Thanks Deverl.
some While formal we to guidance, data key we out key forward-looking tracking and metrics a internally. metrics some color on call are not some follow which points providing we're should wanted closely, give that how I
new our optimizing implementing structure for efficiencies on focus Our priority cost us. remains and a top
the outlined, at the the of executed we fiscal As of out laid beginning we've Deverl against year. many objectives
in the a our $X.X efficiencies past with the to of safe gross are cost which pandemic. the onset expansion relative it's four which each experienced savings margin, beginning to goal we volumes these with cost into the cost Today, run quarters, we've associated bringing in of say our Given the SG&A fiscal At set quarter despite million to incremental increased the We reduced in we million month the savings despite per was that the pre-pandemic target, to approximately of pandemic, run expense speaks recording XXXX. exceeded employees, which per our normalized to back rate associated expenses of built relative we're our normalized month structure. that rate. $X fourth the materialize, efficiencies
over sold continue provide expansion long-term. materialize and goods to improvements structure our cost of these of portion a cost margin to ultimately in the gross expect We
factors, once volumes lower higher look gross and business recover, sales feel cost these over expectation time. excited EBITDA to with what we're see and a the like to higher will margin margins, ratio, fully comfortable Given the of a therefore,
Turning sequential the improvements our each quarters DSD notable for fiscal in levels, year. in fiscal four results. we fourth Compared XXXX throughout XXXX quarter to achieved now pre-COVID of sales
DSD As our channels, and casino channels restaurant, been our most demand noted and while the in impacted in degree. significant we past, the healthcare declines to sales have hotel lesser a was in C-store
Nonetheless, of which onset recently to DSD Deverl into our first couple business the August. minimal resilient recently, due we began as choppiness far in Delta the to DSD has COVID. the more deterioration However, performance our been we waves weeks a of saw compared with noted, some during experienced see variant, we and
of in continue new personnel. operations, optimize we find As our to performance we and each look end our DSD to investments monitor markets, DSD closely our outpace to within the ways recovery technology and including
fourth direct ship to year our ship a due wins XX% the last business. But our sales will and slightly shortly. in customer some I ship to full quarter fourth sales quarter direct were improved below our last now basis. year's and Turning year-over-year from Overall, declined fiscal quarter, factors other on sales cover direct
pandemic over we we've exits the factor third-party the did few the by quarter year direct been basis past quarter customers on large when rapid experience experienced the less of to ship affected customer Overall, mentioned fiscal also our the in these expansion the previous by to in a previous volumes given most the our Due part has year-over-year ship are of current differences customers impacted. end, can direct third year-over-year throughout with orders, whom customer in includes types heavily are as the grocery we the at strategy saw in and e-commerce orders our the to the inflationary the also channel next and exits in in were As throughout the of profitability, the pandemic. channel, size quarter. the immune we’ve mentioned, primarily optimization we serve their being in fulfilled the Deverl not tiny both These quarters, This year-over-year of our are year. a past, was lost we quarter, current volumes although which in which of it base to previous contributing reversed impacted headwinds. result And as is days continued refine our first had customers, quarter. declines ensure
take inflationary environment to no remain most However, less about pressures we manage continued to the and the plus our Nonetheless, direct pricing ship channel will, and for exception. is itself. our leverage prices, the our concerned nature has put commodity cost on continue business’ power care to coffee DSD of current as part, business
As our the partially hedging fluctuations. aggressively help we such, prices hedged our and heaviest seasons, remain coffee said, we volume, XX that throughout hedged through near-term near-term much price any on mitigate With of strategy remain next that will months. confident
increasingly year XX% across Our the recovery, from $XXX the million, eased primarily net restrictions million, by and accessible. or continued period. the have an in country, QX in driven have increase as vaccines sales 'XX net The sales $XX become prior increase of was were
in The million, gross our increase increase to sales, primarily was profit ship higher driven increase and while was business, year the within DSD 'XX profit of the our by was which and XX.X% million margin gross increased and the improved prior margin improvements net by within in Our driven in channels. gross of period, mix XX.X%. from the $XX gross $XX QX lead an implemented better DSD throughout year, to all customer direct structural the margins fiscal from
