These positive sales drivers were more than offset by lower demand in certain product categories due to a portion of our B2B customers having either paused operations or temporarily transitioned into a remote work environment as a result of restrictions imposed in March 2020 aimed to reduce the spread of COVID-19. We continue to gain traction as evidenced by another quarter of significant new contract wins, including eight new major customers. In order to help mitigate the impact of these trends, the BSD division is implementing several strategies to leverage its global sourcing and supply chain capabilities to procure and deliver essential products, including personal protective equipment (PPE) to business customers, including hospitals and first responders, and supporting work-from-home/learn-from-home workforces, while modifying its supply chain operations to serve and support customers in a more distributed manner. Adjusted results represent non-GAAP financial measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, asset impairments, and executive transition costs. Total Reported Sales of $2.7 Billion, down 2% from Prior Year Period, Operating Income of $80 Million, up 233% YOY; Net Income of $45 Million, up 463% YOY, Adjusted Operating Income of $108 Million, up 61% YOY; Adjusted EBITDA of $157 Million, up 33% YOY, Operating Cash Flow of $188 Million and Adjusted Free Cash Flow of $173 Million, EPS of $0.08, up $0.07 from Prior Year Period; Adjusted EPS of $0.12, up $0.05 from Prior Year Period, Positive Net Cash Position; $1.7 Billion of Available Liquidity Including $842 Million in Cash, First quarter 2020 adjusted EBITDA was $157 million compared to $118 million in the prior year period, an increase of 33%. First quarter 2020 adjusted operating income was $108 million compared to adjusted operating income of $67 million in the first quarter of 2019, an increase of 61%. Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q. Office Depot reported operating income of $80 million in the first quarter of 2020, compared to $24 million in the prior year period. ©2020 Office Depot, Inc. All rights reserved. As a percentage of sales, this performance reflects an approximate 180 basis point margin improvement. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, Total cost of goods sold and occupancy costs, Selling, general and administrative expenses, (In millions, except shares and par value), Prepaid expenses and other current assets, Accrued expenses and other current liabilities, Short-term borrowings and current maturities of long-term debt, Deferred income taxes and other long-term liabilities, Pension and postretirement obligations, net, Long-term debt, net of current maturities, Common stock — authorized 800,000,000 shares of $0.01 par value; issued, shares — 624,690,687 at March 28, 2020 and 620,424,775 at, December 28, 2019; outstanding shares — 526,342,832 at March 28, 2020, Treasury stock, at cost — 98,347,855 shares at March 28, 2020 and 85,242,458, Total liabilities and stockholders’ equity. Subsequent to quarter end, the Company successfully refinanced its asset-based credit facility with a new five-year agreement and retired its Term Loan Credit Agreement due 2022 (“term loan”). Office Depot reported operating income of $80 million in the first quarter of 2020, compared to $24 million in the prior year period. Free Cash Flow includes the impact of cash charges associated with the Company’s Business Acceleration Program of $10 million in the first quarter of 2020. Due to the uncertainty of the severity and duration of the impacts of the COVID-19 outbreak, the Company is unable to estimate the magnitude by which sales of products and services in our business will be affected in the future quarters of 2020. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of debt discount and issuance costs, Charges for losses on receivables and inventories, Compensation expense for share-based payments, Deferred income taxes and deferred tax asset valuation allowances, Contingent consideration payments in excess of acquisition-date liability, Changes in working capital and other operating activities, Net cash provided by operating activities, Businesses acquired, net of cash acquired, Proceeds from collection of notes receivable, Net cash provided by (used in) investing activities, Net payments on long and short-term borrowings, Share purchases for taxes, net of proceeds from employee share-based, Contingent consideration payments up to amount of acquisition-date liability, Effect of exchange rate changes on cash and cash equivalents, Net increase in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of period, Cash, cash equivalents and restricted cash at end of period, Right-of-use assets obtained in exchange for new finance lease liabilities, Right-of-use assets obtained in exchange for new operating lease liabilities, OFFICE DEPOT, INC. Office Depot, one of the many big box stores feeling the impact from Amazon’s e-commerce dominance, announced on Monday a significant partnership with Chinese e … The Company’s