us thank Thank on thank frontline a all joining and I'd and what Discovery's that remains employees our this morning. you of who to like dedicated morning. said critical to you for ensure provided from again have services workers Good track. echo to big the David working home tirelessly business
into and such good in our for closures March. advertising did impact QX solid throughout the and note February naturally early feel the pandemic. very February before COVID-XX region others, closures we to This impact January from in then when on Italy by to beginning begin of here a in with as in spoke followed specifically XX. key in among results, we you Asia Europe the evolved Turning portion many of Poland, we had We to markets modest a with our the last March, US a
to QX with support X% even on currency ex while constant initiatives. Though declined as next year-over-year revenues we've total continued and that, with largely invest a AOIBDA plans generation in basis, our flat FX were
outlook summer conjunction reminder, in late the a forward-looking from the QX the and games in March, this year. both Olympic of to and financial move with we next, projections recalled our for As
drivers with year. was the review key our me revenue versus Let advertising, which beginning US prior flat
some the did in we and higher by isolating an to rise our offset in from noted, stay-at-home the XX total some day people in the demo in March was cancellations portfolio delivery by with extent, audience see versus To the home, people deliveries. March at pre in increased XX% lockdowns XX With uptick of period. in deferrals. As impact networks cancellations over across
been useful our project. down ideas, for comfort inspiration home provide and Audience home networks, with food particularly hunkered more and are and engaged families who growth cooking which for has strong and
Discovery's pharmaceuticals, studios movie travel, insurance, and nicely, such back verticals like cut The categories advertising retailers cleaning CPG number and autos companies, financials some largest food significantly. holding understandably while certain e-commerce as of are products, up and and
And marketplace QX. as on remainder is on remind in the this to We deferrals can are looking a XX% business cancellations we're year-over-year. to for and we preliminary best a our booked results, Though around rolling at based both And April May is higher you quarter, better have April. the slightly than very based we predictably seen lot month. that cancellations moment, and of partners' And, down June appropriate, where the fluid month as with accommodated needs. of
were as Us increases offset completed increases. deals rate content key on distribution distribution some of QX of in We affiliate recently declines. underscore linear we the our was which as with visibility up partners, believe by subscriber rate helps provides year-over-year our as X% well value partially
year-over-year distribution industry X%, networks, in with revenues, with commentary of account XX% Subscribers while US in the trends. total prior fully end line subscribers at our broader of were portfolio line the distributed to X% down for which were March, our back down around total reverting of
having lapped As a is fully quarter and Sling. reminder, this first Hulu full the
any impact haven't We seen distinguishable trends. subscriber on COVID-related
have on we dependent to are of we aren't immune macroeconomic And the and moment which receive from we real-time implications. don't arrears. So, overall country potential months necessarily duration magnitude color and one remits this as current trends in obviously long-term two the across naturally
Turning to international. Advertising in FX. year-over-year QX ex was flat
X%, of deferrals the up which the was APAC. international the advertising two year, previously pacing For months noted include in first
to a year-over-year. XX% began of more our down many nearly we pronounced markets key Europe impact March advertising down, shut with saw in As
immediately US, many benefit as markets international both are more the economics the well changes Unlike reacting down upfront which of a in more up. or enjoys flexible viewing structured as with marketplace, volume, to advertising shares,
is down preliminary in the regions. down across is range results, from international to Depending on on XX% XX% the April anywhere XX%. market, down about Based all aggregate
data one only stabilization like see and early, to though signs Korea. And starting Taiwan we of China, markets are in point, and some
is a So, relatively of this our small portion mix.
was QX. year-over-year distribution FX International X% up in ex
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Consolidation for have our push full harder to content to get among means portfolio. we distributors that value
that top have to more may, such, As we line are, continued we which headwinds. infers and play offense, facing incremental
This is predicated time are there a even at as Europe on markets sports. pronounced no our is in proposition in value when more sports key local
Sweden, Denmark on For and football example, rights. exclusivity where near Dplay in certain has
Naturally, world seen the even Eurosport GolfTV performance, premium being for with expect and a Dplay anywhere tiers though sports and continue in has whenever pullback activity, we no certain on in which weighed has resumes. second play the played momentum to of Player
may net our US, they sports subscriber partners with without seeing to be are effort even we to driven absorb at the Dplay where work as an Similar not appropriate, any growth, we counts. we entertainment to nice have seen So, in in seek in subscriber material the by moment, helpful churn. good momentum and Though near-term change distributors compelling offering.
