Thank you for standing by and welcome to the Eastman Kodak Q3 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, today's call is being recorded. I would now like to turn the conference over to your host Mr. Paul Dils. Sir, you may begin.

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 third 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 third 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. Thank you for joining the third quarter investor call for Kodak. Please turn to Slide 5. Starting with the company's financial performance, revenues in the second quarter increased $2 million or 1% compared to prior year quarter. When excluding the impact of foreign exchange, revenue increased $24 million or 8% compared to the prior year quarter. We have recognized six straight quarters of year-over-year revenue growth, which demonstrates our commitment to a customer first model and our leadership team experience and managing through challenging business environments. Despite the current economic challenges, our growth profit percentages remains relatively flat compared to the second quarter and has increased from the first quarter. As previously discussed, in the second quarter, we exercised our right to draw an additional $50 million term loan pursuant to the term loan agreement established last year with Kennedy Lewis Investment Management. The proceeds were partially used to fund an investment in Wildcat Discovery Technologies, Inc., a private technology company that is developing a breakthrough EV and energy storage super cell. We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine, inflation, unfavorable exchange rates, and other global events. Like many other companies, Kodak is experiencing supply chain disruption, shortages in material and labor and increased costs of labor, materials and distribution. We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing action. Turning to Slide six, our long-term strategy continues to focus on our core competencies in print, advanced materials and chemicals and driving smart revenue in areas with best potential for growth. We continue to invest in innovation that have launched two key print products, which are industry-leading digital technologies. First is the PROSPER ULTRA 520 digital press, which delivers offset like…

Thanks, Jim and good afternoon. Today, the company filed its Form 10-Q for the quarter ended September 30, 2022, 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 an investment transaction the company made in the third quarter. As previously discussed in our second quarter earnings fall, Kodak exercised its right to draw down the term loan credit agreement and received net proceeds of $49 million. On July 13, Kodak invested $25 million of the proceeds received from the delayed draw term loans to acquire a minority stake in Wildcat Discovery Technologies. I would also like to comment on the global macroeconomic conditions that are impacting our financial results. Kodak's products are sold and serviced in numerous countries across the globe with more than half of sales generated outside the US. Current global economic conditions remain highly volatile due to the ongoing COVID-19 pandemic, heightened levels of inflation, unfavorable foreign exchange rates, the war in Ukraine and other global events, which impact Kodak's operations. Kodak is experiencing supply chain disruptions, shortages in materials and labor and increased labor material and distribution costs, as well as volume declines for certain businesses. We've implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing actions. Our overall focus is on continuing to supply our customers to help them stay productive. I will now share details on the full company results, operational EBITDA and cash flow for the third quarter and nine month period, ending September 30, 2022. On Slide seven for the third quarter of 2022, we reported revenues of $289 million compared to $287 million in the prior year quarter for an increase of $2 million.…

Thank you, Dave. In summary, the long term strategy we put in place three years ago continues to drive positive results and supports our plan to return Kodak to a profitable growth company. Kodak delivered revenue growth year over year for the third quarter of 2022 and has now recognized six consecutive quarters of growth in revenue in very difficult times. Our ongoing investment in digital print are designed to help customers grow, mitigate risk, lower cost associated with supply, logistics, and other associated risks with traditional pre-press solutions. We continue to make significant investments in recently announced growth initiatives in advanced materials and chemical business, expanding our pilot coding facilities and taking a minority stake in Wildcat Discovery Technologies. Looking forward, we will focus on driving smart revenue in areas with the best potential growth. Again, I'd like to remind everyone I'm really proud of what this team has accomplished in these difficult times. After many, many, many years of consecutive bosses, we have put together six consecutive quarters of growth and we will continue to focus on our customers, our products, and smart revenue to deliver in the future. Thank you for attending the call and continued interest in Eastman Kodak.

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: