NAPCO Security Technologies, Inc. (NSSC) 2026 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NAPCO Security Technologies fiscal fourth quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 NAPCO Security Technologies 2026 會計年度第四季財報電話會議。(接線員指示)

I would now like to turn the conference call over to Francis Okoniewski, VP, Investor Relations. Please go ahead.

現在我想將電話會議交給投資人關係副總裁 Francis Okoniewski。請開始。

Thank you, Jenny. Good morning, everyone. This is Fran Okoniewski, Vice President of Investor Relations for NAPCO Security Technologies. Thank you for joining today's conference call to discuss our financial results for the fiscal fourth quarter and fiscal year 2026. By now, you should have all had the opportunity to review our earnings press release, which discusses our fiscal fourth quarter and full-year results. If you have not yet received it, a copy is available in the Investor Relations section of our website, www.napcosecurity.com.

謝謝你，Jenny。各位早安。我是 NAPCO Security Technologies 投資人關係副總裁 Fran Okoniewski。感謝各位參加今天的電話會議，討論我們 2026 會計年度第四季及全年度的財務結果。此時各位應該都已經有機會閱讀我們的財報新聞稿，其中說明了 2026 會計年度第四季與全年度的業績。若您尚未收到，投資人關係可於我們網站 www.napcosecurity.com 的 Investor Relations（投資人關係）專區取得。

Joining me on today's call are Mr. Soloway, Founder and Executive Chairman; Kevin Buchel, Chief Executive Officer and President; and Andrew Vuono, our Chief Financial Officer.

今天與我一同出席的有：創辦人暨執行董事長 Soloway 先生；執行長兼總裁 Kevin Buchel；以及財務長 Andrew Vuono。

Before we begin, I would like to review our forward-looking statement. This presentation contains forward-looking statements based on current expectations, estimates, forecasts, and projections of future performance, as well as management's judgment beliefs, current trends, and anticipated product performance. These statements include, without limitation, comments regarding growth drivers of the company's business, including school security products, recurring revenue services, potential market opportunities, the benefits of our Recurring revenue products to customers and dealers, our ability to control expenses and costs, and the expected annual run rate for software as a service or SaaS Recurring monthly revenue.

在開始之前，我想先說明我們的前瞻性陳述。本簡報包含以前瞻性陳述為主的內容，係基於對未來表現之目前預期、估計、預測與推估，以及管理階層的判斷與信念、目前趨勢與預期的產品表現。這些陳述包括但不限於：公司業務的成長動能（包含校園安全產品、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與經銷商的效益、我們控制費用與成本的能力，以及軟體即服務（SaaS）經常性月收入的預期年度化運行率。

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied in those statements. These risks include but are not limited to the factors described in our SEC filings, including our annual report on Form 10-K. Other unknown or unpredictable factors or underlying assumptions that later prove to be incorrect could also cause actual results to differ materially from those discussed in the forward-looking statements.

前瞻性陳述涉及風險與不確定性，可能導致實際結果與該等陳述所明示或暗示者有重大差異。這些風險包括但不限於我們向美國證券交易委員會（SEC）提交之文件中所述因素，包括 Form 10-K 年度報告。其他未知或不可預測因素，或其後被證明不正確的基本假設，也可能導致實際結果與前瞻性陳述中討論者有重大差異。

Although we believe expectations are reflected in these statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not place undue reliance on forward-looking statements. All information provided in today's press release and on this conference call is as of today's date unless otherwise stated, and we undertake no duty to update such information except as required under applicable law.

雖然我們相信這些陳述所反映的預期屬合理，但我們無法保證未來結果、活動水準、表現或成就。您不應過度依賴前瞻性陳述。除非另有說明，今日新聞稿與本次電話會議所提供之所有資訊均以今日日期為準；除適用法律要求外，我們不承擔更新該等資訊之義務。

Throughout the presentation, management will discuss certain non-GAAP financial results. We encourage you to refer to the reconciliation between GAAP and non-GAAP results included in our press release. Before turning the call over to Mr. Soloway, I want to note that we are actively planning our investor relations calendar for upcoming non-deal roadshows and investor conferences. Investor outreach is important in NAPCO, and we appreciate the support of those who help us participate in these events.

在本次簡報中，管理階層將討論若干非 GAAP 財務結果。我們建議您參閱新聞稿中所附 GAAP 與非 GAAP 結果之調節表。在把電話交給 Soloway 先生之前，我想提到我們正積極規劃投資人關係行事曆，安排即將到來的非交易路演（non-deal roadshow）與投資人會議。投資人交流對 NAPCO 很重要，我們也感謝協助我們參與這些活動的各方支持。

Over the coming weeks, we will participate in several key investor events, including the Jefferies Industrial Conference in New York City on September 10, a virtual non-deal roadshow hosted by Lake Street on September 16, and D.A. Davidson's 25th Annual Diversified Industrials and Services Conference in Nashville, Tennessee, later in September. In addition, NAPCO will be exhibiting at ISC East in New York City from November 3 through the 5, where we will be introducing a number of new products.

在接下來幾週，我們將參與數場重要投資人活動，包括：9 月 10 日於紐約市舉行的 Jefferies 工業會議、9 月 16 日由 Lake Street 主辦的線上非交易路演，以及 9 月稍晚於田納西州納什維爾舉行的 D.A. Davidson 第 25 屆年度多元化工業與服務會議。此外，NAPCO 將於 11 月 3 日至 5 日在紐約市的 ISC East 展出，屆時我們將推出多項新產品。

ISC East is one of the security industry's premier events on the East Coast, and we welcome investors and analysts who plan to attend to stop by our booth.

ISC East 是美國東岸安防產業的頂級盛會之一，我們歡迎計畫出席的投資人與分析師蒞臨我們的攤位。

With that, let me turn the call over to Mr. Soloway, our founder and executive Chairman. Mr. Soloway. The floor is yours.

接下來，讓我把電話交給我們的創辦人暨執行董事長 Soloway 先生。Soloway 先生。請您發言。

Thank you, Fran. Fiscal 2026 was a year of exceptional performance and meaningful progress for NAPCO. We strengthened our market position, expanded our capabilities, served our customers at a high level and delivered results that reflect both the resilience of our business model and the dedication of our employees. At the same time, we continued an important evolution of our company.

謝謝你，Fran。2026 會計年度對 NAPCO 而言是表現卓越且取得重大進展的一年。我們強化了市場地位、擴充了能力、以高水準服務客戶，並交出反映我們商業模式韌性與員工投入的成果。同時，我們也持續推動公司重要的演進。

After five decades of founder-led growth, Kevin Buchel has assumed the role of Chief Executive Officer and President. Having been an important member of our organization for over 25 years, Kevin brings a deep understanding of our business, our customers, and our culture to the role. I have taken on the role of Founder and Executive Chairman, allowing me to remain closely involved in the strategic direction of the company while supporting Kevin and the management team in leading the business day-to-day.

在歷經五十年由創辦人帶領的成長之後，Kevin Buchel 已接任執行長兼總裁一職。Kevin 在我們組織服務超過 25 年，是重要成員，對我們的業務、客戶與文化有深刻理解。我則擔任創辦人暨執行董事長，使我能在支持 Kevin 與管理團隊日常營運領導的同時，仍密切參與公司的策略方向。

I built this company for 50 years. It is strong enough to evolve beyond my day-to-day leadership, and I am confident in Kevin Bischel that I can remain focused on the long-term future. This transition represents continuity. The values that have guided us in 50 years remain unchanged. While leadership. Structure positions us well for the next phase of growth.

我打造這家公司已 50 年。公司已足夠強健，能在沒有我日常領導的情況下持續演進；我對 Kevin Bischel 充滿信心，使我能持續專注於長期未來。這次交接代表的是延續性。引領我們走過 50 年的價值觀依然不變。而領導架構也讓我們在下一階段的成長上具備良好定位。

With that, I'll turn the call over to Kevin Buchel. Kevin, the floor is yours.

