Convergint Outlook Turns Negative

By: John Honovich, Published on Apr 16, 2020

Convergint's outlook has turned negative, according to bond rater Moody's, released shortly after IPVM's report about Convergint's billion dollars in junk debt.

Numerous Convergint employees were outraged by IPVM's report, even claiming that junk made up "95% of the market". This is wrong, per S&P, it is just 28% of the market. Junk debt is dangerous, especially so in the coronavirus crisis.

The chart below overviews Convergint's debt-fueled acquisition boom, their ambitious hopes to hit $2.3 billion revenue in 2023 and Moody's expectation of sharply declining revenue for 2020:

Inside this report, we examine these 3 dynamics, including the key positive factors Convergint has going for it, the downward pressure from the debt and Coronavirus and the future challenges for the once high flyer.

Moreover, we examine the details of the financial covenant on Convergint's debt and how this restricts their ability to operate and puts more pressure on their employees.

**********'* ******* *** ****** negative, ********* ** **** rater *****'*, ******** ******* after****'* ****** ***** **********'* billion ******* ** **** debt.

******** ********** ********* **** outraged ** ****'* ******, even ******** **** **** made ** "**% ** the ******". **** ** wrong,*** *&*, ** ** just **%** *** ******. **** debt ** *********, ********** so ** *** *********** crisis.

*** ***** ***** ********* Convergint's ****-****** *********** ****, their ********* ***** ** hit $*.* ******* ******* in **** *** *****'* expectation ** ******* ********* revenue *** ****:

****** **** ******, ** examine ***** * ********, including *** *** ******** factors ********** *** ***** for **, *** ******** pressure **** *** **** and *********** *** *** future ********** *** *** once **** *****.

********, ** ******* *** details ** *** ********* covenant ** **********'* **** and *** **** ********* their ******* ** ******* and **** **** ******** on ***** *********.

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

*******

*** *****'* ********* ***** the ******** ******* -** ***** *, **** press ********** **-**** ****** ************ ***** ****. *** credit ******* ** *** publicly ********* *** ** purchased ** *** $***, reviewed ** *** ******* it ******. ********* ** the ****** ******* ********* us **** ******* *** document ******.

Revenue ********* '** ***** **%'

**********'* ******* ** ******** to ******* ** ***** 10% **** ****, *** Moody's ****** *******:

** ****** * ******** in **** ** **********’* historically ****** ******-***** ******* growth ****, ** *decline ** ** ***** **%, and some margin pressure, resulting in higher Moody’s-adjusted debt-to-EBITDA leverage between 9.0 and 10.5 times. [emphasis added]

************** ***** **** ******* was'**** *** ** $*.* billion *******'. *************, ***** forecasts **** ** **** ~20% ** **** ****** a *******:

*****'* ******* *** ******* to ******** **** ******** of ************* $*.* *******.

*** **** ******* ******** certainly ******* ** *** the *********** ****** ***** out.

Covenant *** ********* *********** *****

*************, **** ****** ******* with ********* *******, ********** has ******* **** *********** due ** *** ***** junk ****. *****'* **** it *** **** **** (the **** ****** ****** given *** $** ******* for *** ** ** 2019) *** *** * $75 ******* ******** ***** it ********* ***** *********** hit. *** **** ******* falling ******* ***** ***********, this ** ******* ****** pressure ** ***** ****.

*****'* ******** *** ******** mechanics ****:

*** ****** ********* *** a ****** ********* ********: a ******, *.******* *** *****-**** *************** ******** ** *** revolver ****. *** ******** is ********* ** ******** borrowings ****** **% (***** $26 *******) ** *** commitment....
**********’* ************* $*** ******* of (********* ****) *****-**** term **** ****, **** the $** ******* ********

********** *** **** *** a ******** ** *** $75 ******* ******** ****** it ********* * $***+ million ****** ****** *** rate (*.*., ** ******** the *.** ***** ****** of *** ***** **** of $*** *******). *** problem ** **** ******* declining *** *********** ***** costs **** *** **** to ***, ********** *********** EBITDA ** *** ***** of *** **** ** very ****.

