Eastman Kodak Co (KODK) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eastman Kodak Q2 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收聽。歡迎參加伊士曼柯達2025年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

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

現在，我想將會議交給今天的發言人、首席合規官安東尼雷丁 (Anthony Redding)。

Thank you, and good afternoon, everyone. I am Anthony Redding, Eastman Kodak Company's Chief Compliance Officer. Welcome to Kodak's second-quarter 2025 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。歡迎參加柯達2025年第二季財報電話會議。

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

今天下午 4:15，柯達提交了 10-Q 表並發布了 2025 年第二季和上半年的財務業績。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，我們將根據 1995 年《私人證券訴訟改革法》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 條和 1934 年《證券交易法》第 21E 條中關於前瞻性陳述的安全港條款的保護。

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表達的內容不同。可能導致實際事件或結果與這些前瞻性陳述產生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.

可能存在其他因素，導致柯達的實際結果與前瞻性陳述有重大差異。所有歸因於柯達或其代表的前瞻性陳述僅適用於本簡報發布之日，並受本簡報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陳述以反映聲明日期之後發生的事件或情況或反映意外事件的發生的義務。

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our Investor Center at investor.kodak.com.

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 (GAAP) 指標的指標。與最直接可比較的 GAAP 指標的對帳表已隨新聞稿和我們網站投資者中心 (investor.kodak.com) 的簡報一同提供。

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.

今天電話會議的發言人是柯達執行董事長兼執行長 Jim Continenza 和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. As always, the Investor Relations team is available for follow-up.

今天的電話會議將不設正式的問答環節。與往常一樣，投資者關係團隊將隨時為您提供後續服務。

I will now turn the call over to Jim. Thank you, and good afternoon.

現在我將把電話轉給吉姆。謝謝，下午好。

Welcome, everyone, and thank you for joining the second-quarter 2025 investor call. As we remind everyone, we continue to execute on our long-term plan despite all the uncertainty happening in the business environment around the world from tariffs to logistics, to wars.

歡迎大家，感謝大家參加2025年第二季投資人電話會議。我們再次提醒大家，儘管全球商業環境充斥著各種不確定性，從關稅到物流，再到戰爭，我們仍將繼續執行我們的長期計劃。

Delevering the business and strengthening our balance sheet has been a key initiative from day one. We continue to do that and see improvements. Investing in growth businesses, and you'll see many of them come to fruition. We invested heavy [back in cell] paying off, EV batteries or battery substrate coating, and in our medical group that we just recently launched and more to come as we go through the presentation.

從第一天起，降低業務槓桿率和增強資產負債表就是一項關鍵舉措。我們持續這樣做，並取得了一些進展。我們投資於成長型業務，你會看到很多業務取得了成果。我們在[電池]回報、電動車電池或電池基板塗層，以及我們最近剛成立的醫療集團上投入了大量資金，隨著演示的進行，我們將陸續推出更多投資。

One of the key items in delevering and investing in business growth is by increasing our operational efficiencies. We continue to do that through technology and automation and standardized practices throughout the business. Our core business continued to perform as expected.

去槓桿和投資業務成長的關鍵之一是提高營運效率。我們將繼續透過技術、自動化和標準化的實踐來做到這一點。我們的核心業務持續表現符合預期。

Highlights from the second quarter include revenue of $263 million compared with $267 million for second quarter 2024, roughly flat year over year. I'm proud to say we continue to see revenue growth in our Advanced Materials and Chemicals business, known as AMC. Those investments are paying off, and we're excited with the progress we've made.

第二季的亮點包括營收2.63億美元，而2024年第二季的營收為2.67億美元，與去年同期基本持平。我很自豪地說，我們的先進材料和化學品業務（AMC）的收入持續成長。這些投資正在獲得回報，我們對取得的進展感到興奮。

Gross profit percentage of 19% compared with 22% for the second quarter 2024 is in line with our expectations with all the changes happening quickly in the business environment. I think it's important for me to remind our investors and our customers, our commitment to US manufacturing. And I'll discuss the impact of the tariffs.