接下來，我把電話交給 Kevin Buchel。Kevin，請你發言。

Thanks, Richard. Good morning, everyone, and thank you for joining us. Before reviewing our fourth quarter and fiscal 2026 results, I want to thank Mr. Soloway for his comments and for his confidence in our leadership transition. Having worked alongside Mr. Soloway for more than 25 years, I'm honored to lead NAPCO into its next chapter. Our company wouldn't be where it is today if not for the outstanding leadership and vision Mr. Soloway has demonstrated since he founded the company back in 1972. I also want to thank our employees, our dealers, our distributors, our integrators, and shareholders for their continued support.

謝謝你，Richard。各位早安，感謝各位參加。在回顧第四季與 2026 會計年度業績之前，我想感謝 Soloway 先生的評論，以及他對我們領導交接的信任。我與 Soloway 先生並肩合作超過 25 年，能帶領 NAPCO 邁入下一篇章，我深感榮幸。若非 Soloway 先生自 1972 年創立公司以來展現的卓越領導與願景，我們公司不可能走到今天。我也要感謝我們的員工、經銷商、通路商、系統整合商以及股東持續的支持。

Now let's talk about the quarter and the year. I'm pleased to report another outstanding quarter and a strong finish to fiscal 2026. Our fourth quarter net sales increased 10% to a record $55.8 million, driven by continued demand across our product portfolio and another quarter of double-digit recurring service revenue growth. Equipment sales increased nearly 8% while recurring service revenue grew almost 13% to $25.3 million and produced another exceptional 90.1% gross margin. Our recurring service business continues to build long-term shareholder value.

現在來談談本季與本年度。我很高興報告，我們再度交出亮眼的一季，並為 2026 會計年度畫下強勁句點。第四季淨銷售額成長 10%，達到創紀錄的 5,580 萬美元，主要受惠於我們產品組合的持續需求，以及經常性服務營收再度呈現雙位數成長。設備銷售成長近 8%，而經常性服務營收成長近 13% 至 2,530 萬美元，並再度創下 90.1% 的卓越毛利率。我們的經常性服務業務持續為股東創造長期價值。

Based on our July recurring revenues, our annualized recurring revenue run rate has reached approximately $103 million. An important milestone that reflects the strength of our connected services strategy and the increasing value of our installed base. The combination of revenue growth and improved operating leverage produced exceptional profitability during the quarter. Gross margin expanded to 61.3%, GAAP net income increased approximately 53%, and adjusted EBITDA grew by more than 44%. For the full fiscal year, non-GAAP net income increased 32% to a record $57.3 million, while non-GAAP diluted earnings per share increased 34.5% to $1.60. These results demonstrate the strength of our operating model and our ability to convert revenue growth into meaningfully higher earnings.

根據我們 7 月的經常性收入，我們的年度化經常性收入運行率已達約 1.03 億美元。這是一個重要里程碑，反映我們連網服務策略的強勁動能，以及已安裝基礎（installed base）價值的提升。營收成長與營運槓桿改善的結合，使本季獲利能力表現出色。毛利率擴大至 61.3%，GAAP 淨利增加約 53%，調整後 EBITDA 成長超過 44%。就全年度而言，非 GAAP 淨利成長 32% 至創紀錄的 5,730 萬美元，而非 GAAP 稀釋每股盈餘成長 34.5% 至 1.60 美元。這些結果展現我們營運模式的強勁，以及將營收成長轉化為顯著更高獲利的能力。

Looking at the full fiscal year, we generated record annual revenue of $202.3 million, surpassing the $200 million mark for the first time in our company's history. We also delivered adjusted EBITDA of $66.7 million with an adjusted EBITDA margin of approximately 33% and generated more than $59 million of free cash flow. Our strategy remains consistent. We will continue investing in innovative products, expanding our recurring service offerings, strengthening our dealer and integrated relationships, and executing with the financial discipline that has long differentiated NAPCO.

從整個會計年度來看，我們創下年度營收新高，達到2.023億美元，為公司史上首次突破2億美元大關。我們亦實現調整後EBITDA為6,670萬美元，調整後EBITDA利潤率約為33%，並產生超過5,900萬美元的自由現金流。我們的策略仍然一致。我們將持續投資於創新產品、擴大我們的經常性服務產品組合、強化我們的經銷商與整合式合作關係，並以長期以來使NAPCO脫穎而出的財務紀律來執行。

As I assume the role of Chief Executive Officer, there is no change to the principles that have made this company successful. We have an outstanding management team, an exceptional balance sheet, and a growing base of recurring revenue and significant opportunities ahead. Working closely with Mr. Soloway (inaudible) his role as Executive Chairman, I'm confident we are well positioned to continue delivering profitable growth and creating long-term value for our shareholders.

在我接任執行長一職之際，對於使本公司成功的原則不會有任何改變。我們擁有出色的管理團隊、卓越的資產負債表、持續成長的經常性收入基礎，以及前方重大的機會。在與Soloway先生（聽不清）以執行董事長身分密切合作下，我有信心我們已做好充分準備，能持續實現獲利成長，並為股東創造長期價值。

With that, I'll turn the call over to our Chief Financial Officer, Andy Vuono to review the financial results in greater detail. Angie.

接下來，我將把電話會議交給我們的財務長Andy Vuono，請他更詳細地回顧財務結果。Angie。

Thank you, Kevin, and good morning, everyone. The momentum we generated during the first three quarters of fiscal 2026 continued into the fourth quarter. Net revenue for the quarter increased 10% to a quarterly record of $55.8 million. Recurring monthly service revenue continued to grow steadily. Increasing 12.9% to $25.3 million, primarily driven by ongoing activations of our StarLink radio fire communicators. Equipment revenue increased 7.7% to $30.5 million. Sales of intrusion access control products increased 20.9%, which was driven by continued strength within the intrusion category. Intrusion product sales, including StarLink radios, increased 35.8%. The total category was partially offset by a 13.8% decrease in access control product sales.

謝謝你，Kevin，各位早安。我們在2026會計年度前三季所累積的動能延續到第四季。本季淨營收年增10%，達到5,580萬美元的單季新高。經常性月度服務收入持續穩健成長。年增12.9%至2,530萬美元，主要由我們StarLink無線電消防通訊器的持續啟用所帶動。設備收入年增7.7%至3,050萬美元。入侵偵測與門禁控制產品銷售年增20.9%，主要由入侵偵測類別的持續強勁表現所帶動。入侵偵測產品銷售（包含StarLink無線電）年增35.8%。整體類別的成長部分被門禁控制產品銷售下滑13.8%所抵銷。

Door locking revenue increased 2.2% for the quarter. This consisted of an 18.4% increase in Marks USA lock sales, partially offset by a 5.6% decrease in alarm lock sales. Overall locking revenue is relatively flat compared with the fourth quarter of fiscal 2025. We experienced a pull-through of locking sales in response to anticipated tariff-related price increases. For the year ending June 30, 2026, net revenue increased 11.4% to a record $202.3 million.

本季門鎖收入年增2.2%。其中Marks USA門鎖銷售成長18.4%，部分被Alarm Lock門鎖銷售下滑5.6%所抵銷。整體鎖具收入相較於2025會計年度第四季大致持平。由於預期關稅相關的價格上調，我們看到鎖具銷售出現拉貨效應。截至2026年6月30日止年度，淨營收年增11.4%至創紀錄的2.023億美元。

Recurring monthly service revenue increased 13% to $97.5 million, primarily driven by steady activations of our StarLink radio fire communicators. Based on our July 2026 recurring service revenue, our estimated prospective annual run rate is now approximately $103 million. Equipment revenue for the year increased 10% to $104.8 million. The full year increase in equipment revenue reflected growth across several product categories. Intrusion and access control product sales increased 7.8%, driven by a 14.3% increase in intrusion product sales, partially offset by 11% decrease in Access Control product sales.

