Revenue Segmentation - Prepress Solutions accounted for 56%, 59%, and 57% of Kodak's total net revenue for the years ended December 31, 2023, 2022, and 2021, respectively[26]. - Kodak's Advanced Materials and Chemicals segment generated approximately 34% of total segment revenues from Kodak Alaris in 2023, compared to 32% in both 2022 and 2021[27]. - The Industrial Film and Chemicals business accounted for 18%, 15%, and 14% of Kodak's total net revenue for the years ended December 31, 2023, 2022, and 2021, respectively[33]. Strategic Partnerships and Innovations - Kodak established a strategic relationship with Lucky HuaGuang Graphics Co. Ltd in September 2019 to expand the plates market in China, with a supply agreement expiring in Q3 2024[24]. - Kodak's PROSPER business includes press systems and components based on Continuous Inkjet Technologies, contributing to recurring revenue from ink and equipment service[21]. - Kodak's Software business added a cloud-based PRINERGY On Demand Platform in 2022, enhancing its production workflow solutions[24]. - Kodak ceased manufacturing NEXFINITY printers in December 2022 but continues to offer consumables and service for the installed base[30]. - Kodak's research and development efforts focus on obtaining patents to protect its innovations, contributing to its competitive advantage in various technologies[37]. Workforce and Sustainability - Kodak employs approximately 4,000 employees across 34 countries as of the end of 2023, emphasizing the importance of a skilled workforce[44]. - Kodak aims to drive sustainability by developing products that minimize resource use and reduce costs over time[42]. Financial Risks and Management - Kodak is exposed to changes in foreign currency exchange rates, commodity prices, and interest rates, which may adversely affect its financial position[339]. - A 10% stronger U.S. dollar at December 31, 2023 would decrease the fair value of open foreign currency forward contracts by $12 million[341]. - The fair value of Kodak's fixed-rate debt would change by approximately $5 million with a 10% change in market interest rates at December 31, 2023[342]. - Kodak's maximum credit exposure at December 31, 2023 was not significant, managed through high-quality counterparties[343]. - Kodak utilizes foreign currency forward contracts to hedge existing foreign currency denominated assets and liabilities[339]. - The majority of Kodak's debt is fixed rate, which is sensitive to changes in interest rates[342]. - Kodak does not utilize financial instruments for trading or speculative purposes[339]. - Long-term debt is primarily used to finance long-term investments, while short-term debt meets working capital needs[340]. - Kodak has procedures to monitor credit exposure amounts and requires specific minimum credit standards for counterparties[343]. - A 10% change in market interest rates would change the fair value of Kodak's debt by approximately $2 million at December 31, 2022[342].

Eastman Kodak (NYSE: KODK) stock price formed a god candle on Thursday, making it one of the best-performing companies in Wall Street. It jumped by more than 52%, its highest point since July 23rd. It has soared by more than 60% from its lowest level this year, giving it a market cap of more than $278 million. Why KODK shares surgedCopy link to sectionEastman Kodak share price surged hard on Thursday after an important report by Bloomberg. The report said that the company was disbanding a team that manages ...

Financial Data and Key Metrics Changes - The company reported revenues of $269 million for Q3 2023, a decline of $20 million or 7% compared to $289 million in the prior year quarter [18] - Gross profit increased by $7 million or 16% year-over-year, with a gross profit percentage of 19% in Q3 2023 compared to 15% in the prior year quarter [36] - Operational EBITDA for Q3 2023 was $12 million, up from $7 million in the prior year quarter [37] - For the nine months ending September 30, 2023, net income was $70 million compared to $19 million in the prior year [39] Business Line Data and Key Metrics Changes - The Advanced Materials and Chemicals group (AMC) is seeing top-line revenue growth and a greater contribution to net profit [25] - The company is expanding capabilities in substrate coating and moving forward with a cGMP facility for test reagents [9][10] - The light blocking area is entering the hospitality segment, while functional printing is ready to manufacture antennas for automotive applications [26][27] Market Data and Key Metrics Changes - The company has faced increased competition from imports of aluminum lithographic printing plates from China and Japan, leading to petitions for relief from unfair trade practices [29] - The company reported a cash increase of $29 million for the nine months ending September 30, 2023, compared to a decrease of $146 million in the prior year [30] Company Strategy and Development Direction - The company is committed to long-term growth initiatives and improving operational efficiency while prioritizing customer profitability [13][46] - Kodak aims to be the last major manufacturer in the plates business, supporting customers in both traditional and digital printing [48] - The company is focused on investing in infrastructure and improvements to enhance customer interactions and operational efficiency [46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as inflation, high interest rates, and supply chain issues but emphasized a strong foundation built over the past five years [23] - The company is optimistic about continued cash flow improvements and maintaining compliance with financial covenants [63] - Management recognizes that the business environment will remain difficult with more headwinds on the horizon [30] Other Important Information - The company recorded a loss on early extinguishment of debt of $27 million in Q3 2023 due to early repayment of term loans and convertible notes [15] - Restricted cash at the end of the quarter was $128 million, an increase of $59 million from December 31, 2022 [43] Q&A Session Summary - The company did not hold a formal Q&A session during the call, but the Investor Relations team is available for follow-up inquiries [22]

