NSSC - Earnings call transcript Q1 2020 | Napco Security Technologies, Inc.

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Operator

Greetings, welcome to the NAPCO Security Technologies, Inc. Fiscal First Quarter 2020 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, that this conference is being recorded.

the Investor to Relations, turn McKillop, host, now of Director you will conference your over Patrick I may begin.

Patrick McKillop

the name press for all should opportunity you our fiscal my of of to discuss on you morning, is quarter release results I'm call review results. McKillop. to Good for financial the today's Investor conference Relations the for XXXX. NAPCO have all Thank first discussing had our Security. the joining us Patrick Director By now,

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

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

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

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

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

on East Show St. November XX November Francisco In will Also upcoming marketing we York. XX, will and on and XX our Portland November terms November product X, in Montreal Trade outreach, San investor in on the XX. be Louis showcasing ISC New be of in we and XX, at

If me contact please you an would like invite. to attend, for

attending crucial, such of During Raymond is a we the Benchmark small-cap especially outreach James will Conference NAPCO. the for Conference. Technology the Investor company month and as December, be

thank Now, that those I conferences would like these of us marketing in folks to trips. all assist and

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

Richard Soloway

for Good conference us Patrick. Thank morning Thank you results. today our call. you, to everyone, joining discuss our welcome to

profitability quarter record for first NAPCO. and XXXX another marked performance revenue The fiscal

recurring a Our to continued at SaaS revenues grow rapid rate.

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

and on is installation targeting mostly this markets continuous commercial growth. focus Our professional end driving

as Our grow. debt balance and this continued report, remains sheet healthy of balances cash to no our and with

as These our returns These wireless our and continues products. architectural us industry NAPCO, profits as metrics trends growth, key Capitalizing school and and of focus access on for alarm communicators, well enterprise security fire focus. locking shareholders. to important remains the Management, at metrics solutions, on on key intrusion include trends are control equity. systems here

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

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

Kevin?

Kevin Buchel

and you, morning good everybody. Thank Dick

increase quarter. sales, Recurring primarily alarm's revenue. on of our and locking the quarter in the division rate monthly door for quarter, year-over-year September record which XXst has products, record now recurring based net for annual to sales ago. first revenue related as consecutive quarter performance $XX.X sales a $XX.X quarterly a access products. the million and for For year to alarm Recurring same were revenue to the compared and XX% services, the the million, XXXX an million, from period increased increased of communication of sales was increased run intrusion $XX.X XX% The

the with from facility XX% or well increased in compared a point million X.X% a those of as sales margin X.X% last million leverage of XX% and compared $X.X for of of The sales $XX.X with XXX exceed XX%, last and the Dominican recurring quarter quarter. gross as as year. XX%, remained primarily quarter margin get manufacturing first sales profit was relatively given in revenue, R&D by was driven gross to million the gross $XX that a increased margins gross at XX% year. to million constant to for Gross in increase where or sales, the margin basis equipment $X.X the we Republic year-over-year million expenses increase $X.X

XX.X% administrative Selling, decreased expenses sales net to general compared as million of for as period as net the for and percentage same the decrease QX XX, for relatively at three increase remained and sales. ended a $X general a percentage sales administrative year months The to a to Selling, ago. the XXXX expenses QX compared period the September constant due was in million as of $X.X year to ago. XX.X% for for a same primarily

compared the to the quarter by before in last for last year. provision for $XXX,XXX as first the was for primarily $XXX,XXX to million taxes XXX% increase Income by for Operating $XXX,XXX, three income provision increase $X.X expense to months an $X.X compared year. taxes. income as caused income for to income the tax The increased quarter increased million in

ended for the a effective months versus last the Company's As result, XX% tax rate year. XX% three

quarter diluted or first diluted or outlined last XXXX, compared to due share, schedule the The the or per share $X items year. per share, diluted to included year. as ended compared for primarily $X.XX per $X.X diluted previously of net today's per in September increased quarter, quarter for income $X.XX for last EBITDA as million Adjusted $X.XX release, record income or $X.X the XX, increased $X.X to was quarter share press million million first the XX% change the a XXX% to in to mentioned. in million $X.XX Net

