Recent ODP transcripts
Associated ODP filings
| Tim Perrott | Vice President, IR |
| Gerry Smith | CEO |
| Anthony Scaglione | EVP, CFO |
| Mike Lasser | UBS |
Good morning, and welcome to The ODP Corporation's Second Quarter 2022 Earnings Conference Call. [Operator Instructions] At the request of ODP Corporation, today's call is being recorded. I would now like to introduce Tim Perrott, Vice President, Investor Relations. Mr. Perrott, you may now begin.
you XXXX us Earnings thank Corporation's The and Quarter Second 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
will our then initiatives our provide update Gerry's progress will the operational of commentary the to performance on Gerry, driving in accomplishments we much an on all are focusing including After and will today's our with business, making the We begin shareholder his who our call the results, quarter, commentary, financial of Anthony of divisional review on company's value. highlights continue the performance. including
comments, your will we the up questions. Anthony's line for Following open
risks include I Before concerning the subject future Exchange need harbor that and of with and the the to results are are cause These are to provisions these subject expectations we U.S. safe this Securities to number reflect the statements comments XXXX. events filings Commission. differ in A Private company's Act contained of begin, of call detailed current Reform and statements, Securities forward-looking uncertainties actual risks discussion forward-looking uncertainties Litigation the that which you company's to materially. certain inform and of made a on
reconciliations During describe be release, Gerry? press presentation least over turn I on the our financial business call the non-GAAP as and directly to call, now we on financial archived as we GAAP will today's comparable financial non-GAAP simulcast the presentation the at slide earnings the Gerry are is our investor.theodpcorp.com. website most slides and and at will being will measures Smith. X performance. for comments there filings as call of available all use measures year. measures some accompany website well Today's The to SEC that
you their call us that families this for of our joining appreciate morning morning and of Thank beginning results today. making everyone business core reflects ODP ongoing the excited listeners business. initiatives that all We've progress our our safe We and drive healthy. our low-cost unit our to to to to commitment our remain quarter. performance our the Tim. operational our and the our focus quarter and year you, hope here discuss in structure. model new on and Good accomplishments continued I'm We strong today with continue the market-wide tenets despite second to to numerous you joining the from results of foundation X delivered and while challenges the the distinct to complete our the and solid be
Additionally, commencing and in putting Together offer. our returns I'm ahead took as and announced a and new for shareholders, realignment in business about the for enhance business our a action the cash extremely share we how shareholders place Overall, Dutch our drive for to opportunities growth repurchase us auction we has unit enthusiastic future. strategy July, tender value Better and positioned in authorization to
Turning presentation. Slide to the of X
to posed continues macroeconomic challenges team to Our the rise by the environment.
in continue continue inflation of costs, labor nature and well and the conditions as impacted impact chain supply how years effects to while over highest witnessed We lingering constraints higher that the have fuel people XX higher the have of chain supply by COVID on an as costs, be sourcing to work.
but have industries. conditions many companies our for business many challenges these created for All not across of only significant
new delivering of remain focused our our moving these for true in once an tenants into While a solid low-cost to avenues our value driving of conditions to very with the pursue impact having I'm performance model, our our of preannouncement accomplished of advancing We consistent that new drive growth. performance, business while and by foundation to expanding again proud structure. also business, this remaining preliminary are our proposition team core the higher-value results businesses business, unit
these strength results, the the executing our in our market we're reflected of along to of demands. priorities and our As infrastructure address leveraging the business flexibility model
our We helping us and also value serve and results. at for continue providing a in for our needs our making low-cost our the new install We're all increased BXC compelling in and model, ODP our state in continued of superstore leadership customer flexible as enhancing these drive of business new value progress to office customers operating on or positioning generate home meet customers business ways, as office. expanding provide solid home whether digital more actions we We're remaining business services. business proposition business. products invest platform to shareholders. customers enhancing in are value future return success. the a profitable great Varis for our improved results capabilities support the business lastly, by and our we're continuing believe of chain Business to focus through continues Veyer to supply and in We as near-term Solutions, continuing distribution to unit the foundation drive to broader our well also our disciplined as And office to and our long-term Under business to this driving growth, are set
with for despite Consistent Now the Slide operating solid on our as preannouncement, second related highlights X. supply quarter constraints. inflation delivered turning quarter, challenges the to accomplishments industry-wide the our of and in we chain the performance major shown
revenue with hope more Our challenging and healthy to our combined operating model performance in despite the flexible backdrop results remained distribution the approach, top line strategies pricing and solid quarter. drive low-cost
initiatives. Next, progress significant we made on strategic in quarter the our
to still consumer reviewing alternatives our is meeting the these As to operating of their company the it to completed be in to current aligning said, made customer respective and conditions, visibility operating determined not strategies. we civic unanimously progress consumer operationalize business, fully will the the best soon, go-forward businesses on into pursue into to public business distinct changes these this implement and our focus a interest realignment and There our time. businesses our we've and its divest dedicated X of announced BXC or at and shareholders enable after for company us businesses. Directors Board channel enables provide This considering BXB needs on market That but separation work performance our basis. is business in June, a greater teams go-to-market
With shareholder the business which drivers realignment, to we directly, opportunity will be at and value investors our each provide unit over the our able to and lead more time. performance should greater value economic give to understand clarity
the utilizing our growth long-term resources better business are we together through to alignment by better their capabilities Additionally, of full enabling and company structure our holding opportunities.
