First Quarter 2022 Summary(1)(2)(4)
*Total reported sales of $2.2 billion, flat versus last year; higher sales in our BSD division, partially offset by lower sales in our Retail division driven by 114 fewer retail locations in service compared to the prior year as a result of planned store closures
*GAAP operating income of $76 million and net income from continuing operations of $55 million, or $1.09 per diluted share, versus $69 million and $63 million, or $1.12 per diluted share, respectively in the prior year
*Adjusted operating income of $88 million, compared to $93 million in the first quarter of 2021; adjusted EBITDA of $125 million, compared to $133 million in the first quarter of 2021
*Adjusted net income from continuing operations of $64 million, or adjusted diluted earnings per share from continuing operations of $1.27, versus $68 million or $1.22, respectively in the prior year
*Operating cash flow from continuing operations of $30 million and adjusted free cash flow of $16 million, versus $103 million and $96 million, respectively in the prior year
*$1.4 billion of total available liquidity including $557 million in cash and cash equivalents
“Our team’s continued commitment to the core tenets that drive our business helped us deliver strong results while making progress on all of our initiatives to unlock shareholder value,” said Gerry Smith, chief executive officer of The ODP Corporation. “We again delivered solid operating performance against a macroeconomic backdrop that continues to be challenged by supply chain constraints, higher fuel prices, and inflation, as we utilized the strength of our distribution network and pricing flexibility to help offset some of these market dynamics. We’re encouraged by the improving back-to-the-office trends that are helping us drive stronger operating performance in our contract channel, while our consumer business continues to execute well against its strategy, leveraging its highly focused store and digital presence to deliver solid results in the quarter. Overall, our strong execution across the business, combined with our commitment to our low-cost model approach, enabled us to deliver $88 million in adjusted operating income.
“We’ve also continued to make progress on all of our strategic initiatives, including our commitment to maximize the value of our consumer business, and our efforts to align our assets with the go-to-market strategies in our B2C, B2B, distribution, and digital platform businesses. We’re advancing our new digital platform business, Varis, receiving positive feedback from key build partners as we move closer to a broader launch of the platform later this year. We’re also excited about the progress we are making on our supply chain and purchasing services provider, Veyer, and the future value we expect to create in support of our B2B and B2C businesses and as we offer logistics services to other third parties in the future,” he added.
“As we move closer to concluding the strategic initiatives we previously outlined, we remain committed to maximizing the value of our consumer business and driving growth on our B2B platform. We also continue to expect our results this year to be generally in a range consistent with the prior year on a comparable basis,” Smith concluded.
details at: https://investor.theodpcorp.com/news-releases/news-release-details/odp-corporation-announces-first-quarter-2022-results