NSSC - Earnings call transcript Q4 2019 | Napco Security Technologies, Inc.

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Operator

Greetings, and welcome to the NAPCO Security Technologies Inc. Fiscal Fourth Quarter 2019 and Full Year Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

pleasure your my Mr. now is to host, introduce It Investor Patrick of McKillop, Director Relations. may you, begin. Thank you

Patrick McKillop

Good and our release the you. fiscal should today's our Thank have morning fourth discussing year conference us for fiscal opportunity all call the for XXXX. joining had By results. to of XXXX the press discuss quarter financial now for thank results and you you all review to

of not, a the copy of website is release in sections have the Investor available Relations you our www.napcosecurity.com. If

On Richard of the Vice President NAPCO Soloway, Security CFO. Senior and today Buchel, call is and Technologies; CEO and President Kevin

results, Before statement. or materially differ those take This set we statements certain achievements a anticipated forward-looking may from forward-looking the statements those SEC. including in call of read forth Actual contain filings result forward-looking the in risks me as Company's performance begin, conference the factors, numerous a that may moment let involve such to uncertainties. with and

the call, measures. of the financial to we instead considered our certain ratios During today, non-GAAP results. find for financial non-GAAP should as and these of a non-GAAP GAAP relevant are In these issued used included with why GAAP as financial on and discussion are benefit well These of about measures such are the reconciliation not non-GAAP closest tables with of measures measure, the EBITDA financial measures these we financial investors think may be measures. measures, financial will the certain the these earlier release adjusted that measures, and as also a you present press definition financial

but mention Dick do, things to the a before I to front. just I will I turn the over IR in on few wanted a call moment,

for us XX, one upcoming of that will at New XX. attending conference one would small crucial investor conference September the C.L. and thank Lake and a folks NAPCO, trips. conferences B.I.G. Investor cap three companies hosting on at these outreach terms the King to on Street’s as especial outreach, assist and on in I be meeting York September in In is and such those also like York New marketing in of all we

over President me CEO With that turn of yours. call NAPCO of and way, Richard Dick, the is Soloway, the Security let the to Technologies. out floor

Richard Soloway

Thank welcome our today you, call. us performance results. you joining to record The and profitability Good Patrick. fourth discuss another morning, our everyone fiscal and to and for conference quarter XXXX NAPCO. for marked revenue year Thank

SaaS continue Our revenues recurring at to rapid rate. a growth

is June. rate million of run annual $XX.X now revenues as recurring Our

on focus continuous market professional mostly and the end installations Our targeting commercial is growth. this driving

control cash locking zero access Capitalizing Our including school and balance enterprise of continue and report on sheet intrusion security remained focus. fire, products grow. alarm strong and this communicators, key our our remains industry balances as wireless, with trends debt solution, architectural to systems,

The us management equity. of key our metrics as growth, on shareholders. profit, well for team important as on at here NAPCO return metrics the are continues These focus and to

of the well senior aligned XX% at our equity. our with executing are is shareholders strategy NAPCO and business Our management and owns interests

Kevin? back CFO, go year fiscal I'll quarter He results I to over detail, outlook. provide then Before financial will and turn greater and overview fourth and our our our Kevin into I'll call fiscal the more of now an be on strategies Buchel. with

Kevin Buchel

year which the net ago. million period quarter year-over-year Dick compared record for record everybody. quarter period $XX.X Thank X% a XXth consecutive and quarterly $XX.X performance you, sales the morning sales was to compared to same same and million million as increased good to $XX.X of as the for The fourth a

alarm related $XX.X as million in primarily door-locking quarter of to ago. XX% increased products sales the The to products. access million record our fiscal with increase $XXX.X control for a For and services, a sales XXXX communication increased were net sales compared year

the For and products from services door related primarily alarm the and increased locking sales was year increase communications sales products, to in access full fiscal control products.

XX% Recurring increased from for fiscal the and monthly for the XX% year. revenue the quarter alarm division

rate primarily for to a Recurring was based The last Gross increase $XX.X by gross gross compared with the sales to in XX% year a and and recurring XXXX gross has salary XXXX of a freight on fiscal the run margin million of to quarter in for XX% fourth year a revenue million XX% and as with of million $XX.X with revenue. X% increase year. fourth XX% Gross margin the of increased last quarter of fiscal gross to million profit $XX.X margin gross profit June $XX compared annual with now offset increased year. margin to due increased $XX.X as million XX% the expenses. for partially profit

launches. due The The the revenue the for primarily increase in mix where was slight year product from Dominican increase manufacturing well X%. leverage margin as discounts the to to decrease Republic gross in fourth generated was the product as new as in facility in revenue given from equipment several additional gross recurring quarter due XX% was margin primarily related to of the margin as fiscal gross the XX% well increases sales

in no China, XXX% our materials manufacture we when note we effect Dominican please directly that tariff virtually DR from no to Even with Also shipped margins, the on are situation the tariffs. Republic. the raw so has they get China as

not finished materials. Our on both competition have and issues as is tariff They raw fortunate.

X% fourth X% million quarter increased year. R&D of last X% for or compared expenses or to sales of sales $X.X to million $X.X the

X% to X% of sales for the compared The $X.X increase year. additional year was For as primarily million last of the the three fiscal full months and year million due increased or to R&D to $X.X sales expenses personnel. or X%

XX% $X.X sales million SG&A $X.X sales expenses to year. or for last to year-over-year increased QX X% million or XX% compared as of of

last year. SG&A as increase decrease primarily in of in fiscal and selling, a The sales compensations. expenses of of million compared primarily increases general $XX.X was the exceeding percentage million the increases XX% employee sales the X% increase in in or sales to percentage as expenses. dollars the For XXXX The increased administrative XX% was or sales result $XX to from of

the for income to to increased year. fourth million XX% Operating compared $X.X million last $X.X as quarter

year XX% for to $X.X tax income to million million quarter as the last for last year. same decreased fiscal by tax $XXX,XXX period the to compared for to year. increased ago. to the Income to For as compared year $XXX,XXX operating $XXX,XXX million a $XX.X expense increased expense compared $XXX,XXX $X.X Income fiscal XXXX $XX,XXX

the for primarily aforementioned due remained fiscal recognition The for expense effective to credits. as X% rate operating tax increase in expense income. year to decrease the the The XXXX. The fourth for XXXX increased income increase fiscal R&D in was was constant the fiscal at of X% tax income due tax compared for to tax primarily relatively quarter company's in

sales $X.X per Net record to to diluted net income for the which XX% fourth to quarter year. of of million $X.XX diluted fourth equates or compared share quarter increased share as per last or XX% $X.XX million $X.X

year million the same XX% which net in sales to year net net $XX.X to previously equates $X.X million diluted share per increased per compared $X.XX income period change mentioned. For a a or and for The ago. quarter the to due the income to share as primarily XXXX year diluted items or was record the $X.XX ended the XX% June XX, for of

increased to of in share schedule million to equates sales compared the year. the quarter in XX% included to press is per for last today's outlined $X.X EBITDA or $X.XX which diluted net $X.X diluted million Adjusted $X.XX or share release XX% per

as $XX million XX% to the or adjusted or year to share compared sales year. $X.XX net of which diluted diluted increased share EBITDA per per For last to million XX% $XX equates $X.XX

was compared million at Moving to sheet, June on to cash balance $X as million XX, the XXXX. $X.X the June XX, balance at XXXX

XX, June Our $XX.X to working June as debt $XX.X XX, at was million XXXX June XX, XXXX with X.X:X compared X.X:X million Current at XXXX June XXXX. XX, capital as compared as XX, at remained at of and XXXX. ratio zero June at was

operating including Inventory momentarily. Dick of LTE up as Marks and full the year of and during new by quarter gearing than we the for several quarter for remain $X.X activities higher normal million provided the $X.X our launches, for with ligature product cash iSecure, line million. Radio, are lock levels cover $XXX,XXX million which was and year. our was the all $X.XXX new new anti fiscal was CapEx was will AT&T Net StarLink

