Hello, everyone, and welcome.

I will now turn the call over to Ilana Goldstein. Good afternoon, happy Friday, and welcome to Beasley Media Group's third quarter 2026 earnings call. Today's conference call and broadcast will contain forward-looking statements about our future performance and results of operations, These statements involve risks and uncertainties described in the risk factors section of our most recent annual report on Form 10-K as supplemented by subsequent filings with the SEC. Today's webcast will also include certain non-GAAP financial measures within the meaning of Item 10 of Regulation SK. Reconciliations to the most directly comparable GAAP financial measures are available in this morning's news announcement and on the company's website. A replay of today's call will be available for five days on the company's website at www.bbgi.com. Today's press release is also available in the site's investors and press room sections. I will now turn the call over to Beasley Media Group Chief Executive Officer, Caroline Beasley.

Good afternoon, everyone, and thank you for joining us. Over the past several quarters, we've discussed our three priorities guiding our strategy. Number one, stabilizing and rebuilding core revenue. Number two, scaling a higher margin and more controllable digital business. And three, strengthening our balance sheet. In the third quarter, we continued to advance these priorities. However, the advertising environment remains challenging. We are seeing the financial benefits of actions taken over the past two years. So let me begin with our operating performance. Third quarter net revenue was approximately $42.8 million compared with $47.6 million on the same station basis. Adjusted EBITDA was approximately $1.3 million compared with approximately $3 million on the same station basis. While profitability remains below prior year levels, Thank you so much for joining us today. While operating expenses were down $3.7 million, limiting the decline in station operating income to approximately $1.1 million. These savings reflect the structural changes implemented over the past two years, including our most recent actions in May. Importantly, not all revenue carries the same value to our business, and our strategy increasingly reflects that distinction. Within digital, we have deliberately shifted our focus away from lower margin third-party products and toward higher margin O&O offerings, where we have greater content, greater control over our inventory, pricing, customer relationships, and profitability. That shift has contributed to lower digital revenue in the near term, but the improvement in profitability demonstrates why we believe it is the right approach. Despite a $1.4 million decline in same-station digital revenue, digital operating income increased nearly $300,000 year-over-year, reaching $3.1 million. And our digital operating margin expanded from approximately 26% to a record 32%. We are generating more digital operating profit on a smaller revenue base. and that is an important distinction and reflects the progress we are making towards building a higher margin, more scalable business. At the same time, we continue investing in the content, technology and commercial capabilities that support our O&O platforms, strengthen our local advertiser relationships and position us for sustainable, profitable growth. Our brands remain deeply connected to their communities and our content attracts audiences across broadcast and digital platforms. Our focus is on converting that engagement into higher quality revenue. Rebuilding revenue remains our focus. While substantial work lies ahead, the third quarter shows that our cost initiatives are producing tangible results. Turning to the balance sheet, we made further progress on new leveraging. On May 1st, as everyone knows, we completed a comprehensive debt restructuring. Since then, we pursued additional transactions to strengthen our financial position and give us greater flexibility to execute our operating plan. In September, we completed a $5 million registered direct offering and private placement led by AGP, Alliance Global Partners. We recognize that raising equity capital is an important decision, particularly as we focus on long-term shareholder value. We evaluated this transaction against our strategic priorities and determined that it would be better positioned easily for the next phase of our transformation. In September and October, we completed the sale of two radio stations to EMF along with two parcels of real estate to two separate parties. Together, These asset sales generated more than $10 million in net proceeds, which we directed towards strengthening the balance sheet. As a result of these actions, outstanding first-ling debt has been reduced to approximately $3.6 million. Now, turning to our revenue outlook, the advertising environment remains challenging, particularly in traditional national and local agency channels, as Ilana will provide more color. Political also developed differently across our markets versus what we initially expected. Detroit performed particularly well with political exceeding $2 million. Spending in several other markets, including Las Vegas and Florida, fell below our expectations. We booked over 4.5 million in political advertising across the full election cycle, with 1.3 million of that booked in third quarter. Although below our initial expectations, political was a meaningful source of incremental revenue in the second half of the year. Kevin will provide more detail on market level, political performance, and the opportunities remaining in the next election cycle. So stepping back, the third quarter reinforced several important points. Our cost structure is more efficient. Our balance sheet is stronger and our efforts to remain to build a more profitable digital business are producing measurable results. These results are particularly meaningful given our continued portfolio optimization and deliberate shift away from lower margin third-party digital products toward higher margin O&O offerings. We are demonstrating that we can generate greater profitability from a more focused digital business Thank you, Caroline, and good afternoon, everyone.