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

as on capital September with million XXXX, ratio remained debt XX, operating zero activities September was million June than and XXXX at at LTE $XX.X our we Inventory XXXX. StarLink for Net radios. new AT&T Marks' million. higher at of $XXX,XXX including call, to working are gear launches the ago mentioned quarter as new XXXX. was new was $X.X line at provided during X.X:X XXXX. product period. CapEx of was the the compared normal Current for continue cash several to have levels that compared previous iSecure, quarter And we Our as XX, locks our $XXX,XXX XX, XX, September by $XX.X June X.X:X at in anti-ligature versus XX, up as year

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

Richard Soloway

Kevin, growth Alarm thank have driving intrusion school including new to category and you. they to tailwinds growth the growth the for of opportunity pay demand help security recurring NAPCO coming fire, home need. The the funding in continues upgrades our that revenue continues will smart market for and schools remain remains the business to with have positive its vibrant. strong significant that we a communications, trend believe are products.

and schools and it announced US, always solutions XXXX that help NAPCO worry the Tragic colleges there again. that security of with for In end events K-XX the the and Department is products schools XXX,XXX to of and it live providing million Recently, Justice could forever to October, to the need XX,XXX they faculty. dedicated are will we of with these happen total students universities. schools $XX a and had the protect of at grants projects. the in awarded us

our identify by Williams of Act as we and the Representatives. the Prevention Deutch in school was And mentioned school past, legislation happening $X the for July tailwind well. business. address of we the shortfall and security. billion as any a legislation which proposed legislation are over changes passing Violence many would of market, in actively security positive representatives states In House have create in are The will XXXX years School examples believe funding XX authorize XXXX, and Mitigation These in the to

to and our areas other taking our the approval of well. have meeting continue Increased as been is seen pipeline activist SAVI the school's audit process. students access incidences to these security worship with by than We continue areas wins clear. each products and school. will allowed and have in as control other locking the see place expand as for for These school such projects security of for a need violence robust new more announce use location The need houses in public for to we like places

universal new our LTE Recently, alarm we began the and communicators. StarLink fire, of intrusion launch IoT line of

AT&T both continued exhibit Verizon coverage LTE widest our the offer Fire service. The to now LTE, StarLink dealers to with sales the communicators and in communicators network AT&T-powered the StarLink Our in growth. US Verizon strong and

lines, styles and levers. easy popular Locks and construction. to attachment in During and earnings which doorknobs with the in the across that's our lock newest These rolled We for Marks laces installation ligature all multiple highlighted the designed the currently call standard. we locks September, etc. for to need the models, division, dealer anti are community also our retrofit to with BHMA these highest for Disability ADA, US. out and ligature of restrict offer are locks ability door the last being anti Act Americans requirements combined

lots We are the and the and award new be won iSecure homes designed Home of excited the installation drew in demand West Show of smart It very show our iSecure. booth. sets and at product, Trade time for advanced latest of ISC to The that year professional continue MVP, breed Controls into traffic savvy for trade this consumers. launch upcoming our in Valuable the iSecure the from Most earlier quick has about today. feature The Product, dealers is the rich the installers the Category

zone to cellular fire alarm control cellular LTE earlier FireLink is and inside control a with year with panel continue built-in StarLink-powered alarm this launched see X-XX an was communicator alarm sales good all-in-one growth. FireLink fire communicator. Our

leveraging The lock of order It as to new have products recurring for these business XXXX at product experience Looking recurring is by working into lines. the communication other fiscal lines. into in here is product generate on revenue our services and categories, have control, R&D cellular access future. electronic to product such more StarLink technology team, enterprise these our revenue we NAPCO, and

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

successful grow strong a QX to fiscal Our record-breaking was and as we us, deliver quarter very continue the and Company for XXXX profit.

