I to incredibly are to joining Thanks everyone. our truly about to unprecedented. and you It from this in the wanted my remarks morning. getting challenging Prior to morning, take company, time moment this unique today. recognize wherever situated a is call Good the Ashley. be morning into for Thanks, happen we
toll the across prayers businesses communities overwhelming in those conditions. devastation were most and with pandemic economic impacted this a company and serves just tragedies sudden country people, and experienced unimaginable at my our The change the the on and personal and economic by heart are The on ago. families in and months times, directly is few
also the absolutely to COVID-XX essential front many lines With with services. first pandemic, our so health fighting products witnessed and and work on our those by workers responders safety, back healthcare the we've us country, from been collective heroic across to for and providing the
impactful themselves here the journalism organization heroes stories every chronicle to who news serve day these and Our at save. every highlights work through day. this of We put Gannett at risk to
Finally, of I nearly acknowledge at Gannett. XX,XXX to my work the here colleagues want
risen As personal a great accurate this balancing provide commitments date to our and has loved of to our families an customers immense helping through time of business challenge and stress. their news uninterrupted, the company keeping pandemic. resources essential the team to and This our honoring and enabled manage communities, to everyone has up while ourselves, professional safe pandemic, ones in this of our responsibilities
hard express crisis. to continued my our of we to their gratitude my as and colleagues this want through for I mission, all navigate to work Gannett commitment
integration month new would welcome a morning, well Horne, Doug into making which the have. to with large scale diving as has brings of job I significant contributions. team as this projects skills, CFO, the Doug finance team immediate minute done accounting also ago. diving a fantastic about we'd a a before to joined And like and and in our experience who take Doug deep
morning. hear you'll really on We him have from to are this glad And Board. Doug
despite in are our we COVID-XX, the earnings, which and internal the and cover I required line first last our and immediate Doug quickly, as the fast. business, mentioned. to came so with employees expectations, to call, outlook, us today's were of We'll March. Paul felt now actions QX It to of couple solid weeks me to we on And business with headwinds during keep quarter Ashley so our financial all improve We'll the response safe, our think accomplished. country which upon running, to which our cover and keep our
team to respond moved Our event. very unprecedented quickly this to
on our believe been significant also realization will operations review quarter items have most progress we a along sheet with credit some balance actions facility. and importantly integration difficult country. update be details weather and The And us our positioned and taken synergies. liquidity, QX, businesses have and have and which I of for of an key on important the our have for to We'll we
lots morning. cover this So, to
and our of was as review EBITDA. we a first with pacing both were start line I quarter expectations. first which for revenue After of financial our in solid our internal the weeks with performance, and expectations of I'll actually largely March, fact, couple in ahead mentioned
two However, about over of March, during of those last decline the estimate in million pandemic. revenue in $XX two advertising impact this weeks we from direct declines last was significant the experienced COVID-XX the saw We a we weeks.
improved trend. the of an about with of XXX our versus our was being same decline, revenue store that trend of basis COVID down Without same QX store X.X%, revenue same would XXXX. consistent store points impact the impact, to the improvement QX have of Despite
a EBITDA forma weeks prior year Adjusted two of March. and last prior into pro versus heading ahead X% the on down the was of was year basis, pacing
first recorded on We synergy realization synergies, million in quarter. the of million remained for Our annualized which integration and the cost $XX first $XX resulted in quarter. implemented plan of reductions
primarily down quarter, paid proceeds $XX.X sales. during estate the from debt real also with million We in
will to call, real the quarter. proceeds in estate contract update quarter provide that the and debt we second repayment on with from under on close an second expected the Later are during sales, expected
We with cash which million the balance first million of from closed $XXX at the quarter grew sheet, on $XXX yearend.
estate to despite outperform in economic the synergy our and debt pay are we midst ability crisis pleased progress of. to and our in through We with remain the are our aggressively efforts integration of plan, the sales, real confident down
the as many line I well. mid-March, COVID things the While sure dramatically of with in as since was quarter you our feel am crisis first changed expectations, has
Our unprecedented. how things company disruption lives, we quickly respond the and of jobs, these just to adapt are and to all do our as the has to had economy, our
I team shown to employees, the As to serve. journalism a customers to in our high-quality took our few minutes health I ago, ability action mentioned to leadership this deliberate am communities responding safety the team our proud support preserve our has speed decisiveness our we deliver to to and the pandemic. and and of of immediate and and
safely, changes enhance to have our and performance. of also taken and operate I'll morning. financial for we four liquidity the actions In you addition to actions this those improve taken position to highlight
expect force, travel we expenses by additional and reduce expected cancellation second First, $XXX to non-essential we goods pay temporarily an an in reductions, million to of in $XXX reductions implemented furloughs, quarter of that the and implementation in sold. million, measures reduction through of spending cost
saving actions. cost cost are also realize roll to well, will additional we additive weight as previous and in synergy reductions additive regular cost QX These measures the forward of to
by down QX these measures, result versus of XX%. prior to be expenses approximately expect all a the year we As
cost in that XX.X% context, decline For to QX. in a compares
Second, we our spend. CapEx took significantly immediate to reduce action
million plan XX% more our That in the year. savings. spend of lowered remainder about than cash for equates the by have $XX We to
conditions our the improve. Third, suspended quarterly until dividend has Board
cash than finally, Act more The by the the defer to ERISA of of defer balance companies liquidity until pension payments our fourth, facing uncertainty believe remainder we free. CARES $XX year. through we QX XXXX actions the over XXXX interest allows all $XXX XXXX our will the this us And helping to these performance, little none are our CARES a Act improve financial from We leveraging million. of FICA to this also reflected in of payments liquidity these and navigate are improves pandemic. and Obviously, and payments. is This million
ability also to execute confident continue in our on our We plan. integration remain to
We earnings XXXX not Those mentioned have we our and for four priorities on call changed. XXXX. last priorities have
We priorities executing the simply against the those backdrop on of are pandemic.