| --- | --- | --- | --- | |-----------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter 2023 Earnings Call | | | | | November 8, 2023 | | | | Important factors that could cause actual events or results to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak's Annual Report on Form 10-K for the year ended December 31, 2022 under the headings "Business," "Risk ...

Revenue Performance - Consolidated revenues for the three and nine months ended September 30, 2023 were $269 million and $842 million, respectively, representing a decrease of $20 million (7%) and $58 million (6%) compared to the same periods in 2022[185] - Print revenues declined by $28 million (13%) and $84 million (12%) for the three and nine months ended September 30, 2023, accounting for 73% and 74% of total revenues, respectively[186] - Advanced Materials and Chemicals revenue increased by $6 million (10%) and $24 million (14%) for the three and nine months ended September 30, 2023 compared to the prior year periods[186] - Advanced Materials and Chemicals segment revenues increased by $6 million to $64 million in Q3 2023, with Operational EBITDA improving by $1 million to $4 million[228] - Year-to-date Operational EBITDA for Advanced Materials and Chemicals improved by $14 million, driven by price and product mix improvements and higher margins in Industrial Film and Chemicals[232] Acquisitions and Investments - Kodak acquired 100% of Graphic Systems Services, Inc. on May 26, 2023, a provider of web inkjet press transport systems and print-related components, though the acquisition was immaterial to financial results[162] - Kodak acquired 100% of Graphic Systems Services, Inc. (GSS) on May 16, 2023, which represented less than 1% of consolidated revenues and total assets as of September 30, 2023[275] Financial Instruments and Risk Management - The notional amount of Kodak's foreign currency forward contracts open at September 30, 2023 was approximately $270 million, primarily denominated in euros, Chinese renminbi, and Japanese yen[164] - Kodak's exposure to foreign currency exchange rates and interest rates is managed through derivative financial instruments, with no derivatives designated as hedging instruments in 2023[163][165] - The fair value of embedded conversion features derivatives for Convertible Notes was $5 million as of July 21, 2023, calculated using a binomial lattice model[173] Cost Management and Restructuring - Kodak decreased workers' compensation reserves by approximately $5 million and $13 million in the three and nine months ended September 30, 2022, respectively, impacting gross profit and expenses[158] - Kodak implemented pricing actions to mitigate increased labor, material, and distribution costs, including surcharges on plate purchases starting in Q2 2021[190] - Restructuring actions in the first nine months of 2023 are expected to generate $7 million in annual cash savings, with $3 million in SG&A and $4 million in cost of revenues reductions[236] - Kodak recorded $9 million in restructuring charges for the nine months ended September 30, 2023, including $8 million in severance charges and $2 million in inventory write-downs[234] Supply Chain and Operational Challenges - Supply chain disruptions and material shortages led Kodak to increase safety stock, extend lead times, and certify additional sources, enabling the company to largely meet demand[189] - Kodak's cash flows were negatively impacted by supply chain disruptions, labor shortages, and increased costs, but price increases and cost reduction actions positively impacted operations in the first nine months of 2023[243] Insurance and Reimbursements - Kodak received $17 million in insurance reimbursement proceeds in the first nine months of 2023, with $5 million recorded in Other current assets as of December 31, 2022[158] Financing Activities - Net cash from financing activities increased by $42 million for the nine months ended September 30, 2023, driven by $90 million in net proceeds from financing transactions in Q3 2023[263] Inter-company Loans - Outstanding inter-company loans to the U.S. increased to $426 million as of September 30, 2023, with $139 million from Kodak's international finance center[241] Strategic Objectives and Risks - The company's ability to achieve strategic objectives, cash forecasts, and projected growth is contingent on factors such as global economic conditions, supply chain disruptions, and compliance with credit facility covenants[180]

Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Forward-looking statements include statements concerning Kodak's plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this presentation, the words "estimates," "expects," "anticip ...

