Eastman Kodak Co (KODK) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Eastman Kodak third-quarter 2024 earnings conference call.

歡迎參加伊士曼柯達 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Anthony Redding.

現在我想將會議交給今天的第一位演講者安東尼·雷丁。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

I am Anthony Redding, Eastman Kodak Company's Chief Compliance Officer.

我是伊士曼柯達公司的首席合規官安東尼·雷丁。

Welcome to Kodak's third-quarter 2024 earnings call.

歡迎參加柯達 2024 年第三季財報電話會議。

At 4:15 PM this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the third quarter of 2024.

今天下午 4:15，柯達提交了 10-Q 表格，並發布了 2024 年第三季財務業績報告。

You can access the presentation and webcast for today's call on our website in our Investor Center at investor.kodak.com.

您可以在我們的投資者中心網站 Investor.kodak.com 上觀看今天電話會議的簡報和網路廣播。

During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

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》的規定做出某些前瞻性聲明。

All forward-looking statements are based upon Kodak's expectations and various assumptions.

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.

未來的事件或結果可能與預期或前瞻性陳述中表達的不同。

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 US Securities and Exchange Commission from time to time.

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風險、不確定性以及其他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因素。

There may be other factors that may cause Kodak's actual results to differ materially from the forward-looking statements.

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, only apply as of the date of the presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in the presentation.

柯達或代表其行事的人員的所有前瞻性陳述僅適用於演示文稿之日，並且完全受到演示文稿中包含或引用的警示性聲明的明確限制。

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.

柯達不承擔更新或修改前瞻性聲明以反映聲明日期之後發生的事件或情況或反映意外事件發生的義務。

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures.

此外，剛發布的新聞稿和提供的簡報包含某些被視為非公認會計準則措施的措施。

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. 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.

與最直接可比較的 GAAP 衡量標準的對帳已隨本新聞稿以及我們投資者中心 (investor.kodak.com) 網站上的演示提供。與最直接可比較的 GAAP 衡量標準的對帳已隨本新聞稿以及我們投資者中心 (investor.kodak.com) 網站上的演示提供。

Speakers on today's call are Jim Continenza, Executive Chairman and Chief Executive Officer of Eastman Kodak; and David Bullwinkle, Chief Financial Officer and Senior Vice President of Eastman Kodak.

今天電話會議的發言者是伊士曼柯達執行董事長兼執行長 Jim Continenza；以及伊士曼柯達財務長兼資深副總裁 David Bullwinkle。

We will not be holding a formal Q&A during today's call.

在今天的電話會議中，我們不會舉行正式的問答。

As always, the Investor Relations team is available for follow-up.

與往常一樣，投資者關係團隊隨時提供後續服務。

I will now turn the call over to Jim.

我現在將把電話轉給吉姆。

Welcome, everyone, and thank you for joining the third-quarter 2024 investor call.

歡迎大家，並感謝您參加 2024 年第三季投資者電話會議。

We continue to be committed to executing our long-term plan.

我們將繼續致力於執行我們的長期計劃。

We continue to invest in innovation, increase operational efficiency, focus on smart revenue.

我們持續投資創新，提高營運效率，專注於智慧收入。

When we say focus and invest in innovation, let's be clear, advanced material and print is what we do today.

當我們說專注並投資於創新時，讓我們明確一點，先進的材料和印刷就是我們今天所做的。

But inside of that is digital print, traditional print, Advanced Materials & Chemicals, film, motion picture film, Eastman Business Park, brand licensing, and other large investments that have been building out of our cGMP clean lab, including the reagent facility.

但其中包括數位印刷、傳統印刷、先進材料和化學品、膠片、電影膠片、伊士曼商業園區、品牌授權以及在我們的 cGMP 潔淨實驗室（包括試劑設施）基礎上建設的其他大型投資。

We're going to keep investing in battery technology as one of our core skill sets is substrate coating.

