Good afternoon, and welcome to the Entravision Communications First Quarter 2013 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Walter Ulloa. Please go ahead.

Thank you, Amy. Good afternoon, everyone, and welcome to Entravision's First Quarter 2013 Earnings Conference Call. Joining me today is Chris Young, our Executive Vice President and Chief Financial Officer. Before we begin, I must inform you that this conference call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to our SEC filings for a list of risks and uncertainties that could impact actual results. This call is the property of Entravision Communications Corporation. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Entravision Communications Corporation is strictly prohibited. Also, this call will include certain non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in today's press release. The press release is available on the company's website and was filed with the SEC in a Form 8-K. We generated solid results across our businesses during the first quarter, and we are off to a strong start in 2013. Our television and radio businesses continued to outperform the broader market with healthy core revenue growth driven by our solid audience shares and strengthened sales effort. We also continue to build upon our digital platform and multichannel sales capabilities, which is helping us to attract and build relationships with our advertising clients. In addition to driving top line growth, we've also taken advantage of the operating leverage in our organization and have maintained a commitment to effective cost management. This commitment to expense control is driving strong profitability gains and free cash flow generation. Overall, we remain extremely well positioned across the nation's most densely populated Latino markets and are steadily building our television, radio and online audience shares. Consolidated…

Thank you, Walter, and good afternoon, everybody. As Walter has discussed, net revenue for the quarter was $49.1 million, up 6%. Operating expenses increased 3% to $31.9 million, and consolidated adjusted EBITDA increased 15% to $13.4 million. Net revenue for the quarter was up 6% to $49.1 million compared to $46.5 million in the same quarter of last year. Television net revenue was up 5% to $35 million for the quarter compared to $33.2 million in the same quarter of last year. Radio net revenue was up 6% to $14.1 million for the quarter compared to $13.4 million in the same quarter of last year. The increase in our TV segment was primarily attributable to an increase in local advertising revenue and an increase in retransmission consent revenue. The increase in our radio segment was primarily attributable to an increase in national advertising revenue. Excluding retransmission revenue, core TV advertising revenue was up 5% for the quarter versus TVB industry core spot revenue of minus 1%. This is the sixth consecutive quarter where our core television revenue has significantly outperformed that of the television industry. Core radio advertising revenue was up 6%. Retransmission consent revenue for the quarter was $5.3 million compared to $5 million in the same quarter of last year. Operating expenses for the quarter were $31.9 million, up 3%. Excluding noncash compensation expense, operating expenses for the quarter were $31.7 million, up 3%. The increase was primarily attributable to an increase in expenses associated with the increase in net revenue and an increase in salary expense, partially offset by a decrease in bad debt expense. Overhead expenses for the quarter were up 16% to $4.5 million compared to $3.9 million in the same quarter of last year. Excluding noncash compensation expense, corporate expenses for the quarter were…

[Operator Instructions] Our first question comes from Michael Kupinski at Noble Financial.

Television revenues, they were a little bit lighter than expected and a little bit below what you indicated in terms of the core growth rate. What -- has anything happened there like particularly, I suppose, in March? And while it seems like things have accelerated, it sounds like pretty positive for April. What are your thoughts on how it's going to look as you come against some of that political advertising in May and June? Any thoughts on that?

Well, a couple of comments. Michael, this is Walter. Our television revenue did slow down a bit in March. We have -- I think we were a plus 6% coming out of February, a plus 7%. And we did see television slowed down there last quarter. That said, radio, on the other hand, actually grew to a plus 7% in the quarter, and we were thinking the opposite was going to happen. But just the way the numbers fell -- but we're certainly -- we're pleased with the quarter. We gave you an insight on our April numbers. We're certainly pleased with the plus 10% for television and the plus 4% for radio. And that includes all revenue, except for any retransmission revenue. We've got, we think, good momentum going into May and June, but we are looking at $2 million of non-returning political revenue in May and June. So we're doing everything we can right now to make sure we deliver another strong quarter for our shareholders.

I appreciate that. And I know that the numbers can get a little screwy when you start coming out against the political advertising, depending on the displacement and so forth. But can you -- is there any way that you can give us some visibility on how the bookings are looking for May at this point?

Well, we don't give pacing, Michael. We only give what we call axles, right? But by axles, we mean, the month's completed, so we feel confident to be able to give our investors some insight onto how the quarter's going. But we're not going to predict or forecast what may happen in May and June.

And Michael, if you just consider that core TV bounced back to a plus 11% on a core basis for April, that gives us a lot of confidence in the quarter, and that's all we really can comment on it.

Okay, perfect. And then on direct operating expenses, we're little bit higher. And of course, you came in a little bit better revenue anyway. But as a percent of revenues, should we expect that, that number's going to kind of decrease as the year goes forward, I mean, because some of your digital initiatives and so forth kind of start to roll off, I would imagine. But can you give us a little color on that?

Well, all in, we ended up at a plus 3% on the operating expenses. So there was some movement between SG&A and direct operating expenses, that may be what you're referring to, simply because when we did our management reorg, you had a whole layer of management that moved from one category to the other as far as the expenses are concerned. So when you see that fluctuation between both SG&A and direct operating expenses, that's what's behind that. But overall, both numbers up, I think kind of low-single digit. Low- to mid-single digit expense numbers are kind of what we should expect to see for the balance of the year.

