NAPCO Security Technologies Inc (NSSC) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NAPCO Security Technologies fiscal Q4 2025 earnings conference call. (Operator Instructions) This call is being recorded on Monday, August 25, 2025.

女士、先生們，早安，歡迎參加 NAPCO Security Technologies 2025 財年第四季財報電話會議。（操作員指示）此通話於 2025 年 8 月 25 日星期一錄製。

And I would now like to turn the conference over to Francis Okoniewski, Vice President of Investor Relations. Thank you. Please go ahead.

現在我想將會議交給投資者關係副總裁 Francis Okoniewski。謝謝。請繼續。

Thank you, Ina, and good morning, everyone. This is Fran Okoniewski, Vice President of Investor Relations for NAPCO Security Technologies. Thank you all for joining today's conference call to discuss financial results for our fiscal fourth quarter and fiscal year 2025. By now, all of you should have had the opportunity to review our earnings press release discussing our fiscal fourth quarter and fiscal year 2025 results. If you have not, a copy of the release is available in the Investor Relations section of our website, www.napcosecurity.com.

謝謝你，伊娜，大家早安。我是 NAPCO Security Technologies 公司投資者關係副總裁 Fran Okoniewski。感謝大家參加今天的電話會議，討論我們第四季和 2025 財年的財務表現。到目前為止，大家應該都有機會閱讀我們的收益新聞稿，其中討論了我們的第四財季和 2025 財年的業績。如果您還沒有閱讀，可以在我們網站 www.napcosecurity.com 的投資者關係部分找到新聞稿的副本。

On the call today are Dick Soloway, our Chairman and CEO; Kevin Buchel, President and Chief Operating Officer; and Andrew Vuono, Chief Financial Officer. 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.

參加今天電話會議的有我們的董事長兼執行長迪克‧索洛韋 (Dick Soloway)、總裁兼營運長凱文‧布切爾 (Kevin Buchel) 和財務長安德魯‧沃諾 (Andrew Vuono)。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 or SaaS reoccurring monthly revenue.

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或 SaaS 經常性月收入。

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, including our annual report on Form 10-K. 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.

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，包括我們的 10-K 表格年度報告。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, and this conference call are as of today's date unless otherwise stated. and we undertake no duty to update such information except as required under applicable law.

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，今天的新聞稿和電話會議中提供的所有資訊均截至今天為止。除非適用法律要求，否則我們不承擔更新此類資訊的義務。

I'll turn the call over to Dick in a moment. Before I do, I want to mention we are actively planning our investor relations calendar for non-deal roadshow and conference attendance in the near future. Investor outreach is important to NAPCO, and I'd like to thank all those folks who assist us in these types of events.

我馬上就把電話轉給迪克。在此之前，我想提一下，我們正在積極規劃投資者關係日程，以便在不久的將來參加非交易路演和會議。投資者拓展對於 NAPCO 來說非常重要，我要感謝所有在此類活動中為我們提供幫助的人。

Over the coming weeks, we will be participating in several key investor events. We'll be attending the Jefferies Industrials Conference in New York City in early September, followed by a virtual non-deal roadshow hosted by Craig-Hallum on September 8. In mid-September, we'll take part in D. A. Davidson's 24th Annual Diversified Industrials and Services Conference in Nashville, Tennessee. And on October 8, Lake Street will host a virtual non-deal roadshow on our behalf.

在接下來的幾週內，我們將參加幾場重要的投資者活動。我們將於 9 月初參加在紐約市舉行的 Jefferies Industrials 會議，隨後於 9 月 8 日參加由 Craig-Hallum 主持的虛擬非交易路演。9月中旬，我們將參加在田納西州納許維爾舉行的 D. A. Davidson 第 24 屆年度多元化工業和服務業會議。10 月 8 日，Lake Street 將代表我們舉辦一場虛擬非交易路演。

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.

好了，現在讓我把電話轉給 NAPCO 安全技術公司董事長兼執行長 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 Q4 and fiscal 2025 performance. This past year has presented its fair share of headwinds, particularly around microeconomic uncertainty and tariff-related pressures. But through it all, we have maintained focus on our long-term strategy, delivering best-in-class solutions, maintaining operational discipline, and investing for sustainable growth.

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，我們將回顧我們的第四財季和 2025 財年的表現。過去的一年充滿了阻力，尤其是微觀經濟的不確定性和關稅相關的壓力。但在整個過程中，我們始終專注於我們的長期策略，提供一流的解決方案，保持營運紀律，並投資於永續成長。

Our recurring revenue model continues to provide significant profitability and stability and a strong foundation for future innovation and customer engagement. As you will hear shortly, we have once again attained meaningful growth in this area, and we are confident this trend will continue. We are also encouraged by our Q4 hardware sales performance and how quickly our team adapted to shifting demand.

我們的經常性收入模式持續提供顯著的獲利能力和穩定性，並為未來的創新和客戶參與奠定堅實的基礎。正如您很快就會聽到的，我們在這一領域再次取得了有意義的成長，我們相信這種趨勢將會持續下去。我們也對第四季度硬體銷售業績以及我們的團隊如何快速適應不斷變化的需求感到鼓舞。

Our ability to control inventory, manage supply chain complexity, and continue delivering on customer commitments has put us in a strong position. One of the things I am most proud of is how we have balanced growth with financial stewardship. We continue to invest in product development, and customer success are also returning significant value to shareholders, all without taking on debt, which speaks to the strength of our business model and the effectiveness of our leadership team.

我們控制庫存、管理供應鏈複雜性以及持續履行對客戶承諾的能力使我們處於有利地位。我最自豪的事情之一是我們如何平衡成長與財務管理。我們繼續投資於產品開發，客戶的成功也為股東帶來了巨大的價值，而所有這些都沒有承擔債務，證明了我們商業模式的實力和領導團隊的效率。

Looking forward, the tariff landscape will continue to evolve, and while we cannot predict how that will play out, we have taken proactive steps, both operationally and strategically, to protect margins and ensure long-term competitiveness. The pricing adjustments we have implemented are a key part of that, and we expect to see its impact starting in Q1. We enter fiscal 2026 with strong momentum, a clear focus, and confidence in our ability to execute.

展望未來，關稅格局將繼續演變，雖然我們無法預測其將如何發展，但我們已在營運和策略上採取積極措施，以保護利潤率並確保長期競爭力。我們實施的價格調整是其中的關鍵部分，我們預計其影響將在第一季開始顯現。我們以強勁的勢頭、明確的重點和對執行能力的信心進入 2026 財年。

With that, I will turn the call over to our President and Chief Operating Officer, Kevin Buchel, who will comment on some of our operational and financial performance highlights. Following Kevin's remarks, our CFO, Andy Vuono, will go through the financials in detail and then I will return to delve deeper into our strategies and market outlook. Kevin, the floor is yours.

