Avigilon Bad Financial Results Q3 2015

Author: John Honovich, Published on Nov 04, 2015

Growth hit a record low, with sales expenses continuing to surge yet minimal increases in R&D.

The first financials after the death of the Schmode era and 3 executive departures (including the SVP of sales and VP of marketing) shows declining financial performance. On the plus side, this was largely expected to be bad and now the hope is for a rebound.

In this note, we examine the financials and review Avigilon's new competitive positioning.

Financials Examined

****** *** * ****** ***, **** ***** ******** ********** ** surge *** ******* ********* ** *&*.

*** ***** ********** ***** ******** ** *** ******* ****** * ********* ********** (********* ****** ** ********** ** *********) ***** ********* ********* ***********. ** *** **** ****, **** was ******* ******** ** ** *** *** *** *** **** is *** * *******.

** **** ****, ** ******* *** ********** *** ****** ********'* new *********** ***********.

********** ********

[***************]

******** ******** ****** **** ******* *** **% **** **** ****, compared ** **% *** *** ***** ******* (** ****) *** *** **** **% ** *** ********* ** **** year. **** ****, ******** ******* ******* ** ***** ******* ************* by ******** **** ************. ********'* ******* ****** ** ****** ** the **-**% ***** ** **** ******** **** *** ******* **** the****** ************** *** *** ** **** **** / ********* ** **** one.

***** *** ********* ******** ****** **% ******** ** ***** *&* spending ******** ** **** **%. **** ** ********** **** ********'* overall ********, *** **** ****** ***** ********** ** ****, *** productive / ********** ***** ***** ********* *** ** ************. ******* important, ******** ******** *** ***** *** ******* ******* **** ****** leading **** ****** *** ****** ******* ********.

******** *************

**** ****** **** *** ******** **, **** **** ******** **** benefits, ********'* ************* ********* ** ******. *** ****** *** ******** down **%, **** ***** '******** ********' **** **** ** *%

*******

*** ******* ******* ****** *** ******** ** ******, **** **** up **% *** *** ****** ******* ** *%. **** ** not ** ******** ********, ** **** ****** ** ****** ** be **** ** ***** ** ** ****.

Enterprise ******

********** ******** ($***,***+) **** **** ******. **** *******, **** *********** 27% ** *** *****, ******** ** * **** ***, ***** they *********** **** **%. **** ***** ********'* ********** ******** *** grown ************ (********* ** *** **-***% ****** *****).

SMB ****

*******, *** *** **** ****. ******* *** ***** ** ********** business, ******* ****** ********* ** *******. *** ***** ******* ** that *** *** ****** (********** ***** $***,***) ** ****** ******* at ***, *** ******* ****.

Impact ********** ** ***

** *** **** ****, ** ******* ******** *** ******** ** be *********** *** ********* ****, *******, *********, ***., *** ***** scale ********. ** *** ******** ****, **** **** ********** **** to, ******* *** *** **** ** ***** *********** / ******* to *** ******* ******* ********* (**** ******* ********* *** **** Dahua **** ******* ** ** ********'* **** ********* ****** (***** America).

***** ********, ****, ***. **** ****** ******* '*********' **** ********* and *****, *** ******* ***** ********** *** *** '**** ******' quality ** ***** ********* **** **** ** **** **** *** any ** *** ******* ********* ** *******, ********** ** **, in ***.

******* ** ****, *** ********** ****** **** ******** ** **** tougher, ** ***** ********* **** ********, ****, *******, ********* / VI, ***** / **** ***** **** ** ***** ***** ******* to ******* *****. ******, ******* *******'* $** *******************'* ******** ********** *************, *** ***** ******** ** ************ *****.

1000 *********

******** ** *** **** *** ** **** *********. ******** *****, that **** **** ********* "****-**** ********* ********* ** *** *********** from *** ** ** ******** **, **** ** *** ** at ********* **, ****." **** ** ** ****** ******** **** of **%+.

Expectations ****

******** ** ******** / ******* ************, ***** ******* ****** *** past ****, ***** ******* *** ******** ****, ** ***** **** it ***** ** ***** ******* *** ******** *** *****, ***** Avigilon ***** ****. *******, *** *** ****-**** ****** ** *** company, * ********* ****** **** *** *** ****** ********* ** expense *** ********** * *******.

Outlook *** ********

*** ***** ******** ** ***** **** *** ****** ********: (*) the ********** ** *** ** ****** ****** *** (*) *** rise ** *** *******. *** *** ******** *** ******* ******** pressure ** ********, **** ******** ** ******** ********, ******* ***** machine ** ***.

