Eastman Kodak Co (KODK) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Eastman Kodak's Q4 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

感謝您的支持，歡迎來到伊士曼柯達 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，今天的通話正在錄音中。

I would now like to turn the call over to your host, Mr. Paul Dils. Please go ahead.

我現在想把電話轉給你的東道主 Paul Dils 先生。請繼續。

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 Fourth Quarter and Full Year 2022 Earnings Call. At 4:15 p.m. this afternoon, Kodak filed its Form 10-K and issued its release on financial results for the fourth quarter and full year 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。我是伊士曼柯達公司的首席稅務官兼投資者關係總監 Paul Dils。歡迎來到柯達 2022 年第四季度和全年收益電話會議。下午 4:15今天下午，柯達提交了 10-K 表格，並發布了第四季度和 2022 年全年的財務業績。您可以在我們的投資者中心 investor.kodak.com 訪問今天電話會議的演示文稿和網絡廣播。

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.

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。

Future events or results may differ from those anticipated or those 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.

未來事件或結果可能與預期或前瞻性陳述中表達的不同。可能導致實際事件或結果與這些前瞻性陳述存在重大差異的重要因素包括風險、不確定性和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其他因素。

There may be other factors that may cause Kodak's actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply 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 an unanticipated event.

可能還有其他因素可能導致柯達的實際結果與前瞻性陳述存在重大差異。所有可歸因於柯達或代表其行事的人的前瞻性陳述僅在本演示文稿發布之日適用，並且完全受本演示文稿中包含或引用的警告聲明的限制。柯達沒有義務更新或修改前瞻性陳述以反映作出日期之後發生的事件或情況，或反映意外事件的發生。

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，剛剛發布的新聞稿和提供的演示文稿包含某些被視為非 GAAP 措施的措施。我們在投資者中心 investor.kodak.com 網站上的發布和介紹中提供了與最直接可比的 GAAP 措施的調節。

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首席執行官 Jim Continenza；及主席；柯達首席財務官 David Bullwinkle。在今天的電話會議中，我們不會舉行正式的問答。與往常一樣，投資者關係團隊隨時可以跟進。

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 year-end 2022 investor call for Eastman Kodak. I'm excited to talk to the transformation we've made over the last 4 years, and the journey and the results are starting to follow the efforts that we've taken as a team. I'm very pleased with the company's fourth quarter and full year performance.

歡迎大家，並感謝您參加伊士曼柯達 2022 年年底的投資者電話會議。我很高興談論我們在過去 4 年中所做的轉變，旅程和結果開始遵循我們作為一個團隊所做的努力。我對公司第四季度和全年的業績感到非常滿意。

We continue to see the effects of our long-term strategy we put in place 4 years ago and the actions we've taken thus far. These actions have repositioned the company, enabling us to focus on initiatives that drive positive results and which continue to drive smart revenue and support our plan to return Kodak to sustainable, profitable growth.

我們繼續看到我們 4 年前製定的長期戰略的影響以及我們迄今為止採取的行動。這些行動重新定位了公司，使我們能夠專注於帶來積極成果的舉措，這些舉措將繼續推動明智的收入，並支持我們使柯達恢復可持續盈利增長的計劃。

Our past actions include stabilizing our balance sheet, allowing us to focus on overall business model, customers and growth initiatives. If you recall, when we went out and raised initial capital, they were to reinvest in these initiatives in the business as you see today. Recognizing 1 Kodak and focusing on our core competencies and print, advanced materials and chemicals, providing environmentally sustainable solutions and turning the business focus on innovation, growth and smart revenue.

我們過去的行動包括穩定我們的資產負債表，使我們能夠專注於整體業務模式、客戶和增長計劃。如果你還記得，當我們出去籌集初始資金時，他們將重新投資於你今天看到的業務中的這些舉措。承認 1 柯達並專注於我們的核心競爭力和印刷、先進材料和化學品，提供環境可持續的解決方案，並將業務重點轉向創新、增長和明智的收入。

In 2022, our priorities included continue to navigate through the ongoing global economic impacts. Like many other companies, Kodak is experiencing supply chain disruptions, shortages and materials and labor and increased cost, labor, materials, distribution, shipping and FX. Despite the above shortages and cost increases, we have taken steps to ensure uninterrupted supply for our customers, including increasing safety stock and building inventories to help our customers stay productive and profitable, we only win when our customers win.

