Thank you for standing by and welcome to the Eastman Kodak Q2 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference call is being recorded. I would now like turn the conference over to your host Mr. Paul Dils.

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 second quarter 2022 earnings call. At 4:15 P.M. this afternoon Kodak filed its Form 10-Q and issued its release on financial results for the second quarter of 2022. You may access the presentation and webcast for today's call on our investor center at investor.kodak.com. 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, uncertainties, and other factors described in more detail in Kodak's filings with the US 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 Chief Executive Officer and 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 second quarter investor call for Kodak. Turning to slide five, revenue in the second quarter increased $30 million or 10% and compared to the prior year quarter, which demonstrates our commitment to One Kodak, customer first, customer support and satisfaction, and our firm control of our products. Pricing and supply chain continued to be challenging in this economic environment. When excluding the impact of foreign exchange, revenue increased $49 million or 17% compared to the prior year quarter. Despite the current economic challenges, our gross profit percentage increased from 11% in the first quarter of this year to 16% in the second quarter, which reflects the execution of our strategy and the controls we initiated to mitigate the challenging economic environment. On June 15, we exercised our right to draw down an additional $50 million term loan pursuant to the term loan credit agreement established last year with Kennedy Lewis Investment Partners. Dave will provide more specific details shortly. However, the net proceeds received will be used to fund ongoing investments. We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine and other global events. Like many other companies, Kodak is experiencing supply chain disruptions, shortages of materials and labor and increased cost of labor materials and distribution. We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing actions. Our long-term strategy continues to focus on our core competencies in print, advanced materials and chemicals, provide environmentally sustainable solutions, turning the business to focus on innovation, growth and profitability. Turning to slide six. We continue to invest in innovation and bring new products to market in the second quarter by leveraging our expertise in the print industry. Kodak took…

Thanks Jim and good afternoon. Today the company filed its Form 10-Q for the quarter ended June 30, 2022 with the Securities and Exchange Commission. As always, I recommend you read this filing in its entirety. Before I get into the details for the quarter, I would like to comment on a financing transaction that occurred in the second quarter of 2022. As previously reported last year, we completed 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. A portion of this financing transaction included a commitment with Kennedy Lewis Investment Management to provide delayed draw term loans of an additional $50 million which may be drawn on/or before February 26, 2023.The delayed draw term loans were drawn down in full on June 15, 2022. The Net proceeds received were $49 million which represents $50 million of aggregate principal less $1 million in debt transaction costs. The term loans bear interest at a rate of 8.5% per annum payable quarterly in cash and 4% paid in-kind interest. The maturity date of the term loan is February 26, 2026. In July, Kodak invested a portion of these proceeds received from the delayed draw term loans to acquire a minority stake in Wildcat Discovery Technologies as mentioned earlier by Jim. I will now share further details on the full company results, operational EBITDA and cash flow for the second quarter and first half of 2022. On Slide 7. For the second quarter of 2022, we reported revenues of $321 million compared to $291 million in the prior year quarter for an improvement of $30 million, an increase of 10%, adjusting for the unfavorable impact of foreign exchange of $19 million in the…

Thank you, Dave. In summary, Kodak delivered revenue and gross profit growth year-over-year for the second quarter of 2022. We also saw a significant improvement in gross profit margin from Q1 to Q2 of 2022 despite ongoing inflationary and supply chain challenges. Kodak has invested heavily over the last three years in print, advanced materials and chemicals. And we're showing you the outcome of those investments. We've launched four groundbreaking products. The Kodak PROSPER 7000 Turbo Press, the ASCEND Digital Press and two products powered by our next-generation ULTRASTREAM inkjet technology, the Kodak PROSPER ULTRA 520 Press and the first flexible packaging printing system, the UTECO Sapphire EVO Y Press. Our planned investment in digital are designed to help our customers grow. We only win if our customers win, these products you see today are here to help keep them in business, mitigate risk, lower cost and grow their business. We continue to make significant investments in recently announced growth initiatives in AMC, expanding our pilot coating facility and taking a minority stake in mild cap. We look forward to continue to focus on driving profitable revenue by concentrating on our core business and helping our customers build devs. Thank you all for attending the call and for your continued interest in Eastman Kodak. Have a good evening.

Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day. End of Q&A: