Gannett Co., Inc. (NYSE:GCI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET

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Gannett Co., Inc. (NYSE:GCI) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Gannett Second Quarter Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker, Ashley Higgins, Head of Investor Relations. Thank you. Please go ahead.

Executive
Ashley Higgins

Thank you, Natalia. Good morning, everyone, and thank you for joining our call today to discuss 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 audio cast 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.

Executive
Michael E. Reed

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 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 five or six 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% to the prior year on a same-store basis and pro forma for our acquisition of Legacy