Ladies and gentlemen, thank you for standing by, and welcome to the NVE conference call on third quarter results. At this time, all participants are on a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask the question during this session, you will need to press star then one on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star then zero. I would now like to hand the conference over to your speaker for today. Dan Baker, you may begin. Good afternoon, welcome to our conference call for the quarter ended December 31st, 2020. As always, I'm joined by Curt Reynders, our Chief Financial Officer. This call is being webcast live and being recorded. A replay will be available through our website, nve.com. After my opening comments, Curt will present a financial review of the quarter, and I'll cover the business, and then we'll open the call to questions. We issued our press release and filed our quarterly report on Form 10-Q in the past hour following the close of market. Links to documents are available through the SEC's website, our website, and our Twitter timeline. Comments we may make that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties, including, among others, such factors as risks and uncertainties related to future sales and revenue, uncertainties related to future stock repurchases and dividend payments, and risks related to the COVID-19 pandemic, as well as the risk factors listed from time to time in our filings with the SEC, including our annual report on Form 10-K for the fiscal year ended March 31st, 2020, as updated in our just filed quarterly report on Form 10-Q. Actual results could differ materially from the information provided, and we undertake no obligation to update forward-looking statements we may make. We're pleased to report our best quarter in two years as the effects of the COVID-19 pandemic on our business are subsiding. We reported a 5% increase in net income to $0.81 per share, driven by a 3% increase in product sales. Curt will cover the details of our financials. Curt? Thanks, Dan. Total revenue for the quarter ended December 31st, 2020 increased 1% compared to last year due to a 3% increase in product sales, partially offset by a 34% decrease in contract R&D revenue. The increase in product sales was despite the continued impact of the COVID-19 pandemic, although those effects appear to be subsiding. The decrease in contract R&D in the third quarter of fiscal 2021 was due to the completion of certain contracts. Total revenue increased 49% sequentially compared to the immediately prior second quarter, and net income increased 77%. Expenses decreased 8% for the third quarter from the prior year due to a 9% decrease in R&D and a 5% decrease in SG&A. The decrease in R&D expense was due to the completion of some new product developments. The decrease in SG&A was due to staffing changes. Interest income for the third quarter decreased 18% due to a decrease in our marketable securities and money market funds and a decrease in the average interest rates on those securities and funds. Net income for the quarter was $3.93 million, or $0.81 per diluted share, compared to $3.73 million, or $0.77 last year. Our gross margin was a record 84%, driven by a more profitable revenue mix, and net margin was a record 60%. We paid a $1 per share dividend in the past quarter, and today we announced that our board declared another quarterly dividend of $1 per share, payable February 26th to shareholders of record as of February 1st. For the first nine months of the fiscal year, total revenue decreased 20% due to a 19% decrease in product sales and a 21% decrease in contract R&D as revenues were impacted by the COVID-19 pandemic. Net income for the first nine months decreased 23% to $8.56 million, or $1.77 per share, compared to $11.2 million, or $2.30 per share, last fiscal year. For the nine months, we paid $14.5 million in dividends and repurchased $91,000 of stock. Even with those returns to our shareholders, our balance sheet remains strong with cash plus marketable securities of $65.8 million as of December 31st. Now, I'll turn the call back to Dan to cover the business. Dan? Thanks, Curt. I'll cover the business and review 2020. In the past quarter, we continued to work on new sensors and coupler products. We also worked on continuously improving our existing products. For example, our flagship IL700-Series line of spintronic couplers was introduced more than 20 years ago. Is still the best in the industry. In the past quarter, we improved a key specification for those parts called the common-mode transient immunity or CMTI. CMTI is an important specification for improving power control efficiency in applications such as motor control, hybrid electric vehicles, and battery charging. We're working with our German distributor to target the upgraded parts for the electric vehicle onboard charging circuitry and charging stations. We're proud to supply products to some of the world's most demanding customers, including Abbott's Pacesetter subsidiary. In December, we extended our supplier partnering agreement with Abbott, which would have expired at the end of 2020, into May. The four-month extension gives us time to negotiate a long-term amendment. The extension was filed with the SEC as a material definitive agreement and is available via our website. 