*** **** ** **% ******** ******** ****** *** **** *** Avigilon. **** ******** **** **% ******** ******** ****** ***** ** extremely ****. ***** ******* **% ** * **** ****** ** their ********* ****-**** *******.

***, **** *** '************' **********, *** *******-**** ******** *** ******* capabilities *** ******* ** ** **** ** ***** ** ***** a *********** **** **** ********.

CEO ********

*** ******* ********** ******** ***'* ** *** ********* ***** ************ of ******. *** ******** *** **** **** *** ***** ******* faster **** ******** ******* *** **** *** *** ** ***** numbers *** ******** **. **** ** ***** *** ****. ** the ***** ****, **** **** *** ****** *** **** **** Avigilon ** ******* ********** ** ******** *******.

**** ********** ** ********* ********, ********'* *** ********** *** **** performance, ****-****** *********** ** ******** *** **** ** *** * "great *********** *** ** *** ******."

**** ***** ***** *** ******* ****** ** *** ** *** solutions (*.*., **** / *****, ********* / **, ***** / Axis / *********), ********'* *** ********** **** ******** ******** ** being ********* *** ** ***, *** ****** **** ******** (** not ** *** **** **** ***** / **** / *********).

*********:******** ** **** ********* ******,******** ** ******** **** **********

Comments (33)

Thumbnail pp 5

Brian Rhodes

IPVMU Certified | 11/03/15 11:17pm

* ** ****** ** ** ********* ** *** ***** ********, but *** **** ** * **** *** ******* ***** *** rank-file *********?

** **** **** ***** *** ********? **** *** ***** ****** of ******, ** * ********* ** ****** **** ********* **********, especially **** *** ******** **** *** ***** ******?

John Honovich

IPVM | In reply to Brian Rhodes | 11/04/15 02:10am

**********, **** **** **** ****** ** **** ***** ****. ****, as ********'* *** ********** ** *** ****, ***** ******** / structure ********** **** **** / * ******* ***. ** *****.

*** **** *********** ***** ** *** **** **** *** ******** to ******** ***** ******** (**%) *** ****** **** ******* ****** (16%). *** *** *** ****** **** **** *** * *****, but *** ************ *** *** ******* *********** ******.

**** ****** *** *** **** *******. ****** ***** ******* (**** **% ******* / **% ******** currency ** ******** **% ******* / **% ******** ********). *** Axis **** ********* ***** *** ********* ***** *% ***** ******** increased **%. **** ****** ** *** **** ********* *** *********** than ********'*.

Undisclosed #1

In reply to John Honovich | 11/04/15 05:05am

****'* *** ****/***** ** *** *** ******* ***-**** ********** ** this *****?

Undisclosed Distributor #2

In reply to Undisclosed #1 | 11/04/15 06:57am

* ***** ***** **** ** **** ***'* ****** *** ******* or ****** ****** *** **** **** **** **** ** *********.

John Honovich

IPVM | In reply to Undisclosed #1 | 11/04/15 10:53am

**** **** ******* ******* ******** ******* ** *** ** *** original ***, ***** *** $*** ******* *** * ***** ****. Up ***** ************ ** ****, ** *** "****** ******* *** **** ** $*** ******* in ******* ** ****." **** ********, ** *** **** "******* a $*** ******* ******* ***-**** ** *** *** ** ****."

**, *** ******** ** *** **** ** $**** *** ** 2016?

***** ******** *** ******* *** ** **** ** ~$*** ******* CAD (******** **$*** ******* *** $*** ******* *** *** **** ***** *** 75 + ** + ** ** *** ***** * ********).

***'* *** **** *** ***** ********. **** ***** **** **** need ** **** **% **** ** **** ** ****. **'* possible *** **** **** **** ** ** ** ***** ** neutral ** *** ******** **** ****.

**** ***** *** **** ** ******** ***** ** ***** ****** without *** **** ***** ******* *** *** *** *** ***** they ***'* ***** ****:

** **** ***** **** **** **** ***/** ****.

*** / ***, **** ***** *** $**** *** *** ** 2015, ********** ***** **** ** *** *******'* **** *****, *** they *** ******* ***** **** * *** ** **** (*** positive ** *****), * *** ** ********** ** *** **** did ******** *** **** * ****** **** *** ****** *** more *********** / ************ **** **** **** **** ******.

