Thanks its with the Jim, Exchange and good afternoon. Commission. XX, Today, Securities June company Form for XXXX XX-Q and the filed ended quarter the
read this in I entirety. As filing always, recommend you its
quarter, I announced transaction and Before like the I comment to July. the in financing on details company the that into would a get for closed
various The June ABL to primarily of under As compensation letter has cash legacy previously and to XXth, was the facility jurisdictions. facilities capacity company issue utilized support its letters collateralized XXXX. credit liability of the to set these company's workers' mature discussed, on self-insured with credit
XXXX, provide $XXX an Investment with XX, funds with into commitment aggregate Management company June loan to Kennedy an On a to the existing amendment LLC, principal provide term affiliated the credit agreement million. loans Lewis the the entered and certain amount company of to among company in term refinancing
term was accrued plus cash agreement. represent to the the company term term principle paid refinance existing interest amount July in approximately amended proceeds by and the and refinancing term loan agreement loans, aggregate net million of million $XXX XXst, The XXXX, or the from kind the paid its loan On the restated of company of borrowing. which credit the received unpaid completed loans company $XXX became effective credit
term the the proceeds repay the notes, interest. amount in Approximately in $XX plus company's loans kind convertible notes, convertible of used refinancing were aggregate million outstanding the of representing net principle to from paid the full accrued
were canceled. convertible the notes result, the obligations under company's a As
the The maturity also existing of company's company Series loan amended preferred to, restated of August to preferred or or B, things, date to the XX earlier is of maturity outstanding agreement and or XXth, date Series stock prior redemption the date extensions credit then XXXX, other or the any extend the days term among refinancings. mandatory C date or stock any the that
XX.X% bear refinancing the rate annum. interest in of X.X% per XX.X% a was include option in cash for cash maintenance financial an restated annum term and term per loans of not cash and loan the X% and same for The a company's agreement at annum. of interest amended under term company's per loans the payable rate in rate covenant. annum per payable credit per in kind X% annum aggregate interest rate does previous or interest in The X.X% per aggregate kind annum The at
of the the which on until reduce LC to entered of an of of behalf the letters America, the and credit XXth, of to LC to company Under the August commitments an lender additional of amendment credit on into amount terms to XXXX, XXXX. to on letter million million. up issue aggregate with conditions up in million an June commitments facility $XXX committed company's agreement XXXX facility the XXXX, LC $XX aggregate XXth, June, to July principle effective XXst, existing which upon amount Also, Bank $XX of facility Amendment, will the aggregate became
the net from in million. $XX the the from loans, LC balance With on term account funding an deposit the additional the increased cash refinancing was by collateral proceeds
greater XXX% not covenant, of an at than cash to but outstanding the time. in credit equal of The LC maintenance minimum company does amount collateral letters any or and at does agreement financial post liquidity given of aggregate facility include a amount the require all or to issued times
to compensation XXth, the its undiscounted to State New or August to with portion collateralize Compensation XXXX. cash of LC prior Board The York company to commitments the reduce facility $XX aggregate all expects Workers' directly substantial workers' a actuarial obligations million
lender's amounts companies repaid property and was the in terminated. existing The ABL the agreement outstanding credit any under the credit released. security agreement its subsidiaries Lastly, ABL existing the interest in assets was the or agreement of full securing or company its
ABL of with convert, provide and stock transactions or B their and Series extended preferred facility. contingent facility term arrangements solidify and the C term loan current the redeem, completion extend these replace the on May our proactively to maturities past our XXth, our ability for existing capital are pleased to structure LC an These XXXX. of for We
cash seven $XXX quarter the XXXX. operational XXXX, and million million we the further or I'll of prior on X%. year flow in the compared million second to $XXX for a second slide the of of share and revenues first half company full $XX quarter for now results, decline of reported details EBITDA quarter, On
no current Foreign the in revenue impact on quarter. exchange year had
and compared in we profit mentioned, reductions significant of by prior Jim to XX% be customer when and As these as million continue impact recognize the to the increased year of improvements or collective for company, focused a the initiatives. profitability a cost $XX to result continue priority innovations Gross pricing, quarter.
had quarter. no on current profit gross in impact exchange year the Foreign
percentage to XX% year quarter. gross in XX% prior profit was XXXX the in Our QX, compared
to taken gross seen improvement of the quarter the result In of first an we economy actions the to in our reported our team from profit have has of operations and XXXX. we make improvement in a XX% more mitigate margin addition, This the is effects global the many efficient.
of the On net a quarter income GAAP second to quarter for $XX net in income quarter. income benefit in year reserves. second of expense $XX million, basis, changes income the of workers' million, respectively, The of fair compensation million and $X reported $X of XXXX to $X related include $X changes in results to related and million million employee we non-cash prior XXXX U.S. liabilities million of the derivative and compared and value respectively embedded and
compared and in current million. improvement year an prior to the for income million reflecting XXXX $XX $XX these prior million quarter, income $XX quarter of year of was Excluding items,
prior was year million $XX for the in EBITDA $XX the Operational compared quarter quarter. to million
in changes benefit Excluding compared improved in and compensation quarters, current when non-cash the operational the EBITDA to $XX impact year and prior quarter. million year by of workers' prior reserves employee the
favorably the actions lower was XXXX and operational EBITDA of by higher second efficiency Operational global pricing impacted profitability for to continued increases and improved ongoing partially related offset improved cost by volumes. quarter
pursuant second X%, volumes basis, when PROSPER declined currency which revenue increased by Process constant a royalties. under to agreement industry the a for revenue but print Free X% volumes. volume license SONORA by to by for On Kodak which for During was declined declined receives PROSPER X%. plates X%, quarter, annuity including by Annuity attributable
to exchange half first $XX prior year prior for the million of XXXX, of compared million. million the the for $XX compared we in $XXX reported impact unfavorable to revenues to Adjusting the revenue $XXX of million in by decreased decrease of Turning current for slide foreign year. eight million of year, the $XX a period
an of We with when the or reported profit increase XX% year higher significantly to $XX compared gross prior million period.
foreign exchange, of to year. or the unfavorable million impact when Excluding $XX profit compared prior improved the gross XX%
Our was the half gross profit for to first percentage compared of XX% XX% the prior XXXX year. in
results rather revenue more serve customers. than prioritize our growth. consistently have our reflect revenue smart These we trading to operations we As make profitability our stated, disciplined for to will efficient better approach
was income income half in of basis, results the of On first changes GAAP compared to XXXX to a U.S. year. net non-U.S. to from include prior of a authority. $XX of half XXXX of million the $XX value in and income for $X first The million the liabilities, million related governmental embedded a million fair refund charges related $X derivatives, net
of include and the value income in workers' of The $X employee million million to derivative XXXX compensation the first results fair liabilities changes and income of changes related to non-cash in half embedded benefit reserves. $X related
period, and from items, $XX prior the million in prior was to period. XXXX million of current year million the an income for $XX Excluding of income prior these year year compared $X reflecting increase
$X the million Operational was year EBITDA for the to million compared period. in prior period $XX
exchange workers' EBITDA foreign growth year benefit prior in year, to factors million. $XX employee profit by in increased described. in current and gross XXXX reserves by impact was for favorably of changes the Excluding compensation non-cash the due Operational EBITDA operational in impacted and the unfavorable the
On Free revenue license a annuity to for plates receives attributable agreement by PROSPER constant Kodak under a a basis, volumes. basis, volume royalties, declined currency or revenue print Process the by SONORA X% X%. for X%, including year-to-date declined and when XX% was by pursuant PROSPER industry annuity to declined which for which On volumes
This prior increase The Moving million compared quarter December on equivalents, slide of reflecting from with company's $XX improvement second million onto cash use ended of period, presented $XXX an XXst, a $X of cash XXXX. the year the the is cash and million. performance cash in million nine. an in $XX with company
$XX in and $X a other of working by including by positive changes for For sheet cash capital flow driven XXth, million was use and the million, six $X provided million, cash XXXX, million liabilities months cash ending by $XX of activities June decrease cash net primarily earnings provided from operating of $X balance of of a million.
payable including capital, provided Cash million capital by million. improvement million. by balance an driven year, decreased flows accounts working $XX by activities in an Within Inventory operating $XXX sheet increased from prior million. working and improvement receivable million, cash accounts $X changes, by of by million decreased $XX $XX improved the $XX by in
are economic our We of our customers focus capital have on serving working with throughout this and difficult comfortable levels maintained period. our
in period. by $X of half, $XX in million compared of by first in after draw first activities to million loan. proceeds the million cash was financing used investing of in includes the activities the fees million by used to Cash $XX year Cash was incremental prior of expenses related period. Cash in when XXXX compared an in increase driven million provided delayed activities $XX XXXX year the half term the provided in prior prior financing the year the financing cash of received activities and $X half first to
Restricted facility collateral addition secure required December supply cash obligations. aluminum the of letter million, XXXX. XXst, credit existing at cash and the represents in ongoing end contracts certain from to under primarily quarter Restricted to $XX escrows was the of various unchanged cash
cash. We to on will focus continue reduce to on alternatives restrictions
in of As authority, the a bottom current exchange presented excluding governmental prior year prior proceeds a equivalents delayed and cash, term slide, the million. refund loan of increase year of on financing, effect the the cash was year on year-over-year net cash and of non-U.S. impact the draw from the receipt from $XXX the current portion rates and
compliance Jim. back covenants. Finally, I'll to we the And remain applicable all in with turn financial discussion