2022 年，我們的優先事項包括繼續應對持續的全球經濟影響。與許多其他公司一樣，柯達正在經歷供應鏈中斷、材料和勞動力短缺以及成本增加、勞動力、材料、分銷、運輸和外匯。儘管存在上述短缺和成本增加，我們已採取措施確保為客戶提供不間斷的供應，包括增加安全庫存和建立庫存以幫助我們的客戶保持生產力和盈利，只有當我們的客戶獲勝時，我們才會獲勝。

Improving our cost controls, resulting in reduction of operating expenses and implemented price actions that realize the value of our offerings. Combining these actions with improved inventory management, operational excellence has resulted in improved cash flow. We continue to invest in initiatives, including updating our infrastructure, our facilities, for better efficiency throughout the company to help drive our Advanced Materials and Chemicals Group. These actions continue to provide positive momentum in 2022, and we expect to continue in 2023.

改善我們的成本控制，從而減少運營費用並實施價格行動以實現我們產品的價值。將這些行動與改進的庫存管理相結合，卓越運營改善了現金流。我們繼續投資於各種舉措，包括更新我們的基礎設施、我們的設施，以提高整個公司的效率，以幫助推動我們的先進材料和化學品集團。這些行動在 2022 年繼續提供積極勢頭，我們預計在 2023 年繼續。

Turning to Slide 6. Performance highlights for the fourth quarter include revenue decrease of $2 million or 1% compared to the prior year quarter. When excluding the impact of foreign exchange, revenue increased $17 million or 6% compared to the prior year quarter. Our focus on smart revenue, pricing, cost reduction, customer-focused initiatives have been the priority for the team for the entire year and have resulted in significant improvements.

轉到幻燈片 6。第四季度的業績亮點包括與去年同期相比收入減少 200 萬美元或 1%。排除外匯影響後，收入比去年同期增加 1700 萬美元或 6%。我們專注於明智的收入、定價、降低成本、以客戶為中心的舉措一直是團隊全年的首要任務，並取得了重大改進。

Gross profit increased $10 million or 30% compared to the prior year quarter or $14 million, excluding foreign exchange, an increase of 42%. Our gross profit percentage was 14% in quarter 4 2022 compared to 11% in fourth quarter 2021. Performance highlights for the full year 2022 include. We have recognized consecutive years of revenue growth for the first time in decades. Revenues increased $55 million or 5% compared to the prior year. When excluding the impact from foreign exchange, revenue increased $125 million or 11% compared to the prior year.

毛利潤比去年同期增加 1000 萬美元或 30%，即 1400 萬美元，不包括外匯，增加 42%。我們在 2022 年第四季度的毛利率為 14%，而 2021 年第四季度為 11%。2022 年全年的業績亮點包括。幾十年來，我們首次實現連續多年的收入增長。與上一年相比，收入增加了 5500 萬美元或 5%。排除外匯影響後，收入比上年增加 1.25 億美元或 11%。

Gross profit improved $6 million or 4% when compared to the prior year. Excluding the impact of foreign exchange, gross profit improved $22 million or 13% compared to the prior year. Our gross profit percentage was 14% for the full year of 2022, flat when compared to 2021, despite rising costs and difficult macroeconomic conditions. This is the result of many actions our team have taken to mitigate the effects of a global economy, including cost-cutting efforts and implementing smart revenue actions.

與上一年相比，毛利潤增加了 600 萬美元或 4%。排除外匯影響，毛利潤比上年增加 2200 萬美元或 13%。儘管成本上升和宏觀經濟形勢艱難，但我們 2022 年全年的毛利率為 14%，與 2021 年持平。這是我們的團隊為減輕全球經濟的影響而採取的許多行動的結果，包括削減成本的努力和實施明智的收入行動。

Turning to Slide 7. We continue to invest in innovation and have launched 2 key print products, which are at the leading edge of digital technology. I am pleased to let you know that we are now releasing the PROSPER Ultra 520 Digital Press, which delivers offset like print quality at production speed and the PROSPER 7000 Turbo Digital Press, the world's fastest inkjet press. We are pleased to announce that we have 2 verbal commitments, 1 for the PROSPER Ultra 520 Digital Press and 1 for the PROSPER 7000 Turbo.

