NAPCO Security Technologies Inc (NSSC) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NAPCO Security Technologies fiscal first-quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded on Monday, November 3, 2025.

女士、先生們，早安，歡迎參加 NAPCO 安全科技公司 2026 財年第一季財報電話會議。（操作員指示）本次通話於2025年11月3日星期一進行錄音。

I would now like to turn the conference over to Mr. Francis Okoniewski. Please go ahead.

現在我將把會議交給弗朗西斯·奧科涅夫斯基先生。請繼續。

Thank you, Emma. 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 first-quarter 2026.

謝謝你，艾瑪。各位早安。這是NAPCO安防科技公司投資人關係副總裁法蘭‧奧科涅夫斯基。感謝各位參加今天舉行的電話會議，討論我們2026財年第一季的財務表現。

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.napcosecurity.com.

到目前為止，各位應該都已經有機會查看我們關於季度業績的盈利新聞稿了。如果您還沒有收到，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, Chairman and CEO of NAPCO Security Technologies; Kevin Buchel, President and Chief Operating Officer; and Andrew Vuono, Chief Financial Officer.

今天參加電話會議的有：NAPCO 安全技術公司董事長兼執行長 Dick Soloway；總裁兼營運長 Kevin Buchel；以及財務長 Andrew Vuono。

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. 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 for reoccurring monthly revenue.

在我們開始之前，請允許我花一點時間宣讀一下前瞻性聲明，因為本次演示包含前瞻性聲明，這些聲明基於管理層的判斷、信念、當前趨勢和預期產品性能，對未來業績做出的當前預期、估計、預測和展望。這些前瞻性聲明包括但不限於與公司業務成長驅動因素相關的聲明，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對客戶和經銷商的好處、我們控制費用和成本的能力以及預期的每月經常性收入的年度運行率。

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 predictable 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包含的結果有重大差異。這些因素包括但不限於我們在提交給美國證券交易委員會的文件（包括我們的 10-K 表格年度報告）中所述的風險因素。其他未知或可預測的因素或潛在假設，如果事後證明是錯誤的，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.

儘管我們認為前瞻性聲明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、績效或成就。您不應過度依賴這些前瞻性陳述。

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.

除非另有說明，今天新聞稿和本次電話會議中提供的所有資訊均截至今天，除適用法律要求外，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. But before I do, I want to mention we will be attending the International Security Conference trade show, November 18 through 20, in New York City's Javits Center. We'll be showcasing an array of exciting new products. And if anyone is interested in attending, please contact me, and I will arrange to get you a guest pass.

我馬上把電話轉給迪克。但在此之前，我想提一下，我們將參加 11 月 18 日至 20 日在紐約市賈維茨中心舉行的國際安全會議貿易展。我們將展示一系列令人興奮的新產品。如有任何有興趣參加者，請與我聯繫，我將安排為您辦理嘉賓通行證。

In addition, we're 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 who assist us in these type of events.

此外，我們正在積極規劃近期投資者關係活動日程，包括非交易路演和會議出席。投資人拓展對 NAPCO 來說非常重要，我要感謝所有在這類活動中幫助我們的人。

In the coming weeks, we'll be attending the Robert Baird Global Industrial Conference in Chicago; the Stephens Annual Investment Conference in Nashville; the UBS Global Industrials & Transportation Conference in Palm Beach, Florida; the Melius Research Conference in New York City; and Needham's 28th Annual Growth Conference also in New York City.

在接下來的幾周里，我們將參加在芝加哥舉行的羅伯特·貝爾德全球工業會議；在納許維爾舉行的史蒂芬斯年度投資會議；在佛羅裡達州棕櫚灘舉行的瑞銀全球工業與交通運輸會議；在紐約市舉行的梅利烏斯研究會議；以及同樣在紐約市舉行的尼德姆第28屆年度增長會議。

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.

既然如此，現在讓我把電話交給 NAPCO 安全技術公司董事長兼執行長迪克‧索洛韋。迪克，現在輪到你發言了。

Thank you, Fran. Good morning, everyone, and welcome to our conference call. We appreciate you joining us as we review our fiscal first-quarter 2026 performance. Our first-quarter results, which reflects record Q1 revenue, continues the momentum we reported from Q4 of fiscal 2025 and is a reflection of our continued focus on long-term growth and resiliency of our business. Our recurring revenue model has continued its steady growth while maintaining its substantial profitability.

謝謝你，弗蘭。各位早安，歡迎參加我們的電話會議。感謝您與我們一同回顧2026財年第一季的業績。我們第一季的業績反映了創紀錄的第一季收入，延續了自 2025 財年第四季以來的成長勢頭，也反映了我們對業務長期成長和韌性的持續關注。我們的經常性收入模式持續穩定成長，同時維持了可觀的獲利能力。

We remain encouraged with our equipment revenue performance and our ability to weather the various microeconomic challenges we encountered in fiscal 2025 as we started to realize some of the benefits from our pricing strategies in response to tariff uncertainties.

我們對設備收入表現以及應對 2025 財年遇到的各種微觀經濟挑戰的能力感到鼓舞，因為我們開始意識到，為了應對關稅的不確定性，我們的定價策略帶來了一些好處。

We have started fiscal 2026 with a positive momentum and confidence in our ability to continue to execute on our plan to provide enhanced shareholder value and growth through the balance of the fiscal year.

2026 財年伊始，我們便展現出積極的發展勢頭，並有信心繼續執行我們的計劃，在本財年剩餘時間內為股東創造更大的價值並實現增長。

Now, I'll 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 more detail, and then I will return to delve deeper into our strategies and market outlook.

現在，我將把電話交給我們的總裁兼營運長凱文·布歇爾，他將就我們的一些營運和財務業績亮點發表評論。在凱文發言之後，我們的財務長安迪沃諾將更詳細地介紹財務狀況，然後我將回來更深入地探討我們的策略和市場前景。

Kevin, the floor is yours.

凱文，現在輪到你發言了。

Thank you, Dick. Good morning, everyone. I'm pleased to share a few highlights from what was a very strong start to fiscal 2026. Total revenue for the quarter was $49.2 million, and that's a Q1 record, and up 12% compared to the same period last year. Within those results, equipment sales reached $25.7 million, also up 12% year over year, demonstrating the continued strength of our relationships with our distributors and our dealers.

謝謝你，迪克。各位早安。我很高興與大家分享2026財年開局強勁的一些亮點。本季總營收為 4,920 萬美元，創下第一季紀錄，比去年同期成長 12%。在這些業績中，設備銷售額達到 2,570 萬美元，年增 12%，這表明我們與分銷商和經銷商的關係仍然穩固。

And this increase was also supported in part by the early impact of two price adjustments: one related to tariffs, and that was implemented at the end of April; and our normal annual price increase, and that took effect in mid-July. We did not see the full impact of those price adjustments in Q1, but we expect to see a larger benefit in the upcoming quarters of fiscal 2026.

此外，價格上漲的部分原因還在於兩項價格調整的早期影響：一項與關稅有關，於 4 月底實施；另一項是我們正常的年度價格上漲，於 7 月中旬生效。我們在第一季沒有看到這些價格調整的全部影響，但我們預計在 2026 財年接下來的幾季將看到更大的好處。

Recurring revenue remained strong as well, growing 11% over last year's Q1; and maintaining an impressive gross margin of 90.3%, with StarLink commercial fire radios continuing to be the key driver within that mix. Our equipment gross margin improved as well to 26%, representing a 300-basis-point sequential increase from fiscal 2025's Q4.

經常性收入也保持強勁，比去年第一季成長了 11%；毛利率維持在令人矚目的 90.3%，其中 StarLink 商用消防無線電仍然是該組合中的關鍵驅動因素。我們的設備毛利率也提高到 26%，比 2025 財年第四季較上季成長 300 個基點。

From a profitability standpoint, operating income increased 15% year over year. Net income rose 9% to a Q1 record of $12.2 million, and that represents 25% of revenue. And our adjusted EBITDA was up 21%, and we now have an adjusted EBITDA margin of 30.4%.

從獲利能力來看，營業收入年增 15%。淨利潤成長 9%，達到創紀錄的 1,220 萬美元（第一季），佔營收的 25%。我們的調整後 EBITDA 成長了 21%，目前的調整後 EBITDA 利潤率為 30.4%。

Finally, cash continues to grow. It reached $106 million as of September 30, 2025. Cash from operations was $11.6 million. And of course, we have no debt. As such, we are pleased to announce that we are continuing our dividend program as our Board of Directors declared a quarterly dividend of $0.14 per share, payable on January 2, 2026, to shareholders of record on December 12, 2025.