Our next question comes from Aaron Syvertsen at Sidoti. Aaron Syvertsen - Sidoti & Company, LLC: Kind of a follow-up to Mike there, similar question. I just want to confirm the SG&A cost that was lower year-over-year, that was kind of more of a personnel shift into the direct operating.

That's exactly right. So the quarter-by-quarter comps will look a little screwy just because we had to reclassify those expenses as far as that layer of management's concerned. We'll have a full year to cycle through that before they kind of even out on a comp basis. Aaron Syvertsen - Sidoti & Company, LLC: And just kind of a question on the big data. I know there was a press release a couple of days ago as well. Will there be a point where you will kind of begin to break out, what those numbers are looking like and will there be any kind of year-over-year comparisons once we lap in July?

There will be a point, but we're not at -- as we currently sit here today, we're not prepared to kind of tell you when that's going to be. Aaron Syvertsen - Sidoti & Company, LLC: And lastly...

Just -- as we pointed out, that business is less than a year old. But we are certainly pleased with what we see in terms of the incremental revenue that, that business can produce, as well as the efficiencies that it brings our current core business.

[Operator Instructions] Your next question comes from James Dix at Wedbush.

Just got a couple of things. I guess in terms of your outlook for the TV business and what the drivers of that could be -- I mean, once again, in the first quarter, you had very strong outperformance versus the industry, about 6 points. I guess, what goes into maintaining that or is that sustainable for the balance of this year? And if so, do you need different things to start to work in your favor and if you had any particular color on how we should think about quantifying any of the initiatives? I know you've talked about a number in the past that -- at conferences, on your calls, Affordable Care Act supported markets. But thinking just in particular about how we should be thinking about that difference between TV and the rest of the industry, which is pretty big at the moment.

Well, James, we continue to believe that our automotive business will show a strength through the year. We posted plus 18% for television and plus 20% for radio. We think that mid-teen growth for automotive through the year is achievable, so we just saw -- we all saw the numbers posted by the auto industry yesterday for April, very strong. And then, of course, we are pleased to see retail up 22% in our television business. That's always a very important core advertising category. So that was a good sign, we're pleased with that. Telecom is -- appears to be back, plus 32% in the first quarter in television. And I believe radio was up as well, looking for that number right now. But there's a category -- up 20% for radio. There's a category that struggled for quite a while. We started to see some signs of growth, positive signs of growth in third and then, of course, in fourth, we did see strong growth in telecom and then, that followed into first. We believe that will continue as well. So those 3 categories, I think, are critical for a good core category growth here. So far, we like what we see.

Okay, great. And then in terms of expenses, I guess, Chris, any update on just the seasonality of the expense growth that we should be expecting this year versus last year, given some of the new hiring you had in certain of your divisions? I just want to make sure that we're modeling that right as the year goes forward.

Well, I think just the same thing we said last quarter. The front half of the year -- the comps will be a little bit higher than the back half of the year just because we had incremental variable expense-related items that aren't going to be there with all of that political that was flowing through. So they will trend a little bit higher on a percentage basis as far as the delta is concerned first half of the year, and then they'll get a little easier into the back half of the year.

Okay. So at the moment, like 2Q should look fairly similar to 1Q in terms of the expense and then we start to see a change?

Yes, low to mid, I guess, is what I just said to Michael.

Okay. And then finally, just any thoughts on the timing of your refinancing and when we should start -- when we could potentially start seeing the impact in terms of your interest in free cash flow?

Well, we're going to go into the market this month. And you know what, we'll release more information when we're in a position to do so. But we're ready to go and the market seems to be ready and we're anxious to get out there.

But just a follow-up, James, on the refinancing, we expect -- we anticipate we're going to execute a solid strong refinancing. But as Chris pointed out, it's -- the feature has a -- or the free financing comes with a delayed draw feature, so we won't see the benefits of free cash flow starting until August, right, because we'll...

Right. If you go out and call the bonds, which the hard call date is August 1, then that's when you'll see the free cash flow ramp up as a result of presumably a lower interest expense item.

[Operator Instructions] And our next question is a follow-up from Michael Kupinski.

Yes. I was just following up on the radio comments. In terms of April, were you seeing some lower trends that you saw in the first quarter local versus national? Particularly, we are seeing a little -- you indicated a little deceleration from what you saw in the first quarter, but -- we're just curious if the mix has changed or if you saw a little bit of slowdown or deceleration in the pace of nationals. If you can just add a little color what you saw in April.

Well, we did see a little bit of a change in April as it relates to the local versus national. Local was -- in April was plus 6% and national was minus 1%, which was -- which is different than what we saw in the first quarter, where local was flat and national was up significantly.

Is there any particular thing that you could indicate with where you're seeing the little softness against the national at this point?

I just think that it's the quarter. I think that traditionally, the first quarter is always slow. It takes clients a while to get rolling with their national campaigns. But I think we'll see national come back here in the rest of the quarter.

And you indicated that telecom seems to be coming back, is that what you're seeing also in April?

I don't have that number. We don't have enough time to drill down that deeply, but I have no reason to believe that telecom is not continuing to perform positively.

At this time, we show no further questions. I would like to turn the conference back over to management for closing remarks.

Thank you, Amy. Thank you, everyone, for joining us on our first quarter 2013 conference call with our investors. We look forward to speaking to all of you in August of this year, and we will then announce our second quarter results. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.