Eastman Kodak Q3 2026 net income rises to $21M
Management said it is focused on continued investment in core businesses and finishing 2026 with profitable growth.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Eastman Kodak Company (KODK) reported third-quarter 2026 consolidated revenue of $276 million, up $7 million, or 3%, from $269 million a year earlier. Advanced Materials & Chemicals revenue rose to $99 million from $82 million, while Print revenue declined to $165 million from $177 million. Gross profit was $73 million, up from $68 million, and gross profit margin was 26%, compared with 25%.
GAAP net income was $21 million, compared with $13 million; the company attributed the increase primarily to higher gross profit and lower interest expense, partly offset by higher selling, general and administrative expenses. Operational EBITDA, a non-GAAP measure, was $31 million versus $29 million. Cash was $317 million at September 30, up $27 million from June 30; cash flow from operations was $25 million for the quarter. Cash was down $20 million from December 31, 2025, primarily due to $101 million in required Term Loan repayments and $18 million in capital expenditures, partly offset by $93 million in proceeds from redemptions of Kodak Retirement Income Plan reversion investments. Nine-month cash flow from operations was break-even.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointGross profit increased 7% to $73 million year over year.
- Moderate pointGAAP net income rose $8 million year over year.
- Moderate pointOperational EBITDA increased 7% to $31 million year over year.
Negative
- Moderate pointPrint revenue declined 7% to $165 million year over year.
- Moderate pointPrint Operational EBITDA fell $7 million, from $8 million to $1 million.
Filing Explained
For the completed third quarter, Kodak reported consolidated Operational EBITDA of
8-K Event Classification
Key Figures
Key Terms
Operational EBITDA financial
constant currency financial
KRIP reversion investments financial
non-service cost components financial
SG&A financial
Earnings Snapshot
FAQ
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How much revenue did KODK report in Q3 2026?
What were KODK's net income and Operational EBITDA in Q3 2026?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________ Form |
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CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported):
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Identification No.) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
1
Item 2.02 Results of Operations and Financial Condition
On November 3, 2026, Eastman Kodak Company (the "Company") issued a press release describing its third quarter 2026 financial results. A copy of the press release is furnished as Exhibit (99.1) to this report.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release issued on November 3, 2026, regarding the Company's third quarter 2026 financial results furnished with this document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EASTMAN KODAK COMPANY
(Registrant)
/s/ Richard T. Michaels
Richard T. Michaels
Chief Accounting Officer and Corporate Controller
(Chief Accounting Officer and Authorized Signatory)
Date: November 3, 2026
3
Exhibit 99.1
Media Contact:
Kurt Jaeckel, Kodak, +1 585-490-8646, kurt.jaeckel@kodak.com
Investor Contact:
Denisse Goldbarg, Kodak, +1 585-724-4053, shareholderservices@kodak.com
Kodak Reports Third-Quarter 2026 Financial Results
Company Delivered Year-Over-Year Growth in Revenue, Gross Profit, Net Income and Operational EBITDA
ROCHESTER, N.Y., November 3, 2026 – Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2026.
Third quarter 2026 highlights include:
Kodak Reports Third-Quarter 2026 Financial Results Page 2
“Kodak delivered strong performance in the third quarter, once again achieving year-over-year improvement in revenue, gross profit and Operational EBITDA,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We continue to execute our long-term plan and are seeing a return on our ongoing investments. Our primary growth engine, AM&C, is now our fastest growing, most profitable unit. Our print business has performed well for the year to date despite challenging economic conditions. And, most importantly, we generated $27 million in cash for Q3, an important indicator of the operational strength of our business. Looking forward, we’re focused on continuing to invest in our core businesses and finishing the year with profitable growth.”
For the quarter ended September 30, 2026, revenues were $276 million, an increase of $7 million or 3 percent compared to the same period in 2025 primarily due to the growth in AM&C.
GAAP net income was $21 million for the quarter, compared to GAAP net income of $13 million in 2025, an increase of $8 million primarily due to improvements in gross profit and a reduction in interest expense compared to the prior period, partially offset by higher selling, general and administrative expenses ("SG&A") primarily related to increased equity compensation and changes in employee benefit accruals. Operational EBITDA for the quarter ended September 30, 2026, was $31 million, compared to $29 million in 2025, an increase of $2 million. The increase in Operational EBITDA was driven by improved pricing and higher volume, partially offset by higher aluminum and silver prices and SG&A costs primarily related to changes in employee benefit accruals.
