Hello, and welcome to today's CDW fourth quarter 2021 earnings call. My name is Bailey, and I will be the moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to pass the conference over to Kevin White, Director of Investor Relations. Kevin, please go ahead. Thank you, Bailey. Good morning, everyone. Joining me today to review our fourth quarter and full year results are Chris Leahy, our President and Chief Executive Officer, and Al Miralles, our Chief Financial Officer. Our fourth quarter earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that can be used to follow along during the call. I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to risks and uncertainties that could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the earnings release in the Form 8-K we furnished to the SEC today and company's other filings with SEC. CDW assumes no obligation to update the information presented during this webcast. Our presentation also includes certain non-GAAP financial measures, including non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income, and non-GAAP earnings per share. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides for today's webcast and in our earnings release in Form 8-K we furnished to the SEC today. Please note that our financial results presented include the results from our acquisition of Sirius Computer Solutions, which closed on December 1st, 2021. References to growth rates on dollar amount changes in our remarks today are versus the comparable period in 2020, unless otherwise indicated. Also note there was one extra selling day in the fourth quarter of 2021 compared to the fourth quarter of 2020, and net sales growth rates are provided as an average daily sales. References to growth rates for hardware, software, and services today represent U.S. net sales only and include Sirius. They do not include results from CDW U.K. or Canada. References to growth rates for specific products and solutions, including cloud security, today represent U.S. net sales only and exclude Sirius. The historic combined information of CDW and Sirius discussed herein is for illustrative purposes only and is not necessarily indicative of results that would have been achieved had the acquisition occurred at the beginning of the period presented. Replay of the webcast will be posted to our website later today. I also want to remind you that this conference call is property of CDW and may not be recorded or rebroadcast without specific written permission from the company. With that, let me turn the call over to Chris. Thank you, Kevin. Good morning, everyone. Thank you for joining us today. I'll begin our call with an overview of our full year and fourth quarter performance and share some thoughts on our strategic progress and expectations for 2022. Then I'll hand the call over to Al, who will take you through a more detailed review of the financials as well as our capital allocation strategy and outlook. We'll move quickly through our prepared remarks to ensure we have plenty of time for questions. 2021 was a year of both strong financial performance and strategic progress. The teams delivered $21 billion in net sales with excellent profitability. Margins improved, and our 13% increase in sales translated to a 17% increase in both non-GAAP operating income and non-GAAP net income. Share repurchases amplified this growth, and non-GAAP net income per share increased 21% to $7.97. These exceptional results demonstrate the power of our resilient business model, a model that has enabled us to deliver industry-leading performance year after year, including through the past two years of a global health crisis, unprecedented supply interruptions, and evolving customer priorities. You see the power of our model and the performance across our balanced portfolio of customer end markets over the past two years. As you know, we have five U.S. sales channels, corporate, small business, healthcare, government, which includes federal and state and local customers, and education with K-12 and higher ed. We also have our U.K. and Canadian operations, each serving public and commercial customers. All of these operations represent meaningful businesses in their own right. Often different factors impact customer end markets, sometimes macro and sometimes industry-specific. This was the case over the past two years as customers across our diverse end markets experienced the impact of the pandemic very differently. In 2020, public customer spend, fueled by education and government, offset commercial and international declines, and net sales increased 2%. In 2021, our 13% sales increase was powered by strong commercial and international customer spend, which more than offset flat public sales. The past two years also highlighted the power of our business model and our product and solutions performance. With more than 100,000 products and solutions from over 1,000 leading and emerging brands, we are well-positioned to meet our customers' needs, whether transactional or highly complex. In 2020, customers prioritized remote enablement and continuity. Transactions increased, driven by the ability to deliver endpoint solutions to meet unprecedented work from home and learn from home needs. At the same time, solutions declined as customers focused their spend on addressing critical endpoint projects. In 2021, while work from home and learn from home enablement remained key priorities, customers reprioritized investments to enable the future and add resiliency to their operations to strengthen and secure infrastructure, platforms, and endpoints. Both transactions and solutions increased. Our ability to help customers address their priorities during two years of unprecedented supply challenge is another example of the power of our business model. We leveraged our competitive advantages, our distribution centers, our extensive logistics capabilities, deep vendor partner relationships, and strong balance sheet and liquidity position to navigate the environment. Our sellers and technical coworkers helped customers find alternative solutions from our deep portfolio whenever possible. In 2020, we were able to deliver more than 11 million client devices despite meaningful supply shortages in endpoint devices. In 2021, while facing extended lead times for transactions and solutions, we delivered solid growth in both categories. As you can see, our resilient business model had a significant impact on our ability to profitably grow during an unprecedented period. Looking at performance over the past two years, net sales are up 15% since 2019, and our annual net sales compound growth rate was 7.5%. Profitability improved at a faster rate with compound annual growth rates for gross profit and non-GAAP operating income of 8% and 10% respectively. Of course, our business model is not the only component of our formula to profitably outgrow the U.S. market. Our success would not be possible without the dedication of our talented team of 14,000 coworkers, including the more than 2,600 new Sirius coworkers who joined us in December. During the past two years, time and again, CDW coworkers demonstrated why they are so vital to our ability to successfully deliver industry-leading performance year after year. Let's take a closer look at what the teams delivered for the fourth quarter. For the quarter, net sales were $5.5 billion, including $197 million of