Barnes Buchanan 2019: Despite 'Strange Narrative' Great Time To Be In Security

By Dan Gelinas, Published on Feb 11, 2019

A "strange narrative" is being spun, said Michael Barnes [link no longer available] at the 2019 Barnes Buchanan Conference. However, despite that narrative, it is a "great time" to be in the industry.

Barnes gave a 3-hour presentation on the current state of the industry during which he talked about 5 key areas (Growth, Structure, Operating Metrics, Threats, Market Values) that illuminated several themes, listed below:

  • Strange Narrative - People Feel Threatened
  • Data Shows Healthy Market
  • Most Serious Threat Is Complexity
  • Medium Threats
  • Low Threats
  • Fear Could Dry Up Investment
  • ADT & Brinks Underperforming
  • Multiples Healthy
  • Commoditization Of Hardware, But Service At A Premium
  • Incursions from Big Tech and Telcos
  • Growth Up Slightly
  • Move Toward Service
  • Regional Alarm Co Market Share Shrinking
  • Stickier Customers = Lower Attrition

IPVM attended the presentation and examines Barnes presentation and logic.

Strange ********* - ****** **** **********

****** **** *** '******* narrative' ** **** ****** feel ********** ******* ** the ********* * *****:

  • *** ****** ** *********
  • ****** ******* **** *** scale ** *** *********
  • ****** ******* **** ***** companies & ****
  • *** **** *********** ****
  • **** ********* ****** *********** systems ***** *** **********
  • ********* ********** **** **** it *** ********* *** incumbents ** *******

******* ****** ******* *** characteristics ***** ******* * widening ***/*** ****** *** confusion *** ******* ** the ******* *******, ********* to ******. ** ***** is *** ****** ********* versus *** ********* ****.

Data ***** ******* ******

*******, ********* ** ******, the ******* ** **** the **** **** *** average ***** ******* ***** is ***** "****** **** they **** **********." ******* might ** *****, ** said, *** ** ***** be * ****** **** expensive ** ********* * new ********, *** **'* countered ** "***** ************ in **********" *** ******** appreciation *******. ** ** a "***** **** ** be ** *** ********," according ** ******.

****** **** *** "******* narrative" ** *****:

*********, **** ****** *** us ** **** ****, 'yeah, **’* * ***** time ** *** **** the ********.' **** ****** want ******* ** ****** this **** ** ***** for ****.

Most ******* ****** ** **********

****** **** *** * widely-believed-in ******* ****** ***** are **** ** *** "strange *********," *** ****** a "******" **********, *** little ****. *** **** serious ******, *** *** that ******** **** **** a ********* ** ********** complexity. ********* **********--**** ******/*** High ******:

**** *** ** ****. There ** ********** ********** across *** ***** ** our ******** *****. *** rate ** ****** ** faster, *** **** ** overwhelming ** ****. ********* management ************** ********.

Medium *******

****** ****** ***** ******* he ********** ** ** at **** *** ****** in ***********. **** ******** the *********:

  • ***--*** ****** ******: "*** is *** ***. *** disruptive. ******* ******** ***** detectors **** **** ****** for ********** *** ******** attractive ********, *** *******--** ** *** ***--******** ***** **** ** well. ** *** ***** it *** ******* ****** with * ******** *** or * **** *** in ***** ****** ****." In ****, ****** ****, the ********* ** *** companies ***** ***** ********** in *** *****, ***** would ******* ********.
  • **** ***********--*** ****** ******: "Is ** ****** **** some *** **** ******* will **** *** **** a ********** *********** ******** and **** *** *** of ********? ********, *** not ******." ****** ***** the ********'* ****-*********** ********* and ************ ******** ** counters ** **** ****.

***** ** ** **** that *******-******** ***** ********* have**** ****** ***** *** 1970s, ******* ** *** they *** *** ** the **** ****** ** SimpliSafe ** *********. ********* are ******** ** ********* and ****** ** *** up, **** ** ** likely **** ********* **** continue ** **** **** and **** *********** ****** to *** ** ***** systems **********.

*** ******* ** **** existing *** ** *** unrealized **** ********* *** and **** **, ** there ******, **** ****** and **** ** ****** to *********** *** ******** demands ** *** ******. Traditional ******** ********* *** distributors ** *** ******* with *** **** ********* and ******* ** *****.

Low *******

****** ************* *** ***** 3 ** *** *******:

  • ******** (****** *** **** maybe * *% ****** share)--Higher ******, *** ***** low: "***** *** **** good ******* *****. *** two *** ****, ******* and **&* *** ** and **** *** *** because **** ****'* *** target ******* *** ********* caught ** **** ****."
  • ****** **********--*** ******: "****** say "*** ****** *** want ******** ******* **** it." *** ****. ***** are ****** ** ************ households *** **** **** technology. *** ********** ******* across *** ***** ** booming *** ****-*** *********** is **** ** *** rise."
  • ***** ********* *********--*** ******: "Bigger ** ******. ******, ADT, **** **** ***** you ******* ****’** ****** and *** ***’* *******. The ******** **** ***********. That ** ********* ** a ******, *** ** will *** ******* ******* the ******* ****** ***."