Pay ****, ********* *** '******** ****'

*************** *** ************ ****** significant ************* **% ******* *** salaried ********* **** ******** of ********** *******, *****'* described ** **** **********:

*** ******* *** ***** quickly ** ****** ******** costs *** *** ********* discretionary ****** *** ********* expenses.

***** **** *** ********** necessary **** *** *********** of **********'* ********** *** bondholders ** ****** *** bond ******** *** *** run *** ** ****.

Cash ********* / ******* *** ****

** **** ***, *****'* is ********** ****, **** those ******** ****, ********** will *** *** *** of ****:

**** ****** ******* *** company ******* * **** 2020 ** ***** **** cash ***** *** ** breakeven ** ****.

** ********** **** *** out ** ****, **** only **** $** ******* left ** **** ** tap ******* ******* ********** the ********, ***** ** just *.*% ** * billion-dollar ******* *******.

Re-Occuring ** *********

* ******** **** *****'* called *** *** *** the ***** ** ***** a *******-***** ********:

********** ** ** **** due ** *** *******-***** nature ** ******** ************ projects *** *** ******* lack ** *********, ********- or ************-***** ******** **** would ********* ******* ******* against *** ****** *** cancellations.

***** **** ** ******* obvious *** ****** ***********, Moody's ********* ** **** emphasize ****:

*** *****'* ******* *** the ********** ****** ****** answered ****'* ******** ** this, ****** *** **** subtle *********** ******* '**-********' and '*********':

****’* *** * *************. It’s **** **** *****’* a ****** ********** ******* “re-occurring” *** “*********” ******* models. ********* ******* ******, like ************-***** **** *** software *** ***** ** companies *** *****-********** *********, are **** ********* *** more **********, ***** ****’** contract *****. ********* *** typically ****-**** *** **** provide **** ******* ********** in *** ****. **********, however, **** *** **** recurring ********-***** ********. ***revenues *** “**-*********”, ** **** **** ****** ********** **** *** **** ********, *** **** *** **** **** ******* **** ************-***** ********. Each installation job is in effect a one-off project that does not in itself provide for an assured, future revenue stream the way a subscription contract does. That being said, each ************ *** ** **** ** *********** ** ***** * ****** ******* ************ **** * ******** so that that customer would use Convergint again in another project. Convergint seeks to grow along with its customers as they grow. [emphasis added]

***** **** ** *** aim ** ********* *** security ***********, ** ***** of ******, **** ** the ******* ** ****** lots ** ****. ******** can *** **** ** immediately *********, ************, ***** for ******** ** **** than * ****. **** puts ******* ********* ******** when **** ******** ***** needs ** ** ****.

No **** ************ *** *** **** ***** ******

****** *** ****, *****'* says **** ************ *** on ****:

** ** ****** ** conserve *****, ** *** also ****** ** *** historically ****** *********** *******
** ****** *** ******* to **** **** ********** in ***** **** ** order ** ******** *****.

$2.3 ******* ** ****

***** ** ****, **********'* plan ******** $*.* ******* annual ******* ** ****, a **** ** ~**%, shown ** *** ******* right **** ** ****:

** ********, *** *** line ******* **** ********** Moody's ********** ** ******* falling **** **** ****'* 'just *** ** $*.* billion' ** ~$* *******.

***** **** ** ******* to $*+ *******, **** like ***** **** ~$*** million ** * *******, was ** ***** **** based ** ************ - what ********** *** ******** to ** **% *******, 10% *********** **** ****.

Outlook **** - ****

*** *********** ********* ** so ******** *** ******* that *********** **** ******* any *******'* ******* **** be ** **** ** difficult.

