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Today, and thank you for standing by. Welcome to the Eastman Kodak Q1 2026 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 like to hand over the conference to our first speaker today, Denisse Goldbarg.

Thank you, good afternoon, everyone. I am Denisse Goldbarg, Eastman Kodak's Chief Marketing Officer. Welcome to Kodak's first quarter 2026 earnings call. At 4:15 P.M. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the first quarter of 2026. You may access the presentation and webcast for today's call on our investor center at investor.kodak.com. During today's conference 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.

Investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based on 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. 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 this presentation.

Kodak undertakes no obligation to update or revise forward-looking statements or 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 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, Kodak's Chief Financial Officer and Senior Vice President. 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, and have a great day.

Welcome, everyone, and thank you for joining the first quarter 2026 investor call for Eastman Kodak. The story of the first quarter is a story of consistency, stability, and growth. This reflects our transformation over the last seven years and our focus on execution and our continued investment in the business. I'm pleased to see strong year-over-year performance over the last three consecutive quarters. Let me give you some highlights from the first quarter. Consolidated revenues up 7% to $265 million, compared with $247 million for first quarter 2025. Revenue increase in both our key businesses, Print and AM&C. We had gross profit percentage of 22%. That's three percentage points or 16% higher than first quarter 2025. Operational EBITDA was $15 million, compared with $2 million for the first quarter 2025, up $13 million.

Moving on to Advanced Materials and Chemicals. We saw AM&C revenue grew by $2 million or 3%, which was driven by a $3 million increase in film and chemicals, which was partially offset by $1 million for lower inks and consumables. Let's talk about our still films. We've invested heavily back into film. We're starting to see great results from that. An example, in still film, recently launched a professional film sold directly to distributors. Our objective is to stabilize the market and continue to meet demand. I am really proud to see motion picture continue to increase. We launched a new film called KODAK VERITA 200D, which was used in Euphoria Season three. A lot is going on. Many Oscar-winning movies, including One Battle After Another and Sinners, were shot on Kodak film.

The long-anticipated Christopher Nolan's The Odyssey is also shot on Kodak film. We remain committed to film and maintaining supply for our customers. A quick update on our pharma business. Our new cGMP pharmaceutical manufacturing facility is up and running. I am really proud to say we recently opened the Kodak Advanced Electrophysiology Lab in partnership with SUNY Geneseo. The lab will enhance our research capabilities and support future product development. We continue to work towards obtaining Class II certification to manufacture more complex, high-margin products in the United States. Moving on some highlights from our commercial print business. We continue to provide a full range of print solutions to our customers. Our revenues increased by 9% even in the difficult times we're going through. There are some supply issues on aluminum, there is issues on delivery, logistics. A lot is going on.

Prices have increased greatly on raw materials such as aluminum, but yet we're still able to maintain our revenue and supply our customers. As our commitment to print continues, and we continue to invest in innovation, I'm pleased to announce we recently launched the SONORA UltraXR Plate in Europe, which will expand our SONORA Ultra portfolio. As I stated last quarter, and I'll state it again, as we continue to fix the balance sheet, invest in the infrastructure of the business, and focus on key products, our next steps are growth. We must continue to grow our business. We have built a stable, growing Kodak by consistently executing our long-term plan. We stay on track regardless of all the events happening around us. We're leveraging our core strengths. We're strengthening our balance sheet. We're investing in growth products.

As we continue to invest in operational excellence and execution, right? We continue to diversify our portfolio by using the different technologies and skill sets we have in the business. As we stated before, right, our goal is to continue to work on the balance sheet. I'm proud to say today we are net debt positive. One of the most important aspects is, right, meeting our customers' needs, and the only way we can do that is by continue to focus on operational excellence. We have to be better than everyone else, and we're gonna continue to keep investing and getting better every single year. I'm gonna turn it over to Dave Bullwinkle to discuss our first quarter financial results. Dave?