results from Sirius, which closed on December 1st. On an average daily sales and constant currency basis, net sales increased 9.6%. Non-GAAP net income was $285 million in the quarter, up 8.2%, and non-GAAP net income per share was $2.08, up 14% from last year. The teams leveraged the combination of our broad and deep portfolio, extensive technical knowledge, and unique logistical and distribution capabilities to advise, design, and orchestrate full outcomes to address customers' priorities across all of our customer end markets. Outcomes that deliver five key organizational benefits, innovation, lower cost, agility, risk mitigation, and enhanced experiences for customers and coworkers. Let's take a look. Corporate delivered a 33% increase with excellent performance across both transactions and solutions. Digital transformation, agility, and security remained top priorities. Endpoint solutions remained a key focus area, and the team delivered another quarter of strong double-digit growth in client devices. Small business delivered another exceptional quarter, up 31%, with strong growth across both transactions and solutions. The team continued to help customers with remote enablement. Security performance was up mid-teens as the team helped customers address risk mitigation needs, delivering penetration testing and incident response, as well as backup and recovery solutions. On the public side of the business, excellent performance in both healthcare and higher ed was not enough to offset expected declines in government and K-12, and total public net sales declined 13%. Healthcare's 20% increase continued to reflect return to projects that had been put on hold. Security remained a top priority. Cloud adoption was strong, in part driven by efficiency needs as customers dealt with COVID-19 and acute care. The expected decline in federal reflected the lumpy nature of e-government contracts as the teams faced two meaningful overlaps in the fourth quarter of 2020, the wind down of our Device as a Service solution for the U.S. Census Bureau and a large client device program. Results also reflected the impact of slowness in contracting practices we shared last quarter. We are beginning to see green shoots, and there is no change to our expectation that trends will reverse later in 2022. State and Local posted a high single-digit decline. The team delivered a high single-digit increase in solutions driven by helping customers upgrade security. This could not overcome the team's 2020 strong fourth quarter performance when they helped customers take advantage of the year-end use it or lose it carry funds. As we shared last quarter, we continue to help our customers work through the planning required to evaluate multiple funding opportunities and multi-year phasing and expect funded projects to begin implementation as we move through 2022. Higher ed's strong double-digit performance was offset by the expected decline in K-12, and overall education sales increased 9% on top of 2020's fourth quarter remarkable 142% growth. Higher ed growth reflected our ability to meet growing demand for student success programs. These programs use technology to give institutions an edge, including comprehensive endpoint solutions, improved security, campus connectivity, as well as enhancing the dorm room experience. The K-12 team delivered excellent net sales performance against very tough unseasonal fourth quarter 2022 compares. Consistent with expectations we've previously shared, net sales declined. Although down year-over-year, fourth quarter client device sales were more than double a typical pre-COVID fourth quarter. Both the U.K. and Canada delivered high teens local market growth. Combined in our other results, average daily sales for these two markets increased 20% in U.S. dollars. Customer priorities in both markets were similar to those in the U.S. Our success addressing customer priorities is evident in our fourth quarter portfolio performance, where we delivered balanced growth across transactions and solutions, both increasing mid-single digits. On the transaction side, client devices increased mid-single digits. While client device supply improved in some areas and we were able to help more customers adopt alternative providers, overall supply remained constrained, and we exited the year with an elevated backlog. Tight supply continued to impact prices, which our teams were generally able to pass along. Video and audio delivered another impressive quarter. Solutions growth was driven by strong software and servers performance. Writings remained strong as customers turned to CDW for expertise across the full technology solution stack and entire lifecycle. Lead times extended in several key solutions areas, notably netcomm, enterprise storage, and servers. Remaining solutions orders increased at year-end. Once again, the team delivered strong double-digit growth in cloud, driven by robust growth in security, infrastructure as a service, and productivity. Security cloud growth was driven by the success of our comprehensive strategy of security assessments, data protection, and threat mitigation, with many solutions delivered via cloud and software. Overall, security spend in the quarter increased mid-teens%. Our ability to meet customer needs in the quarter across the IT continuum translated into a mid-single-digit U.S. hardware sales, 20% increase in software, and more than 50% increase in services. Services growth reflected the ongoing success of our strategy and was balanced across professional and managed services. Recent acquisitions are paying off, contributing meaningfully to this quarter's growth. As you can see, our fourth quarter delivered a strong finish to an excellent year of financial performance. 2021 was also a year of excellent strategic progress against our three-part strategy for growth, which is to first acquire new customers and capture share. Second, enhance our solutions capabilities, and third, extend our services capabilities. In 2021, we made excellent progress against all three of these pillars. Acquisitions made during the year, Focal Point, Amplified IT, and Sirius, as well as integration progress for our 2020 acquisitions of IGNW and Aptris, furthered our strategy to bolster our services capabilities. Deep services capabilities are critical to our ability to deliver full organizational outcomes across the full stack in the entire lifecycle. This is an important source of differentiation in the marketplace. Let me share a quick example of how this is showing up in our performance. Our acquisition of Amplified IT in August deepened our already strong offering in the education space, particularly in the Google ecosystem, which is the largest education platform in the U.S. Amplified IT's expertise as a systems integrator enables us to facilitate end-to-end solutions for education customers. This leads to greater customer engagement and stickiness and provides insights into opportunities to further help our customers across the full IT lifecycle. During the fourth quarter, the CDW Amplified for Education team worked closely with Google and Internet2 teams to make it easier for institutions to adopt Google Workspace for Education Plus. In addition to ease of procurement, with the Amplified IT team on board, we were able to deliver additional value to customers through much-needed deep technical expertise and