to on to Gerry, and the today here full you, be call. to Thank year discuss happy good financial everyone the morning XXXX. results for quarter and I'm our fourth
thank entire drive our and As low-cost for fourth our I'd team for continuing X would like I and begin, quarter. comments to first during stewardship focused to business providing also year you operating Gerry's our under to unit to like say model our business during new Chairman, structure. our thank I remaining Vassalluzzo, echo
accomplishments is demonstration and unit flexibility a commitment the excellence business Our clear to of this enterprises structure. our operational year of total the
the I in to out highlights as impact year that of week shown turn to XXXX. include Slide that would results, on as our the positive occurred like Now financial point results I XXrd XX, us related the for our prior to
with component, on I X previous on will in year. to consistent results. an off with X causing results some for performance Also, comparing and there is companies prior impact extra XXXX provided adjusted basis. As distortions to cover quarters, year-end highlight for many with We the in both have this year, our accounted highlighted the when we week a our a this our I results every GAAP our retail XXXX, as year-over-year And to years, comparisons.
last as XX on $X.X the quarter. X% basis. approximately operating generated million specifics GAAP Depot, revenue operating GAAP impairment in year. a results, year's service the related primarily resulting of shown million eliminating fewer lower in noncash loss compared on in to Varis approximately impact Turning of last Slide a goodwill of in was quarter primarily business in million This driven to results total in $XX charges, the XXrd to year-over-year favorable by sales $XXX related $XX When quarter. results, XX. week in stores of the billion was included We down $XX our including fourth fourth million to included the consolidated Office revenue unit, our of
expenses for adjusted $XX meaningful charges, comparison, million impact last in $XX the the the fourth about Excluding $XX fourth $XX $XX EBITDA the week. in quarter included of million million in adjusted XX% million, quarter fourth compares year-over-year. corporate income a to QX fourth income which $XX noncash year's to in related the and includes the to eliminating million Unallocated approximately our compared respectively. was XXrd the last were this This million favorable favorable XXXX, $XX and for quarter amortization impact year's operating up more million quarter. XXXX expense depreciation and was quarter was million adjusted operating quarter, When of in in $XX and
for Excluding million fourth the the $XX or from adjusted the or mentioned in share net income was impact after-tax diluted diluted prior $X.XX net share the compared year to million per quarter earlier, per items adjusted of period. $XX $X.XX income
flow. cash to Turning
Our year, the cash flow capital cash the inventory cash million were in prior working was managing and levels versus quarter $XX expenditures of in and million. quarter, quarter adjusted million the million. in free the items, team $XX resulting flow continued Capital $XX in other its focus $XX flow in operating
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and $XXX I charge to our in $XX to $XX income at $XXX included mentioned very million the on challenging approximately adjusted full was of included was primarily GAAP which goodwill year the reflected of million, impact for noncash XXrd $XXX related million related line. As adjusted favorable and compares was of $XXX given softer charges, year, basis, year, impressive the prior to million earlier. week, last million income million in year's to million recorded to operating we operating the which Full year million, $XX the were down year.
These This continued that EBITDA operating Varis $XXX results. adjusted which operating income due operating included compared top conditions income slightly results last of macro
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flow Finally, largely Cash in maintenance, year. by We asset platform $XXX transformation, activities a the was $XXX CapEx regarding digital for and cash at and increase BXB compared improvements million, targeted provided million invested of last fixed XXXX, capabilities. significant our $XXX million e-commerce operating to year.