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

everyone beyond. ownership XX%, for for their remainder high equity, a maintains fiscal about management senior of exciting and the We we thank are approximately like excited I the level would future in of our NAPCO and have. XXXX us support year to joining and in

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

Operator

At this session. question. William line we answer Thank the of Instructions] question and the with Blair. Please Our will comes be conducting proceed from time, first your you. Pfau of question Matt [Operator

Matt Pfau

taking for think will to thanks iSecure on hardware to product. start that guys, recurring or Wanted the base my product contribute revenue to it should released we be that was and into released both Hey revenue? when questions. ask about When when dealer will first the how and

Richard Soloway

is Typically the feature on has pick sets, to trial for it takes do XX unique pricing. and what it to It months to then unique months it momentum. happens up starts nine dealers

it who already at dealers, signed up many, many the see ISC East to have Show. We

release of pushing production it more We And calendar and the the keep group as year. then, more demand. expect this dealers in to first

Matt Pfau

talk came in leverage where quarter. hardware year-over-year the improved on should about going margin you gross think margin from hardware And just Can maybe gross the and margin forward? we how that Great. -- gross about

Kevin Buchel

[ph], of Sure, When for less you quarter the talking begins hardware, XX%. the up. and increase it was million The the year. was in. last -- kick -- $XX $X XX to million DR was anywhere factory. margin over the The to it over margins margin say the When point, million. $XX that The magic close Matt. of we've we because million, was to the leverage from we so over XX.X%. so it on it's many QX, Last hardware know above that we it this go goes that sales year, The higher the the I'm year XX.X% last came margin a time $XX.X spoken get and the more expect and let's -- go go margin leverage where XX, about, to was

where point of quarter, the the get goal hardware $XXX we for that to we're margin XX%. to That's We -- expect what it's million in is our it be a getting goal. million, talked a to an closer the closer average we're -- neighborhood shooting where but on $XX gross expect about and and hardware we of

Matt Pfau

Okay. And last one for me.

school opportunity, you're can the now, business implemented these how into are continues with that to is nicely. going be the long that seeing this the think are of just projects you pipeline us the should we times an On to the are are give summer, the there there more build coming lead area session that or school projects visibility pipeline while that pipeline.? how of that projects Maybe in those the that in upcoming mentioned your out with about ones into are of idea to you

Richard Soloway

the locks when And it's or school. It how from could they lot the classrooms on outside even job, are from just it. of the typically the be a the -- talking could and Some all kids should they be are been of we of about class the the all school of that If inside. classroom changing pretty a quickly. done know K-XX while doors about the be a in out the then because jobs, for locked locked we've happen rooms,

custodian So that up. have run the for until hallway teacher look into to that to out computer the the [ph], and classroom the lock doesn't go

throughout in see, from So, out when year. -- January it's of job, be by are the for or kids -- job, kids of happens And are university lot school. time, to session make kids the it's if could to tend they course tends out, the inside, a to we're between jobs when move getting is locking when end getting When during jobs those locks of the that happen when Happens the it an in and session. Universities that a bigger locks it the we school done December, April. the happen

June. jobs see you'll and in So, May

talk know lead much we before. in all going so there seeing for no we're it more kids schools no schools is generates keep it still it takes is and it magic the time, going. is it, Most schools than growing. numbers school year But have that's time, seeing encouraged about There standards when we activity We we've is the are that nothing. that award few We're year keep I set talking to we're but specifically quoting, up meant time by months. the the and is the we've expect but had most There round. us. for what are down, be. they all interest And and a our out, see then, should still why time not around. we quoting to That's about this the the from of that years, a know area are it been to job

Matt Pfau

questions me guys. thanks Got some ask had. it, the letting quarter job that's and all on I Nice for

Richard Soloway

Thank you.