***** ** ** **** that ******* (******* **** / ****** ****) *** AT&T (******* **** / exited ****) **** *** in *** **** ***, there ** ******* ******** them **** ****** *****. And ***** *** ******* others *** **** ****** in *** *** ***** well, ********* *** **** in *** **** *****:

  • ******* (******* ** ****)
  • ********* (******* ** ****)
  • *******/**** ****** (******* ** 2011)
  • *** (******* ** ****)
  • ******* **** (******* ** 2013)

Fear ***** *** ** **********

****** ***** **** **** though ** ********* *** threats ** ****** ***-***********, the ********, ** *******, feels ********** *** **** can ****** *** **** of ******* **** *** industry:

** **** ***** ** this ********. *’* * little ********* ***** ***** existential *******.

*****, ******* ******* ** not, *** **** **** effect. ********** ***** *** less *** ** ****** in ** ******** **** feels *****.

ADT & ****** ***************

****** ************'* ***** ***** ***** is ****************** **** *******-******** ****** ** ****** Home ********. ****** **** **** given **** *******'* ***********, though, *** ******* ********** were ********:

** ******' ******, **** companies *** *** *** same ********** ***** ***** companies *** *** **** simply ********** ******** ******* from *********** ******.

******* *** *** ****** Home ******** ** ******* any *** ************. ** you **** ** *** suite ** ******** ****'** offering, ****'** *** ***** with * ****** **** package. ****'** *** ** understanding ** *** ***** and * ***** **** that *** ***** *********.

*******, ****** **** *** was ******** ******** ***** and ******** *********. ** said **** *********' ******** were ********** ** *********** issues, *** ** ******* from *** ** *** of *** ***** ******* he ***********.

******* ** *** *** brand **** ** ****** Home ******** ** ****** to **** ** *** of *** ******** ** debatable, ***** ***** *** been********* ****** *** ***** name ************* ******* ***** *** put *** *******,********************* **** ******** *******.

Multiples *******

****** **** **** ******* multiples **** ******* **** a ** ******** ** M&A. *** ***** ********** in ****, ************* ******** ** ********* **** ** ************** ** * *** of ***** ******** *****.

********, ****** **** **** most ************ ** *** industry ***** *** ******* between *** *** *** RMR. ** **** **** while ** *** * "spooky ****" ** *** industry, ** *** * good ****, ** ****:

*** ******* ** **** the ******** ** ***** trading **** ******** ****** for *** *** ***** players. ** ***** ** that **'** ******** ** see ** ********** ****** of ************ ****** ***** down ** *** *** to *** *****.

*** ******* **** *** above **** ** **** when *** ** *** industry's ******* ******* *** performing ** ****** ********* to *** *******, ** is ****** **** ********* could **** **** ** a **** ** **** away ******* ** * lack ** *** *********, a **** ** *** innovation *** * **** of ******.

Commoditization ** ********, *** ******* ** * *******

****** **** *** ******** would *** ****** ************ as ** ***** **** and **** ****** ***** ubiquity:

***'** ***** ** **** all ***** ****** ** data ****** **** *** filter--you--at ***** ***** ***** and *** ******** ** going ** ****** *** to **** * ******** decision ** ************ ** the ********'* ****** ** protect ***** ****** ** their ******. ** **** not ****** * *********. There **** ** ***** pressure, *** ****, *** it ** * ******** service.

** * ******, *** video ************ ******** ** already ************ ********* ******* *** **** storage. *******, ******** *** still ***** ** ** able ** ** **** at * *******. *** panelists ** *** ***** Monitoring ***** ** *** 1 ***** ** ****** about *** **** ** mary ***** **** **** to ******* **** ***** to *** ******** *** realize ***** ******* *******. (Solink,*******,***** ***).

Growth ** ********

****** **** *** ******** industry ******* *** **** growth ** ***** ******* over *** **** ** years ** ~*% ****, marked ** ** *% climb **** $** ******* in **** ** $** Billion ** **** *** then * **** ** slightly **** ****** **** around ****. **** *** followed ** * *% climb **** $** ******* in **** ** $** Billion ***** ** *** in ****, ** **** in *** ******* **** the ****** *****:

**** $** ******* *** split **% / **% between ******* *** ***** Revenue, *** ********** *** Service ******* ** ****.

Move ****** *******

******** ** ******** *****, the ***** *** **** shifting **** ****** ********** and ******* (** ****, the ***** *** **% Install *** **% ********** and *******), ******* * trend **** **** ******** and ****** *******, ** seen ** *** ********* excerpt **** *** ****** report:

********** *** ******* ******** were ** *% **** 2017 ** ****. **** reflects * ****** ******* from ******** *****--*% ****** in ****, *% ****** in ****, *% ****** in ****.

