Snap One / AV IPO Filing Examined

By Haris Khurshid and Zach Segal, Published Jul 08, 2021, 12:04pm EDT (Info+)

Snap One, aka Snap AV is going public, disclosing extremely high revenue for the AV / security revenue and even more ambitious plans.

IPVM Image

**** ******** *** *******'* **********, ******* valuation, ****** ********, *** *****.

******: **** *** ******** ** *-*/* with ** *** ***** ***** *** share *****

******: **** *** ****** ***** ******** at $** * ***** ******* $*** million ** **** ****.

*** ********* ******* ***’* *-*****-*/*

Executive *******

**** ***, **** ****** ******* *********** $1 ******* ***, **** ** ** the '***' ******** *** ***********, ******** both ******** *** ********, ** **** as ************ *** **** ** *** expanding **** ********** *** ********.

* *** ********* *** *** ******* is *** ******** *** ******** ** they ******* / **** ****** *** overwhelming ******** ** ******* ********* **** contract ** ********** ********, **** ** from *********.

**** *** *** ******** ** ********* since **** *** ***** ** **** more ******* ************ ***** *******. **** also **** ** ********* **** *** verticals **** ** ******** *** **********, expand *************** (********* ** ** **% of *******), *** ******** *** ****** their ******* ********** ******** *** ********.

**** *** ******** $*** ******* ** revenue ** ** **** **** *.*% organic ****** *** **.*% ****** ******* acquisitions, **** * *** **** ** $25 ******* ****** ** **** ** $45 ******* ** ******** ********.

******: *** ******* ***** ** ***** ~$270 ******* **** ***** ****** ******** at * $*.* ******* *********.

******: *** ******* ****** $*** ******* from ***** ****** ******** ** * $1.3 ******* *********, ** *** *** end ** ***** ********.

Update: $*.* ******* *********, *.** ** **** *******

Update: $*.* ******* *********, *.** ** **** *******

**** *** ****** ***** ****** **$** * ***** ** *********** *** *** *** ** ***** estimate, ******* $*** ******* ******* *** company ** ~$*.* ******* ** *.** FY **** *******. ***** ********* ************** ** *** *******'* ********* ******* subscription *****, ****** ******* ****** ****, and **** ** *************. **** ** lower **** ***** ******* ********** ** $2 ******* ** $* ******* *****, at ******* * ** * ***** its **** *******.

**** ********* ***** *** **** ** premium ********* ***** ** ***** ******** sales **. ********* ******* *** *** premium **** ***** ** **** ******* growth.

******** **% ******* ****** ** *** in ** **** *** ********* ******* model *** ***** ******** ******** ***** ** **** *******.

**********, **** **% ******* ****** ** YoY ** ** **** *** * SaaS *****,** ****** ***** ** **** *******.

******* **** *% ****** ** *** in ** **** **** ** * retailer *** *** ***** ******** *********** is****** ***.** ** **** *******.

********

**** ****** ******* ** ****, (******** ****** and ******** *****), ********* **** * “one-stop-shop” *** ***********. *** ******* **** continue ** ** ********** ** *** private ****** *********** & ********(*&*) *** ******* *,*** ********* ** of ***** **, ****.

**** *-****** ***** **** **** *** goes **** ***** ***** ***********:

********

**** *** ********* *** ******** ** its ***** **** ******* ***’* ******** products ** *********** ** *** **, but **** ***** * ***** ******* of ******* **** ******** *****. ******** sales **** ** **% ** ******* in ** ****, ***** ******** **** made ** *% ** *******, ******* they ** **** ***** ********* ***** software ******** ** *** ******.

Software ***************

**** *** ****** ***** *** *** strengths *** ***** **** *** ******** software. ***** **** ******** ******* *********** to ******** *******, ******, ************, *** configure ********* ******* ** * ******. While ******* * ***, ******* *********** to ******* ******* ******* **** *** system, ******** * ****** ******* ****** for ***** ***-*****.

** ******* *** *********** ********** *** entire ********* ** ***** ******** **** pre-sale ******* ******** *** ****** ****** to ****-************ *** ******** ******* *** our *********** **** ********

**** *** *** ****** *** *** significant ****** ********** ** ******** *** strength ** **** ***'* ********.

Distributor *** "************"

**** *** **** ******** ******* ******* and ******* *********** **** ** ****** store, ******** ** *** ******* ******** of ******* ******* ************, *.*., ***. As *** **** **************:

******* *** ******* (*** ***** ***) makes ********** ** ****** ** **** to *** **** ******.*** *** *** SnapAV ** *** ****** *****…

*** *******'* ***** *** ***** ********* allows **** ** ** * ***-****-**** for *********** ****** **** **** *** reduce *********. **** ***’* ******** ** OEM ****** ********** ***** *** ********, also ***** ** ****** *** **** to *** *** ******** *** ****** a ***-****-**** **** ** ***********' ****-******** needs ******.

