08/09/2022 | Press release | Distributed by Public on 08/09/2022 14:01
SCOTTSDALE, Ariz., Aug. 9, 2022/PRNewswire/ --
Dear Shareholders,
Our second quarter financial results reflect continued momentum throughout the business, including notable across-the-board strength in new product adoption.
Revenue growth of 31% year over year was driven by strong demand for Axon Cloud SaaS solutions, Axon Body 3 and Axon Fleet 3 systems, and our TASER 7 platform. Revenue from new SaaS products - such as productivity solutions, real-time operations, Axon Air, ALPR and VR(1) - nearly tripled year over year, highlighting our ability to drive customer adoption of our new software solutions.
We also executed against several key priorities in the quarter that position us well for future growth - including deepening our relationships with key partners and strategically investing to build out the Axon Ecosystem.
In June, we renewed our strategic technology partnership with Microsoft Azure - signing a six-year agreement that provides long-term pricing certainty and cost visibility for our Axon Cloud business. The renewal will support our software gross margin target of 80%+, and enables us to offer pricing predictability to our own customers. We discuss other ecosystem developments in more detail, below.
Customers are increasingly demonstrating their confidence that we are the right technology partner for them, for the next decade. We make it easy for our customers to bet on us, because we deliver. In the second quarter, 108 customers signed contracts for longer than five years. The quality of the deal flow is also strong. About a third of our top 100 deals were for a decade or more. This drives our confidence in our ability to continue scaling a rapidly growing, highly recurring SaaS business, with virtually zero churn.
(1) ALPR is the industry acronym for automatic license plate recognition. Enabled by artificial intelligence, Axon's ALPR solution comes standard with the Axon Fleet 3 in-car camera system. Plate read data that is collected during patrol is then retained and can be queried through Axon Evidence for later investigations.
VR is Axon's virtual reality training solution, which is included stand-alone or included in our highest value bundled offerings.
Select Highlights:
Management updates
Josh Isner, COO
In June, we appointed Josh Isnerto the role of Chief Operating Officer, a newly created position to expand the office of the CEO. Josh is an executive familiar to investors who have tuned into Axon's earnings calls, which we've hosted over Zoom since early 2020. He's had an outsized impact on Axon, including during his most recent tenure as chief revenue officer. As CRO, Josh was responsible for Axon's global growth, customer service, professional services, and sales operations. He has been instrumental in building Axon's revenue stream to support our 2022 guidance above $1 billion, and was a key member of the executive team responsible for driving historical annual revenue growth rates exceeding 25%. He now oversees Axon's operational functions including business operations and execution, policies and employees.
Isaiah Fields, CLO
In July, we appointed Isaiah Fieldsto the role of Chief Legal Officer, where he will spearhead Axon initiatives across legal operations, government affairs, risk management and compliance. In Isaiah's previous role as general counsel, he drove success across all elements of our global organization. We are confident that Isaiah's leadership, devotion to his team and passion for our mission will help Axon successfully navigate this phase of rapid growth as we scale in complexity and expand globally.
CFO search
Our search process for a permanent CFO is progressing well and includes a strong pipeline of quality candidates. We hope to welcome shortly an outstanding executive who brings an appetite for strong financial rigor, along with the operational expertise to continue to drive scale and long-term growth at Axon.
Customers & Product
New VR simulator promotes de-escalation for public safety: The PhoenixPolice Department and New Castle CountyPolice in Delawareare the first agencies to deploy Axon's latest improvement in its VR offerings. The new simulator allows officers to train from anywhere. Trainees learn to operate TASER 7 devices and training firearms in VR. Scenarios include indoor range and an outdoor, nighttime setting. The fast-paced exercises help trainees learn safety features, recognize proper spread and probe placement on moving subjects, manage clothing disconnects, and practice for higher effectiveness when deploying TASER cartridges. More than 1,000 U.S. agencies now use Axon VR training.
TASER 7 Device adoption accelerates in Canada: Police services in Ontario, including Toronto, found that simply presenting a TASER device de-escalates a situation between 70% to 90% of the time, without having to deploy a cartridge. Recent TASER 7 device adoption in Canadahas included the CalgaryPolice Service, York Regional Police, Peel Regional Police, TorontoPolice Service and the EdmontonPolice Service.
U.S. federal funding momentum: Axon's Federal business outlook continues to strengthen with recent developments signaling broad support for body camera adoption. In May, the White House issued an executive order that mandated body cameras for federal law enforcement. In addition, the White House's proposed FY2023 budget includes body camera funding for the Justice Department. We are also seeing support in Congress for body camera programs among the following federal law enforcement customers: Justice Department agencies, including the FBI, the U.S. Marshals, the U.S. Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives; Department of Homeland Security agencies, including U.S. Customs & Border Patrol, and U.S. Immigration & Customs Enforcement; and Department of Interior agencies. The House is also proposing funding for state and local agency matching grants to drive body camera adoption.
