Clearfield, Inc.

Good afternoon, and welcome to the Clearfield Fiscal Fourth Quarter and Fold Year 2024 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchstone phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to Greg McNiff, Investor Relations for Clearfield. Please go ahead.

Thank you. Joining me on today's call are Sherry Baranek, Clearfield's President and CEO, and Dan Herzog, Clearfield's CFO. Starting this quarter, Clearfield will be publishing a quarterly shareholder letter, which provides an overview of the company's financial results, operational highlights, and future outlook. You can find both the shareholder letter and the earnings release on Clearfield's investor relations website. After brief prepared remarks, we will open the floor for a question and answer session. Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company. These remarks constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. It is important to also note that the company undertakes no obligation to update such statements except as required by law. The company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward-looking statements contained in today's press release, shareholder letter, and on this conference call. The risk factors section in Clearfield's most recent Form 10-K filing with the Securities and Exchange Commission and its subsequent filings on Form 10-Q provide a description of these risks. With that, I would like to turn the call over to Clearfield's President and CEO, Sherry Baranek. Sherry?

Good afternoon, everyone, and thank you for joining us today to discuss Clearfield's results for the fiscal fourth quarter and full year 2024. we'll provide a brief update on our business performance and current market trends. For more detailed information, please refer to our shareholder letter posted on the IR section of our website. We have chosen to present our financial and operational performance in this new format as we believe it offers a more comprehensive picture of our business and allows for more thoughtful Q&A. I will start by highlighting some key themes and then turn it over to Dan for a summary of our performance and outlook. First, looking back at fiscal 2024 and its challenging industry dynamics, we are proud of our steady focus on investing in the business and positioning Clearfield to capitalize on the significant opportunities ahead. To that end, we exited fiscal 2024 with stronger customer relationships, launched several new products that reduced deployment time, and optimized our cost and operating structure. Our revenue from Homes Connected continues to grow, and we are encouraged by the positive customer response to our active cabinet solutions. Looking forward, we are excited about the opportunities from both public and private funding for our rural broadband expansion. As many of you know, a core aspect of the value Clearfield brings to the market is our decades-long commitment to supporting the homes and businesses in rural and small town communities. We focus on providing solutions which are scalable and reduce the cost of deployment by lowering the level of skilled labor required. To that end, in the past year, we introduced several new products aimed at reducing the cost and time of connecting homes, including C-Change, the CraftSmart Fiber First Pedestal, the CraftSmart Deploy Rail Tap Box, and the FiberFlex series of active cabinets. We also introduced a 3D interactive fiber installation tool delivered via the built mobile app, which simplifies the deployment process. We will continue to support the rural broadband segment into 2025 and beyond through additional product releases and investments. We are finalizing the design of a new distributed TAP portfolio that we intend to introduce in the coming months. We are thrilled that Anise Kakaman has joined the company and was recently promoted to Chief Marketing Officer. Anise brings over 25 years of industry experience with a diverse set of leadership skills. We'd also like to thank Kevin Morgan for all of his tireless effort in promoting the Clearfield message. We are pleased that Kevin will continue to work with us in an advisory capacity and will represent Clearfield on the Fiber Broadband Association and at other industry events. While we continue to expect ordering patterns to be impacted by the inventory overhang, we believe that this excess is primarily located at the MSO accounts, while the community broadband segment and large regional providers have mostly recovered and returned to a normal ordering cadence. We believe that this improved outlook, coupled with the shift to the second phase of the eACAM program, which focuses on deployment, will serve as the growth catalyst for the later part of 2025, while we anticipate significant bead-driven demand in 2026. I'd now like to pass the call over to our CFO, Dan Herzog, who will provide an overview of our financial results for the fiscal quarter and full year 2020-24, as well as share our outlook.