provide and on to detail morning the financial Thank today happy to be first quarter. more results to call our on the good here I'm you, everyone Gerry, today. for
our say focused and and I macroeconomic you through I'd to the inflation begin, navigating for performance, an environment. like evolving team while entire As to thank strong effects of remaining delivering high
earnings KPIs financial As in units quarter four full under fall, in and identified net double-digit percentage we in first during In last last the stood our strong is QX. the of to meeting increase XX% to including Compared this resulting business increases our in income up we adjusted late our Investor quarter, fiscal in drove majority last Day year we new we a per structure. operating income, year, performance year, the start the drove improvements the share.
of focus, continue And plan that place we what will the a our last in excellence was to shareholders. November performance a our have stock our allocation capital Our earlier, our over new emphasize back as enhance result value of in since putting of $XXX year. to combination million operational said and to repurchased Gerry
nearly our business pursue excited winning utilize This structure in assets strong of capital this unit XX% is clear of positions a our represented more a performance and allocation testament quarter fully our value. focus to continues be and new about greater We Overall, us and for and Culture. market growth. disciplined demonstration opportunities of the our our to remain how XC four long-term our
to continuing progress enhance during new and capabilities its its leverage positioned Solutions to continues customers now onboarding drive meet path Office customer and strong Day generation making Varis its and launched gain network has Investor pursue Depot cash along our while Business to needs omnichannel new continues is is capabilities. set Veyer ODP we are to We to the momentum. meeting. services, third-party
working a independently should X concert over value drive ODP. time. And pursuing significant BUs and are these shareholder new growth in We
macro heard just for outpacing increases, remains you from not As wage in placing industries. for remained Gerry, record Inflation at us, of on majority nearly but businesses highs, the challenging, consumers. strain the environment all additional
chain high inflation activity, baskets, last improved although companies peaks them continue reduced the continues other from product has be slowing along but in all impact year, remain challenging, to nearly ODP, of the and our conditions business. goods cost growth Supply For expect via And widely we of tailwind consumer with to to higher with consumer input of the costs rates exposure. sold average interest impacting XXXX. negatively a reported, have GDP as
this environment we a over the is and made to to our Overall, our and ability years challenging execute strength a testament the in navigate foundation. investments have core is
Our to market diverse our routes value illustrates platform. the of
While journey to best for value it's our long-term strategy. our differentiated still creating our days are drive our still early as will value, how execute customers, we which are shareholder show feel across in we I ahead
to our GAAP our with highlights the on XX. turning previous both financial results, adjusted provided quarters, on results we Now basis. of shown as have Consistent Slide a and
Depot, year We stages previously coupled Turning consumer of higher sales in total by the versus partially year. of and demand last business, the sales due QX to of driven service results. lower The our revenue for lower last lower specifics in XX and the to pandemic. revenue products in year, the reduction first fewer later Office X% sales stores comparable primarily our eCommerce last was to traffic, billion of compared quarter, generated in in down $X.X with lower
as the in in by business stronger ODP trends Business office to quarter. sales strong return was activity remained offset Solutions partially This and
ODP Business sales overcame million Solutions approximately $XX the year addition, kit prior in repeat. onetime In didn't COVID-test that in
quarter with income impairment, of operating the was from of really Business impressive. million primarily a Also in income store QX So in $X the year. with right-of-use $XX net asset in associated with charges operating noncash to assets locations. associated Solutions our overall, related XX% last growth up million, GAAP was included
and of last in $XX quarter. for includes $XXX the of million operating million the for last million, million QX income and was first up EBITDA Adjusted to corporate quarter This year. were in million $XX of year's amortization respectively. Unallocated XXXX expenses from first XXXX, compared quarter million million $XX $XX Adjusted expense depreciation and $XX $XXX
adjusted net share income $XX prior or was Excluding the income in the per million per to first share $XX the diluted from impact mentioned net $X.XX or for after-tax year adjusted item million period. diluted quarter the compared $X.XX earlier, of
our net in count This and result our income strong share represents by EPS, under higher program. a driven execution share a increase XX% adjusted repurchase as in reduction both a of
Turning quarter, Overall, $X items. cash the very in to $XX drove million flow related were we of cash increases generation. restructuring about operating operating up to cash year. flow. cash In million, to $XXX compared last We significantly flow of includes we strong generated which million