經常性月度服務收入年增13%至9,750萬美元，主要由我們StarLink無線電消防通訊器的穩定啟用所帶動。根據我們2026年7月的經常性服務收入，我們估計的前瞻性年度運行率（run rate）目前約為1.03億美元。本年度設備收入年增10%至1.048億美元。全年設備收入的成長反映多個產品類別的增長。入侵偵測與門禁控制產品銷售年增7.8%，其中入侵偵測產品銷售成長14.3%，部分被門禁控制產品銷售下滑11%所抵銷。

Door locking revenue increased 11.1% for the year, reflecting a 19.7% increase in Alarm Lock product sales, partially offset by a 3.3% decrease in Marks USA sales. Gross profit for the quarter increased 27.7% to $34.2 million. Gross margin expanded to 61.3% compared with 52.8% in the prior year period. Overall gross profit for the quarter benefited by approximately 600 basis points from IEEPA tariff refunds.

本年度門鎖收入年增11.1%，反映Alarm Lock產品銷售成長19.7%，部分被Marks USA銷售下滑3.3%所抵銷。本季毛利年增27.7%至3,420萬美元。毛利率擴大至61.3%，相較於去年同期的52.8%。整體而言，本季毛利約受惠於IEEPA關稅退稅約600個基點。

Recurring service revenue continued to deliver strong profitability. Gross profit from recurring service revenue increased 12.3% to $22.8 million with a gross margin of 90.1%. Recurring revenue gross margins remained above 90% or consistent with the comparable quarter in fiscal of 2025. Gross profit from equipment revenue increased 76.2% to $11.4 million in the fourth quarter, with gross margin expanding to 37.4% compared with $6.5 million and a gross margin of 22.9% in the prior period.

經常性服務收入持續帶來強勁的獲利能力。經常性服務收入毛利年增12.3%至2,280萬美元，毛利率為90.1%。經常性收入毛利率維持在90%以上，與2025會計年度可比季度一致。第四季設備收入毛利年增76.2%至1,140萬美元，毛利率擴大至37.4%，相較於前期毛利650萬美元、毛利率22.9%。

Equipment margins benefit from the IEEPA tariff refunds discussed earlier and lower inventory reserve adjustments. These benefits were partially offset by Section 122 tariff costs during the period, as well as increased technical service costs related to investments in AI solutions to improve customer experience. We are also seeing supply chain challenges as a result of data center expansion, which is putting pressure on the cost of electronic component parts.

設備毛利率受惠於先前提到的IEEPA關稅退稅，以及較低的存貨備抵調整。上述利多部分被本期間第122條關稅成本，以及因投資AI解決方案以改善客戶體驗而增加的技術服務成本所抵銷。我們也因資料中心擴建而面臨供應鏈挑戰，這正對電子零組件成本造成壓力。

For the year ended June 2026, gross profit increased 18.6% to $119.8 million, with gross margin expanding to 59.2% compared with $101 million and a gross margin of 55.6% in fiscal 2025. Overall, gross profit of the year benefited by approximately 50 basis points from the IEEPA tariff refunds. The current service revenue continued to generate strong profitability. Gross profit from recurring service revenue increased 12.1% to $88 million with a gross margin of 90.3% and recurring revenue gross margins continued to exceed 90% to remain consistent with fiscal 2025.

截至2026年6月止年度，毛利年增18.6%至1.198億美元，毛利率擴大至59.2%，相較於2025會計年度毛利1.01億美元、毛利率55.6%。整體而言，本年度毛利約受惠於IEEPA關稅退稅約50個基點。經常性服務收入持續產生強勁的獲利能力。經常性服務收入毛利年增12.1%至8,800萬美元，毛利率為90.3%，且經常性收入毛利率持續超過90%，與2025會計年度保持一致。

Gross profit from equipment revenue increased 41.2% to $31.8 million for the year ended June 2026, with gross margin expanding to 30.3% compared with $22.5 million and a gross margin of 23.6% in fiscal 2025. Equipment margins benefited from product price increases implemented at the end of fiscal 2025, lower discounted sales allowances throughout the year, tariff refunds and lower inventory reserve adjustments. These benefits were partially offset by higher tariff costs during the period and increased technical service costs. R&D costs increased 13.2% to $3.7 million in the fourth quarter, representing 6.6% of net revenue, compared with 6.4% in the prior year.

截至2026年6月止年度，設備收入毛利年增41.2%至3,180萬美元，毛利率擴大至30.3%，相較於2025會計年度毛利2,250萬美元、毛利率23.6%。設備毛利率受惠於2025會計年度末實施的產品漲價、全年較低的折扣銷售讓利、關稅退稅以及較低的存貨備抵調整。上述利多部分被本期間較高的關稅成本以及增加的技術服務成本所抵銷。第四季研發費用年增13.2%至370萬美元，占淨營收6.6%，相較於去年同期的6.4%。

The year ended June 2026, R&D costs increased 9.6% to $13.8 million, representing 6.8% of net revenue, compared with 6.9% in fiscal 2025. The increase in R&D spend for both the quarter and full year was primarily driven by annual salary increases, the hiring of additional engineering staff, and higher UL approval costs for new products.

截至2026年6月止年度，研發費用年增9.6%至1,380萬美元，占淨營收6.8%，相較於2025會計年度的6.9%。本季與全年研發支出增加，主要由年度薪資調整、增聘工程人員，以及新產品較高的UL認證核准成本所驅動。

SG&A expense increased 5.6% to $12.1 million in the fourth quarter, representing 21.7% of net revenue compared with 22.6% in the prior year. The quarterly increase was primarily driven by higher professional fees. Increased wages and benefits, salary increases and higher advertising costs. These increases were partially offset by lower trade show expenses due to timing of events.

第四季SG&A費用年增5.6%至1,210萬美元，占淨營收21.7%，相較於去年同期的22.6%。本季增加主要由較高的專業服務費所致。以及薪資與福利上升、薪資調整與較高的廣告成本。上述增加部分被因活動時點因素而較低的展會費用所抵銷。

For the year ended June 2026, SG&A expenses increased 5.1% to $44.4 million, representing 21.9% of net revenue compared with 23.2% in fiscal 2021. The full-year increase was primarily due to high commissions associated with increased equipment revenue, higher personnel-related expenses from merit increases in the high end of additional sales and information technology personnel, and increases in insurance, credit card processing fees, and trade show expenses. These increases are partially offset by lower legal and professional fees.

截至2026年6月止年度，SG&A費用年增5.1%至4,440萬美元，占淨營收21.9%，相較於2021會計年度的23.2%。全年增加主要由設備收入增加所帶動的較高佣金、因績效調薪以及增聘銷售與資訊科技人員而增加的人員相關費用，並包含保險、信用卡處理費與展會費用的增加。上述增加部分被較低的法律與專業服務費所抵銷。

Operating income for the quarter increased 52.5% to $18.4 million, reflecting 10% revenue growth, improved margins. And the benefit of tariff refunds during the quarter. For the year ended June 2026, operating income decreased 1.3% to $45.6 million. Full year operating income was negatively impacted by the $16 million legal settlement announced in our fiscal third quarter. The effective tax rate for the fourth quarter was 9.6% compared with 10.3% in the prior period. The lower quarterly effective tax rate was primarily due to tax benefits from exercise of equity awards.

本季營業利益成長52.5%至1,840萬美元，反映營收成長10%以及毛利率改善。以及本季關稅退稅帶來的效益。截至2026年6月止年度，營業利益下降1.3%至4,560萬美元。全年營業利益受到我們在會計年度第三季宣布的1,600萬美元法律和解金的不利影響。第四季有效稅率為9.6%，相較前一期間為10.3%。本季有效稅率較低主要是因行使股權獎酬所帶來的稅務利益。

And for the year ended June 2026, the effective tax rate was 13.3%, which was consistent with fiscal 2025. Net income for the fourth quarter increased 52.7% to $17.8 million, or $0.50 per diluted share, compared with $0.33 per diluted share in the prior year. Net income represented 31.8% of net revenue for the quarter. And diluted EPS benefited by approximately $0.09 from tariff refunds.