轉到幻燈片 7。我們繼續投資於創新，推出了 2 款處於數字技術前沿的關鍵印刷產品。我很高興地通知您，我們現在發布了 PROSPER Ultra 520 數字印刷機，它以生產速度提供類似膠印的印刷質量，以及世界上最快的噴墨印刷機 PROSPER 7000 Turbo 數字印刷機。我們很高興地宣布，我們有 2 項口頭承諾，一項針對 PROSPER Ultra 520 數字印刷機，一項針對 PROSPER 7000 Turbo。

Kodak debuted the new PROSPER Ultra 520 Press, and our new Kodachrome inks at Hunkeler Innovationdays, print industry events. Hunkeler is a premier industry showcase of innovation in digital print and finishing. We received an extremely positive reaction from our customers and prospects, and we are excited about the new press's ability to increase productivity by delivering offset quality at 150 meters per minute.

柯達在印刷行業活動 Hunkeler Innovationdays 上推出了新的 PROSPER Ultra 520 Press 和我們的新 Kodachrome 墨水。 Hunkeler 是數字印刷和印後加工創新的首要行業展示。我們從客戶和潛在客戶那裡得到了非常積極的反應，我們對新印刷機能夠以每分鐘 150 米的膠印質量提高生產率感到興奮。

These groundbreaking products have helped bring digital print to the tipping point where it should be considered as a complement to traditional print in virtually every print shop. Digital, especially our inkjet technology, now provides printers the ability to offer customers offset like print quality while mitigating the supply and cost risk of traditional printed plates and eliminating the significant carbon footprint associated with manufacturing and distributing these items.

這些突破性的產品幫助數字印刷達到了臨界點，幾乎每個印刷廠都應將其視為對傳統印刷的補充。數字技術，尤其是我們的噴墨技術，現在使印刷商能夠為客戶提供膠印印刷質量，同時降低傳統印版的供應和成本風險，並消除與製造和分銷這些項目相關的大量碳足跡。

Just to be clear, what I stated earlier, the digital print is not a total replacement for offset. We'll continue to manufacture plates and CTPs and supplying our customers it is a mitigation of risk and a new technology to help drive new business at lower cost.

需要明確的是，我之前說過，數碼印刷並不能完全替代膠印。我們將繼續製造印版和 CTP 並為我們的客戶提供它，這是一種降低風險的新技術，有助於以更低的成本推動新業務。

As discussed in our prior calls, we are also working on a new initiative within the AMC Group to leverage our deep experience in chemistry and strength in layering and coding on multiple substrates that come from over a century of experience in film manufacturing. We are committed to changing the company's culture to focus on customer first, promote teamwork to support our customers and encourage bold and courageous actions to simplify and standardized processes throughout the company, especially in support functions.

正如我們在之前的電話會議中所討論的那樣，我們還在 AMC 集團內開展一項新計劃，以利用我們在化學方面的深厚經驗以及在多層基板上分層和編碼的實力，這些經驗來自一個多世紀的薄膜製造經驗。我們致力於改變公司文化，以客戶至上為中心，促進團隊合作以支持我們的客戶，並鼓勵採取大膽和勇敢的行動來簡化和標準化整個公司的流程，尤其是在支持職能方面。

We are investing in modernization of our IT infrastructure. In January 2023, we finalized the upgrade of SAP P20, our ERP system. The upgrade is a huge step forward in modernizing our infrastructure, reflecting our commitment to long-term investment in Kodak and serving our customers' needs. Our goal is to build on the momentum we've generated to continue our transformation in 2023.

我們正在投資於 IT 基礎設施的現代化。 2023 年 1 月，我們完成了 ERP 系統 SAP P20 的升級。此次升級是我們在基礎設施現代化方面向前邁出的一大步，反映了我們對柯達的長期投資和滿足客戶需求的承諾。我們的目標是利用我們產生的勢頭，在 2023 年繼續轉型。

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

我現在將其交給戴夫討論我們 2022 年的財務業績。

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-K for the year ended December 31, 2022, with the Securities and Exchange Commission. As always, I recommend you read this filing in its entirety. Before I get into the details for the quarter, I would like to comment on a financing transaction that occurred in the first quarter of 2023.

