NAPCO Security Technologies Inc (NSSC) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen and welcome to the NAPCO Security Technologies fiscal Q3 2025 earnings call at this time, online journal listen-only mode. Following the presentation, we will conduct a question and answer session [Operator Instruction] This call is being recorded on Monday, May 5th, 2025. I would now like to turn the conference over to Francis Okunuski, Vice President of Investor Relations please go ahead.

女士們、先生們，早安，歡迎參加 NAPCO Security Technologies 2025 財年第三季財報電話會議，本次電話會議為線上期刊僅收聽模式。演示結束後，我們將進行問答環節 [操作員指示] 本次通話於 2025 年 5 月 5 日星期一錄製。現在，我想將會議交給投資者關係副總裁 Francis Okunuski，請繼續。

Thank you, Ludi and good morning everyone this is Francis Okunuski, Vice President, investor relations for NAPCO Security Technologies. We want to thank you all for joining today's conference call to discuss financial results for our fiscal third quarter 2025.

謝謝，Ludi，大家早安，我是 Francis Okunuski，NAPCO Security Technologies 投資者關係副總裁。我們要感謝大家參加今天的電話會議，討論我們 2025 財年第三季的財務表現。

By now all of you should have had the opportunity to review our earnings press release discussing our quarterly results if you have not, a copy of the release is available in the investor relations section of our website www.Acosecurity.com.

現在，大家應該都有機會查看我們討論季度業績的收益新聞稿了，如果還沒有的話，可以在我們網站 www.Acosecurity.com 的投資者關係部分找到該新聞稿的副本。

On the call today are Dick Soloway, our Chairman and CEO of NAPCO Security Technologies, Kevin Bushell, President, Chief Operating Officer, and Chief Financial Officer, and Andrew Bono, our senior Vice President of finance and Chief Accounting Officer.

今天參加電話會議的有 NAPCO 安全技術公司董事長兼首席執行官迪克·索洛韋 (Dick Soloway)、總裁、首席營運官兼首席財務官凱文·布謝爾 (Kevin Bushell) 以及財務高級副總裁兼首席會計官安德魯·博諾 (Andrew Bono)。

Before we begin, let me take a moment to read the forward-looking statement as this presentation contains forward-looking statements that are based on current expectations, estimates, forecasts, and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance.

在我們開始之前，請允許我花點時間閱讀前瞻性聲明，因為本簡報包含基於管理層的判斷、信念、當前趨勢和預期產品性能的當前預期、估計、預測和對未來表現的預測的前瞻性聲明。

These forward-looking statements include without limitation statements relating to growth drivers of the company's business, such as school security products, reoccurring revenue services, potential market opportunities, the benefits of our reoccurring revenue products to customers and dealers, our ability to control expenses and costs and expected annual run rate.

這些前瞻性陳述包括但不限於與公司業務成長動力有關的陳述，例如學校安全產品、經常性收入服務、潛在市場機會、我們的經常性收入產品給客戶和經銷商帶來的好處、我們控制費用和成本的能力以及預期年運行率。

Or reoccurring monthly revenue forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to such risk factors described in our SEC filings.

或每月經常性收入前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。這些因素包括但不限於我們向美國證券交易委員會提交的文件中所述的風險因素。

Including our annual report on Form 10k other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements.

包括我們 10k 表格年度報告在內的其他未知或不可預測的因素或隨後被證明不正確的基本假設可能會導致實際結果與前瞻性陳述中的結果有重大差異。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements all information provided in today's press release in this conference call are as of today's date, unless otherwise stated.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法保證未來的結果、活動水準、表現或成就。您不應過度依賴這些前瞻性陳述，除非另有說明，否則本次電話會議中的新聞稿中提供的所有資訊均截至今天為止。

And we undertake no duty to update such information except as required under applicable law i'll turn the call over to Dick in a moment, but before I do, I want to mention we're actively planning our investor relations calendar for non-deal roadshow and conference attendance in the near future.

並且，除非適用法律要求，否則我們不承擔更新此類資訊的義務，我稍後會將電話轉給迪克，但在此之前，我想提一下，我們正在積極規劃投資者關係日程，以便在不久的將來進行非交易路演和參加會議。

Investor outreach is an important part of NAPCO and I'd like to thank all those folks who assist us in these types of events we're looking forward to a packed and dynamic schedule of investor engagement this quarter.

投資者拓展是 NAPCO 的重要組成部分，我要感謝所有在此類活動中為我們提供幫助的人，我們期待本季度投資者參與的日程安排緊湊而充滿活力。

Later this month, we'll be on the ground in New York City for the Bank of America Industrial Transportation and Airlines key leaders conference Needham's 20th annual Technology Media and Consumer conference. and TD Cowan's fifty-third annual Technology Media and Telecom conference.

本月晚些時候，我們將前往紐約參加美國銀行工業運輸和航空公司主要領導人會議以及尼德姆第 20 屆年度技術媒體和消費者會議。以及 TD Cowan 第五十三屆年度技術媒體和電信會議。

We're also participating in a couple of virtual roadshows with Key Bank and Seaport Global then in June our momentum continues with appearances at the Robert W. Baird 2025 Global Consumer Technology and Services Conference and Deutsche Bank's 16th annual Global Industrials and Materials Conference, both in New York, as well as the Wells Fargo Industrial Conference in Chicago.

我們還與 Key Bank 和 Seaport Global 一起參加了幾場虛擬路演，然後在 6 月份，我們將繼續參加羅伯特·W·貝爾德 2025 年全球消費者技術和服務會議和德意志銀行第 16 屆年度全球工業和材料會議，這兩次會議均在紐約舉行，以及在芝加哥舉行的富國銀行工業會議。

It's a great opportunity to share our story, connected with investors, and continue building excitement around our vision and performance with that out of the way, let me turn the call over to Dick Soloway, Chairman and CEO of NAPCO Security Technologies. Dick, the floor is yours.

這是一個分享我們的故事、與投資者建立聯繫並繼續圍繞我們的願景和業績激發熱情的絕佳機會，現在，讓我將電話轉給 NAPCO 安全技術公司董事長兼首席執行官迪克·索洛威 (Dick Soloway)。迪克，現在輪到你了。

Thank you, Fran. Good morning, everyone, and welcome to our conference call we appreciate your participation today as we review our fiscal Q3 2025 performance our performance in Q3 continues to demonstrate the strength and resilience of our operating model.

謝謝你，弗蘭。大家早安，歡迎參加我們的電話會議，我們感謝您今天的參與，我們將回顧我們 2025 財年第三季的業績，我們在第三季的業績繼續證明了我們營運模式的實力和彈性。

Even as we navigate an environment shaped by ongoing microeconomic headwinds we achieved a 30% adjusted EBITDA margin and maintained an exceptional 91% gross margin in our service revenues, which increased 10.6% to $21.6 million.

即使在持續受到微觀經濟逆風影響的環境中，我們仍實現了 30% 的調整後 EBITDA 利潤率，並在服務收入中保持了 91% 的出色毛利率，增長了 10.6%，達到 2,160 萬美元。

Recurring service revenue remains a foundational component of our business, accounting for 49% of total revenue this quarter, with an annualized runway rate of approximately $89 million based on April results. which is an increase of $3 million over the run rate for January reported last quarter.

經常性服務收入仍然是我們業務的基礎組成部分，佔本季總收入的 49%，根據 4 月份的業績，年化跑道率約為 8,900 萬美元。這比上一季報告的一月份的運行率增加了 300 萬美元。

Our balance sheet remains a core strength. We are debt free and maintain substantial cash reserves and continue to generate strong cash flow, giving us the flexibility to invest competently and execute on our long-term growth strategy.

我們的資產負債表仍然是我們的核心優勢。我們沒有債務，保持大量現金儲備並繼續產生強勁的現金流，這使我們能夠靈活地進行有效投資並執行我們的長期成長策略。

Well, demand signals in the broader market have shown some variability we remain focused on what we can control we are accelerating innovation, and our product development pipeline is the strongest it has ever been.

嗯，更廣泛的市場需求訊號已經顯示出一些變化，我們仍然專注於我們能夠控制的事情，我們正在加速創新，我們的產品開發管道是有史以來最強大的。

These advancements are helping expand our portfolio of high margin recurring service revenue offerings, positioning us for continued success now I'd like to turn the call over to our President, Chief Operating Officer and Chief Financial Officer Kevin Bushell who will provide an overview of our fiscal third quarter results following Kevin's remarks, I will return to delve deeper into our strategies and market outlook. Kevin, the floor is yours.

這些進步有助於擴大我們高利潤率經常性服務收入產品組合，為我們繼續取得成功奠定基礎。現在，我想將電話轉給我們的總裁、營運長兼財務長 Kevin Bushell，他將概述我們第三季的財務表現。在 Kevin 演講之後，我將回來深入探討我們的策略和市場前景。凱文，現在輪到你了。

Thank you, Dick. Good morning, everyone net sales for the three months ended March 31 2025 decreased 10.8% to $44 million as compared to $49.3 million for the same period a year ago, and net sales for the nine months ended March 31, 2025 decreased 5.5% to $131 million as compared to $138.5 million for the same period one year ago.

