You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: During today's call, Bob and Eric will provide some corporate and strategic updates, and Mark will discuss our results.
Many of these factors are beyond the company's ability to predict or control.
As a result of these and other factors, the company's past financial performance should not be relied on as an indication of future performance.
During the course of today's call, words such as expect, anticipate, believe and intend will be used in our discussion of goals or events in the future.
We encourage you to read Safeguard's filings with the SEC, including our Form 10-K, which describe in detail the risks and uncertainties associated with managing our business.
With that, here's Bob.
The second quarter was a challenging period due to the COVID-19 pandemic and the follow-on impacts to our economy.
In a few cases, the pandemic has provided a tailwind and has accelerated certain trends which were under way prior to the outbreak.
Overall, we continue to assess the value and timeframe for our exits and work with the management teams to drive value regardless of the macro-environment.
Safeguard holds a value portfolio of ownership interest in companies operating in exciting sectors of our economy and where we remain dedicated to maximizing ultimate value for our shareholders.
I continue to be encouraged by the direction and activities of many of our ownership interests, which we believe will eventually lead to valuable exit transactions.
Eric and Mark will now review our recent activities and this quarter's results.
While the current operating environment has been heavily impacted by the pandemic, we are happy to report that our companies are by and large tracking ahead of their COVID-19 plans.
And in some cases, we're seeing pockets of strength and even tailwinds.
Overall, we are at the early stages of recovery, but are substantially more encouraged today than we were when we spoke to you in April.
We'd like to start by reviewing with you five areas we've been focused on since the last earnings call.
The first is making sure our companies have sufficient liquidity to operate in the current environment.
The second is working at the board level of our companies to drive operating and financial performance.
Three is helping the management teams position our companies for the most attractive exit opportunities.
Fourth is at the Safeguard level driving down our cost to operate and taking steps to ensure we can support our companies.
And fifth is, at the shareholder level, providing greater visibility engagement with Safeguard investors.
On the company liquidity front, our companies have been able to weather the COVID-19 storm reasonably well.
This was achieved through a combination of cost-cutting, improved working capital management, business model alignment, access to PPP funds and securing other sources of capital.
To provide greater detail, the majority of our companies are operating at cash flow breakeven or are funded with the expectations that they will get to cash flow breakeven.
The remaining companies are exploring capital raises at different stages.
Three of our companies are currently in the term sheet phase that may involve participation by Safeguard.
We are evaluating these opportunities and if we do participate in these financings, we expect total investments in 2020 to fall within the guidance range we previously provided.
Our second area of focus has been supporting our companies.
As you know, we take an active role with our companies and we have spent considerable time over the past few months with our management teams and co-investors.
We and they have had to make hard decisions, decisions that test the leadership and capabilities of management at all levels, headcount reductions, furloughs, product and market alignment, capital allocation, decisions on credit extension to customers, pushing to collect accounts receivables early, personnel issues and others.
These have required thoughtful consideration and deliberation at the Board level.
As mentioned at the outset, we are pleased with how the teams have performed and are looking forward to shifting our attention for managing crisis to focusing on growth.
The third area I'd like to touch on is exits.
We are working to exit our companies at fair values, which will drive shareholder returns and will allow us to return value to Safeguard's shareholders.
There are two basic ways to exit.
One is what we call a natural exit, and the second is secondary exit.
A natural exit is when the company is sold through a banker process and we sell a loan in the deal.
The secondary exit is when we sell our minority stake to a third party, but there is no control premium and there is usually an embedded discount in the transaction.
While natural exits generally provide greater values and secondary sales, we are open to exploring secondary deals as long as we can get reasonable value as compared to what we believe we can achieve in a natural exit, factoring in time and risk.
We had conversations with a couple of secondary buyers in Q2 but did not find their indicative interest levels attractive versus what we expect to get in a natural sale over a reasonable timeframe.
We had no exits in Q2, but we currently have one company under LOI with a PE buyer and another company about to launch a process after a robust banker selection.
We are cautiously optimistic on both of these processes, but deal risks obviously remain and these risks are magnified in the current M&A environment.
The fourth area is Safeguard's costs in our capital that we have to support our companies.
We continue to focus on bringing our cost to operate down, and we've made a lot of progress on this front.
We are currently running at mid-$5 million a year to operate with corporate expenses down 36% year-on-year.
We are not done and continue to look at both internal and third-party costs.
Mark will provide more detail in his section.
On the capital front, we believe we currently have sufficient funds to operate and support the expected needs of our companies over the next 12 months.
