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 *** ******** ** *********** *****. While *** ***** ****** was *** *********, ** was ******** ****** **** it ********* ********** ** the **** ******:

** ******** ** *** 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 ****, ***** *********** / ******* ******** **** *** ****** years (*.*., ** **** but *** **** ** 2019, ***.). ** ****, this ********* *** **% of *********'* ***** ******** revenue.

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

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

****** ** ***** ** revenue, ********* ** ******* ** ex-FLIR's *** / ***** division, *******, ********* *** Verint's ***** ************ ********. However, ********* ********* ***** software ********, *** ********. Clearly, ********* ** * much **** ********* ******* than *** ******* ****** indicate. *******'* ******** ******* is $***+ *******, ****** Genetec *** *********** ****** control *** *** ********** as **** ** ****. See ************ ******* / ********** 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)

Paul Shah

04/24/18 04:11pm

****,

**** % ** *** VMS ****** ***** *** estimate ********* ***?

****, **** ** *** think *** % ** Genetecs ********* ******* ** their ***?

John Honovich

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

****, **** ********. **'* a **** *** ** answer ********* ** *** categorization ** ****. **** importantly, ** *** **** include *** ******** ******** or ** *** ***** NVR *****? *.*., ************* **** ***** ******** saying **** *** #*, **** ** *** only *** ******** ********. There's ********* * *** ** NVR **** *****. ****, Milestone ****** ***** ** China, the *** ******* ****** in ***** ************, ** something **** *.**%.

** *** **** ****** at *** ** ****-*** installs (*** **+ ******* and *****) ** *** West, * ***** ********* is ******* **% ** that ******. ** ******, that ****** *** *** of ***** *** *** SMB *****.

** *** *******, **** them, * ***'* ***** they **** ** **** about '***', *** ** terms ** ***-****** *******, non-LPR *******, * ***** think ** ***** ** in *** ***** ** 50 - **% ** ***** revenue.

Paul Shah

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

**** ****

********** * ***** ***** NVR.

******** ******* *** ****** a ***** ** ******** because **** ***'* **** to **** ** *** amount ** ****** ***** as **********, *** **** so **** **** *******

John Honovich

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

********** * ***** ***** NVR.

*** ****, ************* ***** requires ******** ****. ******, in *** *** ****, NVR ***** ****** ******* numbers ** ******* ** was *********** ******** + hardware. ***, **** *** ********* sold *** **** **** VMS ********, *.*., ** channels ** ***-**** ********* ** significantly **** ********* **** a ** ******* ********* NVR.

******* ****** ********* *** less ***** ********* **** Milestone *** * ****** average ******** ****, *.*., Genetec **** **** ****-********.

Undisclosed #1

04/24/18 04:57pm

*** *** **** ****,********* ******** ... ***** financials...

***** **** ** *** campaign:

Meir Lehrer

02/19/19 01:10pm

*** *****,

*** ** *** *****. Seems **** * *** of ****** ****-***-****** *********** going **. ***** *'* still ********** '********* ********' in *** ****** ******* itself, *** *** **** give ** **** **** on *** ********* ********/*********/*********** storage ** ** *** market ** ******* ** an ********* ********?

******!

****

******: **** ******* *** been ***** ** *** own **********:*** ********* ********/*********/*********** ******* Is ** *** ****** As ******* ** ** Appliance ********?

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