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 12 月 31 日止年度的 10-K 表格。一如既往，我建議您完整閱讀這份文件。在我進入本季度的細節之前，我想評論一下發生在 2023 年第一季度的融資交易。

On March 14, 2023, the company entered into an amendment to the amended ABL credit agreement and letter of credit facility agreement to, among other things, extend the maturity date from February 26, 2024, to June 12, 2024. To maintain daily minimum liquidity of $50 million in addition to maintain the existing quarterly minimum liquidity of $80 million and upon the maturity of the amended ABL credit agreement on February 26, 2024, decrease the aggregate amount of commitments from $90 million to $81 million.

2023 年 3 月 14 日，公司對經修訂的 ABL 信貸協議和信用證融資協議進行了修訂，其中包括將到期日從 2024 年 2 月 26 日延長至 2024 年 6 月 12 日。為維持每日最低5000 萬美元的流動性，除了維持現有的 8000 萬美元的季度最低流動性外，並在修訂後的 ABL 信貸協議於 2024 年 2 月 26 日到期後，將承諾總額從 9000 萬美元減少到 8100 萬美元。

This extension will provide us with more flexibility and additional time to find an optimal solution to our capital structure given the macroeconomic conditions. This extension is also more fully disclosed in our Form 10-K filed today.

鑑於宏觀經濟條件，此次延期將為我們提供更大的靈活性和更多的時間來為我們的資本結構找到最佳解決方案。我們今天提交的 10-K 表格中也更全面地披露了這一延期。

As Jim mentioned, we are pleased with Kodak's strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges. Our performance reflected the success of our strategic plan, which began 4 years ago. I will now share details on the full company results, operational EBITDA and cash flow for the fourth quarter and full year 2022.

正如吉姆所提到的，我們對柯達在 2022 年的強勁表現感到高興，儘管持續存在通貨膨脹和供應鏈挑戰，但收入連續幾年實現增長，這是幾十年來的首次，推出新產品並投資於我們的未來。我們的業績反映了我們 4 年前開始的戰略計劃的成功。我現在將分享有關 2022 年第四季度和全年的完整公司業績、運營 EBITDA 和現金流的詳細信息。

On Slide 8, for the fourth quarter of 2022, we reported revenues of $305 million compared to $307 million in the prior year quarter for a decrease of $2 million or 1% and Adjusting for the unfavorable impact of foreign exchange of $19 million in the current year quarter, revenue increased by $17 million or 6% compared to the prior year quarter.

在幻燈片 8 中，我們報告 2022 年第四季度的收入為 3.05 億美元，與去年同期的 3.07 億美元相比減少了 200 萬美元或 1%，並針對當前 1900 萬美元的外匯不利影響進行了調整與去年同期相比，收入增加了 1700 萬美元或 6%。

As Jim mentioned, pricing, cost reduction and customer-focused initiatives have been the priority for the team for the entire year and have resulted in significant improvements in profitability. We have recognized improvements in gross profit with an increase of $10 million or 30% when compared to the prior year quarter.

正如 Jim 所提到的，定價、降低成本和以客戶為中心的舉措一直是團隊全年的首要任務，並顯著提高了盈利能力。與去年同期相比，我們已經認識到毛利潤有所改善，增加了 1000 萬美元或 30%。

Excluding foreign exchange, gross profit improved $14 million or 42% when compared to the prior year quarter. Our gross profit percentage was 14% in the fourth quarter of 2022 compared to 11% in the prior year quarter. Excluding the impact of foreign exchange, our gross profit percentage was 15% in quarter 4 2022 compared to 11% in the prior year quarter.

不包括外匯，與去年同期相比，毛利潤增加了 1400 萬美元或 42%。我們在 2022 年第四季度的毛利率為 14%，而去年同期為 11%。排除外彙的影響，我們在 2022 年第四季度的毛利率為 15%，而去年同期為 11%。

This improvement is a result of the many actions our team has taken to mitigate the effects of the global economy, including cost-cutting efforts and implementing pricing actions. These actions have established positive momentum as we continue to drive profitable growth going forward.