*******, ** ****** ********** will ** ********** ** maintain *** ~$*.* ******* revenue ***** **** ******* last ****. *** ******* driver ** *** ****** in *** **** *******. Convergint *** ***** ****** advantage ** **** ********* during *** **** *****. They **** *** *********** maxed *** ** **** and ** **** ** difficult *** **** ** access *********** **** **** levels ** * ********* or ****-********* *****. ******* that **** *** ********** of *********** *** ****** of ********* **** **** acquired *** *** ***** scale **** **** *******, their ********* ** ****** may ** ******** **** a ***** ** ****** as **.

Vote / ****

Comments (28)

John Honovich

IPVM | 04/16/20 03:28pm

**** *** *** * Moody's ***** -********** *****'* ***** ******************** *****'* ****** *******(*********). ** ** **** in *** ****, ** bought *** ******** *** full ****** ******* *** the ******* **** *** allow ******* **. *** archiver ***'* *** ** post *** ***** ** the ****** **** *** we'll ***** **** *** add ** *** **** of *** ****** ***** today.

***, **** ***** ******** ****** ***** Convergint ********* **** ***** anger ** ****. * ********* **** it ********** ** ********** their ******** *** **** most ** **** **** an ********* **** ************* of *********. ** *** plus ****, ***** ***** shows *** ******** ** Convergint *******, ***** **** help **** ** **** crisis.

Undisclosed Integrator #1

In reply to John Honovich | 04/16/20 04:41pm

* **** ** **** for *** ******* ** products *** *********** ******** on *** ****** ** the ******** ** ** relates ** *** ************, yet ****** ** ***** like *** **** ***** to ** ** *** to **** **** *********** with ***** ********* *** outrage ********.

******* ********** ********* *** venting ***** ***** ** that ******* (*** *'* sure **** *** ** well) ******* ** ***** extremely ********* ***** ** seems **** **** *** whatever ****** ********* ** pile **. *** ***** are *****, *** ** had ** ******** **** employees, *** **'** *** taken *** **** . It's *** ******** **** thousands ** ***** ********* are ***** ** **** exact **** *****. **'* starting ** **** **** you **** * ******** vendetta ******* **********. ** you *** ***** ** keep ******** *** ****** do ******* ******'* ** other ***** *********** - at ***** ****** *** "love".

********** ** ******* ********, if *** ***** ********* continues ** ************ **** no *** **** ** left ********.

***** ****** ********* * work **** ** ***** everything ** ***** ***** to ********* ******* **** crisis *** **** *** the ***** **** *** to **** ****** ****.. Perhaps ******* ** ******* negative ******** *** *** time *** ***** ****** to ***** ******** ******** about *** ** *** through **** ******?

*** ** **** *** have ** *** ** the *** ** *** day...I ** **********.

Undisclosed #2

In reply to Undisclosed Integrator #1 | 04/16/20 05:02pm

**** **********: * ** Convergint.

Undisclosed #5

In reply to Undisclosed Integrator #1 | 04/16/20 07:03pm

*** ** *********, *** do *** ********** *** Moody's *******? ** *****'* "slinging ***"?

* **** **** *** me **********, ** * were ******** ** * large ************ **** *** kind ** ********* ********* Convergint *** **, * would **** ** **** that ** **** * could **** ** ****** accordingly. *** ****'* ********** make **** **** ***** to ***** ******* ** employees? ****** ****** ***** and ************* ****** ***** be **** ** **** this **** ** **** in ******* ******* ****** or *****, *****? **** is *** ******** ** Convergint ***** **** **** with ***** *********?

Undisclosed Manufacturer #7

In reply to Undisclosed Integrator #1 | 04/16/20 07:22pm

* **** ** **** for *** ******* ** products *** *********** ******** on *** ****** ** the ******** ** ** relates ** *** ************, yet ****** ** ***** like *** **** ***** to ** ** *** to **** **** *********** with ***** ********* *** outrage ********

**** ** ***** * lot ** *** "******** on ********" **** ** things - *** **** and **** ** *** last ** *****:

** * Show + ******* LIVE *

**** * **

***** *

Undisclosed Integrator #8

In reply to Undisclosed Integrator #1 | 04/16/20 07:57pm

* *** **** ** just ********** ************ *** facts ****. * *** no *** ******** **********. They *** **** ********* actual ******.