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

Richard Soloway

The our recurring the growth of future. trend is growth business you. coming products thank fire, communication, believe category. home from revenue Kevin, of and including will for we alarm the strong in and smart continue the intrusion Demand our the is

take the are us and and U.S. place States approximately that market opportunity for took will school XX,XXX to desperately and place in tragic of universities colleges remain forget in believe schools significant. the the products need. continue is during the K-XX XXX,XXX to and this There We We that that year. None to dedicated XXXX United ever so events providing solutions continue security

by During U.S. of XXXX our which to an states According we passed billion. conference past many $X discussed being funding calls increased legislation since have includes volume of a

the in Report article This & how considering everyone. issue data underscores nearly remains and XXX News school safety different front World for earlier center XXXX. bills from this year

grant per allocated government in XXXX for a year you million recall has may through federal which $XXX security. passed The XXXX program school

we pipeline other approval of security are for We The prior looks we products wins receive pending we announce so. doing and aware from schools we continue will when to are the can also which to need legislation as to new robust school monitoring.

witnessed public places places. shooter other Recently more worship have meeting houses and taking incidences active of we and more at

these need the in our for locations. seen is locks of need use violence as The have SAVI secure Access to the for Control. a wireless We such area with and picture painting to clear continuing systems the expand products these public areas our

universal QX Marks network both AT&T anti of be have our in we intrusion will line service now Division lock. launch During StarLink the U.S. on coverage LTE alarms, lines began and of Also launching IoT the the which LTE with We provide the AT&T largest version new LTE fire, communicators. we Verizon of StarLink dealers ligature the new our and our

and to are ADA unprecedented models places, attachment Americans provide functions that's ligature levers. locks with doorknobs the lines, The as motor the lock locks popular These BHMA restrict that cylindrical easy an and Act highest the anti to style and construction. as installation Disabilities all door cetera, to sensor retrofit designed of requirement well shaping et of offered and structure these meet standard,

April Valuable installers latest quick Most of features its perfect the excited advanced and at the this the We home savvy today. The for Product the breed at won new our home in in into is of drew iSecure. demand are upcoming traffic debuted was about smart and the in award West Vegas category and tradeshow MVP, It for year. time of has designed professional dealers tradeshow It very ISC the launch Las in product tradeshow iSecure so lots consumer. The our installation are controls of applications from iSecure booth. that's the

panel X pre-activated enabling already through was this our control quickly fire and easy StarLink built-in installation sales. Lastly add at with LTE XX zones core FireLink built-in communicator panel FireLink cellular in all-in-one revenue. revealer. FireLink savings year. recurring with our to launched comes has cellular alarm earlier an powered growing alarm grown rapidly and communicator FireLink, will a fire preconfigured

Q&A a our this moment. call will session begin in portion We of

successful XXXX the year year we fiscal Our grow a continue for company profit. to breaking us very as deliver and record strong was

is returns healthy in in very its with and profits stock rewarded been a going NAPCO forward. strong and continue performance. growth position have sales shareholders to Our

the are excited beyond. XXXX year future We about and fiscal

NAPCO us ownership support our would maintains I and their and XX% we to management in equity joining have. of in level senior like a thank this future high exciting everyone for for approximately

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

Operator

Schmidt the Jaeson Thank Instructions] your Lake proceed Capital. Please with with Street comes first question. you. from Our [Operator question line of

Jaeson Schmidt

of the here? nice are Hey there. start over months if really just traction size you're for installed guys, security market. you seeing I the comment It - to like past few thanks you seeing Can my the market security the wanted taking questions. increasing some seems with school

Richard Soloway

with different to There that that jobs that many universities, schools, find Good are jobs keep morning. others, the of the we them are especially types adding larger do, we're getting, and of that. we than some and always

over we've the four different the buildings the and some done they're gone times, all doing schools - the executive keep back But we've classrooms and all offices. dorm country. sizes So

in stop the going that out, looks of to the come students, If all you've is press they're which that's stymied. want to seen within that not is where starting together to major release put realization this done unless policy something protect localities come we country, their to the kind like

with that. to I what's going know don't happen

make So the why in of our in There are and systems school the inline can to we're school is you put make we our school we man doorways. different shooter we way of And industry this is and security. control, standalone around make security have trap very only and configuring flexible. to between lock systems line this all an security and where remote a active that ways

that to and each expect it. in small, and add volume continue we medium as more large job to job they So increasing facilities

Jaeson Schmidt

in address lines, the helpful, a way significant add to that's that those just correction Okay, market, do expect and in need the you along to to to given increasing opportunities? headcount all

