NAPCO Security Technologies, Inc.

Greetings, and welcome to NAPCO Security Technologies, Inc. Fiscal Second Quarter 2023 Earnings Results 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 a 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, Vice President of Investor Relations. Thank you. You may begin.

Thank you. Good morning. My name is Patrick McKillop, Vice President 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 second quarter 2023. 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, Executive 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 recurring revenue products to customers and dealers, our ability to control expense and cost, 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 containing 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 underlying 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 that we are actively planning our investor relations calendar for more NDRs and conferences in the near future, as investor outreach is crucial, especially for a small-cap company such as NAPCO. And I would like to thank all those folks that assist us in these conferences and marketing trips. Also, we invite you to come to visit our booth at the upcoming ISC West trade show, March 28th through the 31st in Las Vegas, Nevada. ISC West is the industry's largest trade show, with over 30,000 attendees. 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 pleased to report our fiscal Q2 2023 record sales of 42.3 million. This is our ninth consecutive quarter of sales growth. Recurring revenue continue to grow at a very strong rate and the annual run rate is now approximately 59 million based on January 2023 recurring revenues. Our balance sheet remains strong with our cash balances at 47.1 million, and we have no debt. 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 16.5% of the equity. Before I go into greater detail, I'll now turn the call over to our CFO, Kevin Bichelle, who will provide an overview of our fiscal first quarter results, and then I'll be back with more on our strategies and outlook. Kevin?