這一改進是我們團隊為減輕全球經濟的影響而採取的許多行動的結果，包括削減成本的努力和實施定價行動。隨著我們繼續推動盈利增長，這些行動建立了積極的勢頭。

On a U.S. GAAP basis, we reported net income of $7 million for the fourth quarter compared to a net loss of $6 million in the prior year quarter, an increase of $13 million or 217%. The 2022 and 2021 fourth quarter results include income of $2 million and $4 million, respectively, related to changes in the fair value of embedded derivative liabilities.

根據美國公認會計原則，我們報告第四季度淨收入為 700 萬美元，而去年同期為淨虧損 600 萬美元，增加了 1300 萬美元或 217%。 2022 年和 2021 年第四季度業績分別包括與嵌入衍生負債公允價值變動相關的 200 萬美元和 400 萬美元收入。

The fourth quarter of 2022 results also include income of $1 million related to legal settlements and expense of $1 million related to asset impairments and income of $2 million related to noncash changes in workers' compensation and employee benefit reserves. Excluding these current and prior quarter items, net income for 2022 was $3 million compared to net loss of $10 million in the prior year quarter, reflecting an increase of $13 million or 130%.

2022 年第四季度的業績還包括與法律和解相關的 100 萬美元收入和與資產減值相關的 100 萬美元費用，以及與工人薪酬和員工福利儲備的非現金變化相關的 200 萬美元收入。不包括當前和上一季度的這些項目，2022 年的淨收入為 300 萬美元，而去年同期為淨虧損 1000 萬美元，增加了 1300 萬美元或 130%。

Operational EBITDA for the quarter was a positive $7 million compared to a negative $8 million in the prior year quarter, an increase of $15 million or 188%. Excluding the impact of noncash changes in workers' compensation and employee benefit reserves, and foreign exchange in the current year, operational EBITDA increased by $12 million or 150% when compared to the prior year quarter.

本季度的運營 EBITDA 為正 700 萬美元，而去年同期為負 800 萬美元，增加了 1500 萬美元或 188%。剔除當年工人薪酬和員工福利儲備以及外彙的非現金變化的影響，與去年同期相比，運營 EBITDA 增加了 1200 萬美元或 150%。

Operational EBITDA for 2022 was favorably impacted by improved profitability related to pricing actions, partially offset by higher continued ongoing global cost increases as well as cost reductions driven by operational initiatives.

2022 年的運營 EBITDA 受到與定價行動相關的盈利能力提高的有利影響，部分被全球成本持續增加以及運營舉措推動的成本削減所抵消。

Moving on to the company's fourth quarter cash performance presented on Slide 9. The company had a year-end cash balance of $217 million compared with $216 million at the end of the third quarter of 2022, an improvement of $19 million from the prior year comparable period. For the quarter ending December 31, 2022, cash provided by operating activities was $14 million compared to a use of $14 million in the prior year quarter, reflecting an improvement of $28 million.

轉到幻燈片 9 上顯示的公司第四季度現金業績。該公司年末現金餘額為 2.17 億美元，而 2022 年第三季度末為 2.16 億美元，比上年同期增加 1900 萬美元時期。截至 2022 年 12 月 31 日的季度，經營活動提供的現金為 1,400 萬美元，而去年同期為 1,400 萬美元，增加了 2,800 萬美元。

Current quarter cash provided by operating activities is driven primarily by cash used from net earnings of $1 million and cash provided by balance sheet changes of $15 million, including a change in working capital of $21 million and a decrease in other liabilities of $12 million.

本季度經營活動提供的現金主要由 100 萬美元的淨收益使用的現金和 1500 萬美元的資產負債表變化提供的現金驅動，包括 2100 萬美元的營運資金變化和 1200 萬美元的其他負債減少。

Cash provided by working capital was driven by actions taken to mitigate inflation and rising costs, including cost-cutting efforts, improved inventory management and implementation of pricing actions. Our efforts have more than offset these negative impacts of the global economy and have resulted in cash generation in the fourth quarter of 2022.

