everyone. Good morning,
track we the first economy. were exceed strong on The began across to In budget off when mid-March start impact COVID-XX company. a Local to outbreak quarter until first Media, quarter got significantly the the to
we the stations although year down on saw it quarter last momentum of a basis, our in of core We advertising QX. reaped started XX same same-station benefits the acquisitions television ended had And year. with the the
of received early completed this negotiations advertising households, another revenue retransmission about the $XX and upside XX% captured quarter at subscriber significant for negotiate as left we we year. to spending We our political finishing million, with XX%
QX Media QX XX% dynamics. combined division acquired the up its basis. an was more on since business our growth positive National Katz which even The managed in saw adjusted By national XX%. revenue largest Networks, best it, to revenue deliver Retrans is far, we
Division QX its XX%, a by on finished XXXX ad also Newsy revenue Overall, growth programmatic in audiences the appeal beat with nearly over-the-top up first profit at $XXX and million our quarter segment around and million. than $XX guidance double ongoing National testament driven its platform. met to and its with young more
of Local expenses expenses. combined Media’s came of well expenses in X% in guidance up at came versus to up Media’s on Turning million $XXX $XX basis. million. at National guidance QX low-teens adjusted below our about an
Shared I��ll it payments. services the and included higher and about compensation guided our a much were with annual because the expenses ongoing in in million we’ll $XX is benefit and quarter the talk see that expense corporate of rest control nearly we what year first consistent more what moment. than
loss The and per but per quarter $X.XX is costs of of integration company’s $X.X taxes. that net share the loss if acquisition $X.XX QX first you only share, million was net factor out
very So again, first a solid quarter.
current like financial I’d to a minutes Now spend picture. few our on
our the temporarily to obligated affairs attempt current are guidance, a reflect shareholders feel of to provide faith our insights to that make we suspending outlook. and state Although good do we
issues protecting financially, may financial change how and Those COVID-XX stand our where include and operations global to of how today as workforce we’re the the fight efforts wellbeing condition our by we COVID-XX and to responding progress. operationally
related XX-Q. disclosures our and you in today, In to to addition comments risk factors find our outbreak the will
at time. can’t the crisis of the full impact COVID-XX course, this we know Of
Turning Media the to Local division.
two of months. progression advertising revenue over the last discussing the by core start Let’s
May decline to and governments’ April sequentially, So indicate Right felt improving pacings saw of shutdown core to and we to speaking May business year, this from from April orders. June. now, the March our our advertising as impact markets state of stay-at-home a in core ad from XX%
clear. be me Let
performance. discussing our results, Many spending are our QX play into We in will into come consumer final not reopening businesses of the our markets. pace month-to-month factors performance including rebounding year-over-year XXXX, and across
Bloomberg’s political receive core spending remains provided ad early advertising, levels to dollars In at presidential don’t helpful so campaign. healthy. Michael presidential comparison in normally the we run
And effort force changed. spending. that all, the is Biden advertising Democratic in fall political Senate strong we and for spending behind him, full races year Key not to has expect political in also fundraising the us. outlook Democratic presumptive up of robust for our the nominee, XXXX a Joe and political are line expect now we setting All Governor’s falling in for
we new Comcast actually we start our negotiations contract, the outlook subscriber the has from In in for renewal are March, of year. of and retransmission revenue that Our improved up January, this half completed for households of the about year. began XX%
outcome with of believe those negotiations us pleased are expanded value. footprint our helped and station to realize We the greater
households, We have XX%. of rest on now those another begun negotiations the
third we change from the quarter to XXXX, no saw recent subscriber fourth Regarding substantial of counts, most quarter the available. the data
National effects the advertising Media April. Our the in felt of also businesses environment soft
of from best month month the April XX% first was And the The previous down March. quarter. the month March of was
in the we the the businesses see for national However, remainder quarter. of now stabilization
businesses these employing by the Local Like expense are challenges controls. stringent Media, ad market managing