services awards in the fourth quarter, worth more than $11 million in total contract value over the next several years. This is a great example of how we leverage our powerful business model to quickly deliver customer benefits from newly acquired capabilities. It is also a great example of how our acquisitions enhance our ability to deliver full outcomes across the full stack in the entire IT lifecycle. Internal investments made in 2021 also enhanced our ability to deliver on this strategy. These included digital investments and proprietary portals to drive customer and seller productivity. We also added 1,000 new coworkers in addition to the nearly 3,000 coworkers who joined us via acquisition. Just over half of all new coworkers in 2021 are in technical roles. Whether acquired or homegrown, investments in our three-part growth strategy are integral to our ability to consistently and profitably outgrow the U.S. IT market. That brings me to our thoughts about 2022. In 2022, we will continue to execute against our three-part strategy with a focus on the recent integrations. A top priority in this area is the disciplined integration of Sirius. Work is moving apace led by a dedicated seasoned executive. The team's mission is, just as it's been with all of our acquisitions, to ensure our customers are able to quickly reap the benefits of our combination, and we are making excellent and swift progress in that area. For example, I'm pleased to share that our new Sirius coworkers had a CDW email address on day one, a seemingly small accomplishment, but with really big impact. Turning to 2022 financial performance, our outlook is built off a combined 2021 CDW and Sirius net sales figure of $23 billion, which includes $2.2 billion of full year Sirius results. Top-line performance for Sirius was relatively flat compared to 2020 as they overcame a number of large projects and the impact of supply interruptions. Managed services, an area of focus for Sirius, delivered double-digit growth. In 2022, as Sirius is integrated into the fabric of CDW, we expect its operations to grow in line with total CDW. Given current market dynamics, our 2022 baseline outlook calls for U.S. IT market growth of 3.5%, plus 200-300 basis points in constant currency of CDW outperformance. This outlook reflects our view on three key drivers. First, we expect a moderation in U.S. GDP growth. Second, we expect the impact of supply on our results in 2022 to remain fairly consistent with its impact at year-end 2021. Third, we expect customer priorities in 2022 will increasingly require integrated solutions that leverage our services, cloud, and hybrid expertise. Wild cards remain ongoing supply and macro impacts, particularly in small business. Of course, as we always do, we will update you on our thoughts as we move through the year. I'm extremely proud of the excellent financial performance and strategic progress we've made during the past two years. In 2022, we will continue to do what we do best, leverage our competitive advantages to help our customers address their IT priorities and achieve their strategic objectives, and out execute the competition. If the pandemic has shown us anything, it is that technology is essential to all sectors of our economy and will play an increasingly important role in the years ahead. That means our role as a trusted strategic partner to our customers is more important now than ever, and I remain confident that we have the right strategy in place. With that, let me turn it over to Al, who will share more detail on our financial performance. Al? Thanks, Chris, and good morning, everyone. I'll start my prepared remarks with more detail on the fourth quarter, move to capital allocation priorities, and finish up with our 2022 outlook. Turning to our fourth quarter P&L on slide eight, consolidated net sales were $5.5 billion, including one-month contribution from Sirius of 196.9% on an average daily sales basis as we had one extra selling day. On a constant currency average daily sales basis, consolidated net sales were 9.6%, including 3.9 points of contribution from Sirius. Consistent with the last quarter, net sales in channels most impacted by COVID-19 last year, corporate, small business, and international continued to rebound, posting strong double-digit growth in the quarter and delivering sales above 2019 levels. This quarter's growth also benefited from strong double-digit performance in healthcare, but was tempered by the expected declines in government and education. On the supply side, our overall backlog increased a few hundred million dollars in the quarter, reflecting constraints similar to last year. Backlog remained elevated year-over-year. We continue to make strategic investments in inventory to support our customers through this constrained supply environment. The team once again did a great job leveraging CDW's competitive advantages, so the backlog did not increase even more. Gross profit for the quarter was $976 million, an increase of 10.8% on a reported basis and resulted in a strong gross margin of 17.6%. Contract revenue primarily saw the strong professional services performance. This was more than offset by lower product margin and overlapping high margin configurations in the prior year. Sirius's gross profit margin was consistent with their historical performance and was modestly accretive to the overall gross margin for the quarter. Turning to SG&A on slide nine. Non-GAAP SG&A increased 9.2%. This reflected the impact of consolidating one month of incremental Sirius expenses. Sirius's sales compensation as a percentage of net sales runs higher than our core operations, given the higher mix of solutions and services revenues. The overall increase also reflected higher performance-based compensation, consistent with higher attainment against financial goals and investments in the business, including increased coworker counts. Coworker counts at the end of the quarter were 13,924, up 2,826 from the third quarter and 3,942 over prior year. The increase in coworker counts during the quarter reflects the addition of over 2,600 Sirius coworkers and other organic and inorganic coworker investments to support high-growth solution areas and our own digital transformation. GAAP operating income was $339 million, up 2.1%. Non-GAAP operating income, which better reflects operating performance, was $425 million, up 12.9%. Non-GAAP operating income margin was 7.7%. As we shared on last quarter's call, investments made in the fourth quarter drove an operating margin, which delivered our full-year outlook. Sirius's non-GAAP operating margin was consistent with their historic performance and was marginally accretive for the quarter. Moving to slide 10. Interest expense was $43 million, up 16.9%. The increase reflected the incremental expense on the $2.5 billion of notes issued in December to finance the Sirius acquisition. Our GAAP effective tax rate, shown on slide 11, was 25.1%. To get to our non-GAAP effective tax rate, we adjust taxes consistent with non-GAAP net income add backs, as shown on slide 12. For the quarter, our non-GAAP effective tax rate was 24.5%, up 2% primarily due to one-time back-tax benefits recognized in the prior year. As you can see on slide 13, with fourth quarter weighted average diluted shares outstanding, our non-GAAP net income was $285 million in the quarter, up 8.2%. Non-GAAP net income per share was $2.08, up 14% from last year, and reflects the impact of share repurchases. Turning to full-year results on slides 14 through 19, as Chris mentioned, 2021 performance reflected exceptional execution against an effective strategy, along with the power of our business model and balanced portfolio. Net sales were $20.8 billion, an increase of 12.7% on a reported basis and average daily sales basis. On a constant currency average daily sales basis, full-year consolidated net sales grew 11.9%, including a 110 basis point contribution from Sirius. Gross profit was $3.6 billion, up 11.2%, percent down approximately 30 basis points year-over-year. In 2021, software and services accounted for approximately 41% of gross to-total gross profit, up 100 basis points from last year. The increase reflects investment in our services and solution capabilities, and a continued shift into netted down revenues, like software as a service. Before moving down the rest of the full year P&L, I want to take a moment to put netted down revenues into perspective. Netted down revenues results from software as a service, software assurance, and warranty solutions, as well as agent commission fees. We are not the primary obligor for these solutions, and thus record gross profit as our revenue, and why you sometimes hear us refer to these as 100% gross margin items. In the past, we've shared examples of how this accounting treatment has a dampening effect on our absolute net sales dollars, but is neutral to gross profit dollars, and thus results in higher gross margins all else equal. Over the last five years, our netted down revenue streams as a percentage of total gross revenues or customer spend has increased 10 percentage points. The greater mix reflects increased customer spend on fast-growing netted down revenue streams like cloud and security. Long term, as we continue to execute on our growth strategy and invest in the capabilities necessary to ensure we are meeting the evolving needs of our customers, we expect to mix further in the high growth netted down revenue streams. This mix dynamics will pressure net sales while remaining neutral to gross profit and expanding gross margins. This, of course, is subject to hardware refresh cycles and other mixed components of the business. While much of what I've described is tied into the accounting treatment, it is also a reflection of our success in the execution of our strategy to capture share, enhance capabilities in high-growth solutions, and expand services. Returning to the full $1 billion of 17.1%. Net income was $989 million. Non-GAAP net income was $1.1 billion, up 17.2%. Non-GAAP net income per share. On December 31st, cash and cash equivalents were $258 million, and net debt was $6.6 billion. Liquidity remains strong with cash plus revolver availability of approximately $1.2 billion. 2021. The three-month average cash conversion cycle was 24 days, up seven days from last year's fourth quarter. In addition to our strategy of holding customer-driven stocking positions, the increase reflected mixing out of vendors with longer payment cycles and the timing of customer receipts. This was partially offset by the timing of payments at the end of the year. Full year free cash flow was $477 million, as shown on slide 22. This was lighter than last year's record $1.2 billion of free cash flow, which benefited from timing, one-time items, and advantageous vendor payment terms. In 2021, our free cash flow was also impacted by increased working capital to support our strong full year growth. We also leveraged our strong balance sheet and distribution capabilities to make strategic investments in inventory to support our customers in this unprecedented supply environment. As a result, 2021 free cash flow was below our rule of thumb of 3.75%-4.25% of sales. Timing differences, one-time items, and noted investments resulted in asymmetrical free cash flows across 2020 and 2021. In aggregate, 2020 and 2021 free cash flows balanced out and equated to 4.3% of net sales, slightly above the high end of our free cash flow rule of thumb. In 2021, we delivered on our capital allocation objectives and deployed more than $1.7 billion of cash to shareholders, which included $235 million of dividends and $1.5 billion to share repurchases at an average price of approximately $172 per share. Turning to 2022 capital allocation priorities on slide 23. Our objectives remain consistent with what we shared last quarter. First, increase the dividend in line with non-GAAP net income. Last November, we increased the dividend 25% to $2 annually. To guide future increases, we will continue to target a dividend at approximately 25% of non-GAAP net income and to grow in line with earnings. Second, ensure we have the right capital structure net leverage ratio of 2.5. We ended this year at 3.4 x above our range due to the financing of the Sirius acquisition. We intend to optimize the use of cash flow after paying dividends to focus on our net leverage range. We continue to expect to achieve this by the end of 2022. As a result of this focus, we'll put a lower priority on our third and fourth capital allocation priorities of M&A and share repurchases until net leverage is in our target range. Moving to the outlook for 2022. As Chris mentioned, our outlook is built off the combined 2021 results, which represent the start of 2021. Let me walk you through how this looks. With sales, given what we're seeing in the market now, our baseline outlook assumes U.S. market growth of 3.5%. We currently expect combined net sales to grow 200-300 basis points faster than the market in constant currency. On a combined basis, CDW's net sales would have been $22.9 billion in 2021, including $2.17 billion from Sirius. We expect Sirius to grow in line with total CDW. Right now, 2022 feels like a normal demand environment and we expect it will reflect a greater mix in the netted down revenues as we overlap strong client device sales. Our baseline outlook assumes that supply does not materially impact net sales beyond what we've been experiencing. We would expect it to be at the lower end of our premium range if we mix more into netted down revenue streams than expected and/or experience elevated levels of supply constraints. We would be at the higher end if hardware growth is strong and supply improves. Moving down to P&L, we expect non-GAAP operating income margin to be in the low 8% range. Our non-GAAP earnings per share would have been $8.49 in 2021 on a full year combined basis compared to Sirius. We expect non-GAAP earnings per share to grow, call it 9.25, 50 basis points in constant currency on a combined basis. This equates to approximately 16%-17% growth in constant currency on a reported basis. As Chris mentioned, the integration work with Sirius is progressing. Given the nature of the integrated sales, we will not be breaking out Sirius results going forward. Please remember, we hold ourselves accountable for delivering our combined financial outlook on an annual constant currency basis. Slide 24 provides our expected net sales split for the year. We expect net sales in the first half of the year to be in line with our historic norm of 48%-49%. Sirius' sales split is slightly higher in the second half than historic CDW. Historically, we see a sequential decline from Q4 to Q1. This year, on a reported basis, we expect first quarter sequential growth in the low single digits, reflecting three months of contribution from Sirius versus one month in Q4. We expect first quarter constant currency non-GAAP earnings per share growth relative to Q1 2021 to be in the low mid-teens, reflecting seasonality and channel mix. Modeling thoughts for annual depreciation, amortization, interest expense, and the non-GAAP effective tax rate can also be found on slide 25. In addition, you can see our long-term free cash flow rule of thumb remains unchanged at 3.75%-4.25% of net sales, assuming current tax rates. We expect CapEx to run approximately 70-75 basis points as a percentage of net sales, reflecting our continued view that now is the time to continue to accelerate investment in our own digital transformation, enabling us to further fortify our competitive position, make CDW the trusted partner of choice for customers and vendor partners. That concludes the financial summary. As we always do, we will provide updated views on the macro environment and our business on future earnings calls. With that, I'll ask the operator to open it up for questions. Can we please ask each of you to limit your questions to one with a brief follow-up. Thank you. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that call, please press star followed by two. Okay. Our first question comes from Amit Daryanani from Evercore ISI. Amit, please go ahead. Yep. Thanks a lot for taking my question. Good morning, everyone. You know, I guess my first question really is around this EPS guide for 2022. I think you talked about 16%-17% EPS growth for 2022. Can you just talk about what are you really assuming out of the Sirius acquisition in that EPS number? And really the two parts I would love to kinda get some clarity on is, you know, A, do you have any cost synergies from the transaction embedded in that number? And then secondly, Chris, I'd love to understand how do you think about the sales synergies narrative from Sirius as we go forward? Good morning, Amit. This is Al. Just a couple things to note. I think we've given you some component parts to get a sense for EPS. Number one, obviously our reported EPS for 2021 was $7. That includes one month of contribution for Sirius. We've also provided you what would be a combined CDW and Sirius result for 2021 as if they were together for $8.49. The way you should think about it is if you walk forward from that $8.49 to our outlook there of 9.25% growth entities and what they contribute. The other data point I would just from a top-line perspective, we'd expect that Sirius same rate as we provided in that top-line outlook. To your question on synergies, here's what I would say. Look, we're very focused on the integration of the combined entities, and we expect through that, you know, we're going to find value in terms of synergies on the revenue front. We're certainly looking hard at procurement efficiencies, systems consolidations, those components, and we expect we're gonna get value. Amit, I would just mention that it's critically important as we talk about our strategy, and I would say as it pertains to synergies, reinvest. While we expect we're gonna see value, we expect that a lot of those, the values we get from the synergy be reinvested in 2022. Perfect. You know, as I think about, you know, the balance between transactional versus solution, how do you think that stacks up in calendar towards at least 2022 or how do you mix them in supply environment? Sure, Amit. This is Al. Look, I would say, you know, comments on the supply environment. Q4 looked very similar to the prior quarters. Our backlog increased with those previous quarters call of backlog increase. Look, there are some puts and takes in terms of what supply chain looked like in Q4, and I would say probably a bit more challenge on the solutions side of the business. I think that's natural as these efforts into 2022, we don't really see any meaningful. We hear and observe from partners. Maybe there's silver lining there that some of the transparency has improved, so there's a better line of sight. Get better in the near term. Consistent, similar outlook with respect to this supply chain environment, and we'll continue to execute as we have during this time. You're welcome. Thank you. Next question comes from Adam Tindle. Go ahead. Al, I just wanted to start on 2022 guidance, and the revenue buildup implies around 6% growth for the full year. Looks like you're gonna be starting at about half that level based on the Q1 guidance. As we think about compares getting tougher as long as the device ecosystem tailwinds are going to last as the year progresses, maybe you can double-click on those factors and why you built in acceleration in year-over-year growth as the year progresses to start with. Thank you. Sure. Thanks, Adam. Look, yeah, I think you hit a lot of the right points. On the full year, we're confident in our growth expectations. There certainly is a timing effect, and there are a few puts and takes in that regard. Number one, in terms of sequentially from Q4- Q1, we've got the positive that we'll have three months of contribution from Sirius. That certainly helps from a top line perspective. Otherwise, and particularly in education with Q1, that has a bit of an offsetting effect. Kind of our 48, 52 split in terms of seasonality. There's the wild cards, and there's wild cards of product throughput that we're seeing, and you know, will it be more hardware-focused versus services and solutions? That will certainly change the shape and direction of timing by quarter. You onboarded over 2,500 employees from Sirius. I just had a question on integration, Chris. You talked about the CDW culture, how it permeates, and customer-facing coworker. Workers compensation metrics are generally aligned with key metrics like gross profit, dollar growth, and returns on capital. As you think about the Sirius employees that you're taking on, maybe you can touch on their comp metrics and any potential plan changes to that. Al, if you could touch on the systems integration piece of this, that would be helpful. Thank you. Morning, Adam. Sure, I'd love to. You know, integration is going really quite well and, you know, it's disciplined, as you know, but we also understand moving with the appropriate amount of speed to make sure that our customers are benefiting from the combined organizations is critically important. You also know the lenses we look through when we assess potential acquisitions and culture is right up there on the list since it's so important to us. The Sirius coworkers, now CDW coworkers, are fully aligned with our culture, customer first, coworker first, and collaborative, I would say. We're already seeing benefits of us coming together, winning deals together, going to meet customers together. In terms of the comp schemes, this is what I would tell you, Adam. They are similarly performance-based with similar metrics. From an integration perspective, we are taking the 2022 year very methodically because we of course want to get compensation right. But from a cost and incentive lens, very similar to CDW, and again, the teaming referrals across to each other. I'm really pleased with how it's going. Adam, this is Al. I just add a couple of things. Number one, just from a compensation perspective, Chris hit the key points there in terms of alignment. Just keep in mind because their business has a higher proportion of services solutions that variable fixed component of the business looks a little different. They have a higher cost to serve with their technical staff. Immediately, we'll see that over time as we integrate. On your question on systems consolidation down to the foundation of kind of an initial evaluation of systems, and I think we're pleased to see that there's really strong infrastructure from a Sirius perspective. We're really lining up for an approach of best in breed, from a systems perspective, and we think there's gonna be opportunities to take on some of the technology tools they have as well as vice versa. We'll share more as we have that, but but we're making good progress on that front. Very helpful. Thanks, and congrats on the results. Thanks, Adam. Thank you, Adam. Our next question comes from Matthew Sheerin from Stifel. Matthew, please go ahead. Yes, thank you, and good morning. Chris, I was hoping you could expand a little bit on your outlook for the year, in terms of end market. What should we be thinking about on the commercial side of the business, which has been accelerating versus the public sector, which you talked about, you know, tough. In the corporate and small business segment, positive signs of recovery and solid growth, but at a decelerated rate from 2021. We talked about education in the unseasonal, you know, unseasonality there. The one thing I would say about education, the Emergency Connectivity Fund goes through the middle of the summer. One would expect some nice uplift there, but then, you know, growth will be a little muted for the rest of the year. We're doing great work in higher ed and expect to continue to see solid growth throughout the year. Healthcare, I would tell you, is recovering very nicely, and we would expect it to recover above the 2019 levels if we go back two years. Solid growth there. Government, we are not changing our view. A little bit more into the state and local, but certainly going to see a return to growth in government in our view. International, that'll be continued to be solid again, but at a decelerated rate, very similar to what I said about the commercial space. Now, of course, the key wild cards are supply, and that obviously can be a plus or a minus. The macro environment, you know, and what we see happen both with the virus, you know, but equally inflation, employment, and all of that. Right now we feel. Look, we feel like there's very good momentum going into the year. There's strong demand, and we're feeling very positive about where we're positioned to meet that demand. Okay, great. That's very helpful. And just regarding your commentary just about the product and component constraints. We're hearing from other resellers that some customers are moving or accelerating the move toward off-prem cloud-based computing storage, et cetera, because of those constraints. Are you- Seeing acceleration to the cloud. We've said this before, our clients are being very thoughtful about the strategy and what technology best serves their organizational needs, you know, whether it is agility, whether it is risk mitigation, cloud versus on-prem. We are certainly having the conversations, and the great news is, with the breadth of our expertise, our customers are really appreciative. They're making the decisions, I would say, with the right amount of discipline, and not just wholesale lift and shift because they can't get the product. They are being, you know, patient. Acceleration to the cloud, but thoughtful as they go, and on-prem is also on-prem this year, as you know, customers return to the office and infrastructure refresh continues to happen. Okay, thanks very much. Thank you, Matthew. The next question comes from Ruplu Bhattacharya from Bank of America. Please go ahead. Hi. Good morning. Thank you for taking my questions. I wanted to ask a couple of more questions on the revenue growth guide for both the fiscal 2022 as well as for the first quarter. Al, is there a way to quantify what you've baked in in terms of headwind from supply shortages in the full year guide, so either on a dollar basis or on a year-over-year growth headwind basis? Are you assuming that PC demand sustains throughout the full year? Sure, Ruplu. Let me start with that and see, and Chris may have something to add there. We are assuming no change in the supply environment relative to what we experienced in 2021. Just recall, if you look back the last three quarters, we've quoted that our backlog has increased $several hundred million, through 2021. Written demand continue to be extremely strong. If you look at our actual printed results, there are times we look at it and say, "You can't really see the effect of the significant backlog." I think our expectation would be that supply chain will continue to work as it has. I think you may have some pluses and minus through that in terms of solutions versus transactions and by product. Lo and behold, I think that supply chain assumption. Any thoughts on how that sustains throughout the year? Yeah, Ruplu, I'll take that. Good morning. Yeah, on PC demand, look, I think we will see Q1 is gonna be a tough quarter because of the overlaps for sure. As we move through the year, we expect to continue to see corporate, commercial, small business, international continued strength there, provided that the recovery that we're seeing continues and provided the macro environment continues. When you think about the puts and takes across 2022, supply can be a plus or minus. I mentioned the emergency connectivity funds for K-12. That'll be a plus. Macro can be a plus or a minus. Generally speaking, here's what I'd say about PCs, and it's consistent with our, you know, commentary of the past. We really do see client devices as a tool for employees, a tool for people generally, and expectations of using them for productivity have increased. The demand for client devices for remote, and then as people frankly come back to the office and are working in the office and remotely and anywhere also add demand to the market. The other thing we've talked about is technology cycles and technology innovation and upgrades happening more quickly. When you think about remote and virtual, think about breakage. You've got a couple of pressure points putting cycle times. You know, we continue to see endpoint devices in new use cases in the digital transformation. I guess think about PCs this year as still solid performance, moderating growth, especially compared to last year. By the time we get to the end of the year, you know, when you look at where we are and you think about the refresh opportunities from 2017 and 2018, those are going to be opening up. Then we've got Windows 10 end of life coming. So people are buying PCs. We are in a very good position to make sure that we get our fair share of inventory to supply them. While we see moderating growth, we don't see it as a positive contribution to our overall performance. Okay, thanks for the details there, Chris. Can I just ask a follow-up on the first quarter revenue guide? I think you're guiding low single-digit year-on-year growth. I mean, to me it seems a little bit lower than normal seasonality on a quarter-on-quarter basis. That's with the fact that you have the Sirius acquisition layered in as well for three months. Al, can you just, you know, how much of that would you say is because you