而截至2026年6月止年度，有效稅率為13.3%，與2025會計年度一致。第四季淨利成長52.7%至1,780萬美元，或稀釋後每股0.50美元，較前一年稀釋後每股0.33美元為高。本季淨利占淨營收的31.8%。此外，稀釋後每股盈餘約有0.09美元受惠於關稅退稅。

For the year ended June 2026, GAAP net income increased 0.9% to $43 million or $1.20 per diluted share. Non-GAAP net income increased 32% to $57.3 million or $1.60 per diluted share compared with $1.19 per diluted share in fiscal 2025. Non-GAAP net income represented 28.3% of net revenue for the year. Adjusted EBITDA for the fourth quarter increased 44.3% to $20.6 million or $0.57 per diluted share compared with $0.40 per diluted share in the prior year. The adjusted EBITDA margin for the quarter was 36.8%. For the year, adjusted EBITDA increased 27.9% to $66.7 million or $1.86 per diluted share compared with $1.43 per diluted share in fiscal '25. And adjusted EBITDA margin for the year was 33%.

截至2026年6月止年度，依GAAP計算的淨利成長0.9%至4,300萬美元，或稀釋後每股1.20美元。非GAAP淨利成長32%至5,730萬美元，或稀釋後每股1.60美元，較2025會計年度稀釋後每股1.19美元為高。非GAAP淨利占全年淨營收的28.3%。第四季調整後EBITDA成長44.3%至2,060萬美元，或稀釋後每股0.57美元，較前一年稀釋後每股0.40美元為高。本季調整後EBITDA利潤率為36.8%。全年調整後EBITDA成長27.9%至6,670萬美元，或稀釋後每股1.86美元，較2025會計年度的稀釋後每股1.43美元為高。全年調整後EBITDA利潤率為33%。

Free cash flow for the quarter increased 19.9% to $17.2 million, representing a free cash flow margin of 30.9%. And for the full year, free cash flow increased 15.2% to $59.2 million, representing a free cash flow margin of 29.3%. Turning to our balance sheet, we ended fiscal 2026 with substantial liquidity and no debt. As of June 2026, the company had $137.6 million in cash equivalents and marketable securities, compared with $99.2 million as of June 2025, an increase of 38.7%, and the company had no debt as of June 2026. Working capital increased 19.6% to $165.5 million as of June 2026.

本季自由現金流成長19.9%至1,720萬美元，自由現金流利潤率為30.9%。全年自由現金流成長15.2%至5,920萬美元，自由現金流利潤率為29.3%。接著看資產負債表，我們在2026會計年度結束時擁有充足流動性且無負債。截至2026年6月，公司持有現金約當物及有價證券1億3,760萬美元，較截至2025年6月的9,920萬美元增加38.7%，且截至2026年6月公司無負債。截至2026年6月，營運資金增加19.6%至1億6,550萬美元。

Capital expenditures were (inaudible). For the quarter compared with 237,000 in the prior period. For the full fiscal year, CapEx was $1.9 million compared with $2.1 million for fiscal 2025.

資本支出為(聽不清)。本季相較前一期間為237,000美元。就整個會計年度而言，資本支出為190萬美元，較2025會計年度的210萬美元為低。

That concludes my formal remarks. I will now return the call to Kevin.

以上是我正式的說明。我現在把電話交回給Kevin。

Thank you, Andy. I want to close with a few reflections on the year behind us and the one ahead. Fiscal 2026 was a year of resilience. NAPCO once again demonstrated the durability of its business model while staying focused on what matters most, creating lasting value for our customers, partners and shareholders. That durability is most evident in our recurring revenue, which grew 13% this year while sustaining the gross margins above 90%. This high-quality revenue stems from generates consistent cash flow and provides funds for reinvestment in the business. The engine behind that performance remained StarLink, which is now widely regarded as the industry standard for commercial fire communications.

謝謝你，Andy。我想以幾點感想作結，回顧我們走過的一年以及展望未來一年。2026會計年度是展現韌性的一年。NAPCO再次證明其商業模式的持久性，同時專注於最重要的事：為客戶、合作夥伴與股東創造長期價值。這種持久性最明顯體現在我們的經常性收入上：今年成長13%，同時維持90%以上的毛利率。這種高品質收入帶來穩定的現金流，並提供資金以再投資於業務。支撐該表現的引擎仍是StarLink，如今已被廣泛視為商用消防通訊的產業標準。

One number I want you to take away from this call is this. Sales of radio units in the fourth quarter grew 40% year over year. And nearly 30% sequentially. This is among the highest growth rates in NAPCO's history. Radios sold today become recurring revenue tomorrow. So that figure says a great deal about the quality of the year ahead. We are winning that business alongside larger dealer and integrators, and we expect those relationships in addition to many new ones we're working on to continue helping us gain share.

我希望各位從這通電話帶走的一個數字是這個。第四季無線電單元銷售年增40%。且季增接近30%。這是NAPCO歷史上最高的成長率之一。今天售出的無線電，明天就會轉化為經常性收入。因此，這個數字充分說明了未來一年業績品質之高。我們與更大型的經銷商與系統整合商一同贏得這些業務；我們預期這些關係，加上我們正在推進的許多新合作，將持續協助我們提升市占。

As I've stated before, the conversion from copper phone lines will continue until the end of the decade, and we expect to win a large share of the over 2 million buildings that need to convert. And even after the conversion is complete a few years from now, we'll continue to generate recurring revenue from new work where our StarLink radios are built into our fire and alarm panels. Our hardware business also delivered double-digit year-over-year growth, a credit to our team's agility in adapting to shifting demand.

如我先前所述，從銅線電話線路的轉換將持續到本十年末，我們預期將在超過200萬棟需要轉換的建築中取得相當大的市占。即使幾年後轉換完成，我們仍將從新案中持續產生經常性收入，因為我們的StarLink無線電會被內建於我們的消防與警報控制盤中。我們的硬體業務也實現了兩位數的年增，這要歸功於團隊在需求變動下快速調整的敏捷性。

Behind that growth, we see a healthy pipeline of project and contract opportunities in equipment. These include larger opportunities across schools, healthcare, airports, multi-dwelling housing, as well as government projects. By their nature, these projects arrive over time rather than all at once.

在這樣的成長背後，我們看到設備方面有健康的專案與合約機會管線。其中包括在學校、醫療照護、機場、多戶住宅，以及政府專案等領域的較大型機會。依其性質，這些專案會隨時間逐步到來，而非一次性集中出現。

Some are already in motion, while others should begin to move through the funnel over the coming quarters. We generally are not permitted to name them, and I will not put a number or date on them today because work of this kind is lumpy and it often extends across multiple years. Still, the breadth of what we see in that funnel is a genuine source of confidence as we look to fiscal 2027 and beyond.

其中一些已在進行中，另一些則應會在接下來幾季開始進入漏斗流程。一般而言我們不被允許點名，我今天也不會給出數字或日期，因為這類工作具有波動性，且往往跨越多年。儘管如此，從漏斗中所見機會的廣度，確實讓我們在展望2027會計年度及更長遠未來時充滿信心。

Operationally, I could not be prouder. We finished the year with $137 million in cash and no debt. Looking ahead, we remain optimistic.

在營運面上，我感到無比自豪。我們以1億3,700萬美元現金、零負債結束本年度。展望未來，我們仍保持樂觀。

Tariff policy, supply chain challenges and market conditions are still dynamic, but we're not standing still. Our pricing actions are in place, and we continue to diversify distribution, invest in automation. And enhance the StarLink platform. That is how we sustain growth while protecting margin.

