Ethan Allen Interiors Inc.

Good afternoon, and welcome to the Ethan Allen Fiscal 2025 Third Quarter Analyst Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to introduce your host, Matt 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 2025 third quarter results. With me today is Farouk Kathwari, our Chairman, President, and CEO. Mr. Kathwari will open and close our prepared remarks, while I will 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 webcast live under the News and Events tab within our Investor Relations 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 quarterly report on Form 10-Q. Please refer to our SEC filings 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 turn the call over to Mr. Kafwari.

Thank you, Matt. Pleased to have this earnings call during very interesting and challenging times. As mentioned in our press release, we are pleased with our results in the third quarter, which produced strong margins and cash flow in a challenging economic environment. First, I'd like to begin by providing perspective on our current position, including a very brief overview of our history. Ethan Allen was founded 93 years ago in the Green Mountains of Vermont. The company went private in 1989 with significant debt, and in 1993 went public on the New York Stock Exchange. Since that time, we have paid cash dividends. That is, since going public in 1989, we have paid cash dividends totaling $711.3 million and repurchased $625.1 million of our common stock. We have improved our cash position up to currently $183 million compared with $26 million in March 2019, that COVID era. Our focus on reinvention, including utilization of technology, has helped reduce our headcounts by 36% since 2019. Our unique vertical enterprise with constant reinvention has been key. We continue to make about 75% of our furniture in our North American manufacturing and operate 189 design centers globally, tasked with over 500 professional interior designers. Technology has played a key role in developing efficient operations in manufacturing, retail, logistics, marketing, merchandising, and other key areas. After Matt provides a brief financial overview, I will discuss in greater detail our initiatives to meet the many current challenges.