Caroline walked you through the work on our cost structure and our balance sheet. One of the biggest areas of my job is the other half of that equation, which is revenue. So I'll start with where we are. As Caroline stated, total revenue was down $4.8 million on a same station basis. We're not happy with that. But inside that number, this business is changing and changing quickly. And it's changing in the right direction, exactly where we're steering it. Three facts from the quarter. First, local direct revenue grew 7% on a same-station basis. That is the business where we own the relationship with the advertiser, with no one between. Local direct is the revenue we can control, and we controlled it. Second, as Caroline stated, our digital operating margin reached 32%. That is a record, and the first time we've been above 30% in this company's history. Digital revenue may have been down in the quarter, and Ilana will take you through that, but our owned and operated products are now 65% of our digital revenue. We are selling more of what we own and less of what we resell. Fewer digital dollars in this quarter, but more profitable ones. That's a key indicator for us. Thirdly, our audience. Our stations reach nearly 17 million consumers every week. Our company-wide rating share grew 3% in the quarter, and we hold a top three station in seven of our markets. The audience is not the problem. Our job is to monetize the audience we already have. The pressure that we feel is in the channels we do not control day to day, national network and local agency business. That decline is not unique to Beasley and we are not planning for it to reverse, which is exactly why the model must change. We are evolving our sales organization from being a radio company to a local omnichannel marketing platform, one that combines the trust and scale of broadcast radio with the precision of streaming, podcasting, social, live events, and community engagement. A local business owner does not wake up wanting to buy radio first thing. They want customers, and they want their cash registers to ring. Our mission is to help brands and businesses reach consumers at every touchpoint in the local journey. In the car, on the phone, in the feed, and at the event. And then to show that advertiser what we did for their business. That part really matters. We are deploying attribution and measurement across the platform now. And because brand growth earns the first order and accountable results earn the renewal, our investment here is really making a difference. We get the trust and scale from broadcast, the precision from digital, and proof from measurement. That is a platform that we have and we're continuing to add to. The clearest example of that platform today is sports. In Boston, 98.5 The Sports Hub is the model for that. It is the home of the New England Patriots, the Boston Bruins, the Boston Celtics. It is not a radio station that just carries games. It is broadcast, streaming, podcast, social, and live events built around teams a city cares about deeply and sold to advertisers as part of a relationship. We have the same foundation in Philadelphia with the Philadelphia Flyers and the Philadelphia 76ers along with the Fanatics and in Detroit with the University of Michigan Athletics. During third quarter, we added to that roster. Beasley is now the official year-round audio partner of the Vegas Golden Knights. Under a multi-year agreement, we have the English language and the Spanish language flagship. We signed this partnership less than three weeks before the NHL season, and advertising response has already exceeded our expectations for the window we had. We're not sharing figures today. But what I will tell you is that it gives our Las Vegas team something every advertiser in the city wants to stand next to and be part of. Sports is appointment listening in an on-demand world. Fans show up live, they show up loyal, and advertisers follow them. Based on what we have built in Boston and what we are seeing already in Las Vegas, we intend to keep building and expanding our sports portfolio. A platform only matters if we can sell it. and we are also making changes with how we sell and how we execute in all of our markets. The first is structure. We're moving to one selling organization with audio and digital in a single funnel. Every seller carrying the same full portfolio and market leaders whose job is defined around revenue generation. One team, one funnel, one number. The second is technology. In September, we announced a multi-year agreement with Futuri and completed the deployment of their Topline enterprise to our sellers. Topline combines AI with our own sales and audience data, as well as outside market intelligence. It supports prospecting, account research, meeting preparation, proposals, and campaign reporting. We did not buy a tool. We rebuilt the sales process around one. Our sellers review and approve everything it produces. AI does the research. Our sellers own the relationship. It is early, and I'll report back on adoption and results when we have more data. The third part is talent. For decades, the way this industry found sellers was to hire them from a competitor across the street. That is expensive, and it does not add one new seller to the business. So we are building our own farm teams. Our sales development representatives, our SBRs, are early career hires with one job, prospecting. They find and qualify new local business and hand those leads over to account executives in our markets. The best of them earn an account executive seat down the road. During the quarter, we brought on another group, and members of our first group have already moved into account executive roles and are closing business and participating in their