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Eastman Kodak (KODK)

Participants
Bill Love Treasurer, and Director of IR
Jeff Clarke CEO
Dave Bullwinkle CFO
Shannon Cross Cross Research
Amer Tiwana Cowen and Company
Call transcript
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Operator

Good day, ladies and gentlemen, and welcome to the Eastman Kodak Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions].

As a reminder, this call may be recorded. to host like Mr. today's now would introduce for your conference, I Love. Bill Please go ahead, sir.

Bill Love

quarter and for everyone. this XX-Q Treasurer release good Bill Christy, Call. on the you, Thank afternoon, Form Kodak XXXX filed the I Investor Welcome financial XXXX. Earnings Eastman on its Third of report Quarter Love, X:XX My its am Kodak Kodak Director and Company's p.m. third issued and At Relations. results to afternoon, and is name quarterly

You access webcast today's may presentation the for at call and Center Investor investor.kodak.com. on our

the persons statements. differ Kodak's by from or detail cautionary cause this of the Securities statements presentation from behalf Commission Kodak's Exchange or that in During acting may There statements expectations forward-looking Kodak's the from results other these today's uncertainties Litigation statements statements date Kodak to the entirety apply the to included call, Reform we those statements. defined with Securities attributable in of actual in time. actual results qualified and and its upon based described and or forward-looking will on to other cause be could only various others, more presentation. this their from making Important forward-looking materially certain or Private All as and are that anticipated time results may forward-looking may are differ factors as statements risks, U.S. events the assumptions. forward-looking Act Future expressed be the XXXX. referenced expressly filings All of include, among in or forward-looking by events to factors factors differ materially in

Financial provide be: have certain on on will are call Center on financial provided issued XXXX with Jeff at Speakers release the measures I today's Then provided Kodak's update within in Clarke. results Officer investor.kodak.com. will review before presentation non-GAAP Reconciliations measures Chief and to Clarke, Jeff we the questions. Dave the provide XXXX, GAAP review for of an reductions the our our of Kodak. opening a Chief Kodak; quarter directly CEO, over release Jeff measures. Executive turn of addition, summarize Dave the and the most and third to call website for of Officer it the months will cost some first and guidance Investor In been presentation that performance. comparable Bullwinkle, open remarks, up X will deemed cash a of just performance now and Kodak's contains to

Jeff Clarke

Bill. $XX results for Kodak investor Thank in today's and I'll everyone, X you months net you, Welcome, profitability. thank joining million and loss GAAP our factors the and about talk Kodak. a impacting XX. million $XX actions of outlook for call, the and QX short-term call ending immediate September QX improve the On delivered for to

modernization going into dive on update actively and opportunities, undertaking the meaningfully we Kodak quarter which the I the detail are on and forward. Slide Before strategic we as on pursuing strategic provide the an immediate on summarized We're change actions will X. will actions, portfolio divestitures the

not sensitive businesses, activities. strategic through related to to We of partners processes confidentiality, deleverage modernizations buyers advanced and Kodak. modernizations We're multiple focus able specific and and IP comment achieve which timelines with sharpen negotiations will nature negotiations the or strategic on are Based on financial and in to joint are our parties in further partnerships. technology to ventures we these with complete and

and $XX our XX%. decreased or revenues quarter, were million In $XXX X. or slide basis X%, to operational EBITDA operational with the revenues On million a constant-currency Turning were of $X million. down EBITDA third $XX million year-over-year,

X. slide to Moving

deferred million expenditures. in This to has guidance primarily, EBITDA. market CDPs, experienced Division, and for Compared electrophotographic primarily results our commercial EISD resulted which guidance we EBITDA in main capital X to a As remain in impacted impacted operational press half canceled range Software in The impact be me, reduction to $XX approximately within of It industry are PRINERGY in revising system including factors second a orders this slowdown outlook has our and maintaining and the the by Kodak Systems our factors: revenue printing marked of our XXXX and printing first, in orders excuse slowdown, our operational relate also business. and Print operational will $XX release, to $XX EBITDA plates, noted provided million sales. XXXX million. August, business

commercializing Second, by plans impact half the approximately to we XD property which addition in we in $X described Advanced call. Division. million Materials our our within $XX are will QX intellectual second the million our in behind our technologies advanced This

