NAPCO Security Technologies, Inc.

Good morning, ladies and gentlemen, and welcome to the NAPCO Security Technologies Fiscal Q4 and Fiscal 2024 Earnings Conference Call. At this time, our 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 need assistance, please press star zero for the operator. This call is being recorded on Monday, August 26, 2024. I would now like to turn the conference over to Francis Okoniewski, VP, Investor Relations. Please go ahead.

Thank you, Joanna. Good morning, everyone. This is Fran Okoniewski, 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 fourth quarter and fiscal year 2024. By now, all of you should have had the opportunity to review our earnings press release discussing our quarterly results. If you have not, a copy of the release is available in the Investor Relations section of our website, www.investor.com. NAPCOsecurity.com. On the call today are Dick Soloway, Chairman, 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, 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 our Reoccurring Monthly Revenue. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in 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 non-deal roadshow and conference attendance in the near future. Investor outreach is very important to NAPCO and I'd like to thank all those folks who assist us in these types of events. In the coming weeks We will be attending the Lake Street Best Ideas Conference in New York City on September 12th and the D.A. Davidson 23rd Annual Diversified Industrials and Services Conference in Nashville, Tennessee on September 18th and 19th. We will also be participating in a number of non-deal roadshows with firms such as Mizuho, Stevens, J.P. Morgan, Wells Fargo, T.D. Cowan, Morgan Stanley, Key Bank, and Bank of America. With that out of the way, let me turn the call over to Dick Soloway, Chairman and CEO of Navco Security Technologies. Dick, the floor is yours.

Thank you, Fran. Good morning, everyone, and welcome to our conference call. We appreciate your participation today, and we review our fiscal Q4 and fiscal 2024 performance. We are thrilled to announce record sales of $50.3 million for this quarter, making our 15th consecutive quarter of achieving record quarterly sales. Our recurring revenue subscription service continues to exhibit robust growth, increasing 27% in Q4, and now has an annual prospective run rate of $84 million based on July 2024 A balance sheet remains strong with cash balances reaching $97.7 million, a 46% 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, and many more. 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 President, Chief Operating Officer, and Chief Financial Officer, Kevin Buchel, who will provide an overview of our fiscal fourth quarter and fiscal 2024 results. Following Kevin's remarks, I will return to delve deeper into our strategies and market outlook. Kevin?