.21 395.10 Td (opic 350-30-35. In our case, radio stations in a geographic market cluster are considered a single unit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (accounting, provided that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 366.83 383.10 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 504.27 383.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 366.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 366.10 Td (e complete our annual impairment tests on December1 of each year and perform additional interim impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (whenever triggering events suggest such testing is warranted.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 337.10 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 337.10 Td (aluation of Indefinite-lived Br) Tj ET Q q 0 0 0 rg BT 198.33 337.10 Td (oadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 320.10 Td (Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 308.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 308.10 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 272.10 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 260.10 Td (The Company assumes the competitive situation that exists in each market remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 200.10 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 188.10 Td (The projections incorporated into our license valuations take current economic conditions into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 159.10 Td (Below are some of the key assumptions used in our annual impairment assessments. In recent years, we have reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (long-term growth rates in the markets in which we operate based on recent industry trends and our expectations for the markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (going forward. ) Tj ET Q q 0 0 0 rg BT 111.75 135.10 Td (The methodology used to value our FCC licenses has not changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.08 135.10 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 123.10 Td (.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 735.50 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 735.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 735.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 735.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 735.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 735.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 705.50 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 705.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 705.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 705.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 705.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 705.50 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 329.5 735.5 m 404.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 735.5 m 483.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 735.5 m 404.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 735.5 m 483.5 735.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 739.73 Td (December1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 739.73 Td (December1,2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 739.73 Td (December1,2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 726.07 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 725.17 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 725.17 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 725.17 Td (12.2%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 711.07 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 710.17 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 710.17 Td (1.3%-2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 710.17 Td (1.0%-2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.07 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 695.17 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 695.17 Td (3.2%-29.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 695.17 Td (3.1%-30.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.07 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 680.17 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 680.17 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 680.17 Td (25.1%-39.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 659.00 Td (The Company has recorded impairment char) Tj ET Q q 0 0 0 rg BT 252.36 659.00 Td (ges related to FCC licenses in each of the past three years. Impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.00 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 647.00 Td (ges recognized as part of our December 1, 2014, 2015 and 2016 annual testing were $9.5 million, $5.4 million and $6.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.00 Td (million, respectively) Tj ET Q q 0 0 0 rg BT 131.55 635.00 Td (. ) Tj ET Q q 0 0 0 rg BT 136.37 635.00 Td (These impairments were mostly related to declining market revenues combined with lowered expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.00 Td (for future long-term revenue growth rates as noted in the table above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 606.00 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 606.00 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 589.00 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 589.00 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 589.00 Td (opic 350 requires the Company to test goodwill for impairment at least annually using a two-step process. ) Tj ET Q q 0 0 0 rg BT 527.02 589.00 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.00 Td (step is a screen for potential impairment, while the second step measures the amount of impairment. ) Tj ET Q q 0 0 0 rg BT 452.48 577.00 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.00 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 565.00 Td (, unless indications of impairment exist during an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.00 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 553.00 Td (When assessing its goodwill for impairment, the Company uses an enterprise valuation approach to determine the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.00 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 541.00 Td (s reporting units \(radio stations grouped by market, excluding any stations being operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.00 Td (pursuant to an LMA, and magazines on an individual basis\). Management determines enterprise value for each of its reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.00 Td (units by multiplying the two-year average station operating income generated by each reporting unit \(current year based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.00 Td (actual results and the next year based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 418.59 505.00 Td (The Company uses a blended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.00 Td (station operating income trading multiple of publicly traded radio operators as a benchmark for the multiple it applies to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.00 Td (radio reporting units. ) Tj ET Q q 0 0 0 rg BT 136.47 481.00 Td (There are no publicly traded publishing companies that are focused predominantly on city and regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.00 Td (magazines as is our publishing segment. ) Tj ET Q q 0 0 0 rg BT 213.40 469.00 Td (Therefore, the market multiple used as a benchmark for our publishing reporting units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.00 Td (is based on recently completed transactions within the city and regional magazine industry or analyst reports that include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.00 Td (valuations of magazine divisions within publicly traded media conglomerates. For the annual assessment performed as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.00 Td (December1, 2016, the Company applied a market multiple of 8.0 times the reporting unit) Tj ET Q q 0 0 0 rg BT 411.86 433.00 Td (s operating performance for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.00 Td (radio reporting units. ) Tj ET Q q 0 0 0 rg BT 141.10 421.00 Td (As of December 1, 2016, all of the Company's goodwill related to our radio reporting units, so no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.00 Td (assessment of goodwill impairment for our publishing reporting units was required. Management believes this methodology for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.00 Td (valuing radio properties is a common approach and believes that the multiples used in the valuation are reasonable given our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.00 Td (peer comparisons and market transactions, including our own recent transactions. ) Tj ET Q q 0 0 0 rg BT 378.05 385.00 Td (T) Tj ET Q q 0 0 0 rg BT 383.46 385.00 Td (o corroborate the step-one reporting unit fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.00 Td (values determined using the market approach described above, management also uses an income approach, which is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.00 Td (discounted cash flow method to determine the fair value of the reporting unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 344.00 Td (This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.00 Td (impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (licenses valued using a direct-method valuation approach\) and unrecognized intangible assets, such as customer lists, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.00 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 296.00 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 296.00 Td (o the extent the carrying amount of the goodwill exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.00 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 284.00 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 284.00 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 284.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.00 Td (methodology used to value our goodwill has not changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.79 272.00 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.39 272.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 255.00 Td (During our December 1, 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 255.00 Td (f $58.4 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.00 Td (associated with our ) Tj ET Q q 0 0 0 rg BT 129.52 243.00 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 194.34 243.00 Td (WLIB-AM radio stations in New ) Tj ET Q q 0 0 0 rg BT 329.22 243.00 Td (Y) Tj ET Q q 0 0 0 rg BT 335.44 243.00 Td (ork. ) Tj ET Q q 0 0 0 rg BT 356.09 243.00 Td (W) Tj ET Q q 0 0 0 rg BT 364.73 243.00 Td (e began programming these stations on March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.00 Td (2014 pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 153.33 231.00 Td ( and completed our first closing of the stations on June 10, 2014, with the second closing on February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.00 Td (13, 2015. ) Tj ET Q q 0 0 0 rg BT 92.32 219.00 Td (W) Tj ET Q q 0 0 0 rg BT 100.96 219.00 Td (e accounted for the acquisition of the stations as a purchase in June 2014. ) Tj ET Q q 0 0 0 rg BT 398.65 219.00 Td (According to Miller Kaplan, gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.00 Td (revenues for the New ) Tj ET Q q 0 0 0 rg BT 137.92 207.00 Td (Y) Tj ET Q q 0 0 0 rg BT 144.15 207.00 Td (ork radio market were down 7.0% during fiscal 2015, which was significantly below our expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.00 Td (for the year) Tj ET Q q 0 0 0 rg BT 95.53 195.00 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 195.00 Td (Although our New ) Tj ET Q q 0 0 0 rg BT 179.60 195.00 Td (Y) Tj ET Q q 0 0 0 rg BT 185.82 195.00 Td (ork cluster outperformed the market for the year) Tj ET Q q 0 0 0 rg BT 378.39 195.00 Td (, financial performance at the newly acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.00 Td (stations did not meet the expectations of management and resulted in a step-one indication of impairment on both the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.00 Td (and income approaches. Upon completing the step-two analysis, the Company determined that the full carrying amount of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.00 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 159.00 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 159.00 Td (ork cluster goodwill of $58.4 million, all of which related to our acquisition of ) Tj ET Q q 0 0 0 rg BT 393.10 159.00 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 457.92 159.00 Td (WLIB-AM, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.00 Td (impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 130.00 Td (During our December 1, 2015 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 419.46 130.00 Td (f $0.7 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.00 Td (associated with Digonex, our dynamic pricing business. Emmis acquired a controlling interest in Digonex in June 2014. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.00 Td (connection with our acquisition of a controlling interest of Digonex, Emmis recorded approximately $2.8 million of goodwill. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.00 Td (Although Emmis still believes that Digonex's long-term prospects remain strong, Digonex's performance since Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.00 Td (acquisition of a controlling interest has lagged original expectations. Digonex failed the step-one analysis and upon completing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.00 Td (the step-two analysis, Emmis determined that the goodwill of Digonex was partially impaired and recorded a $0.7 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.00 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 58.00 Td (ge during the three months ended February 29, 2016. ) 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 (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (During the quarter ended ) Tj ET Q q 0 0 0 rg BT 174.69 742.10 Td (August 31, 2016, the Company lowered its growth expectations for Digonex for the next several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (years due to slow client adoption of dynamic pricing services. ) Tj ET Q q 0 0 0 rg BT 300.03 730.10 Td (While the Company continues to believe in the long-term growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (prospects of Digonex, the lengthy sales cycle has caused Digonex to perform below expectations to date. Despite lowering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (near) Tj ET Q q 0 0 0 rg BT 67.01 706.10 Td (-term growth expectations for Digonex in connection with our annual impairment review for fiscal 2016, which led to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (goodwill impairment char) Tj ET Q q 0 0 0 rg BT 153.68 694.10 Td (ge of $0.7 million as discussed above, performance in the first six months of fiscal 2017 indicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (that a further revision was appropriate. Our then-current projections assumed that Digonex would generate cash flow losses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the short and medium-term. ) Tj ET Q q 0 0 0 rg BT 163.40 670.10 Td (The combination of lower) Tj ET Q q 0 0 0 rg BT 267.34 670.10 Td (-than-expected current period results, coupled with downward revisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (to future revenue projections, resulted in an impairment indicator that caused the Company to assess goodwill and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (intangibles on an interim basis during the quarter ended ) Tj ET Q q 0 0 0 rg BT 274.67 646.10 Td (August 31, 2016. ) Tj ET Q q 0 0 0 rg BT 345.88 646.10 Td (The Company's discounted cash flow analysis for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Digonex indicated a nominal enterprise value. ) Tj ET Q q 0 0 0 rg BT 236.70 634.10 Td (Therefore, in connection with the interim impairment test, Emmis determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (that Digonex's goodwill was fully impaired and recorded an impairment loss of $2.1 million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 605.10 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 115.92 605.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 588.10 Td (Based on the results of our December1, 2016 annual impairment assessment, the fair value of our broadcasting licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.31 576.10 Td ($277.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 576.10 Td (, which was in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 576.10 Td ($198.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.51 576.10 Td ( carrying value by $79.0 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 576.10 Td (39.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.03 576.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Should our estimates or assumptions worsen, or should negative events or circumstances occur in the units that have limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (fair value cushion, additional license impairments may be needed.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 489.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 489.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 489.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 459.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 459.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 459.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 459.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 459.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 459.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 429.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 429.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 429.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 399.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 399.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 399.60 110.00 -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 224.5 523.6 m 334.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 523.6 m 338.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 523.6 m 448.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 523.6 m 452.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 523.6 m 562.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 510.6 m 334.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 510.6 m 338.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 510.6 m 448.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 489.6 m 334.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 489.6 m 448.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 489.6 m 562.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 384.6 m 334.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 384.6 m 448.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 384.6 m 562.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 370.6 m 334.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 368.6 m 334.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 370.6 m 448.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 368.6 m 448.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 370.6 m 562.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 368.6 m 562.5 368.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 527.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.70 527.83 Td (Radio Broadcasting Licenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 514.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.95 514.83 Td (As of December 1, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 514.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 493.83 Td (Unit of Accounting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.65 493.83 Td (Carrying Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.15 493.83 Td (Fair Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.55 501.83 Td (Per) Tj ET Q q 0 0 0 rg BT 476.39 501.83 Td (centagebywhichfair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.20 493.83 Td (valueexceedscarryingvalue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.17 Td (New York Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 479.27 Td (71,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 479.27 Td (101,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 479.27 Td (42.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 479.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.17 Td (98.7FM \(New York\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 464.27 Td (46,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 464.27 Td (46,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 464.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 464.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.17 Td (Austin Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 449.27 Td (34,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 449.27 Td (34,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 449.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.17 Td (St. Louis Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 434.27 Td (24,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 434.27 Td (24,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 434.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 434.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.17 Td (Indianapolis Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 419.27 Td (18,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 419.27 Td (19,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 419.27 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 419.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.17 Td (KPWR-FM \(Los Angeles\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 404.27 Td (2,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 404.27 Td (49,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 404.27 Td (2,366.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 404.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.17 Td (Terre Haute Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 389.27 Td (643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 389.27 Td (643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 389.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 389.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 375.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 374.27 Td (198,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 374.27 Td (277,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 374.27 Td (39.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 374.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 353.10 Td (If we were to assume a 100 basis point change in any of our three key assumptions \(a reduction in the long-term revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (growth rate, a reduction in local commercial share or an increase in the discount rate\) used to determine the fair value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (broadcasting licenses on December1, 2016, the resulting impairment char) Tj ET Q q 0 0 0 rg BT 346.67 329.10 Td (ge would have been $31.0 million, $22.5 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td ($19.7 million, respectively) Tj ET Q q 0 0 0 rg BT 156.55 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 161.00 317.10 Td (Also, if we were to assume a market multiple decrease of one or a 10% decrease in the two-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (average station operating income, two of the key assumptions used to determine the fair value of our goodwill on December1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (2016, the resulting estimates of enterprise valuations would still exceed the carrying values of the enterprises. ) Tj ET Q q 0 0 0 rg BT 490.43 293.10 Td (As such, step two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (of the goodwill impairment testing would not be required, thus no goodwill impairment would be recognized if either of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (two key assumptions were lowered.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 252.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 100.29 252.10 Td (ed T) Tj ET Q q 0 0 0 rg BT 116.87 252.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 235.10 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company) Tj ET Q q 0 0 0 rg BT 520.94 223.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary dif) Tj ET Q q 0 0 0 rg BT 464.92 199.10 Td (ferences between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (amounts of assets and liabilities recorded for financial reporting purposes as compared to amounts recorded for income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.00 175.10 Td (After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 134.10 Td (Insurance Claims and Loss Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 117.10 Td (The Company is self-insured for most healthcare claims, subject to stop-loss limits. Claims incurred but not reported are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (recorded based on historical experience and industry trends, and accruals are adjusted when warranted by changes in facts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 111.46 93.10 Td (The Company had $0.7 million and $0.8 million accrued for employee healthcare claims as of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 81.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 81.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 81.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 81.10 Td (The Company also maintains lar) Tj ET Q q 0 0 0 rg BT 296.71 81.10 Td (ge deductible programs \(ranging from $100 thousand to $250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (thousand per occurrence\) for workers) Tj ET Q q 0 0 0 rg BT 202.52 69.10 Td ( compensation, employment liability) Tj ET Q q 0 0 0 rg BT 348.51 69.10 Td (, automotive liability and media liability claims.) 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 (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ACQUISITIONS, DISPOSITIONS ) Tj ET Q q 0 0 0 rg BT 202.00 742.25 Td (AND INVESTMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The transactions described below impact the comparability of operating results for the three years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.57 725.25 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 713.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (Sale of Los ) Tj ET Q q 0 0 0 rg BT 96.77 692.25 Td (Angeles Magazine, ) Tj ET Q q 0 0 0 rg BT 175.18 692.25 Td (Atlanta Magazine, Cincinnati Magazine and Orange Coast Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 675.25 Td (On February 28, 2017, Emmis closed on its sale of substantially all of the assets of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.78 675.25 Td (Los ) Tj ET Q q 0 0 0 rg BT 422.55 675.25 Td (Angeles Magazine, ) Tj ET Q q 0 0 0 rg BT 500.97 675.25 Td (Atlanta ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 663.25 Td (Magazine, Cincinnati Magazine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.10 663.25 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.54 663.25 Td ( Orange Coast Magazine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.87 663.25 Td (\(the "Hour Magazines"\) for gross proceeds of $6.5 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 651.25 Td (Hour Media Group, LLC. ) Tj ET Q q 0 0 0 rg BT 155.36 651.25 Td (The Company previously announced that it was exploring strategic alternatives for its publishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.25 Td (division, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.16 639.25 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.54 639.25 Td (. Emmis decided to sell most of its publishing assets to reduce debt outstanding. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (Emmis received net proceeds of $2.9 million, consisting of the stated purchase price of $6.5 million, less $0.7 million held in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.25 Td (escrow and disposition costs totaling $2.9 million. ) Tj ET Q q 0 0 0 rg BT 253.42 615.25 Td (The $2.9 million of disposition costs primarily relate to $1.6 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.25 Td (severance costs and transaction advisory fees of $1.0 million. ) Tj ET Q q 0 0 0 rg BT 297.80 603.25 Td (The funds held in escrow secure Emmis' post closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.25 Td (indemnification obligations in the purchase agreement and are scheduled to be released six months after the closing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.25 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 100.82 579.25 Td (After settling retention bonuses to af) Tj ET Q q 0 0 0 rg BT 246.99 579.25 Td (fected employees, net proceeds were used to repay term loan indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (under Emmis) Tj ET Q q 0 0 0 rg BT 106.19 567.25 Td ( senior credit facility) Tj ET Q q 0 0 0 rg BT 188.56 567.25 Td (. Emmis recorded a $2.7 million gain on the sale of the Hour Magazines. ) Tj ET Q q 0 0 0 rg BT 481.92 567.25 Td (These magazines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.50 567.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (had historically been included in our Publishing segment. ) Tj ET Q q 0 0 0 rg BT 282.28 555.25 Td (This disposal did not qualify for reporting as a discontinued operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (as it did not represent a strategic shift for the Company as described in ) Tj ET Q q 0 0 0 rg BT 333.81 543.25 Td (Accounting Standards Codification 205-20-45-1C.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 522.25 Td (Sale of T) Tj ET Q q 0 0 0 rg BT 84.64 522.25 Td (err) Tj ET Q q 0 0 0 rg BT 96.49 522.25 Td (e Haute, Indiana radio stations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 505.25 Td (On January 30, 2017, Emmis closed on its sale of substantially all of the assets of its radio stations in ) Tj ET Q q 0 0 0 rg BT 478.93 505.25 Td (T) Tj ET Q q 0 0 0 rg BT 484.34 505.25 Td (erre Haute, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (Indiana, in two contemporaneous transactions. In one transaction, Emmis sold the assets of ) Tj ET Q q 0 0 0 rg BT 416.40 493.25 Td (WTHI-FM and the intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (property of ) Tj ET Q q 0 0 0 rg BT 97.03 481.25 Td (WWVR-FM to Midwest Communications, Inc. In the other transaction, Emmis sold the assets of ) Tj ET Q q 0 0 0 rg BT 487.62 481.25 Td (WFNF-AM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (WFNB-FM, ) Tj ET Q q 0 0 0 rg BT 101.49 469.25 Td (WWVR-FM \(other than the intellectual property for that station\) and an FM translator to DLC Media, Inc. ) Tj ET Q q 0 0 0 rg BT 529.81 469.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (Company previously announced that it was exploring strategic alternatives for these radio stations. Emmis believed that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (operating stations in ) Tj ET Q q 0 0 0 rg BT 133.42 445.25 Td (T) Tj ET Q q 0 0 0 rg BT 138.83 445.25 Td (erre Haute, Indiana was not a core part of its radio strategy and its strong market position in the ) Tj ET Q q 0 0 0 rg BT 522.42 445.25 Td (T) Tj ET Q q 0 0 0 rg BT 527.83 445.25 Td (erre ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (Haute market would be attractive to potential buyers. ) Tj ET Q q 0 0 0 rg BT 264.65 433.25 Td (At closing, Emmis received gross proceeds of approximately $5.2 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (for both transactions. ) Tj ET Q q 0 0 0 rg BT 136.65 421.25 Td (After payment of brokerage and other transaction costs, net proceeds totaled $4.8 million and were used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (to repay term loan indebtedness under Emmis) Tj ET Q q 0 0 0 rg BT 235.87 409.25 Td ( senior credit facility) Tj ET Q q 0 0 0 rg BT 318.25 409.25 Td (. Emmis recorded a $3.5 million gain on the sale of its ) Tj ET Q q 0 0 0 rg BT 537.47 409.25 Td (T) Tj ET Q q 0 0 0 rg BT 542.88 409.25 Td (erre ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.98 397.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.98 397.25 Td (The ) Tj ET Q q 0 0 0 rg BT 152.85 397.25 Td (T) Tj ET Q q 0 0 0 rg BT 158.26 397.25 Td (erre Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.27 397.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.77 397.25 Td (had historically been included in our Radio segment. ) Tj ET Q q 0 0 0 rg BT 472.15 397.25 Td (This disposal did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (Accounting Standards Codification 205-20-45-1C.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (Sale of T) Tj ET Q q 0 0 0 rg BT 84.64 352.25 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 331.25 Td (On November 1, 2016, Emmis closed on its sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.14 331.25 Td (T) Tj ET Q q 0 0 0 rg BT 283.78 331.25 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.87 331.25 Td (for gross proceeds of $25.0 million in cash to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (subsidiary of Genesis Park, LP) Tj ET Q q 0 0 0 rg BT 172.49 319.25 Td (. ) Tj ET Q q 0 0 0 rg BT 177.31 319.25 Td (The Company previously announced that it was exploring strategic alternatives for its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (publishing division, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.89 307.25 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.27 307.25 Td (. Emmis believed that its publishing portfolio had significant brand value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (and planned to use proceeds from the sale of its publishing properties to repay debt. Emmis received net proceeds of $23.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (million, consisting of the stated purchase price of $25.0 million, net of estimated purchase price adjustments totaling $0.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (million and disposition costs totaling $0.9 million. ) Tj ET Q q 0 0 0 rg BT 253.99 271.25 Td (The $0.9 million of disposition costs primarily related to severance costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (Proceeds were used to repay term and revolving loan indebtedness under Emmis) Tj ET Q q 0 0 0 rg BT 375.00 259.25 Td ( senior credit facility) Tj ET Q q 0 0 0 rg BT 457.37 259.25 Td (. Emmis recorded a $17.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (million gain on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.20 247.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.85 247.25 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.44 247.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.44 247.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.08 247.25 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.18 247.25 Td (had historically been included in our Publishing segment. ) Tj ET Q q 0 0 0 rg BT 513.46 247.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (described in ) Tj ET Q q 0 0 0 rg BT 100.54 223.25 Td (Accounting Standards Codification 205-20-45-1C.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Acquisition of a contr) Tj ET Q q 0 0 0 rg BT 136.57 202.25 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.92 202.25 Td (est in Digonex T) Tj ET Q q 0 0 0 rg BT 245.83 202.25 Td (echnologies, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 181.25 Td (On June 16, 2014, Emmis invested $3.0 million in Digonex ) Tj ET Q q 0 0 0 rg BT 313.14 181.25 Td (T) Tj ET Q q 0 0 0 rg BT 318.55 181.25 Td (echnologies, Inc., an Indiana corporation that provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (dynamic pricing solutions to customers in various industries. Emmis believes that its acquisition of Digonex gives it entry into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (the growing dynamic pricing marketplace which can serve a diverse clientle, and can possibly help Emmis with yields on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (own advertising inventory and special events. Emmis) Tj ET Q q 0 0 0 rg BT 266.15 145.25 Td ( initial investment of $3.0 million \($1.0 million in Digonex Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (Stock and $2.0 million in the form of convertible debt\) resulted in Emmis appointing a majority of the board of directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Digonex and holding rights convertible into 51% of the fully diluted common equity of Digonex. ) Tj ET Q q 0 0 0 rg BT 440.49 121.25 Td (As Emmis controlled the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (board of directors of Digonex as of its initial investment on June 16, 2014, Emmis began consolidating the results of Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (as of that date. Subsequent to its consolidation of Digonex, Emmis has contributed an additional $6.5 million to Digonex in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (form of convertible debt, which has resulted in Emmis owning rights that are convertible into at least 80% of the common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (equity of Digonex. ) 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 (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (RESUL) Tj ET Q q 0 0 0 rg BT 82.43 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.67 742.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 147.43 742.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 165.82 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 172.67 718.25 Td ( 29, 2016 COMP) Tj ET Q q 0 0 0 rg BT 242.48 718.25 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.13 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 279.62 718.25 Td (O ) Tj ET Q q 0 0 0 rg BT 289.53 718.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 405.85 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 412.70 718.25 Td ( 28, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.25 697.25 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 638.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 638.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 638.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 638.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 638.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 608.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 608.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 608.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 608.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 578.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 578.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 578.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 578.75 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 271 664.75 m 341 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 664.75 m 345 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 664.75 m 415 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 664.75 m 341 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 651.75 m 341 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 664.75 m 415 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 651.75 m 415 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 651.75 m 489 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 651.75 m 563 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 578.75 m 341 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 578.75 m 415 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 578.75 m 489 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 564.75 m 341 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 562.75 m 341 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 564.75 m 415 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 562.75 m 415 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 564.75 m 489 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 562.75 m 489 562.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 669.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 668.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 669.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 669.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 656.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 655.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 655.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 655.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 655.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 643.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 642.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 643.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.32 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 614.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 613.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 613.42 Td (169,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 613.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 613.42 Td (165,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 613.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 613.47 Td (\(4,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 613.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 613.42 Td (\(2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 613.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 599.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 598.42 Td (60,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 598.42 Td (48,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 598.47 Td (\(12,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 598.42 Td (\(20.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 598.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 584.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 583.42 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 583.42 Td (861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 583.47 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 583.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 583.42 Td (\(29.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 583.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.32 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 568.42 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 568.42 Td (214,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 568.47 Td (\(16,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 568.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 568.42 Td (\(7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 568.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 540.25 Td (Radio net revenues decreased during the year ended February 28, 2017 as our radio division underperformed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (aggregate performance of the markets in which we operate. ) Tj ET Q q 0 0 0 rg BT 289.21 528.25 Td (W) Tj ET Q q 0 0 0 rg BT 297.84 528.25 Td (e typically monitor the performance of our stations against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (aggregate performance of the markets in which we operate based on reports for the periods prepared by Miller Kaplan. Miller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (Kaplan reports are generally prepared on a gross revenues basis and exclude revenues from barter arrangements. ) Tj ET Q q 0 0 0 rg BT 501.25 504.25 Td (A) Tj ET Q q 0 0 0 rg BT 507.92 504.25 Td ( summary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (market revenue performance and Emmis) Tj ET Q q 0 0 0 rg BT 214.79 492.25 Td ( revenue performance in those markets for the year ended February28, 2017 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 424.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 424.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 424.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 424.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 396.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 396.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 396.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 396.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 368.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 368.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 368.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 368.75 100.00 -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 354 448.75 m 454 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 448.75 m 458 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 448.75 m 558 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 424.75 m 454 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 424.75 m 558 424.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 452.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.05 452.83 Td (FortheyearendedFebruary28,2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 440.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.70 440.83 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.50 440.83 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 428.83 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.60 428.83 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.00 428.83 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 545.75 433.36 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.32 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 415.32 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 415.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 415.32 Td (\(2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 415.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 401.32 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 401.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 401.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.95 401.32 Td (\(14.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 401.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 387.32 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 387.32 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 387.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 387.32 Td (11.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 387.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 373.32 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 373.32 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 373.32 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 373.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 359.32 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 359.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 359.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 359.32 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 359.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 345.32 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 345.32 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 345.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 345.32 Td (\(3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 345.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 326.27 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.10 322.65 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 173.53 322.65 Td (Y) Tj ET Q q 0 0 0 rg BT 178.51 322.65 Td (ork excludes the results of ) Tj ET Q q 0 0 0 rg BT 264.34 322.65 Td (WEPN-FM which is being operated pursuant to an LMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 298.65 Td (Our weak performance in Los ) Tj ET Q q 0 0 0 rg BT 193.90 298.65 Td (Angeles mostly related to a format competitor that began directly competing against our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.65 Td (station there in February 2015. ) Tj ET Q q 0 0 0 rg BT 174.85 286.65 Td (The revenue impact has been most pronounced since the fall of 2015. On May 8, 2017, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.65 Td (entered into an agreement to sell our radio station in Los ) Tj ET Q q 0 0 0 rg BT 277.49 274.65 Td (Angeles, subject to certain regulatory approvals and closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.65 Td (conditions. Our exposure to the Los ) Tj ET Q q 0 0 0 rg BT 194.76 262.65 Td (Angeles radio market will be eliminated if we are able to close this transaction, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.65 Td (expected, in the back half of 2017. Excluding Los ) Tj ET Q q 0 0 0 rg BT 250.83 250.65 Td (Angeles, our radio revenues would have been down 0.3% in markets that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.65 Td (were up 0.5% according to Miller Kaplan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 217.65 Td (For the year ended February 28, 2017, as compared to the prior year) Tj ET Q q 0 0 0 rg BT 344.29 217.65 Td (, our average rate per minute for our domestic radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.65 Td (stations was down 1.9%, and our minutes sold were down 2.9%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 184.65 Td (Publishing net revenues were down for the year ended February 28, 2017 mostly due to the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.79 184.65 Td (T) Tj ET Q q 0 0 0 rg BT 474.43 184.65 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.03 184.65 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.65 Td (November 1, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 151.65 Td (Emer) Tj ET Q q 0 0 0 rg BT 94.97 151.65 Td (ging technologies net revenues, which primarily relate to licensing fees of our ) Tj ET Q q 0 0 0 rg BT 408.86 151.65 Td (T) Tj ET Q q 0 0 0 rg BT 414.27 151.65 Td (agStation software and pricing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.65 Td (services provided by Digonex, decreased during the year as a lar) Tj ET Q q 0 0 0 rg BT 307.27 139.65 Td (ge retail customer of Digonex did not renew for fiscal 2017.) 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 (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Station operating expenses excluding LMA) Tj ET Q q 0 0 0 rg BT 232.29 742.25 Td ( fees and depr) Tj ET Q q 0 0 0 rg BT 291.83 742.25 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 683.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 683.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 683.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 683.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 683.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 643.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 643.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 613.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 613.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 613.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 613.75 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 709.75 m 341 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 709.75 m 345 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 709.75 m 415 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 709.75 m 341 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 696.75 m 341 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 709.75 m 415 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 696.75 m 415 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 696.75 m 489 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 696.75 m 563 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 613.75 m 341 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 613.75 m 415 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 613.75 m 489 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 589.75 m 341 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 587.75 m 341 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 589.75 m 415 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 587.75 m 415 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 589.75 m 489 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 587.75 m 489 587.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 713.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 701.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 700.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 700.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 700.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 700.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 688.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 687.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 688.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.32 Td (Station operating expenses excluding LMA fees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 664.32 Td (depreciation and amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 649.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 648.42 Td (116,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 648.42 Td (115,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 648.47 Td (\(1,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 648.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 648.42 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 648.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 634.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 633.42 Td (58,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 633.42 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 633.47 Td (\(7,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 633.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 633.42 Td (\(13.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 633.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 619.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 618.42 Td (7,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 618.42 Td (13,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 618.42 Td (6,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 618.42 Td (78.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 618.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.32 Td (Total station operating expenses excluding LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 594.32 Td (and depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 593.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 593.42 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 593.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 593.42 Td (180,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 593.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 593.47 Td (\(3,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 593.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 593.42 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 593.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 568.25 Td (Radio station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 274.02 568.25 Td ( fees and depreciation and amortization expense decreased due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (nonrecurring severance expenses incurred during Q4 of the prior year) Tj ET Q q 0 0 0 rg BT 327.44 556.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 535.25 Td (Station operating expenses excluding depreciation and amortization expense for publishing decreased during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (ended February 28, 2017 due to the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.79 523.25 Td (T) Tj ET Q q 0 0 0 rg BT 227.43 523.25 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.02 523.25 Td ( on November 1, 2016, partially of) Tj ET Q q 0 0 0 rg BT 419.70 523.25 Td (fset by severance and retention ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.25 Td (bonuses for employees of the five magazines that were sold in fiscal 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 490.25 Td (Station operating expenses excluding depreciation and amortization expense for emer) Tj ET Q q 0 0 0 rg BT 415.70 490.25 Td (ging technologies increased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (the year ended February 28, 2017 mostly due to \(i\) NextRadio funding $3.35 million of its obligation to Sprint with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (proceeds of a third party loan and \(ii\) increased NextRadio headcount during the year across all departments to support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (increased activity expected in the next fiscal year and beyond. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 433.25 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 199.59 433.25 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 374.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 374.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 374.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 374.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 374.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 374.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 374.75 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 400.75 m 341 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 400.75 m 345 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 400.75 m 415 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 400.75 m 341 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 387.75 m 341 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 400.75 m 415 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 387.75 m 415 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 387.75 m 489 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 387.75 m 563 387.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 404.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 405.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 405.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 391.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 391.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 391.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 391.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 378.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 379.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 365.32 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 355.32 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 354.42 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 354.42 Td (11,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 354.47 Td (\(1,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 354.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 354.42 Td (\(12.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 354.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.25 Td (Corporate expenses excluding depreciation and amortization expense decreased during the year ended February 28, 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (mostly due to personnel bonuses, which totaled approximately $1.0 million in fiscal 2016, but there were no such bonuses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (fiscal 2017. ) Tj ET Q q 0 0 0 rg BT 100.60 305.25 Td (Also contributing to the decrease in corporate expenses excluding depreciation and amortization expense was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 293.25 Td (fect of cost reduction actions taken in January 2016, which were partially of) Tj ET Q q 0 0 0 rg BT 360.97 293.25 Td (fset by costs incurred related to the evaluation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (a go-private of) Tj ET Q q 0 0 0 rg BT 108.18 281.25 Td (fer received by the Company during fiscal 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 203.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 203.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 203.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 203.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 174.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 174.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 174.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 174.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 174.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 174.75 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 271 227.75 m 341 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 227.75 m 345 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 227.75 m 415 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 227.75 m 341 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 215.75 m 341 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 227.75 m 415 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 215.75 m 415 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 215.75 m 489 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 215.75 m 493 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 215.75 m 563 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 159.75 m 341 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 159.75 m 415 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 159.75 m 489 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 145.75 m 341 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 143.75 m 341 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 145.75 m 415 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 143.75 m 415 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 145.75 m 489 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 143.75 m 489 143.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 232.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 231.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 232.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 219.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 219.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 219.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 219.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 219.83 Td (% Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 207.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 207.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.32 Td (Impairment loss on intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 180.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 179.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 179.42 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 179.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 179.42 Td (6,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 179.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 179.42 Td (1,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 179.42 Td (26.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 179.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 165.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 164.42 Td (4,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 164.42 Td (2,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 164.47 Td (\(1,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 164.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 164.42 Td (\(26.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 164.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 150.32 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 149.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 149.42 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 149.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 149.42 Td (9,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 149.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 149.42 Td (344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 149.42 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 149.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 124.25 Td (In connection with the annual impairment review conducted on December 1, 2015, the Company concluded that its FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 159.67 112.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.89 112.25 Td (ork, and the licenses for our ) Tj ET Q q 0 0 0 rg BT 279.47 112.25 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 366.51 112.25 Td (T) Tj ET Q q 0 0 0 rg BT 371.92 112.25 Td (erre Haute clusters were impaired by $5.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 85.71 100.25 Td (The Company also concluded that the goodwill and patents associated with Digonex were impaired and recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (impairment loss of $4.1 million related to these assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 67.25 Td (In connection with an interim review for impairment during the quarter ended ) Tj ET Q q 0 0 0 rg BT 386.73 67.25 Td (August 31, 2016, the Company recorded an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.25 Td (impairment loss of $2.1 million related to goodwill and $0.9 million related to definite-lived intangible assets, all of which) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (related to Digonex. ) Tj ET Q q 0 0 0 rg BT 128.74 742.10 Td (This impairment loss reduced the carrying value of Digonex goodwill and definite-lived intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (to zero. In connection with the annual impairment review conducted on December 1, 2016, the Company concluded that its its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (FCC license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 181.07 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 187.29 718.10 Td (ork, and the licenses for our ) Tj ET Q q 0 0 0 rg BT 300.87 718.10 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 387.91 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.32 718.10 Td (erre Haute clusters were impaired by $6.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 685.10 Td (e could record impairment char) Tj ET Q q 0 0 0 rg BT 205.96 685.10 Td (ges in future periods if we determine the carrying value of our intangible assets exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (their fair value. Our annual impairment test of our broadcasting licenses and goodwill is performed each year as of December 1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 661.10 Td (e may be required to retest prior to our next annual evaluation, which could result in additional impairment char) Tj ET Q q 0 0 0 rg BT 505.32 661.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (Gain on sale of radio and publishing assets, net of disposition costs:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.60 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 581.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 581.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 581.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 581.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 581.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 581.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 581.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 541.60 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.60 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 511.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 511.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 511.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 511.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 511.60 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 511.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 511.60 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 607.6 m 341 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 607.6 m 345 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 607.6 m 415 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 607.6 m 341 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 594.6 m 341 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 607.6 m 415 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 594.6 m 415 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 594.6 m 489 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 594.6 m 493 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 594.6 m 563 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 511.6 m 341 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 511.6 m 415 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 511.6 m 489 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 487.6 m 341 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 485.6 m 341 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 487.6 m 415 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 485.6 m 415 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 487.6 m 489 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 485.6 m 489 485.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 611.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 611.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 611.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 598.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 598.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 598.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 598.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 598.83 Td (% Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 585.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 585.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 572.17 Td (Gain on sale of radio and publishing assets, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 562.17 Td (disposition costs:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 547.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 546.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 546.32 Td (\(3,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 546.32 Td (\(3,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 546.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 532.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 531.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 531.32 Td (\(20,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 531.32 Td (\(20,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 531.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 517.17 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 516.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.17 Td (Gain on sale of radio and publishing assets, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 492.17 Td (disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 491.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 491.32 Td (\(23,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 491.32 Td (\(23,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 491.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 491.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 466.10 Td (On November 1, 2016, we closed on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.73 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 269.37 466.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.97 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.79 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 336.42 466.10 Td (e recognized a $17.4 million gain on sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.15 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 518.79 466.10 Td (exas ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.83 454.10 Td (. On January 30, 2017, we closed on the sale of our ) Tj ET Q q 0 0 0 rg BT 290.10 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 295.51 454.10 Td (erre Haute, Indiana radio cluster) Tj ET Q q 0 0 0 rg BT 424.06 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 431.38 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 440.01 454.10 Td (e recognized a $3.5 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (gain on sale of the cluster) Tj ET Q q 0 0 0 rg BT 151.41 442.10 Td (. On February 28, 2017, we closed on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.04 442.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 364.81 442.10 Td (Angeles Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.40 442.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.40 442.10 Td (Atlanta Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.78 442.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.78 442.10 Td (Cincinnati ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 430.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.38 430.10 Td (Orange Coast Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.71 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.53 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.16 430.10 Td (e recognized a $2.7 million gain on sale of these magazines.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.98 409.10 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 353.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 353.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 353.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 353.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 353.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 353.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 325.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 325.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 325.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 325.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 325.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 325.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 297.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 297.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 297.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 297.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 297.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 297.60 71.00 -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 271 377.6 m 342 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 377.6 m 346 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 377.6 m 417 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 377.6 m 342 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 365.6 m 342 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 377.6 m 417 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 365.6 m 417 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 365.6 m 492 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 365.6 m 567 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 297.6 m 342 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 297.6 m 417 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 297.6 m 492 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 284.6 m 342 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 282.6 m 342 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 284.6 m 417 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 282.6 m 417 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 284.6 m 492 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 282.6 m 492 282.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 381.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.80 381.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 381.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 369.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 369.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 369.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.85 369.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 369.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 357.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.70 357.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 357.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 344.17 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 330.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 330.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 330.17 Td (3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 330.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 330.17 Td (3,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 330.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 330.17 Td (117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 330.17 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 330.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 316.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 316.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 316.17 Td (230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 316.22 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 316.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 316.17 Td (\(13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.80 316.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 302.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 302.17 Td (2,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 302.17 Td (1,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 302.22 Td (\(1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 302.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 302.17 Td (\(49.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.80 302.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 288.17 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 288.17 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 288.17 Td (4,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 288.22 Td (\(991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 288.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 288.17 Td (\(17.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.80 288.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 263.10 Td (The increase in depreciation and amortization for the year ended February 28, 2017 for our radio division is mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (depreciation expense associated with broadcasting equipment and other equipment that was placed into service toward the end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (of the prior fiscal year) Tj ET Q q 0 0 0 rg BT 137.80 239.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 218.10 Td (The decrease in depreciation and amortization for the year ended February 28, 2017 for corporate & emer) Tj ET Q q 0 0 0 rg BT 496.19 218.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (technologies is mostly due to reduced amortization expense of Digonex-related definite-lived intangible assets. ) Tj ET Q q 0 0 0 rg BT 495.85 206.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (recorded impairment char) Tj ET Q q 0 0 0 rg BT 152.60 194.10 Td (ges related to these definite-lived intangible assets in connection with its annual review of impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (during fiscal 2016 and with its interim review of impairment as of ) Tj ET Q q 0 0 0 rg BT 315.55 182.10 Td (August 31, 2016, the latter of which reduced the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (value of these definite-lived intangibles to zero.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 686.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 686.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 686.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 686.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 686.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 658.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 658.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 658.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 658.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 658.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 658.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 658.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 658.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 630.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 630.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 630.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 630.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 630.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 630.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 630.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 630.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 710.75 m 341 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 710.75 m 345 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 710.75 m 415 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 710.75 m 341 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 698.75 m 341 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 710.75 m 415 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 698.75 m 415 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 698.75 m 489 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 698.75 m 563 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 630.75 m 341 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 630.75 m 415 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 630.75 m 489 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 617.75 m 341 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 615.75 m 341 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 617.75 m 415 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 615.75 m 415 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 617.75 m 489 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 615.75 m 489 615.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 714.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 714.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 702.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 702.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 702.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 702.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 702.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 690.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 690.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 690.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 677.32 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 663.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 663.32 Td (43,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 663.32 Td (42,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 663.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 663.37 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 663.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 663.32 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 663.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 649.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 649.32 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 649.32 Td (17,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 649.32 Td (15,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 649.32 Td (845.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 649.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 635.32 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 635.37 Td (\(25,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 635.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 635.37 Td (\(28,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 635.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 635.37 Td (\(2,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 635.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 635.32 Td (\(10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 635.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 621.32 Td (Total operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 621.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 621.32 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 621.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 621.32 Td (31,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 621.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 621.32 Td (12,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 621.32 Td (62.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 621.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 596.25 Td (Radio operating income decreased for year ended February 28, 2017 principally due to the ef) Tj ET Q q 0 0 0 rg BT 445.68 596.25 Td (fect of revenue declines for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (all of our markets except St. Louis and lar) Tj ET Q q 0 0 0 rg BT 217.33 584.25 Td (ger impairment losses recorded during the year) Tj ET Q q 0 0 0 rg BT 405.04 584.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.36 584.25 Td (The gain on sale of our ) Tj ET Q q 0 0 0 rg BT 507.15 584.25 Td (T) Tj ET Q q 0 0 0 rg BT 512.56 584.25 Td (erre Haute, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (Indiana cluster and lower radio operating expenses partially of) Tj ET Q q 0 0 0 rg BT 299.23 572.25 Td (fset the ef) Tj ET Q q 0 0 0 rg BT 338.47 572.25 Td (fect of the revenue declines and lar) Tj ET Q q 0 0 0 rg BT 478.22 572.25 Td (ger impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 539.25 Td (Publishing operating income increased due to the gain on sale of the five publications that were sold during the year) Tj ET Q q 0 0 0 rg BT 536.99 539.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 518.25 Td (Corporate and Emer) Tj ET Q q 0 0 0 rg BT 154.40 518.25 Td (ging ) Tj ET Q q 0 0 0 rg BT 174.50 518.25 Td (T) Tj ET Q q 0 0 0 rg BT 179.91 518.25 Td (echnologies operating losses increased mostly due to additional investments in ) Tj ET Q q 0 0 0 rg BT 496.88 518.25 Td (T) Tj ET Q q 0 0 0 rg BT 502.29 518.25 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (NextRadio and proceeds from a third party loan to NextRadio that were remitted to Sprint, as previously discussed. ) Tj ET Q q 0 0 0 rg BT 515.60 506.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.25 Td (increases were partially of) Tj ET Q q 0 0 0 rg BT 154.54 494.25 Td (fset by lower overall corporate expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 70.98 473.25 Td (est expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 417.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 417.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 417.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 417.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 441.75 m 341 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 441.75 m 345 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 441.75 m 415 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 441.75 m 341 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 429.75 m 341 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 441.75 m 415 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 429.75 m 415 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 429.75 m 489 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 429.75 m 563 429.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 445.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 445.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 445.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 433.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 433.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 433.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 433.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 433.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 421.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 421.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 421.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 408.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 408.37 Td (\(18,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 408.37 Td (\(18,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 408.32 Td (938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 408.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 408.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 383.25 Td (The decrease in interest expense is attributable to lower debt balances as the Company used the proceeds from its various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (asset sales during fiscal 2017 to reduce debt outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 294.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 294.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 294.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 294.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 294.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 318.75 m 341 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 318.75 m 345 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 318.75 m 415 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 318.75 m 341 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 306.75 m 341 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 318.75 m 415 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 306.75 m 415 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 306.75 m 489 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 306.75 m 563 306.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 322.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 322.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 322.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 310.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 310.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 310.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 310.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 310.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 298.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 298.83 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 298.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 285.32 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 285.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 285.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 285.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 285.37 Td (\(620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 285.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 285.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 285.37 Td (\(620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 285.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 285.32 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 260.25 Td (The Company repaid outstanding term loans under its credit facility with proceeds from asset sales during fiscal 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (The pro-rata portion of unamortized debt discount that was written-of) Tj ET Q q 0 0 0 rg BT 327.84 248.25 Td (f in connection with these repayments was classified as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (loss on debt extinguishment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 215.25 Td ( \(expense\) income, net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 159.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 159.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 159.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 159.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 159.75 71.00 -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 271 183.75 m 342 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 183.75 m 346 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 183.75 m 417 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 183.75 m 342 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 171.75 m 342 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 183.75 m 417 183.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 171.75 m 417 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 171.75 m 492 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 171.75 m 567 171.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 187.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.80 187.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 187.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 175.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 175.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 175.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.85 175.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 175.83 Td (% Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 163.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.70 163.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 150.32 Td (Other \(expense\) income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 150.32 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 150.37 Td (\(160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 150.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 150.37 Td (\(1,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 150.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 150.32 Td (\(115.1\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 125.25 Td (Other income in fiscal 2016 mostly relates to various nonrecurring recoveries and noncash gains. Other expense in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (2017 mostly relates to a $0.3 million other) Tj ET Q q 0 0 0 rg BT 219.28 113.25 Td (-than-temporary impairment of an equity method investment that reduced the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td (carrying value of the investment to zero as of February 28, 2017.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.87 742.25 Td (ovision \(benefit\) for) Tj ET Q q 0 0 0 rg BT 143.56 742.25 Td ( income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 686.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 686.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 686.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 686.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 686.75 71.00 -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 271 710.75 m 342 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 710.75 m 346 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 710.75 m 417 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 710.75 m 342 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 698.75 m 342 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 710.75 m 417 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 698.75 m 417 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 698.75 m 492 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 698.75 m 567 698.