them we have higher by approximately cash transactions. impact been half Third, is we with seeing the these on sales experienced, experiencing for impact factors longer will This vendors guidance of $X are summarized cycle cost as film the driven brand of operational closely we the our we're looking second scaling accrediting X outlook. in On driving by a new approximately business we're $X EBITDA achieve million. our This licensing million. specifications. Kodak's detailed Fourth, half and impact to and slide X, second

on to of lower in and timing This repayments, cash be transaction debt million Advanced of take debt Technology the a outlined Page generation year-end of our any capital range X $XXX million $XX details a decrease of X. within his the in $XX reduction occur $XX cash will outlook net pay from improve may profitability we're a is range cash a is our down. you taking on through use cash Dave working To flow, million more guidance, EBITDA and change cash from The actions to cash of which remarks. expected result of short-term million million. in of this to the to $XXX expect the We quarter. to

with cost $XX many plate we prices to with company, we're incremental rate probability declines, million continuing including highs required commercial number in focusing of X we crowded areas second, approximately seller medium- and in First, in on X% achieved from X% do place. save which in Systems for and the aluminum programs higher higher in payback first the half will CapEx our the fewer the we worldwide cost shortening run as a million levels, in savings in Division, and earlier; are have commercial no I'm outcomes. proven acceleration savings investments of our increase; which by fourth, run-rate quarters will make reduce our $XX headcount million accelerating $XX period a our the company, to investments XXX our sustained sorry, coupled print, is positions acceleration of the in the supplier we XX% Division, included make noted fit in across AMXD reprioritization reducing This and supplier The the to in things industry eliminating basis. make third, short-term we is longer approximately market approximately print investments. announced have will out Print to the actions year; arrangements price the X-year as of where headcount to approximately ability the on or and first September reduce fewer commercialization existing This AMXD a

to engineering any John returns and of appointing cannot over global years afford film and marketing our O'Grady longer; have last sales, X fifth, investments these investment, believe and we in lead our experience years, sales we we are XX commercial John on businesses. them PSD consumer efforts has consumer and lead good While division. brings across the

a following meaningful SONORA, advanced performance, continue to While development, short-term these they plate flexographic our packaging, have actions software priorities. core impact the in the will strategic make investments on next described not areas: development. generation I inkjet and platform impair will ULTRASTREAM key PRINERGY just our We'll

is comments quarter the the Now by Systems on the XXXX. comparisons I'll a with unless All brief Starting basis which provide on otherwise XX Division. presented business noted. for discussed Print on third we Slide year-over-year constant-currency division,

to were decline quarter million, an $XXX X% Third revenues compared XXXX.

aluminum and versus as year. we and industry to had erosion million Plate higher down X% prior Our EBITDA price compared the to prior declined pricing by continue year was operational $XX costs X% volume was quarter, pressures. face

XX% print historical, remains from full dollar a medical, LME per presenting per by X-year cancellations result as basis, delays Our a euro the historical CapEx average from headwind. near € high, customers XXXX. the of The and by me, industry XX% year-over-year, impacted year-over-year the XXXX metric a this ton September slowdown. commercial from We exchange CTP metric metal price appendix represents end to to and has in a prices. ton were declined XX.XX excuse On include of year increased €XX.XX large revenues and London slide this aluminum

Systems Inkjet Enterprise the Moving on to Division.

due comparison masked XX% systems timing strong Flexographic and the EBITDA with million year. and quarter in EBITDA year ex base trade period. quarter, XX XX% EBITDA For the is The in Year-to-date compared million, results expectation revenue X% the growth by quarter. to addition performance EISD consumable generate growth the operational million, CTP their the on PROSPER operational operational is business had the prior-year million year-over-year. and down quarter to Operational third the Division of the fourth full EBITDA $X for $XX and delayed the strong growth, an and of to for had orders of million million stronger period. shows. installed the in this $XX an third for $X million, X% FPD in positive third for prior-year was industry revenues from the Packaging expected and operational Flexo quarter annuities a positive $X were illustrates growth EBITDA the down were improvement performance $XX growth, $X continue the quarter underlying of in full revenues momentum of year. our of prior-year In of the

term the vendor reduction a the year Software transition related was million impact the which and for a Operational offset Advanced brand prior EBITDA offset the million, $X impact operational quarter. declines year-over-year. more royalties million, licensing down and consumer third brand $X Division unchanged million million million, and payment. $X $X in of million $X the prior Division, the Technology negative and EBITDA inkjet million negative $X Film quarter were the $XX the revenues revenues XD flat arrangement Solutions Consumer the $X prior of had over Higher Operational of quarter. For from inkjet manufacturing film in photopaper cost EBITDA XXXX. from cost, expected were quarter Printing year a Division million consumer improvement a to The as favorable license and in included The minimum contractual chemicals. the payment Materials of of the from than the year and was quarter extension $XX

blocking late commercialize to million $X invested particles. we quarter, the During

capacity, printing XD major producing our are the our when advanced textile alliance compared investments fabric To quarter manufacturer, electronics. in blocking year XX. to light printed specialty operational Eastman final to Other and were particles quarter as summarize, We both with include and materials Kodak's expanding for a EBITDA line in Park. million, was flat the on Continuing the market. Revenues $X and $X technology bring with million for our slide Business division, quarter. to prior we

actions -- our Division, licensing quarter We're third investments for and XD cycle our Advanced outpad programs employer slowdown Printing address to in market decisive sales by industry, outlook business. higher are transactions a cost Our film printing commercial factors. longer and implementing being in brand for these in impacted key delays the Materials to a results and

David? to and Dave and continue on now strong PROSPER net NX turn earnings Process cash business. it execution in Plates discuss SONORA Free We to I'll the to performance. details Plates, over flow FLEXCEL see

Dave Bullwinkle

its Commission. Today, with XX-Q quarter filed Thank the and Form for ended XX, Securities you, Jeff. Exchange September company XXXX, the the

and the you and will results results quarter always, entirety. financial the a and year GAAP XXXX now cash structure flow update on slide the in third on XX, further in cash initiatives we full As our details year-to-date I summarized this full on and cost recommend its XXXX. and filing flow periods outlook. performance read for share company I Starting

exceeded asset projections Due Solutions price, non-cash its financial company's earnings $XX million net the The year-to-date million of quarter net the of to compared to release, of As value quarter reduction impairment net $XX goodwill $XX with $XX in written for the a million million. in we loss for and XXXX, impacted of third results reported by in it the and value charges. concluded was decline $XX were associated and the and the million was Prepress third earnings quarter share goodwill this was our of business fair carrying off. for tax

In a X, assets company the of Year-to-date million million be XX, program. in XXXX, in and screen offset the of impairment the for $X.XX these decrease diluted A to in earnings for recorded was the in quarter million of our recorded basis of in of $X.XX in of charges to million touch of Assets, fully increase compared loss Intangible $X.XX loss the copper XXXX. represented compared change period. Note $XX was the Form $XX prior-year through per basis, information the net September the in earnings quarter, Further charge on income in share per per impairment to period charges the addition, the per On embedded net related share share Goodwill fully million same the $XX the prior-year the a $XX in the of were to in by recorded for share partially mesh derivative XX-Q. million earnings An the The of quarter cancellation stock. tax third period. preferred non-cash recognize can of $XX share. $X.XX a found On from value $X loss from series impairments write-down was diluted $X.XX per net a the

revenues million September million vendor business, consumer motion constant-currency impacts Turning by plate to industrial $X.XXX offset for from in same slide On picture, operational the inkjet Also, a prior from September million. in Consumer $XX EBITDA and XXXX. the a ending payment arrangement. $XX XX, divisional expected due and favorable and million XX, the was we year EBITDA transition included volume EBITDA to lower driven was $X.XXX XX, period basis, million be compared billion, will chemicals, Division decline in filming in by in costs are higher costs Through the licensing brand impacts, $XX the further from our a On presenting operational $XX Division XXXX down primarily X%. commitments. in motion partially $XX on reduction significant were EBITDA period XXXX. volume revenues by basis. the of of XXXX, results million driven in billion cost basis, period. reduction year-to-date of The Film prior-year to a $XX $XX declines, industrial by by declined X-month film price was constant-currency Operational year-over-year in a constant-currency All or a comparisons declined the million decline activities. operational settlements volume offset year-over-year order erosion, Print aluminum picture and and Systems The higher

annuities Free period, basis $X and year-to-date Process XX% in The through XXXX, a saw offset CFD EISD For million the EBITDA we a PROSPER volume in grew and growth year-over-year FPD year-over-year million. $XX improvements operational of in SONORA partially an EISD of September by PSD declines Plates. within by XX, XX%. were On

