Eastman Kodak Co (KODK) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eastman Kodak's Q1 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加伊士曼柯達（Eastman Kodak）2026 年第一季（Q1）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would like to hand over the conference to our first speaker today, Denisse Goldbarg.

我想把會議交給今天的第一位講者 Denisse Goldbarg。

Thank you, and good afternoon, everyone. I am Denisse Goldbarg, Eastman Kodak's Chief Marketing Officer. Welcome to Kodak's first-quarter 2026 earnings call. At 4:15 this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the first quarter of 2026. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com.

謝謝，各位下午好。我是 Denisse Goldbarg，伊士曼柯達的首席行銷長。歡迎參加柯達 2026 年第一季財報電話會議。今天下午 4:15，柯達已提交 10-Q 表格並發布 2026 年第一季財務結果新聞稿。您可至 investor.kodak.com 的投資人中心（Investor Center）取得今天電話會議的簡報與網路直播。

During today's conference 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，我們將發表若干依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。我們意圖使這些前瞻性陳述受 1933 年《證券法》（Securities Act of 1933）第 27A 條及 1934 年《證券交易法》（Securities Exchange Act of 1934）第 21E 條所載之前瞻性陳述「安全港」條款保護。

Investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results.

提醒投資人切勿過度依賴前瞻性陳述，且此等陳述不應被解讀或理解為對未來表現或結果的保證。

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

所有前瞻性陳述均以柯達的預期及各項假設為基礎。未來事件或結果可能與前瞻性陳述中所預期或表達者不同。可能導致實際事件或結果與這些前瞻性陳述存在重大差異的重要因素包括但不限於：柯達不時向美國證券交易委員會（SEC）提交之文件中更詳細描述的風險、不確定性及其他因素。

All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements or reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events.

所有可歸因於柯達或代表其行事之人士的前瞻性陳述，僅適用於本簡報日期，並在其整體上明確受本簡報所載或所引用之警示性陳述所限制。柯達不承擔更新或修訂前瞻性陳述的任何義務，亦不承擔反映陳述作成日後可能發生之事件或情況，或反映未預期事件發生的任何義務。

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 on our website in our Investor Center at investor.kodak.com.

此外，剛發布的新聞稿與所提供的簡報包含若干被視為非 GAAP 指標的衡量項目。與最直接可比之 GAAP 指標的調節表，已隨新聞稿一併提供於我們網站 investor.kodak.com 的投資人中心。

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.

今天電話會議的講者包括：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。今天的電話會議不會進行正式的問答環節。如同往常，投資人關係團隊可提供後續聯繫。

I will now turn the call over to Jim. Thank you, and have a great day.

現在我把電話交給 Jim。謝謝，祝各位有美好的一天。

Welcome, everyone, and thank you for joining the first quarter 2026 investor call for eastman kodak. The story of the first quarter is a story of consistency, stability and growth. This reflects our transformation over the last seven years and our focus on execution and our continued investment in the business. Now I'm pleased to see strong year-over-year performance over the last three consecutive quarters.

歡迎各位，感謝您參加伊士曼柯達 2026 年第一季投資人電話會議。第一季的故事，是一致性、穩定性與成長的故事。這反映了我們過去七年的轉型、我們對執行力的專注，以及對業務的持續投資。現在我很高興看到，過去連續三個季度都呈現強勁的年對年表現。

Let me give you some highlights from the first quarter. Consolidated revenue is up 7% to $265 million compared with $247 million for first quarter 2025. Revenue increased in both our key businesses, print and AM&C. We had gross profit percentage of 22%. That's 3 percentage-points or 16% higher than first quarter 2025. Operational EBITDA was $15 million compared with $2 million for the first quarter 2025, up $13 million.

