Eastman Kodak Co (KODK) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Eastman Kodak Q2 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call is being recorded.

感謝您的支持，歡迎參加伊士曼柯達 2022 年第二季財報電話會議。 （操作員指示）請注意，今天的電話會議正在錄音。

I would now like turn the conference over to your host, Mr. Paul Dils.

現在我想將會議交給主持人保羅·迪爾斯先生。

Thank you, and good afternoon, everyone. I am Paul Dils, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's Second Quarter 2022 Earnings Call. At 4:15 p.m. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the second quarter of 2022. You may access the presentation and webcast for today's call on our investor center at investor.kodak.com.

謝謝大家，下午好。我是保羅‧迪爾斯 (Paul Dils)，伊士曼柯達公司首席稅務長兼投資人關係總監。歡迎參加柯達 2022 年第二季財報電話會議。下午4點15分今天下午，柯達提交了 10-Q 表並發布了 2022 年第二季財務業績報告。您可以在我們的投資者中心 investor.kodak.com 上存取今天電話會議的簡報和網路直播。

During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time to time. There may be other factors that may cause Kodak's actual results to differ materially from the forward-looking statements.

在今天的電話會議中，我們將根據 1995 年私人證券訴訟改革法案的定義做出某些前瞻性陳述。所有前瞻性陳述均基於柯達的預期和各種假設。未來事件或結果可能與前瞻性陳述中預期或表達的不同。可能導致實際事件或結果與這些前瞻性陳述有重大差異的重要因素包括但不限於柯達不時向美國證券交易委員會提交的文件中更詳細描述的風險、不確定性和其他因素。可能還有其他因素導致柯達的實際結果與前瞻性陳述有重大差異。

All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this presentation, and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

所有歸屬於柯達或代表其行事的人員的前瞻性陳述僅適用於本簡報之日，並且全部由本簡報中包含或引用的警示性聲明明確限定。柯達不承擔更新或修改前瞻性陳述以反映聲明日期之後發生的事件或情況或反映意外事件的發生的義務。

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our investor center at investor.kodak.com.

此外，剛發布的新聞稿和提供的簡報包含某些被視為非 GAAP 指標的指標。在本新聞稿中以及在我們網站投資者中心 (investor.kodak.com) 的簡報中，已提供了與最直接可比較的 GAAP 指標的對帳。

Speakers on today's call are Jim Continenza, Kodak's Chief Executive Officer and Chairman; and David Bullwinkle, Chief Financial Officer of Kodak. We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow-up.

今天電話會議的發言人是柯達執行長兼董事長 Jim Continenza；以及柯達財務長 David Bullwinkle。今天的電話會議中我們不會舉行正式的問答環節。與往常一樣，投資者關係團隊隨時準備跟進。

I will now turn the call over to Jim.

我現在將電話轉給吉姆。

Welcome, everyone, and thank you for joining the second quarter investor call for Kodak.

歡迎大家，感謝大家參加柯達第二季投資人電話會議。

Turning to Slide 5. Revenue in the second quarter increased $30 million or 10% compared to the prior year quarter, which demonstrates our commitment to One Kodak, customer first, customer support and satisfaction and our firm control of our products. Pricing and supply chain continued to be challenging in this economic environment. When excluding the impact of foreign exchange, revenue increased $49 million or 17% compared to the prior year quarter.

翻到幻燈片 5。第二季度的收入與去年同期相比增加了 3000 萬美元，即 10%，這體現了我們對「一個柯達」、客戶至上、客戶支援和滿意度的承諾以及我們對產品的堅定控制。在這種經濟環境下，定價和供應鏈繼續面臨挑戰。排除外匯影響後，營收較去年同期增加 4,900 萬美元，增幅 17%。

Despite the current economic challenges, our gross profit percentage increased from 11% in the first quarter of this year to 16% in the second quarter, which reflects the execution of our strategy and the controls we initiated to mitigate the challenging economic environment. On June 15, we exercised our right to draw down an additional $50 million term loan pursuant to the term loan credit agreement established last year with Kennedy Lewis Investment Partners. Dave will provide more specific details shortly. However, the net proceeds received will be used to fund ongoing investments.