********* ** *** *% Monitoring *** ******* ******* growth ********:

  • ****** **** ***** *** more ********
  • ****** ******* ***/****
  • ****** ** ********** ********* rates
  • ***** ******** ** * SECaaS *****

***** *** ************ ******* was ** *%, ****** been ******** ** ****** unit ***** *** **** services ** **** ** an ****** ** ***** commercial ********, ********* ** Barnes.

****** ***** ********, ****** by **** ******* ** insurance *** ********* *******, improvements ** **********, ******** costs, *** ********* ******** sophistication *** *********.

Regional ***** ** ****** ***** *********

****** ***** *** ******** into * ******* ********, each **** ***** *** piece ** *** ****** share ***:

  • ***** ***** ********* **** nearly **** *** ******** at **%
  • ***** ****** ****** **** the ******** ********* **** include **** ******* ** ADT (**% ** *** national *****), ******** ** MSO's ** ***** ********* ("4 ** * ******* these ****") (*%), *** JCI *** ****** **** at *%.
  • ******** ***** ********* **** 12% ** *** ******* security ******** *******.

*** ******* ***** *********** the ********:

****** **** ***** **** the ********** ** ******* alarm ********* **** **** older **** ** ***** old *** ** ** 6% ***** **** **** the ****** *** **%. At *** ********* ** 2019, **** ****** *** at **%.

***** *** ********* *****, family-owned *** ******** **********, Barnes ****. ** ** 30 ***** ***, ****** noted ***** *** * swell ** ***** ********* and ***** ***** ********* are ******* ** ****** cash *** ** *** business ***'* ****** **** to ********.

****** ***** **** *** leading ** ********* ****** share *** ******* *********:

****** ***** ** *** smaller ******* ** ********* and **’* ******* ** how ******* ** ** to ******* * ******** in *****’* ******** ***********. People *** **** ******** to ******** *** *** out.

** **** **** *** reason **** ******* *** getting ******* *** *** that ****, ******, *******, and ****** **** ****** in *** "******* ***** butts."

Stickier ********* = ***** *********

****** ******* ** * small ******* ******* ** performance ** *** ********, noting **** ******** ******* as * ********** ** RMR *** ******* **** 11.6% ** **.*%

****** **** **** *** a ***** ********** **** the ******** *** ****** toward ******* **** ******* contracts. ****** **** **** services *** ** ******** customers, ***** ********** ** is * ******** ********* rate, ** *********** *****:

**** ***** ** ******* with *** ********* ***** of *** ****** ******** players:

Poll / ****

Comments (35)

*** **** *** **** probably ** ****** ***** but **** **** *** mean **** *** **** is *********.

*** ******* ** ****** may **** **** ** getting * *** *****.

*** *******, $** ******* ****** **** security ********* **** ********* * few ****** ***. ***** *****-****** **** *****(******* ** ** ** Amazon ** **** ******** or ******** **** *******) is ***** ** **** and *** ******.

*** **** ********* ***** be ***** **** *** it ***** *** ** the ***** **** ** industry **** **** ***** fine ** ******* *** a ***** ** **** a *** *****. ** $10 *** ***** ********** from **** ********* *** AI ***** ***** ********** expands, *** *** ********** like *** ***** *** their '****' ******* ********** in *** **** *** years.

**** **** *** ********* to ** ** **** event, * *** *** feeling **** ***** ********** are * *** ***** to ****'* ******. ** I ***** ** *****!

***** *** *** **** real *******, *** * predict **** **** ****** the *** ********** (**. ADT) **** **** *** local *********.

$**/***** ********** ********* **** downward ******** ** *** and * ******* **** pressure **** ****** ** higher ********* ** ***** of **** **** ********* and ****. ********* **** high ********** *********** ***** will ** **** ********** impacted ** **** ** they **** ******* ** RMR (**** ***, ****** attrition) ** ****** ***.

***** ***** ********* (*** have **% ****** *****) are (****** *************) ********* to ****** ******* ** SAC. ** ** ********* example, * ***** **** a ******* **** **** that ****** $** ******** fees ** *** ******* zero ****** *** **** enough ***** $** ** refer ******. **** ** local ********* **** ******* or *********** ********* ******* resulting ** * ********** marketing **** *** *******. In ********, **** ****** at ***** ***** ********* costs ** **** ** install. **** ***** **** a *** ** *********** to ******* **** ***** monthly ********** ******.

*** ********** (**. ** video ***** **********) ***** be **********. * ***** it **** ****** ********** alarm ********** **** **** residential. ***** ********** ** the **** ******** * real ******* *****, *** video ********** ******* *** home ***** ** * challenge. * ******* *** operators ** **** ******** shouting "*** *** *** lawn!"

*** **** ****, * think *** ******* ****** to *** ******** ** investor ***********. *** ** ASCMA ***** **********, **** uncertainty **** ** *********. ADT ***** ***** ********* tank (******* ***** *********** approach ** ******** *** and *********).

* *** ** **** laden ********* **** ******** to ********* ***** ****** facilities *** *** **** cash **** **** **** into ***** ****.

*'* ********** ** *** potential *** ***** ***** companies ** **** ******* this **********.

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

*** *** ****, *** quick **** *** ****** stop **** ** *** end.

********* **** **** ********** Acquisition ***** **** ** more ********** ******** ** this ** **** **** heavily ** *** (**** low, ****** *********) ** recoup ***.

****, ******. **** ** these *** ********* *** spending ******** ** ******* or **** *** ******** acquired (******* ** *** use ** ********* **** to **** ***** ***** people). * *** ***** companies ** **** ** technology ********* *** **** purely ****** **** * fraction ** ***** *** costs.

*** *******, *** $** monthly ********** ***** ****** work *** ********* **** high *** ***** *** fits ****** **** *** online ***** ** ******, Google, ***.

 

$** ******* ********** ***** cannot **** *** ********* with **** *** ***** but **** ****** **** the ****** ***** ** Amazon, ******, ***.

***'** ***** ***** ****! But *** ******* ********** works *** ***** ***** companies ***. ********** **** have ****** ** ****** and ****** *********** ********* central ********** ********. ** the ******** ******** ** RMR ***** ***** ******, national *********** *** ****** to "**** ********** ****" and ******* *** ********** structures ** ***** ******* door ** **** ***** programs, ***** ***** ********* will **** *** ****** market *****. 

* ******* *** ********* at **** ******** ******** "Get *** *** ****!"

******** **** ************“**** *** *** ******!” ;)

...*** ******* ***** ******* today ** ***** "****** than **** **** **********." Margins ***** ** *****...

***** ****** **** ***** margins?

** ** * **** time ** ** ** security, * ** **** tired ** ** ***. Security *** ***** ******* that ********* ** ******, when * *** ** so **** ****. ** is **** ** **** away *** ****** ** this ***, **********, ************, Design, ***********, ********** *** Installation. **** **** *** of **.

**** *** *** **** readers, ****** ***********, **** contacts, *** *********, ****** boxes, ******** ***** *** machine ******. *** ** it ****, ********* *** "enterprise" ****** ***, *** that ******* ***** **** a ********** ********.

*************, * **** *** some **** ** *****, for ***. * **** start **** ***** **** having * ****** ********* both *****, *** **** the **** ** *** unit, ********. *** ****** is ******* ** *** 5 ****. ** **** circle **** ** ****.

******* ** **** ****** social ******** ********, **** you *** ********** *** all ***** *********, ***** recognition, ******** *** ****** (much **** **** * cell *****). ***** ************* data **** *** **** digital *** ****** *** each ***** ** *****. Eye, *********** *** **** Terrestrial *** ** *** part ** *** ***** on ******.

**** ** *** **** you **** ****** ** register (*** ******** ***), however ******** **** ** born **** **** **********. Now ***'* ***** ** ripping *** *** **** security ************** *******, ********, lenel, *********. *** ** all *** *** ****** recycle. **** **** *** and ***** ***** ***** that ********** **** ****** use * ******* *****-***** to ******* ***** *** resistors *****. ***'* **** that ***** ******* *** back ** ****** ** find ******* ***** ** feed *** ****** ***** than ******* ********** *** technology ******** *******. *** can *** ********** ******** systems ** *** ****. Fire **** ******** ********, what ** ** *****? marking ** * ***** chart *** *** ******** labels? ******** *** *** camera ******** *** **** vague ***? *** *** go, ****** *** **** to ***********. *****-********, **** it **...*** ***** ******* to **** *** **** up **** **** ***** spliced ********. ******* ** is **** *** *** to ****** ** * food *****. ******* ********, you're **** ** ***** is ****** **** ********* hole ** * *******, could ** ********! **** you *** ** ****** in ** ******.

***** *******.... **** ***** of *** *****? ***** door? ***. ***'* ** to **** *** *** yourself **** ** *** see? **** *** ***** become? ** ********* ** longer ** *****? ***** AI ** *****, ** longer * **** **** you **** ** * camera *****(***). ********** ** tied ********(********). **** ******** is * ******** **, it ***** *** *** are *** *** *** ability ** ******* **** every ****.

**** **** ****** ** unlocked *** *** ***** and ***** ******* ** authenticate **** ****, *****, cell ***** *** **** biometrics. ********** ** ******** and **** *** ***** one ** ******** *** building ********* **** (***-*** coin ***** *******). *** door ****** *** *** audible *** *** **** you *** ****** ** cannot ****** *** ****. Again, ** **** ** build * ******* ******* device ** **** ** the ****, ** ******, feed **** ******...**** ** guys **** ** ******* the *-*** ******** ***** guy ** **** ** abolish.