In XX%. XX% increasing FLEXCEL NX addition, FPD revenues by by NX plate volumes grew within with FLEXCEL

a operating driver December Now basis is with was key On update for by basis, of as corporate is on percent expenses The cost slide to operating run-rate XXXX, an XX% shown costs operating Since improvements XX. cost points lower period. on XX%. XX% down of or on percentage as XX, down a expense a down XX%, headcount, XXXX. compared X which as run-rate this revenues these over reduced are

when operating transition in to expected pension to On run-rate modest cost by improve be year year productivity revenue automation by revenues XXXX, last as as expenses XX%. X%, are full corporate expected Within of between of are credit. a from this, a for expenses divested be XX% the a the percentage and the we income services and current X%, to adjusted operating For of percentage continued business expect to initiatives. basis, a overcoming investments

Jeff to are cost action taking accelerate described, we As reductions.

of shared provide headcount costs, global simplifying of and To Utilizing in and on highly XXX an we services. majority targeting our XXXX. to increasing will of will with activities these value-added further standardizing are shared we million. will approximately be savings annual focus multiple We positions reductions continue services. leverage centers, savings these $XX accelerate in corporate approximately productive function The reductions recognized

by through In first narrowing of from in headcount. early-stage XX% in these begin recognized the The we to quarter lower the technologies are will actions commercialization be approximately investments addition, benefit XXXX.

September reported million, XXXX, of million, XX, by of on and the usage $XX balance million million with presented million sheet activities the sheet $XXX $XX year. as $XX equivalents cash cash, operating cash in company cash capital $XX XX. performance The on in a Moving million, quarter driven million. the of $XXX $XX in of $XXX and the company on third of balance restricted Year-to-date, from XXXX. million June were Slide cash and a December decrease the earnings quarter to of cash was ended working of decline cash, equivalents and changes $XX XXXX for million from other decline the a XXXX, Cash used down and $XX negative primarily million XX, XX,

During period million September the and Weatherford, which plate in company for were in partially by flexographic sheet On $XX investment driven of the more used stock months $X for million, activities used This Kodak by $XX These $X from XX, capital financing earnings $X included of expenditures in expenditures changes cash the investing ended cash business Alaris restricted XXXX, as favorable asset used year-over-year cash uses through dividends. cash activities of cash million sales million, in XXXX, XXXX, primarily a than sale sale the Oklahoma, new year. XX, million, in company offset capital was continued of balance $X cash year-to-date offset of include exchange basis, $X $XX the was consideration lower our million activities, Currency line a as proceeds and X-month for $XX payment a million million $XX impacted securities. from marketable a which and favorably in asset million the to lower preferred September of million and $XX well $XX usage proceeds. million were by of prior decrease partially investing by impact. X the million. used in of cash from XXXX more cash higher Cash

compared capital in increased $X basis. million primarily the year-over-year Within prior change inventory increase million and to inventory a cash is increased year, velocity reductions the is from CFD, the use the year. EISD cash of sheet The in to in $XX the is inventory $XX by balance we significant increase with in build year working had an primarily representing press prior year-over-year due of in of $XX to rate compared on changes, inventory. driven million placements XXXX. This a usage used XXXX cash an the in In million placements in of in increase current of in of the

increased in However, have in as industry volumes not XXXX. cost commercial the film have stabilized, volumes, due inventory lowered PSD, higher and combined than printing increased QX Within distribution slowdown have rate manufacturing at with in had the year, growth inventory prior to transitions. a our current expectations as levels well and as the of for aluminum, inventory we balances. volume FPD year

We have inventory and of the in driven in rate sales day nine current PSD. the the year. in quarter is placements This increase EISD versus equipment prior largely day seen a in by

in credit under necessary satisfy sales as million. We $XX EBITDA of We term leverage as remain day fourth a first in expect cash covenant reduction used ratio in loan EBITDA ratio to covenants compliance quarter The a by calculated under with reductions of inventory as the the our inventory. well provide exceeded generation secured in the significant to the agreements. credit meaningful component the our agreement company's lien

our divestitures the with to of Jeff the expect of outcome earlier. monetization compliance irrespective of referenced certain ratio, pursuit strategic We and which secured leverage opportunities, remain in

cash by performance balances business fourth sales will volume, we in company. of in source For the generate source year, the a quarter fourth the be remainder provide the Inventory quarter. months of expect the will cash. cash consistent cash our used a working increases company in to of with and in to capital The first increase for nine impacted for the for transition expected