儘管當前面臨經濟挑戰，我們的毛利率仍從今年第一季的 11% 上升至第二季的 16%，這反映了我們策略的執行以及為緩解嚴峻的經濟環境而採取的控制措施。 6 月 15 日，我們根據去年與 Kennedy Lewis Investment Partners 達成的定期貸款信貸協議行使了提取額外 5,000 萬美元定期貸款的權利。戴夫很快就會提供更多具體細節。然而，收到的淨收益將用於資助持續投資。

We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine and other global events. Like many other companies, Kodak is experiencing supply chain disruptions, shortages of materials and labor and increased cost of labor, materials and distribution. We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing actions.

我們將繼續應對 COVID-19 疫情、烏克蘭戰爭和其他全球事件帶來的持續全球影響。與許多其他公司一樣，柯達正面臨供應鏈中斷、材料和勞動力短缺以及勞動力、材料和分銷成本增加的問題。我們已經採取了多項措施來緩解這些挑戰，包括增加安全庫存和實施定價行動。

Our long-term strategy continues to focus on our core competencies in print, advanced materials and chemicals, provide environmentally sustainable solutions, turning the business to focus on innovation, growth and profitability.

我們的長期策略持續專注於印刷、先進材料和化學品的核心競爭力，提供環境永續的解決方案，使業務重點轉向創新、成長和獲利。

Turning to Slide 6. We continue to invest in innovation and bring new products to market in the second quarter by leveraging our expertise in the print industry. Kodak took another step forward in our plan to establish Kodak has a digital powerhouse in the print industry with the introduction of the world's fastest inkjet press. The Kodak PROSPER 7000 Turbo Press brought to market in less than 12 months from conception to commercialization. We launched the Kodak ASCEND Digital Press, which is aimed at the growing retail point of purchase and small packaging market. The Kodak ASCEND Digital Press is the first electrophotographic press, offering greater production speed, and sheet length and offers an environmentally friendly and cost-effective print solution.

轉到投影片 6。我們利用我們在印刷行業的專業知識，繼續投資創新並在第二季將新產品推向市場。隨著世界上速度最快的噴墨印刷機的推出，柯達在打造印刷業數位巨頭的計畫上又向前邁進了一步。柯達 PROSPER 7000 Turbo 印刷機從構思到商業化上市僅花了不到 12 個月的時間。我們推出了柯達 ASCEND 數位印刷機，主要針對不斷成長的零售購買點和小包裝市場。柯達 ASCEND 數位印刷機是第一台電子照相印刷機，具有更快的生產速度和更長的印張長度，是一種環保且經濟高效的印刷解決方案。

We're excited to announce that Kodak and UTECO jointly placed the first UTECO Sapphire EVO Wide Press, powered by Kodak's ULTRASTREAM inkjet technology. This system is designed specifically to meet the customers' needs of the Flexible Packaging segment, allowing for a faster turnaround and variable print capabilities.

我們很高興地宣布，柯達和 UTECO 共同推出了第一台 UTECO Sapphire EVO Wide 印刷機，該印刷機採用柯達的 ULTRASTREAM 噴墨技術。該系統專為滿足軟包裝領域客戶的需求而設計，可實現更快的周轉速度和可變的印刷能力。

We have also officially launched the Kodak PROSPER Ultra 520 Digital Press, which is powered by groundbreaking Kodak's ULTRASTREAM inkjet technology.

我們也正式推出了柯達 PROSPER Ultra 520 數位印刷機，採用了柯達突破性的 ULTRASTREAM 噴墨技術。

This digital web press provides image quality that rivals offset at speeds faster than competitive solutions, using sustainable water-based Kodak inks. By utilizing ULTRASTREAM technology to PROSPER 520 Digital Press offers our customers the ability to mitigate supply chain risk of aluminum plates.

