NAPCO Security Technologies, Inc.

conference operator please stand by the call will begin in about two minutes so once again please stand up stand by and the call will begin in about two minutes thank you Thank you. Welcome to the NAPCO Security Technologies Fiscal Q1 2024 Earnings Call. Our host for today's call is Fran Okoneski, Vice President of Investor Relations. At this time, all participants will be in a listen-only mode. Later, we will conduct a question-and-answer session. I would now like to turn the call over to your host. Fran, you may begin.

Thank you, Ross, and good morning, everyone. My name is Fran Okoneski. Vice President of Investor Relations for NAPCO Security Technologies. Thank you all for joining us for today's conference call to discuss our financial results for our fiscal first quarter 2024. By now, all of you should have had the opportunity to review our earnings press release discussing the results of our quarter. If you have not, a copy of the release is available in the investor relations section of our website, www. On the call today are Richard Soloway, our President and Chief Executive Officer of NAPCO Security Technologies, and Kevin Buchel, our Executive Vice President and Chief Financial Officer. Before we begin, let me take a moment to read the forward-looking statement, as this presentation contains forward-looking statements that are based on current expectations, estimates, 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, reoccurring revenue services, potential market opportunities, the benefits of our reoccurring revenue products to customers and dealers our ability to control expenses and costs and expected annual run rate for software as a service 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 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 want to mention that we will be attending the ISC East Industry Trade Show on November 15th and 16th in New York City's Javits Center. If anyone is interested in attending and meeting with us, please contact me and I will arrange to get you a pass. In addition, we will be attending the 26th Annual Needham Growth Conference in January. We're also planning for some non-deal roadshow activity in the near future. With that out of the way, let me turn the call over to Richard Soloway, President and Chief Executive Officer of NAPCO Security Technologies. Dick, the floor is yours.

Thank you, Fran. Good morning, everyone, and welcome to our conference call. Thank you for joining us today to discuss our results. We are pleased to report our fiscal Q1 2024 record sales of $41.7 million. This is the 12th consecutive quarter we achieved record sales for a quarterly reporting period. Recurring revenue service continues to grow at a very strong rate, and the annual prospective run rate is now $72.5 million based on October 2023 recurring revenues. Our balance sheet remains strong with our cash balances at $74.6 million, up 68% over fiscal Q1 2023, and up 12% sequentially. We have no debt. We continue to focus on capitalizing on key industry trends, which include wireless fire and intrusion alarms, and the related recurring revenue service, 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 our costs. These metrics are important to us as well as our shareholders. We continue to execute our business strategy and our interests are aligned with our shareholders as senior management of NAPCO owns approximately 10% of the equity. Before I go into greater detail, I will now turn the call over to our CFO, Kevin Bichelle. He will provide an overview of our fiscal first quarter results and then I'll be back with more on our strategies and view of our markets. Kevin?