David Bullwinkle
CFO & Senior VP at Eastman Kodak Company
The decrease in cash was primarily driven by capital expenditures to fund growth initiatives in our AM and C business. Investments in technology systems and organizational structure and lower profitability from operations, partially offset by improvements in working capital, primarily due to cash proceeds of $40,000,000 from brand licensing received in January of twenty twenty four. During 2024, cash used in operating activities was $7,000,000 Current year cash used in operating activities was primarily driven by the use of cash from net earnings of $35,000,000 and by cash flow from balance sheet changes of $28,000,000 including an improvement in working capital of $41,000,000 and a decrease in other liabilities of $46,000,000 Within working capital, accounts payable decreased by $3,000,000 inventory increased by $7,000,000 and accounts receivable decreased by $51,000,000 The decrease in accounts receivable is primarily due to cash proceeds of $40,000,000 from brand licensing transactions received in January of twenty twenty four. Our team continues to focus on improving profitability and performance in working capital, which enhances the company's ability to generate cash. Cash from operating activities declined by $45,000,000 from the prior year, driven by a $34,000,000 year over year decrease in cash flow from net earnings and an $11,000,000 decrease in cash flow from balance sheet changes, including an improvement in working capital cash flows of $52,000,000 offset by a decrease in cash flows from liabilities excluding borrowings and trade payables of $67,000,000 primarily related to the recording of deferred revenue for brand licensing arrangements in 2023.
