Eastman Kodak Co (KODK) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Eastman Kodak Q3 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

感謝您的支持，歡迎參加伊士曼柯達第三季財報電話會議。 （操作員指示）提醒一下，今天的通話正在被錄音。

I will now turn the conference over to your host, Mr. Paul Dils. Sir, you may begin.

現在我將會議交給主持人保羅·迪爾斯先生。先生，您可以開始了。

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 Third 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 third quarter of 2022. You may access the presentation and the 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 年第三季財報電話會議。下午4點15分今天下午，柯達提交了 10-Q 表並發布了 2022 年第三季的財務表現。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.

所有歸因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，並且完全受本簡報中包含或引用的警示性聲明的明確限制。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. 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.

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。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. Thank you for joining the third quarter investor call for Kodak. Please turn to Slide 5.

歡迎大家。感謝您參加柯達第三季投資人電話會議。請翻到投影片 5。

Starting with the company's financial performance. Revenues in the second quarter increased $2 million or 1% compared to the prior year quarter. When excluding the impact of foreign exchange, revenue increased $24 million or 8% compared to the prior year quarter. We have recognized 6 straight quarters of year-over-year revenue growth, which demonstrates our commitment to a customer-first model, and our leadership team, experienced in managing through challenging business environments.

從公司的財務表現開始。第二季的營收與去年同期相比增加了 200 萬美元，即 1%。在排除外匯的影響後，營收較去年同期增加了 2,400 萬美元，增幅為 8%。我們連續六個季度實現營收年增，這反映了我們對客戶至上模式的承諾，也體現了我們的領導團隊在充滿挑戰的商業環境中管理方面的經驗。

Despite the current economic challenges, our gross profit percentages remained relatively flat compared to the second quarter and has increased from the first quarter. As previously discussed in the second quarter, we exercised our right to draw an additional $50 million term loan pursuant to the term loan agreement established last year with Kennedy Lewis Investment Management. The proceeds were partially used to fund an investment in Wildcat Discovery Technologies, Inc., a private technology company that is developing a breakthrough EV and energy storage SuperCell.

儘管目前面臨經濟挑戰，但我們的毛利率與第二季相比保持相對平穩，且較第一季有所上升。正如先前在第二季所討論的那樣，我們根據去年與 Kennedy Lewis Investment Management 達成的定期貸款協議行使了額外提取 5000 萬美元定期貸款的權利。所得款項部分用於投資 Wildcat Discovery Technologies, Inc.，這是一家正在開發突破性電動車和儲能 SuperCell 的私人科技公司。

We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine, inflation, unfavorable exchange rates and other global events. Like many other companies, Kodak is experiencing supply chain disruption, shortages in material 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、通貨膨脹、不利匯率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。

Turning to Slide 6. Our long-term strategy continues to focus on our core competencies in print, advanced materials and chemicals, and driving smart revenue in areas with best potential for growth. We continue to invest in innovation and have launched 2 key print products, which are industry-leading digital technologies. First is the PROSPER ULTRA 520 Digital Press, which delivers offset-like print quality at a production speed. And we took the original PROSPER and made it into a turbo. So we call it the PROSPER Turbo 7000 Digital Press. It is the world's fastest inkjet press. Groundbreaking products like these have helped us bring digital print to the tipping point where it should be considered as a complement to traditional print. Said differently, it's not digital or traditional, it's digital and traditional. They need to work together, and they should mitigate each other's risk and bring additional flexibility and profitability to your business.

