Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q3 2020 Earnings Presentation
20 slides from Eastman Kodak's earnings presentation, Nov 11, 2020
Slide 1: Third Quarter 2020 Earnings Call
Third Quarter 2020 Earnings Call November 10, 2020
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: Agenda
Agenda Introduction Paul Dils, Chief Tax Officer and Director - of Investor Relations 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 l
Slide 4: CEO Perspective
CEO Perspective • COVID-19 update: • Third quarter results were impacted by COVID-19 as the pandemic continued to present challenges for companies around the world. • Began to see some improvements in several areas of the company throughout the third quarter. • Remained focused on maintaining the sa
Slide 5: CEO Perspective
CEO Perspective • Kodak recently won a total of eight awards in three prestigious competitions: • InterTech™ Technology Awards: • Uteco Sapphire EVO M digital web press powered by KODAK Stream Inkjet Technology • KODAK PROSPER QD Packaging Inks and Film Optimizer Agent (FOA) • Keypoint Intelligence
Slide 6: Reduction in Net Debt
Reduction in Net Debt As of As of (in millions) September 30, 2020 March 31, 2019 $ Change Cash and cash equivalents $ 193 $ 221 $ (28) Short-term and long-term debt (19) (414) 395 Convertible preferred stock (189) (175) (14) Deferred consideration on disposed businesses - (14) 14 Net debt $ (15) $
Slide 7: Third Quarter Results
Third Quarter Results (Decline) / Improvement - ($ millions) Q3 2020 Q3 2019 $ Consolidated Revenue $252 $315 ($63) Less: Favorable Impact of Foreign Exchange 2 ($4) Less: License Revenue Received from HuaGuang Graphics Co. Ltd Transaction ($13) Adjusted Consolidated Revenue $248 $302 ($54) Net Loss
Slide 8: Year-To-Date Results
Year-To-Date Results (Decline) / Improvement - ($ millions) YTD 2020 YTD 2019 $ Consolidated Revenue $732 $913 ($181) Add: Unfavorable Impact of Foreign Exchange 2 $1 Less: License Revenue Received from HuaGuang Graphics Co. Ltd Transaction ($13) Adjusted Consolidated Revenue $733 $900 ($167) Net (L
Slide 9: Year-To-Date Cash Flow
Year-To-Date Cash Flow Nine Months Ended September 30, ($ Millions) 2020 2019 Change Primary Drivers of Cash: Cash from Operations: Net (loss) income $ (561) $ 178 $ (739) Depreciation and amortization 29 43 (14) Pension income (65) (72) 7 Change in fair value of embedded conversion features derivat
Slide 10: Non-GAAP Measures
Non-GAAP Measures In this third quarter earnings presentation, reference is made to the following non-GAAP financial measures: • Cash and cash equivalents excluding debt, convertible preferred stock and deferred consideration on disposed businesses (“Net Debt”); • Revenues and Operational EBITDA on
Slide 11: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Cash, Cash Equivalents, Restricted Cash and Cash in Assets Held for Sale, end of period to Cash and cash equivalents excluding debt, convertible preferred stock and deferred consideration on disposed busine
Slide 12: Non-GAAP Measures
Non-GAAP Measures The following tables reconcile the most directly comparable GAAP measure of Net (Loss) Income to Adjusted Net (Loss) Income for the three and nine months ended September 30, 2020 and 2019, respectively: (in millions) Q3 2020 Q3 2019 $ Change Net Loss $ (445) $ (5) $ (440) Changes i
Slide 13: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Loss to Operational EBITDA and Adjusted Operational EBITDA for the three months ended September 30, 2020 and 2019, respectively: (in millions) Q3 2020 Q3 2019 $ Change Net Loss $ (445) $ (5) $ (440) Dep
Slide 14: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net (Loss) Income to Operational EBITDA and Adjusted Operational EBITDA for the nine months ended September 30, 2020 and 2019, respectively: (in millions) YTD 2020 YTD 2019 $ Change Net (Loss) Income $ (561
Slide 15: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Cash, Cash Equivalents and Restricted Cash, end of period to Cash and cash equivalents excluding stock options proceeds, preferred stock dividend payment in arrears, convertible notes interest payment and i
Slide 16: Non-GAAP Measures: Footnote Explanations
Non-GAAP Measures Footnote Explanations: (1) As reported in the Consolidated Statement of Operations. (2) Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and investigations. (3) Consists of costs such as securi
Slide 17: Appendix
APPENDIX 17
Slide 18: Third Quarter Financial Summary by Reportable Segment
Third Quarter Financial Summary by Reportable Segment ($ millions) Advanced Traditional Digital Q3 2020 Actuals Materials & Brand Total Printing Printing Chemicals Revenue $ 146 $ 56 $ 44 $ 3 $ 249 Operational EBITDA (1) $ 5 $ (3) $ (6) $ 3 $ (1) Advanced Traditional Digital Q3 2019 Actuals Material
Slide 19: Year-To-Date Financial Summary by Reportable Segment
Year-To-Date Financial Summary by Reportable Segment ($ millions) Advanced Traditional Digital YTD 2020 Actuals Materials & Brand Total Printing Printing Chemicals Revenue $ 419 $ 173 $ 124 $ 8 $ 724 Operational EBITDA (1) $ 7 $ (8) $ (22) $ 7 $ (16) Advanced Traditional Digital YTD 2019 Actuals Mat
Slide 20: Thank You
i < Thank You
Eastman Kodak Company — Q3 2020 Earnings Presentation on 6ix