毛利率為19%，而2024年第二季為22%，符合我們的預期，因為商業環境瞬息萬變。我認為，我必須提醒我們的投資者和客戶，我們對美國製造業的承諾。我接下來會討論關稅的影響。

But to be clear, several years ago, we brought back our heritage as a US manufacturer from our manufacturing facilities up in Rochester, all motion picture film made in the US, most of the film made in the US, a lot of other types of films made in the US, all of the Rochester plant. Our digital printers made in the US, our ink made in the US, our chemicals made in the US.

但需要明確的是，幾年前，我們從羅徹斯特的製造工廠帶回了美國製造商的傳統，所有電影膠片都在美國製造，大部分膠片也在美國製造，許多其他類型的膠片也在美國製造，所有羅徹斯特工廠都在美國製造。我們的數位印表機在美國製造，我們的油墨在美國製造，我們的化學品也在美國製造。

We continue to be a US manufacturer, and we're the only manufacturer of lithographic plates in the United States. Kodak is proud to be a global company and our key manufacturing taking place right here at home. These advantages helped us greatly with logistics and servicing and supplying our customers.

我們繼續作為一家美國製造商，並且是美國唯一的平版印刷版製造商。柯達很自豪能夠成為一家全球性公司，而我們的關鍵製造業務就在美國本土進行。這些優勢極大地幫助我們在物流、服務和供應客戶方面取得了巨大進步。

In addition, our AMC growth initiatives include a new cGMP pharmaceutical manufacturing facility located in the United States in Rochester, New York. Our plan to continue to delever allows us to execute our long-term growth initiatives.

此外，我們的AMC成長計畫包括位於美國紐約州羅徹斯特的新的cGMP製藥廠。我們持續去槓桿的計劃使我們能夠實施長期成長計劃。

Let's talk about tariffs. Year to date, tariffs did not have a material impact in our business. We're supportive of tariffs as long as they benefit the US manufacturer. We would hope the impact of the tariffs would not negatively impact the last US manufacturer of lithographic plates.

我們來談談關稅。今年迄今為止，關稅並未對我們的業務造成實質影響。只要關稅對美國製造商有利，我們就會支持。我們希望關稅的影響不會對最後一家美國平版印刷版製造商造成負面影響。

Moving on to highlights of our commercial print business, which is still our largest business. We continue to see improvements in efficiency and products and acceptance of our products. Again, right, there's a lot going on in the world that impacts print. We continue to provide our customers with reliable supply and a full range of solutions from offset to digital print.

接下來談談我們商業印刷業務的亮點，這仍然是我們最大的業務。我們的效率、產品和產品接受度都在不斷提升。再次強調，世界上發生了許多影響印刷業的事件。我們將繼續為客戶提供可靠的供應和從膠印到數位印刷的全方位解決方案。

We've completed initial sale of several PROSPER 520, which are currently being installed at customer sites as we speak. An update on our US-based Advanced Materials and Chemicals Pharmaceutical initiative. As we continue to invest in our US print business, we continue to also see acceleration of growth in our AMC business.

我們已經完成了幾台PROSPER 520的首批銷售，目前正在客戶現場安裝。以下是我們在美國先進材料和化學製藥計畫的最新進展。隨著我們繼續投資美國印刷業務，AMC業務也持續加速成長。

Our cGMP pharmaceutical manufacturing facility is now registered with the FDA and certified to manufacture and sell certain regulated pharmaceutical products. This initiative is an extension of our current business in unregulated pharmaceutical key starting material known as KSM. The facility will begin operation manufacturing phosphate buffered saline known as PBS for laboratory use and create a bridge to manufacturing more sophisticated products and ultimately injectables such as IV saline.

我們的 cGMP 製藥生產設施現已在美國食品藥物管理局 (FDA) 註冊，並獲準生產和銷售某些受監管藥品。這項計畫是我們目前非管制藥品關鍵起始原料 (KSM) 業務的延伸。該設施將開始生產實驗室以磷酸鹽緩衝溶液 (PBS)，並為生產更複雜的產品以及最終生產靜脈注射用鹽水等注射劑奠定基礎。

Let me give you an update on Kodak's US pension plan. A lot has been written about it. The KRIP termination and reversion process is proceeding as planned. We expect a significant portion of any reverted asset to be used to reduce our long-term debt and therefore, the annual cost of servicing that debt. David Bullwinkle will be providing much more detail, and you can find additional information in our Form 10-Q filing.