Eastman Kodak Company (NYSE:KODK) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Anthony Redding - Chief Compliance Officer James Continenza - Executive Chairman and Chief Executive Officer David Bullwinkle - Chief Financial Officer, President, Eastman Business Park and Senior Vice President, Eastman Kodak Company Operator Good day and thank you for standing by. Welcome to the Eastman Kodak Second Quarter 2023 Earnings Conference Call. All participants are in a listen-only m ...

Part I. [Financial Information](index=3&type=section&id=Part%20I.%E2%80%94Financial%20Information) Presents the company's consolidated financial statements and management's discussion and analysis of financial condition [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements for Eastman Kodak Company, including operations, comprehensive income, financial position, cash flows, and equity [Consolidated Statement of Operations (Unaudited)](index=3&type=section&id=Consolidated%20Statement%20of%20Operations%20(Unaudited)) Net earnings increased to $35 million in Q2 2023 and $68 million year-to-date, driven by higher gross profit and pension income despite revenue decline Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $295 | $321 | $573 | $611 | | **Gross Profit** | $63 | $51 | $113 | $84 | | **Earnings from Operations before Income Taxes** | $37 | $19 | $78 | $18 | | **Net Earnings** | $35 | $20 | $68 | $17 | | **Diluted EPS** | $0.32 | $0.19 | $0.63 | $0.12 | [Consolidated Statement of Comprehensive (Loss) Income (Unaudited)](index=4&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20(Loss)%20Income%20(Unaudited)) The company recorded a comprehensive loss of $99 million in Q2 2023, primarily due to a significant negative adjustment for pension and other postretirement benefit plan obligations Comprehensive (Loss) Income (in millions) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Earnings** | $35 | $20 | $68 | $17 | | **Other Comprehensive (Loss) Income** | $(134) | $100 | $(141) | $105 | | **Comprehensive (Loss) Income** | $(99) | $120 | $(73) | $122 | [Consolidated Statement of Financial Position (Unaudited)](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20(Unaudited)) Total assets slightly decreased to $2.221 billion as of June 30, 2023, while total shareholders' equity declined due to changes in accumulated other comprehensive income Key Balance Sheet Items (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $223 | $217 | | **Total current assets** | $672 | $681 | | **Total Assets** | $2,221 | $2,285 | | **Total current liabilities** | $292 | $293 | | **Total Liabilities** | $1,047 | $1,041 | | **Total shareholders' equity** | $967 | $1,041 | [Consolidated Statement of Cash Flows (Unaudited)](index=6&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) Net cash provided by operating activities significantly improved to $21 million for the first six months of 2023, leading to a $6 million net increase in cash Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $21 | $(103) | | **Net cash used in investing activities** | $(11) | $(9) | | **Net cash (used in) provided by financing activities** | $(2) | $47 | | **Net increase (decrease) in cash** | $6 | $(70) | [Notes to Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Financial%20Statements%20(Unaudited)) Provides detailed explanations of accounting policies and financial data, covering debt, preferred stock, revenue disaggregation, segment information, and financial instruments - In February 2023, Kodak combined its Traditional Printing and Digital Printing segments into a single 'Print' segment. Other segments (Advanced Materials and Chemicals, Brand) were unchanged[20](index=20&type=chunk)[144](index=144&type=chunk) - On July 21, 2023 (subsequent to the reporting period), the company completed a major refinancing, borrowing **$450 million** in new Refinancing Term Loans to repay existing debt, terminate its ABL facility, and provide additional working capital[31](index=31&type=chunk)[237](index=237&type=chunk) - The company is involved in various legal proceedings, including derivative lawsuits related to the 2020 DFC loan announcement and tax litigation in Brazil[86](index=86&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting a 6% year-to-date revenue decline, improved gross profit, and ongoing navigation of a volatile global economic environment Financial Performance Summary (Six Months Ended June 30) | Metric (in millions) | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $573 | $611 | $(38) | | **Gross Profit** | $113 | $84 | $29 | | **Gross Profit %** | 20% | 14% | +6 p.p. | | **Net Earnings** | $68 | $17 | $51 | - The company's strategy focuses on core areas of print and advanced materials, growing revenue in the print division, promoting film use, and driving cost reductions[190](index=190&type=chunk) - Kodak is experiencing supply chain disruptions, material and labor shortages, and increased costs. It has implemented pricing actions and surcharges to mitigate these impacts, but notes a resulting slowdown in customer demand for