John Honovich

IPVM | In reply to Undisclosed Integrator #1 | 04/16/20 08:14pm

*** ** **** *** have ** *** ** the *** ** *** day...I ** **********.

* ******* ******* *** passion **** ********** ********* have *** ***** *******. I **** **** *********. And ** *** ****** voting #*'* ******* *********, please ***'*. **'* ** important, ******** ********.

**'* ******** ** **** like *** **** * personal ******** ******* **********.

* **** ***** *** same ***** **** *** years **** *****, ********, Hikvision, *******, ***., ***., employees. * ***'* **** a ******** ******** *** I *** *** *** would ***** **** *** in *** ******* ** our ****** ******** ********. However, ** *** **** more ******* ** *** coverage, *** ******* ***** argue * / **** are '********' *** **'* not '********'.

******* ******* ** ******* negative ******** *** *** time *** ***** ****** to ***** ******** ******** about *** ** *** through **** ******?

* ******** ***'* **** what *** ******** ******** for ********** ** ****. Convergint ** *** *********** of ********** *** * wall ****** *****.

* ***'* **** *** of *** ********** ***** but * **** **** of ****** *** ** know **** *** **** universally *** **** *** good ****** *** **** the *&* *** '*** and ********' ** *** real ****.

*** *** **** **** gamble ** * **** problem. ** ************* ** that ***** **** *** to *** ** ****'* $2.3 ******* *** **** would **** **********, ******* Ares *** *** ********** get ***** ******. ******* in * ***-*********** *****, they *** ***** *** the **** **** **** off.

*** **** ******** ********* thing * *** *** is ****** *** ******* of **** *** ** you ***** **** **********, work **** *** ********* to ***** *** ****.

Mark Palka

IPVMU Certified | In reply to Undisclosed Integrator #1 | 04/20/20 03:23pm

** ** **** * have ***** * ***** lot ** ******** ***** about ***********, **** ********* who **** ****** ** - ********* ******* ** exclusive ******** **** ** pricing *********** ****** *****. People ********* ******** *** in *** **** ***** but **** ***** ****** you ** *** *** times. ******** **** ***** are **** ********* ******** negative **** ***** ******* companies *** ******* ** plan.

Undisclosed Integrator #3

04/16/20 05:19pm

**** ********** ** *****: I ** *** **********. I ** * **********, who ****** **** **** in *** ***********, ** this ******* *** ****** bearing ** ** ********.

* ***** **** ******* actually **** ******* *** facts **** *****'* *** explaining **** **** ****** and ************** ************ **** most *** **********. * must ***** **** ******* a *****'* ****** **** with * ****** ** business *** ** *********.

** ******* *** **** on *** **** *** bad **** ** ****. While * ***** ********* they **** *** ****, they ****** **** ** find *** ********** ***** of *** ******.

********** *****.... **** ** they **** ** **** effect **** ******** ********** or **********?

** ******** *** ****** **** * ****** a ***** ****** ***** everyone **** *** ***... sorry *** **** ********** with ****.

Undisclosed Manufacturer #4

04/16/20 05:24pm

** * ****** *** ADT *** *** **** see **** ******* *** love **** ****. * know ** ** **** not ** **** ****** on ** **** **** the ******* *** **** is **** ** * negative *******, *** * learned **** *** **** it ** * ***** of **** *** ****** to ***** ***** ** and ***** ******** ** you ***.

***** *** ********, *********, Seeking *****, ****** **** or **** ******** ********* blog ******* *** ***** are ********* ** ******** just **** **** *** informing *** ******** ** revised *********** *** *** reasons *** (*** **** all **** "**************" *********). It's ******* ********, * don't ***** *'** **** read * ******** ******* about ********** ** ****, you *** ** **** shape *** **** ******* won't ****** ****.