翻到幻燈片 6。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，並在最具成長潛力的領域推動智慧收入。我們不斷投資於創新，並推出了兩款關鍵印刷產品，它們是業界領先的數位技術。首先是 PROSPER ULTRA 520 數位印刷機，它能夠以生產速度提供類似膠印的印刷品質。我們將原廠的 PROSPER 改造成了渦輪增壓器。因此我們將其命名為PROSPER Turbo 7000 數位印刷機。它是世界上速度最快的噴墨印刷機。這些突破性的產品幫助我們將數位印刷推向了臨界點，使其可以被視為傳統印刷的補充。換句話說，它不是數位化的或傳統的，而是數位化的和傳統的。他們需要共同努力，降低彼此的風險，為您的業務帶來額外的靈活性和獲利能力。

Another key factor to digital print is the carbon footprint associated with it. If you look at traditional print, the amount of chemicals, aluminum, transportation, harvesting, yielding, the carbon footprint is quite large. With digital press it's smaller, and we will continue to support a much smaller carbon footprint. As discussed on prior calls, we are also working on new growth initiatives within our Advanced Materials & Chemicals Group, to leverage our deep experience in chemistry and strength in coding, layering, roll-to-roll manufacturing that comes from over a century of experience in film manufacturing.

數位印刷的另一個關鍵因素是與之相關的碳足跡。如果你看一下傳統印刷，化學品、鋁、運輸、收穫、產量、碳足跡都相當大。數位印刷的體積更小，我們將繼續支援更小的碳足跡。正如在先前的電話會議上所討論的那樣，我們還在先進材料和化學品集團內開展新的增長計劃，以利用我們在化學方面的豐富經驗以及在編碼、分層、卷對卷製造方面的優勢，這些優勢源於我們在薄膜製造領域一個多世紀的經驗。

I would now like to turn this over to Dave to discuss the third quarter 2022 financial results.

現在我想把這個交給戴夫來討論 2022 年第三季的財務表現。

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-Q for the quarter ended September 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 9 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 an investment transaction the company made in the third quarter. As previously discussed in our second quarter earnings call, Kodak exercised its right to draw down the term loan credit agreement and received net proceeds of $49 million. On July 13, Kodak invested $25 million of the proceeds received from the delayed draw term loans to acquire a minority stake in Wildcat Discovery Technologies.

在介紹本季的細節之前，我想先評論一下公司在第三季進行的一項投資交易。正如我們之前在第二季財報電話會議上所討論的那樣，柯達行使了提取定期貸款信貸協議的權利，並獲得了 4,900 萬美元的淨收益。 7 月 13 日，柯達用延期提取定期貸款所得的 2,500 萬美元收益來收購 Wildcat Discovery Technologies 的少數股權。

I would also like to comment on the global macroeconomic conditions that are impacting our financial results. Kodak's products are sold and serviced in numerous countries across the globe, with more than half of sales generated outside the U.S. Current global economic conditions remain highly volatile due to the ongoing COVID-19 pandemic, heightened levels of inflation, unfavorable foreign exchange rates, the war in Ukraine and other global events, which impact Kodak's operations. Kodak is experiencing supply chain disruptions, shortages in materials and labor and increased labor, material and distribution costs as well as volume declines for certain businesses.

我也想評論一下影響我們財務表現的全球宏觀經濟狀況。柯達的產品在全球眾多國家銷售和服務，其中超過一半的銷售額來自美國以外。由於持續的新冠疫情、高通膨、不利的匯率、烏克蘭戰爭和其他全球事件影響了柯達的運營，當前全球經濟狀況仍然高度不穩定。柯達正面臨供應鏈中斷、材料和勞動力短缺、勞動力、材料和分銷成本增加以及某些業務銷售下降等問題。

We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing actions. Our overall focus is on continuing to supply our customers to help them stay productive. I will now share details on the full company results, operational EBITDA and cash flow for the third quarter and 9-month period ending September 30, 2022.

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。我們的整體重點是繼續為客戶提供服務，幫助他們保持生產力。我現在將分享截至 2022 年 9 月 30 日的第三季和 9 個月期間的公司全部業績、營運 EBITDA 和現金流的詳細資訊。

On Slide 7, for the third quarter of 2022, we reported revenues of $289 million compared to $287 million in the prior year quarter or an increase of $2 million. Adjusting for the unfavorable impact of foreign exchange of $22 million in the current year quarter, revenue increased by $24 million compared to the prior year quarter. On a U.S. GAAP basis, we reported net income of $2 million for the third quarter compared to net income of $8 million in the prior year quarter. The 2022 and 2021 third quarter results include income of $5 million and $1 million, respectively, related to noncash changes in workers' compensation reserves. The third quarter of 2021 results also include income of $3 million related to changes in the fair value of embedded derivative liabilities and $1 million related to a net loss on the sale of assets. Excluding these current and prior quarter items, net loss for 2022 was $3 million compared to income of $5 million in the prior year quarter, reflecting a decline of $8 million.

在投影片 7 上，我們報告 2022 年第三季的營收為 2.89 億美元，而去年同期為 2.87 億美元，增加了 200 萬美元。扣除本季 2,200 萬美元的不利外匯影響後，營收較去年同期增加了 2,400 萬美元。根據美國公認會計準則，我們報告第三季淨收入為 200 萬美元，而去年同期淨收入為 800 萬美元。 2022 年和 2021 年第三季的業績分別包括 500 萬美元和 100 萬美元的收入，與工人賠償儲備的非現金變動有關。 2021 年第三季的業績還包括與嵌入式衍生負債公允價值變動相關的 300 萬美元收入和與資產出售淨損失相關的 100 萬美元收入。不包括這些當前和上一季的項目，2022 年的淨虧損為 300 萬美元，而去年同期的收入為 500 萬美元，下降了 800 萬美元。

Operational EBITDA for the quarter was a positive $7 million compared to a positive $6 million in the prior year quarter. Excluding the impact of foreign exchange in the current year quarter and changes in workers' compensation reserves in the current year and prior year quarter, operational EBITDA increased by $3 million when compared to the prior year quarter. Operational EBITDA for 2022 was favorably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and the unfavorable impact of foreign exchange.

本季的營業 EBITDA 為正 700 萬美元，而去年同期為正 600 萬美元。不計入本季外匯的影響以及本年度和上一季工人賠償儲備金的變化，營運 EBITDA 與上一季相比增加了 300 萬美元。 2022 年的營運 EBITDA 受到定價改善帶來的收入成長的正面影響，但全球成本持續上漲和外匯的不利影響部分抵消了這一影響。

During the third quarter, volumes for SONORA Process-Free Plates declined by 10% due to customer buying patterns and their inventory levels as a result of global economic conditions. Annuity revenue for PROSPER declined by 11%, primarily due to the impact of foreign exchange. On a constant currency basis, annuity revenue improved by 1%. As demonstrated by the company's investment in Wildcat Technologies during the quarter, we continue to invest in future growth areas of Advanced Materials & Chemicals. We also continue to invest in multiple areas within Print.

第三季度，由於全球經濟狀況導致的客戶購買模式和庫存水準下降，SONORA 免處理版材的銷售量下降了 10%。 PROSPER 的年金收入下降了 11%，主要原因是外匯的影響。以固定匯率計算，年金收入成長了 1%。正如該公司本季對 Wildcat Technologies 的投資所表明的那樣，我們將繼續投資於先進材料和化學品的未來成長領域。我們也將繼續對印刷領域的多個領域進行投資。

Turning to Slide 8. For the 9 months ending September 30, 2022, we reported revenues of $900 million compared to $843 million in the prior year period or an increase of $57 million. Adjusting for the unfavorable impact of foreign exchange of $51 million in the current year period, revenue increased by $108 million compared to the prior year period. We reported net income of $19 million for the year-to-date period compared to net income of $30 million in the prior year period. The 2022 and 2021 year-to-date results include income of $1 million and $3 million, respectively, related to changes in fair value for the embedded derivative liabilities and income of $13 million and $4 million, respectively, related to noncash changes in workers' compensation reserves. The year-to-date period of 2021 results also include income of $7 million related to legal settlements and a net loss on the sale of assets for $1 million. Excluding these current and prior year items, results for 2022 were net income of $5 million compared to net income of $17 million in the prior year, reflecting a decline of $12 million from the prior year period.

