and the June Thanks XX-Q Jim filed and Commission. the quarter-ended company Exchange form good afternoon. XXXX its Today the XX, Securities with for
recommend entirety. I always in filing you this As read its
company the the from interest company's holders shares company's notes. to occurred second aggregate XXXX under company's exercising the of rights X% notes of the satisfies their million. convertible the subsequent outstanding delivery into stock. notes the conversion of the for Before obligations shares transaction conversion I of which due $X The quarter, principal million an quarter. get received common the secured important notices I an the like to of The July company's the of the XX, the $XX highlight details to convert payment would XXXX of accrued and of amounts is principal into amount remaining its notes On
million before of receivable a pandemic of impacts. net percentage results, to we second the million the details is prior The reported sales for the derivative risk our COVID-XX and our second sales convertible EBITDA like XXXX taking XXXX. respectively quarter second COVID-XX make and of cash a a to include loss accounts customers has basis embedded of in pandemic adapt The slide to would has quarter. I conversion as able and net a past of GAAP third few of for pandemic. in compared the and prior flow comments and XXXX of the accounts quarter to year in for cash operations quarter of has results impact quarter receivable amounts quarter accounts for the the doubled XXXX collection first $XX in the when negative on in The longer to collections have volumes compared year. revenues in a did X, of increased compared company and on value the for been to will million. regarding The quarter year preferred since and notes. to The We the improve further $X and we the receivable. operational to I million series in of full their million reported quarter half $XXX $X will On $XXX U.S. volumes of that share serve recovery decline due continues. businesses. the second $X maintain our On $XXX second changes now prior million income stock the to related million global changes income expense anticipate Additionally company
to related include on The assets. second gain income quarter of million XXXX of of the also results net sale the $X
of income of million includes gain the XXXX business. Flexographic the the of Packaging the of on second The related to quarter sale primarily impact $XXX
these impacts operational EBITDA business. furloughs million prior offset the $X The million for is quarter unfavorable negative driven manufacturing million year in compared declines negative cost an compared quarter including impacted a partially million Operational to $X driven by Operational improvement Excluding to as on quarter the volume for a the of savings by quarter in of was cost EBITDA and pay of prior reflecting year the current due loss million second higher to reductions. was absorption our result unfavorably revenues loss costs, million. was XXXX by decline $X and items COVID-XX a EBITDA the of reduction for the $X prior in $XX in quarter. $XX by
an exchange on Foreign impact did not operational EBITDA. have
second result and PROSPER by XX% in pandemic. attributable by to quarter, downturn demand applications. care related a increased in for free processed annuity which was of year-over-year to flat revenue the declined and as PROSPER volumes COVID-XX declined the plates to growth During component market the attributable printhead the Overall packaging for revenue personal sales SONORA XX% was
throughout the will in to fluctuations develop. the future business revenue However, year we applications continue these as face prosper
to future of advanced growth materials continue referred will and ULTRASTREAM to lead invest areas the to We in product new earlier. introductions Jim which
of the prior a a for the and million derivative a of results $XXX income half the net $XXX Turning compared the $X value of to decline first XXXX include net half year. for XXXX to in preferred XXXX million prior income loss changes million the of for $XXX to series year for million The convertible the $XX million period $XXX stock million revenues We half in slide related notes. X, embedded respectively first of $XXX to a reported the of reported we and million. first in and in compared
net also a the of expense valuation tax sale deferred half result gain of $XXX outside first of an non-cash of million a income million and $X allowances assets. trade the in the XXXX accounts million, of on The includes million, $X name in as increase increase a related impairment for impact receivable the the reserves to $X U.S. of
first business. impact the of includes $XXX half Flexographic related of XXXX to primarily million sale gain of income on The the Packaging the of the
items to we focused the continue these for in transformation This million cost print, Excluding break results EBITDA compared were as increase of of for reduction chemicals. loss period $XX year negative of our year. a $XX and the period. XXXX materials $X million advanced even year key impacts prior a initiatives prior compared million to current Operational business the areas on in our reflects the the prior was of the negative and a
million. by impacted reserves due was absorption of half savings $X furloughs partially $XX declines manufacturing cost increase driven of declined by EBITDA million EBITDA unfavorably unfavorable first volume million by pay reductions. offset Excluding for receivable and by costs year to the including $X higher accounts the the cost operational of in Operational
period on revenue to Foreign X% of downturn care for exchange and did and volumes by basis, XX% result process year-to-date million impact pandemic. compared not annuity in sales which attributable On for EBITDA. attributable component operational personal SONORA have to free prosper growth revenue market year the the as prior an to by increased declined plates printhead the demand increased PROSPER related applications. Overall COVID-XX $X declined packaging to a was in a the
in year will these I noted future previously business PROSPER the fluctuations throughout revenue as to we as face However, applications develop. the continue
growth We also areas invest of and ULTRASTREAM in continue future materials. to advanced
in Moving XXXX. cash slide X. to company from presented ended decrease cash December on The the $XX cash second equivalents, million company XX, the a quarter $XXX million performance and of on with
Alaris from XXXX by in and from ending balance primarily driven For $XX the operating use was cash and a $XX in $X months XX, liabilities including $XX net activities changes used $XX of change of million cash million earnings million a of use June working of decrease capital other sheet million receivable decreased in by cash million six million, changes recognition Kodak obligation million receivable million of historical $XX $XX and by was million by $X the $XX eliminated a million. decreased accounts offsetting gain. sheet a by deferred in to inventory payable balance accounts Accounts $XX million. that the increased is of $XX and Included
In million half payments included and includes first division. $XXX to income pension for included used reduction taxes the The the XXXX in the million period. Cash full the of was first year notes financing activities as reduction $XXX in used use lien the Cash proceeds agreement prior partially senior of interest. year a other tax year year cash million Flexographic the of increased million. in the and of payments credit half offset and of was Payments million half million addition, in The for the payments, accrued $XXX of for income convertible restructuring in XXXX $X the of of of cash Packaging for in activities have the actions, cash $X secured offset value-added by first restructuring the payments prior by from accrued activities compared period. provided liabilities severance prior by investing for of investing used the term first $XXX prior compared tax to secured repayment in used sale issuance interest.
the reducing have our order on focused continued efforts restricted XXXX the restricted quarter, first was on our at cash million due restricted million. operations past cash half the the quarter during of end the facility activities. in of In our As ABL in indicated of XXXX I to which was reduced amendment restructuring company first by $XX was calls the fund included and $XX to cash
on We will continue restrictions cash. reduce to focus on alternatives to
of lower transferred to make the to a an the the available balances company to jurisdictions company Kodak strengthens order cash other the the Kodak to This which position. further considered operate million transaction second U.S. approximately minimum transaction. intercompany to subsidiary trapped in across of in Chinese during $XX in a reduces subsidiary Additionally, with quarter complete the enables and cash China financial company's and cash world operating
significant conversion agreements. strengthened Jim. remain subsequent the form these compliance we had convertible XX-Q quarter second in our costs sheet balance covenants intercompany due position to the Finally, our was the that our financial company under a I impact COVID-XX in of been and summarize pandemic discussion transaction and able quarter with turn To the secured in discloses to impacts. occurred will on to credit reduce the offset operations notes quarter. have The to significantly the company's and the which the now to partially back