我先提供第一季的一些重點。合併營收較 2025 年第一季的 2.47 億美元成長 7%，達到 2.65 億美元。我們兩大核心業務——印刷與 AM&C——營收皆成長。毛利率為 22%，較 2025 年第一季提高 3 個百分點（或 16%）。營運 EBITDA 為 1,500 萬美元，較 2025 年第一季的 200 萬美元增加 1,300 萬美元。

Moving on to Advanced Materials and Chemicals. We saw AM&C revenue grew by $2 million or 3%, which was driven by a $3 million increase in film and chemicals, which was partially offset by $1 million for lower inks and consumables.

接著談先進材料與化學品（Advanced Materials and Chemicals）。AM&C 營收增加 200 萬美元（或 3%），主要由底片與化學品增加 300 萬美元所帶動，但部分被墨水與耗材減少 100 萬美元所抵銷。

Let's talk about our still films. We've invested heavily back into film, and we're starting to see great results from that. An example, in still film, recently launched a professional film sold directly to distributors. Our objective is to stabilize the market and continue to meet demand. I am really proud to see motion picture continue to increase.

談談我們的靜態底片。我們已大幅回投資於底片業務，並開始看到非常好的成果。舉例來說，在靜態底片方面，我們近期推出一款專業底片，直接銷售給經銷商。我們的目標是穩定市場並持續滿足需求。我也非常自豪地看到，電影底片業務持續成長。

We launched a new film called VERITA 200D, which was used in Euphoria Season 3. A lot is going on. Many Oscar winning movies, including One Battle After Another and Sinners were shot on Kodak film and the long-anticipated Christopher Nolan's The Odyssey is also shot on Kodak film. We remain committed to film and maintaining supply for our customers.

我們推出了一款新底片 VERITA 200D，並用於《高校十八禁》（Euphoria）第三季。許多事情正在發生。多部奧斯卡得獎電影，包括《One Battle After Another》與《Sinners》，皆使用柯達底片拍攝；而備受期待的克里斯多福・諾蘭（Christopher Nolan）新作《The Odyssey》也同樣使用柯達底片拍攝。我們仍致力於底片業務，並為客戶維持供應。

A quick update on our Pharma business. Our new cGMP pharmaceutical manufacturing facility is up and running. I am really proud to say we recently opened the Kodak Advanced Electrophysiology Lab in partnership with SUNY Geneseo. The lab will enhance our research capabilities and support future product development. We continue to work towards obtaining Class 2 certification to manufacture more complex, high-margin products in the United States.

簡要更新我們的製藥（Pharma）業務。我們新的 cGMP 製藥製造設施已啟用並投入運作。我也非常自豪地表示，我們近期與紐約州立大學傑尼西奧分校（SUNY Geneseo）合作，開設了柯達先進電生理實驗室（Kodak Advanced Electrophysiology Lab）。該實驗室將提升我們的研發能力並支持未來產品開發。我們持續朝取得 Class 2 認證邁進，以便在美國製造更複雜且高毛利的產品。

Moving on to some highlights from our commercial print business. We continue to provide a full range of print solutions to our customers. Our revenues increased by 9%, even in the difficult times we're going through. There are some supply issues on aluminum. There is issues on delivery, logistics. A lot is going on. Prices have increased greatly on raw materials such as aluminum, but yet we're still able to maintain our revenue and supply our customers.

接著是商業印刷業務的一些重點。我們持續為客戶提供完整的印刷解決方案。即使在目前艱難的環境下，我們的營收仍成長 9%。鋁材供應存在一些問題，交付與物流也有問題，很多事情同時發生。鋁等原物料價格大幅上漲，但我們仍能維持營收並持續供應客戶。

As our commitment to print continues, and we continue to invest in innovation, I'm pleased to announce we recently launched the SONORA UltraXR plate in Europe, which will expand our SONORA Ultra portfolio. As I stated last quarter, and I'll state it again, as we continue to fix the balance sheet, invest in the infrastructure of the business, and focus on key products, our next steps are growth. We must continue to grow our business. We have built a stable, growing Kodak by consistently executing our long-term plan. We stay on track regardless of all the events happening around us.