我來跟大家介紹一下柯達美國退休金計畫的最新情況。關於此事的報道已經很多了。 KRIP 的終止和回歸流程正在按計劃進行。我們預計，任何回歸資產的很大一部分將用於減少我們的長期債務，從而降低償還這些債務的年度成本。 David Bullwinkle 將提供更多詳細信息，您也可以在我們的 10-Q 表格中找到更多資訊。

Now I will turn it over to Dave to discuss the second-quarter financial results.

現在我將把時間交給戴夫來討論第二季的財務表現。

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-Q for the quarter ending June 30, 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，公司向美國證券交易委員會提交了截至2025年6月30日的季度10-Q表。像往常一樣，我建議您完整閱讀這份文件。

Before I get into the details for the second quarter and first half of 2025, I would like to provide a brief status update on the termination and settlement process for the US Kodak Retirement Income Plan or KRIP on the status of our Series C preferred stock and on the disclosure we made in our Form 10-Q filing.

在介紹 2025 年第二季和上半年的細節之前，我想先簡單介紹一下美國柯達退休收入計畫 (KRIP) 的終止和結算流程、我們的 C 系列優先股的狀況以及我們在 10-Q 表中所作的揭露情況。

First and foremost, the KRIP termination and settlement process is proceeding as planned. By the close of the participant settlement election period, which ends on August 15, 2025, we expect to have a clear understanding of how we will satisfy our obligations to all planned participants. This window allows certain participants to elect whether their benefit will be settled via an annuity or a variety of lump sum options.

首先，KRIP 的終止和結算流程正在按計劃進行。到 2025 年 8 月 15 日參與者結算選擇期結束時，我們預計將清楚了解如何履行對所有計畫參與者的義務。此視窗允許某些參與者選擇以年金或各種一次性付款方式結算其福利。

Once that process is complete, the company intends to finalize the purchase of an annuity contract in October 2025 for participants who elect to receive regular annuity payments and payouts are expected to be distributed in November 2025 to those who choose to receive lump sums. We expect KRIP to distribute excess assets to the company and the Kodak cash balance replacement plan in December of 2025.

完成該流程後，公司計劃於2025年10月完成購買年金合同，面向選擇定期領取年金的參與者；對於選擇一次性領取年金的參與者，預計於2025年11月發放年金。我們預計KRIP將於2025年12月將剩餘資產分配給公司和柯達現金餘額置換計畫。

At this time, our best estimate of pension assets that will revert to the company from the settlement of KRIP is approximately $500 million with approximately $300 million of this in cash and the remaining amount in liquid assets, primarily hedge funds, which are in the process of redemption. A large portion of the reverted cash will be used to reduce term debt as required by the company's credit agreements.

目前，我們預計，KRIP 清算後將返還給公司的退休金資產約為 5 億美元，其中約 3 億美元為現金，其餘為流動資產，主要是正在贖回的對沖基金。返還的現金中很大一部分將根據公司信貸協議的要求用於減少定期債務。

Please note, 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, we are pleased to report on August 8, 2025, the Series C preferred stock held by Grand Oaks Capital was exchanged for shares of common stock of the company at an exchange price of $8.25 per common share. On the date of exchange, the shares issued represented approximately 15.7% of the outstanding shares of common stock of the company post exchange.

此外，我們很高興地報告，Grand Oaks Capital 持有的 C 系列優先股已於 2025 年 8 月 8 日以每股 8.25 美元的價格轉換為本公司普通股。轉換當日，發行的股份約佔轉換後本公司已發行普通股的 15.7%。

This exchange eliminates the entire outstanding amount of the original $100 million in Series C preferred stock, which had a mandatory redemption date of May 28, 2026, and over $24 million of outstanding accrued paid-in-kind dividends.

此次交換將消除原有 1 億美元 C 系列優先股的全部未償還金額（該等優先股的強制贖回日期為 2026 年 5 月 28 日）以及超過 2400 萬美元的未償還累計實物支付股息。

Finally, included in our Form 10-Q filing is disclosure regarding the company's determination that there is substantial doubt about its ability to continue as a going concern. This disclosure is driven by the existing Series B preferred stock not being extended or refinanced past the current mandatory redemption date of May 28, 2026, and the spring maturity of the company's term loan, which is May 22, 2026, or five days before the mandatory redemption date of the company's Series B preferred stock.

