PCTEL, Inc.

Welcome to the PCTEL fourth quarter and full year 2022 earnings 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 fourth quarter and fiscal year 2022 financial results. With me today is David Newman, the company's CEO. Please note that a webcast replay of this call 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 global supply chain and logistics challenges global, political, and economic circumstances, including a potential recession, ability to generate sales of our innovative new products, success of our expansion efforts in Europe, and the ability to leverage 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 their 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 for joining us. In today's call, we will provide a summary of our fourth quarter and fiscal year 2022 performance and share our outlook for the first quarter of 2023. We will also discuss our views on fiscal year 2023 and highlight our key priorities consistent with our three-pronged growth strategy. I'll begin with a few highlights, and then Kevin will discuss our financials in greater detail. Overall, we were pleased with our company's performance in 2022 as we delivered $99.4 million in revenue for the year, which is a 13.2% increase year over year. This success was driven by growth in our European antenna business and strong customer demand for our test and measurement products. The company also maintained strong gross margins of 46% for the year, supported by improving market conditions, continued execution, and financial discipline. Throughout the year, PCTel delivered on our commitments to our customers while providing a high level of customer service. I am particularly proud of our team as they continue to successfully navigate today's challenging operating environment, including inflationary pressures and supply chain disruptions, both of which have eased from peak levels. We have been extremely diligent in mitigating these challenges. While there continues to be headwinds in the broader macro environment, we have started to see a rebound in logistics and the supply chain, with availability of parts and transportation timeframes returning to near pre-pandemic levels. We provide our products to customers throughout the world, and we remain in close contact with our shippers and suppliers to assure on-time delivery of our products to our customers. Throughout the fourth quarter and year, our progress was driven by executing on our three core growth strategies. As a reminder, these include launching innovative wireless products, expanding and leveraging our distribution channels, and increasing market share by providing more components of the overall systems. We have made exciting strides through new product launches, new end market penetration, and leveraging our global distribution channels, all of which I will detail later in today's call. With that, I'll turn the call over to Kevin for a closer look at our fourth quarter and fiscal 2022 results. Kevin?