** ** ** ** let **** **** ****** and ***** ***** **** rights, ****** **** *** say ** **** ***** happen, *** ** ****. Smart ***** **** ** make ***** ******* ** kill *** *** *** legacy ************* *** ********** needs ** ***** *** life **** *** ******.

**** ** **** **** esoteric *** ********. ***'* say *** ******** **** somewhere *** ** *** belong. ** ***** ** no ***** ***** ** dispatch, **** * ***** will **** *** ****** you **** *** ****. The ***** ***** *** you ***, *** **** you *** *** **** comply. **** ***** ** an ****, **'* **** simple. **** ***** ****** in *****, ** *** want ** ***** **** that ***** *** **** all **** ********** ***** you **** ** **** with ** ******* (*****, Alexa). ****** ********* ** to ****, **** **** stop * *** *** tough *** ********* **** want ********** *** ****** abide ** **. **** homeless ****** *** ****** a **** ******, **** service *** ****** ** charge ** *** ********. 

**** **** **** **** you *** **** *** it **** ******** *** go ********, **** ***** it ******* ***** *** you *** *** *** to **** **** ***** for *** ******** ****. Hotels, ********* *** *** just *** ** *** in *** *** *** reservations *** ****. ********, every **** **** **** a ******, ******* ** biometrics, ** ***** *** audio **** ** *** standard.

** ******, *** **** technology **** ********, **** likely ** **** **** tooth ******* **** ** the **** ******. ********* that **** ** ** charged ***** **** ** the ***** ******* ******* can ******* *** ********* as ******. 

*** *** *** **********, your *** ***** **** AI ********** ** ******* unique *** ** **** for **********. * **** all *** ***-******* *** going ** **** ***** hacking, *** * *** say ** ****: *** cryptology **** ** ****** will ******* ******* **** AI ** **** ***** about ***********. ******* **** be **** ********** **** a ******** *** ****** OS ***** ****.

*****, ****, *******, ****** and ** ****** *** the *** **** ******* priests ** *** ***** Way **********. **** ** know ***** **** **** are **? **** ***. Need ** **** ** they *** **** ** class, ******* ** ********? just ***. ** *** want *** ****** **** hikvision ******? *** ******. Enough **** *** ****, click, ****** *** **** UI. *****, *** **** access ********** **** ***** been ***** ** *** London ******? *****, ***** me * ****'* ******. 

*** *** *** ***** think *** ******** *** a *** *****, ** was **** *** *********. Robots *** *** ****** and **** ********** ***** into *** ****, ********, car, ******** ****, ***** theater *** **** **** will ******* ********** *** not ********. ** *** started **** *** *********, digital ***** ***** *** Sony *******. ******* **** as ***** ****** ** in ***** **** **** just **** ** ** improved *** ******* ** march **** *** **** 2050.

***, **** ** * good **** ** ** in ********, *** ***** is ****** *** *** those ****** ****** *************, vmsaurs *** **-***************. * good **** ******.

 

** ** * **** time ** ** ** security, * ** **** ***** of ** ***.

*****, * *** ************ in *** ******* ****** crystal ****. *******, ** is ******* **** ** remember ** ** * promoter, ****** **** * prognosticator. ** *** **** silence ** *** * good *****.
***, * **** **** labeled “*** *******-****” *** to ** ********** ******** about *** ** *** biggest ******* ** *** traditional ***** ******** **** nobody ***** ** **** about. *** **** ** NO ****** ******** ** calls *** **** **** remote ********** *****, *** to ********** ***********… *** a ****** ** *** core ********* ** *** industry. ** ******** **** the ******** ** *** remote-monitored ********* **** ********* in *** **, **** 15 *******, *** ******* that **** **** **** quietly ********** **** * “police ****” ** “******** call” **** ***** ********* alarm ****** ** “*********”. Several ****** **** ******* legislated / ****** ********** firms **** ******* *** police *****. **** **** your ******** ***** **** like **** **** **********?
***, ** * ****** company, ***** ** ***** by *** *** **** delayed **** **********. ****, maybe ****** *** *** stock @ ****** ******.
******: *** *****; ******* Services *****

*****, * *** ************ in *** ******* ****** crystal ****. *******, ** is ******* **** ** remember ** ** * promoter, ****** **** * prognosticator.

** ********, ****** ** collecting *** ********* **** on **** ***********. *** key ******** ** *** much *** **** (*** recent **** ****) ********** the ******. ****** *** prove ***** **** *** data ****** ** * stable ****** *** ********** but ********** *********** ***** make ****** **** **** irrelevant ** *********** ******* come **.