隨著我們對印刷的承諾持續、並持續投資創新，我很高興宣布我們近期在歐洲推出 SONORA UltraXR 印版，將擴充我們的 SONORA Ultra 產品組合。如同我上季所說，我再重申一次：當我們持續修復資產負債表、投資業務基礎建設並聚焦關鍵產品時，我們的下一步就是成長。我們必須持續擴大業務。我們透過持續執行長期計畫，打造出穩定且成長中的柯達。無論周遭發生什麼事件，我們都會保持在正軌上。

We're leveraging our core strengths. We're strengthening our balance sheet. We're investing in growth products. As we continue to invest in operational excellence and execution, right, we continue to diversify our portfolio by using the different technologies and skill sets we have in the business. As we stated before, right, our goal is to continue to work on the balance sheet. I'm proud to say today, we are net debt positive.

我們正運用核心優勢、強化資產負債表、投資成長型產品。隨著我們持續投入營運卓越與執行力，我們也利用公司內不同的技術與技能組合，持續使產品組合更多元化。如同先前所述，我們的目標是持續改善資產負債表。我很自豪地說，今天我們已是淨負債為正（net debt positive）。

One of the most important aspects is by meeting our customers' needs. And the only way we can do that is by continuing to focus on operational excellence. We have to be better than everyone else, and we're going to continue to keep investing and getting better every single year.

其中最重要的一點，是滿足客戶需求。而我們能做到的唯一方式，就是持續聚焦營運卓越。我們必須比所有人都更好，並且會持續投資，讓自己每一年都變得更好。

Now I'm going to turn it over to Dave Bullwinkle to discuss our first quarter financial results. Dave?

現在我把電話交給 Dave Bullwinkle，請他說明第一季財務結果。Dave？

Thanks, Jim, and welcome to the call, everybody. Thanks for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended March 31, 2026, with the SEC. As I do on each and every call, I encourage you to read the filing in its entirety as there is a plethora of information contained in the materials we have provided publicly. As a reminder, references made during my remarks are included in the company's earnings press release and Form 10-Q filed today.

謝謝你，Jim，也歡迎各位參加電話會議。感謝今天與會。今天下午，公司已向 SEC 提交截至 2026 年 3 月 31 日止季度的 10-Q 表格。如同我每次電話會議都會做的，我鼓勵各位完整閱讀該申報文件，因為我們公開提供的資料中包含大量資訊。提醒各位，我在發言中提及的參考內容，均載於公司財報新聞稿以及今日提交的 10-Q 表格中。

So let's begin with the key financial highlights for the first quarter of 2026. We delivered strong financial performance despite sharp commodity swings and persistent inflationary pressure. The results reflect substantial year-over-year improvement in revenue, gross profit and operational EBITDA, underscoring our disciplined execution and progress against our long-term goals. In fact, this is the third consecutive quarter of year-over-year growth for these measures.

接著我們從 2026 年第一季的主要財務重點開始。儘管大宗商品價格劇烈波動且通膨壓力持續，我們仍交出強勁的財務表現。結果反映營收、毛利與營運 EBITDA 的年對年顯著改善，凸顯我們嚴謹的執行力以及朝長期目標推進的進展。事實上，這些指標已連續第三個季度呈現年對年成長。

Key metrics. Revenue was $265 million, an increase of $18 million or 7% year-over-year with increases in Print, Advanced Materials and Chemicals. On a constant currency basis, revenue grew $11 million or 4%. Gross profit was $57 million, which is up $11 million or 24% year-over-year. Our gross profit percentage increased to 22% compared to 19% in the prior year quarter, reflecting our operational execution.

關鍵指標：營收為 2.65 億美元，年對年增加 1,800 萬美元（或 7%），成長來自印刷、先進材料與化學品。以固定匯率基礎計算，營收增加 1,100 萬美元（或 4%）。毛利為 5,700 萬美元，年對年增加 1,100 萬美元（或 24%）。毛利率提升至 22%，相較去年同期的 19%，反映我們的營運執行成果。

Operational EBITDA for the quarter was $15 million, and that's an increase of $13 million compared to the prior year quarter, primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices. For the quarter, we reported a GAAP net loss of $16 million compared with a GAAP net loss of $7 million in the prior year quarter, an increase of $9 million.