2020 was a challenging year, but we had some important accomplishments that lay the groundwork for the future. In addition to the Abbott extension, in 2020, we extended our supply agreement with Sonova, a leading hearing care supplier, into 2025, and we extended our building lease into 2026. We enhanced shareholder value by returning more than $20 million to shareholders in dividends and stock repurchases in the calendar year. It was also a productive year for R&D, including new high field magnetic sensors and switches for MRI-tolerant medical devices, the introduction of data couplers with best-in-class common-mode transient immunity for energy-efficient motor control, a new family of ultra-precise tunneling magnetoresistance motion sensors for robotics and factory automation, the launch of the world's smallest DC-to-DC converters to transmit power as well as data in industrial networks and cars, and new smart sensors for more versatile connectivity. Smart sensors have been one of our R&D thrusts the past several years. In the past quarter, the Semiconductor Industry Association previewed its so-called decadal or 10-year plan, which identifies five areas it says will shape the future of chip technology. The first of those five areas is smart sensing. With a number of new products in the past year, we're looking forward to the possibility of trade shows in 2021. Two big trade shows for us have been scheduled for June, Sensor+Test in Germany, which is billed as the industry's largest event dedicated to sensors, connectivity, and systems, and Sensors Expo in San Jose, billed as North America's largest event dedicated to sensors, connectivity, and the Internet of Things. Now I'd like to open the call for questions. Tawanda? Thank you. Ladies and gentlemen, Our first question comes from the line of Jeff Bernstein with Cowen. Your line is open. Hey, guys. Congratulations. It's a great quarter. I think you had originally guided for revenue to be a little less robust and not up year-over-year. I'm curious if you could maybe walk us through cancellations, push-outs, were there pull-ins, what happened through the last couple of quarters here? Yeah, I can take that, Jeff. As I mentioned in the prepared remarks, the effects of the pandemic on us appears to be subsiding, although there's still a lot of uncertainty. The worldwide semiconductor market is strong. The outlook for elective medical devices appears to be improving. Revenue in the current quarter, based on our forecast orders and what we've been hearing, we currently expect the revenue to be slightly less than last fiscal year. We're starting to see a lot of orders being pulled in. In the third quarter, our most recent quarter, we did have some orders that were pulled into that quarter, so we ended up a little bit better off than we originally expected earlier in the quarter. Got you. Obviously, there's been this kind of sudden stop-start, and we're hearing about auto factories having to suspend operations for a week or two waiting for parts and various pieces of the supply chain kind of getting backed up. In terms of inventory that could be out there in the channel it seems like probably the channel's been drained and now people are trying to bulk back up. How do you guys sort of keep tabs on what's going on out there and understand if you're getting into kind of a heated situation with double ordering or that kind of thing? Yeah, this is Dan. I can answer that, and maybe Curt can add some color as well. Lead times have lengthened for some raw materials and services. We see that as both a threat and an opportunity. We've always carried ample inventories, as we've talked about before, to guard against contingencies, and we're addressing the threat of shortages by building inventories of critical raw materials, such as foundry wafers, which are semiconductor products that we buy and incorporate into our end products as raw material. We're well positioned to weather those sorts of shortages. We don't keep our inventories as lean as perhaps the automotive industry does by any means. Then we're also addressing the opportunity, which is that we can help customers who are facing shortages from traditional suppliers or our competitors. We see it as an opportunity to pick up share, and our folks are constantly monitoring our critical suppliers and in close contact and making sure that we have adequate inventories for any kind of contingency or shortages. Dan, is there some incompatibility on some of these parts where you can actually fill in for somebody else where there's part shortages, or does it take a new board design for somebody to be able to accommodate your parts? In many cases, we have drop-in replacements, Jeff. We design our isolators, our couplers, for example, to use the old optical coupler pin outs. We also use some of the older packages, what are called PDIPs or dual in-line packages. If our customers are short of traditional semiconductor products such as optical couplers, they can use our products with a minimum of redesign. In some cases, they might need to, or they might want to change their circuit boards to take advantage of some of our parts. We have the smallest parts in the industry, but we also have parts that are designed to replace legacy semiconductor parts so that it's easy for our customers to migrate to our parts from traditional semiconductors, and that's always been our philosophy. We try to make our parts, as you know, have exotic technology and best-in-class performance, but we want to make sure that they're easy for our customers to change to. This may actually be an opportunity to get in front of some automotive guys who are living hand to mouth right now in parts. Exactly. Yeah. Okay, that's great. Can you give us any kind of view on what the book-to-bill was in the quarter? We don't track that precisely because it's a metric that's more useful for commodity semiconductor suppliers. As Curt mentioned, we had some orders that were pulled in. We had orders that were unexpected. We were able to fulfill them. Otherwise, of course, they wouldn't have counted for revenue. Having inventories and having hedges against contingencies, I think, has paid off. Got you. Okay, great. Obviously, you've had to change the way that you're selling because of the pandemic. You've