in we our adjusted $XXX free guidance for total, XXXX, million cash of generated exceeding the year. In flow
the compared QX spending about office performance continue was resulting to I'd to full strong year return its in to more year's sales ODP starting Now most quarter sales by performance, last to causing X% impact macro the lower trends, and enterprise related flatter in Revenue significant week last across our margin our unit Slide cover XXrd fourth division last a was in operating drive favorable quarter the year, with million Sales to Solutions after quarter, to ODP included like categories income. business to the which was factors million and generating in operating cautious the in XX. $XX well profile in approximately Business compared eliminating $XXX year. Business as down on increases influenced results. fourth results Solutions improving as
of sales as other an On week were are lower basis, experiencing well products, large our impact annual the category furniture companies year, softer sales our industry-wide contributed a were PP XXrd line. in the reported technology highlighted Additionally, as ticket the year-over-year. after the large generally while well as to lower slightly factor many top of onetime that sales first as down eliminating flat last order impact sales results of we that in quarter
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value long-term our revenue, product to in a a our and a consistently percentage KPI the sales increases continue and positive but throughout Business the sales remained grow healthy comps vary both related core stated XXXX week operating both further Breaking increase percentage an operating dollar objective over XXrd impact Also, Solutions income X% to to the as during year favorable with income income this from in and strength perspective Federation of Business categories. margins. period total leverage $XX our $X margins results. to was the may proposition Solutions adjacency last basis on Operating represented continued in when year. for in in a included consistent our driving ODP million categories year, to the drive companies down the we our and eliminating ODP perform quarter-to-quarter, This our percentage quarter. operating to well million continue same is QX From as goals, and at expand quarter, which our our XX% the
year, year year to last impact For the up operating XX% the XX% to last eliminating when $XXX compared and of income XXrd the up million, was compared week.
and us a operating of a Day. year's about margins Investor macro percentage during given places growth generate were over This a is the up on we accomplishment significant margin a over set XXX challenges margin path time, improvement our sales, and results. last out points continued basis As improvement goal to
strength and sales in highly ODP position a a compelling offer of Business Solutions customer competitive remains capable with a force.
forward, Business drive continue are positioned confident Moving in that we we future. results foundation are Solutions strong to and well remains competitively ODP to the
results for and their Now as above half. as a business. retail demonstrated XX% service efficiently is home In turning business, approach them on the throughput NPS our Depot strategy Office in implemented better life also which this proposition significant combining and small cohesive bringing to and income flow. to This cash billion is continue its many full by They office Office sales their invest score in to million exceptional year, made generated the to presence. operating store $XXX as $X.X in to was highest Slide shown value first were any and refine success progress new and sales, while among customers. they operating Depot for of provide omnichannel Office and back Depot generated position tools, year online operating XXXX in our in XX. the significant compelling This more business. continuing business, education to a consumer operate their They accomplished consistent
about economy the favorable year, down sales same year's as XXrd in when well of XX%. percentage product the line to eliminating spending. Same-store million week $XXX to as well. X% of online In the consumer sales last in approximately top by were sales declined fewer greater the office, inflation to revenue resulted driven million small results, lower business sales results associated when impact closures included were $XX and quarter the certain last challenged positive as were a the the Lower quarter stood for sales demand at lower customers and relative of XX categories to the which last retail pace Reported and continue year planned with in revenue return as and slowing eliminating the store as partially period moderated of outlets over XXrd year and impact to the week. services high
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Last a year's million and of results XXrd achievement eliminating related macro line. relative to impact, challenging considering flat this a to top essentially included year. week. operating favorable environment When impact the $XX softer was income the approximately last considerable
to to execute optimizing are strategy, comps. achieve flat upon working footprint our our we store forward, Moving continuing and
and and in pricing, performance. sales managing balance expenses are We continuing to promotion to profitability be disciplined appropriately
a Gerry more customers, Education As creating we and teachers, including XXX serving education students to our consistent year-round. mentioned, schools, parents launched initiative approach
value we're as These traffic when added customer In well we this evolving that can all, through implemented, believe PSA on cash are relationship our expanded fully such and as to should continue well control stores. of product drive also our enrollment initiatives, We with are an the our drivers focused Telos. to forward. offering positioned engine proposition, be going components as we assortment services to driving our business
consolidated which of exceeded more a chain service adding first the branded to Veyer from supply as operating Veyer's and the customers. and ODP on with supply shown sales impressive supporting Now they Slide expectations Office our Veyer Not operations customers, third-party EBITDA Veyer, its business eliminated internal Business consolidation. also purchasing provider than results made and doubling basis, logos $X.X unit. and billion, customers, Solutions chain significant and are year nationally and logistics during own Office On of progress of Depot, as serve Business third-party XX. drove only upon drove ODP Depot, predominantly turning Solutions did its performance efficiently
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operating year For million generated $X loss revenue Varis in of and XXXX, the full $XX million.
