Ladies and gentlemen, thank you for standing by and welcome to the Gannett Fourth Quarter and Full Year 2020 Earnings Conference Call. [Operator Instructions] I would like to hand the conference over to your speaker today, Ashley Higgins of Investor Relations. Please go ahead.

Thank you, Mary. Good morning, everyone and thank you for joining our call today to discuss Gannett’s fourth 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 events and results 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 New 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 a solicitation of an offer to purchase any interest in Gannett. The webcast and audiocast are copyrighted material of Gannett and may not be duplicated, reproduced or rebroadcasted without our consent. With that, I would like to turn the call over to Mike Reed, Gannett’s Chairman and CEO.

Thanks, Ashley. Good morning, everyone. Thanks for joining our call this morning. We are pleased to share with you today the details of our strong fourth quarter performance, our improved capital structure, including a significantly lower cost of debt, and importantly, how we expect to build upon our momentum in 2021 and beyond. We are exiting 2020 having achieved meaningful progress across all aspects of our business. We are seeing improving trends and we are pivoting from a primary focus on integration in debt reduction toward our long-term subscription led digital growth strategy. Looking at the results of our fourth quarter, our revenue trends improved 330 basis points sequentially from the third quarter driven by the continued rebound of our advertising and marketing service products, both digital and print. On the circulation side, single-copy sales remain challenged. However, our subscription revenue trends remained consistent with the third quarter. As we have discussed on prior calls, we are highly focused on continuing to grow our digital-only paid subscriptions, which are now totaling over 1.1 million. Our continued strong execution on capital – on capturing the synergies as well as additional cost reduction efforts in response to the pandemic led to expenses decreasing 20.4% to prior year during the fourth quarter. As a result, we achieved adjusted EBITDA of $148.8 million in the fourth quarter, which represents year-over-year same-store growth of 5.4% on a combined company basis. Before I turn the call over to Doug in a few minutes to discuss our financial results in more detail, I wanted to highlight the significant improvements to our capital structure that we achieved over the past few months. As we have continually stated since closing the acquisition of Gannett in November of 2019 refinancing our 11.5% term loan has been our number one priority.…

Thank you, Mike and good morning everyone. As Mike mentioned in his opening remarks during the fourth quarter, we saw significant trend improvements across our businesses. We are exiting the year with strong momentum and entering 2021 with a strong balance sheet, a materially lower cost structure and more opportunity to drive financial performance and shareholder value over time. For Q4, total operating revenues were $875.4 million, up 25.2% as compared to 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 16.3% as compared with the prior quarter due to the unfavorable impacts from the pandemic and continued secular trends. However, this trend compares favorably to the down 19.6% we experienced in Q3 of 2020. Adjusted EBITDA totaled $148.8 million in the quarter, which is up $7.6 million or 5.4% year-over-year. This performance reflects the impact of improved revenue trends as well as cost reductions and synergy savings. The adjusted EBITDA margin in the quarter was 17%, a significant increase over our third quarter margin of 10.8%. In the fourth quarter, our expenses were lower by 20.4% on a pro forma basis, reflecting ongoing expense measures taken in response to the pandemic as well as continued synergies from integration initiatives as well as regular way cost reductions. Now, moving on to our segments, the Publishing segment revenue in the fourth quarter was $794.2 million. Within that total, print advertising revenue decreased 26.9% compared 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 that we have 400 basis points of trend improvement from the third quarter to the fourth quarter. Digital advertising and…