and increase lower cash $XX expenditures targeted in $XXX previous prior compared million quarter partially CapEx Capital our supply chain the growth and year eCommerce million, in $XX retail in division. to capabilities, reflecting $XX in from transformation, year. quarter digital Adjusted the our a were offset period, million million free flow investments network the in was significant the by distribution in
want I being our flow. in on laser focused strong for and entire our driving cash the thank working managing to capital increase team
related year-end. a was aligned described with call, overall certain timing items, quarter management items the to influenced in This the happened be last to generation by at our quarter. which impactful this cash year, operating more end which stronger and as performance of the capital were the fiscal on we primarily flow the result cash of of calendar of was Our working our our
be build timing as we prouder. QX flow result, and season. inventory through of and we cash in elements, as I conversion focused a As enterprise we we metric, cash the key on our some remain from and as coming will throughout advance quarters specifically of a the excluding as in Overall, XXXX, couldn't seasonal the back-to-school we manage the benefited of remain shift, disciplined the move effects some of business, cash in balance
over trends up quarter in relative our like revenue year. QX, X% on improving in of Business starting last continued the performance, deliver to ODP to QX I Slide to Business unit would billion the business traction, Solutions ODP office XX. maintain to just as division Now with of results $X cover Solutions generating our return
given did As increase even onetime impressive results last we included in over not is was are that this I highlighted, this PPE more a that repeat quarter first order very revenue large year. comping year's
looking all Overall, particular, & and growth. delivered in Canada Federation our contract year-on-year Business business our ODP Toy our core business, at Solutions, Grand in Companies,
As executing the our years, we been past reach over including expanding acquisitions have tuck-in this a leverage reminder, few a distributed acquisition the regional Federation our distribution are in regional continuing Texas our and to infrastructure. Companies year,
have strategy now growing been this We successfully over this business, basis. which well annual million $XXX in generates executing in revenue an on
continues core independent growing across over gives dealer platform Technology. approach and board This fragmented product stronger as and categories, standpoint, for keep market demand us to disciplined runway Workspaces saw be tremendous adjacency time. our certain well in we to and including strategically a the supplies our highly as From services
for dollar expand categories both an toggle grow to a key of categories. but adjacencies total our consistently proposition at our percentage core is revenue, This in product objective strength remained as ODP we Business to long-term on XX%. adjacency KPI as from continue our absolute Our and percentage Solutions, a leverage value percentage may basis quarter-to-quarter, and
low-cost to rebound percentage to pre-COVID be EBITDA beyond good to Day margins up business back-to-office Investor growth staying fiscal by is consistent meeting, categories flat slightly on with ODP margins its continue expect our opportunity compared long-term to Business model. to we path true drive XXXX, expand back in levels our this an a Solutions with from level And as XXXX to For have this to activity. core to as the
represents progress of operating make ODP to time, Solutions of continue a huge as $XX this throughout and percentage Solutions accomplishment path the This over basis income nearly Business points long-term This is goals. last on generating on great places the improvement doubling a margin meeting a well results. and million, goal its Business sales. QX year's to ODP exceeding quarter, XXX
level mitigate performing core efficient and that positioned contribute discipline of add approach that data-driven our would operations started us Strong drive these success. the continues utilizing work strong helped and sales reviews to and to we contracts pricing to last I to results. year line early inflationary our pressures customer of supplies,
shown Now turning XX. Division on as to Consumer our results, Slide
last Consumer and satisfaction Division customers. in of as its were provide the Depot traffic the scores proposition service, X% value $X.X Reported education our to and retail consumer driven closures strong in compelling scores retail more excellent NPS both Office channels the related at down home well over some to business, a office. to eCommerce office, versus this industry. largely fewer to planned customers year Our remained to continued as and billion, best store lower scores XX%, quarter in revenues stores return service year XX the NPS in by small as
this equipment traffic offsetting lower omnichannel as to were our X%. On shopper is Copy previously due strong offset a and down tech. during products volumes, did categories with services, year-over-year to sales key order lower lower quarter contributed same-store for sales conversion basis, Lower lower partially and A approximately sales driver. higher sales. & per down Sales pandemic same-store traffic was in in of product window slightly, higher Print cleaning average mostly demand continued by demand example protective rates. the well of the good revenues, as Partially demand for as the a