營運資金提供的現金是由為減輕通貨膨脹和成本上升而採取的行動推動的，包括削減成本的努力、改善庫存管理和實施定價行動。我們的努力不僅抵消了全球經濟的這些負面影響，而且在 2022 年第四季度產生了現金。

Cash used in investing activities was $12 million in the current year period an increase of $1 million when compared to the prior year period, primarily resulting from an increase in capital expenditures as we continue to invest in growth initiatives. Cash used in financing activities was $2 million in the current year period, flat when compared to the prior year period. Restricted cash increased by $15 million when compared to the prior year period as a result of cash collateral required under certain aluminum supply contracts in addition to escrow to secure various ongoing obligations.

本年度用於投資活動的現金為 1200 萬美元，比去年同期增加 100 萬美元，這主要是由於我們繼續投資增長計劃導致資本支出增加。本年度用於融資活動的現金為 200 萬美元，與去年同期相比持平。與去年同期相比，受限制的現金增加了 1500 萬美元，這是由於某些鋁供應合同要求的現金抵押以及託管以確保各種持續義務。

As presented on the bottom portion of the slide, excluding the effects of foreign exchange, the quarter-over-quarter increase in cash and cash equivalents were $12 million. Due to our team's astounding level of discipline and performance, we have more than offset the various impacts of the global economy, resulting in a cash neutral position in the fourth quarter.

如幻燈片底部所示，不包括外彙的影響，現金和現金等價物的環比增長為 1200 萬美元。由於我們團隊驚人的紀律和績效水平，我們抵消了全球經濟的各種影響，從而在第四季度實現了現金中立。

On Slide 10, as we reported in our earnings release, for the full year 2022, the company had revenues of $1.205 billion compared to $1.15 billion in the prior year for an improvement of $55 million or 5%. Adjusting for the unfavorable impact of foreign exchange of $70 million, revenue increased by $125 million or 11% compared to the prior year. This is the second consecutive full year of revenue growth for the company in several decades.

在幻燈片 10 上，正如我們在收益發布中報告的那樣，公司 2022 年全年的收入為 12.05 億美元，而上一年為 11.5 億美元，增加了 5500 萬美元或 5%。調整 7000 萬美元的外匯不利影響後，收入比上年增加 1.25 億美元或 11%。這是該公司幾十年來連續第二個全年收入增長。

Gross profit improved $6 million or 4% when compared to the prior year. Excluding the impact of foreign exchange, gross profit improved $22 million or 13% compared to the prior year. Our gross profit percentage was 14% for the full year 2022, flat when compared to 2021. Excluding the impact of foreign exchange, our gross profit percentage was 15% in 2022 compared to 14% in the prior year. This is a result of the many actions our team has taken to mitigate the effects of the global economy, including cost-cutting efforts and implementing pricing actions.

與上一年相比，毛利潤增加了 600 萬美元或 4%。排除外匯影響，毛利潤比上年增加 2200 萬美元或 13%。我們 2022 年全年的毛利率為 14%，與 2021 年持平。排除外匯影響，我們 2022 年的毛利率為 15%，而上一年為 14%。這是我們團隊為減輕全球經濟的影響而採取的許多行動的結果，包括削減成本的努力和實施定價行動。

On a U.S. GAAP basis, we reported net income for 2022 of $26 million compared to net income of $24 million in 2021, an improvement of $2 million or 8% from the prior year. The 2022 and 2021 results include income of $3 million and $7 million, respectively, related to changes in fair value for the embedded derivative liabilities, income of $1 million and $7 million, respectively, for legal settlements and income of $15 million and $4 million, respectively, related to noncash changes in workers' compensation and employee benefit reserves. The 2022 results also include expense of $1 million related to asset impairments. The 2021 results also include $1 million related to a net loss on the sale of assets.