Richard Soloway

Marks and the sales and of We an agents have and lack nice very group. last fact, in made we've between Alarm the reps integration a Group network

more their the have we New to an increase don't sales they expect but people and intense are Year. territory, more in into we see So

year this fact SG&A flat. the basically In was

budget were make We at of sales conscious. we get most very sure We to people. wanted efficiency each the the

As Dominican far Republic. business, side the as the in the you know, manufacturing we're of

shipped a year, over there. assembly our components minimum the Republic it's not are we $X,XXX do The in all in so from Asia Dominican really is Our and wage material. all

effect. XX another workers you so that a it's If really are get on great product margins material products, assembling not the the

So pretty both both areas, marketing, we're in of these and sales, manufacturing. stable

Jaeson Schmidt

you last million confident fiscal back I still from previously run I'll Okay. Do in queue. into target you one revenue feel and And the that for me out jump a XXXX. rate target? threw $XX recurring know

Kevin Buchel

about, I $XX.X rate, would $XX only is I'm the business recurring the to you beat feel blow do confident, know this we keeping Jaeson, confident, into to $XX, only get revenue still like try just it I million past hard the I million if $XX Not into do the access saying not will talked but the locking get to areas feel pushing we I'm thought and of on, we other Kevin, the it could million. be had we've run got XX, size,

just of let's call now, For million it June by XXXX. $XX

Jaeson Schmidt

a Thanks lot, Okay. guys.

Kevin Buchel

You're welcome, Jason.

Operator

you. Thank

Please from Walkley Canaccord Next the with Mike of line question. with comes your proceed question Genuity.

Mike Walkley

recurring growth and to of Great, see revenue thanks. Great the reiteration targets.

you the mix on bit margins you the a achieved XX% side. a about little Just a quarter little to question little the on closer more some hardware price during revenue me this the hardware a color million maybe quarter? gave margin gross for with with bit for Can What the impacted of talk XX and quarter? the about that that discounts

Richard Soloway

tried about to big start life. a getting put margin we X% have got quarter that recurring would because the once because in for pretty quarter of things do the let's Mike in was revenue, a didn't much the is We're effect, thought process It market, market it. starting we we've to that. and it. the we the our of I get capture is LTE. But that we introduced One of to lot capture radio fourth market that AT&T

situation normal, also. XX% So to it I be normal have would expected

set came say, new XX%, differential. the is We of X% is introduction. I would X% mix. X%, is on basically at a we due so say, discounts product would in the because to gave I

have LTE a due The the the differential was discounts. affect that's we X% Sometimes one Virtually saw differences. quarter of job year, We that it there's because of school Not a Nothing could that to and was the that a a out easily ordinary. the radio They X%. mix get at big that you as different part intra. unusual. X% following get AT&T in mix. university on not all job big by

Mike Walkley

these kinds about products on think coming the impact of that obviously, in for in And short hardware think we new the building then some thanks. we the term, that, the how revenues new Yes, should given maybe term side, How from new term gross you've margin model? quarters. on maybe short ramping Dick coming of highlighted all Great, should just but product. greater products does margins recurring the the maybe about into growing long

Richard Soloway

QX think introduction, we the a a I the for more big us. see area little LTE, in in because you'll saw in what of QX that's

their to I leg. see with. the priced. to new get We new to have of don't a do wants that's the version. product You'll aggressively of hands on manufactures We're like don't of you'll everybody high begin very this. introduced one the discounting that. that. That's see volition The few more or any gate anti very a think out And little that expensive iSecure, the coming we

is to price out gate, away We People going don't beyond competition. right blow is. of good, at the what that the because jump have it to going so to action the are the discount

I dramatically for little that on will bit one margin, on either. growing don't more radio the that the has side, expect up to So more recurring with that. gross It's any it believe like XX% discounting it really make than we but a XX% that

Mike Walkley

still thanks. new Great, the it the the short accelerate it's just given secondly, so far, start from any relative plus launch? growth it like ramp? AT&T the maybe I'll given then going on recurring your pass products year-over-year Verizon me term, Thank revenue the think question to or And in of conference, ramp Last you and color as slow you. on, XX% then does rate at to just how

Richard Soloway

generate recurring get done industry as never versions to the users. as one-off but revenue. of but don't think well June are whole the $XX million generating sales, is companies some They're revenue. iSecure we're the that AT&T, the be The recurring with to We XX, of installation locks the going for been the revolutionary that going XXXX to before is which bloc the revenue, expect generate products locking traditionally we number year. which We hit that in and recurring our the business

point $XX at established whatever we've odd, go the we that that’s we're pretty how it. think to going But at do look to be of share. that to think that to beyond going the and we'll number are can million we We we hit price I our have get XX do the market And stable. that

Mike Walkley

Great, thank you.

Richard Soloway

Mike. Thanks,

Operator

Thank you.

Our with next question proceed Matt Pfau comes from Blair. line William Please your question. the of with

Matt Pfau

the Hey, guys which what the line or is on we I the in X%, that about how disappointing had growth the to do quarter my year more but talked Was below going hardware quarter growth should and anything the for one-off lowest the that rate wanted about quarter term. about growth growth quarters year, for about - thanks of you there ask in the taking it? or of is in was full sort think year the have guys, is full the year the questions. how in with the rate forward, go forward, or other and more that indicative quarter fourth think we longer

Richard Soloway

was The one had increases hardware or high the been full highest to years. the saying goal our growth of X% We've of digits. single for is we've year to in double get

time been up and past but on a year. us long. we're don't by from us gone new We hasn't million hasn’t many between, better lot XXXX things doing They're I so the why that out a us and to we on high panel do lot in I link $X.X that fiscal of we're on that for a introducing much, recurring and things there's more lot iSecure percentage more way reason - can't don't spending our of spend think a singles, anti lot radios a of any So hardware. this more new for the believe to FireLink get [ph], since money of X%, point R&D view the

about very sales leverage, Dominican important. talked too. important The to hardware very The us, we

all QX, full busy down big a you see You know, we're in on part shift we're much to into as the a getting for that's we but didn't year We're saw good and of things. what doing. too radios just going it it there, these be are going second so

QX, would for still the digits it high lower projecting I goal was still full even in single believe or for if single was year, still So the that achievable. out, is I very Q, low the though

Matt Pfau

has still then on that passed, out And to have business an and business? government security of side, is being you opportunity funding the the school mentioned these all school are bills growth with been it. of more that the potentially big bills that that impact Got a some few there or accelerating an passed, of security funding of the how these

Richard Soloway

school we're security Well in increase seeing jobs. an

schools are some in they're We them. them publishing the - as area. get funding There's many, many we are their the more regional being If Q. from getting

funding. all to pump expect of to is though out, legislation going a be We going this There business. federal get there's be to lot primes more put the

state cost, are and offering places that K-XX, Schools And since easy doing that financing are and which The we for using They're the and or endowments. money through K-XXs do. money universities the country. this to their more own convert to secure the around the low not counties have of jumping of students expensive have an down. for to gun legislature college large coming in anticipation

schools seeing that be much students. in the situation to for And a we're make the protective more moves and they're going these better

So I schools It's could of money But down. very to see of of see, growth this positive to so going and school will the in as really years secure. big ahead could five a we we is many us far many, all be see take continuous the years growth starting come and light.

Matt Pfau

didn't Got the And from there, hurricane getting it U.S, there was of any the Caribbean, the impact in goods of the I operations of any but to to in disruption it. there hit Dominican? terms impacted realized hurricane? that's the currently terms in out Dominican the there the your

Richard Soloway

their going be are we'll There's ocean haven't feedback air of Dominican the top we the haven't yet they We itself by but by didn't and – to – companies, factories five sea. shipping Though both so We be from in category yet. shipping our hurricane on the Republic, gotten game. hit.

keep the or that how able here let's So demands we in things week we expect things and go next be see inventory satisfy so. with the we'll all so have of rolling, to amount

Matt Pfau

me, guys. from lot. it Thanks That's a it. Got

Richard Soloway

Thanks Matt.

Operator

the you. your Please line question from Thank with with Jeffrey comes next Our Kessler of Instructions] Imperial proceed question. [Operator Capital.