Strategic initiatives:
In May, we hosted our seventh annual Axon Accelerate - our user conference that has become the largest technology conference in public safety. On display was the strength of the Axon Ecosystem, featuring a growing network of partnerships and integrated products. Our go-to-market strategy for the Axon Ecosystem has graduated from an idea to now delivering tangible customer value.
In addition to extending our technology partnership with Microsoft, highlighted at the beginning of this letter, we also executed several new key strategic initiatives during the second quarter:
In addition to these recent new initiatives, we are also seeing positive momentum across our broader ecosystem. In late 2021, we acquired Occam Video Solutions, a leader in digital video investigations software. The business has been integrated with Axon, and, in addition to powering our Third-Party Video Playback solution, Occam's flagship investigative software, iNPUT-ACE, has been relaunched as Axon Investigate, and is seeing growing interest from our customers.
Our partnerships with Flock Safety and RapidSOS are also expanding in value for the Axon Ecosystem. We are seeing strong adoption of Flock Safety's ALPR cameras nationwide. Plate reads captured by Flock Safety's cameras can be shared to cases with a single-click and managed within Axon Evidence workflows. RapidSOS's technology powers Axon's recently launched consumer focused smart phone app for personal safety, Axon Protect (available in the Apple App Store and on Google Play), which enables users to connect with a live Axon agent. We also recently launched an Axon Respond integration with RapidSOS, which enables 911 operators that use the company's Jurisdiction View software platform to see live locations of first responders equipped with Axon Body 3 cameras and also live-stream videos from those cameras.
Summary of Q2 2022 results
(2) These innovative stock-based compensation plans were approved by shareholders in 2018 and 2019 and align the interests of management and employees with shareholders.
Financial commentary by segment:
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TASER |
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THREE MONTHS ENDED |
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CHANGE |
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30 JUN 2022 |
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31 MARCH 2022 |
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30 JUNE 2021 |
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QoQ |
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YoY |
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(in thousands) |
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Net sales |
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$ |
135,586 |
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$ |
114,360 |
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$ |
112,528 |
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18.6 |
% |
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20.5 |
% |
Gross margin |
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64.3 |
% |
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64.5 |
% |
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66.4 |
% |
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(20) |
bp |
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(210) |
bp |
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Software & Sensors |
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THREE MONTHS ENDED |
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CHANGE |
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30 JUN 2022 |
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31 MARCH 2022 |
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30 JUNE 2021 |
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QoQ |
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YoY |
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(in thousands) |
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Axon Cloud net sales |
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$ |
81,697 |
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$ |
77,016 |
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$ |
60,477 |
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6.1 |
% |
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35.1 |
% |
Axon Cloud gross margin |
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70.4 |
% |
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72.3 |
% |
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74.5 |
% |
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(190) |
bp |
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(410) |
bp |
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Sensors and Other net sales |
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$ |
68,330 |
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$ |
65,050 |
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$ |
45,790 |
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5.0 |
% |
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49.2 |
% |
Sensors and Other gross margin |
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42.9 |
% |
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40.5 |
% |
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39.7 |
% |
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240 |
bp |
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320 |
bp |
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Forward-looking performance indicators: |
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30 JUN 2022 |
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31 MARCH 2022 |
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31 DEC 2021 |
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30 SEP 2021 |
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30 JUNE 2021 |
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($ in thousands) |
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Annual recurring revenue (1) |
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$ |
367,952 |
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$ |
347,613 |
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$ |
327,488 |
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$ |
288,691 |
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$ |
260,178 |
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Net revenue retention (2) |
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119 |
% |
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119 |
% |
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119 |
% |
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119 |
% |
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119 |
% |
Total company future contracted revenue (2) |
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$ |
3,330,000 |
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$ |
2,970,000 |
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$ |
2,800,000 |
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$ |
2,390,000 |
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$ |
2,040,000 |
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Percentage of TASER devices sold on a recurring payment plan |
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76 |
% |
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45 |
% |
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65 |
% |
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|
58 |
% |
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|
55 |
% |
(1) |
Monthly recurring license, integration, warranty, and storage revenue annualized. |
(2) |
Refer to "Statistical Definitions" below. |
Outlook
The following forward-looking statements reflect Axon's full year 2022 expectations as of August 9, 2022, and are subject to risks and uncertainties.
We are energized by the momentum in our business, superior execution by our teams and the underlying strength of our model, all of which sets us up to continue accelerating growth and profitability.
Thank you for investing in our mission to protect life.
-The Axon team
Quarterly conference call and webcast
We will host our Q2 2022 earnings conference call webinar on Tuesday, August 9, at 2 p.m. PT/ 5 p.m. ET.
The webcast will be available via a link on Axon's investor relations website at https://investor.axon.com (https://investor.axon.com/), or can be accessed directly via https://axon.zoom.us/j/98326867283.
Statistical Definitions
Bookings: We consider bookings to be a statistical measure defined as the sales price of orders (not invoiced sales), including contractual optional periods we expect to be exercised, net of cancellations, inclusive of renewals, placed in the relevant fiscal period, regardless of when the products or services ultimately will be provided, so long as they are expected to occur within five years. Most bookings will be invoiced in subsequent periods. Due to municipal government funding rules, in some cases certain of the future period amounts included in bookings are subject to budget appropriation or other contract cancellation clauses. Although we have entered into contracts for the delivery of products and services in the future and anticipate the contracts will be fulfilled, if agencies do not exercise contractual options, do not appropriate funds in future year budgets, or enact a cancellation clause, revenue associated with these bookings may not ultimately be recognized, resulting in a future reduction to bookings. Bookings, as presented here, represent total company bookings inclusive of all product. Certain customers sign contracts for time periods longer than five-years, which generates a larger-sized booking - but the expected exercise amounts after the five-year period is not included in bookings, as described here, in order to facilitate comparisons between periods.
Net revenue retention: Dollar-based net revenue retention is an important metric to measure our ability to retain and expand our relationships with existing customers. We calculate it as the software and camera warranty subscription and support revenue from a base set of agency customers from which we generated Axon Cloud subscription revenue in the last month of a quarter divided by the software and camera warranty subscription and support revenue from the year-ago month of that same customer base. This calculation includes high-margin warranty but purposely excludes the lower-margin hardware subscription contingent of the customer contracts, as it is meant to be a SaaS metric that we use to monitor the health of the recurring revenue business we are building. This calculation also excludes the implied monthly revenue contribution of customers that were added since the year-ago quarter, and therefore excludes the benefit of new customer acquisition. The metric includes customers, if any, that terminated during the annual period, and therefore, this metric is inclusive of customer churn. This metric is downwardly adjusted to account for the effect of phased deployments -- meaning that for the year-ago period, we consider the total contractually obligated implied monthly revenue amount, rather than monthly revenue amounts that might have been in actuality smaller on a GAAP basis due to the customer not having yet fully deployed their Axon solution. For more information relative to our revenue recognition policies, please reference our SEC filings.
Total company future contracted revenue: Total company future contracted revenue includes both recognized contract liabilities as well as amounts that will be invoiced and recognized in future periods. The remaining performance obligations are limited only to arrangements that meet the definition of a contract under Topic 606 as of June 30, 2022. We expect to recognize between 15% - 20% of this balance over the next twelve months, and generally expect the remainder to be recognized over the following ten years, subject to risks related to delayed deployments, budget appropriation or other contract cancellation clauses.
Non-GAAP Measures
To supplement the Company's financial results presented in accordance with GAAP, we present the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Diluted Earnings Per Share, Free Cash Flow and Adjusted Free Cash Flow. The Company's management uses these non-GAAP financial measures in evaluating the Company's performance in comparison to prior periods. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance, and when planning and forecasting our future periods. A reconciliation of GAAP to the non-GAAP financial measures is presented herein.
Caution on Use of Non-GAAP Measures
Although these non-GAAP financial measures are not consistent with GAAP, management believes investors will benefit by referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, management recognizes that:
Further, these non-GAAP financial measures may be unique to the Company, as they may be different from similarly titled non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies.
About Axon
Axon is the global leader in connected public safety technologies. We are a mission-driven company whose overarching goal is to protect life. Our vision is a world where bullets are obsolete, where social conflict is dramatically reduced, where everyone has access to a fair and effective justice system and where racial equity, diversity and inclusion is centered in all of our work. Axon is also a leading provider of body cameras for US public safety, providing more transparency and accountability to communities than ever before.
You may learn about our Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) efforts by reading our ESG report at investor.axon.com.
We work hard for those who put themselves in harm's way for all of us. More than 270,000 lives and countless dollars have been saved with the Axon Network of devices, apps and people. Learn more at www.axon.com or by calling (800) 978-2737. Axon is a global company with headquarters in Scottsdale, Arizona, and a global software engineering hub in Seattle, Washington, as well as additional offices in the US, Australia, Canada, Finland, Vietnam, the UK and the Netherlands.
Apple and App Storeare trademarks of Apple, Inc., Cellebrite is a trademark of Celebrite Mobile Synchronization Ltd.; Dedrone is a trademarks of Dedrone Holdings, Inc.; DroneSense is a trademark of DroneSense, Inc., Facebook is a trademark of Facebook, Inc.; Flock Safety is a trademark of Flock Group, Inc., dba Flock Safety; Google Play is a trademark of Google, Inc.; Microsoft and Azure are trademarks of Microsoft Corporation; RapidSOS is a trademark of Rapid SOS, Inc.; Skydio is a trademark of Skydio, Inc.; Twitter is a trademark of Twitter, Inc.; and Zoom is a trademark of Zoom Video Communications, Inc.
Axon, the Delta Logo, Axon Accelerate, Axon Air, Axon Body, Axon Evidence, Axon Fleet, Axon Network, Axon Respond, TASER, TASER 7 and Protect Life are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.