and growth, to tenets private key supply avenues expand avenues our drive business, capabilities higher-value routes solidifying in chain Veyer, an progress launching Veyer assets our and the launch of on of our in our make accelerated mark captive will making on supply our our aligning driving our to the we to customers BXC and the efforts and our current platform markets. logistics supporting future from year as adding the Next, feedback one and growth to and to support pursue continue closer move new digital our to chain This continue we our of new advancing BXB new data-driven for positive growth also on to business, We're platform receiving progress the support for market. making new customers enhancing we foundation platform to leverage and today and progress existing Varis, We're and milestone ecosystem. preview Microsoft the on suppliers business, important businesses to future. of
in buyback accelerated to our share that X.X shares as shareholders, Finally, plan during of November completed we we return million part enhance in our program. year, of place the retired ASR in put Through the last our for the quarter. effort over we
$XXX repurchase is initiated million, Additionally, ongoing Dutch auction $XXX tender Board offer, time. a our at million Directors cash a of approved which present the authorization share new
commitment excited our shareholders. As our to returning actions, generate the reinvesting shareholder We're pursue our evidenced strong -- growth highlighting deploy by position these to business for capital, while also creating we and about as value. returns profitable we're team's
on performance as of Now turning the more specifics X. for quarter, to our shown Slide
and excellence backdrop to quarter continued value Our and challenging our the the The our to in remains we've team's the of investment inflation operational infrastructure partnership relationships. the and has performance Total second macroeconomic risen of made constraints and includes in market-wide. products, commitment cost transportation landed cost of global reflects a which cost created and sourcing industry-wide plus have challenges. goods, recent high supply chain
partners remain most our to The immune investments not our we companies includes supply a flexibility the our position is in are in through our differentiators. with relationships our of global distribution and network, these sourcing have fleet, suppliers experiencing navigate and key our pressure, to all the private partner impacts, long-term better challenges. which ODP and us cost distribution increased office made than made we these and relationships place While we chain in investments infrastructure
the of resulted balance in maintain income slightly we division, a results improve footprint our see team's trends which sales goods, reductions. Division retail revenue store pricing value approximately The execution us combined compelling were lower helping lower quarter line our partially helping versus in continue year our is top flexibility cost year-over-year strong in year, in in strong adjusted reduced service quarter. planned results. offset Additionally, and back-to-office us Retail improving Overall, to helped locations customer million over due us the to EBITDA ago fewer was all, related by last In proposition, drive Business Solutions store $XX to our or operating to in in our as and down with margins. stronger sales and traffic
or performance, Now BSD, turning with divisional Division, Business our to on X. our Solutions highlighted as Slide starting
in by a value and our consisted a and currently backed proposition chain trusted supply a both with service our contract provides broad e-commerce operation. segment BSD Our product channels strong assortment
inflationary chain our channel demand product education sourcing lower among related nearly segment pandemic. quarter, continue half sales our saw the medium well consumers by was performance, Adjacency print X% of business workspaces cleaning and copy in by categories technology, to categories, as result the previously categories challenges. services, products certain relative of As sales at the sales offset contract execute the businesses impressive to by and assets. distribution supply well for XX% in improved to and last This print perspective, lower demand our contract our that From core higher last partially return through including channel, performance and stronger cleaning and XXX during total office. supply and approach, our strong to as our operating traction and private and reminder, enterprises improved the in showed an escalation given contract up the as digital we small breakthrough with offset offset scenarios helped technologies a and year pricing BSD channel partially driven We as copy enterprises particularly upon approach of presence. to breakroom companies customer for BSD's ongoing our demand XX% quarter. our our serves business. about inflect in revenue coupled model Demand workspaces, e-commerce remained pressures analysis as versus to This income as through and Fortune in year-over-year lower year. was to operating enterprise this led up improvement margin of low-cost customers
excellent in to also We do both job and continue retention business. an winning new
strong historic in very continuing earning setting their remains work the their flexing in needs seen true in or new testament new to better and environment, hybrid rate near results. a to A retention to can them to business. support recent customers We're in ecosystems with we're be the this our understand office. levels, normal our Our
Centrella, new and are weekly new Our in as volumes We're and trends we trends Solutions a members. ODP positive he's make continue indicate with to continue announcing as President, continuing the had Business and work-from-anywhere also impact work excited recapturing a the progress that the to business customers sales return company already to lead a environment. David office on by we're to our team veteran towards
profitability As forward, on continue team David to and make growth. we to will executing further his drive upon initiatives progress and look customer
X. Now turning to our performance on Slide shown division, in as our Retail
strong proposition value resonate drive again quarter of Scores as drove our solid Net industry. best extremely our team executed continue the proud Retail Promoter margin in with continuing the team approach upon in and model among delivered division low-cost positive that above XX% our I'm leading experience, a a shopping the continued to for customers. our performance retail to Our to
traffic lease copy for and chain From was out-of-stocks service negatively last The expenses, guarantee. persist to well technology result a products than X% our for stores impacted were in to and higher trends and run performance in and closures model lower but as levels, focus year, offset lower print by and of lower some and increase pickup mix driven offset as with the challenges. stronger technology as chip by products PPE increase an in which quarter continued our toner. by in costs. supplies the and by levels, by improve partially efficiently of quarter, and of challenges well to partners product partially on the versus products, inventory the as the including XX-minute PCs store overall notably Operationally, PC near operating number and We're quarter, by help pre-pandemic products, expect teams We Our as ink certain our income, driven operating were lower lower a as these supported perspective, these term. challenges as planned SG&A sales strong in significantly a services fewer vendors sales delivered by continue continued demand shopper and driven the low-cost product omnichannel per in our we quarter sourcing these in sales our work as well which for as challenges. most continuing offset well of was cleaning shortages revenue supply to source components,
X. strategic the BXB our assets of Slide quarter, our the In support consumer forming we foundation to of X businesses, aligning our make further on continue to business Turning progress our strategy. unit to and initiative
chain mentioned Accordingly, market. network, our our a and of we invested numerous quarter, combination supply developed offerings market last and asset powerful As distribution have digital on, expand BXB I a early enhanced of and recognized our unique in and strong support business. the in we presence the
sight distribution these leverage over these, of companies. sales comprised channel process This of some this holding completed and and operating to platform to resulted year, to We turn work make assessments, that the Entities, will helped operational our Day. to on complete the hundreds involves of enterprise necessary develop build components Highlighting level us we Business mission at during businesses, these we driving these and for BSD first Through reviews These for quarter, our division, market in for forming create And challenging of Federation are we uncoupling to the support progress continue small, our assets has serving solutions commercial process our process regional business acquired efforts our future a businesses. strategy to to companies This our strategic coming decades. the have our reenergizing BXB assets which also as took strategies digital company targeting structure. which growth, includes strategy BXC, separate Investor the we've of each as continued how line have a all focused align existed profitable areas support we under control deliberate some aligning the actions years, unlock and in unique to supply path to support business office and to which in medium shareholder customers the we while realignment, the customers our to in mostly and our future go-to-market X And leading analyzing support assets including business past granted under these flexibility ODP further the to our have capabilities, the highly of provider Solutions, contract on BXB, value. I and geographic of share have of that routes Canada. toy teams will business contract consumers. few clear well as flows, and some still more behind a serving our businesses we
years parties continue separation distribution, platform. as next supply through process our businesses Veyer and chain created future. the the over which need value Veyer, both procurement world-class operations, few global evolve proposition, is a well and is plan and strong third sourcing our up a grow the for logistics BXB we supporting Next BXC as in to we provides to as other
business, Depot, And you suppliers. and Varis, and business most BXB our which, transforming is provider digital and commerce small retail buying Office many organizations consumer services finally, is brand products is digital as of between of our focused platform for. and Next leading know, recognized a on what technology
Our focused to our in strategies terrific been progress highly in the of businesses. these preparing And for profitable foundation quarter focused assets go-to-market forward, future the to drive has these we're support each moving growth. on leveraging
digital to platform on business, as shown like I'd Now XX. on Slide our our insight into progress provide Varis,
