NAPCO Security Technologies, Inc.

Good morning, ladies and gentlemen, and welcome to the NAPCO Securities Technologies FQ3 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on May 6, 2024. I would like to turn the conference over to Francis Okunoski, VP, Investor Relations. Please go ahead.

Thank you, Jonah, and good morning, everyone. My name is Fran Okunoski. I'm Vice President of Investor Relations for NAPCO Security Technologies. Thank you all for joining today's conference call to discuss financial results for our fiscal third quarter 2024. By now, all of you should have had the opportunity to review our earnings press release discussing our quarterly results. If not, a copy of the release is available in the Investor Relations section of our website, www.napcosecurity.com. On the call today are Dick Soloway, our Chairman and CEO of NAPCO Security Technologies, and Kevin Buchel, President, Chief Operating Officer, 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, 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, recurring 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 our reoccurring 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 are as of today's date, unless otherwise stated, and we undertake no duty to update such information except as required under applicable law. I'll turn the call over to Dick in a moment, but before I do, I want to mention we're actively planning our investor relations calendar for more non-deal roadshow, or NDR, and conference attendance in the near future. Investor outreach is very important to NAPCO, and I'd like to thank all those folks that assist us in these types of events. Later this month, we will be attending Needham's 19th Annual Tech, Media, and Consumer Conference in New York City. The Bank of America Industrials Conference, also in New York City. The 24th Annual B. Reilly Institutional Investor Conference in Beverly Hills, California. the Craig Hallam 21st Annual Institutional Investment Conference in Minneapolis, and TD Cowen's 52nd Annual Technology, Media, and Telecom Conference in New York City. We've also been invited to the Robert W. Baird Consumer Tech and Services Conference this June in New York City, as well as the Wells Fargo Industrial Conference in Chicago. We're also thrilled to have DA Davidson added to our prestigious list of brokerage firms providing research coverage on our company. With that out of the way, let me turn the call over to Dick Soloway, Chairman and CEO of NAPCO Security Technologies. Dick, the floor is yours.

Thank you, Fran. Good morning, everyone, and welcome to our conference call. We appreciate your participation today as we review our fiscal Q3 2024 performance. We are thrilled to announce record sales of $49.3 million for this quarter, marking our 14th consecutive quarter of achieving record sales. Our recurring revenue subscription service continues to exhibit robust growth, with an annual prospective run rate reaching $81 million based on April 2024 recurring revenues. The balance sheet remains strong, with cash balances reaching $87.5 million, a 31% increase over the level recorded on June 30, 2023. We have no debt. Our strategic focus continues to capitalize on key industry trends, including wireless fire and intrusion alarms, driving recurring revenue services, school security solutions, enterprise access control systems, and architectural locking products. At NAPCO, our management team remains committed to prioritizing growth, profitability, and returns on equity while effectively managing costs. These metrics are critical to us and our shareholders, reflecting our dedication to executing our business strategy and aligning our interests with those of our shareholders. Now I'd like to hand the call over to our newly appointed president, chief operating officer, and chief financial officer, Kevin Buchel, who will provide an overview of our fiscal third quarter results. Following Kevin's remarks, I will return to delve deeper into our strategies and market outlook. Kevin?