Eastman Kodak Co (KODK) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Eastman Kodak fourth-quarter and full-year 2024 earnings call. (Operator Instructions)

您好，感謝您的支持。歡迎參加伊士曼柯達 2024 年第四季和全年財報電話會議。（操作員指令）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Anthony Redding, please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人安東尼·雷丁 (Anthony Redding)，請開始。

Thank you and good afternoon, everyone. I am Anthony Redding, Chief Compliance Officer at Eastman Kodak Company. Welcome to Kodak's fourth-quarter and full-year 2024 earnings call.

謝謝大家，下午好。我是伊士曼柯達公司首席合規官安東尼雷丁 (Anthony Redding)。歡迎參加柯達 2024 年第四季和全年財報電話會議。

At 4:15 PM this afternoon, Kodak filed its annual Form 10-K and issued its release on financial results for the fourth quarter and full year 2024.

今天下午 4:15，柯達提交了年度 10-K 表格，並發布了 2024 年第四季度和全年財務業績。

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

您可以透過我們的投資者中心（網址為 investor.kodak.com）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. We intend for these forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

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。我們希望這些前瞻性聲明能夠受到 1933 年證券法第 27A 節和 1934 年證券交易法第 21E 節中關於前瞻性陳述的安全港條款的約束。

All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or those expressed in the forward-looking statements. Important factors that could cause actual events are results to differ materially from these forward-looking statements include, among others, the risk, uncertainties, and other factors described in more detail and Kodak’s filings with the US Securities and Exchange Commission from time to time.

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預期或前瞻性陳述中所表達的不同。可能導致實際事件的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更詳細描述的風險、不確定性和其他因素以及柯達不時向美國證券交易委員會提交的文件。

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 are referenced in the presentation.

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。所有歸因於柯達或代表其行事的人士的前瞻性陳述僅適用於本簡報發布之日，並受到簡報中引用的警告性聲明的明確限制。

Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may 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陳述以反映陳述日期後可能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。本新聞稿和我們網站投資者中心 (investor.kodak.com) 上的簡報中均提供了與最直接可比較的 GAAP 指標的對帳表。

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

今天電話會議的發言人是伊士曼柯達公司執行董事長兼執行長 Jim Continenza；以及伊士曼柯達公司財務長兼資深副總裁 David Bullwinkle。

We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow up. I will now turn the call over to Jim.

我們不會在今天的電話會議上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。我現在將電話轉給吉姆。

Thank you.

謝謝。

Welcome everyone, and thank you for joining the fourth-quarter and full-year 2024 investor call.

歡迎大家，感謝您參加 2024 年第四季和全年投資者電話會議。

I'm excited again to talk about our continued execution of our long-term plan in spite of all the obstacles that continue in the world between war, supply issues, inflation, shipping, logistics, and just the normal day-to-day turmoil. In 2024, we continued to invest in innovation.

儘管世界上仍然存在著戰爭、供應問題、通貨膨脹、航運、物流以及日常動盪等種種障礙，但我再次很高興地談論我們將繼續執行我們的長期計劃。2024年，我們持續投入創新。

We also continue to increase our operational efficiencies. We were shutting unprofitable businesses and yet driving strong growth profit. Our core business continued to perform as expected.

我們也將繼續提高營運效率。我們正在關閉無利可圖的業務，但利潤卻強勁成長。我們的核心業務持續表現符合預期。

The highlights of the fourth quarter include $266 million in revenue compared with $275 million for quarter four 2023. The rate of decline is slowing. We will continue to focus on smart revenue and innovation.

第四季的亮點包括 2.66 億美元的收入，而 2023 年第四季的收入為 2.75 億美元。下降速度正在放緩。我們將繼續專注於智慧收入和創新。

One of the highlights is our growth profit at 19% for fourth quarter 2024 compared with 17% for fourth quarter 2023. This again is a reflection of smart revenue.

其中一個亮點是，我們 2024 年第四季的利潤成長為 19%，而 2023 年第四季的利潤成長為 17%。這再次是智能收入的體現。

Highlights for the full-year consolidated revenues of $1.043 billion compared with $1.117 billion for the full-year 2023. Part of the decline is Kodak's rationalization of its business. We continue to shed businesses that aren't core part of our long-term strategy.