**** *** ************* ******** ******** ****** **** ** meet ********** ****** ** **** ** provides * ***** *** **-****** ******, such ** ********** ******** *** ************ building.

**** ** ***** ******** *** ***** distribution ******* (* ** *** **, 1 ** *** **, *** * in *********), *** **** ******* **** to ** * ** **** *** shipping *** **% ** ***** ******.

IPVM Image

Growth ********

***** ****-**** ****** ******** ** ** increase ******** *******, *** *** ******** and ********* ********* ******** *** **********, penetrate ******* **** ***** ******** *********, expand ***************, *** ******** ** ****** acquisitions.

*** ******* ****** **** **** *** Control4 *** ******** ******* *** ‘********** supporting *** *******’ ** ***** ****** strategy:

** **** ** ********** ******** ** growth ************* ***** ** *** ******** our ******** **** *** ******** *** software ** ****** ****** ************-***** ********* that ******** ********* *******

**** *** **** **** **** ** develop *** ************ ******** ********:

** ** ****** *** *********** ** connected ***** *** ********** ************, ** will ******** ** ****** ** *** expansion ** *** ******** ************-***** ******** and ** *** *********** ** *** subscription-based ********.

** ******* *** ********** ******** *** expanding ******** ** *** **** **** allow ** ** ******* *** ****-******, recurring ********-****** ********.

**** ****** **** ********* ****-**** *****, their ******** *** ****** ** ** ~400,000 ****** ***** *** **********, ***** their **** ******** *** ***,*** ****** homes *** ********** ** *** ********. This ***** **** * ***** **** to **** **** **** ****, **** paid ******* *************.

***** **** ** *** ******* ******, this ****** **** ** ******* ***** up ******** ******* **** ** *** need ** ******* ******** *** **** find ********. **** ************ ******* *** security *** ********** ******* ** “**********” verticals **** **** ** *********.

************ *** **** * *** **** of ***** ******** ****** *******, *** apart **** *** ** ************ **** since ****, **** *** ******** ** continue ********* **** *** ** ***** growth ********:

*** *********** *********** ******** ** **** to *** ******, **** **** ************ complementing *** ******* ***** *** ********* our ********** ********. **** *** **** five *****, ** **** ************ ********* and ********** **** **** *** ************ targeting *** ******** *** *********** *** enhancing *** ******** *********. ** **** continue ** ****** ****** ************ **** selectively ******* *** ********, ******** *** workflow ********* *** ****** **** ******** markets **** ***** ** ** ***** our ********** ****.

*** ******* **** ********* ************* *********, focusing ********* ** *******-******** *******, ***** would ******** ***** ***** *********** ******, but **** ****** *** *** ********** such ** ******** *** *******, ************ new ************* **** ********* ********* ** well ** ****** * ******** ********.

*** ************* ****** ******** ** ******* on ********* ********* ** ******** *********** English-speaking *******, ***** ***** ******* ******, the *.*., ********* *** *** *******. We **** ** **** ** ***** markets ** ********* ** ***** *********, broadening *** ********* ******* *********, *** strengthening *** ******-**-********** ***** ********.

**********

**** **********

**** *** ******* ******* **** *.*%, gross ******* **** ****, ********* ****** increased * ******, ********* **** ***** grew $** *******, *** *** **** improved *** ** ** ****.

  • ** **** ******* *** $*** *******, up **% **** $*** ******* ** FY ****. *******, ******* ******* ******, with ******* **** ************ ********, **** increased *.*% ****** *** ******* ****** sitting ** **%.

    IPVM Image

***** *** ******* ******** **** *****-** impacted ****** ** **** ** ****, they **** ***** **** ***** ****** has “***** ****“ ******* *** ********:

*** ********* **** ****** *** ***** well ********** *** *****-** ********, ** market **** ********* **** ***** *** been ** ******** ** *** ********** of ********** ****** ***** ***** ** home-related ***** *** ******** ** **** of *** ******* ********** *** **** staying ** ****.