謝謝你，迪克。大家早安，截至 2025 年 3 月 31 日的三個月的淨銷售額與去年同期的 4,930 萬美元相比下降 10.8% 至 4,400 萬美元，截至 2025 年 3 月 31 日的九個月的淨銷售額與去年同期的 1.385 億美元相比下降 5.5% 至 1.3 億美元。

Recurring monthly service revenue group 10.6% in Q3 to $21.6 million as compared to $19.5 million for the same period last year. Recurring monthly service revenue for the nine months ended March 31, 2025 increased 15.4%. To $63.9 million as compared to 55.4 million last year.

第三季經常性月服務收入成長 10.6% 至 2,160 萬美元，去年同期為 1,950 萬美元。截至 2025 年 3 月 31 日的九個月的每月經常性服務收入成長了 15.4%。達到 6,390 萬美元，去年同期為 5,540 萬美元。

Our recurring service revenues now has a perspective annual run rate of approximately $89 million based on April 2025 recurring revenues, and that compares to $86 million based on January 2025 recurring service revenues which we reported back in February.

根據 2025 年 4 月的經常性收入，我們目前的經常性服務收入預期年運行率約為 8900 萬美元，而我們 2 月份報告的基於 2025 年 1 月的經常性服務收入的預期年運行率則為 8600 萬美元。

The increase in service revenues for the three and the nine months was due to the continued increase in the number of our cellular which radio communication devices, which we put into service and have been activated.

三個月和九個月服務收入的成長是由於我們投入使用並已啟動的蜂窩無線電通訊設備數量的持續增加。

Equipment sales for the quarter decreased 24.8% to $22.4 million as compared to $29.7 million last year equipment sales for the nine months decreased 19.4% to $67 million as compared to $83.1 million for the same period last year.

本季設備銷售額為 2,240 萬美元，年比去年的 2,970 萬美元下降 24.8%；前九個月設備銷售額為 6,700 萬美元，年減 8,310 萬美元下降 19.4%。

The decrease in net equipment sales for the three months. Was primarily due to reduced sales of approximately $5.1 million at three of our largest distributors as follows. The first distributor purchases both our intrusion and our locking products and made a corporate-wide decision to reduce purchases to stabilize their existing inventory levels.

三個月內淨設備銷售額下降。主要是由於我們三家最大的經銷商的銷售額減少了約 510 萬美元，如下所示。第一家經銷商同時購買我們的入侵產品和鎖定產品，並做出了全公司範圍的減少購買量以穩定其現有庫存水準的決定。

The second distributor, a locking distributor, reduced their purchases due to the timing of a project and the project worked with their customer was less this year than it was last year. and the third distributor, also a lacking distributor, made the decision to reduce their inventory levels due to the uncertainty of the economy, including pending tariffs.

第二家經銷商是一家鎖定經銷商，由於專案時間表的原因，他們減少了採購量，今年與客戶合作的專案比去年少。第三家分銷商也缺乏庫存，由於經濟的不確定性（包括即將實施的關稅），該公司決定減少庫存水準。

For the nine months $10.4 million of the decrease was primarily due to those same reasons as those three distributors I just mentioned plus an additional $3.7 million of the reduction was due to reduce sales from two additional locking distributors who also made the decision to reduce their inventory levels.

在這九個月中，1040 萬美元的減少主要是由於與我剛才提到的三家分銷商相同的原因，另外還有 370 萬美元的減少是由於另外兩家鎖定分銷商的銷售額減少，這兩家分銷商也決定降低庫存水平。

Gross profit for the three months ended March 31, 2025, decreased 5.1% to $25.1 million, with a gross margin of 57.2%, and that compares to $26.5 million with the gross margin of 53.8% for the same period last year, and the gross profit for the nine months increased 0.4% to $74.2 million with the gross margin of 56.7%. As compared to $73.9 million with a gross margin of 53.4% a year ago.

截至 2025 年 3 月 31 日的三個月，毛利下降 5.1% 至 2,510 萬美元，毛利率為 57.2%，而去年同期的毛利為 2,650 萬美元，毛利率為 53.8%，前九個月的毛利成長 0.4% 至 7420 萬美元，毛利率為 56.7%。而去年同期的毛利為 7,390 萬美元，毛利率為 53.4%。

Gross profit for recurring service revenue for the quarter increased 9.5% to $19.6 million, with a gross margin of 91% as compared to $17.9 million with a gross margin of 92% last year the decreasing gross profit percentage was a result of a negotiation of a one-time lower royalty payment in the comparable quarter.

本季經常性服務收入的毛利成長 9.5% 至 1,960 萬美元，毛利率為 91%，而去年同期的毛利為 1,790 萬美元，毛利率為 92%。毛利率下降是由於同季協商一次性降低特許權使用費的結果。

Gross profit for recurring service revenues for the nine months increased 16.2% to $58.2 million with a gross margin of 91.1%, and that compares to $50.1 million with a gross margin of 90.5% last year, and the increase in the gross profit percentage was the result of the renegotiation of royalty arrangements and volume rebates received from the carriers.

前九個月經常性服務收入的毛利成長 16.2% 至 5,820 萬美元，毛利率為 91.1%，而去年同期的毛利為 5,010 萬美元，毛利率為 90.5%，毛利率的提高是由於重新談判了特許權使用費安排以及從承運商處獲得了批量回扣。

Gross profit for equipment revenues in Q3 decreased by 35.7% to $5.5 million with a gross margin of 24.6%. And that compares to $8.6 million with a gross margin of 28.8% last year the equipment gross margins for the three months ending 123,124 was 23.5%, so that's an 1,100 basis point sequential improvement.

第三季設備收入毛利下降 35.7% 至 550 萬美元，毛利率為 24.6%。相較之下，去年同期的設備毛利率為 860 萬美元，毛利率為 28.8%，而截至 123,124 年的三個月的設備毛利率為 23.5%，環比提高了 1,100 個基點。

Gross profit for equipment revenues for the nine months decreased by 32.7% to $16 million, with a gross margin of 23.9% as compared to $23.8 million, with a gross margin of 28.6% for the same period last year the decrease in gross profit dollars and the percentage from equipment sales for the three and nine months was primarily a result of product mix and lower absorption of fixed overhead costs as a result of the decrease in equipment revenue.

前九個月設備收入毛利下降 32.7% 至 1,600 萬美元，毛利率為 23.9%，去年同期為 2,380 萬美元，毛利率為 28.6%。前三季和前九個月設備銷售毛利和百分比的下降主要是由於產品結構和設備收入下降導致固定間接成本吸收減少。

Research and development costs for the quarter increased 15.5% to $3.2 million or 7.2% of sales as compared to $2.8 million or 5.6% of sales for the same period a year ago research and development costs for the nine months ended March 31, 2025, increased 20.9% to $9.3 million.

本季研發成本成長 15.5% 至 320 萬美元，佔銷售額的 7.2%，去年同期為 280 萬美元，佔銷售額的 5.6%。截至 2025 年 3 月 31 日的九個月的研發成本成長 20.9% 至 930 萬美元。

Or 7.1% of sales, and that compares to $7.7 million or 5.6% of sales for the same period a year ago the increase for the three and the nine months primarily resulted from annual compensation increases and the hiring of additional resources.

或占銷售額的 7.1%，而去年同期的銷售額為 770 萬美元或 5.6%，三個月和九個月的增長主要源於年度薪酬增加和額外資源的聘用。

Selling general and administrative expenses for the quarter increased 16.9% to $10.8 million or 24.5% of net sales as compared to $9.2 million or 18.7% of net sales for the same period last year selling general and administrative expenses for the nine months ended March 31, 2025, increased 16.7% to $30.7 million or 23.4% in net sales as compared to $26.3 million or 19% of sales for the same period last year.

本季銷售一般及行政費用成長 16.9% 至 1,080 萬美元，佔淨銷售額的 24.5%，而去年同期為 920 萬美元，佔淨銷售額的 18.7%。截至 2025 年 3 月 31 日的九個月的銷售一般及行政費用增長 16.7% 至 3,070 萬美元，佔淨銷售額的 23.4%，而去年同期為 2,630 萬美元，佔銷售額的 19%。

The increase for the three and the nine months was primarily attributable to increased legal fees, increased insurance costs, and compensation and benefit increases, including the hiring of additional staff operating income for the quarter decreased 23.1% to $11.1 million.

三個月和九個月的成長主要歸因於法律費用增加、保險費用增加以及薪資和福利增加，包括僱用額外員工，本季營業收入下降 23.1% 至 1,110 萬美元。

And that compares to $14.5 million for the same period last year operating income for the nine months decreased 14.3% to $34.2 million as compared to $39.9 million for the same period last year interest and other income for the three months increased 35.3% to $862,000 as compared to $637,000 last year. And for the nine months interest and other income increased 62% to $2.9 million compared to $1.8 million last year.

與去年同期的 1,450 萬美元相比，前九個月的營業收入下降 14.3% 至 3,420 萬美元，而去年同期為 3,990 萬美元；前三個月的利息和其他收入增長 35.3% 至 862,000 美元，而去年為 637,000 美元。前九個月的利息和其他收入成長了 62%，達到 290 萬美元，而去年同期為 180 萬美元。

The increases for both the three and the nine months was due to increased interest income from short-term investments as a result of higher interest rates and larger deposit balances the provision for income taxes for the three months remains consistent at $1.9 million, with an effective tax rate of 15.7% compared to $1.9 million with an effective tax rate of 12.8% last year.

三個月和九個月的成長是由於利率上升和存款餘額增加導致短期投資的利息收入增加，三個月的所得稅準備金保持不變，為 190 萬美元，有效稅率為 15.7%，而去年為 190 萬美元，有效稅率為 12.8%。

The company's effective tax rate for the three months ended March 21,31,25 increased as a result of lower estimated R&D tax credits for the period for the nine months, the provision for income taxes remained consistent at $5.3 million, with an effective tax rate of 14.4% compared to $5.4 million with an effective rate of 12.9% last year.

