Greetings, and welcome to the Entravision Second Quarter 2025 Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Roy Nir. Thank you. You may begin.

Good afternoon, everyone, and welcome to Entravision's Second Quarter 2025 Earnings Call. I am Roy Nir, Vice President of Financial Reporting and Investor Relations. Joining me today are Michael Christenson, our Chief Executive Officer; and Mark Boelke, our Chief Financial Officer. Before we begin, I would like to inform you that this call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entravision's SEC filings for a list of risks and uncertainties that could impact actual results. The press release is available on the company's Investor Relations page and was filed with the SEC on Form 8-K. I will now turn the call over to Michael Christenson.

Thanks, Roy, and thank you to all of you for joining our call today. As you saw in our press release, on a consolidated basis, Entravision increased revenue 22% to $101 million in 2Q '25 compared to 2Q '24. And we had an operating loss of just under $1 million. As we've discussed on prior calls, we are committed to growing our business and earning a profit. So we do acknowledge that we have work to do to improve our operating performance and profitability. As you all know, this year, we report our results for 2 segments: Media and Advertising Technology and Services, what we call ATS. For our Media segment, revenue declined 8% in 2Q '25 compared to 2Q '24. We had fewer active local advertisers in 2Q '25 compared to 2Q '24. And advertisers cited economic uncertainty and the impact of federal immigration enforcement actions for their decisions to pull back from Spanish language media. Now although, we had fewer active local advertisers in 2Q '25 compared to 2Q '24, the average spend per average local advertiser was up slightly in 2Q '25 compared to 2Q '24, but not enough to make it a positive growth number. And the number of active local advertisers in 2Q '25 was higher than 1Q '25, and our local revenue has increased each month in 2025. We saw similar trends and pressures in our national business. In terms of operating expenses and profitability, as we've discussed in the past, we're making a number of important investments in our Media business in 2025. We're adding capacity to our local sales teams, more sellers, and we're adding digital sales specialists and digital sales operations capabilities so we can sell more digital solutions. When we analyze our local markets and our local advertiser base, we…

Thank you, Mike. Let's start by reviewing revenue performance. On a consolidated basis, revenue for second quarter 2025 was $100.7 million, up 22% compared to second quarter 2024. In our Media segment, second quarter revenue was $45.4 million, which was down 8% compared to second quarter. As Mike noted, our media business began the year slowly in part due to advertiser uncertainty and the political climate and the impact of federal immigration enforcement actions. And in addition, there was political advertising in 2024 that was not significantly present in 2025. However, we've seen sequential monthly and quarterly improvements as we move through 2025, and we are seeing progress and momentum on executing our sales strategies, including hiring additional sales and digital marketing staff and growing local digital sales. In our Ad Tech and Services segment, second quarter revenue was $55.3 million, which was up 66% compared to second quarter 2024. We believe we've had success executing our strategies in this business so far during 2025, including expanding the sales team and geographic sales coverage and strengthening our platform technology and AI capabilities. One of our goals is to optimize our organizational structure and the expense of support services in order to align them with revenue. With that in mind, let's look at total operating expenses for each of our segments, and this refers to the sum of direct operating expenses and selling, general and administrative expenses, or SG&A, as those 2 line items are reported in our segment results. For our Media segment, total operating expenses in second quarter '25 increased 5%, about $1.9 million compared to second quarter '24. Looking back at third quarter '24, we reorganized our business units and reallocated $4 million of expense on an annualized basis from corporate expense to media operating expense. This is…

[Operator Instructions] We have no questions at this time, I will turn the conference back to Mike. Thank you very much.

Thank you all for joining our call today. We look forward to talking with you in our next quarter to report our third quarter earnings. Thank you very much.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.