最後，現金流持續成長。截至 2025 年 9 月 30 日，該金額已達 1.06 億美元。經營活動產生的現金流量為1,160萬美元。當然，我們沒有任何債務。因此，我們很高興地宣布，我們將繼續執行分紅計劃，董事會已宣布派發每股 0.14 美元的季度股息，將於 2026 年 1 月 2 日支付給 2025 年 12 月 12 日登記在冊的股東。

Overall, this was a strong start to fiscal 2026, and I'm very proud of the team's execution across the Board.

總的來說，這是 2026 財年的強勁開局，我對團隊在各個方面的執行力感到非常自豪。

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

接下來，我將把電話交給我們的財務長安迪沃諾，讓他更深入地分析一下財務狀況。安迪？

Thank you, Kevin, and good morning, everyone. Net revenue for the three months ended September 30, 2025 increased 11.7% to $49.2 million as compared to $44 million for the same period a year ago. Recurring monthly service revenue continued its strong growth, increasing 11.6% in Q1 to $23.5 million as compared to $21.1 million for the same period last year.

謝謝你，凱文，大家早安。截至 2025 年 9 月 30 日止三個月的淨收入成長 11.7%，達到 4,920 萬美元，而去年同期為 4,400 萬美元。經常性月度服務收入持續保持強勁成長，第一季成長 11.6% 至 2,350 萬美元，而去年同期為 2,110 萬美元。

Our recurring revenue service now has a prospective annual run rate of approximately $95 million based on our October 2025 recurring service revenues, and that compares to $94 million based on July 2025 recurring service revenues, which we reported back in August. These increases reflect the continued demand for our line of StarLink radios.

根據我們 2025 年 10 月的經常性服務收入，我們經常性收入服務的預期年運行率約為 9500 萬美元，而根據 2025 年 7 月的經常性服務收入，我們曾在 8 月份報告過，該服務預計年運行率為 9400 萬美元。這些成長反映了市場對我們 StarLink 系列無線電產品的持續需求。

Equipment revenue increased 11.8% to $25.6 million as compared to $22.9 million for Q1 of fiscal '25, which is a result of increased volume in our door locking product line and the impact of certain product pricing increases that went to effect in the quarter.

設備收入成長 11.8%，達到 2,560 萬美元，而 2025 財年第一季為 2,290 萬美元，這主要是由於門鎖產品線的銷量增加以及本季生效的某些產品價格上漲的影響。

Gross profit for the three months ended September 30, 2025 increased 13.1% to $27.8 million with a gross margin of 56.6%, as compared to $24.6 million with a gross margin of 55.9% for the same period last year. Gross profit for recurring services revenue for the quarter increased 10.7% to $21.2 million with a gross margin of 90.3%, as compared to $19.2 million with a gross margin of 91.1% last year.

截至 2025 年 9 月 30 日止三個月，毛利成長 13.1% 至 2,780 萬美元，毛利率為 56.6%，而去年同期毛利為 2,460 萬美元，毛利率為 55.9%。本季經常性服務收入的毛利成長10.7%，達到2,120萬美元，毛利率為90.3%，而去年同期為1,920萬美元，毛利率為91.1%。

Gross profit for equipment revenues in Q1 increased 21.8% to $6.6 million with a gross margin of 25.7%, as compared to $5.4 million with a gross margin of 23.6% last year. The increase in equipment gross profit was primarily a result of product mix as door locking products have a higher gross margin than intrusion. That, coupled with certain price increases and improved overhead absorption as a result of increased volume, contributed to the improvement in the equipment margins.

第一季設備營收毛利成長 21.8% 至 660 萬美元，毛利率為 25.7%，去年同期為 540 萬美元，毛利率為 23.6%。設備毛利的成長主要是由於產品組合的變化，因為門鎖產品的毛利率高於防盜產品。再加上價格上漲以及銷售增加帶來的間接費用吸收改善，這些因素共同促成了設備利潤率的提高。

R&D costs for the quarter increased 6% to $3.2 million or 6.6% of revenue, as compared to $3.1 million or 6.9% of revenue for the same period a year ago. The increase for the three months primarily resulted from increased labor costs, which was partially offset by reduced consulting fees.

本季研發成本成長 6% 至 320 萬美元，佔營收的 6.6%，去年同期為 310 萬美元，佔營收的 6.9%。這三個月的成長主要是由於勞動成本增加，但諮詢費減少部分抵消了這一增長。

Selling, general and administrative expenses for the quarter increased 13% to $11 million or 22.3% of net revenue, as compared to $9.7 million or 22.1% of net revenue for the same period last year. The increase in SG&A for the three months were primarily due to increased legal fees and sales commissions, partially offset by decreased bonuses and compensation and benefits.

本季銷售、一般及行政費用成長 13% 至 1,100 萬美元，佔淨收入的 22.3%，而去年同期為 970 萬美元，佔淨收入的 22.1%。這三個月的銷售、一般及行政費用增加主要是因為法律費用和銷售佣金增加，部分被獎金、薪資和福利的減少所抵銷。

Operating income for the quarter increased 15.1% to $13.6 million as compared to $11.9 million for the same period last year. Interest and other income for the three months decreased 13.5% to $1 million as compared to $1.1 million last year. The decrease for the three months ended September '25 was due to lower interest income from the company's cash and short-term investments as a result of lower interest rates.

本季營業收入成長 15.1%，達到 1,360 萬美元，去年同期為 1,190 萬美元。前三個月的利息和其他收入下降了 13.5%，至 100 萬美元，而去年同期為 110 萬美元。截至 2025 年 9 月的三個月期間，由於利率下降，公司現金和短期投資的利息收入減少，導致利潤下降。

The provision for income taxes for the three months increased 36% or $655,000 to $2.5 million, with an effective tax rate of 16.9% as compared to $1.8 million with an effective tax rate of 14% last year. The increase in the provision for three months was due to higher pretax income, as well as a larger portion of the company's taxable income being attributable to US operations, and the remeasurement of certain deferred tax liabilities due to tax rate changes enacted in the One Big Beautiful Bill Act in the current period.

三個月的所得稅準備金增加了 36%，即 65.5 萬美元，達到 250 萬美元，實際稅率為 16.9%，而去年同期為 180 萬美元，實際稅率為 14%。三個月撥備增加的原因是稅前收入增加，以及公司應稅收入中歸屬於美國業務的部分增加，以及由於本期《一項偉大的美麗法案》中實施的稅率變化而對某些遞延所得稅負債進行重新計量。

Net income for the quarter increased 8.8% to $12.2 million or $0.34 per diluted share, as compared to $11.2 million or $0.30 per diluted share for the same period last year and represented 25% of net revenue. Adjusted EBITDA for the quarter increased 21.1% to $14.9 million or $0.42 per diluted share, as compared to $12.3 million or $0.33 per diluted share for the same period a year ago and equates to an adjusted EBITDA margin of 30.4%.

本季淨利成長 8.8% 至 1,220 萬美元，即每股攤薄收益 0.34 美元，而去年同期為 1,120 萬美元，即每股攤薄收益 0.30 美元，佔淨收入的 25%。本季調整後 EBITDA 成長 21.1% 至 1,490 萬美元，即每股攤薄收益 0.42 美元，而去年同期為 1,230 萬美元，即每股攤薄收益 0.33 美元，調整後 EBITDA 利潤率為 30.4%。

As it relates to our balance sheet, as of September 30, the company had $105.8 million in cash and cash equivalents and marketable securities as compared to $99.1 million as of June 30, 2025, a 6.6% sequential increase. The company had no debt as of September 30. And cash provided by operating activities for the three months ended September 30, 2025 was $11.6 million as compared to $12 million for the same period last year, a 3% decrease.

就我們的資產負債表而言，截至 9 月 30 日，公司擁有現金及現金等價物和有價證券 1.058 億美元，而截至 2025 年 6 月 30 日為 9,910 萬美元，環比增長 6.6%。截至9月30日，該公司沒有負債。截至 2025 年 9 月 30 日止三個月，經營活動產生的現金流量為 1,160 萬美元，去年同期為 1,200 萬美元，下降了 3%。

Working capital, which is defined as current assets less current liabilities, was $159.2 million as of September 30 a,s compared with working capital of $149.9 million on June 30, 2025. Our current ratio was 7.5:1 on September 30 as opposed to 7.3:1 on June 30, 2025. And our CapEx for the quarter was $193,000 as compared to $680,000 in the prior-year period.

