Good morning, and welcome to Beasley Broadcast Group Full Year 2025 Earnings Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors section of our most recent annual report on Form 10-K, as supplemented by our quarterly report on Form 10-Q. Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Regulation S-K. A reconciliation of these non-GAAP measures with their most directly comparable financial measures, calculated and presented in accordance with GAAP, can be found in this morning's news announcement and on the company's website. I would also remind listeners that following its completion, a replay of today's call can be accessed for five days on the company's website, www.bbgi.com. You can also find a copy of today's press release on the Investors or Press Room sections of the site. At this time, I would like to turn the conference over to your host, Beasley Broadcast Group CEO, Caroline Beasley. Thank you, Ilana, and good morning, everyone. Thank you for joining us. We've certainly been busy over the last several months, as you may have read. Let's start with 2025, which was a year of significant challenge for the company, but more importantly, it was a year of decisive action and meaningful transformation across every part of our business. We operated in an environment where traditional audio revenue continued to decline at an accelerated pace, particularly within agency-driven channels, where we have historically had greater exposure. As a result, full-year net revenue declined to approximately $206 million from $240 million in 2024. This decline reflects the negative impact of political of $13.6 million. Ex the impact of political on a same station basis, revenue was down 7% on a year-to-date basis. Adjusted EBITDA declined to approximately $10.5 million in 2025 from $25.8 million in 2024 for the year. These results are not where we expect this business to perform, and we are approaching them with a clear eye and accountable mindset. In addition, the company recorded a $224.8 million non-cash impairment loss reflecting the write-down of our FCC license, and we received a going concern from our auditors that should be eliminated once our debt restructure is closed. What defines 2025 is not simply the outcome. It's the work we did to fundamentally reposition the company. Over the past 18 months, we executed approximately $30 million in annualized cost reductions, implementing structural, permanent changes that have reset our operating model and aligned our cost basis with today's revenue environment. This was not incremental optimization. This was a comprehensive restructuring of how we operate. We streamlined our organizational structure, reduced layers across the company, centralized key functions, and implemented more disciplined cost controls at both the corporate and station level. We made difficult decisions around headcount and resource allocation, and we built a leaner, more agile organization that is better positioned to operate in a lower growth audio environment while still investing in areas that drive long-term value. At the same time, we've been equally focused on improving the quality of our revenue. Our digital business continues to scale and evolve with full-year digital revenue of approximately $49.5 million, increasing by $2.7 million or 5.9%. On a same-station basis, digital revenue increased $7.7 million or 21%, and digital now represents roughly 24% of our total revenue. More importantly, digital segment margins reached approximately 24% for the full year, with even stronger performance on a same-station basis, reflecting the continued shift toward owned and operated products. Digital segment earnings were $12.8 million for the full year, indicating a full-year operating margin of 28.8% on a same-station basis, up from 22.7% on a same-station basis in 2024. While we are very proud of our digital growth, it was not enough to offset the traditional audio declines. We're shifting more to O&O digital and moving away from lower margin third-party pass-through revenue and toward products that we own, control, and can scale. That transition is already improving both margin and visibility into future growth. We also took deliberate steps to optimize our portfolio. The sale of WPBB in Tampa and the sale of our Fort Myers market, which closed earlier this year, together generated approximately $26 million in proceeds and reflect our continued focus on concentrating capital behind our strongest assets. These were not isolated transactions. They're part of a broader strategy to continuously evaluate our portfolio and ensure our capital is deployed where it can generate the highest return. Taken together, these actions represent a full reset of the business operationally, strategically, and financially, and that leads to what we believe is the most important development for Beasley as we enter 2026, the transformation of our balance sheet. Before I come back to that, I want to take a moment to introduce you all to Kevin McGrath. Many of you already know him. He joined our company on February 1st and is already playing a key role in helping us move from restructuring into execution. He brings more than two decades of experience across media, digital strategy, and revenue transformation with a strong track record of driving growth, building high-performing teams, and modernizing go-to-market models. He's operated at the intersection of content, distribution, and monetization and has a deep understanding of both the traditional broadcast business and the evolving digital ecosystem. We brought Kevin in very intentionally to help accelerate the next phase of this company, which is about execution, growth, and operational discipline. He has not let any grass grow under his feet. I'll turn it over to him to share with you what he's been focused on since joining Beasley. Kevin? Great. Thanks, Caroline, and good morning, everyone. As Caroline mentioned, 2026 is a reset year for the company. From an operating standpoint, that reset started with a very clear understanding where the pressures were coming from, and just as importantly, what needed to change to reposition the business for growth. The most significant challenge we face is the continued decline in agency business, both locally, regionally, and nationally. That pressure was structural, not cyclical, and it requires us to rethink how we operate, from how we sell to how we manage accounts, to how