This ecosystem is a driving force behind our company and the foundation of the B2B platform that we are enhancing and positioning to drive profitable growth in the future. Office Depot. Because of this reported sales in the quarter for BSD were $1.02 billion, a decrease of 23% compared to the prior year period. Office Depot, Inc. Names Timothy J. Perrott Vice President of Investor Relations Posted on 08/06/2018 32 Office Depot, Inc. (NASDAQ:ODP), a leading omnichannel Office Depot and OfficeMax have a variety of school uniforms, teacher resources, the latest technology for laptop computers and notebooks, and school supply lists to keep your back to school shopping focused. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Yeah. We continue to expand our value proposition with new product offerings and continue to win new business in the quarter. Number two, continue to drive a low cost business model. Lastly, we have a very large sales marketing presence throughout North America and has forged strong relationships with business enterprise customers creating strong brand recognition with the consumers built on a reputation for quality and service. Dec 02, 2020. Office Depot, Inc. (NASDAQ:ODP) is a leading provider of business services and supplies, products and technology solutions through its fully integrated omni-channel platform of approximately 1,400 stores, online presence, and dedicated sales professionals and technicians to small, medium and enterprise businesses. So we think there's an opportunity for both channels to actually pull through. [Operator Instructions]. I appreciate the warm welcome and happy to be part of the ODP family. Anthony will then review the Company's financial results, including highlights of our divisional performance and following Anthony's comments we will open up the line for your questions. The decline in sales was related to the impact of store closures over the past 12 months, as we had 60 fewer stores compared to a year ago as well as lower store traffic due to COVID. Webcast Transcript. The pace of the program's restructuring, investments and other costs will be dependent on overall business conditions and shifting customer dynamics as the effects of COVID-19 continue to be managed and understood. I covered cash flow in my earlier remarks however, given the challenges caused by the pandemic and generally tough overall operating conditions, we still prudently managed cash in the quarter resulting in adjusted free cash flow use of $7 million versus a use of $48 million in the prior year period. So we've built a DNA here in our culture about driving cost and being efficient and are very pleased with the progress we made across not just -- our finance teams have done a tremendous job but all our organization has done a tremendous job of driving to efficiencies and productivity and even this acceleration of work-from-home is, we found all kinds of opportunity of efficiencies and productivity that by being in a work environment, you did realize things we didn't need anymore. We have implemented strategies to address including working with our distribution partners and evaluating delivery schedules and fees, all of which are helping control delivery costs going forward. So I think, we're all learning that, hey, what do I need to be successful in this environment so we'll continue to be that platform out there. Investor Relations Home ; Company Information. Turning to 2Q highlights. But obviously with BAT as well as our Maximize project that we announced. We're excited about the addition of both these leaders and look forward to their help in executing our strategy. Email Alerts. Good morning, and thank you for joining us for the ODP Corporation's second quarter 2020 earnings conference call. November 12, 2020 10:00 AM - PT. For example, back-to-school season's upon us in Q3, which typically generates an additional 5% or more demand on the top line. So I want to follow up on that a little bit. And so, we're always -- Maximize is -- one of the primary goals of Maximize is to drive from a fixed cost model to a low-cost -- to a variable cost model that allows us that flexibility, although this is never repeated the COVID experience but we believe this has demonstrated the ability for us to pivot and successfully manage cash and cost in a very, very difficult environment. 561-438-1594. So it's really going to be looking at the profitability and the cash flow generation by store and ensuring that we have the right line of sight and it really is going to be dependent on how effective our renegotiations were and makes it makes sense to renegotiate those leases and the terms of those leases will drive how fast we close the stores. Office Depot spokesman Danny Jovic declined to answer questions about the annual meeting or the company's latest strategy. I think it's -- again this very emphasizes the value of the routes-to-market. Our capabilities are extremely agile, having the flexibility to adjust to the most cost effective sourcing scenarios, allowing us to capture new opportunities very quickly. Good morning, guys. As one of the larger in North America, our