這款數位捲筒紙印刷機使用可持續的水性柯達油墨，提供的影像品質可與膠印相媲美，而且速度比競爭解決方案更快。透過利用 ULTRASTREAM 技術，PROSPER 520 數位印刷機可以幫助我們的客戶降低鋁板供應鏈風險。

As discussed in our prior calls, we are working on new initiatives within our AMC group to leverage our deep expertise in chemistry and strength in layering and coating on multiple substrates that comes from over a century of expertise in film manufacturing.

正如我們在先前的電話會議中所討論的那樣，我們正在 AMC 集團內開展新舉措，利用我們在化學方面的深厚專業知識以及在多種基材上進行分層和塗層的優勢，這些優勢源於我們在薄膜製造領域一個多世紀的專業知識。

In July, Kodak announced that it has taken a minority stake in Wildcat Discovery Technologies, Inc. Wildcat is a private technology company that used its proprietary methods to research, and develop new battery materials and is developing a breakthrough EV super cell designed to provide a greater than 90% improvement in energy density over today's best batteries.

7 月，柯達宣布已收購 Wildcat Discovery Technologies, Inc. 的少數股權。 Wildcat 是一家私人科技公司，它利用專有方法研究和開發新型電池材料，並正在開發一種突破性的電動車超級電池，旨在使能量密度比當今最好的電池提高 90% 以上。

Kodak will provide coating and engineering services in collaboration with Wildcat to develop and scale, build coating technologies, which are critical for the safety and reliability of the next generation of EV and energy storage battery technology.

柯達將與 Wildcat 合作提供塗層和工程服務，以開發、擴展和建構塗層技術，這對於下一代電動車和儲能電池技術的安全性和可靠性至關重要。

The strategy we put in place 3 years ago continues to drive positive results and support of our plan to turn around one of the world's most iconic companies.

我們三年前製定的策略繼續取得積極成果，並支持我們扭轉全球最具標誌性的公司之一的計劃。

I will now turn it over to Dave to discuss second quarter 2022 financial results.

現在我將把時間交給戴夫來討論 2022 年第二季的財務表現。

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-Q for the quarter ended June 30, 2022, with the Securities and Exchange Commission. As always, I recommend you read this filing in its entirety.

謝謝，吉姆，下午好。今天，該公司向美國證券交易委員會提交了截至 2022 年 6 月 30 日的季度 10-Q 表。像往常一樣，我建議您完整閱讀此文件。

Before I get into the details for the quarter, I would like to comment on a financing transaction that occurred in the second quarter of 2022. As previously reported, last year, we completed a series of financial transactions that provide access to new capital, address maturing obligations and strengthen the company's ability to invest in strategic growth opportunities in our core businesses. A portion of this financing transaction included a commitment with Kennedy Lewis Investment Management to provide delayed draw term loans of an additional $50 million, which may be drawn on or before February 26, 2023.

在介紹本季的細節之前，我想先評論一下 2022 年第二季發生的一筆融資交易。如前所述，去年我們完成了一系列金融交易，這些交易提供了獲得新資本的管道，解決了到期債務，並增強了公司投資核心業務策略成長機會的能力。此次融資交易的一部分包括與肯尼迪劉易斯投資管理公司達成的承諾，即提供額外的 5000 萬美元延期提取定期貸款，可在 2023 年 2 月 26 日或之前提取。

The delayed draw term loans were drawn down in full on June 15, 2022. Net proceeds received were $49 million, which represents $50 million of aggregate principal less $1 million in debt transaction costs. The term loans bear interest at a rate of 8.5% per annum payable quarterly in cash and 4% paid-in-kind interest. The maturity date of the term loan is February 26, 2026.

延期提取定期貸款已於 2022 年 6 月 15 日全部提領。收到的淨收益為 4,900 萬美元，即 5,000 萬美元的總本金減去 100 萬美元的債務交易成本。定期貸款的利率為每年 8.5%，每季以現金支付，並以實物支付 4% 的利息。定期貸款到期日為2026年2月26日。

In July, Kodak invested a portion of these proceeds received from the delayed draw term loans to acquire a minority stake in Wildcat Discovery Technologies, as mentioned earlier by Jim. I will now share further details on the full company results, operational EBITDA and cash flow for the second quarter and first half of 2022.