根據美國公認會計原則，我們報告 2022 年的淨收入為 2600 萬美元，而 2021 年的淨收入為 2400 萬美元，比上年增加 200 萬美元或 8%。 2022 年和 2021 年的業績分別包括與嵌入式衍生負債公允價值變動相關的收入 300 萬美元和 700 萬美元，法律和解收入分別為 100 萬美元和 700 萬美元，以及 1500 萬美元和 400 萬美元的收入，分別與工人薪酬和員工福利儲備的非現金變化有關。 2022 年的業績還包括與資產減值相關的 100 萬美元費用。 2021 年的業績還包括與資產出售淨虧損相關的 100 萬美元。

Excluding the impact of these current and prior year items, the 2022 adjusted net income was $8 million compared to income of $7 million in the prior year, an improvement of $1 million or 14% from the prior year. Operational EBITDA for 2022 was a positive $18 million compared to a positive $11 million in 2021, an improvement of $7 million or 64% from the prior year. Excluding the impact of noncash changes in workers' compensation and employee benefit reserves in 2022 and 2021 and the unfavorable impact of foreign exchange in the current year of $9 million, operational EBITDA increased by $5 million or 71% from the prior year.

排除這些當前和上一年項目的影響，2022 年調整後的淨收入為 800 萬美元，而上一年的收入為 700 萬美元，比上一年增加 100 萬美元或 14%。與 2021 年的 1100 萬美元相比，2022 年的運營 EBITDA 為正 1800 萬美元，比上年增加 700 萬美元或 64%。排除 2022 年和 2021 年工人薪酬和員工福利儲備的非現金變化的影響以及當年 900 萬美元的外匯不利影響，運營 EBITDA 比上一年增加 500 萬美元或 71%。

Operational EBITDA for 2022 was favorably impacted by growth in revenue due to improved pricing partially offset by higher continued ongoing global cost increases and the unfavorable impact of foreign exchange.

2022 年的運營 EBITDA 受到收入增長的有利影響，這是由於定價的改善部分被全球成本持續增加和外彙的不利影響所抵消。

On a full year basis, volumes for SONORA Process-Free Plates improved by 2% and including volume under a licensing agreement, which Kodak received approximately $1 million in royalties in 2022, volumes for SONORA improved by 9%.

從全年來看，SONORA 免沖洗印版的銷量增長了 2%，包括許可協議下的銷量，柯達在 2022 年收到了約 100 萬美元的特許權使用費，SONORA 的銷量增長了 9%。

The annuity revenue for PROSPER declined by 6% and primarily driven by foreign exchange fluctuations. On a constant currency basis, PROSPER annuity revenue improved by 2% in the current year. We also continue to invest in future growth areas of ULTRASTREAM and Advanced Materials and Chemicals as previously discussed.

PROSPER 的年金收入下降 6%，主要受外匯波動影響。按固定匯率計算，PROSPER 年金收入在本年度增長了 2%。如前所述，我們還繼續投資於 ULTRASTREAM 和 Advanced Materials and Chemicals 的未來增長領域。

Moving on to the company's full year cash performance presented on Slide 11. The company ended 2022 with $217 million in cash and cash equivalents, a decrease of $145 million from December 31, 2021. During 2022, cash used in operating activities was $116 million. Current year cash used in operating activities is driven primarily by cash use from net earnings of $37 million and cash used from balance sheet changes of $79 million, including a change in working capital of $55 million and a decrease in other liabilities of $38 million.

轉到幻燈片 11 中顯示的公司全年現金業績。截至 2022 年，公司現金和現金等價物為 2.17 億美元，比 2021 年 12 月 31 日減少了 1.45 億美元。2022 年期間，用於經營活動的現金為 1.16 億美元。本年度經營活動中使用的現金主要由 3700 萬美元的淨收益現金使用和 7900 萬美元的資產負債表變化使用的現金驅動，包括 5500 萬美元的營運資金變化和 3800 萬美元的其他負債減少。

Within working capital, accounts payable decreased by $12 million, inventory increased by $31 million and accounts receivable increased by $12 million. Cash used in investing activities was $56 million in the current year, an increase of $36 million when compared to the prior year, primarily a result of our investment in Wildcat, and an increase in capital expenditures as we continue to invest in growth initiatives.