截至 9 月 30 日，營運資本（定義為流動資產減去流動負債）為 1.592 億美元，而 2025 年 6 月 30 日的營運資本為 1.499 億美元。截至 2025 年 9 月 30 日，我們的流動比率為 7.5:1，而截至 2025 年 6 月 30 日，該比率為 7.3:1。本季資本支出為 19.3 萬美元，而上年同期為 68 萬美元。

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

我的正式發言到此結束，我想把電話回給迪克。

Thanks, Andy. Let me close with a few reflections on where we've been and where we're headed. This quarter, NAPCO once again demonstrated the strength and resilience of our business model. We remain focused on delivering lasting value to our customers, partners, and shareholders, and the results speak for themselves.

謝謝你，安迪。最後，我想就我們走過的路和未來的方向做一些反思。本季度，NAPCO再次展現了我們商業模式的實力和韌性。我們始終致力於為客戶、合作夥伴和股東創造持久價值，而業績也證明了這一點。

Recurring revenue now represents nearly half of our total sales, supported by a sustained 90%-plus gross margin. This steady high-margin income continues to drive consistent cash generation and reinvestment in innovation and growth. A key contributor remains our StarLink Fire radio platform, which has become the industry standard for commercial fire communications.

經常性收入目前占我們總銷售額的近一半，毛利率持續維持在 90% 以上。這種穩定的高利潤收入持續推動現金流的不斷產生，並用於創新和成長的再投資。我們的 StarLink Fire 無線電平台仍然是關鍵貢獻者，它已成為商業消防通訊的行業標準。

Operationally, our team is executing exceptionally well. We manage inventory tightly; continue to invest in product development, compliance, and infrastructure; and return capital through dividends, all while maintaining a debt-free balance sheet.

在營運方面，我們的團隊表現非常出色。我們嚴格管理庫存；持續投資於產品開發、合規和基礎設施；並透過分紅返還資本，同時保持零負債的資產負債表。

Looking ahead, we remain optimistic. Market dynamics continue to evolve, but we're not standing still. We've implemented pricing actions, diversified our distribution base, and invested in automation and enhancements to the StarLink platform, aimed at sustained growth and protecting margins.

展望未來，我們依然保持樂觀。市場動態不斷演變，但我們不會停滯不前。我們採取了定價措施，實現了分銷管道多元化，並投資於 StarLink 平台的自動化和改進，旨在實現持續成長並保護利潤率。

Our strong balance sheet provides flexibility for both organic investments and potential strategic acquisitions, while keeping us committed to shareholder returns. One area where NAPCO continues to make a real impact is school security, one of the most critical challenges of our time. We're proud to partner with school districts nationwide, providing integrated solutions that include our Trilogy and ArchiTech lock sets and enterprise-scale access control systems. These platforms are secure, scalable, and aligned with the Partner Alliance for Safer Schools, or PASS program standards, giving educators and administrators solutions they can trust.

我們強勁的資產負債表為有機投資和潛在的策略性收購提供了靈活性，同時使我們能夠致力於股東回報。NAPCO 持續產生真正影響的領域之一是校園安全，這是我們這個時代最嚴峻的挑戰之一。我們很榮幸能與全國各地的學區合作，提供包括我們的 Trilogy 和 ArchiTech 鎖具套裝以及企業級門禁系統的整合解決方案。這些平台安全可靠、可擴展，並符合「更安全校園夥伴聯盟」（PASS）計畫標準，為教育工作者和管理人員提供值得信賴的解決方案。

What truly differentiates NAPCO is our ability to integrate locking, access control, and alarm technologies into a unified interoperable platform, protecting students and staff every day, while driving future growth.

NAPCO 的真正優勢在於我們能夠將鎖定、門禁控制和警報技術整合到一個統一的互通平台中，從而每天保護學生和教職員工的安全，同時推動未來的發展。

At the same time, we continue to expand recurring revenue opportunities through innovation. A great example is our MVP cloud-based access control platform, which integrates seamlessly with our locking hardware. MVP introduces a new subscription-based revenue stream for NAPCO and our dealers, and it's available in two configurations: MVP Access, an enterprise-grade solution supporting unlimited users; and MVP EZ, a mobile-first version for locksmiths and smaller facilities.

同時，我們不斷透過創新拓展經常性收入機會。一個很好的例子就是我們的 MVP 雲端門禁控制平台，它可以與我們的鎖具硬體無縫整合。MVP 為 NAPCO 和我們的經銷商引入了一種新的基於訂閱的收入來源，它有兩種配置：MVP Access，一種支援無限用戶的企業級解決方案；以及 MVP EZ，一種針對鎖匠和小型機構的行動優先版本。

We believe MVP has the potential to be a game changer, extending our leadership into hosted access control and reinforcing our strategy of pairing innovative hardware with cloud-based services to drive higher-margin recurring revenue.

我們相信 MVP 有潛力成為遊戲規則的改變者，將我們在託管存取控制領域的領先地位進一步擴大，並強化我們將創新硬體與雲端服務相結合的策略，從而推動更高利潤的經常性收入。

Beyond education, our Alarm Lock and Marks hardware lines continue to gain traction in healthcare, retail, and multi-dwelling applications, as well as airport infrastructure upgrades. And as the transition away from legacy copper phone lines accelerates, our StarLink radios, which operate on both AT&T and Verizon networks and now also T-Mobile, are well positioned to capture additional market share across millions of commercial and residential buildings.

除了教育領域，我們的 Alarm Lock 和 Marks 硬體產品線在醫療保健、零售和多戶住宅應用以及機場基礎設施​​升級方面也持續獲得市場認可。隨著傳統銅質電話線的淘汰速度加快，我們的 StarLink 無線電設備可在 AT&T 和 Verizon 網路以及現在的 T-Mobile 網路上運行，因此完全有能力在數百萬棟商業和住宅建築中獲得更多市場份額。

Operationally, our Dominican Republic manufacturing facility continues to be a key competitive advantage, offering cost efficiency, stable logistics, and low tariff exposure, a benefit versus many competitors manufacturing in higher-tariff regions. While external market and regulatory conditions remain fluid, we're focused on what we can control, driving innovation, executing with discipline, and growing our base of recurring revenue. We're confident that our strong net income, adjusted EBITDA, and cash flow trends will continue to strengthen.

在營運方面，我們在多明尼加共和國的製造工廠仍然是一項關鍵的競爭優勢，它具有成本效益高、物流穩定、關稅低等優點，這比許多在高關稅地區生產的競爭對手更有優勢。儘管外部市場和監管環境仍然瞬息萬變，但我們專注於我們能夠控制的事情，推動創新，嚴謹執行，並擴大我們的經常性收入基礎。我們有信心，我們強勁的淨收入、調整後 EBITDA 和現金流趨勢將持續增強。

In summary, we have begun fiscal 2026 with a solid momentum, a clear focus, a stronger financial foundation than ever before. I'm incredibly proud of our team, what our team has accomplished, and excited about the opportunities ahead.

總而言之，我們以強勁的發展勢頭、清晰的目標和比以往任何時候都更強大的財務基礎開啟了 2026 財年。我為我們的團隊感到無比自豪，為我們團隊的成就感到驕傲，也對未來的機會感到興奮。

Thank you all for your continued support and confidence in NAPCO. Our formal remarks are now concluded. We'd like to open the call for the Q&A session. Operator, please proceed.

感謝大家一直以來對NAPCO的支持與信任。我們的正式發言到此結束。我們現在開始問答環節。操作員，請繼續。

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

（操作說明）Matt Summerville，D.A. Davidson。

A couple of questions. First, on locking. Can you talk about what percent of your locking mix today is represented by that networked product? And then, can you also discuss how your MVP technology differs from other major locking players in the space today? And then I have a follow up.

幾個問題。首先，關於鎖定。您能否談談目前貴公司鎖具組合中，連網產品所佔的百分比是多少？那麼，您能否也談談您的MVP技術與目前該領域其他主要鎖定技術有何不同？然後我還有後續問題。

I'll answer the first part, and I guess Dick could answer the second part. So the first part, most of our sales in locking are the traditional products. MVP is just starting out. It's gaining some traction. We're going to show it again at ISC East, which is in a couple of weeks. We're going to show upgrades to what we showed at ISC West back in April.

我來回答第一部分，我想迪克可以回答第二部分。所以第一部分，我們鎖具銷售的大部分都是傳統產品。MVP才剛起步。它正在獲得一些關注。我們將在幾週後的ISC East大會上再次展示它。我們將展示比四月在 ISC West 上展示的產品更高級的版本。

The expectation is once we show that and start shipping that, we'll start to gain more traction in the new stuff. But the old stuff, the traditional stuff is powerful stuff. Locking is 66% of equipment sales. And that includes all the categories we mentioned in our prepared remarks, including schools and lots of things.

我們預計，一旦我們展示並開始交付這些產品，我們的新產品就會獲得更多關注。但是，那些古老的、傳統的東西才是真正強大的。鎖具銷售額佔設備銷售額的 66%。這包括我們在準備好的演講稿中提到的所有類別，包括學校等等。

We don't announce all the school wins. The schools, sometimes they don't want us to talk about it. But believe me, they're there, and that's part and parcel of why locking was so strong. It was very strong in this quarter, and the expectation is it will continue to be strong.

我們不會公佈學校的所有比賽勝利。學校有時不希望我們談論這件事。但請相信我，它們確實存在，而這正是鎖定機制如此強大的重要原因之一。本季表現非常強勁，預計未來將持續保持強勁勢頭。

Now Dick, maybe you can comment on why our MVP is different than anybody's product out there.

迪克，或許你可以談談我們的MVP與其他任何產品有何不同。

Sure. So the MVP product that we introduced is a new recurring revenue generator for locksmiths as well as system integrators. And what's interesting about it is that we have a totally integrated system because we manufacture the locks. We've been gold standard lock manufacturers under the Trilogy brand for many, many years. It's considered the best locking product.

當然。因此，我們推出的 MVP 產品為鎖匠和系統整合商帶來了新的經常性收入來源。有趣的是，我們擁有一個完全一體化的系統，因為我們自己生產鎖具。多年來，我們一直是 Trilogy 品牌下鎖具行業的黃金標準製造商。它被認為是最好的鎖具產品。

Now, we've added the radio aspect to it, which communicates to our cloud. And the cloud is owned by us; we built it. So we're a total integrated manufacturer, which allows us to add a lot of extra functionality to the concept of locking with a recurring revenue tail to it.

現在，我們為其添加了無線電功能，它可以與我們的雲端通訊。雲端運算是我們擁有的，是我們建造的。因此，我們是一家完全一體化的製造商，這使我們能夠為鎖定概念添加許多額外的功能，並為其帶來持續的收入。

So if you're an administrator in a hospital, you're in charge of the security division, you can get instantaneous information with all the equipment up in the cloud. No longer does it have to be on the site and where the dealer has to go back and make upgrades to the software. It can all be done in the cloud, and we do it all for the dealer. And we charge $3 a door -- for each door. And there are millions and millions of doors out there.

因此，如果您是醫院的管理人員，負責安全部門，您可以立即取得雲端所有裝置的資訊。現在無需再將軟體上傳到網站，經銷商也無需再返回網站進行軟體升級。這一切都可以在雲端完成，我們為經銷商提供全方位服務。我們每扇門收費 3 美元。外面有數百萬的門。

While we're very successful with the fire alarms and the burglar alarm radio products, which generate recurring revenue, there's millions of those type of buildings where there's one radio per building usually. In this case, you could have 15, 20, 100 doors generating $3 per door with all these services. So it's a totally integrated hardware-software package, and we made it in two different ways.

雖然我們的火災警報器和防盜警報器無線電產品非常成功，能夠帶來持續的收入，但這類建築物數以百萬計，通常每棟建築只有一個無線電裝置。在這種情況下，您可以擁有 15 扇、20 扇、100 扇門，透過所有這些服務，每扇門可產生 3 美元的收入。所以這是一個完全整合的軟體硬體軟體包，我們用兩種不同的方式製作了它。

One is for basic smaller offices, doctors' offices. You have six doors. And that's the MVP EZ. And then the full-blown access control cloud system is for system integrators to do larger jobs. So we can control our own destiny unlike a lot of our competitors, which have to get locks from one manufacturer, then they do the software themselves or vice versa.

一個是面向小型基本辦公室，例如醫生辦公室。你有六扇門。這就是MVP EZ。然後，功能齊全的門禁控制雲端系統則供系統整合商完成更大規模的專案。因此，我們可以掌控自己的命運，不像我們的許多競爭對手那樣，他們必須從一家製造商那裡購買鎖具，然後自己開發軟體，或者反過來。

We do it all in-house. We have an engineering staff that develops everything from soup to nuts, from the hardware, all the way up to the middle and software of these systems. So it makes us very unique. It's going to be very powerful in the future. It's a way for dealers and locksmiths to build equity in their business now by getting recurring revenue from each door where they install the locks.

我們所有工作都是內部完成的。我們擁有一支工程團隊，負責開發這些系統的各個方面，從硬體到中間層和軟體。所以這使我們非常獨特。它未來將會非常強大。對於經銷商和鎖匠來說，這是一種透過從每扇安裝鎖具的門上獲得持續收入來累積業務資產的方式。

And then, just as a follow up. Can you parse out a bit, in the fiscal first quarter, how much of the hardware revenue growth would have been price versus volume? I'm trying to get a feel for how much price has yet to be realized. And any high-level thoughts as to how the remainder of the fiscal year cadences out would be beneficial.

然後，作為後續補充。能否分析一下，在第一財季，硬體收入成長中有多少是價格因素造成的，又有多少是銷售因素造成的？我想了解一下還有多少價格尚未最終確定。任何關於本財年剩餘時間如何順利進行的高層思考都將是有益的。

So that's -- it's a combination, Matt. As I said earlier, we didn't get the full benefit of the price, but we will as the year progresses. Andy could give us some color of kind of what it was in Q1, but we know that there's a lot more to come from the benefit of the pricing. Andy, do you want to comment on it?

所以，這是－－這是組合，馬特。正如我之前所說，我們還沒有完全享受到價格帶來的好處，但隨著時間的推移，我們會享受到的。安迪可以為我們介紹第一季的情況，但我們知道，價格方面的優勢還會持續下去。安迪，你想對此發表一下看法嗎？

Sure. Matt, so in response to that, so of the approximate 12% increase in equipment revenue for the period, our preliminary analysis has indicated approximately 60% of that is related to volume increases and 40% is tied to the pricing increases that went into effect in Q1.

當然。馬特，針對這一點，我們初步分析顯示，該期間設備收入增長約 12%，其中約 60% 與銷量增長有關，40% 與第一季生效的價格上漲有關。

Jim Ricchiuti, Needham & Co.

吉姆·里奇烏蒂，尼德姆公司

Maybe a follow up to that, and I know this information is going to be in the Q later today, but can you give us a sense as to what the overall growth was in the door locking products business and whether, when you talk about the early pricing benefits, you saw some benefit in that part of the business as opposed to the radio business?

也許可以就此追問一下，我知道這些資訊今天晚些時候會在季度報告中公佈，但您能否大致介紹一下門鎖產品業務的整體增長情況，以及，當您談到早期定價優勢時，您是否看到這部分業務比無線電業務更有優勢？

So locking, and you'll see this in the Q that's going to be filed today, a little later today. Locking for Q1 was $17,083,000. Last year's Q1, it was $13,854,000. So that's a substantial increase. Locking was very strong.

所以，鎖定狀態已經確定，您將在今天稍後提交的 Q 文件中看到這一點。第一季鎖定金額為 17,083,000 美元。去年第一季為 13,854,000 美元。所以這是一個相當大的成長。鎖扣非常牢固。

Some of it did come from orders that were placed by distributors trying to beat the price increases. We carried a backlog of several million into Q1 from Q4. But a lot of it was not that. So it was really some of it guys going ahead, trying to beat the rush, but a lot of it is locking being strong. This is one of the strongest locking quarters, maybe the strongest we've ever had. It was right up there.

其中一些訂單來自分銷商為了應對價格上漲而下的訂單。我們從第四季延續到第一季度，積壓訂單高達數百萬美元。但很多時候並非如此。所以，一部分原因是隊員們向前推進，試圖搶在對手衝鋒前完成防守，但很大程度上是因為防守球員的穩固。這是最堅固的鎖閉牢房之一，或許是我們用過的最堅固的。它就在那裡。

And the expectation is, it's going to continue. We don't have situations in the channel where guys are loaded up. And presumably, they're not going to skip when we come to then this quarter, Q2. You never know with distributors. They behave funny sometimes, but the channel is good. The sell-through is strong. The expectations are all very good in the locking segment.

預計這種情況還會持續下去。我們頻道裡沒有那種選手被灌醉的狀況。可以肯定的是，到了本季（第二季），他們也不會跳過這一步。你永遠無法預料分銷商會做什麼。他們有時行為舉止很滑稽，但這個頻道還不錯。銷售情況良好。鎖具領域的預期都非常樂觀。

Helpful, Kevin. And I wonder, maybe just to the comment you just made, just the overall tone of demand, what you're hearing from some of your channel partners? You alluded to a good sell-through that you're seeing on the door locking side, maybe on both parts of the hardware business. Any color you could provide in terms of what you're seeing, hearing sell-through stats or otherwise? Thank you.

凱文，你真是幫了大忙。我想知道，就您剛才的評論而言，就整體需求而言，您從一些通路合作夥伴那裡聽到了什麼？你提到門鎖產品銷售情況良好，或許五金產業的兩個面向都是如此。您能否提供一些關於您所看到、聽到的銷售統計數據或其他方面的資訊？謝謝。

Right. So sell-through stats, this is as of Q1. I can't really comment on what's Q2, which is a month old. But for Q1, we saw very good sell-through stats for all of our locking partners. And we have two locking companies, and it was good on both.

正確的。所以，這是截至第一季的銷售統計數據。我無法對一個月前的第二季數據發表評論。但就第一季而言，我們所有鎖具合作夥伴的銷售數據都非常出色。我們有兩家鎖具公司，兩家的服務都很好。

On the intrusion side, we saw tremendous improvement there, too. And I look at this very closely every month. So I was (technical difficulty) what I'm seeing. I always caution because I never know what distributors are going to do. It's their year-end in December.

在入侵防禦方面，我們也看到了巨大的進步。我每個月都會仔細檢查這份報告。所以，我遇到了（技術故障）目前看到的情況。我總是謹慎行事，因為我永遠不知道經銷商會做什麼。他們的年終結算日是12月。

Who knows what's going to happen. But if we're going to base it solely on what stats we're seeing, and that's their inventory levels and the sell-through, we should be in good shape in both areas, locking and intrusion.

誰知道會發生什麼事。但如果我們僅僅根據我們看到的統計數據來判斷，也就是他們的庫存水準和銷售情況，那麼我們在鎖定和入侵這兩個方面都應該處於良好狀態。

Peter Costa, Mizuho.

Peter Costa，瑞穗銀行。

I'd like to maybe dig a little bit further into the service margins. That 80-basis-point year-over-year decline was a little bit more than expected. What's kind of causing that pressure? Is there anything on underlying radio margins an acceleration in MVP? Anything there? Thank you.

我想更深入地探討一下服務利潤率。年比下降 80 個基點，略高於預期。造成這種壓力的原因是什麼？MVP 是否有任何關於底層無線電裕度加速的資訊？那裡有什麼嗎？謝謝。

So Peter, there were really two factors that affected the margin for the recurring, which still is tremendous. 90.3% is still tremendous. It did go down from a little bit over 91%. So two factors.

所以彼得，真正影響經常性收入利潤率的因素有兩個，但這個利潤率還是非常高。 90.3%仍然非常高。這個數字確實從略高於 91% 下降了。所以有兩個因素。

Factor number one, we now have a triple carrier radio. That introduces T-Mobile into the mix. We have to buy minutes to support that. We haven't really charged anybody for that. And even though it's not a lot of money, it did move the needle a little bit. The expectation is we will increase our recurring radio charge to cover that. It's not going to be a lot, but it might be enough to move the needle back to where it was. That's one factor.

第一點，我們現在有了三載波無線電。這就把T-Mobile也拉了進來。我們需要購買通話時長才能支援這項服務。我們並沒有為此向任何人收費。雖然金額不多，但確實起了一定的作用。預計我們將提高定期無線電通訊費用以彌補這部分損失。雖然不會很多，但或許足以讓情況恢復到之前的水準。這是其中一個因素。

Another factor is we are gaining a lot of business from some very large dealers. I don't want to mention any names, but there are large dealers out there. One in particular has been buying a lot of the smaller dealers. It seems like they do an acquisition every week. And as a result of that, we're picking up more radio business, and we will be picking up more in the future.

另一個因素是我們從一些大型經銷商那裡獲得了大量業務。我不想點名，但確實存在一些大型經銷商。其中一家尤其收購了許多小型經銷商。他們似乎每週都要進行一次收購。因此，我們的廣播業務正在成長，未來還會成長。

This consolidation, if you want to call it that, from the big guys buying up some of the smaller guys, and the radio segment has all moved in our favor. But the big guy loves our fire radio. And when he buys a smaller dealer, he is going to make sure that the smaller dealer's customers get our StarLink Fire radio, if they weren't using it. Maybe they were using it. But if they weren't, opportunity for us to pick up even more share.

如果你願意稱之為整合的話，那麼從大公司收購一些小公司到廣播領域的整合，都對我們有利。但這位大個子很喜歡我們的消防收音機。當他收購一家規模較小的經銷商時，他會確保這家規模較小的經銷商的客戶都能獲得我們的 StarLink Fire 收音機（如果他們之前沒有使用的話）。或許他們正在使用它。但如果他們沒有這樣做，那我們就有機會獲得更多市場份額。

The one negative of this, and it's mostly positive, is a big guy can command a little bit of a better price. Maybe the big guy pays $1 less than what the smaller guy is paying. We honor that. We're happy to get more business.

這件事唯一的缺點（但整體來說還是好事）是，個頭大的人可以要價更高一些。也許大人物付的錢比小人物付的錢少1美元。我們尊重這一點。我們很高興能獲得更多業務。

So if a guy was paying $8, we have to lower it to $7, just to use an example, we will do that. We'll do that all day long because we're picking up more radio recurring revenue business. So that, too, can move the needle a little bit. Absent of that, it's all the same powerful margins that you've been seeing.

舉個例子，如果一個人要付 8 美元，我們就得把價格降到 7 美元，我們會這麼做。我們會整天這樣做，因為我們正在獲得更多的廣播經常性收入業務。所以，這也能起到一定的作用。如果沒有那件事，那麼你看到的仍然是同樣強大的利潤率。

Makes a lot of sense.

很有道理。

Let me add something else to that. I network a lot with the dealers, and some of the dealers in certain parts of the country have told me that T-Mobile is more reliable on their cell phones than the other services. So evidently, the towers are different or the way the reception is for the radios on their towers is different.

我還要補充一點。我經常與經銷商交流，一些地區的經銷商告訴我，T-Mobile 的手機訊號比其他業者更可靠。顯然，這些塔樓不一樣，或者說它們塔樓上的無線電接收方式不一樣。

So by adding T-Mobile to our mix of AT&T and Verizon, now we have all the major carriers. And the areas where T-Mobile is the strongest in pickup, and communications is now in our radios. So we're going to pick up market share -- additional market share with a more stable radio network with T-Mobile. So that's going to help us a lot. So overall, it should be a net positive having T-Mobile as part of our mix.

因此，透過將 T-Mobile 加入我們現有的 AT&T 和 Verizon 的組合中，我們現在擁有了所有主要營運商。T-Mobile 訊號涵蓋最廣的地區，以及我們無線電通訊的普及，都體現了這一點。因此，我們將透過與 T-Mobile 合作，利用更穩定的無線網路來獲取更多的市場份額。那對我們幫助很大。總的來說，將 T-Mobile 納入我們的業務組合應該會帶來淨收益。

Awesome. Yeah, thank you. Maybe just thinking about the price on the radio, I think that's kind of intended to be under the RSR, and that seems like a pretty big deal. How would you kind of approach that? Is that just the entire installed base would get a little bit of price, just incremental sales or just like the T-Mobile radios? How would you tackle that?