**** ****, ***** *** ***** ***** ** ***** *** **** 55% ***** **** ****'* ****, *** ***** ***** *** **** for ***** ******* ** ********* *** ********* **** **** *** not ** ******** ** **** ******.

Undisclosed Manufacturer #3

11/04/15 07:28pm

**** *** ******** ** *** ****-********* *****! **'* **** ***** to *** *****...

****** ******** *** *** ****** ** ***** **** ** ******* Video ************ ******** ** *** ******* *** *** ****** ** such ********. ** *** ***'* ******* *** ****** ****** ** end-users, ***********, *** ************* ** **** **** **** **** ** in *** ****. **** **** ************ ** ** * ****** in ******* ** *****. (*** *:**)

** ******** ***** **'* ******* ** *** ******** ** ***** improve ********** *** ********...

John Honovich

IPVM | 11/04/15 10:12pm

***** **** **.**% ** $**.** ** *** ***** *** ***** results **** ********. ** ******* ******* *******'* ************, *** '******' is *** ******* ***** **** *** *******.

** ******* **** ******** *** ******* ******'* ******** ********** **** Avigilon ** ** **** ** ***** ******* ******* ** ** increasing ***********, ***** ****** ******, *** *** ********** ********** ******** at *** ********* ** **** ****.

***'* ****** *** ** *** ~$*** ******* *** ***** ** slightly **** ** **** ****'* *******. ** ** ******* *** solid ***** ************ ************* ** ** ****** ** ************ ***** than **** **** *** *** ********** *************. ** ******, **** was ******** *** ~** ** ***** *******, ** ******** *** still ********** **** *** **** *** ********* **** ****.

Undisclosed Manufacturer #4

11/05/15 08:18am

**** ******** ********:

****://**.********.***/********-*********/*****-********/*****-********-*******/****/********-***********-*******-******-*****-*******-****-*******/*******.****?**********=********************************

* *** * **** ******* **** **** ***** * *** at ******** ** ** ***** *** ********* ** ********* ********* above ***'* ********* ***** ***

John Honovich

IPVM | In reply to Undisclosed Manufacturer #4 | 11/05/15 11:04am

"**** ******** ********"

**** *** ****** ********* **** ****...

** ** *****, *** ********* ** ********* *** * ********, not ** *********.

Thumbnail usa shield

Luis Carmona

IPVMU Certified | In reply to Undisclosed Manufacturer #4 | 11/05/15 01:24pm

"* *** * **** ******* **** **** ***** * *** at ******** ** ** ***** *** ********* ** ********* ********* above ***'* ********* ***** ***"

* ******* *** ** ****** *** ****** ***** ***** ******. They *** **** *** ***** ** *** **** *** ***** need ** **** ******** ********* ** ******. ***** *** **** "right ******".

John Honovich

IPVM | In reply to Luis Carmona | 11/05/15 01:45pm

*****, ** *** ** ******** **** ***** ** *** ******* or ********* ** ********* ** ********. *** ******** ******** ****** asked "*** **** ** * ****" ********* *******.

*******, *************'* ***** ********, * ** **** **** *** ****** ****** ****** *** salespeople.

Undisclosed Manufacturer #4

11/05/15 08:20am

"is ** **** ** ***** ******* *******"

:-)

John Honovich

IPVM | In reply to Undisclosed Manufacturer #4 | 11/05/15 11:09am

*** ******* ** **** ******** *** *********** ****** *** *** market (**********) ******* ******** **** ******** *** * ************* *******.

* ** ***** ***** ** **** ** *** **** ******* era. *'** **** ***** **** ***** *** '**********', ********** **** had **** ******* ******* ***** ****** ** ******** ********.

Sam Eskew

11/05/15 02:27pm

* **** ******* **** **** ********* *** ***** ********, *** usually **** *** *** ******** ** *** ****** ******* ** the ********. *** *** ** *** ******* ** ********.

** ******** ** *** ******** *** **** *** ******** **** Avigilon ******* **** **** * **** **** *******, ********* **** support, ********* ****** ***** ******* *** *** ******* ******* ******** sales ****** ** **** **** ****.

***** **** ******* ** *******, ******* *** ***** ****** ** diluted, ** ****** ** ******** ** **** *** ******** **** Avigilon.

John Honovich

IPVM | In reply to Sam Eskew | 11/05/15 02:58pm

"*** *** ** *** ******* ** ********."

