Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q1 2023 Earnings Presentation
16 slides from Eastman Kodak's earnings presentation, May 9, 2023
Slide 1: First Quarter 2023 Earnings Call
First Quarter 2023 Earnings Call May 9, 2023
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” as that term is defined under the Pri
Slide 3: Cautionary Statement Regarding Forward-Looking Statements (continued)
Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Cautionary Statement Regarding Forward-Looking Statements (continued) geopolitical issues such as the war in Ukraine, and Kodak’s ability to effectivel
Slide 4: Agenda
Agenda Introduction Anthony Redding, Chief Compliance - Office and Director of Internal Audit First line bullet point First line bullet point - Second line bullet point First line bullet point - CEO Third Perspective line Jim Continenza, Executive Chairman bullet point First line bullet point -
Slide 5: CEO Perspective
CEO Perspective • Continued to build momentum -- generating smart revenues, cash and improving our gross profit in an extremely challenging business environment. • Progress made as result of carefully considered actions taken over the last four years to build a foundation for growth and profitabilit
Slide 6: CEO Perspective: First Quarter 2023 Results
CEO Perspective • First Quarter 2023 Results: • Revenues were $278 million, a decline of $12 million or 4 percent compared to the prior year. Adjusting for the unfavorable impact of foreign exchange of $10 million, revenues decreased by $2 million, or 1 percent. • Gross profit increased $17 million,
Slide 7: First Quarter 2023 Results
First Quarter 2023 Results (Decline) (Decline) Improvement Improvement ($ millions) Q1 2023 Q1 2022 $ % Consolidated Revenue $278 $290 ($12) -4% Add: Unfavorable Impact of Foreign Exchange 2 $10 Adjusted Consolidated Revenue $288 $290 ($2) -1% Gross Profit $50 $33 $17 52% Add: Unfavorable Impact of
Slide 8: First Quarter 2023 Cash Flow
First Quarter 2023 Cash Flow Three Months Ended March 31, ($ Millions) 2023 2022 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income (loss) $ 33 $ (3) $ 36 Depreciation and amortization 8 7 1 Pension income (36) (26) (10) $32M Year-Over- $11M Cash Year Increase in Change in fair
Slide 9: Non-GAAP Measures
Non-GAAP Measures In this earnings presentation, reference is made to the following non-GAAP financial measures: • Revenues and Operational EBITDA on a constant currency basis; • Gross profit excluding foreign exchange; • Net Income (loss) excluding changes in fair value of embedded derivative liabi
Slide 10: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income (Loss) to Adjusted Net Income (Loss) for the three months ended March 31, 2023 and 2022, respectively: (in millions) Q1 2023 Q1 2022 $ Change % Improvement Net Income (Loss) $ 33 $ (3) $ 36 1200%
Slide 11: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income (Loss) to Operational EBITDA, Operational EBITDA on a constant currency basis and Adjusted Operational EBITDA for the three months ended March 31, 2023 and 2022, respectively: (in millions) Q1 20
Slide 12: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net increase (decrease) in cash, cash equivalents and restricted cash to Adjusted net decrease in cash and cash equivalents excluding refund from Non-U.S. Governmental Authority for the three months ended M
Slide 13: Non-GAAP Measures: Footnote Explanations
Non-GAAP Measures Footnote Explanations: (1) Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs include $10 million of income in the three months ended Ma
Slide 14: Appendix
APPENDIX 14
Slide 15: First Quarter 2023 Financial Summary by Reportable Segment
First Quarter 2023 Financial Summary by Reportable Segment ($ millions) Advanced Q1 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 209 $ 61 $ 4 $ 274 Operational EBITDA (1) $ 6 $ - $ 3 $ 9 Advanced Q1 2022 Actuals Print Materials & Brand Total Chemicals Revenue $ 228 $ 54 $ 4 $ 286 O
Slide 16: Thank You
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