supply chain consists of multiple distribution centers, cross-docks, a private fleet of close to 1,000 vehicles and established multitude of third-party and national freight arrangements. While it takes time to realize this revenue is a strong indication of CompuCom's value proposition but we look forward to returning to growth over the next several quarters. And so, I think we're very, very well positioned to continue that. For DBI shares: Computershare Phone: 1.800.622.6757. Investor Relations 561-438-4629 Tim.Perrott@officedepot.com. I'm very proud of our team in accomplishing this in such a short period of time and the takeaway here is the strength of our platform and the sourcing and execution capabilities we have. Mr. Perrott, you may now begin. Please state your company name then proceed with your question. Therefore, along with the restructuring charges on a GAAP basis, we reported a loss from operations of $456 million. Office Depot, which belongs to the Zacks Retail - Miscellaneous industry, posted revenues of $2.78 billion for the quarter ended September 2019, missing the Zacks … We have net new customer wins in the quarter and a significant amount of renewals. Our retail division remained open and operational during the pandemic, generating continued demand for essential products including cleaning and breakroom as well as products to set up home offices and remote learning, including technology and furniture. Let's conquer your financial goals together...faster. We are continuing to monitor the pace of business and school reopenings as this will have impact to the speed of our top line recovery. Thanks for that and again congrats on the PPE, it does look pretty successful so far. We believe this bodes well for our BSD business in the long run as we work to expand our value proposition and use our supply chain and distribution capabilities to drive long-term profitable growth. We're watching it carefully. Clearly, this is not a business as usual situation and the effect of the outbreak, most notably impacted top line results in our BSD division. Excluding these items and other items, our adjusted operating income for the second quarter was $10 million compared to $71 million in the prior year period. May 17, 2018 1:10 PM ET | | About: The ODP Corporation (ODP) by: SA Transcripts. Find out more about cookies Close message. Adjusted EBITDA was $59 million for the quarter compared to $125 million in last year's second quarter. Investor Relations . Just maybe what are you seeing so far in back-to-school? With that, I will turn the call over to Anthony for overview of our financial results. We're seeing that strength to continue. This action simplifies our corporate structure and begins to better align our assets with respective operating channels creating more flexibility for the future. Moving to Maximize B2B. From the supply chain and unique distribution assets to the multitude of customers across B2B and B2C, our platform creates a significant opportunity to expand our value proposition and deliver a broader set of products and services, growing our customer base and driving long-term value. Having been classified as an essential business operation, our businesses remained open throughout the pandemic. Durham University Ministry of Education Montreal’s Jewish General Hospital . Perhaps the most significant aspect that attracted me was the company's very large market presence, B2B platform and expansive reach. The decrease in operating income versus last year was related to the impact of COVID impacting sales, product mix and higher overall distribution costs. I mean, you cover wide geographies and do you see any indication that maybe they're just buying early, are you able to look at that in terms of areas where the students are going back-to-school where -- or versus the work-from-home, sorry, learn-from-home environment will stay in place? We're going to continue to look for new categories like we did in PPE, work-from-home, learn-from-home is all kinds of different innovations going on there. The immediate effects related to the COVID outbreak also impacted sales performance at CompuCom in the quarter. In my few short weeks at the company, I've been very impressed with the company's strong and innovative culture, creating the foundation to drive our mission and reach our goals with all of our stakeholders at the core. It all starts with our global sourcing and distribution presence and capabilities built upon the relationships that have been developed over decades. We're obviously keeping a pace on the reopenings across the country. As expected, the business environment during the quarter was very challenging due to the impacts of the COVID-19 outbreak. This all points to our underlining sourcing and supply chain strength and I'm proud of the team's execution during the quarter. This balance helped to partially offset the negative impacts related to the COVID-19 pandemic. So every element of cost is looked at, benchmarked and driven. Thank you, Tim, and good morning to everyone joining our call today. Toggle navigation Abercrombie & Fitch. At the heart of our