******. *******, **** *** *** *** ********.

**** ** '*******' *** ******** ** ***** ******* ** ******** / ******* / ********* *** ********, ***** ** **** ******** hopes/hoped ** ** *** **** ** ***** *********** ******.

"** ******** ** *** ******** *** **** *** ******** **** Avigilon."

* ******* ******* ****.

* ******* ***'** ** **** ** *** ******** *** **** your ******** **** ********, **** **** **** ****** **** ** so **** ***** ********.

** **** ** ******** *** ***** ***** ******** ********** / culture ******, **** **** ****** ****** ******* ****** **** ******* (like ****, *******, *****, ***.) ** ** ************ ****** *** competitive ******.

Andrew Thomas

11/05/15 02:35pm

***** *** *** *********** ********, *** ** ** ***** ******* of ******** ** ****, * ***** ******* ******** ****** *** product ****** *********. ********** ***** ******** *** ******** ** **** this *** ** *** **** **** ** *** *** ********, with **** **** ********* *******. **** **** ** *** **** from * *** ********?

*'* **** **** ** ***** ********* **** **** ***** ********, and **** **** **** ****, *** ****** ********* **(**) ******* since ****, *** *** ** ***** *** ********* *** **** another ******, * ******* *** ** *** ******* ********** *** to ******* *** *******. ********** ** *** *** ** ***** our ************* ***** **, *** ******** ** *** ***** *** and *** ***** **** ********.

*** *** **** ******* ********** ** *** ***** **'*, "*** it - ***'** **** **." ****** ** ***** ***** ** recruit ***********.

Undisclosed #1

In reply to Andrew Thomas | 11/05/15 02:43pm

********** ***** ******** *** ******** ** **** **** *** ** the **** **** ** *** *** ********, **** **** **** technical *******. **** **** ** *** **** **** * *** provider?

* *** *** **** **** *** *** *** **** ** the ***. ** *** ********* **** ***** *** ** ****?

Andrew Thomas

In reply to Undisclosed #1 | 11/05/15 02:56pm

****** ****** **** ***** ******, ** ******* **** **** **** parse ***** ** ***** *******, *** **** ******** **** *********.

Undisclosed #1

In reply to Andrew Thomas | 11/05/15 03:50pm

***'* **** *** **** ** ** **** ** *** ***'* plant ** ** *** ******.

Andrew Thomas

In reply to Undisclosed #1 | 11/05/15 03:57pm

**** ******** ** ** ******** *****.

Undisclosed #1

In reply to Andrew Thomas | 11/05/15 04:21pm

******, ** *** ***********, ** *** ****'* **** ** ***** that *** *** *** **** ** *** ***, **** ******* were *** ****** ** *** ****?

********** ***** ******** *** ******** ** **** **** *** ** the **** **** ** *** *** ********, **** **** **** technical *******. **** **** ** *** **** **** * *** provider?

*** ***** ** *****, * ***'* ***** *****.

Andrew Thomas

In reply to Undisclosed #1 | 11/05/15 04:53pm

******** *** ************* *** ****** ******** ** * ***** ** the *** ******** ** ***** *****. **** ***** **** **** ago ***** **** ********. **** *** ***** ** *****. ** x * **** ******* ** *** ***** ***.... * **** Hardware **********.

* **** ***** ** **** *** **** **** ******* ****** and ******'* ****** ***. (**** **** **** ****** - ******** to ***** ******** ******* ** *******) ******* ***** *-* * to *, ***'* **** ***** *****.

** ***** **, *** *** *** **** *** ***** ********* analyst ***** *****, *** **** *** ***** *** **** ******** wants. ******* - **** ********, ****** *** ** *********** ** grow **** ********, *** *** **** ** *** ***, *** yes, *** ** *** **** *** *** ***.

*** **** **** ****** ** ******* ** ****** *******?

* ** ***% *** ******** ****** ** ****** ** *** licenses ***/** ********* **** ****** *********..

Michael Miller

In reply to Andrew Thomas | 11/05/15 06:48pm

******** ******* *** **** *** ** ***** *** ** ******* us *** *** ******** ******** *****. **** ** **** *** other ************ * **** ****** **** ** **** ** *****. If ******** ***** ************* ***** ***** **** ******** ** *** to ******* *********.

**** ***** ****** ***** ** **** ** *** **** ** this ***** ** ******* *** **** *** **** ** **** with ***** ************ **** *** *** ** **** *** ***** and ***'* **** *** ******** ** ******* ** ******* *** back **** **** *** **** *****.