驚人的。是啊，謝謝。或許只是想想收音機的價格，我覺得它的價格應該低於RSR，這似乎意義重大。你會如何處理這個問題？是指所有已安裝用戶都能享受一點價格優惠，還是只是增量銷售，或者像 T-Mobile 的無線電設備那樣？你會如何解決這個問題？

If it's a triple carrier. It's going to be in everybody's radio. So to cover it, everybody would probably get a little bit of an increase, not much. Believe me, we don't want to mess with a very good formula. But like the shareholders, I want to keep that 91% margin as well. And if we have to raise it a little bit to keep it up there, we're going to do that. So we're looking at that now, Peter.

如果是三載體。每個人的收音機裡都會播放它。所以為了彌補這部分損失，每個人可能都會得到一點加薪，但不多。相信我，我們不想破壞一個非常好的配方。但和股東們一樣，我也希望能維持91%的利潤率。如果為了保持這個水平，我們需要稍微提高一下價格，我們就會這麼做。所以我們現在正在研究這個問題，彼得。

(Operator Instructions) Jeremy Hamblin, Craig-Hallum Capital Group.

（操作說明）傑里米·漢布林，克雷格-哈勒姆資本集團。

Congrats on the strong results. Just wanted to start a little bit with kind of the manufacturing facility, making sure that in terms of the hurricane that had some impact in the DR, just understanding what you've seen there.

恭喜你們取得優異成績。我想先簡單了解製造工廠的情況，確保了解颶風對多明尼加共和國造成的影響，以及你們在那裡看到的情況。

And then, just kind of related note, in terms of how the tariffs are being applied at this point and impact, as you look forward in calendar '26, do you feel like you're going to have kind of normal pricing increase on products? Or is there any incremental that you need to take to cover where tariffs stand today?

另外，順便提一下，就目前關稅的適用方式和影響而言，展望 2026 年，您認為產品價格會出現正常的上漲嗎？或者，您是否需要採取任何額外措施來彌補目前的關稅水準？

This is Dick Soloway. I moved down there to the Dominican Republic after I searched around in China and Mexico and decided Dominican is great for a lot of advantages, closest to the US, stable government and being able to get the workers that we needed. And we built this custom building. After we were in individual smaller buildings, we built a custom building, which is Category 5 proof. It's all concrete building.

這是迪克·索洛韋。我在中國和墨西哥考察了一番之後，最後搬到了多明尼加共和國。我認為多明尼加有很多優勢，例如離美國最近、政府穩定，而且能夠找到我們需要的工人。我們建造了這座客製化建築。在各自擁有較小的建築物之後，我們建造了一座定制建築，該建築可抵禦 5 級火災。全是混凝土建築。

So we don't have any issues. We had no problem with the hurricane that passed by. We generate our own power, make our own water. We're self-contained like city down there. And of course, we have our workers come from around the area.

所以我們沒有任何問題。我們沒有受到過境颶風的影響。我們自己發電，自己製水。我們那裡就像一座自給自足的城市。當然，我們的工人也來自周邊地區。

And it's actually a shelter for them in a hurricane because it's stronger than the houses. So it works out really, really well. So we had no issues with that, and we don't expect there's anything that's going to be able to cause us any grief in the future.

而且在颶風中，它實際上可以成為他們的避難所，因為它比房屋更堅固。所以效果真的非常好。所以在那方面我們沒有任何問題，我們也不認為將來會有任何事情會給我們帶來麻煩。

And what was the second part of the question?

問題的第二部分是什麼？

Just in terms of tariff impact and thinking about pricing in 2026 and whether or not you take kind of your more typical price increase or whether or not you would take slightly more, just given how kind of the tariffs are playing out here. I mean, we've seen some stabilization in kind of tariff mandates, but --

僅就關稅影響而言，考慮到 2026 年的定價，以及您是否會接受更典型的價格上漲，或者是否會接受略高的價格上漲，這取決於關稅目前的走勢。我的意思是，我們看到關稅政策方面出現了一些穩定跡象，但是…--

The tariffs for the DR, very stable. It's not like some of the other countries where it's going up. It's down; it's here; it's there. We know what it is, 10%. That's what it is. That's what it's been.

多明尼加共和國的關稅非常穩定。它不像其他一些國家那樣，房價還在上漲。它就在下面；它在這裡；它在那裡。我們知道它是多少，10%。就是這樣。一直都是這樣。

We took an increase to cover that back in -- we announced it back in April. We don't need to do anything more on that front. We took a general price increase that we announced in July. We don't expect to do another one until we get to the end of this fiscal year that we're in. So pricing-wise, we're good.

我們當時為了彌補這部分損失而增加了開支——我們在四月宣布了這一消息。我們無需在這方面採取任何進一步行動。我們採取了7月宣布的全面漲價措施。我們預計在本財年結束前不會再進行一次。所以價格方面，我們沒問題。

The only thing is, we haven't felt it all yet. We expect to feel good about it -- better. We feel good already. We expect to feel better about it as we get deeper into the year as the full effect is felt. We haven't felt it yet.

唯一的問題是，我們還沒有完全感受到這一切。我們期待對此感覺更好。我們感覺已經很好了。隨著時間推移，各項影響逐漸顯現，我們預期情況會好轉。我們還沒感覺到。

Great. And then just coming back to the service revenues. You saw a nice little bit of sequential year-over-year improvement from what you had in the June quarter. And you just had a strong quarter with locking. I wanted to just get a sense with the evolution of that business and potentially getting some recurring revenue associated with that in combination with kind of the radio alarms and so forth.

偉大的。然後我們再回到服務收入的話題。與六月的季度相比，你可以看到同比出現了一些不錯的增長。你們上個季度在鎖定方面表現出色。我只是想了解這項業務的發展情況，並有可能從中獲得一些經常性收入，例如結合無線電鬧鐘之類的東西。

When do you think you might kind of see that show up here in recurring service revenue growth as FY26 plays out?

您認為在 2026 財年結束時，什麼時候才能在經常性服務收入成長中看到這種趨勢的體現？

When we released it, when we first talked -- started talking about it, showed it at ISC West in April, and we said at that time, give it 18 months to 2 years. That's how long this kind of thing takes. We hope it's sooner, but I would give it time. I think we'll feel a little bit more as this fiscal year progresses. I think fiscal '27 is when I think we'll really start to feel it.

當我們發布它的時候，當我們第一次談論它的時候——開始談論它的時候，在四月份的 ISC West 上展示了它，當時我們說，給它 18 個月到 2 年的時間。這種事通常需要這麼久。我們希望它能盡快實現，但我認為還需要一些時間。我認為隨著本財年的推進，我們會感受到更多。我認為2027財年我們會真正開始感受到這種影響。

So you got to give it time. We're like six months removed basically from when we really had a coming-out party for it. Now, we're going to have another coming-out party in a couple of weeks to show the other versions of MVP. Give it another year after that, and I think it could be meaningful.

所以你得給它一些時間。距離我們正式推出這個項目已經過去大約六個月了。現在，我們將在幾週後舉辦另一場發布會，展示 MVP 的其他版本。再過一年，我覺得可能會有意義。

I went through -- because I've been in the alarm business for a long time, I went through alarms without recurring revenue. Imagine, in the early years, it was just a hardware job that was put in by a dealer. There was no recurring revenue, and the dealer went on to another hardware job.

因為我從事警報器行業很久了，所以我經歷過沒有持續收入的警報器銷售。試想一下，在早期，這只是經銷商安裝的硬體工程。由於沒有持續的收入，經銷商轉而從事另一項五金業務。

And then the intro of recurring revenue in the alarm business revolutionized that business. Every job that goes in, intrusion of fire, has a recurring revenue communicator in it, and it gives great service to the occupant of the building, the owner of the building.

隨後，警報設備產業引入了經常性收入模式，徹底改變了這個產業。每件進入建築物的工作，包括火災入侵，都包含​​一個經常性收入通訊器，它為建築物的居住者和所有者提供了極大的服務。

So that change, it took a couple three years for dealers to understand why you want to build equity in your business. You just don't want to do a job and do another job after that without having a recurring revenue tail.

