Exhibit 99.1

 

 

CONTACTS:

 

Tim Perrott

                 Danny Jovic

Investor Relations                    

                 Media Relations

561-438-4629                      

                 561-438-1594

Tim.Perrott@officedepot.com

                 Danny.Jovic@officedepot.com

The ODP Corporation Announces Fourth Quarter and Full Year 2020 Results

Fourth Quarter Revenue of $2.3 Billion with GAAP EPS of $0.34; Adjusted EPS of $0.55

Low Cost Model Drove Significant Cash Flow with $1.7 Billion in Total Available Liquidity at Year-End

Continued Progress on B2B Pivot; Industry Veteran Joins ODP to Lead New Digital B2B Commerce Business

Acquired Industry Leading eProcurement Platform and Announced Technology Collaboration in Support of New Digital B2B Commerce Business  

 

Boca Raton, Fla., February 24, 2021 — The ODP Corporation (“ODP,” or the “Company”) (NASDAQ: ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform, today announced results for the fourth quarter and full year ended December 26, 2020.

 

Consolidated (in millions, except per share amounts)

4Q20

4Q19

FY20

FY19

Sales

$2,288

$2,508

$9,710

$10,647

Sales change from prior year period

(9)%

 

(9)%

 

Operating income (loss)

$21

$74

$(252)

$191

Adjusted operating income (1)

$44

$92

$300

$367

Net income (loss)

$18

$55

$(319)

$99

Diluted earnings (loss) per share (2)

$0.34

$1.00

$(6.05)

$1.80

Adjusted net income (1)

$30

$68

$189

$228

Adjusted earnings per share (most dilutive) (2)

$0.55

$1.24

$3.50

$4.13

Adjusted EBITDA (1)

$89

$156

$491

$590

Operating Cash Flow

$(4)

$152

$485

$366

Free Cash Flow (3)

$(18)

$125

$417

$216

Adjusted Free Cash Flow (4)

$(4)

$135

$474

$310

 

Fourth Quarter 2020 Summary(1)

 

Total reported sales of $2.3 billion, down 9% versus last year

 

GAAP operating income of $21 million and net income of $18 million, or $0.34 per share, versus $74 million and $55 million, respectively in prior year

 

Adjusted operating income of $44 million, down from $92 million in fourth quarter of 2019; and adjusted EBITDA of $89 million, down from $156 million in the fourth quarter of 2019

 

Adjusted net income of $30 million, or adjusted earnings per share of $0.55, each down 56% year-over-year

 

Operating cash outflow of $4 million and adjusted free cash outflow of $4 million, versus $152 million and $135 million, respectively in prior year

 

$1.7 billion of total available liquidity including $729 million in cash and cash equivalents

 

1


The following information was filed by Office Depot Inc (ODP) on Wednesday, February 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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