接下來，我將把電話轉給我們的總裁兼營運長 Kevin Buchel，他將對我們的一些營運和財務業績亮點發表評論。在凱文演講之後，我們的財務長安迪沃諾 (Andy Vuono) 將詳細介紹財務狀況，然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. And good morning, everyone. I'm pleased to start off by highlighting several key accomplishments and financial milestones from Q4 fiscal year 2025. First, I'm proud to report that we will be reporting that the company received a clean opinion on its internal controls over financial reporting for fiscal 2025, which means our auditors, Deloitte, issued an unqualified opinion under the Sarbanes-Oxley Act indicating that our company's internal controls over financial reporting were designed and operating effectively as of June 30, 2025.

謝謝你，迪克。大家早安。我很高興首先重點介紹 2025 財年第四季的幾項關鍵成就和財務里程碑。首先，我很自豪地報告，我們將報告公司對其 2025 財年的財務報告內部控制獲得了無保留意見，這意味著我們的審計師德勤根據《薩班斯-奧克斯利法案》發表了無保留意見，表明我們公司的財務報告內部控制截至 2025 年 6 月 30 日設計和運行有效。

You will see that as part of the 10-K which we will be filing later today. This reflects the strength of our internal controls and the continued diligence of our finance and compliance teams, and I would like to congratulate them for all of their efforts. Our recurring revenue continues to be a cornerstone of our business. The run rate this quarter reached $94 million, and that's up $5 million from the prior quarter. This marks the largest quarterly increase we've seen in the past two years, and it's a strong signal of the momentum that we're building.

您將看到這是我們今天稍後提交的 10-K 的一部分。這反映了我們內部控制的強大以及財務和合規團隊的持續勤奮，我要祝賀他們所做的一切努力。我們的經常性收入仍然是我們業務的基石。本季的營業額達到 9,400 萬美元，比上一季增加了 500 萬美元。這是過去兩年來我們看到的最大季度增幅，也是我們正在建立的良好勢頭的強烈訊號。

Equipment sales for the quarter, while down 5% versus last year's Q4, had a much-improved performance, increasing 27% sequentially from Q3 of fiscal 2025. This growth underscores the value of our offerings and the continued strength of our customer relationships, particularly in uncertain economic times caused in large part by the effect of tariffs. From a profitability standpoint, our recurring revenue gross margin remained very strong at 91%, with StarLink commercial Fire Radios continuing to be a strong part of the mix.

本季的設備銷售額雖然比去年第四季下降了 5%，但表現卻大幅改善，比 2025 財年第三季季增了 27%。這一成長凸顯了我們產品的價值以及我們與客戶關係的持續強勁，尤其是在很大程度上受關稅影響而導致的經濟不確定時期。從獲利能力的角度來看，我們的經常性收入毛利率仍然非常強勁，達到 91%，其中 StarLink 商用 Fire Radios 繼續成為其中的重要組成部分。

We also made meaningful progress on inventory management, reducing inventory levels at June 30, 2025, by $8.6 million compared to this time last year. Cash flow from operations for the year came in at $53.5 million, which reinforces our ability to generate consistent cash flow to support both strategic investments and shareholder returns.

我們在庫存管理方面也取得了重大進展，與去年同期相比，2025 年 6 月 30 日的庫存水準減少了 860 萬美元。全年經營現金流為 5,350 萬美元，增強了我們產生穩定現金流以支持策略性投資和股東回報的能力。

Speaking of which, we returned significant value to our shareholders during the fiscal year. We paid out $13.6 million in dividends and repurchased $36.8 million of our stock, which is equivalent to 1.2 million shares at an average price of $30.40. Even after these returns, we ended the fiscal year with approximately $100 million in cash and no debt, giving us tremendous flexibility going forward.

說到這，我們在本財政年度為股東帶來了豐厚的回報。我們派發了1360萬美元的股息，並回購了3,680萬美元的股票，相當於以每股30.40美元的平均價格回購了120萬股。即使在這些回報之後，我們在本財年結束時仍持有約1億美元的現金，且沒有負債，這為我們未來的發展提供了極大的靈活性。

On pricing, we announced two pricing increases during the quarter. The first, at the end of April, was an 8.5% increase to help offset rising tariff costs. The second was our standard annual price increase, which this year was 5%, and which went into effect approximately mid-July. We expect the full benefit of these actions to be reflected starting in our fiscal 2026 Q1.

在定價方面，我們在本季宣布了兩次漲價。第一次是在四月底，上調了8.5%，以幫助抵消不斷上漲的關稅成本。第二次是我們的標準年度價格上漲，今年 5%，大約在 7 月中旬生效。我們預計這些行動的全部效益將從 2026 財年第一季開始體現。

Finally, while there remains considerable uncertainty in the market around tariffs, we believe we are in an advantageous position as compared to some of our competitors. Our supply chain planning, pricing strategies, and balance sheet strength gives us a competitive advantage in navigating these challenges. Overall, it was a very strong quarter and a solid close to the fiscal year, with net income of $43.4 million, or 24% of sales, and adjusted EBITDA of $52.1 million, which equates to an EBITDA margin of 29%. I am proud of the team's execution and the financial strength we are carrying into the new fiscal year.

最後，儘管市場在關稅方面仍然存在相當大的不確定性，但我們相信，與一些競爭對手相比，我們處於有利地位。我們的供應鏈規劃、定價策略和資產負債表實力使我們在應對這些挑戰時具有競爭優勢。總體而言，這是一個非常強勁的季度，並且為本財年畫上了圓滿的句號，淨收入為 4,340 萬美元，佔銷售額的 24%，調整後的 EBITDA 為 5,210 萬美元，相當於 EBITDA 利潤率為 29%。我為團隊的執行力和我們在新財年所展現的財務實力感到自豪。

With that, I will turn the call over to our CFO, Andy Vuono, for a deeper dive into the financials. Andy?

說完這些，我將把電話轉給我們的財務長 Andy Vuono，讓他更深入地了解財務狀況。安迪？

Great. Thank you, Kevin. And good morning, everyone. Net sales for the three months ended June 30, 2025, increased 0.8% to $50.7 million as compared to $50.3 million for the same period a year ago. Net sales for the 12 months ended June 30, 2025, decreased 3.8% to $181.6 million as compared to $188.8 million for the same period a year ago.

偉大的。謝謝你，凱文。大家早安。截至 2025 年 6 月 30 日的三個月的淨銷售額與去年同期的 5,030 萬美元相比增長 0.8% 至 5,070 萬美元。截至 2025 年 6 月 30 日的 12 個月的淨銷售額與去年同期的 1.888 億美元相比下降 3.8% 至 1.816 億美元。

Recurring monthly service revenue continued its strong growth increasing 10% in Q4 to $22.4 million as compared to $20.4 million for the same period last year. Recurring monthly service revenue for the 12 months end of June 2025 increased 14% to $86.3 million as compared to $75.7 million last year. These increases reflect the continued demand for our StarLink radios.

每月經常性服務收入持續強勁成長，第四季成長 10%，達到 2,240 萬美元，去年同期為 2,040 萬美元。截至 2025 年 6 月底的 12 個月內，每月經常性服務收入成長 14%，達到 8,630 萬美元，而去年同期為 7,570 萬美元。這些成長反映了我們對 StarLink 無線電的持續需求。

Equipment sales for the quarter decreased 5.5% to $28.3 million as compared to $29.9 million last year and equipment sales for the year end of June 2025 decreased 15.7% to $95.3 million as compared to $113.1 million for the same period last year. The decrease in equipment sales was primarily a result of extended stocking strategies of some of our largest distributors throughout the year, in addition to the timing of large project work for our dual locking business.