  • ***** ****** ********* *.* ****** ** 41.7% ** ** **** **** ** 2019 ***** ****** ** **.*%.
  • ********* ****** ******** * ****** ** 9% ** ** **** **** ** 2019 ********* ****** ** *%. **** was ** **** ********** ** *** decreased ****** *** ************* ******** *** limited ***** ********* *** ** *****-** and ***** *********** ***** ********** **** acquisitions ** ** **** **. ** 2019.
  • **&* ********* ** *.*% ** ******* in ** ****, ** **.*% ** revenue **** **.*% ** ** ****. They ** *** ***** ***** *** SG&A **** *** ******* ********** *** us ** ********* *** *********** ** a ******** ******, *** *** ******* does ***** **** *******:
    • *&* *** *.*% ** ******* ** FY **** *** *% ** ** 2019.
    • ******** *** ******** ***** **** ~*% of ******* ** **** ****** *****.
    • *********** **** *** *.*% ** ******* in ** ****, **** * ***** from ** **** **** **** **** 2.7% ** *******.
  • *** **** ******** ** $* ******* to * **** ** $** ******* in ** ****, ******** ** * loss ** $** ******* ** ****, driven ****** ** ******** ***** ******* and ***** ********* ********. **** ** mostly ********** ** * ******* ******** in *** *******'* ******** *******, ***** increased **** -$** ******* ** ** 2019 ** -$** ******* ** ** 2020.
  • ********* **** ***** **** $** ******* in ** ****, * $** ******* increase **** **** **** **** *** a ******** ********* **** **** ** -$4 *******. **** *** ******* ************ to ***-**** ***** *** *** ******* trying ** ******* ***** ******* *******. To ******** **** ******* ****, **** was ******* ****** ** ** ******** of +$** ******* ** ******** *******, an ******** ** +$** ******* ** depreciation *** ************, *** *********** ******* positive *** ****, **** -$* ******* in ** *** *** ** **** to $* ******* (** ******** ** ~$16 *******).

****, **** ***’* ****** **** **** on *** **** ****** ** ********; December **** ** **** *** ******** 27th ** ****.

IPVM Image

** **** **********

**** *** ******* **** **% ** Q1 ****, ***** ******* ******** ****, operating ****** ********* * ******, ********* cash ***** ********* ** $** *******, and *** **** ********.

  • ** **** ******* *** $*** *******, up **% **** $*** ******* ** Q1 ****.**% ** **** ******** *** ********** to ** ******** ** ***** ** sales, ***** **** ** **% ***, while *** ********* **% **** **** international ***** ***** **** ** **% YoY.
    • **** ******** ** ***** ************ ********** ** *** ********* ******, paired **** ***** ***** ** ***** of **** **** *** ** *** negative ****** ** *** *****-** ********.
    • **** ******* ****** **** ******** ********* growth ******* ************, ***** **** *** does *** ******. *** ***** ** the ******** ***** ** $** ******* and *** **** **** **** ******** Anla ***-**, ** ****** **** *** seem ** **** * ***** ****** on *******.
  • ***** ******* **** **.*% ** ** 2021, **** ***
  • ********* ****** ******** ** *% ** 7% ** ** **** **** *% in ** ****. ** **** *** to **&* ******** ******* ****** **** revenue.
  • *** **** ******** ** $** ******* to * **** ** $* ******* in ** ****, **** * **** of $** ******* ** ** ****.
  • ********* **** **** ******** ** $** million, ***** **** -$** ******* ** Q1 **** ** -$** ******* ** Q1 ****. **** ****** ** **** attributable ** ******* ** ******* *******, where ***** *********** **** **** $* million ** ** **** ** -$** million ** ** ****.

****, **** ***’* ****** **** **** on *** **** ****** ** ********, and ***** ***’* ** ***** ** March ** *** ***** ** ** 2021 *** **** ************.

IPVM Image

High **** *** ******** ********

** ** ***** ****, ****, *** company *** $*** ******* ** **** and ************ ***** **** *** ** their **** ***** ** **** ****’** be ********** * ‘*********** ******* ** cash **** **** ********** ** *** payment ** ********* *** ******** ** this ****. **** ***** ** **** potentially ****** ***** ******* ** *** future **** ***** ** **** ***** operations, ******* ************, ** * ********* of ***** ****** ******** *************, ********* acquisitions.

******** ******** ** $**.* ******* *** $35.2 ******* ** ** **** *** FY **** ************, **** *** ******* from ***** ********** ** **** ** the **** *** *****.