我們將繼續投資電池技術，因為我們的核心技能之一是基材塗層。

So as I walk you through who we are, what we are, let's get into the numbers.

因此，當我向您介紹我們是誰、我們是什麼時，讓我們來看看數字。

Revenues of $261 million for the third quarter of 2024 versus $269 million for the third quarter of 2023.

2024 年第三季的營收為 2.61 億美元，而 2023 年第三季的營收為 2.69 億美元。

The decline has slowed and right where we expected it to be.

下降速度已經放緩，並且符合我們的預期。

That's right within expectations.

這完全在預料之內。

When we look at the gross profit, we're coming in the quarter at 17% in 2024 versus 19% for the third quarter 2023.

當我們查看毛利時，我們預計 2024 年該季度的毛利為 17%，而 2023 年第三季為 19%。

The numbers are strong.

數字很強勁。

And let me tell you where we're at on this.

讓我告訴你我們在這方面的進展。

When I look at the impact that we had on our plate business from jumping from China and Japan over the last several years, it has drove the other US manufacturers out of America.

當我看到過去幾年從中國和日本跳出對我們的板材業務的影響時，它已經將其他美國製造商趕出了美國。

When we looked at what happened with those tariffs and the pressure put on, we thought hard and automated and invested to keep these jobs in America and fight for the US printers.

當我們看到這些關稅和施加的壓力所發生的情況時，我們認真思考並進行自動化投資，以將這些就業機會保留在美國並為美國印刷商而戰。

And we're going to cover that tariff later on in this discussion.

我們將在稍後的討論中討論該關稅。

So when I look at gross profit at 17%, it's been a hard battle considering they were getting subsidies on multiple things, and the tariff numbers will reflect that.

因此，當我看到 17% 的毛利時，考慮到他們在多種方面獲得補貼，這是一場艱苦的戰鬥，關稅數字也將反映出這一點。

So let's talk about a big part of our future investments in the last five years, Advanced Materials & Chemicals, as we refer to as AMC, right?

那麼，讓我們談談過去五年我們未來投資的很大一部分，即先進材料和化學品，我們稱之為 AMC，對吧？

As we continue to grow the different initiatives, and I touched on some of them earlier, which really comprises of film, chemicals, substrate coating for EVs and, again, the build-out of the reagent facility and the cGMP clean lab, right, it's exciting to see these dollars come to work and see the productivity increase.

隨著我們繼續發展不同的舉措，我之前提到了其中一些舉措，其中實際上包括薄膜、化學品、電動車的基材塗層，以及試劑設施和 cGMP 潔淨實驗室的擴建，對吧，看到這些錢開始發揮作用並看到生產力的提高是令人興奮的。

Our film sales have increased on motion picture and in still film and other films.

我們的電影、靜態電影和其他電影的電影銷量增加。

So on film, right, we're doing a shutdown in November, total shutdown.

所以在電影方面，我們將在 11 月關閉，完全關閉。

We've continued to invest in our manufacturing process, while we need to shut down completely to bring light into the dark, right?

我們繼續投資我們的製造工藝，同時我們需要完全關閉以將光明帶入黑暗，對嗎？

Film is made in the dark.

電影是在黑暗中拍攝的。

So in November, we will be modernizing the plant, putting more investment within that, which has also caused us to use more cash in the quarter to build up inventories while we do this.

因此，在 11 月份，我們將對工廠進行現代化改造，投入更多投資，這也導致我們在本季度使用更多現金來建立庫存。

But as we continue to see our commitment and our customer commitment to film, still in motion picture, we are going to continue to invest in that space and continue with that growth.

但隨著我們繼續看到我們和客戶對電影（仍然是電影）的承諾，我們將繼續投資該領域並繼續成長。

We're also looking at, as we look at the park, the buildings and the infrastructure.

正如我們考察公園一樣，我們也在考察建築物和基礎設施。

We've invested heavily in the infrastructure.

我們在基礎設施方面投入了大量資金。

And I'm proud to say we just reopened another one of our buildings, and we have now moved into that building.