to with for have million of year updated As to a $XXX a be and reflects shown our offset within cash outlook, prior within range we in adjusted cash monetization's have still guidance usage $XX cash XX, of has used will from This we our Technology this our EBITDA, fully on million for the In expectations other we by outlook cash XXXX $XXX slowdown expected agreement, our approximately experienced. turns. reduced slide $XX Inventory from million. and to to therefore, transition our to the to approximately originally our in consistent projection, related working operational asset end to year-end any other an of be collections Advanced not will later $XX the removal asset proceeds be due repay prior sales line. is million, than from which million $XX sales, would reduced given capital million to outlook was balances included by partially This realized excluding which customer have negotiations debt. commercial outlook or

growth to and Our is working take ULTRASTREAM. in our to in cost to flexographic initiatives cost narrow to continue the actions needed to investments and manufacturing fourth capital, to for line operating technologies, SONORA fund like manage advanced and R&D further quarter cash focus packaging reduce to optimize

will participants questions. please to the remind open the of We questions. now call instructions ask Operator, your to

Operator

[Operator Instructions].

is Shannon Our from Cross first of Cross question Research.

line is open. Your

Shannon Cross

would feel more how there's great. I'm think -- Is I you you be handle on wanted slowdown I slowdown commercial it'll or long trying for you're widespread? to a in a the about color printing? economy-driven, know know, you could like it to Do last just just a that's in demand get bit give seeing. print any actually that don't

Jeff Clarke

Sure, Shannon. Yes.

go think, to category. by I best it's like, category So,

the So, sales. in largest slowdown equipment seeing we're

orders first that manufactured, business half, orders a those some several canceled. were units year, units and were in in out XX%. customers quite PSD had and That's had CTP so cases computer-to-plate into grew straight in the scheduled our So, cases, third next In which X%. And units, down some for which shift. pushed quarter, our the we

the kind that's of side. are, those So on equipment

I some of as of kind example, other overall to, of well what you at a the is competitors For of through somewhat industry XX% industry, and different the competitor, rest we're units, in but if the down similar. trying before, look equipment, the here. that's looked Different and for industries example, Xerox's seeing units,

bit of plate down terms steady that and volume, and software software hasn't drive In of third X% we're longer half, consumable half little is the forth, as a we're for down people terms were in in we equipment cycle, X% only difference grew defer that down quarter. as we X%, PROSPER saw been the CTPs we XX% so quite that third XX%. in can relatively software, first quarter quarter, abrupt in in the some third there, in grew On often a upgrades the the half the so X% first in have that in base, the consumable. We the grew annuities, in first

Where seeing business, seeing, a we're the we're still as grew is, we're drop across XX%. performance. first seeing as strength So, from half SONORA,

that think go only helped down business. I in plate the X% us

I at contained NX were growth. And the FLEXCEL business as Our X%. PROSPER annuities XX% consumables mentioned,

So, have in fourth seen was a, as and a come deferral multiple a we you starting slowdown multiple annuities. Cross change in any Shannon Q geographies across And quarter? what as the of CapEx in that across behavior customers, well saw -

Jeff Clarke

the quarter pushed into third in still We're next were we of seeing actions out saw No. A similar trends. year. lot the

pay mentioned curious is them? in as they're across less are many customers, maybe is asset Shannon these demand you belts; you their And even for think core down, to their And that's, know you to to Q shutting that some within what's sales, then, bigger I they as Okay. divestitures? to, seeing I'm printing would of its that of how debt of about they're regards tightening divisions thinking you're our it technologies possible Cross some monetize with working but I down - potential go So, that, way decisions. into and CapEx Kodak? had, happening

Jeff Clarke

with so starting Clearly, mean, be now can't I doing with I are of Yes, because I again, and lot some to we're businesses we Shannon, we're a in businesses in well share parties. are them, noted, in detail dialogue, very certain and of subscale. our dialogue multiple

And we'll to we ones going some that more are of the behind. get we'll those obviously, at, hope and are look that subscale, well, focused

technologies In of we're material believe out terms we of to assets activity. there who piece do interested science intellectual still buying our IP, commercialization and parties research that significant shut property going PR of there while those products, and development advanced in and are a are of and some down licensing

so, work And toward well. as we'll that

Shannon Cross

business some Okay, putting one model? in bounce business thinking you year, we How processes then, think are shrinking in you just given of question capital. great. on quarter, working working the capital changes and And Dave, back are the about next that, then in try the fourth place the about and is how should different as to to manage

Dave Bullwinkle

Sure.