businesses national are In believe times. we these the well to addition, challenging withstand equipped
all stronger very businesses improves. rebound fundamentals benefit each They of national pillars reached bank and nearly households. the in Katz the will TV U.S. they viewing. growth on durable. advertising, over-the-air help are network’s as the These Katz, from At They economy
it At ad platforms its on allowed through time. of over-the-top stability Newsy, unusual the programmatic this revenue manage has to
with its along rates viewership gains. While second Newsy are holding the has steady quarter, seen cancellations ad and softness in
orders Stitcher’s business also midday. unfolding with weeks advertiser faced listening commute in as But bounced challenges economic stay-at-home the crisis and has from to reduced near-normal levels usage about back times. new spike uncertainty a recent
with goals as continues strengthen celebrities actively the mitigate key even and prudent in management. stronger mind; team managing value its to with receive through And is has from to the long-term well and two emerge to business pitches expense others the maintains risk Stitcher brand. an and P&L Stitcher partnerships been of and positioned big to preserve
us the declines. the the mid-March control we’ve I’d manage like discuss revenue across ad Now to executed since expense to proactive company help measures
raises Our increases in rolling back were year. initiatives that reduction pay April the expenditures, X, a on a the included implement on have hiring were earlier to merit capital executive of the we a freeze, made pay in freeze scheduled
reductions Then of cuts our marketing. and entertainment travel, like Directors’ items for in reductions later, executives Board and in expense fees pay and general
We expect than these of more savings to provide initiatives the for cash $XX year. million
few key liquidity to a now And you on. items update
of Our cash months. for forecast $XXX million. million our is year over in significant reflects last few forecast LIBOR previous savings decline The the $XX current the versus interest full
the cash million currently year. and Our versus zero estimated currently capital million estimated come our taxes $XX expenditures $XX our in million. between to be to for $XX previous estimate are of are And
In CARES tax paying more part as the Act. I’ll we’re fact, refund rather moment. a a than receiving CARES about million taxes, talk of in a $XX
us were employee many the with a necessary suspension benefits. be in hope weathered of and pay Many was as were XXXX. impose cuts of for We forced measures case. we company, difficult of this you to and those time That won’t this Great we furloughs, Recession
certainly are reductions expense Our helping.
stimulus to Another federal operating and company’s The contributions, significant security use expense deferral losses and of stimulus on provisions liquidity. the the that limitations. pension Scripps from of the comes the package relief benefits social tax difference from the our taxes include benefits that of period net interest
cash in to payments bring help appreciate impact either XXXX federal or this help cash year to efforts is out to maintain measures the and beyond. $XX to period. continuity during Scripps difficult total push us about These million. We The this businesses
current expect the to our operating flow positive needs our from We our be XX months. next the be based expect cash to we year, over cash outlook, meet on and to flow for efficient operations
scenarios. significantly with tested course downside cash our XXXX models, a have of in exceeds We downside our our even XXXX of flow stress number severe most cash forecast And flow.
have control as take the do ability our cost economic event working in we and spend of Right the do cash now, to do to generate other constraints, anticipate we steps. while these as potential not weakness. capital need well prolonged slow not And a we liquidity levers
I’d with like capital to allocation. conclude cash and
was was and debt net balance at cash XX Our March million, billion. $X.XX $XXX
at first quarter Our end net was of X.Xx. leverage the
a have Just our maintenance covenants. no that notes and reminder unsecured loans term
XXXX. We have no maturities until QX of
credit Our maximum agreement. were on lien by XX, pro our debt first revolving X.Xx when Its defined at leverage only credit as current EBITDA, we an drawn. this on a X.Xx forma March blended threshold. At two-year is agreement has covenant adjusted on maintenance
fallout with a Finally, on navigating team pandemic focused has the urgency. of the our been economic sense from
our one number managing is and downturn. right priority duration liquidity Our through the now cash the of
of we to of was it thought lost share important pay haven’t crisis, overarching down this that buybacks million $X temporarily outside This Nevertheless, maintain we’ve our to is debt. sight we dividend. the However, suspended why fact priority quarter. of is last quarter our
And now, here’s Adam.
