Good morning, and welcome to the Acorn Energy Fourth Quarter and Year-End 2022 Conference Call. [Operator Instructions]. As a reminder, today's conference is being recorded. I would now like to turn the call over to Tracy Clifford, CFO of Acorn Energy and COO of OmniMetrix. Ms. Clifford, please begin.

Thank you. We welcome, everyone, to today's call. As a reminder, many of the remarks that follow and answers to questions may be forward-looking. These statements are subject to various risks and uncertainties. For example, the operating and financial performance of the company in 2022 and future years is subject to risks associated with disruptions, the business operations and customer demand resulting from the company executing its operating strategy, maintaining high customer renewal rates and growing its customer base as well as from changes in technology, changes in the competitive landscape and changes in the financial and economic environment. Forward-looking statements are based on management's beliefs and the assumptions made using information currently available to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. There are no assurances that Acorn or OmniMetrix will be able to achieve management's growth goals in 2023 or future periods, and the company undertakes no obligation to disclose revisions to such forward-looking statements to reflect events or circumstances occurring after today. A full discussion of the risks and uncertainties that may affect the company is included in our 10-K under Risk Factors and is filed with the Securities and Exchange Commission. A reconciliation of certain non-GAAP financial metrics to corresponding GAAP measures is provided in today's press release, available in the Investor Relations section of the company's website, acornenergy.com. I'll now turn over the call to Jan Loeb, the CEO of Acorn and its OmniMetrix operating subsidiary for an overview of business performance and the outlook. Jan?

Thanks, Tracy. Good morning, and thank you all for joining our call today. 2022 was another year of growth for Acorn, albeit at a slower rate than we forecasted and would expect to see in the future. The fact that we did achieve growth in 2022 is a testament to the resilient business of our operating subsidiary, OmniMetrix, and its monitoring service model. Considering macroeconomic headwinds as well as industry challenges due to sunsetting of 3G technology, I think we navigated the challenging landscape in a formidable manner. So in light of this, I'd like to congratulate the entire OmniMetrix team, including management, our knowledgeable sales and technology teams, our innovative engineers, tech support and production and our back-office folks who work together to be successful and are truly our greatest asset. When I talk macro headwinds, which are things we do not control, one example that people may or may not realize is how rapidly rising interest rates impact our business. The Power Generation segment is our largest segment that is the monitoring and control of generators. The vast majority of new generators are purchased on credit, especially in the residential market and to some degree in the commercial and industrial or C&I market. So obviously, any increase in the borrowing rate for consumers or business can have a negative impact on the number of new generators sold. We don't sell generators, but sales of monitoring equipment and our monitoring services are directly tied to the sales of new power generators, so it has an impact on the demand for our products and services. While single-digit revenue growth is obviously well below our growth target of 20%, all things considered demonstrating any revenue growth in a difficult environment is still a favorable outcome. In 2022, wireless carriers stopped supporting…

Thanks, Jan. First, let me note that we filed our 10-K this morning with the SEC for your reference. And now let me provide some additional detail and comments on our reported results, and then I'll turn it over to the operator for investor questions. Looking at the year as a whole, our reported revenue, as Jan noted, rose 3% to $7 million in 2022 from $6.8 million in 2021, which was driven by an increase in revenue from hardware and accessories. Excluding some onetime custom orders that we had in 2021, hardware revenue growth would have been 17% in 2022. The increase was largely due to a higher percentage of commercial and industrial, what we call C&I product sales, which carry higher average price point. In 2022, we focused our Power Generation customer expansion on large C&I customers, and we're continuing that strategy in 2023. Hardware sales also benefited from the sunsetting of older units, but with new units largely replacing older units and due to some churn, as Jan noted, monitoring revenue did not increase ratably with hardware revenue. As such, annual recurring revenue, or ARR, was 56% in 2022 versus 60% in 2021. Looking at Q4, our quarterly revenue increased 5% to $1.85 million from $1.75 million in Q4 '21, with hardware growing 12%, while monitoring was essentially flat. We feel that monitoring revenue stabilizing is a good signal after several quarters that lagged compared to the same quarter in the prior year. We're glad that the impact of sunsetting is largely behind us, and we can focus on continuing to grow our C&I customer base and pursuing a return to the double-digit revenue growth of high-margin monitoring revenue in 2023. From a margin perspective, our gross profit grew to $5.1 million in 2022, reflecting a 72.4%…

Well, I guess that our comments were very -- all encompassing. So hopefully, we've answered anyone's questions. But we thank everybody for your interest in Acorn Energy. We continue to be excited about the progress and the investments we have made in the company, and we are very excited about the opportunities we see in the IoT space and the prospects of the business. We appreciate your support, and I'm more than happy to speak with investors or prospective investors. You can also set up a call with Tracy or myself or ask a question through our IR team whose contact information is in today's press release. Tracy and I look forward to updating investors on our Q1 conference call in May. Thank you all again. Have a great day.

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.