ecosystem is our unique and expansive supply chain and services capabilities. No, I think that my short time here just the agility of the team to respond to the top line pressures that we saw taking out costs. Adding to this, was our deliberate effort to reduce certain unprofitable accounts to improve future profitability. Over the next few quarters, I plan to focus my time on a few key areas. Our balance sheet remains a source of strength and provides us flexibility as we execute our strategy and pursue growth. Our customers have come to depend on this for the categories such as technology products, cleaning and breakroom, workspaces and furniture, school supplies, copy and print and technology services with CompuCom, we continue to evaluate launching new products and service categories leveraging our capabilities and customer relationships. Can you maybe -- trying to get at what the baseline SG&A run rate is going forward? Obviously, there are some categories that are lower than some of our core suppliers, but there are categories we're looking at adding that are also pretty margin accretive as well. Of course, being a CFO, I quickly recognized the strength of our balance sheet and the flexibility that affords us in terms of capital allocation as we transform the business, pursue growth and create value for shareholders. ©2018 Office Depot, Inc. All rights reserved. Our actions ensured businesses and consumers were able to procure the products and services they need across our platform. And in our CompuCom division, despite the near-term impacts from COVID, which continue to the second half of the year, we believe that CompuCom is in the right place, at the right time to leverage their ability to support remote workforces to help maintain business continuity for our customers. We're also proud of our support for our local communities during this challenging times. Our product breadth and diverse channel presence also helped generate demand to help offset some of the impacts from the pandemic. Investor Relations Stock Information; Financial Reports; News Releases; Events & Presentations; Corporate Governance; Shareholder Services; Investor Resources; ESG Investors; Key Financial Reports 2020 Proxy Statement 2019 Annual Report 3Q2020 10-Q Additional Proxy Material; Additional Investor Resources. How can I contact customer service, media, etc? Investor's Business Daily 08/28/2020 03:00 AM ET Office Depot Earns RS Rating Upgrade On Thursday, Office Depot (ODP) earned a positive adjustment to its Relative Strength (RS) Rating, from 63 to 74. Peer Group: Retail. Steele will develop and execute Office Depot's investor relations strategy, serving as the primary interface for management with the financial community. Company Overview & Strategy ... Georgia Office of the State Treasurer New Jersey Courts University of Nottingham . Enter this section to read more and get in touch with the Financial Communication and Investor relations team. We also continue to expand our value proposition through expanding our product offerings and leverage our global sourcing and supply chain capabilities, resulting in expanding our customer base and positioning us for future growth. The combination of all these components gives us a balancing confidence as we navigate the current challenges in front of us as well as we continue to invest in building upon our B2B platform to pursue higher growth in the future. A detailed discussion of these risks and uncertainties are contained in the Company's filings with the U.S. Securities and Exchange Commission. As I mentioned, the outbreak of COVID-19 has created one of the most challenging business environments in recent memory. I'm pretty darn proud of the team for adjusted operating profitability as well as a pretty much net cash neutral from that perspective. Our next question will come from the line of William Kafoure. Aligned with our strategic objectives, we made significant progress across our platform on a number of fronts. Outside of back-to-school, we continue to work with our business customers to help them in any scenario when they return to work in a more normal fashion or if they remain remote. 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. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support This is uncharted territory for the market and we may have an impact on buying patterns with scenarios ranging from an increase in demand for certain school products, supplies and technologies to establish remote learning to some scenarios showing less demand in certain categories, backpacks for example, if there are prevalent delays in openings. whether it's going to be a hybrid model or school from -- from home model. We also continue with our strategy of acquiring small regional distributors with attractive business customer bases and assets increasing our reach in the marketplace. I think we probably need some more road underneath this from a trend perspective. Skip to main content This site uses cookies. In my quick analysis, I was truly impressed at the agility of the team in scaling BOPIS during the quarter helping to meet our customer