Undisclosed #2

In reply to Undisclosed Manufacturer #4 | 04/16/20 05:44pm

* ***'* ***** *'** ever **** * ******** comment ***** ********** ** IPVM...

*****

**** **** ***** ********** Facing *********** ******

Undisclosed Manufacturer #6

04/16/20 07:05pm

* ** *** ********** and *'* *** * competitor ******. ** ****, I ****** ***'* **** a *** ** **** fight. **** * **** interesting ** *** ******** economics. **** ****** ** about **********, *** ** could ** ***** * bunch ** ***** **********, regardless ** ***** ********. It's *** *** ** run *** ********, *** it ***** ** ******* into *** **** ***** companies *******. ********* **** isn't * *** ***** camera ****, *** ** is ******* ********* ** something **** *** **** impacts *** ********, *** also ******** ** *******.

* *** **'* *** fun ** ** *** subject ** *** ***********, but ** *** **** time, * ***** **'* valuable ** **** *** learn ****.

Geoffrey King

04/16/20 07:49pm

* ***'* ******* ** the ********* ****** ** Convergint ** ***** ** so **** *********** ***** on ***** ***, *** I **** ****** ** comment ***** *** ******* of **********. ** ** opinion, ***** ******* ** very ********* ** *** the *****. **** **** incredible *********** ****** **** branch *** **** ****** their ********.

* **** ****** **** many ********** **** ******* throughout ** ******, **** of ***** * ***** put ** *** **** top ** ***** *****. At *** *** ** the ***, ************* *** big **** ** **** business (*** ******** ******) and **** ** ********* they ** **** ****.

Undisclosed End User #9

04/16/20 09:18pm

*'** **** ********* **** and **** ***** ***** that **** **** ****. Holding **** ** ********** is ** ***** ** however, *** ******, ******** by ********** ***** *** what ** ******* ** places **** ** ***** Door ******* *** ****** Reviews, ** ***** ***** an *******? * ***'* think *** ********* ****** be ** *** ******* at ****; * ***** you *** ** ********** in *** ***** ** Convergint ** ********* *** Leadership *** **** ******* for? * **** ***'* know **** ** ***** when *** ****-***'* *** "I ** **********"?? *** all **** ********** **** appear ** ** ******....** third, ** * ********* owned ***********? ******* ***, the ******, *** *********** has *******. ** ******* has * ******* ********* and ** ******* ** safe ** ***** ************* times (******* *** *******), but **** ** *** asked ** **** ********* hits ***** ******* *** large ************* *************, ****** that *** ****** ******** suit ** **** ******, taking * ****** ** assess ***** *** *** Corporation's ****** ***** ** worthwhile. **** ******...

Undisclosed #10

04/16/20 09:48pm

***** ****** **** **** I **** **** ********** that ***** *** **** Offices ** "***'*" **** will ** ****** **** ( *** **** **** Pharma, *** ********'/****** ******), in **** ***** *** 5 ***'* **** * have **** ******** ** pick ** **** **** since *** ***** *** as ********, ****** **** have ** ** ***.

******* *** ***** *** is ******* ***** ****** ( **** *********** ******* positions ****** ***** ***'*), and *** *** ********* of ********** ***** *** the **** *** **** likely ***** ** ** cut.

* **** *** *** not **** ********** ********* these ******. *** ** the ***** *********** ** my **** *** ******* hit ***. **** *** small ***** **** ** JCI, *** ** ****. They *** ******** ***** back ** *** **** bread ******* *** *** to **** ******* ******** around.

** **** ***** *** like * ***** ** will ********** **** **** to *********** *** **** do ******, ***** **** every ***** ******* *** there. **** ********* **** out ***** **** *** next ***** ** **** monopoly ***** **** ****** out * ****** **** to *** **** ***** with ***** * *** others.