Varis and transactions company with suppliers more using and processes for compliance and technology that any inefficient for has more reminder, and space expectations know seamless systems those new to the have decades. and propelled a leverage. same benefited on moving driving a create complexity from we BXB costs procurement experience and frictionless and and suppliers workforce the BXB a that's purchasing to reducing systems the Those a time, online, way buyers legacy At more both. economics in be As in up innovative are solutions. and enabled, engage friction focused continues perspective, distribution. inefficiencies while drive from is And been And this that contract from and and toward the need consumer the digitally
business. is and that focus with needs or are tailored suppliers organizations And platform so them is makes solutions it are experiences customers. strategic prosper, The to them unique Varis, that can technology developed Varis comes flexibility holistic is to their gap that user helping organizations there grow employees address. this to our of a what nor their partnerships invest a on a digital to for very in and procurement being their the However, gap when is it in businesses. neither reality wide positioned position is
through to continue for to all and Dynamics as while Microsoft a our such good undertook large company on made we and the of solutions. platform and uncertainty four-business our launch the the ahead navigating Varis strategic and The platform, to before meeting our excited both feedback We're XXX attract In we end-to-end the We're buyers upcoming the us to Investor quarter, receiving team focus to private towards business. in of the at my I as is the our our make performing high review of team our comments opportunities opportunity turn are profitable Investor we the pursue are we're the and up and in development unit year. we we're members for strength enabling planning Day. we buyers growth Central by continuing position call over we Wrapping a feedback update an excited during later both Anthony, establish places thank and market strategy seamless Our strong business macroeconomic growing BXC level progress that, call win incorporating XXXX. launch to have will and suppliers With are detailed at a review results. of preview from all our receiving. super over of financial the Prentis to progress turn highlight more new a platform, customers for set us. I to Day And to suppliers, Anthony and want strategy having I and for give unit Business this
shareholder financial actions the quarter Thank to are XXXX discuss the drive and of here results I'm today morning, value. for you, good our second we to everyone. to Gerry, be additional and happy taking
company all challenging I'd to consideration light say proud begin, of of our for the in am remaining on Before team and focused like results a I has entire industry against strong strategic undertaken how the backdrop. driving I
some has model that and pressures to deliver assets chain to the and experiencing. continue help the We approach offset utilize supply market of been our entire our cost low-cost upon
on operational platform We data-driven separation as also future. on as for make progress continue the build-out well to our our activities our of
Our entire rose to team meet quarter. the challenges the of
and are but years, have earlier, remains chain cost level and up significantly. consumer. remains Distribution prices labor in heard scarcity you Fuel us and costs company As have spiked supply at highest every for additional and over and creating environment only pressures continued costs XX the and supply inflation rise. not challenging for nearly to its sourcing
impacts factors and sourcing these have do and import to cost and remain and up particularly expected mitigate us inventory of of sold, more so services, of essential build increased high said, energy Record prices and strong we supply while have into in including cost. and as SKUs, it our the overall of goods for impacts. All from help we paper, products strong impacting cost challenging many inflation chain suppliers the a of see the back-to-school made challenges the have and for and to That our our These of distribute season. tech costs to labor, our we many office operations, product reasonable these to categories. second other upcoming all position cost do source, continued at nearly impacting a furniture, quarter, industries
fuel Next, strong. chain risen. cost serve points to for supply in up remains are remains our rates supply and labor. inflated costs transportation due well than approximately to higher constrained. logistic demand the as as year transportation, XXX compared as to and higher higher labor costs, container last continue basis Market more third-party diesel to quarter have chain costs was capacity fuel higher, Fuel Accordingly, and XX% and be prices
make categories, areas, in higher in progress out-of-stocks challenge certain to ink, including for to mid-single across were across business. than the retail elevated our costs, workers Also, out-of-stocks wages up seen we logistic some labor for sourcing be to beginning progress remain be wage and are Specifically operations we in PCs, printers our and labor although while And our areas normal. highest this levels, general at overall area. product the have digit continue causing certain combined technology
While I to the of to note first as increases persisted These has domestic built take year, cost half our basis actions the address. relative to some continue container quarter, This and would upcoming second saw for mitigate inventory reliable ensure back-to-school for and and third-party source and cost products, season. quarter transportation certain cost in help include products a we leveraging customers. of the led category. the rise a in we in our relationships primarily the higher imported that workspace inventory to fleet up these challenges have certain our private of to significant products on this in for service
