R.R. Donnelley & Sons Company (RRD) reported financial results for the second quarter of 2020.

Net sales in the quarter were $1.16 billion, down $346.5 million, or 23% from the second quarter of 2019. The decrease includes a $94.2 million impact from dispositions in the Business Services segment, primarily the Global Document Solutions and Logistics Courier businesses, and a $9.8 million reduction due to changes in foreign exchange rates.

On an organic basis, consolidated net sales declined by 17.1%. Loss from operations was $15.9 million in the second quarter compared to income from operations of $20.9 million in the second quarter of 2019.

Cash provided by operating activities of $35.4 million in the second quarter of 2020 improved $22.5 million versus the prior year amount. As of June 30, 2020, cash on hand was $341.9 million and total debt outstanding was $2 billion. Total outstanding debt is down $133 million from March 31, 2020, and is down $86 million from June 30, 2019.

“The second quarter was a very challenging period as we swiftly responded to the worldwide impact from the COVID-19 pandemic. We acted quickly to protect our employees and adapt our operations to meet the essential communications requirements of our more than 50,000 global clients,” said Dan Knotts, RRD president and CEO. “We also took significant steps to improve our financial flexibility and protect our liquidity. During the quarter, we executed three debt exchanges, repaid our 2020 notes and repurchased additional debt due in 2021. Further, our operating cash flow improved from the prior year for the second consecutive quarter.”