to solid performance supply very quarter, and deliver operating inflationary we year. the chain as in as omnichannel continue and higher media Like remained in activity quarter the businesses lower sluggish, large in the monitor perspective, most throughout and sales. operating other to despite closely traffic evident to an consumer consumer lower contributing margin are reports, area continuing costs. This we we From overall move the is an
driven education year. excited office, we compared operating million was year revenue, and Success compared in last costs a to by Lower on income growing launch year, maintained margins campaign, higher the resulting new consumer by meet income of X% lower compared related home us primarily destination small $XX can how operating rely at to of for remain the business, which quarter our On their highlights and last to who we lower to sales are to customers, inflation. We last Imagine $XX in needs. million
are Depot mentioned Day during And eCommerce on for comp driving as Investor Office focused same-store meeting, sales sales. our we KPIs improving and our our
the delivering negative the we're X% of focusing same-store basis, comparative on in For is to on over X% fiscal sales comp slight improvement negative a XXXX. year, which range a
expect omnichannel will of penetration on potential that be the of our we We also to continue strategy. online execute strength a our source full as
Now results to insights to want highlight turning I into operations. to Slide financial Veyer's XX. provide
and have and in distribution, global in earlier, mentioned Asia. into Veyer sourcing competencies BXB reporting service operation procurement, Gerry business transportation delivery As own Veyer with and specializes separated own we unit. our consumer in fulfillment, business its which its core includes
at outlined Day, internal parties through Solutions, as as Business Investor primary chain Office we supply and third of the business. Depot well our procurement Veyer its needs ODP As serves and customers,
As our Veyer procurement intercompany services. and chain charged agreements and and fees reminder, stipulate for the of the supply goods units a between cost business
is Veyer revenue Therefore, mission best the which working drive chain effectiveness, be distribution Office to provider to upon fluctuate Veyer could consolidation profit an turn and capital entire efficiencies, optimizing and Solutions, Business enterprise as the intercompany corresponding Depot Veyer's results and supply over ODP efficient to actions allocated strategically including enterprise. in for our to will drive undertakes time.
the the resulting benefiting impact inflationary certain pursues activities sourcing the profit successfully the Veyer operating transactions at allocated have the Veyer we total as that enterprise, example, fees of categories, collects should could lower, sourcing an new Veyer. from ODP component reduce seen therefore, lower in As be in intercompany
transparency to and operating infrastructure activities, be optimal intercompany business, we investors fluctuations as will these cost proceed provide we third-party leverage provide the year the it forward, going while for continuing to results to this the Veyer's ensuring that from in throughout to with growth. Therefore, as helpful
and Business Veyer billion, and chain which of QX, upon Office supporting for effectively operations Solutions Depot, of purchasing drove ODP results are $X.X consolidation. financial predominantly the eliminated its Regarding supply sales
million sales, compared approximately the last external up $X same Excluding period over Veyer parties, intercompany sales in to year. XX% drove to
bottom the From a line last and mix for was due million total perspective, QX income $X million third-party activity. primarily year, compared aforementioned to transactions, Veyer's intercompany $XX operating to
And going our beginning identified key as solid that during Specifically, still generated in third-party see key is Day are our metrics customers. metric EBITDA Investor traction a one to of we from early while this small, forward. we meeting,
about well customers, more million XXXX prior significant customers double positioning XXXX. to generated our on than from compared from EBITDA in $X to we quarter, In in a EBITDA increase the over third-party way us year, third-party
briefly turning on Slide to XX. Varis Now
a Gerry, that a our buyers from that to you experience, today. in aims pain convenient heard provide consumer-like in BXB points exist more digitally and As experience is suppliers connecting BXB procurement platform that a and the way native Varis modern procurement solves
Varis While the services merchandise continuing transaction the through goal to with and which gross launched, GTV, volumes both network, or its is of driving and suppliers to add customers network. is volume, just
a from results at is Varis Day. the identified from and this Keeping While only subscriptions of to its in early Varis the transaction wave Investor Varis is the In launched perspective, customers existing KPI about to million we in generated platform suppliers. ramping quarter, first revenue in volume recently stages, drive the derived quarter, from primarily a that in $X mind beginning customers.
