PCTEL, Inc.

Welcome to the PCTEL third quarter 2022 earnings release conference call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, we will conduct a question and answer session. As a reminder, this conference is being recorded. I will now turn the call over to Kevin McGowan, the company's CFO.

Thank you for joining us on today's conference call to discuss PCTEL's third quarter 2022 financial results. With me today is David Newman, the company's CEO. Please note that a webcast replay will be available on our website. Before we begin, let me remind you that this call may contain forward-looking statements and projections based upon current circumstances. While these forward-looking statements and projections reflect PCTEL's best current judgment, they are subject to risks and uncertainties, particularly related to the COVID-19 pandemic global supply chain and logistics challenges, global political and economic circumstances, including a potential recession, and opportunities to expand our distribution channels that could cause actual results to differ materially from these forward-looking statements and projections. Risk factors that could cause PcTel's actual results to differ materially from its projections are discussed in the earnings press release, which was issued today and the company's annual report on Form 10-K. The company assumes no obligation to update any forward-looking statements or information which speak as of the respective dates. Additionally, our commentary will include reference to the following non-GAAP measures, non-GAAP gross margin percentage, non-GAAP operating expense, non-GAAP earnings per share, and adjusted EBITDA. We believe these non-GAAP measures facilitate comparability of results over different periods. A full reconciliation of these non-GAAP measures to GAAP is included in our quarterly earnings press release that was issued earlier today. I'm now pleased to turn the call over to David Newman.

Thank you, Kevin. Good afternoon, and thank you all for joining us. In today's call, we will provide an overview of the third quarter performance and discuss our outlook for the upcoming fourth quarter. We will also share our high-level views of fiscal 2023 highlight the progress we're making on our growth strategies, and review significant accomplishments in both product lines. I'll start with a few highlights for the quarter, and then Kevin will walk us through the financials. Overall, we're very pleased with our team's performance this past quarter, as we delivered $26 million in revenue for Q3, which was a 16% increase year-over-year and a 4% increase sequentially. The company has steadily grown revenue year over year over the past seven consecutive quarters, driven by strong execution, innovative product releases, and customer demand. Non-GAAP earnings per share was $0.14 compared to $0.08 in the third quarter of 2021. Non-GAAP gross margin was 46.2% due to strong scanning receiver sales. I'm proud of the entire PCTel team as we've delivered high service levels to meet our customers' needs, while simultaneously navigating a challenging operating environment, highlighted by significant inflationary pressures and supply chain disruptions throughout 2022. While these supply chain and logistics challenges remain, we saw an encouraging improvement in transit times and costs in the period. Our long-term material logistics planning, conducted in close coordination with our customers, enabled us to achieve measurable improvement in our shipping costs, which contributed to higher antenna gross margins in Q3. The company's on-time delivery metrics remain strong, and we continue to receive excellent supply ratings from our customers. Our focus on three core strategies has supported this positive performance. As a reminder, these include launching innovative wireless products, expanding and leveraging our distribution channels, and increasing market share by providing more components over the overall system. As we look towards the future, Our talented and experienced antenna and test and measurement engineering teams continue to develop innovative products to meet the ever-evolving demand for wireless solutions. Our recent innovations include new multi-mode antennas and uplink measurement systems for public safety wireless networks. With that, I will now turn the call over to Kevin for a closer look at our third quarter performance and a discussion of the financials. Kevin?