PCTEL, Inc.

Welcome to the PCTEL first quarter 2023 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. Kevin, over to you.

Good afternoon, and thank you for joining us on today's conference call to discuss PCTEL's first quarter earnings 2023 Financial Results. With me today is David Newman, the company's CEO. Please note that a webcast replay of the 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 inflation and a potential recession, ability to generate sales of our innovative new products, success of our expansion efforts in Europe, and 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 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. With that, I'm now pleased to turn the call over to David Newman.

Thank you, Kevin, and apologies again for the delayed start. Good afternoon, and thank you for joining us today. On today's call, we'll discuss our first quarter performance and share our outlook for the second quarter of 2023. We'll also speak to our views on the remainder of the year and highlight key progress we've made towards our three-prong growth strategy. I'll begin with a few highlights, and then Kevin will discuss our financials in greater detail. We're pleased to have gotten off to a strong start in 2023 as we delivered first quarter revenue of $23 million, a slight increase year over year and strong gross margins of 50.2%, up 880 basis points from the prior year period. Our success in the quarter was driven by the continued execution of our three-prong growth strategy, which includes launching innovative antenna, device, and tester measurement products, expanding our distribution channels, and increasing our market share by providing more components of the overall systems. These strategies strengthen our global customer relationships and increase PCTel's value for all stakeholders. I'd like to begin by thanking our PCTel team for their continued contributions that are integral to our success. It is with their dedication and commitment that we have continued to mitigate issues in today's challenging operating environment, including ongoing inflationary pressures and supply chain disruptions. We continue to see moderation in these macro trends, particularly in logistics, and we will remain diligent in our commitment to meeting customer demand and providing the utmost quality in customer service. As we expand our global reach, we will remain in close contact with our shippers and suppliers around the world. Our operations team is doing an excellent job, and we exceeded our on-time delivery goal for the quarter, achieving our highest on-time delivery rate to customers since prior to the pandemic. Our three core growth strategies continue to be the backbone of our operating model and success. We continue to make important progress in our innovative product launches and market acquisition and penetration in global customer and distribution expansion, which I will discuss in greater detail later in today's call. I would now like to turn the call over to Kevin for a review of our first quarter 2023 results. Kevin? Thank you, David.