關稅政策、供應鏈挑戰與市場狀況仍在變動，但我們不會停滯不前。我們的定價措施已到位，並持續分散通路、投資自動化。並強化StarLink平台。這就是我們在保護利潤率的同時維持成長的方式。

As Andy mentioned earlier, our R&D spend increased 10% to $13.8 million. Much of that spend relates to new recurring revenue products. Please come to ISC East November 4 and 5, and you'll get to see firsthand some of the new and exciting products that are forthcoming. Our balance sheet gives us real flexibility to invest organically, to act on strategic acquisitions if the right one comes along and to return capital to shareholders.

如Andy先前提到，我們的研發支出增加10%至1,380萬美元。其中很大一部分支出與新的經常性收入產品相關。請於11月4日至5日來參加ISC East，您將能親眼看到一些即將推出、令人振奮的新產品。我們的資產負債表讓我們在有機投資、在出現合適標的時進行策略性併購，以及回饋股東方面，具備真正的彈性。

That last commitment is not theoretical. This morning, we announced an increase in our quarterly dividend to $0.17 per share. That's a 13.3% increase over the previous quarterly dividend. We are raising the dividend while carrying zero debt and while continuing to fund every growth initiative in front of us. That is the kind of financial position this business has earned.

最後這項承諾並非空談。今天早上，我們宣布將季度股利提高至每股0.17美元。這較前一次季度股利提高13.3%。我們在零負債的同時調升股利，並持續為眼前所有成長計畫提供資金。這正是這項業務所贏得的財務實力。

Let me turn to one vertical in particular, school security. School safety remains one of the most urgent challenges of our time, and NAPCO is honored to be a proven partner to districts across the country. I'm proud to announce that we recently received the 2026 Annual Dean's List Award. This award sounds like it's for academics, but it's really an award that recognizes premier. Security providers serving private colleges and universities. School security continues to be a big problem in our country, and we will continue to work hard to provide the over 131,000 K-12 schools and 5,300 colleges and universities state-of-the-art products that protect students and faculty.

讓我特別談談其中一個垂直領域：校園安防。校園安全仍是我們這個時代最迫切的挑戰之一，NAPCO 很榮幸能成為全國各地學區值得信賴、經驗證的合作夥伴。我很自豪地宣布，我們最近獲得了 2026 年度院長名單獎。這個獎聽起來像是學術類獎項，但其實是用來表彰頂尖的。為私立學院與大學提供服務的安防供應商。校園安防在我國仍然是一個重大問題，我們將持續努力，為超過 131,000 所 K-12 學校以及 5,300 所學院與大學提供最先進的產品，以保護學生與教職員。

Our divisions work together. Across this market from trilogy and architect lock sets to enterprise scale continental CA4K access control. These platforms are secure, scalable, and aligned with strict code guidelines. What sets us apart is our ability to unify locking access and alarm technology on a single interoperable platform, knowing our solutions help protect students and staff.

我們各事業部協同合作。在這個市場中，從 Trilogy 與 ArchiTech 鎖具組，到企業級的 Continental CA4K 門禁控制。這些平台安全、可擴充，並符合嚴格的法規/規範指引。讓我們與眾不同的是，我們能在單一可互通的平台上整合鎖控、門禁與警報技術，並且深知我們的解決方案有助於保護學生與員工。

Every day is gratifying, and we see continued responsibility in that effort. In addition, as I mentioned earlier, we continue investing heavily in R&D to open new recurring revenue opportunities across the portfolio. One of the most exciting of these is MVP, our next generation cloud-based access control platform built to integrate seamlessly with our locking hardware. MVP creates an entirely new recurring revenue stream for NAPCO and our dealers with configurations for both enterprise customers and smaller facilities.

每天都令人欣慰，而我們也看到在這項努力上持續承擔責任。此外，如我先前提到的，我們持續大力投資研發，以在整個產品組合中開啟新的經常性收入機會。其中最令人振奮的一項是 MVP——我們的下一代雲端門禁控制平台，旨在與我們的鎖具硬體無縫整合。MVP 為 NAPCO 及我們的經銷商創造全新的經常性收入來源，並提供適用於企業客戶與較小型設施的配置。

We believe it could be a game changer and a foundational contributor to growth in the years ahead, extending our leadership into hosted access control and reinforcing the strategy at the core of this company. Innovative hardware paired with cloud services, generating long-term high-margin recurring revenue. We exit fiscal 2026 with a strong finish and enter fiscal '27 with momentum, clarity, and the strongest financial foundation in our history. We have built a business model that delivers even in difficult environments.

我們相信它可能成為改變遊戲規則的產品，並在未來數年成為成長的基石型貢獻者，將我們的領導地位延伸至託管式門禁控制，同時強化本公司核心策略。以創新硬體搭配雲端服務，創造長期、高毛利的經常性收入。我們在 2026 財年以強勁表現收官，並以動能、清晰方向，以及公司史上最強的財務基礎進入 2027 財年。我們已建立一套即使在艱困環境下也能交付成果的商業模式。

I'm proud of what this team has accomplished and I'm energized by what lies ahead. Thank you all for your support and for joining us in the future we are building.

我為這個團隊所完成的成就感到自豪，也對未來充滿幹勁。感謝各位的支持，並與我們一同投入我們正在打造的未來。

Our formal remarks are now concluded and we would like to open the call for the Q&A session. Operator, please proceed.

我們的正式發言到此結束，接下來我們將開放電話會議進入問答環節。接線員，請開始。

(Operator Instructions) Matthew Summerville, DA Davidson.

(接線員指示) Matthew Summerville，DA Davidson。

Thanks. I was hoping first. Maybe you could elaborate on some of the supply chain challenges you're experiencing, what mitigation plans you're sort of working on as we speak. And is this hurting your ability to actually ship product? Just maybe a little more detail around that than I'd follow-up.

謝謝。我想先問。也許你可以更詳細說明你們目前遇到的一些供應鏈挑戰、以及你們此刻正在推進的緩解/因應計畫。這是否正在影響你們實際出貨產品的能力？希望能就此多提供一些細節，之後我再追問。

So we have not been impacted at all as of yet. By supply chain issues. This kind of reminds me of the COVID times when parts were hard to get. Because they're hard to get, prices tend to go up. Back in that time, I would get on the phone with the Presidents of the various suppliers and bang away at solutions, whether it's to keep the pricing stable, whether it's to make sure we get our fair share of shipments. I'm doing that again and we're having a lot of success.

到目前為止，我們完全沒有受到影響。供應鏈問題。這讓我想起 COVID 時期，零組件很難取得。因為難以取得，價格往往就會上漲。當時我會打電話給各家供應商的總裁，持續敲定解決方案，不論是維持價格穩定，或是確保我們能拿到應得的出貨配額。我現在又在做同樣的事，而且成效很好。

We're very aggressive on trying to keep things going the way they should. If we have purchase orders out there for various parts and the suppliers try to increase it because there's shortages out there, we don't put up with that. We battle, we get the pricing that we were promised and we make sure that we get our fair share of shipments. We have not been impacted at all, but it's fair for us to say that this is something we're going to have to deal with in this upcoming fiscal year.

我們非常積極，努力讓事情照應有的方式運作。如果我們對某些零件已下採購訂單，而供應商因為市場短缺就想調高價格，我們不會接受。我們會據理力爭，拿到當初承諾的價格，並確保我們取得應得的出貨份額。我們完全沒有受到影響，但可以合理地說，這將是我們在即將到來的財年必須面對的事情。

And I think we have a lot of experience. We've been through this type of thing before, different ways, but we know how to handle it. And my efforts will be 100% to make sure we get our components on time and at the pricing we've agreed to.