正如吉姆之前提到的，7 月份，柯達將從延期提取定期貸款中獲得的部分收益用於收購 Wildcat Discovery Technologies 的少數股權。我現在將分享有關 2022 年第二季和上半年公司整體業績、營運 EBITDA 和現金流的更多詳細資訊。

On Slide 7. For the second quarter of 2022, we reported revenues of $321 million compared to $291 million in the prior year quarter for an improvement of $30 million, an increase of 10%. Adjusting for the unfavorable impact of foreign exchange of $19 million in the current year quarter, revenue increased by $49 million or 17% compared to the prior year quarter.

在投影片 7 上。 2022 年第二季度，我們報告的營收為 3.21 億美元，而去年同期為 2.91 億美元，增加了 3,000 萬美元，成長了 10%。扣除本季 1,900 萬美元的外匯不利影響後，營收較去年同期增加 4,900 萬美元，增幅為 17%。

On a U.S. GAAP basis, we reported net income of $20 million for the second quarter compared to net income of $16 million in the prior year quarter. The 2022 and 2021 second quarter results include income of $4 million and $1 million, respectively, related to changes in the fair value of embedded derivative liabilities and income of $4 million and $3 million, respectively, related to noncash changes in workers' compensation reserves.

根據美國公認會計準則，我們報告第二季淨收入為 2,000 萬美元，而去年同期淨收入為 1,600 萬美元。 2022 年和 2021 年第二季的業績分別包括與嵌入式衍生負債公允價值變動相關的 400 萬美元和 100 萬美元的收入，以及與工人賠償準備金的非現金變動相關的 400 萬美元和 300 萬美元的收入。

The second quarter of 2021 results also include income of $6 million related to legal settlements. Excluding these current and prior quarter items, income for 2022 was $12 million compared to income of $6 million in the prior year quarter, reflecting an improvement of $6 million.

2021 年第二季的業績還包括與法律和解相關的 600 萬美元收入。不包括這些當前和上一季的項目，2022 年的收入為 1200 萬美元，而去年同期的收入為 600 萬美元，增長了 600 萬美元。

Operational EBITDA for the quarter was a positive $11 million compared to a positive $10 million in the prior year quarter. Excluding the impact of noncash changes in workers' compensation reserves in the current and prior year quarters, and foreign exchange in the current year quarter, operational EBITDA improved by $3 million when compared to the prior year quarter.

本季的營業 EBITDA 為正 1,100 萬美元，而去年同期為正 1,000 萬美元。不計本季和去年同期工人賠償儲備金的非現金變化以及本季外匯的影響，營運 EBITDA 與去年同期相比增加了 300 萬美元。

Operational EBITDA for the second quarter was favorably impacted by the growth in revenue due to improved pricing and overall volume growth, partially offset by higher continued ongoing global cost increases.

由於定價改善和整體銷售成長，營收成長對第二季度的營運 EBITDA 產生了積極影響，但全球成本持續上漲在一定程度上抵消了這一影響。

During the second quarter, volumes for SONORA Process Free Plates improved by 8% and the annuity revenue for PROSPER declined by 3%, which was attributable to the impact of foreign exchange. On a constant currency basis, annuity revenue for PROSPER improved by 5%. Jim shared multiple product innovations and introductions with you earlier, demonstrating our commitment to investing in future growth areas of ULTRASTREAM and advanced materials and chemicals.

第二季度，SONORA 免沖洗印版的銷售量增加了 8%，而 PROSPER 的年金收入下降了 3%，這歸因於外匯的影響。以固定匯率計算，PROSPER 的年金收入成長了 5%。 Jim 先前與大家分享了多項產品創新和介紹，展現了我們致力於投資 ULTRASTREAM 以及先進材料和化學品等未來成長領域的決心。

Turning to Slide 8. For the first half of 2022, we reported revenues of $611 million compared to $556 million in the prior year period for an improvement of $55 million. Adjusting for the unfavorable impact of foreign exchange of $29 million in the current year, revenue increased by $84 million compared to the prior year.

