Good afternoon, and thank you for standing by. Welcome to the Eastman Kodak First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to Anthony Redding. Please go ahead.

Thank you, and good afternoon, everyone. I am Anthony Redding, Eastman Kodak Company's Chief Compliance Officer. Welcome to Kodak's First Quarter 2023 Earnings Call. At 04:15 p.m. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the first quarter of 2023. 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 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 Chief Executive Officer; and Dave Bullwinkle, Chief Financial Officer of Eastman 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 Continenza. Thank you.

Welcome, everyone. Thank you for joining the first quarter 2023 investor call for Kodak. Turning to Slide 5. I am pleased with the improvement reported in the company's results for the first quarter 2023. We continued to build momentum, generating smart revenues and cash and improving our gross profit in an extremely challenging business environment. It is important to note that the progress we have made didn't happen overnight. It is the result of investing and executing on our long-term plan, staying focused on our core competencies of advanced materials and print. Over the last 4 years, we've innovated and built a foundation for growth and profitability. We have strengthened our financial position and focused on driving smart revenue in our core businesses by realizing the value of our offerings, the successful implementation of this strategy allows us to continue investing and monetizing our new growth initiatives. We continue to invest in previously announced long-term growth initiatives, in our Advanced Materials and Chemical Group, including layering and coding substrates for EV batteries and energy storage and the controlled introduction of our KODALUX light-blocking fabric business. We are starting to see revenue for the businesses. In addition, we continue to see growing demand in our film business. We have invested in a significant infrastructure upgrade including full implementation of Salesforce and our SAP ERP system that has made us materially better in terms of efficiency and reporting. We must be as efficient as possible to eliminate always and increase our productivity to meet our customers' needs and stay profitable in challenging environments. We continue to invest in our core print business, especially digital print. We have launched 2 groundbreaking inkjet presses, the PROSPER Ultra 520 Press, which rivals offset our quality and productivity and the PROSPER 7000 Turbo Press, which is…

Thanks, Jim, and good afternoon. This afternoon, the company filed its Form 10-Q for the quarter ending March 31, 2023, with the SEC. 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. As previously discussed, from February 26, 2024 to June 12, 2024. At a requirement to maintain daily minimum liquidity of $50 million in addition to maintain the existing quarterly minimum liquidity of $80 million and provide that upon the original maturity date of the amended ABL credit agreement on February 26, 2024, decreased the aggregate amount of commitments from $90 million to $81 million. This extension provides us with more flexibility and additional time to implement a longer-term solution to our capital structure, given the macroeconomic conditions. Additionally, as disclosed in our Form 10-Q, Kodak changed its organizational structure during the first quarter of 2023 to combine the Traditional Printing segment and the Digital Printing segment into one segment named the Print segment. No changes were made to Kodak's other segments. As a result of this change, Kodak now has 3 reportable segments: Print, Advanced Materials and Chemicals and Brand. The Print segment is comprised of 5 lines of business: Prepress Solutions business, the Prosper business, the software business, the Electrophotographic Printing Solutions business and the VERSAMARK business. The Advanced Materials & Chemicals segment is comprised of 3 lines of business: industrial film and chemicals, motion picture and Advanced Materials & Functional printing. The brand segment contains the brand licensing business. All other is comprised of the operations of Eastman Business Park. I will now share details on the full company results, operational EBITDA and cash flow results for the…

In summary, delivering strong performance in the first quarter, generating cash, increasing profitability while continuing to invest in our future despite the challenges of an extremely difficult business environment with a lot of uncertainty, our performance reflected the success of actions we have taken over the last 4 years, which are creating a strong foundation that allow us to continue to innovate, invest and grow. We will continue to invest in our Print businesses and our AMC growth initiatives. We will continue to put our customers first delivering the solutions they need to thrive in this evolving print market, driving the efficiency improvements they expect. Our goal is to build on our positive momentum we have created, partner with our customers, deliver innovation and execute on our plan. Thank you for attending the call and your continued interest in Eastman Kodak. Have a great day.

This concludes today's conference call. Thank you for participating. You may now disconnect. End of Q&A: