Product sales in the first quarter were down 1% relative to the prior year period. US dollar price is an estimation based on recent average exchange rates Due to the uncertainty of the severity and duration of the impacts of the COVID-19 outbreak, the Company is unable to estimate the magnitude by which sales of products and services in our business will be affected in the future quarters of 2020. Free cash flow is a non-GAAP measure, which we define as cash flows from operating activities less capital expenditures. Office Depot paid a lofty 10 times EBITDA to acquire CompuCom. This decline in service revenues was partially mitigated by a 14% year-over-year increase in service revenue in the BSD Division. Company Profile & Annual Report for Office Depot Access the complete profile. These factors were partially offset by an increase in technology-related product sales despite supply constraints limiting the ability to fulfill the entirety of the demand. Total reported sales for the first quarter of 2020 were $2.7 billion, a decrease of 2% compared to the first quarter of 2019. Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Office Depot, Inc. definitive Proxy Statement for its 2009 Annual Meeting of Shareholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of For the first quarter of 2020, cash provided by operating activities was $188 million, which included $4 million in acquisition and integration-related costs and $10 million in restructuring costs, compared to $60 million in the first quarter of the prior year. A year ago, they were trading at $2.52. Temporarily Suspending Share Buybacks and Dividends. Service revenue was down 5% in the quarter related to lower comparable sales at CompuCom and sales of service in our Retail Division, both of which were negatively impacted by the COVID-19 outbreak. Although we have much more work to accomplish, CompuCom is on the right path to capture profitable growth in the expanding digital workforce arena,” he added. Management uses both GAAP and non-GAAP measures to assist in making business decisions and assessing overall performance. The company’s shares closed at $1.75. These non-GAAP financial measures should not be considered superior to the GAAP measures, but only to clarify some information and assist the reader. We continue to gain traction as evidenced by another quarter of significant new contract wins, including eight new major customers. Office Depot s.r.o. BOCA RATON, Fla.--()--Office Depot, Inc. (NASDAQ:ODP), a leading B2B integrated distribution platform of business services and products, today announced that it received a perfect score of 100 on the 2020 Corporate Equality Index (CEI), the nation's premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human … Shop today online, in stores or buy online and pick up in store. We have included reconciliations of this information to the most comparable GAAP measures in the tables included within this material. These positive sales drivers were more than offset by lower demand in certain product categories due to a portion of our B2B customers having either paused operations or temporarily transitioned into a remote work environment as a result of restrictions imposed in March 2020 aimed to reduce the spread of COVID-19. Office Depot, Inc. (NASDAQ:ODP) is a leading provider of business services and supplies, products and technology solutions to small, medium and enterprise businesses, through an integrated B2B distribution platform of approximately 1,300 stores, online presence, and dedicated sales professionals and technicians. Office Depot reported operating income of $80 million in the first quarter of 2020, compared to $24 million in the prior year period. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, highly competitive office products market and failure to differentiate Office Depot from other office supply resellers or respond to decline in general office supplies sales or to shifting consumer demands; competitive pressures on Office Depot’s sales and pricing; the risk that Office Depot is unable to transform the business into a service-driven company or that such a strategy will not result in the benefits anticipated; the risk that Office Depot may not be able to realize the anticipated benefits of acquisitions due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; the risk that Office Depot is unable to successfully maintain a relevant omni-channel experience for its customers; the risk that Office Depot is unable to execute the Business Acceleration Program successfully or that such program will not result in the benefits anticipated; failure to effectively manage Office Depot real estate portfolio; loss of business with government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores, service centers, distribution centers, field and corporate offices and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and maintain the Office Depot reputation and brand at a high level; disruptions in Office Depot computer systems, including delivery of technology services; breach of Office Depot information technology systems affecting reputation, business partner and customer relationships and operations and resulting in high costs; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption of global sourcing activities, evolving foreign trade policy (including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers’ branded products and services and Office Depot private branded products; covenants in the credit facility; a downgrade in Office Depot credit ratings or a general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies; fluctuation in quarterly operating results due to seasonality of Office Depot business; changes in tax laws in jurisdictions where Office Depot operates; increases in wage and benefit costs and changes in labor regulations; changes in the regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in Office Depot common stock price; changes in or the elimination of the payment of cash dividends on Office Depot common stock; macroeconomic conditions such as future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; and catastrophic events, including the