recap little those doing. with Let for me how priorities on update a you we're
expect million roughly million least synergy million to of half at our implement we $XXX annualized expect of during have on First, target $XXX QX, to synergies. we annualized XXXX. Through or $XXX executed
that quarter $XX million expense remain our to to with target reduction these We second to realize of will in will $XX run regard of alone. rate in us both the timing. synergies, We million expect terms enable achieve and confident measures that we amount
weight lower goods reductions weight regular of cost approximately up sold well as reductions. made attributable regular from as normal is X% continued our Second, savings total, to we our XX.X%. is in about synergies cost to of reflected The is total of course X.X% revenues. X.X% permanent cost lower cost and of the cost Of actions, have attributable reductions. That's resulting QX cost
leverage Third, paid approximately million that which the term and the debt refinance entering with year, $XX XXXX. the term goal is times loan sales additional about end from we into of at close contract second in last to quarter proceeds we expected Since have EBITDA, prepayments of X we achieve to of second a quarter. estate down voluntary $XX expect to when the aggressively are and down the in expect November debt, million we of paying are in with approximately to make the real under loan
this to another year real $XX remainder million into the intend have we sell we million $XX of Further, that year. to of next and estate throughout
improving on revenue our trends. focused same we store Lastly, remain
quality-content, I March points in revenue, have QX. our cost to XXX a mentioned, And have we our We million reductions by of start in exclude improving development As are of crisis. and to once our QX so efforts we balancing as mentioned, quality-products, and other above are seen reductions, while X.X% in this priority, was very that improved due the to to lot our morning that strong the side January this down February with to structure, good, are along to the late when a you down making trend COVID revenue expectations. in situation, Performance have the get to report a we’ve basis from lost we improvements about produce X.X% sales revenue year. would we major trends talked $XX and against positioned product cost I
Now a let's about facility. our credit and for our talk minute debt
of be going obligations our our which the website. in ability Investor let Relations detailed our earnings now Ashley to me loan. make also our section points the have term confident very I'm in to our say, first can under satisfy on QX We mentioned remain we And that found all supplement,
financial quarterly that to every $XX of the at covenant requirement million Importantly, there of tested quarter. cash end sheet one only a a on balance covenant that on the is maintain is is basis. And
cash, very ability QX, flow. our cash positive had of generating we're feel to end the of ongoing covenant. As satisfy We this we in and million $XXX of confident
event any compliance with have default not Importantly, our does term of ratio. tied loan any financial to
Our comply event a event should buybacks. to are term be to EBITDA to ratio to of use to loan, on restricted the does of to whether ratios avoid heightened But payments, such with determine our as opposed true ability default. not solely or a debt confused debt failing with restricted this the an consequence a loan as restriction we make debt to permitted covenant a an financial payments, our ratio for to requiring maintenance EBITDA stock of of default. Under is to make trigger EBITDA dividends
expenditures ability to spend loan million $XX more on term the capital restricts our than Next, annually.
than in $XX are we to ability this confident XXXX, remain million covenant. in do more CapEx. In We compliance with anticipate not in highly spending our
at want that the and I making million the payments. $XXX million. approximately we end of cash highlight cash required generate so of it'll point to we be we encompasses With June balance June can interest, quarterly of to last our X.X the is positive business March required $XXX highly year. payment And payments commence The confident in flow, this make sheet on interest months of are to continuing are interest the that
current the debt million and balance, each. interest Given be $XX QX would the payments QX approximately
lower. we actual However, and to be QX are And approximately interest our in the million I'll from about in payments. assuming confident of real QX ability additional debt paydowns ongoing interest proceeds estate could reiterate, $XX in payments million, QX sales make with highly $X.X
We are to ongoing ability in highly credit compliance our with stay confident in our facility.
current crisis Hopefully the one is worst no know. us, how knows but we don't out. the behind play just will Obviously,
fall brace the outbreaks that suggesting in should virus are new reports the and winter. for lockdown Some of renewed and/or the we
what know hope look that's it's that all not next to very But true. so Let's today like. will year hard
should However, and very our can the we uncertainty open with dialogue us comfort arise. with need have the the which unforeseen, a lenders, a great and that gives unknown, relationship the deal we
Paul, to and the under over COVID-XX to way we the will has undertaken. update turn like integration important our very now I'd operations, company an who on give things response efforts us have all important
turn I'll you. to Paul, And you. Thank over it
