The ODP Corporation

Good morning and welcome to the ODP Corporation's fourth quarter and full year 2021 earnings conference call. All lines will be on a listen-only mode for today's call, after which instructions will be given in order to ask a question. At the request of the ODP Corporation, today's call is being recorded. I would like to introduce Tim Perrott, Vice President, Investor Relations. Mr. Perrott, you may now begin.

Good morning, and thank you for joining us for the ODP Corporation's fourth quarter 2021 earnings conference call. This is Tim Perotte, and I'm here with Jerry Smith, our CEO, and Anthony Scaglione, our Executive Vice President and CFO. Also joining us today is David Bleich, our Executive Vice President and Chief Legal and Administrative Officer. We will begin today's call with David, who will provide commentary regarding our decision to pause separation activities as we evaluate a potential sale of the consumer business. After David's commentary, Jerry will provide an update on the business, focusing much of his commentary on our accomplishments in the year, including our operational performance and the progress we are making on all of our initiatives to drive shareholder value. After Jerry's comments, 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. Before we begin, I need to inform you that certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the company's current expectations concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially. A detailed discussion of these risks and uncertainties are contained in the company's filings with the U.S. Security and Exchange Commission. Also during the call, we will use some non-GAAP financial measures as we describe business performance. The SEC filings, as well as the earnings press release, presentation slides that accompany today's comments, and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are all available on our website at Investor Today's call and slide presentation is being simulcast on our website and will be archived there for at least one year. I will now turn the call over to David Bleich, our Executive Vice President and Chief Legal and Administrative Officer.

David? Thank you, Tim, and good morning. As a reminder, on June 4, 2021, USR Parent, the owner of Staples, a Sycamore partner subsidiary, made a public proposal to acquire the ODP Corporation's consumer business, including the Office Depot and OfficeMax retail stores business, the company's direct channel business, OfficeDepot.com, and the Office Depot and OfficeMax intellectual property, including all brand names, for $1 billion. In December 2021, the company's board of directors received a non-binding proposal from another third party to acquire the company's consumer business, the terms of which are confidential. On January 14, 2022, the company announced that its board of directors was delaying the previously announced plan to separate the company into two independent publicly traded companies so that it could carefully review the proposals with the assistance of its financial and legal advisors to determine the course of action that it believes is in the best interest of the company and its shareholders. The company remains in conversations with interested parties as it further evaluates the potential value of the proposed transactions. I'll now turn the call over to our Chief Executive Officer, Jerry Smith.