Operator

comes Schmidt question. Lake Jaeson Please question Street. your from next Our of the proceed with of line

Jaeson Schmidt

my thanks questions. for taking Hey guys,

school directionally, on the Just you revenue. the don't commentary know sequentially up your school up security market, But security following were out September? revenue at in I of percentage break least on

Kevin Buchel

compared security, remember QX our biggest to jobs compared QX, School to is quarter.

to happens. that last I up But to jobs up And not year's hardest sequentially QX. and say the a a encouraged sequentially, QX expect year's QX quarter. lot up it QX versus because that we So, last compared it versus QX, to would we big were be quarter in is was of was the had QX. lot in be by it we

by schools the up QX, a when versus next to expected up is schools ago, is perimeter in encouragement also be For thing. to lot still every a about But synagogues, not gets I thing. same That's of get in to needing to a of And need there, up up our same out. time will business are Churches, as point quarter, be lot We're the aided year is the out that be the schools houses as biggest seeing they're expected the also, beyond happens. that they activity going doing this something of finally quarter a fact worship, protected. of well. that schools, lot now point

Jaeson Schmidt

And Is then revenue targeting growth fiscal still in equipment last the ballpark helpful. that for you I in that's mentioned year? that high-single-digit range Okay, know the this for call, 'XX. target

Richard Soloway

the of in we lot as into Yes. feel We we have came in going Yes, to with one last good XXXX. QX, is this into AT&T back-end growth help quarter. it's we going The are been help. reasons to goal that. maybe quarters interest double-digits The The LTE about doing. [ph] There's product help help. iSecure, is a of is to as going X% we little radios, It's release this a that's lig revenue. about the X% head to quarter, recurring anti fiscal to why less That doing going 'XX be and a and going head in new high-single-digits, the only hardware, we eventually X%-type for is few, new but to it's help.

we have near digits double-digits believe X% the be eventually to future. in reasons So, could that and high-single

Jaeson Schmidt

it from Okay. And one and about year? ramp queue. this back think jump the into OpEx, last could How to needing we I'll me

Kevin Buchel

been OpEx, right. pretty historically, well, controlling we've that

flat compared year-over-year expect flat would as quarters. be So, R&D quarter things to that. in I increase wouldn't SG&A, increases, like it were and salary this a I saw upcoming you the last they probably pretty expect to X% year.

from sales is going two, process engineer That a the better these that's about personnel the are or a to sales are to XXX% really are making mean going outside talked lines thing lot outside payroll dedicated us, reps the side, one there added getting we're haven't an a future of with dealing. we -- and people. in guys for -- who on different have lot We us -- change here along, to may be because well that guys, not we sales pretty selling product think and or reps,

SG&A. model, So, was on if building X% I on growth [indiscernible] R&D, X% a

Jaeson Schmidt

Okay, I appreciate the color. guys. Thanks,

Kevin Buchel

you, Thank Jaeson.

Richard Soloway

you. Thank

Operator

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

Unidentified Analyst

Antony just terms were any like questions. product associated for that last also see margins, Mike. Actually, with to you reflecting wanted the Hi, revenue of thanks AT&T in the confirm to this on I you recurring saw is they discounting quarter of on gross it, the LTE number? not the radios, roll-out, taking begin [ph] typical AT&T lag quarters how on before is the And correct? the hit many with for

Richard Soloway

we was wasn't. There It a quarter. decisions last like basis necessary We are it, no eventually this come. willing discounting radios want was on -- out, be make We those for people as to to there getting seek do pay it XXX the thought it -- that, didn't have might We effect, it. point these might recurring people it, excitement revenue tremendous will

radios, happens you dealer. them lot to to have shelf on their what it times it these for sell and the is So, of a distributors. may sell they'll selling The a month distributors you

gets the As radio to the activated. soon begin it, is as revenue dealer the That's should happen. when recurring

switch It's it, maybe And a little more, a weigh-in month on. things that sometimes, gap, not dealer the the a turned is gets two. you figure generally got is are that's to once there big that but when there but

Unidentified Analyst

what's the fire, across us now to $XX if categories, rapidly of to provide doing the a whether terms $XX you and it's Any And in growing maybe would great. breakdown timing is could target can you now it's locking, on this revenue fastest the color be still think a Thanks. there recurring 'XX getting recurring color Got rate the different revenue hit it, your June recurring. about on intrusion, you're expectations. help on okay. it month, growing run million million then

Kevin Buchel

$XX Our run goal June rate 'XX. of remains million to be by a

the margin is pretty That by where there. that out goal. well. essentially Group. us business the as perhaps to $XX by one we Fire also helps that's year. on a introduced So, it the and was about us we've drive radio that that That's couple that? helps of we one get of the of the fiscal radio years is Well, all our Why doing following of of old, see up comfortable things, feel the the end you maybe year, really revenue, that Very these Fire million on radios the back. fiscal do recently, introduced the fire. And the is drive say recurring highest-margin two It end radio

go XX%. recurring anymore up, that that's Fire us. this a the Verizon. up, big A lot the in done, it's And surprised, of was lot radio cellular are a of XX% by go so, be you if area near keep because wouldn't term. business. early margin stages, of not this the we quarter This switch I seeing over hard making In for to see be lot being the more building to from is line, a supported the

Richard Soloway

We with go expect and have millions systems. done to that going the be years conversion from for millions copper to we to that buildings think come. is cellular, this commercial to And on the of there's fire

our to months XX they out radios being it business months to month, quarter I radio to price, out are building put them to the installed and business. our LTE did we the start dealer; last it's we aspect are wanted just within of important the distributors a after push of to X could it at as really and So, lot a a very future. feel the radios keep and the when said, distributor And typically you that's for the and good volume. ship few But, so well-received

and said, will more months this as XX business price. side, that I out iSecure app nine comes control builds, that's a using connected lot very good of of Connect, functionality volume our you add alarm residential months. at and doing system can and system the the StarLink our for And of alarm small in of business, And very, nicely. very also the very, when And residential, to year. a small the home That's business get where part more it

using for to which priced Connect retrofit to an lots that's small generated existing be and features, the of line, very business product see in lots see of we alarms homes of going iSecure kinds we it the of goes hour, business all attractively. new and has is alarms So, great from

very So, quick. dealers' the ROI is

going we be each control our then, lines, of of from wanted and that's have because that, vertical into So, put goal manufacture. that's performance to over access product locking our next business to for and have lines and of years revenue we our couple additional recurring our cellular business we to that all the each other our do we of the of products that get

Unidentified Analyst

last All me kind I'll -- And progress to right, when efforts, benefits that? might just component Asia update it pass on great. from one margin see of expect we out, on. from Any really sourcing the

Kevin Buchel

to We've with buyers see buying the through of distributors, begun components Asia that. paying direct there, going to qualify from sources. quality. of you stores a poor Asia because takes you Dick you to first versus identify higher Then, don't team go middleman, going goal want price, more a it took so to if you're time, And the speak. have you a through

want Republic we new introduce certified an passes that the facility. stores, quality We high-quality have ISO don't We We formula. from the it. mess with manufacturing get test, Dominican to

effect. you the having use existing It's have to new fully benefits an then source. the and of could We our inventory get

from it goal on we're We the -- prior lot. over It's use a should from have older inventory up as not that effort. in said, somewhat, impact, And than having the we basis vendors, be will an there an save margins And help helping the realized. annual to more the $X the we basis saving annual future. that again, $X million but on on we're or originally want million more

part direct and to again DR buying all of Asian tariff We that from bypassing from source And whole the big trip [indiscernible] that is story whole we're DR. other that hear the directed is problem. [ph] discussion about; we by going renewing to Asia that The

Unidentified Analyst

Thank Great. again. you

Kevin Buchel

you. Thank

Operator

next proceed the question. line Our comes Kessler Please with question Imperial your of from Capital. of Jeff

