Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q4 2023 Earnings Presentation
22 slides from Eastman Kodak's earnings presentation, Mar 14, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings Call
Fourth Quarter and Full Year 2023 Earnings Call March 14, 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) the performance by third parties of their obligations to supply products, compone
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 invest in long-term growth initiatives in our Advanced Materials and Chemicals group: • Initiatives are natural extensions of our unique strengths in materials science, layering and coating, and chemicals manufacturing developed over decades of experience. • Test reage
Slide 6: CEO Perspective
CEO Perspective • Fourth Quarter 2023 Results: • Revenues decreased $30 million (-10%) compared to the prior year quarter, decreased $35 million (-11%) excluding foreign exchange. • Gross profit increased $4 million (+9%) compared to the prior year quarter, or $2 million (+5%) excluding foreign exch
Slide 7: Fourth Quarter 2023 Results
Fourth Quarter 2023 Results (Decline) / (Decline) Improvement - Improvement ($ millions) Q4 2023 Q4 2022 $ % Consolidated Revenue $275 $305 ($30) -10% Less: Favorable Impact of Foreign Exchange 2 ($5) Adjusted Consolidated Revenue $270 $305 ($35) -11% Gross Profit $47 $43 $4 9% Less: Favorable Impac
Slide 8: Fourth Quarter 2023 Cash Flow
Fourth Quarter 2023 Cash Flow Three Months Ended December 31, ($ Millions) 2023 2022 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 5 $ 7 $ (2) Depreciation and amortization 7 7 - Pension and other postretirement income $15M Use of (36) (13) (23) $14M Year-Over- Cash from
Slide 9: Full Year 2023 Results
Full Year 2023 Results (Decline) (Decline) Improvement Improvement ($ millions) FY 2023 FY 2022 $ % Consolidated Revenue $1,117 $1,205 ($88) -7% Less: Favorable Impact of Foreign Exchange 2 ($1) Adjusted Consolidated Revenue $1,116 $1,205 ($89) -7% Gross Profit $210 $170 $40 24% 2 Less: Favorable Im
Slide 10: Full Year 2023 Cash Flow
Full Year 2023 Cash Flow Twelve Months Ended December 31, ($ Millions) 2023 2022 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 75 $ 26 $ 49 Depreciation and amortization 30 29 1 Pension and other postretirement income $0M Use of (145) (77) (68) $34M Year-Over- Cash from Y
Slide 11: 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 changes in fair value of embedded derivative liability fe
Slide 12: 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 months ended December 31, 2023 and 2022, respectively: (in millions) % (decline) Q4 2023 Q4 2022 $ Change Improvement Net Income $ 5 $ 7 $ (2) -29% Changes in
Slide 13: 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 twelve months ended December 31, 2023 and 2022, respectively: (in millions) FY 2023 FY 2022 $ Change % Improvement Net Income $ 75 $ 26 $ 49 188% Changes in Fair Va
Slide 14: 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 December 31, 2023 and 2022, respectively: (in millions) % (Declin
Slide 15: 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 twelve months ended December 31, 2023 and 2022, respectively: (in millions) FY 2023
Slide 16: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net increase in cash, cash equivalents and restricted cash to Adjusted net increase (decrease) in cash and cash equivalents for the three months ended December 31, 2023 and 2022, respectively Three Months E
Slide 17: 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 twelve months ended December 31, 2023 and 2022, respectively Twelve Months
Slide 18: Non-GAAP Measures: Footnote Explanations
Non-GAAP Measures Footnote Explanations: (1) Restructuring costs and other for the twelve months ended December 31, 2023 and 2022 included $7 million and $10 million, respectively, which were reported as Restructuring costs and other and $3 million in each period representing inventory write-downs w
Slide 19: Appendix
APPENDIX 19
Slide 20: Fourth Quarter 2023 Financial Summary by Reportable Segment
Fourth Quarter 2023 Financial Summary by Reportable Segment ($ millions) Advanced Q4 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 208 $ 58 $ 5 $ 271 Operational EBITDA (1) $ 2 $ (5) $ 5 $ 2 Advanced Q4 2022 Actuals Print Materials & Brand Total Chemicals Revenue $ 234 $ 61 $ 6 $ 30
Slide 21: Full Year 2023 Financial Summary by Reportable Segment
Full Year 2023 Financial Summary by Reportable Segment ($ millions) Advanced FY 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 828 $ 255 $ 17 $ 1,100 Operational EBITDA (1) $ 20 $ 10 $ 15 $ 45 Advanced FY 2022 Actuals Print Materials & Brand Total Chemicals Revenue $ 938 $ 234 $ 17 $
Slide 22: Thank You
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Eastman Kodak Company — Q4 2023 Earnings Presentation on 6ix