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.80 714.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 714.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 714.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 702.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 702.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 702.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.85 702.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 702.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 690.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.70 690.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 690.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 677.32 Td (Provision \(benefit\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 677.32 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 677.37 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 677.37 Td (\(2,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 677.32 Td (\(105.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.80 677.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 652.25 Td (The Company has recorded a full valuation allowance against its net deferred tax assets, except for the deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (liabilities related to indefinite-lived intangibles. ) Tj ET Q q 0 0 0 rg BT 241.67 640.25 Td (Although the Company continues to record a full valuation allowance, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (income tax expense related to deferred tax liabilities for indefinite-lived intangibles must still be recorded. Because this amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (is based on tax amortization, the full year amount of associated tax expense is known at the beginning of the year and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (Company recognizes the tax expense related to deferred tax liabilities for indefinite-lived intangibles evenly through the year as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (a discrete item. Separately) Tj ET Q q 0 0 0 rg BT 156.86 592.25 Td (, the company recorded tax benefits of $1.3 million and $2.4 million related to impairment char) Tj ET Q q 0 0 0 rg BT 538.24 592.25 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (on FCC licenses during the years ended February 29, 2016 and February 28, 2017, respectively) Tj ET Q q 0 0 0 rg BT 430.15 580.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (Consolidated net income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 500.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 500.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 500.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 500.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 500.75 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 271 526.75 m 341 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 526.75 m 345 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 526.75 m 415 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 526.75 m 341 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 513.75 m 341 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 526.75 m 415 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 513.75 m 415 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 513.75 m 489 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 513.75 m 563 513.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 531.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.80 530.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 531.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 531.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 518.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.50 517.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 517.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 517.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 517.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 505.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.20 504.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 505.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 491.32 Td (Consolidated net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 490.47 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 490.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 490.42 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 490.42 Td (13,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 490.42 Td (N/M) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 465.25 Td (The increase in consolidated net income \(loss\) is principally due to the $23.6 million gain on sale associated with the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.25 Td (of our ) Tj ET Q q 0 0 0 rg BT 75.98 453.25 Td (T) Tj ET Q q 0 0 0 rg BT 81.39 453.25 Td (erre Haute, Indiana radio cluster and five magazines during the year ended February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 460.51 453.25 Td (This gain is partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 441.25 Td (fset by other items, including lower radio division revenues and higher expenses at our ) Tj ET Q q 0 0 0 rg BT 407.10 441.25 Td (T) Tj ET Q q 0 0 0 rg BT 412.51 441.25 Td (agStation and NextRadio businesses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (Loss on modification of pr) Tj ET Q q 0 0 0 rg BT 161.55 420.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 182.45 420.25 Td (ed stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.75 219.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 364.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 364.75 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 364.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 364.75 71.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 388.75 m 339 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 388.75 m 343 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 388.75 m 414 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 388.75 m 339 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 376.75 m 339 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 388.75 m 414 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 376.75 m 414 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 376.75 m 488 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 376.75 m 563 376.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 392.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.30 392.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 380.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.50 380.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.00 380.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.35 380.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 380.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 368.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.70 368.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 368.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 355.37 Td (Loss on modification of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.50 355.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.80 355.37 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 355.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 355.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 355.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 355.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 355.37 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.95 355.37 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 355.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 332.25 Td (On February 17, 2016, Emmis filed amendments to its ) Tj ET Q q 0 0 0 rg BT 291.70 332.25 Td (Articles of Incorporation that modified the rights of holders of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (Company's Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 166.38 320.25 Td (The amendments, among other things, modified the conversion ratio for shares of Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (into Class ) Tj ET Q q 0 0 0 rg BT 91.17 308.25 Td (A) Tj ET Q q 0 0 0 rg BT 97.84 308.25 Td ( Common Stock from 2.44 shares of Class ) Tj ET Q q 0 0 0 rg BT 269.23 308.25 Td (A) Tj ET Q q 0 0 0 rg BT 275.90 308.25 Td ( Common Stock to 2.80 shares of Class ) Tj ET Q q 0 0 0 rg BT 435.62 308.25 Td (A) Tj ET Q q 0 0 0 rg BT 442.29 308.25 Td ( Common Stock. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (connection with this modification, the Company recorded a loss of $0.2 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 166.32 263.25 Td (Y) Tj ET Q q 0 0 0 rg BT 173.17 263.25 Td ( 28, 2015 COMP) Tj ET Q q 0 0 0 rg BT 242.98 263.25 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.63 263.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.12 263.25 Td (O ) Tj ET Q q 0 0 0 rg BT 290.03 263.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 406.35 263.25 Td (Y) Tj ET Q q 0 0 0 rg BT 413.20 263.25 Td ( 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.75 246.25 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 191.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 191.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 191.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 191.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 161.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 161.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 161.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 161.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 161.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 161.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 161.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 161.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 131.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 131.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 131.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 131.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 131.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 131.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 131.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 131.75 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 270.5 217.75 m 340.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 217.75 m 344.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 217.75 m 414.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 217.75 m 340.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 204.75 m 340.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 217.75 m 414.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 204.75 m 414.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 204.75 m 488.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 204.75 m 562.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 131.75 m 340.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 131.75 m 414.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 131.75 m 488.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 117.75 m 340.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 115.75 m 340.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 117.75 m 414.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 115.75 m 414.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 117.75 m 488.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 115.75 m 488.5 115.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 222.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.30 221.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 222.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 222.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 209.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 208.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 208.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 208.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 208.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 196.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 195.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 196.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 167.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 166.42 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 166.42 Td (169,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 166.47 Td (\(7,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 166.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 166.42 Td (\(4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 166.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 152.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 151.42 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 151.42 Td (60,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 151.47 Td (\(150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 151.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 151.42 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 151.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 137.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 136.42 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 136.42 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 136.42 Td (667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 136.42 Td (122.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 136.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 122.32 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 121.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 121.42 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 121.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 121.42 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 121.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 121.47 Td (\(6,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 121.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 121.42 Td (\(2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 121.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 93.25 Td (Radio net revenues decreased during the year ended February 29, 2016 due to general declines in radio revenues in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (markets where we operate radio stations, coupled with below-market performance for our stations in New ) Tj ET Q q 0 0 0 rg BT 475.60 81.25 Td (Y) Tj ET Q q 0 0 0 rg BT 481.82 81.25 Td (ork, Los ) Tj ET Q q 0 0 0 rg BT 517.09 81.25 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 69.25 Td (Austin. ) Tj ET Q q 0 0 0 rg BT 100.38 69.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.01 69.25 Td (e typically monitor the performance of our stations against the aggregate performance of the markets in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (we operate based on reports for the periods prepared by Miller Kaplan. Miller Kaplan reports are generally prepared on a gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.25 Td (revenues basis and exclude revenues from barter arrangements. Miller Kaplan reports are not available for the ) Tj ET Q q 0 0 0 rg BT 494.63 45.25 Td (T) Tj ET Q q 0 0 0 rg BT 500.04 45.25 Td (erre Haute ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (radio market. ) Tj ET Q q 0 0 0 rg BT 105.26 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 111.93 742.10 Td ( summary of market revenue performance and Emmis) Tj ET Q q 0 0 0 rg BT 330.27 742.10 Td ( revenue performance in those markets for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (February29, 2016 is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 678.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 678.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 678.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 650.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 650.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 622.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 622.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 622.60 100.00 -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 354.5 702.6 m 454.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 702.6 m 458.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 702.6 m 558.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 678.6 m 454.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 678.6 m 558.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 678.6 m 454.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 678.6 m 558.5 678.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.55 706.68 Td (FortheyearendedFebruary29,2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.20 694.68 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 694.68 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 682.68 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 682.68 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 682.68 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 546.25 687.21 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 669.17 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 669.17 Td (\(2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 669.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 669.17 Td (\(4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 669.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.17 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 655.17 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 655.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 655.17 Td (\(14.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 655.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.17 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 641.17 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 641.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 641.17 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 641.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 627.17 Td (\(1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 627.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 627.17 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 627.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.17 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 613.17 Td (\(2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 613.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 613.17 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 613.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.17 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 599.17 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 599.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 599.17 Td (\(4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 599.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 584.13 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.90 580.50 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 175.33 580.50 Td (Y) Tj ET Q q 0 0 0 rg BT 180.31 580.50 Td (ork reflects only ) Tj ET Q q 0 0 0 rg BT 234.59 580.50 Td (WQHT) Tj ET Q q 0 0 0 rg BT 257.85 580.50 Td (-FM and Los ) Tj ET Q q 0 0 0 rg BT 301.18 580.50 Td (Angeles reflects only KPWR-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 559.50 Td (In Los ) Tj ET Q q 0 0 0 rg BT 101.78 559.50 Td (Angeles, our weak performance mostly related to a new format competitor that began directly competing against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.50 Td (our station there in February 2015. ) Tj ET Q q 0 0 0 rg BT 193.68 547.50 Td (The revenue impact was most pronounced in the second half of fiscal 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.50 Td (Publishing net revenues were flat for the year ended February 29, 2016 as strong performance by the division in general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.50 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.94 514.50 Td (T) Tj ET Q q 0 0 0 rg BT 71.58 514.50 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.18 514.50 Td ( in particular) Tj ET Q q 0 0 0 rg BT 175.86 514.50 Td (, in the first half of the fiscal year were of) Tj ET Q q 0 0 0 rg BT 342.00 514.50 Td (fset by weakness in the second half of the fiscal year) Tj ET Q q 0 0 0 rg BT 551.93 514.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 493.50 Td (Emer) Tj ET Q q 0 0 0 rg BT 93.97 493.50 Td (ging ) Tj ET Q q 0 0 0 rg BT 114.07 493.50 Td (T) Tj ET Q q 0 0 0 rg BT 119.48 493.50 Td (echnologies consist of our NextRadio, ) Tj ET Q q 0 0 0 rg BT 274.83 493.50 Td (T) Tj ET Q q 0 0 0 rg BT 280.24 493.50 Td (agStation, and Digonex businesses. Current revenues primarily relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.50 Td (to licensing fees of our ) Tj ET Q q 0 0 0 rg BT 143.96 481.50 Td (T) Tj ET Q q 0 0 0 rg BT 149.37 481.50 Td (agStation software. ) Tj ET Q q 0 0 0 rg BT 228.89 481.50 Td (These fees are recognized as revenue over the life of the license agreement, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.50 Td (is typically two years. ) Tj ET Q q 0 0 0 rg BT 140.08 469.50 Td (T) Tj ET Q q 0 0 0 rg BT 145.49 469.50 Td (agStation supplements radio broadcasts with visual content \(e.g., album art, artist information, etc.\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.50 Td (enhanced ads for display on HD Radio dashboards, HD Radio devices, and the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 462.50 457.50 Td (The increase in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.50 Td (revenues of Emer) Tj ET Q q 0 0 0 rg BT 120.34 445.50 Td (ging ) Tj ET Q q 0 0 0 rg BT 140.44 445.50 Td (T) Tj ET Q q 0 0 0 rg BT 145.85 445.50 Td (echnologies for the year ended February 29, 2016 is due to additional stations licensing the ) Tj ET Q q 0 0 0 rg BT 512.25 445.50 Td (T) Tj ET Q q 0 0 0 rg BT 517.66 445.50 Td (agStation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.50 Td (software as well as Digonex revenues. Since Emmis acquired its controlling interest in Digonex on June 16, 2014, Digonex net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.50 Td (revenues were included in our consolidated results for only a portion of the prior year) Tj ET Q q 0 0 0 rg BT 391.56 421.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.50 Td (Station operating expenses excluding depr) Tj ET Q q 0 0 0 rg BT 229.83 400.50 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.00 220.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 346.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 346.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 346.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 346.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 346.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 346.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 346.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 306.00 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 306.00 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 306.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 306.00 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 306.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 306.00 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 306.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 306.00 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 276.00 220.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 276.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 276.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 276.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 276.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 276.00 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 276.00 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 276.00 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 372 m 340.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 372 m 344.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 372 m 414.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 372 m 340.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 359 m 340.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 372 m 414.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 359 m 414.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 359 m 488.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 359 m 562.5 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 276 m 340.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 276 m 414.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 276 m 488.5 276 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 252 m 340.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 250 m 340.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 252 m 414.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 250 m 414.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 252 m 488.5 252 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 250 m 488.5 250 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 376.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.30 376.23 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 376.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 376.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 363.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 363.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 363.23 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 363.23 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 363.23 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 350.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 350.23 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 350.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.57 Td (Station operating expenses, excluding depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.57 Td (and amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 311.57 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 310.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 310.67 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 310.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 310.67 Td (116,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 310.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 310.72 Td (\(305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 310.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 310.67 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 310.67 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 296.57 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 295.67 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 295.67 Td (58,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 295.72 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 295.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 295.67 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 295.67 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 281.57 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 280.67 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 280.67 Td (7,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 280.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 280.67 Td (3,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 280.67 Td (103.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 280.67 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.57 Td (Total station operating expenses, excluding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.57 Td (depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 255.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 255.67 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 255.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 255.67 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 255.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 255.67 Td (2,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 255.67 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 255.67 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 230.50 Td (Radio station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 274.52 230.50 Td ( fees and depreciation and amortization expense were mostly flat for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.50 Td (the year ended February 29, 2016 due to a variety of of) Tj ET Q q 0 0 0 rg BT 270.30 218.50 Td (fsetting items. ) Tj ET Q q 0 0 0 rg BT 331.78 218.50 Td (These items include \(i\) increased marketing expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.50 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 206.50 Td (Angeles for KPWR-FM, \(ii\) severance costs of $2.3 million primarily associated with cost reductions implemented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.50 Td (January 2016, \(iii\) reduced operating expenses in January 2016 and February 2016 as a result of the January 2016 cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.50 Td (reductions and \(iv\) lower commission expense and other revenue-related expenses due to lower revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 161.50 Td (Station operating expenses excluding depreciation and amortization expense for publishing decreased during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.50 Td (ended February 29, 2016 primarily due to lower magazine production costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 128.50 Td (Station operating expenses excluding depreciation and amortization expense for emer) Tj ET Q q 0 0 0 rg BT 416.20 128.50 Td (ging technologies increased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.50 Td (the year ended February 29, 2016 mostly due to increased headcount and development expenses associated with ) Tj ET Q q 0 0 0 rg BT 501.07 116.50 Td (T) Tj ET Q q 0 0 0 rg BT 506.48 116.50 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.50 Td (NextRadio as well as expenses of Digonex, which was acquired in the second quarter of fiscal 2015 and only included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.50 Td (consolidated results for a portion of the prior year) Tj ET Q q 0 0 0 rg BT 248.28 92.50 Td (.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 200.09 742.25 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 687.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 687.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 687.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 687.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 687.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 687.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 687.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 687.75 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 713.75 m 341.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 713.75 m 345.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 713.75 m 415.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 713.75 m 341.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 700.75 m 341.5 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 713.75 m 415.5 713.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 700.75 m 415.5 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 700.75 m 489.5 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 700.75 m 563.5 700.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 717.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 718.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 718.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 705.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 704.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 704.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 704.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 704.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 692.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 691.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 692.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 678.32 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.32 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 667.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 667.42 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 667.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 667.42 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 667.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 667.47 Td (\(1,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 667.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 667.42 Td (\(12.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 667.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 642.25 Td (Corporate expenses excluding depreciation and amortization expense decreased during the year ended February 29, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.25 Td (mostly due to lower legal fees associated with our preferred stock litigation coupled with reduced discretionary spending. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 618.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 112.49 618.25 Td (fective January 2016, our executive of) Tj ET Q q 0 0 0 rg BT 265.58 618.25 Td (ficers and other key employees agreed to a 5% pay reduction for calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.25 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (LMA) Tj ET Q q 0 0 0 rg BT 72.78 589.25 Td ( fees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 534.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 534.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 534.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 534.75 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 270.5 560.75 m 340.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 560.75 m 344.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 560.75 m 414.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 560.75 m 340.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 547.75 m 340.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 560.75 m 414.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 547.75 m 414.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 547.75 m 488.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 547.75 m 562.5 547.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 565.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.30 564.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 565.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 565.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 552.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 551.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 551.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 551.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 551.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 539.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 538.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 539.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.32 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 524.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 524.42 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 524.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 524.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 524.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 524.47 Td (\(4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 524.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 524.42 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 524.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 499.25 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 499.25 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 212.85 499.25 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 320.62 499.25 Td ( for ) Tj ET Q q 0 0 0 rg BT 337.09 499.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 401.91 499.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 480.69 499.25 Td (Y) Tj ET Q q 0 0 0 rg BT 486.91 499.25 Td (ork. ) Tj ET Q q 0 0 0 rg BT 504.69 499.25 Td (As discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (in Note 1 to the accompanying consolidated financial statements, on March 1, 2014, Emmis began providing programming and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (selling advertising for the two stations. Under the terms of the LMA, Emmis paid $1.275 million per month to ) Tj ET Q q 0 0 0 rg BT 492.90 475.25 Td (YMF for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (right to program the stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 248.39 463.25 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 323.95 463.25 Td ( fee decreased to approximately $0.74 million after the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (closing of the purchase of the stations, which occurred on June 10, 2014, and ceased ef) Tj ET Q q 0 0 0 rg BT 397.49 451.25 Td (fective with the second closing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 128.42 439.25 Td (The LMA) Tj ET Q q 0 0 0 rg BT 168.13 439.25 Td ( fees paid after the first closing were recognized as a liability as of the date of purchase of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 155.83 427.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 205.17 427.25 Td (, LMA) Tj ET Q q 0 0 0 rg BT 231.84 427.25 Td ( fees incurred after June 10, 2014 did not impact our results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (Hungary license litigation expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 358.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 358.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 358.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 358.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 382.75 m 341.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 382.75 m 345.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 382.75 m 415.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 382.75 m 341.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 370.75 m 341.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 382.75 m 415.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 370.75 m 415.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 370.75 m 489.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 370.75 m 563.5 370.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 386.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 386.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 386.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 386.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 374.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 374.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 374.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 374.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 374.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 362.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 362.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 362.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.32 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 349.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 349.32 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 349.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 349.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 349.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 349.37 Td (\(521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 349.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 349.32 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 349.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 324.25 Td (On October 28, 2009, the Hungarian National Radio and ) Tj ET Q q 0 0 0 rg BT 301.43 324.25 Td (T) Tj ET Q q 0 0 0 rg BT 306.84 324.25 Td (elevision Board \(OR) Tj ET Q q 0 0 0 rg BT 389.00 324.25 Td (TT\) announced that it was awarding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (another bidder the national radio license then held by our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 387.87 312.25 Td (, Slager) Tj ET Q q 0 0 0 rg BT 417.86 312.25 Td (. Slager ceased broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 300.25 Td (fective November 19, 2009. ) Tj ET Q q 0 0 0 rg BT 171.82 300.25 Td (The Company believed that the awarding of the license to the other bidder was unlawful. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (October 201) Tj ET Q q 0 0 0 rg BT 99.34 288.25 Td (1, Emmis filed for arbitration with the International Centre for Settlement of Investment Disputes \(ICSID\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (seeking resolution of its claim. In ) Tj ET Q q 0 0 0 rg BT 185.81 276.25 Td (April 2014, the ICSID arbitral tribunal ruled that ICSID did not have the jurisdiction to hear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (the merits of Emmis' claim. ) Tj ET Q q 0 0 0 rg BT 162.71 264.25 Td (W) Tj ET Q q 0 0 0 rg BT 171.35 264.25 Td (e sold our Hungarian legal entities in October 2014 for a nominal amount and liquidated our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (Dutch holding companies in December 2014. ) Tj ET Q q 0 0 0 rg BT 233.94 252.25 Td (W) Tj ET Q q 0 0 0 rg BT 242.58 252.25 Td (e do not expect future Hungary license litigation expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 183.75 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 183.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 183.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 183.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 183.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 183.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 183.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 183.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 207.75 m 340.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 207.75 m 344.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 207.75 m 414.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 207.75 m 340.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 195.75 m 340.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 207.75 m 414.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 195.75 m 414.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 195.75 m 488.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 195.75 m 562.5 195.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 211.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.30 211.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 211.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 211.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 199.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 199.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 199.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 199.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 199.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 187.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 187.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 187.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 174.32 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 174.32 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 174.32 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 174.37 Td (\(58,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 174.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 174.32 Td (\(86.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 174.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 149.25 Td (In connection with the annual impairment review conducted on December 1, 2014, the Company concluded that its FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 160.17 137.25 Td (Y) Tj ET Q q 0 0 0 rg BT 166.39 137.25 Td (ork, which is accounted for as a single unit of accounting as it is subject to an LMA, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (licenses of our ) Tj ET Q q 0 0 0 rg BT 110.63 125.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.04 125.25 Td (erre Haute radio cluster were impaired by $9.5 million. ) Tj ET Q q 0 0 0 rg BT 341.34 125.25 Td (The Company also concluded that the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (associated with its acquisition of ) Tj ET Q q 0 0 0 rg BT 182.85 113.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 247.67 113.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 326.45 113.25 Td (Y) Tj ET Q q 0 0 0 rg BT 332.67 113.25 Td (ork was fully impaired. ) Tj ET Q q 0 0 0 rg BT 430.80 113.25 Td (The Company recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (impairment loss of $58.4 million related to this goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 80.25 Td (In connection with the annual impairment review conducted on December 1, 2015, the Company concluded that its FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 160.17 68.25 Td (Y) Tj ET Q q 0 0 0 rg BT 166.39 68.25 Td (ork, and the licenses for our ) Tj ET Q q 0 0 0 rg BT 279.97 68.25 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 367.01 68.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.42 68.25 Td (erre Haute clusters were impaired by $5.4 ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 86.21 742.10 Td (The Company also concluded that the goodwill and patents associated with Digonex were impaired and recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (impairment loss of $4.1 million related to these assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 709.10 Td (e could record impairment char) Tj ET Q q 0 0 0 rg BT 206.46 709.10 Td (ges in future periods if we determine the carrying value of our intangible assets exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (their fair value. Our annual impairment test of our broadcasting licenses and goodwill is performed each year as of December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 59.82 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 68.46 685.10 Td (e may be required to retest prior to our next annual evaluation, which could result in additional impairment char) Tj ET Q q 0 0 0 rg BT 515.63 685.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 651.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 71.48 651.10 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 543.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 543.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 543.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 543.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 543.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 543.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 543.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 623.6 m 341.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 623.6 m 345.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 623.6 m 415.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 623.6 m 341.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 611.6 m 341.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 623.6 m 415.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 611.6 m 415.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 611.6 m 489.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 611.6 m 563.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 543.6 m 341.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 543.6 m 415.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 543.6 m 489.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 530.6 m 341.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 528.6 m 341.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 530.6 m 415.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 528.6 m 415.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 530.6 m 489.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 528.6 m 489.5 528.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 627.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 627.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 627.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 615.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 615.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 615.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 615.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 615.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 603.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 603.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 603.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.17 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 576.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 576.17 Td (3,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 576.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 576.17 Td (3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 576.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 576.17 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.80 576.17 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 562.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 562.17 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 562.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 562.17 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.80 562.17 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 562.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 548.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 548.17 Td (2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 548.17 Td (2,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 548.22 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 548.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 548.17 Td (\(13.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 548.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.17 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 534.17 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 534.17 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 534.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 534.22 Td (\(129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 534.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.45 534.17 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 534.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 509.10 Td (The increase in depreciation and amortization for the year ended February 29, 2016 for our radio division is mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (the June 2014 acquisition of ) Tj ET Q q 0 0 0 rg BT 165.08 497.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 229.90 497.10 Td (WLIB-AM. ) Tj ET Q q 0 0 0 rg BT 279.71 497.10 Td (The decrease in Corporate and Emer) Tj ET Q q 0 0 0 rg BT 425.84 497.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 445.94 497.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.35 497.10 Td (echnologies is mostly due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (to certain computer equipment and software becoming fully depreciated in fiscal 2015. ) Tj ET Q q 0 0 0 rg BT 402.48 485.10 Td (This decrease in Corporate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 71.47 473.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.57 473.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.98 473.10 Td (echnologies depreciation and amortization expense is partially of) Tj ET Q q 0 0 0 rg BT 356.99 473.10 Td (fset by the amortization of Digonex intangibles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (which we began amortizing with the commencement of our consolidation of Digonex in June 2014. See Note 7 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (accompanying consolidated financial statements for a discussion of our acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (Gain on contract settlement:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.60 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 372.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 372.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 372.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 372.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 396.6 m 340.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 396.6 m 344.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 396.6 m 414.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 396.6 m 340.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 384.6 m 340.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 396.6 m 414.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 384.6 m 414.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 384.6 m 488.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 384.6 m 562.5 384.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 400.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.30 400.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 400.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 400.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 388.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 388.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 388.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 388.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 388.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 376.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 376.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 376.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.17 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 363.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.80 363.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 363.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 363.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 363.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 363.17 Td (2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.95 363.17 Td (\(100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 363.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 338.10 Td (Emmis and ) Tj ET Q q 0 0 0 rg BT 119.90 338.10 Td (YMF Media executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 301.80 338.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 364.57 338.10 Td (Agreement dated ) Tj ET Q q 0 0 0 rg BT 435.09 338.10 Td (April 5, 2012 relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 220.18 326.10 Td (WRKS-FM to ) Tj ET Q q 0 0 0 rg BT 279.26 326.10 Td (YMF Media. ) Tj ET Q q 0 0 0 rg BT 333.80 326.10 Td (The amendment, executed on June 10, 2014, fixed all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (future earn-out payments ) Tj ET Q q 0 0 0 rg BT 152.65 314.10 Td (YMF Media owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 331.52 314.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 387.08 314.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 449.85 314.10 Td (Agreement based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (parties' estimate of the earn-out payments that would otherwise be owed to Emmis under this pre-existing contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (relationship. Emmis recognized a gain on settlement of the contract of $2.5 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (Operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 221.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 221.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 221.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 193.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 193.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 193.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 165.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 165.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 165.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 165.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 245.60000000000002 m 341.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 245.60000000000002 m 345.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 245.60000000000002 m 415.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 245.60000000000002 m 341.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 233.60000000000002 m 341.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 245.60000000000002 m 415.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 233.60000000000002 m 415.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 233.60000000000002 m 489.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 233.60000000000002 m 563.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 165.60000000000002 m 341.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 165.60000000000002 m 415.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 165.60000000000002 m 489.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 152.60000000000002 m 341.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 150.60000000000002 m 341.5 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 152.60000000000002 m 415.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 150.60000000000002 m 415.5 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 152.60000000000002 m 489.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 150.60000000000002 m 489.5 150.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 249.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 249.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 249.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 237.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 237.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 237.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 237.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 237.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 225.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 225.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 225.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.17 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 198.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 198.22 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 198.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 198.17 Td (43,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 198.17 Td (57,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 198.17 Td (\(406.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 198.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 184.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 184.17 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 184.17 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 184.17 Td (1,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 184.17 Td (125.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 184.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 170.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 170.22 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 170.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 170.22 Td (\(25,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 170.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 170.22 Td (\(5,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 170.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 170.17 Td (24.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 170.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 156.17 Td (Total operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 156.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 156.22 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 156.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 156.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 156.17 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 156.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 156.17 Td (53,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 156.17 Td (\(157.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 156.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 131.10 Td (Radio operating income increased in the year ended February 29, 2016 principally due to the ef) Tj ET Q q 0 0 0 rg BT 455.36 131.10 Td (fect of impairment losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (recorded during fiscal 2015 and 2016. Excluding the impairment losses, radio operating income would have decreased $4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (million mostly due to lower net revenues partially of) Tj ET Q q 0 0 0 rg BT 260.33 107.10 Td (fset by the elimination of LMA) Tj ET Q q 0 0 0 rg BT 385.03 107.10 Td ( fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 86.10 Td (Publishing operating income increased in the year ended February 29, 2016 mostly due to operating expense savings as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (discussed above. ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Corporate and Emer) Tj ET Q q 0 0 0 rg BT 154.90 742.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 175.00 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.41 742.10 Td (echnologies operating losses increased mostly due to additional investments in ) Tj ET Q q 0 0 0 rg BT 497.38 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 502.79 742.10 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (NextRadio as previously discussed and the losses of Digonex, which was acquired in June 2014 and only included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consolidated results for a portion of the prior year) Tj ET Q q 0 0 0 rg BT 248.28 718.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.48 701.10 Td (est expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 649.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 649.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 649.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 649.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 673.6 m 341.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 673.6 m 345.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 673.6 m 415.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 673.6 m 341.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 661.6 m 341.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 673.6 m 415.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 661.6 m 415.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 661.6 m 489.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 661.6 m 563.5 661.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 677.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 677.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 677.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 665.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 665.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 665.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 665.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 665.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 653.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 653.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 653.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 640.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 640.22 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 640.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 640.22 Td (\(18,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 640.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 640.22 Td (\(1,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 640.17 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 640.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 615.10 Td (The increase in interest expense is attributable to additional debt incurred to finance our acquisition of ) Tj ET Q q 0 0 0 rg BT 484.79 615.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (WLIB-AM and higher rates on amounts borrowed. ) Tj ET Q q 0 0 0 rg BT 258.38 603.10 Td (The weighted-average interest rate of debt outstanding under our 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 591.10 Td (Agreement was 7.0% at February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 255.88 591.10 Td (The weighted-average interest rate of debt outstanding under our 2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 579.10 Td (Agreement was 4.3% prior to its retirement on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 328.65 579.10 Td (This increase in interest expense is partially of) Tj ET Q q 0 0 0 rg BT 514.24 579.10 Td (fset by $3.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (million of interest expense related to the accretion of certain liabilities recognized as part of our acquisition of ) Tj ET Q q 0 0 0 rg BT 491.88 567.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (WLIB-AM in fiscal 2015. For more discussion of this transaction, refer to Note 7 of our accompanying consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 474.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 474.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 474.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 474.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 474.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 474.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 474.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 474.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 498.6 m 341.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 498.6 m 345.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 498.6 m 415.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 498.6 m 341.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 486.6 m 341.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 498.6 m 415.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 486.6 m 415.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 486.6 m 489.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 486.6 m 563.5 486.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 502.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 502.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 502.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 490.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 490.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 490.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 490.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 490.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 478.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 478.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 478.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.17 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 465.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.80 465.22 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 465.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 465.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 465.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 465.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 465.17 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 465.17 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 465.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 440.10 Td (The loss on debt extinguishment for the year ended February 28, 2015 relates to the write-of) Tj ET Q q 0 0 0 rg BT 441.66 440.10 Td (f of unamortized deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (debt issuance costs and original issue discount related to our 2012 Credit ) Tj ET Q q 0 0 0 rg BT 343.28 428.10 Td (Agreement that was retired on June 10, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 411.10 Td ( income \(expense\), net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 359.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 359.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 359.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 383.6 m 341.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 383.6 m 345.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 383.6 m 415.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 383.6 m 341.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 371.6 m 341.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 383.6 m 415.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 371.6 m 415.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 371.6 m 489.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 371.6 m 563.5 371.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 387.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 387.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 387.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 387.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 375.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 375.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 375.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 375.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 375.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 363.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 363.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 363.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.80 350.22 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 350.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 350.17 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 350.17 Td (7,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 350.17 Td (116.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 350.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 325.10 Td (Other expense for the year ended February28, 2015 included a $6.7 million write-of) Tj ET Q q 0 0 0 rg BT 412.33 325.10 Td (f of an investment in preferred stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (of Courseload, Inc, a provider of online textbooks and other course material. ) Tj ET Q q 0 0 0 rg BT 360.83 313.10 Td (While an unrealized loss on this type of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (investment is generally included as a component of other comprehensive income until it is realized, Emmis concluded that this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (loss was other) Tj ET Q q 0 0 0 rg BT 106.46 289.10 Td (-than-temporary and included the loss in its statement of operations. ) Tj ET Q q 0 0 0 rg BT 380.93 289.10 Td (The activity in fiscal 2016 mostly relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (various nonrecurring recoveries and noncash gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 260.10 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 260.10 Td ( income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.60 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 208.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 208.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 208.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 208.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 208.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 208.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 208.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 232.60000000000002 m 341.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 232.60000000000002 m 345.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 232.60000000000002 m 415.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 232.60000000000002 m 341.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 220.60000000000002 m 341.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 232.60000000000002 m 415.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 220.60000000000002 m 415.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 220.60000000000002 m 489.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 220.60000000000002 m 563.5 220.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 236.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 236.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 236.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 236.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 224.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 224.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 224.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 224.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 224.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 212.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 212.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 212.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 199.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 199.17 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 199.17 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 199.22 Td (\(34,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 199.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 199.17 Td (\(94.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 199.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 174.10 Td (During the fourth quarter of the year ended February 28, 2015, we recorded a full valuation allowance for our net deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (tax assets, including our net operating loss carryforwards, but excluding deferred tax liabilities related to indefinite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (intangibles, as substantial impairment losses recorded in the fourth quarter of that year caused us to be in a three year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (cumulative loss position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (Consolidated net loss:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 66.60 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 66.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 66.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 66.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 66.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 66.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 66.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 66.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 92.60000000000002 m 341.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 92.60000000000002 m 345.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 92.60000000000002 m 415.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 92.60000000000002 m 341.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 79.60000000000002 m 341.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 92.60000000000002 m 415.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 79.60000000000002 m 415.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 79.60000000000002 m 489.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 79.60000000000002 m 563.5 79.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 96.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.30 96.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 96.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 96.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 83.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 83.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 83.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.85 83.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 83.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 70.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 70.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 70.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 57.17 Td (Consolidated net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 56.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.80 56.32 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 56.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 56.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 56.32 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 56.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 56.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 56.27 Td (95,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 56.27 Td (99.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 56.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The change in consolidated net loss is principally due to the $34.9 million change in our provision for income taxes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the $58.4 million change in impairment loss, both of which were recorded in the prior year and are discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Loss on modification of pr) Tj ET Q q 0 0 0 rg BT 162.05 709.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 182.95 709.10 Td (ed stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.60 222.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 653.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 653.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 653.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 653.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 653.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 653.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 653.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 677.6 m 342.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 677.6 m 346.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 677.6 m 416.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 677.6 m 342.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 665.6 m 342.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 677.6 m 346.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 677.6 m 416.5 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 665.6 m 416.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 665.6 m 490.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 665.6 m 494.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 665.6 m 564.5 665.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 681.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.30 681.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.00 681.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.00 681.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 669.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.00 669.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 669.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.85 669.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.85 669.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 657.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.70 657.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.00 657.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.22 Td (Loss on modification of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 644.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 644.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 644.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.30 644.22 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 644.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 644.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 644.22 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 644.22 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 621.10 Td (On February 17, 2016, Emmis filed amendments to its ) Tj ET Q q 0 0 0 rg BT 292.20 621.10 Td (Articles of Incorporation that modified the rights of holders of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.10 Td (Company's Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 166.88 609.10 Td (The amendments, among other things, modified the conversion ratio for shares of Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.10 Td (into Class ) Tj ET Q q 0 0 0 rg BT 91.67 597.10 Td (A) Tj ET Q q 0 0 0 rg BT 98.34 597.10 Td ( Common Stock from 2.44 shares of Class ) Tj ET Q q 0 0 0 rg BT 269.73 597.10 Td (A) Tj ET Q q 0 0 0 rg BT 276.40 597.10 Td ( Common Stock to 2.80 shares of Class ) Tj ET Q q 0 0 0 rg BT 436.12 597.10 Td (A) Tj ET Q q 0 0 0 rg BT 442.79 597.10 Td ( Common Stock. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.10 Td (connection with this modification, the Company recorded a loss of $0.2 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 104.09 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.04 556.10 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.57 556.10 Td (AL) Tj ET Q q 0 0 0 rg BT 173.91 556.10 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (2014 CREDIT) Tj ET Q q 0 0 0 rg BT 111.22 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.16 539.10 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 518.10 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 297.53 518.10 Td (Agreement, by and among the Company) Tj ET Q q 0 0 0 rg BT 459.06 518.10 Td (, EOC, as borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (Borrower\), certain other subsidiaries of the Company) Tj ET Q q 0 0 0 rg BT 271.78 506.10 Td (, as guarantors \(the Subsidiary Guarantors\), the lenders party thereto, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 494.10 Td (gan Chase Bank, N.A., as administrative agent, and Fifth ) Tj ET Q q 0 0 0 rg BT 306.82 494.10 Td (Third Bank, as syndication agent. Capitalized terms in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (section not defined elsewhere in this 10-K are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 342.97 482.10 Td (Agreement and related amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 461.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 461.10 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 461.10 Td (erm Loan\) of $185.0 million and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (secured revolving credit facility of $20.0 million, and contains provisions for an uncommitted increase of up to $20.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (principal amount \(plus additional amounts so long as a pro forma total net senior secured leverage ratio condition is met\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 425.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 425.10 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 425.10 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (includes a sub-facility for the issuance of up to $5.0 million of letters of credit. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 479.36 413.10 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (Borrower borrowed $185.0 million of the ) Tj ET Q q 0 0 0 rg BT 218.40 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 401.10 Td (erm Loan on June 10, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 380.10 Td (As a result of the Fourth ) Tj ET Q q 0 0 0 rg BT 171.93 380.10 Td (Amendment, as discussed below) Tj ET Q q 0 0 0 rg BT 301.82 380.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 321.35 380.10 Td (T) Tj ET Q q 0 0 0 rg BT 326.76 380.10 Td (erm Loan is due not later than ) Tj ET Q q 0 0 0 rg BT 448.67 380.10 Td (April 18, 2019 and, prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 368.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 222.48 368.10 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 334.02 368.10 Td (, amortized in an amount equal to 1% per annum of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (total principal amount outstanding, payable in quarterly installments commencing ) Tj ET Q q 0 0 0 rg BT 379.37 356.10 Td (April 1, 2015, with the balance payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (the maturity date. ) Tj ET Q q 0 0 0 rg BT 122.20 344.10 Td (As a result of the Fourth ) Tj ET Q q 0 0 0 rg BT 221.64 344.10 Td (Amendment, as discussed below) Tj ET Q q 0 0 0 rg BT 351.52 344.10 Td (, the revolving credit facility expires not later than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (August 31, 2018. Prior to the Fourth ) Tj ET Q q 0 0 0 rg BT 197.50 332.10 Td (Amendment, an unused commitment fee of 50 basis points per annum is payable quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (on the average unused amount of the revolving credit facility) Tj ET Q q 0 0 0 rg BT 293.43 320.10 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 366.22 320.10 Td (Amendment, Second ) Tj ET Q q 0 0 0 rg BT 452.04 320.10 Td (Amendment, and Fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 176.37 308.10 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 287.92 308.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 307.45 308.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.86 308.10 Td (erm Loan and amounts borrowed under the revolving credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (facility bore interest, at the Borrower) Tj ET Q q 0 0 0 rg BT 198.65 296.10 Td () Tj ET Q q 0 0 0 rg BT 201.43 296.10 Td (s option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 299.46 296.10 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 503.01 296.10 Td (Agreement\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (\(but not less than 2.00%\) plus 3.75% or \(ii\) the ) Tj ET Q q 0 0 0 rg BT 239.98 284.10 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 446.32 284.10 Td (Agreement\) \(but not less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (than 1.00%\) plus 4.75%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.10 Td (Approximately $1.0 million of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 251.10 Td (Agreement were originally capitalized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (included in other assets, net. ) Tj ET Q q 0 0 0 rg BT 165.63 239.10 Td (The Company adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 328.38 239.10 Td (Accounting Standards Update 2015-03 during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (ended February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 154.42 227.10 Td (As such, the unamortized balance of existing deferred debt fees was reclassified and is now shown as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (a direct reduction of the carrying amount of long-term debt. ) Tj ET Q q 0 0 0 rg BT 291.12 215.10 Td (These fees, along with an original issue discount of $9.7 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (\($6.1 million incurred in connection with the original issuance of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 377.15 203.10 Td (Agreement debt on June 10, 2014, $1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (million incurred in connection with the November 7, 2014 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 409.65 191.10 Td (Agreement, $1.1 million incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (connection with the ) Tj ET Q q 0 0 0 rg BT 130.82 179.10 Td (April 30, 2015 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 315.51 179.10 Td (Agreement, and $1.5 million incurred in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (April 18, 2017 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 234.70 167.10 Td (Agreement\) are being amortized as additional interest expense over the life of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 155.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 134.10 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 134.10 Td (Agreement are secured by a perfected first priority security interest in substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 122.10 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 101.10 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 101.10 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 101.10 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 101.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 89.10 Td (Amendment \(i\) increased the maximum ) Tj ET Q q 0 0 0 rg BT 250.05 89.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.46 89.10 Td (otal Leverage Ratio to 6.00:1.00 for the period February 28, 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (February 29, 2016, \(ii\) adjusted the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 337.45 77.10 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (Agreement up to $5 million in severance and/or contract termination expenses and up to $2.5 million in losses attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (the reformatting of the Company) Tj ET Q q 0 0 0 rg BT 184.41 53.10 Td (s radio stations, \(iii\) extended the requirement for Emmis to pay a 1.00% fee on certain ) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 742.10 Td (erm Loan to November 7, 2015, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 336.81 742.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 399.66 742.10 Td (gin by 0.25% for at least six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 730.10 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 730.10 Td (otal Leverage Ratio is less than 5.00:1.00, and \(v\) made certain technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign ) Tj ET Q q 0 0 0 rg BT 416.06 718.10 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 718.10 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 718.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Emmis paid a total of approximately $1.0 million of transaction fees to the Lenders that consented to the First ) Tj ET Q q 0 0 0 rg BT 491.01 706.10 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (which were recorded as original issue discount and are being amortized as interest expense over the remaining life of the 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 682.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 661.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 661.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 269.42 661.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 396.90 661.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 446.15 661.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 495.58 661.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (increased the maximum ) Tj ET Q q 0 0 0 rg BT 147.84 649.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.25 649.10 Td (otal Leverage Ratio to \(A\) 6.75:1.00 during the period from May 31, 2015 through February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (2016, \(B\) 6.50:1.00 for the quarter ended May 31, 2016, \(C\) 6.25:1.00 for the quarter ended ) Tj ET Q q 0 0 0 rg BT 419.63 637.10 Td (August 31, 2016, \(D\) 6.00:1.00 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (the quarter ended November 30, 2016, and \(E\) 5.75:1.00 for the quarter ended February 28, 2017, after which it reverts to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (original ratio of 4.00:1.00 for the quarters ended May 31, 2017 and thereafter) Tj ET Q q 0 0 0 rg BT 358.67 613.10 Td (, \(ii\) required Emmis to pay a 2.00% fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 601.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 601.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 347.08 601.10 Td (Amendment and requires Emmis to pay a 1.00% fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 171.16 589.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.57 589.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 379.01 589.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 577.10 Td (Amendment, \(iii\) increased the ) Tj ET Q q 0 0 0 rg BT 222.45 577.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 285.30 577.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 503.58 577.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (5.00% for ) Tj ET Q q 0 0 0 rg BT 91.94 565.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.52 565.10 Td (Agreement\) and 6.00% for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (Agreement\), and \(iv\) increased the amortization to 0.50% per calendar quarter through January 1, 2016 and to 1.25% per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.58 541.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.50 541.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.94 541.10 Td (Amendment also required Emmis to pay a fee of 0.50% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 529.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 529.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 406.25 529.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 463.00 529.10 Td (This fee totaled $1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (million and was recorded as additional original issue discount and is being amortized as interest expense over the remaining life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 505.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 484.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 484.10 Td (August 22, 2016, Emmis entered into the ) Tj ET Q q 0 0 0 rg BT 253.41 484.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 277.58 484.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 403.95 484.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 453.19 484.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.06 484.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 495.22 484.10 Td (Amendment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (made certain changes to the Credit ) Tj ET Q q 0 0 0 rg BT 190.50 472.10 Td (Agreement to facilitate the Company's consideration of and, if approved by the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Board of Directors and shareholders, entry into a transaction that would have resulted in the Class ) Tj ET Q q 0 0 0 rg BT 443.51 460.10 Td (A) Tj ET Q q 0 0 0 rg BT 450.18 460.10 Td ( common stock of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (Company ceasing to be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 269.38 448.10 Td (Act of 1934 \(such potential transaction, a "Going Private ) Tj ET Q q 0 0 0 rg BT 499.34 448.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.09 448.10 Td (ransaction"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 97.11 436.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 116.65 436.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 140.81 436.10 Td (Amendment added an exception to the covenant restricting transactions with af) Tj ET Q q 0 0 0 rg BT 457.19 436.10 Td (filiates that \(i\) permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (the Company to enter into a Going Private ) Tj ET Q q 0 0 0 rg BT 222.01 424.10 Td (T) Tj ET Q q 0 0 0 rg BT 227.76 424.10 Td (ransaction with an af) Tj ET Q q 0 0 0 rg BT 311.16 424.10 Td (filiate of the Company and \(ii\) permitted the Borrower to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (any costs incurred or reimbursed by an af) Tj ET Q q 0 0 0 rg BT 215.60 412.10 Td (filiate of the Company in connection with a Going Private ) Tj ET Q q 0 0 0 rg BT 450.36 412.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.12 412.10 Td (ransaction, whether or not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (the transaction was consummated. ) Tj ET Q q 0 0 0 rg BT 189.50 400.