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| Tim Perrott | Vice President, Investor Relations |
| David Bleisch | Executive Vice President and Chief Legal and Administrative Officer |
| Gerry Smith | CEO and Director |
| Anthony Scaglione | Executive VP, CFO and Principal Accounting Officer |
| Chris McGinnis | Sidoti and Company |
Good morning, and welcome to The ODP Corporation's First Quarter 2022 Earnings Conference Call. [Operator Instructions] At the request of The ODP Corporation, today's call is being recorded. I would now like to introduce Tim Perrott, Vice President, Investor Relations. Mr. Perrott, you may begin now.
you XXXX us Earnings thank Corporation's The and Quarter First Conference morning, for for joining ODP Good Call. President Scaglione, This here is Executive Anthony with I'm Vice our Gerry Smith, Tim our CEO; Perrott, and CFO. and and joining Vice and Executive Chief Bleisch, Officer. President Administrative today David and Also us our is Legal
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more and shareholder part quarter would the and actions requirements. our This and the the total turning was as Slide efforts $XXX liquidity on as million in credit equivalents to million $XXX Loan Term in billion, few time approximately of facility. In of the our of we overall capital approximately is of at briefly relatively cash we I balance to XX. existing Now sheet ABL enhance shown with cash the and asset-based support highlight debt under and the quarter amended facility We like we FILO the our to agreement. during years ended base had Total at quarter, a some drawn end structure retired $XX quarter of consisting returns. expensive our the our Facility lending approximately under availability $X.X ago highlights to was borrowing of million. the $XXX million strict took
impact changed the As save a the to the has which the $X store footprint, million us after able optimize base of our FILO, overall and CompuCom while retail costs, retirement no interest we borrowing approximately we had will were to sale of liquidity. as $XX in retire year million
the of quarter of plan million that Additionally, the repurchase as additional return we and end. have forward, place past platform in this over digital back from Business expecting through current remaining part been put months, shareholder we we confidence $XXX as executed, the of $XXX our Board work include repurchases our future and second being Board to as partner plan has during would committed the additional with year excluded into perspective, stock ability conjunction last banks. move reflecting in we on for capital is strategy. shares have ASR to by capital market share the delivery out in in value shareholder disciplined of the we closely quarter, in I upon $XX our of available And we point efforts BXB additional QX shares allocation. under the our enhance completed Putting We're capital have plan allocation buying to other deliver which continues Solutions conclusion returns, to over to to our with investors, while to XX the the ASR be strategy this the at be will as plan. executed repurchases million our million in of authorization And
executed flexibility us in well our source our Our strength initiatives as growth drove strong execute a strategic balance summary, to of across and continues sheet results and remain quarter. In and we've strategy. pursue the provides we
for our transformation, our future value and BXB evolving Our to our strategic continuing unlocking benefit the to entire committed data-driven stakeholders. team by initiatives our platform digital execute driving remains of all
business channel, the make remains to build-out consumer will our our as exit and flywheel third digital its as Veyer launch this its enhancing we platform to our across capital a highly complete Operationally, executing take while BXC our adding continue we higher working bringing perspective, business, Board approach, delivering value upon the From shareholders momentum relationships on our to and our BXB and And in term. near in progress, our expect its proposition and future. continues continuing supporting on gaining plan. regarding businesses as the move revenue focused and components the supply and our We're positioning supplier capabilities, capabilities for parties add digital chain well with Varis. we forward, pursue Varis remain and team our strategic to year. retail significant to other approach of balanced business, BXB new outlook. to to to making the strategic opportunities we'll of growth And customers focused in our on utilizing evaluation conclusion on the the data-driven a As capital to are a investments focused firm. for in returning deployment work contract
at that, a in continue guidance While range to revenue, cash be not providing to of the results results time, for anticipate year annual flow with guidance over refine operator, operating consistent questions. we specific the we With year are to XXXX and this we process the conclude of prior our we as as basis. and comparable elements it progresses. turn a We the for on reviews hope specific BXC will
Chris & from with comes McGinnis question first Sidoti Company. Our Instructions] [Operator
If terminology? business. consumer but quarter. for the timeline change the the terminology a the into just term near this to in what you put around around and could year on separation can't for I it, by the Nice dive kind mean expectations know just just the related maybe you the we start of you can
take I'll separation.
we Chris, your and I hope you are good So family morning, well. -- and
BXC from Veyer So a units we and sure of ton the able does fantastic substantial a making in job. BXB David operate progress made Varis. time and and and the a we separated separation team after is that Centrella to spent the described, perspective, the unit, We the company
progress that. incredible for made ready we've get so And to
that say In say regards close we're just David to completing and transaction I'll going would that color? it want is we, in all. that to says very, I the said term. to So that made think near Anthony, obviously, to we're very that, exact I've ready. be specific, said, and having do progress, you I be as think we any give substantial Can't but that
that you're think very given All thanks us process, this obviously, in the the Chris, exactly near for prepared I No, and done, we've the an work a update, separation. quarter so for sometime And provide has we comments, right. the before end term. to expect
Maybe around beginning quarter? the was you to Great. progression quarter. talk next trends. in office the of it return the exiting the the how the about you of maybe Omicron present see back-to-office Can question just the just and
finish. Yes. I'll start and Anthony let I'll
see you momentum to building we've saw So continued -- as across segment. well BXB results, category our we're as from both as
so at closing it's level, pretty pre-pandemic gap the And not though it's that rapidly.