Undisclosed #11

04/16/20 10:18pm

** ********** *** *********? Could * **** ***** chuck **** ** * wood ***** ******?

Undisclosed #2

04/16/20 06:29pm

*****'* *****...

Undisclosed Manufacturer #13

04/17/20 03:02am

***** *** * *** of ******* ****** ** Convergint *** ** ** unfortunate **** ** **** are ********* *** ** this. ** ** *********** to *** *** ********* that *** ******. ***** is *** ****** *** the ********** ***** ** are **, *** ************, we **** ******* *** down **** ***** **** the ********. **** ******* during * **** **** historical ****** ****** * correction *** *** *** a **** **** ******. A ***** ** ******** recurring ******* ****** **** been *** ***** ***** the ******* *** *** to **** ******* ********** storms. *************, * *** of **** ***'* ******** that ***** ******* ** short-term **** ** *** books. *******, ** ***** have **** *** ***** decision *** *** ******* and *** *********. ** no ***** *** ****** expect * ****** ******** but ***** **** ***** economic ******* **** ****** have **** *** *** from ****** ** ** much ****.

****** *** *** **** for ******** ********. ***** are * *** ** families ****** ** **** hard ********* ***** *** and *'* **** **** even **********'* *********** ***'* want ** *** ****.

John Honovich

IPVM | In reply to Undisclosed Manufacturer #13 | 04/17/20 10:51pm

* ***** ** ******** recurring ******* ****** **** been *** ***** ***** the ******* *** *** to **** ******* ********** storms.

**** *******. *** ******** here.

(*) ** * ********* revenue ********, ********* * / ** **** **** the ******** ** ****.

******* (*) ***-********* *******-******* businesses **** ********** *** grow * *** ****** in **** *****. **** project ** $***,*** ****, million *****, $* *******, etc. ********** *** / SaaS ****** ** **** harder. **** **, *********, not ***** ** * defense ** ********** *** a *********** ** *** project ***** ********** *** pursued.

Undisclosed Manufacturer #13

In reply to John Honovich | 04/18/20 02:42am

***% ****** ** #* and ** ***'* ****** defending ********** (***** ** also **** ** ** - ****** ** **** smart ******).

***** ** ** ***** that ******* ***** ******* injects * *** ** revenue **** *** *** without ****** ** ****. With *** ** **** involved, ****** *** ***** look ***** *** ** important; ********** **** **** my *********** *** *** what ***** * **** plan *** ********** ***. There ** **** **** I **** *** *** major **** *******; *** enough *********** *** * very ***** *** ***** was * *********** **** a ***** ******* ** economic *******. ** **** hot *** * **** time *** ******** *********-********* revenue ******* ***** **** made *** ************ *****.

** ** **** ***** noting - ********* ******* focused ******** ****** ****** drastically ****** *********** ** EBIDTA **** ******* ******* ones. **** * **** standpoint, ** *** ** little *** **** ******* in **** ******.

John Honovich

IPVM | In reply to Jacob Hengel | 04/18/20 11:23am

********* ******* ******* ******** models ****** *********** ****** multipliers ** ****** **** project ******* ****.

*** ****, **** ** true. **** ** **********. Moody's **** ********** *** acquired ** **** *** $1.6 *******, ~*** ****** and **** **** ** sales. **'* **** ** value **** **** ********** by ****** ***** **** by ****** *** ** lose ***** ** ***** even ** **** ******** to ***** *** ***** customer ****, ********** **** term ******* *** *******. However,**** ********* *** ********* valued ** ** ** 10x ** *****, ***** ** *** higher **** ********** *** itself *** ****** *** higher **** *** ******* project ***** **********.

***** ********** **** ***** their ******** ** *** target ********** ****** ** focusing ** ********* *******? I ***** ** ***** have **** **** ** most ********** ******** ******** buyers ***** ****** ***-**** options. ***** **** **** change **** *** **** decade, ********** *** ***** will ******* ** *** way **** ***** ******** buyers *********, ***/**?