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.37 400.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 231.53 400.10 Td (Amendment also allowed the Company to add certain costs and expenses incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (in connection with a Going Private ) Tj ET Q q 0 0 0 rg BT 192.01 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 197.77 388.10 Td (ransaction to Consolidated EBITDA, as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 443.83 388.10 Td (Agreement, for purposes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (determining compliance with the financial covenants in the Credit ) Tj ET Q q 0 0 0 rg BT 316.31 376.10 Td (Agreement, subject to caps of \(i\) $2.5 million if a Going ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 80.64 364.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.40 364.10 Td (ransaction was not recommended by a special committee of the Company) Tj ET Q q 0 0 0 rg BT 384.09 364.10 Td (s Board of Directors and \(ii\) $8.0 million if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (a Going Private ) Tj ET Q q 0 0 0 rg BT 115.08 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 120.84 352.10 Td (ransaction was recommended by a special committee of the Company) Tj ET Q q 0 0 0 rg BT 403.25 352.10 Td (s Board of Directors but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (consummated. Finally) Tj ET Q q 0 0 0 rg BT 138.23 340.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 157.76 340.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 181.93 340.10 Td (Amendment made certain changes to the Credit ) Tj ET Q q 0 0 0 rg BT 374.37 340.10 Td (Agreement that would have been ef) Tj ET Q q 0 0 0 rg BT 516.63 340.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (only if a Going Private ) Tj ET Q q 0 0 0 rg BT 143.97 328.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.73 328.10 Td (ransaction was consummated. ) Tj ET Q q 0 0 0 rg BT 271.73 328.10 Td (The ) Tj ET Q q 0 0 0 rg BT 289.60 328.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 313.76 328.10 Td (Amendment also required the Borrower to pay a 50 basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (point fee to the lenders that consented to it either if a Going Private ) Tj ET Q q 0 0 0 rg BT 321.41 316.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.16 316.10 Td (ransaction was consummated or if such a transaction was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (recommended by a special committee of the board of directors of the Company but not consummated. ) Tj ET Q q 0 0 0 rg BT 460.53 304.10 Td (The special committee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (the board of directors did not recommend the Going Private ) Tj ET Q q 0 0 0 rg BT 291.42 292.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.18 292.10 Td (ransaction and no such transaction was consummated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 271.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 271.10 Td (April 18, 2017, Emmis entered into a Fourth ) Tj ET Q q 0 0 0 rg BT 266.65 271.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 394.14 271.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 443.38 271.10 Td (The Fourth ) Tj ET Q q 0 0 0 rg BT 490.04 271.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (eliminated the maximum ) Tj ET Q q 0 0 0 rg BT 152.29 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 157.71 259.10 Td (otal Leverage Ratio covenant through May 31, 2018 and replaced it with a minimum Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 247.10 Td ( covenant of $20.0 million, after which it reverts to a ) Tj ET Q q 0 0 0 rg BT 299.48 247.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.89 247.10 Td (otal Leverage Ratio of 4.00:1.00 for the quarters ended ) Tj ET Q q 0 0 0 rg BT 526.76 247.10 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (31, 2018 and thereafter) Tj ET Q q 0 0 0 rg BT 142.34 235.10 Td (, \(ii\) reduced the Interest Coverage Ratio from 2.00:1.00 to 1.60:1.00, \(iii\) required Emmis to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (definitive agreements by January 18, 2018 to sell assets that generate at least $80 million of sale proceeds and close such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (transactions no later than July 18, 2018, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 283.27 211.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 346.12 211.10 Td (gin throughout the remainder of the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 199.10 Td (Agreement to 6.00% for ) Tj ET Q q 0 0 0 rg BT 176.08 199.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 324.67 199.10 Td (Agreement\) and 7.00% for Eurodollar Loans \(as defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 114.16 187.10 Td (Agreement\) and increased the unused commitment fee on the revolving credit facility to 75 basis points, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (\(v\) accelerated the maturity of the ) Tj ET Q q 0 0 0 rg BT 188.08 175.10 Td (T) Tj ET Q q 0 0 0 rg BT 193.49 175.10 Td (erm Loans to ) Tj ET Q q 0 0 0 rg BT 248.20 175.10 Td (April 18, 2019 and the Revolving Loans to ) Tj ET Q q 0 0 0 rg BT 421.80 175.10 Td (August 31, 2018. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (tightening or eliminating baskets and other credit enhancements for lenders, the Fourth ) Tj ET Q q 0 0 0 rg BT 399.63 163.10 Td (Amendment contains ratcheting fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (and premiums if the existing credit facility is not refinanced by July 18, 2018. ) Tj ET Q q 0 0 0 rg BT 366.14 151.10 Td (The Fourth ) Tj ET Q q 0 0 0 rg BT 412.80 151.10 Td (Amendment also required Emmis to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (pay a fee of 1.0% of the ) Tj ET Q q 0 0 0 rg BT 148.11 139.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.52 139.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Fourth ) Tj ET Q q 0 0 0 rg BT 487.05 139.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 541.30 139.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (fee totaled $1.5 million and was recorded as additional original issue discount and is being amortized as interest expense over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (the remaining life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 198.57 115.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 98.10 Td (On May 8, 2017, Emmis entered into a definitive agreement to sell KPWR-FM in Los ) Tj ET Q q 0 0 0 rg BT 418.83 98.10 Td (Angeles to KWHY) Tj ET Q q 0 0 0 rg BT 494.38 98.10 Td (-22 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (Broadcasting, LLC for $82.8 million. ) Tj ET Q q 0 0 0 rg BT 201.65 86.10 Td (As discussed above, under the terms of the Fourth ) Tj ET Q q 0 0 0 rg BT 403.84 86.10 Td (Amendment to the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.90 74.10 Td (, Emmis was required to enter into definitive agreements to sell assets that generated at least $80 million of proceeds by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (January 18, 2018. Entering into this definitive agreement satisfies that requirement. Emmis found it more advantageous to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (its standalone radio station in Los ) Tj ET Q q 0 0 0 rg BT 186.65 50.10 Td (Angeles than to sell other assets to meet this requirement. ) Tj ET Q q 0 0 0 rg BT 421.97 50.10 Td (This transaction is subject to, ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (among other things, expiration or early termination of the waiting period under the Hart-Scott-Rodino ) Tj ET Q q 0 0 0 rg BT 459.62 742.10 Td (Act, FCC approval and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (other customary closing conditions and is expected to close in the back half of 2017. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (2012 CREDIT) Tj ET Q q 0 0 0 rg BT 111.22 709.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.16 709.10 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 688.10 Td (On December 28, 2012, EOC entered into a credit facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 378.24 688.10 Td (Agreement\) to provide for total borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (of up to $100 million, including \(i\) an $80 million term loan and \(ii\) a $20 million revolver) Tj ET Q q 0 0 0 rg BT 413.98 676.10 Td (, of which $5 million may be used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (for letters of credit. On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 350.21 664.10 Td (Agreement. In connection with the execution of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 652.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 213.03 652.10 Td (Agreement was terminated ef) Tj ET Q q 0 0 0 rg BT 330.85 652.10 Td (fective June 10, 2014, and all amounts outstanding under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (that agreement were paid in full. During the three months ended ) Tj ET Q q 0 0 0 rg BT 308.25 640.10 Td (August 31, 2014, the Company recorded a loss on debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (extinguishment of $1.5 million related to the termination of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 354.67 628.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (SOURCES OF) Tj ET Q q 0 0 0 rg BT 113.25 607.10 Td ( LIQUIDITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.10 Td (Our primary sources of liquidity are cash provided by operations and cash available through revolver borrowings under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (our credit facility) Tj ET Q q 0 0 0 rg BT 118.76 578.10 Td (. Our primary uses of capital during the past few years have been, and are expected to continue to be, capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (expenditures, working capital, debt service requirements, repayment of debt and investments in future growth opportunities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (related businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 533.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 533.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.10 533.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.54 533.10 Td ($1) Tj ET Q q 0 0 0 rg BT 322.17 533.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.07 533.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.03 533.10 Td ($\(8.1\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.58 533.10 Td (. ) Tj ET Q q 0 0 0 rg BT 536.03 533.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 521.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.04 521.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 521.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 521.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.79 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.61 521.10 Td (The decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (net working capital is lar) Tj ET Q q 0 0 0 rg BT 149.23 509.10 Td (gely due to a $6.0 million increase of current maturities of long-term debt, which includes $5.5 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (of Digonex non-recourse debt that is classified as current as of February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 380.83 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.47 497.10 Td (e are currently in discussion with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (holders of Digonex's non-recourse debt to extend the maturity date of the debt past its current maturity date of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.10 Td (The Company continually projects its anticipated cash needs, which include its operating needs, capital needs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (and principal and interest payments on its indebtedness. ) Tj ET Q q 0 0 0 rg BT 275.23 440.10 Td (As of the filing of this Form 10-K, management believes the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (can meet its liquidity needs through the end of fiscal year 2018 with cash and cash equivalents on hand and projected cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (flows from operations. Based on these projections, management also believes the Company will be in compliance with its debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (covenants through the end of fiscal year 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 387.10 Td (Since we manage cash on a consolidated basis, any cash needs of a particular segment or operating entity are met by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (intercompany transactions. See Investing ) Tj ET Q q 0 0 0 rg BT 216.35 375.10 Td (Activities below for a discussion of specific segment needs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.83 358.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 341.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 341.10 Td ($25.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 341.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.89 341.10 Td ($19.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 341.10 Td ( for the years ended February 28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (2016 and 2017, respectively) Tj ET Q q 0 0 0 rg BT 162.10 329.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 329.10 Td (The decrease in cash flows provided by operating activities was mainly attributable to lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (operating income \(excluding the ef) Tj ET Q q 0 0 0 rg BT 189.77 317.10 Td (fect of gains on the sale of businesses\) of our radio and publishing businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 300.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 300.10 Td ($18.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 300.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.89 300.10 Td ($25.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 300.10 Td ( for the years ended February 28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 162.10 288.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 288.10 Td (The increase in cash flows provided by operating activities was mainly attributable to additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (operating cash flows provided by the acquisition of ) Tj ET Q q 0 0 0 rg BT 257.55 276.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 322.37 276.10 Td (WLIB-AM midway through fiscal 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 91.40 259.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 242.10 Td (Cash flows provided by investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.36 242.10 Td ($28.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.25 242.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.71 242.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.31 242.10 Td ( primarily consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td ($31.3 million of proceeds from the sale of our ) Tj ET Q q 0 0 0 rg BT 236.44 230.10 Td (T) Tj ET Q q 0 0 0 rg BT 241.85 230.10 Td (erre Haute, Indiana radio cluster and five of our magazines, partially of) Tj ET Q q 0 0 0 rg BT 526.27 230.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td ($2.9 million of capital expenditures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 201.10 Td (Cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.70 201.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.59 201.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.05 201.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 201.10 Td ( primarily consisted of $3.4 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (of capital expenditures partially of) Tj ET Q q 0 0 0 rg BT 187.54 189.10 Td (fset by $0.1 million of cash distributed from investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 172.10 Td (Cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.70 172.10 Td ($140.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.59 172.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.05 172.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 172.10 Td ( primarily consisted of $136.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (million of cash used in our acquisitions of ) Tj ET Q q 0 0 0 rg BT 220.35 160.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 285.17 160.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 363.95 160.10 Td (Y) Tj ET Q q 0 0 0 rg BT 370.17 160.10 Td (ork and Digonex ) Tj ET Q q 0 0 0 rg BT 439.70 160.10 Td (T) Tj ET Q q 0 0 0 rg BT 445.11 160.10 Td (echnologies, Inc. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (we used $3.5 million of cash for capital expenditures and made $0.5 million of additional investments, net of distributions from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 94.74 119.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 102.10 Td (Cash used in financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.43 102.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.03 102.10 Td ( primarily relates to net payments on our long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (debt of $34.6 million, distributions to noncontrolling interests of $5.6 million, and the settlement of tax withholding obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (of $0.5 million.) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Cash used in financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.43 742.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.03 742.10 Td ( primarily relates to net payments on our long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (debt of $13.2 million, distributions to noncontrolling interests of $5.8 million, debt-related costs of $1.1 million and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (settlement of tax withholding obligations of $1.0 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.10 Td (Cash flows provided by financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.59 701.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.19 701.10 Td ( primarily relates to net borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (related to our senior credit agreement of $134.5 million. Partially of) Tj ET Q q 0 0 0 rg BT 321.41 689.10 Td (fsetting our net borrowings were payments of debt-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (costs of $7.8 million, distributions to noncontrolling interests of $5.4 million and the settlement of tax withholding obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (of $1.5 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 648.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 648.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 648.10 Td (, Emmis had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.82 648.10 Td ($152.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 648.10 Td ( of borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 434.52 648.10 Td (Agreement \($12.1 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (current and $140.1 million long-term\) and $68.8 million of non-recourse debt \($1) Tj ET Q q 0 0 0 rg BT 375.94 636.10 Td (1.5 million current and $57.3 million long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (term\). Borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 215.81 624.10 Td (Agreement bear interest, at our option, at a rate equal to the Eurodollar rate or an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (alternative Base Rate plus a mar) Tj ET Q q 0 0 0 rg BT 178.94 612.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 196.53 612.10 Td (The non-recourse debt bears interest ranging from 4.0% to 5.0%per annum. ) Tj ET Q q 0 0 0 rg BT 503.38 612.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 600.10 Td (, our weighted average borrowing rate under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 369.36 600.10 Td (Agreement was approximately 7.0%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (The debt service requirements of Emmis over the next twelve-month period are expected to be $23.9 million related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 115.27 571.10 Td (Agreement, as amended, \($12.1 million of principal repayments and $1) Tj ET Q q 0 0 0 rg BT 400.38 571.10 Td (1.8 million of interest payments\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td ($8.3 million related to our 98.7FM non-recourse debt \($6.0 million of principal repayments and $2.3 million of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (payments\). Digonex non-recourse debt \($6.2 million face amount, $5.5 million carrying amount as of February 28, 2017\) is due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (in December 2017. ) Tj ET Q q 0 0 0 rg BT 131.18 535.10 Td (The Company is currently working with with holders of the debt to extend the maturity date of the debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (The Company expects that proceeds from the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 290.23 523.10 Td ( will be suf) Tj ET Q q 0 0 0 rg BT 334.77 523.10 Td (ficient to pay all debt service related to the 98.7FM non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (recourse debt. ) Tj ET Q q 0 0 0 rg BT 108.40 511.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 175.89 511.10 Td (Agreement debt bears interest at variable rates. ) Tj ET Q q 0 0 0 rg BT 366.18 511.10 Td (The Company estimated interest payments for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 114.16 499.10 Td (Agreement above by using the amounts outstanding as of February 28, 2017 and estimated interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (subsequent to the closing of the Fourth ) Tj ET Q q 0 0 0 rg BT 207.49 487.10 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 311.36 487.10 Td (Agreement on ) Tj ET Q q 0 0 0 rg BT 370.23 487.10 Td (April 18, 2017 .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 470.10 Td (The Company's Preferred Stock was delisted by Nasdaq on March 28, 2016. Pursuant to the Company's ) Tj ET Q q 0 0 0 rg BT 491.87 470.10 Td (Articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (Incorporation, all Preferred Stock was automatically converted to Class ) Tj ET Q q 0 0 0 rg BT 337.69 458.10 Td (A) Tj ET Q q 0 0 0 rg BT 344.36 458.10 Td ( common stock on ) Tj ET Q q 0 0 0 rg BT 419.91 458.10 Td (April 4, 2016 at a ratio of 2.80 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (shares of Class ) Tj ET Q q 0 0 0 rg BT 111.94 446.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.61 446.10 Td ( common stock for each share of Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 321.41 446.10 Td (The aggregate liquidation preference of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (Preferred Stock as of February 29, 2016 that was eliminated as a result of its conversion to Class ) Tj ET Q q 0 0 0 rg BT 438.53 434.10 Td (A) Tj ET Q q 0 0 0 rg BT 445.20 434.10 Td ( common stock was $43.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 405.10 Td (As of May 5, 2017, we had $12.0 million available for additional borrowing under our credit facility) Tj ET Q q 0 0 0 rg BT 475.20 405.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.64 405.10 Td (A) Tj ET Q q 0 0 0 rg BT 486.12 405.10 Td (vailability under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (the credit facility depends upon our continued compliance with certain operating covenants and financial ratios. Emmis was in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (compliance with these covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.06 381.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.66 381.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.11 381.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 409.82 381.10 Td (, we continually evaluate potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (acquisitions of radio stations, publishing properties and other businesses that we believe hold promise for long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (appreciation in value and leverage our strengths. However) Tj ET Q q 0 0 0 rg BT 282.84 357.10 Td (, Emmis Operating Company) Tj ET Q q 0 0 0 rg BT 402.83 357.10 Td (s credit facility substantially limits our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 165.08 345.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.72 345.10 Td (e also regularly review our portfolio of assets and may opportunistically dispose of assets when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (we believe it is appropriate to do so. See Note 7 to our consolidated financial statements for a discussion of various acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (and dispositions that occurred during the three years ended February 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (INT) Tj ET Q q 0 0 0 rg BT 67.04 304.10 Td (ANGIBLES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 287.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 287.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 287.10 Td (, approximately 70% of our total assets consisted of FCC licenses and goodwill, the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (which depends significantly upon the operational results of our businesses. In the case of our radio stations, we would not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (able to operate the properties without the related FCC license for each property) Tj ET Q q 0 0 0 rg BT 365.90 263.10 Td (. FCC licenses are renewed every eight years; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 102.11 251.10 Td (, we continually monitor the activities of our stations for compliance with regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 546.35 251.10 Td (, all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (of our FCC licenses have been renewed \(or a waiver has been granted pending renewal\) at the end of their respective eight-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (periods, and we expect that all of our FCC licenses will continue to be renewed in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (SEASONALITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 193.10 Td (Our results of operations are usually subject to seasonal fluctuations, which result in higher second and third quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (revenues and operating income. For our radio operations, this seasonality is due to the younger demographic composition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (many of our stations. ) Tj ET Q q 0 0 0 rg BT 136.38 169.10 Td (Advertisers increase spending during the summer months to tar) Tj ET Q q 0 0 0 rg BT 389.48 169.10 Td (get these listeners. In addition, advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (generally increase spending across all segments during the months of October and November) Tj ET Q q 0 0 0 rg BT 422.82 157.10 Td (, which are part of our third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 145.10 Td (, in anticipation of the holiday season.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (INFLA) Tj ET Q q 0 0 0 rg BT 80.37 128.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 111.10 Td (The impact of inflation on operations has not been significant to date. However) Tj ET Q q 0 0 0 rg BT 391.01 111.10 Td (, there can be no assurance that a high rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (of inflation in the future would not have an adverse ef) Tj ET Q q 0 0 0 rg BT 265.30 99.10 Td (fect on operating results, particularly since our senior bank debt is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (comprised entirely of variable-rate debt.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (OFF-BALANCE SHEET) Tj ET Q q 0 0 0 rg BT 157.89 742.25 Td ( FINANCINGS ) Tj ET Q q 0 0 0 rg BT 225.68 742.25 Td (AND LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Other than lease commitments, legal contingencies incurred in the normal course of business, contractual commitments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (purchase goods and services and employment contracts for key employees, all of which are discussed in Note 1) Tj ET Q q 0 0 0 rg BT 495.61 713.25 Td (1 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (consolidated financial statements, the Company does not have any material of) Tj ET Q q 0 0 0 rg BT 361.67 701.25 Td (f-balance sheet financings or liabilities. ) Tj ET Q q 0 0 0 rg BT 521.43 701.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (Company does not have any majority-owned and controlled subsidiaries that are not included in the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (statements, nor does the Company have any interests in or relationships with any special-purpose entities that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (reflected in the consolidated financial statements or disclosed in the Notes to Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (ITEM7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 142.32 636.25 Td (A) Tj ET Q q 0 0 0 rg BT 148.80 636.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 175.21 636.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 238.08 636.25 Td (A) Tj ET Q q 0 0 0 rg BT 244.56 636.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.04 636.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 379.42 636.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 426.74 636.25 Td ( RISK.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 612.25 Td (As a smaller reporting company) Tj ET Q q 0 0 0 rg BT 200.15 612.25 Td (, we are not required to provide this information.) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 145.29 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 159.28 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 165.76 742.25 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 216.61 742.25 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 308.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 322.46 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 329.31 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 345.51 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.44 742.25 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.05 718.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 316.13 718.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 357.81 718.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Emmis Communications Corporation and Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 646.25 Td (e ) Tj ET Q q 0 0 0 rg BT 100.76 646.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.33 646.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 152.45 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.35 646.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 226.35 646.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.58 646.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 310.80 646.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 336.92 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.94 646.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 376.96 646.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 446.98 646.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 496.99 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.12 646.25 Td (Subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (as ) Tj ET Q q 0 0 0 rg BT 61.82 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 73.65 634.25 Td (February ) Tj ET Q q 0 0 0 rg BT 113.24 634.25 Td (28 ) Tj ET Q q 0 0 0 rg BT 126.73 634.25 Td (\(29\), ) Tj ET Q q 0 0 0 rg BT 149.38 634.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 172.88 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.81 634.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 216.80 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.73 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.44 634.25 Td (related ) Tj ET Q q 0 0 0 rg BT 281.13 634.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.17 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 380.87 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.70 634.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 440.34 634.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 504.37 634.25 Td (income ) Tj ET Q q 0 0 0 rg BT 537.30 634.25 Td (\(loss\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.90 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.37 622.25 Td (deficit, ) Tj ET Q q 0 0 0 rg BT 126.11 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.24 622.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 163.70 622.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 188.61 622.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.97 622.25 Td (each ) Tj ET Q q 0 0 0 rg BT 223.97 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.00 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.91 622.25 Td (three ) Tj ET Q q 0 0 0 rg BT 272.59 622.25 Td (years ) Tj ET Q q 0 0 0 rg BT 296.38 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.85 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.76 622.25 Td (period ) Tj ET Q q 0 0 0 rg BT 350.00 622.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 376.57 622.25 Td (February ) Tj ET Q q 0 0 0 rg BT 415.36 622.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 430.55 622.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 455.55 622.25 Td (These ) Tj ET Q q 0 0 0 rg BT 482.12 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 622.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.28 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.57 610.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 138.09 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.49 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.78 610.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 212.44 610.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 269.10 610.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 287.72 610.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 345.24 610.25 Td (is ) Tj ET Q q 0 0 0 rg BT 354.99 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.84 610.25 Td (express ) Tj ET Q q 0 0 0 rg BT 398.90 610.25 Td (an ) Tj ET Q q 0 0 0 rg BT 411.41 610.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 445.04 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 458.12 610.25 Td (these ) Tj ET Q q 0 0 0 rg BT 481.74 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 610.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.27 598.25 Td (on ) Tj ET Q q 0 0 0 rg BT 87.77 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.60 598.25 Td (audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 576.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.49 576.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 144.99 576.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.73 576.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 187.03 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.22 576.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 244.59 576.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.78 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.41 576.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 319.59 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.33 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.96 576.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 372.93 576.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.69 576.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 462.76 576.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 504.61 576.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.46 576.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.46 564.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 109.86 564.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 150.58 564.25 Td (require ) Tj ET Q q 0 0 0 rg BT 181.86 564.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.81 564.25 Td (we ) Tj ET Q q 0 0 0 rg BT 214.43 564.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 234.60 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.00 564.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 287.17 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.34 564.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 325.29 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.03 564.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.98 564.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 409.69 564.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 451.52 564.25 Td (about ) Tj ET Q q 0 0 0 rg BT 476.69 564.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 511.86 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 564.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 95.11 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 110.22 552.25 Td (free ) Tj ET Q q 0 0 0 rg BT 128.66 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.90 552.25 Td (material ) Tj ET Q q 0 0 0 rg BT 175.56 552.25 Td (misstatement. ) Tj ET Q q 0 0 0 rg BT 233.52 552.25 Td (W) Tj ET Q q 0 0 0 rg BT 242.16 552.25 Td (e ) Tj ET Q q 0 0 0 rg BT 249.50 552.25 Td (were ) Tj ET Q q 0 0 0 rg BT 271.83 552.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.51 552.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 323.73 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.41 552.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 369.52 552.25 Td (an ) Tj ET Q q 0 0 0 rg BT 381.86 552.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 404.76 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.99 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.11 552.25 Td (Company) Tj ET Q q 0 0 0 rg BT 472.78 552.25 Td (s ) Tj ET Q q 0 0 0 rg BT 479.57 552.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.02 552.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 552.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.93 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-15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 470.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 470.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 470.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 470.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 470.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 440.80 312.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 440.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 440.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 440.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 440.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 440.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 410.80 312.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 410.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 410.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 410.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 410.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 410.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 380.80 312.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 380.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 380.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 380.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 380.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 380.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 350.80 312.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 350.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 350.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 350.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 350.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 350.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 310.80 312.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 310.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 310.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 310.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 310.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 310.80 64.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 280.80 312.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 362.50 280.80 64.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 426.50 280.80 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 430.50 280.80 64.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 494.50 280.80 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 498.50 280.80 64.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 670.8 m 426.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 670.8 m 494.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 670.8 m 426.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 670.8 m 494.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 485.79999999999995 m 426.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 485.79999999999995 m 494.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 485.79999999999995 m 562.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 470.79999999999995 m 426.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 470.79999999999995 m 494.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 470.79999999999995 m 562.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 455.79999999999995 m 426.5 455.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 455.79999999999995 m 494.5 455.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 455.79999999999995 m 562.5 455.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 395.79999999999995 m 426.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 395.79999999999995 m 494.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 395.79999999999995 m 562.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 380.79999999999995 m 426.5 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 380.79999999999995 m 494.5 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 380.79999999999995 m 562.5 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 350.79999999999995 m 426.5 350.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 350.79999999999995 m 494.5 350.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 350.79999999999995 m 562.5 350.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 310.79999999999995 m 426.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 310.79999999999995 m 494.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 310.79999999999995 m 562.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 280.79999999999995 m 426.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 280.79999999999995 m 494.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 280.79999999999995 m 562.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 256.79999999999995 m 426.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 254.79999999999995 m 426.5 254.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 256.79999999999995 m 494.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 254.79999999999995 m 494.5 254.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 256.79999999999995 m 562.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 254.79999999999995 m 562.5 254.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.45 688.05 Td (For the years ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.00 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.00 675.05 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.00 675.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (NET REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 660.47 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 660.47 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 660.47 Td (214,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.37 Td (OPERATING EXPENSES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Station operating expenses excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.37 Td (expense of $3,984, $4,713, and $3,998 respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 620.47 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 620.47 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 620.47 Td (180,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 606.37 Td (Corporate expenses excluding depreciation and amortization expense of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 596.37 Td ($1,942, $1,084, and $808 respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 595.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 595.47 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.47 Td (11,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 581.37 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 580.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 580.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 580.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 566.37 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 565.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 565.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 565.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 551.37 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 550.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 550.47 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.47 Td (9,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 536.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 535.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 535.47 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.47 Td (4,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 521.37 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 520.52 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 506.37 Td (Gain on sale of radio and publishing assets, net of disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 505.52 Td (\(23,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 491.37 Td (Loss on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 490.47 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 490.47 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 476.37 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 475.47 Td (272,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 475.47 Td (211,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 475.47 Td (182,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.37 Td (OPERATING \(LOSS\) INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 460.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 460.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 460.47 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.47 Td (31,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.37 Td (OTHER EXPENSE:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 431.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 430.52 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 430.52 Td (\(18,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 430.52 Td (\(18,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.37 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 415.52 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 415.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 415.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 415.52 Td (\(620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 415.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 401.37 Td (Other \(expense\) income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 400.52 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 400.47 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 400.52 Td (\(160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 386.37 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 385.52 Td (\(24,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 385.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 385.52 Td (\(17,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 385.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 385.52 Td (\(18,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 385.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.37 Td (\(LOSS\) INCOME BEFORE INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 370.52 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 370.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 370.47 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 370.47 Td (13,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 356.37 Td (PROVISION \(BENEFIT\) FOR INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 355.47 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 355.47 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 355.52 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 355.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.37 Td (CONSOLIDATED NET \(LOSS\) INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 340.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 340.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 340.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 340.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 340.47 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.37 Td (NET \(LOSS\) INCOME ATTRIBUTABLE TO NONCONTROLLING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 315.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 315.52 Td (\(2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 315.47 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.37 Td (NET \(LOSS\) INCOME ATTRIBUTABLE TO THE COMPANY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 300.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 300.47 Td (2,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 300.47 Td (13,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.37 Td (LOSS ON MODIFICATION OF PREFERRED STOCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 285.52 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.37 Td (NET \(LOSS\) INCOME ATTRIBUTABLE TO COMMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.37 Td (SHAREHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 260.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 260.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 260.47 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 260.47 Td (13,119) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 211.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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BT 541.15 611.27 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.17 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 581.27 Td (10,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 581.27 Td (11,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 581.27 Td (12,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.17 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 566.27 Td (10,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 566.27 Td (11,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 566.27 Td (12,229) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 541.10 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) 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 159.3 740.7669921875 m 452.669140625 740.7669921875 l s q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) 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 146.5 728.7669921875 m 465.435546875 728.7669921875 l s q 0 0 0 rg BT 146.50 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 203.17 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 235.98 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.09 730.10 Td (TEMENTS OF COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.25 718.10 Td (\(In thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 640.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 640.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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0 j 3 M 428.5 670.8 m 493.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 625.8 m 424.5 625.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 625.8 m 493.5 625.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 625.8 m 562.5 625.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 585.8 m 424.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 585.8 m 493.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.8 m 562.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 561.8 m 424.5 561.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 559.8 m 424.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 561.8 m 493.5 561.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 559.8 m 493.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 561.8 m 562.5 561.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 559.8 m 562.5 559.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.50 688.05 Td (For the year ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (CONSOLIDATED NET \(LOSS\) INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 660.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 660.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 660.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 660.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 660.47 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.37 Td (OTHER COMPREHENSIVE INCOME:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 630.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 630.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 630.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.37 Td (COMPREHENSIVE \(LOSS\) INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 615.52 Td (\(95,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 615.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 615.47 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.37 Td (LESS: COMPREHENSIVE \(LOSS\) INCOME ATTRIBUTABLE TO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.37 Td (NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 590.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 590.52 Td (\(2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 590.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 590.47 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.37 Td (COMPREHENSIVE \(LOSS\) INCOME ATTRIBUTABLE TO COMMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 566.37 Td (SHAREHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 565.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 565.52 Td (\(99,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 565.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 565.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 565.47 Td (2,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 565.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 565.47 Td (13,119) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 540.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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ET q 0 0 0 rg BT 71.00 617.57 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 616.67 Td (17,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.67 Td (23,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 602.57 Td (Accrued salaries and commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 601.67 Td (8,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 601.67 Td (6,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 587.57 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 586.67 Td (11,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 586.67 Td (4,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 572.57 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 571.67 Td (5,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 571.67 Td (6,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 557.57 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 556.67 Td (51,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 556.67 Td (54,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.57 Td (LONG-TERM DEBT, NET OF CURRENT PORTION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 541.67 Td (228,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 541.67 Td (190,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.57 Td (OTHER NONCURRENT LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 526.67 Td (7,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.67 Td (4,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.57 Td (DEFERRED INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 511.67 Td (43,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 511.67 Td (43,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 497.57 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 496.67 Td (330,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 496.67 Td (293,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.57 Td (COMMITMENTS AND CONTINGENCIES \(NOTE 11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.57 Td (SHAREHOLDERS DEFICIT:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 466.67 Td (`) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 452.57 Td (Class A common stock, $0.01 par value; authorized 42,500,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 442.57 Td (outstanding 10,402,400 shares and 11,278,065 shares at February 29, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 432.57 Td (February 28, 2017, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 431.67 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 431.67 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 417.57 Td (Class B common stock, $0.01 par value; authorized 7,500,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 407.57 Td (outstanding 1,142,366 shares at February 28 \(29\), 2016 and 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 406.67 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 406.67 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 392.57 Td (Class C common stock, $0.01 par value; authorized 7,500,000 shares; none issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 391.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 391.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 377.57 Td (Series A convertible preferred stock, $.01 par value; $50.00 liquidation preference per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 367.57 Td (share, aggregate liquidation preference and redemption amount of $43,316 at February) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 357.57 Td (29, 2016; authorized 2,875,000 shares; issued and outstanding 866,319 at February 29,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 347.57 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 346.67 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 346.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 332.57 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 331.67 Td (589,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 331.67 Td (592,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 317.57 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 316.72 Td (\(642,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 316.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 316.72 Td (\(629,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 316.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 302.57 Td (Total shareholders deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 301.72 Td (\(52,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 301.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 301.72 Td (\(36,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 301.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.57 Td (NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 286.67 Td (38,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 286.67 Td (32,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 272.57 Td (Total deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 271.72 Td (\(14,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 271.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 271.72 Td (\(4,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 271.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 257.57 Td (Total liabilities and deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 256.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 256.67 Td (316,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 256.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 256.67 Td (289,338) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 231.50 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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419.5 366.79999999999995 m 464.5 366.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 364.79999999999995 m 464.5 364.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 366.79999999999995 m 513.5 366.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 364.79999999999995 m 513.5 364.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 366.79999999999995 m 562.5 366.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 364.79999999999995 m 562.5 364.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 245.79999999999995 m 308.5 245.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 245.79999999999995 m 357.5 245.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 245.79999999999995 m 415.5 245.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 245.79999999999995 m 464.5 245.79999999999995 l s 0 0 0 RG /GS0 gs 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229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 231.79999999999995 m 513.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 229.79999999999995 m 513.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 231.79999999999995 m 562.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 229.79999999999995 m 562.5 229.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 668.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 676.05 Td (Class A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.45 668.05 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.15 676.05 Td (Class B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.45 668.05 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.75 676.05 Td (Series A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.00 668.05 Td (Preferred Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 655.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.30 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.35 655.05 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.35 655.05 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.35 655.05 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.37 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.60 640.47 Td (9,316,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 640.47 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 640.47 Td (1,142,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 640.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 640.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 640.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.37 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 600.47 Td (198,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 600.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 575.47 Td (96,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 575.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.37 Td (Distribution of 2012 Retention Plan Trust, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.37 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 550.47 Td (151,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 550.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.37 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.37 Td (Acquisition of noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.37 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.60 490.47 Td (9,763,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 490.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 490.47 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 490.47 Td (1,142,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 490.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 490.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 490.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 490.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 490.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.37 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 450.47 Td (47,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 425.47 Td (552,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 425.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.37 Td (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.37 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 400.47 Td (38,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 400.52 Td (\(62,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.37 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.37 Td (BALANCE, FEBRUARY 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 370.47 Td (10,402,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 370.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 370.47 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 370.47 Td (1,142,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 370.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 370.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 370.47 Td (866,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 370.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 370.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 356.37 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 330.47 Td (57,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 330.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 305.47 Td (213,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 305.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.37 Td (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.37 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 280.47 Td (606,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 280.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 280.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 280.52 Td (\(866,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 280.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 280.52 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 280.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.37 Td (Purchase of Class A Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.80 265.47 Td (\(1,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 265.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 265.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.37 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.37 Td (BALANCE, FEBRUARY 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 235.47 Td (11,278,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 235.47 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 235.47 Td (1,142,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 235.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 235.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 235.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 210.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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(Income \(Loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.05 648.05 Td (Noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.90 640.05 Td (Interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 648.05 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.55 640.05 Td (Equity\(Deficit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.47 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 625.47 Td (581,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.80 625.52 Td (\(545,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.30 625.52 Td (\(99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 625.47 Td (47,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.47 Td (83,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.47 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 610.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.80 610.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 610.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 610.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 610.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 610.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 610.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.47 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.47 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 585.47 Td (417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 585.47 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 561.47 Td (2,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 561.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 561.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 561.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 561.47 Td (2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.47 Td (Distribution of 2012 Retention Plan Trust, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.47 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 536.47 Td (2,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 536.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 536.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 536.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 536.47 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.47 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 521.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 521.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 521.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 521.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 521.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 521.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 521.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.47 Td (Acquisition of noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 506.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 506.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 506.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 506.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 506.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 491.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 491.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 491.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 491.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 491.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.47 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 476.47 Td (585,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.80 476.52 Td (\(644,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 476.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 476.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 476.47 Td (46,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 476.52 Td (\(12,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 476.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.47 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 461.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 461.47 Td (2,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 461.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 461.52 Td (\(2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 461.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 461.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 461.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.47 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.47 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 436.47 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 436.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 436.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 436.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 436.47 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 411.47 Td (4,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 411.47 Td (4,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.47 Td (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.47 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 386.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 386.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 386.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 386.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 386.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.47 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 371.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 371.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 371.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 371.52 Td (\(5,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 371.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 371.52 Td (\(5,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 371.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 356.47 Td (BALANCE, FEBRUARY 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 356.47 Td (589,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.80 356.52 Td (\(642,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 356.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 356.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 356.47 Td (38,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 356.52 Td (\(14,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 356.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.47 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 341.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 341.47 Td (13,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 341.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 341.47 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.47 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.47 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.47 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 316.47 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 316.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 316.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 316.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 316.47 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 291.47 Td (2,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 291.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 291.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 291.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 291.47 Td (2,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.47 Td (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.47 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 266.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 266.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 266.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 266.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 266.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.47 Td (Purchase of Class A Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 251.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 251.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 251.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 251.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 251.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 251.52 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 251.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.47 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 236.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 236.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 236.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 236.52 Td (\(5,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 236.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 236.52 Td (\(5,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 236.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.47 Td (BALANCE, FEBRUARY 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 221.47 Td (592,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.80 221.52 Td (\(629,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 221.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 221.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 221.47 Td (32,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 221.52 Td (\(4,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 221.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 196.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.70 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 251.37 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 284.18 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 290.29 730.10 Td (TEMENTS OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.60 718.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 306.41 718.10 Td (THOUSANDS\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.80 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 640.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 640.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 640.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 640.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 640.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 590.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 590.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 560.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 560.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 560.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 560.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 560.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 520.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 520.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 520.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 520.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 520.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 490.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 490.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 490.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 490.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 490.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 460.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 460.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 430.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 430.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 400.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 400.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 370.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 370.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 340.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 340.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 310.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 310.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 280.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 280.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 250.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 250.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 250.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 220.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 220.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 220.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 190.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 190.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 190.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 190.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 190.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 190.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.8 m 424.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.8 m 493.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 295.79999999999995 m 424.5 295.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 295.79999999999995 m 493.5 295.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.79999999999995 m 562.5 295.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 280.79999999999995 m 424.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 280.79999999999995 m 493.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 280.79999999999995 m 562.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 190.79999999999995 m 424.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 190.79999999999995 m 493.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 190.79999999999995 m 562.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 175.79999999999995 m 424.5 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 175.79999999999995 m 493.5 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 175.79999999999995 m 562.5 175.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.85 688.05 Td (FORTHEYEARSENDEDFEBRUARY28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.37 Td (Consolidated net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 645.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 645.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 645.47 Td (13,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Adjustments to reconcile net \(loss\) income to net cash provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.37 Td (operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 606.37 Td (Gain on sale of radio and publishing assets, net of disposition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 596.37 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 595.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 595.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 595.52 Td (\(23,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 595.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 581.37 Td (Impairment losses on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 580.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 580.47 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.47 Td (9,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 566.37 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 565.47 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 565.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 565.47 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 551.37 Td (Noncash accretion of debt instruments to interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 550.47 Td (3,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 550.47 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 550.47 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 536.37 Td (Amortization of deferred financing costs, including original issue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 526.37 Td (discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 525.47 Td (1,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 525.47 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 525.47 Td (1,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 511.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 510.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 510.47 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 510.47 Td (4,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 496.37 Td (Provision for bad debts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 495.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 495.47 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 495.47 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 481.37 Td (Provision \(benefit\) for deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 480.47 Td (36,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 480.47 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 480.52 Td (\(178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 480.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 466.37 Td (Noncash compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 465.47 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 465.47 Td (4,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 465.47 Td (2,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 451.37 Td (Loss on investments including other-than-temporary impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 450.47 Td (6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 450.47 Td (254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 436.37 Td (Loss on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 435.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 435.47 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 435.47 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 421.37 Td (Changes in assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 406.37 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 405.52 Td (\(501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 405.47 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 405.52 Td (\(209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 391.37 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 390.52 Td (\(6,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 390.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 390.47 Td (1,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 390.47 Td (3,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 376.37 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 375.52 Td (\(1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 375.47 Td (1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 375.47 Td (1,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 361.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 360.52 Td (\(682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 360.52 Td (\(1,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 360.52 Td (\(644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 346.37 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 345.52 Td (\(373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 345.52 Td (\(1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 345.47 Td (5,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 331.37 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 330.47 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 330.52 Td (\(133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 330.52 Td (\(294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 316.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 315.52 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 315.52 Td (\(117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 315.52 Td (\(76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 301.37 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 300.52 Td (\(2,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 300.52 Td (\(1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 300.52 Td (\(788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 286.37 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 285.47 Td (18,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 285.47 Td (25,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 285.47 Td (19,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.37 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 256.37 Td (Purchases of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 255.52 Td (\(3,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 255.52 Td (\(3,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 255.52 Td (\(2,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 241.37 Td (Cash paid for acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 240.52 Td (\(136,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 226.37 Td (Proceeds from the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 225.47 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 225.47 Td (31,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 211.37 Td (\(Cash paid for\) received from investments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 210.52 Td (\(516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 210.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 210.47 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 210.47 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 196.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 195.52 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 195.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 195.52 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 181.37 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 180.52 Td (\(140,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 180.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 180.52 Td (\(3,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 180.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 180.47 Td (28,499) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 155.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 540.8 m 485.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 540.8 m 562.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 540.8 m 409.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 525.8 m 409.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 540.8 m 485.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 525.8 m 485.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 540.8 m 562.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 525.8 m 562.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 480.8 m 409.5 480.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 480.8 m 485.5 480.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 480.8 m 562.5 480.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 466.8 m 409.5 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 464.8 m 409.5 464.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 466.8 m 485.5 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 464.8 m 485.5 464.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 466.8 m 562.5 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 464.8 m 562.5 464.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.85 688.05 Td (FORTHEYEARSENDEDFEBRUARY28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.00 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 675.05 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.50 675.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.37 Td (Payments on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 645.52 Td (\(79,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 645.52 Td (\(24,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 645.52 Td (\(55,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Proceeds from long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 630.47 Td (214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 630.47 Td (11,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 630.47 Td (21,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 616.37 Td (Settlement of tax withholding obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 615.52 Td (\(1,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 615.52 Td (\(971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 615.52 Td (\(539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 601.37 Td (Dividends and distributions paid to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 600.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 600.52 Td (\(5,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 600.52 Td (\(5,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 586.37 Td (Proceeds from exercise of stock options and employee stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.37 Td (purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 575.47 Td (411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 575.47 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 575.47 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.37 Td (Payments for debt related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 560.52 Td (\(7,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 560.52 Td (\(1,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 560.52 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 545.52 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 545.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 531.37 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 530.47 Td (120,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 530.52 Td (\(21,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 530.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 530.52 Td (\(40,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 530.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.37 Td (\(DECREASE\) INCREASE IN CASH AND CASH EQUIVALENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 515.52 Td (\(1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 515.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 515.47 Td (787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 515.47 Td (6,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 501.37 Td (CASH AND CASH EQUIVALENTS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 486.37 Td (Beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 485.47 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 485.47 Td (3,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 485.47 Td (4,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 471.37 Td (End of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 470.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 470.47 Td (3,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 470.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 470.47 Td (4,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 470.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 470.47 Td (11,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.37 Td (SUPPLEMENTAL DISCLOSURES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 441.37 Td (Cash paid for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 426.37 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 425.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 425.47 Td (9,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 425.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 425.47 Td (16,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 425.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 425.47 Td (15,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 411.