Follow Axon here:
Forward-looking statements
Forward-looking statements in this letter include, without limitation, statements regarding: proposed products and services and related development efforts and activities; expectations about the market for our current and future products and services; strategies and trends relating to subscription plan programs and revenues; strategies and trends, including the benefits of, research and development investments; the timing and realization of future contracted revenue; the fulfillment of bookings; expectations about customer behavior; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance, including our outlook for 2022 full year revenue, stock-based compensation expense, adjusted EBITDA, adjusted free cash flow, and capital expenditures; statements of management's strategies, goals and objectives and other similar expressions; as well as the ultimate resolution of financial statement items requiring critical accounting estimates, including those set forth in our Form 10-K for the year ended December 31, 2021. Such statements give our current expectations or forecasts of future events; they do not relate strictly to historical or current facts. Words such as "may," "will," "should," "could," "would," "predict," "potential," "continue," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," and similar expressions, as well as statements in future tense, identify forward-looking statements. However, not all forward-looking statements contain these identifying words.
We cannot guarantee that any forward-looking statement will be realized, although we believe we have been prudent in our plans and assumptions. Achievement of future results is subject to risks, uncertainties and potentially inaccurate assumptions. The following important factors could cause actual results to differ materially from those in the forward-looking statements: the potential global impacts of the COVID-19 pandemic; our exposure to cancellations of government contracts due to appropriation clauses, exercise of a cancellation clause, or non-exercise of contractually optional periods; our ability to design, introduce and sell new products or features; our ability to defend against litigation and protect our intellectual property, and the resulting costs of this activity; our ability to manage our supply chain and avoid production delays, shortages, and impacts to expected gross margins; the impact of stock compensation expense, impairment expense, and income tax expense on our financial results; customer purchase behavior, including adoption of our software as a service delivery model; negative media publicity regarding our products; the impact of product mix on projected gross margins; defects in our products; changes in the costs of product components and labor; loss of customer data, a breach of security, or an extended outage, including by our third party cloud-based storage providers; exposure to international operational risks; delayed cash collections and possible credit losses due to our subscription model; changes in government regulations in the U.S. and in foreign markets, especially related to the classification of our products by the United States Bureau of Alcohol, Tobacco, Firearms and Explosives; our ability to integrate acquired businesses; our ability to attract and retain key personnel; and counter-party risks relating to cash balances held in excess of FDIC insurance limits. Many events beyond our control may determine whether results we anticipate will be achieved. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements. The Annual Report on Form 10-K that we filed with the Securities and Exchange Commission ("SEC") on February 25, 2022lists various important factors that could cause actual results to differ materially from expected and historical results. These factors are intended as cautionary statements for investors within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act. Readers can find them under the heading "Risk Factors" in the Report on Form 10-K, and investors should refer to them. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our Form 10-Q, 8-K and 10-K reports to the SEC. Our filings with the SEC may be accessed at the SEC's web site at www.sec.gov.
Update on Legal Matters:
Axon v. FTC
Axon continues to vigorously prosecute its federal court constitutional case against the Federal Trade Commission (FTC) while the FTC's separate antitrust administrative action against the company regarding its 2018 acquisition of Vievu LLC remains stayed.
On January 24, 2022, the U.S. Supreme Court accepted review of an important jurisdictional issue raised by Axon's constitutional challenges to the FTC's internal administrative structure and procedures. The high Court's action is a critical first step for all businesses seeking to vindicate their constitutional rights and hold government regulators accountable. Oral argument is now set at the Supreme Court for November 7. A decision is unlikely before March 2023. Links to all court filings and opinions can be found on Axon's FTC Investor Briefing page at https://www.axon.com/ftc.
Parallel to these matters Axon is evaluating strategic alternatives to litigation, which Axon might pursue if determined to be in the best interests of shareholders and customers. This could include a divestiture of the Vievu entity and/or related assets. While Axon continues to believe the acquisition was lawful and a benefit to Vievu's customers, the cost, risk and distraction of protracted litigation merit consideration of settlement if achievable on terms agreeable to the FTC and Axon.
For investor relations information please contact Investor Relations via email at [email protected].
