Eastman Kodak Company

Thank you for standing by, and welcome to Eastman Kodak's fourth quarter and four-year 2021 earnings conference call. At this time, all participants are in a listen-only mode. I would now like to hand the call over to Paul Dills.

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 fourth quarter and full year 2021 earnings call. At 4.15 p.m. this afternoon, Kodak filed its Form 10-K and issued its release on financial results for 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 Codex 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 Continenza, 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.

Welcome, everyone. and thank you for joining the fourth quarter investor call for Kodak. Turning to slide five, I am pleased with our strong full-year performance reflecting continued improvement despite rapid inflationary pressures and resource constraints, including rising costs in raw materials, labor, electricity, natural gas, shipping, and overall supply chain issues. In addition to the pressure surrounding workforce, we have been taking aggressive actions to mitigate the impact of these unprecedented cost increases, including surcharges and variable market pricing. We will continue to take actions to pass along these ongoing increases to our customers. We continue to operate as one codec, focusing on our customer first. We will continue to execute our long-term plan as we navigate the impacts created by the pandemic and the war in Ukraine. Performance highlights for the year includes revenue increase of 121 million or 12% compared to prior year to date period. When excluding the impact of foreign exchange, revenues increased $105 million or 10% compared to the prior year. I'd also like to point out we reduced our net debt by $294 million compared with March of 2019. We remain committed to our continued innovation in digital print. In October, Kodak announced another revolutionary new digital press, the Kodak Ascend Digital Press. This new press earned the prestigious European Digital Press Association 2021 EDP Award in the Industrial Print and Finishing Solutions Best Holding Carton Solution category. Kodak also continued to invest and grow in the Workful software, introducing printing-on-demand access solutions. Turning to slide six, we continue to grow our print business, including Kodak Sonora Process Replace and Kodak Prosper annuities for the year, and overall volumes increased in other business units. Our long-term strategy continues to focus on our core competencies in print, advanced materials, and chemicals. Provide environmentally sustainable solutions, turning the business to focus on innovation, growth, and profitability. As disclosed in our 10-K filing, we are working on new initiatives within the AMC group to leverage our deep expertise in chemistry and strength in layering and coding on multiple substrates, that come from over a century of experience in film manufacturing. These new initiatives are in various stages of commercialization and include EV energy storage battery material manufacturing. We have started coating substrates for EV and energy storage materials. We've started limited production of approximately 3 million square meters with a maximum capacity of 80 million square meters. We will continue to explore opportunities to apply our extensive coating expertise to produce coated substrates in the U.S. I'm pleased to introduce light blocking technology. We plan to leverage our existing proprietary technology to commercialize a carbonless fabric coating branded Codelux. The product is designed to offer superior light management properties and coating compatibility with an unmatched range of fabrics. We are currently completing the installation of a full-scale coating machine to coat fabrics in Eastman Business Park, located in Rochester, New York. Turning to slide seven, we're excited to introduce transparent antennas. We are leveraging our proprietary copper microwire technology and high-resolution printing expertise. It'll allow us to manufacture transparent antennas for the automotive commercial industry and other applications requiring excellent radio frequency and optical performance. I'm excited to introduce reagent manufacturing. As we continue to leverage our trusted brand and expertise in chemicals, we have started the construction of an approximately $20 million facility to manufacture reagents for healthcare applications. As part of the investment, we are currently in the process of building out a clean room manufacturing facility and plan to pursue FDA certification as a CGMP facility. We plan to utilize the new capacity to manufacture limited volumes of testing reagents for the healthcare industry. I will now turn it over to Dave to discuss the 2021 financial results.