Napco Security Technologies (NSSC) FY2022 results: revenue $144 million, up 25.9% on the year

Napco Security Technologies, Inc. (NSSC) reported revenue of $144 million for fiscal 2022, the year ended 30 June 2022, up 25.9% on the year before. Net income was $20 million, up 27.2%, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 29 August 2022.

Revenue

$144 million

+25.9% on the year

FY2015FY2022

Operating margin

12.7%

15.7% a year earlier

FY2015FY2022

Net income

$20 million

+27.2% on the year

FY2015FY2022

Diluted EPS

$0.53

+26.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	144	114	101	+25.9%
Cost of revenue	84.4	63.3	58.5	+33.4%
Gross profit	59.2	50.7	42.8	+16.6%
Gross margin	41.2%	44.5%	42.3%
Research and development	8.0	7.6	7.3	+5.3%
Selling, general and administrative	32.9	25.2	23.7	+30.6%
Operating income	18.2	17.9	10.1	+1.6%
Operating margin	12.7%	15.7%	9.9%
Pre-tax income	21.8	17.9	10.1	+21.9%
Income tax	2.2	2.5	2.3	-10.6%
Effective tax rate	10.3%	14.0%	22.5%
Net income	19.6	15.4	7.8	+27.2%
Net margin	13.6%	13.5%	7.7%
Diluted EPS	$0.53	$0.42	$0.21	+26.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	8.3	23.0	10.3	-63.8%
Capital expenditure	1.5	1.0	1.6	+47.2%
Free cash flow	6.8	22.0	8.7	-68.8%
Free cash flow margin	4.8%	19.3%	8.6%
Cash from investing	-1.6	-6.4	-1.6
Cash from financing	0.2	n/a	1.5
Depreciation and amortisation	1.4	1.3	1.2	+9.5%
Share-based compensation	1.6	0.4	0.6	+279.1%
Buybacks	n/a	n/a	2.5
Diluted shares, weighted	37m	37m	37m	+0.2%
Shares outstanding at period end	37m	18m	18m	+100.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	114	92.4	76.5	+23.2%
Short-term borrowings	n/a	3.9	n/a
Debt	0.0	3.9	3.9
Operating lease liabilities	7.1	7.1	7.1	-0.3%
Other liabilities	27.7	15.3	16.9	+81.6%
Total liabilities and equity	149	123	104	+21.2%
Fixed assets	7.9	7.8	8.1	+1.3%
Intangible assets	4.3	4.7	5.1	-8.3%
Investments	5.1	5.4	n/a	-6.4%
Cash and equivalents	41.7	34.8	18.2	+19.9%
Receivables	29.2	28.1	22.9	+4.0%
Inventory	40.8	24.9	34.7	+63.6%
Other assets	19.5	16.8	15.4	+16.4%
Total assets	149	123	104	+21.2%

10-K for the year ended 30 June 2022, filed 29 August 2022: the filing.