Good morning, ladies and gentlemen, and welcome to the Saga Communications Inc. Q2 Earnings Conference Call. At this time, all participants are placed on a listen-only mode. It is now my pleasure to turn the floor over to your host President and CEO of Saga Communications, Ed Christian. Sir, the floor is yours.

What a delightful introduction. And hello, everybody, and welcome to another in our long chain of conference calls. And we'll kind of get right to it. And with that, let me introduce Sam Bush, our CFO for many, many, many decades. Sam, it's yours.

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 a discussion 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 tables. For the quarter ended June 30, 2022, net revenue increased 6.3% to $29.8 million compared to $28 million last year. Political didn't factor much into the comparison of revenue, as gross political revenue for the second quarter of 2022 was $787,000 compared to $430,000 in the quarter last year. We still are expecting fairly robust political to pick up significantly as we continue through the year. Station operating expenses increased 3.7% to $21.8 million for the three-month period. Station operating income increased 10.6% to $9.3 million, while operating income was $5.4 million, compared to $4.6 million for the same period last year. Free cash flow was $3.2 million for the quarter, compared to $4.2 million for the same period in 2021, and I'll talk about that more in just a minute. Net income for the second quarter was $3.8 million, or $0.63 per fully diluted share. Overall, a very good performance in the second quarter. For the six-month period ended June 30, 2022 net revenue increased 8.8% to $54.8 million, compared to $50.3 million for the same period last year. Again, political didn't factor much in the comparison, as gross political revenue for the first six months was $907,000 compared to $640,000 last year. Station operating expense increased 6% to $42.4 million for the six-month period. Station operating income increased 13.2% to $14.8 million while operating income was $7.1 million…

Thank you, Sam. Well, lots of numbers. But I should mention it, since we're talking about the building that out of the 27 markets we're in 25 have owned buildings by Saga. Number 26 will be in the Hilton Head and we'll be breaking ground there in Boston within several months, depending on grinding up permits and everything, which will leave one market where we have a very favorable long-term lease. So 26 out of 27 owned facilities. I just want to put that little addendum in there. So, that's where we are. Thank you for joining us. Now we're into the unscripted part of the presentation. Sam has always so buttoned up and I have just some notes that I made this morning here. And talking about our markets, we did a review on this the other day. We always do a review all the time. But this one showed 24 out of our 27 markets are running up. Of the last three, one is flat and the other two are slightly down and those markets are under what we call administrative oversight. So, it's something that we do in terms of figuring out where the weak spots are and where we have to concentrate. The highlight and Sam brought it up is really our local direct and local merchant sales in the marketplace the clients are. On a whole basis for the company and we've taken this tag for a number of years as localism, pardon me, but I've had a lot of pollen around me. So, if sounded a little stuffy bear with me. Localism is the basic part in the heart of what we do here. And I can give you some examples, and I'm just picking them at random and there's no priority or anything…

Well, it takes a lot of description to talk through the localism that we are so proud of and that you insist that everybody follow day to day every day.

It's 36 years Saga has been a company now. And it's unusual in the business and we're little different because of the way we approach things. Nevertheless, it's been successful and we'll continue to be that way as long as I'm a watch commander for this thing -- this left -- thing this company. But I do get carried away a little bit even in days when I have to worry about the pilot outside. So that's really where we are in terms of discussions about the company. And we welcome your comments and your thoughts because we know that without you and support in our radio stations that we wouldn't be anywhere. I mean we're -- yes we have money on hand. Yes that is reserved for opportunities that we believe will come along if there is any offset in the economy opportunities for acquisitions to continue to grow the company in an environment where we can take advantage of them. We're disciplined buyers. But at the same time, we have our reserve which is our seed corn and we're not going to eat away at our seed corn, while we are trying to maintain all of this in case of we need it in downtime. And in case we have opportunities to do so to expand the business. We're very select as we have talked to you about over the years. And that's our mantra. That's our feeling of doing it. Find the communities, we want identify the radio stations that fit our bill and make sure that we are the last man standing in the industry if there is continued problems as we see them in the future. Sam, I think, I've rambled on a little bit too much. Isn't I?

No, I think that's very good. And I think it gives the full impression of what we're trying to do with the localism as you've stated so well. So I think that's very good.

Do we have any questions today?

We did not today. And I think either the press release did a good job, it was a fairly general quarter and it was a good quarter. So I think we're happy with where we are.

Well, I'm happy with where we are too. So...

That's good.

With that we turn it over for the final announcement too.

Yes. Kelly, will you take it and wrap us up?

Absolutely. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

Thanks, Kelly. End of Q&A: