Milestone 2017 Financials Examined

Author: 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.

*** *** **** ****,********* ******** ... ***** **********, ******* "****** ******* ****** ** ****". *******, ***** **** discrepancies **** *** **** ****** *** *** ************ **** *** a *******.

******, ***** ** ******** **** ********* *** ********* *** **** report, ** ******* ***** ******, *********** *********** *** *** ********* financial **** ** *******/*********** *********.

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

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

*****-**** **** ********* ********* **** ******* **** *** ***** *******.

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

*** **** *********** ****** ** *********'* ********** *** *** ****** increasing ** ~$** ******* ***, **** *** ******* ******** **** ~6% ** ******* ** ~**% ** *******. *** ******* ****** this:

(*)********* **** ***** ** ******** ******** ** *********** *****. ***** *** ***** ****** *** not *********, ** *** ******** ****** **** ** ********* ********** in *** **** ******:

** ******** ** *** ** *** ***** ** * *** million *******, ***** ** *** ********** **** ** ** *** less * *******, ** ****** ***** **** **** ********** *** it ** *** **** **** ** *******, *** ****** ***** have ****** *** ** ** *********.

(*) ***** ******** ****** *** **** ***** ** **** **** in ****, ********** ** **** *% ** **** ** ********** 21% ** ****. ********* **** **** *** ***** ***** ** plan ** **** *** ***** *********** ****** ****** *** ************* in ****. ****: ***** *** * *********** ******* *** *** year's ********** ******* *** ********* **** **** *** * ********** error.

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

** ****, *********'* ************ *** **** '******** *******'. *******, ** 2017, '******* *******' *** ******* *** **** '*** *******' *** shown. ********* ********* **** '******** *******' ******** ***-******** *** ****, their *********** / ******* ******** **** *** ****** ***** (*.*., in **** *** *** **** ** ****, ***.). ** ****, this ********* *** **% ** *********'* ***** ******** *******.

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

*********'* **** *** ******* *** ~$*** *******, ** **** ~$*** million ** ****.

****** ** ***** ** *******, ********* ** ******* ** **-****'* SMB / ***** ********, *******, ********* *** ******'* ***** ************ division. *******, ********* ********* ***** ******** ********, *** ********. *******, Milestone ** * **** **** ********* ******* **** *** ******* levels ********. *******'* ******** ******* ** $***+ *******, ****** ******* has *********** ****** ******* *** *** ********** ** **** ** that. *************** ******* / ********** *********.

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

'******' *** **** / ************ * ****** ** ********** ** *** ********, **** **** integrators *** ***** ********* **** *** **** ************* *** ** not ****** **** (*.*., ********) ***** ** ** * ***** selling ***** ******* ***** ***********.

** ******** ** ** **** ** *********'* **** *** ******* comes **** ***** '****' *********** /******* *******, ***** ** ~**% of ******* ******* ***** **** **** ****** ***-********. ********, ***** the ******** ** *** ********* *****, ***** *** ****** *** more ******** *** ******** ******* **** **** *** ** **** in * ***** ****.

***** ***** ******* *********** / ******* ********* *** ********* *************, for * ******* **** ********* **** ******* ** ******** ***********, these ******* *** ******* ******** *** ***** ********.

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

****** **** ***** **********, ****'*********** *** ************ ************** **** ********* ******* ****** *************. ** ****, ********* *** not **** ***** *** **** ************* ********* ***** **** **** competitors. **** ** **** ** ***** ***** ** ******** *********** but ** ***** ******* ******** *** **** *********'* ********** ** continue ** ** ****, **** ** ***** ** *********** ********** and ******** ***********. ** ********, ***** *** ******* ****** **** inward ******* ** *** / **** *** ******* *** ******* more ** ***** *** '*******' *********.

***** ** *** **** ****** * ***** ********** ******** *********, ********* *** ********* ** *********** *** ********** **** *****, which *** ****** ** **** *************. ***** *** ******* *** be *************** **** ** **** *** ** ***-*** ******* ***, so **** ** ***** ****** *********'* *********** *********, ** *** a **** ****** ** ******** ** ** ************* ******.

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

*********'* **** ********** **** **** ** *** ***% ***** ******* ******, *** *******, *** ***** *******. *********, *******, ***** **** ** ** **** *****, ********* is *** **** * ******** ***** ** *** *******.

Comments (5)

Paul Shah

04/24/18 04:11pm

****,

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

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

John Honovich

IPVM | In reply to Paul Shah | 04/24/18 07:24pm

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

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

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

Paul Shah

In reply to John Honovich | 04/24/18 07:44pm

**** ****

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

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

John Honovich

IPVM | In reply to Paul Shah | 04/24/18 07:49pm

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

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

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

Undisclosed #1

04/24/18 04:57pm

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

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

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