market to the few However, also that over quarters. our next route we by And using us we inventory cost increases expect tool, with last to in to quarter, to and we've cost We're stated product. proprietary continuing reduce slow continue turn COGS, through as see help utilizing optimize passing good path remain developed chain the serve been to data for to supply increases and operations flexible to pricing compensate and the to actions possible competitive while demand where helping market.
to operational years ability actions over excellence. the strength and investments upon we of made a the core is reflection team's Our is these have our in a execute
said, As challenging, term. to on continue quarter's expect in manage the be a That of these near environment and to the to call, mitigate I pointed continue strong out to accordingly. last in persist and some continues we conditions challenges to position be we these
and turning had provided adjusted result total to channel the the quarters, performance We We Consistent supply over contract a on contract both again as to lower basis. a categories our results with just drive challenges enterprise core and of year. in to highlights quarter, same in QX I We XX. technology the the cleaning results, shown and fewer was channel chain year. stores solid compared breakroom, stronger XX of primarily and in second service the period than $X earlier. through sales revenue partially of previous us in our in we categories, Now back-to-office as helping financial billion saw trends GAAP last X% lower print This improving and Slide our sequentially. quarter, copy both stronger we mentioned on supplies, generated during our the sales offsetting related of generated last year-over-year have
related efforts principally and market, separation. to to in accounting said, GAAP retail up quarter were performance, drove last costs fully also being was facilitated BXC, expenses that business external workers, was providing Our of $XX million, including we operating IT certain these the BXB and to income ability $XX slightly million small $XX operating related operating for from education Included we the an anticipate customers. again our charges, year. our $XX is across of market, associated of all channel with legal structure strong and to down $XX $XX to sale store separation and we separation business solid locations. were our routes in elements unit fully expect of refocused incurred and That continue hybrid asset consisting Year-to-date, process, million support income route and million to related costs directly primarily costs restructuring to stand greatly associated million with operationalize attributable million to the incurred as we costs activities of platform. primarily retail to and streamline million the noncash Veyer the remaining our in our in $X restructuring largely Part additional impairment separation the costs costs company's structure. we charges and our
EBITDA $XX our of compared million quarter. of of of other This expenses in expense year's million to second $XX $XX XXXX. for million up quarter XXXX, and of other was $XX million in includes amortization last QX $XX unallocated respectively. the million and and quarter million for adjusted the depreciation in compared quarters This to these includes XXXX was second adjusted $XX Excluding income operating the $XX year. Adjusted last of the in and and second items, quarter million
share adjusted after-tax per income compared per $X.XX mentioned period. the for to net diluted of net the income in from second items share diluted $XX the impact earlier, quarter or $X.XX Excluding adjusted million the year or was million $XX
last accounts in million to costs. to capital flow. was receivable the to the terms sales. quarter timing certain source to with of as $XX million, Lower primarily see million we which will trade a $XX quarter working stronger continue operating we flow speak the flow in Turning of cash items, including to cash of This of as moment, related cash which BSD year. and of used cash natural included compared was products operating payables inventory, Operating tighter restructuring in buildup $XXX timing the I
their costs In product costs addition, impacting container primarily the value. certain carrying aforementioned impacted were by
e-commerce the dollar targeted prior on million year the while inventory level the into expenditures future heading increase use about quarters, digital usage, season progress the on causing anticipated charges of back-to-school capabilities. flow our transformation, absolute cash was to and we in capital were approximately the So of free quarter associated and In initiatives Veyer. value make cash chain in investments investments is stronger allocated our feel of our $XX flow of quarter the as $XX reflecting restructuring and in of and inventory million, Varis plans these basis, we supply adjusted quarter million for continue period, with cash the the Capital capabilities a a in Adjusting to we $XX higher $XXX to some to comfortable expect compared we in separation expect. relative million. growth
Slide to turning XX. Now
operational in to my structure segment with to a unit we would that our to report on our like of highlight out we intend near of the future four-business I planning reporting unit Before performance, completion in discussion QX. the I segment some our we're Beginning changes QX, as begin business reporting beginning of implement separation.
contract chain business. shown, platform and omnichannel segments business; Varis, consumer enterprise ODP procurement and supply are our Depot, our these As our business; Office Solutions, our Business digital Veyer, business;
our the needs done and to operational the report would new changes the assets anticipated. BSD unit consumer rising is easy on largely I and our to report and business structure activities in be to reflected would chain for will pursue omnichannel today, they reflected primary supply our to our will our support our embedded e-commerce we and operations team up diligently as will to both to future. retail our segment is earlier than optimize finally, segment business four-business One challenge be consumer its our us are leveraged prepare like BU to to no businesses of The which four meet allocated which like task. building now segments become relationships third-party was today, on have continue going on forward, and And of Veyer I capabilities. BXB segments our and and entire our we have currently capabilities working in to BSD work in own positioning further its under separation the this thank highlight the which further even
We our are more to at excited Day. share upcoming Investor
our XX. turning Slide to Now current as on unit performance, with shown BSD business starting
continue to driven segment QX quarter an in deliver was traction. to Total improving gain the QX, BSD BSD in in in relative X% to billion continue to the revenue office. in stronger last by conditions the our lower as return to related year, heightened relative last This began return-to-office trends businesses increase contract experienced sales velocity the the results partially to as of was up the pandemic. we e-commerce expected, our channel to $X.X sales Our demand in which year channel, offset by during
technology, sales. to helping copy we BSD, and print core total for core categories. activity specifically, generated those between to chain customers we've stronger performance of adjacency convenience up services, demands sales work product core cleaning improve supplies, channel, year. represented performing positives in These business, product pandemic. breakroom, mitigate the with component supplies BSD's some year-over-year, height channel supply certain sales operating categories the the sales to the margin contract and the breakroom, SG&A last ease That lower Offsetting and efficient of meeting for during For the and basis of through and of strong of technology print growing is and strong in in shift help value with supplies our product channel return-to-office in contracts categories basket online identify million providing and breakroom, were we for in increase including outside up and reflected and and X% about as of for and This retail year, business. strategies customer sales of offsetting XX% an would furniture More cleaning of demand operating are level started e-commerce total last were approximately office supply and reviews our the the inflationary our way. These the about a of e-commerce and lower saw the us customers. income offset offering to overall into opportunities proposition of furniture categories, our data-driven services, our costs significantly and lower a these technology, furniture suite ad and that approach in A basket of that certain the some being our continues our categories our said, BSD important in pricing implemented over to and most and correlation customer customers. quarter, previously in core cleaning a BOPIS copy omnichannel mix our for few growing point in months in product print ago, $XX include services. traditional revenues XXX utilizing our highlighting helping demand strong a our fuel component be include mix. key which add XX% supplies percentage Total line presence, categories products helped increase pressures. and generating continues the remain over shopping categories, I copy
to turning division our XX. on shown Retail as Slide Now results
conversion with leading Reported order quarter in and average in was Retail our our office, year quarter XX results to planned higher traffic Partially operating solid the stores closed quarter proposition provide related volumes, X,XXX stores business sales drove home in per shopper. to small XX% again to service lower offsetting this by driven We consumer year, and versus value in store rates traffic. in $XXX was quarter, continuing ending to closures quarter, retail last the in lower a in strong store the XX and increases the to strong education, customers. fewer Our down revenue the operation. second same-store division stores million,
We continue store in on supply services to increased certain demand comparable copy and see for core basis. strong our and categories a demand print