在營運資金中，應付賬款減少了 1200 萬美元，存貨增加了 3100 萬美元，應收賬款增加了 1200 萬美元。本年度用於投資活動的現金為 5600 萬美元，比上一年增加 3600 萬美元，這主要是由於我們對 Wildcat 的投資，以及隨著我們繼續投資於增長計劃而增加的資本支出。

Cash provided by financing activities was $43 million in the current year compared to $238 million in the prior year. Cash provided by financing activities in the current year includes $49 million of incremental cash after fees and expenses, driven by proceeds received related to the delayed draw term loan exercised in the second quarter of 2022. 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 4300 萬美元，上年為 2.38 億美元。本年度融資活動提供的現金包括扣除費用和支出後的 4900 萬美元增量現金，這是由收到的與 2022 年第二季度行使的延遲提取期限貸款相關的收益推動的。上一年融資活動提供的現金包括 247 美元2021 年 3 月 1 日宣布的金融交易驅動的扣除費用和支出後的 100 萬美元增量現金。

Restricted cash at the end of the year was $69 million an increase of $8 million from December 31, 2021. Restricted cash primarily represents cash collateral required under the new letter of credit facility and certain aluminum supply contracts in addition to escrows to secure various ongoing obligations. As our financial performance continues to improve, we will explore alternatives to secure our obligations and ways to gain more access to the cash, which is currently supporting these facilities.

年末受限制的現金為 6900 萬美元，比 2021 年 12 月 31 日增加了 800 萬美元。受限制的現金主要指新信用證安排和某些鋁供應合同所需的現金抵押品以及為確保各種持續義務而進行的託管.隨著我們的財務業績不斷改善，我們將探索替代方案來確保我們的義務以及獲得更多現金的途徑，這些現金目前正在支持這些設施。

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 the prior year funding of the letter of credit facility, year-over-year decrease in cash and cash equivalents was $98 million, primarily driven by a use of cash from working capital in order to strengthen the company's ability to serve our customers in addition to the unfavorable effects of foreign exchange.

如幻燈片底部所示，不包括當年和上一年再融資交易淨收益的影響和匯率對現金的影響，以及本年度購買優先股權益和上一年的信件融資在信貸安排方面，現金和現金等價物同比減少 9800 萬美元，這主要是由於使用營運資金中的現金以加強公司為客戶服務的能力以及外彙的不利影響。

Finally, as disclosed in our Form 10-K, we remain in compliance with all applicable financial covenants. I will now turn the discussion back to Jim.

最後，正如我們在 10-K 表格中披露的那樣，我們仍然遵守所有適用的財務契約。我現在將討論轉回吉姆。

In summary, Kodak delivered strong performance in 2022, growing smart revenues in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges. Our performance reflected the success of our strategic plan, which began over 4 years ago, with stabilizing our balance sheet, reorganizing as 1 Kodak and refocusing on our customers and our core businesses.

總而言之，柯達在 2022 年取得了強勁的業績，儘管通貨膨脹和供應鏈挑戰持續存在，但幾十年來首次連續幾年實現智能收入增長，推出新產品並投資於我們的未來。我們的業績反映了我們 4 多年前開始的戰略計劃的成功，穩定了我們的資產負債表，重組為 1 Kodak，並重新關注我們的客戶和我們的核心業務。

Our priorities for 2022 include providing our customers with uninterrupted supply reducing costs by improving efficiencies and implementing price actions that realize the value of our offerings, which contribute to year-over-year increase in gross profit for the fourth quarter. We continue to invest in the business, including updating our infrastructure and developing growth businesses in our Advanced Materials & Chemicals group.

我們 2022 年的首要任務包括為客戶提供不間斷的供應，通過提高效率和實施實現我們產品價值的價格行動來降低成本，這有助於第四季度毛利潤的同比增長。我們繼續投資於該業務，包括更新我們的基礎設施和發展先進材料與化學品集團的增長業務。

On top of that, we also continue to invest heavily in digital transformation of a printing industry. As we debuted the groundbreaking PROSPER Ultra 520 Inkjet Press and the new Kodachrome Inks at Hunkeler Innovationdays, the event again received very positive reaction from our customers. We're going to continue to build up this momentum into 2023.

除此之外，我們還繼續大力投資印刷行業的數字化轉型。當我們在 Hunkeler Innovationdays 上首次亮相突破性的 PROSPER Ultra 520 噴墨印刷機和新型 Kodachrome 墨水時，該活動再次獲得了客戶的積極反響。我們將在 2023 年繼續保持這種勢頭。

Thank you, all, for attending the call and your continued interest in Eastman Kodak. Have a great day.

感謝大家參加電話會議以及您對伊士曼柯達的持續關注。祝你有美好的一天。

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。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。