而且我認為我們有很多經驗。我們以前也經歷過這類情況，形式不同，但我們知道如何處理。我會全力以赴，確保我們能按時取得零組件，並且以我們已同意的價格取得。

Understood. I appreciate that. As a follow-up, can you maybe spend another moment talking about MVP, kind of where you're at in that sort of launch cycle, if you will, and if you have any early read on sell-through or uptake or some other similar KPI that we would want to be tracking. And then also, I was wondering, while appreciating you wouldn't want to comment on individual projects, is there a way to either quantitatively or qualitatively think about how that project funnel looks for you guys today versus a year or two ago? Thank you.

了解。謝謝你的說明。追問一下，你能否再花點時間談談 MVP——例如你們目前在推出/導入週期中的進度，以及是否已有任何早期的銷售穿透率、採用率或其他我們應該追蹤的類似 KPI 的初步觀察？另外，我也想問，理解你不便評論個別專案，是否有方法能以量化或質化的方式，來看你們目前的專案漏斗相較於一到兩年前的狀況？謝謝。

The MVP, we had said give it till kind of the back end of the calendar year, which is coming up. October, November, that's when we expect to be able to report meaningful recurring revenue. That's our hope. We don't really want to talk about it until we get to that point. It's not meaningful yet. We're working hard for it to become meaningful. Our expectations, it'll get there. Whether it's a couple of months before or after that time frame, can't be exactly sure. But by the end of this calendar year, we should. Be in a position where we're talking about this in a very favorable way. We'll keep everybody posted as it wants. So that's on MVP. What was the second part, Matt?

關於 MVP，我們之前說過大概要等到日曆年的後段，現在也快到了。我們預期在 10 月、11 月左右，能夠回報具實質意義的經常性收入。這是我們的希望。在到達那個時間點之前，我們不太想多談。目前還不具實質意義。我們正努力讓它變得有意義。以我們的預期，它會達到。至於會比那個時間窗早幾個月或晚幾個月，無法完全確定。但在今年日曆年結束前，我們應該。會處於能以非常正面的方式談論這件事的位置。我們會在適當時候持續向大家更新。以上是 MVP 的部分。第二部分是什麼，Matt？

The second part of your question. Yeah, appreciating that you can't talk about individual projects in any sort of specificity. Is there a way that we can qualitatively or quantitatively look at the aggregate funnel you see for what you deem as a quote project and kind of compare that to how that's maybe looked a year or 2 ago?

你問題的第二部分。是的，理解你無法對個別專案做任何具體評論。是否有方法讓我們以質化或量化方式，來看你們所認定的「報價專案」整體漏斗，並與一到兩年前的情況做比較？

Yeah, it's clearly more than it's been the. Issue we have is we don't necessarily get the order for the project until they're ready for it. Like we know we're getting the project, the project's going to be awarded to us, but we have to, I don't like to talk about things unless we have an order in place. So there are government ones, there are school ones, it's more than we've had. In the last couple of years. We'll talk about them when A, we get the order, whether it's shipped or not, and B, we'll talk about it if the entity, the customer allows us to. Often they don't. They like to keep things quiet. But as I see here today versus a year ago, this is much more than it's been in the last couple of years.

是的，很明顯比之前多。我們面臨的問題是，通常要等到對方準備好時，我們才會拿到該專案的訂單。例如我們知道會拿到這個專案、專案會授予我們，但我不喜歡在沒有正式訂單之前談這些事情。其中有政府專案，也有學校專案，確實比我們過去擁有的更多。在過去幾年。我們會在 A：拿到訂單時（不論是否已出貨）以及 B：在該單位/客戶允許我們對外談論時，再來談。很多時候他們不允許。他們喜歡保持低調。但就我今天看到的情況相較一年前，這比過去幾年都多得多。

Jim Ricchiuti, Needham & Company.

Jim Ricchiuti，Needham & Company。

Hi. Thank you. Congrats on the quarter (inaudible) of questions. Yeah, obviously, you've got some moving parts to the margins, but if we exclude the tariff refund benefit, I'm wondering if you could speak to the impact of the higher revenue contribution from the door locking portion of the business, which have better hardware margins.

嗨。謝謝。恭喜本季（聽不清）我有幾個問題。是的，顯然你們的毛利率有一些變動因素，但如果我們排除關稅退稅帶來的利益，我想請你談談門鎖/門禁鎖具這部分業務收入占比提高的影響，因為這部分的硬體毛利率較佳。

And the high contribution you saw from radio sales, is that the right way to think about the overall impact on equipment gross margins, which it seems like excluding the tariff refund benefit, we're down a bit sequentially. I'm trying to get a sense also as to how we think about that dynamic in the first quarter when you may still have some strength in door locking.

而你們在無線電（radio）銷售上看到的高貢獻，這樣理解對設備毛利率的整體影響是否正確？看起來若排除關稅退稅的利益，我們的設備毛利率較上一季略有下滑。我也想了解一下，對於第一季在門鎖（door locking）可能仍有一定強勢的情況下，我們應該如何看待這種動態？

So, Jim, when the radio sales are average, the good news is the equipment margins are going to be higher. I don't know what that is. You still can hear me.

所以，Jim，當無線電的銷售處於平均水準時，好消息是設備毛利率會更高。我不知道那是什麼情況。你還聽得到我說話嗎？

Yeah, I can, Kevin. It's gone.

有的，我聽得到，Kevin。剛剛那個狀況消失了。

Okay, so the locking has the better margins. When locking is dominating, then you might see higher margins. This quarter, the radios were tremendous. So that, radio sales, what is it, a 20% gross margin item, it's going to bring down the equipment margins in total. However, it leads to the beautiful recurring revenue, which is the big prize. In our case, it comes later. Because we sell to distribution. The distributor sits with it for a month or two. Then the distributor sells it to the dealer. The dealer activates it right away, typically. And then we offer rebates. So there's like a five, six, seven month gap from the time we ship the radios, the hardware, till the time we feel the beauty of the recurring revenue. So yes, it brought down the margins, the equipment margins, because it was so strong, it's good, but it's going to bring our margins way up in total because of recurring that's coming in the back end. So I'll take this all day long.

好，那麼鎖具（locking）的毛利率比較好。當鎖具占比更高時，你可能會看到更高的毛利率。這一季無線電的表現非常強勁。因此，無線電銷售——那是什麼，大概是毛利率 20% 的品項——會把整體設備毛利率拉低。不過，它會帶來很漂亮的經常性收入（recurring revenue），那才是最大的獎賞。以我們的情況來說，那會在之後才顯現。因為我們是賣給通路（distribution）。經銷商（distributor）會先放在手上大概一到兩個月。然後經銷商再賣給經銷商/代理商（dealer）。代理商通常會立刻啟用（activate）。接著我們會提供回饋金（rebates）。所以從我們出貨無線電硬體，到我們感受到經常性收入的美好，中間大概會有五、六、七個月的落差。所以是的，因為無線電太強勁，確實拉低了設備毛利率；這是好事，但它會在後端帶來經常性收入，進而把我們的整體毛利率大幅拉高。所以這種情況我每天都願意接受。

But a follow-up question I have is, we're what about halfway. Through the fiscal first quarter. I wonder if you could talk a little bit about the demand trends you're seeing. Are you seeing any changes in behavior from some of your larger distributors, either related to the macro or possibly even as they may be considering getting ahead of higher component costs?

但我有個追問：我們現在大概已經過了會計年度第一季的一半。（承上）我想請你談談你們看到的需求趨勢。你們是否看到一些大型通路商的行為有任何改變，可能與總體環境有關，或甚至是他們可能想提前因應更高的零組件成本？

We don't usually like to comment on. The months ahead. Here we are talking about through June. But having said that, there's been no difference in what we're feeling. The distribution channel, and I think you do channel checks. You've probably talked to several of the distributors. It's in a good place. They're all in a good place now. Every now and then it gets a little chaotic, a little lumpy. Right now the distributors are in a good place. Their inventory levels are good. Their sell-through is good. Hopefully, it stays that way. And our expectation is it will stay that way. Again, there's issues out there, supply chain issues. We've dealt with them before. We'll deal with them again. We have a lot of experience on how to manage that. It's part of what we do, and we'll have to do it again.