全年綜合收入為 10.43 億美元，而 2023 年全年為 11.17 億美元。業績下滑的部分原因是柯達對其業務進行了合理化調整。我們將繼續剝離那些不屬於我們長期策略核心部分的業務。

Print has continued to decline, but has been offset somewhat by the increase in the revenues of AM&C. Gross profit remains the same as last year at 19% in spite of, again, inflation, cost increase, transportation increase, uncertainty, and again the war around the world.

印刷業的營收持續下滑，但被 AM&C 收入的成長所一定程度抵銷。儘管再次遭遇通貨膨脹、成本上漲、運輸成本上漲、不確定性以及全球戰爭等影響，毛利仍與去年持平，為 19%。

We're able to maintain our growth profit consistent throughout the year by investing again in technologies and operational efficiencies. Some of the highlights for our AM&C business include a couple key factors, but I want to be really clear. AM&C is critical and one of the key investments for our future. We're seeing continuing profit and revenue growth inside of AM&C.

透過再次投資技術和營運效率，我們能夠全年保持持續的成長利潤。我們的 AM&C 業務的一些亮點包括幾個關鍵因素，但我想說清楚。AM&C 至關重要，是我們未來的關鍵投資之一。我們看到AM&C內部的利潤和收入持續成長。

Ongoing investment and growth initiatives such as we turned off our film plant and pretty much rebuilt it. That's a big step for us. We haven't done it in over 30 years.

正在進行的投資和成長計劃，例如我們關閉了電影工廠並進行了重建。這對我們來說是一大步。我們已經30多年沒有這樣做過了。

We've increased additional capacity through the sensitizing line. So think of it this way, as the business funds through, we were bottlenecked in the final stages, and now we're able to pick up some of that bottleneck by adding additional equipment and making the plant even more efficient and yet putting out higher production levels.

我們透過敏化線增加了額外的產能。所以可以這樣想，隨著業務資金的流轉，我們在最後階段遇到了瓶頸，現在我們可以透過增加額外的設備、提高工廠的效率並提高生產水準來解決一些瓶頸問題。

We also keep investing in growth initiatives such as our cGMP pharma facility that will start production this year.

我們也將繼續投資於成長計劃，例如今年開始生產的 cGMP 製藥工廠。

Demand for various types of film continues still film, motion picture, NDT films. Just not film, we do various types of film, continue to OEM film and make our own products. We continue to see growth and demand in that area. We're going to keep investing in that area.

對各種類型膠片的需求持續成長，包括靜態膠片、電影和NDT膠片。不僅僅是薄膜，我們還生產各種類型的薄膜，繼續 OEM 薄膜並生產我們自己的產品。我們繼續看到該領域的成長和需求。我們將繼續在該領域投資。

As I said earlier, we invested in expanding our capabilities and our capacity and some really highlights and we just have to bring this up. Go to our motion picture film. Movies that were shot on Kodak film dominated the Oscars. A couple of examples are The Brutalist and Anora.

正如我之前所說，我們投資擴大了我們的能力和產能，並且有一些真正的亮點，我們必須提一下。去看我們的電影吧。以柯達膠卷拍攝的電影主導了奧斯卡頒獎典禮。其中兩個例子是 The Brutalist 和 Anora。

We want to thank the directors and the studios and the fans for continuing supporting the use of film and understand the true benefits that it brings to such a great art.

我們要感謝導演、製片廠和影迷們對電影的持續支持，並了解電影為如此偉大的藝術帶來的真正好處。

Moving on to highlight from our Commercial Print division. We concluded the tariff petition process with the US International Trade Commission ITC.

接下來重點介紹我們的商業印刷部門。我們完成了與美國國際貿易委員會（ITC）的關稅申訴程序。

Our outcome established a level playing field, and that's all we are asking for in the plates business in the United States. This is a big win for US manufacturing and again that's a level playing field when other governments are interfering in business and subsidizing other companies and giving them an advantage inside the US that put US manufacturers out of business. We're the last standing plate manufacturer in the US. The other three are gone.

