Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q3 2023 Earnings Presentation
19 slides from Eastman Kodak's earnings presentation, Nov 8, 2023
Slide 1: Third Quarter 2023 Earnings Call
Third Quarter 2023 Earnings Call November 8, 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 conflict involving Israel, and
Slide 4: Agenda
Agenda Introduction Anthony Redding, Chief Compliance - Officer 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 - Fourth line bullet point First
Slide 5: CEO Perspective
CEO Perspective • Overcome challenges from inflation, high interest rates, back failures, labor shortages and now a new war and built a strong foundation by continuing to focus on executing our long-term strategic plan: improving operational efficiency, investing in opportunities that leverage our s
Slide 6: CEO Perspective
CEO Perspective • Third Quarter 2023 Results: • Revenues were $269 million, a decline of $20 million or 7 percent compared to the prior year. • Gross profit increased $7 million, or 16 percent compared to the prior year quarter. • Gross profit percentage of 19 percent compared to 15 percent in the p
Slide 7: Third Quarter 2023 Results
Third Quarter 2023 Results (Decline) (Decline) Improvement Improvement ($ millions) Q3 2023 Q3 2022 $ % Consolidated Revenue $269 $289 ($20) -7% Less: Favorable Impact of Foreign Exchange 2 ($6) Adjusted Consolidated Revenue $263 $289 ($26) -9% Gross Profit $50 $43 $7 16% 2 Less: Favorable Impact of
Slide 8: Year-to-Date 2023 Results
Year-to-Date 2023 Results (Decline) (Decline) Improvement Improvement ($ millions) YTD 2023 YTD 2022 $ % Consolidated Revenue $842 $900 ($58) -6% Add: Unfavorable Impact of Foreign Exchange 2 $4 Adjusted Consolidated Revenue $846 $900 ($54) -6% Gross Profit $163 $127 $36 28% 2 Add: Impact of Foreign
Slide 9: Year-to-Date 2023 Cash Flow
Year-to-Date 2023 Cash Flow Nine Months Ended September 30, ($ Millions) 2023 2022 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 70 $ 19 $ 51 Depreciation and amortization 23 22 1 Pension income $15M Cash (109) (64) (45) $25M Year-Over- Change in fair value of embedded co
Slide 10: 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 excluding loss on extinguishment of debt and non-cash changes in wo
Slide 11: Non-GAAP Measures
Non-GAAP Measures The following tables reconcile the most directly comparable GAAP measure of Net Income to Adjusted Net Income (Loss) and Adjusted Net Income for the three and nine months ended September 30, 2023 and 2022, respectively: (in millions) Q3 2023 Q3 2022 $ Change % Improvement Net Incom
Slide 12: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA, Operational EBITDA on a constant currency basis and Adjusted Operational EBITDA for the three months ended September 30, 2023 and 2022, respectively: (in millions) Q3 2023
Slide 13: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA and Adjusted Operational EBITDA for the nine months ended September 30, 2023 and 2022, respectively: (in millions) YTD 2023 YTD 2022 $ Change % Improvement Net Income $ 70 $
Slide 14: 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 for the nine months ended September 30, 2023 and 2022, respectively Nine Months En
Slide 15: Non-GAAP Measures
Non-GAAP Measures Footnote Explanations: (1) Restructuring costs and other for the three and nine months ended September 30, 2023 included $1 million and $7 million, respectively, which were reported as Restructuring costs and other and $2 million in each period representing inventory write-downs wh
Slide 16: Appendix
APPENDIX 16
Slide 17: Third Quarter 2023 Financial Summary by Reportable Segment
Third Quarter 2023 Financial Summary by Reportable Segment ($ millions) Advanced Q3 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 196 $ 64 $ 4 $ 264 Operational EBITDA (1) $ 4 $ 4 $ 4 $ 12 Advanced Q3 2022 Actuals Print Materials & Brand Total Chemicals Revenue $ 224 $ 58 $ 3 $ 285
Slide 18: Year-to-Date 2023 Financial Summary by Reportable Segment
Year-to-Date 2023 Financial Summary by Reportable Segment ($ millions) Advanced YTD 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 620 $ 197 $ 12 $ 829 Operational EBITDA (1) $ 18 $ 15 $ 10 $ 43 Advanced YTD 2022 Actuals Print Materials & Brand Total Chemicals Revenue $ 704 $ 173 $ 1
Slide 19: Thank You
i < Thank You
Eastman Kodak Company — Q3 2023 Earnings Presentation on 6ix