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2021-12-25 0000800240 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:LongTermDebtMember odp:FivePointZeroPercentDebenturesMember 2020-12-27 2021-12-25 0000800240 srt:MinimumMember 2021-12-26 2022-09-24 0000800240 srt:MaximumMember 2021-12-26 2022-09-24 0000800240 odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2021-12-25 0000800240 odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2020-12-27 2021-12-25 0000800240 srt:MinimumMember odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2020-12-27 2021-12-25 0000800240 srt:MaximumMember odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2020-12-27 2021-12-25 0000800240 odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2022-09-24 0000800240 odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2021-09-26 2021-12-25 0000800240 odp:SecuritiesPurchaseAgreementMember odp:CompucomDivisionMember 2021-12-26 2022-09-24 0000800240 us-gaap:DiscontinuedOperationsHeldforsaleMember 2021-06-27 2021-09-25 0000800240 us-gaap:DiscontinuedOperationsHeldforsaleMember 2020-12-27 2021-09-25 0000800240 us-gaap:DiscontinuedOperationsHeldforsaleMember 2021-12-26 2022-09-24 0000800240 odp:CompucomDivisionMember us-gaap:DiscontinuedOperationsHeldforsaleMember 2021-12-25

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

For the quarterly period ended September 24, 2022

or

Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

For the transition period from                     to                    

Commission File Number 1-10948

The ODP Corporation

(Exact Name of Registrant as Specified in its Charter)

 

 

 

 

Delaware

85-1457062

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

 

 

 

6600 North Military Trail, Boca Raton, Florida

33496

(Address of Principal Executive Offices)

(Zip Code)

(561) 438-4800

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading

Symbol(s)

 

Name of Each Exchange on which Registered

Common Stock, par value $0.01 per share

 

ODP

 

The NASDAQ Stock Market

(NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares outstanding of the registrant’s common stock, as of the latest practicable date: At October 26, 2022, there were 45,810,663 outstanding shares of The ODP Corporation Common Stock, $0.01 par value.


1


 

 

TABLE OF CONTENTS

 

The order and presentation of this Quarterly Report on Form 10-Q differ from that of the traditional U.S. Securities and Exchange Commission (“SEC”) Form 10-Q format. We believe that our format better presents the relevant sections of this document and enhances readability. See “Form 10-Q Cross-Reference Index” within Other Information for a cross-reference index to the traditional SEC Form 10-Q format.

 

Financial Statements

 

Page

Condensed Consolidated Statements of Operations (Unaudited)

 

3

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

 

4

Condensed Consolidated Balance Sheets (Unaudited)

 

5

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

6

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

9

Management’s Discussion and Analysis (MD&A)

 

 

Overview

 

24

Operating Results by Division

 

28

Liquidity and Capital Resources

 

33

New Accounting Standards

 

36

Critical Accounting Policies

 

36

Other Information

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

Controls and Procedures

 

37

Legal Proceedings

 

37

Risk Factors

 

37

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

Exhibits

 

39

Form 10-Q Cross-Reference Index

 

40

Signatures

 

41

 

2


 

 

THE ODP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

September 24,

 

 

September 25,

 

 

September 24,

 

 

September 25,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Sales

 

$

2,172

 

 

$

2,179

 

 

$

6,385

 

 

$

6,423

 

Cost of goods and occupancy costs

 

 

1,686

 

 

 

1,675

 

 

 

4,983

 

 

 

4,992

 

Gross profit

 

 

486

 

 

 

504

 

 

 

1,402

 

 

 

1,431

 

Selling, general and administrative expenses

 

 

391

 

 

 

382

 

 

 

1,164

 

 

 

1,173

 

Asset impairments

 

 

3

 

 

 

5

 

 

 

8

 

 

 

18

 

Merger, restructuring and other operating expenses, net

 

 

8

 

 

 

13

 

 

 

42

 

 

 

37

 

Operating income

 

 

84

 

 

 

104

 

 

 

188

 

 

 

203

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1

 

 

 

 

 

 

3

 

 

 

 

Interest expense

 

 

(1

)

 

 

(7

)

 

 

(10

)

 

 

(20

)

Other income, net

 

 

5

 

 

 

3

 

 

 

9

 

 

 

19

 

Income from continuing operations before income

   taxes

 

 

89

 

 

 

100

 

 

 

190

 

 

 

202

 

Income tax expense

 

 

22

 

 

 

27

 

 

 

48

 

 

 

47

 

