NASDAQ$ODP
The ODP Corporation · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2022 results, delivering full-year results consistent with previously issued guidance range.
The ODP Corporation reported Q4 2022 revenue of $2.1 billion, a 3% increase year-over-year. GAAP EPS was $0.76, and adjusted EPS was $0.85. The company repurchased $197 million of shares in the fourth quarter and provided 2023 guidance.
- Total reported sales of $2.1 billion, up 3% versus the prior year, primarily as a result of higher sales in our B2B distribution division, ODP Business Solutions, offsetting lower sales in our consumer division, Office Depot.
- GAAP operating income of $55 million and net income from continuing operations of $36 million, or $0.76 per diluted share, versus $31 million and $32 million, or $0.61 per diluted share, respectively in the prior year.
- Adjusted operating income of $58 million, compared to $47 million in the fourth quarter of 2021; adjusted EBITDA of $89 million, compared to $87 million in the fourth quarter of 2021
- Operating cash flow from continuing operations of $158 million and adjusted free cash flow of $147 million, versus $88 million and $80 million, respectively in the prior year
Headline financials
Revenue & EPS history
ODP · Revenue · Quarterly
$2.11B
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 provided full year guidance for 2023. Sales: $8.0 - $8.4 billion, Adjusted EBITDA: $400 - $430 million, Adjusted Operating Income: $270 - $300 million, Adjusted Earnings per Share: $4.50 - $5.10 per share, Adjusted Free Cash Flow: $200 - $230 million, Capital Expenditures: $100 - $120 million
Tailwinds
- Numerous opportunities to pursue long-term profitable growth.
- Focused on prudently deploying capital to maximize shareholder value.
- Creating a compelling value proposition for all stakeholders.
- Cautiously optimistic regarding the evolving macroeconomic conditions.
- Laser focused on executing upon our four business unit strategy and continuing our commitment to our low-cost model approach.
Headwinds
- Some consumer weakness during the fourth quarter.
- Continue to see near-term challenges ahead.
- Cautious on the state of the overall economy.
- Macroeconomic conditions that could further impact consumers and small businesses.
- Potential discrete (tax) items that may affect quarter to quarter fluctuations.
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 Q4 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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