Kodak ended the quarter with a cash balance of $317 million, an increase of $27 million compared with $290 million on June 30, 2026, primarily due to cash flow from operations of $25 million for the three months ended September 30, 2026. Cash decreased $20 million from December 31, 2025, primarily driven by the required repayment of the Term Loans of $101 million and capital expenditures of $18 million, partially offset by cash proceeds from redemptions of Kodak Retirement Income Plan reversion investments of $93 million.
##
2
Kodak Reports Third-Quarter 2026 Financial Results Page 3
Revenue and Operational EBITDA by Reportable Segment Q3 2026 vs. Q3 2025
(in millions) |
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Q3 2026 Actuals |
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Advanced Materials & Chemicals |
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Brand |
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Total |
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Revenue |
$ |
165 |
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|
$ |
99 |
|
|
$ |
9 |
|
|
$ |
273 |
|
Operational EBITDA * |
$ |
1 |
|
|
$ |
21 |
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|
$ |
9 |
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|
$ |
31 |
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Q3 2025 Actuals |
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Advanced Materials & Chemicals |
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Brand |
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Total |
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Revenue |
$ |
177 |
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|
$ |
82 |
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|
$ |
6 |
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|
$ |
265 |
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Operational EBITDA * |
$ |
8 |
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$ |
16 |
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$ |
5 |
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$ |
29 |
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Q3 2026 vs. Q3 2025 Actuals |
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Advanced Materials & Chemicals |
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Brand |
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Total |
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Revenue |
$ |
(12 |
) |
|
$ |
17 |
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$ |
3 |
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|
$ |
8 |
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Operational EBITDA * |
$ |
(7 |
) |
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$ |
5 |
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$ |
4 |
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$ |
2 |
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Q3 2026 Actuals on constant currency ** vs. Q3 2025 Actuals |
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Advanced Materials & Chemicals |
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Brand |
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Total |
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Revenue |
$ |
(10 |
) |
|
$ |
17 |
|
|
$ |
3 |
|
|
$ |
10 |
|
Operational EBITDA * |
$ |
(7 |
) |
|
$ |
5 |
|
|
$ |
4 |
|
|
$ |
2 |
|
* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.
** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended September 30, 2025, rather than the actual average exchange rates in effect for the three months ended September 30, 2026.
Eastman Business Park segment is not a reportable segment and is excluded from the tables above.
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.
3
Kodak Reports Third-Quarter 2026 Financial Results Page 4
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward–looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.
Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements.
Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10‑K for the year ended December 31, 2025 under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” in the corresponding sections of Kodak’s Quarterly Reports on Form 10‑Q for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; the impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup any associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production time and manage any associated fluctuations in demand; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, intellectual property rights, and commodity supply constraints; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic
4
Kodak Reports Third-Quarter 2026 Financial Results Page 5
transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations.
Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak 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 unanticipated events, except as required by law.
APPENDICES
In this third quarter 2026 financial results news release, reference is made to the following non-GAAP financial measures:
Kodak believes that these non-GAAP measures represent important internal measures of performance as used by management. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition and results of operations.
The change in revenues on a constant currency basis, as presented in this financial results news release, is calculated using average foreign exchange rates for the three months ended September 30, 2025, rather than the actual average exchange rates in effect for the three months ended September 30, 2026.
Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). Operational EBITDA represents the consolidated income (loss) from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; loss on early extinguishment of debt; other operating income, net; and other charges, net.
