Eastman Kodak Company

Ladies and gentlemen, thank you for standing by and welcome to the Eastman Kodak Q3 2021 earnings call. At this time, all participants are in a listen-only mode. If you require operator assistance, please press star zero. I would now like to turn the call over to your host, Paul Dills. You may begin.

Thank you and good afternoon, everyone. I am Paul Dills, Eastman Kodak Company's Chief Tax Officer. and Director of Investor Relations. Welcome to Kodak's third quarter 2021 earnings call. At 415 p.m. this afternoon, Kodak issued its release on financial results for the third quarter 2021. 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 Codex 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 CODAC's filings with the U.S. Securities and Exchange Commission from time to time. There may be other factors that may cause CODAC's actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to CODAC 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 this presentation. CODAC 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 an unanticipated event. In addition, the release just issued and the presentation provided contain 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 Contenanza, Kodak's Executive Chairman and Chief Executive Officer, and David Bowenkel, 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.

Thank you, Paul, and welcome everyone to the third quarter 2021 investor call for Kodak. I am happy with the third quarter results. The plan we put in place two and a half years ago will continue to execute on it. And we've had some additional challenges. Despite the rapid inflationary pressures, including the rising cost of raw materials, shipping, supply chain, additional challenges in labor, we will continue to focus as one Kodak and on our customer. The conditions are the same for everyone. And we all have to work through those and we have to execute. We are taking action to mitigate these impacts. We're looking to make sure that we buy core products that we need to continue our manufacturing process. And with that, I'm proud to say our revenues are up $111 million year-to-date, $90 million after FX, year-over-year. We are committed to continue innovation in digital print. That hasn't changed. We're going to meet customer needs. We're going to innovate. Some examples, we continue to innovate with the Prosper platform. and UltraStream. We are also opening up new opportunities for our printers with the announcement of the Kodak Ascend Digital Press. It opens up new, profitable applications and opportunities in retail, point of sale, and small packaging for printers. We're also continuing to invest in PrintG on Demand, making the printing industry's most secured and highest performing software platform affordable for more printers. I want to discuss plates. Strategically, we are well-positioned. We manufacture in the U.S., Asia, and Europe. And to be clear, we are now the last standing large U.S. manufacturer in plates. I'm pleased to also say that we saw strong growth in our Sonora process free plate, up 35% for the quarter. Sonora Extra has been well accepted in the marketplace. I want to thank the printers. for supporting sustainability in printing by using the eco-friendly Sonora processor plates. I also want to note our growth is also coming from new customer growth. As we moved into one codec and a customer-first model, we're seeing, as you saw, the growth in revenues. We're also seeing our customer base grow in plates. I'm also pleased to announce that we received the 2021 Pinnacle Intertech Award for Kodak Sonora Extra Process Replace. I want to talk a little bit about film. I'm pleased to report that we are seeing a resurgence in our film business. More people are shooting still film, and the motion picture industry is choosing film as the ideal medium for their productions. As a result, we are increasing the capacity of our film factory. As we continue to execute on our long-term strategy, We are going to continue to focus on our core competencies in print, advanced materials, and chemicals. Provide environmentally sustainable solutions, both products and internally, turning the business to focus on innovation, growth, and profitability. Now I'd like to turn it over to David Bolinkle, our CFO.