我們的結果建立了一個公平的競爭環境，這正是我們對美國車牌業務的全部要求。這對美國製造業來說是一個巨大的勝利，而且這再次是一個公平的競爭環境，因為其他政府正在干涉商業活動、補貼其他公司並給予他們在美國境內的優勢，從而使美國製造商破產。我們是美國最後一家屹立不搖的板材製造商。其餘三人已經走了。

And this tariff helps a level playing field be set. This is good for the United States workers. This is good for our printers, and this is good for America in general.

這項關稅有助於建立公平的競爭環境。這對美國工人來說是好事。這對我們的印表機有好處，對整個美國也有好處。

Our PROSPER 7000 Turbo Press had a strong showing at the Hunkeler Innovationdays trade show. Our PROSPER 7000 Turbo is the world's fastest inkjet press machine, 400 meters per minute equates to 1,345 pages per minute. No one can reach those speeds and the quality levels that we hit.

我們的 PROSPER 7000 Turbo Press 在 Hunkeler Innovationdays 貿易展上表現出色。我們的 PROSPER 7000 Turbo 是世界上最快的噴墨印表機，每分鐘 400 米，相當於每分鐘 1,345 頁。沒有人能夠達到我們的速度和品質水準。

Some of the improvements in that 7000 is it's upgradable, you can buy a 6000, we can upgrade it to a 7000. So for the first time for Kodak, you don't need to buy a brand-new machine. You can upgrade this machine up to 35% more speed for a minimal cost of your investment. That makes your capital expenditure a much better long-term investment. You don't need to throw away 90% of the machine. You can simply make an upgrade to make it 35% faster.

7000 的一些改進是可升級，您可以購買 6000，我們可以將其升級到 7000。因此對於柯達來說，第一次使用時您不需要購買全新的機器。您可以以最低的投資成本將機器的速度提升 35%。這使得您的資本支出成為更好的長期投資。您不需要丟掉 90% 的機器。您只需進行升級即可使其速度提高 35%。

And lastly, the most important, we're now taking the 7000 Turbo and the PROSPER 520 and taking it from controlled introduction to controlled production, and we'll be releasing it commercially to various printers.

最後，最重要的是，我們現在正在將 7000 Turbo 和 PROSPER 520 從受控介紹轉向受控生產，並且我們將在各種印表機上進行商業發布。

In conclusion, something that's on everyone's mind. An update on Kodak's US pension plan. The Board has approved the termination of the Kodak Retirement Income Plan, known as KRIP, effective March 31, 2025.

總而言之，這是每個人都關心的事情。柯達美國退休金計畫的最新消息。董事會已批准終止柯達退休收入計畫（簡稱 KRIP），自 2025 年 3 月 31 日起生效。

The process is underway to settle the pension obligations with participants and access funds that will come back to the company. The company expects a significant portion of any reverted asset to be used to reduce long-term debt. And therefore, the annual cost of servicing that long-term debt.

目前正在進行的是與參與者解決退休金義務以及獲取返還給公司的資金的流程。該公司預計，任何恢復的資產的很大一部分將用於減少長期債務。因此，這就是償還長期債務的年度成本。

You can read additional information in our Form 10-K filing. I will now turn it over to David Bullwinkle to discuss the fourth-quarter and full-year 2024 financial results.

您可以在我們的 10-K 表格文件中閱讀更多。現在，我將把主題交給 David Bullwinkle 來討論 2024 年第四季和全年的財務表現。

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-K for the year ended December 31, 2024, with the Securities and Exchange Commission. As I always do, 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 2024 年 12 月 31 日的 10-K 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 and full year, I would like to provide a brief update on the US Kodak Retirement Income Plan or KRIP.

在介紹本季和全年的具體情況之前，我想先簡單介紹一下美國柯達退休收入計畫 (KRIP)。

In a Form 8-K filed with the SEC on November 25, 2024, we disclosed that the Board of Directors of Eastman Kodak Company instructed the committee with the authority to manage KRIP's assets to take appropriate actions to position KRIP for a potential termination.

在 2024 年 11 月 25 日向美國證券交易委員會提交的 8-K 表中，我們揭露，伊士曼柯達公司董事會指示有權管理 KRIP 資產的委員會採取適當行動，為 KRIP 可能終止做好準備。

On January 21, 2025, Kodak's Board of Directors approved the termination of KRIP effective March 31, 2025.

