NAPCO Security Technologies, Inc.

Greetings and welcome to NAPCO Security Technologies, Inc. Fiscal Fourth Quarter and Full Year 2021 Earnings Release 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Patrick McKillop, Director of Investor Relations. Thank you. You may begin.

Hello, good morning. I'm Patrick McKillop, Director of Investor Relations for NAPCO Security. Good morning and thank you all for joining us for today's conference call to discuss our financial results for our fiscal fourth quarter and fiscal year 2021. 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 presentation contains forward-looking statements that are based on current expectations, estimates, forecasts, and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, statements relating to growth drivers of the company's business, such as school security products and recurring revenue services, potential market opportunities, the benefits of our recurring revenue products to customers and dealers, our ability to control expenses and costs, and expected annual run rate for SAS recurring monthly revenue. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, such risk factors described in our SEC filings, including our annual report on Form 10-K. Other unknown or unpredictable factors or underlining assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, all information provided in today's press release and this conference call is as of today's date, unless otherwise stated. And we undertake no duty to update such information except as required under applicable law. I will turn the call over to Dick in a moment, but before I do, I just wanted to mention a few things on the IR front. Tomorrow, September 14th, we will be presenting and hosting one-on-one meetings at the CL King Conference, which is being held virtually. and we're looking forward to another great conference. We're planning for more virtual roadshows throughout the remainder of the year and look forward to when we can meet in person again. Investor outreach is crucial, especially for a small-cap company such as NAPCO, and I would like to thank all of those folks that assist us in these conferences and marketing trips. With that out of the way, let me turn the call over to Richard Soloway, President and CEO of NAPCO Security Technologies. Dick, the floor is yours.

Thank you, Patrick. Good morning, everyone, and welcome to our conference call. Thank you for joining us today to discuss our results. We are very excited to report our record sales and profits for our fiscal Q4 21 and fiscal year 21. Our results beat street consensus estimates for Q4 and for FY21 on sales, EPS, net income, and EBITDA metrics by significant amounts. EBITDA per share for fiscal 2021 was over $1 per share at $1.06. We are excited to report that we have achieved our goal, which we set several years ago, of $40 million in RMR, that's reoccurring monthly revenue. The annual run rate is now $40.1 million based on July 2021 recurring revenues. Our balance sheet remains strong with our cash balances continuing to grow. We continue to focus on capitalizing on key industry trends, which include wireless fire and intrusion alarms, school security solutions, plus enterprise access control systems and architectural locking products. The management team here at NAPCO continues to focus on the key metrics of growth, profits, and returns on equity and controlling costs. These metrics are important for us as well as our shareholders. We continue to execute our business strategy and our interests are aligned with our shareholders as senior management at NAPCO owns approximately 22% of the equity. Before I go into greater detail, I'll now turn the call over to our CFO, Kevin Bichelle, who'll provide an overview of our fiscal fourth quarter and fiscal 21 results, and then I'll be back with more on our strategies and outlook. Kevin?