Good afternoon, everyone, and welcome to Entravision's Third Quarter 2025 Earnings Call. I'm Roy Nir, Vice President of Financial Reporting and Investor Relations. Joining me today to discuss our results 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. Additional information may also be found on quarterly report on Form 10-Q, which was also filed today. As you can see, our call today is via Zoom. If you'd like to ask a question, please use the Q&A function on the Zoom screen, indicate you name and company, and submit your question in writing. We will try to answer any questions that relate to the topics contained in today's call. I will now turn the call over to Michael Christiansen.

Thanks, Roy, and thank you to those of you joining this call today. We appreciate your interest and your support. As you saw in our press release, on a consolidated basis, Entravision increased revenue 24% to $120 million in 3Q '25 compared to 3Q '24. We did have an operating loss of $9 million in 3Q '25 compared to an operating profit of $8 million in 3Q '24. The 3Q '25 operating loss included $9 million of restructuring costs and impairment charges, so we were breakeven, excluding those charges, still not good. As we've discussed on prior calls, we're committed to growing our business and earning a profit. So we acknowledge that we have work to do to improve our operating performance and profitability in our Media business. We report our results in two segments: Media and Advertising Technology & Services, what we call ATS. For our Media segment, our revenue declined 26% in 3Q '25 compared to 3Q '24. This was primarily due to lower political revenue, but also weaker revenue from national television and radio advertisers. Average monthly advertisers and revenue per average monthly advertiser for our local media operations in 3Q '25 were flat year-over-year. In terms of operating expenses and profitability, as we've discussed in the past, we have made a number of investments in our Media business in 2025. We've added capacity to our local sales teams, more sellers, and we've added digital sales specialists and digital sales operations capabilities so we could do more digital. When we analyzed our local markets and our local advertiser base, we saw an opportunity to increase revenue by adding sales capacity. In addition, virtually all our local advertising customers are advertising in digital channels, search, social, streaming video and streaming audio. We believe we can serve their needs…

Thank you, Mike. Let's start by reviewing revenue performance. On a consolidated basis, revenue for third quarter 2025 was $120.6 million, up 24% compared to third quarter 2024. In our Media segment, third quarter revenue was $44.5 million, which was down 26% compared to third quarter 2024. Our Media business began the year slowly, in part due to advertiser uncertainty in an environment of the new administration and federal immigration enforcement actions. In addition, there was significant political advertising in 2024 that was not present in 2025. However, we've seen sequential quarterly improvements as we move through 2025, particularly in local ad sales, and we're seeing momentum and progress on executing our revenue strategies. In our Ad Tech & Services segment, third quarter revenue was $76.1 million, which was up 104% compared to third quarter '24. We had a higher number of monthly active accounts and higher revenue per monthly active account. As discussed in previous quarters, we've had success executing our strategies in the ATS business during 2025, including expanding the sales team and geographic sales coverage and strengthening our platform technology and AI capabilities. We had exceptional performance in Q3 with sequential quarterly revenue growth from second quarter to third quarter of 38%. With that said, we do not expect to repeat this level of quarterly sequential growth in fourth quarter, and we currently anticipate fourth quarter revenue and earnings to be comparable to third quarter. Regarding expenses, one of our goals is to optimize our organizational structure and the expense of support services in order to align them with revenue and be profitable in each segment and on a consolidated basis. With that in mind, let's look at total operating expense for each of our segments. This refers to the sum of direct operating expense and selling,…

Thank you, Mark. We'll now begin the question-and-answer session. As a reminder if you have a question please use the Q&A function on the Zoom screen, indicate you name and company and submit your question in writing. Please hold as we review any questions. The first question coming in, Mike and Mark, can you comment on the outlook for political revenue in 2026?

Sure, Roy. Thank you. I think that's probably an appropriate question since we're now precisely one year away from the election day in 2026. What I can say is we're obviously positioning ourselves for a very strong political spending environment in 2026. We believe that the Latino vote will be critical to the outcome of the congressional elections in our six Southwestern states. The Cook Political report lists 16 critical toss-up races of the 435 races, congressional races in 2026. We have TV and radio in 6 of those 16 markets. So we're very well positioned there. We also have key U.S. Senate races, including Texas. And then we have governors races in California, Colorado, Nevada, New Mexico and Texas, plus smaller opportunities in Connecticut and Massachusetts. So this will be one of the most consequential congressional elections, frankly, in our lifetime. Who wins in Nevada and Arizona will also have a significant influence on the 2028 presidential elections. So we believe that the Latino vote will be critical to the outcome of all these elections, and we have a powerful -- a unique and powerful channel for reaching that audience. So we're very excited about the opportunities coming up and working hard to make sure we're well positioned.

Thank you, Mike. And we received another question related to our call. The question is, what's the status of renewing the affiliation agreement with TelevisaUnivision?

Thanks for that question. Our affiliation agreement with TelevisaUnivision runs through December 31, 2026. We've been partners with Univision for three decades, nearly three decades. Our plan is to renew that agreement. And we are in discussions with TelevisaUnivision. co we're working to that goal.

Thank you, Mike. At this time, we don't have any more questions. Mike, I will turn it back to you for any closing remarks.

Thanks, Roy. And again, thank you to all of you for joining our call today. We look forward to speaking with you again when we report our fourth quarter results. Thank you.