本季設備銷售額為 2,830 萬美元，較去年同期的 2,990 萬美元下降 5.5%；2025 年 6 月底的設備銷售額為 9,530 萬美元，較去年同期的 1.131 億美元下降 15.7%。設備銷售額的下降主要是由於我們一些最大的經銷商全年延長了庫存策略，此外還因為我們的雙鎖業務的大型專案工作時間表。

Gross profit for three months end of June 2025 decreased 3.8% to $26.8 million with a gross margin of 53% as compared to $27.8 million with a gross margin of 55% for the same period last year. Gross profit for the 12 months ended June 30, 2025, decreased 0.7% to $101 million with a gross margin of 56% as compared to $101.8 million with a gross margin of 54% a year ago.

截至 2025 年 6 月底的三個月，毛利下降 3.8% 至 2,680 萬美元，毛利率為 53%，而去年同期的毛利為 2,780 萬美元，毛利率為 55%。截至 2025 年 6 月 30 日的 12 個月的毛利下降 0.7% 至 1.01 億美元，毛利率為 56%，而去年同期的毛利為 1.018 億美元，毛利率為 54%。

Gross profit for recurring service revenue for the quarter increased 10.3% to $20.3 million with a gross margin of 91% as compared to $18.4 million with a gross margin of 90% last year. Gross profit for the recurrent service revenue for the 12 months ended June 2025 increased 14.6% to 78.5 million with a gross margin of 91% as compared to 68.5 million with a gross margin of 90% last year.

本季經常性服務收入的毛利成長 10.3% 至 2,030 萬美元，毛利率為 91%，而去年同期的毛利為 1,840 萬美元，毛利率為 90%。截至 2025 年 6 月的 12 個月經常性服務收入毛利成長 14.6% 至 7,850 萬美元，毛利率為 91%，而去年同期為 6,850 萬美元，毛利率為 90%。

Gross profit for equipment revenue in Q4 decreased 31.2% to $6.4 million with a gross margin of 23% as compared to $9.4 million with a gross margin of 31% last year. Gross profit for equipment for the 12 months ended June 30, 2025, decreased 32% to $22.5 million with a gross margin of 24% as compared to $33.2 million with a gross margin of 29% for the same period last year.

第四季設備收入毛利下降 31.2% 至 640 萬美元，毛利率為 23%，去年同期為 940 萬美元，毛利率為 31%。截至 2025 年 6 月 30 日的 12 個月內，設備毛利下降 32% 至 2,250 萬美元，毛利率為 24%，而去年同期的設備毛利為 3,320 萬美元，毛利率為 29%。

The increase in both gross profit dollars and gross margin for recurring revenue for the 3 and 12 months and the June 2025 was primarily the result of the previously mentioned increase in recurring revenue as well as a great proportion of those revenues being generated by our StarLink flyer radios, which generate higher monthly service charges than other StarLink radios.

2025 年 6 月和 2021 年 3 月的毛利和經常性收入毛利率的增加主要是由於前面提到的經常性收入的增加，以及這些收入的很大一部分來自我們的 StarLink 傳單收音機，這些收音機產生的每月服務費高於其他 StarLink 收音機。

The decrease in both gross profit dollars and gross margin for equipment revenues for both the three and 12 months and the June 2025 was primary result of the aforementioned decrease in revenue, which resulted in less absorption of our fixed manufacturing overhead costs. In addition, Q4 was further negatively impacted by increased power costs in the fourth quarter and the impact of distributors pulling forward certain orders before our announced price increase went into effect.

三個月、十二個月和 2025 年 6 月的設備收入毛利和毛利率均下降，主要是由於上述收入下降，導致我們的固定製造費用吸收減少。此外，第四季度電力成本上漲以及分銷商在我們宣布的提價生效之前提前撤回某些訂單的影響進一步對第四季度產生了負面影響。

R&D costs for the quarter increased 6.8% to $3.2 million, with 6.4% of sales as compared to $3 million, were 6% of sales for the same period a year ago. R&D costs for the 12 months ended June 2025 increased 16.9% to $12.6 million, was 7% of sales, as compared to $10.8 million, was 6% of sales for the same period a year ago. The increase for the three and 12 months was a result of salary increases and the hiring of additional staff.

本季研發成本成長 6.8% 至 320 萬美元，佔銷售額的 6.4%，而去年同期的研發成本為 300 萬美元，佔銷售額的 6%。截至 2025 年 6 月的 12 個月的研發成本成長 16.9%，達到 1,260 萬美元，佔銷售額的 7%，而去年同期的研發成本為 1,080 萬美元，佔銷售額的 6%。三個月和十二個月的薪資成長是由於薪資上漲和僱用更多員工所致。

SG&A expenses for the quarter increased 5.8% to $11.5 million, was 23% of net sales, as compared to $10.9 million or 22% of net sales for the same period last year. SG&A expenses for the 12 months ended June 2025 increased 13.5% to $42.2 million or 23% of net sales as compared to $37.1 million or 20% of sales for the same period last year. The increase in SG&A for the three months was primarily due to increased legal expenses and increased wages as a result of salary increases and certain additional hirings in the finance and IT departments.

本季銷售、一般及行政費用成長 5.8% 至 1,150 萬美元，佔淨銷售額的 23%，而去年同期為 1,090 萬美元，佔淨銷售額的 22%。截至 2025 年 6 月的 12 個月的銷售、一般及行政費用 (SG&A) 成長 13.5% 至 4,220 萬美元，佔淨銷售額的 23%，而去年同期為 3,710 萬美元，佔銷售額的 20%。本三個月銷售、一般及行政費用的增加主要是由於法律費用增加以及工資上漲以及財務和 IT 部門的某些額外招聘導致的工資上漲。

The increase of the 12 months was primarily due to increases in personnel-related expenses, mainly from merit increases in hiring additional personnel in finance and IT; in addition to increases in insurance; advertising; legal and professional fees, which was offset by decreases in director fees; and non-recurring transactional costs.

12 個月的成長主要是由於人員相關費用的增加，主要來自在財務和 IT 領域聘用更多人員的績效加薪；此外還有保險、廣告、法律和專業費用的增加，但被董事費用的減少和非經常性交易成本所抵消。

Operating income for the quarter decreased 13.4% to $12.1 million, as compared to $14 million for the same period last year. Operating income for the 12 months ended June 2025 decreased 14% to $46.3 million as compared to $53.8 million for the same period last year. Interest and other income for three months increased 16% to $883,000 as compared to $762,000 last year.

本季營業收入下降 13.4% 至 1,210 萬美元，去年同期為 1,400 萬美元。截至 2025 年 6 月的 12 個月的營業收入與去年同期的 5,380 萬美元相比下降 14% 至 4,630 萬美元。三個月的利息和其他收入從去年的 762,000 美元增加 16% 至 883,000 美元。

For the 12 months ended June 2025, interest and other income increased 48% to $3.8 million compared to $2.6 million last year. The increase of both the three and 12 months into June 2025 was primarily due to increased interest and dividend income from the company's cash and short-term investments. The provision for income taxes for the three months increased by 12% to $145,000 to $1.3 million with an effective tax rate of 10% as compared to $1.2 million with an effective tax rate of 8% last year.

截至 2025 年 6 月的 12 個月，利息和其他收入從去年的 260 萬美元增加 48% 至 380 萬美元。截至2025年6月的三個月和十二個月的成長主要是由於公司現金和短期投資的利息和股息收入增加。本季所得稅準備金增加 12%，達到 145,000 美元，達到 130 萬美元，有效稅率為 10%，而去年同期為 120 萬美元，有效稅率為 8%。

With the 12 months ended June 2025, the provision for income taxes increased 1.4%, or $95,000, to $6.7 million, with an effective tax rate of 13%, as compared to $6.6 million, with an effective tax rate of 12% last year. The increase in the provision for the three and 12 months ended June 25 was due to a larger portion of our taxable income being attributable to the US operations.

截至 2025 年 6 月的 12 個月內，所得稅準備金增加 1.4%，即 95,000 美元，達到 670 萬美元，有效稅率為 13%，而去年為 660 萬美元，有效稅率為 12%。截至 6 月 25 日的三個月和十二個月的撥備增加是由於我們的應稅收入中很大一部分來自美國業務。

Net income for the quarter decreased 14% to $11.6 million, or $0.33 for diluted share, as compared to $13.5 million, or $0.36 for diluted share for the same period last year, and represents 23% of net sales. Then again, for the 12 months ended June 30, 2025, decreased 13% to $43.4 million, or $1.19 for diluted share, as compared to $49.8 million, or $1.34 for diluted share for the same period last year, and represents 24% of net sales.

本季淨收入為 1,160 萬美元，攤薄後每股收益為 0.33 美元，較去年同期的 1,350 萬美元、攤薄後每股收益為 0.36 美元下降 14%，佔淨銷售額的 23%。另一方面，截至 2025 年 6 月 30 日的 12 個月，下降 13% 至 4,340 萬美元，即稀釋後每股收益 1.19 美元，而去年同期為 4,980 萬美元，即稀釋後每股收益 1.34 美元，佔淨銷售額的 24%。

Adjusted EBITDA for the quarter decreased 7.6% to $14.2 million, or $0.40 per diluted share, as compared to $15.4 million, or $0.41 per diluted share for the same period a year ago, and equates to an adjusted EBITDA margin of 28.1%. Adjusted EBITDA for the 12 months ended June 2025 decreased 11.6% to $52.1 million, or $1.43 per diluted share, as compared to $58.9 million, or $1.59 for the diluted share for the same period last year, and equates to an adjusted EBITDA margin of 28.7%.

本季調整後 EBITDA 下降 7.6% 至 1,420 萬美元，即每股攤薄收益 0.40 美元，而去年同期為 1,540 萬美元，即每股攤薄收益 0.41 美元，相當於調整後 EBITDA 利潤率為 28.1%。截至 2025 年 6 月的 12 個月調整後 EBITDA 下降 11.6% 至 5,210 萬美元，即每股攤薄收益 1.43 美元，而去年同期為 5,890 萬美元，即每股攤薄收益 1.59 美元，相當於調整後 EBITDA 利潤率為 28.7%。

Discussing our balance sheet, as of June 2025, the company had $99.1 million in cash and cash equivalents and markup securities as compared to $97.7 million as of June 2024, a 1.5% increase. The company had no debt as of June 2025, and cash provided by operating activities for the 12 months ended June 2025 was $53.5 million as compared to $45.4 million for the same period last year, an 18% increase.

討論我們的資產負債表，截至 2025 年 6 月，該公司擁有 9,910 萬美元的現金和現金等價物以及加價證券，而截至 2024 年 6 月為 9,770 萬美元，增長了 1.5%。截至 2025 年 6 月，該公司沒有債務，截至 2025 年 6 月的 12 個月內經營活動提供的現金為 5,350 萬美元，而去年同期為 4,540 萬美元，增長了 18%。

Working capital, which is our current assets, that's current liabilities, was $138.4 million as of June 2025, as compared to working capital of $146.5 million at June 2024. CapEx for the quarter was $237,000 as compared to $551,000 in the prior year. And for the full fiscal year, CapEx was $2.1 million as compared to $1.6 million last year.

營運資本，即我們的流動資產，即流動負債，截至 2025 年 6 月為 1.384 億美元，而 2024 年 6 月的營運資本為 1.465 億美元。本季的資本支出為 237,000 美元，而去年同期為 551,000 美元。整個財政年度的資本支出為 210 萬美元，而去年同期為 160 萬美元。

That concludes my formal remarks, and I'd like to return the call back to Dick.

我的正式發言到此結束，我想回電給迪克。

Thank you, Andy. Let me take a moment to wrap up with a few reflections and where we've been and where we're headed. Fiscal 2025 is a year of both challenge and resilience, yet through it all, NAPCO demonstrated the strength and durability of its model. We stayed focused on creating lasting value for our customers, partners, and shareholders.

謝謝你，安迪。請容許我花一點時間來總結一下我們過去所取得的成就以及我們未來要去的地方。2025 財年是充滿挑戰和韌性的一年，然而，NAPCO 透過這一切展現了其模式的強度和耐用性。我們始終專注於為客戶、合作夥伴和股東創造持久價值。

One of the clearest indications of that strength is our recurring revenue. This year, recurring revenue grew by more than $10 million and now represents nearly half of our total sales with sustained gross margin of 91%, which provides consistent cash generation and opportunity for continued reinvestment. A major driver of this growth has been the success of our StarLink Fire Radio platform, which is increasingly viewed as the industry standard for fire communications in commercial buildings.

這種實力最明顯的體現之一就是我們的經常性收入。今年，經常性收入成長了 1,000 多萬美元，目前占我們總銷售額的近一半，毛利率維持在 91%，這提供了持續的現金產生和持續再投資的機會。這一成長的主要動力是我們 StarLink Fire Radio 平台的成功，該平台越來越被視為商業建築消防通訊的行業標準。

Operationally, I'm extremely proud of the performance that our team delivered. We reduced inventory by more than $8 million. And despite providing nearly $50 million of value to shareholders through dividends and share repurchases and continue to invest in product development, compliance, and systems infrastructure, we still ended the year with over $99 million in cash while maintaining a debt-free balance sheet.

從營運角度來說，我對於我們團隊的表現感到非常自豪。我們減少了800多萬美元的庫存。儘管我們透過股息和股票回購為股東提供了近 5,000 萬美元的價值，並繼續投資於產品開發、合規性和系統基礎設施，但我們在年底仍擁有超過 9,900 萬美元的現金，同時保持了無債務的資產負債表。

On the hardware side, as mentioned earlier, we saw a strong rebound in Q4, up 27% sequentially from Q3. This rebound reflects our team's agility in adapting to shifting demand dynamics. Looking ahead, we remain cautiously optimistic. Power policy and broader market conditions remain dynamic, but we're not standing still.