local markets. We have stopped waiting for the talent market to send us sellers, and we are developing them internally. Turning to political, as Caroline talked about, our full 26 election cycle revenue, we booked $4.2 million in political advertising, $1.3 million of that falling in Q3. That is below where we expected it to be. But here's what happened. Political dollars follow the map. Early in the year, through the primaries, the map lined up well with our portfolio. In the general election, outside of Michigan, it really didn't. National dollars were concentrated in a small number of Senate and congressional races, and national communities and outside groups spent their money elsewhere, primarily in TV. The races moved, and the money moved with them. Michigan is the other side of that story. Where the map and our portfolio lined up, we won. Michigan had competitive Senate races. and an open race for governor. And our Detroit stations generated more than $2 million, roughly half of what our company total was. When the money came to Michigan, it came to us and our shares demonstrate that. Boston, Augusta, Charlotte also contributed meaningful dollars. And I will add one more point because it matters. In North Carolina and Georgia, the Senate races were on our map and in our projections. But we did not capture the share of dollars we should have as those races were not as competitive and those dollars were reallocated in other parts of the country. Ninety percent of our political revenue came through our national channels, whether it was campaigns, political action committees, or outside groups. And I can tell you that after reading political with multiple audio companies through many cycles, it's very clear. Political is a windfall, not a foundation for your business. We will compete for every dollar of it year in and year out, but it will not build the company's plan exclusively around it. What do we see next? We see the possibility for an earlier than we've ever seen presidential cycle beginning possibly middle of 2027 with many on the Democratic side and the Republican side vying for nominations. That will be good for business and good for the industry. What's next for Beasley? Well, there's three more pieces of this rebuild that we are underway. We're cross-market selling, so an advertiser can now be served in every one of our markets and throughout the nation through the seller they already trust in their local markets. In addition, we're in the midst of our company-wide push on first quarter, generating revenue and driving real meaningful dollars to all of our markets. and we're moving into podcasting and we're focused more on selling audiences than selling shows through some really tangible partnerships that we've created. Each is early and I will bring you the results as they develop. So let me close with this. The cost work and expense discipline has bought us some time. The revenue work is what we do with it and continue upon the growth that we've seen here in third quarter in local direct business as well as driving our digital dollars into a profitable arena. Local direct is growing. Digital margin is at a record level. Our audiences are holding up, and we have a platform in sports and beyond that advertisers want to be part of. Our work over the past year has established a stronger commercial foundation. The priority now is to turn it into a more consistent revenue growth and improve profitability. So with that, I'll turn the call over to Ilana now to review our third quarter financial performance in depth. Ilana?

Thank you, Kevin. As Caroline mentioned, third quarter net revenue was approximately $42.8 million. Compared with $51 million in the prior year quarter, revenue declined approximately 16% on a reported basis and 10% on the same station basis. Revenue continued to reflect pressure in agency advertising, partially offset by growth in local direct business. Local direct revenue increased 7% year over year on the same station basis. We view high single-digit local direct growth as a milestone. In recent quarters, we have focused on reducing churn and increasing our share of existing customers' advertising budgets to stabilize revenue. This quarter's growth supports that strategy. National revenue, excluding political, declined roughly 18%, while local agency declined roughly 22%, both on a same-station basis. These results reflect ongoing challenges in traditional agency-driven advertising, which we expect to continue declining through the remainder of 26 and into 27. Digital represented roughly 23% of total company revenue during the quarter, or 24%, excluding political. Reported digital revenue was approximately $9.8 million, compared with roughly $13 million in the prior year quarter, on the same station basis, Digital revenue declined roughly 12% in the third quarter, while year-to-date revenue remains up roughly 4% compared with the prior year period. Advertising demand remained mixed during the quarter. Strength in several key verticals was offset by softness in more discretionary and consumer-facing categories. Gaining generated roughly $3 million in revenue, up 17% in the prior year period. This remains an important category for Beasley, and its growth is encouraging amid broader pressure on traditional advertising. Automotive performance was mixed within the category, but the broader auto category experienced modest growth this quarter versus prior year period. Domestic auto dealer spending was relatively flat year over year, while import auto dealers grew roughly 13%. Although the broader environment remains challenging, These core dealer categories stabilized this quarter and are showing early signs of sustained improvements heading into 27. Other areas of growth included