Thanks, Jim. Welcome to the call, everybody. Thanks for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended 31st March 2026 with the SEC. As I do on each and every call, I encourage you to read the filing in its entirety as there is a plethora of information contained in the materials we have provided publicly. As a reminder, references made during my remarks are included in the company's earnings press release and Form 10-Q filed today. Let's begin with the key financial highlights for the first quarter of 2026. We delivered strong financial performance despite sharp commodity swings and persistent inflationary pressure. The results reflect substantial year-over-year improvement in revenue, gross profit, and operational EBITDA, underscoring our disciplined execution and progress against our long-term goals.

In fact, this is the third consecutive quarter of year-over-year growth for these measures. Key metrics. Revenue was $265 million, an increase of $18 million or 7% year-over-year, with increases in print, advanced materials, and chemicals. On a constant currency basis, revenue grew $11 million or 4%. Gross profit was $57 million, which is up $11 million or 24% year-over-year. Our gross profit percentage increased to 22% compared to 19% in the prior-year quarter, reflecting our operational execution. Operational EBITDA for the quarter was $15 million, and that's an increase of $13 million compared to the prior-year quarter, primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices.

For the quarter, we reported a GAAP net loss of $16 million compared with a GAAP net loss of $7 million in the prior year quarter, an increase of $9 million. Let me walk you through the main factors behind this result and share with you some additional helpful information. $12 million of the loss was driven by a change in the fair value of an embedded derivative related to our Series B preferred stock. This accounting impact resulted from a previously announced amendment to the Series B agreement, and the change in fair value was primarily caused by the increase in our stock price during the quarter. This is fully disclosed in our Form 10-Q. $5 million of the loss relates to stock-based compensation expense, which is a non-cash expense and does not impact our liquidity.

We also recognized $4 million in non-cash pension income this quarter. This reflects an $18 million decrease compared to the prior year quarter. This is driven by the termination of the KRIP pension plan, which we completed in the fourth quarter of 2025. As a result of the plan termination, we expect pension income to be lower year-over-year in each quarter of 2026. We will see this reoccur every quarter this year. Partially offsetting these items, GAAP net loss benefited from an $8 million year-over-year reduction in interest expense, mainly due to term loan repayments resulting from the pension plan termination and reversion. While these items affect comparability, they reflect deliberate actions we took to strengthen our balance sheet, reduce debt, and build long-term value.

Now that I've explained some of the key drivers of the year-over-year change in our net loss, I've also included a simple reconciliation in today's materials to explain how the GAAP net loss translates to operational EBITDA. We've received feedback from investors and questions about this, so we're covering it here. EBITDA measures the profitability of our business by excluding its components of interest, taxes, and non-cash charges like depreciation and amortization. As you know, EBITDA stands for earnings before interest, taxes, depreciation, and amortization. To arrive at operational EBITDA from net loss, we start by adding back those standard items of interest expense, tax expense, and depreciation and amortization expense. In addition, to arrive at operational EBITDA for Kodak, we remove those non-operational items shown on the waterfall slide. Number 1. Non-recurring and other items.

This category primarily contains the $12 million expense we booked in the quarter for the fair value change in the preferred stock derivative. This derivative is the value of the conversion option for our stock. We expect to fair value this every quarter, and the changes will be recognized in our income statement. Second category are non-cash items of expense or income. In this case, it is a net expense item. This represents an adjustment to remove stock-based compensation expense, which we talked about earlier, and it's almost fully offset by the corporate component of pension income, which we also discussed earlier in my remarks. As I have said, these adjustments remove the impact of items that can cause GAAP volatility, but do not reflect day-to-day operations. Therefore, we consider them non-operational. The resulting operational EBITDA provides a clear view of how our underlying business is performing.

We've consistently used this metric as our segment measure as well, which is disclosed in all of our earnings releases and fully reconciled in that material. I hope this provides helpful context of the company's performance and financial statements. If you have further questions, please don't hesitate to contact us. Moving on to our cash performance for the first quarter. We ended the quarter with $299 million of unrestricted cash, a decrease of $38 million from 31st December 2025. Let me briefly walk through the key drivers of our quarter-end cash position. First, as expected, we received $46 million in cash proceeds from the redemption of hedge fund investments related to the KRIP pension reversion during the quarter. Second, working capital was impacted by a $38 million increase in inventory, with $35 million of this increase occurring within our AM&C segment.