最後，我們提交的10-Q表格中還包含公司認定其持續經營能力有重大疑問的揭露。此項揭露是基於以下原因：現有B系列優先股的延期或再融資未超過目前強制贖回日2026年5月28日，且公司定期貸款的春季到期日為2026年5月22日，即公司B系列優先股強制贖回日的五天前。

As a result, both the Series B preferred stock and term loan contractual maturity is within 12 months. The company chose not to extend the maturity of or replace the Series B preferred stock based on unacceptable terms in light of the 4% dividend rate for the remainder of the term.

因此，B系列優先股和定期貸款的合約期限均在12個月內。鑑於剩餘期間內4%的股息率，公司基於不可接受的條款，選擇不延長B系列優先股的期限或更換B系列優先股。

As we have discussed and disclosed, the company's plan to address these maturing obligations is to complete the termination of KRIP and revert excess cash and assets of approximately $500 million to the company by December 2025 prior to the maturity dates in May 2026. The company expects to use cash received to repay the term loans and subsequently refinance or extend our remaining preferred stock and debt obligations.

正如我們所討論和披露的，公司解決這些到期債務的計劃是完成 KRIP 的終止，並在 2025 年 12 月之前（2026 年 5 月到期日之前）將約 5 億美元的多餘現金和資產返還給公司。公司預計將使用收到的現金償還定期貸款，隨後再融資或延長我們剩餘的優先股和債務義務。

As these plans are not solely within the company's control and therefore, are not deemed probable as defined under US GAAP accounting rules, we are required to provide this disclosure. Please refer to the Form 10-Q filed with the SEC today for further information and disclosure.

由於這些計劃並非公司獨自掌控，因此根據美國公認會計準則 (US GAAP) 的定義，不被視為“可能”，因此我們必須提供此披露。請參閱我們今天向美國證券交易委員會 (SEC) 提交的 10-Q 表格，以了解更多資訊及揭露。

In order to provide the flexibility to generate additional liquidity for the company, we entered into an ATM equity offering sales agreement with BofA Securities, Inc. on May 21, 2025. Under this agreement, the company may offer and sell up to $100 million of shares of Kodak's common stock from time-to-time in at-the-market offerings through BofA as sales agent or as principal. If executed, we intend to use the net proceeds from the sale of the shares for general corporate purposes.

為了靈活地為公司創造更多流動性，我們於2025年5月21日與美國銀行證券公司（BofA Securities, Inc.）簽署了ATM股票發行銷售協議。根據該協議，公司可不時透過美國銀行（作為銷售代理或委託人）以市場發行的方式發行和出售價值不超過1億美元的柯達普通股。如果協議簽署，我們計劃將出售股份的淨收益用於一般公司用途。

To date, the company has not sold any shares under this arrangement. The company also has the ability under the term loan credit agreement amendment entered into in May 2025 to pay the cash interest payment entirely in PIK for the next six quarterly interest payments. The company elected to pay the cash interest payment for the second quarter of 2025 entirely in PIK.

迄今為止，該公司尚未根據該安排出售任何股份。根據2025年5月簽訂的定期貸款信貸協議修訂，公司還可以使用實體黃金（PIK）支付未來六個季度的現金利息。公司選擇使用實體黃金（PIK）支付2025年第二季的現金利息。

We are also exploring various opportunities to reduce or eliminate restricted cash on our balance sheet. As of June 30, 2025, the total amount of restricted cash was $98 million.

我們也在探索各種機會，以減少或消除資產負債表上的受限現金。截至2025年6月30日，受限現金總額為9,800萬美元。

I will now share details on the full company results, operational EBITDA, and cash flow for the second quarter and first half of 2025. Kodak continued to build on its strong foundation during the second quarter of 2025. In the face of an extremely difficult global environment with economic uncertainties around global trade and inflation, Kodak delivered results that were within our expectations.

現在，我將分享 2025 年第二季和上半年公司整體業績、營運 EBITDA 和現金流的詳細資訊。柯達在 2025 年第二季繼續鞏固其堅實的基礎。面對全球貿易和通貨膨脹等經濟不確定性極為嚴峻的全球環境，柯達的表現符合我們的預期。

These results reflect 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.

