Ethan Allen Interiors Inc.

Good afternoon and welcome to the Ethan Allen Fiscal 2024 Fourth Quarter Analyst Conference Call. If you require operator assistance, please press star zero. Please note this conference is being recorded. It is now my pleasure to introduce your host, Mack McNulty, Senior Vice President, Chief Financial Officer, and Treasurer. Thank you. You may begin.

Thank you, operator. Good afternoon and thank you for joining us today to discuss Ethan Allen's fiscal 2024 fourth quarter and full year results. With me today is Puru Kathwari, our chairman, president, and CEO. Mr. Kathwari will open and close our prepared remarks while I'll speak to our financial performance midway through. After our prepared remarks, we will then open the call for your questions. Before we begin, I'd like to remind the audience that this call is being recorded and webcast live under the news and events tab on the investor relations page of our website. A replay of today's call will also be made available on our investor relations website. There you will find a copy of our press release, which contains reconciliations of non-GAAP financial measures referred to on this call and in the press release. We believe the non-GAAP presentation better reflects underlying operating trends and performance of the business. Our comments today may include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. The most significant risk factors that could affect our future results are described in our annual report on Form 10-K. Please refer to our SEP filing for a complete review of those risks. The company assumes no obligation to update or revise any forward-looking matters discussed during this call. With that, I'm pleased to now turn the call over to Mr. Kephwari.

Well, thank you, Matt. And thanks for participating in our fourth quarter and fiscal year June 30, 2024 meeting. As stated in our press release, we are pleased to report strong performance in this post-pandemic period. Despite lower demand and reduction in high backlogs, we did well. We had strong gross margins of 60.9%, and despite lower sales, had an adjusted operating margin of 13.1%. We continue to generate strong cash and ended with cash an equivalent of $195.8 million, up from $172.7 million last year. Our inventories have been reduced by 12.5% since June 30, 2019, and the headcount also reduced by 28% June 30, 2019. Now, we know this after multiple years of high demand during the pandemic period, consumer is much more focused on quality, value, and service, and provides an opportunity for enterprises like us that have relevant products, strong talent, providing service, and also to have good, healthy cash positions. After Matt provides an overview of our financial results, I will review our initiatives going forward. Matt?