Net income from continuing operations

 

 

67

 

 

 

73

 

 

 

142

 

 

 

155

 

Discontinued operations, net of tax

 

 

 

 

 

28

 

 

 

7

 

 

 

(89

)

Net income

 

$

67

 

 

$

101

 

 

$

149

 

 

$

66

 

Basic earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.39

 

 

$

1.38

 

 

$

2.92

 

 

$

2.89

 

Discontinued operations

 

 

(0.01

)

 

 

0.54

 

 

 

0.14

 

 

 

(1.65

)

Net basic earnings per share

 

$

1.38

 

 

$

1.92

 

 

$

3.06

 

 

$

1.24

 

Diluted earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.36

 

 

$

1.33

 

 

$

2.84

 

 

$

2.79

 

Discontinued operations

 

 

(0.01

)

 

 

0.52

 

 

 

0.13

 

 

 

(1.60

)

Net diluted earnings per share

 

$

1.35

 

 

$

1.85

 

 

$

2.97

 

 

$

1.19

 

 

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in The ODP Corporation Annual Report on Form 10-K filed on February 23, 2022 (the “2021 Form 10-K”).

3


 

THE ODP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

September 24,

2022

 

 

September 25,

2021

 

 

September 24,

2022

 

 

September 25,

2021

 

Net income

 

$

67

 

 

$

101

 

 

$

149

 

 

$

66

 

Other comprehensive income (loss), net of tax, where applicable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(19

)

 

 

(8

)

 

 

(31

)

 

 

1

 

Reclassification of foreign currency translation adjustments

   realized upon disposal of business

 

 

 

 

 

 

 

 

6

 

 

 

 

Other

 

 

(3

)

 

 

 

 

 

(5

)

 

 

1

 

Total other comprehensive income (loss), net of tax, where

   applicable

 

 

(22

)

 

 

(8

)

 

 

(30

)

 

 

2

 

Comprehensive income

 

$

45

 

 

$

93

 

 

$

119

 

 

$

68

 

 

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2021 Form 10-K.

4


 

THE ODP CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share amounts)

 

 

 

September 24,

 

 

December 25,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

473

 

 

$

514

 

Receivables, net

 

 

591

 

 

 

495

 

Inventories

 

 

890

 

 

 

859

 

Prepaid expenses and other current assets

 

 

47

 

 

 

52

 

Current assets held for sale

 

 

107

 

 

 

469

 

Total current assets

 

 

2,108

 

 

 

2,389

 

Property and equipment, net

 

 

355

 

 

 

477

 

Operating lease right-of-use assets

 

 

889

 

 

 

936

 

Goodwill

 

 

464

 

 

 

464

 

Other intangible assets, net

 

 

47

 

 

 

54

 

Deferred income taxes

 

 

185

 

 

 

219

 

Other assets

 

 

370

 

 

 

326

 

Total assets

 

$

4,418

 

 

$

4,865

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

853

 

 

$

950

 

Accrued expenses and other current liabilities

 

 

1,015

 

 

 

994

 

Income taxes payable

 

 

9

 

 

 

11

 

Short-term borrowings and current maturities of long-term debt

 

 

16

 

 

 

20

 

Current liabilities held for sale

 

 

 

 

 

290

 

Total current liabilities

 

 

1,893

 

 

 

2,265

 

Deferred income taxes and other long-term liabilities

 

 

124

 

 

 

159

 

Pension and postretirement obligations, net

 

 

20

 

 

 

22

 

Long-term debt, net of current maturities

 

 

175

 

 

 

228

 

Operating lease liabilities

 

 

707

 

 

 

753

 

Total liabilities

 

 

2,919

 

 

 

3,427

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock — authorized 80,000,000 shares of $0.01 par value; issued shares —

   65,632,777 at September 24, 2022 and 64,704,979 at December 25, 2021;

   outstanding shares — 46,736,821 at September 24, 2022 and 48,455,951 at

   December 25, 2021

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

2,733

 

 

 

2,692

 

Accumulated other comprehensive loss

 

 

(36

)

 

 

(6

)

Accumulated deficit

 

 

(468

)

 

 

(617

)

Treasury stock, at cost — 18,895,956 shares at September 24, 2022 and 16,249,028

   shares at December 25, 2021

 

 

(731

)

 

 

(632

)

Total stockholders' equity

 

 

1,499

 

 

 

1,438

 

Total liabilities and stockholders’ equity

 

$

4,418

 

 

$

4,865

 

 

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2021 Form 10-K.