fact, we'll in segments, a in some to -- areas in up some think I full -- back levels. we've pre-pandemic
which lot we've the vapor, obviously made impact And operating focus. proud, it tool path SKU very we're business. ability that's there's revenue well. with very, unique and think finding Chris, seen as progress of our chain think a categories, growth ways huge costing, just adjacency of floor model It's industries, inflation our how entire the the So grow across to across the potential I we the low-cost on at very, pleased price as real. It's in cost, supply our just what daily the we've think is that. level. lot managed team, us We very, Yes, we've growth have a developed, to business. to the the we it's continue very And grow which isn't the progress. gives of the other I many of a from we upside -- a we mentioned But of
really we and on driving basis the across business. and really driving P&L, revenue better on had So visibility in to cost BXB opportunities daily a the dug we a
but progress, building. momentum completely, back substantial So substantial it's not
we just few Chris. would statistics, trends across Yes. end I weekly a markets. sales key namely look add, at If
from to office is that's it levels, higher really good those to think prepanemic point, perspective, Core multi-tenant still at So all sectors. the of the a Gerry's education trends recovery. are end real of about the little the closer and at estate the think to that and improving thing an supplies our higher tenant ed, end. K-XX, behind bit industry sales weekly low commercial But across
back-to-office encouraged tailwinds trends. we feel relates see it we're some that So true to the to really as starting
know, the the well maybe on Just is the pressures on in a the the on here retail with the way inflation side on be wouldn't chain the how and both side business, they're than constraints. dealing just as supply of business, or of commercial don't would a think taking host and position of the to on pricing inventory maybe you talk mind, then just if side how consumer this obviously, helpful? your there approach about is I
ahead Anthony, Go I'll... Yes.
Yes, it I'll Gerry. start and then to back pass
the the not clearly, for point think economy. a inflation, if only you been ODP, about has but pressure So in this broader
to the drive process. competitive. remarks, I the allows helping price that depth the also comments, pricing chain mentioned customers accomplish, customers our to Gerry's to actions of it as in our cost really of taking navigate such to very of we're and in see we've I across to while our We've or us earlier ocean to pressures. products prepared approach, value actions we and working some offset staying of supply think these our And from really of as data-driven the starting each much that's with And disruptions accordingly have a been breadth what SKUs we've been related of able to our how to QX in can we QX, see element proud we fact some channels coupled pricing cost increases started our multiple early. been freight key
well we'll testament think to continue low-cost a that adeptly I able pretty action quarter. take in the is as continuing are navigate And from that to an efficiency as standpoint. the So we drive model to pricing QX in
a then in about Great. little the guidance, felt it QX was expected. And stronger thinking than like
cadence the relation and rest the guidance? of kind business year in about overall the for think of to your to Just the expectations for
Yes.
part business think, biggest our of investing remarks, that. better to improve give to continuing in Chris, and takes. in our how we'll BXC the expect to that trends guidance, full I relates office continue a there market. the related of it clearly, process, is looking lot coming there's so and puts really our as the the year variable at business, chain a as momentum second But the as plays insight conclusion and prepared us timing as BXC half obviously, will supply we're on platform a digital transaction big year we're to the To transaction to to across channels provide we well into return the to each
or data throughout some year? point an And of, detail Varis in expectation just any more around this out some is to you can at provide terms put maybe the there numbers around offering
Yes.
term team, that beta, this which preview, we hope Microsoft I successful the launch which everyone huge I ton towards of or chain to with a people called are one as A progress think Day conclusion partners about, the conference once the from type come But really from couple super ago, back the say, full year remaining BXB going we was the is the the sale of The of things. conference weeks spin we [Indiscernible] recognizes is Chris, or really perspective here to it beta 'XX we seem important. building business, a tech. whatever would I a a product direction X our I other, launching near or way as Varis super tech. may 'XX year very what a then business at a the of ton talked support more traditional sale well. going and had and make what perspective business obviously the that that optimistic. piece from we the here Microsoft We here's think private either supply success. making important, from beta super BXC at a and the had do, was -- a move is is platform. was We're the 'XX We appreciate sellers. a we're here's on approach do, the of a launching of -- a obviously, or of buyers Investor [Indiscernible] -- and and a plus is of we're
the and And so through super product some more launching from ready a we Microsoft and details job what and I other, happy perspective, a perspective. job and I'm what out come getting one a on happens team from BXC way perspective. customers we determination with pilot the in would did But great from Terry did did get a Varis a pleased a we'll of launch say, once or it. Daniel great
with pleased we're So very that.
add, Chris. Yes. I just would
We light around comments are segment the Gerry's reporting process. of reviewing whole in
So that's opportunity something a a of our reporting and this our take that considering has we're as to that undertook result process. process look the market, afforded segment we at route to
showing I'd remarks. in Gerry turn the back to queue. the questions like am to closing any for no I call further Smith And
the be an call outstanding during Thank in want us to you, today. my with team I that the of more well -- organization for really up per the I are great had, pleased economic and a share joining We whole earnings marketplace And conditions how and personally, on model, did rose the driving expectations low-cost challenges we thank job across Couldn't detail other thank -- quarter. and for growing going the everyone, of and some our have our as beat into business. that revenue. as companies BXB
the across testimony -- pleased our the -- country I So the leadership a our again, the as Board. support of that and as progress culture the with and as company business of super think team as well to XC that's well and
BXB you, of and well or well. So whether our out from as Varis we business, continuing thank expand a today. to BXC as joining areas and will high-value the the perspective for continue And thank to near-term focus the systems Veyer on the you, as build continue high-growth, future everyone, to it's call team,
call. today's concludes This participation. your for you Thank
You great may have now a Everyone, day. disconnect.
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