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Good day ladies and gentlemen. Welcome to the ePlus Earnings Results Conference Call. As a reminder, this conference call is being recorded. I would like to introduce your host for today's conference, Mr. Kley Parkhurst, SVP. Sir, you may begin.
Thank you Daniel, and thank you for joining us today. On the call is Mark Marron, CEO and President; Elaine Marion, Chief Financial Officer.
I want to take a moment to remind you that the statements we make this afternoon that are not historical facts may be deemed to be forward-looking statements and are based on management's current plans, estimates, and projections. Actual and anticipated future results may vary materially due to certain risks and uncertainties detailed in the earnings release we issued this afternoon and our periodic filings with the Securities & Exchange Commission including our form 10-K for the year ended March 31, 2018, and our form 10-K for the year ended March 31, 2019, when filed. The company undertakes no responsibility to update any of these forward-looking statements in light of new information or future events. In addition, during the call we may make reference to non-GAAP financial measures and we have included a GAAP financial reconciliation in our earnings release, which is posted on the Investor Information section of our website at www.eplus.com
Thanks Kley. And thank you everyone for participating in today's call to discuss our fourth quarter and full year fiscal 2019 results and accomplishments. I will start with an overview of fourth quarter results, do a deeper dive into the business trends that drove our fiscal 2019 performance, and then provide additional color on our thinking, heading into this new fiscal year.
First to our fourth quarter results, which we reported strong growth in adjusted gross billings of 6.8%. The gross billings to net sales adjustment was 33.7% in the quarter, representing a 580 basis point increase versus last year's 27.9% and up from 23.2% just a few years ago. By contrast, net sales declined 1.3% due to industry trends that we have been discussing over the last several quarters, namely the transition to as a service and ratably recognized revenue. We are seeing higher contributions from software, maintenance and subscription-based solutions that are recognized on a net basis along with our push-to-drive more optimized or annuity services that are recognized ratably.
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