This was largely driven by average commodity cost of silver more than doubling from year-end and increases in the volume of silver we carry on the balance sheet due to supply terms. Inventory in AM&C also increased as we built ahead of a planned second quarter plant shutdown for maintenance. Partially offsetting these impacts within working capital, accounts payable increased by $9 million and accounts receivable decreased by $9 million, both helping to partially counter the inventory increases. As required under the term loan amendment, we made a $50 million principal payment on our higher rate term loans in March. This was funded primarily by KRIP investment asset redemptions. These actions strengthen our liquidity profile and reduce future interest expense.

As of 31st March 2026, the company's net debt positive position increased from $128 million at 31st December 2025, to $139 million at 31st March 2026. This is an $11 million improvement in the quarter. This reflects a further strengthening of our financial position. As I conclude, I want to leave you with a few clear takeaways from our first quarter results. Number one, the financial results were strong. We delivered solid year-over-year growth in revenue, gross profit, and operational EBITDA. This is for the third consecutive quarter. We did this despite economic headwinds in commodity pricing and inflationary impacts as well. Most notably, our operational EBITDA increased sharply even as the business managed through those impacts.

Again, as I talked about earlier, and we've fully reconciled for you, operational EBITDA is our key internal measure of profitability. It's how we measure and disclose the results of our segments in our public filings as well. Finally, I am proud to say that our balance sheet is stronger than it's been in many, many years as we continue to see the benefit of the decisions we've made to reinforce our foundation. With $299 million of unrestricted cash, we are in a net debt positive position relative to our short and long-term debt, and this is for the second consecutive quarter. We have also continued to de-lever the balance sheet, paying down $50 million of higher rate interest debt in the quarter. Thank you for your time and attention. I'll now return it back to Jim.

Thank you, Dave. In summary, we've built a strong, stable Kodak over the last several years by consistent execution of our long-term plan and making the appropriate changes in the environment as it changes around us. We have delivered three consecutive strong quarters year-over-year. We continue to invest in AM & C and print and grow those products. We focus on operations, but more importantly, three key areas that we always focus on: manufacturing, selling, and service. Every one of the company is geared around focusing on those three areas. The goal is to deliver long-term value to our shareholders, our customers, and our employees. With that, I wanna thank everyone for their time and listening to the Eastman Kodak first quarter 2026 investor call.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Good day, and thank you for standing by. Welcome to the Eastman Kodak Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. I would now like to hand the conference over to your speaker host, Anthony Redding. Please go ahead.

Thank you, and good afternoon, everyone. Welcome to Kodak's Fourth Quarter and Full Year 2025 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 of 2025. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com. During today's conference 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. Investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results. 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. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of the 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 may arise after the date made or to reflect the occurrence of unanticipated events. 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 Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. However, as always, the Investor Relations team is available for follow-up. I will now turn the call over to Jim. Thank you, and have a great day.

Welcome, everyone, and thank you for joining the Fourth Quarter and Full Year 2025 Investor Call for Eastman Kodak. I'm proud to say our long-term plan continues to be on track. We finished the quarter and the year very strong. It's almost a tale of 2 halves. If you look at the first and second quarter and look at the results of the third and fourth and the closet of the year, and we're going to cover that through the presentation, you'll see the difference. And the difference really comes from the long-term investments that we've made are really starting to pay off. One piece you'll notice going forward is the pension fund and the reversion. As you look at the reversion in the 2025 numbers, right, it really took place in late November, early December. So the numbers you're seeing, the interest expense and the reversion had very little impact. These are true operating numbers within the business. By completing that, we're able to focus more clearly on our financial reporting and operations. It simplifies the company and easier for everyone to understand the true impact of the operations. And I'm proud to say our balance sheet hasn't been this strong in many years. We have continued to reduce debt over the last several years. We've reduced over $40 million of interest expense, and that all falls to the bottom line. So where does Kodak go from here, right? We stabilized the business. We put the investments in place. We fixed the balance sheet over several years. We've lowered our interest. We're poised for growth. And that is where we're going. When you look at the company going forward, heavily delevered, streamlined operations and investments in new products. We have continued to rationalize the business, focused on smart revenue, took out over $200 million of operating expense over the last few years, invested heavily in new infrastructure and new products. Today, Kodak is well positioned to drive growth. Kodak is in a good position between balance sheet and operations to focus on free cash flow. Highlights for the fourth quarter, as I said, it's a tale of 2 halves of the year, the success of the third quarter carried into the fourth quarter as we expected, increase in both revenue and profits. Revenues of $290 million, an increase of 9%. Fourth quarter revenues grew for both AM&C and Print. Said differently, both sides of the company are now contributing to our growth and our success. Gross profit percentage of 23%, an increase of 4 percentage points demonstrates our value of executing on smart revenue. Now let's jump to highlights of the full year. Consolidated revenues of $1.069 billion, an increase of $26 million or 2%. Gross profit percentage of 22% compared with 19% for the prior year is an increase of 3 percentage points. What's driving these results are a number of factors: streamlined operations focused on innovation, putting that customer first and continuing to drive smart revenue. Moving on, let me give you an update on AM&C. As we said for the last several years, right, we're a great industrial manufacturer and primarily American manufacturer, bringing back that Park and investing into our core competencies, we're starting to see the results truly pay off. When you look at revenue, up 25% for the fourth quarter. We launched owned direct distribution brand of still films to stabilize the market and to provide distributors and retailers, consumers with a more reliable source. Many Oscar nominees were shot on Kodak film. As an example, One Battle After Another, Sinners, Marty Supreme and many others. We've seen a real resurgence in our film group. And on to Pharma, we've invested into our Pharma group. And let's be very clear, our goal here is to get Class II certification. In the interim, we also launched 4 new products from PBS to Water for Injection. Continued highlights, right? Again, remind everyone the 3 core things Kodak does today: brand licensing, AM&C and commercial print. I'm pleased to say our investment in commercial print has been paying off. We continue to be heavily committed to Print. Areas of growth for our Print division have been in North America in our Plates division, imprinting systems. I'm proud to say finally, the PROSPER 520 is moving from controlled introduction to full production. We've also invested in a new rapid response service system to better serve our customers, and we continue to incorporate AI and machine learning to also better serve our customers. These investments will help drive additional growth and better margins. As I touched on brand licensing, something we should not forget, it continues to grow. It's a significant contributor to our gross profit. It adds value, increased awareness of Kodak, especially among the next-generation of consumers. Our brand continues to grow outside the U.S., particularly in Asia, there are stores that sell only Kodak-branded clothes and materials. I will now turn it over to Dave to discuss the fourth quarter and full year financial results.

Thanks, Jim, and welcome, everyone. Thank you for joining us today. This afternoon, we filed the annual Form 10-K for the year ended December 31, 2025, with the SEC. As always, I encourage you to read this filing in its entirety. Before we review the details for the quarter and full year, I want to address a few significant developments that occurred after the filing of our Form 10-Q for the third quarter 2025. In November 2025, following the full settlement of all Kodak retirement income plan obligations, we successfully completed the pension reversion process. This transaction generated approximately $1.023 billion in pension reversion proceeds, a combination of cash and investment assets that strengthens our balance sheet, establishes an overfunding of the new Kodak cash balance pension plan, reduces our ongoing interest expense and supports future growth. Here is a brief overview of the pension reversion proceeds which totaled $870 million of net benefit to the company after excise tax payments of $153 million on the reversion surplus. Number one, debt reduction. Under the November 2025 term loan credit agreement amendment, we paid $312 million of cash proceeds to reduce the term loan principal to $200 million and to satisfy accrued interest and prepayment premiums, significantly lowering our ongoing interest expense by approximately $40 million annually and further strengthening our capital structure. Number two, funding the new pension plan. We contributed $251 million in investment assets and $5 million in cash to fund the new Kodak cash balance plan. The establishment of this replacement plan provides the same level of benefit for active Kodak employees that was available under the KRIP plan, which is very rare in pension terminations. Number three, net proceeds to Kodak. After the pay down of debt, replacement plan funding and excise tax payments, Kodak received net cash of $144 million and $158 million in investment assets. $9 million of these investment assets was redeemed in the form of cash proceeds in December 2025. As a result, Kodak ended 2025 in a net positive cash position relative to our $300 million in term loan and Series B preferred equity obligations with a cash balance of $337 million as of December 31, 2025. Lastly, on March 11, 2026, the company filed the 2026 Series B amendment effective on the same date. In summary, the amendments extended the mandatory redemption date of the Series B preferred equity obligation out 3.25 years' time from the effective date of the amendment to June 2029. It revised the terms of the cumulative dividends payable to a rate of 6% per annum from 4% previously. It reduced the conversion price from $10.50 to $10 per share, and it revised the mandatory conversion terms. In parallel to this amendment, the term loan credit agreement was also amended on March 11, 2026, and requires the company to further pay down the term loans by $50 million within 5 days of the effective date and by another $50 million on or before June 1, 2026. As a reminder, prior to this amendment, the Series B preferred equity obligation of approximately $100 million was coming due in May 2026. Also note, that the term loans accrue interest at a rate of 12.5%. Thus, by extending the preferred equity obligation, the company will be using $100 million to pay down the higher interest rate bearing term loan balance over the next 3 months, which will further strengthen the company's liquidity position as well as reduce our weighted average interest rate and therefore, cash used for interest and dividend payments. Please refer to the annual Form 10-K filed with the SEC today for further information and disclosure on all of these matters. I will now review the financial highlights, including operational EBITDA and cash flow performance for both the fourth quarter and full year 2025. Despite a challenging global environment marked by economic and geopolitical uncertainty, including pressures on global trade and inflation, we delivered strong financial results. Our progress is especially evident in gross profit and operational EBITDA, demonstrating continued execution against our priorities and long-term objectives. Turning to Slide 7. Key highlights for the fourth quarter of 2025 include revenue of $290 million, an increase of $24 million or 9% year-over-year. Revenue increased $19 million on a constant currency basis. Gross profit of $67 million, up $16 million or 31% from 2024. Foreign exchange had no impact on gross profit. The gross profit percentage was 23% compared to 19% in the prior year quarter. Our GAAP net loss of $108 million compared to GAAP net income of $26 million in the fourth quarter of 2024 represents a decline of $134 million. The primary drivers impacting fourth quarter GAAP net loss are $153 million related to excise tax expense on the KRIP reversion surplus and a $7 million loss on early extinguishment of debt tied to the term loan paydown using reversion proceeds. These were partially offset by a $66 million gain on the settlement of the KRIP plan. Adjusting for these nonrecurring items and excluding noncash asset impairment charges and noncash changes in workers' compensation and other employee benefit reserves impacting both periods, net loss was $12 million for the fourth quarter of 2025 compared to net income of $27 million in the prior year quarter for a decline of $39 million. This decline was largely due to a $41 million year-over-year reduction in noncash pension income, excluding service cost component and a gain on the settlement of KRIP, stemming from a lower expected return on KRIP assets following a strategic shift in investment strategy leading up to the planned termination and a $7 million increase in restructuring costs compared to the prior year quarter as we continue to streamline our global operating model. All these factors weighed on our year-over-year comparison, each reflects deliberate decisions that enhance the company's long-term stability, strengthen our balance sheet and position us to drive sustainable value creation going forward. For the quarter, operational EBITDA was $22 million, up $13 million or 144% year-over-year, driven by improved pricing and higher volume, partially offset by higher manufacturing costs and continued global cost increases. Our operational EBITDA increased $15 million year-over-year when adjusted for noncash changes in workers' compensation and other employee benefit reserves impacting both periods. Moving on to the company's cash performance for the fourth quarter of 2025 as shown on Slide 8. The company ended the quarter with $337 million in unrestricted cash. On an adjusted basis, cash and cash equivalents increased by $24 million year-over-year after excluding the favorable impact of net proceeds from the KRIP reversion, net of debt-related repayments and excise tax as well as the effects of changes in restricted cash and foreign exchange. Turning to Slide 9, which summarizes our full year 2025 results. Consolidated revenue was $1.069 billion, an increase of $26 million or 2%. On a constant currency basis, revenue increased $15 million. Gross profit improved $29 million or 14%. On a constant currency basis, gross profit improved $28 million. Gross profit percentage was 22% for 2025, up from 19% in the prior year period, reflecting stronger pricing discipline and continued operational execution. The GAAP net loss for the full year 2025 was $128 million compared to GAAP net income of $102 million in 2024, for a decline of $230 million. However, similar to the impact of nonrecurring items on our fourth quarter results, full year net loss includes the impact of pension-related excise tax and a loss on early debt extinguishment, partially offset by a gain on the settlement of KRIP. In addition, the prior year period includes a net gain on sale of assets and both years reflect noncash asset impairment charges and noncash changes in workers' compensation and other employee benefit reserves. Adjusting for these current and prior year items, net loss was $11 million for 2025 compared to net income of $87 million in 2024, a decline of $98 million. This is largely driven by $111 million reduction in noncash pension income, excluding service cost component in 2025 and a gain on the settlement of KRIP and a $13 million increase in restructuring costs when compared to the prior year. Our full year operational EBITDA was $62 million, an increase of $36 million or 138% year-over-year. This increase was driven by improved pricing, operational efficiencies and lower inventory reserve adjustments in our EPS business, partially offset by higher aluminum and manufacturing costs. There was no net impact on the year-over-year change in operational EBITDA when adjusted for the impact of foreign exchange in the current year and the impact of noncash changes in workers' compensation and other employee benefit reserves in both periods. Moving to Slide 10, which outlines our full year 2025 cash performance. As I stated earlier, we ended the year with $337 million in unrestricted cash, up $136 million from year-end 2024, largely reflecting proceeds from the KRIP settlement and asset reversion and operational improvements. We reduced the principal balance of our term loans by $303 million, bringing the year-end balance to $200 million. As a result, Kodak is in a net positive cash position relative to our term loans and Series B preferred equity obligations, significantly strengthening our balance sheet and supporting future growth. Excluding the favorable impact of the KRIP settlement and reversion proceeds, net cash provided by operating activities was $21 million, an improvement of $28 million compared to 2024, driven by stronger operating performance, partially offset by working capital changes. Excluding the net impact of the KRIP reversion, debt-related repayments, excise tax, changes in restricted cash and the effects of foreign exchange, we decreased our use of cash year-over-year by $26 million. Finally, as disclosed in our annual Form 10-K, we remain in full compliance with all financial covenants. I will now turn the discussion back to Jim. Thank you.

