Milestone 2023 Financials - Revenue, Profits, And Cloud Examined
Last year's financial report showed Milestone's revenue surging while its profit plunged.
This note examines, based on an interview with Milestone's CFO Lars Larsen, its 2023 results and what its goals are in the near future.
Related, see:
- Milestone CTO and CEO Speak On Its Biggest Tech Transformation In Years
- Canon Consolidates BriefCam Into Milestone
- Milestone Layoffs Analyzed
- Milestone CEO Speaks On The Future Of Cloud
Executive *******
********* **** * **.*% ******* ****** amid * "*********** ****," ********* **** it ****** ****** ***** *** ******* to ******** **** ****** ****, ***** is ********** **** **** *** ******* VMS ****** ****** ********* ********* ** be ******* *-*%.
*********'* **** **** ********* **** * poor-performing ******** *** ******* **** ** ********** earnings ** **** ****-**** ***********. ********* *** *** "****** ** much ** ****" ******* ** *** big ********** ** *** ***** **** and** "************** *********" ** ********, ***** **** ****** *** *******'* profit ***********. ********* **** **** **** its ********** **** ****** ****** *** been **% - **%. *******, ***** its ****** *** ** ************* *** in ****, ** ** ***** ***** than *** **** *****, ******* **** its ****** ****** *** *** **** up **** ******* ******, *** *** profit ****** *** ******** ******** ** five ***** ***.
***** ********* ******* *** ***** *** cloud ******** ****** ** **** ** a **** ****** **** **** **-**** VMS *********, *** ******* **** **** its**** ********** *** ********** ********* *** ******** yet.
2023 ****** ****** *****: "** ***** ** *********** ********** *** ******"
**** ** *********'* **** ***********, *** the ******* **** *** **** "***********" in *** ******* ***** ****** ******. ****** ********* *********'* ********* ** using *** **** *** *** ***** responsible ** ********* ** *********:
** ******* **** ***** *********** ** the **** **** ** **** *** business, *** **'* *** ***** *** to ** **. *** ** ******, yes, *** ***** **** ** ***** money ** *** ***** ** *** very ***** ****. *** *** ******* I *** ******* ** **** ** withdraw **** ***** ******** ** ****** very, **** *****, ***** *** *** in ******* ******* *** ** ****** you *** ***, **** * ***** perspective, ** ****'* **** ** ** that. *** ** ****** ** ** that ******* ** ******* ** *** the ***** ***** ** **.
********* ****** ** *** ****** ****** is ** *******:
"Satisfied" **** **% ******* ******
********* **** ~$*** ******* *** ** annual ******* ** ****, * **.*% growth **** ****:
*** **.*% ****** *** * **** down **** *********'* **% ****** ** 2022, *** ****** **** **** **** the ******* *** "*********" **** **** performance, ***** *** **** ********** ** encountered ********** *** ****. ** ********** on *** ********** ********* ***** ** 2023:
** *** ********* **** * ****** of **.*% *** ** *** **** that ** *** * *********** ****. When ** ******* *** [*** ****], we ***** *** *** ********* ** COVID-19, ************ ** ****. **** ****** the ****** ** *** ********* ** the **** ** **** [***] * little *** ** *** **.
****** **** **** *** ********* *** impacted ** **** ** **** ****** and *** ****** **** *** *** spending ** *** ******** ***** ** the **** ****** ****** **** ******:
*** ***** ****** ** *** ****** East **** ******** *** ******** ************ in ****** *** *** ****** ****. We **** **** **** ******** ** the ***** *** ** *******. **** made ********* [***] ******** ***** *****, and ** *** *** ** ****** in *** ***** **** ** *** year *** ** *** *** [******]. The ********** ******** *** *********, ************ in *** ******** ******, ******* *** in *** ****** **** ** *** year.
********* ***** **** *** ***** ********** across ********* ********** ******* ** *******:
*** **.*% ****** ** ****** **** the ******* *** ******, *** **** indicates **** ********* *** ****** ****** shares, ****** *********. ** ******* *** how ** ******** *** ******* "******* really ****" ****** *** ***** **********, and ** ***** ** ******** ******* market ******:
** *** ********* **** *** *******. The ****** ** **** ** [**** able ** ****] ****** ***** **** a ****** ** **.*%.
***** ** **** ***** ** ** be ******? ***, ** ******. *** we ******** ***** **** ** *** manage ** ****. ** ** **** an ******** ** ******** ** ** part ** *** ************* ** *** market *** ** **** **** ****** share.