翻到投影片 8。2022 年上半年，我們報告的營收為 6.11 億美元，而去年同期為 5.56 億美元，成長了 5,500 萬美元。扣除本年度 2,900 萬美元的不利外匯影響後，收入較上年增加了 8,400 萬美元。

We reported net income of $17 million for the first half compared to net income of $22 million in the prior year. The 2022 first half results include income of $1 million related to changes in the fair value of embedded derivative liabilities and income of $8 million related to the noncash changes in workers' compensation reserves.

我們報告上半年淨收入為 1700 萬美元，而去年同期淨收入為 2200 萬美元。 2022 年上半年業績包括與內嵌衍生負債公允價值變動相關的 100 萬美元收入，以及與工人賠償準備金非現金變動相關的 800 萬美元收入。

The 2021 first half results include income of $7 million related to legal settlements and income of $3 million related to noncash changes in workers' compensation reserves. Excluding these current and prior year items, income for 2022 was $8 million compared to income of $12 million in the prior year period, reflecting a decline of $4 million from the prior year period.

2021 年上半年業績包括與法律和解相關的 700 萬美元收入和與工人賠償儲備金非現金變動相關的 300 萬美元收入。不包括這些當前和去年的項目，2022 年的收入為 800 萬美元，而去年同期的收入為 1,200 萬美元，比去年同期下降了 400 萬美元。

Operational EBITDA for the period was a positive $4 million compared to a positive $13 million in the prior year period. Excluding the unfavorable impact of foreign exchange in the current year, and noncash changes in workers' compensation reserves in the current and prior years, operational EBITDA decreased by $10 million.

本期間的營業 EBITDA 為正 400 萬美元，而去年同期為正 1,300 萬美元。排除本年度外匯的不利影響以及本年度和前幾年工人賠償儲備的非現金變化，營業 EBITDA 減少了 1000 萬美元。

Operational EBITDA for 2022 was favorably impacted by growth in revenue due to improved pricing and overall volume growth, offset by higher continued ongoing global cost increases in a difficult economic environment.

2022 年的營運 EBITDA 受到定價改善和整體銷售成長帶來的收入成長的正面影響，但卻被艱難的經濟環境下全球成本持續上漲所抵銷。

On a year-to-date basis, volumes for SONORA Process Free Plates improved by 15% and annuity revenue for PROSPER declined by 1%, which was attributable to the impact of foreign exchange. On a constant currency basis, annuity revenue for PROSPER improved by 5%. We continued to invest in future growth areas of ULTRASTREAM and advanced materials.

從年初至今，SONORA 免沖洗印版的銷量提高了 15%，而 PROSPER 的年金收入下降了 1%，這歸因於外匯的影響。以固定匯率計算，PROSPER 的年金收入成長了 5%。我們繼續投資於ULTRASTREAM和先進材料的未來成長領域。

Turning to Slide 9. We are providing information to illustrate the improvements we have made in response to the challenges in the current economic environment. This slide compares the first quarter of 2022 to the second quarter of 2022. When comparing those quarters, revenue increased by $31 million or 11%. We reported net income of $20 million for the current quarter compared to net loss of $3 million in the preceding quarter.

翻到幻燈片 9。我們提供的資訊是為了說明我們為應對當前經濟環境中的挑戰所做的改進。這張投影片將 2022 年第一季與 2022 年第二季進行了比較。比較這兩個季度，營收增加了 3,100 萬美元，即 11%。我們報告本季淨收入為 2000 萬美元，而上一季淨虧損為 300 萬美元。

The second and first quarter of 2022 results include income of $4 million and expense of $3 million, respectively, related to changes in the fair value of embedded derivative liabilities and income of $4 million in both quarter-to-date periods related to noncash changes in workers' compensation reserves.

2022 年第二季和第一季的業績分別包括與嵌入式衍生負債公允價值變動相關的 400 萬美元收入和 300 萬美元支出，以及與工人賠償準備金非現金變動相關的兩個季度迄今的 400 萬美元收入。

Excluding these current and prior quarter items, income for the second quarter was $12 million compared to a loss of $4 million in the prior quarter, reflecting an improvement of $16 million quarter sequentially.