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AXON ENTERPRISE, INC. |
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THREE MONTHS ENDED |
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SIX MONTHS ENDED |
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30 JUN 2022 |
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31 MARCH 2022 |
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30 JUNE 2021 |
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30 JUN 2022 |
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30 JUNE 2021 |
|||||
Net sales from products |
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$ |
200,051 |
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$ |
176,204 |
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$ |
156,427 |
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$ |
376,255 |
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$ |
297,313 |
Net sales from services |
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85,562 |
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80,222 |
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62,368 |
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|
165,784 |
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|
116,501 |
Net sales |
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|
285,613 |
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|
256,426 |
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|
218,795 |
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|
542,039 |
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|
413,814 |
Cost of product sales |
|
|
87,502 |
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|
79,352 |
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|
65,301 |
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|
166,854 |
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|
123,917 |
Cost of service sales |
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|
24,148 |
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|
21,335 |
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|
15,565 |
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|
45,483 |
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|
28,615 |
Cost of sales |
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|
111,650 |
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|
100,687 |
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|
80,866 |
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|
212,337 |
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|
152,532 |
Gross margin |
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|
173,963 |
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|
155,739 |
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|
137,929 |
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|
329,702 |
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|
261,282 |
Operating expenses: |
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Sales, general and administrative |
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95,005 |
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90,129 |
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177,662 |
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185,134 |
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304,259 |
Research and development |
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57,547 |
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48,416 |
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53,952 |
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105,963 |
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100,970 |
Total operating expenses |
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152,552 |
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138,545 |
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231,614 |
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291,097 |
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405,229 |
Income (loss) from operations |
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|
21,411 |
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|
17,194 |
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(93,685) |
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38,605 |
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(143,947) |
Interest and other income, net |
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47,026 |
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55,299 |
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|
41,841 |
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|
102,325 |
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42,426 |
Income (loss) before provision for income taxes |
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|
68,437 |
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|
72,493 |
