[Call starts abruptly] 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 Reports on Form 10-K. Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 on 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 is 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's Chief Executive Officer, Caroline Beasley. Please go ahead.

Thank you, Sandy, and good morning everyone. Thank you for joining us to review our solid 2018 fourth quarter operating results. In a moment I'll review the quarterly highlights after which our CFO Marie Tedesco will provide more detail of the fourth quarter results. I'd ask you to please refer to today's earnings release for details on the stations included an actual result for 2018 and 2017. So, we ended 2018 strongly as we increased actual fourth-quarter revenue by 29.1%. The revenue growth was broad-based with increases at 10 of our 13 clusters and we also benefited from our September 18 acquisition of XTU, the December 17 Boston station swap and approximately $3.9 million of fourth-quarter growth political revenue. The revenue increase for the quarter on a pro forma basis was an equally impressive 9.9% and excluding political revenue rose 5.1% which demonstrate the strength of core advertising in our markets during the quarter. Our strongest revenue performing clusters for the quarter were Philadelphia, Boston, Las Vegas, and Tampa. Actual reported fourth-quarter SOI rose 37.2% to $20.6 million as we increased our margins to 27.3% from 25.7% and the year-ago quarter. We achieved the strong SOI growth despite the increase in quarterly station operating expenses as a result of the XTU acquisition and operations of BG. I'm delighted to report that the integration of XTU has exceeded our internal projections and expectations as the station posted. Impressive fourth-quarter growth with station revenue's growing 13.8% and SOI increasing north of 30%. The return of this heritage country station is a great complement to our existing Philly cluster and has strengthened our competitive revenue position in the market. As our Philly cluster group, fourth quarter revenue, 14.6% on a pro forma basis. The addition of XTU has quickly moved us closer to our goal of 30% market revenue share with Philly cluster garnering 27% in the fourth quarter and 28% on a pro forma basis for the four year according to the Miller Kaplan. Finally, with respect to our most important financial metric, our free cash flow for the quarter increased 33.9% over the same period in '17 to $8.6 million. In addition, our initiatives to significantly broaden and diversify our reach scale revenue and free cash flow through accretive transactions and select investments are delivering the anticipated results as our free cash flow rose from $14.9 million in 2015 which is the last full year prior to completing the greater media transaction to $25.5 million and the 2018 full year. So that's an increase of a little over $10 million in the last three years. With about 27.5 million diluted shares outstanding and our current share price below $5, our free cash flow yield is north of 20%. Now, with that, I'm going to turn it over to Marie and she's going to give you a deeper dive into the quarter.

Thanks, Caroline. Let's start with a review of the fourth quarter and full-year operating results and then I will review some balance sheet items. Fourth quarter net revenue increased 29.1% or $17 million to $75.6 million including year-over-year net revenue increases in our Tampa, Philadelphia, Detroit, Boston, Fort Myers, Las Vegas, [indiscernible], Charlotte, Wilmington and New Jersey clusters. Political revenue accounted for around 5.6% of that increase, showing that our platform building and margin initiatives combined with the strength of core categories all of our fourth quarter growth. Fourth quarter pro forma revenue increased 9.9% and pro forma revenue excluding political increased 5.1%. Station operating expenses for the quarter rose 26.3% to $54.9 million largely related to our expanded platform and strategic initiatives including the Boston asset swap and the addition of WXT FM in Philadelphia. As a result, we delivered a 37.2% increase in station operating income to $20.6 million from peer to $15 million in the year-ago period and an 18% SOI increase on a pro forma basis. Looking at our revenue categories for fourth quarter on an actual basis, consumer services remained our largest revenue category, representing about 24% of our revenue and we generated a 42% year-over-year revenue increase in these categories during the quarter. Our consumer services category includes advertisers such as medical, dental, construction, insurance, real estate, legal and education. Our second largest category in fourth quarter was retail, which was up 30%. Entertainment was our third largest category for the quarter and we generated a 19% year-over-year revenue increase while auto, our fourth largest revenue category, was up in the low 20% range. On the same station basis, consumer services increased 15%, retail was up 8%, entertainment grew 10% and auto was flat. Corporate G$A expenses increased $765,000 during the fourth quarter to…