由於本期研發稅收抵免額預計較低，截至 2025 年 3 月 21 日的三個月，公司有效稅率有所上升。前九個月，所得稅準備金維持不變，為 530 萬美元，有效稅率為 14.4%，去年同期為 540 萬美元，有效稅率為 12.9%。

The company's effective tax rate for the nine months increased as a result of lower estimated R&D tax credits for the period and higher non-deductible stock-based comp net income for the quarter decreased 23.3% to $10.1 million or $0.28 per share, and that compares to $13.2 million or $0.36 per diluted share for the same period last year, and that represents 23% of net sales.

由於本期間預計的研發稅收抵免較低以及不可扣除的股票補償較高，該公司前九個月的有效稅率有所上升。本季淨收入下降 23.3% 至 1,010 萬美元或每股 0.28 美元，去年同期為 1,320 萬美元或每股 0.36 美元，佔淨銷售額的 23%。

Net income for the nine months decreased 12.4% to 31.8 million or $0.86 per diluted share, and that compares to $36.3 million or $0.98 per diluted share for the same period last year, and it represents 24.3% of net sales.

前九個月的淨收入下降 12.4% 至 3,180 萬美元或每股攤薄收益 0.86 美元，而去年同期的淨收入為 3,630 萬美元或每股攤薄收益 0.98 美元，佔淨銷售額的 24.3%。

Adjusted if it after the quarter decreased 15.4% to $13.2 million or $0.36 per diluted share, and that compares to $15.6 million or $0.42 per diluted share for the same period a year ago, and that equates to an adjusted EBITDA margin of 30%.

經調整後，本季的利潤下降 15.4% 至 1,320 萬美元或每股攤薄收益 0.36 美元，而去年同期的利潤為 1,560 萬美元或每股攤薄收益 0.42 美元，這相當於調整後的 EBITDA 利潤率為 30%。

Just that even after the nine months decreased 13% to $38 million or $1.03 per diluted share, and that compares to $43.5 million or $1.18 per diluted share for the same period last year, and that equates to an adjusted EBITDA margin of 29% moving on to the balance sheet, as of March 31, 2025, the company had $89.3 million in cash and cash equivalents, other investments in marketable securities and that compares to $97.7 million at June 30 2024.

即便在九個月後下降了 13% 至 3800 萬美元或每股攤薄收益 1.03 美元，而去年同期為 4350 萬美元或每股攤薄收益 1.18 美元，這相當於調整後的 EBITDA 利潤率為 29%，進入資產負債表，截至 2025 年 3 月 31 日，該公司擁有證券2024 年 6 月 30 日為 9,770 萬美元。

The company had no debt as of March 31 2025 the cash provided by operating activities for the nine months ended March 31 2025 was $38.9 million and that compares to $31 million for the same period last year, and that's a 25.4% increase.

截至 2025 年 3 月 31 日，該公司沒有債務，截至 2025 年 3 月 31 日的九個月經營活動提供的現金為 3,890 萬美元，而去年同期為 3,100 萬美元，成長了 25.4%。

Working capital as defined as current assets as current liabilities, was $130 million on March 31 2025, and that compares with working capital of $146.5 million at June 30 2024 current ratio defined as current assets divided by current liabilities was 6.7 to 1 at March 31, 2025 and 7.6 to 1 at June 30 2024.

2025 年 3 月 31 日，營運資本（定義為流動資產和流動負債）為 1.3 億美元，而 2024 年 6 月 30 日的營運資本為 1.465 億美元，流動比率（定義為流動資產除以流動負債）在 2025 年 3 月 31 日為 6.74 月 207.207 年為 207.207 年為 207.207 年 207.比 1。

CapEx for the quarter was $65,000 that compares to $361,000 in the prior year period, and it was $1.9 million for the nine months compared to $1 million in the prior year period finally, we paid $4.6 million in dividends for the quarter, $9.2 million for the nine months.

本季的資本支出為 65,000 美元，而去年同期為 361,000 美元，前九個月的資本支出為 190 萬美元，而去年同期為 100 萬美元，最終，我們本季度支付了 460 萬美元的股息，前九個月支付了 920 萬美元。

And we spent $18.8 million on stock buybacks for the quarter and $36.7 million for the nine months that concludes my formal remarks and I would now like to return the call back to Dick.

我們在本季度花費了 1880 萬美元用於股票回購，在結束我的正式發言的九個月內花費了 3670 萬美元，現在我想回電給迪克。

Thank you, Kevin well, fiscal Q3 brought external challenges beyond our control, we navigated them with resilience and remained confident in our long-term strategy and the strength of our business fundamentals it also, it's also worth noting that all of our growth is organically driven.

謝謝凱文，第三財季帶來了我們無法控制的外部挑戰，我們憑藉韌性應對了這些挑戰，並對我們的長期戰略和業務基本面的實力充滿信心，同樣值得注意的是，我們所有的增長都是有機驅動的。

recurring revenue continued growing, increasing by 10.6% for the fiscal Q3 and representing 49% of total company revenues with a 91% gross margin net income was $10 million and represents 23% of net sales and adjusted I was $13.2 million and represents 30% of net sales.

經常性收入持續成長，第三財季成長 10.6%，占公司總營收的 49%，毛利率為 91%，淨收入為 1,000 萬美元，佔淨銷售額的 23%，調整後淨收入為 1,320 萬美元，佔淨銷售額的 30%。

These are stats that we're very proud of but we know there is more work to be done we are also very pleased with the increase in the recurring revenue annual run rate, which increased to $89 million based on April 2025 recurring revenues.

這些數據令我們感到非常自豪，但我們知道還有很多工作要做，我們也對經常性收入年運行率的增長感到非常高興，根據 2025 年 4 月的經常性收入計算，經常性收入年運行率增加到了 8900 萬美元。

Compared to an annual run rate of $86 million based on January 2025, recurring revenues in addition, to date, our recurring revenue has been principally generated from our Starlink radio line of equipment, which is just a portion of our overall equipment offerings.

與 2025 年 1 月的 8,600 萬美元年運行率相比，經常性收入此外，到目前為止，我們的經常性收入主要來自我們的 Starlink 無線電設備系列，這只是我們整體設備產品的一部分。

We anticipate continued growth in our recurring revenue from the Starlink line as we enhance and introduce new models, but we also are introducing new product lines with the ability to generate cloud-based recurring revenue, which we featured at the April ISC West expo that we have already seen initial adoption by our dealers.

隨著我們增強和推出新型號，我們預計 Starlink 系列的經常性收入將繼續增長，但我們也正在推出能夠產生基於雲端的經常性收入的新產品線，我們在 4 月的 ISC West 博覽會上展示了該產品線，並且已經看到我們的經銷商初步採用。

Our long lock and marks lacking hardware continue to see growth in school and classroom security, health care, and retail loss prevention, as well as multi-dwelling, commercial and residential applications we continue to remain focused on further penetrating each of these markets.

我們的長鎖和無痕硬體在學校和教室安全、醫療保健和零售防損以及多住宅、商業和住宅應用領域繼續保持成長，我們將繼續專注於進一步滲透到每個市場。

A balance sheet remains strong with cash and cash equivalents and other investments and marketable securities ending the quarter at $90 million even after the expenditure of $46 million on dividends and stock repurchases.

即使在股息和股票回購上支出了 4,600 萬美元之後，資產負債表依然保持強勁，現金、現金等價物以及其他投資和有價證券在本季末仍達到 9,000 萬美元。

There are millions of commercial buildings of all types such as offices, hospitals, schools, coffee shops, restaurants, as well as residences that will still require upgrades from legacy copper phone lines our Starlink line of radios have the widest coverage range of both AT&T and Verizon with rich feature sets which our dealers really love.

有數以百萬計的各種類型的商業建築，如辦公室、醫院、學校、咖啡店、餐廳以及住宅，仍然需要對傳統的銅質電話線進行升級，我們的 Starlink 系列無線電具有 AT&T 和 Verizon 最廣泛的覆蓋範圍以及豐富的功能集，我們的經銷商非常喜歡。

As we've stated previously, the increase in the volume of our hardware sales results in improved absorption of our overhead costs in the Dominican Republic factory, which would result in the expansion of our gross margins while industry sentiment has already become more measured earlier this year.

正如我們之前所說，硬體銷售量的增加提高了我們在多明尼加共和國工廠的間接成本的吸收，這將導致我們的毛利率擴大，而今年早些時候行業情緒已經變得更加謹慎。

We are encouraged by the strong engagement at ISC West in early April as many of ISU West is the security industry's largest annual trade show and drew over 30,000 attendees, including manufacturers, integrators, service providers, dealers, as well as the attendance by some of our investors and analysts. The feedback from the dealers we met.

我們對 4 月初 ISC West 的熱烈參與感到鼓舞，因為 ISU West 是安全行業最大的年度貿易展，吸引了超過 30,000 名與會者，其中包括製造商、整合商、服務提供者、經銷商，以及我們的一些投資者和分析師的出席。我們遇到的經銷商的回饋。

With it was very positive and it was clear that demand for innovation, integrated security solutions remains robust at the show, we unveiled several new offerings that received excellent feedback particularly those that generate recurring monthly revenue, an increasingly important differentiator in today's market.