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(51,844) |
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|
140,930 |
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(101,521) |
Provision for (benefit from) income taxes |
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|
17,475 |
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|
17,622 |
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(4,727) |
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|
35,097 |
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(6,487) |
Net income (loss) |
|
$ |
50,962 |
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$ |
54,871 |
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$ |
(47,117) |
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$ |
105,833 |
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$ |
(95,034) |
Net income (loss) per common and common |
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Basic |
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$ |
0.72 |
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$ |
0.77 |
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$ |
(0.72) |
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$ |
1.49 |
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$ |
(1.47) |
Diluted |
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$ |
0.71 |
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$ |
0.76 |
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$ |
(0.72) |
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$ |
1.46 |
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$ |
(1.47) |
Weighted average number of common and |
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Basic |
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71,040 |
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70,950 |
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65,166 |
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|
70,995 |
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|
64,604 |
Diluted |
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|
72,283 |
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|
72,349 |
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|
65,166 |
|
|
72,316 |
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|
64,604 |
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AXON ENTERPRISE, INC. |
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THREE MONTHS ENDED |
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THREE MONTHS ENDED |
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THREE MONTHS ENDED |
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30 JUN 2022 |
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31 MARCH 2022 |
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30 JUNE 2021 |
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Software |
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Software |
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Software |
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and |
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|
|
|
|
|
|
and |
|
|
|
|
|
|
|
|
|
|
and |
|
|
|
|
|
|||
|
|
TASER |
|
|
Sensors |
|
|
Total |
|
|
TASER |
|
|
Sensors |
|
|
Total |
|
|
TASER |
|
|
Sensors |
|
|
Total |
|
|||||||||
Net sales from products (1) |
|
$ |
131,721 |
|
|
$ |
68,330 |
|
|
$ |
200,051 |
|
|
$ |
111,154 |
|
|
$ |
65,050 |
|
|
$ |
176,204 |
|
|
$ |
110,637 |
|
|
$ |
45,790 |
|
|
$ |
156,427 |
|
Net sales from services (2) |
|
|
3,865 |
|
|
|
81,697 |
|
|
|
85,562 |
|
|
|
3,206 |
|
|
|
77,016 |
|
|
|
80,222 |
|
|
|
1,891 |
|
|
|
60,477 |
|
|
|
62,368 |
|
Net sales |
|
|
135,586 |
|
|
|
150,027 |
|
|
|
285,613 |
|
|
|
114,360 |
|
|
|
142,066 |
|
|
|
256,426 |
|
|
|
112,528 |
|
|
|
106,267 |
|
|
|
218,795 |
|
Cost of product sales |
|
|
48,463 |
|
|
|
39,039 |
|
|
|
87,502 |
|
|
|
40,625 |
|
|
|
38,727 |
|
|
|
79,352 |
|
|
|
37,701 |
|
|
|
27,600 |
|
|
|
65,301 |
|
Cost of service sales |
|
|
- |
|
|
|
24,148 |
|
|
|
24,148 |
|
|
|
- |
|
|
|
21,335 |
|
|
|
21,335 |
|
|
|
145 |
|
|
|
15,420 |
|
|
|
15,565 |
|
Cost of sales |
|
|
48,463 |
|
|
|
63,187 |
|
|
|
111,650 |
|
|
|
40,625 |
|
|
|
60,062 |
|
|
|
100,687 |
|
|
|
37,846 |
|
|
|
43,020 |
|
|
|
80,866 |
|
Gross margin |
|
|
87,123 |
|
|
|
86,840 |
|
|
|
173,963 |
|
|
|
73,735 |
|
|
|
82,004 |
|
|
|
155,739 |
|
|
|
74,682 |
|
|
|
63,247 |
|
|
|
137,929 |
|
Gross margin % |
|
|
64.3 |
% |
|
|
57.9 |
% |
|
|
60.9 |
% |
|
|
64.5 |
% |
|
|
57.7 |
% |
|
|
60.7 |
% |
|
|
66.4 |
% |
|
|
59.5 |
% |
|
|
63.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
13,316 |
|
|
|
44,231 |
|
|
|
57,547 |
|
|
|
9,896 |
|
|
|
38,520 |
|
|
|
48,416 |
|
|
|
12,313 |
|
|
|
41,639 |
|
|
|
53,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED |
|
|
SIX MONTHS ENDED |
|
||||||||||||||||||
|
|
30 JUN 2022 |
|
|
30 JUNE 2021 |
|
||||||||||||||||||
|
|
|
|
|
|
Software |
|
|
|
|
|
|
|
|
|
|
Software |
|
|
|
|
|
||
|
|
|
|
|
|
and |
|
|
|
|
|
|
|
|
|
|
and |
|
|
|
|
|
||
|
|
TASER |
|
|
Sensors |
|
|
Total |
|
|
TASER |
|
|
Sensors |
|
|
Total |
|
||||||
Net sales from products (1) |
|
$ |
242,875 |
|
|
$ |
133,380 |
|
|
$ |
376,255 |
|
|
$ |
207,939 |
|
|
$ |
89,374 |
|
|
$ |
297,313 |
|
Net sales from services (2) |
|
|
7,071 |
|
|
|
158,713 |
|
|
|
165,784 |
|
|
|
3,588 |
|
|
|
112,913 |
|
|
|
116,501 |
|
Net sales |
|
|
249,946 |
|
|
|
292,093 |
|
|
|
542,039 |
|
|
|
211,527 |
|
|
|
202,287 |
|
|
|
413,814 |
|
Cost of product sales |
|
|
89,088 |
|
|
|
77,766 |
|
|
|
166,854 |
|
|
|
70,646 |
|
|
|
53,271 |
|
|
|
123,917 |
|
Cost of service sales |
|
|
- |
|
|
|
45,483 |
|
|
|
45,483 |
|
|
|
145 |
|
|
|
28,470 |
|
|
|
28,615 |
|
Cost of sales |
|
|
89,088 |
|
|
|
123,249 |
|
|
|
212,337 |
|
|
|
70,791 |
|
|
|
81,741 |
|
|
|
152,532 |
|
Gross margin |
|
|
160,858 |
|
|
|
168,844 |
|
|
|
329,702 |
|
|
|
140,736 |
|
|
|
120,546 |
|
|
|
261,282 |
|
Gross margin % |
|
|
64.4 |
% |
|
|
57.8 |
% |
|
|
60.8 |
% |
|
|
66.5 |
% |
|
|
59.6 |
% |
|
|
63.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
23,212 |
|
|
|
82,751 |
|
|
|
105,963 |
|
|
|
21,556 |
|
|
|
79,414 |
|
|
|
100,970 |
|
(1) |
Software and Sensors "products" revenue consists of sensors, including on-officer body cameras, Axon Fleet cameras, other hardware sensors, warranties on sensors, and other products, and is sometimes referred to as Sensors and Other revenue. |
(2) |
Software and Sensors "services" revenue comprises sales related to the Axon Cloud, which includes Axon Evidence, cloud-based evidence management software revenue, other recurring cloud-hosted software revenue and related professional services, and is sometimes referred to as Axon Cloud revenue. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||||||||||||||
|
|
THREE MONTHS ENDED |
|
|
|
|
|
|
SIX MONTHS ENDED |
|
||||||||
|
|
30 JUN |
|
30 JUN |
|
Unit |
|
Percent |
|
|
30 JUN |
|
30 JUN |
|
Unit |
|
Percent |
|
|
|
2022 |
|
2021 |
|
Change |
|
Change |
|
|
2022 |
|
2021 |
|
Change |
|
Change |
|
TASER 7 |
|
32,790 |
|
17,711 |
|
15,079 |
|
85.1 |
% |
|
64,185 |
|
41,071 |
|
23,114 |
|
56.3 |
% |
TASER X26P |
|
8,831 |
|
7,012 |
|
1,819 |
|
25.9 |
|
|
15,169 |
|
15,241 |
|
(72) |
|
(0.5) |
|
TASER X2 |
|
2,745 |
|
9,788 |
|
(7,043) |
|
(72.0) |
|
|
4,751 |
|
18,626 |
|
(13,875) |
|
(74.5) |
|
TASER Consumer devices |
|
5,157 |
|
6,307 |
|
(1,150) |
|
(18.2) |
|
|
11,358 |
|
14,993 |
|
(3,635) |
|
(24.2) |
|
Cartridges |
|
1,536,332 |
|
1,413,329 |
|
123,003 |
|
8.7 |
|
|
2,626,271 |
|
2,423,089 |
|
203,182 |
|
8.4 |
|
Axon Body |
|
59,851 |
|
45,572 |
|
14,279 |
|
31.3 |
|
|
122,413 |
|
91,666 |
|
30,747 |
|
33.5 |
|
Axon Flex |
|
1,136 |
|
1,846 |
|
(710) |
|
(38.5) |
|
|
4,263 |
|
3,411 |
|
852 |
|
25.0 |
|
Axon Fleet |
|
6,146 |
|
2,462 |
|
3,684 |
|
149.6 |
|
|
11,893 |
|
3,902 |
|
7,991 |
|
204.8 |
|
Axon Dock |
|
5,314 |
|
5,283 |
|
31 |
|
0.6 |
|
|
13,378 |
|
12,069 |
|
1,309 |
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||||||||||||
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|||||||||||
|
|
30 JUN 2022 |
|
31 MARCH 2022 |
|
30 JUNE 2021 |
|
30 JUN 2022 |
|
30 JUNE 2021 |
|
|||||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
50,962 |
|
$ |
54,871 |
|
$ |
(47,117) |
|
$ |
105,833 |
|
$ |
(95,034) |
|
Depreciation and amortization |
|
|
6,210 |
|
|
5,755 |
|
|
4,291 |
|
|
11,965 |
|
|
8,582 |
|
Interest expense |
|
|
3 |
|
|
8 |
|
|
17 |
|
|
11 |
|
|
22 |
|
Investment interest (income) loss |
|
|
584 |
|
|
346 |
|
|
(502) |
|
|
930 |
|
|
(1,035) |
|
Provision for (benefit from) income taxes |
|
|
17,475 |
|
|
17,622 |
|
|
(4,727) |
|
|
35,097 |
|
|
(6,487) |
|
EBITDA |
|
$ |
75,234 |
|
$ |
78,602 |
|
$ |
(48,038) |
|
$ |
153,836 |
|
$ |
(93,952) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
$ |
21,162 |
|
$ |
25,088 |
|
$ |
137,549 |
|
$ |
46,250 |
|
$ |
227,159 |
|
Net realized and unrealized gains on |
|
|
(47,985) |
|
|
(55,851) |
|
|
(40,855) |
|
|
(103,836) |
|
|
(40,855) |
|
Transaction costs related to strategic |
|
|
964 |
|
|
871 |
|
|
110 |
|
|
1,835 |
|
|
495 |
|
Loss on disposal and abandonment of |
|
|
8 |
|
|
40 |
|
|
119 |
|
|
48 |
|
|
130 |
|
Loss (gain) on disposal and |
|
|
83 |
|
|
106 |
|
|
(2) |
|
|
189 |
|
|
43 |
|
Costs related to FTC litigation |
|
|
291 |
|
|
4 |
|
|
147 |
|
|
295 |
|
|
380 |
|
Payroll taxes related to XSPP vesting |
|
|
- |
|
|
- |
|
|
2,217 |
|
|
- |
|
|
3,669 |
|
Adjusted EBITDA |
|
$ |
49,757 |
|
$ |
48,860 |
|
$ |
51,247 |
|
$ |
98,617 |
|
$ |
97,069 |
|
Net income (loss) as a percentage of net sales |
|
|
17.8 |
% |
|
21.4 |
% |
|
(21.5) |
% |
|
19.5 |
% |
|
(23.0) |
% |
Adjusted EBITDA as a percentage of net sales |
|
|
17.4 |
% |
|
19.1 |
% |
|
23.4 |
% |
|
18.2 |
% |
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product and service sales |
|
$ |
1,066 |
|
$ |
