Greetings and welcome to the Innovative Solutions and Support, Inc. Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Michael Linacre, Chief Financial Officer. Thank you, Michael. You may begin.

Thank you operator and good afternoon everyone. I would remind our listeners that certain matters discussed in the conference call today, including information about new products and operational and financial results for future periods are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, either better or worse from those discussed, including other risks and uncertainties reflected in our company's 10-K, which is on file with the SEC and other public filings. Now, I'll turn it over to our CEO, Shahram Askarpour.

Thank you, Mike and good afternoon everyone. I will begin today with remarks on our performance in fiscal 2022 followed by comments on the upcoming year and our long-term growth strategy. I will then turn the call over to Mike who will take us through the details. Fiscal 2022 marked a strong year of financial performance, revenues up 20.4% with 27.7 million compared to fiscal 2021. Higher revenue compared to the prior year was attributed [for underlying] [ph] end market support in commercial aviation, general aviation, and defense end-markets. During the year, we delivered on several programs, which included the [indiscernible] program, commercial air transport cockpit [conversion] [ph] programs, our Pilatus PC-24, Textron King Air Autothrottle, and the KC-46A. [Indiscernible] higher sales were driven by broad-based success across our portfolio products. As we have stated in the past, our winning formula starts with excellent products in attractive growing markets. This effort is supported by more than 500 cockpit upgrades in 757, 767, and 737 platforms combined with a rapidly growing presence in general aviation. Turning to our gross profit. We increased gross profit to 60.7 million in 2022, an increase of over 30%, compared to fiscal 2021. We significantly outpaced our revenue growth during the period as we gained operating leverage on higher overall sales. As a percentage of sales, gross margin increased 406 basis points, 60.1%. For the full-year, operating expenses achieved leverage with a decrease as a percent of sales 34.1% in 2022, compared to 38.5% in 2021. During the year, there were some one-time costs related to legal and professional fees, which were offset by the gain on the sale of a PC-12 aircraft. Going forward, as we continue to benefit from higher sales, we also anticipate we will be able to gain further leverage in our…

Thank you, Shahram, and thank you all for joining us today. I'll review our financial results for the fourth quarter of fiscal 2022 and briefly recap our fiscal 2022 financial results. Revenues increased 5.7% to 7.3 million in the fourth quarter, compared to 6.9 million in the fourth quarter a year ago. Growth in revenue was driven by our commercial and military businesses on the product side, as well as customer service. Increase in revenue during the fourth quarter was in-part due to strong military sales related to our C-130 program. The company also saw continued improvement in commercial sales on flat panel displays for retrofit programs to commercial air transport customers. Customer service revenue rose to 1.1 million, mainly due to increases in repair work from the Department of Defense. We expect our growing portfolio of installed IS&S products to continue to generate customer service revenues going forward. New orders in the fourth quarter were approximately 6.5 million in backlog as of September 30, 2022 was 11.8 million. We include only purchase orders in-hand from the Pilatus PC-24, Textron King Air and the KC-46A long-term programs in our total backlog. We anticipate that these programs will remain in production for about a decade and should continue to add to production sales already included in the backlog. Current backlog includes a large contract with one of our general aviation OEMs that is locking in their supply chain beyond their normal advanced order. Not all of our long-term OEM production contracts include [escalation clauses] [ph] that provide for the passing along of a portion of cost increases incurred as a result of inflationary pressures. Fourth quarter gross margin expanded by almost 400 basis points to 61.5%, compared to last year. Operating leverage improved significantly as we benefited from generating higher revenue…