所以，經銷商花了二到三年才理解為什麼要建立企業資產這個轉變。你一定不想做完一份工作後，再去做另一份工作，卻沒有持續的收入來源。

We're going through the same situation now in the locking business, 25 years later. The locking business is such that a dealer will put in a locking job, either a large building or smaller buildings, and then they go on to the next job, but there's no equity building, no recurring revenue. We are unique in the business, having the fact that we make the locks, we make the radios, and that the locksmiths and the integrators don't get recurring revenue from this type of service. And we believe, like it happened in the alarm business, there's going to be a changeover that locksmiths are going to want to get recurring revenue tail to everything they do. And that's what we're doing now.

25年後的今天，我們在鎖具產業也面臨同樣的情況。鎖具產業的運作方式是，經銷商完成一個鎖具安裝項目，無論是大型建築還是小型建築，然後他們就去做下一個項目，但不會累積資產，也不會獲得經常性收入。我們在業界獨樹一幟，因為我們自己生產鎖具，自己生產收音機，而鎖匠和整合商卻無法從這類服務中獲得持續收入。我們相信，就像警報器行業發生的那樣，鎖匠行業也將發生轉變，他們會希望從自己所做的每一件事中獲得持續的收入。這就是我們現在正在做的事情。

Patterning ourselves after the original alarm business, now we're bringing it to the locking business. And we're unique in the fact that we're the company that can do that because we have all these different facets that we've knitted together to make an integrated manufactured locking product and a cloud product for these locksmiths and for the system integrators.

我們效仿最初的警報器業務模式，現在將其引入鎖具業務。我們之所以能做到這一點，是因為我們擁有所有這些不同的方面，並將它們整合在一起，為鎖匠和系統整合商打造了整合的製造鎖具產品和雲端產品。

So it's going to be an exciting ride going forward. Just piling on more recurring revenue is the name of the game for us. We've become a communications type of company, and it's going to grow ever larger.

所以接下來的路將會非常精彩。對我們來說，關鍵在於不斷增加經常性收入。我們已經發展成為一家通訊類公司，而且規模還會越來越大。

Just as a quick follow up on that point. So as we look to FY27, do you have a sense for what portion of your total service revenues could be tied to the locking products as opposed to the alarm?

關於這一點，我再補充一點。展望 2027 財年，您是否認為您的總服務收入中，鎖具產品（而非警報器）所佔的比例會是多少？

I think it's premature for us to throw out projections like that. I would just say, I think it would be meaningful and just leave it at that.

我認為現在就做出這樣的預測還為時過早。我只會說，我覺得這樣做很有意義，然後就說到這裡吧。

Just think about how many doors are out there and how many commercial buildings. This is all commercial. This is not residential. And what information you can get from every door who comes in, in case of emergencies, what's going on in the hospital, in the drug area, where the drug cabinets are, and you get instant information and reports, doing time and attendance and all kinds of other great things, knowing everything that goes on in every door in the building that has an MVP system, locking system installed on it.

想想看，外面有多少扇門，有多少個商業建築。這一切都是商業行為。這不是住宅區。而且，在緊急情況下，你可以從每個進出的門獲取信息，了解醫院裡正在發生的事情，藥品區的情況，藥品櫃的位置，你可以立即獲得信息和報告，進行考勤以及各種其他很棒的事情，了解建築物內每個安裝了 MVP 系統和鎖定係統的門發生的一切。

I would say that if you don't have this type of system a couple of years from now, you're really in the blind as a management company or as a security department in an industrial building. You've got to have this information. You shouldn't be in the blind. And MVP will give it to everybody. And it's very, very economical, very reliable because it's all built using our StarLink communications program.

我想說，如果幾年後你還沒有這種類型的系統，那麼作為一家管理公司或工業建築的安保部門，你真的會像盲人摸像一樣。你必須掌握這些資訊。你不應該蒙在鼓裡。MVP會把獎品頒給所有人。而且它非常經濟實惠，非常可靠，因為它完全是使用我們的 StarLink 通訊程式建構的。

Jaeson Schmidt, Lake Street.

傑森‧施密特，湖街。

Curious if you can give us an update on how ADI is progressing.

可否告知我們ADI計畫的最新進展？

ADI relationship, excellent. They do a great job over there. They move a lot of intrusion equipment on our behalf. Couldn't be happier with the exception of one thing. I'd like more locking sales out of them, and we told them this.

ADI關係良好。他們在那邊做得很好。他們代表我們搬運了大量入侵偵測設備。除了某件事之外，我簡直不能更滿意了。我希望他們能多做一些限制銷售的事情，我們也告訴他們這一點。

They're great with the alarm side. We think there's an opportunity for locking through them. They have over 100 branches. I think it's 115 branches, and it would be nice to move locking through those 115 branches. Absent of that, they're doing a very good job, very happy.

他們在報警方面做得很好。我們認為存在著透過它們進行鎖定的機會。他們擁有超過100家分店。我認為有 115 個分支，如果能將鎖定操作轉移到這 115 個分支上就好了。如果沒有其他原因，他們做得很好，也很開心。

Let me add something to that. There's lots -- there are many, many dealers, and a larger percentage of dealers are going to be doing locking jobs. These are the alarm dealers that do fire and burglar alarm jobs, but they're not doing -- not a large percentage are doing locking. They're just staying into the alarm sector of the business.

我還要補充一點。有很多——經銷商很多很多，而且很大一部分經銷商都會從事鎖具安裝工作。這些是提供火災和防盜警報服務的警報器經銷商，但他們並沒有提供鎖具服務——只有很小一部分經銷商提供這項服務。他們只是繼續留在警報設備領域。

Now with recurring revenue added on to the locking jobs, it's not just a hardware installation. It's a recurring revenue generator for them. It adds to their fire and burglar alarm recurring revenue. And we're going to be training lots of these locking dealers to utilize it and lots of the alarm dealers to utilize it and vice versa. So we're going to be doing a lot of cross-training, so that a dealer can be a total wraparound business. He gets recurring revenue from his alarms and he gets recurring revenue from his locking installations and vice versa.

現在，鎖具安裝工作除了硬體安裝之外，還能帶來持續的收入。這能為他們帶來持續的收入。這增加了他們的火災和防盜警報系統的經常性收入。我們將培訓許多鎖具經銷商來使用它，也訓練許多警報器經銷商來使用它，反之亦然。因此，我們將進行大量的交叉培訓，以便經銷商能夠成為全方位一體化的企業。他從警報器安裝中獲得持續收入，並從門鎖安裝中獲得持續收入，反之亦然。

So ADI is a great vehicle because they're the largest distributor. They will, I'm sure, enter into the locking business all across the country, and it's going to be great for market share for us because we're the only alarm manufacturer that has a locking division, and we're the only locking manufacturer that has an alarm division designing and manufacturing all these things. So we're a natural play for the whole locking and alarm industry.

所以 ADI 是一個很棒的選擇，因為他們是最大的經銷商。我相信他們一定會進軍全國的鎖具行業，這對我們來說將是一個巨大的市場份額提升機會，因為我們是唯一一家擁有鎖具部門的警報器製造商，也是唯一一家擁有警報器部門來設計和製造所有這些產品的鎖具製造商。因此，我們自然而然地成為了整個鎖具和警報行業的合作夥伴。

We have three locking companies, Marks and Alarm Lock and Continental, and we have the NAPCO burglar and the fire alarm business. So we really have the widest range of products out there. Great partners with ADI, and they're a great company. They're really buttoned up.

我們有三家鎖具公司，分別是 Marks and Alarm Lock 和 Continental，此外我們還有 NAPCO 防盜警報和火災警報業務。所以我們的產品種類確實是市面上最齊全的。ADI是很好的合作夥伴，他們是一家很棒的公司。他們真是非常謹慎。

Okay. That's helpful. And then, just as a follow up. Sorry if I missed it, but when will the price increase go into effect to account for the T-Mobile compatibility?

好的。那很有幫助。然後，作為後續補充。如果我錯過了相關信息，請見諒，但為了適應 T-Mobile 的兼容性，價格上漲何時生效？

We're studying that now, Jaeson. We're very cautious with the pricing for the recurring. But it's very clear that we're adding a cost that we're not being compensated for. So we're looking at it. And I would say it's imminent, but we haven't decided it yet.

傑森，我們正在研究這個問題。我們對經常性服務的定價非常謹慎。但很明顯，我們增加了一項成本，卻沒有得到任何補償。所以我們正在研究這個問題。我認為此事即將發生，但我們尚未做出決定。

(Operator Instructions) Lance Vitanza, TD Cowen.