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 410.47 Td (243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 410.47 Td (216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 410.47 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 396.37 Td (Noncash financing transactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 381.37 Td (Value of stock issued to employees under stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 371.37 Td (compensation program and to satisfy accrued incentives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 370.47 Td (5,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 370.47 Td (4,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 370.47 Td (2,920) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 345.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.00 730.10 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 216.54 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 222.47 730.10 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.86 730.10 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 364.31 730.10 Td ( ST) Tj ET Q q 0 0 0 rg BT 377.68 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 383.80 730.10 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.70 718.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 228.51 718.10 Td (THOUSANDS UNLESS INDICA) Tj ET Q q 0 0 0 rg BT 365.75 718.10 Td (TED OTHER) Tj ET Q q 0 0 0 rg BT 420.46 718.10 Td (WISE\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (1. SUMMAR) Tj ET Q q 0 0 0 rg BT 105.75 694.10 Td (Y) Tj ET Q q 0 0 0 rg BT 112.60 694.10 Td ( OF) Tj ET Q q 0 0 0 rg BT 128.62 694.10 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 197.62 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.57 694.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 677.10 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 660.10 Td (The following discussion pertains to Emmis Communications Corporation \(ECC\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 539.94 660.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (Emmis, the Company) Tj ET Q q 0 0 0 rg BT 149.60 648.10 Td (, or we\). ) Tj ET Q q 0 0 0 rg BT 200.69 648.10 Td (All significant intercompany balances and transactions have been eliminated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 627.10 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 610.10 Td (e are a diversified media company) Tj ET Q q 0 0 0 rg BT 219.42 610.10 Td (, principally focused on radio broadcasting. Emmis owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.93 610.10 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.93 610.10 Td ( FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.32 610.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.32 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.27 610.10 Td (AM radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (stations in New ) Tj ET Q q 0 0 0 rg BT 114.35 598.10 Td (Y) Tj ET Q q 0 0 0 rg BT 120.57 598.10 Td (ork, Los ) Tj ET Q q 0 0 0 rg BT 155.84 598.10 Td (Angeles, St. Louis, ) Tj ET Q q 0 0 0 rg BT 234.18 598.10 Td (Austin \(Emmis has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.28 598.10 Td (50.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.11 598.10 Td ( controlling interest in Emmis) Tj ET Q q 0 0 0 rg BT 468.13 598.10 Td ( radio stations located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (there\) and Indianapolis. One of the FM radio stations that Emmis currently owns in New ) Tj ET Q q 0 0 0 rg BT 406.78 586.10 Td (Y) Tj ET Q q 0 0 0 rg BT 413.00 586.10 Td (ork is operated pursuant to a Local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 93.60 574.10 Td (Agreement \("LMA"\) whereby a third party provides the programming for the station and sells all advertising within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that programming. In addition, Emmis has entered into an agreement to sell its FM radio station in Los ) Tj ET Q q 0 0 0 rg BT 463.26 562.10 Td (Angeles and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (transaction is expected to close in the back half of 2017. Emmis also developed and licenses ) Tj ET Q q 0 0 0 rg BT 421.10 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 426.51 550.10 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 464.28 554.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.22 550.10 Td (, a cloud-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (developed NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 136.92 530.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.86 526.10 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 317.43 526.10 Td (-the-air FM radio broadcasts with visual and interactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (features on smartphones, and has introduced the Dial Report) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 291.88 518.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 514.10 Td ( to give radio advertising buyers and sellers big data analytics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (derived from a nationwide radio station network, smartphone usage, location-based data, demographic profiling and listening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (data.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 473.10 Td (In addition to our radio properties, we also publish ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.96 473.10 Td (Indianapolis Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.84 473.10 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.28 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.78 473.10 Td (operate Digonex, a dynamic pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.10 Td (Substantially all of ECC) Tj ET Q q 0 0 0 rg BT 174.27 440.10 Td (s business is conducted through its subsidiaries. Our credit agreement, dated June 10, 2014 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 103.88 428.10 Td (Agreement\), contains certain provisions that may restrict the ability of ECC) Tj ET Q q 0 0 0 rg BT 414.07 428.10 Td (s subsidiaries to transfer funds to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (ECC in the form of cash dividends, loans or advances.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 395.10 Td (Common Stock Reverse Split) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 374.10 Td (On July 8, 2016, the Company ef) Tj ET Q q 0 0 0 rg BT 206.58 374.10 Td (fected a one-for) Tj ET Q q 0 0 0 rg BT 269.67 374.10 Td (-four reverse stock split for its Class ) Tj ET Q q 0 0 0 rg BT 416.59 374.10 Td (A, Class B and Class C common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 75.56 362.10 Td (All share and per share information has been retroactively adjusted to reflect the reverse stock split.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 341.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 324.10 Td (Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (delivery of the publication. Both broadcasting revenue and publication revenue recognition is subject to meeting certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 464.41 300.10 Td (These criteria are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (generally met at the time the advertisement is aired for broadcasting revenue and upon delivery of the publication for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (publication revenue. ) Tj ET Q q 0 0 0 rg BT 133.58 276.10 Td (Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (of advertising agency fees, usually at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.04 264.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.37 264.10 Td ( of gross revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 243.10 Td (Allowance for Doubtful ) Tj ET Q q 0 0 0 rg BT 173.92 243.10 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 226.10 Td (An allowance for doubtful accounts is recorded based on management) Tj ET Q q 0 0 0 rg BT 358.07 226.10 Td (s judgment of the collectability of receivables. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (When assessing the collectability of receivables, management considers, among other things, historical loss experience and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (existing economic conditions. ) Tj ET Q q 0 0 0 rg BT 171.65 202.10 Td (Amounts are written of) Tj ET Q q 0 0 0 rg BT 264.50 202.10 Td (f after all normal collection ef) Tj ET Q q 0 0 0 rg BT 383.98 202.10 Td (forts have been exhausted. ) Tj ET Q q 0 0 0 rg BT 492.37 202.10 Td (The activity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the allowance for doubtful accounts for the three years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.12 190.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.72 190.10 Td ( was as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 179.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 139.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 139.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 139.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 139.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 139.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 139.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 139.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 139.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 109.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 109.80 65.00 -15.00 re f /GS0 gs 0.8 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304.80 160.05 Td (Balance) Tj ET Q q 0 0 0 rg BT 332.12 160.05 Td (At) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 152.05 Td (Beginning) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.05 144.05 Td (Of ) Tj ET Q q 0 0 0 rg BT 320.19 144.05 Td (Y) Tj ET Q q 0 0 0 rg BT 325.17 144.05 Td (ear) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.15 144.05 Td (Provision) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.15 144.05 Td (Write-Offs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.60 160.05 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.05 152.05 Td (At End) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.05 144.05 Td (Of) Tj ET Q q 0 0 0 rg BT 527.19 144.05 Td (Y) Tj ET Q q 0 0 0 rg BT 532.17 144.05 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 130.37 Td (Year ended February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 129.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 129.47 Td (574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 129.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 129.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 129.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 129.52 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 129.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 129.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 129.47 Td (665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 115.37 Td (Year ended February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 114.47 Td (665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 114.47 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 114.52 Td (\(357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 114.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 114.47 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.37 Td (Year ended February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 99.47 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 99.47 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 99.52 Td (\(408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 99.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 99.47 Td (903) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Local Programming and Marketing ) Tj ET Q q 0 0 0 rg BT 223.64 742.25 Td (Agreement Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (pending regulatory approval of transfer of the FCC licenses. Under the terms of these agreements, the acquiring company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (for a specified portion of the station) Tj ET Q q 0 0 0 rg BT 196.07 689.25 Td (s inventory of broadcast time. ) Tj ET Q q 0 0 0 rg BT 317.52 689.25 Td (The acquiring company records revenues and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (associated with the portion of the station) Tj ET Q q 0 0 0 rg BT 214.97 677.25 Td (s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (license, the owner) Tj ET Q q 0 0 0 rg BT 122.27 665.25 Td (-operator retains control and responsibility for the operation of the station, including responsibility over all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (programming broadcast on the station. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (Active LMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 619.25 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 619.25 Td (April26, 2012, the Company entered into an LMA) Tj ET Q q 0 0 0 rg BT 303.47 619.25 Td ( with New ) Tj ET Q q 0 0 0 rg BT 347.26 619.25 Td (Y) Tj ET Q q 0 0 0 rg BT 353.48 619.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 368.76 619.25 Td (AM Radio, LLC \(98.7FM Programmer\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (pursuant to which, commencing ) Tj ET Q q 0 0 0 rg BT 180.25 607.25 Td (April30, 2012, 98.7FM Programmer purchased from Emmis the right to provide programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (on 98.7FM until ) Tj ET Q q 0 0 0 rg BT 117.24 595.25 Td (August31, 2024. Disney Enterprises, Inc., the parent company of 98.7FM Programmer) Tj ET Q q 0 0 0 rg BT 465.94 595.25 Td (, has guaranteed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (obligations of 98.7FM Programmer under the LMA. ) Tj ET Q q 0 0 0 rg BT 261.74 583.25 Td (The Company retains ownership and control of the station, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (related FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 242.73 571.25 Td ( and received an annual fee from 98.7FM Programmer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.04 571.25 Td ($8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.54 571.25 Td ( million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (first year of the term under the LMA, which fee increases by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.19 559.25 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.02 559.25 Td ( each year thereafter until the LMA) Tj ET Q q 0 0 0 rg BT 456.50 559.25 Td () Tj ET Q q 0 0 0 rg BT 459.28 559.25 Td (s termination. ) Tj ET Q q 0 0 0 rg BT 516.59 559.25 Td (This LMA) Tj ET Q q 0 0 0 rg BT 558.54 559.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (fee revenue is recorded on a straight-line basis over the term of the LMA. Emmis retains the FCC license of 98.7FM after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (term of the LMA) Tj ET Q q 0 0 0 rg BT 118.04 535.25 Td ( expires.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 514.25 Td (erminated LMAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 497.25 Td (On February 1) Tj ET Q q 0 0 0 rg BT 143.95 497.25 Td (1, 2014, the Company entered into an LMA) Tj ET Q q 0 0 0 rg BT 318.64 497.25 Td ( in connection with its agreement to purchase ) Tj ET Q q 0 0 0 rg BT 502.29 497.25 Td (WBLS-FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 485.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 145.54 485.25 Td (Y) Tj ET Q q 0 0 0 rg BT 151.76 485.25 Td (ork City from ) Tj ET Q q 0 0 0 rg BT 208.88 485.25 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 282.11 485.25 Td (Y) Tj ET Q q 0 0 0 rg BT 288.33 485.25 Td (ork LLC and ) Tj ET Q q 0 0 0 rg BT 342.12 485.25 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 415.35 485.25 Td (Y) Tj ET Q q 0 0 0 rg BT 421.57 485.25 Td (ork License LLC \(collectively) Tj ET Q q 0 0 0 rg BT 541.71 485.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td ("YMF"\). ) Tj ET Q q 0 0 0 rg BT 90.49 473.25 Td (The LMA, which commenced on March 1, 2014, gave Emmis the right to program and sell advertising for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.71 473.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.71 473.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 461.25 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 461.25 Td (ork stations. Emmis paid ) Tj ET Q q 0 0 0 rg BT 181.30 461.25 Td (YMF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.47 461.25 Td ($1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.97 461.25 Td ( million per month and reimbursed ) Tj ET Q q 0 0 0 rg BT 364.24 461.25 Td (YMF for certain monthly expenses. ) Tj ET Q q 0 0 0 rg BT 511.53 461.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (monthly LMA) Tj ET Q q 0 0 0 rg BT 107.50 449.25 Td ( fee decreased to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.16 449.25 Td ($0.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.66 449.25 Td ( million after the first closing of the purchase of the stations, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (occurred on June 10, 2014, and ceased ef) Tj ET Q q 0 0 0 rg BT 214.48 437.25 Td (fective with the second closing on February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 431.75 437.25 Td (The LMA) Tj ET Q q 0 0 0 rg BT 471.46 437.25 Td ( fees paid after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (first closing were recognized as a liability as of the date of purchase of the stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 455.44 425.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 504.78 425.25 Td (, LMA) Tj ET Q q 0 0 0 rg BT 531.45 425.25 Td ( fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (incurred after June 10, 2014 did not impact our results of operations. During the year ended February 28, 2015, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.48 401.25 Td ($4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.98 401.25 Td ( million of LMA) Tj ET Q q 0 0 0 rg BT 171.37 401.25 Td ( expense. See Note 7 for more discussion of the Company's purchase of ) Tj ET Q q 0 0 0 rg BT 462.64 401.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 527.46 401.25 Td (WLIB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.25 Td (AM from ) Tj ET Q q 0 0 0 rg BT 90.18 389.25 Td (YMF) Tj ET Q q 0 0 0 rg BT 111.05 389.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.25 Td (LMA) Tj ET Q q 0 0 0 rg BT 95.67 368.25 Td ( fees recorded as net revenues in the accompanying consolidated statements of operations were as follows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (years ended February 2015, 2016 and 2017:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 321.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 321.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 321.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 321.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 321.75 74.00 -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 333.5 333.75 m 406.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 333.75 m 410.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 333.75 m 484.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 333.75 m 488.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 333.75 m 562.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 321.75 m 406.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 333.75 m 484.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 321.75 m 484.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 333.75 m 562.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 321.75 m 562.5 321.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 337.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.80 337.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 325.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 325.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 325.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 325.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.32 Td (98.7FM, New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 312.32 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 312.32 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 312.32 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 287.25 Td (Share-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 270.25 Td (The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (pricing model. ) Tj ET Q q 0 0 0 rg BT 110.64 258.25 Td (The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (options that have no vesting restrictions and are fully transferable. ) Tj ET Q q 0 0 0 rg BT 316.68 246.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 376.40 246.25 Td (s employee stock options have characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (significantly dif) Tj ET Q q 0 0 0 rg BT 113.42 234.25 Td (ferent than these traded options. In addition, option pricing models require the input of highly subjective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.25 Td (assumptions, including the expected stock price volatility and expected term of the options granted. ) Tj ET Q q 0 0 0 rg BT 450.27 222.25 Td (The Company relies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (heavily upon historical data of its stock price when determining expected volatility) Tj ET Q q 0 0 0 rg BT 380.64 210.25 Td (, but each year the Company reassesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 Td (whether or not historical data is representative of expected results. See Note 4 for more discussion of share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.25 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 160.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.25 Td (Emmis considers time deposits, money market fund shares and all highly liquid debt investment instruments with original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (maturities of three months or less to be cash equivalents. ) Tj ET Q q 0 0 0 rg BT 278.56 131.25 Td (At times, such deposits may be in excess of FDIC insurance limits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 105.25 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 88.25 Td (Restricted cash relates to cash on deposit in trust accounts related to our 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 420.31 88.25 Td ( in New ) Tj ET Q q 0 0 0 rg BT 454.10 88.25 Td (Y) Tj ET Q q 0 0 0 rg BT 460.32 88.25 Td (ork City that services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (long-term debt, cash collected by our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 302.07 76.25 Td (, NextRadio LLC, from other radio broadcasters for payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (Sprint, and cash held in escrow as part of our sale of four magazines in February 2017. Usage of cash collected by NextRadio ) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (LLC is restricted for specific purposes by funding agreements. ) Tj ET Q q 0 0 0 rg BT 302.52 742.10 Td (The table below summarizes restricted cash held by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company as of February 28 \(29\), 2016 and 2017:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 688.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 688.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 688.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 658.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 658.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 658.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 658.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 701.6 m 482.5 701.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 701.6 m 486.5 701.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 701.6 m 560.5 701.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 688.6 m 482.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 688.6 m 560.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 643.6 m 482.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 643.6 m 560.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 629.6 m 482.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 627.6 m 482.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 629.6 m 560.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 627.6 m 560.5 627.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 705.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.95 705.83 Td (FortheyearsendingFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 692.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 692.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.00 692.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.17 Td (98.7FM LMA restricted cash \(see Note 8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 678.27 Td (1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 678.27 Td (1,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.17 Td (NextRadio LLC restricted cash \(see Note 8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 663.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 663.27 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.17 Td (Cash held in escrow from magazine sale restricted cash \(see Note 7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 648.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 648.27 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 633.27 Td (1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 633.27 Td (2,323) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 603.10 Td (Property and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (estimated useful lives of the related assets, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.37 574.10 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.37 574.10 Td ( years for buildings, the shorter of economic life or expected lease term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (for leasehold improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.64 562.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.18 562.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.96 562.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 562.10 Td ( years for broadcasting equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.79 562.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 562.10 Td ( years for automobiles, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.42 562.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.41 562.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.18 562.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.73 562.10 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (for of) Tj ET Q q 0 0 0 rg BT 72.31 550.10 Td (fice equipment. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (recorded through a char) Tj ET Q q 0 0 0 rg BT 145.05 514.10 Td (ge to operations. See below for more discussion of impairment policies related to our property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (equipment. Depreciation expense for the years ended February 2015, 2016 and 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 502.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 502.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.39 502.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.72 502.10 Td ($4.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 490.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 490.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 464.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 118.92 464.10 Td (Assets and Goodwill) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (Indefinite-lived Intangibles and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 430.10 Td (In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (tangible and identifiable intangible net assets acquired. In accordance with ) Tj ET Q q 0 0 0 rg BT 350.17 406.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 371.94 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.35 406.10 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.50 406.10 Td (IntangiblesGoodwill and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Other) Tj ET Q q 0 0 0 rg BT 72.22 394.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 394.10 Td ( goodwill and radio broadcasting licenses are not amortized, but are tested at least annually for impairment at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (reporting unit level and unit of accounting level, respectively) Tj ET Q q 0 0 0 rg BT 293.44 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.26 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.89 382.10 Td (e test for impairment annually) Tj ET Q q 0 0 0 rg BT 426.76 382.10 Td (, on December1 of each year) Tj ET Q q 0 0 0 rg BT 543.80 382.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operations as an impairment char) Tj ET Q q 0 0 0 rg BT 182.55 346.10 Td (ge. See Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 288.35 346.10 Td (Assets and Goodwill, for more discussion of our interim and annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (impairment tests performed during the three years ended February28, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (Definite-lived Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 296.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 296.10 Td (s definite-lived intangible assets primarily consist of trademarks, customer lists and radio programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (contracts which are amortized over the period of time the intangible assets are expected to contribute directly or indirectly to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 272.10 Td (s future cash flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 246.10 Td (Advertising and Subscription ) Tj ET Q q 0 0 0 rg BT 196.16 246.10 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 229.10 Td (Advertising and subscription acquisition costs are expensed when incurred. ) Tj ET Q q 0 0 0 rg BT 377.26 229.10 Td (Advertising expense for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (February 2015, 2016 and 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 217.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 217.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.48 217.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.37 217.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 217.10 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.70 217.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 417.36 217.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 191.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 174.10 Td (For those investments in common stock or in-substance common stock in which the Company has the ability to exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (method. For other investments held at February28, 2017, the Company applies the accounting guidance for certain investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (in debt and equity securities. Emmis) Tj ET Q q 0 0 0 rg BT 198.12 138.10 Td ( equity method investment reports on a fiscal year ending December31, which Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (incorporates into its fiscal year ended February28 \(29\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 105.10 Td (Emmis has two investments, the carrying values of which are summarized in the following table and discussed below:) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 722.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 722.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 692.50 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 692.50 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 735.5 m 484.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 735.5 m 488.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 722.5 m 484.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 692.5 m 484.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 678.5 m 484.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 676.5 m 484.5 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 678.5 m 562.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.5 m 562.5 676.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.95 739.73 Td (FortheyearsendingFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 726.73 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 713.07 Td (Available-for-sale investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 712.17 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 712.17 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.07 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 697.17 Td (337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 697.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 683.07 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 682.17 Td (1,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 682.17 Td (800) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 652.00 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 635.00 Td (Emmis has a minority interest in a partnership that owns and operates various entertainment websites. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.00 Td (ended February 28, 2017, Emmis recorded a noncash impairment char) Tj ET Q q 0 0 0 rg BT 331.12 623.00 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.89 623.00 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.78 623.00 Td ( in other income \(expense\), net in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.00 Td (accompanying consolidated statements of operations as it deemed the investment was impaired and the impairment was other) Tj ET Q q 0 0 0 rg BT 551.88 611.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.00 Td (than-temporary) Tj ET Q q 0 0 0 rg BT 110.99 599.00 Td (. ) Tj ET Q q 0 0 0 rg BT 118.31 599.00 Td (This impairment char) Tj ET Q q 0 0 0 rg BT 204.21 599.00 Td (ge reduced the carrying value of this investment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.42 599.00 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.63 599.00 Td ( as of February 28, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.00 Td (A) Tj ET Q q 0 0 0 rg BT 55.56 573.00 Td (vailable for sale investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 556.00 Td (Emmis) Tj ET Q q 0 0 0 rg BT 104.92 556.00 Td ( available for sale investment is an investment in the preferred shares of a non-public company) Tj ET Q q 0 0 0 rg BT 483.31 556.00 Td (. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.00 Td (ended February 29, 2016, Emmis received an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.60 544.00 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.49 544.00 Td ( of preferred shares of this non-public company in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.00 Td (exchange for promotional airtime on its various radio stations. ) Tj ET Q q 0 0 0 rg BT 301.43 532.00 Td (This investment is accounted for under the provisions of ) Tj ET Q q 0 0 0 rg BT 528.88 532.00 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.00 Td (320, and as such, is carried at its fair value which Emmis believes approximates its cost basis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.02 520.00 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 520.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 499.00 Td (During the year ended February28, 2013, Emmis made investments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.54 499.00 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.44 499.00 Td ( in Courseload, Inc, a provider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.00 Td (of online textbooks and other course material. Emmis made additional investments in Courseload Inc. of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.73 487.00 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.62 487.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.06 487.00 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 475.00 Td ( during the years ended February 28, 2014 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 340.39 475.00 Td (. During the year ended February 28, 2015, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.00 Td (recorded a noncash impairment char) Tj ET Q q 0 0 0 rg BT 195.31 463.00 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.08 463.00 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.97 463.00 Td ( in other income \(expense\), net in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.00 Td (statements of operations as it deemed the investment was impaired and the impairment was other) Tj ET Q q 0 0 0 rg BT 438.02 451.00 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 502.34 451.00 Td (. ) Tj ET Q q 0 0 0 rg BT 509.66 451.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.00 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 439.00 Td (ge recorded during the year ended February 28, 2015 reduced the carrying value of this investment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.82 439.00 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.03 439.00 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.00 Td (of February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 406.00 Td (Unrealized gains and losses would be reported in other comprehensive income until realized, at which point they would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.00 Td (be recognized in the consolidated statements of operations. If the Company determines that the value of an investment is other) Tj ET Q q 0 0 0 rg BT 555.21 394.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.00 Td (than-temporarily impaired, the Company will recognize, through the statements of operations, a loss on the investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 356.00 Td (Deferred Revenue and Barter T) Tj ET Q q 0 0 0 rg BT 204.17 356.00 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.00 Td (Deferred revenue includes deferred barter) Tj ET Q q 0 0 0 rg BT 240.72 339.00 Td (, other transactions in which payments are received prior to the performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.00 Td (services \(i.e. cash-in-advance advertising and prepaid LMA) Tj ET Q q 0 0 0 rg BT 288.24 327.00 Td ( payments\), and deferred magazine subscription revenue. Barter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.00 Td (transactions are recorded at the estimated fair value of the product or service received. Revenue from barter transactions is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.00 Td (recognized when commercials are broadcast or a publication is delivered. ) Tj ET Q q 0 0 0 rg BT 346.08 303.00 Td (The appropriate expense or asset is recognized when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.00 Td (merchandise or services are used or received. Magazine subscription revenue is recognized when the publication is shipped. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.00 Td (Barter revenues for the years ended February 2015, 2016 and 2017 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.84 279.00 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.73 279.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.73 279.00 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 279.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.06 279.00 Td ($7.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.95 279.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 267.00 Td (, and barter expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.94 267.00 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.83 267.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.83 267.00 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.73 267.00 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.66 267.00 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.56 267.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 432.22 267.00 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 241.00 Td (Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 224.00 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 224.00 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 224.00 Td (opic 260 requires dual presentation of basic and diluted income \(loss\) per share \(EPS\) on the face of the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (statement for all entities with complex capital structures. Basic EPS is computed by dividing net income \(loss\) attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (Potentially dilutive securities at February 2015, 2016 and 2017 consisted of stock options, restricted stock awards and preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.00 Td (The following table sets forth the calculation of basic and diluted net income \(loss\) per share from continuing operations:) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 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 (59) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 696.50 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 696.50 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 696.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 696.50 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 696.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 696.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 696.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 696.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 696.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 696.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 696.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 662.50 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 662.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 662.50 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 662.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 662.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 662.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 662.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 662.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 662.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 662.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.50 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 649.50 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 649.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 649.50 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 649.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 649.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 649.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 649.50 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 649.50 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 649.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 649.50 39.00 -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 208.5 737.5 m 245.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 737.5 m 249.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 737.5 m 280.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 737.5 m 284.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 737.5 m 320.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 737.5 m 324.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 737.5 m 363.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 737.5 m 367.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 737.5 m 398.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 737.5 m 402.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 737.5 m 441.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 737.5 m 445.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 737.5 m 484.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 737.5 m 488.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 737.5 m 519.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 737.5 m 523.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 737.5 m 562.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 726.5 m 245.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 726.5 m 249.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 726.5 m 280.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 726.5 m 284.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 726.5 m 320.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 726.5 m 363.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 726.5 m 367.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 726.5 m 398.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 726.5 m 402.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 726.5 m 441.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 726.5 m 484.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 726.5 m 488.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 726.5 m 519.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 726.5 m 523.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 726.5 m 562.5 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 709.5 m 245.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 709.5 m 280.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 709.5 m 320.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 709.5 m 363.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 709.5 m 398.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 709.5 m 441.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 709.5 m 484.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 709.5 m 519.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 709.5 m 562.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 649.5 m 245.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 649.5 m 280.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 649.5 m 363.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 649.5 m 398.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 649.5 m 484.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 649.5 m 519.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 616.5 m 245.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 614.5 m 245.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 616.5 m 280.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 614.5 m 280.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 616.5 m 363.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 614.5 m 363.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 616.5 m 398.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 614.5 m 398.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 616.5 m 484.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 614.5 m 484.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 616.5 m 519.5 616.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 614.5 m 519.5 614.5 l s BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 741.34 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 360.85 741.34 Td (For the year ended) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 730.34 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 240.55 730.34 Td (February 28, 2015) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 359.05 730.34 Td (February 29, 2016) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 480.05 730.34 Td (February 28, 2017) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 215.40 713.34 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 255.85 713.34 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 290.90 719.34 Td (Net Loss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 289.35 713.34 Td (PerShare) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 328.75 713.34 Td (Net Income) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 373.85 713.34 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 406.75 719.34 Td (NetIncome) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 408.85 713.34 Td (Per) Tj ET Q q 0 0 0 rg BT 417.73 713.34 Td ( Shar) Tj ET Q q 0 0 0 rg BT 431.46 713.34 Td (e) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 449.75 713.34 Td (NetIncome) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 494.85 713.34 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 527.75 719.34 Td (NetIncome) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.85 713.34 Td (Per) Tj ET Q q 0 0 0 rg BT 538.73 713.34 Td ( Shar) Tj ET Q q 0 0 0 rg BT 552.46 713.34 Td (e) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 700.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.35 700.75 Td (\(amounts in 000s, except per share data\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.75 Td (Basic net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 674.75 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 666.75 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.60 666.75 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 666.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 666.75 Td (10,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 666.75 Td (\(9.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 666.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 666.75 Td (1,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 666.75 Td (11,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 666.75 Td (0.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.25 666.75 Td (13,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 666.75 Td (12,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 666.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.25 666.75 Td (1.09) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 653.75 Td (Impact of equity awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 653.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 653.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 653.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 653.75 Td (282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.25 653.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.30 653.75 Td (189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 640.75 Td (Diluted net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 627.75 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 619.75 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.60 619.75 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 619.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 619.75 Td (10,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 619.75 Td (\(9.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 619.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 619.75 Td (1,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 619.75 Td (11,316) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 619.75 Td (0.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.25 619.75 Td (13,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 619.75 Td (12,229) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.25 619.75 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.00 Td (Shares excluded from the calculation as the ef) Tj ET Q q 0 0 0 rg BT 257.91 595.00 Td (fect of their conversion into shares of our common stock would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.00 Td (antidilutive were as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 572.20 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.70 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 525.70 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 525.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 525.70 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 525.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 525.70 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.70 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 497.70 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 497.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 497.70 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 497.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 497.70 72.00 -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 336.5 549.7 m 407.5 549.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 549.7 m 411.5 549.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 549.7 m 482.5 549.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 549.7 m 486.5 549.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 549.7 m 558.5 549.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 537.7 m 407.5 537.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 537.7 m 482.5 537.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 537.7 m 558.5 537.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 497.7 m 407.5 497.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 497.7 m 482.5 497.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 497.7 m 558.5 497.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 484.7 m 407.5 484.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 482.7 m 407.5 482.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 484.7 m 482.5 484.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 482.7 m 482.5 482.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 484.7 m 558.5 484.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 482.7 m 558.5 482.7 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 553.65 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.90 553.78 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 541.65 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.50 541.78 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 541.78 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 541.78 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 529.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.55 529.65 Td (\(shares in 000s \)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.27 Td (Preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 516.27 Td (567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 516.27 Td (607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (Stock options and restricted stock awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 502.27 Td (1,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 502.27 Td (1,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 502.27 Td (1,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 488.27 Td (Antidilutive common share equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 488.27 Td (1,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 488.27 Td (1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 488.27 Td (1,341) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 463.20 Td (Income T) Tj ET Q q 0 0 0 rg BT 112.80 463.20 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 446.20 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.20 Td (tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company) Tj ET Q q 0 0 0 rg BT 520.94 434.20 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.20 Td (financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.20 Td (are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary dif) Tj ET Q q 0 0 0 rg BT 464.92 410.20 Td (ferences between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.20 Td (amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.20 Td (After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.20 Td (portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.20 Td (realized, a valuation allowance will be established against that asset to record it at its expected realizable value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 336.20 Td (Long-Lived T) Tj ET Q q 0 0 0 rg BT 129.45 336.20 Td (angible ) Tj ET Q q 0 0 0 rg BT 162.14 336.20 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.20 Td (The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.20 Td (indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.20 Td (assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.20 Td (the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.20 Td (appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.20 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 259.20 Td (ge to the extent the asset) Tj ET Q q 0 0 0 rg BT 216.43 259.20 Td (s carrying value is greater than the fair value. ) Tj ET Q q 0 0 0 rg BT 399.50 259.20 Td (The fair value of the asset then becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.20 Td (the asset) Tj ET Q q 0 0 0 rg BT 86.93 247.20 Td (s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.20 Td (life of the asset.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 209.20 Td (Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 192.20 Td (The Company follows ) Tj ET Q q 0 0 0 rg BT 163.88 192.20 Td (Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.20 Td (related to our ) Tj ET Q q 0 0 0 rg BT 105.26 180.20 Td (Austin radio partnership and Digonex. ) Tj ET Q q 0 0 0 rg BT 261.16 180.20 Td (W) Tj ET Q q 0 0 0 rg BT 269.79 180.20 Td (e have a 50.1% controlling interest in our ) Tj ET Q q 0 0 0 rg BT 437.25 180.20 Td (Austin radio partnership. ) Tj ET Q q 0 0 0 rg BT 541.77 180.20 Td (W) Tj ET Q q 0 0 0 rg BT 550.41 180.20 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.20 Td (do not own any of the common equity of Digonex, but we consolidate the entity because we control its board of directors via ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.20 Td (rights granted in convertible preferred stock and convertible debt that we own.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 139.20 Td (Noncontrolling interests represents the noncontrolling interest holders' proportionate share of the equity of the ) Tj ET Q q 0 0 0 rg BT 514.75 139.20 Td (Austin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.20 Td (radio partnership and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders' proportionate share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.20 Td (of the earnings or losses of the applicable entity) Tj ET Q q 0 0 0 rg BT 240.41 115.20 Td (. ) Tj ET Q q 0 0 0 rg BT 245.22 115.20 Td (The noncontrolling interest continues to be attributed its share of losses even if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.20 Td (that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.20 Td (the years ended February 2016 and 2017:) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 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 (60) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 71.75 719.50 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.75 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.75 719.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.75 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 719.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 719.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 71.75 689.50 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.75 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.75 689.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.75 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 689.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 689.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 71.75 659.50 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.75 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.75 659.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.75 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 659.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 659.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 71.75 629.50 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.75 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.75 629.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.75 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 629.50 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 629.50 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 719.5 m 415.75 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 719.5 m 488.75 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 719.5 m 561.75 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 674.5 m 415.75 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 660.5 m 415.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 658.5 m 415.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 674.5 m 488.75 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 660.5 m 488.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 658.5 m 488.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 674.5 m 561.75 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 660.5 m 561.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 658.5 m 561.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 629.5 m 415.75 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 615.5 m 415.75 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 613.5 m 415.75 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 629.5 m 488.75 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 615.5 m 488.75 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 613.5 m 488.75 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 629.5 m 561.75 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 615.5 m 561.75 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 613.5 m 561.75 613.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.30 731.73 Td (Austin radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.50 723.73 Td (partnership) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.75 723.73 Td (Digonex) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.00 739.73 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.70 731.73 Td (noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 723.73 Td (interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.25 711.45 Td (Balance, February 28, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 708.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.50 708.75 Td (47,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.25 708.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.85 708.75 Td (\(1,222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.55 708.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 708.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.55 708.75 Td (46,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.25 696.45 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.55 693.75 Td (5,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.85 693.75 Td (\(7,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.55 693.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.85 693.75 Td (\(2,418) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.55 693.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.25 681.45 Td (Payments of dividends and distributions to noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.85 678.75 Td (\(5,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.55 678.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.55 678.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.85 678.75 Td (\(5,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.55 678.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.25 666.45 Td (Balance, February 29, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.50 663.75 Td (47,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.85 663.75 Td (\(9,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.55 663.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.55 663.75 Td (38,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.25 651.45 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.55 648.75 Td (4,851) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.85 648.75 Td (\(4,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.55 648.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.55 648.75 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.25 636.45 Td (Payments of dividends and distributions to noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.85 633.75 Td (\(5,577) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.55 633.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.55 633.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.85 633.75 Td (\(5,577) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.55 633.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.25 621.45 Td (Balance, February 28, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 618.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.50 618.75 Td (46,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.25 618.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.85 618.75 Td (\(13,909) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.55 618.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 618.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.55 618.75 Td (32,921) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 589.00 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 572.00 Td (The preparation of financial statements in accordance with accounting principles generally accepted in the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.00 Td (requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 306.41 560.00 Td (fect the reported amounts of assets, liabilities, revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.00 Td (expenses in the financial statements and in disclosures of contingent assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 409.92 548.00 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 503.33 548.00 Td (fer from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.00 Td (estimates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 515.00 Td (National Representation ) Tj ET Q q 0 0 0 rg BT 176.97 515.00 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 498.00 Td (On October1, 2007, Emmis terminated its existing national sales representation agreement with Interep National Radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.00 Td (Sales, Inc. \(Interep\) and entered into a new agreement with Katz Communications, Inc. \(Katz\) extending through March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.00 Td (2018. Emmis) Tj ET Q q 0 0 0 rg BT 105.92 474.00 Td ( existing contract with Interep at the time extended through September 201) Tj ET Q q 0 0 0 rg BT 405.19 474.00 Td (1. Emmis, Interep and Katz entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.00 Td (into a tri-party termination and mutual release agreement under which Interep agreed to release Emmis from its future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.00 Td (contractual obligations in exchange for a one-time payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 450.00 Td ($15.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.19 450.00 Td (, which was paid by Katz on behalf of Emmis as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.00 Td (inducement for Emmis to enter into the new long-term contract with Katz. Emmis measured and recognized the char) Tj ET Q q 0 0 0 rg BT 516.33 438.00 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.00 Td (associated with terminating the Interep contract as of the ef) Tj ET Q q 0 0 0 rg BT 286.67 426.00 Td (fective termination date, which was recorded as a noncash contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.00 Td (termination fee in the year ended February 2008. ) Tj ET Q q 0 0 0 rg BT 247.80 414.00 Td (The liability established as a result of the termination represents an incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.00 Td (received from Katz that is being recognized as a reduction of our national agency commission expense over the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.00 Td (agreement with Katz. ) Tj ET Q q 0 0 0 rg BT 137.74 390.00 Td (At February 28, 2017, the entire balance of this liability is included in other current liabilities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.00 Td (accompanying consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 357.00 Td (Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 340.00 Td (The Company continually projects its anticipated cash needs, which include its operating needs, capital needs, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.00 Td (principal and interest payments on its indebtedness. ) Tj ET Q q 0 0 0 rg BT 258.29 328.00 Td (As of the filing of this Form 10-K, management believes the Company can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.00 Td (meet its liquidity needs through the end of fiscal year 2018 with cash and cash equivalents on hand, projected cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.00 Td (operations, and, to the extent necessary) Tj ET Q q 0 0 0 rg BT 206.24 304.00 Td (, through its borrowing capacity under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 426.20 304.00 Td (Agreement, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.61 304.00 Td ($20.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 292.00 Td ( at February28, 2017. Based on these projections, management also believes the Company will be in compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.00 Td (its debt covenants through the end of fiscal year 2018.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 259.00 Td (Recent ) Tj ET Q q 0 0 0 rg BT 104.45 259.00 Td (Accounting Standards Updates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.00 Td (Adoption of New ) Tj ET Q q 0 0 0 rg BT 119.54 238.00 Td (Accounting Standar) Tj ET Q q 0 0 0 rg BT 198.88 238.00 Td (ds Updates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 221.00 Td (In March 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 190.81 221.00 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 321.07 221.00 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 379.88 221.00 Td (Accounting Standards Update 2016-09, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.00 Td (Compensation-Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 205.40 209.00 Td (opic 718\): Improvement to Employee Share-based Payment ) Tj ET Q q 0 0 0 rg BT 446.72 209.00 Td (Accounting \(ASU 2016-09\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.00 Td (to simplify the accounting for share-based payment transactions, including the income tax consequences, and standardize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.00 Td (certain classifications on the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 264.66 185.00 Td (As permitted by ) Tj ET Q q 0 0 0 rg BT 331.04 185.00 Td (ASU 2016-09, the Company chose to early adopt the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.00 Td (provisions of this update as of March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 236.18 173.00 Td (The adoption of this guidance did not have any ef) Tj ET Q q 0 0 0 rg BT 434.56 173.00 Td (fect on the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.00 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 144.00 Td (In September 2015, the F) Tj ET Q q 0 0 0 rg BT 173.13 144.00 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 222.03 144.00 Td (Accounting Standards Update 2015-16, Business Combinations \(T) Tj ET Q q 0 0 0 rg BT 488.25 144.00 Td (opic 805\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.00 Td (Simplifying the ) Tj ET Q q 0 0 0 rg BT 114.45 132.00 Td (Accounting for Measurement-Period ) Tj ET Q q 0 0 0 rg BT 263.57 132.00 Td (Adjustments. ) Tj ET Q q 0 0 0 rg BT 318.95 132.00 Td (This update requires that an acquirer recognize adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.00 Td (to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.00 Td (amounts are determined, including the cumulative ef) Tj ET Q q 0 0 0 rg BT 260.58 108.00 Td (fect of the change in the provisional amount as if the accounting had been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.00 Td (completed at the acquisition date. ) Tj ET Q q 0 0 0 rg BT 186.44 96.00 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 270.95 96.00 Td (fective for the Company as of March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 456.00 96.00 Td (The adoption of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.00 Td (guidance did not have any ef) Tj ET Q q 0 0 0 rg BT 165.05 84.00 Td (fect on the Company's consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 67.00 Td (In ) Tj ET Q q 0 0 0 rg BT 82.78 67.00 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 150.92 67.00 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.82 67.00 Td (Accounting Standards Update 2015-05, Intangibles - Goodwill and Other: Internal-Use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.00 Td (Software \(Subtopic 350-40\): Customer) Tj ET Q q 0 0 0 rg BT 206.18 55.00 Td () Tj ET Q q 0 0 0 rg BT 208.96 55.00 Td (s ) Tj ET Q q 0 0 0 rg BT 214.80 55.00 Td (Accounting for Fees Paid in a Cloud Computing ) Tj ET Q q 0 0 0 rg BT 410.34 55.00 Td (Arrangement. ) Tj ET Q q 0 0 0 rg BT 467.92 55.00 Td (This update provides ) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 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 (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (guidance as to when a company using a cloud computing service that includes a software license should capitalize and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (depreciate the software license. ) Tj ET Q q 0 0 0 rg BT 177.81 730.10 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 262.32 730.10 Td (fective for the Company as of March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 447.36 730.10 Td (The adoption of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (guidance did not have any ef) Tj ET Q q 0 0 0 rg BT 165.05 718.10 Td (fect on the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 701.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.78 701.10 Td (August 2014, the F) Tj ET Q q 0 0 0 rg BT 158.71 701.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 207.61 701.10 Td (Accounting Standards Update 2014-15, Presentation of Financial Statements - Going ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (Concern \(Subtopic 205-40\): Disclosure of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 340.49 689.10 Td (s ) Tj ET Q q 0 0 0 rg BT 346.33 689.10 Td (Ability to Continue as a Going Concern. ) Tj ET Q q 0 0 0 rg BT 510.57 689.10 Td (This update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (provides guidance about management) Tj ET Q q 0 0 0 rg BT 204.12 677.10 Td (s responsibility to evaluate whether there is substantial doubt about an entity) Tj ET Q q 0 0 0 rg BT 512.66 677.10 Td (s ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (continue as a going concern and to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 338.80 665.10 Td (ASU 2014-15 was ef) Tj ET Q q 0 0 0 rg BT 422.78 665.10 Td (fective for the fiscal year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (February 28, 2017, and for annual periods and interim periods thereafter) Tj ET Q q 0 0 0 rg BT 338.80 653.10 Td (. ) Tj ET Q q 0 0 0 rg BT 343.62 653.10 Td (The adoption of this guidance did not have any ef) Tj ET Q q 0 0 0 rg BT 541.99 653.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (on the Company's consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 79.52 620.10 Td (Accounting Standar) Tj ET Q q 0 0 0 rg BT 158.86 620.10 Td (ds Updates Not Y) Tj ET Q q 0 0 0 rg BT 227.68 620.10 Td (et ) Tj ET Q q 0 0 0 rg BT 237.21 620.10 Td (Adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 603.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 161.46 603.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 603.10 Td (Accounting Standards Update 2017-04, Intangibles - Goodwill and Other \(T) Tj ET Q q 0 0 0 rg BT 515.16 603.10 Td (opic 350\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (Simplifying the ) Tj ET Q q 0 0 0 rg BT 114.82 591.10 Td (T) Tj ET Q q 0 0 0 rg BT 120.23 591.10 Td (est for Goodwill Impairment. ) Tj ET Q q 0 0 0 rg BT 239.75 591.10 Td (This ) Tj ET Q q 0 0 0 rg BT 259.47 591.10 Td (ASU was issued to simplify goodwill impairment by removing the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (step of the goodwill impairment test. ) Tj ET Q q 0 0 0 rg BT 199.52 579.10 Td (This standard is required to be adopted by the Company as of March 1, 2020, but as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (permitted by the F) Tj ET Q q 0 0 0 rg BT 122.86 567.10 Td (ASB, the Company plans to early adopt this guidance as of March 1, 2017. ) Tj ET Q q 0 0 0 rg BT 425.12 567.10 Td (The adoption of this guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (will af) Tj ET Q q 0 0 0 rg BT 75.64 555.10 Td (fect future goodwill impairments which will also be influenced by a number of other factors used by the Company when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (assessing the valuation of goodwill. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 526.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 161.46 526.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 526.10 Td (Accounting Standards Update 2017-01, Business Combinations \(T) Tj ET Q q 0 0 0 rg BT 476.58 526.10 Td (opic 805\): Clarifying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the Definition of a Business. ) Tj ET Q q 0 0 0 rg BT 166.47 514.10 Td (This ) Tj ET Q q 0 0 0 rg BT 186.20 514.10 Td (ASU was issued to clarify the definition of a business with the objective of adding guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (to assist entities with evaluating whether transactions should be accounted for as acquisitions \(or disposals\) of assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 99.54 490.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 196.00 490.10 Td (fective for the Company as of March 1, 2018. ) Tj ET Q q 0 0 0 rg BT 383.54 490.10 Td (The Company does not expect adoption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (this guidance will have a material impact on the Company's consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 461.10 Td (In November 2016, the F) Tj ET Q q 0 0 0 rg BT 172.57 461.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 221.47 461.10 Td (Accounting Standards Update 2016-18, Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 493.79 461.10 Td (opic 230\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (Restricted Cash. ) Tj ET Q q 0 0 0 rg BT 117.86 449.10 Td (This ) Tj ET Q q 0 0 0 rg BT 137.59 449.10 Td (ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (equivalents, and amounts generally described as restricted cash or restricted cash equivalents. ) Tj ET Q q 0 0 0 rg BT 426.35 437.10 Td (Therefore, amounts generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 433.61 413.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 530.07 413.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (for the Company as of March 1, 2018, and requires a retrospective transition method. ) Tj ET Q q 0 0 0 rg BT 393.33 401.10 Td (The Company does not expect adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (of this guidance will have a material impact on the Company's consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 372.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 166.46 372.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 215.37 372.10 Td (Accounting Standards Update 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 414.61 372.10 Td (opic 842\). ) Tj ET Q q 0 0 0 rg BT 457.48 372.10 Td (This update requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (twelve months. Leases will be classified as either finance or operating, with classification af) Tj ET Q q 0 0 0 rg BT 418.31 348.10 Td (fecting the pattern of expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (recognition in the income statement. ) Tj ET Q q 0 0 0 rg BT 198.11 336.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 294.57 336.10 Td (fective for the Company as of March 1, 2019. ) Tj ET Q q 0 0 0 rg BT 479.24 336.10 Td (A) Tj ET Q q 0 0 0 rg BT 485.91 336.10 Td ( modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (retrospective transition method is required. ) Tj ET Q q 0 0 0 rg BT 224.21 324.10 Td (The Company is currently evaluating the impact the adoption of this guidance will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (have on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 295.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 148.70 295.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 197.60 295.10 Td (Accounting Standards Update 2014-09, Revenue from Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 532.94 295.10 Td (opic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (606\), to clarify the principles used to recognize revenue for all entities. ) Tj ET Q q 0 0 0 rg BT 335.83 283.10 Td (The F) Tj ET Q q 0 0 0 rg BT 358.69 283.10 Td (ASB deferred implementation of this guidance by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (one year with the issuance of ) Tj ET Q q 0 0 0 rg BT 168.30 271.10 Td (Accounting Standards Update 2015-14. ) Tj ET Q q 0 0 0 rg BT 328.54 271.10 Td (As such, this guidance will be ef) Tj ET Q q 0 0 0 rg BT 458.61 271.10 Td (fective for the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (as of March 1, 2018. ) Tj ET Q q 0 0 0 rg BT 135.08 259.10 Td (The Company expects to use the modified retrospective method of adoption. ) Tj ET Q q 0 0 0 rg BT 446.21 259.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (completed its initial evaluation of potential changes from adopting the new standard on its financial reporting and disclosures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (which included a detailed review of contractual terms for all of its significant revenue streams. ) Tj ET Q q 0 0 0 rg BT 430.79 235.10 Td (The Company will continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (progress on its implementation plan during the remainder of fiscal 2018. Based on its initial evaluation, the Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (expect adoption of this guidance will have a material impact on the Company's consolidated financial statements, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (disclosures related to revenue recognition will likely be expanded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (2. COMMON ST) Tj ET Q q 0 0 0 rg BT 123.43 170.10 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 153.10 Td (Emmis has authorized Class) Tj ET Q q 0 0 0 rg BT 188.99 153.10 Td (A) Tj ET Q q 0 0 0 rg BT 195.66 153.10 Td ( common stock, Class B common stock, and Class C common stock. ) Tj ET Q q 0 0 0 rg BT 472.40 153.10 Td (The rights of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (three classes are essentially identical except that each share of Class) Tj ET Q q 0 0 0 rg BT 324.05 141.10 Td (A) Tj ET Q q 0 0 0 rg BT 330.72 141.10 Td ( common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.16 141.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.59 141.10 Td ( vote with respect to substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (all matters, each share of Class B common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 129.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.45 129.10 Td ( votes with respect to substantially all matters, and each share of Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (C common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 117.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.10 117.10 Td ( voting rights with respect to substantially all matters. Class B common stock is owned by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (Chairman, CEO and President, Jef) Tj ET Q q 0 0 0 rg BT 187.57 105.10 Td (frey H. Smulyan. ) Tj ET Q q 0 0 0 rg BT 258.39 105.10 Td (All shares of Class B common stock automatically convert to Class) Tj ET Q q 0 0 0 rg BT 529.74 105.10 Td (A) Tj ET Q q 0 0 0 rg BT 536.41 105.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (common stock upon sale or other transfer to a party unaf) Tj ET Q q 0 0 0 rg BT 276.42 93.10 Td (filiated with Mr) Tj ET Q q 0 0 0 rg BT 339.18 93.10 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 384.19 93.10 Td (At February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.45 93.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.45 93.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.89 93.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.89 93.10 Td (, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (shares of Class C common stock were issued or outstanding.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 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 (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (On July 8, 2016, the Company ef) Tj ET Q q 0 0 0 rg BT 206.58 742.10 Td (fected a one-for) Tj ET Q q 0 0 0 rg BT 269.67 742.10 Td (-four reverse stock split. ) Tj ET Q q 0 0 0 rg BT 368.81 742.10 Td (As a result of the reverse stock split, every four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (shares of each class of the Company's outstanding common stock were combined into one share of the same class of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (stock and the authorized shares of each class of the Company's common stock were reduced by the same ratio. In lieu of issuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (fractional shares, the Company paid in cash the fair value of such fractions of a share as of July 7, 2016 . Such fair value was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ($0.695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 694.10 Td ( for each pre-split share of our outstanding common stock, which was the average closing sales price of the Class ) Tj ET Q q 0 0 0 rg BT 532.09 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 538.76 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (common stock as reported by the Nasdaq Global Select Market for the thirty trading days preceding such date. ) Tj ET Q q 0 0 0 rg BT 494.41 682.10 Td (The number and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (strike price of the Company's outstanding stock options were adjusted proportionally) Tj ET Q q 0 0 0 rg BT 388.87 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.69 670.10 Td (The par value of the Company's common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (stock was not adjusted as a result of the reverse stock split. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (3. REDEEMABLE PREFERRED ST) Tj ET Q q 0 0 0 rg BT 209.29 629.10 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (The Company's redeemable Preferred Stock was delisted from the Nasdaq Global Select Market on March 28, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (Pursuant to the Company's ) Tj ET Q q 0 0 0 rg BT 159.02 600.10 Td (Articles of Incorporation, all shares of Preferred Stock were converted into shares of Class ) Tj ET Q q 0 0 0 rg BT 523.07 600.10 Td (A) Tj ET Q q 0 0 0 rg BT 529.74 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (common stock on ) Tj ET Q q 0 0 0 rg BT 123.05 588.10 Td (April 4, 2016. Subsequent to the mandatory conversion on ) Tj ET Q q 0 0 0 rg BT 358.85 588.10 Td (April 4, 2016, no shares of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (redeemable Preferred Stock remain outstanding. On various dates during the year ended February 28, 2017, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (mandatory conversion date of ) Tj ET Q q 0 0 0 rg BT 171.07 564.10 Td (April 4, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.68 564.10 Td (866,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.18 564.10 Td ( shares of Preferred Stock were originally converted into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.27 564.10 Td (2,452,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.27 564.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (of Class ) Tj ET Q q 0 0 0 rg BT 84.45 552.10 Td (A) Tj ET Q q 0 0 0 rg BT 91.12 552.10 Td ( common stock \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.05 552.10 Td (606,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.55 552.10 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 254.99 552.10 Td (A) Tj ET Q q 0 0 0 rg BT 261.66 552.10 Td ( common stock after the one-for) Tj ET Q q 0 0 0 rg BT 390.02 552.10 Td (-four reverse stock split\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 535.10 Td (Each share of redeemable Preferred Stock was convertible into a number of shares of common stock, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (determined by dividing the liquidation preference of the share of preferred stock \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.09 523.10 Td ($50.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.59 523.10 Td ( per share\) by the conversion price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (The conversion price was originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.34 511.10 Td ($20.495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 511.10 Td (, which resulted in a conversion ratio of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.44 511.10 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.94 511.10 Td ( shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (stock per share of Preferred Stock. On February 17, 2016, shareholders of Emmis' common stock and Preferred Stock approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (amendments to Emmis' ) Tj ET Q q 0 0 0 rg BT 145.41 487.10 Td (Articles of Incorporation which, among other things, modified the conversion ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.77 487.10 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.27 487.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 475.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 475.10 Td ( common stock per share of Preferred Stock. In connection with this modification, the Company recorded a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.50 475.10 Td ($0.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 463.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (4. SHARE BASED P) Tj ET Q q 0 0 0 rg BT 138.16 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 144.47 430.10 Td (YMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 413.10 Td (The amounts recorded as share based compensation expense consist of stock option and restricted stock grants, common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (stock issued to employees and directors in lieu of cash payments, and Preferred Stock contributed to the 2012 Retention Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (Stock Option ) Tj ET Q q 0 0 0 rg BT 108.35 375.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.83 375.10 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 358.10 Td (The Company has granted options to purchase its common stock to employees and directors of the Company under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (various stock option plans at no less than the fair market value of the underlying stock on the date of grant. ) Tj ET Q q 0 0 0 rg BT 479.71 346.10 Td (These options are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (granted for a term not exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 334.10 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.32 334.10 Td ( and are forfeited, except in certain circumstances, in the event the employee or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (director terminates his or her employment or relationship with the Company) Tj ET Q q 0 0 0 rg BT 354.28 322.10 Td (. Generally) Tj ET Q q 0 0 0 rg BT 398.05 322.10 Td (, these options either vest annually over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.60 310.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 310.10 Td (one-third) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 310.10 Td ( each year for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.27 310.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.87 310.10 Td (\), or clif) Tj ET Q q 0 0 0 rg BT 239.17 310.10 Td (f vest at the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 310.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.41 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 349.23 310.10 Td (The Company issues new shares upon the exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (of stock options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (expensed on a straight-line basis over the vesting period. Expected volatilities are based on historical volatility of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 250.10 Td (s stock. ) Tj ET Q q 0 0 0 rg BT 123.98 250.10 Td (The Company uses historical data to estimate option exercises and employee terminations within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (valuation model. ) Tj ET Q q 0 0 0 rg BT 119.53 238.10 Td (The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (through the final vesting date of awards. ) Tj ET Q q 0 0 0 rg BT 213.66 226.10 Td (The risk-free interest rate for periods within the life of the option is based on the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 214.10 Td (reasury yield curve in ef) Tj ET Q q 0 0 0 rg BT 152.75 214.10 Td (fect at the time of grant. ) Tj ET Q q 0 0 0 rg BT 251.14 214.10 Td (The following assumptions were used to calculate the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 202.10 Td (s options on the date of grant during the years ended February 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.59 202.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.59 202.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 191.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 144.80 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 144.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 144.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 144.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 144.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 144.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 114.80 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 114.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 114.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 114.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 114.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 114.80 115.00 -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 209.5 157.79999999999995 m 324.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 157.79999999999995 m 328.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 157.79999999999995 m 443.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 157.79999999999995 m 447.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 157.79999999999995 m 562.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 157.79999999999995 m 324.5 157.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 144.79999999999995 m 324.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 144.79999999999995 m 328.