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Dec 25, 2021
ODP Q4 2021 Earnings Report
Announced fourth quarter and full year 2021 results.
Key Takeaways
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
Forward Guidance
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.
Positive Outlook
- Continue to execute across our strategic initiatives while driving strong results in 2021
- driving our digital transformation
- building upon our B2B platform for the benefit of all of our stakeholders
- leveraging our assets to meet our customers’ needs
- continue to optimize our store footprint
Challenges Ahead
- conditions related to both the pandemic
- supply chain and inflationary environment to persist in the quarters ahead
- work to regain momentum in our enterprise channel as more businesses return to the office
Historical Earnings Impact
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Avg. Return Before/After Earnings
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