Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q1 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions] And apologies, there will be no question-and-answer session for this call. I would now like to hand the conference over to your speaker today, Paul Dils. Please go ahead.

Thank you, and good afternoon everyone. I am Paul Dils, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's first quarter 2021 earnings call. At 4:15 p.m. this afternoon, Kodak issued its press release and financial results for the first quarter 2021. You may access the presentation and the webcast for today's call on our investor center at investor.kodak.com. Today's call is focused solely on Kodak's financial condition and results and business operations. During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon 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, the uncertainties and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time-to-time. 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 apply only 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 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 and within the presentation on our website in our investor center at investor.kodak.com. Speakers on today's call are Jim Continenza, Kodak's Executive Chairman; and David Bullwinkle, Chief Financial Officer of Kodak. 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.

Welcome everyone, and thank you for joining the first quarter earnings call for Kodak. I'd like to start by saying I'm pleased with the progress we've made during the past two years. Actions we have taken to strengthen our balance sheet, focus on core customers, develop sustainable solutions, and continue investing in innovations have created a foundation for growth and long-term value creation. An example of some of our recent achievements are we exceeded our revenue forecast and ended the first quarter 2021 with $401 million of cash and cash equivalents, resulting from our strategic initiatives, which we began more than two years ago as part of our long-term strategy, including the financing transactions announced on March 1. We have significantly strengthened our balance sheet by providing access to new capital and addressing maturing obligations, which will allow the company to invest in strategic growth opportunities and in our core businesses and competencies. Our simplified organization structure is being aligned with our customers' needs by providing a One Kodak customer first experience and better allows us to continue to focus on generating profitable revenues. Improvements include automation of our front-end customer facing applications, realignment and consolidation of our service organization, improved cost structure; focus on our core competencies. Recognizing strong growth in our businesses include SONORA Process-Free Plates, PROSPER annuities this quarter and continued growth, overall volumes increased in our businesses. Hiring and making acquisitions as part of our key strategy for growth, strengthening our customer base, enhancing our ability to serve our customers, strategically focusing on our core competencies, leveraging our deep knowledge and experience in different areas of product innovations, and technologies to meet our customers' needs, demands and environmental sustainability solutions. Kodak successfully featured a broad range of products at Drupa 2021 this year, which includes the KODAK MAGNUS Q4800 Platesetter, the largest format plate imaging CTP in the market. KODAK MAGNUS Q800 Platesetter with T-speed the world's fastest eight-page CTP device. SONORA XTRA, Kodak's next-generation of process-free plates delivers faster imaging, stronger contrast, improved handling plus sustainability and waste savings in prepress and on-press. KODAK PRINERGY On Demand Business Solutions is the printing industry's first and only fully integrated and managed business software. KODAK NEXFINITY Digital Press has the versatility that printers need today to handle a wide range of jobs with maximum productivity. The UTECO Sapphire EVO W Press powered by KODAK ULTRASTREAM Inkjet Technology is the industry's first digital press for flexible packaging to match the productivity of flexo. The Sapphire EVO M Press is powered by KODAK Stream Technology has already been successfully established in the growing packaging market. KODAK PROSPER ULTRA 520 Digital Press, which utilizes KODAK ULTRASTREAM Inkjet Technology. This web press prints near-offset quality images faster than competitors across a broad range of commercial print substrates. It utilizes Kodak's water-based ink technology. I will now turn it over to Dave to discuss the first quarter 2021 financial results.

Thanks Jim and good afternoon. Before we get into the details for the quarter, I would like to make a few general comments. The company's performance is beginning to turn the corner as a result of the many strategic efforts we have taken based on the implementation of our long-term strategy more than two years ago. We continue to recognize improvements in volumes, our cost structure and gross profit margins. We expect to see this continue going forward. We are very pleased with the improved business performance and the strength of the balance sheet. Turning to slide 6 as discussed on our last call, on March 1st, we announced a series of financial transactions that provide access to new capital, address maturing obligations and strengthen the company's ability to invest in strategic growth opportunities in our core businesses. First, Kodak entered into financing agreements with Kennedy Lewis Investment Management. Kennedy Lewis has provided Kodak with an initial $225 million term loan and a commitment to provide delayed draw term loans of up to an additional $50 million, which may be drawn on or before February 26 2023. The term loans mature in five years and their interest comprised of 8.5% payable in cash quarterly and 4% PIK interest. The company has also issued Kennedy Lewis $25 million of 5% unsecured convertible promissory notes due May 28 2026. The convertible notes bear 5% PIK interest with a conversion price of $10 per share and have a mandatory conversion option by the company if the share price equals or exceeds $14.50 for 45 of 60 trading days. Additionally, Kennedy Lewis has purchased one million shares of the company's common stock at a purchase price of $10 per share. As part of the agreement, Kennedy Lewis holds the right subject to certain conditions…

Thank you, Dave. In summary, the steps we have taken in the last few years strengthening our balance sheet, establishing a customer-first approach and continuing to invest in innovation have created the foundation for growth. We continue to execute on those strategies to create long-term value for our shareholders and our employees. Thank you for attending the call and your continued interest in Kodak. End of Q&A: Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.