have more netted down items which are impacting the sales growth versus other year-on-year headwinds? Like, any way to quantify that sequential decline in revenues on a daily basis between 4Q and 1Q? Sure. Let me address that. First, just on a year-over-year basis, the growth is not muted. It's in the teens in terms of growth. I think just on the comment on the sequential is the one obviously coming off of a very strong Q4. The comps for education much more there. That mutes the impact. You get a bit of a kind of contra going the other way with, again, Sirius. There are some of the puts and takes. If you just focus on that year over- Okay, thank you. I'm sorry, it's Chris here. I would just add that as we think about 2022 and 2021 generally, I think we would call 2022 a more normal environment. You know, we had 2021 and client demand and, you know, we've said that and our strategy is around building our services and cloud capabilities. We do expect that additional services and cloud capabilities which net down, normalize netting down for 2022. Okay, that makes sense. Congrats on the strong execution in the quarter. Thank you. Thank you. Thank you for your question. The next question comes from Erik Woodring from Morgan Stanley. Erik, please go ahead. Hey, good morning, everyone, and congrats on the quarter. Nice speaking with you guys. You know, just given your commentary around supply chain headwinds, just curious to get your take on how you think inventory will trend in 2022, and if you need to continue kind of growing your strategic pre-purchases or if that can become a tailwind for you, in 2022. I have a follow-up. Thanks. Good morning, Erik. This is Al Miralles. First again, just backdrop. You know, our expectation is that as we sit here now, supply chain would look similar to 2021. I think we've mentioned before, there is a component of backlog in supply chain and includes pull forward of business. I think as our partners gained clarity of lead times and so forth, they've encouraged us and encouraged customers to get in line. I think through 2021 that has happened, and we would expect that will continue to happen. In terms of how that plays out and what that might look like, I think that now we could look at our pull forward business as well as current businesses. We don't believe that the backlog will ultimately play out as a full flush or a big bang, if you will. It's gonna feather in over time. I think it's gonna be probably a bit episodic, continued progress from individual partners and products in terms of how that plays out and how fast it moves. But again, as we sit here now, we would say we would not expect that to be anything that happens near term and start to see that feather out. Okay. Thank you. Then maybe just a quick look back. You know, organic growth of call it eight points in 4Q was pretty strong and ahead of, I think, what your annual guidance would have implied. Just as you look across segments, maybe some commentary on where you believe you've outperformed your expectations versus three months ago. Then maybe, you know, was that a product of share gains? Was that a product of stronger market growth? Just any way to decipher some of the outperformance in 4Q. Again, thanks. Sure. Yeah, happy to do that. You know, it's the strength across the segments. The nice thing is it was balanced across transactions and solutions. I do think I'm not going to go back into supply chain, but I do think supply chain ended up impacting growth on some categories across each. That said, you know, look, I think in every element, whether it was client devices or infrastructure or cloud, I feel confident the team has really been outperforming the market in a very balanced way. You know, when you think about the acquisitions we've made in our build areas like security, [Intel], Focal Point, and what we bring to the market and the speed that we're growing there, or our Digital Velocity practice and our ServiceNow automation practice and how that is flowing into 54% growth in our services category. You know, I feel very good that we are out in those high growth areas where we are investing. That's awesome. Thanks, Chris. Thank you, Erik. The next question comes from Jim Suva from Citigroup. Jim, please go ahead. Thank you. I only have one question. It's probably K -12 and then in 2021. Chris, I'm just kinda asking, as we look into, say, 2020, the end markets, what strength or maybe is it cloud, is it services or type of products that you see maybe being stronger in, say, 2022 versus 2021? Customers are still prioritizing, whether it's remote work from home. Solutions that address those needs are going to continue to drive demand. You know, I think likely going to impact our customers in a slightly different way as we think about 2022, because we're all more prepared to deal with it. We are seeing customers absolutely pivot or enhance their investment portfolio and focus on infrastructure, both on-prem refresh, on-prem new technology, particularly software driven, as well as cloud options to drive resiliency, to drive agility. 2022, as we think about the products, you know, what we're seeing from customers suggests a very balanced year across the portfolio. That's really how I describe it going into 2022. The next question comes from Shannon Cross from Cross Research. Thank you very much. Chris, can you talk a bit about what you're hearing from your customers in terms of their willingness to absorb price increases? You know, just sort of in general, what you're hearing with relation to the inflationary environment, because obviously that's going to be something key to the industry, frankly, being able to offset some of the other pressures. I have a follow-up. Thank you. Yeah, sure, Shannon. Here's what I am hearing. You know, nobody likes price increases, but for virtually all commercial customers, technology is the number one investment, people and technology. You know, if there's a budget to spend, they're not cutting back on budgets at all. In fact, they might be expanding them, but having to be very disciplined about cost containment. Again, our expertise across the full spectrum allows us with our customers to have conversations that can drive cost reduction, cost management in a way that makes us even more valuable. We're not finding commercial customers or other customers for that matter, who are reducing technology investments at all. That's been encouraging to do all the things that companies are trying to do and organizations are trying to do. We're not seeing any material impact at this point. We're, you know, obviously passing prices along. Al, I don't know if you'd add anything. Yeah, just a couple of comments. It varies quite a bit by product and right. It is, you know, partially a function of availability and just supply chain environment. I would say that, you know, in pockets, customers are getting more creative. They're willing to accept substitutes in terms of different products, and they're willing to kinda think about the solutions in different ways, and that's certainly helped to free up some capacity. I'd say our partners doing the same. There definitely is that. Largely, customers are getting through that. Written demand continues to be extremely strong. Just for us, right, our job is, and what we're focused on is how do we serve our customers best and bring them the best solutions. As it pertains