NAPCO Security Technologies, Inc.

Greetings and welcome to NAPCO Security Technologies Fiscal Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the call over to your host, Mr. Patrick McKillop. Thank you. You may begin.

Thank you. Good morning. My name is Patrick McKillop. I'm the Director of Investor Relations for NAPCO Security. Thank you all for joining us for today's conference call to discuss our financial results for our fiscal third quarter 2020. By now, all of you should have had the opportunity to review the press release discussing the results. If you have not, a copy of the release is available in the Investor Relations section of our website, www.napcosecurity.com. On the call today is Richard Soloway, President and CEO of NAPCO Security Technologies, and Kevin Buchel, Senior Vice President and CFO. Before we begin, let me take a moment to read the forward-looking statement. This conference call may contain forward-looking statements that involve numerous risks and uncertainties. Actual results, performance, or achievements may differ materially from those anticipated in such forward-looking statements as a result of certain factors. including those set forth in the company's filings with the SEC. During the call, we may also present certain non-GAAP financial measures such as adjusted EBITDA and certain ratios that are used with these measures. In the press release and on the financial tables issued earlier today, you'll find a definition of these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures with the closest GAAP financial measure, as well as a discussion about why we think these non-GAAP financial measures are relevant to our results. These financial measures are included for the benefit of investors. It should not be considered instead of GAAP measures. I will turn the call over to Dick in a moment, but before I do, I just want to mention a few things on the IR front. We remain steadfast in our investor outreach during the COVID-19 crisis and are still available for conference calls and or video calls with the investor community. Many investor conferences have been switched to a virtual format, and we look forward to this new experience. We will be in virtual attendance for the Needham Conference on May 20th, the Stifel Cross-Sector Insight Conference on June 8th, the William Blair Conference on June 9th, and the Cane Accord Genuity Conference on August 11th through the 13th. There will be presentations and one-on-one meetings at these conferences, so please mark your calendars. Investor outreach is crucial, especially for small cap companies such as NAPCO, and I would like to thank all of those folks that assist us in these investor outreach efforts. With that out of the way, let me turn the call over to Richard Soloway, President and CEO of NAPCO Security Technologies. Jake, the floor is yours.

Thank you, Patrick. Good morning, everyone, and welcome to our fiscal Q3 earnings results conference call. Thank you for joining us today. We are living in challenging times, to say the least. I am very proud of our company's fiscal third quarter 2020 performance, which marked another record revenue and profitability performance for NAPCO. Our SaaS recurring revenues continue to grow at a rapid rate. Our recurring revenues annual run rate is now $25.4 million as of the end of March. Our focus on targeting mostly commercial and markets and professional installation is driving this continuous growth. Our cash balances remain healthy and our balance sheet is clean with no debt. We continue to be focused on capitalizing on the key industry trends. These trends include wireless fire and intrusion alarm communicators, school security solutions, enterprise access control systems, and architectural locking products. Our management team continues to focus on the key metrics of growth, profits, and Returns on Equity. These metrics are important to us as well as our shareholders. Our business strategy is executing well and our interests are aligned with our shareholders as senior management at NAPCO owns 38% of the equity. Before I go into greater detail, I will now turn the call over to our CFO, Kevin Buchel. He will provide an overview of our fiscal third quarter financial results, and then I'll be back with more on our strategies and outlook. Kevin?