這些結果反映了我們繼續致力於執行我們的優先事項和長期計劃，包括推動智慧收入、實施價格合理化和成本削減、推出新產品以及投資創新和資訊技術系統以提高我們的營運效率。

On slide 7, we reported revenues of $263 million for the second quarter of 2025 compared to $267 million in the prior year quarter, for a decline of $4 million or 1%. On a constant currency basis, revenue decreased by $9 million or 3% when compared to the prior year quarter. The lower decline in revenue reflects our ongoing focus on driving smart revenue and strong profitability. The continued revenue growth in our Advanced Materials and Chemicals business manifests the results of our efforts.

在第7張幻燈片中，我們報告了2025年第二季的收入為2.63億美元，而去年同期為2.67億美元，下降了400萬美元，降幅為1%。以固定匯率計算，營收與去年同期相比減少了900萬美元，降幅為3%。營收降幅的收窄反映了我們持續致力於推動智慧收入和強勁獲利能力。先進材料和化學品業務的持續收入成長體現了我們努力的成果。

Gross profit decreased by $7 million or 12% when compared to the prior year quarter. Excluding the impact of foreign exchange, gross profit declined by $8 million or 14% when compared to the prior year quarter. Our gross profit percentage was 19% in the second quarter of 2025 compared to 22% in the prior year quarter. Gross profit for the second quarter of 2025 was unfavorably impacted by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases.

毛利與去年同期相比下降了700萬美元，降幅為12%。剔除外匯影響，毛利與去年同期相比下降了800萬美元，降幅為14%。 2025年第二季的毛利率為19%，去年同期為22%。 2025年第二季的毛利受到產量下降、鋁材及製造成本上升的不利影響，但價格上漲部分抵銷了這一影響。

On a US GAAP basis, we reported a net loss of $26 million for the second quarter of 2025 compared to net income of $26 million in the prior year quarter, a decrease of $52 million, $17 million of this decrease was for a noncash asset impairment charge in the current year quarter related to an equity investment held by the company.

根據美國公認會計準則，我們報告 2025 年第二季淨虧損 2,600 萬美元，而去年同期淨收入 2,600 萬美元，減少了 5,200 萬美元，其中 1,700 萬美元的減少是與公司持有的股權投資相關的本季度非現金資產減損費用。

After adjusting for the noncash asset impairment charge, net loss was $9 million for the second quarter of 2025 compared to net income of $26 million in the prior year quarter, a decrease of $35 million. This decrease was largely driven by a $25 million decline in pension income, excluding service cost component, given our change in strategy for the KRIP, which resulted in a lower expected return on assets.

經非現金資產減損費用調整後，2025年第二季淨虧損為900萬美元，去年同期淨利為2,600萬美元，減少了3,500萬美元。這項減少主要是由於我們調整了KRIP策略，導致預期資產回報率下降，導致退休金收入（不包括服務成本部分）減少了2500萬美元。

Operational EBITDA for the second quarter of 2025 was $9 million compared to $12 million in the prior year quarter for a decline of $3 million. Excluding the impact of foreign exchange in the current year quarter, operational EBITDA declined by $4 million when compared to the prior year quarter.

2025年第二季營運EBITDA為900萬美元，而去年同期為1,200萬美元，下降了300萬美元。若不計入本季外匯影響，營運EBITDA較去年同期下降了400萬美元。

Operational EBITDA for the second quarter of 2025 was unfavorably impacted by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases and lower spend on investments in IT systems, organizational structure and costs associated with trade shows.

2025 年第二季的營運 EBITDA 受到產量下降、鋁和製造成本上升的不利影響，但價格上漲以及 IT 系統、組織結構和貿易展覽相關成本的投資支出減少部分抵消了這一影響。

Turning to slide 8. For the first half of 2025, we reported revenues of $510 million compared to $516 million in the prior year period for a decrease of $6 million or 1%. Adjusting for the impact of foreign exchange of $2 million in the current year period, revenue decreased by $8 million or 2% when compared to the prior year period.

翻到第8張幻燈片。 2025年上半年，我們報告的收入為5.1億美元，而去年同期為5.16億美元，減少了600萬美元，降幅為1%。扣除本年度200萬美元的外匯影響後，營收較去年同期減少了800萬美元，降幅為2%。

Gross profit decreased by $10 million or 9% when compared to the prior year period. Foreign exchange had no impact on gross profit in the current year period. Our gross profit percentage was 19% for the first half of 2025 compared to 21% in the prior year period. Gross profit for the first half of 2025 was unfavorably impacted by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases.

