Of course, it’s important to note that our company-owned salon performance will continue to become less critical to the future trajectory of our business as we continue our conversion to a capital-light franchise model.Turning now to corporate overhead, third quarter adjusted EBITDA of $4.3 million decreased $14.4 million and is primarily driven by the $17.8 million decline in net gains excluding non-cash goodwill de-recognition from the sale of company-owned salon. These revenues had wins in the quarter were personally offset by a $2.1 million increase from franchise royalties and fees and a $31.8 million of rent revenue recorded in connection with the new lease accounting guidance adopted in the first quarter of fiscal 2020.While I would normally not address technical accounting matters, it’s important for me to comment on the $45 million one-time non-cash goodwill impairment charge related to our company-owned foreign segment that we reported during the quarter. Additionally, the amendment provides the company’s lenders security in the company’s assets. On a year-to-date basis, company-owned salon consolidated adjusted EBITDA of $14.5 million or $51.7 million unfavorable versus the same period of last year. Thank you all for participating and have a nice day. If you wish to access the replay for this presentation, you may do so by visiting regiscorp.com in the Investor Relations section of the website or by dialing in 1-888-203-1112, access code 1 -- sorry -- 5153028.

Ladies and gentlemen, thank you for standing by. And what we’re seeing now as I mentioned, since we have a meaningful number of salons that are past that 30-day period and getting into new haircut cycle, we’re seeing it come back up again, which is very good news. [Operator Instructions] As a reminder, this call is being recorded for playback and will be available by approximately 12:00 p.m. Central Time today. I’m not losing any sleep on that. As we reopened salons, the health and safety of our customers and stylists has been and continues to be our highest priority.

That’s helpful. Regis Corp. We knew we would get the first visit, what we were — what we set out to do with our safety culture is to make sure that our customers felt safe and our stylists felt safe and our salons and wanted to make sure obviously that they would come back for future visits and we’re seeing that in the numbers.So, I won’t give you the specific numbers, but I can tell you that’s generally the way it’s been working and of course, we’re dealing with issues in the salons and doing good work with capacity constraints that we have. As we previously reported, a cross-functional Regis team led by Eric Bakken that also included a number of our franchisees worked with infectious disease specialists at the University of Minnesota’s medical school to ensure that the health and safety of our customers and stylists would be at the forefront of our salon reopening plans. We've also previously reported that we expected to substantially complete our re-franchising by the end of this calendar year in 2020. Lastly I wanted to point out that vendition cash proceeds during the quarter were approximately $49,000 per salon compared to approximately $71,000 per salon in the second quarter of fiscal 2020.As you may recall from our previous earnings calls, we’ve cautioned that we are venditioning more Signature Style salons this fiscal year, which could lower net proceeds per salon due to the cost of converting some of these salons as part of our brand consolidation efforts along with more SmartStyle vendition.
Thanks, Hugh.

If we can survive the Great Depression and World War II, the many other recessions that this company has gone through, we’ll get through this too. That’s helpful. Stocks 36 mins Bird Construction Inc. So, it’s a step up that’s we’ve been seeing and I’ll stop there.I think it’s also true to say I think Kersten that closed salons are not in the number, right, in the same-store sales number.That’s right. And we will likely take more as we go forward.

The year-over-year revenue decline was driven primarily by the conversion of a net 1,581 company-owned salons to the company franchise portfolio over the past 12 months and the closure of 208 non-performing salons of which the majority were cash flow negative and not essential to our future plan.In late March, we made the decision to refund to our franchise partners approximately $15 million of previously collected cooperative advertising fund contribution.