我很自豪地說，我們剛剛重新開放了另一棟大樓，現在我們已經搬進了那棟大樓。

So the park is really coming to life.

所以這個公園真的變得生氣勃勃。

It's one of our key assets and something we can't forget.

這是我們的關鍵資產之一，也是我們不能忘記的。

Every time I walk through that park, I see power.

每次我走過那個公園，我都會看到力量。

I see chemical recovery.

我看到化學回收。

I see waste management.

我看到廢物管理。

I see a fire department.

我看到消防隊。

I see electricity.

我看到了電。

And I can go on and on of the power of that park, and we continue to put that to work and bring US jobs back to the park.

我可以繼續發揮園區的力量，我們將繼續發揮其作用，將美國的就業機會帶回該園區。

So I'm going to move on to commercial print.

所以我將轉向商業印刷。

Let me bring you some highlights, and this is really important to get through.

讓我為大家帶來一些亮點，這對於完成這一點非常重要。

So as I mentioned earlier on the ITC, we were granted an affirmative decision 3:1 from the ITC on the plates tariff.

正如我之前在 ITC 中提到的，ITC 對板材關稅以 3:1 的比例給予了我們肯定的決定。

What does that really mean?

這到底意味著什麼？

Being the last US manufacturer, the others have all left, we reinvested in our plants.

作為最後一家美國製造商，其他人都離開了，我們對我們的工廠進行了再投資。

We bet on our American workers, and we were able to get a favorable ruling.

我們把賭注押在我們的美國工人身上，並得到了有利的裁決。

What does that mean?

這意味著什麼？

It ranges anywhere from a 91.83% then to a 353.09%.

其範圍從 91.83% 到 353.09%。

What does that mean?

這意味著什麼？

That means Kodak now has a level playing field that we could go out, compete and sell plates and not have a disadvantage of government interference in the pricing of a commodity and a material.

這意味著柯達現在擁有一個公平的競爭環境，我們可以走出去、競爭和銷售印版，並且不會因政府乾預商品和材料的定價而處於劣勢。

It's a big move for the US and a great move, obviously, for Kodak and our customers.

這對美國來說是一個重大舉措，對柯達和我們的客戶來說顯然也是一個重大舉措。

Now I'll turn it over to Dave to discuss the financial results.

現在我將把它交給戴夫討論財務結果。

Thanks, Jim, and good afternoon.

謝謝，吉姆，下午好。

This afternoon, the company filed its Form 10-Q for the quarter ended September 30, 2024, with the SEC.

今天下午，該公司向 SEC 提交了截至 2024 年 9 月 30 日的季度的 10-Q 表格。

As I always do, I recommend you read this filing in its entirety.

一如既往，我建議您完整閱讀這份文件。

I will share details on the full company results, operational EBITDA and cash flow for the third quarter and nine months ending September 30, 2024.

我將分享第三季和截至 2024 年 9 月 30 日的九個月的完整公司業績、營運 EBITDA 和現金流的詳細資訊。

The company's results reflect the continued focus on executing against our priorities and long-term plan, including driving smart revenue and aligning with the right customers, pricing rationalization, cost reductions, launching new products and investing in innovation and information technology systems.

公司的業績反映了我們繼續專注於執行我們的優先事項和長期計劃，包括推動明智的收入並與合適的客戶保持一致、合理化定價、降低成本、推出新產品以及投資創新和資訊科技系統。

The company's financial results are within our expectations at this point in our long-term strategy and for the current year.

目前，公司的財務表現符合我們長期策略和本年度的預期。

On slide 7, we reported revenues of $261 million for the third quarter of 2024 compared to $269 million in the prior year quarter, a decrease of $8 million or 3%.

在投影片 7 中，我們報告了 2024 年第三季的收入為 2.61 億美元，而去年同期的收入為 2.69 億美元，減少了 800 萬美元，即 3%。

The decline in revenue slowed notably when compared to recent quarters, reflecting our ongoing focus on driving smart revenue and strong profitability.

