Milestone 2017 Financials Examined
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.
Full ********* ******
*****-**** **** ********* ********* **** ******* **** *** ***** release.
Net ****** ** ***% - ***** *** *** ***** ******
*** **** *********** ****** ** *********'* financials *** *** ****** ********** ** ~$12 ******* ***, **** *** ******* doubling **** ~*% ** ******* ** ~13% ** *******. *** ******* ****** this:
(*)********* **** ***** ** ***** *** ******** ** *********** *****. ***** *** award ****** *** *** *********, ** was ******** ****** **** ** ********* mentioning ** *** **** ******:
** ******** ** *** ** *** range ** * *** ******* *******, based ** *** ********** **** ** it *** **** * *******, ** likely ***** **** **** ********** *** it ** *** **** **** ** million, *** ****** ***** **** ****** had ** ** *********.
(*) ***** ******** ****** *** **** lower ** **** **** ** ****, increasing ** **** *% ** **** vs ********** **% ** ****. ********* said **** *** ***** ***** ** plan ** **** *** ***** *********** helped ****** *** ************* ** ****. Note: ***** *** * *********** ******* the *** ****'* ********** ******* *** Milestone **** **** *** * ********** error.
Invoiced ******* ** *** *******
** ****, *********'* ************ *** **** 'invoiced *******'. *******, ** ****, '******* revenue' *** ******* *** **** '*** revenue' *** *****. ********* ********* **** 'invoiced *******' ******** ***-******** *** ****, their *********** / ******* ******** **** *** ****** years (*.*., ** **** *** *** 2018 ** ****, ***.). ** ****, this ********* *** **% ** *********'* total ******** *******.
2017 *** ******* - ~$*** ******* / ******* ***********
*********'* **** *** ******* *** ~$*** Million, ** **** ~$*** ******* ** 2016.
****** ** ***** ** *******, ********* is closest ** **-****'* *** / ***** division, *******, ********* *** ******'* ***** surveillance ********. *******, ********* ********* ***** software ********, *** ********. *******, ********* is * **** **** ********* ******* than *** ******* ****** ********. *******'* reported ******* ** $***+ *******, ****** Genetec *** *********** ****** ******* *** LPR ********** ** **** ** ****. See ************ ******* / ********** *********.
CARE *********** / ******* *********** ******* ******
'******' *** **** / ********* *** * ****** ** ********** ** the ********, **** **** *********** *** users ********* **** *** **** ************* who ** *** ****** **** (*.*., Avigilon) ***** ** ** * ***** selling ***** ******* ***** ***********.
** ******** ** ** **** ** Milestone's **** *** ******* ***** **** their '****' *********** /******* *******, ***** on ~**% ** ******* ******* ***** from **** ****** ***-********. ********, ***** the ******** ** *** ********* *****, there *** ****** *** **** ******** VMS ******** ******* **** **** *** be **** ** * ***** ****.
***** ***** ******* *********** / ******* offerings *** ********* *************, *** * company **** ********* **** ******* ** software ***********, ***** ******* *** ******* critical *** ***** ********.
Competitive ******** ******
****** **** ***** **********, ****'*********** *** ************ ************** **** ********* ******* ****** *************. In ****, ********* *** *** **** first *** **** ************* ********* ***** lead **** ***********. **** ** **** is ***** ***** ** ******** *********** but ** ***** ******* ******** *** been *********'* ********** ** ******** ** be ****, **** ** ***** ** development ********** *** ******** ***********. ** contrast, ***** *** ******* ****** **** inward ******* ** *** / **** and ******* *** ******* **** ** their *** '*******' *********.
***** ** *** **** ****** * years ********** ******** *********, ********* *** ********* ** *********** its ********** **** *****, ***** *** served ** **** *************. ***** *** profits *** ** *************** **** ** 2017 *** ** ***-*** ******* ***, so **** ** ***** ****** *********'* independent *********, ** *** * **** chance ** ******** ** ** ************* strong.
Note: ******* *********
*********'* **** ********** **** **** ** the ***% ***** ******* ******, *** *******, *** ***** company. *********, *******, ***** **** ** of **** *****, ********* ** *** only * ******** ***** ** *** company.
****, **** ********. **'* * **** one ** ****** ********* ** *** categorization ** ****. **** ***********, ** you **** ******* *** ******** ******** or ** *** ***** *** *****? E.g., ************* **** ***** ******** ****** **** are #*, **** ** *** **** *** software ********. *****'* ********* * *** ** NVR **** *****. ****, ********* ****** share ** *****, *** *** ******* ****** in ***** ************, ** ********* **** 0.01%.
** *** **** ****** ** *** to ****-*** ******** (*** **+ ******* and *****) ** *** ****, * think ********* ** ******* **% ** that ******. ** ******, **** ****** out *** ** ***** *** *** SMB *****.
** *** *******, **** ****, * don't ***** **** **** ** **** about '***', *** ** ***** ** non-access *******, ***-*** *******, * ***** think ** ***** ** ** *** range ** ** - **% ** ***** revenue.
**** ****
********** * ***** ***** ***.
******** ******* *** ****** * ***** of ******** ******* **** ***'* **** to **** ** *** ****** ** market ***** ** **********, *** **** so **** **** *******
********** * ***** ***** ***.
*** ****, ************* ***** ******** ******** NVRs. ******, ** *** *** ****, NVR ***** ****** ******* ******* ** because ** *** *********** ******** + hardware. ***, **** *** ********* **** *** less **** *** ********, *.*., ** channels ** ***-**** ********* ** ************* **** expensive **** * ** ******* ********* NVR.
******* ****** ********* *** **** ***** customers **** ********* *** * ****** average ******** ****, *.*., ******* **** more ****-********.
*** *****,
*** ** *** *****. ***** **** a *** ** ****** ****-***-****** *********** going **. ***** *'* ***** ********** 'immersion ********' ** *** ****** ******* itself, *** *** **** **** ** your **** ** *** ********* ********/*********/*********** storage ** ** *** ****** ** opposed ** ** ********* ********?
******!
****
******: **** ******* *** **** ***** to *** *** **********:*** ********* ********/*********/*********** ******* ** ** The ****** ** ******* ** ** Appliance ********?
****,
**** % ** *** *** ****** would *** ******** ********* ***?
****, **** ** *** ***** *** % ** ******** ********* ******* ** their ***?