由於展會非常積極，而且對創新、整合安全解決方案的需求顯然依然強勁，我們推出了幾款新產品，獲得了極好的反饋，特別是那些產生經常性月收入的產品，這在當今市場上是一個越來越重要的區別因素。

Among the highlights were our new cloud-based MVP remote access control platforms available in two configurations MVP access, our high-end fully customized enterprise grade solution supporting unlimited user ID types and MVPE, an app-based mobile first solution designed for locksmiths and smaller dealers operated solely by smartphone and supporting up to 50 doors.

其中的亮點包括我們新的基於雲端的 MVP 遠端存取控制平台，提供兩種配置 MVP 訪問，我們的高端完全客製化企業級解決方案支援無限的用戶 ID 類型和 MVPE，這是一種基於應用程式的行動優先解決方案，專為鎖匠和小型經銷商設計，僅透過智慧型手機操作，最多支援 50 扇門。

We also introduced the next generation of our fire and burglary radios Starlink Firemax 2 and Starlink Black Max 2 these products were very well received and the positive deal of feedback we received it reinforces our leadership in this critical market segment.

我們也推出了下一代火災和防盜無線電 Starlink Firemax 2 和 Starlink Black Max 2，這些產品受到了熱烈歡迎，我們收到的大量正面回饋鞏固了我們在這個關鍵市場領域的領導地位。

We expect both offerings to contribute meaningful, meaningfully to our acceleration and service revenue growth over the coming quarters in regards to our operations, the manufacturing facility in the Dominican Republic continues to provide a meaningful competitive advantage.

我們預計這兩項產品將為我們未來幾季的營運加速和服務收入成長做出有意義的貢獻，多明尼加共和國的製造工廠將繼續提供有意義的競爭優勢。

We benefit from a favorable cost structure, efficient logistics, currency stability, and at least for now, relatively low tariff exposure well, there is a lot of uncertainty with tariffs, we strongly believe NAPCO is better positioned than many of our competitors who manufacture in Southeast Asia, Europe, Canada, or Mexico, regions where proposed tariffs are significantly higher.

我們受益於有利的成本結構、高效的物流、貨幣穩定，以及至少目前相對較低的關稅風險，儘管關稅存在很大的不確定性，但我們堅信 NAPCO 比許多在東南亞、歐洲、加拿大或墨西哥生產的競爭對手處於更有利的地位，而這些地區的擬議關稅要高得多。

External market and regulatory pressures may persist into the next quarter, but we are actively managing these risks, adjusting our near-term plans as needed, and focusing on the things we can control, namely driving innovation executing operationally and expanding our base of recurring revenue.

外部市場和監管壓力可能會持續到下個季度，但我們正在積極管理這些風險，根據需要調整我們的近期計劃，並專注於我們能夠控制的事情，即推動創新、營運執行和擴大我們的經常性收入基礎。

We remain confident that our strong net income adjusted EBITDA and cash flow will continue to improve as a result, and as indicated in this morning's earnings release, the company will be issuing a quarterly dividend of $0.14 per share, which represents a sequential increase over the most recent dividend paid of $0.12.5 per share, and will be paid on July 3, 2025 to shareholders of record on June 12, 2025.

我們仍然相信，我們強勁的淨收入調整後的 EBITDA 和現金流將因此繼續改善，並且正如今天上午的收益報告所示，公司將發放每股 0.14 美元的季度股息，這比最近支付的每股 0.12.5 美元的股息有所增加，並將於 2025 年 7 月 3 日支付給 2025 年 6 月的股東 6 月。

We are proud of this program as NAPCO, as the NAPCO team has created such tremendous shareholder value over the years, and this is another way for us to distribute profitable growth to investors our formal remarks are now concluded. We'd like to open the call for the Q&A session operator, please proceed.

作為 NAPCO，我們為這個計劃感到自豪，因為 NAPCO 團隊多年來創造瞭如此巨大的股東價值，這是我們向投資者分配盈利增長的另一種方式，我們的正式評論現在結束。我們想打開問答環節接線員的電話，請繼續。

Thank you ladies and gentlemen, we will now begin the question and answer session. [Operator Instruction] Matt Somerville with DA Davidson. Please go ahead.

謝謝女士們、先生們，我們現在開始問答環節。[操作員指示] Matt Somerville 和 DA Davidson。請繼續。

Thanks, couple questions can you maybe talk about the mix of hardware today that's capable of generating recurring services revenue and with the additional offering you launched at ISC West and what's in what sounds like a very strong new product pipeline all of that evolves over the next couple of years and when some of this incremental offering starts to be materially additive to services revenue.

謝謝，有幾個問題，您能否談談目前能夠產生經常性服務收入的硬體組合，以及您在 ISC West 上推出的附加產品，以及聽起來非常強大的新產品線，所有這些都將在未來幾年內發展，當其中一些增量產品開始對服務收入產生實質性的附加作用時。

I can describe the product line that we have the current revenue for the most part comes from our Starlink radios, which are fire radios predominantly and burglary radios, and we also make home automation radios. The new products that we introduced at the ISC is more expansive to that. It's more advanced fire radios with dual carriers and other features that the dealers requested.

我可以描述我們的產品線，目前我們的收入大部分來自於我們的 Starlink 收音機，主要是消防收音機和防盜收音機，我們也生產家庭自動化收音機。我們在ISC上推出的新產品的範圍更加廣泛。它是更先進的消防無線電，具有雙載波和經銷商要求的其他功能。

It's another generation of radios, and it really propels our radios forward as a as staying ahead of the pack. If you look at our radios and the dealers look at our radios, they find that, they look different. They have dual antennas, more sensitivity, fabulous for the fire business because a lot of fire panels are located in basements and you need communication strength and our radios have it.

這是另一代收音機，它確實推動了我們的收音機向前發展，並保持領先地位。如果你看一下我們的收音機，經銷商看一下我們的收音機，他們會發現，它們看起來不一樣。它們具有雙天線，靈敏度更高，這對於消防業務來說非常有用，因為許多消防面板都位於地下室，需要強大的通訊能力，而我們的無線電就具備這種能力。

Just looking at the radio. It's like a race car compared to an economy car with the other manufacturers, so it's a big difference. So we're adding more radios to do more things with more features and then we're offering the MVP line, which is basically for locksmiths. We make a smaller version of it. And we're making a larger version of it for access control dealers where everything is off the cloud.

只是看著收音機。這就像是一輛賽車與其他製造商的經濟型汽車之間的對比，所以差異很大。因此，我們增加了更多的收音機，使它們能夠透過更多的功能做更多的事情，然後我們提供 MVP 系列，它基本上是為鎖匠設計的。我們製作了它的一個較小版本。我們正在為門禁經銷商製作更大版本，其中所有內容都在雲端。

There's no equipment required on the site and very reasonably price per door. So if you're in a hospital, you're a hospital manager, you're a security manager in a department store, and you want to see what's going on real time off the cloud.

現場不需要任何設備，每扇門的價格非常合理。因此，如果您在醫院，您是醫院經理，您是百貨公司的安全經理，並且您想即時查看雲端發生的情況。

MVP can do it for you. What's interesting about MVP, not only do we make the system, but we also make all the locking products that go along with it. So it's a perfect match. There are cloud operated locking systems, but the manufacturers don't have their own hardware. We do the total integration, so we offer more functionality than anything else on the market.

MVP 可以為您做到這一點。MVP 有趣的地方在於，我們不僅製作系統，還製作與之配套的所有鎖定產品。所以這是完美的搭配。有雲端操作的鎖定係統，但製造商沒有自己的硬體。我們進行全面集成，因此我們提供的功能比市場上任何其他產品都要多。

So I call it piling on. We have our fire radios, our burglar radios, our home automation radios. Now we have new models that have additional capability, and now we're piling on more MVP by the door, and the future is very bright.

所以我稱之為堆積。我們有消防收音機、防盜收音機、家用自動化收音機。現在，我們有了具有附加功能的新模型，我們正在門口堆積更多的 MVP，未來非常光明。

We believe it's because The fact you imagine how many doors there are in commercial buildings where you want to see what's going on. It's a huge market and we make both sides of it, both the recurring revenue cloud software, and we make the hardware that works with that.

我們相信這是因為您可以想像商業建築中有多少扇門，您想看看裡面發生了什麼。這是一個龐大的市場，我們既生產經常性收入雲軟體，也生產與之配合的硬體。

So we're very excited about that. So we've added more engineers to the company, more new products are in development recurring monthly revenue is now 49% of our business. We expect to cross over shortly into more than half our business and keep on building for the future.

所以我們對此感到非常興奮。因此，我們為公司增加了更多的工程師，更多的新產品正在開發中，每月經常性收入現在占我們業務的 49%。我們期望在不久的將來能夠拓展一半以上的業務，並繼續為未來而努力。

And one other thing, we make fire panels. that have the radios built in, so we get recurring from that too. So we get it a lot of different ways and more ways to come.

另外，我們也生產防火板。內建有收音機，因此我們也能從中重複使用。因此，我們可以透過多種不同方式獲得它，並且未來還會有更多方式。

And then, thanks it's a follow up can you maybe just talk about what you're seeing in terms of quoting activity for projects and what you see as describe what you're seeing in terms of sell through in the context of the latter when you see these major distributors, I think you've referenced five today when you see these major distributors kind of at a normal sort of inventory level but then they actually start, buying again.

