Axis Beats Avigilon Growth Rate (AVO Q1 2017)

Author: Brian Karas, Published on May 16, 2017

In what is likely the first time ever, Axis beat Avigilon's revenue growth for Q1 2017.

Inside this note, we examine Avigilon's Q1 2017 financial performance, shifts in priorities and in comparison to Axis.

** **** ** ****** *** ***** **** ****, **** **** Avigilon's ******* ****** *** ** ****.

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

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

Quarter ********

******** ** *********** ****** *** ** **% ** ******** ******** *****, **** $80.3 ******* *** ******* *** ******* ** **%.

** **** *** * **** ******* *** ********, ** **** should **** **** *********** ****** ****** *** ******** *** ** was ***.

Axis ***** ********

** ********,**** ** **** ************* *** ** **% ** ******** ******** *****, ******* ****** than ********. ***** ******** ******** ******* * ****** ***, ***** revenue ****** *** ********* ****, **** ** ** * *** years *** ***** ******* *** ********* ******* **%+. *******, **** quarter *** * ******** ******* ** ******** *** ******* **** revenue ***** **** ****. ***********, ******* *** *** ********* ****** patterns **** *********.

Avigilon ********** ******* ***** *** ******** **** ****

** ** ******** *** ***** **** *** *******, ******** ** *** ******* ************ ******* **** ********** ******* growth. **** *** ********* ** *** ** **** *******. *** example ***** *** ********* ******** **** ** * ****** *% year **** **** *** **** ******* ** * ********** ** revenue:

********, ********'* *** ********** **** **** ** *** ***** ******* quote, ********* ******** *** *** ****** ****** ***** *********:

** ** ** ********* **** **** **** ********** **$**.* *******

Diminished ******* *** *******

******** *** **** ******* ****** *******, **** **%, ***** ** 2016 **** ******* **** ** **%. ** **** *** *** fourth *********** ******* ** ******* ******* *** ********, ****** ** unlikely **** ******* **** ****** ** ******** ****** ******. **** is **** ****** *** ** **** ** *** ****** ******, forcing *** ******* ******* ****** ** ** *******, *** ********* *** **** ******* ******** ** *****-****** *******.

Capex/Building ***********

** *** ******** ****, ******** ****** **** *** $*** ** capital ******** *** "****** ******* ** ******** ***********", ***** ************ **** *** $*** ******* ***. *** ******* **** ********* *** ****'* ******* ******** ***** be ******* ******* ** ****'* ($**.**), ***** ***** ** ********* to ******** ***********.

Receivables ****

*********** **** **** ************* **** *** *** ** ** ****, and *********** **** ********** ******. * **** **** *******, ****** it ** ******** ******** **** ******** ** *** ******* ***** in *********** ***** *******, ****** **** *** ********** ****** ****** lines, ** ********* ****** ** ************ ****** ***********.

H3 ******** - ** *** *******

*** ** ****** **** *** ********* ** ***** ***** "****** selling", *** ******** ** ** ***'* ***** *** **** **** is ***** *** **** *** **** ******* ***. **** ** good **** *** ******** *******, ** *** ** ***** **** have ******* **** ** ** **** *********** ******* ***** ****** brands, *** *** **** *** *******, ** *** ** ***** cuts **** ********* **** * ************ ****** ** ********'* ******* margin.

Hardware *************** *********

********'* *** ********* (** ********) **** ******** ** ******* ******** commoditized ****** *** ********, ****** ** ******** ** ** ******* on *** **** ****** ***** ********* *** ******** *********:

*** ** ********** ************* *** **** **** ******purely ************ and then the value will be really in the embedded software that’s contained in the software along with the video management software. [emphasis added]

*** *** **** **** ** * **** ***** *** ********, as ******* ******** ***** ******* ** **** ******* ********* ***** then **** ******** / *********:

** ** *** ******* ******* *****, *** **** *** ********, but ******-***-***** **** *** ************* ** *** ******* ******* ***** goes ****, ** ***** *** ********** ***** ************ ******* **** analytics **** ********** ** ** **** ********** ******. *** **** has *** ******* ** *********** ******** ********* **** ********* *** produce *** ***** ********** ******** ** **** **** ******** *** to ****** *********** ******* **** ***** **** *** ******** ** opposed ** *** ********.