We expect sales of our companies will fund needs beyond that period.
Given the uncertainty of exit timing, we will prudently explore contingency plans to ensure we have sufficient liquidity to meet our needs as necessary.
On our shareholder engagement, we remain committed to improve the level of engagement and transparency with our investors as well as providing better exposure and insight into our companies.
We held our first fireside chat with Jan Bruce of meQuilibrium on July 30th, and the replay is on our website.
If you haven't listened to it, we would highly recommend you do so.
This was the first in a series of fireside chats that we are launching, where you can meet the CEO and you can ask questions via the Zoom webinar.
Beyond that, please feel free to reach out to Bob, Mark or me with questions or suggestions.
I'd like to provide some detail on our companies and provide some company level [Phonetic] highlights.
We selected five companies that are among the top 10 in expected exit values.
To be clear, these are not necessarily the top 5 positions in exit value, but they are among the top 10.
So they are meaningful for us, and we thought they'd be meaningful for you to learn more about them.
To walk you through them briefly, we've looked at these in four different categories.
We'll provide a very quick business subscription, what we like about the opportunity, the impact of COVID-19 on the business and some Q2 highlights that we can say publicly.
And just to run through these companies, we'll talk about meQuilibrium, Prognos, Zipnosis, Clutch and Flashtalking.
You heard about meQuilibrium on our webinar, so I won't go into too much detail, but meQuilibrium stock falls in our revenue bucket of $5 million to $10 million with SaaS talent development solution using predictive analytics to support resilient, engaged and agile workforce.
Their customers are Fortune 500s and SMBs, and we like the opportunity because they're well positioned in the growing HR tech and human capital management space.
The impact of COVID-19 on their business has been mixed to positive.
There has been some accelerated demand for talent development and employee engagement solutions, particularly among disrupted workforces.
In terms of highlights, they had very strong Q2 bookings with activity across renewals and new logos.
Company also closed a $4 million Series C extension funding.
The next company is Prognos.
Prognos falls in our $15 million to $20 million revenue bucket.
The company takes clinical and diagnostic data, and analyzes this information for pharma companies and payers to better track and predict disease activity.
We like the company because they're a leader in this emerging area of drawing insights from clinical and diagnostic test data.
COVID has had a mixed to positive impact on Prognos.
The sales process has been disrupted in terms of their ability to meet with pharma sales teams, but there has been increased interest in their digital marketing offering.
Some highlights over the quarter is, they launched a Prognos Factor platform, a new analytics platform for pharma customers, and they announced a partnership with Livongo to leverage Prognos's lab data capabilities.
The next company is Zipnosis.
Zipnosis falls in the $5 million to $10 million revenue bucket.
Zipnosis is a white-labeled virtual care platform offering patients convenient access to care while improving clinician efficiency.
We like the opportunity because they're obviously in a growing telehealth space and they enable health systems to improve the patient experience and decrease time to treatment decisions.
The impact of COVID-19 has been a positive.
It greatly expanded interest in telemedicine in the use of virtual care solutions.
Some Q2 highlights are that they've recorded their highest number of virtual visits in company history, and Zipnopsis launched a ZipCheck product, which is an end-to-end return to work solution for employees to test COVID-19.
The next company that we'll highlight is Clutch.
Clutch falls in the $10 million to $15 million revenue bucket.
And Clutch is a data-driven marketing and customer relationship management platform focusing on loyalty, gifts in channel marketing to marketers.
What we like about it is the platform that provides deep insights into customer behaviors, and they have a industry-leading product.
COVID-19 has had a negative impact on Clutch because many of their customers are in the retail, travel and hospitality sector, which is obviously in different levels of disruption.
The company is doing a good job to pivot to other sectors, and they are seeing growth in development with their channel partners.
In Q2, [Indecipherable] COVID-19 plan, they won two new strategic accounts and they have achieved SOC 2 compliance and completed a new release of the platform.
The last company I'll touch on is Flashtalking.
Flashtalking is the above $20 million revenue bucket.
They are an independent ad-serving identity management analytics platform.
What they do is, they drive ad relevance and campaign performance for major brands.
We like the opportunity because it's a large and growing addressable market at a strong ROI and they've been growing market share.
COVID-19 has had a mixed impact on their business.
They have some exposure to retail, travel and hospitality, but they have other -- they also have exposure to other sectors, which are more resilient through the pandemic.
They successfully rolled out the first of 14 countries for Procter & Gamble, a large new customer.
And as part of that rollout, they successfully launched an API-based trafficking integration with The Trade Desk and a division of Oracle.
