Axis Slowing Growth - Q4 2011

Author: John Honovich, Published on Feb 01, 2012

The end of 2011 marked Axis's slowest growth quarter in more than 2 years plus the company offered pessimistic guidance for the short term. While Axis is still expanding notably, especially for its size, it is down from its incredible growth pattern of the recent past. In this note, we break down the financial details and examine Axis's future plans.

Let's start with a review of key datapoints in the Axis Year End Report (see Text report and Powerpoint):

  • **** ******** **** **** ***** ******* ** **** ***, ********** to ~$*** ******* ***, ******** *** **** ******* ****. ***** run **** ** *** ** **** ******* ***** ** ~$*** Milion ***.
  • *******, ** **** ******* ******, **** **** **** *** **** 22% ** ***** ******** *****. ** *** **** *** ****, 30-45% ****** *** *** **** ******.
  • **** ***** ** * ******** ** ***** **** ******** **** it ** ********** *** "** **** **** *** ***** *** the **** ****** *** *** **** ****** ** ****** *****." We **** **** ** ** *******. ***, ** *** ********, it ****** *** ****** **** **** **** ****** *** *** given *******. ***, *** ****** ** *** *** ******* **************** ********* ******. *** **** ********* ************** ** *** ** this ********* ** **** ******* **** ******* ****** (******* ** 2011 *** ** ****) **** ** ****. *******, ** **** turns ** * ** **** **** ** **** **** **** year, **** **** ** * *** ****.
  • ** ****** *** ****** *** ****** *** **** ******: ***** EMEA *** **** **** **** ~**%, *** ********, ****' ******* geographical *******, **** ** **%. **** ******* **** **** ****** in **** *** '** **** **** *** ******' ****** **** 12% ****** *** **** ******* ** ** *** *** ** surveillance.
  • ** *** *** ** **** ****,**** ********** *** ******** ****** ***** "****** ***** ** **-**% **** the **** *-* ******." *******, ** *** ** **** ********* report **** '*** ****** ** ***** ** *** ****** ** Thailand *** **** ***** **** ********."

******** ******** ****** **** ********* ** ****'* **** ********* ****** scheduled *** ***** ****. ** **** ***** ** **** **** over **** *******, **** ***** ** * ******** **** *** show * *****.

*******, ** ** *** *** *** ******** ******* **** ** making. ***** *** ******* *********** *** ****** ********** **** *** no ******* ****-********* ****** *** *********.

Axis's ****** *****

*** ** *** **** *********** ****** ** ***** ** ****' presentation *** ***** ***** ******. ***** *** ***** ** ****** 'Industry ******', ** *** **** ** **** **** ***** ****'* future ***********:

*** *****, ** * ***** ******, ****** ********** ****'* *********** and *********** **********:

  • ***** ********* ** **** ******: ** *** **** ** *** of *** **** *********** ******** ******* **** *** **** *** years ** ******* ***** **** ******* **** ****** ** ****** image '*********' ** ***** ***** ****** ** **** *** *********. Our **** ******* **** **** ***** '*********' ** **** ********* for **** ***** **** * ******** ** **** ** **********. Furthermore, ** **** ** **** ******** ****** #*, ****** **** to ***** ******* ** '***-*********' **** *****.
  • ** ***** ******* ** *********** *******: ***** *********** ******* ** certainly *** ***** ****, **** ******* **** **** ************ *** more ************* *** ******* ** * *** ******. **** *** been********* *** **** ******* *************** **** ******* *** ***** *** *******, ** ** ****** it ** ****** * **** *********** ********** ****** ** *** next *** *****.
  • ***** *********: *** *** ** **** *** *****, ***** ********* is *** ****** ******** *** **** **** **** ** *** three ********.

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

**** *****, ** ***** *** ********** ** ***** ********* *** on ***** ******* *** *** ***** ******* *** ****** *** term ******.

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