Good day and thank you for standing by and welcome to Eastman Kodak Q2 2024 Earnings Conference Call. At this time, 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 today, 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 second quarter 2024 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 of 2024. You may access the presentation and webcast for today's call at 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 and Senior Vice President 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. Thank you.

Welcome, everyone and thank you for joining the second quarter 2024 investor call for Eastman Kodak. We continue to be committed to executing our long-term plan. As a result, gross profit percentage continues to increase. We're getting leaner, investing in innovation, launching new products, focusing on smart revenue and aligning with the right customers. I am pleased with Kodak's continuing progress in the second quarter 2024. Gross profit percentage was 22% compared to 21% in the prior year quarter, the seventh consecutive year-over-year increase. This performance reflects growth in AMC and our commitment to improving our operational efficiencies, realizing the value of our offerings. Revenues decreased $28 million or 9% compared to the prior year quarter but decreased only $24 million or 8% excluding foreign exchange. The decrease in revenue was intentional as we continued to invest in our long-term strategy. We are focused on aligning with the right customers with the right products and driving smart revenue at the most efficient way possible. Gross profit decreased $5 million or 8% compared to the prior year quarter, driven by higher cost of materials and other operating expenses. AMC is a very important part of our future. It leverages our unique strength in chemicals, layering and coating. Kodak is currently seeing growth in revenues in key products in this area. We are investing in long-term Advanced Materials & Chemicals opportunities that will set the foundation for our company for growth and profitability in the future. For example, our cGMP facility for manufacturing diagnostic test reagents is expected to begin production in 2025. We're excited about this opportunity for a long time coming and it's nice to see it coming to fruition. We are committed to film and continue to invest in manufacturing capacity to meet growing demand. I was pleased and thrilled to see the movie, Twisters which was shot on Kodak film; and The Bikeriders, two phenomenal films that are extremely entertaining and I want to thank them for choosing Kodak. We also continued to invest across our complete Print portfolio. This year, I was pleased to be at drupa 2024. It's been 8 years since the last one. We were able to showcase the PROSPER ULTRA 520. We did live demos and we were packed. It was standing-room only. I couldn't have been more pleased with how the product performed and the crowd that we had. We were able to leave drupa with commitments for several 520s. We're in the progress of installing one today to one of our European customers. Kodak continues to innovate in traditional print. Some examples I'd like to give you is the enhanced release of our new PRINERGY software, also the SONORA XTRA next-generation plates and several new CTPs. All of them were showcased at drupa. Now, I'll turn it over to Dave to discuss the financial results.

Thanks, Jim and good afternoon. This afternoon, the company filed its Form 10-Q for the quarter ended June 30, 2024, with the SEC. As I always do, I recommend you read this filing in its entirety. Before I get into the details for the quarter and first half of 2024, I would like to comment on a certain disclosure in our Form 10-Q. As disclosed in the liquidity section of our MD&A within the Form 10-Q, actions have been implemented with the U.S. pension plan to reduce investment risk and strengthen the plan's ability to provide benefits to participants. This includes the previously announced outsourcing of the plan's investment management as well as the adoption of a new investment strategy. Please refer to the disclosures within the Form 10-Q for more specifics. In addition, the company's existing S-3, primary shelf registration, is set to expire on August 12, 2024. We have not drawn anything down on this shelf to date. However, in order to maintain the flexibility to access the public markets, the company is filing a shelf registration statement to essentially renew the expiring shelf registration. We are also filing an S-8, registration statement, to register additional common stock authorized to be issued under the company's equity compensation plan by virtue of the amendment of the plan approved at the Annual Shareholders Meeting in May. I will now share details on the full company results, operational EBITDA and cash flow for the second quarter and first half of 2024. During the second quarter, Kodak continued to build on its strong foundation in the face of an extremely difficult global environment, driving smart revenue, pricing rationalization and cost reductions delivering a gross profit percentage of 22% while continuing to invest in long-term growth initiatives and information technology systems. The company's…

Thank you, Dave. Look, I've been honored to do these calls over the last 5 years but I want to make sure we're getting our message across, right? Kodak has invested heavily into our business. You can see that in our efficiencies. You can see it in the increased gross profit percentage year-over-year, right, despite the decrease in revenues. We're focused on our customer, we're focused on operational excellence and we're focused on putting new systems in our company to help drive better profitability and not to lose focus. Advanced Materials & Chemicals is the original Kodak and we're reinvesting back in it. It is our core competency. It's what we are best at, layering and coating. So our AMC business is growing and driving increased revenues and gross profit. That's what we were hoping for when we put our investment in place and we're pleased with the results. And I want to thank the employees in that group and all of our divisions for driving these behaviors and driving this company in the right direction. I want to be very clear; we will continue to put our customers first. That can't change. Everything we do starts with our customer and ends with our customer. We make sure that we're more efficient, easy to do business with and giving them innovative products that help drive their profitability. We only win when our customers win. I want to again thank everyone for their time and listening through these calls and your interest in Kodak; we appreciate it. Good night. End of Q&A: This concludes today's conference call. Thank you for participating. You may now disconnect.