2025 年 1 月 21 日，柯達董事會批准自 2025 年 3 月 31 日起終止 KRIP。

Following the determination and satisfaction of KRIP's liabilities, Kodak should be entitled to a reversion of any remaining KRIP assets subject to tax obligations and the funding of a new qualified defined benefit retirement plan for active employees as a replacement for KRIP.

在確定並滿足 KRIP 的債務之後，柯達應該有權收回任何剩餘的應納稅 KRIP 資產，並為現有員工提供新的合格固定福利退休計劃來替代 KRIP。

The company expects a significant portion of any reverted assets to be used to reduce long-term debt in accordance with the terms of our debt agreements; and therefore, the annual cost of servicing that debt will decline. The remaining reversion proceeds will be utilized to further the execution of the company's long-term strategy.

公司預計，任何恢復的資產的很大一部分將根據我們的債務協議條款用於減少長期債務；因此，償還債務的年度成本將會下降。剩餘的回歸收益將用於進一步實施公司的長期策略。

For further details on this topic, we will direct you to the liquidity portion of the MD&A section of the Form 10-K filed with the SEC today. I will now share details on the full company results, operational EBITDA and cash flow for the fourth quarter and full year of 2024.

有關該主題的更多詳細信息，我們將指導您查看今天向美國證券交易委員會提交的 10-K 表格 MD&A 部分的流動性部分。我現在將分享 2024 年第四季和全年的公司整體業績、營運 EBITDA 和現金流的詳細資訊。

The company's results for 2024 were in line with our expectations and reflect the continued focus on executing against our priorities and long-term plan, including driving smart revenue and aligning with the right customers, implementing pricing rationalization and cost reductions, launching new products, and investing in innovation and information technology systems to increase our operational efficiency.

公司2024年的業績符合我們的預期，並反映了我們繼續專注於執行我們的優先事項和長期計劃，包括推動智慧收入並與合適的客戶保持一致、實施價格合理化和成本降低、推出新產品，以及投資創新和資訊科技系統以提高我們的營運效率。

On slide 7, we reported revenues of $266 million for the fourth quarter of 2024 compared to $275 million in the prior-year quarter, reflecting a decrease of $9 million or 3%. The rate of decline in revenue is slowing, which reflects our ongoing focus on driving smart revenue and strong profitability.

在第 7 張投影片上，我們報告 2024 年第四季的營收為 2.66 億美元，而去年同期的營收為 2.75 億美元，減少 900 萬美元，即 3%。營收下降的速度正在放緩，這反映了我們持續專注於推動智慧收入和強勁獲利能力。

We have also recognized improvements in gross profit for the fourth quarter of 2024, with an increase of $4 million or 9% when compared to the prior-year quarter. Gross profit for the current-year quarter was unfavorably impacted by an inventory reserve adjustment of $4 million in the electrophotographic printing business. Our gross profit percentage was 19% in the fourth quarter of 2024 compared to 17% in the prior-year quarter.

我們還發現 2024 年第四季的毛利有所改善，與去年同期相比增加了 400 萬美元，即 9%。本季的毛利因靜電複印印刷業務 400 萬美元的庫存儲備調整而受到不利影響。2024 年第四季我們的毛利率為 19%，而去年同期為 17%。

This improvement is a result of the actions our team has taken to mitigate the effects of the global economy to make our operations more efficient and to realize the value of our offerings. These actions have established positive momentum as we continue to drive profitable growth going forward.

這項改進是我們團隊為減輕全球經濟的影響、提高我們的營運效率和實現我們產品的價值所採取的行動的結果。這些舉措為我們未來繼續推動獲利成長奠定了積極勢頭。

Foreign exchange did not impact gross profit in the current-year quarter. On a US GAAP basis, we reported net income of $26 million for the fourth quarter of 2024 compared to net income of $5 million in the prior-year quarter, an increase of $21 million.

外匯並未影響本季的毛利。根據美國公認會計準則，我們報告 2024 年第四季的淨收入為 2,600 萬美元，而去年同期的淨收入為 500 萬美元，增加了 2,100 萬美元。

The 2024 and 2023 fourth quarter results include income of $3 million and expense of $2 million, respectively, related to non-cash changes in workers' compensation and employee benefit reserves and expense of $4 million and $5 million, respectively, related to asset impairments.