本季營運 EBITDA 為 1,500 萬美元，較去年同期增加 1,300 萬美元，主要受惠於定價改善，但部分被較高的製造成本以及白銀與鋁價上漲所抵銷。本季我們報告 GAAP 淨損 1,600 萬美元，較去年同期 GAAP 淨損 700 萬美元增加 900 萬美元。

Let me walk you through the main factors behind this result and share with you some additional helpful information. $12 million of the loss was driven by a change in the fair value of an embedded derivative related to our Series B preferred stock. This accounting impact resulted from our previously announced amendment to the Series B agreement and the change in fair value was primarily caused by the increase in our stock price during the quarter. This is fully disclosed in our Form 10-Q. $5 million of the loss relates to stock-based compensation expense, which is a noncash expense and does not impact our liquidity.

我來帶您了解造成此結果的主要因素，並分享一些額外的有用資訊。損失中有 1,200 萬美元係由與我們 B 系列優先股相關之嵌入式衍生性金融商品公允價值變動所致。此會計影響源自我們先前已公告的 B 系列協議修訂，而公允價值變動主要是由本季股價上漲所造成。相關內容已在我們的 Form 10-Q 中完整揭露。另有 500 萬美元的損失與股份基礎給付酬勞費用相關，該費用為非現金費用，且不影響我們的流動性。

We also recognized $4 million of noncash pension income this quarter, but this reflects an $18 million decrease compared to the prior year quarter. This is driven by the termination of the KRIP pension plan, which we completed in the fourth quarter of 2025. As a result of the planned termination, we expect pension income to be lower year-over-year in each quarter of 2026. So we will see this reoccur every quarter this year.

本季我們亦認列 400 萬美元的非現金退休金收益，但較去年同期減少 1,800 萬美元。此係由 KRIP 退休金計畫終止所致，我們已於 2025 年第四季完成該終止。由於計畫性終止，我們預期 2026 年每一季的退休金收益都將較去年同期降低。因此，今年每一季都會再度出現此情況。

Partially offsetting these items, GAAP net loss benefited from an $8 million year-over-year reduction in interest expense, mainly due to term loan repayments resulting from the pension plan termination and reversion. While these items affect comparability, they reflect deliberate actions we took to strengthen our balance sheet, reduce debt and build long-term value.

部分抵銷上述項目的是，GAAP 淨損受惠於利息費用年減 800 萬美元，主要因退休金計畫終止與回復所帶來的定期貸款償還。雖然這些項目會影響可比性，但它們反映了我們為強化資產負債表、降低負債並創造長期價值而採取的刻意行動。

Now that I've explained some of the key drivers of the year-over-year change in our net loss, I've also included a simple reconciliation in today's materials to explain how the GAAP net loss translates to operational EBITDA. We received feedback from investors and questions about this, so we're covering it here.

既然我已說明淨損年對年變動的一些關鍵驅動因素，我也在今天的資料中加入一個簡單的調節表，說明 GAAP 淨損如何轉換為營運 EBITDA。我們收到投資人的回饋與相關問題，因此在此一併說明。

EBITDA measures the profitability of our business by excluding its components of interest, taxes and noncash charges like depreciation and amortization. As you know, EBITDA stands for earnings before interest, taxes, depreciation and amortization. To arrive at operational EBITDA from net loss, we start by adding back those standard items of interest expense, tax expense and depreciation and amortization expense. In addition, to arrive at operational EBITDA for Kodak, we remove those nonoperational items shown on the waterfall slide.

EBITDA 透過排除利息、稅負以及折舊與攤銷等非現金費用，來衡量我們業務的獲利能力。如各位所知，EBITDA 代表息前、稅前、折舊及攤銷前盈餘。要由淨損推導至營運 EBITDA，我們先加回利息費用、所得稅費用以及折舊與攤銷費用等標準項目。此外，為了得到柯達的營運 EBITDA，我們會剔除瀑布圖投影片上所示的那些非營運項目。

Number one, nonrecurring and other items. This category primarily contains the $12 million expense we booked in the quarter for the fair value change in the preferred stock derivative. This derivative is the value of the conversion option for our stock. We expect to fair value this every quarter, and the changes will be recognized in our income statement.