needs in ways that work for them. Timothy J. Perrott-- Vice President, Investor Relations. Sales increased over 20% in our e-commerce channel and demand increased for products supporting work and learn-from-home and essential products with technology sales up 17% and cleaning and breakroom sales up 20% versus last year. To expand upon that we combined our sourcing supply chain capabilities with balanced routes-to-market to reach our customers, we created a platform that our customers can access to most appropriately satisfy their needs. Buy online, pickup in store or BOPIS sales were up about a 150% year-over-year showing the value of this channel option in the quarter. I just want to thank everyone for joining the call today and I just wish everyone stays safe in this difficult environment and we look forward to our conversation when we close Q3. We ended the quarter with total liquidity of over $1.5 billion. Customer Service; Chat not available . Office depot or the company nasdaq. Thank you. Considering our recent refinancing of our credit facilities, our maturity profile is attractive with our ABL not maturing until 2025. But again, it's always about getting the right cost structure in place and making sure we deliver the right essential products and services for people. If you think about the way we've approached it this year and really, commend the merchandising groups because our stocking strategy on a year-over-year basis was really to leverage more of a replacement -- replenishment model versus storage model. We have built a powerful and agile platform of assets to meet the needs of our customers, which has helped us achieve balance during the challenging business environment in 2020. During today's call, Gerry will provide an update on the business, focusing much of his commentary on our accomplishments in the second quarter and highlighting how the strength of our platform, financial position and strategy is helping to address the challenges posed by the pandemic and positioning ODP for future growth. Thank you. Office Depot, Inc. today announced V. James Marino and Nigel Travis have decided not to stand for re-election to Office Depot’s Board of Directors. This increase was largely related to lower SG&A from cost efficiency initiatives and an improvement in distribution and inventory management costs as well as lower operating lease cost recognized as a result of the new lease accounting standard. Despite the very challenging conditions and significant contraction in top line, our team maintained the focus on cash in the quarter. So it's going from down 24% to down low-single digits? While our B2C division saw the largest impact from COVID, we were able to grow certain adjacency categories in the quarter relative to last year. And then, I guess on the SG&A side, very strong expense control despite the COVID top line headwinds, $406 million in SG&A. Christopher McGinnis -- Sidoti & Company -- Analyst. Industry: RETAIL: GENERAL MERCHANDISE. Operating income was $18 million in the second quarter, up 100% over the same period last year or as a percentage of sales, a 110 basis points improvement in margins. During the call, we will use some non-GAAP financial measures as we describe business performance. While product revenue held its own and was down 4% compared to last year, service revenue was down 38% as copy and print services and subscription offerings were negatively impacted by the COVID-19 pandemic. Maintain a well-stocked office breakroom. investor_relations@intuit.com. We have direct supplies serving our large enterprise customers, a robust e-commerce platform serving both businesses and consumers, many retail locations supporting those products and services and about 6,500 technologies support personnel including our tech field force serving the technology and service support needs of our customers. [Operator Instructions] Our first question will come from the line of Chris McGinnis. We have our fingers on the pulse of the business activity and are monitoring across our channel, so we stay agile and continue to leverage our supply chain, our product breadth and our routes-to-market, particularly e-commerce help us continue to drive the business and revenue growth. Our total adjacency categories grew relative to last year and comprised approximately 48% of total revenue in our BSD division. With the assistance of third-party valuation experts and factoring in the impact that COVID-19 has had on our end markets, as well as higher overall discount rates, we recorded a non-cash impairment charge of $363 million related to goodwill in our CompuCom and contract businesses and other intangibles. Business operations and many of our customers have been impacted, along with school closures and stay-at-home orders implemented. Office Depot, Inc. (), a leading omnichannel provider of business services and supplies, products and technology solutions, today announced the appointment of Timothy J. Perrott as vice president of investor relations.Perrott will report directly to Joe Lower, EVP and chief financial officer. Timothy J. Perrott -- Vice President, Investor Relations. With