After COVID dip in April and May, the company has returned to year-over-year revenue growth in June.
So we hope this helps frame our thinking on some of the companies, what we plan to do is, next quarter we will review the other five companies which sit within the top 10, and estimated exit values to provide you some greater insight into how we're thinking about the companies and what we like about these opportunities as well as how they're performing in the current quarter or, in this case, we'll be choosing Q3 highlights.
For the quarter ended June 30th, 2020, Safeguard's net loss was $9.9 million or $0.48 per share compared with a net income of $36.1 million or $1.75 per share for the same period of 2019.
Safeguard's cash, cash equivalents and restricted cash at June 30th totaled $13.6 million, and we have no debt obligations.
Our funding to existing ownership interest continued this quarter, including $3.8 million to Syapse, which resulted in $4.4 million during the year-to-date period with the Syapse [Phonetic] after considering bridge loans during the first quarter.
We made two other small deployments during the quarter, and we continue to expect that deployments for the full year of 2020 will be between $8 million to $12 million.
However, we expect to evaluate deployment activity for only three to four companies for the remainder of the year due to the circumstances Eric described earlier.
The quarter's results also included impairments of $5.7 million related to the lowering of our estimate of fair value for our ownership interest in Sonobi, T-Rex, Beta and in other ownership interest.
These declines in fair value were impacted by our outlook for transaction values as well as other company-specific factors.
Our general and administrative expenses were $2 million for the three months ended June 30th, 2020 as compared to $2.6 million in the second quarter of 2019.
Our G&A expenses benefited from lower employee compensation, lower professional fees, lower office rental cost, lower depreciation and other costs.
Corporate expenses for the second quarter, which represent general and administrative expenses, excluding depreciation, stock-based compensation, severance and retirement costs and other non-recurring or other items, were $1.2 million as compared to $1.9 million in 2019.
In addition to the G&A reductions mentioned above, corporate expense has benefited from the reflection of director fees as a stock-based compensation item as well as a change that will result in a portion of management's estimated incentive bonus compensation will also be paid invested equity instead of cash.
Note that we made this change in the second quarter, but it will be applicable for the year-to-date period.
So approximately $0.1 million of the decline is attributable to this catch-up of the first quarter's portion.
As we've mentioned before, we will continue to look for ways to reduce our cost structure.
Some of the steps that we are making now or plan to make are relatively small, but we understand every step counts.
So, as an example, we are continuing to seek to minimize our office-related costs as we've been able to effectively work remotely over the last few months.
As a result, we expect that our corporate expenses for the full year of 2020 will be at the low-end or below our previously disclosed range of $5.6 million to $6.0 million as compared to $7.1 million reported for the full year of 2019.
With respect to ownership interests at June 30th, 2020, we have an aggregate carrying value of $61.4 million.
As we've discussed before, this is a GAAP carrying value, which results from the application of equity method accounting.
It typically reduces the carrying value for our share of the losses of the underlying companies, and generally does not represent the fair value or expected exit value of those same ownership interests.
Only when the fair value declines below our carrying value would we consider making a downward adjustment to the carrying value of our equity method investments.
We also have a few ownership interests that are accounted for under the other method, which can have upward or downward adjustments resulting from observable price changes if there are transactions in their securities.
Our share of the losses of our equity method ownership interest for the three months ended June 30th, 2020 was $3.1 million as compared to $8.3 million for the comparable period in 2019.
The decrease is the result of fewer companies being accounted for under the equity method due to exits, changes in the basis of accounting in two companies that move from the equity method to the other method, as well as lower losses on a net basis from our equity method ownership interest.
There is also a benefit recorded resulting from a technical accounting change, the new revenue recognition standard, at one of our ownership interests.
This benefit essentially offset the cumulative effect of that same accounting change that was also required to be recorded directly to one of our ownership interests.
So while this accounting change resulted in an income statement benefit for the quarter, there was not a significant cumulative impact to our ownership interest balance as of the end of the quarter.
I would also like to remind everyone that we report our share of the losses from the equity method companies on a one quarter lag.
So, this quarter share of the losses reflect the calendar first quarter for those companies.
While many companies saw some impact from COVID-19 in the first quarter, their results in the second quarter will reflect the full quarter of operating in this environment, which we will report to you as part of our third quarter results due to the one quarter lag policy.
So now, it is time for us to turn to the Q&A segment of the call.
So, operator, please open the phones up, which I know you've already done, so we can answer a few questions.

user
q2 loss per share $0.48.

assistant