Jeffrey Kessler

area, done into on how body business, also anybody, moving your for in experience, to or a how wondering installations, taking you're of more -- interested you number access just to which one. business it in StarLink on of the your was comments What the and control in into And I you. have transactions access main does is for rapid two, business? and quick control it but locks, growth a and part the locking a and for of Number residential on is the business. area. move not on commercial with going Thank moving as iSecure, region view recurring your begins there StarLink mentioned your which is electronic but does your that definitely you trend in your this I'm who's that margins growth it revenue your what regard your recently. M&A of business look at a

Richard Soloway

big And -- or bad business those contract. do monitoring that in functionality. type recurring Hi, access to Jeff. integrators, want signing all the be dealers drives systems, Dick. done cellular having revenue have system the That's jobs, What three-year been to and business. is is we're the doing locksmiths, that revenue. jobs them is about. start do hasn't control a something that of what now locking store they fire They sometimes just a -- the or dealers part can feel of that's alarm what burglar recurring up And reporting

show us and different to that very very, locksmiths network locksmiths, and these coming and integrators. to verticals, out, equity which out revenue types help the going system dealers with to find there end which access able familiar certain and years, integrators business, industries. vertical, be to integrators be the the want products through because has them. build functionality margin exciting. met these we're we service out next built the monthly residential. it's And would to going out of the generating major and more it's business, for the can our because locksmiths our to show and services able than attractive using all of an is recurring will a the two get greater very to account able of to cellular be yearly customers And number It's [indiscernible]. two types lock And It's of over this we've I've business, I'm to system they to just to get this. locking all vertical have that all is start they'll the handle we these user they're but these going be going to new in sell area virgin and we'd and go not not not So, have market, a untouched that be

Jeffrey Kessler

started When upfront you small have --- two, --- because model already this to number relationship, you they've of there to place on have got business years types to companies channel [ph] particularly there this Obviously, Do model. the that one get push believe take recurring revenue was back this number Brivo, all you one in and margin. trying of the no gross the those get that ago, locksmiths.

people and do of probably on a that going in do your with figure, the education that lot but the the business to relationship it's take Some systems of integrators, ecosystem recurring -- before, part convincing have place I place in have and to revenue some this? to dealt you

Richard Soloway

years. four doing for revenue recurring alarm for XX years. doing we've been that, to Previous sales been We've dealers to

are be these and leave don't the to to and on back They profit. So, these wants recurring put and And we come that that with get equity. something people to customer to are lock. that break, they'll beings just make over. because alarm it. of do to want Human that data get fix a want human how dealers uses out out maybe All they and and lock want revenue the end-user the carry we want entrepreneurial. door know able be it'll able They velocity with They know we're their lock, lock. beings. deal And we lock to to and that now going to be to build to of that systems want it

industry and entire company manufacturing security We're in alarm the company owns that only an the company. locking a

to dealers it for utilize into We kind years. of our have and and integrators these we So, it's the us natural to have this, been radios. dealers people, train for move we

growth radios. see can our You the in

successfully. been are with and You which can dial-up, goal. see thing how That's going do we're to going using locking the to very our same now, they've the access. from And the cellular dealers

nothing but long got such thing and than introducing products, Now, to going because rather over -- a revenue job-by-job. for overnight. way working locksmith start the But two such next integrator it's motivational get to recurring to the a we're it's want an happens years, or

nature So, it people. we goes of these along human types with of know

Jeffrey Kessler

it. you very Appreciate thank Great, Okay. much.

Kevin Buchel

Jeff. Thanks,

Richard Soloway

Thank you, Jeff.

Operator

Soloway We the closing have the for session. the question-and-answer remarks. any to back will call over now of I Richard reached end turn

Richard Soloway

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

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

Operator

This concludes today's conference.

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

Napco Security (NSSC) 4 Nov 192020 Q1 Earnings call transcript