Eastman Kodak Company · NYSE:KODK
Eastman Kodak — Q3 2022 Earnings Presentation
19 slides from Eastman Kodak's earnings presentation, Nov 8, 2022
Slide 1: Third Quarter 2022 Earnings Call
Third Quarter 2022 Earnings Call November 8, 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 $2 million (+1%) compared to the prior year quarter, $24 million (+8%) excluding foreign exchange. • Recognized six straight quarters of year-over-year revenue growth which demonstrates our commitment to a customer-first model and our leadership team’s experience
Slide 6: CEO Perspective
CEO Perspective • Long-term strategy continues to focus on core competencies in print and advanced materials and chemicals. Strategic plan includes a transition toward delivering smart revenue in areas with the best potential for growth. • Continued to invest in innovation and have launched two key
Slide 7: Third Quarter 2022 Results
Third Quarter 2022 Results Improvement ($ millions) Q3 2022 Q3 2021 / (Decline) - $ Consolidated Revenue $289 $287 $2 Add: Unfavorable Impact of Foreign Exchange 2 $22 Adjusted Consolidated Revenue $311 $287 $24 Net Income $2 $8 ($6) Changes in Fair Value of Embedded Derivative Liability Features ($
Slide 8: Year-To-Date 2022 Results
Year-To-Date 2022 Results Improvement ($ millions) YTD 2022 YTD 2021 / (Decline) - $ Consolidated Revenue $900 $843 $57 Add: Unfavorable Impact of Foreign Exchange 2 $51 Adjusted Consolidated Revenue $951 $843 $108 Net Income $19 $30 ($11) Changes in Fair Value of Embedded Derivative Liability Featu
Slide 9: Year-To-Date 2022 Cash Flow
Year-To-Date 2022 Cash Flow Nine Months Ended September 30, ($ Millions) 2022 2021 $ Change Primary Drivers of Cash: Cash Flow from Operations: Net income $ 19 $ 30 $ (11) Depreciation and amortization 22 23 (1) Pension income $36M Use of (64) (63) (1) $25M Year-Over- Cash from Net Year Decrease in
Slide 10: Non-GAAP Measures
Non-GAAP Measures In this third 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 excluding cha
Slide 11: Non-GAAP Measures
Non-GAAP Measures The following tables reconcile the most directly comparable GAAP measure of Net Income to Adjusted Net (Loss) Income for the three and nine ended September 30, 2022 and 2021, respectively: (in millions) Q3 2022 Q3 2021 $ Change Net Income $ 2 $ 8 $ (6) Changes in Fair Value of Embe
Slide 12: 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 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 nine
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 cash and cash equivalents excluding net proceeds from refinancing transactions, funding of Letter of Credit Facility, purchase of pre
Slide 15: 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 16: Appendix
APPENDIX 16
Slide 17: Third Quarter 2022 Financial Summary by Reportable Segment
Third Quarter 2022 Financial Summary by Reportable Segment ($ millions) Advanced Traditional Digital Q3 2022 Actuals Materials & Brand Total Printing Printing Chemicals Revenue $ 169 $ 55 $ 58 $ 3 $ 285 Operational EBITDA (1) $ 7 $ (6) $ 3 $ 3 $ 7 Advanced Traditional Digital Q3 2021 Actuals Materia
Slide 18: 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 $ 535 $ 169 $ 173 $ 11 $ 888 Operational EBITDA (1) $ 15 $ (15) $ 1 $ 10 $ 11 Advanced Traditional Digital YTD 2021 Actuals
Slide 19: Thank You
i < Thank You
Eastman Kodak Company — Q3 2022 Earnings Presentation on 6ix