in equipment prices, production QX from the facility. net the However, up facility, higher We costs and million the were of compared the to the unfavorable of in our with produced by variances, to in Houston net DFW to loss including We $X.X parts prior of and prior our partially metrics a closing the $X.X $X and EBITDA costs, period. improvements adjusted Portland offset of $X.X associated in brewing at ramp year addition in servicing higher loss of coffee resulting both million a compared quarter posted fourth in 'XX million million adjusted period. EBITDA production year
Our controls. to implemented of to in and cost margin of from continued structural X.X% X.X% adjusted QX throughout EBITDA 'XX the 'XX QX improvements due business, the improved in
and with selling prior dollar our was a to in $X.X support the XX% net million which sales primarily expenses, workers to $XX routes nearly expenses optimization to corresponding chain primarily G&A increase year in associated initiatives. back and and increase the supply bring QX $X as our million operating the growth, year. continue basis, were On was a net as 'XX increase in in expenses, period, of we expenses of prior million operating a to now expenses, to period in sales due XX% to percentage $XX million, to a our in compared decreased Turning compared roughly the of sales
paid Additionally, who to in on this note, was the the prior pay were proper SG&A performed a employee Of by at such not needed incentive year to expenses level we a bonus business. employees did a year. the throughout year. bonuses challenging as an impacted and was such our ensure employee incentive retention impact due accrued that This reward whole negatively out talent high pandemic’s
return. recover, as and Looking some ahead, such quickly to can as that with worth as expect expenses, continue routes associated costs volumes also they it's noting we employees
our will we to the Additionally, future related costs have periods. in leased newly facilities
pandemic pandemic total approximately $XX $XX was decrease fiscal the in The partially fiscal CapEx to to million roughly fiscal in due XXXX drove million, the partially roughly spending higher facilities in in our demand XXXX lower compared was year. XXXX $XX given year initiatives was the Our other to prior period. than XXXX of $X.X equipment to to significantly to equipment million million optimization as year, due several cost CapEx due and savings maintenance was increasingly alongside and throughout the fiscal which in more the continued to business new buying initiative, fiscal our put offset we're to compared the momentum new. $X.X the in made the This compared in $X the more place refurbishing capital initiative CBE year. other about initiatives This by XXXX million million in investments fiscal year, our to due down
CBE to briefly, our business words I'd Deverl versus to the and ability say maintenance be year, on touched between be coffee by As CapEx higher initiative but we buying equipment which the expect we well. we also refurbish driven look a equipment placements, tea to XXXX to $XX few like million forward, our million $XX in on to and fiscal as anticipate new.
in you infancy, likely cost fiscal customers which servicing in we about item, revenue item to In terms into our but operational, business. of current not for as turn with the forward on Please XX% third-party the during network. future is is blend equipment look be note and line testing its progress. team versus we Once this offering, a refurbished XX% to new that refurbished began longer wholly-owned updating into pilot our service term. This line mix, fully initiative regular of initiative some largely our CBE will markets begin will our our key in new our confused will This of remains outside this we settle CBE a quarter. of fourth CBE
of $XX.X fiscal the million borrowings under our and sheet. end revolver term turning million million loan. fiscal to our At and Now liquidity our credit balance outstanding unrestricted to us ended were year under $XX.X of year, with the $XX of cash equivalents total We under XXXX including million, the available million the facilities. $XX.X our and cash $XX.X
amount which To $XX.X end million was $XX.X less $XX.X cash net we was and time on previous debt revolver million balances, fiscal the compared Our gross our loan net of year-end, a define and the the the more quarter. the debt, borrowed term cash at of to million August. as at equivalents end at real update, provide
line to before notable specific programs. reduced revaluation items. the at the on end year now XXXX at our roughly the over the Thank retiree I'll primarily benefit over operator the accrued the operator, is million to of fiscal want Operator? fiscal call the year. and answer due you. any Lastly, life questions. call to And around item This $XX addition items liabilities line line investment turn in a we our cancellation year-over-year from the accrued post-retirement of of insurance call more in the out I basis, pension the to to liabilities Cumulatively, to turning $XX one the performance, pension declined reduction On that, annual current sheet. significantly balance with to end and million
