Axis Bad Financial Results Again (Q4 2014)

Author: John Honovich, Published on Jan 30, 2015

Bad results last quarter spurred a debate about Axis performance.

Now, Axis has turned in equally bad Q4 2014 results.

In this note, we look at:

  • America's weakness and inventory drop
  • Asia's weakness
  • Avigilon and analytics
  • AVHS progress
  • Competing with VMS partners
  • Failing with smaller systems and emerging markets
  • Outlook - the new normal

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

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

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

  • *******'* ******** *** ********* ****
  • ****'* ********
  • ******** *** *********
  • **** ********
  • ********* **** *** ********
  • ******* **** ******* ******* *** ******** *******
  • ******* - *** *** ******

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

Overall **********

**** ********* ** **** *** **** **** **% - **% growth.

*******, ** ****** *** **** *% ** ***** **********, *** second ******* ** * *** **** **** *******. *** *** year, **** *** ******** ** **%, **%, *% *** *% growth.

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

Americas **** *** ********* ****

**** **** ****, ******** **** **** *% ** ***** **********. Quarter **** *******, ******* ******** ********.

**** ***** * *********** **** ** ********* ****** *** *** distributors ** * *** ****** ** *** **** ******. ** believe * ***** ****** ** **** ** **** ********* *************** and *** ****************** ** ********* ****** **** / ***** ** ****. *** ***** ** ***** ******** *** ******* ******* *** Axis *** ****** ******* **.

Asia ****

**** *** ********* ****, ** **** *% ****** ** ***** currencies. **** ** **** ****** **** *** ******** ******* **** Axis, **** **** ****, **** **% ** ****. **** ********* that "*** ******** **** ** **** *** **** ***** **** what ** ********."

** *** **** ****, ***** ******* **********, ******* ************ *********, finished **** ** **% ******* ** ~$*.* ******* *** *******.

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

**** ************ *********** / ** ****** *** ****, ****** ****:

  • "** ******* ********* *** *** *** * *** ****** ** the ****** ***"
  • "*** *** ********* ** *** ****** ** *** ********* **** we **** *** ***** **********"
  • "** ***’* **** *** ******** ** *** *********** **** ** comes ** **** ***********."

AVHS ********

**** ***** ********,****, *** ********* ** *** ** ***** '********* ******', ****** Axis ******** **** ** *** ‘**** ***** *** ******* ******’, despite ***** ******* *** *********** * ****** ***.

Competing **** *** ********

**** ** ********************* **** ***** *** ********. **** ********** **** *** ***** ****** *** **********, **** ******* ********, "*** *** ******** ***’* ********* **** ***** own ********." ******, ***** ******* *******,*********, **** ********** ***** **** **** ****** **** ***. ******* ***** ********. ***** ***** ********, etc.

**** ********** **** **** *** **** ***** *** ******** **** was ******, *********** * "*********** *** **** ******", *** **** partners **** "**** ******** *** **** ***** ****", ****** ************* that "***** *** ******** ***** **."

Failing **** ******* ******* *** ******** *******

*** ******* ******* *** **** ** **** **** **** *** ***** that ****** ** ***** ****** ** ******* ******* *** ******** markets *** **** *** ********* *** ******* ********* *** ******* to ******* ****.

****** *** **********, ***** ******* *** *** ******* ** ****, ** ********** expensive. **** ** ** ** '*****', *** ***** ***** ** 2x ** ** **** ***** *** *********** *** ******** *** small / *** *******.

******* ***********, **** ** ******** ** *** *** ****** ********, while ********* *** ***** **** **** *** $*** ** ** dome *********** (** **** **** ***** ** ****). **** ********* to ** **** **** *******, ***** *********, ******* ******* ********* ********* **** ********* ** *** ******* *** **** ****** **** of *** ******.

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

**** ******* ** ******* ******** **** **** ** ******** *** small ******* / *** *** ****** *** **** *** ********* results **** ******** ** ******* **** ********* **********.

*** ***** ****, **** * *** ***** ***, ** **-**% growth *** *** * ***** ** *** ****, ********* *** to *** ********** ** *** ****** *** **** ******* ** Axis ******* / *********** *********.

Comments (17)

**** ******* ** ******* ******** **** **** ** ******** *** small ******* / *** *** ******

** ***** *** ******** **** **** *** ******** ******* **** the ***-**** ***** ************* ** **** *****?

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

**** ** ***** **** ****** ********* (***** *** *** **** popular ******* ****). ******** **** * ***** $***. **** ** **** **** ********** **.

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

* ***** ******* **** *** ****** * ****** ******* **** Hikvision *** *** ** *** ***** *** **** *** *****.

*-****** ***** ****** *** ****** ***********.

*********** **** ****? * ******* *** **** *********, ****, ***., right?

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

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

* **** ** ******** *** ***** ***** * ****** ****. It ***** **** * **-******* *** * ********/****** ********, *** for * *** ******* * ***'* ***** *'* ** ******* coax *****.

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

*** ****** ***** ** **** *** ****** ********* *** ***** just ** **** ** **** ******** **** *** ******* ************* as *** *** ******* ******.

***, *** ***** ***********, * ** ******* **** ** ***** and ********* ** *********. ***** ****** ** '*********' *** **** less **** ***** ******* *** **** ** ****.

*********** **********. * ****** *** ** ********** **** **** ********* Geovision ******** *** ***** * *****. ** ******* ** ******* AXIS. **'* ***** ** ** *********** ** *** ********* ** their ***** ** ********* *******.

**** ******* ***** ***** ******* **** *** ********* ** ******. I ******* ****'** ***'* ** *** **** ************?

*'* *** ** **** ***** **** *****. **** * ****** of *********. * **** ******* ** ****** **** ***** *** HIKvision ***********.

****, *******!

**** *** ** *** ******* / ********* **********. * ** not **** ****** *** *****'* ***** * *** ** ****** going ** ** *******!

***, *** **** ****** ***** / ********* ********** ** ****:********* ***** ** ***** *****

***** **** ****' ****** ******** ** ******** **** ******* *** since *** ******* ***** *** ******** ** *** ****** **** year * ***** ** ****** ***** ***** ** *********** *** need ** **** ** ***** ******* ** ***.

** *** ******* ** ** ** ***, *.*., ***** ******** terms.

* ***** **** **** ** ** ******** ** ******. * too ***** **** *** ******* ************* **** *** *** **********/******* to ****'* ****** **** *****. *** **** **** ** *** will **** *****. **** ****/********/*****... **** ****** ** **%? **** the ************* ********* **** **** ****, *** **** ****** *** prices ** **** ****? ** ** ** ** ** *** talking ***** * ********* ******. *** **** ***** ********** *** me ** **** ** ***'* **** ***** **** ******** ************* closing ****.

* ***'* ***** *** ** *** *** ** ****** **** to ***** ******** / ******* *********. *******, **** **** ** close *** *** ******** ** **** ***'* **** ******* ** continue ** ********** *** ********** *******.

****, **********, ********* ** **. **** **** / **** ** raise ****** ** **** ***** ** **** *****, ********* *** support *****.

*******, *** ********* ***** **** *** **** *** ********* *** tier * *** * ****** **** *** *** ****** ***** subsidiaries ** ****** ********* ** ******* ****. ** **** ** growing ** ~*%, *** *** ** ******* **** ***** ********* are ****** ******** ******** ****** **-**%.

[**** *** ****: ****** *** *******]

**** ** *** **** ******** **** ******* ** *** ****** price. **** * *** **** ******** ****** ******* **** ******* cameras *** ******** ********. *** *******, ****, *******, *********, *** Hikvision ***** ********* ****** ** ******** ********.

*** *** **** ** **********, ** ***** ** *** ********** brands **** ****:

******* : **** - ******* ********, **** ********** **** ** lower **** **********

******* - ******* ********, ********** **** ** ***********

********* - ******* ******** , **** ******** ********

****** : ********* - ********* ********** *******, ********, *** *********** as *** ******. ********* *** **** ******** ******** ** ***'* like, *** *** *** ***** ** ********* *** ******** *** use/emphasize *** ******** ** *** *** *******.

**'** **** **** ******** *** *-* *****.

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

  • *** ****** ******* ****** **** *** ******** ** **********.
  • ********* ****** ** ***** ********** *** *** ********** ******* (**: illuminators) ** * **** ********.

**** ****** ** *** ****** ** ** ******* ** ********, as **** *** ****** *** **** **** ** *** **** concessions **** *** ********* *******.

** **** ***** ** ****** ******** *** *** **** ** years **** **** ** ****** ***********, ****** *****, *** ************* technologies. **** *** ****** ** ****** ******** *** *** ******* to ** "*** **", ********** ** ******* ** ***** **** talent, *** ***** ******* ********* *** ****** * ****.

**** ****, * *****,**** ** **** ******** *******?

**** ****, * ***** ***** **** ***** ** **** ******* to ** *** ***** ************.

***?

* ***** **** **** ***** ***** ***** **** ******* ** do *** ***** ***********, ********** **** **** *** ********, *** feel **** ***'* **** ******* ********* ** **** ********.

****, ***** ** *** **** ******* ***** ******* ** *** partner *********. *** *******, ** **** *** ******* (** *** other ***** ***) **** **** *** ********* ***** **? *** much **** **** **** ** *********** ***** ************?

* ***** ***** ****** * *** ****** **** ******* ** a *** ******* *** **** *** ** ***** *** **** without ******* *********.

**** ****, ******* ****, ** ******* ******* **** **** *** not *** *******. ** *** ******** *** * ****** ********* core ******** *** **** *** ****** ** **** ************ **** small ******** ******** **** **** ** ** ******** ***** **.

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