（操作說明）Lance Vitanza，TD Cowen。

So I wanted to talk a little bit about the school security side. And I think it was about a year ago that you announced the Pasadena school contract. I'm wondering what the status is of that, how far along that is or how it went. Any sort of lessons to learn or just how that sort of leaves you feeling about the opportunity more broadly?

所以我想稍微談談學校安全的問題。我記得大約一年前，您宣布了帕薩迪納學校的合約。我想知道這件事的進展情況，進展到什麼程度了。從中有什麼經驗教訓可以學習嗎？或者說，這件事讓你對這個機會有了怎樣的整體感受？

That project went well. It's been completed. The opportunities are still tremendous throughout the country. You see all the shootings that are still going on. You still see the announcement that barricade chairs in front of the doors. These are all things we all have been hearing for over 10 years.

那個專案進展順利。已經完成了。全國各地仍然蘊藏著巨大的機會。你看，槍擊事件還在不斷發生。你仍然可以看到告示說要在門口放置路障椅。這些都是我們十多年來一直聽到的說法。

And unfortunately, a lot of the schools, school districts move very slowly. We do our best to go around the country and show the school districts if they have any issues with money, how to go about getting the money. There's lots of money available. A lot of funds have been allocated to school security. It's there.

不幸的是，很多學校、學區行動都很緩慢。我們盡最大努力走遍全國各地，向學區展示如果他們遇到資金問題，該如何籌集資金。資金非常充裕。學校安保方面已撥出大量資金。它就在那裡。

The universities have no issues. They have the money, and they have the needs as well. Despite the shooting has been going on for over 10 years, we're in the early innings, I would say, fourth or fifth inning of this. Still tremendous opportunity.

大學方面沒有任何問題。他們有錢，也有需求。儘管槍擊​​事件已經持續了 10 多年，但我們仍然處於早期階段，我認為，大概是第四局或第五局。仍然蘊藏著巨大的機會。

We win a lot of business, and we're not able to tell you about it unless the school grants it, grants us permission. And sometimes, we don't even know about it because the distributors just are doing a job for a school district and they buy a lot of our equipment.

我們贏得了許多業務，但除非學校允許，否則我們不能告訴你們。有時，我們甚至不知道，因為分銷商只是為學區做生意，他們會購買我們大量的設備。

We know it's meaningful. We know there's a lot more to go. We know we have the solutions. We know we're the only company because we do locking and access and alarms. We're the one-stop shop that a lot of schools need. So we just keep going out there and getting that word out.

我們知道這很有意義。我們知道還有很長的路要走。我們知道我們有解決辦法。我們知道我們是唯一一家提供門鎖、門禁和警報服務的公司。我們是許多學校需要的一站式服務機構。所以我們只能繼續努力，把這個訊息傳出去。

Yeah. We manufacture locks, which are inexpensive for K-12s. And then we manufacture versions of that lock with remote control to them, so you can lock doors remotely, do wide area campuses with our locks. And it's a very diversified line of wide-ranging locks.

是的。我們生產的鎖具價格低廉，適合中小學生使用。然後我們生產帶有遙控功能的鎖，這樣你就可以遠端鎖門，並用我們的鎖在廣闊的校園區域內進行監控。而且，這是一個產品線非常多元化、涵蓋廣泛的鎖具系列。

And as Kevin said, we manufacture the locking, the lock set. We make the parts. We assemble it. We do the radios. We have the cloud. We have all of that experience, and schools appreciate it, and we're doing very nice school work.

正如凱文所說，我們生產鎖具，也就是鎖具套裝。我們生產零件。我們把它組裝起來。我們負責廣播。我們擁有雲端運算。我們擁有所有這些經驗，學校也很欣賞這一點，而且我們在學校的作業做得非常好。

But still, even after hundreds of shootings a year in the US, it's a tragedy, a lot of schools haven't installed it yet. So the fourth or fifth inning of the installation, availability. So there's a lot more to do. So schools that make great choices will select the NAPCO system, and we can be flexible from the smallest to the largest campuses out there.

但是，即便美國每年發生數百起槍擊事件，令人遺憾的是，許多學校仍然沒有安裝防槍設備。所以，安裝的第四或第五階段，可用性。所以還有很多事情要做。因此，那些做出明智選擇的學校會選擇 NAPCO 系統，我們可以靈活地滿足從最小到最大的校園的各種需求。

So it's a great thing that we're manufacturing that. We want to protect the students and the faculty. And with NAPCO, you can. So our guys are beating the bushes and showing this to these facilities. And eventually, everybody will get armed up against intruders that come into schools and cause havoc.

所以，我們生產這種產品是一件非常好的事情。我們想要保護學生和教職員。有了NAPCO，你就能做到。所以我們的人正在四處奔走，向這些機構展示這個。最終，所有人都會武裝起來，對抗闖入學校製造混亂的入侵者。

If I could just get one more in on the balance sheet. Cash at $106 million, that's as high as it's been in my memory, recent memory. What do you plan to do with all that cash? I know you talked about possible M&A. The dividend, I mean, you're covering that out of your cash flow.

如果資產負債表上還能再增加一個就好了。現金儲備達到 1.06 億美元，這是我記憶中最近的最高水準。你打算怎麼花掉這筆錢？我知道你們討論過可能的併購事宜。我的意思是，股息是用你的現金流來支付的。

And I'm guessing that the amount of cash that you actually need to run the business is a small fraction of what you have. So can we be thinking about any kind of accelerated return of capital to shareholders in 2026?

我猜想，你實際經營所需的現金只是你所擁有現金的一小部分。那麼，我們是否可以考慮在 2026 年以任何形式加速向股東返還資本？

It's a good problem to have, Lance. We keep generating more and more cash. There's not a lot of M&A that's required to run the business. You heard in Andy's comments that CapEx was minimal. We need lots of labor, and we can get it in the Dominican Republic.

蘭斯，這是個幸福的煩惱。我們不斷創造越來越多的現金流。經營這家公司並不需要進行大量的併購活動。從安迪的評論你可以看出，資本支出非常少。我們需要大量勞動力，而我們可以在多明尼加共和國找到勞動力。

So the needs for cash dividends, potential acquisition, we have lots of bankers talking to us. Every banker tells us they have the perfect deal for us, but we're pretty fussy. There's a lot of boxes it has to check. We don't want to be distracted. But if it's the right deal, we certainly would proceed.

所以，關於現金分紅的需求、潛在的收購，有很多銀行家正在和我們洽談。每個銀行家都告訴我們他們有最適合我們的方案，但我們很挑剔。它需要滿足很多條件。我們不想分心。但如果條件合適，我們當然會繼續前進。

And there are -- I'm sure there are companies out there, and we go through -- as the bankers present them, we go through them all. And if one hits the right spot, we'll go after it.

我相信肯定有這樣的公司，我們會逐一檢視銀行家們介紹的公司。如果擊中要害，我們就會追擊。

The last thing we want to do though is get distracted by something that's not accretive from day one. We don't want to overpay, but it could be a good thing. And we're in a good position to do it, much better than the position we were in when we did our last one 15 years ago when we had minimal cash, lots of debt and no recurring revenue.

我們最不想看到的就是被一些從一開始就不能帶來收益的事情分散注意力。我們不想多付錢，但這或許是好事。我們現在的情況很好，比 15 年前我們上次做這件事時的情況好得多，當時我們現金很少，負債累累，而且沒有經常性收入。

So we got a lot of cash, lots of recurring, no debt. We could do it. It's got to be right.

所以我們獲得了大量現金，很多經常性收入，沒有債務。我們能做到。肯定是對的。

There seems to be no further questions at this time. So I will now turn the call over back to Richard. Please continue.

目前似乎沒有其他問題了。現在我將把通話轉回給理查德。請繼續。

Thank you, everyone, for participating in today's conference call. As always, should you have any further questions, feel free to call Fran, Kevin, Andy or myself for further information. We thank you for your interest and support, and we look forward to speaking to you all again in a few months to discuss NAPCO's fiscal Q2 results.

感謝各位參加今天的電話會議。如有任何疑問，歡迎隨時致電 Fran、Kevin、Andy 或我本人諮詢。感謝各位的關注與支持，我們期待在幾個月後再次與大家交流，討論 NAPCO 的第二財季表現。

Have a wonderful day, everybody. Bye-bye.

祝大家今天過得愉快。再見。

Thank you, Richard. Thank you, everyone. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝你，理查。謝謝大家。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。