Undisclosed Manufacturer #13

In reply to John Honovich | 04/18/20 02:54pm

*** *** ******* ** regard ** ********** ********* in *** ******** ************ but *** ***** ** focus ** ********* ******* extends ****** **** ****. The *** ***'* **** be ********** ******** ********* but *** ***** ***** of ********** ** ****** is **** *** **********. The ********** **** * project ******* ** * recurring *** ** ******* and ********* ***** *** even ** ******** *** Convergint ** ***** ********. My **** *** **** on ************* ******** **** worked ****** ******** *** discrepant ***** ****** ** center. **** **** **** a ***** ********* **** whom ** **** **** open ** ****, *** conversions. *'** ******* ****...

**********'* ********** ***** *** practically ******* ** *** their **** ** ************. Massive ***** ** **** they **** **** ** achieve. ****** ******* ***** past ********* ***** ** foolish. ** ******* ** more *** ******** *** timing ** ***** ****-**** era *** *** **** debt ****** * ***** corporation ****, ******* **** the ****** ** ** all. ***** *** **** great *** ******* ** this ********, *** ****. However, ** ****** *** question ** *** **** intended ** ***** ********** on ***** ********** ** the *** **** ** all **** ** ***** do - ***** ********* at **** * **********. I **** ** ***** business ******** *** ******* to **** ** *** past *** **** * had **** **** ** do **. * **** not *** **** ** dig **** *** **** funds *** *******. ** this *** ** **** do *** ***** **** like ***** *** ******? How **** *** **** planning ** **** *********** before ****** ***** *********** returned?

** * ******** *****, I **** **** ******** in *** ********** **** many * ** **** but *** ****** ** debt-loading ***** ******* **** (again **** ***** *****).

John Honovich

IPVM | 04/17/20 06:50pm

********** *** * *** video****** ** ****** ** their ********. ***** *** no ************ *** ******* given ***** *** ******** but ********* **** ***** to **** ******'* ******* up ***.

** *** * ********,**** ***** ************* *** ** *** the **** *********:

** ********:

* *** ****** *** is **** ** ****** what ****** ****** *** ahead ** ***** ** uswe **** ***** **** ** ********** ** ********* ** ** *** ***** and I could not be more confident in Convergint's short-term and long-term future [emphasis added]

***** ** ******** ** but ****'* *** **** of * ****** ********** view. ******* *** '****' or ***'* '****' **********, Convergint *** ******* **** better ********** ** *** start ** **** **** it *** *****.

Undisclosed #2

In reply to John Honovich | 04/17/20 11:01pm

******* *** '****' ** don't '****' **********, ********** was ******* **** ****** positioned ** *** ***** of ****...

***** ** ***** **********; only *** ****** *******?

John Honovich

IPVM | In reply to Undisclosed #2 | 04/17/20 11:06pm

***, **** ***** ** the **** ********* *********** of ** ** ***** believed ** ****** **** just ****** ****** ** make ****** **** ******.

*** ********** *** **** debt ******* **** **** of ***** ****** *** and *** **** ***'* so * ******** ** see *** ********** ***** positioning *** ********.

Undisclosed #2

In reply to John Honovich | 04/18/20 04:00am

*** ********** *** **** debt ******* **** **** of ***** ****** *** and *** **** ***'* so * ******** ** see *** ********** ***** positioning *** ********.

**** ** **** *** companies **** ********** ********* health ******.

John Honovich

IPVM | In reply to Undisclosed #2 | 04/18/20 11:14am

*****, *** ******** ******* did *** ******* ********** have **** ** **** 'underlying ********* ****** ******' than **********? ****** ***** are **** *********** **** such ********** *** * think ****'* * ********, especially ******** ** **********'* own ******. **** ** further ****** **** **** integrators*** *** ****** ********** **** *** qualify *** *** ** those ******** ** ****.

