Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q2 2024 Earnings Presentation
19 slides from Eastman Kodak's earnings presentation, Aug 8, 2024
Slide 1: Second Quarter 2024 Earnings Call
Second Quarter 2024 Earnings Call August 8, 2024
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) Kodak’s ability to effectively compete with large, well-financed industry partici
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 • Continued to be committed to executing our long-term plan; getting leaner, investing in innovation, launching new products, focusing on smart revenue, and aligning with the right customers. • Gross profit percentage of 22% compared to 21% in the prior year quarter; seventh consecut
Slide 6: CEO Perspective
CEO Perspective • Print: • Continued to invest in innovation across our complete portfolio of offset and digital solutions. • Showcased a range of new products at drupa: • PROSPER ULTRA 520 - demonstrated its unmatched combination of speed and quality. • Enhanced release of new PRINERGY workflow sof
Slide 7: Second Quarter 2024 Results
Second Quarter 2024 Results ($ millions) Q2 2024 Q2 2023 Decline - $ Decline - % Consolidated Revenue $267 $295 ($28) -9% Impact of Foreign Exchange 2 $4 Adjusted Consolidated Revenue $271 $295 ($24) -8% Gross Profit $58 $63 ($5) -8% 2 Impact of Foreign Exchange $0 Adjusted Gross Profit $58 $63 ($5)
Slide 8: First Half 2024 Results
First Half 2024 Results ($ millions) YTD 2024 YTD 2023 Decline - $ Decline - % Consolidated Revenue $516 $573 ($57) -10% Impact of Foreign Exchange 2 $4 Adjusted Consolidated Revenue $520 $573 ($53) -9% Gross Profit $107 $113 ($6) -5% 2 Impact of Foreign Exchange $0 Adjusted Gross Profit $107 $113 (
Slide 9: First Half 2024 Cash Flow
First Half 2024 Cash Flow Six Months Ended June 30, ($ Millions) 2024 2023 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 58 $ 68 $ (10) $17M Use of $36M Year- Depreciation and amortization 13 16 (3) Cash from Net Over-Year Pension and other postretirement income Earnings
Slide 10: Non-GAAP Measures
Non-GAAP Measures In this earnings presentation, reference is made to the following non-GAAP financial measures: • Revenues on a constant currency basis; • Net Income excluding changes in fair value of embedded derivative liability features, non-cash changes in workers compensation and employee bene
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 for the three and six months ended June 30, 2024 and 2023, respectively: (in millions) Q2 2024 Q2 2023 $ Change % Change Net Income $ 26 $ 35 $ (9) -26% Changes in Fair Val
Slide 12: 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 three months ended June 30, 2024 and 2023, respectively: (in millions) Q2 2024 Q2 2023 $ Change % Change Net Income $ 26 $ 35 $ (9) -
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 six months ended June 30, 2024 and 2023, respectively: (in millions) YTD 2024 YTD 2023 $ Change % Change Net Income $ 58 $ 68 $ (10)
Slide 14: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net (decrease) increase in cash, cash equivalents and restricted cash to Adjusted net increase (decrease) in cash and cash equivalents for the six months ended June 30, 2024 and 2023, respectively Six Month
Slide 15: 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 included $1 million and $11 million of income in the three
Slide 16: Appendix
APPENDIX 16
Slide 17: Second Quarter 2024 Financial Summary by Reportable Segment
Second Quarter 2024 Financial Summary by Reportable Segment ($ millions) Advanced Q2 2024 Actuals Print Materials & Brand Total Chemicals Revenue $ 186 $ 73 $ 4 $ 263 Operational EBITDA (1) $ - $ 8 $ 4 $ 12 Advanced Q2 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 215 $ 72 $ 4 $ 291
Slide 18: First Half 2024 Financial Summary by Reportable Segment
First Half 2024 Financial Summary by Reportable Segment ($ millions) Advanced YTD 2024 Actuals Print Materials & Brand Total Chemicals Revenue $ 368 $ 132 $ 8 $ 508 Operational EBITDA (1) $ - $ 9 $ 7 $ 16 Advanced YTD 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 424 $ 133 $ 8 $ 565
Slide 19: Thank You
i < Thank You
Eastman Kodak Company — Q2 2024 Earnings Presentation on 6ix