NASDAQ$ODP
The ODP Corporation · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Announced first quarter 2022 results with flat sales and increased GAAP operating income.
The ODP Corporation reported first quarter 2022 results with sales of $2.2 billion, flat compared to the prior year. GAAP EPS was $1.09 and adjusted EPS was $1.27. The company's commitment to a low-cost model helped drive GAAP operating income of $76 million and adjusted operating income of $88 million.
- 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
- 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
Headline financials
Revenue & EPS history
ODP · Revenue · Quarterly
$2.18B
Revenue by segment
ODP · $1.1B total across 2 segments · Q4 2022
- Office Depot Division$1.09B—99.1%
- Veyer Division$10M—0.9%
Forward guidance
The Company continues to anticipate generating annual revenue, operating and cash flow results in a range consistent with the prior year on a comparable basis, and expects to refine and update its outlook for 2022 as conditions related to the pandemic and supply chain challenges dissipate, and further progress is made on its previously disclosed strategic initiatives.
Tailwinds
- The Company continues to make strong progress on its digital platform business, Varis.
- Varis has established a world-class team of industry professionals and continues to accelerate its technology development.
- Initiated a private preview launch on the Microsoft Dynamics 365 Business Central platform and incorporating positive feedback from Varis’ build partners and customers.
- Attracting new customers to its platform, both buyers and suppliers, innovating on their behalf.
- Continue to make progress on the launch of its technology platform with expanded capabilities that position the Company for future growth
Headwinds
- Expect that the conditions related to both the supply chain and inflationary environment will persist in the quarters ahead
- Conditions related to the pandemic
- Supply chain challenges
- Planned separation of consumer business
- Maximize the value of our consumer business
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports · overlaid with Q1 2022
+0.1%
Avg return
Earnings day
-2.0%
Avg return
5 days after
-1.4%
Avg return
30 days after
48%
32 / 67 earnings
Positive
+27.8%
Q3 2014
Best reaction
-31.0%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.1% | +0.2% | +0.6% | |
| Q2 2025 | +9.3% | +3.6% | +26.4% | |
| Q1 2025 | +1.0% | +40.0% | +30.1% | |
| Q4 2024 | -21.7% | -24.9% | -24.7% | |
| Q3 2024 | -10.9% | -13.6% | -16.6% | |
| Q2 2024 | -31.0% | -31.8% | -25.6% | |
| Q1 2024 | -16.8% | -19.5% | -25.8% | |
| Q4 2023 | +6.6% | +1.2% | +0.1% | |
| Q3 2023 | -7.0% | -1.3% | -1.1% | |
| Q2 2023 | +5.8% | +0.2% | -0.5% | |
| Q1 2023 | -0.2% | +0.7% | +4.3% | |
| Q4 2022 | +13.5% | +7.8% | -0.6% | |
| Q3 2022 | +1.2% | +2.8% | +21.1% | |
| Q2 2022 | +0.5% | +2.2% | -2.4% | |
| Q1 2022 | +3.8% | -2.0% | -14.0% | |
| Q4 2021 | +3.7% | +2.4% | +6.9% | |
| Q3 2021 | -1.3% | — | — | |
| Q2 2021 | -4.9% | — | — | |
| Q1 2021 | +4.7% | — | — | |
| Q4 2020 | -12.9% | — | — | |
| Q3 2020 | +15.4% | — | — | |
| Q2 2020 | -10.6% | — | — | |
| Q1 2020 | +8.6% | — | — | |
| Q4 2019 | -3.0% | — | — | |
| Q3 2019 | +16.0% | — | — | |
| Q2 2019 | -5.1% | — | — | |
| Q1 2019 | -6.7% | — | — | |
| Q4 2018 | +6.1% | — | — | |
| Q3 2018 | +22.5% | — | — | |
| Q2 2018 | +20.2% | — | — | |
| Q1 2018 | -3.0% | — | — | |
| Q4 2017 | -16.9% | — | — | |
| Q3 2017 | +8.6% | — | — | |
| Q2 2017 | -27.2% | — | — | |
| Q1 2017 | +1.6% | — | — | |
| Q4 2016 | +15.6% | — | — | |
| Q3 2016 | +17.4% | — | — | |
| Q2 2016 | +6.7% | — | — | |
| Q1 2016 | -1.3% | — | — | |
| Q4 2015 | -3.4% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | -2.0% | — | — | |
| Q4 2014 | -1.1% | — | — | |
| Q3 2014 | +27.8% | — | — | |
| Q2 2014 | -3.3% | — | — | |
| Q1 2014 | +19.9% | — | — | |
| Q4 2013 | -6.7% | — | — | |
| Q3 2013 | -6.5% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +1.1% | — | — | |
| Q4 2012 | -20.7% | — | — | |
| Q3 2012 | +14.7% | — | — | |
| Q2 2012 | -6.3% | — | — | |
| Q1 2012 | -12.2% | — | — | |
| Q4 2010 | +9.3% | — | — | |
| Q4 2011 | +9.3% | — | — | |
| Q3 2011 | -8.7% | — | — | |
| Q2 2011 | +8.5% | — | — | |
| Q1 2010 | +8.2% | — | — | |
| Q1 2011 | -2.9% | — | — | |
| Q4 2008 | +0.0% | — | — | |
| Q3 2010 | -1.5% | — | — | |
| Q3 2009 | -1.5% | — | — | |
| Q4 2009 | -8.0% | — | — | |
| Q2 2009 | -8.0% | — | — | |
| Q2 2010 | -8.0% | — | — |
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