然後，謝謝，這是一個後續問題，您能否談談您在專案報價活動方面看到的情況，以及您在銷售方面看到的情況，在後者的背景下，當您看到這些主要分銷商時，我想您今天提到了五個，當您看到這些主要分銷商處於正常的庫存水平時，他們實際上又開始購買了。

So we get so through stats that is the key stat to look at because that's the vibrancy of the business that shows what are what our distributors are selling of our product to dealers It's the dealers, that's the key more dealer sales, the better it all is in the end.

因此，我們透過統計數據來了解，這是需要關注的關鍵統計數據，因為這是業務的活力，顯示了我們的經銷商向經銷商銷售了什麼產品。經銷商是關鍵，經銷商的銷售越多，最終的效果就越好。

So despite the woes of the distributors, and the woes exist for the reasons I mentioned In our formal remarks our sell through stats are encouraging so our self3 stats in the intrusion segment.

因此，儘管經銷商面臨困境，而這些困境的存在是由於我在正式發言中提到的原因，但我們的銷售統計數據令人鼓舞，因此我們在入侵領域的 self3 統計數據也令人鼓舞。

Are up sequentially 7% I sell through stats for alarm lock sequentially up 16% our self stats for the marks lacking up sequentially 7% what that means Demand is getting better, and what that translates into is the ordering patterns for the distributors should improve.

連續上漲 7% 我透過警報鎖的統計數據銷售連續上漲 16%，我們的自我統計數據連續上漲 7%，這意味著需求正在好轉，這意味著分銷商的訂購模式應該改善。

They're cautious, they're they're working their inventory down. It feels, I was saying this earlier almost feels like COVID times. They're very cautious. They don't know what's going to be with tariffs, etc they're buying more cautiously, but if the sell through stats are good.

他們非常謹慎，正在減少庫存。感覺，我之前說過這幾乎就像是 COVID 時期。他們非常謹慎。他們不知道關稅等會如何變化，所以他們會更謹慎地購買，但如果銷售統計數據良好的話。

They'll, they have to buy. They have no alternatives. So we're feeling good about that. The quoting activity is strong we have a lot of things going on. I can't tell you when they're going to hit as soon as they hit, you guys will be the first to know, but there's a lot of activity in schools and otherwise.

他們會的，他們必須買。他們沒有其他選擇。所以我們對此感覺很好。報價活動很活躍，我們有很多事情要做。我無法告訴你們它們什麼時候會襲擊，一旦襲擊發生，你們就會第一個知道，但學校和其他地方有很多活動。

Let me describe to you what it's like if the distributors run their inventory down because they're so cautious to a point where the dealers can't get the product from them and the dealers will move on to another distributor because they like the product.

讓我向您描述一下，如果分銷商因為過於謹慎而導致庫存減少，以致經銷商無法從他們那裡獲得產品，並且經銷商會因為喜歡該產品而轉向另一個分銷商，那會是什麼樣子。

It's like you go into a store, you want Adidas sneakers, but they don't have the model. You're going to go to another store. So the distributors can't play it too cautious, too tight because the demand is such that they have to keep the inventory. Otherwise, the dealer will go somewhere else to get it.

就像你走進一家商店，你想要阿迪達斯運動鞋，但他們沒有該型號。你要去另一家商店。因此，分銷商不能過於謹慎、過於緊縮，因為需求如此之大，他們必須保留庫存。否則，經銷商就會去其他地方購買。

And a lot of dealers have multiple accounts. So this is what Kevin is referring to. Celter is good. They must have enough inventory to carry it, otherwise they're going to lose the business. Once they lose that business, they're going to lose other business also.

而且很多經銷商都有多個帳戶。這就是凱文所指的。Celter 很好。他們必須擁有足夠的庫存來承載，否則他們就會失去生意。一旦他們失去這項業務，他們也會失去其他業務。

The wire, the tools, the batteries, all these things which we don't make wire, we don't make batteries, and we don't make tools, but the deal is buy those things in conjunction with our equipment. So that means that the distributor will probably lose the sale to be twice as bad as the equipment, but by the time you add all the accessories up, it equals the equipment price. So the distributor is going to have to keep it going and not run it too tight.

電線、工具、電池，所有這些我們不生產電線、不生產電池、不生產工具的東西，但交易是與我們的設備一起購買這些東西。所以這意味著經銷商可能會因為設備品質差兩倍而損失銷售，但當你把所有配件加起來時，它就等於設備價格。因此，分銷商必須繼續保持這種勢頭，並且不要經營得太緊。

Thank you guys.

謝謝你們。

Thanks Matt, and your next question comes from the line of Jim Ricciuti with Needham and Company, Go ahead.

謝謝馬特，你的下一個問題來自 Needham and Company 的 Jim Ricciuti，請問。

I thank you so it sounds like it just from the standpoint of the equipment business, you're seeing more weakness in the locking products area and some of that may also be the result of, potentially tough comps with larger projects, but I wonder if first of all, if you could just give us a little bit more detail on that and then the follow up question really is around.

謝謝你，聽起來只是從設備業務的角度來看，你看到鎖定產品領域更加疲軟，其中一些也可能是由於與大型項目的潛在艱難競爭造成的，但我想知道首先，你是否可以就此向我們提供更多細節，然後再討論後續問題。

The impact that you're seeing on tariffs as it relates to, I assume you're taking steps on pricing to help mitigate that. What are you hearing or seeing from competitors? That source product from Southeast Asia. And by that, I mean, do you anticipate potentially being in a stronger pricing, having a stronger pricing advantage, as you look out over the balance of calendar 25.

就您所看到的關稅影響而言，我認為您正在採取措施透過定價來緩解這種影響。您從競爭對手那裡聽到或看到了什麼？本產品來源自東南亞。我的意思是，您是否預計在 25 日日曆的剩餘時間裡，可能會有更強勁的定價，更強大的定價優勢？

So distributors are nervous, as we said, their sales are down with us for various reasons a lot of it is tariff driven, a lot of it is trying to manage their own inventory levels beyond us and one of them relates to a large project.

因此分銷商感到緊張，正如我們所說，他們的銷售額由於各種原因而下降，其中許多是關稅驅動的，很多是試圖管理他們自己的庫存水平，其中一個與大型項目有關。

That we had in 2024, we don't have it this year, so obviously they're buying less on that from that front but beyond all of that to me is just noise the key thing You got a have good sell through. If the sell through stats that I just read wrote down.

我們在 2024 年擁有的，今年卻沒有，所以顯然他們從這方面購買的較少，但除此之外，對我來說，關鍵的只是噪音，你獲得了良好的銷售。如果我剛剛讀過的銷售統計數據被寫下來。

And I would tell you, these numbers may stay down for a while but they're up and when they're up like they said earlier, these guys have no choice, they have to buy or they'll lose the business. So we're feeling overall very good about that and we don't know what's going to happen with tariffs.

我想告訴你，這些數字可能會下降一段時間，但它們會上升，當它們上升時，就像他們之前說的那樣，這些人別無選擇，他們必須購買，否則他們就會失去生意。所以我們對此整體感覺很好，我們不知道關稅會發生什麼變化。

We do know we're in a better spot than any of the competition many of you have seen our competitive landscape slide so our competitors are in China, they're in Mexico, they're in Canada, they're in Europe these are all.

我們確實知道我們比任何競爭對手都處於更有利的地位，很多人都看到我們的競爭格局下滑，所以我們的競爭對手在中國，在墨西哥，在加拿大，在歐洲。

We have the Dominican Republic is a lot of our manufacturing. It has the lowest tariffs of all the countries that our competitors are located in and we also manufacture a nice amount in the USA, because when we started the business, it was all in the USA and then slowly we had to move offshore to get enough labor to assemble it because our products have a lot of labor to them.

多明尼加共和國是我們製造業的重鎮。在我們競爭對手的所有國家中，美國的關稅是最低的，而且我們在美國也生產了相當數量的產品，因為當我們開始做生意的時候，一切都在美國進行，後來我們慢慢地不得不轉移到海外，以獲得足夠的勞動力來組裝我們的產品，因為我們的產品需要大量的勞動力。

So we have low tariffs to the DR. They're the lowest. They're 10% and only a portion of that is charged to for tariffs, very low on import duties, and everything else is made in New York. So, we think we have an advantage. Some of the distributors said, holy macro, all our products come from Southeast Asia.

因此我們對多明尼加共和國的關稅很低。他們是最低的。它們的稅率為 10%，其中只有一部分需要繳納關稅，進口關稅非常低，其他所有產品均在紐約製造。所以，我們認為我們有優勢。有經銷商表示，聖宏，我們的產品都是從東南亞來的。

We better before they raise their prices, whatever they're going to be 30%, 50%. We don't even know. Before they raise the prices of these other competitive manufacturers, we should have our open to buy some of that stuff. So because the next time we buy, it's going to be at the higher prices. So that impacted our distribution.

我們最好在他們提高價格之前採取行動，不管漲幅是 30% 還是 50%。我們甚至不知道。在他們提高其他競爭製造商的價格之前，我們應該願意購買其中一些產品。所以，我們下次購買時，價格會更高。這影響了我們的分銷。

But it's not a permanent thing. It's a temporary thing. as Kevin was just stating, they got to buy products to satisfy the dealers, to do to get for the dealers to keep doing their jobs and dealers are busy and they're buying both our products and all the tools and the support peripherals that they need, and the distributor will lose all of that. If a dealer moves to another distributor and gets the merchandise.