done some things with work with SnapEDA on downloadable EDA files, you redid your website, et cetera. Anything else that's changed, and how are you progressing in this new era? Right. Well, we're doing a lot more Skype and Zoom calls, of course, like most folks. Our distributors and private label partners are also doing the same thing, so we're talking to them and talking to our customers. We're using the opportunity to train our distributors on some of our new products. They're mostly at home or in their offices, so we have an opportunity to get them together that we don't have when they're traveling. An example of a distributor partnership, I mentioned it briefly in the prepared remarks, is that our German distributor is working on an OBC, that's an onboard charger platform, reference design for the electronics in a hybrid electric vehicle, an electric vehicle in this case, to interface the AC line voltage to charging the batteries in a car. That's a great opportunity that our distributor has helped facilitate. There are other smaller opportunities that we're finding with our distributors to address new markets, and to get into markets that we've targeted in the past, such as automotive and the industrial Internet of Things. That's great. Thanks. I'll let somebody else ask some questions. Thanks. Thanks, Jeff. Thank you. As a reminder, ladies and gentlemen, that's star one to ask the question. I'm showing no further questions in the queue. We do have a follow-up question from Jeff Bernstein. All right, Dan. Can you talk a little bit about the PUF business? That's been a little unpredictable in terms of macroeconomic impacts, but what's your visibility on that the next few quarters? Right. PUFs are physical unclonable functions, which is a function that's embodied in a physical structure that's easy to evaluate, but hard to predict and replicate. They're an important component of our spintronics anti-tamper systems, and anti-tamper systems are designed to protect sensitive data or electronics, primarily for military systems. Those businesses can be fairly lumpy in that they tend to be intermittent orders. We continue to see that as an important business. It's not a huge contributor to our revenue. It was fairly strong in the most recent quarter. I think part of what's contributing to Curt's tempered outlook for the current quarter is that it may not be quite as strong year-over-year. Some of that got pulled in. It remains a significant business. It's also a business that builds intellectual property, as you know, Jeff, that we can use in commercial products. We see it as important strategically, and it's a business where we have a good reputation. We've been in it for a long time, and our technology's extremely well-suited for it. We continue to devote a significant effort there. A related area is MRAM or spintronic memory, where we use the memory for crypto keys and for security. We continue to develop and sell MRAM into that space, and that's valuable intellectual property, we believe. This business or this general category of business, the anti-tamper business, allows us to develop that technology. Because it's mostly customer-funded, it's technology where we can accrue some benefits without having a large expense, an R&D expense. Does the MRAM for crypto keys and security, are there commercial applications now for that? Obviously, there was the big SolarWinds issue recently. Is that changing the outlook for that business at all? Yeah, we do see potential commercial applications, including high-speed encryption and security for consumer electronics and for data streams. As you mentioned, it continues to be an issue to secure all of the communications. There's so much communication that goes electronically. It's longer term, but we do see commercial applications, and that's one of the reasons why we consider this business area important, even though it's not a huge revenue driver right now. Okay. Can you just talk a little bit about the hearing aid market? I guess you have one win in a next-gen type of hearing aid, and obviously, the FDA work has been delayed, but I guess by the end of the year, hopefully they're going to have rules on the OTC market, et cetera. Any new wins or anything else to report in terms of how that's developing? We continue to see it as an important market. As you point out, the FDA has not yet formally approved so-called over-the-counter hearing aids, but it appears that that could be still in the first half of 2021. That's an excellent market. Also in-ear audio devices, so-called hearables, which would be for people with normal hearing, but as a peripheral, that's estimated to become nearly a $100 billion market by 2026, with a compounded annual growth rate of 17%. It's an excellent market. As you point out, we have some early-stage design wins in that space. We've begun offering sensors that are compatible with the rechargeable batteries that are often used in consumer wearables rather than the disposable batteries that are generally used in traditional hearing aids. We have products. It's an excellent market, both the hearables market and the over-the-counter hearing aid market, and we're going to continue our development, and hopefully, the market will accelerate once the FDA acts. That's great. Thanks very much. Thanks, Jeff. Thank you. As a reminder, ladies and gentlemen, that's star one to ask the question. I'm showing no further questions in the queue. Well, if there are no other questions, we were pleased to report our best quarter in two years, despite the challenges of the pandemic. We look forward to speaking with you again in early May to discuss fourth quarter and full fiscal year results. Stay safe, everyone, and thank you for participating in the call. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.