Ladies and gentlemen, thank you for standing by, and welcome to the Gannett Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. I would now like to hand the conference over to your speaker, Ashley Higgins, Head of Investor Relations. Thank you. Please go ahead.

Thank you, Natalya. Good morning, everyone, and thank you for joining our call today to discuss at Gannett’s second quarter 2020 results. Presenting on today’s call will be Mike Reed, Chairman and Chief Executive Officer; and Doug Horne, Chief Financial Officer. During this call, we will discuss Gannett’s financial results for the quarter. If you navigate to the Gannett website, you will find that we have posted an earnings supplement, in addition to our earlier press release. We will be referencing it today on the call, as it provides you with additional detail on this quarter’s performance. Before we begin, please let me remind you that this call is being recorded. In addition, statements made during this call with respect to future results and events are forward-looking statements that are based upon current expectations. Actual results and events could differ materially from those discussed today. We encourage you to read the forward-looking statements disclaimer in the presentation as well as the Risk Factors described in Gannett’s filings made with the SEC. In addition, we will be discussing some non-GAAP and pro forma financial information during the call today. You can find reconciliations of our non-GAAP measures to the most comparable GAAP measures in the earnings supplement. The pro forma information presents Legacy Media and Legacy Gannett on a consolidated basis. Lastly, I would like to remind you that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in Gannett. The webcast and audiocast is copyrighted material of Gannett and may not be duplicated, reproduced, or re-broadcasted without our consent. With that, I’d like to turn the call over to Mike Reed, Gannett’s Chairman and CEO.

Thanks, Ashley. Good morning, everyone, and thanks for taking the time to join our call this morning. When we last spoke in May on our Q1 earnings call, it was the first couple of days of May. We were in the thick of this brand-new health crisis and the immediate and fast impact it had no on our country. And at that time, we shared some expectations for the second quarter, cautiously based on our preliminary assessment of the impact of the pandemic on our business through the first 5 or 6 weeks that we were able to see. Unfortunately, our guidance proved to be largely accurate. Although, we did see slightly better revenue as the quarter went on, and we did see slightly better expense results, which led to a stronger EBITDA number than we were anticipating when we spoke in early May. So, I guess that was good news. Our revenues for the quarter were down 28% for the prior year on a same-store basis and pro-forma for our acquisition of Legacy Gannett. Revenue trends improved throughout the quarter, with April revenue down just over 30% and June revenue down about 24%. We did see sequential improvement in each month through the quarter. Advertising revenue was the hardest hit category for us, though we saw a nice rebound during the quarter, which helped to drive the positive movement on trend in total revenue. On the circulation side, single copy sales had a major impact on our total circulation revenues. They were lower, due to business closures around the country, folks being sheltered in place for a good part of the second quarter, which hurt single copy sales. And then, the material impact came from the shutdown in travel, which impacted our hotel and airports single copy sales for…

Thank you, Mike, and good morning, everyone. For Q2 total operating revenues were $767 million, which was up 89.7% as compared with the prior year quarter as a result of the acquisition of Legacy Gannett in Q4 of 2019. On a same-store pro forma basis, operating revenues were down 28% as compared with the prior year quarter due to the economic slowdown brought on by the pandemic. Adjusted EBITDA totaled $78 million in the quarter. This reflects the impact of the lower revenues, which was partially offset by cost reductions and synergy savings. The adjusted EBITDA margin in the quarter was 10.2% roughly in line with that of Q1. In the second quarter expenses were reduced by approximately 26% on a pro forma basis reflecting compensation statements from various cost reduction and synergy initiatives, significant newsprint savings for both lower volumes as well as lower prices and continued production and distribution efficiencies. Now, let’s spend a moment on our segment results. Within the publishing segment in the second quarter, revenue was $695 million and within that print advertising was down 4% to the prior year on a same-store pro forma basis reflecting continued secular pressures as well as the disruption from the pandemic. However, we were very pleased to see approximately 15 points of year-over-year improvement from April to June. Digital advertising and marketing services revenues decreased 26.7% on a same-store pro forma basis, driven by the disruption from the pandemic. Lower demand for premium display advertising coupled with pressure on programmatic CPMs contributed to the decrease for our digital media and digital classifieds products. With that said, year-over-year trends in digital advertising and marketing services improved each month during the quarter. Circulation revenues decreased 13.6 % compared to the same-store pro forma basis, which reflects the negative impact on…

Thanks, so much, Doug. Natalya, could you please remind everyone how to put a question through, if they have interest?

[Operator Instructions] Okay, there are no questions. I will turn the call back over to Mr. Mike Reed. : :

Thank you. And thanks, Doug, for that wrap-up of the quarter. And just to reiterate for everybody, Doug mentioned towards the end there that we are putting an at-the-market equity offering program in place. And, obviously, we have no current intentions to sell stock at these prices. We’re just putting it in place now for future added flexibility. We think it’s good housekeeping, as Doug mentioned, but just wanted to reassure everybody. We think we’re undervalued today, and at these price levels, we wouldn’t have any intention to use it. And then, just to wrap up, while the second quarter was significantly impacted by the health and the economic crisis, we moved quickly to execute additional cost savings measures that preserved our EBITDA margins, and we expect to roll those cost actions through Q3 and Q4, switching them from temporary to permanent. We do expect the remainder of the year to be challenged, though we are encouraged by the continuous trend improvement we have seen on our revenue line. We ended the quarter, as Doug mentioned, with a strong liquidity position, with over $158 million of cash on the balance sheet. And as I just mentioned, are extending our pandemic-related cost efforts through the end of the year. We continue to reduce our outstanding debt and remain highly confident in our ability to meet our obligations under the term loan. Despite the tough backdrop in our country, we remain confident in our ability to execute on our plans, including the integration of our 2 companies, debt repayment, investment and revenue growth categories, and our overall cost reductions. We remain very optimistic about the future and our ability to create value. Thanks for joining us this morning, and we look forward to updating you again in 3 months on how Q3 went. Thanks. Have a great day, everyone.

This concludes today’s conference call. Thank you for your participation. You may now disconnect.