to financial impacts, obviously I think we've done a really nice job, making sure that we can pass through those price increases where they happen and insulate ourselves from a gross profit perspective. Okay, thank you. You're guided to low 8% for operating margin, which obviously is higher than you've done in the past. Is that absolutely all from the acquisition or are there any, you know, mixed issues or benefits actually we should take into account as we think about the core business? You know, again, I know you talked a little bit about synergies, but I'm just kind of curious if you can bucket what's really driving the margin improvement. First, notwithstanding Sirius, we would expect that we would have made progress on our gross margins and our NGOI margins. You add Sirius and that's obviously accretive as well. We actually think the power of the organizations coming together that's gonna make that really meaningful. Just keep in mind, so we are providing outlook to that low 8s, and it's the combination of that inorganic and organic. Just keep in mind there are wild cards, right? That will be influenced by things like supply chain. It will be influenced by how much of the business is transactional versus solutions. But again, as we sit here today, we feel really good about our prospects to continue to make progress on our margins. Great. Thank you so much. Thank you, Shannon. As a reminder, if you would like to ask a question, it is star followed by one on your telephone keypad. The next question comes from Samik Chatterjee from JP Morgan. Please go ahead. Yep. Hi. Hi. Thanks for taking my question and squeezing me in here. I guess a couple of quick ones. First one for Al, really. I think if I go back to the time that you announced the Sirius acquisition, the pro forma gross profit margin was expected to be 18.5%. I was just looking if you can give me some color on how gross margins trend through 2022, and how should I think about the exit rate for the gross margins relative to the pro forma number that you had talked about? I have a follow-up. Thank you. Sure. Yes, really pointing back to what we provided on the investor meeting for Sirius. You know, we noted that their gross margins are higher than ours. We would certainly expect that accretive effect is going to come through. Again, in addition to our progress otherwise. Now, look, we don't provide outlook, so I'm not gonna quote for you specifically what our gross margins would be. I think if you apply the math on where we're coming out from an NGOI margin outlook perspective, you get a good sense of the progress we expect we're gonna make. Okay. Got it. A follow-up on Sirius again, which is, I think you talked about flat revenue in 2021. You're expecting growth in 2022 to look more in line with the rest of CDW. You talked about reinvestments in that business as well. How should we think about this? Is this more of a reinvestment into accelerating growth in Sirius, which would then contribute more towards your content or performance rate with the industry? Is that the purpose of driving the reinvestment? How should we think about acceleration in the growth? We are actively and swiftly bringing them together. When you think of our some of the other acquisitions we've recently done, they've really been practice areas that can tuck into our technology groups in a holistic way. Sirius, we are gonna bring the organization into CDW and literally integrate it. As we think about growth in the future, when we say we expect Sirius to drive you know at least 200-300 basis points above market, what we mean is we expect the teams to perform as CDW has always performed with the benefit of our competitive advantages and outperforming the market. We think about it on a combined basis as opposed to a standalone Sirius contribution. Maybe just one thing I would add there in terms of your comments about value we add and the synergies. Look, you know, I think we've talked about the more immediate impacts that can be made from an accretive step perspective on margin. We fully believe that putting the combined entities together will be powerful and will lead to value. Look, if we think long run, certainly short run that's gonna provide benefits. When we think long run, taking those synergies and those values and saying, "Let's continue to put them back into the business from a long run perspective," that's where the real upside and reinvestments will further reinforce that build towards the future. Thank you. Thanks for taking my questions. Thank you. Our final question comes from Keith Housum from Northcoast Research. Keith, please go ahead. Great, thanks. I appreciate it. Good morning, guys. In terms of the price increases within the industry, I guess I was hoping there was a color in terms of how you guys are thinking about how price increases are impacting, I guess the U.S. GDP growth that you guys expect, as well as the contribution to your top line. Yeah, Keith, this is Al. Look, I don't know if I have a you know one single answer in terms of the impact. I will say that and reiterate the demand continues to be super strong. As we think about the growth of prices, which have been meaningful and you know in different pockets across our product set, it is not stopping demand. I think that is, like Chris said, a testament to the power of technology and the importance of technology, and the fact that our vast customer base is looking to go forward and continue to invest in their own efforts in digital transformation. Really, if you look from a top line perspective in terms of revenue, we don't think it's had a meaningful impact. Written demand is definitely still there, and, our belief is that will largely continue. Yeah. I guess that's what I'm trying to unpack a little bit further, is that it's consistent across a lot of the people that we could talk to, that there's a lot of demand out there. Prices have increased, but yet it seems like IT, U.S. IT forecasts are in this, you know, 3.5%-5% growth. I'm just kind of questioning why that number is not perhaps higher. Let me just add, you know, we will obviously, as we always do, update as we go through the course of the year. Right now what we're seeing is a moderation in estimates for GDP. You know, inflationary trends, uncertain where those will be, and the wild cards in the macro environment, you know, labor shortages, et cetera. I think you're hearing people at the beginning of the year taking a you know clear-eyed view of what to expect in 2020. Look, ASP could drive it up, but we'll know more as we start to move through the year on all of these things. Okay. All right. Thanks, guys. Appreciate it. Thank you. There are no additional questions waiting at this time, so I'll pass the conference over to Chris Leahy, CEO and President. Chris, please go ahead. Thank you, Bailey. I want to recognize the incredible dedication of our coworkers around the globe and their extraordinary commitment to serving our customers, our partners, and all CDW stakeholders. Thank you to our customers for the absolute privilege and opportunity to serve you. To our investors and analysts participating in this call, we appreciate you and your continued interest and support of CDW, and we look forward to talking to you again next quarter. Thank you. Have a great day. This concludes the CDW fourth quarter 2021 earnings call. You may now disconnect your line.