impact of weather events on Office Depot’s business; the discouragement of lawsuits by shareholders against Office Depot and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by Office Depot as the sole and exclusive forum for such lawsuits; and the impact of the COVID-19 pandemic on our business, including on the demand for our and our customers’ products and services, on trade and transport restrictions and generally on our ability to effectively manage the impacts of the COVID-19 pandemic on our business operations. A Wholly Owned Subsidiary of Office Depot's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. Reduced interest expense and fewer outstanding shares contributed to this performance. Certain non-GAAP measures are also used for short and long-term incentive programs. Our B2B focus is helping businesses remain operational in the home or at the office, our facilities have largely remained open serving customers with enhanced sanitation and safety protocols, and our eCommerce platform and retail stores are proving to be trusted means for customers to access the critical products and services they need. Unallocated expenses were $22 million in the first quarter of 2020 compared to $31 million in the first quarter of 2019. Any other product or company names mentioned herein are the trademarks of their respective owners. The year-over-year comparable sales performance includes the positive impact of customer acquisitions and growth in adjacency categories, primarily cleaning and breakroom supplies and technology, which were up 25% and 10%, respectively, as customer demand for these products increased as a result of COVID-19 outbreak. Corporate expenses include support staff services and certain other expenses that are not allocated to the Company’s operating divisions. Retail Division operating income was $87 million in the first quarter of 2020, up 30% over the same period last year. The Company is also temporarily suspending its cash dividend beginning with the second quarter of 2020. Average square footage per store (in thousands), Tim Perrott We believe our efforts in these areas give us a competitive advantage and create long-term value for our customers, shareholders, and At The Home Depot, we have three key pillars of focus for our Environmental, Social and Governance (ESG) strategy: Operate Sustainably, Focus on People and Strengthen Communities. The Company experienced strong demand for essential products and services during the first quarter of 2020, which helped drive strong operating results and cash flow generation. Registered Office. Amended and Restated Bylaws of Office Depot, Inc. (Incorporated by reference from Office Depot’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 1, 2018). For Nike, FY20 was a year that proved the power of our competitive advantages – and the opportunity we have to accelerate them. Bratislava, Slovakia. The M&A deal quickly showed signs of progress by around February 2018. On a consolidated basis, service revenue represented approximately 14% of total Company sales in the first quarter of 2020. Office Depot expects full-year revenue in the range of $10.8 billion to $10.9 billion. As used in this release, Adjusted Free Cash Flow excludes cash charges associated with the Company’s Business Acceleration Program of $10 million in the first quarter of 2020. Please wait while we load the requested 10-K report or click the link below: https://last10k.com/sec-filings/report/800240/000156459020006770/odp-10k_20191228.htm, Office Depot Inc provided additional information to their SEC Filing as exhibits, © 2012 – 2021 Last10K.com All Rights Reserved. While former executives typically receive severance and bonuses related to their employment agreements, Office Depot's proxy statement to shareholders for its annual … Net income was $45 million, or $0.08 per diluted share in the first quarter of 2020, compared to net income of $8 million, or $0.01 per diluted share in the first quarter of 2019. Paper, file folders, ink, toner and more. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand&Toy®, as well as others, the Company offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business. The year-over-year comparison primarily reflects lower deferred compensation expenses to our executive function and lower professional fees in the first quarter of 2020. Our ability to continue to serve customers during the COVID-19 health crisis helped drive strong operating results and generate $188 million in operating cash flow including $173 million in adjusted free cash flow. Office Depot reported operating income of $80 million in the first quarter of 2020, compared to $24 million in the prior year period. CompuCom’s refocused strategy of connecting people, technology, and the edge, places greater emphasis on its core offerings and expands its value proposition. Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the Office Depot, Inc. definitive Proxy Statement for the registrant’s 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after close of the registrant’s fiscal year. The Company expects near term revenue in its BSD division to be negatively impacted by the business conditions related to the COVID-19 outbreak for the reasons described above. Good afternoon, @aterryjones1953. Report Covers at Office Depot & OfficeMax. Danny.Jovic@officedepot.com. 26, 2020 at 6:17 a.m. Office Depot Announces Fourth Quarter and Full Year 2019 Results, Delivered strong operating results and cash flow generation; Improved B2B platform for profitable growth; Strengthened balance sheet and returned capital to shareholders, Total Reported Sales of $10.6 Billion, down 3% from Prior Year, Operating Income of $191 Million and Net Income from Continuing Operations of $99 Million, Adjusted Operating Income of $367 Million, up 2% YOY; Adjusted EBITDA of $590 Million, up 4% YOY, Operating Cash Flow of $366 Million and Adjusted Free Cash Flow of $310 Million, Total Reported Sales of $2.5 Billion, down 6% from Prior Year Period, Operating Income of $74 Million and Net Income from Continuing Operations of $55 Million, Adjusted Operating Income of $92 Million, up 10% YOY; Adjusted EBITDA of $156 Million, up 13% YOY, Operating Cash Flow of $152 Million and Adjusted Free Cash Flow of $135 Million, EPS of $0.10, up $0.12 from Prior Year Period; Adjusted EPS of $0.12, up $0.03 from Prior Year Period, Consolidated (in millions, except per share amounts), Net income (loss) from continuing operations, Diluted earnings (loss) per share from continuing operations, Adjusted net income from continuing operations, Adjusted earnings per share from continuing operations (most. Given the uncertainty regarding the severity of the COVID-19 crisis and as part of its response, the Company is proactively adopting a more conservative approach to its capital return program to preserve maximum liquidity and financial flexibility in the current environment. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. In order to help mitigate the impact of these trends, the BSD division is implementing several strategies to leverage its global sourcing and supply chain capabilities to procure and deliver essential products, including personal protective equipment (PPE) to business customers, including hospitals and first responders, and supporting work-from-home/learn-from-home workforces, while modifying its supply chain operations to serve and support customers in a more distributed manner. Adjusted results represent non-GAAP financial measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, asset impairments, and executive transition costs. The primary driver of this improved performance was stronger operating results in the CompuCom and Retail Divisions driven by BAP-related cost efficiency efforts and flow through effect of increased demand from businesses and consumers for essential products and services during the COVID-19 pandemic. We expect that all of these factors place us in a position to successfully navigate this evolving environment,” he added. “Our strong Q1 performance reflects the commitment and tireless work of our team as we supported the essential needs of businesses, consumers, educators, students, healthcare workers, and first responders during the global health crisis that has unfolded in our nation. Adjusted net income and adjusted earnings per share (most dilutive) for all periods presented exclude merger and restructuring expenses, net, asset impairments (if any), executive transition costs (if any), loss on modification of debt (if any), and exclude the tax effect of the charges or credits not indicative of core operations. Office Depot does not assume any obligation to update or revise any forward-looking statements. Capital expenditures in the quarter were $25 million versus $46 million in the prior year period, reflecting lower investment in retail operations, while continuing growth investments in the Company’s service platform, distribution network, and eCommerce capabilities. These impacts were offset by higher operating results in the quarter versus the prior year period, as the Company delivered improved margin performance in its CompuCom and Retail Divisions. Free Cash Flow is a non-GAAP financial measure and reconciliations from GAAP financial measures can be found in this release. Related to the global business disruption and uncertainty caused by the COVID-19 pandemic, the Company is withdrawing its previously issued guidance for 2020. Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom Systems, Inc. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. Total debt was $652 million. 1. Serious Fraud Office Annual Report and Accounts 2018-19 (For the year ended 31 March 2019) Accounts presented to the House of Commons pursuant to Section 6(4) of the Government Resources and Accounts Act 2000 Annual Report presented to Parliament pursuant to Section 1(15) and Paragraph 3 of Schedule 1 to the Criminal Justice Act 1987 Adjusted income tax expense for all periods presented herein exclude the tax effect of the charges or credits not indicative of core operations as described in the preceding notes. The Company’s “Other” segment, which contains the global sourcing and trading operations in the Asia/Pacific region and the elimination of intersegment revenues, had no material contribution to sales or operating income in the first quarter of 2020. The ODP Corporation is an American office supply retailing company headquartered in Boca Raton, Florida.The company has combined annual sales of approximately $11 billion, and employs about 38,000 associates with businesses in the United States. Same store sales were up by 2% as the demand for essential products including cleaning and breakroom supplies, technology products, furniture, and work-from-home/learn-from-home enabling products increased significantly since the onset of the global health crisis caused by the COVID-19 outbreak. The CompuCom Division reported sales were $235 million in the first quarter of 2020, down 5% compared to the first quarter of 2019 and flat with the fourth quarter of 2019. I have some information that I'm sure you'll find helpful for getting those W2/W3 forms printed in QuickBooks Online (QBO). Media Relations This proxy statement and our 2016 Annual Report are available for viewing, printing and downloading at www.proxyvote.com. Tim.Perrott@officedepot.com, Danny Jovic “While the global pandemic has quickly impacted the business environment, the foundation we have created over the past few years has provided us the flexibility to continue to serve our customers’ expanded needs, preserve cash, and deliver necessary products and support services to help our customers succeed through this crisis,” he added. Adjusted depreciation and amortization for all periods presented herein excludes accelerated depreciation caused by updating the salvage value and shortening the useful life of depreciable fixed assets to coincide with the planned store closures under an approved restructuring plan, but only if impairment is not present. Another quarter of 2020 Litigation Reform Act of 1995 up in store this material billion to $ 10.9.... Cost efficiency measures and other cost reduction efforts helped to drive the year-over-year decrease was due project-related... 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