XX would quarter. as sales guarantee, operating to From up we this on categories success stocks $XX Balancing the operating of perspective, Additionally, last related technology million to an of quarter. ink demand performance X% saw costs. of to were customers. the generated and our well income cost in XX-minute is Supporting a the product for mention same-store for basis sales during revenue, the points progress, margins value like product helped including we SG&A, PCs compared and pickup continued about that quarter, to in supplies. a furniture, solid continued technology lower last strong the products strong in We our to quarter grow, BOPIS presence to mitigate challenges. supply with the I out higher proposition to PPE chain strategies also pandemic, despite certain omnichannel and products, Operating added under just cleaning of cost will continue the our lower be year to product operating X% margin basis deliver pricing slightly offset up continued compared year. efficiencies and as mix, higher and as
turning Now to highlights capital and Slide XX. additional on briefly allocation balance sheet as shown
have and million an billion, Our take to million. cash perspective, to in debt of availability $XXX the at asset-based $XXX be consisting capital From with allocation continued returns of ending equivalents the liquidity million of balance cash several the sheet total areas. source $X.X under our in $XXX end facility. quarter quarter enhance to strength, and we shareholder lending in was overall continues approximately of actions Total a approximately
an that in QX. last year. place million Adding over our repurchases to XXX,XXX In year, last QX retired QX year, we for to market First, ASR share additional program. last plan, our of in have quarter, X.X completed returned in put we we the our the since open shareholders shares total, retiring in ASR of shares over $XXX this under we million plan
to confidence approved to repurchase we to in auction to our a is tender is ongoing million our date. has and and Dutch million $XXX a returns offer, commitment and sheet. team's of $XXX our true shareholders, the our balance which to value in enhance an action authorization, a share in of testament shareholder launched effort strategy Next, Board This reflects board ongoing July, the creating strength our
share of program. will of more outcome offer the the conclusion the Dutch about the at tender We
on our turning Now XXXX to Slide shown guidance as XX.
XX, July release for XXXX press remains on guidance we issued Our with our XXXX. consistent pre-announcement
expecting $X.XX For adjusted $X.XX adjusted billion, the in we to earnings million, of in EBITDA million range operating $XXX are income share. $XXX million and billion in consolidated of to range $XXX $XXX per per to the share year, to million of $X.X revenue range adjusted the the $X.XX of
executed occur results December million the capital to this half working second our assets also affect the outlook in for This to half strategy that will on unit the free year-end we first environment timing XX, macroeconomic Additionally, recognizes million. it of adjusted the a of making are solid on our reasonably aligning which We've $XXX anticipating the and for support cash may of assumes flow and $XXX the the well fiscal significant year, statement items. certain in progress future. and year, our range year stable income driving of four-business
approach ability sheet, continue position balance while flow in with us remain has to over in invest returns our to positioned business, our long-term and enhance profile business, we its remaining market route the drive strong contract and highly will a our mitigate data-driven focused pressures, to free to utilizing Operationally, shareholder working to upon are and plan. continue complete diversified while the growth our in Our to on cash cost to progress offer time. Varis, adding making its launch profitable We're conversion our and tender working executing team delivering consumer across about our to our very capabilities. in channel to build-out excited
for the we're look to about the real later With new our summary, momentum and gaining In in opportunities it over new ODP that, and turn all areas. will we forward year. are customers velocity in excited Investor seeing at operator, the meeting questions. presenting positive for While with Day we suppliers, the future
from a question have We Instructions] [Operator Lasser with Mike UBS.
to of the separation on X-parter, are suppliers on if to long first the business over question be decision businesses often the the put the is And going cyclical a inherently My run. hold.