Undisclosed Integrator #12

04/20/20 01:25pm

** *** **** ***** with * ******** ** taking * *** ***** somewhere **** (* ***** see ************ **** *** regular ****** ***** *** postings) ** ******* **** Convergint, ***** *** *** want ** **** *** full ***** ** ***** the ****** ** *** company *** *** ******* for?

** *** **** ******* to ****** ***** ** the ******** ******** *** bonds ******* ** ********** came **, ***** *** not **** **** ***** that ******* **** ***** help ** **** ********?

** *** **** *** else ***** ***** ******* and ***** **** ** right ** *** **** end? ***** *********. *** sorry, *'* *** ****** to ****** ********** **** Enron, *** * ** trying ** **** * point, **'* **** ** like *** ******* *** work ***, *** *** should *****, **** ***** your ***. *** **** find ** * ****** mate. ****'* *** *******.

*** ** *********, *** I ***'* **** *** maybe **** **** ** can **** ***, *** much ** ********* ********** plans ** ********** *** tied ** ** ******* stock? *** ** ** Convergint *****, **** *** the ******* *** ****** Convergint ***** ********* *** other ***** ** **** options ** *** ********** plan? ***** *****, ** your ********** **** ** heavily ****** ** ******* stock, ***** *** *** want ** **** *** true ********* ****** ** the ******* ** *** could ****** ***** ** move **** *****?

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Convergint has $1+ billion in junk debt putting significant pressure on the company. While the rapid debt buildup enabled the company to go on an...

Terrible Convergint Coronavirus Thermal Camera Recommendation on Apr 01, 2020

A week after Convergint disclosed falling revenue, pay and job cuts, Convergint is touting 'extensive research' that is either grossly incompetent...

"Good Market, Bad Business Models" - Residential Security on Dec 11, 2019

Industry banker John Mack, at his company's annual event, took aim squarely at the problems in the residential security...

UTC Really Screwed Up The Interlogix Shut Down on Sep 27, 2019

UTC has made many mistakes in security over the years, however, the shutting down of Interlogix is one of the biggest screwups in industry history....

Inside Look Into Scam Market Research on May 17, 2019

Scam market research has exploded over the last few years becoming the most commonly cited 'statistics' for most industries, despite there clearly...

Ascent / MONI Faces Lender Lawsuit and Debt Crisis on Sep 13, 2018

ASCMA, aka Ascent, aka Brinks Home Security, aka MONI, aka Monitronics is being sued by a group of their lenders who allege: As of June 30,...

99.9997% Accurate Amazon Facial Rekognition Falsely Matches 28 on Jul 27, 2018

A new facial recognition controversy has arisen, with the ACLU cleverly using Amazon's Rekognition service to falsely match 28 Congresspeople to...

ADT: "Hate That Company" Loses Billion On Amazon Ring Deal on Mar 02, 2018

It has not been a good 2018 for ADT. And this week has been even worse. In the aftermath of Amazon acquiring Ring for a billion plus, ADT's...

Hikvision: IPVM Is "Destined To Fail" on Jun 14, 2017

Hikvision has accused IPVM of 'cyberbullying' them, declaring IPVM 'destined to fail.' This is the 3rd anti-IPVM Hikvision post in 2 weeks,...

Most Recent Industry Reports

Verkada: "IPVM Should Never Be Your Source of News" on Jul 02, 2020

Verkada was unhappy with IPVM's recent coverage declaring that reading IPVM is 'not a good look' and that 'IPVM should never be your source of...

Vintra Presents FulcrumAI Face Recognition on Jul 02, 2020

Vintra presented its FulcrumAI face recognition and mask detection offering at the May 2020 IPVM Startups show. Inside this report: A...

Uniview Wrist Temperature Reader Tested on Jul 02, 2020

Uniview is promoting measuring wrist temperatures whereas most others are just offering forehead or inner canthus measurements. But how well does...

Dahua USA Admits Thermal Solutions "Qualify As Medical Devices" on Jul 02, 2020

Dahua USA has issued a press release admitting a controversial point in the industry but an obvious one to the US FDA, that the thermal temperature...