Good day, and thank you for standing by. Welcome to the Eastman Kodak Fourth Quarter and Full-Year 2024 Earnings 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, Chief Compliance Officer at Eastman Kodak Company. Welcome to Kodak's fourth quarter and full-year 2024 Earnings Call. At 4:15 p.m. this afternoon, Kodak filed its annual Form 10-K and issued its release on financial results for the fourth quarter and full-year 2024. 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. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are based upon 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 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 only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in the presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may 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, Eastman 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 fourth quarter and full-year 2024 Investor Call. I'm excited again to talk about our continued execution of our long-term plan in spite of all the obstacles that continue in the world between war, supply issues, inflation, shipping, logistics and just the normal day-to-day turmoil. In 2024, we continued to invest in innovation. We also continued to increase our operational efficiencies. We were shutting unprofitable businesses and yet driving strong gross profit. Our core business continued to perform as expected. The highlights for the fourth quarter include $266 million in revenue, compared with $275 million for quarter four 2023. The rate of decline is slowing. We will continue to focus on smart revenue and innovation. One of the highlights is our gross profit at 19% for the fourth quarter 2024 compared with 17% for fourth quarter 2023. This again is a reflection of smart revenue. Highlights for the full-year. Consolidated revenues of $1.043 billion, compared with $1.117 billion for the full-year 2023. Part of the decline is Kodak's rationalization of its business. We continue to shed businesses that aren't core or part of our long-term strategy. Print has continued to decline, but has been offset somewhat by the increase in the revenues of AMC. Gross profit remains the same as last year at 19% in spite of, again, inflation, cost increase, transportation increase, uncertainty, and again, war around the world. We're able to maintain our gross profit consistent throughout the year by investing again in technologies and operational efficiencies. Some of the highlights for our AMC business include a couple of key factors, but I want to be really clear, AMC is critical and one of the key investments for our future. We are seeing continuing profit and revenue growth inside of AM&C,…

Thanks, Jim, and good afternoon. Today, the company filed its Form 10-K for the year ended December 31, 2024 with the Securities and Exchange Commission. As I always do, I recommend you read this filing in its entirety. Before I get into the details for the quarter and full-year, I would like to provide a brief update on the U.S. Kodak Retirement Income Plan or KRIP. In a Form 8-K filed with the SEC on November 25, 2024, we disclosed the Board of Directors of Eastman Kodak Company, instructed the committee with an authority to manage KRIP's assets to take appropriate actions to position KRIP for a potential termination. On January 21, 2025, Kodak's Board of Directors approved the termination of KRIP effective March 31, 2025. Following the determination and satisfaction of KRIP's liabilities, Kodak should be entitled to a reversion of any remaining KRIP assets, subject to tax obligations and the funding of a new qualified defined benefit retirement plan for active employees as a replacement for KRIP. The company expects a significant portion of any reverted assets to be used to reduce long-term debt in accordance with the terms of our debt agreements, and therefore, the annual cost of servicing net debt will decline. The remaining reversion proceeds will be utilized to further the execution of the company's long-term strategy. For further details on this topic, we direct you to the liquidity portion of the MD&A section of the Form 10-K filed with the SEC today. I will now share details on the full company results, operational EBITDA and cash flow for the fourth quarter and full-year of 2024. The company's results for 2024 were in line with our expectations and reflect the continued focus on executing against our priorities and long-term plan, including driving smart revenue and…

Thank you, Dave. In summary, we continue to manage through uncertainty. We are investing in growth and shutting non-profit and nonstrategic businesses. Seeing the growth in both revenue and profits in our AM&C business is very encouraging. Plates tariff will create a level playing field in the United States and certainty in the market. Accessing the excess assets in the company's pension fund will help delever the business, strengthening our balance sheet, allowing more opportunity to invest in growth businesses. Let's be clear, at Kodak, we care for our customers. We put them first. We also care for our employees. This is a great place to work and is a great place to be a customer and a partner. We do our best to innovate products that they ask for that help drive their business, make them more efficient, more profitable and grow their revenue. I'd like to thank our customers, our employees, our leadership team and our Board and investors for all of their loyalty and support. Thank you very much. Have a good night.

This concludes today's conference call. Thank you for participating, and you may now disconnect.