5
Kodak Reports Third-Quarter 2026 Financial Results Page 6
The following table reconciles the most directly comparable GAAP measure of Net Income (Loss) to Operational EBITDA for the three months ended September 30, 2026 and 2025, respectively:
(in millions) |
Q3 2026 |
|
|
Q3 2025 |
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|
$Change |
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|
% Change |
|
||||
Net Income |
$ |
21 |
|
|
$ |
13 |
|
|
$ |
8 |
|
|
|
62 |
% |
All other |
|
— |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
|
|
Depreciation and amortization |
|
7 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
Restructuring costs and other |
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
Stock based compensation |
|
8 |
|
|
|
1 |
|
|
|
7 |
|
|
|
|
|
Consulting and other costs (1) |
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
Idle costs (2) |
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
Other operating income, net (3) |
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
|
|
Interest expense (3) |
|
3 |
|
|
|
18 |
|
|
|
(15 |
) |
|
|
|
|
Pension income excluding service cost |
|
(15 |
) |
|
|
(16 |
) |
|
|
1 |
|
|
|
|
|
Other charges, net (3) |
|
3 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
|
Provision for income taxes (3) |
|
3 |
|
|
|
3 |
|
|
|
— |
|
|
|
|
|
Operational EBITDA |
$ |
31 |
|
|
$ |
29 |
|
|
$ |
2 |
|
|
|
7 |
% |
Footnote Explanations:
6
Kodak Reports Third-Quarter 2026 Financial Results Page 7
Eastman Kodak Company
Consolidated Statement of Operations (Unaudited)
|
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Three Months Ended |
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|||||
|
|
September 30, |
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(in millions, except per share data) |
|
2026 |
|
|
2025 |
|
||
Revenues |
|
|
|
|
|
|
||
Sales |
|
$ |
241 |
|
|
$ |
229 |
|
Services |
|
|
35 |
|
|
|
40 |
|
Total revenues |
|
|
276 |
|
|
|
269 |
|
Cost of revenues |
|
|
|
|
|
|
||
Sales |
|
|
180 |
|
|
|
174 |
|
Services |
|
|
23 |
|
|
|
27 |
|
Total cost of revenues |
|
|
203 |
|
|
|
201 |
|
Gross profit |
|
|
73 |
|
|
|
68 |
|
Selling, general and administrative expenses |
|
|
50 |
|
|
|
41 |
|
Research and development costs |
|
|
8 |
|
|
|
7 |
|
Restructuring costs and other |
|
|
2 |
|
|
|
1 |
|
Other operating income, net |
|
|
(2 |
) |
|
|
— |
|
Income from operations before interest expense, |
|
|
15 |
|
|
|
19 |
|
Interest expense |
|
|
3 |
|
|
|
18 |
|
Pension income excluding service cost component |
|
|
(15 |
) |
|
|
(16 |
) |
Other charges, net |
|
|
3 |
|
|
|
1 |
|
Income from operations before income taxes |
|
|
24 |
|
|
|
16 |
|
Provision for income taxes |
|
|
3 |
|
|
|
3 |
|
NET INCOME |
|
$ |
21 |
|
|
$ |
13 |
|
|
|
|
|
|
|
|
||
Basic net income (loss) per share attributable to |
|
$ |
0.18 |
|
|
$ |
(0.08 |
) |
Diluted net income (loss) per share attributable to |
|
$ |
0.18 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
||
Number of common shares used in basic and diluted net |
|
|
|
|
|
|
||
Basic |
|
|
98.0 |
|
|
|
89.8 |
|
Diluted |
|
|
102.8 |
|
|
|
89.8 |
|
The notes accompanying the financial statements contained in the third quarter Form 10-Q are an integral part of these consolidated financial statements.
7
Kodak Reports Third-Quarter 2026 Financial Results Page 8
Eastman Kodak Company
Consolidated Statement of Financial Position (Unaudited)
|
|
September 30, |
|
|
December 31, |
|
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(in millions, except per share data) |
|
2026 |
|
|
2025 |
|
||
ASSETS |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
317 |
|
|
$ |
337 |
|
Trade receivables, net of allowances of $7 at both periods |
|
|
134 |
|
|
|
145 |
|
Inventories, net |
|
|
261 |
|
|
|
218 |
|
Other current assets |
|
|
79 |
|
|
|
141 |
|
Total current assets |
|
|
791 |
|
|
|
841 |
|
Property, plant and equipment, net of accumulated depreciation of $512 and $499, |
|
|
196 |
|
|
|
191 |
|
Goodwill |
|
|
12 |
|
|
|
12 |
|
Intangible assets, net |
|
|
17 |
|
|
|
17 |
|
Operating lease right-of-use assets |
|
|
32 |
|
|
|
37 |
|
Restricted cash |
|
|
80 |
|
|
|
96 |
|
Pension and other postretirement assets |
|
|
309 |
|
|
|
302 |
|
Other long-term assets |
|
|
102 |
|
|
|
121 |
|
TOTAL ASSETS |
|
$ |
1,539 |
|
|
$ |
1,617 |
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY |
|
|
|
|
|
|
||
Accounts payable, trade |
|
$ |
91 |
|
|
$ |
101 |
|
Short-term borrowings and current portion of long-term debt |
|
|
2 |
|
|
|
1 |
|
Current portion of operating leases |
|
|
11 |
|
|
|
11 |
|
Other current liabilities |
|
|
145 |
|
|
|
155 |
|
Total current liabilities |
|
|
249 |
|
|
|
268 |
|
Long-term debt, net of current portion |
|
|
108 |
|
|
|
208 |
|
Pension and other postretirement liabilities |
|
|
184 |
|
|
|
191 |
|
Operating leases, net of current portion |
|
|
25 |
|
|
|
30 |
|
Other long-term liabilities |
|
|
243 |
|
|
|
207 |
|
Total liabilities |
|
|
809 |
|
|
|
904 |
|
|
|
|
|
|
|
|
||
Commitments and Contingencies (Note 9) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Redeemable, convertible preferred stock, no par value, $100 per share liquidation |
|
|
76 |
|
|
|
99 |
|
|
|
|
|
|
|
|
||
EQUITY |
|
|
|
|
|
|
||
Common stock, $0.01 par value |
|
|
1 |
|
|
|
1 |
|
Additional paid in capital |
|
|
1,291 |
|
|
|
1,278 |
|
Treasury stock, at cost |
|
|
(29 |
) |
|
|
(26 |
) |
Accumulated deficit |
|
|
(499 |
) |
|
|
(521 |
) |
Accumulated other comprehensive loss |
|
|
(110 |
) |
|
|
(118 |
) |
Total shareholders’ equity |
|
|
654 |
|
|
|
614 |
|
TOTAL LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY |
|
$ |
1,539 |
|
|
$ |
1,617 |
|
The notes accompanying the financial statements contained in the third quarter Form 10-Q are an integral part of these consolidated financial statements.