*** *** *******, ** did * **** *** of ********** **** *** lots ** ********** ****. And ** ******* **** of *** *********** *** financial ******. ** ***** the ******* ****** ****** than ****. *** ***** he ******** * ***** that ***** ********** **** of *** ******* *** the ******. ****** ******** is *** **** ********* of ******** ****** ** interest ** *** ********.

************** *** ***** ** point *** ****** ** alarm ********* *** ***** alarms, *** ****'* **** a **** **** ******** their ************* ******* ********* alarm *******. ****'* **** to **** ** ******* on ***** ****** ** keep ** *** *** for *****.

*** ******* **** ****** response ** *** **** component ** *** ******** model. *'* ***** *** core ********* ** ********* and ************-- *** ***. Today, **** ***** ********* settle **** ****** ******** because **'* *********. *** the ****** **** ********** altogether. ****** **** *****, alarm ********* **** ******* better, ****** ***** ******** or ******** **** ***** services ** *******. ****'** already ***** ** ** some *****. **** ***** to ******* *** "****** on ****** *********" ****** fast.

** *** **** ****? That's *** ***** ** budget ****! **** ***** as ******* ******** ******* from ********* *** ******** that ****** ******** **** to ******* ***** ******.

*** ** ******* ********** and ****** *********** **********? Of ******. *** ***'* be ******. ****** **** ** the ***** ********, *** the ***** *** ******.

 

****** **** ** *** alarm ********, *** *** other *** ******.

*’* **** **** ***** like **. *** ** the ***** ** **********, it’s *******-**********.

**** ***** ***** ***** running ***** ** **%, it’s *** ***** “***** to ***** *** ******”; obviously *****’* **** *** improvement.

**********, **** ********** ** dramatically ********** ********** *****************.  **** *** ***** of *** ********** ** false ****** **** *********** directly ** *** ***** industry, **** ***** **** the ********* ** *** it.

***********, ***. *****************? * don't ***** **.

*** ******* **** "***** alarm" ******* ** **** they ******* *** ********** where ****** **** ** evidence ** * ***** in.

***** ***** ***** ** sound **** *** ***** system *********** ******* * person ** **** ******/****. It's *** * ***** alarm, *** *******, ** you ***** *** ***** without ********* **** ***** system. ****'* * **** alarm ********* ****** ** user *****. ***********, **** a ******** ***** ** counted ** * ***** alarm.

*****, * ***** ******* improving ********** ** ****** unnecessary ********** *** *'* hesitant ** *** *** term ***** ******.

*** **** ** *********** police ********** ** ************** detected ***** ********** ********** costs *** ***** ******** as ****/** ******** ******** the ********* ***** ** alarm **********.

*** **** ** *********** police ********** ** ************** detected ***** ********** ********** costs *** ***** ******** as ****/** ******** ******** the ********* ***** ** alarm **********.

****’* ***** ****.  *** the **** ** ****** across *** ******** ** a *****, **** *** better ********* ******* ****** for *** ************ ** the ******.  ** **’* indirectly *** ******** *******.

****’* *** **** ********** policing ********** ***** ****** things.  **** * ******* is ******* *** **** for ***** *** ***** alarms, ************ ***, **** ***** a ***** *** ********* incentive ** ******* ***** own *******.   

****, **** ***** **** for **** ****** **** law ***********. **** ***** absolutely ******** **** **** of **** ***********.

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****; (*) **** upon *******. ************* *** the **** ******** ** the ******/******* ***********. ** why ****** (**** *******) the “…****** **** ** the ***** ********, *** the ***** *** ******”?.

*** *** ******* ***** industry ********** *** *** solutions, *** ****** ** accept **************. *** ****** point ** **-******* ******** wherein *** ********** ***** pay *** **-****** ****** response ** ******* *** customers. ** ***** ***** fees, **** ******* ******** for *** ** ****** services *** ******* ********. Unnecessary ****** ******** ******** quickly.
******: *** *****; ******* Services *****

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****;

** ****** **** *** that?  ***, ** * feel ******...

*’** **** * **** on ********** ****** *-*. Would **** ** *** some ***** ** ******* them.

*** ***’* **** “**.” Charging *** ****** ******** based ** ****** **** of ********** *********** ** a ******** *****. ***** are *** ****** ******** that *** ******* ******** across ************. *** **’** stay ** ***** ** police *********. ****** *** police ****** ****** *** call *-*-* ** ****** suspicious ********? ****** **** neighborhoods **** ****** ***** pay **** ***** *** extra *******?

* ** ******* ********* of ***** ************ ** minimize *********** **********. *** paying ****** ** ******* response ****’* ****** ******* to * ******** *** thought ** ***** ******** next **** ** ************.