If you can leave here with anything that you've heard or seen today, I want to make sure you leave with this message. Kodak is focused on growth following a very strong 2025. We continue to be one Kodak. Customer-first has not changed. Today, we are a diversified industrial manufacturer with one goal, winning. We put our customers first because we only win when they win. We had a very strong finish to 2025. Year-over-year, fourth quarter 2025 revenue increased by $24 million or 9%. Gross profit increased by $16 million or 31%. Operational EBITDA increased by $13 million or 144%. Growth in key businesses, plates and in film. Kodak today is on a very solid foundation for growth. We have a strong balance sheet with more cash than debt. In many years, that has not been the case. Back in second quarter, we had approximately $700 million of debt. Today, we're sitting at $300 million with $300 million plus of cash. We're on the way of taking out another $100 million of long-term debt, which will leave us with over $200 million of cash and $200 million of debt. We'll continue to strengthen that balance sheet, which allows us to execute on growth in our long-term plan. All 3 businesses, Print, AM&C and Brand Licensing are contributing. And inside of that, we have promising new investments in our pharma division, in our battery coating. We continue to invest in the business for a long-term plan. We are pleased with the direction we're in. We have a long way to go. But I can tell you, this is a good start, especially having the balance sheet out of the way. We're really truly focused on growth in our business. I would be remiss if I didn't again thank the leadership team. Over the last several years, we made over a 50% change in the leadership and a melding of the best of what Kodak had and the best of the skills that we knew we needed to bring in to help drive the fundamentals of this company to bring Kodak where it is today. We look forward to the future, and thank you for your support.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.