Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q1 2024 Earnings Presentation
16 slides from Eastman Kodak's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call May 9, 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 • Print: • Continued to invest in innovation across our complete portfolio of offset and digital solutions. • Uniquely qualified to help customers navigate and deliver the right solutions based on their needs. • Showcasing a range of new products at drupa and running live demonstrati
Slide 6: CEO Perspective
CEO Perspective • First Quarter 2024 Results: • Revenues decreased $29 million (-10%) compared to the prior year quarter. • Gross profit decreased $1 million (-2%) compared to the prior year quarter. • Gross profit percentage was 20% compared to 18% in the prior year quarter. 6
Slide 7: First Quarter 2024 Results
First Quarter 2024 Results ($ millions) Q1 2024 Q1 2023 Decline - $ Decline - % Consolidated Revenue $249 $278 ($29) -10% Gross Profit $49 $50 ($1) -2% Net Income $32 $33 ($1) -3% Changes in Fair Value of Embedded Derivative Liability Features $1 Non-Cash Changes in Workers Compensation and Employee
Slide 8: First Quarter 2024 Cash Flow
First Quarter 2024 Cash Flow Three Months Ended March 31, ($ Millions) 2024 2023 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 32 $ 33 $ (1) Depreciation and amortization $11M Use of 7 8 (1) $22M Year- Cash from Net Over-Year Pension and other postretirement income Earnin
Slide 9: Non-GAAP Measures
Non-GAAP Measures In this earnings presentation, reference is made to the following non-GAAP financial measures: • Net Income excluding changes in fair value of embedded derivative liability features, non-cash changes in workers compensation and employee benefit reserves, net gain on sale of assets
Slide 10: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income to Adjusted Net Income for the three months ended March 31, 2024 and 2023, respectively: (in millions) Q1 2024 Q1 2023 $ Change % Decline Net Income $ 32 $ 33 $ (1) -3% Changes in Fair Value of E
Slide 11: 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 March 31, 2024 and 2023, respectively: (in millions) Q1 2024 Q1 2023 $ Change % Decline Net Income $ 32 $ 33 $ (1)
Slide 12: 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 March 31, 2024 and 2023, respectively Three Months Ende
Slide 13: Non-GAAP Measures
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 in the three months ended March 31, 2023 included $10 mill
Slide 14: Appendix
APPENDIX 14
Slide 15: First Quarter 2024 Financial Summary by Reportable Segment
First Quarter 2024 Financial Summary by Reportable Segment ($ millions) Advanced Q1 2024 Actuals Print Materials & Brand Total Chemicals Revenue $ 182 $ 59 $ 4 $ 245 Operational EBITDA (1) $ - $ 1 $ 3 $ 4 Advanced Q1 2023 Actuals Print Materials & Brand Total Chemicals Revenue $ 209 $ 61 $ 4 $ 274 O
Slide 16: Thank You
i < Thank You
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