Okay. Thank you, Marie. In addition to our focus on growing our core local audio operations, we remain committed to continuing our strategy of diversifying and expanding our platform. In that regard, we continue to make progress in diversifying our revenue with 15.6% of total '18 revenue coming from sources other than advertising thoughts on terrestrial radio, our local stations and content creation capabilities have established grown brands in their markets and in many cases are attractive to consumers and markets beyond where our stations are based. So we have been an intent to further participate in the ever-expanding number of distribution channels for our unique audio content, whether that be streaming smart speakers, cars, mobile devices, digital platforms like Amazon's twitch for some of our sports content podcast or live events. Beasley has a very long record of successfully driving strong growth in brand and ratings and we've consistently adapted to changing consumer preferences in terms of when and how they access our contents. So consistent with this focus throughout '18, we continue to execute on our integration strategy focused on premium local programming to support our goals of rating the market leadership at our park station while remaining opportunistic and further building our scale and revenue diversification to drive growth. Our strong free cash flow has enabled us to complete strategic investments in our broadcast digital technology and other platforms, reduce leverage and pay dividends. During the year, we completed the strategically complimentary and accretive acquisition of XTU which significantly strengthen our competitive position and revenue share in Philly. We also completed several smaller acquisitions including they Tampa-based event company and a nationally syndicated Esport show and podcasts, and these were funded with cash on hand. We also forced the relationship with SpokenLayer the number one voice provider…

That's right, Caroline, we did receive some questions that had not been addressed on our call this morning. So I will now go ahead and review those. The first question is on how is auto advertising doing? Auto for fourth quarter was up 27% on an actual basis. On the same station -- and it was flat on the same. Same station in fourth quarter would exclude the Boston swap and WXTU as well as the New Berlin divestiture. And for the full year auto was up 5% on an actual basis and auto was down miss single digits on the same station for the full year. Looking into 2019 pacing's for first quarter '19 as of today is flat on actual and down mid-single-digit on the same station and in 2019 same station would exclude WXTU. The next question is, "Can you parse out the recurring operating expenses from investments spend in fourth quarter?" So our investments band in fourth quarter was around $0.5 million. And with a continuing digital and Esports initiatives, we project that our investments ban for the full year of 2019 will be somewhere around $2 million to $2.5 million. The next question is, "In terms of capital allocation, what are your main priorities headed into 2019?"

So, thanks, Marie. I think we've addressed this like three times on the call today, but as we said, we're focused on reducing our debt. We're focused on returning capital to shareholders in the form of dividends and also, we're focused on looking at strategic transactions and that would be towards our goal, diversifying our revenue within the company.

Great. Another question is where do you expect to spend leverage wise at the end of the year?

So we've been really vocal in terms of our target leverage and that's around four times. So that will be our target by the end of the year.

Right. And we will do one more question. Any customer operating metrics that can be shared at this point on Beasley analytics and Depots?

Sure. As far as Beasley analytics, we're seeing an increase overall in website traffic for our advertisers of north of 10%. But what we're also able to get from these analytics is being able to provide a better marketing strategy for our advertisers. We're able to address accretive by using analytics and we're able to address which day parts performed better in terms of commercials and whatnot. So, we're very excited about this product that we're using. And then as far as bPod, we just launched that in December of last year. We have about 50 podcasts on that. We have about 3 million downloads and that's made up of the internally-created podcast on demand to share this content and then also external partners.

Great, okay. And that's it for the questions of the items that were not covered in the call this morning. End of Q&A: Well, thank you very much for your time today. And should you have any questions, please feel free to reach out to Marie or myself.

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.