翻到幻燈片 8。截至 2022 年 9 月 30 日的 9 個月，我們報告的收入為 9 億美元，而去年同期為 8.43 億美元，增加了 5,700 萬美元。扣除本年度 5,100 萬美元的外匯不利影響後，營收較去年同期增加了 1.08 億美元。我們報告今年迄今的淨收入為 1900 萬美元，而去年同期的淨收入為 3000 萬美元。 2022 年和 2021 年年初至今的業績分別包括與內嵌衍生負債公允價值變動相關的 100 萬美元和 300 萬美元的收入，以及與工人賠償準備金非現金變動相關的 1,300 萬美元和 400 萬美元的收入。 2021 年年初至今的業績還包括與法律和解相關的 700 萬美元收入以及 100 萬美元資產出售淨損失。不包括這些當前和上年項目，2022 年的業績為淨收入 500 萬美元，而上年的淨收入為 1700 萬美元，比去年同期下降 1200 萬美元。

Operational EBITDA for the year-to-date period was a positive $11 million compared to a positive $19 million in the prior year period. Excluding the impact of noncash changes in workers' compensation reserves in both the year-to-date periods of 2022 and 2021 and the unfavorable impact of foreign exchange in the current year period of $10 million Operational EBITDA decreased by $7 million year-over-year. Operational EBITDA for 2022 was favorably impacted by the growth in revenue due to improved pricing partially offset by higher continued ongoing global cost increases and the unfavorable impact of foreign exchange. On a year-to-date basis, volumes for SONORA Process-Free Plates improved by 6%, and the annuity revenue for PROSPER declined by 4%, primarily due to foreign exchange. On a constant currency basis, PROSPER annuity revenue improved by 4% in the current year period.

年初至今的營業 EBITDA 為正 1,100 萬美元，而去年同期為正 1,900 萬美元。不包括 2022 年和 2021 年年初至今工人賠償儲備金的非現金變化的影響以及本年度外匯的不利影響 1000 萬美元，運營 EBITDA 同比減少 700 萬美元。 2022 年的營運 EBITDA 受到定價改善帶來的收入成長的正面影響，但全球成本持續上漲和外匯的不利影響部分抵消了這一影響。從年初至今，SONORA 免處理版材的銷量提高了 6%，而 PROSPER 的年金收入下降了 4%，這主要是由於外匯影響。以固定匯率計算，PROSPER 年金收入在本年度成長了 4%。

Moving on to the company cash performance presented on Slide 9. The company ended the third quarter with $216 million in cash and cash equivalents, a decrease of $146 million from December 31, 2021. For the 9 months ending September 30, 2022, cash used in operating activities was $130 million. Current year cash used in operating activities is driven primarily by cash use from net earnings of $36 million and cash used from balance sheet changes of $94 million, including a change in working capital of $76 million and a decrease in other liabilities of $26 million. Accounts payable increased by $5 million. Inventory increased by $74 million and accounts receivable increased by $7 million.

接下來介紹投影片 9 展示的公司現金表現。截至第三季末，公司現金和現金等價物為 2.16 億美元，較 2021 年 12 月 31 日減少 1.46 億美元。截至 2022 年 9 月 30 日的 9 個月，經營活動所用現金為 1.3 億美元。本年度經營活動所用現金主要來自淨收益產生的現金 3,600 萬美元及資產負債表變動產生的現金 9,400 萬美元，其中包括營運資本變動 7,600 萬美元及其他負債減少 2,600 萬美元。應付帳款增加了500萬美元。庫存增加了 7,400 萬美元，應收帳款增加了 700 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 in certain materials provided suppliers with longer forecast of future demand and certified additional sources or substitute materials where feasible. The cash used from operations reflects continued challenges in the cost of labor and materials as well as utilities consumed in manufacturing our products. These increases have reduced our profitability which we are mitigating through price increases. Cash used in investing activities was $44 million in the current year period, an increase of $35 million when compared to the prior year period, primarily a result of our investment in Wildcat and an increase in capital expenditures as we continue to invest in growth initiatives.

