The ODP Corporation · Q4 2021 earnings

Briefing

Announced fourth quarter and full year 2021 results.

The ODP Corporation reported Q4 2021 revenue of $2.0 billion with GAAP EPS of $0.61 and adjusted EPS of $0.71. The company's commitment to a low-cost model helped drive GAAP operating income of $31 million and adjusted operating income of $47 million.

• Total reported sales of $2.0 billion, down 2% versus prior year, largely driven by 116 fewer retail locations in service compared to the prior year as a result of planned store closures
• GAAP operating income of $31 million and net income from continuing operations of $32 million, or $0.61 per diluted share, versus $20 million and $31 million, or $0.57 per diluted share, respectively in the prior year
• Adjusted operating income of $47 million, compared to $40 million in the fourth quarter of 2020; adjusted EBITDA of $87 million, compared to $78 million in the fourth quarter of 2020
• Operating cash flow from continuing operations of $88 million and adjusted free cash flow of $80 million, versus $15 million and $20 million, respectively in the prior year

Headline financials

Revenue & EPS history

The Company anticipates generating annual revenue, operating and cash flow results in a range consistent with the prior year, 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.