硬體方面，如前所述，我們看到第四季出現強勁反彈，環比第三季成長 27%。這次反彈反映了我們團隊適應不斷變化的需求動態的敏捷性。展望未來，我們依然保持謹慎樂觀的態度。電力政策和更廣泛的市場條件仍然動態，但我們並沒有停滯不前。

Our pricing actions have been implemented and we continue to diversify our distribution base, invest in automation, and enhance our StarLink platform, ensuring we're driving sustainable growth while protecting margins. Our strong balance sheet gives us meaningful flexibility to respond to opportunities, both organically and through potential strategic acquisitions. At the same time, we remain committed to returning capital to our shareholders while operating with zero debt.

我們的定價行動已經實施，我們將繼續多元化我們的分銷基礎，投資自動化，並增強我們的 StarLink 平台，確保我們在保護利潤率的同時推動永續成長。我們強勁的資產負債表為我們提供了足夠的靈活性，可以應對內部機會和透過潛在的策略收購帶來的機會。同時，我們仍然致力於在零債務運營的情況下向股東返還資本。

Now stepping back for a broader view, I want to highlight one vertical where NAPCO continues to make a difference, school security. School safety remains one of the most critical challenges of our time, and NAPCO is proud to be a trusted and proven partner to school districts all across the country.

現在退一步來看更廣闊的視野，我想強調一下 NAPCO 繼續發揮作用的一個垂直領域，那就是學校安全。學校安全仍然是我們這個時代最嚴峻的挑戰之一，NAPCO 很自豪能夠成為全國各地學區值得信賴和認可的合作夥伴。

Our divisions work together to deliver a full suite of integrated solutions from the advanced Trilogy and Architect lock sets to enterprise-scale continental CA4K access control systems. These platforms are secure, scalable, and align with important standards like PASS, or as it's called, the Partner Alliance for Safer Schools, to help schools implement practical, best-in-class security.

我們的部門共同努力，提供全套整合解決方案，從先進的 Trilogy 和 Architect 鎖定裝置到企業級大陸 CA4K 門禁系統。這些平台安全、可擴展，並符合 PASS（即所謂的「更安全學校合作夥伴聯盟」）等重要標準，可協助學校實施實用、一流的安全措施。

We know that educators, administrators, and communities are looking for solutions they can trust. What makes NAPCO unique is our ability to bring together locking, access control, and alarm technologies into a unified, often interoperable platform. It's extremely gratifying to know that our solutions are helping to protect students and staff every single day, and we see this as an area of ongoing growth and responsibility.

我們知道教育工作者、管理人員和社區正在尋找他們可以信賴的解決方案。NAPCO 的獨特之處在於我們能夠將鎖定、存取控制和警報技術整合到一個統一的、通常可互通的平台中。我們非常高興地知道，我們的解決方案每天都在幫助保護學生和教職員工，我們認為這是一個持續成長和責任的領域。

In parallel with our work in education, we continue to invest heavily in R&D to expand recurring revenue opportunities across our product line. One of the most exciting of these is our MVP platform, a next generation of cloud-based access control systems that integrate seamlessly with our locking hardware. It represents a brand-new reoccurring revenue stream for us and for our dealers with configurations tailored for both enterprise customers and smaller facilities.

在進行教育工作的同時，我們繼續大力投資研發，以擴大我們產品線的經常性收入機會。其中最令人興奮的是我們的 MVP 平台，它是下一代基於雲端的存取控制系統，可與我們的鎖定硬體無縫整合。它為我們和我們的經銷商帶來了全新的經常性收入來源，其配置針​​對企業客戶和小型設施進行了量身定制。

We believe MVP can potentially be a game changer and become a foundational contributor to our growth over the coming years as it extends our leadership into the hosted access control market and reinforces our core strategy of integrating innovative hardware with cloud-based services to deliver long-term, high-margin, recurring revenue.

我們相信 MVP 有可能改變遊戲規則，並成為未來幾年我們成長的基礎貢獻者，因為它擴展了我們在託管存取控制市場的領導地位，並強化了我們將創新硬體與基於雲端的服務相結合的核心策略，以提供長期、高利潤、經常性的收入。

In summary, we are ending fiscal 2026 with a solid momentum, clarity of focus, and a strong financial foundation. Let me repeat, in summary, we are entering fiscal 2026 with a solid momentum, clarity of focus, and a stronger financial foundation. We built a resilient business model that continues to deliver even in challenging environments. I'm incredibly proud of our team, what it has accomplished, and I'm energized with what lies ahead. I'd like to thank everyone for their support and for joining us in this exciting future we have.

總而言之，我們將以強勁的勢頭、明確的重點和強大的財務基礎結束 2026 財年。總而言之，讓我再說一遍，我們將以強勁的勢頭、明確的重點和更強大的財務基礎進入 2026 財年。我們建立了一個有彈性的商業模式，即使在充滿挑戰的環境中也能繼續發揮作用。我為我們的團隊和他們所取得的成就感到無比自豪，並且對未來充滿信心。我要感謝大家的支持以及與我們一起創造這個令人興奮的未來。

Our formal remarks are now concluded, and I'd like to open the call to the Q&A session. Operator, please proceed.

我們的正式演講現​​已結束，我想開始問答環節。接線員，請繼續。

(Operator Instructions) Matt Summerville, D. A. Davidson.

（操作員指示）Matt Summerville，D. A. Davidson。

Thanks. A couple questions. Given that some distributors are still taking down inventories, should we be concerned with respect to where channel inventories sit today, given that it sounds like there may have been a little bit of a broader buy-ahead related to the tariff-driven price increases you mentioned on the call? And then I have a follow up.

謝謝。幾個問題。鑑於一些分銷商仍在減少庫存，我們是否應該擔心目前的通路庫存狀況，因為聽起來可能存在與您在電話中提到的關稅驅動的價格上漲相關的更廣泛的提前購買？然後我有一個後續行動。

So Matt, the inventory that was bought pre-tariff price increase was done in April, pretty much, so that's four or five months before the end of this quarter that we're in now. We expect distributors to buy more. The sell-through stats are good. The tariff chaos has kind of cleared up. The distributors know that we're the best game in town when it comes to tariffs, that our direction is clear. Some of the other competitors, it's a little chaotic, and they don't know where the tariffs are going.

因此，馬特，關稅上調前購買的庫存基本上是在四月份完成的，也就是說，這比我們現在所處的本季度結束還有四五個月的時間。我們預計分銷商會購買更多。銷售統計數據良好。關稅混亂局面已基本解決。經銷商知道，在關稅方面，我們是城裡最好的，我們的方向很明確。其他一些競爭對手的情況有點混亂，他們不知道關稅的去向。

We saw some of the inventory declines in the channel start to get changed in the fourth quarter. So our fourth-quarter sales was not only tariff driven, pulling-ahead driven, but also real demand. So we expect that to continue. We have a strong group of distributors, we have a strong group of dealers, we have excellent products, and we expect this to be a very good year, fiscal 2026.