plates[180](index=180&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk) - New growth initiatives include investments in EV battery material manufacturing, light-blocking fabric technology, transparent antennas, and reagent manufacturing[192](index=192&type=chunk) [Results of Operations by Segment](index=42&type=section&id=Results%20of%20Operations%20by%20Segment) The Print segment's revenue declined due to lower volumes, while Advanced Materials and Chemicals saw revenue growth, both segments showing improved Operational EBITDA Segment Performance - Six Months Ended June 30, 2023 vs 2022 (in millions) | Segment | Revenue 2023 | Revenue 2022 | Operational EBITDA 2023 | Operational EBITDA 2022 | | :--- | :--- | :--- | :--- | :--- | | **Print** | $424 | $480 | $14 | $(1) | | **Advanced Materials and Chemicals** | $133 | $115 | $11 | $(2) | | **Brand** | $8 | $8 | $6 | $7 | - Print segment revenue decline was driven by lower volumes in Prepress consumables (**$70 million**), partially offset by improved pricing (**$29 million**)[216](index=216&type=chunk) - Advanced Materials and Chemicals revenue growth was primarily from pricing improvements in Industrial Film and Chemicals (**$19 million**) and Motion Picture (**$2 million**)[221](index=221&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) Kodak ended Q2 2023 with $223 million in cash and completed a major post-quarter refinancing, securing a new $450 million term loan to repay existing debt and provide working capital - On July 21, 2023, the company completed a major refinancing, securing a new **$450 million** term loan. The new loan bears interest at **7.5%** cash and **5.0%** PIK/cash option, maturing in August 2028[236](index=236&type=chunk)[237](index=237&type=chunk)[241](index=241&type=chunk) - The refinancing proceeds were used to repay the existing term loan (**$318M**), the Convertible Notes (**$28M**), terminate the ABL facility, and add approximately **$29M** to cash for general corporate purposes[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) Cash and Liquidity (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $223 | $217 | | **Restricted cash** | $69 | $69 | | **Total Cash, cash equivalents and restricted cash** | $292 | $286 | [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states its exposure to market risks, primarily from fluctuations in foreign currency exchange rates and interest rates, due to its global operations - Kodak is exposed to market risks from foreign currency exchange rates and interest rates due to its global business activities[260](index=260&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of the end of the reporting period[261](index=261&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[264](index=264&type=chunk) Part II. [Other Information](index=52&type=section&id=Part%20II.%20%E2%80%94Other%20Information) Provides additional disclosures on legal proceedings, risk factors, equity sales, and filed exhibits [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 7 of the financial statements for information regarding the company's ongoing legal proceedings - For information on legal proceedings, the report directs readers to Note 7, "Commitments and Contingencies" in the financial statements[265](index=265&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed discussion of risk factors in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - For a detailed discussion of risk factors, the report directs readers to Item 1A of the 2022 Form 10-K[266](index=266&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the quarter, only purchasing shares to satisfy tax withholding obligations for employee restricted stock units - There were no sales of unregistered securities during the quarter ended June 30, 2023[267](index=267&type=chunk) - The company purchased **2,068 shares** at an average price of **$3.30 per share** to satisfy tax withholding obligations for employees. Kodak does not have a publicly announced repurchase plan[268](index=268&type=chunk)[269](index=269&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including amendments to credit agreements, CEO/CFO certifications, and XBRL data files - Key exhibits filed include the First Amendment to the Credit Agreement and Amendment No. 2 to the Letter of Credit Facility Agreement, both dated June 30, 2023[272](index=272&type=chunk) - Certifications by CEO James V. Continenza and CFO David E. Bullwinkle pursuant to Sarbanes-Oxley Sections 302 and 906 are included as exhibits[274](index=274&type=chunk)

Eastman Kodak Company (NYSE:KODK) Q4 2022 Earnings Conference Call March 16, 2023 5:00 PM ET Company Participants Paul Dils - Chief Tax Officer and Director, IR Jim Continenza - Chairman and CEO David Bullwinkle - CFO Conference Call Participants Operator Thank you for standing by and welcome to the Eastman Kodak's Q4 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, today's call is being recorded. I would now like to turn the call over to your host Mr. ...

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 1-00087 EASTMAN KODAK COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...