Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter and Year-End Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ed Christian. Please go ahead.

Thank you, Greg. I appreciate it. And welcome everybody. And we'll try to keep this as cogent and as short as possible. With that said, here for the 88th time we figured Sam’s tenure, is the 89th call or 88th call?

I am not sure, but it's in that neighborhood.

Go ahead.

Thank you, Ed. This call will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties that are described in the Risk Factors section of our most recent Form 10-K. This call will also contain discussions of certain non-GAAP financial measures. Reconciliation for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the selected financial data table. As you look at the fourth quarter and full year for 2018, and this was the case for the first, second and third quarters as well, keep in mind that for the comparable periods in 2017 we've reported the financial performance of the television stations that we sold on September 1, 2017 as income from discontinued operations net of tax. This is important to note when you compare the net income, free cash flow, and earnings per share information. We also acquired the radio stations in Charleston and Hilton Head, South Carolina as of the same date. It's also important to note that on December 22, 2017, the Tax Cuts and Jobs Act was enacted. As a result of this act, we recorded $11.5 million reduction in our deferred tax liability. This is also important to note when you compare the income from continuing operations net of tax, net income and earnings per share. One final note to keep in mind as you look at our comparative number as that in the fourth quarter of 2017, we recognized a non-cash impairment charge of $1.5 million [Technical Difficulty] impairment charge to record in 2018. For the quarter, our net revenue increased 4.7% on both on as-reported basis and a same-station basis. Free cash flow was $5.9 million for the quarter. For the 12-month period, our net revenue increased 5.7% on an as-reported…

Hey, Sam, you are breaking up a little bit there. I hope it's not my line, and it's an aberration on this. But, if I do happen to have a problem, it's because Verizon sold their fiber to a different carrier and we've been having some problems with the fiber. Anyway, sorry about that. Sam, as usual, a mini comprehensive review of the last year and the last quarter. I am sure people can't wait till the release of the annual report and associated documents, which will be compelling reading just as your speech was. Seriously though, I'm buoyed by the fact that as the end of the year, as Sam mentioned that with the payments of the quarterly dividend, we will paid out $64 million in dividends for shareholders. I do have one interesting factoid about Q4, there perhaps is -- the reason for the lift was political. But an analysis of revenue and the political shows that our up in revenue was about half in political and half in non-political commercial advertising, which I think is a very good sign. We continue on a local basis making adjustments and changes to try to ensure that we can continue on to grow the Company. Let's speak for a moment on the acquisition of the four stations that Sam mentioned in Ocala-Gainesville. The market is rated by Nielsen as being in the top 60s. But, there is really an interesting factor here. Years ago, the market was different. Gainesville was rated as a market by itself as was Ocala. Actually, the market was Ocala-Leesburg at that time. The broadcasters in Gainesville and Ocala got together and decided that if they had -- then, it was Arbitron, which is a predecessor to Nielsen and the markets together, but dropped the Leesburg…

We had a couple of questions. One, I think we've already answered with the comment I made about extending your contract to 2025 because it was about what are your tentative plans to retire. And we all know that's not in the cards anytime soon. The other one is the typical conversation piece that we have all the time internally and externally is about where our stock price is trading. And effectively, you've talked a little bit about cash management. But basically, [Technical Difficulty] stock price but talking about what we are doing with the cash we have and relative to share buyback [Technical Difficulty] dividends and acquisitions and [Technical Difficulty]

You are breaking up. Are you on your cellphone?

No, I'm not.

Wow. Okay.

That's interesting.

Did, I break up at all?

No. [Technical Difficulty]

Okay. Maybe it’s just the line. We do have the reserves available for us. We believe in having adequate reserves in case we decide that we can move quickly on something. We're pleased to be able to show that to anybody who is looking I’d say perspective, [indiscernible] seller. But, I guess that would be appropriate to us. And we do have the line of credit. So, we're very much available in that. I think, I know where this call came from, it's one of two people. But, it's something that the Board looks at. We still had -- what, 1 million in interest that we had to pay on the -- our bank loan, which we did pay some down [Technical Difficulty]

I think, we just lost Ed. I think his phone just disconnected.

Yes. His line has disconnected.

Okay. I think I can -- he'll call back in here in a second. I know he's been having some lines -- problems for the last month or so. But, where he was basically going was we obviously look at all the alternatives, what we can do with cash. We do want to be sure that we're prepared if there is a forthcoming downturn in the economy, which obviously will impact radio as well. We want to be prepared to have cash on hand for acquisitions and we do have the stock buyback in place.

Well, here I am. I guess, we figured it out that it was my end with my local carrier, which -- by the way, just to put it all in perspective, I think that they paid way too much and have too many bonds out there, which is affecting performance, and you said politely. We won't name who it is, you can probably figure it out if you follow telephone stocks. That's pretty much when I have, Sam. I was saying that it's a one of two people that probably ask that questions and we review this every single time we have a shareholder meeting and we review it every time that we sit down with the Board of Directors as to what is the basic use of our cash, and it's to grow the Company, which is something we go strongly on bit by bit by bit. And we've been fortunate in that having that availability. I think, that's all I have.

I think we can wrap it up with that, Greg, and turn it back over to you just to wrap it up.

All right. Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.