我們看到通路中的一些庫存下降趨勢在第四季度開始改變。因此，我們第四季的銷售不僅受到關稅和提前銷售的驅動，還受到實際需求的驅動。因此我們預計這種情況將會持續下去。我們擁有強大的經銷商群體，強大的經銷商群體，優質的產品，我們預計 2026 財年將會是非常好的一個年度。

Matt, I'd like to mention that our tariff arrangement in the Dominican Republic is 10%. All of our competitors are either in Asia or in Europe, and Europe is now 15%. In Asia, who knows what that's going to be, but it's much higher than all of the tariffs. So we have an advantage. and our technology and the fact that we're so broadly diversified with our product line that all integrates together bodes well for getting additional dealers and doing more jobs, and they can count on stable prices from us.

馬特，我想提一下，我們在多明尼加共和國的關稅安排是 10%。我們的競爭對手要不是在亞洲，就是在歐洲，而歐洲現在佔15%。在亞洲，誰知道具體數字是多少，但它比所有關稅都高得多。因此我們有優勢。我們的技術以及我們的產品線如此多樣化的事實預示著我們將獲得更多經銷商並完成更多工作，而且他們可以信賴我們提供的穩定價格。

Thank you for that. As you think about the magnitude of increase you saw in the RSR from $89 million, I think, in April to $94 million, as you described it, in July. Do we have another quarter or two of that sort of magnitude of sequential increase based on timing of historical activations of Fire Radios? And then, given kind of the magnitude of price increase you're talking about on equipment between the two different actions you've taken, is there any reason the equipment side of the business doesn't grow double digits in fiscal 26? Thank you.

謝謝你。當您考慮 RSR 的增長幅度時，我認為從 4 月份的 8900 萬美元增加到了 7 月份的 9,400 萬美元，正如您所描述的。根據火災無線電的歷史啟動時間，我們是否還會出現另外一兩個季度的這種幅度的連續增長？然後，考慮到您採取的兩種不同行動之間設備價格上漲的幅度，有什麼原因導致設備業務在 26 財年沒有實現兩位數成長？謝謝。

So we went up $5 million. We saw this coming. I didn't know it was going to be $5 million, but if you go back, you remember I said when you have strong quarters of radio sales, the recurring comes. It doesn't come right away because there's a delay. We give out rebates. So I wasn't surprised that it went up. It went up $5 million. It was maybe a little more than I thought. I think we have some more of that in us.

因此我們增加了 500 萬美元。我們預見到了這一點。我不知道它會達到 500 萬美元，但如果你回顧一下，你會記得我說過，當你的收音機銷售季度表現強勁時，經常性收入就會出現。由於存在延遲，因此它不會立即到來。我們給予回扣。因此我對它的上漲並不感到驚訝。它上漲了500萬美元。這可能比我想像的多一點。我認為我們身上還存在著更多這樣的特質。

I don't know if it'll be $5 million, but I think it will be a nice increase again. We have to keep having strong radio quarters for that to happen. And that's our intention. We're coming out with a lot more recurring revenue radio products, not just the ones that are out there now. We're not standing still. We're aggressively marketing what we have. It all comes together when you have radio sales. It doesn't come immediately, but it comes after maybe six, eight, nine months later. So we expect the increases to keep coming for the foreseeable future.

我不知道是否會達到 500 萬美元，但我認為這將再次是一個不錯的增長。為了實現這一目標，我們必須保持強大的廣播實力。這就是我們的意圖。我們將推出更多具有經常性收入的廣播產品，而不僅僅是現有的那些。我們並沒有停滯不前。我們正在積極推銷我們所擁有的產品。當你有廣播銷售時，一切都會好起來。它不會立即出現，但可能在六、八、九個月後就會出現。因此，我們預計在可預見的未來，這種成長將持續下去。

And then my question on equipment revenue, given the magnitude of pricing, is there any reason that equipment sales don't grow double digits next year or in fiscal '26, I should say? Thanks.

然後我的問題是關於設備收入，考慮到定價的幅度，有什麼理由導致明年或 26 財年設備銷售沒有達到兩位數成長？謝謝。

Well, given we took two increases, the 8.5% to offset the tariffs and the 5%, which is a straight price increase, our belief is that we will grow double digits. We take it quarter by quarter. We have very easy comps this year, in my opinion, Qs 1, 2, and 3 especially. So it's not a hard task from my perspective, but we got to perform. Thank you.

嗯，考慮到我們進行了兩次上調，8.5% 是為了抵消關稅，5% 是直接提價，我們相信我們將實現兩位數的成長。我們按季度進行。在我看來，我們今年的比賽非常容易，尤其是 Q 1、2 和 3。所以從我的角度來看這不是一個艱鉅的任務，但我們必須完成。謝謝。

Thank you.

謝謝。

Jim Ricchiuti, Needham & Co.

吉姆·里奇烏蒂（Jim Ricchiuti），Needham & Co.

Thank you. This may be a tougher question to answer, but, yes, you sometimes are a little bit further removed from the end demand. So I'm wondering, is there any way for you to size the pull forward that you saw on equipment sales? You mentioned, Kevin, I think that the sell-through stats are good. Maybe you could elaborate on that as well.

謝謝。這可能是個比較難回答的問題，但是，是的，有時你會離最終需求有點遠。所以我想知道，您是否有辦法衡量設備銷售的拉動效應？正如您所說，凱文，我認為銷售統計數據很好。也許您也可以詳細說明一下。

Well, we talk about sell-through stats all the time. The sell-through stats that I have talked about usually relates to the quarter that we just reported on. And so our sell-through stats for the June quarter were good. They were up across the board. The key is, what do they look like in this quarter, the one we're in now? And I don't really want to comment on it, but the expectation is they'll stay strong.

嗯，我們一直在談論銷售統計數據。我談到的銷售統計數據通常與我們剛剛報告的季度有關。因此，我們六月季度的銷售數據良好。他們全盤上漲。關鍵是，在我們現在所處的這個季度，它們看起來是什麼樣的？我真的不想對此發表評論，但預計他們會保持強勢。

The ordering activity has been good this quarter. I feel like the distributors have felt like a relief has come over them. They're not panicking over tariffs, at least not with us. They know where they stand. And so that standing still, waiting to see what happens, that has subsided. We've talked a lot about WESCO in the past. They seem to be getting their act together more. So I think it bodes well. ADI is doing really well with us. I think it bodes well for Q1. But we've got to perform.

本季的訂購活動良好。我感覺經銷商都鬆了一口氣。他們並不擔心關稅，至少我們的不會。他們知道自己的立場。因此，那種站著不動、等著看會發生什麼事的現像已經消失了。我們過去曾多次談論 WESCO。他們似乎變得更加團結了。所以我認為這是個好兆頭。ADI 與我們合作得非常好。我認為這對第一季來說是個好兆頭。但我們必須表現出色。

Thinking out a little further than the quarter here and the next quarter, our goal, and we increased our engineering department, is to come out with additional recurring revenue products, more radios in other verticals that are needed, new creations of communications devices, more fire devices, more locking devices, and it's very important to us to make sure that everything has a recurring revenue component to it. So we're on a roll with our technology. The dealers love it. And we're going to expand markets for everybody. And you will see this evolving as the years go by.

