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ScanSource, Inc.
8/24/2021
Welcome to the ScanSource Quarterly Earnings Conference Call. All lines have been placed in a listen-only mode until the question and answer session. Today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would now turn the call over to Mary Gentry, Senior Vice President, Treasurer and Investor Relations. Ma'am, you may begin.
Good afternoon, and thank you for joining us. Joining me on the call today are Mike Bauer, our Chairman and CEO, John Eld, our Chief Revenue Officer, and Steve Jones, our Chief Financial Officer. We will review our operating results for the quarter and fiscal year and then take your questions. We posted a CFO commentary that accompanies our comments and webcasts in the Investor Relations section of our website. Let me remind you that certain statements in our press release In the CFO commentary and on this call are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, those factors identified in the earnings release we put out today and in scanned sources Form 10-K for the year ended June 30, 2021, as filed with the SEC. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. ScanSource claims any duty to update forward-looking statements to reflect actual results or changes in expectations, except as required by law. During our call, we will discuss both GAAP and non-GAAP results and have provided reconciliations between these amounts in the CFO commentary and in our press release. These reconciliations also can be found on our website and have been filed with our Form 8K. I'll now turn the call over to Mike.
Thanks, Mary, and thanks, everyone, for joining us today. Each quarter of our fiscal year, I've shared with you our consistent execution and strong momentum in driving our strategic plan. For our fourth quarter, we achieved outstanding sales and profitability growth. Throughout the fiscal year, we built back our sales volumes and our fourth quarter sales of $853 million topped our pre-COVID sales levels. For the fourth quarter, operational excellence by our employees drove the achievement of 34% year-over-year net sales growth and a non-GAAP EPS of 96 cents. During fiscal year 2021, ScanSource has demonstrated that our hybrid distribution model is winning in the marketplace. Our talented team of sales, marketing, and engineering professionals create hybrid solutions that allow our channel partners to meet the technology demands of end user customers. We are enabling our channel partners to accelerate their transformation to an exciting and fast growing digital world of opportunity. Due to our specialized expertise, ScanSource is uniquely positioned to capitalize on the massive marketplace shift to cloud, X, which is everything as a service, and subscription-based models. John, in a few minutes, will describe some of the ways our channel, both sales and supplier partners, are delivering innovative value to end-user customers across many different markets. We are gaining market share from competitors, while creating demand for new opportunities that require our specialized expertise. As we transition from the impacts of COVID on our business during FY21, we are prepared for the business opportunities ahead. Our team of highly motivated and immensely talented professionals will make a difference as we tackle the year ahead. Our successes in FY21 were achieved because our people strengthened their relationships with long-standing customers and gained new customers as well. I will now turn the call over to John to discuss our business performance.
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