我們通常不太喜歡評論。未來幾個月的情況。我們現在是在談到六月為止。但即便如此，我們感受到的情況沒有任何不同。通路端——而且我想你們也會做通路查核（channel checks）。你可能也跟好幾家通路商談過。目前狀況良好。他們現在都在一個不錯的位置。偶爾會有點混亂、出貨/需求有點不均（lumpy）。但目前通路商的狀況很好。他們的庫存水位良好。他們的終端銷售（sell-through）也很好。希望能維持這樣。而我們的預期是會維持這樣。當然外面仍有一些問題，供應鏈問題。我們以前處理過。我們也會再處理一次。我們在如何管理這些事情上有很多經驗。這是我們工作的一部分，我們也必須再做一次。

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

謝謝。我回到隊列後面。

Thanks, Jim.

謝謝你，Jim。

Lance Vitanza, TD Cowen.

TD Cowen 的 Lance Vitanza。

Hi, thanks, guys. Congrats on the quarter. I have a couple of questions if I can. The first is on the recurring service revenues. And you talked earlier in the prepared remarks that we've seen sort of this $2 million increase per quarter in sort of the run rate level.

嗨，謝謝各位。恭喜這一季的表現。我有幾個問題想請教。第一個是關於經常性服務收入（recurring service revenues）。你們在先前的準備稿中提到，我們看到每季的年化/運行水準（run rate）大約增加 200 萬美元。

As we look into fiscal '27, and you talked a little bit about MVP, you talked a little bit about the big radio sales in this quarter that we're discussing today. Do we think that there's some upside to that $2 million per quarter increase? And if so, is it sort of more back half-weighted in terms of when we see that? Or how would you sort of expect the cadence to look as we go through 2027?

當我們展望 2027 會計年度時，你們提到了一些 MVP，也提到我們今天討論的這一季無線電銷售非常強勁。我們是否認為每季增加 200 萬美元這個增幅還有上行空間？如果有的話，是否會比較偏向下半年才顯現（back half-weighted），也就是我們何時會看到？或者你會如何預期 2027 年整體的節奏（cadence）？

Well, because there's this delay of feeling the effects of the recurring revenue after you sell the radios, the hardware, and the delay is. A good six months, that suggests that the run rate should go up towards the back end of the year, because if you get six months from now, when we'll start to feel the recurring revenue from what good work we just did on the hardware sales and the radios. So yes, back end, my hope is that it goes up. Now MVP, if it's a contributor by then, we hope it will be, that just adds to it. But even without that, I would expect the run rate to increase.

嗯，因為在你賣出無線電等硬體之後，要過一段時間才會感受到經常性收入的效果，而這個延遲。大概有六個月，這表示 run rate 應該會在年度後段走高；因為大約六個月後，我們就會開始感受到我們剛在硬體與無線電銷售上做得很好的成果所帶來的經常性收入。所以是的，在後段，我希望它會上升。至於 MVP，如果到那時它能成為貢獻來源——我們希望會——那就會再加分。但即使沒有它，我也預期 run rate 會增加。

And then just sort of pulling back a little bit, Kevin, I know you mentioned during your prepared remarks and Mr. Soloway mentioned that this is the continuity is very important to you. That being said, should we expect that there could be areas where your priorities, perhaps strategic, perhaps capital allocation, do they perhaps differ from what NAPCO has historically emphasized?

接著稍微拉高一點來看，Kevin，我知道你在準備稿中提到，Soloway 先生也提到，延續性（continuity）對你們非常重要。但即便如此，我們是否應該預期在某些領域，你們的優先事項——可能是策略面、也可能是資本配置——會與 NAPCO 過去歷來強調的方向有所不同？

I don't think so. I think Mr. Soloway and I kind of are on the same page. We're looking potentially at acquisitions, but it's got to be right. If it's right, certainly we have the cash to do it. We have the balance sheet to support it. So the last one we did was 17 years ago, 18 years ago. So it's time to do one, but only if it's right.

我不這麼認為。我想 Soloway 先生和我基本上想法一致。我們可能會看併購，但必須是合適的案子。如果合適，我們當然有現金可以做。我們的資產負債表也足以支撐。我們上一次做併購是 17 年前、18 年前。所以是該做一筆了，但前提是必須對。

You saw how we had the factory capacity also to handle it if it fits our criteria.

你也看到我們的工廠產能同樣可以承接，如果它符合我們的標準。

Right.

對。

So it's amortizing rollerheads the factory to raise our margin. So we're looking very hard at a couple of them right now.

所以這是在把工廠的固定成本攤提到更多產出上，以提高我們的毛利率。因此我們現在正非常認真地看幾個標的。

Right. And so that's, maybe it'll feel different when it happens, but we're looking at it. But you saw our EBITDA margin for the quarter, it's pushing 40% and that's. One of the goals that we have here. We want to get it over 40. Nobody thought we would get close to that. We're getting pretty close. So I'm not going to want to do anything that's going to screw that up, but we're going to want to do something that could enhance it. So if that comes about, we'll do it.

對。所以也許等真的發生時會感覺不太一樣，但我們確實在看。不過你也看到我們這一季的 EBITDA 利潤率，接近 40%，而那是。我們在這裡的一個目標。我們想把它拉到 40% 以上。沒有人以為我們能接近那個水準。我們已經相當接近了。所以我不會想做任何會把這件事搞砸的事，但我們會想做一些能夠強化它的事。如果有這樣的機會，我們就會做。

You also saw that we increased our R&D 10%. That's because we're creating a sequel to StarLink. Which will keep the momentum going in the future.

你也看到我們把研發（R&D）提高了 10%。那是因為我們正在打造 StarLink 的下一代產品（sequel）。以便在未來持續保持動能。

Thank you both and congratulations again.

謝謝兩位，也再次恭喜。

Jason Schmidt, Lake Street.

Lake Street 的 Jason Schmidt。

Hey guys, thanks for taking my questions. Just curious if you could comment what you're seeing at ADI and specifically how expanding your product portfolio with them is progressing?

嗨，各位，謝謝讓我提問。想請教你們能否評論一下你們在 ADI 那邊看到的情況，特別是你們與他們合作擴充產品組合（product portfolio）的進展如何？

ADI has been a great partner since we started up with them. I guess it's now about three years ago. They're very organized, buttoned up. They buy a lot of intrusion products, a lot of fire radios. They have a lot of relationships with some of these large dealers that we are now adding to our list of dealers who use our products.

ADI 自我們與他們開始合作以來一直是很棒的夥伴。我想大概是三年前的事了。他們非常有條理、做事很到位。他們採購了大量入侵偵測產品，也買了很多消防無線電。他們與一些大型經銷商有很多合作關係，而我們現在也正把這些經銷商加入到使用我們產品的經銷商名單中。

And so it's working great on that end. We're trying to get them into the locking side and they've actually trained many of their branches on the MVP products. So that could be very good going forward. Because if we could get that big strong machine that they are into locking, it's going to be amazing for us. So we're working on that while continuing to sell them a lot of intrusion products.

所以在那一端運作得非常好。我們正嘗試把他們帶進門禁鎖控這一塊，而他們其實已經針對 MVP 產品訓練了他們許多分公司。因此未來這可能會非常有利。因為如果我們能把他們這台強大的機器導入鎖控領域，對我們來說將會非常驚人。所以我們一邊持續賣給他們大量入侵偵測產品，一邊也在推進這件事。

Okay, that's helpful. And then just as a follow-up, going after your comments on the school security market, just curious if the K through 12 market or the university market is stronger based on what you currently have in the funnel?