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 144.79999999999995 m 443.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 144.79999999999995 m 562.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 144.79999999999995 m 324.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 144.79999999999995 m 443.5 144.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 144.79999999999995 m 562.5 144.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 162.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.35 162.25 Td (For the Years Ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 149.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.50 149.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.50 149.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.50 149.03 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 135.37 Td (Risk-Free Interest Rate:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 134.47 Td (1.2% - 1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 134.47 Td (1.2% - 1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 134.47 Td (0.9% - 1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 120.37 Td (Expected Dividend Yield:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.80 119.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 119.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.80 119.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 105.37 Td (Expected Life \(Years\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.25 104.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.25 104.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 104.47 Td (4.3 - 4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 90.37 Td (Expected Volatility:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 89.47 Td (69.0% - 73.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 89.47 Td (57.2% - 64.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 89.47 Td (52.9% - 60.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 61.30 Td (The following table presents a summary of the Company) Tj ET Q q 0 0 0 rg BT 304.50 61.30 Td (s stock options outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.33 61.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.93 61.30 Td (, and stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.30 Td (option activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 49.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.55 49.30 Td ( \(Price reflects the weighted average exercise price per share\):) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 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 (63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 742.80 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 704.30 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 704.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 704.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 704.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 704.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 704.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 704.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 704.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.30 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 676.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 676.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 676.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 676.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 676.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 676.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 676.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 648.30 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 648.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 648.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 648.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 648.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 648.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 648.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 648.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.30 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 620.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 620.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 620.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 620.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 620.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 620.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 620.30 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 704.3 m 340.5 704.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 704.3 m 414.5 704.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 704.3 m 488.5 704.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 704.3 m 562.5 704.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 634.3 m 340.5 634.3 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.40 708.53 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.10 708.53 Td (Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.05 724.38 Td (W) Tj ET Q q 0 0 0 rg BT 429.61 724.38 Td (eighted) Tj ET Q q 0 0 0 rg BT 456.05 724.38 Td (A) Tj ET Q q 0 0 0 rg BT 461.24 724.38 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.30 716.38 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.20 708.38 Td (Contractual) Tj ET Q q 0 0 0 rg BT 465.38 708.38 Td (T) Tj ET Q q 0 0 0 rg BT 469.99 708.38 Td (erm) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 724.38 Td (Aggr) Tj ET Q q 0 0 0 rg BT 526.68 724.38 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.30 716.38 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.35 708.38 Td (V) Tj ET Q q 0 0 0 rg BT 522.39 708.38 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.87 Td (Outstanding, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 694.87 Td (1,948,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 694.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 694.87 Td (6.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 680.87 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 680.87 Td (704,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 680.87 Td (2.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 666.87 Td (Exercised \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 666.87 Td (57,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 666.87 Td (1.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.87 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 652.87 Td (12,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 652.87 Td (7.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.87 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 638.87 Td (23,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 638.87 Td (36.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.87 Td (Outstanding, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 624.87 Td (2,559,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 624.87 Td (5.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 624.87 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 624.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 624.87 Td (346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.87 Td (Exercisable, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 610.87 Td (1,469,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 610.87 Td (5.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 610.87 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 610.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 610.87 Td (254) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 585.20 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 585.20 Td (The Company did not record an income tax benefit related to option exercises in the years ended February 2015, 2016 and 2017. Cash received from ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 575.60 Td (option exercises during the years ended February 2015, 2016 and 2017 was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.77 575.60 Td ($0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.77 575.60 Td ( million, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.89 575.60 Td ($0.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.89 575.60 Td ( million and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.55 575.60 Td ($0.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.55 575.60 Td ( million, respectively) Tj ET Q q 0 0 0 rg BT 485.79 575.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 554.60 Td (The weighted average grant date fair value of options granted during the years ended February2015, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.62 554.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.62 554.60 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td ($6.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 542.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 542.60 Td ($2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 542.60 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.44 542.60 Td ($1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.94 542.60 Td (, respectively) Tj ET Q q 0 0 0 rg BT 194.60 542.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 521.60 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 521.60 Td ( summary of the Company) Tj ET Q q 0 0 0 rg BT 188.60 521.60 Td (s nonvested options at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.70 521.60 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 521.60 Td (, and changes during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.36 521.60 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.60 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 509.60 Td (, is presented below:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 498.80 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.30 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 460.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 460.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 460.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 432.30 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 432.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 432.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 432.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.30 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 404.30 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 404.30 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 404.30 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 460.3 m 488.5 460.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 460.3 m 562.5 460.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 404.3 m 488.5 404.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 391.3 m 488.5 391.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 389.3 m 488.5 389.3 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 464.53 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.05 480.38 Td (W) Tj ET Q q 0 0 0 rg BT 503.61 480.38 Td (eighted) Tj ET Q q 0 0 0 rg BT 530.05 480.38 Td (A) Tj ET Q q 0 0 0 rg BT 535.24 480.38 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.55 472.38 Td (GrantDate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.15 464.38 Td (Fair) Tj ET Q q 0 0 0 rg BT 523.67 464.38 Td ( ) Tj ET Q q 0 0 0 rg BT 525.52 464.38 Td (V) Tj ET Q q 0 0 0 rg BT 530.56 464.38 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.87 Td (Nonvested, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 450.87 Td (830,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 450.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 450.87 Td (3.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.87 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 436.87 Td (704,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 436.87 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.87 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 422.87 Td (432,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 422.87 Td (3.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.87 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 408.87 Td (12,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 408.87 Td (3.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.87 Td (Nonvested, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 394.87 Td (1,090,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 394.87 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 369.80 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.74 369.80 Td (0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.64 369.80 Td ( shares available for future grants under the Company) Tj ET Q q 0 0 0 rg BT 383.34 369.80 Td (s various equity plans at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.49 369.80 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.09 369.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.80 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 357.80 Td (0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.22 357.80 Td ( shares under the 2016 Equity Compensation Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.35 357.80 Td (0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.24 357.80 Td ( shares under other plans\). ) Tj ET Q q 0 0 0 rg BT 467.81 357.80 Td (The vesting dates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.80 Td (outstanding options at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.83 345.80 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.43 345.80 Td ( range from March 2017 to July 2019, and expiration dates range from March 2017 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.80 Td (February 2027.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.80 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 122.21 309.80 Td (A) Tj ET Q q 0 0 0 rg BT 128.69 309.80 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 292.80 Td (The Company grants restricted stock awards to directors annually) Tj ET Q q 0 0 0 rg BT 336.05 292.80 Td (, and periodically grants restricted stock to employees in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.80 Td (connection with employment agreements. ) Tj ET Q q 0 0 0 rg BT 219.12 280.80 Td (A) Tj ET Q q 0 0 0 rg BT 225.42 280.80 Td (wards to directors are granted on the date of our annual meeting of shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.80 Td (vest on the earlier of \(i\)the completion of the director) Tj ET Q q 0 0 0 rg BT 265.84 268.80 Td () Tj ET Q q 0 0 0 rg BT 268.62 268.80 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.01 268.80 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.01 268.80 Td (-year term or \(ii\)the third anniversary of the date of grant. Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.80 Td (stock award grants are granted out of the Company) Tj ET Q q 0 0 0 rg BT 257.16 256.80 Td (s 2016 Equity Compensation Plan. ) Tj ET Q q 0 0 0 rg BT 398.09 256.80 Td (The Company may also award, out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.80 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 244.80 Td (s 2016 Equity Compensation Plan, stock to settle certain bonuses and other compensation that otherwise would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.80 Td (be paid in cash. ) Tj ET Q q 0 0 0 rg BT 114.15 232.80 Td (Any restrictions on these shares may be immediately lapsed on the grant date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.80 Td (The following table presents a summary of the Company) Tj ET Q q 0 0 0 rg BT 304.50 211.80 Td (s restricted stock grants outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.03 211.80 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.62 211.80 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.80 Td (restricted stock activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.21 199.80 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.81 199.80 Td ( \(Price reflects the weighted average share price at the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.80 Td (of grant\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 177.00 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 154.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 154.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 154.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 154.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 126.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 126.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 126.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 126.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 98.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 98.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 98.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 98.50 65.00 -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 428.5 154.5 m 493.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 154.5 m 562.5 154.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 98.5 m 493.5 98.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 85.5 m 493.5 85.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 83.5 m 493.5 83.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.45 158.58 Td (Awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.60 158.58 Td (Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 145.07 Td (Grants outstanding, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 145.07 Td (212,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 145.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 145.07 Td (7.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 131.07 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 131.07 Td (389,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 131.07 Td (3.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 117.07 Td (Vested \(restriction lapsed\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 117.07 Td (405,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 117.07 Td (4.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 103.07 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 103.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 103.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 89.07 Td (Grants outstanding, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 89.07 Td (196,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 89.07 Td (4.64) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 61.00 Td (The total grant date fair value of shares vested during the years ended February2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.32 61.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.32 61.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.76 61.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.76 61.00 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.81 61.00 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.70 61.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.00 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 49.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 49.00 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 49.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.88 49.00 Td (.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 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 (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Recognized Non-Cash Compensation Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (in the years ended February2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 701.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.57 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.01 701.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 701.25 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 690.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.95 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.95 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 627.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 627.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.95 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 598.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 598.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 598.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 598.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 598.95 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 667.95 m 426.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 667.95 m 430.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.95 m 494.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.95 m 562.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 655.95 m 426.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.95 m 494.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 655.95 m 494.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 655.95 m 562.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 655.95 m 426.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 655.95 m 494.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 655.95 m 562.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.95 m 426.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 627.95 m 494.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 627.95 m 562.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.95 m 426.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 627.95 m 494.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 627.95 m 562.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 598.95 m 426.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 598.95 m 494.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 598.95 m 562.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 598.95 m 426.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 585.95 m 426.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 583.95 m 426.5 583.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 598.95 m 494.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 585.95 m 494.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 583.95 m 494.5 583.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 598.95 m 562.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.95 m 562.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 583.95 m 562.5 583.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 671.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.05 672.03 Td (Year Ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 659.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.00 660.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 660.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 660.03 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.52 Td (Station operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 646.52 Td (720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 646.52 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 646.52 Td (1,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.52 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 632.52 Td (2,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 632.52 Td (3,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 632.52 Td (1,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.52 Td (Stock-based compensation expense included in operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 617.62 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 617.62 Td (4,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 617.62 Td (2,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.52 Td (Tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.52 Td (Recognized stock-based compensation expense, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 589.52 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 589.52 Td (4,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 589.52 Td (2,920) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 561.45 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 561.45 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 561.45 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.58 561.45 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.47 561.45 Td ( of unrecognized compensation cost, net of estimated forfeitures, related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.45 Td (to nonvested share-based compensation arrangements. ) Tj ET Q q 0 0 0 rg BT 269.75 549.45 Td (The cost is 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 50.00 537.45 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 537.45 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 537.45 Td ( years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 513.45 Td (5. LONG-TERM DEBT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.45 Td (Long-term debt was comprised of the following at February 28 \(29\), 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.04 496.45 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.04 496.45 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 454.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 454.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 454.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 426.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 426.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 426.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 426.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 407.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 407.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 407.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 379.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 379.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 379.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 351.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 351.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 351.15 77.00 -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 402.5 454.15 m 481.5 454.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 454.15 m 562.5 454.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 426.15 m 481.5 426.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 426.15 m 562.5 426.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 351.15 m 481.5 351.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 351.15 m 562.5 351.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 338.15 m 481.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 336.15 m 481.5 336.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 338.15 m 562.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 336.15 m 562.5 336.15 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.50 466.38 Td (As of February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 458.38 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 466.38 Td (As of February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 458.38 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 444.72 Td (Revolver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 444.72 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 444.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.72 Td (Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 430.72 Td (181,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 430.72 Td (152,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.72 Td (Total 2014 Credit Agreement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 416.72 Td (184,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 416.72 Td (152,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.72 Td (Other nonrecourse debt ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 149.35 402.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 397.72 Td (4,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 397.72 Td (8,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.72 Td (98.7FM nonrecourse debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 383.72 Td (65,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 383.72 Td (59,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.72 Td (Current maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 369.77 Td (\(17,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 369.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 369.77 Td (\(23,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 369.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.72 Td (Unamortized original issue discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 355.77 Td (\(9,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 355.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 355.77 Td (\(7,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 355.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.72 Td (Total long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 341.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 341.72 Td (228,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 341.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.72 Td (190,372) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 326.68 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.06 323.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.92 323.05 Td (The face value of other nonrecourse debt was $6.2 million and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.07 323.05 Td ($9.5 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.18 323.05 Td ( at February 29, 2016 and February 28, 2017, respectively) Tj ET Q q 0 0 0 rg BT 484.39 323.05 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 302.05 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 302.05 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 302.05 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 302.05 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 281.05 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 297.53 281.05 Td (Agreement, by and among the Company) Tj ET Q q 0 0 0 rg BT 459.06 281.05 Td (, EOC, as borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.05 Td (Borrower\), certain other subsidiaries of the Company) Tj ET Q q 0 0 0 rg BT 271.78 269.05 Td (, as guarantors \(the Subsidiary Guarantors\), the lenders party thereto, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 257.05 Td (gan Chase Bank, N.A., as administrative agent, and Fifth ) Tj ET Q q 0 0 0 rg BT 306.82 257.05 Td (Third Bank, as syndication agent. Capitalized terms in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.05 Td (section not defined elsewhere in this Form 10-K are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 367.14 245.05 Td (Agreement and related amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 224.05 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 224.05 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 224.05 Td (erm Loan\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 224.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 224.05 Td ( and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.05 Td (secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.78 212.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.67 212.05 Td (, and contains provisions for an uncommitted increase of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.83 212.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.72 212.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.05 Td (principal amount \(plus additional amounts so long as a pro forma total net senior secured leverage ratio condition is met\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.05 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 188.05 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 188.05 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 188.05 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.05 Td (includes a sub-facility for the issuance of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.67 176.05 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.56 176.05 Td ( of letters of credit. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 479.36 176.05 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.05 Td (Borrower borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 164.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.53 164.05 Td ( of the ) Tj ET Q q 0 0 0 rg BT 218.40 164.05 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 164.05 Td (erm Loan on June 10, 2014; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.51 164.05 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 164.05 Td ( was disbursed to the Borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.05 Td (Initial Proceeds\) and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.88 152.05 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.78 152.05 Td ( was funded into escrow \(the Subsequent ) Tj ET Q q 0 0 0 rg BT 426.02 152.05 Td (Acquisition Proceeds\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 131.05 Td (The Initial Proceeds, coupled with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.46 131.05 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.35 131.05 Td ( of revolving credit facility borrowings, were used by the Borrower on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.05 Td (June 10, 2014 to repay all amounts outstanding under its previous credit agreement, to make a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.79 119.05 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 119.05 Td ( initial payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.05 Td (associated with our acquisition of ) Tj ET Q q 0 0 0 rg BT 186.73 107.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 251.55 107.05 Td (WLIB-AM, and to pay fees and expenses. ) Tj ET Q q 0 0 0 rg BT 422.15 107.05 Td (The Subsequent ) Tj ET Q q 0 0 0 rg BT 488.26 107.05 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.05 Td (Proceeds were used to make the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.33 95.05 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 95.05 Td ( payment related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 406.39 95.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 471.21 95.05 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.05 Td (February 13, 2015. See Note 7 for more discussion of our acquisition of ) Tj ET Q q 0 0 0 rg BT 340.04 83.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 404.86 83.05 Td (WLIB-AM. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 62.05 Td (As a result of the Fourth ) Tj ET Q q 0 0 0 rg BT 171.93 62.05 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 298.31 62.05 Td (Agreement \(See Note 16\), the ) Tj ET Q q 0 0 0 rg BT 420.30 62.05 Td (T) Tj ET Q q 0 0 0 rg BT 425.71 62.05 Td (erm Loan is due not later than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.05 Td (April 18, 2019 and, prior to the Second ) Tj ET Q q 0 0 0 rg BT 208.87 50.05 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 335.24 50.05 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 446.78 50.05 Td (, amortized in an amount ) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 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 (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 742.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.76 742.10 Td ( per annum of the total principal amount outstanding, payable in quarterly installments commencing ) Tj ET Q q 0 0 0 rg BT 500.17 742.10 Td (April 1, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (with the balance payable on the maturity date. ) Tj ET Q q 0 0 0 rg BT 236.32 730.10 Td (As a result of the Fourth ) Tj ET Q q 0 0 0 rg BT 335.76 730.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 462.13 730.10 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (revolving credit facility expires not later than ) Tj ET Q q 0 0 0 rg BT 232.99 718.10 Td (August 31, 2018. Prior to the Fourth ) Tj ET Q q 0 0 0 rg BT 380.50 718.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 506.87 718.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (an unused commitment fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.35 706.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.35 706.10 Td ( basis points per annum is payable quarterly on the average unused amount of the revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (credit facility) Tj ET Q q 0 0 0 rg BT 102.93 694.10 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 175.72 694.10 Td (Amendment and Second ) Tj ET Q q 0 0 0 rg BT 275.98 694.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 402.35 694.10 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 513.89 694.10 Td (, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the Fourth ) Tj ET Q q 0 0 0 rg BT 93.33 682.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 219.71 682.10 Td (Agreement, the ) Tj ET Q q 0 0 0 rg BT 283.67 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.08 682.10 Td (erm Loan and amounts borrowed under the revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (bore interest, at the Borrower) Tj ET Q q 0 0 0 rg BT 167.83 670.10 Td () Tj ET Q q 0 0 0 rg BT 170.61 670.10 Td (s option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 268.64 670.10 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 472.19 670.10 Td (Agreement\) \(but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.22 658.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.05 658.10 Td (\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.05 658.10 Td (3.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 658.10 Td ( or \(ii\) the ) Tj ET Q q 0 0 0 rg BT 206.09 658.10 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 412.44 658.10 Td (Agreement\) \(but not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 646.10 Td (\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 646.10 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.66 646.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 625.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.54 625.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.43 625.10 Td ( of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 625.10 Td (Agreement were originally capitalized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (included in other assets, net. ) Tj ET Q q 0 0 0 rg BT 165.63 613.10 Td (The Company adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 328.38 613.10 Td (Accounting Standards Update 2015-03 during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (ended February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 154.42 601.10 Td (As such, the unamortized balance of existing deferred debt fees was reclassified and is now shown as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (a direct reduction of the carrying amount of long-term debt. ) Tj ET Q q 0 0 0 rg BT 291.12 589.10 Td (These fees, along with an original issue discount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.85 589.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.74 589.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (of February 28, 2017, \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.76 577.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 577.10 Td ( incurred in connection with the original issuance of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 466.58 577.10 Td (Agreement debt on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (June 10, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.83 565.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.72 565.10 Td ( incurred in connection with the November 7, 2014 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 490.48 565.10 Td (Agreement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 553.10 Td ( incurred in connection with the ) Tj ET Q q 0 0 0 rg BT 228.30 553.10 Td (April 30, 2015 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 413.00 553.10 Td (Agreement\) are being amortized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (additional interest expense over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 284.93 541.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 520.10 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 520.10 Td (Agreement are secured by a perfected first priority security interest in substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 508.10 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 487.10 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 487.10 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 487.10 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 487.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 475.10 Td (Amendment \(i\) increased the maximum ) Tj ET Q q 0 0 0 rg BT 250.05 475.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.46 475.10 Td (otal Leverage Ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.09 475.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.59 475.10 Td (:1.00 for the period February 28, 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (February 29, 2016, \(ii\) adjusted the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 337.45 463.10 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (Agreement up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.70 451.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.09 451.10 Td ( in severance and/or contract termination expenses and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.45 451.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.34 451.10 Td ( in losses attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (the reformatting of the Company) Tj ET Q q 0 0 0 rg BT 184.41 439.10 Td (s radio stations, \(iii\) extended the requirement for the Borrower to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.87 439.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 439.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 427.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 427.10 Td (erm Loan to November 7, 2015, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 336.81 427.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 399.66 427.10 Td (gin by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.44 427.10 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.27 427.10 Td ( for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.47 427.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.14 427.10 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 415.10 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 415.10 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 415.10 Td (otal Leverage Ratio is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.04 415.10 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.54 415.10 Td (:1.00, and \(v\) made certain technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign ) Tj ET Q q 0 0 0 rg BT 416.06 403.10 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 403.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 403.10 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 403.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (Emmis paid a total of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.85 391.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 391.10 Td ( of transaction fees to the Lenders that consented to the First ) Tj ET Q q 0 0 0 rg BT 491.01 391.10 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (which were recorded as original issue discount and are being amortized over the remaining life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 507.35 379.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 358.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 358.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 270.92 358.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 398.40 358.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 447.65 358.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 497.08 358.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (increased the maximum ) Tj ET Q q 0 0 0 rg BT 147.84 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.25 346.10 Td (otal Leverage Ratio to \(A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.26 346.10 Td (6.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.76 346.10 Td (:1.00 during the period from May 31, 2015 through February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (2016, \(B\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.83 334.10 Td (6.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 334.10 Td (:1.00 for the quarter ended May 31, 2016, \(C\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.84 334.10 Td (6.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.34 334.10 Td (:1.00 for the quarter ended ) Tj ET Q q 0 0 0 rg BT 419.63 334.10 Td (August 31, 2016, \(D\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.41 334.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.91 334.10 Td (:1.00 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (the quarter ended November 30, 2016, and \(E\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.32 322.10 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.82 322.10 Td (:1.00 for the quarter ended February 28, 2017, after which it reverts to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (original ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 310.10 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.76 310.10 Td (:1.00 for the quarters ended May 31, 2017 and thereafter) Tj ET Q q 0 0 0 rg BT 358.67 310.10 Td (, \(ii\) required Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.19 310.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.02 310.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 298.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 347.08 298.10 Td (Amendment and requires Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.65 298.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.48 298.10 Td ( fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 171.16 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.57 286.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 379.01 286.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 274.10 Td (Amendment, \(iii\) increased the ) Tj ET Q q 0 0 0 rg BT 222.45 274.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 285.30 274.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 503.58 274.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 262.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 91.94 262.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.52 262.10 Td (Agreement\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.71 262.10 Td (6.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.54 262.10 Td ( for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Agreement\), and \(iv\) increased the amortization to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.92 250.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 250.10 Td ( per calendar quarter through January 1, 2016 and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.62 250.10 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.45 250.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.58 238.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.50 238.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.94 238.10 Td (Amendment also required Emmis to pay a fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.82 238.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 238.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 226.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 406.25 226.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 460.50 226.10 Td (This fee totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.20 226.10 Td ($1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 214.10 Td ( and was recorded as additional original issue discount and is being amortized as interest expense over the remaining life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 202.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 181.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 181.10 Td (August 22, 2016, Emmis entered into the ) Tj ET Q q 0 0 0 rg BT 252.91 181.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 277.08 181.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 403.45 181.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 452.69 181.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.56 181.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 494.72 181.10 Td (Amendment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (made certain changes to the Credit ) Tj ET Q q 0 0 0 rg BT 190.50 169.10 Td (Agreement to facilitate the Company's consideration of and, if approved by the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (Board of Directors and shareholders, entry into a transaction that would have resulted in the Class ) Tj ET Q q 0 0 0 rg BT 443.51 157.10 Td (A) Tj ET Q q 0 0 0 rg BT 450.18 157.10 Td ( common stock of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (Company ceasing to be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 269.38 145.10 Td (Act of 1934 \(such potential transaction, a "Going Private ) Tj ET Q q 0 0 0 rg BT 499.34 145.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.09 145.10 Td (ransaction"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 97.11 133.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 116.65 133.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 140.81 133.10 Td (Amendment added an exception to the covenant restricting transactions with af) Tj ET Q q 0 0 0 rg BT 457.19 133.10 Td (filiates that \(i\) permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (the Company to enter into a Going Private ) Tj ET Q q 0 0 0 rg BT 222.01 121.10 Td (T) Tj ET Q q 0 0 0 rg BT 227.76 121.10 Td (ransaction with an af) Tj ET Q q 0 0 0 rg BT 311.16 121.10 Td (filiate of the Company and \(ii\) permitted the Borrower to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (any costs incurred or reimbursed by an af) Tj ET Q q 0 0 0 rg BT 215.60 109.10 Td (filiate of the Company in connection with a Going Private ) Tj ET Q q 0 0 0 rg BT 450.36 109.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.12 109.10 Td (ransaction, whether or not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (the transaction was consummated. ) Tj ET Q q 0 0 0 rg BT 189.50 97.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.37 97.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 231.53 97.10 Td (Amendment also allowed the Company to add certain costs and expenses incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (in connection with a Going Private ) Tj ET Q q 0 0 0 rg BT 192.01 85.10 Td (T) Tj ET Q q 0 0 0 rg BT 197.77 85.10 Td (ransaction to Consolidated EBITDA, as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 443.83 85.10 Td (Agreement, for purposes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (determining compliance with the financial covenants in the Credit ) Tj ET Q q 0 0 0 rg BT 316.31 73.10 Td (Agreement, subject to caps of \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.87 73.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.76 73.10 Td ( if a Going ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 80.64 61.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.40 61.10 Td (ransaction was not recommended by a special committee of the Company) Tj ET Q q 0 0 0 rg BT 384.09 61.10 Td (s Board of Directors and \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.61 61.10 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 61.10 Td ( if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (a Going Private ) Tj ET Q q 0 0 0 rg BT 115.08 49.10 Td (T) Tj ET Q q 0 0 0 rg BT 120.84 49.10 Td (ransaction was recommended by a special committee of the Company) Tj ET Q q 0 0 0 rg BT 403.25 49.10 Td (s Board of Directors but not ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 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 (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (consummated. Finally) Tj ET Q q 0 0 0 rg BT 138.23 742.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 157.76 742.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 181.93 742.10 Td (Amendment made certain changes to the Credit ) Tj ET Q q 0 0 0 rg BT 374.37 742.10 Td (Agreement that would have been ef) Tj ET Q q 0 0 0 rg BT 516.63 742.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (only if a Going Private ) Tj ET Q q 0 0 0 rg BT 143.97 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.73 730.10 Td (ransaction was consummated. ) Tj ET Q q 0 0 0 rg BT 271.73 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 289.60 730.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 313.76 730.10 Td (Amendment also required the Borrower to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.81 730.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.81 730.10 Td ( basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (point fee to the lenders that consented to it either if a Going Private ) Tj ET Q q 0 0 0 rg BT 321.41 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.16 718.10 Td (ransaction was consummated or if such a transaction was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (recommended by a special committee of the board of directors of the Company but not consummated. ) Tj ET Q q 0 0 0 rg BT 460.53 706.10 Td (The special committee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the board of directors did not recommend the Going Private ) Tj ET Q q 0 0 0 rg BT 291.42 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.18 694.10 Td (ransaction and no such transaction was consummated. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (10 for discussion of the Going Private ) Tj ET Q q 0 0 0 rg BT 204.52 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 210.28 682.10 Td (ransaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 661.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 661.10 Td (April 18, 2017, Emmis entered into the Fourth ) Tj ET Q q 0 0 0 rg BT 273.93 661.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 400.30 661.10 Td (Agreement. See Note 16, Subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Events, for more discussion of the Fourth ) Tj ET Q q 0 0 0 rg BT 217.76 649.10 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 628.10 Td (In connection with the closing of the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.01 628.10 Td (T) Tj ET Q q 0 0 0 rg BT 254.65 628.10 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.75 628.10 Td (on November 1, 2016, Emmis repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.27 628.10 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.16 628.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 528.31 628.10 Td (T) Tj ET Q q 0 0 0 rg BT 533.72 628.10 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.88 616.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.77 616.10 Td ( of Revolver borrowings \(see Note 7 for more discussion of the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.14 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 431.79 616.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.38 616.10 Td (\). Under the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 604.10 Td (Agreement, Emmis was required to use all Net ) Tj ET Q q 0 0 0 rg BT 314.11 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 320.59 604.10 Td (vailable Proceeds \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Agreement\) from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.79 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 170.43 592.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.02 592.10 Td ( to repay ) Tj ET Q q 0 0 0 rg BT 261.33 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 266.74 592.10 Td (erm Loans unless it exercised its right under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 510.30 592.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (to reinvest a portion of the Net ) Tj ET Q q 0 0 0 rg BT 174.69 580.10 Td (A) Tj ET Q q 0 0 0 rg BT 181.17 580.10 Td (vailable Proceeds in new long-term assets of the Company) Tj ET Q q 0 0 0 rg BT 414.91 580.10 Td (. On November 1, 2016, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (exercised this reinvestment right for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.68 568.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.57 568.10 Td ( of Net ) Tj ET Q q 0 0 0 rg BT 303.29 568.10 Td (A) Tj ET Q q 0 0 0 rg BT 309.77 568.10 Td (vailable Proceeds. ) Tj ET Q q 0 0 0 rg BT 387.33 568.10 Td (This election allows the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (reduce the amount of Net ) Tj ET Q q 0 0 0 rg BT 153.57 556.10 Td (A) Tj ET Q q 0 0 0 rg BT 160.05 556.10 Td (vailable Proceeds by amounts used to purchase assets within 365 days of the election, or 545 days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (of the election so long as the asset purchase is under contract within 365 days. Routine capital expenditures qualify as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (reinvestment under the terms of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 243.84 532.10 Td (Agreement. Future changes in these estimates will impact the calculation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.39 520.10 Td (A) Tj ET Q q 0 0 0 rg BT 72.87 520.10 Td (vailable Proceeds. ) Tj ET Q q 0 0 0 rg BT 147.93 520.10 Td (The calculation of Net ) Tj ET Q q 0 0 0 rg BT 239.57 520.10 Td (A) Tj ET Q q 0 0 0 rg BT 246.04 520.10 Td (vailable Proceeds was also reduced by working capital and other closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (adjustments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.21 508.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.10 508.10 Td ( of transaction costs, including severance obligations. ) Tj ET Q q 0 0 0 rg BT 382.26 508.10 Td (The current calculation of Net ) Tj ET Q q 0 0 0 rg BT 504.70 508.10 Td (A) Tj ET Q q 0 0 0 rg BT 511.18 508.10 Td (vailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (Proceeds, reinvestments and ) Tj ET Q q 0 0 0 rg BT 165.90 496.10 Td (T) Tj ET Q q 0 0 0 rg BT 171.31 496.10 Td (erm Loan repayments related to the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.57 496.10 Td (T) Tj ET Q q 0 0 0 rg BT 349.21 496.10 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.31 496.10 Td (is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 450.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 394.60 134.00 -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 428.5 464.6 m 562.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 464.6 m 562.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 422.6 m 562.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 380.6 m 562.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 367.6 m 562.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 365.6 m 562.5 365.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 468.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 476.83 Td (T) Tj ET Q q 0 0 0 rg BT 439.60 476.83 Td (erm Loan Mandatory Repayment ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.45 468.83 Td (T) Tj ET Q q 0 0 0 rg BT 466.60 468.83 Td (exas Monthly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.27 468.83 Td ( Sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.17 Td (Gross proceeds from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.40 455.17 Td (T) Tj ET Q q 0 0 0 rg BT 187.05 455.17 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 455.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 455.17 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.17 Td (Working capital and other closing adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 441.22 Td (\(747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 441.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.17 Td (Transaction costs, including severance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 427.22 Td (\(1,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 427.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.17 Td ( Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 413.17 Td (22,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.17 Td (Less: Reinvestments \(estimated\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 399.22 Td (\(3,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 399.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.17 Td (Less: Term Loan repayment on November 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 385.22 Td (\(15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 385.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.17 Td ( Remaining Net Available Proceeds, subject to finalization of reinvestments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 371.17 Td (4,400) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 346.10 Td (The current estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.01 346.10 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.90 346.10 Td ( of remaining net available proceeds is included as a current maturity of long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (debt in the accompanying consolidated balance sheets as of February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 371.11 334.10 Td (The amount is not yet final as reinvestments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (are estimated and could change prior to the conclusion of the reinvestment period as described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 301.10 Td (In connection with the closing of our sale of our ) Tj ET Q q 0 0 0 rg BT 267.27 301.10 Td (T) Tj ET Q q 0 0 0 rg BT 272.68 301.10 Td (erre Haute, Indiana cluster) Tj ET Q q 0 0 0 rg BT 378.33 301.10 Td (, the Company repaid approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.18 301.10 Td ($4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 289.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 92.04 289.10 Td (T) Tj ET Q q 0 0 0 rg BT 97.45 289.10 Td (erm Loans in January 2017. In connection with the sale ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.06 289.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 340.83 289.10 Td (Angeles Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.42 289.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.42 289.10 Td (Atlanta Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.81 289.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.81 289.10 Td (Cincinnati ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 277.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.88 277.10 Td (Orange Coast Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 277.10 Td (, the Company repaid approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.05 277.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.95 277.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 418.10 277.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.51 277.10 Td (erm Loans in March 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (subsequent to our fiscal 2017 year) Tj ET Q q 0 0 0 rg BT 186.71 265.10 Td (-end.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 244.10 Td (Borrowing under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 207.76 244.10 Td (Agreement depends upon our continued compliance with certain operating covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (and financial ratios, including leverage and interest coverage as specifically defined. ) Tj ET Q q 0 0 0 rg BT 389.95 232.10 Td (The operating covenants and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (restrictions with which we must comply include, among others, restrictions on additional indebtedness, incurrence of liens, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (engaging in businesses other than our primary business, paying certain dividends, redeeming or repurchasing capital stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (Emmis, acquisitions and asset sales. No default or event of default has occurred or is continuing. ) Tj ET Q q 0 0 0 rg BT 438.89 196.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 506.38 196.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (provides that an event of default will occur if there is a change in control of Emmis, as defined. ) Tj ET Q q 0 0 0 rg BT 442.18 184.10 Td (The payment of principal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (premium and interest under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.90 172.10 Td (Agreement is fully and unconditionally guaranteed, jointly and severally) Tj ET Q q 0 0 0 rg BT 516.45 172.10 Td (, by ECC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (and most of its existing wholly-owned domestic subsidiaries. Substantially all of Emmis) Tj ET Q q 0 0 0 rg BT 405.89 160.10 Td ( assets, including the stock of most of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 148.10 Td ( wholly-owned, domestic subsidiaries, are pledged to secure the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 388.35 148.10 Td (Agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (2012 Cr) Tj ET Q q 0 0 0 rg BT 82.69 127.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 127.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 127.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 106.10 Td (On December 28, 2012, Emmis entered into a credit facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 386.57 106.10 Td (Agreement\) to provide for total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (borrowings of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.66 94.10 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.05 94.10 Td (, including \(i\) an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.20 94.10 Td ($80 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 94.10 Td ( term loan and \(ii\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 94.10 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 94.10 Td ( revolver) Tj ET Q q 0 0 0 rg BT 462.04 94.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 94.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.20 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (could be used for letters of credit. On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.70 82.10 Td (Agreement. In connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (execution of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 166.36 70.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 279.95 70.10 Td (Agreement was terminated ef) Tj ET Q q 0 0 0 rg BT 397.77 70.10 Td (fective June 10, 2014, and all amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (outstanding under that agreement were paid in full. During the three months ended ) Tj ET Q q 0 0 0 rg BT 382.69 58.10 Td (August 31, 2014, the Company recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (loss on debt extinguishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.27 46.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.16 46.10 Td ( related to the termination of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 404.95 46.10 Td (Agreement.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 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 (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 742.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 742.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 742.10 Td (eement Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 721.10 Td (e were in compliance with all financial and non-financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.02 721.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 721.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 472.49 721.10 Td (T) Tj ET Q q 0 0 0 rg BT 477.90 721.10 Td (otal Leverage Ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (and Minimum Interest Coverage Ratio \(each as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 348.81 709.10 Td (Agreement\) requirements and actual amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 697.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.80 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 642.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 642.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 642.80 65.00 -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 428.5 663.8 m 493.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 663.8 m 497.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 663.8 m 562.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 642.8 m 493.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 642.8 m 562.5 642.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 667.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 667.88 Td (As of February 28, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 647.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 655.03 Td (Covenant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 647.03 Td (Requirement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.70 647.03 Td (ActualResults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.37 Td (Maximum Total Leverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 633.37 Td (5.75 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 633.37 Td (5.20 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.37 Td (Minimum Interest Coverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 619.37 Td (2.00 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 619.37 Td (2.35 : 1.00) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 591.30 Td (98.7FM Nonr) Tj ET Q q 0 0 0 rg BT 104.63 591.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 574.30 Td (On May30, 2012, the Company) Tj ET Q q 0 0 0 rg BT 202.51 574.30 Td (, through wholly-owned, newly-created subsidiaries, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 574.30 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.62 574.30 Td ( of nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.30 Td (notes. ) Tj ET Q q 0 0 0 rg BT 75.93 562.30 Td (T) Tj ET Q q 0 0 0 rg BT 81.34 562.30 Td (eachers Insurance and ) Tj ET Q q 0 0 0 rg BT 171.57 562.30 Td (Annuity ) Tj ET Q q 0 0 0 rg BT 206.29 562.30 Td (Association of ) Tj ET Q q 0 0 0 rg BT 266.29 562.30 Td (America, through a participation agreement with ) Tj ET Q q 0 0 0 rg BT 463.54 562.30 Td (W) Tj ET Q q 0 0 0 rg BT 472.17 562.30 Td (ells Far) Tj ET Q q 0 0 0 rg BT 501.71 562.30 Td (go Bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.30 Td (Northwest, National ) Tj ET Q q 0 0 0 rg BT 133.04 550.30 Td (Association, is entitled to receive payments made on the notes. ) Tj ET Q q 0 0 0 rg BT 386.68 550.30 Td (The notes are obligations only of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.30 Td (newly-created subsidiaries, are non-recourse to the rest of the Company) Tj ET Q q 0 0 0 rg BT 339.90 538.30 Td (s subsidiaries and are secured by the assets of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.30 Td (newly-created subsidiaries, including the payments made to the newly-created subsidiary related to the 98.7FM LMA, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.30 Td (are guaranteed by Disney Enterprises, Inc. ) Tj ET Q q 0 0 0 rg BT 221.97 514.30 Td (The notes bear interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.99 514.30 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.82 514.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 497.30 Td (Other Nonr) Tj ET Q q 0 0 0 rg BT 96.02 497.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 480.30 Td (Digonex issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 480.30 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.83 480.30 Td ( of notes payable prior to Emmis) Tj ET Q q 0 0 0 rg BT 319.50 480.30 Td ( acquisition of a controlling interest of Digonex on June 16, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.30 Td (2014. Emmis recorded these notes at fair value in its purchase price allocation as of June 16, 2014. ) Tj ET Q q 0 0 0 rg BT 447.20 468.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 476.18 468.30 Td (ference between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.30 Td (fair value recorded on June 16, 2014 and the face value of the notes is being accreted as additional interest expense through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.30 Td (maturity date of the notes. ) Tj ET Q q 0 0 0 rg BT 157.01 444.30 Td (The notes are obligations of Digonex only and are non-recourse to the rest of Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.30 Td (subsidiaries.) Tj ET Q q 0 0 0 rg BT 101.67 432.30 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.71 432.30 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 432.30 Td ( of the Digonex notes are secured by the assets of Digonex and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 432.30 Td ($4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 420.30 Td ( are unsecured. ) Tj ET Q q 0 0 0 rg BT 141.46 420.30 Td (The notes bear simple interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.63 420.30 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.96 420.30 Td ( with interest due at maturity of the secured notes on December 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.30 Td (2017 and the unsecured notes on December 31, 2017. Digonex is seeking to extend the maturity date of the notes to December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.30 Td (31, 2020. ) Tj ET Q q 0 0 0 rg BT 92.32 396.30 Td (This extension requires the consent of all noteholders. ) Tj ET Q q 0 0 0 rg BT 310.32 396.30 Td (As of May 1) Tj ET Q q 0 0 0 rg BT 360.22 396.30 Td (1, 2017, the holders of the secured notes had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.30 Td (agreed to the extension if the unsecured noteholders also consented, but consent from the unsecured noteholders had not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.30 Td (been obtained. See Note 7 for more discussion of the acquisition of Digonex.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 355.30 Td (During the quarter ended February 28, 2017, NextRadio, LLC issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.05 355.30 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.94 355.30 Td ( of notes payable. ) Tj ET Q q 0 0 0 rg BT 475.29 355.30 Td (The notes initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.30 Td (bear interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.36 343.30 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.19 343.30 Td ( with interest due quarterly beginning in ) Tj ET Q q 0 0 0 rg BT 294.65 343.30 Td (August 2018. ) Tj ET Q q 0 0 0 rg BT 353.36 343.30 Td (The notes mature on December 23, 2021 and are to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.30 Td (be repaid through revenues generated by enhanced advertisement revenues earned by NextRadio, LLC. If any portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.30 Td (notes remain unpaid at maturity) Tj ET Q q 0 0 0 rg BT 176.54 319.30 Td (, the lender has the option to exchange the notes for senior preferred equity of NextRadio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.30 Td (LLC's parent entity) Tj ET Q q 0 0 0 rg BT 126.69 307.30 Td (, ) Tj ET Q q 0 0 0 rg BT 131.51 307.30 Td (T) Tj ET Q q 0 0 0 rg BT 136.92 307.30 Td (agStation, LLC. ) Tj ET Q q 0 0 0 rg BT 205.90 307.30 Td (These notes are obligations of NextRadio, LLC and ) Tj ET Q q 0 0 0 rg BT 414.83 307.30 Td (T) Tj ET Q q 0 0 0 rg BT 420.24 307.30 Td (agStation, LLC and are non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.30 Td (recourse to the rest of Emmis' subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 278.30 Td (Subsequent to the Fourth ) Tj ET Q q 0 0 0 rg BT 174.72 278.30 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 301.09 278.30 Td (Agreement as discussed in Note 16 and based on amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.30 Td (outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.88 266.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.48 266.30 Td (, mandatory principal payments of long-term debt for the next five years and thereafter are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.30 Td (summarized below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 196.80 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 196.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 196.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 196.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 196.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 196.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 196.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 196.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 196.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 196.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.80 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 168.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 168.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 168.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 168.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 168.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 168.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 168.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 168.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 168.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.80 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 140.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 140.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 140.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 140.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 140.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 140.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 140.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 140.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 140.80 72.00 -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 186.5 231.79999999999995 m 258.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 231.79999999999995 m 262.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 231.79999999999995 m 334.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 231.79999999999995 m 258.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 231.79999999999995 m 262.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 231.79999999999995 m 334.5 231.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 210.79999999999995 m 258.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 210.79999999999995 m 334.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 210.79999999999995 m 410.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 210.79999999999995 m 486.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 210.79999999999995 m 490.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 210.79999999999995 m 562.5 210.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 126.79999999999995 m 258.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 126.79999999999995 m 334.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 126.79999999999995 m 410.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 126.79999999999995 m 486.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 126.79999999999995 m 490.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 126.79999999999995 m 562.5 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 113.79999999999995 m 258.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 111.79999999999995 m 258.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 113.79999999999995 m 334.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 111.79999999999995 m 334.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 113.79999999999995 m 410.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 111.79999999999995 m 410.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 113.79999999999995 m 486.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 111.79999999999995 m 486.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 113.79999999999995 m 490.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 111.79999999999995 m 490.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 113.79999999999995 m 562.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 111.79999999999995 m 562.5 111.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.35 235.88 Td (2014 Credit Agreement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 235.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.00 235.75 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 221.78007812499993 m 91.296875 221.78007812499993 l s q 0 0 0 rg BT 53.00 223.03 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 223.03 Td (ear) Tj ET Q q 0 0 0 rg BT 68.85 223.03 Td ( ended) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 213.78007812499993 m 112.765625 213.78007812499993 l s q 0 0 0 rg BT 53.00 215.03 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.70 215.03 Td (Revolver) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.90 215.03 Td (Term Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.55 215.03 Td (98.7FMDebt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.15 223.03 Td (Other Nonrecourse) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.75 215.03 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 215.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 201.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 201.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 201.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 201.37 Td (12,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 201.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 201.37 Td (6,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 201.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 201.37 Td (6,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 201.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 201.37 Td (24,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 187.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 187.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 187.37 Td (4,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 187.37 Td (6,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 187.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 187.37 Td (11,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 173.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 173.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 173.37 Td (135,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 173.37 Td (7,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 173.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 173.37 Td (142,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 159.37 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 159.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 159.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 159.37 Td (7,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 159.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 159.37 Td (7,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 145.37 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 145.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 145.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 145.37 Td (8,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 145.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 145.37 Td (8,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 131.37 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 131.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 131.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 131.37 Td (24,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 131.37 Td (3,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 131.37 Td (27,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 117.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 117.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 117.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 117.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 117.37 Td (152,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 117.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 117.37 Td (59,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 117.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 117.37 Td (9,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 117.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 117.37 Td (221,752) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.30 Td (6. F) Tj ET Q q 0 0 0 rg BT 65.37 80.30 Td (AIR ) Tj ET Q q 0 0 0 rg BT 86.02 80.30 Td (V) Tj ET Q q 0 0 0 rg BT 91.95 80.30 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 59.30 Td (As defined in ) Tj ET Q q 0 0 0 rg BT 129.83 59.30 Td (ASC ) Tj ET Q q 0 0 0 rg BT 151.60 59.30 Td (T) Tj ET Q q 0 0 0 rg BT 157.01 59.30 Td (opic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.30 Td (an orderly transaction between market participants at the measurement date \(exit price\). ) Tj ET Q q 0 0 0 rg BT 403.28 47.30 Td (The Company utilizes market data or ) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 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 (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (assumptions that market participants would use in pricing the asset or liability) Tj ET Q q 0 0 0 rg BT 361.24 742.10 Td (, including assumptions about risk and the risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (inherent in the inputs to the valuation technique. ) Tj ET Q q 0 0 0 rg BT 245.61 730.10 Td (These inputs can be readily observable, market corroborated or generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 108.13 718.10 Td (The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 134.71 706.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 156.48 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 161.89 706.10 Td (opic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. ) Tj ET Q q 0 0 0 rg BT 544.64 706.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities \(Level 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (measurement\) and the lowest priority to unobservable inputs \(Level 3 measurement\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (Recurring Fair V) Tj ET Q q 0 0 0 rg BT 118.33 661.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 168.22 661.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.10 Td (The following table sets forth by level within the fair value hierarchy the Company) Tj ET Q q 0 0 0 rg BT 409.18 640.10 Td (s financial assets and liabilities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (were accounted for at fair value on a recurring basis as of February28 \(29\), 2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 419.13 628.10 Td (The financial assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ) Tj ET Q q 0 0 0 rg BT 501.06 616.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 604.10 Td (s assessment of the significance of a particular input to the fair value measurement requires judgment and may af) Tj ET Q q 0 0 0 rg BT 543.55 604.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 501.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 501.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 501.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 501.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 362.60 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 362.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 362.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 362.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 362.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 362.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 362.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 362.60 65.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 559.6 m 355.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 559.6 m 359.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 559.6 m 424.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 559.6 m 428.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 559.6 m 493.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 559.6 m 497.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 559.6 m 562.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 546.6 m 355.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 546.6 m 424.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 546.6 m 493.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 501.6 m 355.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 501.6 m 424.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 501.6 m 493.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 501.6 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 290.5 486.6 m 355.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 486.6 m 424.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 486.6 m 493.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 486.6 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 290.5 462.6 m 355.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 460.6 m 355.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 462.6 m 424.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 460.6 m 424.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 462.6 m 493.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 460.6 m 493.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 462.6 m 562.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 460.6 m 562.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 435.6 m 355.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 435.6 m 359.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 435.6 m 424.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 435.6 m 428.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 435.6 m 493.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 435.6 m 497.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 435.6 m 562.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 422.6 m 355.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 422.6 m 424.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 422.6 m 493.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 377.6 m 355.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 377.6 m 424.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 377.6 m 493.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 377.6 m 562.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 362.6 m 355.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 362.6 m 424.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 362.6 m 493.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 362.6 m 562.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 338.6 m 355.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 336.6 m 355.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 338.6 m 424.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 336.6 m 424.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 338.6 m 493.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 336.6 m 493.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 338.6 m 562.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 336.6 m 562.5 336.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 563.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 563.83 Td (As of February 28, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 550.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 550.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 550.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 550.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 550.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 505.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 537.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 529.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 529.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 521.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 513.83 Td (Identical) Tj ET Q q 0 0 0 rg BT 327.68 513.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 505.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 505.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 529.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 521.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 513.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 505.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 521.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 513.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 505.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 505.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 491.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 491.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 491.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 491.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 477.17 Td (Total assets measured at fair value on a recurring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 467.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 466.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 466.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 466.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 466.27 Td (800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 439.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 439.83 Td (As of February 29, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 426.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 426.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 426.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 426.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 426.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 381.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 413.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 405.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 405.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 397.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 389.83 Td (Identical ) Tj ET Q q 0 0 0 rg BT 327.68 389.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 381.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 381.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 405.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 397.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 389.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 381.