與最近幾季相比，營收下降明顯放緩，反映出我們持續致力於推動智慧收入和強勁的獲利能力。

On a constant currency basis, revenue declined by $9 million compared to the prior year quarter.

以固定匯率計算，營收比去年同期下降了 900 萬美元。

Gross profit decreased by $5 million or 10% when compared to the prior year quarter.

與去年同期相比，毛利下降了 500 萬美元，即 10%。

Gross profit for the current year quarter was unfavorably impacted by a net change in employee benefit reserves of $3 million, an inventory reserve adjustment of $4 million in the Electrophotographic Printing Solutions business and higher aluminum costs of $5 million.

本季的毛利受到員工福利儲備金淨變動 300 萬美元、電子照相印刷解決方案業務庫存儲備金調整 400 萬美元以及鋁材成本上漲 500 萬美元的不利影響。

Foreign exchange had no impact on gross profit in the current year quarter.

外匯對本季的毛利沒有影響。

Our gross profit percentage was 17% in the third quarter of 2024 compared to 19% in the prior year quarter, unfavorably impacted by the factors previously noted.

受到前面提到的因素的不利影響，我們 2024 年第三季的毛利率為 17%，而去年同期為 19%。

On a US GAAP basis, we reported net income of $18 million for the third quarter of 2024 compared to net income of $2 million in the prior year quarter, an increase of $16 million.

根據美國公認會計原則，我們報告的 2024 年第三季淨利潤為 1,800 萬美元，與去年同期的淨利潤 200 萬美元相比，增加了 1,600 萬美元。

The 2024 and 2023 third quarter results include expense of $2 million and income of $3 million, respectively, related to noncash changes in workers' compensation and employee benefit reserves.

2024 年和 2023 年第三季業績分別包括與工人薪酬和員工福利儲備金非現金變動相關的 200 萬美元費用和 300 萬美元收入。

Prior year quarter also includes a loss on extinguishment of debt of $27 million resulting from a refinancing transaction.

去年同期還包括再融資交易造成的 2,700 萬美元債務清償損失。

Excluding these current and prior year quarter items, net income for 2024 was $20 million compared to net income of $26 million in the prior year quarter.

不包括目前和去年同期的這些項目，2024 年淨利為 2,000 萬美元，而去年同期淨利為 2,600 萬美元。

Operational EBITDA for the quarter was $1 million compared to $12 million in the prior year quarter.

本季的營運 EBITDA 為 100 萬美元，而去年同期為 1,200 萬美元。

Excluding the impact of noncash changes in workers' compensation and employee benefit reserves in the current and prior year quarters, operational EBITDA declined by $6 million when compared to the prior year quarter.

排除本季和去年季度工人薪酬和員工福利儲備金非現金變化的影響，營運 EBITDA 與去年同期相比下降了 600 萬美元。

Foreign exchange had no impact on operational EBITDA in the current year quarter.

外匯對本季的營運 EBITDA 沒有影響。

Operational EBITDA for the third quarter of 2024 was also unfavorably impacted by higher manufacturing costs driven by an increase in aluminum costs, changes in employee benefit reserves, and inventory reserve adjustment as well as an increase in costs associated with certain litigation matters.

2024 年第三季的營運 EBITDA 也受到鋁成本增加、員工福利準備金變化、庫存準備金調整以及與某些訴訟事項相關的成本增加導致的製造成本上升的不利影響。

Turning to slide 8.

轉到投影片 8。

For the nine months ending September 30, 2024, we reported revenues of $777 million compared to $842 million in the prior year period for a decline of $65 million or 8%.

截至 2024 年 9 月 30 日的九個月，我們報告的營收為 7.77 億美元，而去年同期為 8.42 億美元，下降了 6,500 萬美元或 8%。

Adjusting for the unfavorable impact of foreign exchange of $3 million in the current year period, revenue decreased by $62 million or 7% when compared to the prior year period.

