# EDGAR Filing Document

**Accession Number:** 0000800240
**File Stem:** 0001193125-23-065338
**Filing Date:** 2023-3
**Character Count:** 14900
**Document Hash:** 3fef197796010f72f86ceebdce87c957
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-065338.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-065338

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230309

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ODP Corp
- **CENTRAL INDEX KEY:** 0000800240
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
- **IRS NUMBER:** 851457062
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10948
- **FILM NUMBER:** 23718238

**BUSINESS ADDRESS:**
- **STREET 1:** 6600 NORTH MILITARY TRAIL
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33496
- **BUSINESS PHONE:** 561-438-4800

**MAIL ADDRESS:**
- **STREET 1:** 6600 NORTH MILITARY TRAIL
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33496

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OFFICE DEPOT INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of Earliest Event Reported): March 9, 2023

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## THE ODP CORPORATION

#### (Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-10948** | **85-1457062** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |
| **6600 North Military Trail,**<br> **Boca Raton, FL** |  | **33496** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

(561) 438-4800

#### (Registrant's Telephone Number, Including Area Code)

#### Former Name or Former Address, If Changed Since Last Report: N/A

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading**<br> **Symbol(s)** | **Name of Each Exchange**<br> **on which Registered** |
| Common Stock, par value $0.01 per share | ODP | The NASDAQ Stock Market<br> (NASDAQ Global Select Market) |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

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The ODP Corporation (the "Company") is furnishing this Current Report on Form 8-K to recast certain previously reported results to conform with the change in the Company's reportable segments effective at September 24, 2022. As previously disclosed, during the third quarter of 2022, the Company re-aligned its operations and determined that it had four business segments: ODP Business Solutions Division, Office Depot Division, Veyer Division, and Varis Division. For informational purposes, the Company is providing historical unaudited segment financial information recast to reflect the aforementioned changes for the fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020 and for each of the quarters of fiscal years 2022 and 2021. For additional information on management's reporting changes and the realignment of the Company's reporting segments, see Note 3 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

The information furnished pursuant to Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;** | **Description** |
| 99.1 | [Supplemental Historical Unaudited Segment Financial Information of The ODP Corporation.](d476311dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | THE ODP CORPORATION | THE ODP CORPORATION |
| Date: March 9, 2023 | /s/ Sarah E. Hlavinka | /s/ Sarah E. Hlavinka |
|  | Name: | Sarah E. Hlavinka |
|  | Title: | EVP, Chief Legal Officer and Corporate Secretary |