但這並不是永久的事。這是暫時的。正如凱文剛才所說，他們必須購買產品來滿足經銷商的需求，讓經銷商能夠繼續做好他們的工作，經銷商很忙，他們既要購買我們的產品，又要購買他們需要的所有工具和支持外圍設備，而分銷商將失去所有這些。如果經銷商轉向另一個經銷商並獲得商品。

So it's going to come around and come back. meantime, we're beating the bushes for new customers, new blood. We want new blood, and that's a big push in our company. We want new dealers, integrators, locksmiths. We want large, OEM accounts, private label accounts. So that's a big driving force and that's part of the growth strategy going forward.

所以它會回來的。同時，我們正在努力尋找新客戶、新血液。我們需要新鮮血液，這對我們公司來說是一個巨大的推動力。我們需要新的經銷商、整合商、鎖匠。我們想要大型的 OEM 帳戶和自有品牌帳戶。所以這是一個巨大的驅動力，也是未來成長策略的一部分。

A quick follow up question just on OpEx obviously you've got the ISC trade show expense, in the current quarter, but your opeX levels are at somewhat more elevated levels. So Kevin, I don't know if you want to talk a little bit about how you see that, even, beyond the unusual, the trade show expense that you have in the quarter.

關於營運支出 (OpEx) 的一個快速後續問題顯然您在本季度獲得了 ISC 貿易展費用，但您的營運支出水準略高一些。所以凱文，我不知道你是否想談談你對此的看法，甚至除了不尋常的本季貿易展費用之外。

So OpEx was hired because of legal we have some legal matters going on so OpEx was impacted by that. impacted by we added some personnel we have an internal auditor on staff our goal as you guys all know it's we don't want any material weaknesses.

因此，由於法律原因，OpEx 被聘用，我們有一些法律事務正在進行，因此 OpEx 受到了影響。受到影響的是，我們增加了一些人員，我們有一名內部稽核員，我們的目標是，正如你們所知，我們不希望有任何重大缺陷。

Come our socks audit that's coming up so we want to make sure we do what's needed for that so i think we're at a higher level now we have Deloitte as our auditors big for firm So the SGNA level you saw in Q3. kind of where we're going to be for a while and in Q4.

我們的襪子審計即將到來，因此我們要確保我們做了必要的事情，所以我認為我們現在處於更高的水平，我們有德勤作為我們的審計師，對公司來說很重要，所以您在第三季度看到的 SGNA 水平。我們將在第四季度繼續保持這種狀態。

It'll be even a little higher because of ISC West that these levels will carry into fiscal 2026. We'll have ISC east, which will be in Q2 of fiscal 2026. but these are the levels that that we're at now, as we always do, we will work hard to keep our SGNA costs or OpEx costs as tight and as tidy as they could be.

由於 ISC West，這些水準將持續到 2026 財年，甚至會更高一些。我們將在 2026 財年第二季推出 ISC 東部。但這些是我們目前的水平，正如我們一直以來所做的那樣，我們將努力使我們的 SGNA 成本或 OpEx 成本盡可能緊湊和整潔。

Thank you. I'll jump back In the queue.

謝謝。我會重新回到隊列中。

And your next question comes from the line of Jason Smith with Lake Street. please go ahead.

您的下一個問題來自 Lake Street 的 Jason Smith。請繼續。

Yeah, thanks for taking my questions. Just curious if you could discuss any sort of price increases around the portfolio that you're implementing, just given the tariff background.

是的，感謝您回答我的問題。我只是好奇，考慮到關稅背景，您是否可以討論您正在實施的投資組合的任何價格上漲。

We implemented a price increase i call it a surcharge, not really a price increase, but it's a surcharge, but it's in the form of a price increase to cover the tariff cost that we're faced with and we announced it in April towards the end of April.

我們實施了價格上漲，我稱之為附加費，實際上不是價格上漲，但是一種附加費，但它是以價格上漲的形式來彌補我們面臨的關稅成本，我們在四月底宣布了這一消息。

And it was taken as a very fair request on our part and a lot of locking dealers, a lot of locking distributors rather placed orders to try to beat the increase because we put a time frame. It's going with implementing that increase by such and such a date.

我們認為這是一個非常公平的要求，很多鎖定經銷商、許多鎖定經銷商都下訂單，試圖打敗價格上漲，因為我們設定了一個時間框架。我們將在某某日期之前實施這項增加。

We saw a lot of activity that's a good thing. I don't know what's going to happen as the rest of the quarter progresses, but that was a good thing. We typically take a price increase in July we do it once a year typically we typically announce it in May so I expect we'll probably announce something soon.

我們看到了很多活動，這是一件好事。我不知道本季剩餘時間會發生什麼，但這是一件好事。我們通常在 7 月提價，每年一次，通常我們通常在 5 月宣布，所以我預計我們可能很快就會宣布一些消息。

And usually, That helps sales in the fourth quarter. as they try to beat the rush for that too again, we'll see what happens, but as I said earlier, we're not going to allow the tariffs to impact our margins we're going to cover whatever is needed.

通常，這有助於第四季度的銷售。當他們再次試圖搶佔先機時，我們會看看會發生什麼，但正如我之前所說，我們不會允許關稅影響我們的利潤，我們將滿足所有需求。

And we'll take price increases as we do every year and in our business, we, we're mostly commercial. there's not a lot of pushback over pricing got it have the product they expect to pay.

我們會像每年一樣提高價格，在我們的業務中，我們主要是商業性的。對於定價，並沒有太多的反對意見，因為他們得到了他們期望支付的產品。

Got you, that's helpful. And then just as a follow up, can you discuss how the relationship and a roll out at ADI is progressing?

明白了，這很有幫助。然後作為後續問題，您能否討論一下 ADI 之間的關係和推廣進展如何？

Right, so ADI, the relationship is about two years old now it will be soon, maybe it's a year and a half good the sell through stats are very good they buy a lot of radios we'd love them to buy more things, more locks, but right now, they do a very good job. They've introduced us to a lot of dealers.

好的，我們與 ADI 的合作關係已經持續了大約兩年，很快也許會是一年半，銷售統計數據非常好，他們購買了很多收音機，我們希望他們購買更多的東西，更多的鎖，但是現在，他們做得很好。他們給我們介紹了很多經銷商。

Like a security task which we've mentioned before, so they're entree to a lot of large dealers so that part's a good thing on previous calls I thought I said maybe they'll get to be a 5% of total revenue customer so. that's still a possibility, so they're doing well.

就像我們之前提到的安全任務一樣，他們是許多大型經銷商的​​入口，所以這部分是件好事，在之前的電話中，我想我說過也許他們會成為總收入的 5% 的客戶。這仍然是有可能的，所以他們做得很好。

Okay, thanks a lot guys.

好的，非常感謝大家。

Thanks, Jason.

謝謝，傑森。

And the next question comes from the line of Lance Vedanta with TD Cohen. please go ahead.

下一個問題來自 TD Cohen 的 Lance Vedanta。請繼續。

Thank you for taking the questions. I have two basically. The first is on back on the tariffs, clearly from the standpoint of supply and cost. You have something of a strategic advantage relative to your peers, but thinking about tariffs from the demand side.

感謝您回答這些問題。我基本上有兩個。首先是恢復關稅，顯然是從供應和成本的角度出發的。與同業相比，你們擁有某種戰略優勢，但要從需求上考慮關稅。

Could you talk about historically speaking how sensitive is the demand for security systems just relative to the just general ups and downs in the economy if we if we have a tariff driven recession, do you see that in a pull back in in and. End user demand or or how resilient should we think about security in the context of that?

您能否從歷史上談談，如果我們遭遇關稅引發的經濟衰退，那麼安全系統的需求相對於經濟的整體起伏有多敏感，您是否認為會出現回落？最終用戶的需求，或者我們應該如何考慮安全性？

I think if you talk about what's going on around the country, people are very concerned about crime and protection and what they have, and there's a lot of criminality that's going on. the government wants to deport these people, but there's a whole faction that doesn't want these people deported, so there's a lot of nervousness in the general public.

我認為，如果你談論全國各地發生的事情，人們非常關心犯罪和保護以及他們所擁有的東西，而且正在發生很多犯罪行為。政府希望驅逐這些人，但有一派人不希望這些人被驅逐出境，因此民眾非常緊張。

And there's a lot of shoplifting that goes on in the stores. There's a certain decay of law and order in the US and everybody knows about that. So we believe that we supply great security and safety to protect commercial buildings, inventories of all types, as well as residential.

商店裡經常發生偷竊事件。美國的法律和秩序已經有些崩壞，這是眾所周知的。因此，我們相信，我們提供強大的安全保障來保護商業建築、各類庫存以及住宅。

And the dealers are always going to be very busy from what we could tell. Our goal is to come out with new products, win more market share so that more of those dealers that are out there doing these jobs have.

據我們所知，經銷商總是非常忙碌。我們的目標是推出新產品，贏得更多的市場份額，以便更多的從事這些工作的經銷商能夠獲得利益。

Have the best product to offer which does a lot of things like the MVP product for the door locks and the cloud communications, and that's our goal. So we had predicted that we were going to be more than 50% in recurring monthly revenue and that's a very important part of our driving force going forward.

提供最好的產品，它可以做很多事情，例如門鎖和雲端通訊的 MVP 產品，這就是我們的目標。因此，我們預測我們的每月經常性收入將超過 50%，這是我們未來發展的一個非常重要的驅動力。

And the manufacturing of that equipment in the DR factory. We'll amortize our overheads and give us more margin on the hardware. So that's that's what we see and we expect to have continued success going forward long term we've been very successful in growing our business and we expect it to continue.

以及 DR 工廠內該設備的製造。我們將攤銷我們的管理費用並在硬體上留出更多利潤。這就是我們所看到的，我們期望在未來的長期內繼續取得成功，我們在發展業務方面已經非常成功，我們希望這種情況能夠繼續下去。

And Lance. we've been doing this a long time. and we've been through recessions, economic downturns, whatever it is. we think our business is pretty much recession resistant, recession proof, whatever words you want to use. People need security, good times and bad times so we'll navigate through this like we have in the past.

還有蘭斯。我們已經這樣做很久了。我們經歷過經濟衰退、經濟低迷等等。我們認為我們的業務相當具有抗衰退能力，可以抵禦衰退，無論你想用什麼詞來形容。人們需要安全感，無論是順境或逆境，我們都會像過去一樣度過難關。

Great and then my other question was on the cash flow conversion, which looked pretty strong. could you maybe comment on cash flow conversion as a percent of EBITDA for 2026 or if you prefer maybe just maybe talk about it on a normalized basis and you know I guess related to that the share repurchases have accelerated right throughout the course of the year.

太好了，我的另一個問題是關於現金流轉換，看起來相當強勁。您能否評論一下 2026 年現金流轉換佔 EBITDA 的百分比，或者如果您願意，也許只是在正常化的基礎上談論它，您知道我猜與此相關的是，股票回購在全年都在加速。

And basically share repurchases over the first nine months of the fiscal year have been equal to 100% of EBITDA if the shares remain undervalued would you continue to sort of use the bulk of your cash flow to repurchase shares in 2026.

基本上，本財年前九個月的股票回購額相當於 EBITDA 的 100%，如果股價仍然被低估，您是否會在 2026 年繼續使用大部分現金流來回購股票？

Or is there a reason that we should think that 2025, these past nine months have been something of a fluke? qnd again I'm just, we don't know where the stock's going to go, but if the stock were to stay where it is today thank you.

或者我們有理由認為 2025 年，即過去的九個月只是一種僥倖？再次，我只是不知道股票會走向何方，但如果股票保持在今天的水平，那就謝謝了。

Yeah, that's, it's a hard question, Lance, because in these times buying back stock may not get you with what you what you think it'll get you and I like having a lot of cash. and if you look at how much we spent in the nine months between dividends and buybacks we spent a lot of money we generated cash from operations.

是的，這是一個很難的問題，蘭斯，因為在這種時候回購股票可能不會為你帶來你認為會得到的東西，而我喜歡擁有大量現金。如果你看看我們在股息和回購之間的九個月裡花了多少錢，我們會發現我們花了很多錢，我們從營運中獲得了現金。

That $39 million in the nine months and we spent way more than that so that's the beauty of having powerful cash flow we don't rule anything out It's possible we'll do more buybacks we got to see you got to see how things have the stock behaves, how the economy behaves.

這九個月我們花了 3900 萬美元，遠超這個數字，這就是擁有強大現金流的美妙之處，我們不會排除任何可能性，我們可能會進行更多回購，我們必須看看股票的表現如何，經濟的表現如何。

It's nice to have the luxury have the ability to do it if we want to do it and you know we're not saddled with any debt cash flow will stay strong for the last several years. It's not going to get any weaker o we'll watch it. We'll see. We don't rule anything out.

如果我們願意，就有能力做到這一點真是太好了，而且你知道我們沒有背負任何債務，現金流在過去幾年裡將保持強勁。它不會變得更弱，我們會注意它。我們將拭目以待。我們不排除任何可能性。

Fair enough thanks guys.

非常感謝大家。

As a question, please press star one on your telephone keypad. We do have our next question coming from the line of Jeremy Hamblin with Craig Hallam Capital Group. Please go ahead.

如有疑問，請按下電話鍵盤上的星號 1。我們的下一個問題來自 Craig Hallam Capital Group 的 Jeremy Hamblin。請繼續。

Great, thanks for taking the questions. I wanted to come back to the price increases or the surcharges, that you noted and just get a sense for the magnitude of what you announced in April and then you know I think maybe as you get to July 1 typically you're more in like a 2%,3%, 4%, just to get a sense for the magnitude of how much cumulatively you're looking at here.

太好了，感謝您回答這些問題。我想回到您提到的價格上漲或附加費問題，只是想了解一下您在 4 月份宣布的幅度，然後您知道，我認為到 7 月 1 日，您的漲幅通常會更接近 2%、3%、4%，只是想了解一下您在這裡看到的累計幅度。

We announced an 8.5% increase but again, I call it a surcharge, but it was to cover tariffs and that's when in effect end of April separate and apart from that we take a price increase typically once a year in COVID times.

我們宣布了 8.5% 的漲價，但我再次稱之為附加費，但這是為了支付關稅，而且是在 4 月底單獨生效的，除此之外，在 COVID 期間我們通常每年都會提價一次。

In the past we did multiple price increases. The expectation is we'll do one, we'll announce one soon. It'll be effective in for July. as you mentioned, it usually was 3%or 4% It might be more than that this time we're looking at it, so we haven't decided that yet.

過去我們曾多次漲價。我們期望能夠完成一項，並很快宣布一項。該政策將於七月起生效。正如您所說，通常是 3% 或 4%，但這次可能會更高，我們正在考慮，所以我們還沒有決定。

Got it helpful, and then as we look ahead here, typically fourth quarters is as you noted, your strongest from a seasonal perspective you had have a little bit softer equipment revenues over the last couple of quarters which can sometimes impact your service revenue growth.

這很有幫助，然後我們展望未來，通常第四季度正如您所說，從季節性角度來看，您的業績最強勁，但過去幾個季度您的設備收入略有下降，這有時會影響您的服務收入成長。

Wanted to get a sense as we look here at Q4 if that typical seasonality plays out and then you know as you've had a little bit softer equipment sales, will that kind of impact the beginning of fiscal '26 from a service revenue growth perspective.

我們想了解一下，當我們回顧第四季度時，如果典型的季節性因素發揮作用，並且設備銷售略有疲軟，從服務收入增長的角度來看，這是否會對 26 財年的開始產生影響。

Well, we saw the benefits, I'll call it of the strong Radio quarter that we had in Q1 you started to feel it, to taste it. The run rate was $89 million versus $86 million a pure increase, sequential increase was 400,000, it was 100,000 prior.

好吧，我們看到了好處，我稱之為我們第一季強勁的廣播季度，您開始感受到它，品嚐到它。運作率為 8,900 萬美元，而去年同期為 8,600 萬美元，純淨成長，連續增加 40 萬，前次增加 10 萬。

So we need strong radio quarters we expect to have strong radio quarters going forward as evidenced by cultural stats that we see so we, that's part A. Part B Q4 has always been the best quarter, few reasons. The weather gets nicer, the selling season. people tend to do more jobs, projects, etc.

因此，我們需要強勁的廣播季度，我們預計未來會有強勁的廣播季度，正如我們所看到的文化統計數據所證明的那樣，這是 A 部分。 B 部分 Q4 一直是最好的季度，原因很少。天氣漸好，銷售季節到來。人們傾向於做更多的工作、專案等。

In the spring, in the summer, and in the heart of the winter. So historically, we've always had a strong April, May, June, announcing a price increase that's going to take effect. in July. that helps too and that's kind of how we've always done it.

在春天，在夏天，在隆冬。因此，從歷史上看，我們總是會在 4 月、5 月和 6 月宣布即將生效的價格上漲。在七月。這也有幫助，我們一直都是這麼做的。

So hard to say if we're going to feel that strength of the Q4. again, We usually do. the craziness tariff mania out there. I don't know, I can't predict to you 100% going to happen, but that's why Q4 is always so good. Q4 is usually the best of the four quarters. Our hope is it'll be that way again. We can't really comment on it anymore.

所以很難說我們是否會感受到 Q4 的強勁勢頭。再次強調，我們通常都會這麼做。瘋狂的關稅狂熱。我不知道，我無法 100% 預測會發生什麼，但這就是為什麼第四季總是如此好。Q4 通常是四個季度中最好的。我們希望情況能再次如此。我們無法再對此發表評論。

Going forward in 2026 because self through stats are good because we're good in any kind of economic environment, security is needed. i think the outlook is good. We'll get through these distributor issues that's going on now.

展望 2026 年，由於統計數據良好，我們在任何經濟環境下都表現良好，因此需要安全。我認為前景很好。我們將解決目前存在的分銷商問題。

The products we showed at the expo ISC and that we've increased our engineering department to come out with new innovations and new products that the dealers are liking, we expect to pick up share in the business. And then we have the fundamental Dominican aspect of our business, which has the lowest tariffs of all the countries in the world. It's at the lowest level.

我們在 ISC 博覽會上展示的產品以及我們擴大工程部門規模以推出經銷商喜歡的新創新和新產品，我們希望在業務中佔據更大的份額。我們的業務以多明尼加為基礎，其關稅是世界上所有國家中最低的。這是最低水平。

So, if I was a dealer and I have products with competitive advantages over anything that I'm using now, do a lot more things, get me more recurring revenue, or maybe I don't get recurring revenue at all from the products that I am using and the NAPO alarm lock, Continental and Marks products do get me recurring revenue.