8
Kodak Reports Third-Quarter 2026 Financial Results Page 9
Eastman Kodak Company
Consolidated Statement of Cash Flows (Unaudited)
|
|
Nine Months Ended |
|
|||||
|
|
September 30, |
|
|||||
(in millions) |
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
22 |
|
|
$ |
(20 |
) |
Adjustments to reconcile to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
20 |
|
|
|
21 |
|
Pension and postretirement income |
|
|
— |
|
|
|
(42 |
) |
Gain on settlement of Kodak Retirement Income Plan |
|
|
(10 |
) |
|
|
— |
|
Change in fair value of preferred stock embedded derivative |
|
|
13 |
|
|
|
— |
|
Change in fair value of KRIP reversion investment assets |
|
|
(5 |
) |
|
|
— |
|
Asset impairment |
|
|
— |
|
|
|
21 |
|
Paid-in-kind interest expense |
|
|
— |
|
|
|
36 |
|
Non-cash changes in workers' compensation and employee benefit reserves |
|
|
(5 |
) |
|
|
— |
|
Stock based compensation |
|
|
22 |
|
|
|
4 |
|
Net gain from sale of assets |
|
|
(3 |
) |
|
|
— |
|
Loss on early extinguishment of debt |
|
|
2 |
|
|
|
— |
|
Provision for deferred income taxes |
|
|
2 |
|
|
|
1 |
|
Decrease in trade receivables |
|
|
9 |
|
|
|
— |
|
(Increase) decrease in miscellaneous receivables |
|
|
(5 |
) |
|
|
2 |
|
Increase in inventories |
|
|
(44 |
) |
|
|
(12 |
) |
Decrease in trade payables |
|
|
(13 |
) |
|
|
(15 |
) |
Decrease in liabilities excluding borrowings and trade payables |
|
|
(24 |
) |
|
|
(22 |
) |
Other items, net |
|
|
19 |
|
|
|
17 |
|
Total adjustments |
|
|
(22 |
) |
|
|
11 |
|
Net cash used in operating activities |
|
|
— |
|
|
|
(9 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Additions to properties |
|
|
(18 |
) |
|
|
(28 |
) |
Proceeds from sale of preferred equity investment |
|
|
2 |
|
|
|
— |
|
Proceeds from redemption of KRIP reversion investments |
|
|
93 |
|
|
|
— |
|
Net proceeds from the sale of assets |
|
|
2 |
|
|
|
5 |
|
Net cash provided by (used in) investing activities |
|
|
79 |
|
|
|
(23 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Net proceeds from ATM equity offering program |
|
|
— |
|
|
1 |
|
|
Repayment of Amended and Restated Term Loan Agreement |
|
|
(101 |
) |
|
|
— |
|
Preferred stock cash dividend payments |
|
|
(6 |
) |
|
|
(2 |
) |
Treasury stock purchases |
|
|
(2 |
) |
|
|
(2 |
) |
Proceeds from exercise of employee stock options |
|
|
1 |
|
|
|
— |
|
Net cash used in financing activities |
|
|
(108 |
) |
|
|
(3 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
|
|
5 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(29 |
) |
|
|
(30 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
442 |
|
|
|
301 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
413 |
|
|
$ |
271 |
|
|
|
|
|
|
|
|
||
Non-cash Financing Activities: |
|
|
|
|
|
|
||
Series B preferred stock embedded derivative liability at issuance |
|
$ |
30 |
|
|
$ |
— |
|
Series C preferred stock exchange to common stock |
|
$ |
— |
|
|
$ |
124 |
|
The notes accompanying the financial statements contained in the third quarter Form 10-Q are an integral part of these consolidated financial statements.
9