5


 

THE ODP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

 

 

39 Weeks Ended

 

 

 

September 24,

 

 

September 25,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

149

 

 

$

66

 

Income (loss) from discontinued operations, net of tax

 

 

7

 

 

 

(89

)

Net income from continuing operations

 

 

142

 

 

 

155

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

100

 

 

 

110

 

Charges for losses on receivables and inventories

 

 

15

 

 

 

17

 

Asset impairments

 

 

8

 

 

 

18

 

Gain on disposition of assets, net

 

 

(4

)

 

 

(3

)

Compensation expense for share-based payments

 

 

31

 

 

 

26

 

Deferred income taxes and deferred tax asset valuation allowances

 

 

33

 

 

 

5

 

Changes in working capital and other operating activities

 

 

(246

)

 

 

(72

)

Net cash provided by operating activities of continuing operations

 

 

79

 

 

 

256

 

Net cash used in operating activities of discontinued operations

 

 

 

 

 

(10

)

Net cash provided by operating activities

 

 

79

 

 

 

246

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(68

)

 

 

(47

)

Businesses acquired, net of cash acquired

 

 

 

 

 

(29

)

Proceeds from disposition of assets

 

 

6

 

 

 

4

 

Settlement of company-owned life insurance policies

 

 

3

 

 

 

21

 

Net cash used in investing activities of continuing operations

 

 

(59

)

 

 

(51

)

Net cash provided by (used in) investing activities of discontinued operations

 

 

74

 

 

 

(3

)

Net cash provided by (used in) investing activities

 

 

15

 

 

 

(54

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net payments on long and short-term borrowings

 

 

(16

)

 

 

(20

)

Debt retirement

 

 

(43

)

 

 

 

Share purchases for taxes, net of proceeds from employee share-based transactions

 

 

(19

)

 

 

(25

)

Repurchase of common stock for treasury

 

 

(69

)

 

 

(122

)

Other financing activities

 

 

(4

)

 

 

(1

)

Net cash used in financing activities of continuing operations

 

 

(151

)

 

 

(168

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(6

)

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(63

)

 

 

24

 

Cash and cash equivalents at beginning of period

 

 

537

 

 

 

729

 

Cash, cash equivalents and restricted cash at end of period – continuing operations

 

$

474

 

 

$

753

 

Supplemental information on non-cash investing and financing activities

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

2

 

 

$

3

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

171

 

 

 

69

 

Business acquired in exchange for common stock issuance

 

 

 

 

 

35

 

Other current receivable obtained from disposition of discontinued operations

 

 

30

 

 

 

 

Promissory note receivable obtained from disposition of discontinued operations

 

 

55

 

 

 

 

Earn-out receivable obtained from disposition of discontinued operations

 

 

9

 

 

 

 

Transfer from additional paid-in capital to treasury stock for final settlement of

   the accelerated share repurchase agreement

 

 

29

 

 

 

 

 

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements herein and the Notes to Consolidated Financial Statements in the 2021 Form 10-K.

6


 

THE ODP CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions, except share and per share amounts)

(Unaudited)

 

 

 

39 Weeks Ended September 24, 2022

 

 

 

Common

Stock

Shares

 

 

Common

Stock

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Treasury

Stock

 

 

Total

Equity

 

Balance at December 25, 2021

 

 

64,704,979

 

 

$

1

 

 

$

2,692

 

 

$

(6

)

 

$

(617

)

 

$

(632

)

 

$

1,438

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

55

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Exercise and release of incentive stock

   (including income tax benefits and

   withholding)

 

 

652,606

 

 

 

 

 

 

(14

)

 

 

 

 

 

 

 

 

 

 

 

(14

)

Amortization of long-term incentive

   stock grants

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Balance at March 26, 2022

 

 

65,357,585

 

 

$

1

 

 

$

2,687

 

 

$

(1

)

 

$

(562

)

 

$

(633

)

 

$

1,492

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

27

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

(13

)

Exercise and release of incentive stock

   (including income tax benefits and

   withholding)

 

 

142,993

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

(3

)

Amortization of long-term incentive

   stock grants

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

10

 

Final settlement of the accelerated

   share repurchase agreement

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

(29

)

 

 

 

Balance at June 25, 2022

 

 

65,500,578

 

 

$

1

 

 

$

2,723

 

 

$

(14

)

 

$

(535

)

 

$

(662

)

 

$

1,513

 

Net income