we ability in uncertainty the much we the very surrounding amidst Even top shortfalls flex our cost as to to can. feel mitigate of our structure revenue, line confident our as
the reflect the of As Scripps and following been you of know, the our to and right-sizing management acquisition, operations base state cost our industry. transformation disciplined we've about the
to While as moment. focused will expect the great to open so procedures, and this merger And appropriately here us should practices opportunity be provided and you many we too examine of believe well. our a up
be home of are our earlier, learning valuable proven by to successful as during lessons at David talent point, produced Case period. this programming. some has lockdown most mentioned our We content in
And hour making here we're just an there. or not
period, XXX hours the content. create been So new we've of far, able lockdown during to nearly premier
content continue our certain initiatives. our XXXX in shut investments as savings traditional see or generation content make origination with Furthermore, we production to down largely as we paused, plan originals versus premier to less expect next content even
sports we're though sidelined, not are and expecting year, costs currently deferred being these return. costs, the until if rights bit sports when in With a the only later
is We personnel-related are hiring and could we've spend as as and, currently. marketing minimal implemented you a also expenses refining all T&E freeze imagine,
next point, At currency to a year be on we flat to basis as investment to we our operating generation reallocate this currently expenses with constant portfolio. continue expect around last total
fluctuate far end business beyond to Accordingly, we faster-than-expected protracted the one our expect expenses advertising extent normalcy would or digit production in begin high-single decline current related we year, traditional To the of to to and see the range. there's based on percentage outlook few points expect mid core return how below in the recovery above to total we or a that to flat expenses a a more either the quickly can sales. up to a ramp
was Turning in cash free to which down year-over-year QX. flow,
prior related our was was pandemic. payment, Some tax of like cash of the to to timing the increased the this related rest planned investments while level
moving number AOIBDA we the working are sustaining cash Though to as industry-leading begin cash production, evolves. to free in anticipate free we to level last still generated front advertising cash ramp don't the free we how of there flow the achieve that a an rate. conversion and on While same cycle of year, flow as based flow cash direction upon ecosystem either capital well when pieces influence the expect could
our cash having with remain sheet billion and of our and current position, with am quarter billion ratio roughly an basis. comfortable under confident the $X liquidity times We fully I balance availability revolver. on in leverage at $X.X our of finished our LTM X.X another committed
of no June $XXX maturities million have next notes We when of coming due until debt June in of million year, and mature. $XXX additional
affirmed committed times. of by signal supportive remained important net rating longer-term as have the this to our structure, our capital credit and X.X We investment ratings and agencies our to plan business rating recently grade leverage to X agencies remain target of during The moment. an
We we filed a with morning signed amendment separate our X-K this bank an outlining group.
times its for of You can original times QX to threshold to additional refer leverage the returning X-K X.X the covenant our relates to in This beginning by details. QX, amendment gross in revolver to XXXX. X.X
approach throughout an to facility as policy. the should of than out credit abundance caution impacts COVID-XX change of requested do to preserve related in we level, and only be to period access in revolving this this it full in this expect Any rather change increase should order occur, we uncertainty. While of leverage, our viewed not to of temporary financial
traditional be reflecting from would David to adaptive an for long additional production, cost per impactful chain That reemphasizing that point our content say, flexible methods asset respect fare should with unit I And to made, be profile. as very mix hour this to impaired cushion, believe is the as cash on very produce well on overly efficiency time, would consider it's and long we be worth attractive with when given of and able of period what relevant our we I production that needed. for relatively to a would
allocation, to reducing million share our in capital by XX count million worth Turning $XXX over QX, repurchased shares. we of shares,
period We out results, $XXX our our have March, which we February, market exception XXXX with of since in of the equity. in largely purchased of late a been short the million reported early around we
We on our have $X.X authorization. left billion
And was to rates. a $XX QX FX drag million on the revenues a year AOIBDA finally, million approximately and $XX current to in for based drag
FX $XXX impact $XXX AOIBDA. expect on negative to to and million revenues have a $XX We million impact million negative on a
back With to that, the turn I'd questions. like to take operator your call the to