**** *** ***** ** *** ******** of *** ~$*** ******* **** ****** from **** *** ** *** **** their ****, *** ***** **** ** a ****** ******** *** **** ***** that ** ****** ** ** ******. A **** ** ****** ****** *** the ******* ****** ** ********** ****** story ** ****, ***** ** ****.

** ****** ** *** * ******* of *** *** ******** ******** ** us **** **** ******** ** ***** a ******* ** *** **** **** outstanding ***** *** ****** *********, **** accrued ******** ***** ***** ********* ********.

Target **-**-***-** ******

**** *** ******* *** **-**-***-** (“****”) market ***** ********* *** *********** *** installation ****** ***, ***** **** ***** on ******-*** ********, *** **** ******* expectations. *** ******* **** ********* ***** “$10,000 ** $**,***” *** *******, ** opposed ** ****** $**-$*** *** ******** cameras ** *****-*** *** **** **** Hikua ** ******* ********* ********* *** around $***.

**** *** **** **** ***** ********* have **** *********** ********, ****** *******, and ****** ************:

********* **** ****** ************, **** *********** projects, ****** ********** ******, *** ******* use ** *************, *********** *** ******* providers ** ***** ***** ** ***** lives

********* *** ******-***/**** *****-********* ******** ** the ******** ****** *** **** **** avoid ***** *********** ***** ** ********* for **** *** ******* ** ** OEM, **** ** *** ******** **** sell *** ********* *** ***** ****** directly **** *** ************. ** **** could **** **** ***** *** ***** competition ** *** *** ***** ***** tech ****** **** ****** *** ******, start-ups **** **** *** ****, *** established *************, *** *** ********* **** low-margin ********.

Acquisitions **********

**** *** ******* ****** **** ** acquisitions ***** **** “**** ** ********* value” ** **** $*** ******* ********* 3 ** **** *** * **** far ** ****.

**** ************** ******** (****) ****** ************’******* *** $** ******* ** ****. ANLA, ** **********-***** ********** ********* ******** offering ******* ******, *************, ********** *** support ******** *** *********** *********** $** ******* ** ******* ***** “networking ********* *** *********** *** ********** networks”.*** ************’*, * ***** ************ *****, ****** were ******** *** $*.* *******.

** ****, **** *** ***************** ***************,****** **** ************, ********************** *** $***.* *******. **** ********************** $*** ******* *** ** **** of $** *******, “** ****** *** Company’s ******* *********”. *** **** *** funded **** **** *** **** * contribution **** *&*.**** ******************** ***************, * *** ******* ***** *********** of *********** ********* ** **** ********** for $*.* *******, *** ** **** of $***,***, “** ****** *** *******’* retail ********”. **** *********** ****** **** ************, * **** *****-***** *********** ** audio-visual ********* ** **** ********** *** $12.5 *******, *** ** **** ** $800,000, “** ****** *** *******’* ****** presence”.

**** *** ***** ***-********* ****** ** acquisitions, *** ** ******* ** * PE **** ***** *** ********** ********* and ******** *********. ** ************ *** not ********** ****, **** ***** ***** bloat *** ************. *** *********** ** partners/distributors **** ********* ******** ******* ************* and *** ******** *** ******** **** customers ***** ******** ********** *******. **** One ***** **** ********* ** ********** *** ********** *** personnel ** ****** *** *** ********* or ********* ** *** ******** ******* or ********.

OEMing ***** *** ********** ** ***********

**** ***’* ******* ** ****** ************* allows **** ** ******** *** ****** of *********** **** ******. ***** **** *** ** * major ********* ***, **** **** ****************** * ****** **** ********* ******* **** *** from ******, ***** **** ********** **** regulation *** *********** ******.

**** ***’* ******** *** ******** ***** gives **** *** *********** ** *** relying ** * ****** ************, ** any *********** *********** ****** ******* *** one ** ***** ************* ** ***** company-specific ********, **** ***** **** ******* manufacturer.

Verkada **********/***** ** ******

***** ******* ******** ***** ********** **-***** instead ** ****** ** **** *** does, **** **** *** *******'* ********* is ***** ***** ********, *** **********.

*******, ****** **** ** *** ***********, sells ****** ** ********* *** ***** pricing **-*****, ****** ***** ******** ********** easier ** ***. *********, **** *** sells ***** ******** ** * *********** location ****** **********’* ***** ******.