*******, ********* ********* *** ***** *** market ******* ** *%-*%, ***** ** lower **** *** **** *** ******* growth:
** ******* **** ****** *** *** market, **'* ****** ******* *% ** 8% ******. ****'* *** **********.
** ******* **** ** ******* ********, though *** **** *** ***** **** had ******* *********, **** ******* ****** sales ********** ** ********** ** ***** and *** ******** **********, ***.
Profit ************
***** *********'* ******* *** * **.**% CAGR ******* **** *** ****, *** EBIT *** *** **** ** *** same **** ********** *** **** **** years:
*********'* **** **** ****** *** ~*.*%, a *********** ******** **** ****'* *.*%. Larsen ******** ** *********'* **** ********* and **** *** ******** ** ****, including* ****** ** ********:
** *** *** ******** *** ********** so **** ** **** ******* ** had ******* **** **** ********** ** the ***** *****. **** ***** *** total **** ********* ** *% ******* our ******* ********* ** ****** **%, which **** ** * ******** ****** on *******. ** **** **** **** organizational *********** ** ********, ********* *** to *** **** **** ** *** this ********* ********* ** *** ******.
****** ********* *** ********* *** ****** expenses ****** *****-** *** **** *** historical **** ****** ****** *** **** around **%-**%:
** ******** ** **** **** ********** levels **** ****** *** *****-** ***** in ***** ** ****** ** ****** growth. **** ****, ** *** ******** the ******* ******.
************, **% ** **% ***** ** a **** ****** ** ****** *** [EBIT ******].
Headcount ****
*********'* ******** ***** ** *** *** of **** *** *,***, * *% growth ******** ** *** *** ** 2022. **** *** *** ******* ** has **** ** ****** ********* ***** 2019:
*********'* ********* *** ****** ****** ** locations, ********* ** *** *******'* ****** report:
** *** ********* *****, ********* **** two ***** ** ****. *** *** CTO,***** *****, *** ********** **** *** *** Chief *&* ***** ***** ****** ******* Milestone,******** ***** **** **** ***** *** company's ********** **************. *** *** ***,****** *****, *** *** * ****** ** Hewlett-Packard ***** **** *** *** ********** a ** ** **'* ********** ********* company******** ***** ***** ****** ******* *********.
R&D ******** ****** ********
*********'* *&* ******** **** ** *% if ******** *** "**************** ** **** related ** ** ******** ** ************** cost ** ****," ****** ****; ** added **** ***** **** ** "******** growth" ** **** ********** ** *** coming ***** *** ******* ******** ** ************ ***** *** *&* ******** ** well. *** ******* ******* ***** ** its ****** ******:
******** *** *********** *** * ***** part ** *** ********, *** ** expect ** **** ********* ** **** area, ***** **** ****** **** *** new **** ******** ******** ** ****.
Additional **** ******** **** *****
** *********'* **** ****** ******, **** of *** "********** ******" **** ******** after *** ******* ****** *** **** was ** ********** **** ******** **** Canon,*********'* ****** *******:
** ***** ****, ***** ********* *** investment ** ********* ** ********** *** financial ******** ** ****** *** ********* of *** ********* ****** ********.
****** ********** **** **** *********** ****** of ********** ********** **** **** ********* grow **** ************:
[**** ********] **** **** ** *** foundation ** ******** *** ********** **** future ******.
Briefcam's ********* **** ** ************ **** *********'* ** ****
************* *** ********* *** *** ********, ****** ********* *** *** *** would *********** *********** ** ****:
**** * ********* ***********, [********] **** be ************ ** *** *** ** 2024 ******* ** *** *** **** entity *****. **** * ********* ***********, [that ** *] ********* *********** **** will ** ************.
*** ******* ***** *** ********* ** its ****** ****** ** ******** *** the ********* ******** ******** *** *** benefit **** *** ****:
********** ** *** **** ********* ****, Canon *********** ** **** *** ****** in *** ******** *****, * ***** owned ********** ** ***** ***., ** a ******* ******** ** ** *** of ***** ****.
********, ********* *** ******** **** ******* best-in-class ************ ** ***** ********** ******** and ***** ********* *** ***** * complete ***** ************ ******** ** *** market. *** ******** ************ *** ***** BriefCam’s ***** ** ******* *** ****** potential, ** **** ** ****** *********’* competencies ****** *********.