因此，如果我是經銷商，而我的產品比我現在使用的任何產品都具有競爭優勢，可以做更多的事情，從而為我帶來更多的經常性收入，或者我可能根本沒有從我使用的產品中獲得經常性收入，而 NAPO 報警鎖、Continental 和 Marks 產品確實為我帶來了經常性收入。

And the prices are going to be less expensive than the products I'm using now, and the sales force is out beating the bushes to bring new blood in as a dealer, I would be remiss not to start using the NAPCO products with better pricing and better functionality.

而且價格會比我現在使用的產品便宜，而且銷售人員正在竭盡全力引進新鮮血液，作為經銷商，如果我不開始使用價格更優惠、功能更好的 NAPCO 產品，那我就太失職了。

So that's an important advantage for NAPCO, having the Dominican connection, manufacturing. Our products between the Dominican and America, virtually 100%, and have any advantages over the competition. So, it bodes well for the future for us.

因此，對於 NAPCO 來說，擁有多明尼加的製造關係是一個重要的優勢。我們的產品在多明尼加和美國之間幾乎 100% 一致，並且在競爭中具有優勢。所以，這對我們來說是一個美好的未來。

Right. And then as a follow up question, what about in terms of dealer incentives, if you are in a more strong competitive advantage, given your supply chain, do you sense that, kind of dealer incentives that you might need to offer. Or that you know your dealers are offering is that something that you feel like might come down in this environment or you know any color you might be able to share on that would be great.

正確的。然後作為後續問題，就經銷商激勵而言，如果您在供應鏈方面具有更強大的競爭優勢，您是否感覺到您可能需要提供這種經銷商激勵措施。或者您知道您的經銷商所提供的是您覺得在這種環境下可能會出現的東西，或者您知道您可以分享的任何顏色都會很棒。

We announced the 8.5% increase. Wasn't sure what the reaction to that was going to be. the reaction was, that's good, that's fair, and there are a lot of distributors race to get in there. so, I don't know if we have to incentivize and. we usually take that and play that as we go. we make enough good margin if we had to. offer more incentives we could, but I think we're doing a lot already. and We'll just watch that.

我們宣布了8.5%的成長。不確定對此的反應會是什麼。人們的反應是，這很好，這很公平，很多經銷商都爭相進入這個市場。所以，我不知道我們是否必須提供激勵。我們通常會邊走邊玩。如果有必要的話，我們會獲得足夠好的利潤。提供更多的激勵措施，但我認為我們已經做了很多。我們只需觀察這一點。

As it comes. obviously we're not afraid to be aggressive. especially with radios. you remember what we did years ago when we were the only company who could get that hard to get micro. to build radios, nobody could get it. We had to pay $50 for the micro, the normal price of $5.

既然來了。顯然，我們並不懼怕採取侵略行動。尤其是收音機。您還記得幾年前我們做了什麼嗎？當時我們是唯一一家能夠如此艱難地實現微型化的公司。製造收音機，但沒人能做到。我們必須為微型計算機支付 50 美元，正常價格為 5 美元。

Everybody else froze, they wouldn't do it. We did. we picked up share. picked up a lot of big dealers who would. we were dying to get radios at that time. so I think we're pretty sensitive to market conditions. If we need to be more aggressive, we will be.

其他人都愣住了，他們不願意這麼做。我們做到了。我們獲得了份額。找到了很多願意這樣做的大經銷商。那時我們非常想要一台收音機。所以我認為我們對市場狀況非常敏感。如果我們需要更加積極主動，我們就會這樣做。

One of the things we did show at the show, which Kevin brought up before, I just want to add to it, we showed our line of fire panels. And fire is a legislated type of product for buildings, commercial buildings. So we have new fire panels that we showed.

我們在展會上展示的其中一件事，正如 Kevin 之前提到的，我只想補充一點，我們展示了我們的消防面板系列。火災是建築物、商業建築的法定產品類型。因此，我們展示了新的防火板。

And all those fire panels have a radio. In the days previous to radio business, they connected those fire panels up to copper wires. Well, they don't do that anymore. So, our line of fire panels are great for new construction.

所有這些火災警報面板都配有收音機。在無線電業務出現之前，他們將這些火災警報面板連接到銅線上。嗯，他們不再這麼做了。因此，我們的防火板系列非常適合新建築。

Putting up a new building, it could be from a small building to a very large building with our fire panels and the radios. So are in it, so we get recurring revenue for the new work as well as all the millions of jobs that still have to be upgraded that are still using traditional copper.

建造一座新建築，透過我們的消防控制板和無線電，它可以從一棟小建築變成一棟非常大的建築。我們就是這樣，所以我們從新工作以及數百萬個仍在使用傳統銅線且需要升級的工作中獲得了經常性收入。

So we think five to ten years worth of upgrading that has to be done and then all the new work. So we keep coming out with new models, as I said, of more radios which help the dealer communicate to a central station, fire signals, burglar signals, and home automation control with a smart, a smartphone.

因此，我們認為必須進行五到十年的升級，然後再進行所有新的工作。因此，正如我所說，我們不斷推出新的型號，更多的無線電設備可以幫助經銷商透過智慧型手機與中央站、火災訊號、防盜訊號和家庭自動化控制進行通訊。

Great thanks so much for all the color and best wishes.

非常感謝大家的祝福與祝福。

Thanks Jeremy.

謝謝傑里米。

And your next question comes from the line of Jim Biti with Needham and Company. Please go ahead.

您的下一個問題來自 Needham and Company 的 Jim Biti。請繼續。

Hi, thanks. So yeah, we've got a few questions just, in light of, some of the spending actions on the part of the federal government as it may relate to school funding, and I know you guys are a little bit removed from. being able to identify specifically how much of the business is coming from that area, but in general, what are you seeing as it relates to that market opportunity if you could.

你好，謝謝。是的，鑑於聯邦政府的一些支出行動可能與學校資金有關，我們有幾個問題，我知道你們對此有點不了解。能夠具體確定有多少業務來自該地區，但總的來說，如果可以的話，您認為它與該市場機會有何關聯。

That market is as good as ever. Whatever cuts are going on in the federal government. the government's not going to mess with school security. The shootings continue, we all know this, and the funding is available. It's not touched.

那個市場一如既往的好。無論聯邦政府正在削減什麼開支。政府不會幹預學校安全。槍擊事件仍在繼續，我們都知道這一點，而且資金也到位了。沒有被碰過。

And it's just a question of getting more schools to take action there's many schools that still have not done anything about it. The two most recent shootings that we had last month. In both cases, they didn't have equipment to protect the kids.

這只是一個讓更多學校採取行動的問題，但許多學校仍然沒有採取任何行動。上個月我們發生了兩起最近的槍擊事件。在這兩起事件中，他們都沒有設備來保護孩子。

They were barricading chairs against the doors, the old, at the same old story. so, we have to keep trying to educate these school districts and universities. They have the money, whether it's through legislation or endowments, they have the money do it. nothing has changed with that. so we continue to push to get as many schools to do upgrades as possible.

他們用椅子堵住門，老一套，老一套。所以，我們必須繼續努力教育這些學區和大學。他們有錢，無論是透過立法還是捐贈，他們都有錢去做這件事。一切仍未改變。因此，我們將繼續推動盡可能多的學校進行升級。

Thanks. and a quick question if we could an update on Prema, didn't hear, haven't heard much on that. How satisfied are you with the progress you're seeing on that product?

謝謝。還有一個快速問題，我們是否可以了解有關 Prema 的最新消息，我沒有聽到太多關於這方面的消息。您對該產品的進度滿意嗎？

Well, we wanted, we said we thought this could be a big 10,000 a month product. It hasn't gotten to that point. It's much better than it was. I think you've heard us say that. we introduced it too soon, didn't have all the accessories, has all the accessories.

好吧，我們想要，我們說我們認為這可能是每月 10,000 美元的大產品。事情還沒發展到那一步。比以前好多了。我想你已經聽到我們這麼說了。我們推出得太早了，沒有所有的配件，有所有的配件。

Numbers have improved. we're still working hard because we wanted to improve even more. It's a very cutthroat segment. It's not, residential is much different than commercial, as you, as Jim, we're mostly in commercial, but There's an area there and we're working it hard.

數字已經改善。我們仍在努力工作，因為我們想要取得更大的進步。這是一個非常殘酷的競爭。事實並非如此，住宅區與商業區有很大不同，正如你，作為吉姆，我們主要從事商業活動，但那裡有一個領域，我們正在努力工作。

So, you saw it, if you were at INC, you saw it, you got a lot of attention. It's still a product in development, getting those numbers higher. to the point where we want to be.

所以，你看到了它，如果你在 INC，你就看到了它，你得到了很多關注。它仍然是一個正在開發中的產品，其數字正在不斷提高。達到我們想要的程度。

Got it. Thank you.

知道了。謝謝。

And we have no further questions at this time. I would like to start it back to DickSoloway for closing remarks.

目前我們沒有其他問題。我想請 DickSoloway 最後發言。

Thank you everyone for participating in today's conference call. as always, should you have any further questions, please feel free to call Fran, Kevin, or myself for further information. We thank you for your interest and support and look forward to speaking to you all again in a few months to discuss NAPCO's fiscal Q4 and full year results thank you and bye everybody.

感謝大家參加今天的電話會議。像往常一樣，如果您有任何其他問題，請隨時致電 Fran、Kevin 或我本人以獲取更多資訊。我們感謝您的關注和支持，並期待幾個月後再次與大家交談，討論 NAPCO 的第四季度和全年業績，謝謝大家，再見。

Thank you, presenters. and ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。