that, operator, we will now open up the line for questions. And we adjusted some from a cost structure perspective as well. And finally, continue to promote our 5C Culture across associates and the finance team. We're also joined by David Centrella, our Senior Vice President of Financial Planning and Analysis. Danny Jovic Media Relations 561-438-1594 Danny.Jovic@officedepot.com Adjusting for cash charges was $16 million associated with the company's restructuring plan, adjusted free cash flow used in the quarter was $7 million. What I'm most proud of, as you look at, this is our ability to really emphasize and confirm our strategy, we can be more than an office supply company and we would -- look what we did with PPE from zero to a $100 million in 90 days, that's pretty impressive. We'll obviously let Tim get to you with offline with some of the more specifics. Well, the back-to-school, obviously, a lot of uncertainty there and it's going to be dynamic across the country I think in terms of when school reopens and when they do reopen, what does the model looks like? This includes adjusted depreciation and amortization expense of $47 million and $51 million in the second quarter of 2020 and 2019, respectively. We also made significant progress on our B2B transformation plan, improving our foundation and building our capabilities to drive long-term profitable growth. Cleaning and breakroom and technology products all sporting double-digit increases in sales relative to last year, helping to offset lower demand in other categories. The CompuCom division reported operating income of $4 million in the second quarter of 2020 compared to operating income of $1 million in the prior year period. Dependent on the pace of the reopenings, those channels may have a different mix but ultimately there is great opportunity for us to service not only the traditional back-to-school but also the school-from-home environment. Higher average order volumes and sales per shopper along with our diverse product mix and channel availability helped offset some of the negative impact to store traffic. Utilize our custom online printing and IT services for small businesses to stand out from the competition through our Print & Copy services. At sales our e-commerce channel was up double-digits versus last year as business customers and consumers recognized the convenience of our online presence and supply chain capabilities to safely procure the products to help maintain their business operations. And then, just any kind of indication in terms of what you're thinking for the back half of the year, is obviously -- I know there's a lot of uncertainty, but anything that could help a little bit around demand trends? Can you give us what the run rate growth or decline for the business is in July so far? Let's now turn to Slide 10, which highlights the performance of our BSD division. Christopher Horvers -- J.P. Morgan & Co. -- Analyst. So depending on the composition of products we can shift up and down relative to whatever our customers' need and have that capability, which is why, I keep saying a platform is important because we can offer more than just our current offerings, we want to continue to bring more and more adjacencies on this to -- and your cost of distribution that we deliver in five different things, five different categories versus one category, you're going to get scaling in that business as well. But depending on the overall reopenings and our commercial and education clients, they're going to look to us for different products and services. Jefferies Interactive Entertainment Virtual Conference ; Tim Stuart, GM, Xbox Finance. Microsoft Fiscal Year 2021 First Quarter Earnings Conference Call; Satya Nadella, CEO and Amy Hood, EVP & CFO. Thanks, Chris. By continuing to browse the site you are agreeing to our use of cookies. Safety of our associates, customers and families in our communities continue to remain our top priority. I will now turn the call back over to Office Depot's CEO, Gerry Smith for any closing remarks. The launch of PPE added to this performance. Good luck in Q3 and thank you for taking my question. Among the attributes that was extremely attractive to us was Anthony's leadership role in developing and executing ABM's long-term strategic transformation. https://officedepotchat-en.custhelp.com/app/chat/BS2_reactive_chat_launch, 20% off your qualifying regularly priced purchase, https://www.officedepot.com/images/us/od/, /account/v2/editBillingDisplay,/orderhistory/subsManager,/orderhistory/submitReturn,/account/accountSummaryDisplay,/account/loginAccountDisplay,/account/myfiles,/csl/listAll, https://request.eprotect.vantivcnp.com/eProtect/js/payframe-client3.min.js?d=20201221, Office Depot Diversity Catalog (HUB Catalog). Capital expenditures in the quarter were $15 million compared to $45 million in the prior-year period, reflecting lower investment in our retail operations, while continuing our investments in our B2B platform, distribution network and e-commerce capabilities. Gerry P. Smith -- Chief Executive Officer. 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