take course, first. on PSD by in the sequential basis. bounce quarter, some driven part of primarily that and of inventory, really primarily first and The let CTPs business plate focused on increase the first the So, me back volume a quarter in

liquidate. inventory So, will

of do in As the in stuck some given see just my payment that receivable, timing that accounts liquidation, of expect, due we I customer we'll mentioned terms. comments, to

guidance, that XXXX. provided I projection of the past to reflects With that. So, providing we're regards forward the not anything end

So, forward. to me it's working predict capital premature for going

Shannon Cross

because might've a on the late I million because you a out. that it talk, you pulled quarter, in delayed? were talk, were is or a that then -- just had put provided or $XX and now bit call, in in but got and it's is my little bit, licensing you it the question Is now and last partnership you Okay, a happening, in you just little that not on last

Dave Bullwinkle

delayed. It's

transaction. debt We receive debt used delayed those continue would pay do It's structure. down we proceeds, under to work and, to on our it that be if

removed So, it we've for clarity.

Operator

[Indiscernible] Marathon Emad question Management. next Asset of is Our from

Unidentified Analyst

Hey, guys. taking Thank the you questions. for

on cash how non-U.S. the second held it those how this held much hand, what's balance cash don't need subsidiaries? of had you guys how estimate, a much guys entities? what's it, hold if rough, And in in report, know to Thanks. one, but minimum much, regard and to the I $XXX have is you with U.S. million you you the operating rough if So, you the

Dave Bullwinkle

in in course remainder. is amount of is U.S., China, in the which The portion over current the disclosed of operating that business, just With Europe cash we level at the very the million XX-Q, comfortable is and with the So, significant cash of of is then our run the September. needed U.S., that cash end Outside the the of the of largest to $XXX of balances. to are million course, portion the respect we $XXX remainder. of

have quarter, we balance to liquidity expect million adequate cash range to We $XXX of to in of fourth million. course, a the and increase %XXX our do

Unidentified Analyst

And think another quarter? quick with regard that guys away addressing leverage can at was With And to you ratio, one. And secured we structure, guys you last what chunk regard how the as sales? in gradually level, XXXX? to the $XXX capital expect covenant, about million just mentioned Thanks. you of a maturity exactly via do net the to asset

Jeff Clarke

yes. one, first the On

how -- cash is we million. $XXX based, to we're not at address reminder, of A and here with debt. still our to asset those proceeds and cash high to incredibly get over base is coverage then, And to levered -- time, is and we ratio this is net down deficit net use so -- of X.XX, we'll the the obviously entity, under when to that. an would the Our maturity, the sales, how refinancing evaluate monetization's intent -- closer is, pay as

talk the Dave, are comfortable with on So, specific? ability cap about do with where sales. to we're the very improve want and structure you to asset that the we

Dave Bullwinkle

Sure.

the asked you over X.XX the think leverage question a -- the were $XX the and had tiered ratio is cushion. We million next ratio, the in we so period ratio. in prior cushions I about

$XX I and think the $XX million, actual for at as number we're was a this be or in million quarter, million EBITDA necessary cushion to the compliance. $XX

Jeff Clarke

Operator, questions? are other any there

Operator

[Operator Instructions].

from Our next of Eastman Kodak. question Isaac] is [Jason

is line open. Your

Unidentified Analyst

our to is more am on properties look -- like unlock but shareholder, property, shareholder I are questions to any focused can there shareholder value? of for that plans and -- a my how a just list at? we are there there, like is sell available Is well

Jeff Clarke

Are you real about talking for estate, example?

Unidentified Analyst

yes, -- real estate Real estate.

Jeff Clarke

with to Dolores who that. happy connect be Kruchten, you Yes, manages

of world in we the several we available, that million around feet properties are properties square the several have are that marketing but leased, are actively company's have We most today. Rochester,

you X-XXX-Kodak, and you'll just So, we'll and Dolores Kruchten, you connect her. with can Jason, find, call

Unidentified Analyst

whole And about sale? there putting whole as company discussion Okay. possibly a any the has up for

Jeff Clarke

much and that to we this The have and no, are more not Board of put meets strongly sale. discusses up and We think be the additional and units value, bring to sorts than of the assets options the concluded current should that be company to company, cost are in optimize enough we worth can not and investments that for company modernization the we others believe to we to that with do all business reductions different will we in the fruition. best continuing invest for of assets strategic areas, key in able

is and no the one, So, that answer to Jason.