 

***** **** ******* *** millions ** *******, ** now **** **** ********* deterrent ***** ******* (******** of *** ********* *******)… (1) ** *** ***** the *** ****; (*) helps *** *** **** identify *** ****** *******; (3) ***** ** ****** the **/*** ****** *** successful *********; (*) ****** the ***** ******** ** other ***** ** *** community; (*) ******* ***** demographic **************; (*) ******* sovereign ********; (*) ********** of *********; (*) **** little, ** ****, ** reduce *****; (*) **** upon *******

**** ** * **** go **** ***** *** dummy *******, ** *** the ********** ****** ******* the ***** ****** *** at *** **** **** bolster ********* ********?

 

**: *********** #*: **** alternative *** “**********”, *** you **** **** ** money. ******* *********** ** to ******* ** * “defensive” ******, ***** ******** remote-witness, ***** ** *****, by *** ********** ******. Thus ******** ****** *** false ******. **** ******-******* verification ******* *** **** high ******** ********, *** across *** *******, **** in ****** **** **** legislated/banned ***** **** ********* systems; *** **** ******* all ** *** * reasons ****** ****** **** deterrent ******, ** ********* earlier.
*****, *** *** ******* Barnes ********** ******** ***** critical ****-********** ******** ********** issues ****** *** ************.

...*** **** ******* *** of *** * ******* police ****** **** ********* alarms, ** ********* *******.

**** **** “***** *********** discrimination?”

***** ***, ***, *** your ************ ** *** discussion.

** ********, ****** ** collecting *** ********* **** on **** ***********...

** *** ********, **** Barnes **** * **** in *** ****?

**** ********...*** ***...* **.  Generally, ** **** ***** money **** ******* ***** into *** ******** *** M&A ********.  ********** ******** as ** ***** *** money ** ****** **** or ***** **, ** who ** ****** ****.  My ******** *** ****** bad **** ******* *** decisions.

*** ******* *** * great *** *********** ** presentation, *** *********** * few ******, *** ****** a ****** ** ******. I ** *** ***** as ****** ***** *** risks ** *** ******** as *********.

**** ********'* ******* ***** the ********* ** ********** data ** * ***** one!!

* ***'* ******* ** have * ******* ****.  Heck, * *** **** ADT *** ******...***.  **** trying ** ***** ** the ********* ** **** facts ** ********, *** suggest *********** *****/************...***, ****, of ******, *** **** I *****.

***** ***, ****. * appreciate *** ********. ** for ******* * ****** points, * ***'* ***** that ** ******** ** exhaustive. ***'** ****** *****'* no ******** ** *** 1, *** *******. * tried ** **** **** I ******* **** *** main ****** *** ****** of ****** *** *** readers. ****** **** ****, there *** * ***** lot ** *********** *** I **** ******* ** engaging **** ** **** the ********* ****** ****.

****, * *** **** ADT *** ******.

******* ***’** ******* ** hedging?

 

****/***:

***** *** *** ********* the **********.  ** ********** your ******* *** ********!!

**** ******

*** ******* * ** bullish *** ** * hedge...Brinks ** * ****-**** bet, *** ****.

****** ** * ****-**** bet, *** ****.

*** *** **** ** you’re ***** ;)

**...******!!  ********, * ** in *** *****, *** still *******.  ***** **, thought *** ******** ****** program ******* (*** *** Brinks *** **% ** the ******* *******, *** had **** ******** ****** and *****), * ****** position ** *** **** LiveWatch, *** **** *********, and *** ********** ** Brinks **** *** ****** moves. **** ****, *** much **** ** *** much ****...** **** ** maneuver.

****... *** *** ******* to *** ***** ******* about ****** ********.

**** ** * ******* topic, **** ** ** it ******* ** **** type ** *****.  **** year *** *** **** annual **********.  ** ***** one ** **** ** debated ***** ******* ** highlight *** ***** ***** issue.  **** **, ********* as * ********* *********** threat ** *** ******** and/or *** *************/*****.  ** each ** ***** *** of ***** ** *****, we **** ********* **, but *** *********** ** such.  ****, ** **** of ***** ***** ***** sales **** ********* (********* during *** ***** *********) and *** ******/******* ********* hasn't ****** ****.  *** industry ***** ** ****** 3 ***** *** **** it *** **** ** first **** *** **********. Not ** *** **** isn't ** *****.  *** I **** **** ** view ** *** ** a ****, *** * feature.

*** ***** ****** ** devices, ********** ********* ******* and ***** ********* ** pixels ** ****, *** generating * ******* ********** flow ** ***********, *** of ***** ** *********** helpful/useful/valuable.  ***** ********** (*** others) **** **** ***********, this **** ***** ******.  But, ******* ********* *********, there ** ** ******** need ** ******...*** ****** sector ******* ********** **** for **** ** ******, as **** ** ********, before ** ******* ****.  Pushing *** ******* ****** to ** *** *********, with *** ********** ****** driven ****** ******* ********** and ********** ***** *****, and ** **** ****** to *** ******.  ******** out *** ****** ********** of **************** *** ******* is * ******* ******** point, *** ***** ***** is ******* ****** ***** this (*.*. **** ***** sectors **** ** ****** care, *** ********* **** similar ******/********).