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，為供應商提供了未來需求的長期預測，並在可行的情況下認證了額外的來源或替代材料。營運所使用的現金反映了我們在製造產品時消耗的勞動力和材料成本以及公用事業的持續挑戰。這些成長降低了我們的獲利能力，我們透過提高價格來緩解這種影響。本年度投資活動所用現金為 4,400 萬美元，較上年同期增加 3,500 萬美元，主要原因是我們對 Wildcat 的投資以及隨著我們繼續投資於成長計劃而導致的資本支出增加。

Cash provided by financing activities was $45 million in the current year period compared to $240 million in the prior year period. Cash provided by financing activities in the current year includes $49 million of incremental cash in the year-to-date period after fees and expenses, driven by proceeds received related to the delayed draw term loan exercised in the second quarter. Cash provided by financing activities in the prior year included $247 million of incremental cash after fees and expenses driven by the financial transactions announced on March 1, 2021.

本年度融資活動提供的現金為 4,500 萬美元，去年同期為 2.4 億美元。本年度融資活動提供的現金包括年初至今扣除費用和開支後的 4,900 萬美元增量現金，這得益於第二季度行使的延期提款定期貸款所收到的收益。上年融資活動提供的現金包括 2021 年 3 月 1 日宣布的金融交易帶來的扣除費用和開支後的 2.47 億美元增量現金。

Restricted cash at the end of the quarter was $64 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. We will continue to focus on alternatives to reduce these restrictions on cash, and we view this as an upside opportunity for incremental liquidity for the company.

本季末的受限現金為 6,400 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。我們將繼續專注於減少現金限制的替代方案，我們認為這是增加公司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 current year purchase of preferred equity interest and prior year funding of a letter of credit facility, the year-over-year decrease in cash and cash equivalents was (inaudible), primarily driven by a use of cash from working capital in order to strengthen the company's ability to serve our customers, in addition (inaudible) foreign exchange. Finally, we remain in compliance with applicable financial covenants.

如幻燈片底部所示，除今年購買的優先股權和去年信用證融資外，不包括今年和去年再融資交易淨收益的影響和匯率對現金的影響，現金和現金等價物同比減少（聽不清），主要是由於使用營運資金中的現金來加強公司服務客戶的能力，此外（聽不清楚）還有外匯。最後，我們仍然遵守適用的財務契約。

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, the long-term strategy we put in place 3 years ago continues to drive positive results and supports our plan to return Kodak to a profitable growth company. Kodak delivered revenue growth year-over-year for the third quarter of 2022 and has now recognized 6 consecutive quarters of growth in revenue in very difficult times.

謝謝你，戴夫。總而言之，我們三年前製定的長期策略繼續帶來積極成果，並支持我們讓柯達恢復為一家盈利增長型公司的計劃。柯達 2022 年第三季營收年增，目前已在非常困難的時期連續 6 個季度實現營收成長。

Our ongoing investment in digital print are designed to help customers grow, mitigate risk, lower costs associated with supply, logistics and other associated risks with traditional prepress solutions. We continue to make significant investments in recently announced growth initiatives in Advanced Materials & Chemicals business, expanding our pilot coating facilities and taking a minority stake in Wildcat Discovery Technologies. Looking forward, we will focus on driving smart revenue in areas with the best potential growth.

我們對數位印刷的持續投資旨在幫助客戶發展、降低風險、降低與供應、物流和其他相關風險相關的成本以及傳統印前解決方案。我們繼續對最近宣布的先進材料和化學品業務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 Discovery Technologies 的少數股權。展望未來，我們將專注於在最具成長潛力的領域推動智慧收入。

Again, I'd like to remind everyone, I'm really proud of what the team has accomplished in these difficult times. After many, many, many years of consecutive losses, we have put together 6 consecutive quarters of growth, and we will continue to focus on our customers, our products and smart revenue to deliver in the future.

再次，我想提醒大家，我為球隊在困難時期所取得的成就感到非常自豪。在經歷了許多年連續虧損之後，我們已連續 6 個季度實現成長，並且我們將繼續專注於我們的客戶、我們的產品和智慧收入，以實現未來目標。

Thank you for attending the call and continued interest in Eastman Kodak.

感謝您參加電話會議並繼續關注伊士曼柯達。

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。