We generated strong operating cash flow, returned approximately $800 million to shareholders through dividends and share repurchases, and strengthened our balance sheet by paying down approximately $550 million of debt. We continued to aggressively streamline our cost structure and surpassed our enterprise cost savings target for the third consecutive year. In FY21, we grew revenue 6% versus the prior year, and despite an estimated $200 million year-over-year operating earnings headwind related to COVID-19, we grew non-GAAP EPS. As we move into FY22 and as the pandemic's effects on our business lessen, this underlying growth gives me confidence in our strategy. CARDINAL CHAINS LEVEL 100 SOLUTION FULLTo 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.Īlthough I am not satisfied with our full year performance, we did see growth in both segments, excluding the impact of COVID-19. This was largely due to a $197 million inventory reserve adjustment driven by changing market conditions related to COVID-19 on certain highly commoditized PPE products. We had a strong start to FY21, which was overshadowed by disappointing fourth quarter results. Also, we seized opportunities to innovate, by piloting technology solutions to incorporate robotics, automation and data analytics across our warehouse and distribution processes. We expanded capacity for our kitting operations so we can carry more inventory for customers. We diversified our sourcing to limit geographic concentrations and invested in additional self-manufacturing capabilities including increases in annual production of safety needles and syringes, isolation gowns, and surgical and procedure masks in our own North American facilities. We evaluated our entire supply chain following disruptions after the onset of the pandemic in early 2020. We were awarded a Strategic National Stockpile contract to store and distribute 80,000 pallets of personal protective equipment (PPE).
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