Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q2 2022 Earnings Presentation
21 slides from Eastman Kodak's earnings presentation, Aug 9, 2022
Slide 1: Second Quarter 2022 Earnings Call
Second Quarter 2022 Earnings Call August 9, 2022
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 impacts of the war in Ukraine and the international response thereto on Kodak
Slide 4: 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 5: CEO Perspective
CEO Perspective • Revenues increased $30 million (+10%) compared to the prior year quarter, $49 million (+17%) excluding foreign exchange. • Gross profit percentage increased from 11% in the first quarter of 2022 to 16% in the current quarter which reflects the execution of our strategy and the cont
Slide 6: CEO Perspective
CEO Perspective • Continued to invest in innovation and bring new products to the market in the second quarter of 2022 by leveraging our expertise in the print industry: • Introduced the world’s fastest inkjet press, the KODAK PROSPER 7000 Turbo Press, brought to market in less than 12 months from c
Slide 7: Second Quarter 2022 Results
Second Quarter 2022 Results Improvement - ($ millions) Q2 2022 Q2 2021 $ Consolidated Revenue $321 $291 $30 Add: Unfavorable Impact of Foreign Exchange 2 $19 Adjusted Consolidated Revenue $340 $291 $49 Net Income $20 $16 $4 Changes in Fair Value of Embedded Derivative Liability Features ($4) ($1) Le
Slide 8: First Half 2022 Results
First Half 2022 Results Improvement ($ millions) YTD 2022 YTD 2021 / (Decline) - $ Consolidated Revenue $611 $556 $55 Add: Unfavorable Impact of Foreign Exchange 2 $29 Adjusted Consolidated Revenue $640 $556 $84 Net Income $17 $22 ($5) Changes in Fair Value of Embedded Derivative Liability Features
Slide 9: Second Quarter 2022 vs First Quarter 2022 Results
Second Quarter 2022 vs First Quarter 2022 Results Improvement - ($ millions) Q2 2022 Q1 2022 $ Consolidated Revenue $321 $290 $31 Net Income (Loss) $20 ($3) $23 Changes in Fair Value of Embedded Derivative Liability Features ($4) $3 Non-Cash Changes in Workers Compensation Reserves ($4) ($4) Adjuste
Slide 10: First Half 2022 Cash Flow
First Half 2022 Cash Flow Six Months Ended June 30, ($ Millions) 2022 2021 $ Change Primary Drivers of Cash: Cash from Operations: Net income $ 17 $ 22 $ (5) Depreciation and amortization 14 16 (2) Pension income $26M Use of (49) (42) (7) $23M Year-Over- Cash from Net Year Decrease in Change in fair
Slide 11: Non-GAAP Measures
Non-GAAP Measures In this second quarter earnings presentation, reference is made to the following non-GAAP financial measures: • Revenues and Operational EBITDA on a constant currency basis; • The improvement of KODAK PROSPER annuities revenue on a constant currency basis; • Net Income (Loss) exclu
Slide 12: Non-GAAP Measures
Non-GAAP Measures The following tables reconcile the most directly comparable GAAP measure of Net Income (Loss) to Adjusted Net Income (Loss) for the three and six months ended June 30, 2022 and 2021 and for the three months ended March 31, 2022, respectively: (in millions) Q2 2022 Q2 2021 $ Change
Slide 13: 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 Operational EBITDA on a constant currency basis excluding non-cash changes in workers compensation reserves for the thre
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 Operational EBITDA on a constant currency basis excluding non-cash changes in workers compensation reserves for the six
Slide 15: Non-GAAP Measures
Non-GAAP Measures The following table reconciles the most directly comparable GAAP measure of Net Income (Loss) to Operational EBITDA and Operational EBITDA excluding non-cash changes in workers compensation reserves for the three months ended June 30, 2022 and March 31, 2022, respectively: (in mill
Slide 16: 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 cash and cash equivalents excluding net proceeds from refinancing transactions, funding of Letter of Credit Facility and foreign exch
Slide 17: Non-GAAP Measures
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 third-party costs su
Slide 18: Appendix
APPENDIX 18
Slide 19: Second Quarter 2022 Financial Summary by Reportable Segment
Second Quarter 2022 Financial Summary by Reportable Segment ($ millions) Advanced Traditional Digital Q2 2022 Actuals Materials & Brand Total Printing Printing Chemicals Revenue $ 194 $ 58 $ 61 $ 4 $ 317 Operational EBITDA (1) $ 10 $ (4) $ 1 $ 4 $ 11 Advanced Traditional Digital Q2 2021 Actuals Mate
Slide 20: Year-To-Date 2022 Financial Summary by Reportable Segment
Year-To-Date 2022 Financial Summary by Reportable Segment ($ millions) Advanced Traditional Digital YTD 2022 Actuals Materials & Brand Total Printing Printing Chemicals Revenue $ 366 $ 114 $ 115 $ 8 $ 603 Operational EBITDA (1) $ 8 $ (9) $ (2) $ 7 $ 4 Advanced Traditional Digital YTD 2021 Actuals Ma
Slide 21: Thank You
i < Thank You
Eastman Kodak Company — Q2 2022 Earnings Presentation on 6ix