第一類：一次性及其他項目。此類別主要包含本季因優先股衍生性金融商品公允價值變動而認列的 1,200 萬美元費用。該衍生性金融商品係我們股票轉換選擇權的價值。我們預期每一季都會對其進行公允價值衡量，而其變動將在損益表中認列。

Second category are noncash items of expense or income. In this case, it is a net expense item. This represents an adjustment to remove stock-based compensation expense, which we talked about earlier, and it's almost fully offset by the corporate component of pension income, which we also discussed earlier in my remarks.

第二類為非現金費用或收益項目。在此情況下，為淨費用項目。這代表為剔除我們先前提到的股份基礎給付酬勞費用所做的調整，而該調整幾乎完全被我們也在先前談到的退休金收益之公司層面部分所抵銷。

As I have said, these adjustments remove the impact of items that can cause GAAP volatility, but do not reflect day-to-day operations. Therefore, we consider them nonoperational. The resulting operational EBITDA provides a clear view of how our underlying business is performing. We've consistently used this metric as our segment measure as well, which is disclosed in all of our earnings releases and fully reconciled in that material.

如我所述，這些調整是為了移除可能造成 GAAP 波動、但不反映日常營運的項目之影響。因此，我們將其視為非營運項目。調整後的營運 EBITDA 能清楚呈現我們基礎業務的表現。我們也一貫將此指標作為各事業部門的衡量指標，並在所有盈餘發布中揭露，且在相關資料中提供完整調節。

I hope this provides helpful context of the company's performance and financial statements. If you have further questions, please don't hesitate to contact us.

希望以上能為公司的營運表現與財務報表提供有用的背景資訊。如您有進一步問題，請隨時與我們聯繫。

Moving on to our cash performance for the first quarter. We ended the quarter with $299 million of unrestricted cash, a decrease of $38 million from December 31, 2025. Let me briefly walk through the key drivers of our quarter end cash position. First, as expected, we received $46 million in cash proceeds from the redemption of hedge fund investments related to the KRIP pension reversion during the quarter.

接下來談第一季的現金表現。我們於季末持有 2.99 億美元的不受限制現金，較 2025 年 12 月 31 日減少 3,800 萬美元。我簡要說明季末現金部位的主要驅動因素。第一，如預期所示，本季我們收到與 KRIP 退休金回復相關之避險基金投資贖回的現金收入 4,600 萬美元。

Second, working capital was impacted by a $38 million increase in inventory with $35 million of this increase occurring within our AM&C segment. This was largely driven by average commodity cost of silver more than doubling from year-end and increases in the volume of silver we carry on the balance sheet due to supply terms.

第二，營運資金受到存貨增加 3,800 萬美元的影響，其中 3,500 萬美元的增加發生在我們的 AM&C 事業部。這主要是因為白銀的平均商品成本較年末增加逾一倍，以及因供應條款導致我們資產負債表上持有的白銀數量增加。

Inventory in AM&C also increased as we built ahead of a planned second quarter plant shutdown for maintenance. Partially offsetting these impacts within working capital, accounts payable increased by $9 million and accounts receivable decreased by $9 million, both helping to partially counter the inventory increases. Last, as required under the term loan amendment, we made a $50 million principal payment on our higher rate term loans in March. This was funded primarily by KRIP investment asset redemptions. These actions strengthen our liquidity profile and reduce future interest expense.