we prioritize our inventory. At the same time, when we look at the underlying health of the business, particularly from a ratings and audience standpoint, our brands remain very strong. We continue to hold top positions in the majority of the markets that we work in and reach nearly 18 million listeners on a weekly basis. The issue was not relevance, it was execution, monetization, and alignment with where demand is moving. We had the ears. Now we need to put money against those ears. The focus in 2026 is very simple. Rebuild the revenue engine with discipline, accountability, and a digital-first mindset. We've been executing against what I would frame as three core pillars. First is accountability and sales execution. We fundamentally changed how the sales organization operates. The move to a five-day in-office structure has significantly improved CRM engagement and pipeline visibility. We are no longer managing the business based on estimates or emotions. We are managing it based on real-time data with active pipeline management and clear accountability at the market and individual level. We've also introduced what we call a war room operating cadence, particularly at quarter end, where all leadership is directly engaged in pacing deal flow and closing activity. That has already led to a measurable impact. This is a very different operating rhythm than what existed previously. It's more hands-on, more data-driven, and significantly more accountable. The second pillar is accelerating the digital transition. Digital isn't just a growth area. It is the foundation of how we improve both revenue quality and margin profile over time. We've seen strong momentum here. Same-station digital revenue increased over 33% in fourth quarter of 2025, and the digital operating margins have increased meaningfully from 17.4% in Q4 2024 to over 29% in Q4 2025, putting us close to what we view as a digital inflection point where incremental revenue drops through at a much higher margin. We are also more intentional about what types of digital revenue we prioritize. We're shifting towards owned and operated products and integrated campaigns, all of which carry better margins and greater scalability than third-party or pass-through revenue. This is not just about growth, it's about building a higher quality revenue base. The third pillar is rebuilding our local revenue engine. One of the most important shifts we've made is moving away from reliance on national and agency-driven revenue and refocusing the business on local direct relationships. This includes three key components. One is actively managing churn through targeted retention efforts at the market level. Two is increasing our share of wallet through asset bundling, combining audio, digital, events, and content into integrated solutions for our clients and prospects. Lastly, driving new business through a more disciplined pipeline-driven approach and using AI to prospect in key vertical areas. We've spent a significant amount of time in the field. I personally visited the markets in my first eight weeks, resetting expectations, coaching teams, and in some cases, making leadership changes where needed. What we're seeing is a clear separation between markets that are executing well and those that require intervention. Markets like Tampa, Boston, and Augusta are pacing above prior year levels and are becoming the models for the rest of the organization, while others are receiving more targeted surgical support to improve performance. As we move into second quarter of 2026, we're starting to see early signs that these changes are taking hold. Local revenue is stabilizing and in some markets, beginning to grow. Digital continues to accelerate within owned and operated channels, and the organization is operating with a much higher level of urgency and discipline than we've seen historically. At the same time, we remain realistic about the environment we're in. National and agency channels are likely to remain under pressure, and we are not building our plan around a recovery in those areas. Instead, we're focusing on what we can control, improving sales execution, increasing our local share of wallet, scaling digital, hunting for political dollars in all of our markets, and continuing to drive accountability across the organization. To put it simply, the foundation is being rebuilt in real time. We are leaner, more disciplined, more focused on the right parts of our business. The local engines are starting to accelerate, digital is approaching that inflection point, and the organization is aligned around execution. We still have a lot of work to do, but we believe the changes we've made position us to move from decline to stabilization and even growth as we progress through 2026. With that, I'll turn it over to Ilana. Thanks, Kevin. I'll walk through the financial performance for the year in more detail, including revenue trends, expense structure, profitability, and our cash flow and balance sheet position. Starting with revenue. Full year net revenue was approximately $205.9 million, down from $240 million in 2024. This decline was primarily driven by continued weakness in agency revenue, both local and national, as well as the absence of $13.6 million in political advertising in 2025, which had been a meaningful contributor in the prior year. From a category perspective, audio revenue declined meaningfully year over year, reflecting these pressures. Digital revenue, on the other hand, increased to approximately $49.5 million, representing roughly 24% of our total revenue, and grew 21% on a same station basis for the full year, reflecting continued demand for our digital offerings. As a result, the overall revenue mix continues to shift in a positive direction. Local revenue, inclusive of digital, now represents roughly 76% of total revenue, which provides greater stability and visibility compared to national and agency-driven revenue streams. New business represented approximately 13% of net revenue for the full year and 12% in the fourth quarter, reflecting our continued focus on expanding our advertiser base and driving incremental demand across our markets. While new business declined 14% for the full year and 18% in the fourth quarter on a year-over-year basis, this performance must be viewed in the context of the broader revenue environment. Importantly, we are seeing improved pipeline activity and engagement as we enter 2026, supported by increased CRM accountability, more disciplined sales execution, and a renewed focus on local direct relationships, which Kevin previously discussed on this call. We believe these changes position us to reaccelerate new business growth as the year progresses, particularly towards the second half of the year. Turning to national, revenues continued to decline in 2025, consistent with industry-wide trends that have persisted since the COVID period, as national advertisers continued to shift spend away from traditional audio. National revenue was down approximately 34% for the full year and 50% in the fourth quarter. However, these comparisons were significantly impacted by political advertising in the prior year, including $8.2 million in the fourth quarter and $13.6 million for the full year 2024. Excluding political, national revenue declined approximately 10% in the fourth quarter and 13% for the full year, which we believe reflects a more normalized run rate and early signs of stabilization. While we remain cautious on the outlook for national, this trend is consistent with what we outlined in our restructuring materials and reinforces our strategic shift toward local, direct, and digital revenue streams as the primary drivers of growth going forward. Turning to expenses, total operating expenses declined year-over-year, reflecting the impact of the cost reduction initiatives that Caroline referenced earlier. Station operating expenses were reduced through a combination of headcount optimization, vendor rationalization, and tighter cost controls, while corporate expenses also declined as we streamlined our organizational structure. Station operating income was $16.2 million for the full year 2025, down from $38.5 million in 2024. The decline in SOI was largely driven by our declines in revenue, although partially offset by the aforementioned expense cuts that occurred throughout the back half of 2024 and the full year of 2025. Adjusted for $2.3 million of severance and $34,000 in stock-based compensation, SOI would have been $18.5 million for the full year. Adjusted EBITDA for the year was approximately $10.5 million compared to $25.8 million in 2024. The decline was primarily driven by lower revenue, particularly in higher margin spot advertising, partially offset by the structural cost reductions implemented over the past 18 months. Below the EBITDA line, cash interest expense for the year was approximately $20.7 million, relatively flat versus the prior year. From a cash flow perspective, net cash used in operating activities was approximately $8.5 million, reflecting the lower EBITDA performance, while investing activities provided approximately $5.6 million, primarily related to asset sales. Total capital expenditures for the year were $4.8 million. Capital expenditures remain disciplined as we continue to prioritize investments that support digital growth and operational efficiency while maintaining overall capital discipline. We saw an uptick compared to last year, primarily due to costs associated with our Charlotte build-out, which we discussed in detail last call. Turning to our balance sheet. We ended the year with approximately $235 million of total debt and approximately $10 million of cash. As we've discussed, addressing our capital structure has been a central focus for the company. Given the significance of the transaction that we have underway, I'll now turn it back to Caroline to walk through it in more detail. Thank you, Ilana. As we announced, we're currently executing a comprehensive debt exchange with our second lien bond holders that represents a meaningful inflection point for Beasley. Upon completion, we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of first lien debt, resulting in a reduction of total outstanding debt from approximately $220 million today to approximately $110 million. The process is actively underway, with bond holders having until April 20 to participate, and we expect the transaction to close by the end of April. In addition, we are in discussions with an ABL lender to provide liquidity on a go-forward basis. This transaction is the result of a significant amount of work behind the scenes, working with Guggenheim as our advisor, engaging with our lenders, aligning stakeholders and structuring a solution that meaningfully improves our balance sheet while positioning the company for long-term success. Importantly, this is not just about reducing debt. It's about resetting the financial foundation of the company. A stronger balance sheet gives us greater flexibility, reduces risk, and allows us to focus more fully on execution and growth. Looking ahead, our priorities are clear. We're focused on stabilizing and growing EBITDA, continuing to scale our digital business, and further optimizing our portfolio. Over time, we expect to continue deleveraging through a combination of operational improvements and disciplined capital allocation. To step back, while 2025 was a difficult year from an operating standpoint, it was also a year where we did the hard work required to reset the business. We reduced costs, improved the quality of our revenue, streamlined our portfolio, and are now in the process of fundamentally improving our balance sheet. 2026 is a year of reset for the company, and we are at an inflection point. We're rebuilding the foundation in real time. The strategy is clear and the organization is aligned around execution. This is the year where the work begins to translate into performance, further supported by the midterm election cycle as political advertising returns across our key markets. As such, we are looking at same station Q1 revenue to be down in the mid-single digits, and I am pleased to report that we saw gradual improvement through the quarter, with January ending down 8%, February down 6%, and March increasing 3%. On an actual basis, including Fort Myers and Digital Direct, revenue was down double digits for the quarter. We remain focused on what we can control, having the best leadership, our cost structure, our digital roadmap, our direct local relationships, and the strength of our brands. We believe the actions we've taken position Beasley to unlock the full earnings potential and value of the company. Thank you very much. Thank you for joining us, and we look forward to speaking again for first quarter earnings. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.