platform we this but and loss and we this prepared we days, still expect for quarter, last future. from was opportunities for million launched announced, It's Varis the remain in effort, QX business year. investment we slightly Varis' early down Related scale the sequentially of as to previously of As position excited the the the was $XX XXXX platform. operating peak to year that the about
our Now highlights, under $XXX cash to million the $X shown million briefly asset-based in cash over with of $XXX billion, facility. equivalents, consisting includes in and Slide We on million liquidity as our cash of internationally quarter of sheet XX. which $XXX held availability lending and ended turning balance total
drew we working down share the general help capital $XXX the purposes. HG fund to from related and for quarter, the Vora timing repurchase During million to
the And we $XX draw. of of quarter, end the that repaid million at
approximately at was of million. quarter total the debt As $XXX the end result, a
$XXX buyback have began, about Gerry to million million. buying been million. shares for we previously X our X.X under place Adding in plan mentioned, back the shares last our aggressively about of As shares we $XXX repurchased we program year. retired approximately In activity we for approximately QX, in since this November put million have
to strong balance maintain shares. invest continued business and in sheet, a our We allowing flexibility continue to repurchase
completed our quarter, lower a the expense, better transaction sale needs meets Additionally, the partial our liquidity of headquarters our profile. improves to team's and overall leaseback annual successfully subsequent our workplace that we and building, operating helps
guidance, on XX. our Slide to turning shown XXXX Now as
start driving the as the to executing identified enthusiastic our and pursue As I the the along remain capital strategies our off mentioned remaining Horizon model, about long-term start, four Gerry profitable optimistic growth deploying to year by unit great the are a business year. prudently balance opportunities at Three ahead on shareholder focused to value. maximize of We're cautiously to we and regarding
the previously maintaining we we given year we activity caution, carefully witnessed. are for some that recently as consumer weaker Considering That of guidance with issued are have follows. this, proceeding said, our the overall,
generate includes closed $XXX expecting to to operating to million impact to expecting of range billion EBITDA adjusted which billion, in million. $XXX between and the $X.X $XXX adjusted $X income deliver stores, expected. to annualized are We're between million and million We sales $XXX the of
effect aiming activity This share share. $X.XX are assumes of and under drive program. to per We adjusted $X.XX our share between range earnings our per the repurchase
additional $XXX CapEx free We million $XXX cash flow million. A $XXX are the to million few guidance. between between adjusted and targeting comments $XXX about and million
Our guidance trends economic throughout overall XXXX. in assumes stabilization
strong we are we general of encouraged the current our on and conditions. cautious to remain by guidance state macroeconomic While the reaffirming year, the we are start as prudently consumer
share of continued buyback under and Our Business line at continued authorization, pace closures a and assumes a guidance store at activity improvement Depot our also margin Office ODP Solutions. top similar
revenue at stable Additionally, OpEx growth Varis. burden supply and environment procurement assuming at we lower are and a and Veyer
capital operational is core more maintaining while as strength I a in questions. the has ODP. X-BU about to come summary, in organization new with new we we committed for Collectively, enthusiasm within I stay excellence, In what's defined will been there newly returns. over approach early sense not it could to our overall the be to structure are excited feel the and I our stages of that, turn disciplined with platform. And our operator, for what