展望本季和下一季度，我們的目標是推出更多經常性收入產品，我們擴大了工程部門，推出了更多所需的其他垂直領域的無線電設備、新型通訊設備、更多消防設備、更多鎖定設備，對於我們來說，確保每件產品都有經常性收入組成部分非常重要。因此，我們的技術正在蓬勃發展。經銷商很喜歡它。我們將為每個人拓展市場。隨著時間的推移，你會看到這種情況不斷演變。

Thanks. Andy, maybe a question for you. With the first price increase, some of that obviously hit -- was passed in April. There was, I presume, some benefit in the June quarter. And I'm wondering two things. To what extent there was a benefit, and just broadly, if you can help us with the overall impact on gross margins, equipment gross margins from tariffs in the quarter. Thank you.

謝謝。安迪，我想問你一個問題。隨著第一次價格上漲，其中一些顯然受到了打擊——該法案已於 4 月通過。我推測六月季度有一些好處。我有兩件事想知道。在多大程度上是有好處的？從廣義上講，您能否幫助我們了解本季關稅對毛利率、設備毛利率的整體影響？謝謝。

So we received limited benefit, I would say, in Q4 from the price increases. The company honored orders that were placed prior to those price increases going into the price books officially. So from a cost perspective, the tariffs really kicked in at the start of our Q4. So we had the full impact of the cost for the period and I would say limited benefit of our price increases based upon timing of what is replaced.

因此，我想說，第四季我們從價格上漲中獲得的利益有限。該公司尊重在價格上漲正式進入價格手冊之前所下的訂單。因此，從成本角度來看，關稅確實在第四季開始時就開始發揮作用。因此，我們受到了該期間成本的全部影響，我想說，根據替換時間的不同，我們的價格上漲所帶來的好處是有限的。

I think from a dollar perspective, it probably impacted the COGS by about $1 million or something short of $1 million. And pretty much all of the items that were subject to the tariff in Q4 were sold through, and the vast majority was shipped out by 6.30. So we had pretty much a straight dollar-for-dollar hit in Q4, but we're expecting going into Q1, those pricing adjustments are now in place, and we're expecting to see a lift from there moving forward.

我認為從美元角度來看，它可能對 COGS 的影響約為 100 萬美元或略低於 100 萬美元。第四季幾乎所有受關稅影響的商品都已售出，絕大多數在下午6點30分前出貨。因此，第四季度我們的銷售額幾乎直接受到了直接影響。但我們預計，進入第一季度，這些價格調整已經到位，我們預計銷售額將在此基礎上有所提升。

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

謝謝。我會重新回到隊列中。

(Operator Instructions) Peter Costa, Mizuho. Please go ahead.

（操作員指示）瑞穗的 Peter Costa。請繼續。

Hey, guys. Good morning. congrats on the quarter here. Maybe if you could just start with some details on the MVP and Prima launches, how's the channel uptake there relative to your plan, and just any color about how you're thinking about that opportunity over the longer term. Thanks.

嘿，大家好。早安.恭喜本季取得的成績。也許您可以先從 MVP 和 Prima 發布的某些細節開始，了解相對於您的計劃，頻道的接受度如何，以及您對這個長期機會的看法。謝謝。

The MVP, the cloud-operated system, which allows the security company that puts it in a job, for instance, at a hospital, also allows the security manager of that property to get instantaneous information about who goes into buildings, who went into certain rooms, at what time. And we expect this to be a very strong growth product with our company going forward. We're introducing two basic models. One is enterprise class, those large enterprises, and also for smaller buildings and smaller businesses.

MVP 是一種雲端作業系統，它允許將其部署到醫院等場所的保全公司即時獲取有關誰進入建築物、誰在何時進入特定房間的資訊。我們預計這將成為我們公司未來非常強勁的成長產品。我們正在介紹兩種基本模型。一個是企業級，那些大型企業，還有較小的建築和較小的企業。

And we expect that there's so many doors out there, and so many people need access control, and the cloud-operated requires no equipment in the building. Everything is up in the cloud. We make all the changes for the dealers. The dealers can get reports. Everybody can get instantaneous information about doors, openings, where people are in a building in case of a fire or an emergency.

我們預計那裡有如此多的門，如此多的人需要存取控制，並且雲端操作不需要建築物內的設備。一切都在雲端。我們為經銷商做出所有改變。經銷商可以獲得報告。一旦發生火災或緊急情況，每個人都可以即時獲得有關門、開口以及建築物內人員所在位置的資訊。

So this is going to be quite an exciting product for us going forward. And we're going to be showing it in New York at the International Security Conference, which is the next big show coming up. And our salespeople who are around the country, demoing it and training on it. So it's going to be a great contributor.

因此，這對我們未來來說將是一個非常令人興奮的產品。我們將在紐約國際安全會議上展示它，這是即將舉行的下一場大型展會。我們的銷售人員遍布全國各地，對其進行演示和培訓。所以它將成為一個偉大的貢獻者。

Okay. And then maybe just back to the ARR increase, so that $5 million sequential increase was very encouraging. It seems like the actual uplift in service revenues is lagging that a little bit. Would you kind of expect a pretty material uptick in Q-over-Q service revenues in the beginning of 2026? How are you guys thinking about that? Thanks.

好的。然後也許只是回到 ARR 的成長，因此 500 萬美元的連續成長非常令人鼓舞。看起來服務收入的實際成長有點滯後。您是否預期 2026 年初服務收入將較上季大幅成長？你們對此有何看法？謝謝。

Well, we grew. I think it was 10% year over year. And the expectation is that we can sustain that rate, maybe even do a little better than that, not go down.

嗯，我們成長了。我認為同比增長了 10%。我們的預期是，我們可以維持這個成長率，甚至可能做得更好一些，而不是下降。

Perfect. Thank you.

完美的。謝謝。

Jeremy Hamblin, Craig-Hallum Capital.

克雷格-哈勒姆資本 (Craig-Hallum Capital) 的傑里米·漢布林 (Jer

Congrats on the results and thanks for taking the questions. I wanted to come back to churn rates that you were seeing in whether or not kind of the price increases are having any impact on whether or not your -- on both equipment side, but certainly also for the recurring revenues and whether or not you're getting any pricing on that aspect of the business.

恭喜您所取得的成績並感謝您回答問題。我想回到客戶流失率的問題上，看看價格上漲是否對您的業務產生影響——不僅對設備方面，而且對經常性收入也產生影響，以及您是否在業務的這個方面獲得任何定價。

So Jeremy, we don't really have any churn, churn being accounts that disconnect from our radios because we're mostly commercial. So our churn is inconsequential as it pertains to commercial radios. We do mostly commercial. The pricing that we put in place sticks. Nobody complains about it. Everybody understands it. Everybody expects it. No pushback at all.

所以傑里米，我們實際上沒有任何客戶流失，客戶流失是指與我們的廣播斷開連接的帳戶，因為我們主要是商業性的。因此，對於商業廣播而言，我們的流失並不重要。我們主要從事商業活動。我們所製定的定價是固定的。沒有人對此抱怨。大家都明白。每個人都期待它。完全沒有阻力。

We did not take price increases on the recurring revenue amounts we charge every month. There was some talk that maybe we should. We didn't take a price increase on the radios themselves. Maybe there was talk that maybe we should. Our feeling is let's get as much as we can get. Let's not mess with the formula that's working well.