AM&C 的存貨也因我們為第二季計畫性的工廠停機維護而提前備貨而增加。在營運資金中，部分抵銷上述影響的是：應付帳款增加 900 萬美元、應收帳款減少 900 萬美元，兩者皆有助於部分抵銷存貨增加。最後，依定期貸款修訂條款之要求，我們於 3 月對較高利率的定期貸款支付 5,000 萬美元本金。該款項主要由 KRIP 投資資產贖回所支應。這些行動強化了我們的流動性結構，並降低未來利息費用。

As of March 31, 2026, the company's net debt positive position increased from $128 million at December 31, 2025, to $139 million at March 31, 2026. This is an $11 million improvement in the quarter. This reflects a further strengthening of our financial position.

截至 2026 年 3 月 31 日，公司淨負債為正的部位由 2025 年 12 月 31 日的 1.28 億美元增加至 2026 年 3 月 31 日的 1.39 億美元，本季改善 1,100 萬美元。這反映我們財務狀況進一步強化。

As I conclude, I want to leave you with a few clear takeaways from our first quarter results. Number one, financial results were strong. We delivered solid year-over-year growth in revenue, gross profit and operational EBITDA, and this is for the third consecutive quarter. We did this despite economic headwinds in commodity pricing and inflationary impacts as well.

在結語之前，我想就第一季結果留下幾個明確重點。第一，財務結果強勁。我們在營收、毛利與營運 EBITDA 方面皆實現穩健的年對年成長，且已連續第三季達成。即便面臨商品價格與通膨影響等經濟逆風，我們仍做到了。

Most notably, our operational EBITDA increased sharply even as the business managed through those impacts. Again, as I talked about earlier, and we fully reconciled for you, operational EBITDA is our key internal measure of profitability. It's how we measure and disclose the results of our segments in our public filings as well.

最值得注意的是，即使業務在上述影響下持續調整，我們的營運 EBITDA 仍大幅提升。再次強調，如我先前所述且已為各位完整調節，營運 EBITDA 是我們內部衡量獲利能力的關鍵指標；同時也是我們在公開申報文件中衡量並揭露各事業部門結果的方式。

Finally, I am proud to say that our balance sheet is stronger than it's been in many, many years as we continue to see the benefit of the decisions we've made to reinforce our foundation. With $299 million of unrestricted cash, we are in a net debt positive position relative to our short- and long-term debt, and this is for the second consecutive quarter. We have also continued to delever the balance sheet, paying down $50 million of higher rate interest debt in the quarter.

最後，我很自豪地表示，隨著我們持續看到強化基礎之決策所帶來的效益，我們的資產負債表已比多年以來任何時候都更為強健。在擁有 2.99 億美元不受限制現金的情況下，相較於短期與長期負債，我們處於淨負債為正的部位，且已連續第二季如此。我們也持續去槓桿化，本季償還 5,000 萬美元較高利率的債務。

Thank you for your time and attention. I'll now return it back to Jim.

感謝各位的時間與關注。接下來我把時間交還給 Jim。

Thank you, Dave. In summary, we've built a strong, stable Kodak over the last several years, by consistent execution of our long-term plan and making the appropriate changes in the environment as it changes around us. We have delivered three consecutive strong quarters year-over-year. We continue to invest in AM&C and print and grow those products.

謝謝你，Dave。總結來說，過去幾年我們透過持續執行長期計畫，並隨著外部環境變化做出適當調整，打造出一家強健且穩定的柯達。我們已連續三季繳出強勁的年對年表現。我們持續投資 AM&C 與印刷業務，並推動這些產品成長。

We focus on operations, but more importantly, three key areas that we always focus on manufacturing, selling and service. Everyone in the company is geared around focusing on those three areas. The goal is to deliver long-term value to our shareholders, our customers and our employees. With that, I want to thank everyone for their time and listening to the Eastman Kodak first quarter 2026 investor call.

我們專注於營運，但更重要的是，我們始終聚焦三個關鍵領域：製造、銷售與服務。公司每一位同仁都以這三個領域為核心。目標是為股東、客戶與員工創造長期價值。最後，感謝各位撥冗收聽伊士曼柯達 2026 年第一季投資人電話會議。

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

感謝您參與今天的會議。本次議程至此結束。您現在可以掛線。