Milestone 2017 Financials Examined

By: John Honovich, Published on Apr 24, 2018

For ISC West 2018, Milestone released ... their financials, touting "strong revenue growth in 2017". However, there were discrepancies with the 2016 report and the announcement only had a summary.

Inside, based on speaking with Milestone and obtaining the full report, we examine their growth, competitive positioning and the important financial role of support/maintenance contracts.

*** *** **** ****,********* ******** ... ***** financials, ******* "****** ******* growth ** ****". *******, there **** ************* **** the **** ****** *** the ************ **** *** a *******.

******, ***** ** ******** with ********* *** ********* the **** ******, ** examine ***** ******, *********** positioning *** *** ********* financial **** ** *******/*********** contracts.

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

Full ********* ******

*****-**** **** ********* ********* **** ******* **** the ***** *******.

Net ****** ** ***% - ***** *** *** ***** ******

*** **** *********** ****** in *********'* ********** *** net ****** ********** ** ~$12 ******* ***, **** net ******* ******** **** ~6% ** ******* ** ~13% ** *******. *** factors ****** ****:

(*)********* **** ***** ** court*** ******** ** *********** award. ***** *** ***** amount *** *** *********, it *** ******** ****** that ** ********* ********** in *** **** ******:

** ******** ** *** in *** ***** ** a *** ******* *******, based ** *** ********** that ** ** *** less * *******, ** likely ***** **** **** immaterial *** ** ** was **** **** ** million, *** ****** ***** have ****** *** ** be *********.

(*) ***** ******** ****** was **** ***** ** 2017 **** ** ****, increasing ** **** *% in **** ** ********** 21% ** ****. ********* said **** *** ***** ahead ** **** ** 2016 *** ***** *********** helped ****** *** ************* in ****. ****: ***** was * *********** ******* the *** ****'* ********** reports *** ********* **** that *** * ********** error.

Invoiced ******* ** *** *******

** ****, *********'* ************ led **** '******** *******'. However, ** ****, '******* revenue' *** ******* *** only '*** *******' *** shown. ********* ********* **** 'invoiced *******' ******** ***-******** for ****, ***** *********** / ******* ******** **** for ****** ***** (*.*., in **** *** *** 2018 ** ****, ***.). In ****, **** ********* for **% ** *********'* total ******** *******.

2017 *** ******* - ~$*** ******* / ******* ***********

*********'* **** *** ******* was ~$*** *******, ** from ~$*** ******* ** 2016.

****** ** ***** ** revenue, ********* ** ******* to **-****'* *** / Lorex ********, *******, ********* and ******'* ***** ************ division. *******, ********* ********* sells ******** ********, *** hardware. *******, ********* ** a **** **** ********* company **** *** ******* levels ********. *******'* ******** revenue ** $***+ *******, though ******* *** *********** access ******* *** *** businesses ** **** ** that. *************** ******* / ********** Directory.

CARE *********** / ******* *********** ******* ******

'******' *** **** / licensing*** * ****** ** contention ** *** ********, with **** *********** *** users ********* **** *** some ************* *** ** not ****** **** (*.*., Avigilon) ***** ** ** a ***** ******* ***** against ***** ***********.

** ******** ** ** half ** *********'* **** net ******* ***** **** their '****' *********** /******* charges, ***** ** ~**% of ******* ******* ***** from **** ****** ***-********. Moreover, ***** *** ******** of *** ********* *****, there *** ****** *** more ******** *** ******** already **** **** *** be **** ** * given ****.

***** ***** ******* *********** / ******* ********* *** certainly *************, *** * company **** ********* **** focuses ** ******** ***********, these ******* *** ******* critical *** ***** ********.

Competitive ******** ******

****** **** ***** **********, IPVM's********** *** ************ ************** **** ********* ******* strong *************. ** ****, Milestone *** *** **** first *** **** ************* increased ***** **** **** competitors. **** ** **** is ***** ***** ** software *********** *** ** least ******* ******** *** been *********'* ********** ** continue ** ** ****, both ** ***** ** development ********** *** ******** partnership. ** ********, ***** has ******* ****** **** inward ******* ** *** / **** *** ******* has ******* **** ** their *** '*******' *********.

***** ** *** **** nearly * ***** ********** ******** *********, ********* *** ********* to *********** *** ********** open *****, ***** *** served ** **** *************. Their *** ******* *** be *************** **** ** 2017 *** ** ***-*** factors ***, ** **** as ***** ****** *********'* independent *********, ** *** a **** ****** ** continue ** ** ************* strong.

Note: ******* *********

*********'* **** ********** **** them ** *** ***% owner ******* ******, *** *******, the ***** *******. *********, *******, ***** that ** ** **** month, ********* ** *** only * ******** ***** of *** *******.

Comments (6)

****,

**** % ** *** *** ****** ***** *** ******** ********* has?

****, **** ** *** ***** *** % ** ******** ********* revenue ** ***** ***?

****, **** ********. **'* * **** *** ** ****** ********* on *** ************** ** ****. **** ***********, ** *** **** include *** ******** ******** ** ** *** ***** *** *****? E.g., ************* **** ***** ******** ****** **** *** #*, **** ** *** **** *** ******** ********. *****'* ********* a *** ** *** **** *****. ****, ********* ****** ***** in *****, *** *** ******* ****** ** ***** ************, ** something **** *.**%.

** *** **** ****** ** *** ** ****-*** ******** (*** 50+ ******* *** *****) ** *** ****, * ***** ********* is ******* **% ** **** ******. ** ******, **** ****** out *** ** ***** *** *** *** *****.

** *** *******, **** ****, * ***'* ***** **** **** to **** ***** '***', *** ** ***** ** ***-****** *******, non-LPR *******, * ***** ***** ** ***** ** ** *** range ** ** - **% ** ***** *******.

**** ****

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

******** ******* *** ****** * ***** ** ******** ******* **** don't **** ** **** ** *** ****** ** ****** ***** as **********, *** **** ** **** **** *******

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

*** ****, ************* ***** ******** ******** ****. ******, ** *** old ****, *** ***** ****** ******* ******* ** ******* ** was *********** ******** + ********. ***, **** *** ********* **** for **** **** *** ********, *.*., ** ******** ** ***-**** Milestone ** ************* **** ********* **** * ** ******* ********* NVR.

******* ****** ********* *** **** ***** ********* **** ********* *** a ****** ******* ******** ****, *.*., ******* **** **** ****-********.

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

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

*** *****,

*** ** *** *****. ***** **** * *** ** ****** meat-and-potato *********** ***** **. ***** *'* ***** ********** '********* ********' in *** ****** ******* ******, *** *** **** **** ** your **** ** *** ********* ********/*********/*********** ******* ** ** *** market ** ******* ** ** ********* ********?

******!

****

******: **** ******* *** **** ***** ** *** *** **********:*** ********* ********/*********/*********** ******* ** ** *** ****** ** ******* To ** ********* ********?

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