Undisclosed #6

In reply to Andrew Thomas | 11/05/15 11:44pm

Undisclosed #1

In reply to Undisclosed #6 | 11/06/15 06:05am

***, ***, ***-***....

Undisclosed Manufacturer #5

In reply to Andrew Thomas | 11/05/15 05:00pm

***** *** ****** *****. ***'* *** ***** ***** - ***** in *** *** *** ******** ******** ************?

John Honovich

IPVM | In reply to Undisclosed Manufacturer #5 | 11/05/15 05:02pm

*********, ****** **** ** ****.

********'* *** ** *** '**** ** *** ***', *********** *** **** ******** * *** ************* ***** ** *** US*** ***** ********.

Andrew Thomas

11/05/15 03:10pm

*** *** ******* ****, *******, *** ***** ** ******* ********* that ******** ****** ****** ** ** ****?

* ***** * ******, ** **** ** ** **** *** read *** *** ******* ***-****** ******** ***** ***** *********.

****, ******** *** ******* *** *** *** ******** *** ** CCTV ** ****, *** *** ****** *** *******.

John Honovich

IPVM | In reply to Andrew Thomas | 11/05/15 03:59pm

**, * ** *** ****** *** ******* ****** ** **** any *****. * ** ****** ***** *** *** ********* **** good ******** **** *** *** ****** *** ****** **** **** to ***** ** **** *** ******** *******. ******** ** *** clearly ****** **** **** ********* (** **** ** **** *** repair / ***** *** ******** ******).

Hal Bennick

11/06/15 03:56pm

***** ******* **** ******** ** ******* ****. **** ** * missing?

*****://*******.*****.***/****/********-***********-*******-******-*****-*********.****

John Honovich

IPVM | In reply to Hal Bennick | 11/06/15 04:00pm

**** ** * ****** **** **********'* ***** *******, **** *** '******* ****' ****.

Thumbnail usa shield

Luis Carmona

IPVMU Certified | In reply to Hal Bennick | 11/06/15 04:02pm

***, ****'* *** ***** ******* ****** ****. ** *** **** just ***** *** ********, ** ** ******** ******* **** *** Group. ** *** **** ***** *****'********, ** ***** ** ** * *********/********* ******.

*****, ****** *** ***** ***** **** **** ** ***** ***** content ******* *** ****** ** **** *** *********** ******* **** news ********** **** ********* *** *********.

Hal Bennick

In reply to Luis Carmona | 11/06/15 05:50pm

*** **** ** *** * **** ****** *****, *'* **** not ******** ** **** *****.

*** ******* ** **** ******* ** ********* ** *** ****** States ** ******* *** ******* *** ****** ** ***** ** do ** ** ********** **** ********** *.*. ***.

*** ******** ********* ** *** ******* ** **** ******* *** solely ***'* ******** *** ** *** ******* *** ******** ** anyone ** ***. *** ****** *** ***** *** ******* ********* by *** ** * ******** ********** ** **** * ********** investment ** ****** * ********** ********, *** **** ** ** expression ** *** *******. ***’* ******** *** ***** **** *********** he ********* ********, *** ***'* ****** ***** ******* *** ************ or ********, *** ** ****** *** ** ****** **** ** such. *** ** *** ***** *** ********** ** ****** ** correct *** *********** ******** ** **** *******. ***’* ********** *** opinions *** ******* ** ****** ******* ******. ** **** ** Hal’s ************ **** **** *** ********* ** ******* ** *** specific ******** ** *********.

**** *********** ** *** ********** ** ****** *******. *** *****'* guarantees *** ******** ******* ** ******. *** ****** ** ***** of *** **** **** ** **** ** ********* *** ******** or ********** ********* ** **** ******* ** ** *** ****. Strategies ** *********** ********* *** ********* ** ***** ** *****. Investors *** *** **** **** **** ********. *********** ** ********** mentioned ** **** ******* ** ** *** **** *** *** be ******** *** ***. **** ******** **** *** **** **** account **** ********** ********** **********, ********* ********* ** ***** *** is *** ******** ** *************** *********** *** ***. *** **** make ** *********** ******** ********* *********** ** ********** ********* ** this ******* ** ** *** ****. ****** ****** ** *********** on **** ******* ** ** *** ****, *** ****** ******** whether ** ** ******** *** **** ********** ************* *** ******** consider ******* ****** **** **** *** ********* ** ********** *******.

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