Eastman Kodak Co (KODK) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eastman Kodak quarter one earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加伊士曼柯達第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

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

現在我想將會議交給今天的第一位演講者安東尼·雷丁 (Anthony Redding)。安東尼，你現在可以開始了。

Thank you, and good afternoon, everyone. I am Anthony Redding, Eastman Kodak Company's Chief Compliance Officer. Welcome to Kodak's first-quarter 2025 earnings call.

謝謝大家，下午好。我是伊士曼柯達公司的首席合規官安東尼雷丁 (Anthony Redding)。歡迎參加柯達 2025 年第一季財報電話會議。

At 4:15 PM, Kodak filed its Form 10-Q and issued its release on financial results for the first quarter of 2025. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com.

下午 4:15，柯達提交了 10-Q 表並發布了 2025 年第一季財務業績報告。您可以在我們的投資者中心 investor.kodak.com 上觀看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，我們將做出《1995 年私人證券訴訟改革法》所定義的某些前瞻性陳述。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 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.

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。

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.

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員的前瞻性陳述僅適用於本簡報之日，並由本簡報中包含或引用的警示性聲明明確限制。

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. 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 within the presentation on our website in our Investor Center at investor.kodak.com.

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。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。我們網站投資者中心 (investor.kodak.com) 上的簡報中已提供了與最直接可比較的 GAAP 指標的對帳。

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

今天電話會議的發言人是柯達執行董事長兼執行長 Jim Continenza；以及柯達財務長兼資深副總裁 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. Thank you, and have a great day.

我現在將電話轉給吉姆。謝謝您，祝您有愉快的一天。

Welcome, everyone, and thank you for joining the first-quarter 2025 investor call for Eastman Kodak. We continue to execute our long-term plan despite global economic uncertainty. Kodak also stays committed to being a primarily US-based manufacturer. We have expanded our US operations in pharma.

歡迎大家，感謝大家參加伊士曼柯達 2025 年第一季投資者電話會議。儘管全球經濟不確定，我們仍繼續執行我們的長期計劃。柯達也始終致力於成為一家主要立足於美國的製造商。我們擴大了美國製藥業的業務。

We've expanded in battery. We continue to invest in innovation across the board. We focused heavily on operational efficiencies, trying to drive our cost down. We have shed unprofitable businesses, allowing us to focus on growth businesses, and we will continue to focus on our gross profit.

我們在電池領域已經擴張。我們將繼續全面投資於創新。我們非常注重營運效率，試圖降低成本。我們已經剝離了無利可圖的業務，從而可以專注於成長業務，並且我們將繼續關注我們的毛利。

And I'm sure this is on a lot of people's mind, the tariffs. We will continue to work through them. They're changing and changing environment. We need to take the short-term pain to get the long-term gain. We've got a staff of people that are well versed on the tariffs.

我確信很多人都在關心關稅問題。我們將繼續努力解決這些問題。他們正在不斷改變環境。我們需要承受短期的痛苦才能獲得長期的利益。我們擁有一批熟悉關稅的員工。

We will comply with all of them and continue to work to better serve our customers as the administration finalizes the tariffs globally. Our core business continues to perform as expected. Highlights from the first quarter include revenue of $247 million compared with $249 million for the first quarter 2024, roughly flat year over year. The rate of decline has slowed, which is in line with expectations.

隨著政府最終確定全球關稅，我們將遵守所有規定，並繼續努力更好地服務我們的客戶。我們的核心業務持續表現符合預期。第一季的亮點包括營收 2.47 億美元，而 2024 年第一季的營收為 2.49 億美元，與去年同期基本持平。下降速度有所放緩，符合預期。

Gross profit percentage of 19% compared with 20% for first-quarter 2024 was roughly flat year over year.

毛利率為 19%，而 2024 年第一季為 20%，年比基本持平。

Here are some highlights. Our Advanced Materials & Chemical Group, AM&C, is key to Kodak's future. Ongoing investments in AM&C growth initiatives include our new cGMP pharma manufacturing facility to be online later this year, expanding our current pharma business into manufacturing FDA-regulated diagnostic test reagents.

以下是一些亮點。我們的先進材料與化學集團 AM&C 對柯達的未來至關重要。對 AM&C 成長計畫的持續投資包括我們新的 cGMP 製藥製造廠將於今年稍後上線，將我們目前的製藥業務擴展到製造受 FDA 監管的診斷測試試劑。

I'm pleased to say demand for various types of film, still motion picture, NDT and others continue to grow. We've invested in expanding our capacity in the film facility.

我很高興地說，對各種類型的電影、靜態電影、NDT 和其他產品的需求持續增長。我們已經投資擴大電影設施的產能。

Moving on to highlights from our commercial print business. We are moving from controlled introduction to controlled production of our PROSPER ULTRA 520 press. We've completed installed sales of several PROSPER ULTRA 520 presses, which are currently being installed in customer sites. We have also seen continuous demand for our US-made lithographic printing plates.

接下來介紹我們的商業印刷業務的亮點。我們正在從 PROSPER ULTRA 520 印刷機的受控引進轉向受控生產。我們已經完成了幾台PROSPER ULTRA 520印刷機的安裝銷售，目前正在客戶現場安裝。我們也看到對美國製造的平版印刷版的持續需求。

We have been committed to manufacturing in the US for over 100 years. A primary example is our investment in the new pharma facility in Eastman Business Park in Rochester, New York. We also manufacture all of our film products and the world's fastest inkjet presses in the United States. We are the last remaining US manufacturer of lithographic printing plates.

一百多年來，我們一直致力於美國製造業。一個主要的例子是我們對位於紐約州羅徹斯特市伊士曼商業園區的新製藥廠的投資。我們也在美國生產所有薄膜產品和世界上速度最快的噴墨印刷機。我們是美國最後一家平版印刷版製造商。

As a reminder, our AM&C growth initiatives continue to be US-based. Our commitment to manufacturing in country reduces our environmental impact, gives our customers the highest quality and a more reliable supply.

提醒一下，我們的 AM&C 成長計畫仍然以美國為基礎。我們致力於在國內生產，以減少對環境的影響，為我們的客戶提供最高品質和更可靠的供應。

I'd like to give an update also on the US pension plan. The termination and settlement process is proceeding as planned. We expect a significant portion of any reverted asset to be used to reduce long-term debt and therefore, the annual cost of servicing that debt. You can find additional information in our Form 10-Q filing.

我還想介紹一下美國退休金計劃的最新情況。終止和解決過程正在按計劃進行。我們預計，任何恢復的資產的很大一部分將用於減少長期債務，從而減少償還該債務的年度成本。您可以在我們的 10-Q 表格文件中找到更多資訊。

I will now turn it over to Dave Bullwinkle to discuss the financial results.

現在我會把時間交給 Dave Bullwinkle 來討論財務結果。

Thanks, Jim, and good afternoon. This afternoon, the company filed its Form 10-Q for the quarter ending March 31, 2025, with the SEC. As I always do, I recommend you read this filing in its entirety.

謝謝，吉姆，下午好。今天下午，該公司向美國證券交易委員會提交了截至 2025 年 3 月 31 日的季度 10-Q 表。正如我一直以來所做的那樣，我建議您完整閱讀此文件。

Before I get into the details for the quarter, I would like to provide a brief status update on the termination process for the US Kodak Retirement Income Plan, or KRIP, and on an amendment to our term loan credit agreement. On January 21, 2025, Kodak's Board of Directors approved the termination of KRIP effective March 31, 2025. The KRIP termination and settlement process is proceeding as planned with election mailings being sent to participants in the early summer and the purchase of annuities planned for the fourth quarter of 2025. We estimate it will take 7 to 11 more months to receive any pension reversion proceeds from the settlement of KRIP after required debt prepayments.

在介紹本季的細節之前，我想先簡要介紹一下美國柯達退休收入計劃（KRIP）的終止流程以及定期貸款信貸協議的修訂情況。 2025 年 1 月 21 日，柯達董事會批准終止 KRIP，自 2025 年 3 月 31 日起生效。 KRIP 終止和結算流程正在按計劃進行，選舉郵件將於初夏發送給參與者，年金購買計劃於 2025 年第四季度進行。我們估計，在支付必要的債務預付款後，還需要 7 到 11 個月才能收到 KRIP 結算產生的退休金回歸收益。

Please be reminded, as previously disclosed, this time frame is subject to factors beyond Kodak's control, including, but not limited to, the regulatory review and approval of various aspects of the terms of KRIP, KRIP's activities and the termination and liquidation process.

請注意，如前所述，該時間框架受柯達無法控制的因素影響，包括但不限於對 KRIP 條款各方面的監管審查和批准、KRIP 的活動以及終止和清算過程。

Additionally, the company entered into the second amendment to the amended and restated credit agreement for the term loan that provides the company the option to make the next six quarterly interest payments following the amendment in the form of payments-in-kind or PIK.

此外，該公司對定期貸款的修訂和重述信貸協議進行了第二次修訂，該修訂為公司提供了在修訂後以實物支付或實物支付現金 (PIK) 的形式支付接下來六個季度利息的選擇權。

In addition, term debt prepayment requirements associated with certain transactions have been revised within the amendment. For further details on both of these topics, please refer to the Form 10-Q filed with the SEC today.

此外，修正案還修改了與某些交易相關的定期債務預付要求。有關這兩個主題的更多詳細信息，請參閱今天向美國證券交易委員會提交的 10-Q 表格。

I will now share details on the full company results, operational EBITDA, and cash flow for the first quarter of 2025.

我現在將分享 2025 年第一季公司整體業績、營運 EBITDA 和現金流的詳細資訊。

In the face of an extremely difficult global environment with economic uncertainties around global trade and inflation, Kodak continued to build on its strong foundation during the first quarter of 2025, delivering results reflecting the continued focus on executing against our priorities and long-term plan, including driving smart revenue, implementing pricing rationalization and cost reductions, launching new products, and investing in innovation and information technology systems to increase our operational efficiency.

面對全球貿易和通貨膨脹等經濟不確定性帶來的極其困難的全球環境，柯達在 2025 年第一季度繼續鞏固其堅實的基礎，取得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，包括推動智能收入、實施價格合理化和成本削減、推出新產品以及投資創新和信息技術系統以提高我們的運營效率。

On slide 7, we reported revenues of $247 million for the first quarter of 2025 compared to $249 million in the prior year quarter or a decline of $2 million or 1%. The decline in revenue has slowed, which reflects our ongoing focus on driving smart revenue and strong profitability. On a constant currency basis, revenue increased by $1 million or essentially flat when compared to the prior year quarter.

在第 7 張投影片上，我們報告了 2025 年第一季的營收為 2.47 億美元，而去年同期的營收為 2.49 億美元，下降了 200 萬美元，降幅為 1%。收入下降的勢頭已經放緩，這反映了我們持續專注於推動智慧收入和強勁盈利能力。以固定匯率計算，營收與去年同期相比增加了 100 萬美元，基本上持平。

Gross profit decreased by $3 million or 6% when compared to the prior year quarter. Excluding the unfavorable impact of foreign exchange, gross profit declined by $2 million or 4% when compared to the prior year quarter. Our gross profit percentage was 19% in the first quarter of 2025 compared to 20% in the prior year quarter.

與去年同期相比，毛利減少了 300 萬美元，即 6%。排除外匯的不利影響，毛利與去年同期相比下降了 200 萬美元，即 4%。 2025 年第一季我們的毛利率為 19%，而去年同期為 20%。

On a US GAAP basis, we reported a net loss of $7 million for the first quarter of 2025 compared to net income of $32 million in the prior year quarter, a decrease of $39 million. The 2025 and 2024 first quarter results include expense of $1 million and income of $1 million, respectively, related to noncash changes in workers' compensation and employee benefit reserves.

根據美國公認會計準則，我們報告 2025 年第一季淨虧損為 700 萬美元，而去年同期淨收入為 3,200 萬美元，減少了 3,900 萬美元。 2025 年和 2024 年第一季的業績分別包括 100 萬美元的支出和 100 萬美元的收入，與工人賠償和員工福利儲備的非現金變化有關。

The first quarter of 2024 results also include income of $17 million related to a net gain on the sale of assets. Excluding these current and prior year quarter items, net loss for 2025 was $6 million compared to net income of $14 million in the prior year quarter, reflecting a decline of $20 million. Operational EBITDA for the quarter was $2 million compared to $4 million in the prior year quarter for a decline of $2 million.

2024 年第一季的業績還包括與資產出售淨收益相關的 1,700 萬美元收入。不包括這些當前和去年同期的項目，2025 年的淨虧損為 600 萬美元，而去年同期的淨收入為 1,400 萬美元，下降了 2,000 萬美元。本季營業 EBITDA 為 200 萬美元，去年同期為 400 萬美元，下降 200 萬美元。

Excluding the impact of noncash changes in workers' compensation and employee benefit reserves in both the current and prior year quarters and the impact of foreign exchange in the current year quarter, operational EBITDA improved by $1 million when compared to the prior year quarter. Both gross profit and operational EBITDA for the first quarter of 2025 was unfavorably impacted by higher aluminum and manufacturing costs, partially offset by price increases and volume improvements.

排除本季和去年同期工人賠償和員工福利儲備的非現金變化的影響以及本季​​外匯的影響，營運 EBITDA 與去年同期相比增加了 100 萬美元。 2025 年第一季的毛利和營運 EBITDA 均受到鋁和製造成本上漲的不利影響，但價格上漲和銷售改善部分抵消了這一影響。

Moving on to the company's cash performance presented on slide 8. The company ended the first quarter with a cash balance of $158 million, a decrease of $43 million from December 31, 2024. Our use of cash was primarily driven by our continuing investments in AM&C growth initiatives and increased commodity and manufacturing costs.

我們繼續討論幻燈片 8 中所展示的公司現金表現。該公司第一季末的現金餘額為 1.58 億美元，比 2024 年 12 月 31 日減少了 4,300 萬美元。我們的現金使用主要源自於我們對 AM&C 成長計畫的持續投資以及商品和製造成本的增加。

Foreign exchange had a favorable impact on cash of $2 million in the current year quarter. Cash used in operating activities was $38 million for the current year quarter, driven primarily by the use of cash from net earnings of $14 million and the use of cash from balance sheet changes of $24 million, including a change in working capital of $17 million, a decrease in miscellaneous receivables of $3 million and a decrease in other liabilities of $20 million.

外匯對本季 200 萬美元的現金產生了有利影響。本季經營活動所用現金為 3,800 萬美元，主要由於淨收益所用現金 1,400 萬美元及資產負債表變動所用現金 2,400 萬美元，其中包括營運資本變動 1,700 萬美元、雜項應收款減少 300 萬美元及其他負債減少 2,000 萬美元。

Within working capital, accounts payable increased by $6 million, inventory increased by $15 million and accounts receivable increased by $8 million. The change in working capital for the prior year period included the receipt of $40 million of cash proceeds from brand licensing.

在營運資金中，應付帳款增加了 600 萬美元，庫存增加了 1,500 萬美元，應收帳款增加了 800 萬美元。去年同期營運資本的變化包括從品牌授權中獲得的 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. Cash used in investing activities was $7 million for the current year quarter, primarily comprised of capital expenditures and reflects a $14 million decrease when compared to the prior year quarter. The prior year quarter included proceeds from the sale of assets of $17 million.

該團隊持續致力於提高獲利能力和營運資本績效，從而增強公司的現金產生能力。本季投資活動所用現金為 700 萬美元，主要包括資本支出，與去年同期相比減少 1,400 萬美元。去年同期的資產出售收益為 1,700 萬美元。

Cash used in financing activities for the first quarter of 2025 improved by $16 million when compared to the prior year quarter. Prior year quarter included the $17 million prepayment of the amended and restated term loan agreement made from the proceeds received from the sale of assets within investing activities.

2025 年第一季融資活動所用現金與去年同期相比增加了 1,600 萬美元。去年同期包括了經修訂和重述的定期貸款協議的 1,700 萬美元預付款，該款項來自投資活動中出售資產所得的收益。

Restricted cash decreased by $2 million when compared to the balance as of December 31, 2024, primarily driven by strategic efforts to reduce cash collateral and escrow requirements for certain company obligations and business arrangements.

與 2024 年 12 月 31 日的餘額相比，受限現金減少了 200 萬美元，這主要是由於為減少某些公司義務和業務安排的現金抵押品和託管要求而做出的戰略努力。

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. We continue to focus on opportunities to reduce restrictions on cash.

提醒一下，受限現金主要代表支持公司向紐約州工人賠償委員會履行的未折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，以及用於擔保各種持續義務的託管金。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 change in restricted cash and the effects of foreign exchange, the company recognized a $55 million decrease in cash and cash equivalents in the first quarter of 2025 compared to the prior year period. 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.

如幻燈片底部所示，不包括受限現金的變化和外匯的影響，該公司 2025 年第一季的現金和現金等價物與去年同期相比減少了 5,500 萬美元。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、投資於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-Q, we remain in compliance with all applicable financial covenants.

最後，正如我們的 10-Q 表中所揭露的，我們仍然遵守所有適用的財務契約。

I will now turn the discussion back to Jim. Thank you.

現在我將把討論轉回給吉姆。謝謝。

Thank you, Dave. In summary, as a long-time manufacturer for over 100 years, Kodak remains committed to maintaining and expanding our manufacturing in the US across all of our businesses. I am pleased to say our AM&C business continues to deliver profitable growth and return on our investments. Accessing the excess pension fund asset will help pay down debt and reduce interest costs, allowing Kodak to continue to invest in profitable growth businesses.

謝謝你，戴夫。總而言之，作為一家擁有 100 多年歷史的製造商，柯達始終致力於維護和擴大我們所有業務在美國的製造業務。我很高興地說，我們的 AM&C 業務繼續實現盈利增長並獲得投資回報。利用多餘的退休基金資產將有助於償還債務並降低利息成本，使柯達能夠繼續投資於盈利的成長業務。

I'd like to thank our employees for their hard work, our customers for their loyalty and our shareholders for their support. Have a good evening.

我要感謝我們員工的辛勤工作、客戶的忠誠以及股東的支持。祝您晚上愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。