new $1.3 billion asset-based credit facility matures in April 2025 and replaces the Company’s previous credit facility that was due to expire in May 2021. The Company will re-evaluate its capital return program when appropriate. Adjusted income tax expense for all periods presented herein exclude the tax effect of the charges or credits not indicative of core operations as described in the preceding notes. Adjusted results represent non-GAAP financial measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, asset impairments and executive transition costs. Service revenue was down 5% in the quarter related to lower comparable sales at CompuCom and sales of service in our Retail Division, both of which were negatively impacted by the COVID-19 outbreak. On a consolidated basis, service revenue represented approximately 14% of total Company sales in the first quarter of 2020. Adjusted net income and adjusted earnings per share (most dilutive) for all periods presented exclude merger and restructuring expenses, net, asset impairments (if any), executive transition costs (if any), loss on modification of debt (if any), and exclude the tax effect of the charges or credits not indicative of core operations. “Additionally, I believe our opportunities are evolving as we expand our value proposition to customers, sourcing and distributing a broader set of in-demand products and business support services. Paper, file folders, ink, toner and more. For the first quarter of 2020, cash provided by operating activities was $188 million, which included $4 million in acquisition and integration-related costs and $10 million in restructuring costs, compared to $60 million in the first quarter of the prior year. Product sales in the first quarter of 2020 decreased 2%, while service revenue increased 14% driven by increases in sales of our managed print and fulfillment services, copy and print services, and shipping services compared to the prior year period. Upon closing of the transaction, the Company borrowed a total of $400 million under the new credit facility. Net income was $45 million, or $0.08 per diluted share in the first quarter of 2020, compared to net income of $8 million, or $0.01 per diluted share in the first quarter of 2019. Bratislava, Slovakia. We are implementing several strategies to address and hopefully mitigate these challenges including utilizing our global sourcing capabilities to secure additional sources of essential products and supplies, including PPE, and providing technology support, facilitating work from home and virtual learning environments, and continuing efforts to drive a low cost business model. Combined with our strong balance sheet, I am confident that we are taking the necessary steps to navigate through the challenges posed by this global health crisis,” he added. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, the potential impacts on our business due to the unknown severity and duration of the COVID-19 outbreak, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Comparable store sales change from prior year. The decrease in operating income versus last year was related to the flow through effect of lower sales, product mix, and higher distribution costs related to the COVID-19 impacts. Notwithstanding the near term challenges, CompuCom’s unique capabilities to support distributed work forces with state of the art technology, and a unique field force of over 6,500 field techs and support personnel, have it well positioned to capitalize on opportunities in this growing area. This proxy statement and our 2016 Annual Report are available for viewing, printing and downloading at www.proxyvote.com. “While the global pandemic has quickly impacted the business environment, the foundation we have created over the past few years has provided us the flexibility to continue to serve our customers’ expanded needs, preserve cash, and deliver necessary products and support services to help our customers succeed through this crisis,” he added. Office Depot Announces Fourth Quarter and Full Year 2019 Results, Delivered strong operating results and cash flow generation; Improved B2B platform for profitable growth; Strengthened balance sheet and returned capital to shareholders, Total Reported Sales of $10.6 Billion, down 3% from Prior Year, Operating Income of $191 Million and Net Income from Continuing Operations of $99 Million, Adjusted Operating Income of $367 Million, up 2% YOY; Adjusted EBITDA of $590 Million, up 4% YOY, Operating Cash Flow of $366 Million and Adjusted Free Cash Flow of $310 Million, Total Reported Sales of $2.5 Billion, down 6% from Prior Year Period, Operating Income of $74 Million and Net Income from Continuing Operations of $55 Million, Adjusted Operating Income of $92 Million, up 10% YOY; Adjusted EBITDA of $156 Million, up 13% YOY, Operating Cash Flow of $152 Million and Adjusted Free Cash Flow of $135 Million, EPS of $0.10, up $0.12 from Prior Year Period; Adjusted EPS of $0.12, up $0.03 from Prior Year Period, Consolidated (in millions, except per share amounts), Net income (loss) from continuing operations, Diluted earnings (loss) per share from continuing operations, Adjusted net income from continuing operations, Adjusted earnings per share from continuing operations (most. Media Relations We have a global sourcing and supply chain network capable of delivering essential products including personal protective equipment (PPE); we have business support capabilities enabling enterprises and individuals to work from home and learn from home; and we have a business model that has significant variable cost flexibility. Combined with our strong balance sheet and available liquidity position, we are in a solid position to navigate the challenges posed by this health crisis,” Smith continued. By eliminating the term loan in its entirety, the Company expects to save approximately $14 million in annual cash interest expense and $75 million in required annual amortization payments. ODP Corp. annual balance sheet by MarketWatch. We report our results in accordance with accounting principles generally accepted in the United States (“GAAP”). A Wholly Owned Subsidiary of Office Depot's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. Find the latest The ODP Corporation (ODP) stock quote, history, news and other vital information to help you with your stock trading and investing. These impacts were offset by higher operating results in the quarter versus the prior year period, as the Company delivered improved margin performance in its CompuCom and Retail Divisions. Office Depot does not assume any obligation to update or revise any forward-looking statements. This decline in service revenues was partially mitigated by a 14% year-over-year increase in service revenue in the BSD Division. 561-438-4629 I have some information that I'm sure you'll find helpful for getting those W2/W3 forms printed in QuickBooks Online (QBO). The increase in operating income versus the prior year was largely related to lower SG&A from cost savings initiatives, improved gross margin, improvements in distribution and inventory management costs, and lower operating lease costs recognized as a result of the new lease accounting standard. This included adjusted depreciation and amortization. Tim.Perrott@officedepot.com, Danny Jovic Office Depot paid a lofty 10 times EBITDA to acquire CompuCom. It is classified as operating in the Office … Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Of fice Depot, Inc. definitive Proxy Statement for the registrant’s 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after close of the registrant’s fiscal year. EX-3.1 Exhibit 3.1 AMENDED AND RESTATED BYLAWS OF OFFICE DEPOT, INC., A DELAWARE CORPORATION ARTICLE I OFFICES Section 1. Adjacency categories, which include cleaning and breakroom supplies, technology, furniture, and copy and print services, grew to 39% of total BSD revenue for the quarter. As used in this release, Adjusted Free Cash Flow excludes cash charges associated with the Company’s Business Acceleration Program of $10 million in the first quarter of 2020. Shop office supplies, office furniture and business technology at Office Depot. (Unaudited). Consolidated (in millions, except per share amounts), Adjusted earnings per share (most dilutive). For more information, visit news.officedepot.com and follow @officedepot on Facebook, Twitter and Instagram. Contact Supplier : Ariba Commerce Cloud Account Activity Data: Ariba Commerce Cloud Account Activity is a summary of a supplier's transactional information on Ariba Network, Ariba Sourcing, and Ariba Discovery. Adjusted results for the first quarter of 2020 exclude charges and credits totaling $28 million, comprised of $9 million largely in BAP-related charges, $12 million in asset impairments, and $7 million in merger, acquisition and integration-related expenses, and the tax impacts associated with these items. Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Office Depot, Inc. definitive Proxy Statement for the registrant’s 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after close of the registrant’s fiscal year. Compared to the prior year period, product sales in the quarter were relatively flat, while service revenue was down 11% as copy and print services and subscription offerings were negatively impacted by the effects related to the COVID-19 pandemic, including the government-imposed temporary closures of non-essential businesses. “Our strong Q1 performance reflects the commitment and tireless work of our team as we supported the essential needs of businesses, consumers, educators, students, healthcare workers, and first responders during the global health crisis that has unfolded in our nation. Same store sales were up 2% over the same period last year and sales in our eCommerce channel experienced a significant increase in demand. The CompuCom Division operating income was $3 million in the first quarter of 2020, compared to a $15 million operating loss in the first quarter of 2019. Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom Systems, Inc. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. Office Depot Fast Facts Office Depot's annual revenues are $10-$50 million (see exact revenue data) and … The ODP Corporation is an American office supply retailing company headquartered in Boca Raton, Florida.The company has combined annual sales of approximately $11 billion, and employs about 38,000 associates with businesses in the United States. We make available, free of charge, on the “Investor Relations” section of our website www.officedepot.com, our annual reports on Form 10-K, quarterly reports on … The Retail Division reported sales were $1.2 billion in the first quarter of 2020, down 2% versus the prior year period. Report Covers at Office Depot & OfficeMax. Free cash flow is a non-GAAP measure, which we define as cash flows from operating activities less capital expenditures. Corporate expenses include support staff services and certain other expenses that are not allocated to the Company’s operating divisions. Partially offsetting the impact of these conditions, revenues in the Company’s eCommerce channel are higher as demand is increasing for essential products and services to support home office operations. Remove data columns and navigations in order to see much more filing content and tables in one view, Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q, Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis, Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports, Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not, Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity, See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years, or     Office Depot, Inc. (“Office Depot,” or the “Company”) (NASDAQ: ODP), a leading provider of business services and supplies, products and technology solutions through an integrated B2B distribution platform of approximately 1,300 stores, online presence, and dedicated sales professionals and technicians, announced results for the fourth quarter and full year ended December 28, 2019. We believe that free cash flow is an important indicator that provides additional perspective on our ability to generate cash to fund our strategy and expand our distribution network. We have included reconciliations of this information to the most comparable GAAP measures in the tables included within this material. The company’s shares closed at $1.75. Office Depot s.r.o. Adjusted Free Cash Flow is also a non-GAAP measure, which we define as cash flows from operating activities less cash charges associated with the Company’s Business Acceleration Program. These factors were partially offset by an increase in technology-related product sales despite supply constraints limiting the ability to fulfill the entirety of the demand. Adjusted depreciation and amortization each represents a non-GAAP financial measure and excludes accelerated depreciation caused by updating the salvage value and shortening the useful life of depreciable fixed assets to coincide with planned store closures under an approved restructuring plan, but only if impairment is not present. “While significant challenges remain ahead, we are in a strong financial position and remain focused on utilizing our B2B platform to provide essential products and services necessary to help our customers and the nation weather through this pandemic,” Smith continued. Serious Fraud Office Annual Report and Accounts 2018-19 (For the year ended 31 March 2019) Accounts presented to the House of Commons pursuant to Section 6(4) of the Government Resources and Accounts Act 2000 Annual Report presented to Parliament pursuant to Section 1(15) and Paragraph 3 of Schedule 1 to the Criminal Justice Act 1987 A year ago, they were trading at $2.52. This strong performance resulted in our highest net cash position in over 2 years and nearly $1.7 billion in total available liquidity,” he added. Annual Reports. Shop today online, in stores or buy online and pick up in store. However, considering recent supply constraints for essential products and operational disruptions occurring in businesses throughout North America, the Company expects to experience lower revenue in the near term. 2020 Annual Report. While the COVID-19 pandemic has caused a disruption in the business environment, it is also creating more opportunities for us by expanding the nature of our value proposition to customers,” said Smith. During the COVID-19 outbreak, the nature of certain products we offer through our retail outlets are considered essential retail commerce by most local jurisdictions, therefore a substantial majority of our retail locations have remained open and operational with the appropriate safety measures in place. Retail Division operating income was $87 million in the first quarter of 2020, up 30% over the same period last year. Capital expenditures in the quarter were $25 million versus $46 million in the prior year period, reflecting lower investment in retail operations, while continuing growth investments in the Company’s service platform, distribution network, and eCommerce capabilities. 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