*******, ** *** **** 24 *****, *** ***** of ******* **** ********, the ********** *** *********, the ****** ***** **** has ********* (~**). ** is **** ********** **** ever, *** *** ******** (voting *** *********) **** involves * **** ****** demographic **** ****, **** penetration ********** (*****, ********** means ******* **** *** socio-economic ********).  ************, ****** half ** *** ****** are ********** *** ************, who **** **** ********* on ****** ****** ******. [NOTE: *** ****** **** only *** **** **** them ** *** ****** them ** ** ****** true]

*** ****** **** ******* don't **** ** *****.  They **, **************.  ***** not ** ***** ** they ******, *** ***** with *** **** ***** positives. *** ******* ** use ***** ******, ********* the **** *** ************ monitoring ** **** ************ is * **** * testament ** *** ****** and ********* **********, *** also **** ********* ********* will ** ****** ********* to *********** *** *** of ********** *** ********* to ****** ****** ****, have ** *********** ********* and ********, *** **** have ****** ****** ********.  Advances ** ******* **********, imaging/video, *** ***** ********* are ****, **** ***** declining.  ***** ** ******, and **** *******, *** one *** *** * bright ****** *** *** ability ** ************* **** through *** "**** ****" volume ** **** *** hand *** ** *** public ****** **** **** which ** **** ****** to ***** ******* ******.  BUT, **** ** *** industry ***** ******* ******* a **% ******* **** (which ** ***** ****), the ****** ****** *****, and ******** ******, ******** to ****** ************.  **** are, *****-***, *** ********** agent *** *** ********** data, ******** *** ********** tax *******.  * ** happy **** *** ******* a **** *******.

******, *** ******** *** huge ***********.  ********* ** many ******** (**** ******* certain ********** ************) ******** is *******, **** *** fire.  **** ********* ** system **********, ******** *********, and ***** ******, **** an ******* ***** ***** of *********...**** *** ***** increasing.  * ***'* *** a ******* ***** **** applies ** * **** segment (** ***) ** the ********, ***/** ** inherent ********** ******* **** results ** * ********.  At *** ***** ****, there **** ** ******* where *** ******** ********* some ****, *** ***.  But, ******* *********** * systemic, *********** ****** ** the ********.  **** ** vantage, ** **** ** the **** ** ******** (NOTE: *** ******** ****** in *** ***** **** systems ********** ****, ** choice, **** ** ***** homes *** ** ****), the ****** ****** ** wanting ** ******* *** mandate ****** ** **** by ********* ** ***** and *******, *** ****** of **** ********* ***** filtering, *** *** ***-**** is ******* ** *** for **** ** *** of *** ********* *****...*** current *********, *** *** associated ******** ********.  ** is * ******.  **** like ** ****** *** been.

**** ** ** ***** as * *** **** my **** ** *** specific *****.  *** ****** that *** **** ** this ***, * ***** like ** **** *** more ******.  *****, *** narrative * ***** **** connected ** **** *****, which * ***** ** most *********** *** ********* is **** *** ******* structural *********** *** *** alarm ******** ****** ***** using ****** ****** ********* in **** ******* ** unfair ***.  *** ****.  I ***** ****** ***** be **** ******* ** point ** * ****** sector ******* **** ***** taxpayer ******** **** *******, or ** ********** ** their ***** ****, ** [insert ********].  *** ******* is **** *** ********* that *** ***** ******** is ***** ** * house ** ***** ****** capital ***/** ***** ** more *********, ** *** detriment ** *** ******** (and, ***, ** ** as ****).  *** ****** around **** ********** *********** is **** *** *******, but * ********* **** implies ** *** **** settled ** *********.

**** ***** ** ** my ****** *****.  *** Jones *** ** ***** mentor/role ***** *** *** continuously ****** ** ********** the ******** *** **** 30 *****.  * ***** and ******* *** ****, and ***** ******* **** readers ** *** ****.  On *** **** ******** of ******** ****** ** agree. ** **** *** we ***'*.

***** *** *** **** thorough ********.

 "***, **** ** *** industry ***** ******* ******* a **% ******* **** (which ** ***** ****), the ****** ****** *****, and ******** ******, ******** to ****** ************"

**** ** ** ********* point. *** * ***** that *** ******* ** healthy. ** ****** ****** sector ********* ** ** efficiently ******** *** *** private ****** ** ******* technology.

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

"(****: *** ******** ****** in *** ***** **** systems ********** ****, ** choice, **** ** ***** homes *** ** ****)"

*'* *** **** * have ******* **** ** home *** ** ****. You *** **** **** own ***********! ***

 

***** ***, *******, *** taking *** **** ** compose **** * ******** and ********** ********. * appreciate *** ******* ********** happening ****.

**** **** **** **** !

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