mentioned, Gerry are Core. we efficiency As Project as of measures pursue continuing part at to Varis
to optimization the full initiatives business our our date. are report quarter Our reporting strategic and business complete by first earnings of and XXXX working review
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million be [ note million. a we We source subsequent million the at in cash our to was would Total loan equivalents of quarter total ], and quarter on in Farlow million to Our facility, the strength. paid of $X.X end, end debt our quarter availability cash I balance $XXX balance costs. facility. $XX under and of that the position asset-based liquidity ended of interest the a down with January, $XXX sheet also term liquidity reducing lending billion, consisting continues $XXX in and
this launching also to are forward We our on update and a ABL that status look of year renewal providing year. an later this
have $XX As In the began in quarter. million the total, year. share under the shares authorization, since the we roughly includes repurchased months X buyback in $X shares of approximately amounts shares in million million previously XXXX, mentioned, billion late XX we've first buy back which repurchasing for program repurchased continued to $XXX for our XXX,XXX this
new approved Board. excited our X-year We increasing through which had share This remaining recently our plan $XXX a our authorization million. share are plan of also plan, repurchase our new by replaces $X buyback previous about billion approximately authorization
this on to basis. a expect our begin immediately, plan pace quarterly We increasing executing upon recent
the Our our we while cash operating sheet plan staying targeted and our Day by overall set within XXXX. goals in is supported flow during Investor balance leverage
to on our enthusiastic long-term the while XX remaining Now the drive our in on shareholders. We're about guidance highlights moving benefit to Slide capital to deploying XXXX. updated opportunities business prudently for value of focused that
low-cost customers environment that on through Core. and forward As term regarding year. focus the XXXX, the model our will expect year our operational cautious posed will That serving move excellence team in we we last remain to near challenges into driving and Project said, persist new our macroeconomic continue
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as improve continue but the rationalize portfolio Varis, sales to Depot reduced at year. to at prior offset Office we by trends Consistent the deceleration compared trend
we're deliver between $XXX million adjusted to million the range million income operating $XXX to and $XXX adjusted $XXX between million. Next, in expecting EBITDA to
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the XX% in certain to the to tax Related approximately rate XX% included operating rate around rate, versus This we income year. in are adjusted fiscal benefits on effective normalized 'XX. captured the projecting XX% of a of
work tax continuing for and the benefit has captured programs fiscal R&D items, While in tax XXXX. fully the the on credit to we tax been opportunity our are including work these of credit, not rate expected
we will the rate. provide tax the expected progresses, As insights year full into additional effective year
free new Finally, our greater in $XXX as demonstrated we we adjusted manage to assumptions cash products regarding additional than past. working generate we areas guidance. invest few flow the capital also inventory of have overall expect continue and to A comments as million our in for behind
First, relatively but guidance of throughout macroeconomic stable second XXXX, XXXX experienced half into year. the our stays the assumes we the forward in that environment carries
Veyer assuming are improvements stable a with an environment we from certain Second, perspective. procurement and inflationary under areas in supply
announced our guidance our Core assumes also benefits recently capturing initiatives. Third, from Project in-year
is initiative all operations, outlined the efficiencies As an on further functions. our core all includes our to business routes entire aimed optimization focus at cost enterprise-wide Project our streamlining support Core This enterprise. across sharpening and Gerry driving earlier, and market
in when to 'XX. assumes savings we approximately $XX million of predominantly in which plan, our million, $XX implemented. of in run $XX in-year around as incur anticipated And to cost to million we As XXXX to expect yearly fully with of achieve million $XX guidance outlined, part rate savings this $XX expect to million implement fiscal
billion Board that $X buyback Lastly, continued approved. our of share our our program recently execution guidance assumes under authorization our new
our And capital executed a the in operations, we've for well, invest In this to committed given feel growth. remain environment against delivering the in and of expected balance operating while results in to strength continuing we We returns. extremely challenging strong confident sheet driving business summary, achieving XXXX.
again, our be of shareholder allocation value. committed strategy. excited on for delivering We the opportunities free And creation cash the We're I our focused thank EBITDA continue to shareholder driving flow create to to and entire these want to strong capital executing results. while formula ahead to staying upon continue value about team
As continuing we Core all operator, we will look questions. forward to to customers value take on into our to across that, now market.
With routes drive and executing Project