扣除本年度 300 萬美元外匯不利影響後，營收較上年同期減少 6,200 萬美元，即 7%。

Gross profit decreased by $11 million or 7% when compared to the prior year period.

毛利較上年同期減少 1,100 萬美元，即 7%。

Gross profit for the current year was unfavorably impacted by a net change in employee benefit reserves of $2 million, an inventory reserve adjustment of $4 million in the Electrophotographic Printing Solutions business and higher aluminum costs of $1 million.

本年度的毛利受到員工福利儲備金淨變動 200 萬美元、電子照相印刷解決方案業務庫存儲備金調整 400 萬美元以及鋁材成本上漲 100 萬美元的不利影響。

Foreign exchange had no impact on gross profit in the current year period.

外匯對本年度毛利沒有影響。

Our gross profit percentage was 20% for the nine months ending September 30, 2024, compared to 19% in the prior year period.

截至 2024 年 9 月 30 日的九個月，我們的毛利率為 20%，而去年同期為 19%。

On a US GAAP basis, net income was $76 million for the nine months ending September 30, 2024, compared to net income of $70 million in the prior year period, an increase of $6 million.

根據美國公認會計準則，截至 2024 年 9 月 30 日的九個月淨利潤為 7,600 萬美元，較上年同期的淨利潤 7,000 萬美元增加了 600 萬美元。

The 2024 year-to-date results include expense of $1 million related to noncash changes in workers' compensation and employee benefit reserves and income of $17 million related to a net gain on the sale of assets.

2024 年迄今的業績包括與工人薪酬和員工福利儲備金非現金變動相關的 100 萬美元費用，以及與資產出售淨收益相關的 1,700 萬美元收入。

The 2023 year-to-date results include charges of $2 million related to changes in the fair value of embedded derivative liabilities and $27 million related to a loss on the extinguishment of debt and income of $9 million related to a refund from a non-US governmental authority and $3 million related to noncash changes in workers' compensation and employee benefit reserves.

2023 年迄今的業績包括與嵌入衍生負債公允價值變動相關的 200 萬美元費用、與債務清償損失相關的 2700 萬美元以及與非美國公司退款相關的 900 萬美元收入。僱員福利儲備金非現金變動有關的300 萬美元。

Excluding these current and prior year items, net income for the nine months ending September 30, 2024, was $60 million compared to net income of $87 million in the prior year period, a decline of $27 million.

排除這些本年度和上一年的項目，截至 2024 年 9 月 30 日的九個月淨利潤為 6,000 萬美元，比上年同期的淨利潤 8,700 萬美元減少了 2,700 萬美元。

Operational EBITDA for the period was $17 million compared to $43 million in the prior year period, a decline of $26 million.

該期間的營運 EBITDA 為 1,700 萬美元，與去年同期的 4,300 萬美元相比，減少了 2,600 萬美元。

Excluding the impact of noncash changes in workers' compensation and employee benefit reserves in the current and prior year periods, operational EBITDA decreased by $22 million compared to the prior year period.

排除本年度和上一年期間工人薪酬和員工福利儲備金非現金變化的影響，營運 EBITDA 與上年同期相比減少了 2,200 萬美元。

Foreign exchange had no impact on operational EBITDA in the current year period.

外匯對本年度期間的營運 EBITDA 沒有影響。

Operational EBITDA for the current year period was unfavorably impacted by lower volumes and higher manufacturing costs and inventory reserve adjustment, changes in employee benefit reserves, higher selling and administrative costs associated with investments in information technology systems, and organizational structure improvements to drive further operational efficiencies as well as costs associated with the drupa trade show and certain litigation matters.

本年度的營運 EBITDA 受到銷售下降、製造成本上升和庫存準備金調整、員工福利準備金變化、與資訊科技系統投資相關的銷售和管理成本上升以及為進一步提高營運效率而進行的組織結構改進的不利影響以及與德魯巴貿易展和某些訴訟事宜相關的費用。

Moving on to the company's cash performance presented on slide 9.

接下來是投影片 9 介紹的公司現金表現。

The company ended the third quarter with $214 million in cash and cash equivalents, a decrease of $41 million from December 31, 2023, which is in line with our expectations.

該公司第三季末現金及現金等價物為2.14億美元，較2023年12月31日減少4,100萬美元，符合我們的預期。

The decline reflects our continued CapEx investments in supporting AM&C growth initiatives, along with building working capital in this business to allow us to supply customers as we make improvements in our manufacturing facilities.

這一下降反映了我們在支持 AM&C 成長計劃方面的持續資本支出投資，以及在該業務中建立營運資本，以便我們在改進製造設施的同時能夠為客戶提供服務。

For the nine months ending September 30, 2024, cash used in operating activities was $11 million, primarily driven by a use of cash from net earnings of $25 million, partially offset by cash flow from balance sheet changes of $14 million, including a change in working capital of $26 million and a decrease in other liabilities of $39 million.

截至2024 年9 月30 日的九個月，經營活動使用的現金為1,100 萬美元，主要是由於淨利潤2,500 萬美元使用的現金，部分被資產負債表變化產生的現金流1,400 萬美元所抵消，其中包括營運資本減少 2,600 萬美元，其他負債減少 3,900 萬美元。

Within working capital, accounts payable decreased by $1 million, inventory increased by $25 million and accounts receivable decreased by $52 million compared to the prior year period.

在營運資金中，與去年同期相比，應付帳款減少了 100 萬美元，庫存增加了 2,500 萬美元，應收帳款減少了 5,200 萬美元。

The decrease in accounts receivable is primarily due to $40 million of cash proceeds received in January 2024 from brand licensing.

應收帳款減少主要是因為 2024 年 1 月從品牌授權收到的 4,000 萬美元現金收益。

The team continues to focus on improving profitability and performance in working capital, which enhances the company's ability to generate cash.

該團隊繼續專注於提高營運資金的獲利能力和績效，從而增強公司產生現金的能力。

Cash used in investing activities was $22 million for the nine months ending September 30, 2024, an increase of $7 million when compared to the prior year period, primarily due to an increase in capital additions of $24 million partially offset by proceeds from the sale of assets of $17 million.

截至 2024 年 9 月 30 日的九個月，投資活動使用的現金為 2,200 萬美元，較上年同期增加 700 萬美元，主要是由於資本增加增加 2,400 萬美元，部分被出售資產的收益所抵銷。資產1700萬美元。

Cash used in financing activities was $21 million for the nine months ending September 30, 2024, compared to cash provided by financing activities of $87 million in the prior year period.

截至 2024 年 9 月 30 日的九個月，融資活動使用的現金為 2,100 萬美元，而去年同期融資活動提供的現金為 8,700 萬美元。

This change was primarily driven by net proceeds of $90 million received from refinancing transactions in the prior year period and $17 million related to the repayment of the amended and restated term loan agreement made during the first quarter of 2024 from the proceeds received from the sale of assets within investing activities.

這項變更主要是由於上一年期間再融資交易收到的淨收益為 9,000 萬美元，以及與 2024 年第一季修訂和重述的定期貸款協議的償還相關的 1,700 萬美元，來自出售投資活動中的資產。

Restricted cash decreased by $14 million when compared to the balance of $122 million as of December 31, 2023, primarily driven by strategic efforts to reduce cash collateral and escrow requirements for certain company obligations and business arrangements.

與截至 2023 年 12 月 31 日的 1.22 億美元餘額相比，限制性現金減少了 1,400 萬美元，這主要是由於減少現金抵押品以及某些公司義務和業務安排的託管要求的戰略努力所致。

As a reminder, restricted cash primarily represents cash collateral supporting the company's undiscounted actuarial workers' compensation obligations with the New York State Workers' Compensation Board and cash collateral required under the letter of credit facility in addition to escrows to secure various ongoing obligations.

需要提醒的是，限制性現金主要指支持公司向紐約州工人賠償委員會履行未貼現精算工人賠償義務的現金抵押品，以及信用證安排下所需的現金抵押品以及確保各種持續義務的託管金。

We will continue to focus on alternatives to reduce restrictions on cash.

我們將繼續關注減少現金限制的替代方案。

As presented on the bottom portion of the slide, excluding the effects of foreign exchange, prior year period impact of a refund from a non-US governmental authority and net proceeds from refinancing transactions, the year-over-year decrease in cash and cash equivalents was $34 million.

如幻燈片底部所示，排除外匯影響、非美國政府機構退款的上年影響以及再融資交易淨收益，現金和現金等價物年減是3,400萬美元。

As stated earlier in my remarks, the company's financial results are within our expectations at this point in our long-term strategy.

正如我之前在演講中所說，公司的財務表現符合我們目前長期策略的預期。

We will continue to focus on maintaining the strength of the foundation we have worked hard to create, which provides us the opportunity to fund our ongoing operations and invest in growth opportunities to continue to execute our strategy.

我們將繼續專注於維持我們努力創建的基礎實力，這為我們提供了為持續營運提供資金並投資成長機會的機會，以繼續執行我們的策略。

Finally, we remain in compliance with applicable financial covenants.

最後，我們仍然遵守適用的財務契約。

I will now turn the discussion back to Jim.

我現在將討論轉回吉姆身上。

Thank you, Dave.

謝謝你，戴夫。

Our ongoing investments are going to continue.

我們正在進行的投資將繼續下去。

We're going to continue to innovate.

我們將繼續創新。

None of this is going to change.

這一切都不會改變。

We're staying to our plan.

我們將堅持我們的計劃。

We're going to keep investing in AMC, our growth initiatives and our future, layering, coding and taking advantage of our skill sets.

我們將繼續投資 AMC、我們的成長計劃和我們的未來、分層、編碼並利用我們的技能組合。

I was just up in Rochester, and we have a massive, large apprentice program, four years of training and learning and dedication.

我剛在羅徹斯特，我們有一個龐大的學徒計劃，為期四年的培訓、學習和奉獻。

And watching them graduate and come into our workforce full time and highly skilled, I'm so proud of them that made it through because it's a hard, hard thing to do, right, as we continue to increase jobs.

看著他們畢業並全職進入我們的勞動力市場並擁有高技能，我為他們的成功感到非常自豪，因為隨著我們不斷增加就業機會，這是一件非常非常困難的事情，對吧。

So we're going to keep investing in those things we talk about.

因此，我們將繼續投資於我們談論的那些事情。

And to make it clear, we're going to keep investing in battery technology as one of our core skill sets is substrate coating.

需要明確的是，我們將繼續投資電池技術，因為我們的核心技能之一是基材塗層。

And we're going to continue to invest in reagent and a clean lab facility.

我們將繼續投資試劑和清潔實驗室設施。

This is where we're going.

這就是我們要去的地方。

I want to thank our customers for staying loyal to us, helping us, supporting us, and help driving us bringing Kodak back to where it needs to be.

我要感謝我們的客戶對我們保持忠誠，幫助我們，支持我們，並幫助我們推動柯達回到它需要的狀態。

And more importantly, I need to thank our employees because this is tough times, and they continually exceed the expectations that we put on them and the quality and the levels of the products that they develop and sell.

更重要的是，我要感謝我們的員工，因為這是一個艱難的時期，他們不斷超越我們對他們的期望以及他們開發和銷售的產品的品質和水平。

I want to thank everyone for dialing in, your interest in Kodak, and letting you know we're doing everything we can to help drive the value back in the business.

我要感謝大家撥打電話，感謝你們對柯達的興趣，並讓你們知道我們正在盡一切努力幫助推動業務價值回歸。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。