***********

**** *** **** ***** ****** ** “highly *********** “, ***** ************ ******** DIY ********* ***** ******* **** ****, and **** *** *** ****** *** expanding ** *** *** *****. *** company **** ***** *** ****** ***** similar ******** **** ***** **** ****** share **** ****:

* ****** ** ********** *********, ********* industry ******* **** ** ******, *****, Google, *********, ****** *** *******, ***** devices **** ************ ******* ** **** of *** ******** *** ******** *** are ******* ** ******* *********** ******* to ******* **** ******* ******** ** various *******, ********* *** **** ************** installed *********** *******.

**** *** **** ****** *** *** are ********* ***** ***** **** ******** to ***** ******** ******** ******** ****:

****** *** *** **** **** *********** efforts ** ****** ***** **** ******** that *********** ***** *********’ *********** ******** offerings. ***** ******* ******* ********* **** the ********* ** ********** ***** ******** customer ****, ******* ** ************ *** support *********** *** **** *********** ** gain ******** ** *** **** *******. In ********, *** ********* *** ****** the ******* ******* *** **** ****** to ** ******* **** ******* ** some ** ***** ******* ******* ********* over * ****** ******* **** **** little ** ** ******* ******* ****.

***** **** *** *** *** ***** on ***** ***** ** ** *** from **** ****** ***********, **** **** competition **** *** ****** **** ***, other ****, *** ************. ******* **** One ******* ***’* ***** ********, *********** could ******** ******** **** *** ************ for * ********** *****. ***, ****’* Hikvision ******************** **+ ********* ***** *** ***** OEM***************** **+, ********** *** **** ******** their ****** ********.

**** **** **** *********** **** ***** OEMs *** ************ *** ********* ***** a ******* ** ********.***, *******’* ******* ***********, ****** ******* benefits ** *********** **** ***+ ******** in *** ** *** ****~********* ** ** **** ** **** One, ******* *** * **** ********* over ****, ******** **** ****** ******.

Vote / ****

Comments (6)

* *** ********* ** *** ****** rebrand. * ******* *** ******* * purchase *** * **** **** ** they *** ********* ** **** * control ****** *** ***** **** **.

*** **** ** ****** *** ***** a ****** ******* ********* ** *** product. * ******** ******* *** ** their ********* ******* **** **** ** had ******* *** ****. **** *** really *************. *** **** ***** **** can ** ** **** **** **** Hikvision ** ***** ******* ** ** wasn't **** **** *** *** **** wasn't * *****-*** **** **** *** price ***** **.

* ****'* ******* **** **** ****** to ******. *'* *** **** *** that ** * ****** ****. ****'* they **** *** ********* **? *** low *** *** **?

**** ** ***** **** ******** *** decent *** ***** ***** * *** get ****** ******** ******** ** * similar ***** ** *****. * ***** take ** **** ****'* *** ***.

*******, * **** * *** ** what **** ******, *** *'* ***** far **** **** **** ***** * one-stop *********** *** **.

Agree: 2
Disagree
Informative
Unhelpful
Funny

*********** ******** *******

* **** ****** ****** ** ** Snap

***** ********** *** ******* ** ***** orders

***** ** ** **** *******

* *** ***** ***** ** ******** service ** **** ********

* ***** **** **** *** ***** to ******** ** **** ********

**** **** **** * ****** ***** company **** **** **********

* **** **** **** ** ***** IPO

Agree
Disagree
Informative
Unhelpful
Funny

*****, ****** *** *** ********! ** you *** * *** ** **** being ****/******* ** ***? *** / what **** ** ****** ******* ****?

Agree
Disagree
Informative
Unhelpful
Funny

**** **** * ********* ** ***

***** ****** ********** ******* ** ****** loyalty

** **** ********* ******** *** ****** seem ** ** ****** **** **** integrators

**** *** ********** ****** ** **** moves ** *** ******** *****

**** ** ** *** ****** ***** in *** ** *****

*** *** ******* ******* ** * focused *********** **** ***** ** ******** revenue ****** ***** ******** ******** **** by ********* ***** *****

Agree
Disagree
Informative
Unhelpful
Funny

** **** ******* *** ****** ** include *********** **** ***** ****-*/*:

*** ******* ***** ** ***** ~$*** million **** ***** ****** ******** ** a $*.* ******* ********* ***** ****** them ** *.** ** **** *******. Snap *** ***** ** ***** *** proceeds ** **** ******** ** *** off ****.

Agree
Disagree
Informative
Unhelpful
Funny

**** *** ***** ***** ** $** per *****, ******** ******* ****** *** day:

IPVM Image

Agree
Disagree
Informative
Unhelpful
Funny
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