Quarter ********
******** ** *********** ****** *** ** **% ** constant currency *****, **** $**.* ******* *** revenue *** ******* ** **%.
** **** *** * **** ******* for ********, ** **** ****** **** made *********** ****** ****** *** ******** but ** *** ***.
Axis Beats ********
** ********,**** ** **** ************* *** ** **% ** ******** ******** terms, ******* ****** **** ********. ***** Avigilon ******** ******* * ****** ***, their ******* ****** *** ********* ****, even ** ** * *** ***** ago ***** ******* *** ********* ******* 50%+. *******, **** ******* *** * positive ******* ** ******** *** ******* Axis ******* ***** **** ****. ***********, clearly *** *** ********* ****** ******** have *********.
Avigilon ********** ******* ***** *** ******** **** ****
** ** ******** *** ***** **** *** *******, ******** ** *** ******* ************ profits **** ********** ******* ******. **** was ********* ** *** ** **** results. *** ******* ***** *** ********* expenses **** ** * ****** *% year **** **** *** **** ******* as * ********** ** *******:

********, ********'* *** ********** **** **** in *** ***** ******* *****, ********* uncommon *** *** ****** ****** ***** executive:
** ** ** ********* **** **** from ********** **$**.* *******
Diminished ******* *** *******
******** *** **** ******* ****** *******, near **%, ***** ** **** **** margins **** ** **%. ** **** was *** ****** *********** ******* ** lowered ******* *** ********, ****** ** unlikely **** ******* **** ****** ** previous ****** ******. **** ** **** likely *** ** **** ** *** bottom ******, ******* *** ******* ******* ****** ** ** *******, *** ********* *** **** ******* targeted ** *****-****** *******.

Capex/Building ***********
** *** ******** ****, ******** ****** that *** $*** ** ******* ******** was "****** ******* ** ******** ***********", which ************ **** *** $*** ******* ***. *** ******* **** ********* *** 2017's ******* ******** ***** ** ******* similar ** ****'* ($**.**), ***** ***** go ********* ** ******** ***********.
Receivables ****
*********** **** **** ************* **** *** end ** ** ****, *** *********** were ********** ******. * **** **** overall, ****** ** ** ******** ******** will ******** ** *** ******* ***** in *********** ***** *******, ****** **** are ********** ****** ****** *****, ** otherwise ****** ** ************ ****** ***********.

H3 ******** - ** *** *******
*** ** ****** **** *** ********* as ***** ***** "****** *******", *** unlikely ** ** ***'* ***** *** H4SL **** ** ***** *** **** the **** ******* ***. **** ** good **** *** ******** *******, ** the ** ***** **** **** ******* them ** ** **** *********** ******* other ****** ******, *** *** **** for *******, ** *** ** ***** cuts **** ********* **** * ************ factor ** ********'* ******* ******.
Hardware *************** *********
********'* *** ********* (** ********) **** hardware ** ******* ******** ************ ****** *** industry, ****** ** ******** ** ** analyst ** *** **** ****** ***** analytics *** ******** *********:
*** ** ********** ************* *** **** **** ******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]
*** *** **** **** ** * good ***** *** ********, ** ******* hardware ***** ******* ** **** ******* purchased ***** **** **** ******** / recording:
** ** *** ******* ******* *****, not **** *** ********, *** ******-***-***** from *** ************* ** *** ******* selling ***** **** ****, ** ***** the ********** ***** ************ ******* **** analytics **** ********** ** ** **** increasing ******. *** **** *** *** benefit ** *********** ******** ********* **** ourselves *** ******* *** ***** ********** software ** **** **** ******** *** to ****** *********** ******* **** ***** from *** ******** ** ******* ** the ********.
***** ******* ******** ***** *** **** up **** ******** *******, ********* *** understandably ****** ** ****** * ~$*** license (**** ** ********'* ********** ******* with **** ********* *******) *** * $100 ******.
No ******* ** ********* ******* *******
*** ***** ** ********* ** ********* details ** *** ********* ********* ******* ********* on *** **** ******** ****. ** specifics **** ***** ** *** ****** of *********, ** *** ******* ************ to *** ******** **** *** ******* program, **** **** ** *** * growing *******.
Outlook - ****** *********
*******, **** *** ******** ** **** more ******* ** ******** ***** *** generating *******, ** **** **** ********* have ********* *** **** ****.
*******, **** **** ********'* ****** ********** into ***** *** ********* ************ ** years **** ****** ***** ******* ******, Avigilon's ********** ** ***** ************ *** could **** ****** ****** **** ***********.