2024 年和 2023 年第四季的業績分別包括與工人補償和員工福利儲備的非現金變動相關的 300 萬美元收入和 200 萬美元支出，以及與資產減損相關的 400 萬美元和 500 萬美元支出。

Excluding these current and prior-year quarter items, net income for 2024 was $27 million compared to net income of $12 million in the prior-year quarter, reflecting an improvement of $15 million. Operational EBITDA for the quarter was $9 million compared to $2 million in the prior-year quarter, reflecting an increase of $7 million.

不包括這些本季和去年同期的項目，2024 年的淨收入為 2,700 萬美元，而去年同期的淨收入為 1,200 萬美元，成長了 1,500 萬美元。本季營業 EBITDA 為 900 萬美元，而去年同期為 200 萬美元，增加了 700 萬美元。

Excluding the impact of non-cash changes in workers' compensation and employee benefit reserves in both the current and prior-year quarters, operational EBITDA increased by $2 million when compared to the prior-year quarter. Foreign exchange had no impact on operational EBITDA in the current-year quarter.

不包括本季和去年同期工人補償和員工福利儲備的非現金變化的影響，營業 EBITDA 與去年同期相比增加了 200 萬美元。外匯對本季的營業 EBITDA 沒有影響。

Operational EBITDA for the fourth quarter of 2024 was favorably impacted by price increases, improved operational efficiency from executing on cost controls, and changes in employee benefit reserves, partially offset by an inventory reserve adjustment in our EPS business that I previously mentioned, higher aluminum costs, and an increase in costs associated with certain litigation matters.

2024 年第四季的營運 EBITDA 受到價格上漲、執行成本控制帶來的營運效率提高以及員工福利儲備變化的正面影響，但被我之前提到的 EPS 業務的庫存儲備調整、鋁成本上漲以及與某些訴訟事項相關的成本增加部分抵消。

Moving on to the company's fourth-quarter cash performance presented on slide 8. The company had a year-end cash balance of $201 million compared with $214 million at the end of the third quarter of 2024 for decline of $13 million from the prior period.

接下來介紹投影片 8 展示的公司第四季現金表現。該公司年末現金餘額為 2.01 億美元，而 2024 年第三季末為 2.14 億美元，較上期減少 1,300 萬美元。

The decline reflects our continued CapEx investments in supporting advanced materials and chemicals 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持續的資本支出，用於支持先進材料和化學品增長計劃，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為客戶提供產品。

For the quarter ending December 31, 2024, cash provided by operating activities was $4 million compared to $17 million in the prior-year quarter, reflecting a decline of $13 million.

截至 2024 年 12 月 31 日的季度，經營活動提供的現金為 400 萬美元，而去年同期為 1,700 萬美元，下降了 1,300 萬美元。

Current quarter cash provided by operating activities was primarily driven by the use of cash from net earnings of $10 million and cash provided by balance sheet changes of $14 million, including a change in working capital of $15 million and a decrease in other liabilities of $7 million.

本季經營活動提供的現金主要來自淨收益產生的現金 1,000 萬美元及資產負債表變動產生的現金 1,400 萬美元，其中包括營運資本變動 1,500 萬美元及其他負債減少 700 萬美元。

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.

營運資本提供的現金來自於為緩解通貨膨脹和成本上升而採取的行動，包括削減成本、改善庫存管理和實施定價行動。

Cash used in investing activities was $17 million in both the current-year quarter and prior-year period reflecting no change. This use primarily represents capital additions as the company invests in growth and increasing its manufacturing capacity in its advanced materials and chemicals business. Cash used in financing activities was $2 million for both the current-year quarter and prior-year period, also reflecting no change.

本季和去年同期的投資活動所用現金均為 1,700 萬美元，沒有變動。此項使用主要代表資本增加，因為公司投資於成長並提高其先進材料和化學品業務的製造能力。本季和去年同期的融資活動所用現金均為 200 萬美元，沒有變動。

Restricted cash decreased by $8 million in the current-year quarter compared to a $6 million decrease in the prior-year period, primarily driven by strategic efforts to reduce cash collateral and escrow requirements for certain company obligations and business arrangements.