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 397.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 389.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 381.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 381.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 367.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 367.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 367.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 367.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 353.17 Td (Total assets measured at fair value on a recurring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 343.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 342.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 342.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 342.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 342.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 342.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 342.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 342.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 342.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.56 317.10 Td (vailable for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.37 317.10 Td ( Emmis) Tj ET Q q 0 0 0 rg BT 207.29 317.10 Td ( available for sale securities are comprised of preferred stock of a private company that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (is not traded in active markets. ) Tj ET Q q 0 0 0 rg BT 175.06 305.10 Td (The preferred stock is recorded at fair value, which is generally estimated using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (unobservable market parameters, resulting in a level 3 categorization. ) Tj ET Q q 0 0 0 rg BT 330.54 293.10 Td (The carrying value of our available for sale securities is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (determined by using implied valuations of recent rounds of financing and by other corroborating evidence, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (application of various valuation methodologies including option-pricing and discounted cash flow based models. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 248.10 Td (The following table shows a reconciliation of the beginning and ending balances for fair value measurements using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (significant unobservable inputs:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 153.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 153.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 153.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 153.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 123.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 123.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 123.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 123.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 182.60000000000002 m 493.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 182.60000000000002 m 562.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 153.60000000000002 m 493.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 153.60000000000002 m 497.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 153.60000000000002 m 562.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 123.60000000000002 m 493.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 123.60000000000002 m 562.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 109.60000000000002 m 493.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 107.60000000000002 m 493.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 109.60000000000002 m 562.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 107.60000000000002 m 562.5 107.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 199.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 199.83 Td (Year Ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 186.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 186.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 186.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.05 173.83 Td (A) Tj ET Q q 0 0 0 rg BT 484.23 173.83 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.70 165.83 Td (For) Tj ET Q q 0 0 0 rg BT 492.99 165.83 Td ( Sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 157.83 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 144.17 Td (Beginning Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 143.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 143.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 129.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 128.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 128.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 114.17 Td (Ending Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 113.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 113.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Non-Recurring Fair V) Tj ET Q q 0 0 0 rg BT 138.33 88.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 188.22 88.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 67.10 Td (The Company has certain assets that are measured at fair value on a non-recurring basis under circumstances and events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (that include those described in Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 248.56 55.10 Td (Assets and Goodwill, and are adjusted to fair value only when the carrying ) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 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 (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (values are more than the fair values. ) Tj ET Q q 0 0 0 rg BT 196.98 742.10 Td (The categorization of the framework used to price the assets is considered a Level 3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (measurement due to the subjective nature of the unobservable inputs used to determine the fair value \(see Note 9 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.28 697.10 Td (alue of Other Financial Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 676.10 Td (Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (adjustments in certain circumstances, such as when there is evidence of impairment. ) Tj ET Q q 0 0 0 rg BT 388.78 664.10 Td (Assets and liabilities acquired in business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (combinations are recorded at their fair value as of the date of acquisition. Refer to Note 7 for the fair values of assets acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (and liabilities assumed in connection with the Company's acquisitions. ) Tj ET Q q 0 0 0 rg BT 334.91 640.10 Td (The estimated fair value of financial instruments is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (determined using the best available market information and appropriate valuation methodologies. Considerable judgment is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 88.22 616.10 Td (, however) Tj ET Q q 0 0 0 rg BT 127.25 616.10 Td (, in interpreting market data to develop the estimates of fair value. ) Tj ET Q q 0 0 0 rg BT 393.27 616.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 442.60 616.10 Td (, the estimates presented are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (ultimately will be realized upon maturity or disposition. ) Tj ET Q q 0 0 0 rg BT 275.61 592.10 Td (The use of dif) Tj ET Q q 0 0 0 rg BT 331.25 592.10 Td (ferent market assumptions may have a material ef) Tj ET Q q 0 0 0 rg BT 530.15 592.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (the estimated fair value amounts. ) Tj ET Q q 0 0 0 rg BT 184.78 580.10 Td (The following methods and assumptions were used to estimate the fair value of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (instruments: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 547.10 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 547.10 Td (: ) Tj ET Q q 0 0 0 rg BT 167.86 547.10 Td (The carrying amount of these assets approximates fair value because of the short maturity of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (- 2014 Cr) Tj ET Q q 0 0 0 rg BT 88.52 514.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 105.83 514.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 120.46 514.10 Td (eement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 514.10 Td (: ) Tj ET Q q 0 0 0 rg BT 173.22 514.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.67 514.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.26 514.10 Td (, the fair value and carrying value, excluding original issue discount, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the Company's 2014 Credit ) Tj ET Q q 0 0 0 rg BT 161.24 502.10 Td (Agreement debt was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.93 502.10 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.82 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.26 502.10 Td ($152.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 502.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 435.82 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.63 502.10 Td (The Company's estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (fair value was based on quoted prices of this instrument and is considered a Level 2 measurement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 469.10 Td (Other long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.82 469.10 Td (: ) Tj ET Q q 0 0 0 rg BT 145.91 469.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 205.63 469.10 Td (s 98.7FM non-recourse debt and other non-recourse debt is not actively traded and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (considered a level 3 measurement. ) Tj ET Q q 0 0 0 rg BT 190.32 457.10 Td (The Company believes the current carrying value of its other long-term debt approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (its fair value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 59.45 421.10 Td (ACQUISITIONS ) Tj ET Q q 0 0 0 rg BT 135.31 421.10 Td (AND DISPOSITIONS) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 402.7669921875 m 204.130859375 402.7669921875 l s q 0 0 0 rg BT 50.00 404.10 Td (For the year ended February 28, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (Sale of Los ) Tj ET Q q 0 0 0 rg BT 96.77 383.10 Td (Angeles Magazine, ) Tj ET Q q 0 0 0 rg BT 175.18 383.10 Td (Atlanta Magazine, Cincinnati Magazine and Orange Coast Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 366.10 Td (On February 28, 2017, Emmis closed on its sale of substantially all of the assets of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.78 366.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 422.55 366.10 Td (Angeles Magazine, ) Tj ET Q q 0 0 0 rg BT 500.97 366.10 Td (Atlanta ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (Magazine, Cincinnati Magazine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.10 354.10 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.54 354.10 Td ( Orange Coast Magazine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.87 354.10 Td (\(the "Hour Magazines"\) for gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.92 354.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.81 354.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (Hour Media Group, LLC. ) Tj ET Q q 0 0 0 rg BT 155.36 342.10 Td (The Company previously announced that it was exploring strategic alternatives for its publishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (division, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.16 330.10 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.54 330.10 Td (. Emmis decided to sell most of its publishing assets to reduce debt outstanding. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (Emmis received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.78 318.10 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.67 318.10 Td (, consisting of the stated purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.45 318.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.35 318.10 Td (, less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.85 318.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.74 318.10 Td ( held in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (escrow and disposition costs totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.71 306.10 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.60 306.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.42 306.10 Td (The $2.9 million of disposition costs primarily relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.28 306.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.17 306.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (employee-related costs, including severance, and transaction advisory fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.27 294.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.16 294.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.98 294.10 Td (The funds held in escrow secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (Emmis' post closing indemnification obligations in the purchase agreement and are scheduled to be released six months after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (the closing of the transaction. ) Tj ET Q q 0 0 0 rg BT 170.34 270.10 Td (The funds held in escrow are classified as restricted cash in our accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (balance sheets. ) Tj ET Q q 0 0 0 rg BT 111.92 258.10 Td (After settling retention bonuses to af) Tj ET Q q 0 0 0 rg BT 258.09 258.10 Td (fected employees, substantially all of the net proceeds were used to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (term loan indebtedness under Emmis' senior credit facility) Tj ET Q q 0 0 0 rg BT 282.48 246.10 Td (. Emmis recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.72 246.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.62 246.10 Td ( gain on the sale of the Hour ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (Magazines. ) Tj ET Q q 0 0 0 rg BT 98.13 234.10 Td (The Hour Magazines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.55 234.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.05 234.10 Td (had historically been included in our Publishing segment. ) Tj ET Q q 0 0 0 rg BT 417.33 234.10 Td (This disposal did not qualify for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in ) Tj ET Q q 0 0 0 rg BT 484.60 222.10 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (Standards Codification 205-20-45-1C. ) Tj ET Q q 0 0 0 rg BT 205.91 210.10 Td (The following table summarizes certain operating results of the Hour Magazines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.03 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.53 210.10 Td (for all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (periods presented. Pursuant to ) Tj ET Q q 0 0 0 rg BT 172.48 198.10 Td (Accounting Standards Codification 205-20-45-6, interest expense associated with the required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 186.10 Td (erm Loan repayment associated with the sale of the Hour Magazines) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.76 186.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.26 186.10 Td (is included in the magazines' results below) Tj ET Q q 0 0 0 rg BT 502.26 186.10 Td (.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 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 (70) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 707.50 281.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 707.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 707.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 707.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 667.50 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 667.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 667.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 667.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.50 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 637.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 637.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 637.50 77.00 -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 330.5 722.5 m 407.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 722.5 m 484.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 722.5 m 561.5 722.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.40 739.73 Td (For the year ended February 28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.50 726.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 726.73 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 712.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 712.17 Td (31,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 712.17 Td (31,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 712.17 Td (29,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 697.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 687.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 687.17 Td (31,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 687.17 Td (31,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 687.17 Td (31,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 672.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 672.17 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 672.17 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 672.17 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 657.17 Td (Gain on sale of publishing assets, net of disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 657.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 657.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 657.22 Td (\(2,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 657.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 642.17 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 642.17 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 642.17 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 642.17 Td (591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 627.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 627.17 Td (136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 627.17 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 627.17 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 612.17 Td (\(Loss\) income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 612.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 612.17 Td (136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 612.17 Td (415) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 587.00 Td (Sale of T) Tj ET Q q 0 0 0 rg BT 84.64 587.00 Td (err) Tj ET Q q 0 0 0 rg BT 96.49 587.00 Td (e Haute, Indiana radio stations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 570.00 Td (On January 30, 2017, Emmis closed on its sale of substantially all of the assets of its radio stations in ) Tj ET Q q 0 0 0 rg BT 478.93 570.00 Td (T) Tj ET Q q 0 0 0 rg BT 484.34 570.00 Td (erre Haute, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.00 Td (Indiana, in two contemporaneous transactions. In one transaction, Emmis sold the assets of ) Tj ET Q q 0 0 0 rg BT 416.40 558.00 Td (WTHI-FM and the intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.00 Td (property of ) Tj ET Q q 0 0 0 rg BT 97.03 546.00 Td (WWVR-FM to Midwest Communications, Inc. In the other transaction, Emmis sold the assets of ) Tj ET Q q 0 0 0 rg BT 487.62 546.00 Td (WFNF-AM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.00 Td (WFNB-FM, ) Tj ET Q q 0 0 0 rg BT 101.49 534.00 Td (WWVR-FM \(other than the intellectual property for that station\) and an FM translator to DLC Media, Inc. ) Tj ET Q q 0 0 0 rg BT 529.81 534.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.00 Td (Company previously announced that it was exploring strategic alternatives for these radio stations. Emmis believed that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.00 Td (operating stations in ) Tj ET Q q 0 0 0 rg BT 133.42 510.00 Td (T) Tj ET Q q 0 0 0 rg BT 138.83 510.00 Td (erre Haute, Indiana was not a core part of its radio strategy and its strong market position in the ) Tj ET Q q 0 0 0 rg BT 522.42 510.00 Td (T) Tj ET Q q 0 0 0 rg BT 527.83 510.00 Td (erre ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.00 Td (Haute market would be attractive to potential buyers. ) Tj ET Q q 0 0 0 rg BT 264.65 498.00 Td (At closing, Emmis received gross proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.98 498.00 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.87 498.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.00 Td (for both transactions. ) Tj ET Q q 0 0 0 rg BT 136.65 486.00 Td (After payment of brokerage and other transaction costs, net proceeds totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.31 486.00 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.20 486.00 Td ( and were used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.00 Td (to repay term loan indebtedness under Emmis) Tj ET Q q 0 0 0 rg BT 235.87 474.00 Td ( senior credit facility) Tj ET Q q 0 0 0 rg BT 318.25 474.00 Td (. Emmis recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 474.00 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.39 474.00 Td ( gain on the sale of its ) Tj ET Q q 0 0 0 rg BT 537.47 474.00 Td (T) Tj ET Q q 0 0 0 rg BT 542.88 474.00 Td (erre ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.00 Td (Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.98 462.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.98 462.00 Td (The ) Tj ET Q q 0 0 0 rg BT 152.85 462.00 Td (T) Tj ET Q q 0 0 0 rg BT 158.26 462.00 Td (erre Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.27 462.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.77 462.00 Td (had historically been included in our Radio segment. ) Tj ET Q q 0 0 0 rg BT 472.15 462.00 Td (This disposal did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.00 Td (qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.00 Td (Accounting Standards Codification 205-20-45-1C. ) Tj ET Q q 0 0 0 rg BT 255.06 438.00 Td (The following table summarizes certain operating results of the our ) Tj ET Q q 0 0 0 rg BT 526.46 438.00 Td (T) Tj ET Q q 0 0 0 rg BT 531.88 438.00 Td (erre ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.00 Td (Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.98 426.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.48 426.00 Td (for all periods presented. Pursuant to ) Tj ET Q q 0 0 0 rg BT 281.62 426.00 Td (Accounting Standards Codification 205-20-45-6, interest expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.00 Td (associated with the required ) Tj ET Q q 0 0 0 rg BT 164.22 414.00 Td (T) Tj ET Q q 0 0 0 rg BT 169.63 414.00 Td (erm Loan repayment associated with the sale of the ) Tj ET Q q 0 0 0 rg BT 377.43 414.00 Td (T) Tj ET Q q 0 0 0 rg BT 382.84 414.00 Td (erre Haute radio stations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.86 414.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.36 414.00 Td (is included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.00 Td (stations' results below) Tj ET Q q 0 0 0 rg BT 137.26 402.00 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 345.50 281.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 345.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 345.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 345.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 305.50 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 305.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 305.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 305.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.50 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 275.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 275.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 275.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 245.50 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 245.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 245.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 245.50 77.00 -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 330.5 360.5 m 407.5 360.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 360.5 m 484.5 360.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 360.5 m 561.5 360.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.40 377.73 Td (For the year ended February 28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.50 364.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 364.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 364.73 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 350.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 350.17 Td (2,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 350.17 Td (2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 350.17 Td (2,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 335.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 325.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 325.17 Td (2,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 325.17 Td (2,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 325.17 Td (2,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 310.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 310.17 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 310.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 310.17 Td (117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 295.17 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 295.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 295.17 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 295.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.17 Td (Gain on sale of radio assets, net of disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 280.22 Td (\(3,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 280.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 265.17 Td (Operating \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 265.22 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 265.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 265.22 Td (\(179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 265.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 265.17 Td (3,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 250.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 250.17 Td (254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 250.17 Td (324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 250.17 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 235.17 Td (\(Loss\) income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 235.22 Td (\(382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 235.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 235.22 Td (\(503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 235.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 235.17 Td (2,992) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.00 Td (Sale of T) Tj ET Q q 0 0 0 rg BT 84.64 214.00 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 197.00 Td (On November 1, 2016, Emmis closed on its sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.14 197.00 Td (T) Tj ET Q q 0 0 0 rg BT 283.78 197.00 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.87 197.00 Td (for gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.51 197.00 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.41 197.00 Td ( in cash to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.00 Td (subsidiary of Genesis Park, LP) Tj ET Q q 0 0 0 rg BT 172.49 185.00 Td (. ) Tj ET Q q 0 0 0 rg BT 177.31 185.00 Td (The Company previously announced that it was exploring strategic alternatives for its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.00 Td (publishing division, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.89 173.00 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.27 173.00 Td (. Emmis decided to sell most of its publishing assets to reduce debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.00 Td (outstanding. Emmis received net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.45 161.00 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.34 161.00 Td (, consisting of the stated purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.12 161.00 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.01 161.00 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.00 Td (estimated purchase price adjustments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.67 149.00 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.56 149.00 Td ( and disposition costs totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.95 149.00 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.84 149.00 Td (. ) Tj ET Q q 0 0 0 rg BT 458.66 149.00 Td (The $0.9 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.00 Td (disposition costs primarily related to severance costs. Proceeds were used to repay term and revolving loan indebtedness under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.00 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 125.00 Td ( senior credit facility) Tj ET Q q 0 0 0 rg BT 163.30 125.00 Td (. Emmis recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.54 125.00 Td ($17.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.44 125.00 Td ( gain on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.75 125.00 Td (T) Tj ET Q q 0 0 0 rg BT 380.39 125.00 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.98 125.00 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.98 125.00 Td (T) Tj ET Q q 0 0 0 rg BT 443.63 125.00 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.72 125.00 Td (had historically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.00 Td (been included in our Publishing segment. ) Tj ET Q q 0 0 0 rg BT 217.85 113.00 Td (This disposal did not qualify for reporting as a discontinued operation as it did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.00 Td (represent a strategic shift for the Company as described in ) Tj ET Q q 0 0 0 rg BT 284.37 101.00 Td (Accounting Standards Codification 205-20-45-1C. ) Tj ET Q q 0 0 0 rg BT 489.43 101.00 Td (The following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.00 Td (table summarizes certain operating results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.60 89.00 Td (T) Tj ET Q q 0 0 0 rg BT 236.25 89.00 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.34 89.00 Td (for all periods presented. Pursuant to ) Tj ET Q q 0 0 0 rg BT 441.47 89.00 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.00 Td (Codification 205-20-45-6, interest expense associated with the required ) Tj ET Q q 0 0 0 rg BT 338.34 77.00 Td (T) Tj ET Q q 0 0 0 rg BT 343.75 77.00 Td (erm Loan repayment associated with the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.02 77.00 Td (T) Tj ET Q q 0 0 0 rg BT 541.66 77.00 Td (exas ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 65.00 Td (Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.83 65.00 Td (is included in the magazine's results below) Tj ET Q q 0 0 0 rg BT 255.83 65.00 Td (. ) Tj ET Q q 0 0 0 rg BT 260.64 65.00 Td (The required ) Tj ET Q q 0 0 0 rg BT 314.33 65.00 Td (T) Tj ET Q q 0 0 0 rg BT 319.74 65.00 Td (erm Loan repayment is preliminary and may be adjusted for ) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 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 (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (revisions to estimates and the Company's reinvestment of proceeds of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.90 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 350.54 742.10 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.64 742.10 Td (transaction. See Note 5 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discussion.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 673.60 281.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 673.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 673.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 673.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 633.60 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 633.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 633.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 633.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 603.60 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 603.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 603.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 603.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 573.60 281.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 573.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 573.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 573.60 77.00 -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 330.5 688.6 m 407.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 688.6 m 484.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 688.6 m 561.5 688.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.40 705.83 Td (For the year ended February 28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.50 692.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 692.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 692.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 678.27 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 678.27 Td (24,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 678.27 Td (23,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 678.27 Td (14,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 663.27 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 653.27 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 653.27 Td (22,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 653.27 Td (21,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 653.27 Td (14,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 638.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 638.27 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 638.27 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 638.27 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 623.27 Td (Gain on sale of publishing assets, net of disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 623.32 Td (\(17,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.27 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 608.27 Td (1,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 608.27 Td (1,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 608.27 Td (17,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 593.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 593.27 Td (1,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 593.27 Td (1,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 593.27 Td (1,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.30 578.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 578.32 Td (\(370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 578.32 Td (\(37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 563.27 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 563.27 Td (592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 563.27 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 563.27 Td (16,217) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 542.10 Td (Unaudited pro forma summary information is presented below for the years ended February 28 \(29\), 2016 and 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (assuming the dispositions discussed above and related mandatory debt repayments had occurred on the first day of the pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (forma periods presented below) Tj ET Q q 0 0 0 rg BT 172.92 518.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 448.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 448.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 448.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 448.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 418.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 418.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 418.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 388.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 388.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 388.60 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 463.6 m 476 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 463.6 m 562 463.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 493.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.40 493.83 Td (For the year ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 480.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 480.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.50 480.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.45 467.83 Td (\(unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.45 467.83 Td (\(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 454.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 453.27 Td (173,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 453.27 Td (168,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 439.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 438.27 Td (128,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 438.27 Td (132,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 424.17 Td (Consolidated net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 423.32 Td (\(889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 423.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 423.32 Td (\(6,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 423.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 409.17 Td (Net income \(loss\) attributable to the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 408.27 Td (1,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 408.32 Td (\(6,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 408.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 394.17 Td (Net income \(loss\) per share - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 393.27 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 393.32 Td (\(0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 393.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 379.17 Td (Net income \(loss\) per share - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 378.27 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 378.32 Td (\(0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 378.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 355.7669921875 m 204.130859375 355.7669921875 l s q 0 0 0 rg BT 50.00 357.10 Td (For the year ended February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (There were no acquisitions or dispositions during this period.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 321.7669921875 m 204.130859375 321.7669921875 l s q 0 0 0 rg BT 50.00 323.10 Td (For the year ended February 28, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (Acquisition of WBLS-FM & WLIB-AM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 289.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 289.10 Td (1, 2014, subsidiaries of Emmis entered into a Purchase and Sale ) Tj ET Q q 0 0 0 rg BT 388.45 289.10 Td (Agreement with ) Tj ET Q q 0 0 0 rg BT 455.28 289.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 476.16 289.10 Td (, pursuant to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (Emmis agreed to purchase the assets of New ) Tj ET Q q 0 0 0 rg BT 230.68 277.10 Td (Y) Tj ET Q q 0 0 0 rg BT 236.90 277.10 Td (ork radio stations ) Tj ET Q q 0 0 0 rg BT 308.66 277.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 373.48 277.10 Td (WLIB-AM \(collectively) Tj ET Q q 0 0 0 rg BT 470.29 277.10 Td (, the "Stations"\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td ($131.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 265.10 Td (, subject to customary adjustments and prorations. ) Tj ET Q q 0 0 0 rg BT 311.73 265.10 Td (The purchase of the Stations enhances the Company's scale in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 253.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 253.10 Td (ork, the second lar) Tj ET Q q 0 0 0 rg BT 150.91 253.10 Td (gest market in the United States as measured by total radio revenues. ) Tj ET Q q 0 0 0 rg BT 430.83 253.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 480.74 253.10 Td (, the Stations' adult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (urban and urban gospel formats complement the hip-hop format of our existing station in New ) Tj ET Q q 0 0 0 rg BT 429.82 241.10 Td (Y) Tj ET Q q 0 0 0 rg BT 436.04 241.10 Td (ork.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 224.10 Td (Upon approval of the transaction by the Federal Communications Commission, Emmis and ) Tj ET Q q 0 0 0 rg BT 440.13 224.10 Td (YMF executed the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (closing of the transaction on June 10, 2014, whereby ) Tj ET Q q 0 0 0 rg BT 263.19 212.10 Td (YMF transferred the assets of the Stations to Emmis and Emmis paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (YMF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 200.10 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.07 200.10 Td ( of cash and transferred to ) Tj ET Q q 0 0 0 rg BT 234.32 200.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 307.55 200.10 Td (Y) Tj ET Q q 0 0 0 rg BT 313.77 200.10 Td (ork a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.54 200.10 Td (49.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.37 200.10 Td ( ownership interest in the Emmis subsidiaries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (own the Stations' assets. ) Tj ET Q q 0 0 0 rg BT 149.12 188.10 Td (The second closing occurred on February 13, 2015 and involved the payment of the balance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.35 176.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 176.10 Td ( to ) Tj ET Q q 0 0 0 rg BT 187.65 176.10 Td (YMF in exchange for the transfer to Emmis of ) Tj ET Q q 0 0 0 rg BT 375.84 176.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 449.08 176.10 Td (Y) Tj ET Q q 0 0 0 rg BT 455.30 176.10 Td (ork's interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (Emmis subsidiaries that own the Stations' assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 131.95 143.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 214.35 143.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 322.12 143.10 Td ( for the Stations. On March 1, 2014, Emmis began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (providing programming and selling advertising for the Stations. Under the terms of the LMA, Emmis paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.21 131.10 Td ($1.275 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.10 131.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (month to ) Tj ET Q q 0 0 0 rg BT 87.96 119.10 Td (YMF for the right to program the Stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 343.58 119.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 419.13 119.10 Td ( fee decreased to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td ($0.74 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 107.10 Td ( after the first closing of the purchase of the Stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 391.43 107.10 Td (The ongoing, reduced monthly LMA) Tj ET Q q 0 0 0 rg BT 538.90 107.10 Td ( fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (were recognized as additional purchase price of the Stations on June 10, 2014. Prior to the first closing of the purchase, LMA) Tj ET Q q 0 0 0 rg BT 550.98 95.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (fees were recognized as operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 66.10 Td (Emmis gained control over the Stations ef) Tj ET Q q 0 0 0 rg BT 240.62 66.10 Td (fective with the first closing on June 10, 2014 and consolidated the Stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (beginning on that date. ) Tj ET Q q 0 0 0 rg BT 143.77 54.10 Td (YMF was entitled to the remaining purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.88 54.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.77 54.10 Td ( at the second closing and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.02 54.10 Td ($0.74 ) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 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 (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 742.10 Td ( monthly LMA) Tj ET Q q 0 0 0 rg BT 138.90 742.10 Td ( fees until the second closing, but did not otherwise share in the income or loss of the Stations subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to the first closing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 713.10 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 293.03 713.10 Td (Agreement which included a senior secured term loan facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 701.10 Td ( and a senior secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.98 701.10 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.88 701.10 Td (. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 476.31 701.10 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (Company borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 689.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.10 689.10 Td ( of the senior secured term loans on June 10, 2014; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.16 689.10 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 689.10 Td ( was disbursed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (Company and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.08 677.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.98 677.10 Td ( was funded into escrow) Tj ET Q q 0 0 0 rg BT 316.52 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.84 677.10 Td (The proceeds from the term loan and additional funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (from the revolving credit facility were used to fund the first closing of the acquisition described above, settle amounts due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (under the Company's former credit facility) Tj ET Q q 0 0 0 rg BT 219.71 653.10 Td (, and pay fees related to the issuance of the Credit ) Tj ET Q q 0 0 0 rg BT 420.75 653.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 472.49 653.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.54 653.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.43 653.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (funds in escrow were used to fund substantially all of the second closing of the acquisition on February 13, 2015. See Note 5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (for more discussion of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 206.37 629.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 612.10 Td (Goodwill was calculated as the excess of the purchase price over the net assets acquired. Management attributed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (goodwill recognized in the acquisition of the Stations to the power of the existing ) Tj ET Q q 0 0 0 rg BT 378.09 600.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 442.91 600.10 Td (WLIB-AM brands in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 588.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 588.10 Td (ork marketplace as well as the syner) Tj ET Q q 0 0 0 rg BT 221.99 588.10 Td (gies and growth opportunities expected through the combination of the adult urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (and urban gospel stations with the Company's existing hip-hop station. ) Tj ET Q q 0 0 0 rg BT 335.21 576.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.25 576.10 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.14 576.10 Td ( of goodwill recognized in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (transaction was included in our Radio segment and is deductible for tax purposes. ) Tj ET Q q 0 0 0 rg BT 381.31 564.10 Td (As part of our annual impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (conducted in December 2014, the Company determined that the goodwill associated with this transaction was fully impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (See Note 9 for more discussion of the goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 523.10 Td (The indefinite-lived intangible assets are comprised entirely of the Stations' FCC licenses. FCC broadcasting licenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 212.06 511.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 361.85 511.10 Td ( compliance with the various regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (requirements. Historically) Tj ET Q q 0 0 0 rg BT 153.76 499.10 Td (, all of our FCC broadcasting licenses have been renewed at or after the end of their respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (periods, and we expect that these FCC broadcasting licenses will continue to be renewed in the future. Our indefinite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (intangibles are not amortized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 458.10 Td (Other intangibles consist of a customer list intangible asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.34 458.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.23 458.10 Td ( and a syndicated programming intangible asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 446.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.72 446.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.04 446.10 Td (The customer list intangible asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.03 446.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.63 446.10 Td ( and the syndicated programming intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 434.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 434.10 Td (, which is the remaining term of the programming agreement, including renewals which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (are at the option of the Company) Tj ET Q q 0 0 0 rg BT 180.98 422.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 405.10 Td (The results of operations of the Stations are lar) Tj ET Q q 0 0 0 rg BT 259.49 405.10 Td (gely included in the Company's results of operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (February 28, 2015 as the Company began providing programming and selling advertising of the Stations on March 1, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (pursuant to an LMA. Net revenues and station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 384.92 381.10 Td ( fees and depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (expense, of ) Tj ET Q q 0 0 0 rg BT 97.86 369.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.68 369.10 Td (WLIB-AM were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.09 369.10 Td ($28.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 369.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.42 369.10 Td ($20.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.32 369.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 411.98 369.10 Td (, for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 340.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 340.10 Td (e incurred acquisition costs related to the Stations totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.25 340.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.14 340.10 Td ( for the year ended February 28, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Acquisition costs included in station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 343.01 328.10 Td ( fees and depreciation and amortization expense, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (the accompanying consolidated statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.20 316.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.09 316.10 Td ( for the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 504.59 316.10 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (costs included in corporate expenses, excluding depreciation and amortization expense, in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 292.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 292.10 Td ( for the year ended February 28, 2015. Including acquisition costs incurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (the year ended February 28, 2014 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.73 280.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.62 280.10 Td (, cumulative acquisition costs related to the Stations through February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.43 268.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.32 268.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.10 Td (In connection with the first closing, Emmis and ) Tj ET Q q 0 0 0 rg BT 264.59 251.10 Td (YMF executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 418.44 251.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 481.21 251.10 Td (Agreement dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (April 5, 2012 relating to Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 319.61 239.10 Td (WRKS-FM. ) Tj ET Q q 0 0 0 rg BT 373.60 239.10 Td (The amendment, executed on June 10, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (fixed all future earn-out payments ) Tj ET Q q 0 0 0 rg BT 188.19 227.10 Td (YMF owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 339.02 227.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 394.58 227.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 457.34 227.10 Td (Agreement based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (the parties' estimate of the earn-out payments that would otherwise be owed to Emmis under this pre-existing contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (relationship. Emmis recognized a gain on settlement of the contract of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.74 203.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.63 203.10 Td (, which is included in gain on contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (settlement in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 336.59 191.10 Td (All amounts owed to Emmis pursuant to Emmis' sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (WRKS-FM intellectual property were collected prior to February 28, 2015.) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 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 (73) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Acquisition of a contr) Tj ET Q q 0 0 0 rg BT 136.57 742.10 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.92 742.10 Td (est in Digonex T) Tj ET Q q 0 0 0 rg BT 245.83 742.10 Td (echnologies, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.10 Td (On June 16, 2014, Emmis invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.71 721.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.60 721.10 Td ( in Digonex ) Tj ET Q q 0 0 0 rg BT 313.14 721.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.55 721.10 Td (echnologies, Inc \("Digonex"\), an Indiana corporation that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (provides dynamic pricing solutions to customers in various industries. Emmis believes that its acquisition of Digonex gives it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (entry into the growing dynamic pricing marketplace which can serve a diverse clientle, and can possibly help Emmis with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (yields on its own advertising inventory and special events. Emmis) Tj ET Q q 0 0 0 rg BT 316.99 685.10 Td ( initial investment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 685.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.42 685.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.25 685.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.14 685.10 Td ( in Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Preferred Stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 673.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 673.10 Td ( in the form of convertible debt\) resulted in Emmis appointing a majority of the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (directors of Digonex and holding rights convertible into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 661.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 661.10 Td ( of the fully diluted common equity of Digonex. ) Tj ET Q q 0 0 0 rg BT 488.81 661.10 Td (As Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (controlled the board of directors of Digonex as of its initial investment on June 16, 2014, Emmis began consolidating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (results of Digonex as of that date. Emmis has contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.89 637.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.79 637.10 Td ( to Digonex in the form of convertible debt, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (resulted in Emmis owning rights that are convertible into at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.33 625.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.66 625.10 Td ( of the common equity of Digonex. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 604.10 Td (Digonex reports on a calendar year ending December 31, which Emmis consolidates into its fiscal year ending February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (28\(29\). Net revenues and operating expenses, excluding depreciation and amortization expense, of Digonex for the period June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (16, 2014 to December 31, 2014, which Emmis consolidated into its results of operations for the year ended February 28, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 568.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.82 568.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 568.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.15 568.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 241.81 568.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 551.10 Td (The goodwill recognized in the acquisition of Digonex is attributable to the assembled workforce and existing business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (processes. ) Tj ET Q q 0 0 0 rg BT 93.14 539.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.19 539.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.08 539.10 Td ( of goodwill recognized in the transaction is included in our corporate and emer) Tj ET Q q 0 0 0 rg BT 478.40 539.10 Td (ging technologies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (segment and is not deductible for tax purposes. ) Tj ET Q q 0 0 0 rg BT 240.24 527.10 Td (As part of our annual impairment testing conducted in December 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Company determined that the goodwill associated with Digonex was partially impaired, and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 536.34 515.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 503.10 Td (. During the year ended February 28, 2017, the Company determined that the remaining goodwill associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (Digonex was fully impaired and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 296.40 491.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.17 491.10 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.06 491.10 Td (. See Note 9 for more discussion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (goodwill impairments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 462.10 Td (Other intangibles consist of patents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.91 462.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.81 462.10 Td (, a customer list intangible asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.88 462.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.78 462.10 Td ( and trademarks of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.97 462.10 Td ($0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.21 450.10 Td (The patents were being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.48 450.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.08 450.10 Td (, the customer list intangible asset was being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.62 450.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.22 450.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (and the trademarks were being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.97 438.10 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.57 438.10 Td (. During the year ended February 29, 2016, the Company recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 426.10 Td (ge of $3.4 million related to the patents of Digonex. During the year ended February 28, 2017, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (determined that the patents, customer list, and trademarks of Digonex were fully impaired and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 544.37 414.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (of $0.9 million. See Note 9 for more discussion of the definite-lived intangible impairments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (8. OTHER SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 164.62 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 378.10 Td (TRANSACTIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Going private offer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 341.10 Td (August 18, 2016, the Board of Directors of the Company received a letter from E ) Tj ET Q q 0 0 0 rg BT 413.03 341.10 Td (Acquisition Corporation \("EAC"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (an Indiana corporation owned by Jef) Tj ET Q q 0 0 0 rg BT 195.66 329.10 Td (frey H. Smulyan, the Company) Tj ET Q q 0 0 0 rg BT 323.42 329.10 Td (s Chairman of the Board, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 504.29 329.10 Td (ficer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (controlling shareholder) Tj ET Q q 0 0 0 rg BT 142.13 317.10 Td (, setting forth a non-binding proposal by which E ) Tj ET Q q 0 0 0 rg BT 340.99 317.10 Td (Acquisition Corporation \(the Proposing Person\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (would acquire all the outstanding shares of Class ) Tj ET Q q 0 0 0 rg BT 247.24 305.10 Td (A) Tj ET Q q 0 0 0 rg BT 253.91 305.10 Td ( Common Stock of the Company that were not owned by the Proposing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Person at a cash purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 293.10 Td ($4.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 293.10 Td ( per share \(the Proposal\). ) Tj ET Q q 0 0 0 rg BT 321.44 293.10 Td (The Proposal contemplated that, following the closing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (the proposed transaction, the Company) Tj ET Q q 0 0 0 rg BT 208.63 281.10 Td (s shares would no longer be registered with the Securities and Exchange Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (and the Company would no longer be a reporting company or have any public shares traded on Nasdaq.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 252.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 131.71 252.10 Td (s Board of Directors formed a special committee of independent and disinterested directors \(the Special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (Committee\) to review and evaluate the Proposal. ) Tj ET Q q 0 0 0 rg BT 251.48 240.10 Td (The members of the Special Committee were Susan Bayh and Peter Lund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (On October 14, 2016, EAC delivered to the Special Committee a letter \(the Proposal Expiration Letter\) confirming that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 216.10 Td (fer had expired on October 14, 2016 and had not been extended. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.10 Td (The Special Committee engaged independent legal counsel and independent financial advisors to assist the Special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (Committee in the evaluation of the Proposal. During the year ended February 28, 2017, the Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.28 187.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.17 187.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.10 Td (costs associated with the Proposal, which are included in corporate expenses, excluding depreciation and amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (in the accompanying consolidated statements of operations. No further costs are expected to be incurred in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (going private of) Tj ET Q q 0 0 0 rg BT 113.19 151.10 Td (fer as it has expired.) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 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 (74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Next Radio LLC - Sprint ) Tj ET Q q 0 0 0 rg BT 149.60 742.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 164.23 742.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 725.10 Td (August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (whereby Sprint agreed to pre-load the Company's smartphone application, NextRadio, in a minimum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.76 713.10 Td (30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 713.10 Td ( FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (wireless devices on the Sprint wireless network over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.16 701.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 701.10 Td (-year period. In return, NextRadio LLC agreed to pay Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.96 701.10 Td ($15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 689.10 Td ( per year in equal quarterly installments over the three year term and to share with Sprint certain revenue generated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (the NextRadio application. Emmis has not guaranteed NextRadio LLC's performance under this agreement and Sprint does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (have recourse to any Emmis related entity other than NextRadio LLC. ) Tj ET Q q 0 0 0 rg BT 332.20 665.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 382.10 665.10 Td (, the agreement does not limit the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (NextRadio LLC to place the NextRadio application on FM-enabled devices on other wireless networks. ) Tj ET Q q 0 0 0 rg BT 469.21 653.10 Td (Through February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (2017, the NextRadio application had not generated a material amount of revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 624.10 Td (Nearly all of the lar) Tj ET Q q 0 0 0 rg BT 150.12 624.10 Td (gest radio broadcasters and many smaller radio broadcasters expressed support for NextRadio LLC's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (agreement with Sprint. ) Tj ET Q q 0 0 0 rg BT 142.82 612.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 192.15 612.10 Td (, NextRadio LLC entered into a number of funding agreements with radio broadcasters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (other participants in the radio industry to collect and remit cash to Sprint to fulfill the quarterly payment obligation. ) Tj ET Q q 0 0 0 rg BT 513.28 600.10 Td (As part of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (some of these funding agreements, Emmis agreed to certain limitations on the operation of its NextRadio and ) Tj ET Q q 0 0 0 rg BT 489.21 588.10 Td (T) Tj ET Q q 0 0 0 rg BT 494.62 588.10 Td (agStation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (businesses, including assurances of access to the NextRadio app and to ) Tj ET Q q 0 0 0 rg BT 335.92 576.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.33 576.10 Td (agStation \(the cloud-based engine that provides data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (the NextRadio application\), and limitations on the sale of the businesses to potential competitors of the U.S. radio industry) Tj ET Q q 0 0 0 rg BT 539.04 564.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (Emmis also granted the U.S. radio industry \(as defined in the funding agreements\) a call option on substantially all of the assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 157.91 540.10 Td (T) Tj ET Q q 0 0 0 rg BT 163.32 540.10 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 331.73 540.10 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 476.40 540.10 Td (August 2017 or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (August 2019 by paying Emmis a purchase price equal to the greater of \(i\) the appraised fair market value of the NextRadio and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 516.10 Td (agStation businesses, or \(ii\) two times Emmis' cumulative investments in the development of the businesses. If the call option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (is exercised, the businesses will continue to be subject to the operating limitations applicable today) Tj ET Q q 0 0 0 rg BT 444.59 504.10 Td (, and no radio operator will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (be permitted to own more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.02 492.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 492.10 Td ( of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 283.98 492.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.39 492.10 Td (agStation businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 471.10 Td (Since the inception of NextRadio LLC's agreement with Sprint through December 7, 2016, NextRadio LLC had remitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (to Sprint approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.99 459.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.88 459.10 Td (. Ef) Tj ET Q q 0 0 0 rg BT 217.63 459.10 Td (fective December 8, 2016, NextRadio LLC and Sprint entered into an amendment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (their original agreement. ) Tj ET Q q 0 0 0 rg BT 152.89 447.10 Td (The amendment called for NextRadio LLC to make installment payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.08 447.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.97 447.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (million through March 15, 2017, which have been paid. In exchange, Sprint agreed to for) Tj ET Q q 0 0 0 rg BT 408.94 435.10 Td (give the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.42 435.10 Td ($5.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.31 435.10 Td ( that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (was due under the original agreement, and in return receive a higher share of certain revenue generated by the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (application. In addition, Sprint agreed to continue to pre-load the NextRadio application through March 31, 2020 with no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (additional cash payments from NextRadio \(other than revenue share payments\). NextRadio LLC received a loan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.90 399.10 Td ($4.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 387.10 Td ( for the sole purpose of fulfilling the payment obligations to Sprint under the amendment. ) Tj ET Q q 0 0 0 rg BT 438.69 387.10 Td (The loan will be repaid out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (proceeds from sales of enhanced advertising through the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 372.83 375.10 Td (Through February 28, 2017, NextRadio LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.86 363.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.75 363.10 Td ( under the loan, which was promptly remitted to Sprint and is included in station operating expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (excluding depreciation and amortization expense in the accompanying consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 487.51 351.10 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 339.10 Td ( of loan proceeds was received in March 2017 and was promptly remitted to Sprint.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 322.10 Td (Emmis determined that NextRadio LLC is a variable interest entity \(VIE\) and that Emmis is the primary beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (because the Company has the power to direct substantially all of the activities of NextRadio LLC, and because the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (may absorb certain losses and receive certain benefits from the operations of the ) Tj ET Q q 0 0 0 rg BT 372.81 298.10 Td (VIE. Emmis does not record any revenue or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (expense related to the amounts that are collected and remitted to Sprint except the portion of any payment to Sprint that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (actually contributed to NextRadio LLC by Emmis \(or the amounts funded by NextRadio LLC via the loan discussed above\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (Emmis contributed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.64 262.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.53 262.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.97 262.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.86 262.10 Td ( to NextRadio LLC during the years ended February 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (2016, respectively) Tj ET Q q 0 0 0 rg BT 122.16 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 126.98 250.10 Td (These amounts were recorded as station operating expenses, excluding depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (expense. Emmis did not fund any of NextRadio LLC's payments to Sprint during the year ended February 28, 2017 as it had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (already fully funded its share through that date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.10 Td (As of February 28, 2017, the carrying value of assets within NextRadio LLC totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 209.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.26 209.10 Td (, which represents cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (collected by NextRadio LLC from other broadcasting companies and other companies in the radio industry) Tj ET Q q 0 0 0 rg BT 477.06 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.88 197.10 Td (This cash is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (restricted because it must be remitted to Sprint. NextRadio LLC had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.99 185.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.88 185.10 Td ( of liabilities at February 28, 2017, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (represents the obligation to remit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.19 173.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.08 173.10 Td ( of cash received from radio industry participants to Sprint along with NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (LLC's nonrecourse debt of $3.4 million. NextRadio LLC remitted all cash collected from other broadcasting companies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (other companies in the radio industry to Sprint as of February 29, 2016, and thus had no assets or liabilities as of that date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 69.32 125.10 Td ( of 98.7FM in New Y) Tj ET Q q 0 0 0 rg BT 151.74 125.10 Td (ork, NY and Related Financing T) Tj ET Q q 0 0 0 rg BT 283.95 125.10 Td (ransaction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 108.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 108.10 Td (April 26, 2012 Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 261.70 108.10 Td ( with a subsidiary of Disney Enterprises, Inc., pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (Disney subsidiary purchased the right to provide programming for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 383.24 96.10 Td (Y) Tj ET Q q 0 0 0 rg BT 389.46 96.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 421.86 96.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 444.65 96.10 Td (August 24, 2024. Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (retains ownership and control of 98.7FM, including the related FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 466.09 84.10 Td ( and receives an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (fee from the Disney subsidiary) Tj ET Q q 0 0 0 rg BT 172.15 72.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.47 72.10 Td (The fee, initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.33 72.10 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.22 72.10 Td ( annually) Tj ET Q q 0 0 0 rg BT 333.51 72.10 Td (, increases by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 72.10 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.98 72.10 Td ( annually until the LMA's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (termination. ) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 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 (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (As discussed in Note 5, Emmis, through newly-created subsidiaries, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.45 742.10 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.34 742.10 Td ( of notes, which are nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (to the rest of the Company's subsidiaries and are secured by the assets of the newly-created subsidiaries including the payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (made in connection with the 98.7FM LMA. See Notes 1 and 5 for more discussion of the LMA) Tj ET Q q 0 0 0 rg BT 432.78 718.10 Td ( payments and nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 Td (The following table summarizes Emmis' operating results of 98.7FM for all periods presented. Emmis programmed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (98.7FM until the LMA) Tj ET Q q 0 0 0 rg BT 141.17 677.10 Td ( commenced on ) Tj ET Q q 0 0 0 rg BT 206.43 677.10 Td (April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (98.7FM for the years ended February 2015, 2016 and 2017 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 616.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 616.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 616.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 616.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 576.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 576.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 576.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 576.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 546.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 546.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 546.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 546.60 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 341.25 629.6 m 411.25 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 629.6 m 415.25 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 629.6 m 486.25 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 629.6 m 490.25 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 629.6 m 561.25 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 616.6 m 411.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 616.6 m 486.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 616.6 m 561.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 616.6 m 411.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 616.6 m 486.25 616.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 633.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.65 633.83 Td (For the year ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 620.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.75 620.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 620.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 620.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 607.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.75 606.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.90 606.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 606.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 606.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.75 606.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 606.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 592.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 582.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 581.27 Td (1,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 581.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 581.27 Td (1,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 567.17 Td (Impairment loss on intangible assets \(Note 9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 566.27 Td (9,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 566.27 Td (1,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 566.27 Td (2,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 552.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 551.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.40 551.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 551.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 537.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 536.27 Td (3,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 536.27 Td (3,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 536.27 Td (2,827) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (Assets and liabilities of 98.7FM as of February 28 \(29\), 2016 and 2017 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 473.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 473.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 473.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 443.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 443.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 443.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 413.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 413.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 413.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 383.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 383.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 383.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 353.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 353.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 353.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 323.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 323.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 323.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 293.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 293.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 293.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 263.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 233.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 233.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 233.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 203.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 203.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 203.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 203.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 173.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 173.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 173.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 486.6 m 483.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 486.6 m 487.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 486.6 m 561.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 486.6 m 483.25 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 473.6 m 483.25 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 473.6 m 561.25 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 413.6 m 483.25 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 413.6 m 561.25 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 398.6 m 483.25 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 398.6 m 487.25 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 398.6 m 561.25 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 338.6 m 483.25 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 323.6 m 483.25 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 338.6 m 561.25 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 323.6 m 561.25 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 309.6 m 483.25 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 307.6 m 483.25 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 309.6 m 561.25 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 307.6 m 561.25 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 233.60000000000002 m 483.25 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 233.60000000000002 m 561.25 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 218.60000000000002 m 483.25 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 218.60000000000002 m 561.25 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 173.60000000000002 m 483.25 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 158.60000000000002 m 483.25 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 173.60000000000002 m 561.25 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 158.60000000000002 m 561.25 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 144.60000000000002 m 483.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 142.60000000000002 m 483.25 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 144.60000000000002 m 561.25 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 142.60000000000002 m 561.25 142.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 490.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 490.83 Td (AsofFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 477.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.75 477.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 477.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 464.17 Td (Current assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 449.17 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 448.27 Td (1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 448.27 Td (1,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 434.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 433.27 Td (545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 433.27 Td (445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 419.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 418.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 418.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 404.17 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 403.27 Td (2,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 403.27 Td (2,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 389.17 Td (Noncurrent assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 374.17 Td ( Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 373.27 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 373.27 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 359.17 Td ( Indefinite lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 358.27 Td (49,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 358.27 Td (46,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 344.17 Td ( Deposits and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 343.27 Td (5,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 343.27 Td (6,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 329.17 Td (Total noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 328.27 Td (55,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 328.27 Td (52,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 314.17 Td ( Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 313.27 Td (57,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 313.27 Td (54,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 299.17 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 284.17 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 283.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 283.27 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 269.17 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 268.27 Td (5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 268.27 Td (6,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 254.17 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 253.27 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 253.27 Td (807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 239.17 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 238.27 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 238.27 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 224.17 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 223.27 Td (6,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 223.27 Td (7,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 209.17 Td (Noncurrent liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 194.17 Td ( Long-term debt, net of current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 193.27 Td (57,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 193.27 Td (51,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 179.17 Td ( Other noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 164.17 Td (Total noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 163.27 Td (57,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 163.27 Td (51,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 149.17 Td ( Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 148.27 Td (64,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 148.27 Td (59,059) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 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 (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (9. INT) Tj ET Q q 0 0 0 rg BT 77.04 742.25 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 125.11 742.25 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 164.31 742.25 Td (AND GOODWILL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 152.02 725.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 173.79 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 179.20 725.25 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.92 725.25 Td (IntangiblesGoodwill and Other) Tj ET Q q 0 0 0 rg BT 352.25 725.25 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 725.25 Td ( the Company reviews goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (intangibles at least annually for impairment. In connection with any such review) Tj ET Q q 0 0 0 rg BT 370.92 713.25 Td (, if the recorded value of goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (intangibles is greater than its fair value, the intangibles are written down and char) Tj ET Q q 0 0 0 rg BT 375.82 701.25 Td (ged to results of operations. FCC licenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (renewed every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.07 689.25 Td (eight years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.67 689.25 Td ( at a nominal cost, and historically all of our FCC licenses have been renewed at the end of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.03 677.25 Td (eight-year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.56 677.25 Td ( periods. Since we expect that all of our FCC licenses will continue to be renewed in the future, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (they have indefinite lives. Radio stations in a geographic market cluster are considered a single unit of accounting, provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 279.91 653.25 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 417.35 653.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 627.25 Td (Impairment testing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.25 Td (The Company generally performs its annual impairment review of indefinite-lived intangibles as of December1 each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 71.10 598.25 Td (At the time of each impairment review) Tj ET Q q 0 0 0 rg BT 225.40 598.25 Td (, if the fair value of the indefinite-lived intangible is less than its carrying value a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 586.25 Td (ge is recorded to results of operations. ) Tj ET Q q 0 0 0 rg BT 221.80 586.25 Td (When indicators of impairment are present, the Company will perform an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (impairment test. Impairment recorded as a result of our interim and annual impairment testing is summarized in the table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 78.61 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 87.25 562.25 Td (e will perform additional interim impairment assessments whenever triggering events suggest such testing for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (recoverability of these assets is warranted. ) Tj ET Q q 0 0 0 rg BT 221.70 550.25 Td (The table below summarizes the results of our interim and annual impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (for the three years ending February 28, 2017.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 527.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.95 143.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 490.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 490.95 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 490.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 490.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 490.95 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 490.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 490.95 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.95 143.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 460.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 460.95 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 460.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 460.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 460.95 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 460.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 460.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 460.95 37.00 -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 193.5 490.95 m 250.