Unidentified Analyst

Can sale? company putting the by there you board any the been up about Has for possibly on speak that? discussion

Jeff Clarke

about discussion options Jason, of the discusses a that regularly. board there's strategic Yes, variety

Unidentified Analyst

so Kodak. you one the right? to missed is a guys has question on that into, photography shareholders? be that? been last and thing of are to one I'm ask -- know layers If Like, shareholders the would guys What And I it. a of Okay, is lot some company, by you lot there's a of going about? lot what there discussion of wouldn't can But know a that's are discuss you sciences printing that

Jeff Clarke

in this imaging improves strong an film here we business, have what's where derivative on thermal point packaging advanced drives X% of I a the the that where States, and a XX% manufactured I basis. United revenue printing, technology to think that is with The is we're market. that thermal in year-to-date the growth And imaging that layer, called resolution EBITDA about our and flexographic is which the believe year a growth packaging quite at of layer, growing Xx does that in marketplace. technology that is this growing, a has as Free the technology again, an that for make mentioned, that has be we would that well. example in the certainly and vast Process plate has, and where A is doing year differentiates been not Plate, that second chemicals, use that itself most market prepress SONORA Kodak the one is and underlying differentiated is market, I Kodak XX% our the commercialized performance and

Unidentified Analyst

that Or is could margins you discuss? the imaging, a up? to thermal margin there are the available on look And

Jeff Clarke

competitive We to, quite means adds is continue strongly what that you're feel we expanding you'll when see, revenue sustainable per X% so That's at think technology business margins, for information, that growth, differentiation. you're margin out. we that I XX% don't but EBITDA, break and, and growing a year and in on

Next please? call,

Operator

Tiwana is question of Amer Company. and from next Cowen Our

line Your open. is

Amer Tiwana

that numbers Just clarification, you wondering the and just million I'm 'XX, make me Last the in slides any a there's that? little if to of EBITDA back $XX is other can a reported we million. sense. your I'm This reported if to just need quick time, differential XQ adjust $XX things through and year, you was added bit make the for, PROSPER you've your trying walk

Dave Bullwinkle

Sure.

of when in EBITDA. discontinued excluded from So, we QX was of XXXX, reported PROSPER actually operations, that, because and operational

of have aware, that PROSPER course, for EBITDA proper comparability. PROSPER, current we've ensure prior reclassified now we've operational you're so and continuing operations to and in year, year the back retained As into has, in the included

So, ULTRASTREAM, PROSPER the in there be the inclusive of results, would difference XXXX.

Amer Tiwana

your have I around is question availability was ABL. and still that Do second my one the And million, that? believe, Understood. $XXX what's on you

Dave Bullwinkle

at still ABL. under The $XX of is So, the we an do have September. about $XXX end availability It's million, million. that

Amer Tiwana

you or required I move you historically. cash Do the total you're know, cash to business. ability earlier your jurisdictions in have ability you to asked to done sort liquidity move have have that ability sort cash is what know various to that And have, the And I around? do about to it. still of, loan the run Got of you around? somebody that

Dave Bullwinkle

to happy I'm question. answer the Sure.

a of cash get the variety we certainly jurisdictions to world. have we loan to So, strategies the across right which repatriation loaning, and strategies employ intercompany

the and companies, from $XXX about China able The over back time we to that with limited, as get time. does requirement to there. it loans many that is are to there have cash loan cash U.S. million other from We reducing but, are back China. take We've been at successful

have. that's the limiting we So factor one

Amer Tiwana

last the commercial is my CapEx. around question Sure. And

for that? have Are if deploy You used you capital a And so, PROSPER program placements. that? used guys how still to is you to doing much where

Dave Bullwinkle

bundled referring you're We for CTPs, and where will commercial it variety $XX to use also PSD PSD forms. in as there, uses a of range. with it, for refer it capital number provide what consumables the bundled or transaction CTP with most So, believe to the and takes we consumables. a a often all-in million PDL our business is we contract I in with

We and we growth, equipment businesses, will where still have employ that consumables to that and and placements that seen PROSPER in in NX large like. PROSPER in order which and the extend have employed we've of PROSPER in any in FLEXCEL our

Jeff Clarke

to the Thanks. I much. for look time questions, everyone forward your in today, and want you thank their to talking appreciate you Thank future. very to

Operator

Ladies and disconnect. in today's may day. you gentlemen, great a does conclude Everyone you This participating today's have thank and for conference. program now