除去這些當前和上一季的項目，第二季的收入為 1,200 萬美元，而上一季的虧損為 400 萬美元，比上一季改善了 1,600 萬美元。

Operational EBITDA for the quarter was a positive $11 million compared to a negative $7 million in the preceding quarter. Excluding the impact of noncash changes in workers' compensation reserves in the current and prior quarters, operational EBITDA improved by $18 million. Operational EBITDA was favorably impacted by growth in revenue due to improved pricing and increase in gross profit.

本季的營業 EBITDA 為正 1,100 萬美元，上一季為負 700 萬美元。不計入本季和上一季工人賠償儲備金非現金變動的影響，營運 EBITDA 增加了 1,800 萬美元。由於定價改善和毛利增加，收入成長對營運 EBITDA 產生了積極影響。

Gross profit improved from $33 million or 11% of sales for the first quarter of 2022 to $51 million or 16% of sales for the second quarter of 2022. The improvements shown are significant given the challenges in the current economic environment. The company will remain focused on profitable growth.

毛利從 2022 年第一季的 3,300 萬美元（佔銷售額的 11%）提高到 2022 年第二季的 5,100 萬美元（佔銷售額的 16%）。考慮到當前經濟環境中的挑戰，這些改進意義重大。該公司將繼續專注於獲利成長。

Moving on to the company cash performance presented on Slide 10. The company ended the second quarter with $289 million in cash and cash equivalents, a decrease of $73 million from December 31, 2021. For the 6 months ending June 30, 2022, cash used in operating activities was $103 million, driven primarily a cash use from net earnings of $26 million and a cash used from balance sheet changes of $77 million, including a change in working capital of $63 million and a decrease in other liabilities of $17 million. Accounts payable increased by $17 million, inventory increased by $54 million and accounts receivable increased by $26 million.

接下來介紹投影片 10 展示的公司現金表現。該公司第二季末的現金和現金等價物為 2.89 億美元，較 2021 年 12 月 31 日減少 7,300 萬美元。截至 2022 年 6 月 30 日的 6 個月，經營活動所用現金為 1.03 億美元，主要原因是淨收益的現金使用量為 2,600 萬美元，資產負債表變動所用現金為 7,700 萬美元，其中包括營運資本變動 6,300 萬美元及其他負債減少 1,700 萬美元。應付帳款增加了 1,700 萬美元，庫存增加了 5,400 萬美元，應收帳款增加了 2,600 萬美元。

We used cash and working capital in order to strengthen our ability to supply our customers on an ongoing basis. We have increased safety stock on certain materials, increased lead times, provided suppliers with longer forecasts of future demand and certified additional sources or substitute materials.

我們使用現金和營運資金來增強我們持續向客戶供貨的能力。我們增加了某些材料的安全庫存，延長了交貨時間，為供應商提供了未來需求的更長預測，並認證了額外的來源或替代材料。

Cash used in investing activities was $9 million in the first half, an increase of $4 million when compared to the prior year period. Cash provided by financing activities was $47 million in the first half of 2022 compared to cash provided by financing activities of $241 million in the prior year period.

上半年投資活動所用現金為 900 萬美元，較去年同期增加 400 萬美元。 2022 年上半年融資活動提供的現金為 4,700 萬美元，而去年同期融資活動提供的現金為 2.41 億美元。

Cash provided by financing activities in the current year includes $49 million of incremental cash in the first half after fees and expenses driven by proceeds received related to the delayed draw term loans I discussed earlier.

本年度融資活動提供的現金包括上半年扣除與我之前討論過的延期提取定期貸款相關的收益所產生的費用和開支後的 4900 萬美元增量現金。

Cash provided by financing activities in the prior year included $247 million of incremental cash in the first half after fees and expenses driven by the financial transactions announced on March 1, 2021.