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## Exhibit 99.1

**Exhibit 99.1** 

**Supplemental Historical Segment Financial Information of The ODP Corporation** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual Results FY20 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $5335 | $3578 | $0 | $6344 | $(6385) | $8872 |
|  Cost of goods sold and occupancy costs | 3958 | 3115 | 0 | 6255 | (6407) | 6921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 1377 | 463 | 0 | 89 | 22 | 1951 |
|  Selling, general and administrative expenses | 1060 | 412 | 0 | 61 | 128 | 1661 |
|  Asset impairments | 0 | 0 | 0 | 0 | 182 | 182 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 102 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $317 | $51 | $0 | $28 | $(390) | $6 |
| **Q1 FY21 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1325 | $855 | $0 | $1516 | $(1522) | $2174 |
|  Cost of goods sold and occupancy costs | 965 | 747 | 1 | 1494 | (1528) | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 360 | 108 | (1) | 22 | 6 | 495 |
|  Selling, general and administrative expenses | 252 | 105 | 4 | 15 | 25 | 401 |
|  Asset impairments | 0 | 0 | 0 | 0 | 12 | 12 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $108 | $3 | $(5) | $7 | $(44) | $69 |
| **Q2 FY21 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1161 | $914 | $1 | $1473 | $(1479) | $2070 |
|  Cost of goods sold and occupancy costs | 876 | 793 | 1 | 1451 | (1483) | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 285 | 121 | 0 | 22 | 4 | 432 |
|  Selling, general and administrative expenses | 235 | 103 | 6 | 14 | 32 | 390 |
|  Asset impairments | 0 | 0 | 0 | 0 | 1 | 1 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $50 | $18 | $(6) | $8 | $(40) | $30 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Q3 FY21 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1239 | $947 | $2 | $1528 | $(1537) | $2179 |
|  Cost of goods sold and occupancy costs | 894 | 814 | 2 | 1507 | (1542) | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 345 | 133 | 0 | 21 | 5 | 504 |
|  Selling, general and administrative expenses | 237 | 99 | 10 | 14 | 22 | 382 |
|  Asset impairments | 0 | 0 | 0 | 0 | 5 | 5 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $108 | $34 | $(10) | $7 | $(35) | $104 |
| **Q4 FY21 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1139 | $910 | $2 | $1474 | $(1483) | $2042 |
|  Cost of goods sold and occupancy costs | 854 | 790 | 1 | 1454 | (1489) | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 285 | 120 | 1 | 20 | 6 | 432 |
|  Selling, general and administrative expenses | 226 | 102 | 14 | 13 | 30 | 385 |
|  Asset impairments | 0 | 0 | 0 | 0 | 2 | 2 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $59 | $18 | $(13) | $7 | $(40) | $31 |
| **Annual Results FY21 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $4864 | $3626 | $5 | $5991 | $(6021) | $8465 |
|  Cost of goods sold and occupancy costs | 3589 | 3145 | 4 | 5906 | (6042) | 6602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 1275 | 481 | 1 | 85 | 21 | 1863 |
|  Selling, general and administrative expenses | 950 | 409 | 35 | 55 | 109 | 1558 |
|  Asset impairments | 0 | 0 | 0 | 0 | 20 | 20 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $325 | $72 | $(34) | $30 | $(159) | $234 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Q1 FY22 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1201 | $984 | $2 | $1533 | $(1542) | $2178 |
|  Cost of goods sold and occupancy costs | 871 | 858 | 1 | 1511 | (1547) | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 330 | 126 | 1 | 22 | 5 | 484 |
|  Selling, general and administrative expenses | 234 | 107 | 16 | 14 | 25 | 396 |
|  Asset impairments | 0 | 0 | 0 | 0 | 2 | 2 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $96 | $19 | $(15) | $8 | $(32) | $76 |
| **Q2 FY22 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1039 | $1000 | $1 | $1416 | $(1422) | $2034 |
|  Cost of goods sold and occupancy costs | 777 | 858 | 1 | 1394 | (1427) | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 262 | 142 | 0 | 22 | 5 | 431 |
|  Selling, general and administrative expenses | 213 | 106 | 16 | 14 | 28 | 377 |
|  Asset impairments | 0 | 0 | 0 | 0 | 3 | 3 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $49 | $36 | $(16) | $8 | $(49) | $28 |
| **Q3 FY22 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1143 | $1035 | $2 | $1484 | $(1492) | $2172 |
|  Cost of goods sold and occupancy costs | 841 | 879 | 1 | 1462 | (1497) | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 302 | 156 | 1 | 22 | 5 | 486 |
|  Selling, general and administrative expenses | 219 | 108 | 18 | 13 | 33 | 391 |
|  Asset impairments | 0 | 0 | 0 | 0 | 3 | 3 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $83 | $48 | $(17) | $9 | $(39) | $84 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Q4 FY22 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $1104 | $1005 | $2 | $1450 | $(1455) | $2106 |
|  Cost of goods sold and occupancy costs | 831 | 857 | 1 | 1430 | (1459) | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 273 | 148 | 1 | 20 | 4 | 446 |
|  Selling, general and administrative expenses | 216 | 111 | 19 | 16 | 26 | 388 |
|  Asset impairments | 0 | 0 | 0 | 0 | 6 | 6 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $57 | $37 | $(18) | $4 | $(25) | $55 |
| **Annual Results FY22 - Total US GAAP** | **Office Depot** | **ODP Business<br>Solutions** | **Varis** | **Veyer** | **Corporate,<br>Shared<br>Services<br>and<br>Eliminations** | **Total** |
|  Sales | $4487 | $4024 | $7 | $5883 | $(5910) | $8491 |
|  Cost of goods sold and occupancy costs | 3318 | 3452 | 4 | 5799 | (5930) | 6643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 1169 | 572 | 3 | 84 | 20 | 1848 |
|  Selling, general and administrative expenses | 884 | 432 | 69 | 56 | 111 | 1552 |
|  Asset impairments | 0 | 0 | 0 | 0 | 14 | 14 |
|  Merger, restructuring and other operating expenses, net | 0 | 0 | 0 | 0 | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | $285 | $140 | $(66) | $28 | $(144) | $243 |

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*Amounts may not foot due to rounding. The sum of the quarterly amounts may not equal the reported amounts for the year due to rounding.*