Obviously we've seen the biggest hit during the crisis come to print advertising, which is down more than 30%. And in the meantime, everybody be safe and be healthy. We'll also review important balance sheet items and liquidity, along with some key details of our credit facility. But as the pandemic significantly affected the U.S. in March, we also saw a spike in advertising cancellations and a slowdown in new sales across both print and digital. Let's all hope that that's not true.
Second, we have continued our normal cost normal course cost reductions.
Obviously, there's a lot of real estate that we're trying to sell over the next two years, so there could be some hiccups and some delays. First, we expect to implement at least $150 million, or roughly half of our $300 million annualized synergy target during 2020. We have also detailed the points I'm going to make now in our Q1 earnings supplement, which Ashley mentioned that can be found on the Investor Relations section of our website.
Is it considered a discretionary spend that people will eliminate? Okay. We are highly confident in our ongoing ability to stay in compliance with our credit facility. A copy of the earnings release will be posted to the Investor Relations section of Gannett’s website, investors.gannett.com.All interested parties are welcome to participate on the live call. Ex-Div. The investor presentation and other materials regarding the board of directors’ recommendations for the annual meeting are available on the investor relations page of Gannett… Thanks for joining our call this morning from wherever you happen to be situated this morning. We continued to reduce our debt during the quarter.
Before we begin, please let me remind you that this call is being recorded. Thanks for taking my questions. All Rights Reserved. Presenting on today's call will be Mike Reed, Chairman and CEO of the public company; Doug Horne, Chief Financial Officer; and Paul Bascobert, CEO of the operating company. The first couple weeks of April were probably the worst.And I wouldn't say the back half of April improved a lot in terms of helping April, but what we really have seen over the last two weeks, late April and early May, is more meetings, more conversations, more businesses now entertaining coming off positive with their spend. That equates to about $10 million in cash savings. In addition, we've also procured and distributed masks and other protective supplies to any employee who needs to travel outside of the home for work. The year-over-year decline in Q1 reflects an improvement of 160 basis points as compared to the fourth quarter due to seasonality in our snowbird markets. It's been more resilient than print advertising. I consent to Natuzzi S.p.A. contacting me through the following channels: - email - instant messages (for example, SMS and WhatsApp) - postal address That is reflecting both continued secular pressures, as well as the disruption from the COVID-19 situation in the last weeks of the quarter. Without the COVID impact, same store revenue would have improved to being down 8.4%, an improvement of about 150 basis points versus our Q4 same store trend. Okay. And while not the same as an in-person experience, events continue to provide an important sense of community. We're also working with our existing clients, particularly our small businesses, to make sure their digital presence is strong. First, we implemented measures that we expect to temporarily reduce expenses in the second quarter by an additional $100 million to $125 million through implementation of furloughs, pay reductions, reductions in force, cancellation of non-essential travel and spending and an expected reduction in cost of goods sold. Second, we took immediate action to significantly reduce our capex spend. Obviously none of this is reflected in our Q1 cash balance of $200 million.We believe all of these actions will improve liquidity and our financial performance, helping us to navigate through the uncertainty we are facing from the pandemic. Thanks.Yes, so thanks, Ryan.
The Investor Relations website contains information about TEGNA Inc.'s business for stockholders, potential investors, and financial analysts. 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. Gannett touches millions of lives with our Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. I want to reiterate the very strong liquidity position we have today with $200 million of cash on the balance sheet and our expectation to continue to generate positive cash flows. They're holding our public officials accountable. [Operator Instructions] Your first question comes from the line of Kyle Evans. So we feel highly confident that the disruption that the pandemic has caused will have little impact on our real estate sales. We are asking so much of everyone, delivering results, integrating companies, cutting costs, accepting furloughs and wage reductions, working remotely or navigating closed communities to get to production facilities. We also implemented social distancing measures and hygiene best practices for all of our production and delivery facilities, in line with CDC and WHO guidelines.This has included spreading out our teams and our shifts, distributing personal protective equipment, implementing multiple daily cleanings. Third, the Board has suspended our quarterly dividend until conditions improve. What do you think the pandemic does to the circulation line going forward? While the first quarter was in line with our expectations, the COVID crisis has changed things dramatically since mid-March, as I am sure many of you feel as well. So right now, it's really hard to obviously see long term what the pandemic and crisis looks like for our country. Just a reminder, it's a five-year term loan. Everything's subject to change, obviously, but as we sit here today, our view is to keep our schedules as they are now.Got it. And so that's been favorable.
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