Thank you for standing by and welcome to the Eastman Kodak's Q4 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 call over to your host Mr. 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 fourth quarter and full year 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 fourth quarter and full year 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 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. 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 year end 2022 investor call for Eastman Kodak. I'm excited to talk to the transformation we've made over the last four years and the journey and the results are starting to follow the efforts that we've taken as a team. I'm very pleased with the company's fourth quarter and full year performance. We continue to see the effects of our long-term strategy we put in place four years ago and the actions we've taken thus far. These actions have repositioned the company, enabling us to focus on initiatives that drive positive results and which continue to drive smart revenue and support [ph] us to return Kodak to sustainable, profitable growth. Our past actions include; stabilizing our balance sheet, allowing us to focus on overall business model, customers and growth initiatives. If you recall, when we went out and raised additional capital, they were to reinvest in these initiatives and the businesses you see today. Recognizing One Kodak and focusing on our core competencies in print, advanced materials and chemicals, providing environmentally full solutions, and turning the business focus on innovation, growth, and smart revenue. In 2022, our priorities included continuing to navigate through the ongoing global economic impacts. Like many other companies, Kodak is experiencing supply chain disruptions, shortages in materials and labor, and increased cost, labor, materials, distribution, shipping, and FX. Despite the above shortages and cost increase, we have taken steps to ensure uninterrupted supply for our customers, including increasing safety stock and building inventories to help our customers stay productive and profitable. We only win when our customers win. Improving our cost controls, resulting in reduction of operating expenses, and implemented price actions that realize the value of our offerings, combining these actions with improved inventory management, operational --…

Thanks Jim and good afternoon. Today, the company filed its Form 10-K for the year ended December 31st, 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 first quarter of 2023. On March 14th, 2023, the company entered into an amendment to the amended ABL credit agreement and letter of credit facility agreement to among other things, extend the maturity date from February 26th, 2024 to June 12th, 2024. To maintain daily minimum liquidity of $50 million in addition to maintaining the existing quarterly minimum liquidity of $80 million and upon the maturity of the amended ABL credit agreement on February 26th, 2024, decrease the aggregate amount of commitments from $90 million to $81 million. This extension will provide us with more flexibility an additional time to find an optimal solution to our capital structure given the macroeconomic conditions. This extension is also more fully disclosed in our Form 10-K filed today. As Jim mentioned, we are pleased with Kodak's strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges. Our performance reflected the success of our strategic plan, which began four years ago. I will now share details on the full company results, operational EBITDA, and cash flow for the fourth quarter and full year 2022. On slide eight, for the fourth quarter of 2022, we reported revenues of $305 million compared to $307 million in the prior year quarter for a decrease of $2 million or 1%. Adjusting for the unfavorable impact of foreign exchange of $19…

In summary, Kodak delivered strong performance in 2022, growing smart revenues in consecutive years for the first time in decades, launching new products, and investing in our future. Despite ongoing inflationary and supply chain challenges, our performance reflected the success of our strategic plan, which began over four years ago with stabilizing our balance sheet, reorganizing as One Kodak, and refocusing on our customers and our core businesses. Our priority for 2022 include providing our customers with uninterrupted supply, reducing costs by improving efficiencies, and implementing price actions that realize the value of our offerings, which contribute to year-over-year increase in gross profit for the fourth quarter. We continue to invest in the business including updating our infrastructure and developing growth businesses in our Advanced Materials and Chemicals group. On top of that, we also continue to invest heavily in digital transformation of printing industry. As we debuted the groundbreaking PROSPER ULTRA 520 Inkjet Press and the new KODACHROME Inks at Hunkeler Innovationdays, the event again received very positive reaction from our customers. We're going to continue to build up this momentum into 2023. Thank you all for attending the call and your continued interest in Eastman Kodak. Have a great day. End of Q&A: Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.