Ladies and gentlemen, thank you for standing by. Welcome to the Eastman Kodak Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would like now to turn the conference over to your speaker today, Anthony Redding. Please go ahead.

Thank you, and good afternoon, everyone. I'm Anthony Redding, Eastman Kodak Company's Chief Compliance Officer. Welcome to Kodak's Third 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 third quarter of 2023. You may access the presentation and webcast for today's call at our Investor Center at investor.kodak.com. During today's call, we'll 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 the 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 Eastman Kodak Company. 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.

Welcome, everyone, and thank you for joining the third quarter 2023 investor call for Kodak. I am pleased with the continuing improvement reported in our company's results for the third quarter 2023. Our accomplishments have not come easy. The ongoing challenges that we face, including inflation, high interest rates, bank failures, labor shortages, supply issues and now another new war, we have overcome these challenges and built a strong foundation by continuing to focus on our existing long-term strategic plan, which started almost 5 years ago. Improving our operations has been critical for us, the efficiencies that we put in and investing in opportunities to leverage our strength in industrial manufacturing, drive smart revenue and always put our customers first. As a result, we have delivered increased gross profit and operational EBITDA year-over-year for the fourth consecutive quarter and improvement in our cash performance during these very difficult times. That shows our investments that we are making are starting to deliver. I'm extremely proud of our remarkable ability to continue our momentum in the face of unprecedented headwinds. I'd like to thank our employees for their dedication, loyalty and hard work, the resilience that they have shown in supporting our customers and our customers have stayed loyal to us. We made a commitment to them that we will try to be as efficient as we can because we can only win when they win. Some highlights from the third quarter. We continue to invest in long-term growth initiatives in our Advanced Materials and Chemicals group, known as AMC. We are seeing top line revenue growth, but more importantly, we're also seeing a much greater contribution to the net profit of the company. In our substrate coating businesses, we are looking to expand the capabilities of our existing production machine beyond…

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-Q for the quarter ended September 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 direct your attention to the refinancing transaction that the company announced and closed in the third quarter. On our last call, we provided an overview of the transactions. I will summarize those again here. On July 21, 2023, the amended and restated term loan credit agreement became effective and the company completed its borrowing of the term loans. The company received net proceeds from the term loans of approximately $435 million, of which $318 million, representing the aggregate principal amount of the original term loans plus accrued paid-in-kind interest, prepayment premium and $2 million of cash interest, was paid by the company to refinance the obligations under the original term loan credit agreement. Approximately $28 million of the net proceeds from the term loans were used to repay in full the company's outstanding convertible notes, representing the aggregate principal amount of the convertible notes plus accrued paid-in-kind interest. As a result of the early repayment of the term loans and the convertible notes, the company recorded a loss on early extinguishment of debt of $27 million in the third quarter of 2023. This is reported in the company's statement of operations for the quarter and year-to-date period. In addition, the company repaid in full the amounts outstanding under its existing ABL credit agreement, used $59 million in net proceeds from the term loans to fund the L/C cash collateral account and paid approximately $1 million in fees in connection with an amended and restated letter of credit facility agreements. The remaining…

Thank you, Dave. Kodak continued to navigate in an extremely challenging business environment. We delivered strong performance in the third quarter, increasing gross profit and operational EBITDA year-over-year for the fourth consecutive quarter and improving our cash flow performance. Our performance reflects our commitment to our strategy, our employees' commitment to executing and our customers' loyalty to stay with Kodak during these times. We'll continue to work closely with our customers and overcome these obstacles. We have built a strong foundation that is allowing us to continue to gain momentum and which I would call again some of the most difficult times that I've ever worked in. We continue to invest in our print business. We'll continue to invest in our Advanced Materials and Chemicals business. Inside of Kodak today, it's a fight for capital. Where we feel we'll get the greatest return is where we will invest those dollars. We will continue to invest in infrastructure and improvements that make us more efficient and easy to do business with. It's important to us that we make it as simple as possible for our customers to interact with us and efficiently so they can continue to grow their profit and their business. We will continue to focus on adapting to the environment and all the challenges that we see, supporting our employees, investing in our customers and delivering products to help them succeed. I want to thank you all for attending the call and your continued interest in Eastman Kodak.

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