Axis Q4 2015 Financial Results

By: John Honovich, Published on Jan 26, 2016

Axis growth has been decelerating and struggling for some time. However, last quarter (Q3 2015), Axis had its (relatively speaking) best financial results in some time, with a true growth rate of 12%. Now, Q4 2015 results show Axis growth slipping again, with one region doing surprisingly well and another very poorly.

In this note, we examine Axis financials, looking at important regional changes, hiring levels, inventory changes and gross margin trends.

**** ****** *** **** decelerating *** ********** *** some ****. *******, **** quarter (** ****), **** *** *** (relatively ********) **** ********* results ** **** ****, with * **** ****** rate ** **%. ***, Q4 **** ******* **** Axis ****** ******** *****, with *** ****** ***** surprisingly well *** ******* **** poorly.

** **** ****, ** examine **** **********, ******* at ********* ******** *******, hiring ******, ********* ******* and ***** ****** ******.

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

Financial ********

**** ****, **** **** *% in ***** **********. *** all ** ****, **** grew **** *% ** local **********, *** ***** year ** * **** long ****.

Regional *********

****, ***** *** *** past *** ***** *** significant ********, **** ******** quarters ** ********* ***** revenue, ****** **% ** Q4 ****. ** ** not ***** *** ******* grew ** **** ** EMEA. **** ***** ****** Middle **** ****** *** they **** **** *********. ******* EMEA ****** ** ********* ** outlier ************.

**** ***** ******* **%, continuing * ******* ** challenges *** **** ** Asia. **** ************ ***** "A **** ***********, ************ in *****, *** * large ****** ** *****," though **** *** *** explain **** ****** **. 

******* ***** **** ** the ******, ******* * modest *%, ***** ***** the ****** ** *********** pricing *** *** ******* expansion ** ********* **, relatively ********, *****.

Inventories *** **

*********** ****** **% **** over ****. **** ** a *********** *******. ** past *****, **** ****** growth *****, *********** ********* increased ** **** **** rate. ** ** *** clear **** ****** *** spike ** *********** *** generally ** ** * warning **** ** *********** weakened ******.

Gross ******* ****

***** ******* **** **.*%, down **** **** **** notably from **.*%. **** ** the ***** **** ***** margins **** ***** **% in *****:

********* ***** ******* ***** indicate ******* ********* *** is * ****** ** watch *** **** ** 2016.

Hiring *****

**** **** ***** * net *** ** ********* for ** ****, *** lowest ****** ** ********* in *****. **********, **** is * ******** ****** rate ** ~*.*%. ** contrast, **** **** ********* at **** **** ***** than **** ** ****, at ~**.*%. ***** *** global ****** **********, **** reduced ****** **** ***** prudent.

*******

**** ******* ** *** same ** ****, *********. They ****** **** ****** and ****** *** **** statement *** *** **** 4 ********:

"*** ****** ******** *** the ****** ** *** projects ***** **** ****’ view ** *** ******* market ****** **** ******* unchanged. ** ********* ****** for ********* ****** ****** is ********* *********** ** installations *** ******* ******* and ** ******** *******. In ***** ** **** market ****** *** ****** its ******** ** *** market-leading ******** ** ******* video *********, **** **** continue ** ******* *** release * ***** ****** of ********** ********, ****** the ******* *******, ******* more ********* *** ******** to ****** ********."

********* ******, ****** ****** has *******, ******* ** not "****' **** **" it *** ******** *** same. *% ****** *** a **** ****, *** Axis' *********, ** ****. On *** ***** ****, the ****** *** ********* become ***** *******. **** does *********** *** ********** of '******* ******* *** in ******** *******' *** they *** ******* ********** in ****, ** **** results ******** *** ***** lack ** *********** ******* in ******* ******* (*.*., the*** ******** ****) ****.

** ******* **** ***** a *********** **** *** Axis. ***** *** ****** and ***** *******, ** Axis ***** ****** ****'* 5% ******, **** ***** be ****.

Comments (2)

Konstantin Avramenko

01/26/16 08:26pm

EMEA, which for the past few years had significant problems, with multiple quarters of shrinking local revenue, jumped 21% in Q4 2015. It is not clear why revenue grew so much in EMEA.

Refugee crisis in Europe. People started spend more on security. Opinion of a couple of my contacts from Europe.

John Honovich

IPVM | In reply to Konstantin Avramenko | 01/26/16 08:30pm

Good point, sounds reasonable, curious if that is a trend, thanks!

New discussion: Syrian Refugee Crisis - Helping Security Sales?

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