![]() In addition, there were a few other unexpected items that affected our results, which Jason will cover in his remarks. ![]() Our analysis at the quarter end of both the anticipated customer demand and projected future sale prices for these products resulted in a sizable inventory reserve that affected a subset of our medical products inventory. To meet our customer commitments during the pandemic, we carried higher levels of inventory in certain PPE categories during a period of significantly increased demand, higher prices and longer-than-normal supply chains. This reserve adjustment was driven by changing market conditions related to COVID-19 on certain highly commoditized PPE products. I will start my comments today by acknowledging that our fourth quarter results were below our expectations and yours primarily due to an inventory reserve adjustment of $197 million. Thank you, Kevin, and good morning, everyone. With that, I will now turn the call over to Mike. GAAP to non-GAAP reconciliations for all relevant periods can be found in the schedule attached to our press release. Please note that during the discussion today, our comments will be on a non-GAAP basis unless they are specifically called out as GAAP. Please refer to our SEC filings and the forward-looking statement slide at the beginning of our presentation for a description of these risks and uncertainties. The matters addressed in the statements are subject to the risks and uncertainties that could cause actual results to differ materially from those projected or implied. During the call, we will be making forward-looking statements. Joining me today are Mike Kaufmann, Chief Executive Officer and Jason Hollar, Chief Financial Officer. ![]() You can find today's press release and presentation on the IR section of our website at ir. ![]() Today, we will discuss Cardinal Health's Fourth Quarter Fiscal 2021 Results along with guidance for fiscal year 2022. ![]()
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