上年融資活動提供的現金包括扣除 2021 年 3 月 1 日宣布的金融交易帶來的費用和開支後，上半年增量現金 2.47 億美元。

Restricted cash at the end of the quarter was $54 million (sic) [$57 million], an increase of $3 million from December 31, 2021. Restricted cash primarily represents cash collateral required under the new letter of credit facility in addition to escrows to secure various ongoing obligations.

本季末的受限現金為 5,400 萬美元（原文如此）[5,700 萬美元]，比 2021 年 12 月 31 日增加 300 萬美元。受限現金主要代表新信用證安排下所需的現金抵押品，以及用於擔保各種持續義務的託管款項。

We will continue to focus on alternatives to reduce restrictions on cash, and we view this as an upside opportunity for incremental liquidity for the company.

我們將繼續專注於減少現金限制的替代方案，我們認為這是公司增加流動性的一個上行機會。

As presented on the bottom portion of the slide, excluding the current and prior year impact of net proceeds from refinancing transactions and the effect of exchange rates on cash in addition to the prior year funding of the letter of credit facility, the year-over-year decrease in cash and cash equivalents was $85 million, primarily driven by a use of cash from working capital in order to strengthen the company's ability to serve our customers. Finally, we remain in compliance with all applicable financial covenants.

如幻燈片底部所示，除上一年信用證融資外，不包括當年和上一年再融資交易淨收益的影響、匯率對現金的影響，現金和現金等價物同比減少 8500 萬美元，主要原因是公司使用營運資金中的現金來加強服務客戶的能力。最後，我們仍然遵守所有適用的財務契約。

I will now turn the discussion back to Jim.

現在我將把討論轉回給吉姆。

Thank you, Dave. In summary, Kodak delivered revenue and gross profit growth year-over-year for the second quarter of 2022. We also saw a significant improvement in gross profit margin from Q1 to Q2 of 2022, despite ongoing inflationary and supply chain challenges. Kodak has invested heavily over the last 3 years in Print, Advanced Materials and Chemicals, and we're showing you the outcome of those investments. We've launched 4 groundbreaking products. The Kodak PROSPER 7000 Turbo Press, the ASCEND Digital Press and 2 products powered by our next-generation ULTRASTREAM inkjet technology, the Kodak PROSPER Ultra 520 Press and the first flexible packaging printing system, the UTECO Sapphire EVO Wide Press.

謝謝你，戴夫。綜上所述，柯達 2022 年第二季的營收和毛利年增。儘管通膨和供應鏈挑戰持續存在，但我們也看到 2022 年第一季至第二季的毛利率顯著提高。過去 3 年，柯達在印刷、先進材料和化學品領域投入了大量資金，我們將向您展示這些投資的成果。我們推出了四款突破性產品。柯達 PROSPER 7000 Turbo 印刷機、ASCEND 數位印刷機以及兩款採用我們新一代 ULTRASTREAM 噴墨技術的產品：柯達 PROSPER Ultra 520 印刷機和首個軟包裝印刷系統 UTECO Sapphire EVO Wide 印刷機。

Our planned investment in digital are designed to help our customers grow. We only win if our customers win. These products you see today are here to help keep them in business, mitigate risk, lower cost and grow their business. We continue to make significant investments in recently announced growth initiatives in AMC, expanding our pilot coating facility and taking a minority stake in Wildcat.

我們計劃在數位領域進行的投資旨在幫助我們的客戶成長。只有客戶獲勝，我們才能獲勝。您今天看到的這些產品可以幫助他們維持業務、降低風險、降低成本並發展業務。我們繼續對 AMC 最近宣布的成長計畫進行大量投資，擴大我們的中試塗層設施並收購 Wildcat 的少數股權。

We look forward to continue to focus on driving profitable revenue by concentrating on our core business and helping our customers build theirs. Thank you all for attending the call and for your continued interest in Eastman Kodak. Have a good evening.

我們期待繼續專注於我們的核心業務並幫助我們的客戶建立他們的業務，從而推動獲利收入。感謝大家參加電話會議並感謝大家對伊士曼柯達的持續關注。祝您晚上愉快。

Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

女士們、先生們，今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。祝你有美好的一天。