我們沒有提高每月收取的經常性收入的價格。有人說也許我們應該這麼做。我們沒有提高收音機本身的價格。也許有人說我們應該這麼做。我們的感覺是，我們要盡可能地獲取東西。我們不要破壞這個行之有效的公式。

It's not about the extra $0.50 or a $1 we could potentially charge in the recurring every month. It's about getting more radios, more of them, because once you get it, it lasts pretty much forever. So that was our strategy. The strategy has worked pretty well. In 10 years or so, we've built this up to about $100 million of recurring at 91% margin. So I think we're doing it the right way, and I'm comfortable with the strategy that we chose.

這與我們每個月可能收取的額外 0.50 美元或 1 美元無關。關鍵在於獲得更多的收音機，更多的收音機，因為一旦你擁有它，它幾乎可以永遠使用。這就是我們的策略。這一策略非常有效。在大約 10 年的時間裡，我們已將其建立至約 1 億美元的經常性收入，利潤率為 91%。所以我認為我們的做法是正確的，而且我對我們選擇的策略感到滿意。

Got it. And you've also built a strong balance sheet and wanted to just get a sense for you returned some capital here in the form of dividends, some buybacks. Is there room to potentially take up either the dividend payout rate, or are you thinking about adding on to the current buyback program?

知道了。而且您還建立了強大的資產負債表，並想了解您是否以股息、回購的形式返還了一些資本。是否有可能提高股利支付率，或者您是否考慮增加目前的回購計畫？

The dividends, we've raised that, I don't know, at least 3, maybe 4 times. So we didn't really talk about it. We announced another dividend. We kept it the same, $0.14. Certainly, having increased it 4 times or so in a short period of time, there's room for that to grow and to get to become a higher amount.

我們已經提高了股息，至少 3 次，也許 4 次。所以我們並沒有真正談論過它。我們宣布再次派發股息。我們維持原價，0.14美元。當然，在短時間內漲了4倍左右，還有成長空間，可以達到更高的水準。

So I think that will happen. We'll talk about when that should be. For this coming one, it's $0.14. When it comes to buyback, we're always looking. We're always opportunistically got our eye on it. We are cognizant of the float. We're dealing with a lot of larger investors who care about the float, but there could be room to do more buyback, but we'll see. We'll play that by ear as we go forward.

所以我認為這會發生。我們將討論何時實現這一目標。這次的回購價格是 0.14 美元。說到回購，我們一直在關注。我們總是抓住機會關注它。我們了解浮動的情況。我們正在與許多關心流通股的大型投資者打交道，但可能還有更多回購的空間，但我們拭目以待。我們將在前進的過程中隨機應變。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

(Operator Instructions) Jaeson Schmidt, Lake Street Capital Markets.

（操作員指示）Jaeson Schmidt，Lake Street Capital Markets。

Hey, guys, thanks for taking my questions. Kevin, you noted strong sell-through has continued here in September. Curious if that strength is being seen both on the radio and locking side.

嘿，夥計們，謝謝你們回答我的問題。凱文，您注意到九月份這裡的銷售情況持續強勁。好奇這種強度是否在無線電和鎖定方面都有所體現。

Well, my comment about sell-through was in the June quarter. I didn't really comment on the quarter that we're in now, so it was in the June quarter. And it was very good across the board. And we were particularly encouraged by the Fire Radios. They did really well. And like I talked about before, you sell Fire Radios today to a distributor, you may not feel the benefit of that from the recurring revenue side for six, eight, nine months. So that's coming. We'll see that.

嗯，我對六月季度的銷售情況的評論是這樣的。我實際上沒有對我們現在所處的季度發表評論，所以這是在六月季度。總體來說，它表現得非常好。消防電台尤其讓我們感到鼓舞。他們確實做得很好。正如我之前提到的，如果您今天將 Fire Radios 賣給分銷商，您可能在六個月、八個月或九個月內都感受不到經常性收入方面的好處。這就是即將發生的事情。我們將會看到這一點。

So we're encouraged by what we saw from our distributors. We expect it to continue in Q1, the one that we're in now. We'll talk about it more when we're able to, but we can't. But the June quarter was very good pretty much across the board.

因此，我們對分銷商的表現感到鼓舞。我們預期這種情況將在第一季持續下去，也就是我們現在所處的階段。當我們有能力時我們會進一步談論它，但是我們不能。但六月季度的整體表現幾乎都非常好。

And locking was very good. Locking had a very difficult comp. Locking had that big project that I've talked a lot about, the Waldorf Hotel in Manhattan. So that made for a difficult comp. There's a little bit more of a difficult comp in Q1, and then that's gone from a comp point of view. And there's other projects that we expect that could be hitting in this fiscal year. And then since the comp is not that tough, we should be able to blow past last year's numbers. But we'll see. We'll see when those things hit.

而且鎖定效果非常好。鎖定的比賽非常困難。洛克有一個大項目，我曾經多次談論過，那就是曼哈頓的華爾道夫酒店。所以這使得比賽變得困難。第一季的競爭稍微困難一些，但從競爭的角度來看，這種情況已經消失了。我們預計其他項目也可能在本財年啟動。而且由於競爭不是那麼激烈，我們應該能夠超越去年的數字。但我們會看到。當這些事情發生時，我們就會知道。

Got you. And then just following up on your comments on the school market, I know you can't disclose all your wins, but just curious if you've seen a noticeable pickup in that space.

明白了。然後，再跟進您對學校市場的評論，我知道您不能透露所有的勝利，但我只是好奇您是否看到該領域出現了明顯的回升。

The school business is steady. Steady, good, steady, strong. I wish it was more. It's frustrating. There was an incident at Villanova last week. It wasn't a shooting. They thought it was a shooting, but what I heard in the news report was they announced that the students should lock their doors and barricade chairs against the door.

學校事業穩定。穩，好，穩，強。我希望它更多。這真令人沮喪。上週維拉諾瓦發生了一起事件。這不是槍擊事件。他們以為這是一起槍擊事件，但我在新聞報導中聽到的是，他們宣布學生應該鎖上門，並用椅子擋住門。

That's the old thing that we've been hearing about for years, for years. And that means to me that there's still plenty of schools. Villanova is a very well-known school that still has to upgrade. And our sales guys better be talking to Villanova pretty soon. But school business is good. We're working hard for it to be even better. There's plenty of money and plenty of opportunity. And there will be for years to come.

這是我們多年來一直聽到的老話。對我來說，這意味著仍然有很多學校。維拉諾瓦大學是一所非常知名的學校，但仍需升遷。我們的銷售人員最好盡快與維拉諾瓦進行溝通。但學校的生意很好。我們正在努力讓它變得更好。這裡有很多金錢和機會。並且在未來幾年內仍將如此。

Okay, thanks a lot, guys.

好的，非常感謝大家。

Thank you. There are no further questions at this time. I want to hand the call back to Mr. Richard Soloway for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給理查德·索洛韋先生，請他做最後發言。

Thank you, everyone, for participating in today's conference call. As always, should you have any further questions, 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 Q1 2026 results. Have a wonderful day, 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 2026 財年第一季的業績。祝大家有美好的一天。

And this concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。