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 490.95 m 295.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 490.95 m 355.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 490.95 m 416.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 490.95 m 461.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 490.95 m 521.5 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 490.95 m 562.5 490.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 508.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.55 508.18 Td (Interim Assessment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.95 508.18 Td (Annual Assessment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 508.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 495.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.80 495.18 Td (FCCLicenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.90 495.18 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.85 495.18 Td (Definite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.80 495.18 Td (FCCLicenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.90 495.18 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.85 495.18 Td (Definite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.75 495.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.62 Td (Year Ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 480.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 480.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 480.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 480.62 Td (9,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.10 480.62 Td (58,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 480.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 480.62 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.62 Td (Year Ended February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 465.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 465.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 465.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 465.62 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 465.62 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 465.62 Td (3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.10 465.62 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.62 Td (Year Ended February 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 450.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.10 450.62 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 450.62 Td (930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 450.62 Td (6,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 450.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 450.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.10 450.62 Td (9,843) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 422.45 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 422.45 Td (aluation of Indefinite-lived Broadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 405.45 Td (Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.45 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 393.45 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 393.45 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.45 Td (licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.45 Td (Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.45 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 357.45 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.45 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 345.45 Td (The Company assumes the competitive situation that exists in each market remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.45 Td (unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.45 Td (doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.45 Td (Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.45 Td (share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.45 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 285.45 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.45 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 273.45 Td (The projections incorporated into our license valuations take into consideration then current economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.45 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.45 Td (Below are some of the key assumptions used in our annual impairment assessments. ) Tj ET Q q 0 0 0 rg BT 412.83 244.45 Td (As part of our recent annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.45 Td (impairment assessments, we reduced long-term growth rates in most of the markets in which we operate based on recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.45 Td (industry trends and our expectations for the markets going forward. ) Tj ET Q q 0 0 0 rg BT 322.25 220.45 Td (The methodology used to value our FCC licenses has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.45 Td (changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.26 208.45 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.86 208.45 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 197.65 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 166.15 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 166.15 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 166.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 166.15 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 166.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 166.15 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 136.15 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 136.15 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 136.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 136.15 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 136.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 136.15 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 329.5 166.14999999999998 m 404.5 166.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 166.14999999999998 m 483.5 166.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 166.14999999999998 m 562.5 166.14999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 170.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 170.38 Td (December) Tj ET Q q 0 0 0 rg BT 370.75 170.38 Td (1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 170.38 Td (December) Tj ET Q q 0 0 0 rg BT 449.75 170.38 Td (1,2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 170.38 Td (December) Tj ET Q q 0 0 0 rg BT 528.75 170.38 Td (1,2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 155.82 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 155.82 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 155.82 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 155.82 Td (12.2%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.82 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 140.82 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 140.82 Td (1.3%-2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 140.82 Td (1.0%-2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 125.82 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 125.82 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 125.82 Td (3.2%-29.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 125.82 Td (3.1%-30.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.82 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 110.82 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 110.82 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 110.82 Td (25.1%-39.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 85.65 Td (As of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 85.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.20 85.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.64 85.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.64 85.65 Td (, the carrying amounts of the Company) Tj ET Q q 0 0 0 rg BT 389.77 85.65 Td (s FCC licenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 85.65 Td ($205.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.54 85.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.65 Td ($197.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 73.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.55 73.65 Td (. ) Tj ET Q q 0 0 0 rg BT 166.37 73.65 Td (These amounts are entirely attributable to our radio division. ) Tj ET Q q 0 0 0 rg BT 411.12 73.65 Td (The table below presents the changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.65 Td (to the carrying values of the Company) Tj ET Q q 0 0 0 rg BT 206.07 61.65 Td (s FCC licenses for the years ended 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735.5 m 458.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 735.5 m 506.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 735.5 m 510.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 735.5 m 211.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 706.5 m 211.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 706.5 m 253.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 706.5 m 305.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 706.5 m 365.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 706.5 m 408.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 706.5 m 454.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 706.5 m 458.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 706.5 m 506.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 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601.5 m 365.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 615.5 m 408.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 603.5 m 408.5 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 601.5 m 408.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 615.5 m 454.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 603.5 m 454.5 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 601.5 m 454.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 615.5 m 458.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 603.5 m 458.5 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 601.5 m 458.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 615.5 m 506.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 603.5 m 506.5 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 601.5 m 506.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 615.5 m 562.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 603.5 m 562.5 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 601.5 m 562.5 601.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.55 739.73 Td (Change in FCC License Carrying Values) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 709.480078125 m 117.44921875 709.480078125 l s q 0 0 0 rg BT 53.00 710.73 Td (UnitofAccounting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.70 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.25 718.73 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.50 710.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.25 710.73 Td (Purchase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.30 710.73 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.20 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.75 718.73 Td (February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.00 710.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.75 710.73 Td (Purchase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.55 718.73 Td (Sale of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.20 710.73 Td (Stations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.30 710.73 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.20 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.75 718.73 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 710.73 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 698.45 Td (New York Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.25 697.75 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 697.75 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 697.75 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 685.45 Td (98.7FM \(New York\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.25 684.75 Td (51,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 684.75 Td (\(1,766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 684.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 684.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 684.75 Td (49,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 684.75 Td (\(2,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 684.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 684.75 Td (46,390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.45 Td (Austin Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.25 671.75 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 671.75 Td (\(2,343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 671.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 671.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 671.75 Td (36,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 671.75 Td (\(2,192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 671.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 671.75 Td (34,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 659.45 Td (St. Louis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.25 658.75 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 658.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 658.75 Td (\(1,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 658.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 658.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 658.75 Td (26,399) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 658.75 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 658.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 658.75 Td (\(1,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 658.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 658.75 Td (24,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 646.45 Td (Indianapolis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.25 645.75 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.30 645.75 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 645.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 645.75 Td (18,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 645.75 Td (18,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 633.45 Td (KPWR-FM \(Los Angeles\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.30 632.75 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 632.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 632.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 632.75 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 632.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 632.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 632.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 632.75 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 620.45 Td (Terre Haute Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.30 619.75 Td (759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 619.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.60 619.75 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 619.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 619.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.30 619.75 Td (721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 619.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.60 619.75 Td (\(642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.30 619.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 619.75 Td (\(79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 619.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 619.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 607.45 Td ( Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.25 606.75 Td (210,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.30 606.75 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 606.75 Td (\(5,440) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 606.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.25 606.75 Td (205,129) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 606.75 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.60 606.75 Td (\(642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.30 606.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 606.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 606.75 Td (\(6,855) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 606.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 606.75 Td (197,666) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 582.00 Td (The FCC license purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.08 582.00 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.97 582.00 Td ( during the year ended February 29, 2016 solely relates to our purchase of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.00 Td (FM translator in Indianapolis. In January 2017, we sold all of our stations in ) Tj ET Q q 0 0 0 rg BT 357.00 570.00 Td (T) Tj ET Q q 0 0 0 rg BT 362.41 570.00 Td (erre Haute, Indiana \(see Note 7 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.00 Td (discussion\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 537.00 Td (Impairment was recorded for our New ) Tj ET Q q 0 0 0 rg BT 228.18 537.00 Td (Y) Tj ET Q q 0 0 0 rg BT 234.40 537.00 Td (ork station being operated pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 421.86 537.00 Td ( during the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.00 Td (2016 and 2017 along with impairment for our ) Tj ET Q q 0 0 0 rg BT 234.97 525.00 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 322.02 525.00 Td (T) Tj ET Q q 0 0 0 rg BT 327.43 525.00 Td (erre Haute clusters. Stagnant market revenues in recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.00 Td (years, coupled with a reduction in the Company's estimate of long-term revenue growth rates, led to a lower estimate of fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.00 Td (value for these FCC licenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 480.00 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 480.00 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 463.00 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 463.00 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 463.00 Td (opic 350 requires the Company to test goodwill for impairment at least annually using a two-step process. ) Tj ET Q q 0 0 0 rg BT 527.02 463.00 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.00 Td (step is a screen for potential impairment, while the second step measures the amount of impairment. ) Tj ET Q q 0 0 0 rg BT 452.48 451.00 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.00 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 439.00 Td (, unless indications of impairment exist during an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.00 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 427.00 Td (When assessing its goodwill for impairment, the Company uses an enterprise valuation approach to determine the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.00 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 415.00 Td (s reporting units \(radio stations grouped by market, excluding any stations that are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.00 Td (operated pursuant to an LMA\). Management determines enterprise value for each of its reporting units by multiplying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.03 403.00 Td (two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.21 391.00 Td ( average station operating income generated by each reporting unit \(current year based on actual results and the next year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.00 Td (based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 292.53 379.00 Td (The Company uses a blended station operating income trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.00 Td (multiple of publicly traded radio operators as well as recent market transactions as a benchmark for the multiple it applies to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.00 Td (radio reporting units. For the annual assessment performed as of December1, 2016, the Company applied a market multiple of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.00 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 343.00 Td ( times the reporting unit) Tj ET Q q 0 0 0 rg BT 161.37 343.00 Td (s operating performance. Management believes this methodology for valuing radio properties is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.00 Td (common approach and believes that the multiples used in the valuation are reasonable given our peer comparisons and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.00 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 102.58 319.00 Td (T) Tj ET Q q 0 0 0 rg BT 107.99 319.00 Td (o corroborate the step-one reporting unit fair values determined using the market approach described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.00 Td (management also uses an income approach, which is a discounted cash flow method to determine the fair value of the reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.00 Td (unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 278.00 Td (The Company used an income approach to determine the enterprise value of Digonex. Digonex is a dynamic pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.00 Td (business that does not have well-established industry trading multiples, analyst estimates of valuations, or recently completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.00 Td (transactions that would indicate fair values of these businesses. ) Tj ET Q q 0 0 0 rg BT 306.88 254.00 Td (As such, the Company used a discounted cash flow method to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.00 Td (determine the fair value of Digonex.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 221.00 Td (This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.00 Td (impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.00 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.00 Td (licenses valued using a direct-method valuation approach\) and unrecognized intangible assets, such as customer lists, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.00 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 173.00 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 173.00 Td (o the extent the carrying amount of the goodwill exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.00 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 161.00 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 161.00 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 161.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.00 Td (methodology used to value our goodwill has not changed in the three-year period ended February28, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 128.00 Td (During the quarter ended ) Tj ET Q q 0 0 0 rg BT 176.19 128.00 Td (August 31, 2016, the Company lowered its growth expectations for Digonex for the next several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td (years due to slow client adoption of dynamic pricing services. ) Tj ET Q q 0 0 0 rg BT 300.03 116.00 Td (While the Company continues to believe in the long-term growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.00 Td (prospects of Digonex, the lengthy sales cycle has caused Digonex to perform below expectations to date. Despite lowering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.00 Td (near) Tj ET Q q 0 0 0 rg BT 67.01 92.00 Td (-term growth expectations for Digonex in connection with our annual impairment review for fiscal 2016 as discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.00 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 80.00 Td (, performance in the first six months of fiscal 2017 indicated that a further revision was appropriate. Our then-current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.00 Td (projections assumed that Digonex would generate cash flow losses in the short and medium-term. ) Tj ET Q q 0 0 0 rg BT 443.34 68.00 Td (The combination of lower) Tj ET Q q 0 0 0 rg BT 547.28 68.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.00 Td (than-expected current period results, coupled with downward revisions to future revenue projections, resulted in an impairment ) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 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 (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (indicator that caused the Company to assess goodwill and related intangibles on an interim basis during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (August 31, 2016. ) Tj ET Q q 0 0 0 rg BT 121.21 730.10 Td (The Company's discounted cash flow analysis for Digonex indicated a nominal enterprise value. ) Tj ET Q q 0 0 0 rg BT 508.84 730.10 Td (Therefore, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (connection with the interim impairment test, Emmis determined that Digonex's goodwill was fully impaired and recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 706.10 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.38 706.10 Td (. Subsequent to our impairment of Digonex goodwill and the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.55 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 458.20 706.10 Td (exas Monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.29 706.10 Td (\(see note 7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for more discussion\), the Company's goodwill relates entirely to its Radio segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 673.10 Td (During our December 2015 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 410.96 673.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 673.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.68 673.10 Td ( of goodwill associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (with Digonex. Emmis acquired a controlling interest in Digonex in June 2014 and recorded approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.23 661.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.12 661.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 90.38 649.10 Td (The performance of Digonex since Emmis acquired its controlling interest has lagged the original assumptions used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (when estimating the fair values of the acquired assets and liabilities of the business. ) Tj ET Q q 0 0 0 rg BT 389.17 637.10 Td (This, coupled with a reduction in long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (term growth estimates for Digonex, resulted in a step-one indication of impairment. Upon completion of the step-two analysis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (the Company determined that Digonex goodwill was partially impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 592.10 Td (During our December 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 410.96 592.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 592.10 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.68 592.10 Td ( of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (associated with our New ) Tj ET Q q 0 0 0 rg BT 150.71 580.10 Td (Y) Tj ET Q q 0 0 0 rg BT 156.93 580.10 Td (ork radio cluster) Tj ET Q q 0 0 0 rg BT 221.91 580.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.23 580.10 Td (This goodwill related entirely to our purchase of ) Tj ET Q q 0 0 0 rg BT 425.11 580.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 489.93 580.10 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (June 10, 2014. Declining performance of the entire New ) Tj ET Q q 0 0 0 rg BT 280.11 568.10 Td (Y) Tj ET Q q 0 0 0 rg BT 286.33 568.10 Td (ork radio market significantly impacted our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 556.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 556.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 105.66 556.10 Td (These declines, combined with lower projected revenue growth rates in the New ) Tj ET Q q 0 0 0 rg BT 429.34 556.10 Td (Y) Tj ET Q q 0 0 0 rg BT 435.56 556.10 Td (ork market, resulted in a step-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (one indication of impairment for our New ) Tj ET Q q 0 0 0 rg BT 219.86 544.10 Td (Y) Tj ET Q q 0 0 0 rg BT 226.08 544.10 Td (ork cluster on both the market and income approaches. Upon completing the step-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (two analysis, the Company determined that the full carrying amount of the New ) Tj ET Q q 0 0 0 rg BT 371.77 532.10 Td (Y) Tj ET Q q 0 0 0 rg BT 377.99 532.10 Td (ork cluster goodwill of $58.4 million was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (impaired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 499.10 Td (As of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 499.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.20 499.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.64 499.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.64 499.10 Td (, the carrying amount of the Company) Tj ET Q q 0 0 0 rg BT 385.88 499.10 Td (s goodwill was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.38 499.10 Td ($14.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.27 499.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.71 499.10 Td ($4.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 487.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.71 487.10 Td (The table below presents the changes to the carrying values of the Company) Tj ET Q q 0 0 0 rg BT 391.39 487.10 Td (s goodwill for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (2016 and 2017 for each reporting unit. ) Tj ET Q q 0 0 0 rg BT 206.07 475.10 Td (As noted above, each reporting unit is a cluster of radio stations in one geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (market \(except for stations being operated pursuant to LMAs\) and magazines on an individual basis. ) Tj ET Q q 0 0 0 rg BT 454.16 463.10 Td (W) Tj ET Q q 0 0 0 rg BT 462.79 463.10 Td (e sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.90 463.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.54 463.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.14 463.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (November 2016 \(see Note 7 for more discussion\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 440.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 387.80 176.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 387.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 387.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 387.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 387.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 387.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 387.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 387.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 361.80 176.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 361.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 361.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 361.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 361.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 361.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 361.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 361.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.80 176.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 327.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 327.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 327.80 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 327.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 327.80 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 327.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 327.80 54.00 -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 226.5 416.8 m 280.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 416.8 m 284.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 416.8 m 288.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 416.8 m 338.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 416.8 m 342.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 416.8 m 396.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 416.8 m 400.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 416.8 m 450.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 416.8 m 454.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 416.8 m 504.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 416.8 m 508.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 416.8 m 562.5 416.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 387.8 m 280.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 387.8 m 288.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 387.8 m 338.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 387.8 m 396.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 387.8 m 450.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 387.8 m 454.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 387.8 m 504.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 387.8 m 562.5 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 327.8 m 280.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 315.8 m 280.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 313.8 m 280.5 313.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 327.8 m 338.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 315.8 m 338.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 313.8 m 338.5 313.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 327.8 m 396.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 315.8 m 396.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 313.8 m 396.5 313.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 327.8 m 450.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 315.8 m 450.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 313.8 m 450.5 313.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 327.8 m 504.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 315.8 m 504.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 313.8 m 504.5 313.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 327.8 m 562.5 327.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 315.8 m 562.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 313.8 m 562.5 313.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 421.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.05 421.03 Td (Change in Goodwill Carrying Values) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 390.780078125 m 141.43359375 390.780078125 l s q 0 0 0 rg BT 53.00 392.03 Td (Reporting Unit \(Segment\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.20 408.03 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.75 400.03 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.00 392.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.30 392.03 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.20 408.03 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 400.03 Td (February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.00 392.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.55 400.03 Td (Sale of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.30 392.03 Td (Entity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 392.03 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.20 408.03 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.75 400.03 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.00 392.03 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 379.75 Td (Indianapolis Cluster \(Radio\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 379.05 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 379.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 379.05 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.30 379.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 379.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 379.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 379.05 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 366.75 Td (Austin Cluster \(Radio\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 366.05 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 366.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 366.05 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.30 366.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 366.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 366.05 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 353.75 Td (Texas Monthly \(Publishing\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 353.05 Td (8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 353.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 353.05 Td (8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 353.05 Td (\(8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 353.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 353.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 353.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 332.05 Td (Digonex \(Corporate & Emerging Technologies\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 332.05 Td (2,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.60 332.05 Td (\(695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 332.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 332.05 Td (2,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.30 332.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.60 332.05 Td (\(2,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 332.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 332.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 319.05 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.25 319.05 Td (15,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.60 319.05 Td (\(695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 319.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.25 319.05 Td (14,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 319.05 Td (\(8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 319.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.60 319.05 Td (\(2,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 319.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 319.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 319.05 Td (4,603) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 291.30 Td (Definite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.30 Td (The following table presents the weighted-average remaining useful life at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.44 274.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 274.30 Td ( and gross carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.30 Td (and accumulated amortization for each major class of definite-lived intangible assets at February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.74 262.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.74 262.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.17 262.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.17 262.30 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 251.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 189.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 189.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 189.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 189.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 189.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 189.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 189.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 189.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 189.00 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 159.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 159.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 159.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 159.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 159.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 159.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 159.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 159.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 159.00 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 129.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 129.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 129.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 129.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 129.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 129.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 129.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 129.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 129.00 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 173.5 229 m 236.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 229 m 290.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 229 m 294.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 229 m 344.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 229 m 348.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 229 m 398.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 229 m 452.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 229 m 456.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 229 m 506.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 229 m 510.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 229 m 562.5 229 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 189 m 236.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 189 m 290.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 189 m 344.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 189 m 398.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 189 m 452.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 189 m 506.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 189 m 562.5 189 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 129 m 290.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 115 m 290.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 113 m 290.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 129 m 344.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 115 m 344.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 113 m 344.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 129 m 398.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 115 m 398.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 113 m 398.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 129 m 452.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 115 m 452.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 113 m 452.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 129 m 506.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 115 m 506.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 113 m 506.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 129 m 562.5 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 115 m 562.5 115 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 113 m 562.5 113 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 233.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 176.00 233.05 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.10 233.06 Td (As of February 29, 2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.10 233.06 Td (As of February 28, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.30 221.06 Td (W) Tj ET Q q 0 0 0 rg BT 196.91 221.06 Td (eighted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.30 214.06 Td (A) Tj ET Q q 0 0 0 rg BT 196.84 214.06 Td (verage) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.75 207.06 Td (RemainingUseful) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 198.45 200.06 Td (Life) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.40 193.06 Td (\(in years\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.30 207.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 264.73 207.06 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 251.15 200.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.70 193.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 299.15 200.06 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.95 193.06 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 367.75 207.06 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.15 200.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.70 193.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.30 207.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 426.73 207.06 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 200.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.70 193.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.15 200.06 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.95 193.06 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.75 207.06 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 522.15 200.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 523.70 193.06 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.67 Td (Trademarks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 178.67 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 178.67 Td (1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 178.67 Td (727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 178.67 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 178.67 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 178.67 Td (545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 178.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 178.67 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.67 Td (Patents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.15 163.67 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 163.67 Td (1,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 163.67 Td (1,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 163.67 Td (674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 163.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 163.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 163.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.67 Td (Programming Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 148.67 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 148.67 Td (2,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 148.67 Td (514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 148.67 Td (1,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 148.67 Td (2,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 148.67 Td (808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 148.67 Td (1,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 133.67 Td (Customer List) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 133.67 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 133.67 Td (1,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 133.67 Td (543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 133.67 Td (472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 133.67 Td (315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 133.67 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 133.67 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 118.67 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 118.67 Td (6,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 118.67 Td (2,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 118.67 Td (3,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 118.67 Td (3,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 118.67 Td (1,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 118.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 118.67 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 93.50 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 152.02 93.50 Td (Accounting Standards Codification paragraph 360-10, the Company performs an analysis to \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.50 Td (determine if indicators of impairment of a long-lived asset are present, \(ii\) test the long-lived asset for recoverability by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.50 Td (comparing undiscounted cash flows of the long-lived asset to its carrying value and \(iii\) measure any potential impairment by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.50 Td (comparing the long-lived asset's fair value to its current carrying value. In connection with this analysis for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.50 Td (February 29, 2016, the Company determined that the patents of Digonex were impaired and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 534.94 45.50 Td (ge of ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 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 (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 103.34 742.10 Td (As discussed above, performance below the Company's expectations, coupled with a downward revision of long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (term forecasts for Digonex, led the Company to measure impairment for Digonex's definite-lived intangibles during the quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 75.83 718.10 Td (August 31, 2016. ) Tj ET Q q 0 0 0 rg BT 147.04 718.10 Td (The Company determined that the patents, customer list and trademarks of Digonex were fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (impaired and recorded an impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.88 706.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.78 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 685.10 Td (otal amortization expense from definite-lived intangibles was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.39 685.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.28 685.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.28 685.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.17 685.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.61 685.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 685.10 Td ( for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.98 673.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.98 673.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 673.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.98 673.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 673.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.41 673.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 252.08 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 259.39 673.10 Td (The following table presents the Company's estimate of amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (expense for each of the five succeeding fiscal years for definite-lived intangibles:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 613.60 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 583.60 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 553.60 194.00 -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 50.5 626.6 m 200.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 626.6 m 398.5 626.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.20 631.27 Td (Year ended February 28 \(29\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.55 631.27 Td (Expected Amortization Expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.90 617.85 Td (\(in 000's\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 603.27 Td (338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 588.27 Td (311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 573.27 Td (311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 558.27 Td (311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 543.27 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 543.27 Td (189) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (10. EMPLOYEE BENEFIT) Tj ET Q q 0 0 0 rg BT 168.45 494.10 Td ( PLANS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 477.10 Td (a. Equity Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 456.10 Td (The Company has stock options and restricted stock grants outstanding that were issued to employees or non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (directors under one or more of the following plans: the 2004 Equity Compensation Plan, the 2010 Equity Compensation Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (the 2012 Equity Compensation Plan, the 2015 Equity Compensation Plan and the 2016 Equity Compensation Plan. ) Tj ET Q q 0 0 0 rg BT 512.56 432.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (outstanding grants continue to be governed by the terms of the applicable plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 403.10 Td (2016 Equity Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 386.10 Td (At the 2016 annual meeting, the shareholders of Emmis approved the 2016 Equity Compensation Plan \(the 2016 Plan\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (Under the 2016 Plan, awards equivalent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.73 374.10 Td (1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.63 374.10 Td ( shares of common stock may be granted. Furthermore, any unissued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (awards from prior equity compensation plans \(or shares subject to outstanding awards that would again become available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (awards under this plan\) increases the number of shares of common stock available for grant under the 2016 Plan. ) Tj ET Q q 0 0 0 rg BT 504.13 350.10 Td (The awards, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (restricted stock units, stock appreciation rights or performance units. Under the 2016 Plan, all awards are granted with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (which may be granted with any purchase price \(including zero\). ) Tj ET Q q 0 0 0 rg BT 307.78 302.10 Td (The stock options under the 2016 Plan generally expire not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.76 290.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.76 290.10 Td ( years from the date of grant. Under the 2016 Plan, awards equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.04 290.10 Td (0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.93 290.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (common stock were available for grant as of February 28, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 261.10 Td (2017 Equity Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 244.10 Td (On March 7, 2017, the board of directors of Emmis approved the 2017 Equity Compensation Plan \("the 2017 Plan"\). ) Tj ET Q q 0 0 0 rg BT 542.07 244.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (2017 Plan won't become ef) Tj ET Q q 0 0 0 rg BT 158.26 232.10 Td (fective until it is approved by Emmis' shareholders at the annual meeting in July 2017. However) Tj ET Q q 0 0 0 rg BT 542.91 232.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Emmis' Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 219.08 220.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 236.99 220.10 Td (, Jef) Tj ET Q q 0 0 0 rg BT 253.47 220.10 Td (frey H. Smulyan, controls more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.33 220.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.66 220.10 Td ( of the vote on this matter and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (informed the board of directors that he intends to vote in favor of approving the 2017 Plan. Under the 2017 Plan, awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (equivalent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.43 196.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.32 196.10 Td ( shares of common stock may be granted. Furthermore, any unissued awards from the 2016 Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Compensation Plan \(or shares subject to outstanding awards that would again become available for awards under this plan\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (increases the number of shares of common stock available for grant under the 2017 Plan. ) Tj ET Q q 0 0 0 rg BT 408.04 172.10 Td (The awards, which have certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (stock appreciation rights or performance units. Under the 2017 Plan, all awards are granted with a purchase price equal to at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (with any purchase price \(including zero\). ) Tj ET Q q 0 0 0 rg BT 216.70 124.10 Td (The stock options under the 2017 Plan generally expire not more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 124.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 124.10 Td ( years from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (the date of grant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 95.10 Td (b. 401\(k\) Retirement Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 74.10 Td (Emmis sponsors a Section401\(k\) retirement savings plan that is available to substantially all employees age ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.46 74.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.46 74.10 Td ( years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (older who have at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 62.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.69 62.10 Td ( days of service. Employees may make pretax contributions to the plan up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.22 62.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.55 62.10 Td ( of their ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 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 (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (compensation, not to exceed the annual limit prescribed by the Internal Revenue Service \(IRS\). Emmis may make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discretionary matching contributions to the plan in the form of cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 427.96 730.10 Td (s Class) Tj ET Q q 0 0 0 rg BT 457.97 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 464.64 730.10 Td ( common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Emmis has historically matched employee contributions at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.89 709.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.22 709.10 Td ( up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.32 709.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 709.10 Td ( of eligible compensation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Emmis' discretionary contributions were made in cash until March 2015. From March 2015 through December 2015, Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (discretionary contributions were made in the form of Class ) Tj ET Q q 0 0 0 rg BT 287.44 685.10 Td (A) Tj ET Q q 0 0 0 rg BT 294.11 685.10 Td ( common stock. Emmis suspended its discretionary contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (on January 1, 2016. Emmis) Tj ET Q q 0 0 0 rg BT 164.52 673.10 Td ( discretionary contributions to the plan totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.42 673.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.31 673.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.75 673.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.64 673.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (February 2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 200.70 661.10 Td (. No discretionary matching contributions were made during the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (2017.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 628.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 628.10 Td (c. Defined Contribution Health and Retirement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 607.10 Td (Emmis contributes to a multi-employer defined contribution health and retirement plan for employees who are members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (of a certain labor union. ) Tj ET Q q 0 0 0 rg BT 147.74 595.10 Td (Amounts char) Tj ET Q q 0 0 0 rg BT 203.94 595.10 Td (ged to expense related to the multi-employer plan were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.17 595.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.06 595.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (each of the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.94 583.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.94 583.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.94 583.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.94 583.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.38 583.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.38 583.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 559.10 Td (1. OTHER COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 185.01 559.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 542.10 Td (a. Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 521.10 Td (The Company has various commitments under the following types of material contracts: \(i\)operating leases; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (\(ii\)employment agreements and \(iii\)other contracts with annual commitments \(mostly contractual services for audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (measurement information\) at February28, 2017 as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 486.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 454.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 454.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 454.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 454.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 424.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 424.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 424.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 424.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 424.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 424.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 424.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 394.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 394.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 394.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 394.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 394.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 394.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 394.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 364.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 364.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 364.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 364.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 364.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 364.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 364.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 454.8 m 355.5 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 454.8 m 424.5 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 454.8 m 493.5 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 454.8 m 562.5 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 364.8 m 355.5 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 364.8 m 424.5 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 364.8 m 493.5 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 364.8 m 562.5 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 350.8 m 355.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 348.8 m 355.5 348.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 350.8 m 424.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 348.8 m 424.5 348.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 350.8 m 493.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348.8 m 493.5 348.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 350.8 m 562.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348.8 m 562.5 348.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 467.03 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 467.03 Td (ear) Tj ET Q q 0 0 0 rg BT 68.85 467.03 Td ( ending) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 457.780078125 m 112.765625 457.780078125 l s q 0 0 0 rg BT 53.00 459.03 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.90 467.03 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.15 459.03 Td (Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.50 467.03 Td (Employment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.10 459.03 Td (Agr) Tj ET Q q 0 0 0 rg BT 384.28 459.03 Td (eements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.35 467.03 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 459.03 Td (Contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 459.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 444.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 444.47 Td (7,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 444.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 444.47 Td (15,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 444.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 444.47 Td (11,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 444.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 444.47 Td (33,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 429.47 Td (7,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 429.47 Td (8,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 429.47 Td (10,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 429.47 Td (25,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 414.47 Td (7,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 414.47 Td (1,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 414.47 Td (3,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 414.47 Td (12,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.37 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 399.47 Td (6,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 399.47 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 399.47 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 399.47 Td (7,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.37 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 384.47 Td (6,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 384.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 384.47 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 384.47 Td (6,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.37 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 369.47 Td (23,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 369.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 369.47 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 369.47 Td (23,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 355.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 354.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 354.47 Td (58,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 354.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 354.47 Td (25,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 354.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 354.47 Td (26,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 354.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 354.47 Td (109,689) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 329.30 Td (Emmis leases certain of) Tj ET Q q 0 0 0 rg BT 169.06 329.30 Td (fice space, tower space, equipment and automobiles under operating leases expiring at various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.30 Td (dates through March 2032. Some of the lease agreements contain renewal options and annual rental escalation clauses, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.30 Td (as provisions for payment of utilities and maintenance costs. ) Tj ET Q q 0 0 0 rg BT 294.21 305.30 Td (The Company recognizes escalated rents on a straight-line basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (over the term of the lease agreement. Rental expense during the years ended February 2015, 2016 and 2017 was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.30 Td ($9.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 281.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 281.30 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.78 281.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 281.30 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.11 281.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 273.77 281.30 Td (. ) Tj ET Q q 0 0 0 rg BT 278.59 281.30 Td (The Company recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 281.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.54 281.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.54 281.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.43 281.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 269.30 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 269.30 Td ( of sublease income as a reduction of rent expense for the years ended February 2015, 2016, and 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 257.30 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 257.30 Td (T) Tj ET Q q 0 0 0 rg BT 107.89 257.30 Td (otal minimum sublease rentals to be received in the future under noncancelable subleases as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 257.30 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 245.30 Td ( amounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.71 245.30 Td ($216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.71 245.30 Td ( thousand, all of which is expected to be received during the year ended February 28, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 224.30 Td (b. Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 203.30 Td (The Company is a party to various legal proceedings arising in the ordinary course of business. In the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.30 Td (management of the Company) Tj ET Q q 0 0 0 rg BT 167.37 191.30 Td (, there are no legal proceedings pending against the Company likely to have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.30 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 179.30 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 140.53 179.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.30 Td (12. INCOME ) Tj ET Q q 0 0 0 rg BT 109.54 143.30 Td (T) Tj ET Q q 0 0 0 rg BT 115.47 143.30 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 126.30 Td (United States and foreign income \(loss\) before income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.54 126.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.54 126.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.54 126.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.54 126.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 126.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.98 126.30 Td ( was as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.30 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 103.50 Td () Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 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 (81) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 735.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 735.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 735.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 735.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 735.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 735.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 705.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 705.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 705.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 705.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 705.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 705.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 735.5 m 424.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 735.5 m 493.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 705.5 m 424.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 705.5 m 493.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 705.5 m 562.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 691.5 m 424.5 691.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 689.5 m 424.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 691.5 m 493.5 691.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 689.5 m 493.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 691.5 m 562.5 691.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 689.5 m 562.5 689.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 739.75 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 739.75 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 739.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 725.17 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 725.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 725.22 Td (\(58,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 725.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 725.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 725.17 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 725.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 725.17 Td (13,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.17 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 710.22 Td (\(345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 710.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 710.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 710.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 695.17 Td (\(Loss\) income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 695.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 695.22 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 695.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 695.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 695.17 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 695.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 695.17 Td (13,110) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 670.00 Td (The provision \(benefit\) for income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.84 670.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.84 670.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.84 670.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.84 670.00 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.78 670.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.78 670.00 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 634.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 634.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 634.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 634.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 634.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 604.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 604.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 604.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 604.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 604.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 574.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 574.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 574.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 574.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 574.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 544.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 544.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 544.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 544.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 544.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 634.5 m 424.5 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 634.5 m 493.5 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 634.5 m 562.5 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 604.5 m 424.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 604.5 m 493.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 604.5 m 562.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 589.5 m 424.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 589.5 m 493.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 589.5 m 562.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 544.5 m 424.5 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 544.5 m 493.5 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 544.5 m 562.5 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 529.5 m 424.5 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 529.5 m 493.5 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 529.5 m 562.5 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 515.5 m 424.5 515.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 513.5 m 424.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 515.5 m 493.5 515.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 513.5 m 493.5 513.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 515.5 m 562.5 515.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.5 m 562.5 513.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 638.75 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 638.75 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 638.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.17 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 609.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 609.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 609.17 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 609.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 609.22 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 609.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 609.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 609.17 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.17 Td ( Total current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 594.17 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 594.22 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 594.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 594.17 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.17 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 564.17 Td (27,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 564.17 Td (1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 564.22 Td (\(152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 549.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 549.17 Td (9,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 549.17 Td (307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 549.22 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 549.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.17 Td ( Total deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 534.17 Td (36,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 534.17 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 534.22 Td (\(178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 534.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 519.17 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 519.17 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 519.17 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 519.22 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 519.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 491.00 Td (The provision \(benefit\) for income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.34 491.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 491.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.34 491.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 491.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.78 491.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.78 491.00 Td ( dif) Tj ET Q q 0 0 0 rg BT 452.21 491.00 Td (fers from that computed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.00 Td (the Federal statutory corporate tax rate as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 455.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 455.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 455.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 455.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 455.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 425.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 425.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 425.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 425.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 425.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 395.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 395.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 395.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 395.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 395.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 395.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 365.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 365.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 365.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 365.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 365.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 335.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 335.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 335.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 335.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 335.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 335.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 305.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 305.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 305.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 305.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 305.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 455.5 m 424.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 455.5 m 493.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 455.5 m 562.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 455.5 m 424.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 455.5 m 493.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 290.5 m 424.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 290.5 m 493.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 290.5 m 562.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 276.5 m 424.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 274.5 m 424.5 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 276.5 m 493.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 274.5 m 493.5 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 276.5 m 562.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 274.5 m 562.5 274.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 459.75 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 459.75 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 459.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.17 Td (Computed income tax \(benefit\) provision at 35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 445.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 445.22 Td (\(20,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 445.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 445.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 445.17 Td (618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 445.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 445.17 Td (4,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.17 Td (State income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 430.17 Td (9,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 430.17 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 430.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.17 Td (Foreign taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 415.17 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 415.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 415.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.17 Td (Tax benefit resulting from swap expiration and related OCI reversal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 400.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 400.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 400.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.17 Td (Nondeductible stock compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 385.17 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 385.17 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 385.17 Td (444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.17 Td (Entertainment disallowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 370.17 Td (421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 370.17 Td (366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 370.17 Td (366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.17 Td (Disposal of goodwill with no tax basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 355.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 355.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.17 Td (3,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.17 Td (Change in federal valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 340.17 Td (50,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 340.17 Td (2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 340.22 Td (\(7,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 340.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.17 Td (Tax attributed to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 325.22 Td (\(1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 325.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 325.22 Td (\(1,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 325.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 325.22 Td (\(1,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 325.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.17 Td (Federal tax credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 310.22 Td (\(173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 310.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 310.22 Td (\(43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 310.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 310.22 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 310.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 295.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 295.22 Td (\(657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 295.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 295.17 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 295.17 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.17 Td (Provision \(benefit\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 280.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 280.17 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 280.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 280.17 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 280.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 280.22 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 280.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 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 (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The components of deferred tax assets and deferred tax liabilities at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 742.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.99 742.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.58 742.10 Td ( are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 706.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 706.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 706.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 676.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 676.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 646.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 646.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 616.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 616.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 586.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 586.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 556.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 556.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 526.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 526.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 496.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 496.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 496.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 496.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 466.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 466.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 466.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 466.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 436.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 436.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 706.6 m 493.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 541.6 m 493.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 541.6 m 562.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 526.6 m 493.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.6 m 562.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 451.6 m 493.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 451.6 m 562.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 436.6 m 493.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 436.6 m 562.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 422.6 m 493.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 420.6 m 493.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 422.6 m 562.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 420.6 m 562.5 420.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 710.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 710.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.27 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 681.27 Td (Net operating loss carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 681.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 681.27 Td (34,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 681.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 681.27 Td (35,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 666.27 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 666.27 Td (28,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 666.27 Td (22,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 651.27 Td (Compensation relating to stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 651.27 Td (1,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 651.27 Td (1,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 636.27 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 636.27 Td (840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 636.27 Td (420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.27 Td (Accrued rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 621.27 Td (2,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 621.27 Td (1,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 606.27 Td (Tax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 606.27 Td (3,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 606.27 Td (3,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 591.27 Td (Investments in subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 591.27 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 591.27 Td (396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.27 Td (Capital loss carryforward) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 576.27 Td (2,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 576.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 561.27 Td (1,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 561.27 Td (993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.27 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 546.32 Td (\(66,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 546.32 Td (\(60,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 531.27 Td (Total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 531.27 Td (9,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 531.27 Td (6,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.27 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.27 Td (Indefinite-lived intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 501.32 Td (\(43,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 501.32 Td (\(43,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 486.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 486.32 Td (\(1,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 486.32 Td (\(814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 471.27 Td (Cancellation of debt income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 471.32 Td (\(8,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 471.32 Td (\(5,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 456.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 456.32 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 456.32 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 441.27 Td (Total deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 441.32 Td (\(52,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 441.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 441.32 Td (\(49,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 441.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 426.27 Td (Net deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 426.32 Td (\(43,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 426.32 Td (\(43,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 398.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 398.10 Td ( valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset \(DT) Tj ET Q q 0 0 0 rg BT 527.13 398.10 Td (A\) will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (not be realized. ) Tj ET Q q 0 0 0 rg BT 116.18 386.10 Td (The Company historically recorded a full valuation allowance on all U.S. \(federal and state\) deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.65 374.10 Td (The Company does not benefit its deferred tax assets based on the deferred tax liabilities \(DTLs\) related to indefinite-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (lived intangibles that are not expected to reverse during the carry-forward period. Because these DTLs would not reverse until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (some future indefinite period when the intangibles are either sold or impaired, any resulting temporary dif) Tj ET Q q 0 0 0 rg BT 473.58 350.10 Td (ferences cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (considered a source of future taxable income to support realization of the DT) Tj ET Q q 0 0 0 rg BT 357.42 338.10 Td (As.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 314.10 Td (The Company decreased its valuation allowance by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 314.10 Td ($6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.54 314.10 Td ( million \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.76 314.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 314.10 Td ( federal and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.35 314.10 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.85 314.10 Td ( million state\), from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.33 314.10 Td ($66.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.83 314.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (million as of February 29, 2016, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 302.10 Td ($60.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.43 302.10 Td ( million as of February 28, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 281.10 Td (The Company has considered future taxable income and ongoing prudent and feasible tax-planning strategies in assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (the need for the valuation allowance. ) Tj ET Q q 0 0 0 rg BT 200.03 269.10 Td (The Company will assess quarterly whether it remains more likely than not that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (deferred tax assets will not be realized. In the event the Company determines at a future time that it could realize its deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (tax assets in excess of the net amount recorded, the Company will reduce its deferred tax asset valuation allowance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (decrease income tax expense in the period when the Company makes such determination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 212.10 Td (The Company has federal net operating losses \("NOLs"\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.49 212.10 Td ($79 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.88 212.10 Td ( and state NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.92 212.10 Td ($168 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.31 212.10 Td ( available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 200.10 Td (fset future taxable income.) Tj ET Q q 0 0 0 rg BT 167.09 200.10 Td (The federal net operating loss carryforwards begin expiring in 2030, and the state net operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (loss carryforwards expire between the years ending February 2018 and February 2036. ) Tj ET Q q 0 0 0 rg BT 399.06 188.10 Td (A) Tj ET Q q 0 0 0 rg BT 405.73 188.10 Td ( valuation allowance has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (provided for the net operating loss carryforwards related to states in which the Company no longer has operating results as it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (more likely than not that substantially all of these net operating losses will expire unutilized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 143.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 143.10 Td ( of tax credits at February28, 2017 primarily relates to alternative minimum tax carryforwards that can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 171.79 131.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.61 131.10 Td (This amount also includes tax credits in Illinois, ) Tj ET Q q 0 0 0 rg BT 371.12 131.10 Td (T) Tj ET Q q 0 0 0 rg BT 376.53 131.10 Td (exas, and a federal research credit, all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (which have a full valuation allowance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 98.10 Td (The activities of Digonex ) Tj ET Q q 0 0 0 rg BT 178.23 98.10 Td (T) Tj ET Q q 0 0 0 rg BT 183.64 98.10 Td (echnologies, Inc., a C Corporation under the Internal Revenue Code, are consolidated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (financial statement purposes, but are not included in the U.S. consolidated income tax return of Emmis. ) Tj ET Q q 0 0 0 rg BT 466.01 86.10 Td (As of February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (2017, Digonex has federal NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.80 74.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.19 74.10 Td ( and state NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 74.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.62 74.10 Td ( . If Digonex produces pretax income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (future, it is possible that the utilization of these NOL) Tj ET Q q 0 0 0 rg BT 260.70 62.10 Td ( carryforwards will be limited due to Section 382 of the Internal Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 75.93 50.10 Td (The Company is in the process of completing a Section 382 study to determine the applicable limitation, if any) Tj ET Q q 0 0 0 rg BT 518.79 50.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.24 50.10 Td (As of ) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 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 (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (February 28, 2017, the Company was able to determine that at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.71 742.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 742.10 Td ( of federal NOLs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.56 742.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.95 742.10 Td ( of state NOLs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (will be fully available to of) Tj ET Q q 0 0 0 rg BT 158.40 730.10 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 267.34 730.10 Td (These amounts are included in the above consolidated federal and state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (NOL) Tj ET Q q 0 0 0 rg BT 70.18 718.10 Td ( totals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.68 718.10 Td ($79 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.07 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.51 718.10 Td ($168 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.90 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 277.56 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (Accounting Standards Codification paragraph 740-10 clarifies the accounting for uncertainty in income taxes by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (position taken or expected to be taken within a tax return. For those benefits to be recognized, a tax position must be more-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (likely-than-not to be sustained upon examination by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 335.32 661.10 Td (The amount recognized is measured as the lar) Tj ET Q q 0 0 0 rg BT 518.12 661.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (benefit that is greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.90 649.10 Td (50 percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.82 649.10 Td ( likely of being realized upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 399.60 649.10 Td (As of February28, 2017, the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (value of the Company) Tj ET Q q 0 0 0 rg BT 141.37 637.10 Td (s net uncertain tax positions is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 637.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.83 637.10 Td (, most of which is included in other noncurrent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (liabilities, as the Company does not expect to settle the items within the next 12 months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.10 Td (The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 592.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.04 592.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 592.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 581.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.80 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 544.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 544.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.80 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 514.80 65.00 -15.00 re f /GS0 gs 0.8 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 470.8 m 485.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 468.8 m 485.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 470.8 m 560.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 468.8 m 560.5 468.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 562.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.55 562.03 Td (FortheyearendingFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 549.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 549.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 549.03 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.47 Td (Gross unrecognized tax benefit opening balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 534.52 Td (\(172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 534.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 534.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 534.52 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 534.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 519.47 Td (Gross increases tax positions in prior periods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 519.52 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 519.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.47 Td (Gross decreasessettlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 504.47 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 504.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.47 Td (Gross decreases lapse of applicable statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 489.47 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 489.47 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.47 Td (Gross unrecognized tax benefit ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 474.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 474.52 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 474.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 474.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 474.52 Td (\(60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 474.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 449.30 Td (Included in the balance of unrecognized tax benefits are tax benefits that, if recognized, would reduce the Company) Tj ET Q q 0 0 0 rg BT 539.65 449.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.30 Td (provision for income taxes totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.47 437.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.36 437.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 437.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 437.30 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.85 437.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.45 437.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.89 437.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.49 437.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 553.15 437.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.30 Td (Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.30 Td (liabilities that could be dif) Tj ET Q q 0 0 0 rg BT 154.79 413.30 Td (ferent from this estimate. In such case, the Company will record additional tax expense or tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.30 Td (in the tax provision, or reclassify amounts on the accompanying consolidated balance sheets in the period in which such matter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.30 Td (is ef) Tj ET Q q 0 0 0 rg BT 66.76 389.30 Td (fectively settled with the taxing authority) Tj ET Q q 0 0 0 rg BT 230.79 389.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.30 Td (The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.30 Td (Related to the uncertain tax benefits noted above, the Company accrued an immaterial amount of interest during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 344.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.32 344.30 Td ( and in total, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.47 344.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.06 344.30 Td (, has recognized a liability for interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.73 344.30 Td ($8 thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.34 344.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.30 Td (13. SEGMENT) Tj ET Q q 0 0 0 rg BT 114.83 320.30 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 165.47 320.30 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 303.30 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 303.30 Td (s operations have historically been aligned into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.49 303.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.48 303.30 Td ( business segments: \(i\)Radio, \(ii\)Publishing and \(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.30 Td (Corporate & Emer) Tj ET Q q 0 0 0 rg BT 124.24 291.30 Td (ging ) Tj ET Q q 0 0 0 rg BT 144.34 291.30 Td (T) Tj ET Q q 0 0 0 rg BT 149.75 291.30 Td (echnologies. Emer) Tj ET Q q 0 0 0 rg BT 223.98 291.30 Td (ging ) Tj ET Q q 0 0 0 rg BT 244.08 291.30 Td (T) Tj ET Q q 0 0 0 rg BT 249.49 291.30 Td (echnologies includes our ) Tj ET Q q 0 0 0 rg BT 351.23 291.30 Td (T) Tj ET Q q 0 0 0 rg BT 356.64 291.30 Td (agStation, NextRadio and Digonex businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.30 Td (Results of Emer) Tj ET Q q 0 0 0 rg BT 114.25 279.30 Td (ging ) Tj ET Q q 0 0 0 rg BT 134.35 279.30 Td (T) Tj ET Q q 0 0 0 rg BT 139.76 279.30 Td (echnologies were reclassified from the Radio segment in the prior periods presented below and are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.30 Td (material. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 250.30 Td (These business segments are consistent with the Company) Tj ET Q q 0 0 0 rg BT 310.35 250.30 Td (s management of these businesses and its financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.30 Td (structure. Corporate expenses are not allocated to reportable segments. Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 451.71 238.30 Td (Y) Tj ET Q q 0 0 0 rg BT 457.93 238.30 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 507.65 238.30 Td (Angeles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.30 Td (including the LMA) Tj ET Q q 0 0 0 rg BT 126.66 226.30 Td ( fee we receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 300.39 226.30 Td (, accounted for more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.34 226.30 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.67 226.30 Td ( of our radio revenues for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.30 Td (ended February 28, 2017. ) Tj ET Q q 0 0 0 rg BT 154.79 214.30 Td (The Company) Tj ET Q q 0 0 0 rg BT 214.51 214.30 Td (s segments operate exclusively in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 197.30 Td (During the year ended February 28, 2017, we sold our radio cluster in ) Tj ET Q q 0 0 0 rg BT 355.69 197.30 Td (T) Tj ET Q q 0 0 0 rg BT 361.10 197.30 Td (erre Haute, Indiana and sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.61 197.30 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 197.30 Td ( of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.31 197.30 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.98 197.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.30 Td (magazines. See Note 7 for more discussion of our dispositions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 168.30 Td (The accounting policies as described in the summary of significant accounting policies included in Note 1 to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.30 Td (consolidated financial statements, are applied consistently across segments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 145.50 Td () Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 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 (84) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 719.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 719.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 719.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 719.50 65.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 359.50 639.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 639.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 639.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 639.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 639.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 599.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 599.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 599.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 599.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 719.5 m 355.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 719.5 m 424.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 719.5 m 493.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 719.5 m 562.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 719.5 m 355.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 719.5 m 424.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 719.5 m 493.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 719.5 m 562.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 584.5 m 355.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 584.5 m 424.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 584.5 m 493.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.5 m 562.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 570.5 m 355.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 568.5 m 355.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 570.5 m 424.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 568.5 m 424.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 570.5 m 493.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 568.5 m 493.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 570.5 m 562.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 568.5 m 562.5 568.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 722.480078125 m 157.51953125 722.480078125 l s q 0 0 0 rg BT 53.00 723.73 Td (Year Ended February 28, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.25 723.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 723.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.35 739.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 731.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 723.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.05 723.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.07 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 709.17 Td (165,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 709.17 Td (48,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 709.17 Td (861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 709.17 Td (214,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 695.07 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 684.17 Td (115,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 684.17 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 684.17 Td (13,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 684.17 Td (180,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.07 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 659.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 659.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 659.17 Td (11,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 659.17 Td (11,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.07 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 644.17 Td (6,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 644.17 Td (2,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 644.17 Td (9,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 629.17 Td (3,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 629.17 Td (230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 629.17 Td (1,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 629.17 Td (4,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.07 Td (Gain on sale of radio and publishing assets, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.07 Td (disposition costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.80 604.22 Td (\(3,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 604.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 604.22 Td (\(20,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 604.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 604.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 604.22 Td (\(23,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 604.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.07 Td (Loss on disposal of fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 589.17 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 589.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 589.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 589.17 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 575.07 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 574.17 Td (42,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 574.17 Td (17,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 574.22 Td (\(28,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 574.17 Td (31,908) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 518.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 518.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 518.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 518.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 518.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 518.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 518.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.50 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 478.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 478.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 478.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 478.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 478.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 478.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 478.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 438.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 438.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 438.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 438.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 438.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 408.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 408.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 408.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 408.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 408.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 518.5 m 355.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 518.5 m 424.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.5 m 493.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.5 m 562.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 518.5 m 355.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 518.5 m 424.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.5 m 493.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.5 m 562.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 408.5 m 355.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 408.5 m 424.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 408.5 m 493.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.5 m 562.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 394.5 m 355.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 392.5 m 355.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 394.5 m 424.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 392.5 m 424.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 394.5 m 493.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 392.5 m 493.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 394.5 m 562.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 392.5 m 562.5 392.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 521.480078125 m 157.51953125 521.480078125 l s q 0 0 0 rg BT 53.00 522.73 Td (Year Ended February 29, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.25 522.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 522.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.35 538.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 530.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 522.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.05 522.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.07 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 508.17 Td (169,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 508.17 Td (60,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 508.17 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 508.17 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 494.07 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 483.17 Td (116,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 483.17 Td (58,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 483.17 Td (7,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 483.17 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.07 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 459.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 458.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 458.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 458.17 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 458.17 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.07 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 443.17 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 443.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 443.17 Td (4,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 443.17 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 429.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 428.17 Td (3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 428.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 428.17 Td (2,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 428.17 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 414.07 Td (\(Gain\) loss on sale of fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 413.17 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 413.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 413.17 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.07 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 398.17 Td (43,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 398.17 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 398.22 Td (\(25,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 398.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 398.17 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 342.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 342.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 342.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 342.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 342.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 342.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 302.50 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 302.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 302.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 302.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 302.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 302.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 302.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 302.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 262.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 262.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 262.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 262.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 262.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 262.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 262.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 262.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 232.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 232.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 232.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 232.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 232.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 232.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 232.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 232.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 202.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 202.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 202.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 202.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 202.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 202.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 202.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 202.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 342.5 m 354.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 342.5 m 423.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 342.5 m 492.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 342.5 m 561.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 342.5 m 354.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 342.5 m 423.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 342.5 m 492.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 202.5 m 354.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 202.5 m 423.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 202.5 m 492.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 202.5 m 561.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 188.5 m 354.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 186.5 m 354.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 188.5 m 423.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 186.5 m 423.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 188.5 m 492.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 186.5 m 492.5 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 188.5 m 561.5 188.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 186.5 m 561.5 186.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52 345.480078125 m 156.51953125 345.480078125 l s q 0 0 0 rg BT 52.00 346.73 Td (Year Ended February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.25 346.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.25 346.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 362.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 354.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 346.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.05 346.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 333.07 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 332.17 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 332.17 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 332.17 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 332.17 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 318.07 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 307.17 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 307.17 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 307.17 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 307.17 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 293.07 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 283.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 282.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 282.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 282.17 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 282.17 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 268.07 Td (LMA fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 267.17 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 267.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 267.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 267.17 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 253.07 Td (Hungary license litigation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 252.17 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 252.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 252.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 252.17 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 238.07 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 237.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 237.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 237.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 237.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 223.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 222.17 Td (3,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 222.17 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 222.17 Td (2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 222.17 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 208.07 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.80 207.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 207.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 207.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 207.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 207.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 207.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 193.07 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 192.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 192.22 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 192.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 192.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 192.17 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 192.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 192.22 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 192.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 192.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 192.22 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 192.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 118.50 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 118.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 118.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 118.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 118.50 64.00 -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 294.5 133.5 m 357.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 133.5 m 425.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 133.5 m 493.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 133.5 m 561.5 133.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52 136.48007812499998 m 92.37890625 136.48007812499998 l s q 0 0 0 rg BT 52.00 137.73 Td (Total Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.25 137.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 137.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.85 153.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.10 145.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.10 137.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.55 137.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 124.07 Td (As of February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 123.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 123.17 Td (271,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 123.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 123.17 Td (22,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 123.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 123.17 Td (23,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 123.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 123.17 Td (316,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 109.07 Td (As of February 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 108.17 Td (260,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 108.17 Td (1,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 108.17 Td (27,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 108.17 Td (289,338) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 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 (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (14. OTHER INCOME \(EXPENSE\), NET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Components of other income \(expense\), net for the three years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.39 725.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.39 725.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.39 725.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.39 725.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.83 725.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 725.25 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 688.75 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 688.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 688.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 688.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 688.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 688.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 648.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 618.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 618.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 618.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 618.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 701.75 m 424.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 701.75 m 428.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 701.75 m 493.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 701.75 m 497.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 701.75 m 562.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 688.75 m 424.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 688.75 m 493.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 688.75 m 562.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 688.75 m 424.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 688.75 m 493.5 688.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 618.75 m 424.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 618.75 m 493.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 618.75 m 562.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 604.75 m 424.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 602.75 m 424.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 604.75 m 493.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 602.75 m 493.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 604.75 m 562.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 602.75 m 562.5 602.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.40 705.98 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 693.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 692.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 692.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 692.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 678.42 Td (Income \(loss\) from unconsolidated affiliate, including other-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.42 Td (temporary impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 668.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 668.47 Td (\(82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 668.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 668.47 Td (\(28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 668.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.42 Td (Other-than-temporary impairment loss on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 653.47 Td (\(6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 653.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 653.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 653.47 Td (\(254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 653.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 638.42 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 638.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 638.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 623.42 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 623.42 Td (1,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 623.42 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 608.42 Td (Total other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 608.47 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 608.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 608.42 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 608.47 Td (\(160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 608.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 580.25 Td (See Note 1 for further discussion of the other) Tj ET Q q 0 0 0 rg BT 252.81 580.25 Td (-than-temporary impairment loss on investments recorded in the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (February 28, 2015 and 2017. Other income in the year ended February 29, 2016 mostly relates to various nonrecurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (recoveries and noncash gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (15. RELA) Tj ET Q q 0 0 0 rg BT 92.04 532.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 120.47 532.25 Td (AR) Tj ET Q q 0 0 0 rg BT 134.56 532.25 Td (TY) Tj ET Q q 0 0 0 rg BT 148.08 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.40 532.25 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 511.25 Td (Prior to 2002, the Company made certain life insurance premium payments for the benefit of Mr) Tj ET Q q 0 0 0 rg BT 459.45 511.25 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 504.83 511.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (discontinued making such payments in 2001; however) Tj ET Q q 0 0 0 rg BT 267.34 499.25 Td (, pursuant to a Split Dollar Life Insurance ) Tj ET Q q 0 0 0 rg BT 435.91 499.25 Td (Agreement and Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.38 487.25 Td (Assignment dated November2, 1997, the Company retains the right, upon Mr) Tj ET Q q 0 0 0 rg BT 403.55 487.25 Td (.Smulyan) Tj ET Q q 0 0 0 rg BT 446.88 487.25 Td (s death, resignation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (termination of employment, to recover all of the premium payments it has made, which total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.40 475.25 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.29 475.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.25 Td (As previously discussed in Note 8, the Company received an of) Tj ET Q q 0 0 0 rg BT 327.93 454.25 Td (fer from EAC, an Indiana corporation owned by Jef) Tj ET Q q 0 0 0 rg BT 534.63 454.25 Td (frey ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (H. Smulyan, the Company) Tj ET Q q 0 0 0 rg BT 159.16 442.25 Td (s Chairman of the Board, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 340.04 442.25 Td (ficer and controlling shareholder) Tj ET Q q 0 0 0 rg BT 470.42 442.25 Td (, setting forth a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (binding proposal by which EAC would acquire all the outstanding shares of Class ) Tj ET Q q 0 0 0 rg BT 379.67 430.25 Td (A) Tj ET Q q 0 0 0 rg BT 386.34 430.25 Td ( Common Stock of the Company) Tj ET Q q 0 0 0 rg BT 517.63 430.25 Td (. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (the year ended February 28, 2017, the Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.32 418.25 Td ($0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.82 418.25 Td ( of costs associated with the of) Tj ET Q q 0 0 0 rg BT 421.39 418.25 Td (fer) Tj ET Q q 0 0 0 rg BT 432.08 418.25 Td (, which are included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (corporate expenses, excluding depreciation and amortization expense in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.47 394.25 Td (The going private of) Tj ET Q q 0 0 0 rg BT 178.21 394.25 Td (fer expired on October 14, 2016. No further costs are expected to be incurred in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (with the going private of) Tj ET Q q 0 0 0 rg BT 148.69 382.25 Td (fer as it has expired. See Note 8 for further discussion of the going private of) Tj ET Q q 0 0 0 rg BT 458.14 382.25 Td (fer) Tj ET Q q 0 0 0 rg BT 468.69 382.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 358.25 Td (16. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 127.07 358.25 Td ( EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 337.25 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 97.60 337.25 Td (Amendment to the 2014 Cr) Tj ET Q q 0 0 0 rg BT 204.99 337.25 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 320.25 Td (On ) Tj ET Q q 0 0 0 rg BT 81.67 320.25 Td (April 18, 2017, Emmis entered into a Fourth ) Tj ET Q q 0 0 0 rg BT 261.65 320.25 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 389.14 320.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 438.38 320.25 Td (The Fourth ) Tj ET Q q 0 0 0 rg BT 485.04 320.25 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 308.25 Td (eliminated the maximum ) Tj ET Q q 0 0 0 rg BT 147.29 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 152.71 308.25 Td (otal Leverage Ratio covenant through May 31, 2018 and replaced it with a minimum Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 296.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 81.11 296.25 Td ( covenant of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.03 296.25 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.92 296.25 Td (, after which it reverts to a ) Tj ET Q q 0 0 0 rg BT 294.48 296.25 Td (T) Tj ET Q q 0 0 0 rg BT 299.89 296.25 Td (otal Leverage Ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.07 296.25 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.57 296.25 Td (:1.00 for the quarters ended ) Tj ET Q q 0 0 0 rg BT 521.76 296.25 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 284.25 Td (31, 2018 and thereafter) Tj ET Q q 0 0 0 rg BT 137.34 284.25 Td (, \(ii\) reduced the Interest Coverage Ratio from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.32 284.25 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.82 284.25 Td (:1.00 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.88 284.25 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.38 284.25 Td (:1.00, \(iii\) required Emmis to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 272.25 Td (definitive agreements by January 18, 2018 to sell assets that generate at least $80 million of sale proceeds and close such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 260.25 Td (transactions no later than July 18, 2018, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 278.27 260.25 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 341.12 260.25 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 248.25 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.20 248.25 Td (6.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.03 248.25 Td ( for ) Tj ET Q q 0 0 0 rg BT 144.14 248.25 Td (ABR Loans \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 315.22 248.25 Td (Agreement\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.42 248.25 Td (7.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.25 248.25 Td ( for Eurodollar Loans \(as defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 236.25 Td (the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 109.16 236.25 Td (Agreement\) and increased the unused commitment fee on the revolving credit facility to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.31 236.25 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.31 236.25 Td ( basis points, and \(v\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 224.25 Td (accelerated the maturity of the ) Tj ET Q q 0 0 0 rg BT 168.92 224.25 Td (T) Tj ET Q q 0 0 0 rg BT 174.33 224.25 Td (erm Loans to ) Tj ET Q q 0 0 0 rg BT 229.04 224.25 Td (April 18, 2019 and the Revolving Loans to ) Tj ET Q q 0 0 0 rg BT 402.64 224.25 Td (August 31, 2018. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 212.25 Td (tightening or eliminating baskets and other credit enhancements for lenders, the Fourth ) Tj ET Q q 0 0 0 rg BT 394.63 212.25 Td (Amendment contains ratcheting fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 200.25 Td (premiums if the existing credit facility is not refinanced by July 18, 2018. ) Tj ET Q q 0 0 0 rg BT 344.20 200.25 Td (The Fourth ) Tj ET Q q 0 0 0 rg BT 390.86 200.25 Td (Amendment also required Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 188.25 Td (fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.54 188.25 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.37 188.25 Td ( of the ) Tj ET Q q 0 0 0 rg BT 119.23 188.25 Td (T) Tj ET Q q 0 0 0 rg BT 124.64 188.25 Td (erm Loan and Revolving Commitment of each Lender that consented to the Fourth ) Tj ET Q q 0 0 0 rg BT 458.17 188.25 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 512.43 188.25 Td (This fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 176.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.71 176.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 176.25 Td ( and was recorded as additional original issue discount and is being amortized as interest expense over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 164.25 Td (remaining life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 178.86 164.25 Td (Agreement, beginning with the three-month period ending May 31, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 143.25 Td (Sale of KPWR-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 126.25 Td (On May 8, 2017, Emmis entered into a definitive agreement to sell KPWR-FM in Los ) Tj ET Q q 0 0 0 rg BT 413.83 126.25 Td (Angeles to KWHY) Tj ET Q q 0 0 0 rg BT 489.38 126.25 Td (-22 Broadcasting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 114.25 Td (LLC for $82.8 million. ) Tj ET Q q 0 0 0 rg BT 138.89 114.25 Td (As discussed above, under the terms of the Fourth ) Tj ET Q q 0 0 0 rg BT 341.07 114.25 Td (Amendment to the 2014 Credit Facility) Tj ET Q q 0 0 0 rg BT 497.90 114.25 Td (, Emmis was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 102.25 Td (required to enter into definitive agreements to sell assets that generated at least $80 million of proceeds by January 18, 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 90.25 Td (Entering into this definitive agreement satisfies that requirement. Emmis found it more advantageous to sell its standalone radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 78.25 Td (station in Los ) Tj ET Q q 0 0 0 rg BT 101.39 78.25 Td (Angeles than to sell other assets to meet this requirement. ) Tj ET Q q 0 0 0 rg BT 336.71 78.25 Td (This transaction is subject to, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 66.25 Td (expiration or early termination of the waiting period under the Hart-Scott-Rodino ) Tj ET Q q 0 0 0 rg BT 372.41 66.25 Td (Act, FCC approval and other customary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 54.25 Td (closing conditions and is expected to close in the back half of 2017. KPWR-FM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.94 54.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.44 54.25 Td (had historically been included in our Radio ) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 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 (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 83.14 742.10 Td (The following table summarizes certain operating results of KPWR-FM for all periods presented. Interest expense has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 730.10 Td (not been allocated to KPWR-FM in the table below as the Company can not yet estimate the amount of required ) Tj ET Q q 0 0 0 rg BT 496.37 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 501.78 730.10 Td (erm Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 718.10 Td (repayments associated with the eventual sale of the radio station.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 661.60 279.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 661.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 661.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 661.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 621.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 621.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 621.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 621.60 77.00 -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 327 676.6 m 404 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 676.6 m 481 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 676.6 m 558 676.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.90 693.83 Td (For the year ended February 28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.00 680.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 680.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.00 680.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 666.27 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 666.27 Td (32,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 666.27 Td (28,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.50 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 666.27 Td (24,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 651.27 Td (Station operating expenses, excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 641.27 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 641.27 Td (17,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 641.27 Td (16,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 641.27 Td (16,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 626.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 626.27 Td (570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 626.27 Td (422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 626.27 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.50 611.27 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 611.27 Td (14,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 611.27 Td (11,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 611.27 Td (7,045) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 590.10 Td (The carrying amounts of major classes of assets expected to be included in the sale of KPWR-FM as of February 29, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 578.10 Td (and February 28, 2017 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 521.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 521.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 521.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 491.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 491.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 491.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 536.6 m 476.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 536.6 m 561.5 536.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 553.83 Td (As of February 28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.00 540.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 540.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 526.27 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 526.27 Td (1,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 526.27 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 511.27 Td (Indefinite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 511.27 Td (2,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 511.27 Td (2,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 496.27 Td (Other intangibles, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 496.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 496.27 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 481.27 Td (Other assets, long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 481.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 481.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (ITEM9. ) Tj ET Q q 0 0 0 rg BT 108.50 410.10 Td (CHANGES IN ) Tj ET Q q 0 0 0 rg BT 173.51 410.10 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 287.80 410.10 Td (WITH ) Tj ET Q q 0 0 0 rg BT 318.08 410.10 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 367.90 410.10 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 414.02 410.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 485.42 410.10 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 398.10 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 164.62 398.10 Td ( DISCLOSURE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.30 Td (ITEM9A. ) Tj ET Q q 0 0 0 rg BT 108.50 352.30 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 166.57 352.30 Td (AND PROCEDURES) 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 50 333.9669921875 m 250.234375 333.9669921875 l s q 0 0 0 rg BT 50.00 335.30 Td (Evaluation of Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 318.30 Td (As of the end of the period covered by this annual report, the Company evaluated the ef) Tj ET Q q 0 0 0 rg BT 424.54 318.30 Td (fectiveness of the design and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.30 Td (operation of its disclosure controls and procedures \(Disclosure Controls\). ) Tj ET Q q 0 0 0 rg BT 363.06 306.30 Td (This evaluation \(the Controls Evaluation\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.30 Td (performed under the supervision and with the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 488.30 294.30 Td (ficer \(CEO\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.30 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 282.30 Td (ficer \(CFO\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 265.30 Td (Based upon the Controls Evaluation, our CEO and CFO concluded that as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.39 265.30 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.99 265.30 Td (, our Disclosure Controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.30 Td (are ef) Tj ET Q q 0 0 0 rg BT 72.29 253.30 Td (fective to provide reasonable assurance that information relating to Emmis Communications Corporation and Subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.30 Td (that is required to be disclosed by us in the reports that we file or submit is recorded, processed, summarized and reported, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.30 Td (within the time periods specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 362.71 229.30 Td (s rules and forms, and is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.30 Td (communicated to our management, including our principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 429.13 217.30 Td (ficers, or persons performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.30 Td (similar functions, as appropriate to allow timely decisions regarding required disclosure.) 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 50 186.96699218749995 m 271.064453125 186.96699218749995 l s q 0 0 0 rg BT 50.00 188.30 Td (Changes in Internal Control Over Financial Reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 171.30 Td (There was no change in our internal control over financial reporting \(as defined in Rule 13a-15\(f\)\) that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.30 Td (the fourth quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.46 159.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 159.30 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 263.91 159.30 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 445.32 159.30 Td (fect, our internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.30 Td (over financial reporting.) 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 50 128.96699218749995 m 465 128.96699218749995 l s q 0 0 0 rg BT 50.00 130.30 Td (Limitations on Ef) Tj ET Q q 0 0 0 rg BT 120.37 130.30 Td (fectiveness of Controls and Procedures and Internal Control over Financial Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 113.30 Td (In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (management recognizes that any controls and procedures, no matter how well designed and operated, can provide only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.30 Td (reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.30 Td (and internal control over financial reporting must reflect the fact that there are resource constraints and that management is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.30 Td (required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.) 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 50 46.966992187499955 m 322.4365234375 46.966992187499955 l s q 0 0 0 rg BT 50.00 48.30 Td (Management) Tj ET Q q 0 0 0 rg BT 104.98 48.30 Td (s Report on Internal Control Over Financial Reporting) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 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 (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 226.77 742.10 Td (s management is responsible for establishing and maintaining adequate internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 273.73 718.10 Td (, or under the supervision of, Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 544.25 718.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 229.46 706.10 Td (ficers and ef) Tj ET Q q 0 0 0 rg BT 278.70 706.10 Td (fected by Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 470.89 706.10 Td (s board of directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 646.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 646.10 Td (Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 634.10 Td (dispositions of the assets of Emmis Communications Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 610.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 610.10 Td (Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 598.10 Td (accordance with generally accepted accounting principles, and that receipts and expenditures of Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 586.10 Td (Communications Corporation are being made only in accordance with authorizations of management and directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 574.10 Td (Emmis Communications Corporation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 550.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 550.10 Td (Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 538.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 233.22 538.10 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 378.81 538.10 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 517.10 Td (Management has evaluated the ef) Tj ET Q q 0 0 0 rg BT 207.65 517.10 Td (fectiveness of its internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.78 517.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.38 517.10 Td (, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (on the control criteria established in a report entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.87 505.10 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 319.56 505.10 Td (olIntegrated Framework) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.04 505.10 Td ( \(2013 Framework\), issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 180.92 493.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 254.33 493.10 Td (T) Tj ET Q q 0 0 0 rg BT 260.08 493.10 Td (readway Commission. Based on such evaluation, we have concluded that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 202.77 481.10 Td (s internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 386.69 481.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 481.10 Td (February28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 481.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 447.10 Td (frey H. Smulyan ) Tj ET Q q 0 0 0 rg BT 158.00 447.10 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 294.44 447.10 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (R) Tj ET Q q 0 0 0 rg BT 56.27 430.10 Td (yan ) Tj ET Q q 0 0 0 rg BT 72.66 430.10 Td (A. Hornaday ) Tj ET Q q 0 0 0 rg BT 158.00 430.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 200.30 430.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.92 430.10 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 338.09 430.10 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 375.67 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.42 430.10 Td (reasurer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (ITEM9B. ) Tj ET Q q 0 0 0 rg BT 108.50 396.10 Td (OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 195.26 396.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (Not applicable.) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 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 (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM10. DIRECT) Tj ET Q q 0 0 0 rg BT 132.89 718.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 272.92 718.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 346.89 718.25 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.25 Td (The information required by this item with respect to directors or nominees to be directors of Emmis is incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (reference from the sections entitled Proposal 1: Election of Directors, Corporate Governance Certain Committees of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Board of Directors, Corporate Governance Code of Ethics and Section 16\(a\) Beneficial Ownership Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (Compliance in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 225.23 665.25 Td (Annual Meeting of Shareholders expected to be filed within 120 days after the end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (of the fiscal year to which this report applies. Information about executive of) Tj ET Q q 0 0 0 rg BT 357.22 653.25 Td (ficers of Emmis or its af) Tj ET Q q 0 0 0 rg BT 453.96 653.25 Td (filiates who are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (directors or nominees to be directors is presented in Part I under the caption Executive Of) Tj ET Q q 0 0 0 rg BT 412.75 641.25 Td (ficers of the Registrant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.45 Td (ITEM1) Tj ET Q q 0 0 0 rg BT 83.62 612.45 Td (1. ) Tj ET Q q 0 0 0 rg BT 108.50 612.45 Td (EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 226.94 612.45 Td (TION.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.45 Td (The information required by this item is incorporated by reference from the sections entitled Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.45 Td (Compensation of Directors, and Executive Compensation in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 418.79 583.45 Td (Annual Meeting of Shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.45 Td (expected to be filed within 120 days after the end of the fiscal year to which this report applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.45 Td (ITEM12. ) Tj ET Q q 0 0 0 rg BT 108.50 542.45 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 159.81 542.45 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 223.99 542.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 240.00 542.45 Td ( CER) Tj ET Q q 0 0 0 rg BT 263.27 542.45 Td (T) Tj ET Q q 0 0 0 rg BT 269.19 542.45 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 351.71 542.45 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 400.61 542.45 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 500.15 542.45 Td ( ) Tj ET Q q 0 0 0 rg BT 502.10 542.45 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 530.45 Td (RELA) Tj ET Q q 0 0 0 rg BT 135.54 530.45 Td (TED ST) Tj ET Q q 0 0 0 rg BT 170.65 530.45 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 255.19 530.45 Td (TTERS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 513.45 Td (Information required by this item is incorporated by reference from the section entitled Security Ownership of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.45 Td (Beneficial Owners and Management in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 323.24 501.45 Td (Annual Meeting of Shareholders expected to be filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.45 Td (within 120 days after the end of the fiscal year to which this report applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.10 472.45 Td (Equity Compensation Plan Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 455.45 Td (The following table gives information about our common stock that may be issued upon the exercise of options, warrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.45 Td (and rights under our 2004 Equity Compensation Plan, 2010 Equity Compensation Plan, 2012 Equity Compensation Plan, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.45 Td (Equity Compensation Plan, and 2016 Equity Compensation Plan as of February28, 2017. Our shareholders have approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.45 Td (these plans. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 337.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 337.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 311.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 311.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 285.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 285.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 285.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 285.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 285.95 100.00 -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 242.5 337.95000000000005 m 342.5 337.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 337.95000000000005 m 450.5 337.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 337.95000000000005 m 554.5 337.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.85 379.18 Td (Number) Tj ET Q q 0 0 0 rg BT 284.15 379.18 Td (ofSecurities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.05 371.18 Td (tobeIssued Upon Exer) Tj ET Q q 0 0 0 rg BT 325.47 371.18 Td (cise ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.75 363.18 Td (of Outstanding Options, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.95 355.18 Td (W) Tj ET Q q 0 0 0 rg BT 263.51 355.18 Td (arrants and Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.15 379.18 Td (W) Tj ET Q q 0 0 0 rg BT 360.71 379.18 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 393.44 379.18 Td (verage Exer) Tj ET Q q 0 0 0 rg BT 434.39 379.18 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.40 371.18 Td (PriceofOutstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.60 363.18 Td (Options, ) Tj ET Q q 0 0 0 rg BT 391.58 363.18 Td (W) Tj ET Q q 0 0 0 rg BT 399.14 363.18 Td (arrants and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.85 355.18 Td (Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.85 395.18 Td (Number) Tj ET Q q 0 0 0 rg BT 496.15 395.18 Td (ofSecurities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 387.18 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 507.49 387.18 Td (A) Tj ET Q q 0 0 0 rg BT 512.68 387.18 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.40 379.18 Td (for) Tj ET Q q 0 0 0 rg BT 469.47 379.18 Td (Futur) Tj ET Q q 0 0 0 rg BT 491.33 379.18 Td (e Issuanceunder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 371.18 Td (EquityCompensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 363.18 Td (Plans\(Excluding Securities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.00 355.18 Td (Reflected in Column \(A\)\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 342.18 Td (Plan Category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.40 342.18 Td (\(A\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.65 342.18 Td (\(B\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.40 342.18 Td (\(C\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 329.90 Td (ClassA common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 316.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 303.90 Td (Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 303.20 Td (2,559,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.00 303.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 303.20 Td (5.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.30 303.20 Td (949,996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 290.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 277.90 Td (Not Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 277.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.30 277.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 277.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 264.90 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 264.20 Td (2,559,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.00 264.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 264.20 Td (5.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.30 264.20 Td (949,996) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.45 Td (ITEM13. CER) Tj ET Q q 0 0 0 rg BT 114.93 224.45 Td (T) Tj ET Q q 0 0 0 rg BT 120.86 224.45 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 168.74 224.45 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 225.15 224.45 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 276.35 224.45 Td (TED ) Tj ET Q q 0 0 0 rg BT 299.23 224.45 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 380.64 224.45 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 443.53 224.45 Td (OR INDEPENDENCE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 207.45 Td (The information required by this item is incorporated by reference from the sections entitled Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.45 Td (Independent Directors and Corporate Governance ) Tj ET Q q 0 0 0 rg BT 268.06 195.45 Td (T) Tj ET Q q 0 0 0 rg BT 273.81 195.45 Td (ransactions with Related Persons in the proxy statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.45 Td (Annual Meeting of Shareholders expected to be filed within 120 days after the end of the fiscal year to which this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.45 Td (applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.45 Td (ITEM14. PRINCIP) Tj ET Q q 0 0 0 rg BT 135.09 142.45 Td (AL) Tj ET Q q 0 0 0 rg BT 148.43 142.45 Td ( ) Tj ET Q q 0 0 0 rg BT 150.38 142.45 Td (ACCOUNTING FEES ) Tj ET Q q 0 0 0 rg BT 249.29 142.45 Td (AND SER) Tj ET Q q 0 0 0 rg BT 292.55 142.45 Td (VICES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 125.45 Td (The information required by this item is incorporated by reference from the section entitled Matters Relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.45 Td (Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 174.69 113.45 Td (Accountants in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 351.59 113.45 Td (Annual Meeting of Shareholders expected to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.45 Td (filed within 120 days after the end of the fiscal year to which this report applies.) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 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 (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 144.47 718.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 224.76 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 238.75 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 245.22 718.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 288.38 718.25 Td ( SCHEDULES.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.25 Td (The financial statements filed as a part of this report are set forth under Item8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 667.25 Td (Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 650.25 Td (No financial statement schedules are required to be filed with this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 633.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (The following exhibits are filed or incorporated by reference as a part of this report:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 587.75 m 416.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 587.75 m 420.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 587.75 m 472.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 587.75 m 476.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 587.75 m 506.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 587.75 m 510.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 587.75 m 562.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.75 m 94.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 566.75 m 345.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 566.75 m 385.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 566.75 m 416.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 566.75 m 472.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 566.75 m 506.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 566.75 m 562.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 56.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 56.25 m BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.85 592.00 Td (Incorporated by Reference) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 579.00 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 571.00 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.05 571.00 Td (Exhibit Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 579.00 Td (Filed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.10 571.00 Td (Herewith) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 571.00 Td (Form) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.55 579.00 Td (Period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.40 571.00 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.20 571.00 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.40 579.00 Td (Filing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.40 571.00 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 557.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 557.32 Td (Second Amended and Restated Articles of Incorporation of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 547.32 Td (Emmis Communications Corporation, as amended effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 537.32 Td (July 7, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 557.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 557.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 557.32 Td (7/7/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 522.32 Td (Second Amended and Restated Bylaws of Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 512.32 Td (Communications Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 522.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 522.32 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 522.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 522.32 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 497.32 Td (Form of stock certificate for Class A common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 497.32 Td (S-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 497.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 497.32 Td (12/22/1993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.32 Td (10.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 482.32 Td (Form of Option Grant Agreement ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 482.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 482.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 482.32 Td (7/7/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.32 Td (10.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 467.32 Td (Form of Restricted Stock Agreement ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 467.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 467.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 467.32 Td (7/7/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.32 Td (10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 452.32 Td (Credit Agreement, dated as of June 10, 2014, among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 442.32 Td (Emmis Communications Corporation, Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 432.32 Td (Company, certain other subsidiaries of the Company, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 422.32 Td (lenders party thereto, JPMorgan Chase Bank, N.A., as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 412.32 Td (administrative agent, and Fifth Third Bank, as syndication) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 402.32 Td (agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 452.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 452.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 452.32 Td (6/10/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.32 Td (10.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 387.32 Td (First Amendment to 2014 Credit Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 377.32 Td (November 7, 2014, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 367.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 357.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 347.32 Td (JPMorgan Chase Bank, N.A., as administrative agent, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 337.32 Td (Fifth Third Bank, as syndication agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 387.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 387.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 387.32 Td (11/7/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 322.32 Td (10.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 322.32 Td (Second Amendment to 2014 Credit Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 312.32 Td (April 30, 2015, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 302.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 292.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 282.32 Td (JPMorgan Chase Bank, N.A., as administrative agent, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 272.32 Td (Fifth Third Bank, as syndication agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 322.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 322.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 322.32 Td (4/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 257.32 Td (10.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 257.32 Td (Third Amendment to 2014 Credit Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 247.32 Td (August 18, 2016, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 237.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 227.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 217.32 Td (JPMorgan Chase Bank, N.A., as administrative agent, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 207.32 Td (Fifth Third Bank, as syndication agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 257.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 257.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 257.32 Td (8/26/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.32 Td (10.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 191.42 Td (Successor agent agreement and amendment to credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 181.42 Td (agreement dated as of April 18, 2017 by and among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 171.42 Td (JPMorgan Chase Bank, N.A., in its capacity as the existing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 161.42 Td (administrative agent, the Bank of New York Mellon, in its) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 151.42 Td (capacity as successor administrative agent, Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 141.42 Td (Operating Company, certain other subsidiaries of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 131.42 Td (Company and the lenders party thereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 192.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 192.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 192.32 Td (4/24/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 117.32 Td (10.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 117.32 Td (Change in Control Severance Agreement, dated as of May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 107.32 Td (7, 2012, by and between Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 97.32 Td (Corporation and Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 117.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 117.32 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 117.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 117.32 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 82.32 Td (10.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 82.32 Td (Change in Control Severance Agreement, dated as of July) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 72.32 Td (10, 2012, by and between Emmis Operating Company and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 62.32 Td (Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 82.32 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 82.32 Td (5/31/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 82.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 82.32 Td (7/12/2012) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 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 (90) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 735.5 m 416.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 735.5 m 420.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 735.5 m 472.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 735.5 m 476.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 735.5 m 506.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 735.5 m 510.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 714.5 m 94.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 714.5 m 345.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 714.5 m 385.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 714.5 m 416.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.5 m 472.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 714.5 m 506.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 714.5 m 562.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 48 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 48 m BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.85 739.75 Td (Incorporated by Reference) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.75 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.05 718.75 Td (Exhibit Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 726.75 Td (Filed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.10 718.75 Td (Herewith) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 718.75 Td (Form) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.55 726.75 Td (Period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.40 718.75 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.20 718.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.40 726.75 Td (Filing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.40 718.75 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 705.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 705.07 Td (Employment Agreement, dated as of December 26, 2012,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 695.07 Td (by and between Emmis Operating Company and Jeffrey H.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 685.07 Td (Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 705.07 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 705.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 705.07 Td (12/28/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 670.07 Td (Change in Control Severance Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 660.07 Td (September 4, 2011, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 650.07 Td (Company and Patrick M. Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 670.07 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 670.07 Td (11/30/2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 670.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 670.07 Td (1/12/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 635.07 Td (Employment Agreement, dated as of September 4, 2013, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 625.07 Td (and between Emmis Operating Company and Patrick M.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 615.07 Td (Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 635.07 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 635.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 635.07 Td (10/25/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 600.07 Td (Employment ) Tj ET Q q 0 0 0 rg BT 154.61 600.07 Td (Agreement, dated as of March 1, 2012, by and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 590.07 Td (between Emmis Operating Company and J. Scott ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 580.07 Td (Enright ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 600.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 600.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 600.07 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 1 rg BT 53.00 565.07 Td (10.14) 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 101.00 565.07 Td (Employment ) Tj ET Q q 0 0 0 rg BT 154.61 565.07 Td (Agreement, dated as of March 1, 2017, by and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 555.07 Td (between Emmis Operating Company and J. Scott ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 545.07 Td (Enright ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.35 565.07 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 530.07 Td (Change in Control Severance Agreement, dated as of March) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 520.07 Td (8, 2012, by and between Emmis Operating Company and J.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 510.07 Td (Scott Enright ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 530.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 530.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 530.07 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 495.07 Td (Employment Agreement, effective as of March3, 2009, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 485.07 Td (and between Emmis Operating Company and Gary L.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 475.07 Td (Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 495.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 485.07 Td (K/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 495.07 Td (2/28/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 495.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 495.07 Td (10/9/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 460.07 Td (Amendment to Employment Agreement, effective as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 450.07 Td (March 1, 2013, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 440.07 Td (Company and Gary L. Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 460.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 460.07 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 460.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 460.07 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 425.07 Td (Emmis Communications Corporation 2015 Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 415.07 Td (Compensation Plan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 425.07 Td (DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 415.07 Td (14A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 425.07 Td (5/29/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 400.07 Td (Emmis Communications Corporation 2016 Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 390.07 Td (Compensation Plan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 400.07 Td (DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 390.07 Td (14A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 400.07 Td (5/26/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 375.07 Td (Local Programming and Marketing Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 365.07 Td (April 26, 2012, between Emmis Radio License Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 355.07 Td (of New York and New York AM Radio, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 375.07 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 375.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 375.07 Td (4/26/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 339.17 Td (Asset Purchase Agreement, dated as of October 13, 2016,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 329.17 Td (by and between Emmis Publishing, L.P., Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 319.17 Td (Company, GP TM Acquisition LLC and Genesis Park II LP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 340.07 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 340.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 340.07 Td (1/4/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 304.17 Td (Asset Purchase Agreement, dated as of October 12, 2016,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 294.17 Td (by and between Emmis Indiana Broadcasting, L.P., Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 284.17 Td (Radio License, LLC, Emmis Communications Corporation,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 274.17 Td (and Midwest Communications, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 305.07 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 305.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 305.07 Td (1/4/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 259.17 Td (Asset Purchase Agreement, dated as of October 12, 2016,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 249.17 Td (by and between Emmis Indiana Broadcasting, L.P., Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 239.17 Td (Radio License, LLC, Emmis Communications Corporation,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 229.17 Td (and DLC Media, Inc.) 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