Good day and thank you for standing by. Welcome to the Eastman Kodak Second Quarter 2023 Earnings Conference Call. All participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, 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 second quarter 2023 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 2023. You may access the presentation and the 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 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 Continenza. Thank you.

Welcome everyone, and thank you for joining the second quarter 2023 investor call for Kodak. I am pleased with the ongoing improvements reported in the company's results for the second quarter 2023. Over the last four years, we have prioritized investing in innovation, efficiency and driving smart revenue, and today we're starting to see the benefits of these long-term investments. We're seeing them through increased gross profit, cash performance despite ongoing external challenges which affect the markets worldwide. It's important to note that the progress we have made reflects our commitment to our ongoing execution of our long-term plan, staying focused on our core business of print, advanced materials and chemicals, continuing to invest in products and infrastructure that allows us to better serve our customers and constantly streamline our business operations. Some highlights from the second quarter. As part of the controlled introduction of our new inkjet presses, we are completing the placement of two new machines, a PROSPER ULTRA 520 Press, which offers offset quality at unmatched production speeds, and the PROSPER 7000 Turbo, which is the world's fastest inkjet press. Both presses are scheduled to be in production in the third quarter this year. Reflecting in our commitment to digital print during the second quarter, we expanded and strengthened our position with the acquisition of Graphic Systems Services known as GSS. We've had a long-term relationship with GSS over the years in the product portfolio, including making transport and other components. GSS is critical to Kodak as a supplier for supporting PROSPER for well over 20 years. Their expertise and resource will enable us to design, build, or complete integrated solutions for customers on the Stream and ULTRASTREAM platforms. We continue to invest in previously announced long-term growth initiatives in advanced materials and chemicals, including KODALUX light-blocking…

Thanks Jim, and good afternoon. Today, the company filed its Form 10-Q for the quarter ended June 30, 2023 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 the company announced and closed in July. As previously discussed, the company's ABL and cash collateralized letter of credit facility was set to mature on June 12th, 2024. The company has utilized the capacity under these facilities primarily to issue letters of credit to support its legacy self-insured workers' compensation liability with various jurisdictions. On June 30, 2023, the company entered into an amendment to the existing term loan credit agreement among the company and certain funds affiliated with Kennedy Lewis Investment Management LLC, to provide the company with a commitment to provide refinancing term loans in an aggregate principal amount of $450 million. On July 21st, 2023, the amended and restated term loan credit agreement became effective and the company completed its borrowing. The company received net proceeds from the refinancing term loans of approximately $435 million of which $318 million represent the aggregate principle amount of the term loans, plus accrued paid in kind or unpaid cash interest was paid by the company to refinance the existing term loan credit agreement. Approximately $28 million of the net proceeds from the refinancing term loans were used to repay in full the company's outstanding convertible notes, representing the aggregate principle amount of the convertible notes, plus accrued paid in kind interest. As a result, the company's obligations under the convertible notes were canceled. The company also amended and restated the existing term loan credit agreement to, among other things, extend the maturity date to the…

Thank you, Dave. In summary, Kodak delivery continued strong performance in the second quarter, increasing gross profit and improving our cash performance despite a challenging business environment globally. Our performance demonstrates a positive impact of our commitment to our long-term strategy and the incredible efforts of all of our employees in execution of our strategy. We have made significant strides and are starting to see the benefits of our efforts. But make no mistake, we still know we have a long way to go. We will continue to take these actions and strengthen our financial position and create a strong foundation for investment and growth. We'll continue to invest in print, advanced materials and chemicals. We'll continue to streamline our operations as a commitment we make to our customers to be as efficient as we can be as we supply them and support them in their businesses. We'll continue to put our customers first, delivering the solutions they need, while driving efficiency improvements that they expect. I want to thank everyone for joining this call and your interest in Eastman Kodak.

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