本季受限現金減少 800 萬美元，而去年同期則減少 600 萬美元，這主要由於公司為減少某些公司義務和業務安排的現金抵押和託管要求而採取的戰略舉措。

As presented on the bottom portion of the slide, excluding the changes in restricted cash for each period and the effects of foreign exchange, the quarter-over-quarter decrease in cash and cash equivalents for the three months ending December 31, 2024 was $11 million.

如幻燈片下部所示，不包括各期間受限現金的變化和外匯的影響，截至 2024 年 12 月 31 日的三個月的現金和現金等價物環比減少量為 1100 萬美元。

On slide 9, for the full year of 2024, the company had revenues of $1.043 billion compared to $1.117 billion in the prior year for a decline of $74 million or 7%. Adjusting for the unfavorable impact of foreign exchange of $3 million, revenue declined by $71 million or 6% compared to the prior year.

第 9 頁顯示，2024 年全年，該公司的收入為 10.43 億美元，而前一年的收入為 11.17 億美元，下降了 7,400 萬美元，降幅為 7%。扣除 300 萬美元的外匯不利影響後，營收較上年下降 7,100 萬美元，降幅為 6%。

Our full-year revenue decline is impacted by revenue choices regarding our core business and portfolio of products and is in line with our expectations at this point in our long-term plan. Gross profit for 2024 declined $7 million or 3% when compared to the prior year.

我們的全年收入下降受到我們核心業務和產品組合的收入選擇的影響，並且符合我們長期計劃目前的預期。2024 年的毛利與前一年相比下降了 700 萬美元，即 3%。

Foreign exchange did not impact gross profit in the current year. Gross profit for 2024 was unfavorably impacted by inventory reserve adjustments in the EPS business totaling $8 million. Gross profit percentage was 19% for the full year 2024, which is flat with the prior year.

外匯並未影響本年度的毛利。2024 年的毛利受到 EPS 業務總計 800 萬美元的庫存儲備調整的不利影響。2024年全年毛利率為19%，與前一年持平。

On a US GAAP basis, we reported net income of $102 million for 2024 compared to net income of $75 million in 2023, an improvement of $27 million or 36% from the prior year. 2024 and 2023 results include income of $2 million and $1 million, respectively, related to non-cash changes in workers' compensation and employee benefit reserves, and expense of $4 million and $5 million, respectively, related to asset impairments.

根據美國公認會計準則，我們報告 2024 年淨收入為 1.02 億美元，而 2023 年淨收入為 7,500 萬美元，比前一年增加 2,700 萬美元或 36%。 2024 年和 2023 年的業績分別包括與工人補償和員工福利儲備的非現金變化相關的 200 萬美元和 100 萬美元的收入，以及與資產減值相關的 400 萬美元和 500 萬美元的支出。

The current year also includes a net gain on the sale of assets of $17 million. The 2023 results include expense of $2 million related to changes in the fair value of embedded derivative liabilities and $27 million for a loss on early extinguishment of debt resulting from a refinancing transaction, as well as $9 million for a refund from a non-US governmental authority.

本年度還包括出售資產的淨收益1,700萬美元。2023 年的業績包括與內嵌衍生負債公允價值變動相關的 200 萬美元費用、因再融資交易導致的提前清償債務的損失 2,700 萬美元，以及來自非美國政府機構的退款 900 萬美元。

Excluding the impact of these current and prior year items, the 2024 adjusted net income was $87 million compared to income of $99 million in the prior year, reflecting a decline of $12 million or 12%.

不包括這些當前和上年度專案的影響，2024 年調整後淨收入為 8,700 萬美元，而上年收入為 9,900 萬美元，下降 1,200 萬美元，即 12%。

Operational EBITDA for 2024 was $26 million compared to $45 million in 2023 for a decline of $19 million or 42% from the prior year. Excluding the impact of non-cash changes in workers' compensation and employee benefit reserves in 2024 and 2023, operational EBITDA decreased by $20 million or 45% from the prior year.

2024 年營業 EBITDA 為 2,600 萬美元，而 2023 年為 4,500 萬美元，比前一年下降 1,900 萬美元或 42%。不包括 2024 年和 2023 年工人補償和員工福利儲備的非現金變化的影響，營運 EBITDA 較上年減少 2000 萬美元，即 45%。

Foreign exchange did not impact operational EBITDA in the current-year results. Operational EBITDA for 2024 was unfavorably impacted by lower volumes and higher aluminum costs. EPS business inventory reserve adjustments of $8 million higher costs associated with investments in information technology systems and organizational structure of $5 million and costs associated with the drupa trade show and certain litigation matters totaling $10 million, partially offset by improved pricing, changes in employee benefit reserves, and operational efficiencies.

外匯並未影響本年度業績的營業 EBITDA。2024 年的營運 EBITDA 受到產量下降和鋁成本上升的不利影響。EPS 業務庫存儲備調整為 800 萬美元，與資訊科技系統和組織結構投資相關的成本增加 500 萬美元，與 drupa 貿易展和某些訴訟事宜相關的成本總計 1000 萬美元，部分被價格改善、員工福利儲備變化和營運效率所抵消。

Moving on to the company's full-year cash performance presented on slide 10. The company ended 2024 with $201 million in cash and cash equivalents, a decrease of $54 million from December 31, 2023. The decrease in cash was primarily driven by capital expenditures to fund growth initiatives in our AM&C business, investments in technology systems and organizational structure and lower profitability from operations, partially offset by improvements in working capital primarily due to cash proceeds of $40 million from brand licensing received in January of 2024.

接下來介紹投影片 10 展示的公司全年現金表現。截至 2024 年，該公司的現金和現金等價物為 2.01 億美元，較 2023 年 12 月 31 日減少 5,400 萬美元。現金減少主要是由於為資助 AM&C 業務的成長計劃、對技術系統和組織結構的投資以及營運盈利能力下降而進行的資本支出，部分被營運資本的改善所抵消，這主要歸因於 2024 年 1 月收到的品牌授權現金收益 4,000 萬美元。

During 2024, cash used in operating activities was $7 million. current-year cash used in operating activities was primarily driven by the use of cash from net earnings of $35 million and by cash flow from balance sheet changes of $28 million including an improvement in working capital of $41 million and a decrease in other liabilities of $46 million.

2024 年，經營活動所用現金為 700 萬美元。本年度經營活動所用現金主要來自淨收益 3,500 萬美元的現金使用以及資產負債表變動產生的 2,800 萬美元的現金流，其中包括營運資本增加 4,100 萬美元以及其他負債減少 4,600 萬美元。

Within working capital, accounts payable decreased by $3 million, inventory increased by $7 million, and accounts receivable decreased by $51 million. The decrease in accounts receivable is primarily due to cash proceeds of $40 million from brand licensing transactions received in January of 2024.

在營運資金中，應付帳款減少 300 萬美元，庫存增加 700 萬美元，應收帳款減少 5,100 萬美元。應收帳款的減少主要是由於 2024 年 1 月收到的品牌授權交易的 4,000 萬美元現金收益。

Our team continues to focus on improving profitability and performance in working capital, which enhances the company's ability to generate cash. Cash from operating activities declined by $45 million from the prior year, driven by a $34 million year-over-year decrease in cash flow from net earnings and an $11 million decrease in cash flow from balance sheet changes, including an improvement in working capital cash flows of $52 million offset by a decrease in cash flows from liabilities excluding borrowings and trade payables of $67 million, primarily related to the recording of deferred revenue for brand licensing arrangements in 2023.

我們的團隊持續致力於提高營運資本的獲利能力和績效，從而增強公司的現金創造能力。經營活動產生的現金較上年減少 4,500 萬美元，主要原因是淨收益產生的現金流量較上年減少 3,400 萬美元，資產負債表變動產生的現金流量減少 1,100 萬美元，其中營運資本現金流改善 5,200 萬美元，但不包括借款和應付貿易記錄的負債所產生的遞流額減少 5,200 萬美元，但不包括授權和應付貿易記錄的負債所產生的遞股。

Cash used in investing activities was $39 million in the current year, an increase of $7 million when compared to the prior year, primarily due to an increase in capital additions of $24 million, partially offset by proceeds from the sale of assets of $17 million. Cash used in financing activities was $23 million in the current year compared to cash provided by financing activities of $85 million in the prior year.

本年度投資活動所用現金為 3,900 萬美元，比前一年增加 700 萬美元，主要由於資本增加 2,400 萬美元，部分被資產出售收益 1,700 萬美元所抵銷。本年度融資活動所用現金為 2,300 萬美元，而上年度融資活動提供的現金為 8,500 萬美元。

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

這項變更主要歸因於上一年再融資交易中獲得的 9,000 萬美元淨收益，以及 2024 年從投資活動內出售資產所得收益中預付的 1,700 萬美元修訂和重述定期貸款協議。

Restricted cash at the end of the year was $100 million, a decrease of $22 million from December 31, 2023, primarily driven by strategic efforts to reduce cash collateral and escrow requirements for certain company obligations and business arrangements.

年末受限現金為 1 億美元，較 2023 年 12 月 31 日減少 2,200 萬美元，主要由於策略努力減少某些公司義務和業務安排的現金抵押和託管要求。

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 on the letter of credit facility in addition to escrows to secure various ongoing obligations. We continue to focus on opportunities to reduce restrictions on cash.

提醒一下，受限現金主要代表現金抵押品，用於支持公司對紐約州工人賠償委員會的未折現精算工人賠償義務以及信用證安排所需的現金抵押品以及用於擔保各種持續義務的託管。我們繼續關注減少現金限制的機會。

As presented on the bottom portion of the slide, excluding the changes in restricted cash for each period, the impact of net proceeds from a refinancing transaction and the receipt of a refund from a non-US governmental authority in the prior year along with the current year effect of exchange rates on cash, year-over-year decrease in cash and cash equivalents was $45 million.

如幻燈片下部所示，不包括各期間受限現金的變化、再融資交易的淨收益和上一年從非美國政府機構收到的退款的影響以及當年匯率對現金的影響，現金和現金等價物同比減少 4500 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. 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, invest in our growth initiatives, and convert our historical investments into returns for the long term.

正如我之前所說，在我們的長期策略階段，公司的財務表現符合我們的預期。我們將繼續致力於保持我們努力創建的基礎的實力，這為我們提供了資助我們正在進行的營運、投資我們的成長計劃以及將我們的歷史投資轉化為長期回報的機會。

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. Thank you.

最後，正如我們的 10-K 表中所揭露的那樣，我們仍然遵守所有適用的財務契約。現在我將把討論轉回給吉姆。謝謝。

Thank you, Dave. In summary, we continue to manage through uncertainty. We are investing in growth and shutting non-profit and non-strategic businesses.

謝謝你，戴夫。總而言之，我們將繼續應對不確定性。我們正在投資成長並關閉非營利和非策略性業務。

Seeing the growth in both revenue and profits in our AM&C business is very encouraging. Plates tariff will create a level playing field in the United States and certainty in the markets. Accessing the excess assets in the company's pension fund will help de-lever the business, strengthening our balance sheet, allowing more opportunity to invest in growth businesses.

看到我們的 AM&C 業務收入和利潤均實現成長，我們感到非常鼓舞。車牌關稅將為美國創造一個公平的競爭環境和市場確定性。利用公司退休基金的過剩資產將有助於降低業務槓桿，增強我們的資產負債表，從而有更多機會投資成長型業務。

Let's be clear; at Kodak, we care for our customers. We put them first. We also care for our employees. This is a great place to work and it's a great place to be a customer and a partner. We do our best to innovate products that they ask for that help drive their business make them more efficient, more profitable, and grow their revenue.

讓我們明確一點；在柯達，我們關心我們的客戶。我們把他們放在第一位。我們也關心我們的員工。這是一個非常適合工作的地方，也是一個非常適合客戶和合作夥伴的地方。我們盡力創新所需的產品，幫助他們推動業務發展，提高效率、增加利潤並增加收入。

I'd like to thank our customers, our employees, our leadership team, and our Board and investors for all of their loyalty and support. Thank you very much. Have a good night.

我要感謝我們的客戶、員工、領導團隊、董事會和投資者的忠誠和支持。非常感謝。祝你晚安。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。