insurance, banking, and food advertising. Our focus is on building on these areas of strength, rebuilding underperforming categories, and diversifying revenue through local direct relationships and digital capabilities. Operating expenses, excluding corporate expenses, depreciation, and amortization were approximately $39.1 million compared with $46.1 million in the prior year period. This was a reported reduction of roughly $7 million, or 15%. The reductions reflect structural cost initiatives implemented over the last two years, including our comprehensive program executed in May. Because most May initiatives were implemented partway through the second quarter, That quarter captured only a partial benefit. The third quarter provides a more complete view of the ongoing savings. Reported Station Operating Income, or SLI, before depreciation, amortization, and corporate expenses was approximately $3.6 million compared with $4.9 million in the third quarter of 2025. On a same station basis, SLI was approximately $3.7 million compared with $4.8 million in the prior year period. We also incurred roughly $413,000 in severance expenses related to organizational restructuring. $113,000 represents corporate severance, while the remaining $300,000 of this pertains to operational headcount. Roughly $1 million in other expenses pertaining to the several transactions which have occurred in the last quarter have also been identified as non-recurring adjustments. Corporate expenses totaled roughly $3.9 million compared with $2.2 million in the prior year period. This quarter included restructuring, financing, and strategic transaction costs. Excluding applicable non-recurring items, corporate expenses were roughly $2.7 million. The comparison also reflects a $526,000 franchise tax benefit received in Q3 2025 that did not recur this year. Year-to-date, corporate expenses are down over $1 million, excluding severance and transaction fees. Adjusted EBITDA was approximately $1.3 million, compared with $3.9 million in the third quarter of 25, and approximately $5.3 million in the second quarter of 26. Year-over-year and sequential declines reflect continued revenue pressure, including the absence of contributions from the divested Fort Myers market and several other stations. Cost reductions help mitigate the impact. We remain focused on converting structural savings into improved profitability as we stabilize and rebuild revenue. Depreciation and amortization expense was roughly $1.6 million compared with $1.5 million in the prior year period. Interest expense declined to roughly $1.3 million from $3.3 million in the third quarter of 2025, reflecting the May 1st debt restructuring and lower outstanding debt. Our new second lien note includes picked interest, while the reduction in reported interest expense reflects the broader changes to our capital structure. Results also included a non-cash impairment charge of roughly $6.4 million related to FCC license, partially offset by roughly $2 million in gains on asset disposition. CapEx for the quarter was roughly $565,000. Now, Turning to the balance sheet, we ended September with roughly $16.5 million of cash and cash equivalents. However, $11.4 million of this was used to pay down first lien debt in early October. Total debt outstanding at September 30th was roughly $127.4 million, consisting of $15 million in first lien notes, $99.3 million in second lien notes, and Thank you for joining us. but restructuring, asset sales, and targeted financing transactions have meaningly improved our financial position. We remain focused on reducing leverage, improving liquidity, and positioning Beasley to generate more sustainable free cash flow. In 27, we expect to continue benefiting from structural cost reductions while rebuilding revenue, improving digital profitability, and expanding commercial opportunities from our existing infrastructure. Our financial priorities remain consistent. Improve EBITDA and free cash flow, continue de-leveraging, and build a more sustainable revenue base. And with that, I will turn the call back to Caroline.

Okay, thank you, Ilana, and thank you, Kevin, for your comments. As everyone mentioned earlier, the advertising environment remains challenging, and we're not satisfied with the pace of revenue recovery. Even so, progress on our cost structure, balance sheet, and strategic initiatives is evident. Looking ahead, our fourth quarter revenue is currently pacing up low to mid-single digits on a same-station basis or slightly down, excluding political, of approximately $2.8 million in the fourth quarter. For the full year, 2026, we are currently pacing down in the mid-single digits on a same-station basis. We are encouraged by the improving revenue trends heading into year end, supported largely by growth in our local direct and digital businesses. Heading into 2027, our priorities remain unchanged. We're focused on stabilizing and rebuilding revenue, improving digital profitability, converting our lower cost structure into stronger EBITDA and free cash flow, and refinancing the company with a focus on divesting non-strategic assets in order to reduce existing debt. The transformation we began over two years ago has required difficult decisions and significant operating changes. Work remains, but we believe we are entering our next phase with a stronger financial foundation, a more efficient operating model, and growth opportunities. And finally, I'd like to take a moment to thank our employees across the company for their continued commitment and hard work throughout this transformation. We look forward to updating you on our progress during our next conference call. Thank you very much. This concludes today's call. Thank you for attending. You may now disconnect.