***** ******* ******** ***** *** **** ** **** ******** *******, customers *** ************** ****** ** ****** * ~$*** ******* (**** of ********'* ********** ******* **** **** ********* *******) *** * $100 ******.

No ******* ** ********* ******* *******

*** ***** ** ********* ** ********* ******* ** *** ********* licensing ******* ********* ** *** **** ******** ****. ** ********* were ***** ** *** ****** ** *********, ** *** ******* contribution ** *** ******** **** *** ******* *******, **** **** it *** * ******* *******.

Outlook - ****** *********

*******, **** *** ******** ** **** **** ******* ** ******** costs *** ********** *******, ** **** **** ********* **** ********* for **** ****.

*******, **** **** ********'* ****** ********** **** ***** *** ********* expenditures ** ***** **** ****** ***** ******* ******, ********'* ********** of ***** ************ *** ***** **** ****** ****** **** ***********.

Comments (6)

John Honovich

IPVM | 05/16/17 02:39pm

***, ******* *** ****** have *******. **** * years ***,** ****, *************** ***** ***** ************ year **** ****:

*** ***** ** *** who ********, **** *** at *** **** **** of *** *** ********* / '********'.

*** **** ** ** 2015, **** * ***** ago, ***** *** ********* expenses **** ** **%:

***, ** **** **** 5%...

Undisclosed #1

05/16/17 05:20pm

** *** ******** ****, Avigilon ****** **** *** $12M ** ******* ******** was "****** ******* ** building ***********", ***** **** recently **** *** $*** million ***.

* ****'* *** ******** about *** ********* **** of *** **** ** the ****, (**** *** rent *** ********), *** I **** **?

****, **** ******** ** insist **** *** ********* program ** ** *** infancy, **** ** *********** its ******* *** **** term ****** *** *** even ******* *** ****** of *********. ** *** think **** ** *** lack ** ****** ** have **** ******* *** to **** ********?

Avatar

Brian Karas

IPVM | In reply to Undisclosed #1 | 05/16/17 05:46pm

**** *** *** ******** leaseback/rent *******.

* **** ******* *** not ******* *** ****** of ********* *** *** analytics ********* *******, ***** has **** ******* ******, was ** *********** ******* on *** ****. ****** I *** *** *** keeping * *** ** that *********** ******* ***** them **** *********** **** new *********, ** *** do *** **** *** growth **** ** ***** details ** *** ******* in ******* ** ** harder ** *********.

Undisclosed Manufacturer #2

05/18/17 10:44pm

******* ** ******** ** *****. *** ****** ****** ***** ***** well ** ** ******** ***** *** ******* *** ******* *** world ********** ** *** ** **** **** ****. ***** **'* late, *'* *** *** **** ****...

Undisclosed Manufacturer #3

05/19/17 12:14pm

* *** *** **** *** ****, *** ***** *** **** talk ****** *** $*** ******* ****** *******, ** *** *** quarterly '***-****'? ******* ** *********, *** ***** *** ****** ********** of ******** ****** *******?

John Honovich

IPVM | In reply to Undisclosed Manufacturer #3 | 05/19/17 12:56pm

*** ***** *** **** talk ****** *** $*** million ****** *******

********'* ************** ** $*** million *** '*** ****' in ******** *******, ******* a ****** ******* ** $125 ******* *** (********** currently ** ~$** ******* USD), ***** **** ******** in ** *** ** 2016.

**** ****,********'* *** ****** ****** for $* ********** *** **** ****** revenue ********** ** ~$*** million ***.

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