好的，這很有幫助。接著追問一下，延續你對校園安全市場的評論，我只是好奇，從你們目前管線中的情況來看，K-12 市場或大學市場哪一個更強？

Both, they're both strong. The need is in all areas. When we hear the horrific stories that come out. A lot of them are in universities, a lot of them are in K through 12, both. And even though these things have been going on for so long, so many of these schools still are without equipment. And so the challenge for us is to get out there, it's a big country, to get our integrators to understand what products we have to offer and to get in there. I was happy to see. At the ISC West show, which was in March, the folks from Pepperdine were there.

兩者都強，兩者都很強。各個領域都有需求。當我們聽到那些令人髮指的事件報導時，很多發生在大學，很多發生在 K-12，兩邊都有。而且即使這些事情已經發生很久了，仍有非常多學校缺乏設備。所以對我們的挑戰是要走出去——這是一個很大的國家——讓我們的系統整合商了解我們能提供哪些產品，並且打進去。我很高興看到，在三月舉辦的 ISC West 展會上，Pepperdine 的人也在現場。

And Pepperdine is now -- they were a big customer. They did a lot of things. They did all the dorms, they did all the classrooms, the admin offices, et cetera, remote campuses. They're ready for more now. They've added more dorms and they love our products. So this is an ongoing thing. So even with some of the schools that have used our product, they come back for another round.

而 Pepperdine 現在——他們曾是大客戶。他們做了很多項目。他們做了所有宿舍、所有教室、行政辦公室等等，還有遠端校區。他們現在準備再做更多。他們新增了更多宿舍，而且很喜歡我們的產品。所以這是一件持續進行的事。因此即便是一些已經使用過我們產品的學校，也會回來再做下一輪。

Jeremy Hamblin, Craig Hallum.

Jeremy Hamblin，Craig Hallum。

Hey, this is Will on for Jeremy. Thanks for taking my questions. Just wanted to touch on your discount and pricing strategy for the year. I think you previously noted a little less discounting. To smooth out orders and support higher margins. But I guess just how should we be thinking about that strategy in fiscal '27 and then some of the puts and takes in getting equipment and margins back up to 30%?

嗨，我是代替 Jeremy 的 Will。謝謝讓我提問。我想談一下你們今年的折扣與定價策略。我記得你們之前提到折扣會少一些，以平滑訂單並支撐更高的毛利率。但我想問的是，我們應該如何看待 2027 財年的這個策略，以及在把設備毛利率拉回到 30% 的過程中有哪些利多與利空因素？

I'm going to let Andy answer this one. Andy is a great CFO. He spends time trying to improve our margins with the discounting. So he works with the sales team. He looks at this closely. So Andy, why don't you answer this one?

這題我讓 Andy 來回答。Andy 是一位很棒的 CFO。他花很多時間透過折扣管理來改善我們的毛利率。所以他會和銷售團隊合作。他也會非常仔細地看這件事。所以 Andy，你來回答這題吧？

So I would say fiscal '26 is reflecting the improved discipline one around our rebate programs. So we are buying rebates with the vast majority of our distributors if they had certain revenue thresholds. We're more disciplined in the program as far as framing the program, what criteria they need to hit, what bogeys they need to attain. So I think we saw the benefits of that in fiscal '26.

我會說，2026 財年反映了我們在返利計畫方面更好的紀律。也就是說，若大多數經銷商達到特定營收門檻，我們就提供返利。在計畫設計上我們更有紀律，包括如何界定計畫、他們需要達到哪些條件、需要達成哪些目標（bogeys）。所以我認為我們在 2026 財年看到了這些作法帶來的效益。

And then on top of that, concerted effort to, one, lessen the amount of orders and activity we have at the end of the quarter, which we'll never get away from. But to have the sales force be more focused on trying to secure those orders earlier and really negotiating hard with our distributors to get away from large discounts. So I think it just reflects the discipline that we saw in fiscal '26, and we're expecting more into 2027. I constantly had conversations with our chief revenue episode, [Jill Podchinsky], about what our strategies are. Our pricing and/or discounting. So I would expect us to hopefully improve on where we are. I think we picked up two points on the equipment revenue in fiscal '26. So our goal is to continue banging away with that and raise that efficiencies even more.

此外，我們也有一項一致的努力：第一，減少季度末的訂單量與活動量——這點我們永遠不可能完全避免。但要讓銷售團隊更專注於更早拿到訂單，並且在與經銷商談判時更強硬，避免大幅折扣。所以我認為這反映了我們在 2026 財年看到的紀律，而我們預期在 2027 年會更進一步。我也一直和我們的首席營收長（Chief Revenue Officer）[Jill Podchinsky] 討論我們的策略是什麼，包括我們的定價與／或折扣。所以我希望我們能在目前的基礎上持續改善。我想我們在 2026 財年的設備營收毛利率提升了 2 個百分點。因此我們的目標是持續努力，把效率再提高。

Okay, that's helpful. And then just besides ISC East falling in Q4, is there anything else to consider in terms of sort of incremental OpEx for '27. Whether that's on the R&D side or any sort of SG&A build-out over the coming quarters?

好的，這很有幫助。另外，除了 ISC East 落在第四季之外，關於 2027 年是否還有其他需要考量的增量營業費用（OpEx）？例如研發端，或未來幾季在 SG&A 方面的擴編？

I mean, I'll weigh on the SG&A. On the SG&A, no, nothing in particular other than I expect us to add some more talent to our internal IT group as one to meet the needs of the organization to respond to the obvious risks out there regarding cyber. But outside of that. Any unknowns with some of the litigation we're dealing with on legal, I don't expect any other significant changes in the SG&A. Let Kevin comment on the R&D.

我先談 SG&A。在 SG&A 方面，沒有，沒有特別的事項；不過我預期我們會在內部 IT 團隊再增加一些人才，以滿足組織需求，並因應外部顯而易見的資安風險。但除此之外，除了我們正在處理的一些訴訟在法務上可能有未知數之外，我不預期 SG&A 會有其他重大變動。讓 Kevin 談談研發。

Yeah, on the R&D, I have a lot of confidence in our Chief Technology Officer. He's great. He's a very smart guy with products, and he's very good with budgets. So when he says, I need more help, I say, how many you need? We have the money to do it. I give him whatever he needs because when we give him what he needs, that leads to more recurring revenue products. And so the spend will go up. It won't be anything crazy. It'll be what's necessary to keep the development going so that we come out with more innovative, exciting products all the time.

是的，研發方面，我對我們的首席技術長非常有信心。他很棒。他在產品上非常聰明，也很擅長控管預算。所以當他說需要更多人手時，我就會問他需要多少人？我們有資金可以做。我會給他所需要的一切，因為當我們提供他所需資源時，就能帶來更多經常性收入產品。因此支出會上升。但不會是什麼誇張的幅度。會是維持開發持續推進所必要的投入，讓我們能不斷推出更具創新性、更令人興奮的產品。

Got it. That's helpful. Thanks for taking my questions.

了解。這很有幫助。謝謝回答我的問題。

You got it.

沒問題。

Thank you, ladies and gentlemen. Once again, should you have additional questions, you may press star 1. It seems there are no further questions at this time. Please proceed with the closing remarks.

謝謝各位女士先生。再次提醒，如有其他問題，您可以按星號 1。目前看來沒有進一步的問題。請進行結語。

Okay, so thank you, everybody, for participating in today's conference call. As always, should you have any further questions, feel free to call Fran, Andy, or myself for further information. We thank you for your interest and support, and we look forward to speaking with you all again in a few months to discuss NAPCO's fiscal Q1 2027 results. Thank you all. Have a great day.

好的，謝謝各位參與今天的電話會議。一如往常，如果您還有任何問題，歡迎致電 Fran、Andy 或我本人以取得更多資訊。感謝各位的關注與支持，我們也期待在幾個月後再次與各位通話，討論 NAPCO 2027 財年第一季的業績結果。謝謝各位。祝大家有美好的一天。

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may now disconnect your line.

謝謝各位女士先生。本次會議到此結束。感謝各位參與。您現在可以掛斷電話。