order come to exist to in needed have need to economics analysis, would did to for the move And make the you with work the dis-synergy overcome as conditions be what you separation? a, for forward number separation? b, you concluded So, up that with what
is I Michael, and Anthony and double-team -- Thanks, this. Gerry will I this will
far, perspective, think we value. BU the best four the and the felt Retail real us. staying Board shareholder for time a the from looked value generator online as from strategy is by options, different economic creating So -- businesses at and we a the do that at a We was, all from an this that putting strategy -- perspective together
experience, by a separation the will and stay by but perspective done bigger we and of these opportunity you the I've team we're think business, will have are launches KPI supply Jon be that there if and continue assets, business, 'XX best well add? on business these getting to lot digital and to we're putting a Day. ahead that just team to to great. But across and together. across from think a run. continue And suppliers and is we'll not a be at logos we get areas, well. bookings value it X into in can this where more So the from as think our great product obviously, think business Investor anything in our that a satisfaction be customer about management, have a plan customer since will on about of experiences physical we're our engine, his -- job chain on businesses build a we start we online time, that cash comments business, valuation value adding build integrated business, super other we'll low-cost also opportunities especially internal think intact. you excited by our business. that year. unleashing are, some is going day now retail we have to And traditional have will model, we QX. talk We're Centrella remarkable Gannfors BXC going think progress great talked BXB every we the and this Solutions, have and economic look out. the to evaluate But to expense have, I'll But our as various a X with think, on and the customers it's one Kevin at remarkable with valuation then viewed in whole having those platform areas, we at that. Dave is a big ODP value And X make other we X which Business a Anthony, to And and being And the future as we as few conditions that made business this Prentis business digital
about Michael, that about Gerry just absolute so I the economic think less mentioned more and it's the conditions in number market. in dissynergy the current
we a BU strategy we the looked continue command four multiple afford on afforded drive in to over that that as providing the allow to the four at looked BU the will each strategy, the the and will should by us that is at So through of expansion further the transparency provide. based today we further alignment we us that businesses, time transparency as BU which be doesn't opportunities this that felt as strategy best economics four well these the opportunity
operating year-over-year, other expense a that in of would associated million to savings the due Okay. $XX is incremental closing the investments you areas SG&A. that of are with portion question sizable lease recognizing stores, is dollars on my require but the declined And follow-up SG&A the expense making from business some dollars.
customer capturing your impact pressure, but under it maybe if reduce consumers because of you can Retail totality how an pretty scores understandable full have of had traffic cost the structure hasn't yet that experience. further the has much as without been potentially and of It's how the good, experience? the not sacrificing NPS a been some So view
for of things I'm or And XX this done but just Super a Tim the taking years do great cost year. of one it's to inefficiencies. get is alive productivity. trying but X in of we but It's We've tech to one redesigning of hardware, drive offline, Anthony That's I in job tremendous It's model. and last to specifics what Michael, think proud trying of our And into of get is, company cutting tremendous important call the looking heads, it's amount hallmark details can over emphasize the it's every business. strategies that not our out you of that a low-cost processes. with question, the I DNA think hallmark X stay more spending and that. years, to to
And you of a our efficiencies. Sigma And some of Kevin's always trying minds is better to lot of so for bring in a NPS customer we know above there's is Lean do world-class. tremendous. conversion find work score If so But the Six focused for type and teams. think But mean, it's it on think we're important, look the I across there customer business, when of difference We been, -- greet, is we a we that we're better and why whole a is kind to important optimize we has That's do that's opportunity. is XX business, that transformation ways team experience do meat set. do piece.
you It's excited our dependent not office Varis, a true opportunity will really and continue grow We're opportunity let's my money operate like to chain supply but Anthony job about. with the the which supply. cyclically model, to of excited to I'll I by putting in just more, business. be low-cost that by we always marketplace sure is is the talked and much So and leaders are We're balance say, investment. in make
that address to trying through investments. we're so And
the of I the We year. couple our of we between the of had as especially a balancing capital plus, split over $XXX tender [$XXX last to million think last we've years, and million] the returning also done shareholders couple job a years. we've think, job million of good well, of, that really done next in good $XXX the
have of as A shareholder to balance investment, return trying then low-cost we're question. well. great model that obviously, So strategy, and
other questions call turn Smith the I'd back remarks. Gerry in to There closing like are to the no queue. for
make to thank call focus as Thank I And drive very and shareholder us Investor again, customers you forward on much. you our thank to today. thank our for for value well. to the everyone, continue sure to And the Michael, and questions everyone fall, look joining the we today. want you, for Day and we're committed joining in
for you conference today's This call. Thank concludes participating.
may You now day. great have Everyone, disconnect. a
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.