Good day, ladies and gentlemen, and welcome to the Saga Communications Inc. 20223 First Quarter Earnings Release and Conference Call. It is now my pleasure to turn the floor over to your host, Sam Bush. Sir, the floor is yours.

Thank you, Matthew. First, I wanted to let you know that Chris was pulled away with a family emergency today and won't be joining the call. He did, however, leave me with his notes as to what he wanted to pass along. So, while I can't bring them to you with the color and the flare that he would have, I've incorporated them into my comments. Now, for obviously the most fun, the basic disclaimer. 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 March 31, 2023, net revenue increased 1.3% to $25.3 million compared to $25 million last year. Station operating expense increased $1.1 million to $21.7 million for the three-month period. Station operating income decreased $770,000 to $4.8 million. Operating income was down $805,000. Political revenue during the quarter was inconsequential at $193,000 compared to $121,000 for the same period last year. National for the quarter was up approximately 7% year-over-year, and represents approximately 9% of our overall gross revenue. I'll talk more about one particular national win Saga had, a little later in my comments. As indicated in the press release, two of the main reasons station operating expenses were up were employee compensation and healthcare costs at a market level. After a number of years of giving our employees little to no compensation increases, we made the important decision to give our remarkable staff pay increases in recognition of the tremendous work they did…

Second question was about other radio station groups that have indicated that auto as a category is performing better. I would agree with that. We saw in the first quarter, up 10% to 11% in the auto category. It is our third largest category, whereas historically, now this goes back a number of years, historically, it would have been our largest category quarter-after-quarter, year-after-year. But at this point in time, it is our third largest category. It did grow by a little less than 11% this year. Our largest category, by the way, continues to be home improvement. Are all of our stations streaming at this point? Yes, we are. All of those that make a difference, and we have a few small stations that are repetitive, that don't stream, but virtually every one of our stations does stream. Final question from this particular individual was, what is the performance month-by-month in the quarter? And it was varied. January was up 2%. February was up a little less than 2%, about 1.7%. March was only up 0.5%. So, while each month was up, the variance between being up 2% or up 0.5%, was meaningful to note. I already talked about pacings in the second quarter. So, hopefully, that answers that part of the question. And actually, there was one other question from this individual, and it's about, what is the tone of the current advertising market based on the fact, as I just said, we're very in tune with our markets and with the advertising community. Again, people are concerned. They're concerned about inflation. They're concerned about the economic environment. They're concerned about the global environment. There's just a lot of things. What the Fed is going to do, I guess today, maybe they've already done it, I don't know…

Hopefully, that's given you all quite a bit to think about this morning, and I appreciate everybody that's on the call. And as we always wrap up the call, feel free to give us a call. We'll be glad to talk to you. We're proud of Saga. We're proud of what we do. We're proud of where we're going in the future and all of our team, and we appreciate our investors and all of you who took the time to listen to the call. So, with that, Matthew, I'm going to turn it back over to you to wrap up.

Certainly. Thank you, everyone. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.