毛利較去年同期減少1000萬美元，降幅9%。外匯對本年度毛利無影響。 2025年上半年毛利率為19%，去年同期為21%。 2025年上半年毛利率受到產量下降、鋁材及製造成本上升的不利影響，但價格上漲部分抵銷了這一影響。

On a US GAAP basis, we reported a net loss of $33 million for the first half of 2025 compared to net income of $58 million in the prior year period, a decrease of $91 million, $17 million of this decrease was for a noncash asset impairment charge in the current year period related to an equity investment as previously indicated.

根據美國公認會計準則，我們報告 2025 年上半年淨虧損 3,300 萬美元，而去年同期淨收入 5,800 萬美元，減少了 9,100 萬美元，其中 1,700 萬美元的減少是與先前指出的股權投資相關的本年度非現金資產減損費用。

After adjusting for the noncash asset impairment charge of $17 million in the current year period, a net gain on the sale of assets of $17 million in the prior year period and noncash changes in workers' compensation and employee benefit reserves, net loss for the first half of 2025 was $15 million compared to net income of $40 million in the prior year period for a decrease of $55 million. This decrease was largely driven by a $44 million decline in pension income, excluding service cost component related to the KRIP as stated earlier.

經調整本年度1700萬美元的非現金資產減值費用、上年度1700萬美元的資產出售淨收益以及工傷賠償和員工福利儲備金的非現金變動後，2025年上半年淨虧損為1500萬美元，而上年度淨利潤為4000萬美元，減少了5500萬美元。淨虧損主要由於退休金收入減少4,400萬美元（不包括前文所述的與KRIP相關的服務成本部分）。

Operational EBITDA for the first half of 2025 was $11 million compared to $16 million in the prior year period or a decline of $5 million. Excluding the impact of noncash changes in workers' compensation and employee benefit reserves in the current and prior year periods, operational EBITDA decreased by $3 million when compared to the prior year period. Foreign exchange had no impact on operational EBITDA in the current year period.

2025年上半年營運EBITDA為1,100萬美元，去年同期為1,600萬美元，下降了500萬美元。剔除本年及上年同期工傷賠償及員工福利儲備金非現金變動的影響，營運EBITDA較去年同期減少300萬美元。外匯對本年營運EBITDA沒有影響。

Operational EBITDA for the first half of 2025 was unfavorably impacted by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases and lower spend on investments on organizational structure changes.

2025 年上半年的營運 EBITDA 受到產量下降、鋁和製造成本上升的不利影響，但價格上漲和組織結構變化投資支出減少部分抵消了這一影響。

Moving on to the company's cash performance presented on slide 9. The company ended the second quarter with an unrestricted cash balance of $155 million, a decrease of $46 million from December 31, 2024, of which $43 million occurred in the first quarter of 2025. This reflects significant improvement in our use of cash during the second quarter of 2025. Our use of cash was primarily driven by our continued investments in Advanced Materials and Chemicals growth initiatives and increased commodity and manufacturing costs.

我們繼續來看幻燈片 9 上展示的公司現金表現。該公司第二季末的非限制性現金餘額為 1.55 億美元，比 2024 年 12 月 31 日減少 4,600 萬美元，其中 4,300 萬美元發生在 2025 年第一季。這反映了我們在 2025 年第二季現金使用的顯著改善。我們的現金使用主要得益於我們對先進材料和化學品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 $5 million in the current year period. Cash used in operating activities was $30 million for the first half of 2025, primarily driven by the use of cash from net earnings of $4 million and a use of cash from balance sheet changes of $26 million, including a change in working capital of $24 million, a decrease in miscellaneous receivables of $3 million and a decrease in other liabilities of $21 million.

本年度，外匯對現金產生了500萬美元的有利影響。 2025年上半年經營活動現金使用量為3000萬美元，主要由於淨利潤400萬美元的現金使用以及資產負債表變動2600萬美元的現金使用，其中包括營運資金變動2400萬美元、雜項應收款減少300萬美元以及其他負債減少2100萬美元。

Within working capital, accounts payable decreased by $8 million, inventory increased by $13 million and accounts receivable increased by $3 million. The change in working capital for the prior year period included the impact of $40 million of cash proceeds from brand licensing. The team continues to focus on improving profitability and performance in working capital, which enhances the company's ability to generate cash.

在營運資本方面，應付帳款減少800萬美元，庫存增加1,300萬美元，應收帳款增加300萬美元。去年同期營運資本的變動包含了4,000萬美元品牌授權現金收益的影響。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。

Cash used in investing activities was $19 million for the current year period compared to $2 million in the prior year period, primarily due to a decrease in proceeds received of $12 million related to the sale of assets and an increase in capital expenditures of $5 million, primarily driven by our investments in Advanced Materials and Chemicals business.

本年度投資活動所用現金為 1,900 萬美元，而去年同期為 200 萬美元，主要由於出售資產所得收益減少 1,200 萬美元，以及資本支出增加 500 萬美元，主要得益於我們對先進材料和化學品業務的投資。

Cash used in financing activities for the first half of 2025 improved by $16 million when compared to the prior year period, primarily driven by the $17 million prepayment of the amended and restated term loan agreement made in the prior year period.

2025 年上半年融資活動所用現金與去年同期相比增加了 1,600 萬美元，主要原因是去年同期修訂和重述的定期貸款協議預付了 1,700 萬美元。

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，主要原因是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。

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.

受限現金主要指支持公司向紐約州工人賠償委員會履行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。

As I stated earlier, we continue to focus on opportunities to reduce restrictions on cash. 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 $52 million decrease in cash and cash equivalents in the first half of 2025 when compared to the prior year period.

正如我之前所說，我們持續關注減少現金限制的機會。如幻燈片底部所示，扣除限制現金的變動和外匯影響後，該公司2025年上半年的現金及現金等價物較去年同期減少了5,200萬美元。

We remain committed to maintaining the strength of the foundation we have worked diligently to create. This foundation 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.

我們將繼續致力於鞏固我們辛勤打造的​​基礎。這項基礎為我們提供了資金支持持續營運、投資成長計畫以及將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.

現在我將話題轉回給吉姆。謝謝。

Thank you, Dave. In summary, some key messages to walk away from this call is we continue to fix our balance sheet by delevering the business and investing in growth areas. As an American manufacturer for over 100 years, we remain committed to manufacturing in the US and expect US tariffs to protect US businesses like ours.

謝謝，戴夫。總而言之，本次電話會議傳遞的關鍵訊息是，我們將繼續透過降低業務槓桿和投資成長領域來修復我們的資產負債表。作為一家擁有百年歷史的美國製造商，我們始終致力於在美國製造，並期望美國的關稅能夠保護像我們這樣的美國企業。

Our cGMP pharmaceutical manufacturing facility is now registered with the FDA and certified to manufacture and sell regulated pharmaceutical products, starting with PBS, again, phosphate buffered saline. Again, just as a reminder, our US pension plan termination and reversion process is right on track with expectations. And we plan to use excess assets to pay down debt and reduce our interest costs, allowing Kodak to continue to invest in profitable growth businesses.

我們的cGMP製藥廠現已在美國食品藥物管理局（FDA）註冊，並獲準生產和銷售受監管的藥品，首先是PBS，也就是磷酸鹽緩衝溶液。再次提醒一下，我們的美國退休金計畫終止和回歸流程一切順利，符合預期。我們計劃利用剩餘資產償還債務並降低利息成本，使柯達能夠繼續投資於獲利成長的業務。

I want to make sure I thank all of our employees around the world for all their hard work and all of our customers around the world for their loyalty. I'd like to thank our shareholders for continuing to believe in us and invest in us. We are committed to working through the uncertain business environment and executing our long-term plan and delivering shareholder value for all of our investors.

我要特別感謝我們全球所有員工的辛勤付出，以及我們全球所有客戶的忠誠支持。我還要感謝股東們一直以來對我們的信任與投資。我們致力於在充滿不確定性的商業環境中努力工作，執行我們的長期計劃，為所有投資者創造股東價值。

Thank you, and have a good day.

謝謝，祝您有美好的一天。

And this concludes today's conference call. Thank you for participating. You may now disconnect. Have a good day.

今天的電話會議到此結束。感謝您的參與。現在可以掛斷電話了。祝您有美好的一天。