************, ******** *** *** ********* *** financials ** * ******* *******, *** Larsen ********* ** **** **** ******** will **** * "******** ********" ** Milestone ***** ** ** ** *** anywhere ***** ** ***** ** ***** as *********.
**************'* *** ********** ********** ******* *** ******** **** ******* ************* for *** ****** ****** *** **** both ****** "****" ******* ********* ***-**-*** integration *****, *** *** ****** ** finish *********** ************* ** *** *** of ****, *** ********* ** ****** weighing *** ** *** ******** ********'* analytics ********* ****** *** *******, ****** said:
** *** ******* ** *** *********** to *** *** ** *** **** leverage *** ******** ************ ** *********** with *** ********* ************ [**] **** forward, *** *** **** *********** **** an *********** *********** ** ******* ** be ***** ** *** *** ** 2024.
Using ** *** ******* ** ***********
********* **** **** ********* ** **** meets ******** *********** ** **** ******** more *********; ****** ********:
** ***** **** ** ******* ** to ****** ** ********* ** ********. It's *** ******/ **. ** **** gives ** *** ********* ******* ** get **** **** **********.
*** ** *** **** ****, ** also **** ** **** **** **** the ** ****** **** ** *** utilizing ***, ***** ** ***, ***** developed [***] ***** ******* ** *** right ***, ******* *** "*********** **********" notion, *** **** *** ** *** coming ** ******.
********* ********* *** ********* ***** ** utilizes ********** ** ****** ***** ******* and ***********; ****** *****:
** **** **** **** ** *** the ** ****** **** ** *** using **** ** ******** *********** ***********. We *** **** ********* ** ****. We *** ********* *** ***** ****, very ********** ****** ** ******* **** so **** ** ***'* *** *** biases ** *** *********** *******.
Views ** ****** ** *********** *** *.*. *****
****** ********** **** *** *********** *** market, ***** ********* ********* ** ** growing ** *%-*% * ****, **** not **** ** **** ** *** VSaaS ******, ***** *** ** ******* at **%-**% * **** *** **** there **** ********** ** ** "********** point":
*** *********** *** **** **** *** grow ** **** ** *** ***** area. ** ** * ****** ** when ** *** ********** ***** ******, and ****, *** ***** ** *** market ******** ** *** ****** ******* there ** ***** *********** ** *** market ****.
**** ****** ******** **** *********** *** is ******* ****** **** *****, ****** emphasized **** ********* ** *** ** a ********** *** **** ** ***** to *********** ** ***** ****** ** well:
*** ******** **** ** ***'* ** any ***** ** *** ***** ****, then [********* ***** ** ********* ** others], *** **** ***** **** ****** that ** ***** ** ** * standstill, ***** ** *** ****.
"Kite ** *** ********," *** "****** ** ****"
******* ****** **** ** ** ************* in *** ***** ******, *********'* ***** offering, *** ******-*** ****, ** *** having * ******** ****** ** *** sales, ****** ****:
**** ** *** ********** ********* *** numbers.
***** **** **** ***** ** * small ********** ** *********'* *****, ****** indicated **** ** ** "******* ******* off * ***** ****."
** **** *********, ****** **** **** Milestone ******* ****** ********* ** **** as ** ****** *** ******** ********* for **-**** (********) *** ***** (****):
** ** ****** **** ****[*****] ** grow *** ********* ** * ****** rate **** *** ** ******* ******** and **** ** ****** **** ** the **** **** ** **** **** see **** ****** ******** **** ** are ******** ********** ******* **** **** having *** **-**** *** *** **** solution.
No ******* **** *****
********* ********** **** **** **** *** hardware ********* (**** ******* ***** ******** appliances) *** **** ***** ** ****** its ******** ******* *****. ****** **** IPVM **** ***** *** *** ** major ******* ** *** **** ****.
Exchange **** ****** ***** *** ** *******
***** ******** **** ************ **** ******** many ****** ** **** *** ***** have *** * ******** ****** ** Milestone, ****** **** **** *** ** hedging *********, ***** ** ****** ****** reflected ** *** ****** ******. *** company ******* ***** *** ********* ** its ****** ******:
*** **** ** ************ ** *** DKK/ *** **** ** ******* ** be *************. *** ******** **** ******* to ********** ******* ** *** ** partly ****** ** *********** * *********** cost ***** ** *** *** ****** by **** **** *******.