Jeffrey Kessler

for talking little of side market. of not that little probably It's you're some that hadn't on Thank Verizon been going the the you the AT&T about the publicly, you've question. I'm by invest of new to surprise so already market of making up radio how least in part my you in brings able much that bit you under Do looking competitive to on spent say taking by there you number market was analysts' a that investments wondering AT&T number you side at market, by the a fair And what up folks, you since a were communication that questions; a one, two the heavily. capturing of the this little at this AT&T surprise? in again, in, been take that been bit think part wraps, taken do you've surprise you think the think the keeping cup, that, do bit to you've the one,

half? all bit fiscal investments longer to do that it a little and are two, number see play you taking where the a to now, be the little and want you you call course coming? which going a get, to returns And the year out earlier these if next bit over Let's ones of are making

Richard Soloway

unique, right And to nail to Jeff, you've the is and you radios that's why know, the to hit it's our we're are doing nationwide science, way home It that the questions. grow not are and and the competition. on launch long-term revenue. but the we well tremendous very sneak an with important on Fire to in exact run AT&T AT&T to success very had have AT&T always for these build head. going makes mid-term We're complicated up as and good to radios business. very that business recurring fact small solid Radio as And us the it a and

well it our important future. it's to thing So do for bodes and

iSecure, forward We built so expect producer, that installed alarm iSecure us. of these it And very has expect AT&T to real volume it, and revenue that's is a that every generate iSecure a will on going into which important. and be we between networks recurring radios all having radio for

on conversations if deeper go to want So could this. detail, than do we you in deeper getting later want if more you

Jeffrey Kessler

the far from if say quote, we are a investments going Sure. returns earlier, to which you little to you into be as a and see the I quarter that - see want seeing and over And to those do going -- later, want bit schedule, are to don't from as a were quarter? little but returns bit as, obviously which what you into last the are we next making the

Richard Soloway

can have we Well goal million that million our this go And at get $XXX beyond we're to be to that goal is going we're And we share, investments to be are and - going $XX in working together goal, to win and doing and goal. looks we And hardware the June have you of like, a put XX, recurring to share XXXX our market in manufacturing. our we're you are that over us. a for is everything and goal. a $XX this our

Jeffrey Kessler

Okay. final question. One

and is I'm the the a real big five the professional within but and up, right there. right value not difference with or verified between signals overall unverified side. commercial on between up convenience with is try of The just and difference which show to minutes six have side, police now residential dealing out just service, the alarm having now the is on dealing just to that One proposition not industry to the prop to issues reinforce --

to professional doing? industries, ability and about you signals [if the the -- having are products alarms? folks the industry's to police you like you allow X/XX I'm quote readily without false to you iSecure and to in have come want are accelerate except thinking What what and respond the And that. the] more police PSAPs, and doing centers, What are

Richard Soloway

contacts not of enough and the alarm the go to products, ceiling by false not that false they a products are magnetic a caused cause or attached the professionally not they installed DIY products. DIY they're to Well, move lot are the windows. close well, alarms the on to walls or

So alarms. that of lot false causes a

and Our which iSecure of is more the functionality dealer, alarm against point but in not professional compete the price more its and aimed put installing systems market, to is DIY the game the for its DIY product. dealer

which it's alarms. stores that more with So on. eliminates DIY. you're a And to arm what's the from with a the going professionally our getting a very nation and our dealers across on false to feature in trying false installed, investment, better rich less lot of we're and return product the which more reliable, dealers contribution alarm has That's

and all and Central Stations to eliminate that to additional give the proponents police alarm ability it our line. of all can not offline NOC, reports off alarm, we the real I and And functionality works exactly the what and about the industry talk from major the which it and go false talk thing that's through false to know that alarms. we industry. in keeping we're response a... reports us, to this and does you It the But can to cellularly has back-end

Jeffrey Kessler

that's Yep, great. Richard

I very you much. it? appreciate thank Okay

Richard Soloway

All right.

Operator

Thank you.

call of end I the session. question-and-answer Mr. the to our would back over to like reached have We turn

Soloway for any closing remarks.

Richard Soloway

today's participating Thank in you, call. everyone, conference for

speaking Bye-bye. your a information. to for free you look further NAPCO's for myself should first you fiscal results. for have we and We always, please XXXX As you to interest questions, support, all in call further feel QX and forward or Patrick, Kevin months any thank again few to

Operator

Thank you. concludes teleconference. today's This

your for this a disconnect Thank day. your you participation may and at have wonderful You time. lines

Napco Security (NSSC) 3 Sep 192019 Q4 Earnings call transcript