1,108 |
|
$ |
1,838 |
|
$ |
2,174 |
|
$ |
3,327 |
|
Sales, general and administrative |
|
|
8,610 |
|
|
12,982 |
|
|
114,089 |
|
|
21,592 |
|
|
185,104 |
|
Research and development |
|
|
11,486 |
|
|
10,998 |
|
|
21,622 |
|
|
22,484 |
|
|
38,728 |
|
Total |
|
$ |
21,162 |
|
$ |
25,088 |
|
$ |
137,549 |
|
$ |
46,250 |
|
$ |
227,159 |
|
(1) |
Includes unrealized gains of $28.6 million and realized gain of $12.3 million for the three and six months ended June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||||||||||||
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|||||||||||
|
|
30 JUN 2022 |
|
31 MARCH 2022 |
|
30 JUNE 2021 |
|
30 JUN 2022 |
|
30 JUNE 2021 |
|
|||||
Non-GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
50,962 |
|
$ |
54,871 |
|
$ |
(47,117) |
|
$ |
105,833 |
|
$ |
(95,034) |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
21,162 |
|
|
25,088 |
|
|
137,549 |
|
|
46,250 |
|
|
227,159 |
|
Net realized and unrealized gains on |
|
|
(47,985) |
|
|
(55,851) |
|
|
(40,855) |
|
|
(103,836) |
|
|
(40,855) |
|
Transaction costs related to strategic |
|
|
964 |
|
|
871 |
|
|
110 |
|
|
1,835 |
|
|
495 |
|
Loss on disposal and abandonment of |
|
|
8 |
|
|
40 |
|
|
119 |
|
|
48 |
|
|
130 |
|
Loss (gain) on disposal and impairment of |
|
|
83 |
|
|
106 |
|
|
(2) |
|
|
189 |
|
|
43 |
|
Costs related to FTC litigation |
|
|
291 |
|
|
4 |
|
|
147 |
|
|
295 |
|
|
380 |
|
Payroll taxes related to XSPP vesting and |
|
|
- |
|
|
- |
|
|
2,217 |
|
|
- |
|
|
3,669 |
|
Income tax effects |
|
|
6,344 |
|
|
7,405 |
|
|
(24,826) |
|
|
13,749 |
|
|
(47,606) |
|
Non-GAAP net income |
|
$ |
31,829 |
|
$ |
32,534 |
|
$ |
27,342 |
|
$ |
64,363 |
|
$ |
48,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
0.71 |
|
$ |
0.76 |
|
$ |
(0.72) |
|
$ |
1.46 |
|
$ |
(1.47) |
|
Non-GAAP |
|
$ |
0.44 |
|
$ |
0.45 |
|
$ |
0.38 |
|
$ |
0.89 |
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
72,283 |
|
|
72,349 |
|
|
65,166 |
|
|
72,316 |
|
|
64,604 |
|
Non-GAAP (2) |
|
|
72,283 |
|
|
72,349 |
|
|
71,689 |
|
|
72,316 |
|
|
69,544 |
|
(1) |
Includes unrealized gains of $28.6 million and realized gain of $12.3 million for the three and six months ended June 30, 2021. |
(2) |
Non-GAAP diluted income per common share factors in higher diluted weighted average shares outstanding in periods where there is both a GAAP net loss and non-GAAP net income. |
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||
|
|
30 JUN 2022 |
|
31 DEC 2021 |
||
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
212,815 |
|
$ |
356,332 |
Marketable securities |
|
|
45,900 |
|
|
72,180 |
Short-term investments |
|
|
118,514 |
|
|
14,510 |
Accounts and notes receivable, net |
|
|
379,672 |
|
|
320,819 |
Contract assets, net |
|
|
196,754 |
|
|
180,421 |
Inventory |
|
|
154,297 |
|
|
108,688 |
Prepaid expenses and other current assets |
|
|
61,839 |
|
|
56,540 |
Total current assets |
|
|
1,169,791 |
|
|
1,109,490 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
157,916 |
|
|
138,457 |
Deferred tax assets, net |
|
|
100,548 |
|
|
127,193 |
Intangible assets, net |
|
|
13,934 |
|
|
15,470 |
Goodwill |
|
|
45,004 |
|
|
43,592 |
Long-term investments |
|
|
24,925 |
|
|
31,232 |
Long-term notes receivable, net |
|
|
8,992 |
|
|
11,256 |
Long-term contract assets, net |
|
|
28,240 |
|
|
29,753 |
Strategic investments |
|
|
281,691 |
|
|
83,520 |
Other long-term assets |
|
|
100,982 |
|
|
98,247 |
Total assets |
|
$ |
1,932,023 |
|
$ |
1,688,210 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
|
60,689 |
|
|
32,220 |
Accrued liabilities |
|
|
100,980 |
|
|
103,707 |
Current portion of deferred revenue |
|
|
253,185 |
|
|
265,591 |
Customer deposits |
|
|
11,330 |
|
|
10,463 |
Other current liabilities |
|
|
6,787 |
|
|
6,540 |
Total current liabilities |
|
|
432,971 |
|
|
418,521 |
|
|
|
|
|
|
|
Deferred revenue, net of current portion |
|
|
269,477 |
|
|
185,721 |
Liability for unrecognized tax benefits |
|
|
7,692 |
|
|
3,797 |
Long-term deferred compensation |
|
|
5,517 |
|
|
5,679 |
Deferred tax liability, net |
|
|
1 |
|
|
811 |
Long-term lease liabilities |
|
|
18,210 |
|
|
20,440 |
Other long-term liabilities |
|
|
4,504 |
|
|
5,392 |
Total liabilities |
|
|
738,372 |
|
|
640,361 |
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
- |
Common stock |
|
|
1 |
|
|
1 |
Additional paid-in capital |
|
|
1,139,086 |
|
|
1,095,229 |
Treasury stock |
|
|
(155,947) |
|
|
(155,947) |
Retained earnings |
|
|
215,716 |
|
|
109,883 |
Accumulated other comprehensive income (loss) |
|
|
(5,205) |
|
|
(1,317) |
Total stockholders' equity |
|
|
1,193,651 |
|
|
1,047,849 |
Total liabilities and stockholders' equity |
|
$ |
1,932,023 |
|
$ |
1,688,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||||||||||||
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|||||||||||
|
|
30 JUN 2022 |
|
31 MARCH 2022 |
|
30 JUNE 2021 |
|
30 JUN 2022 |
|
30 JUNE 2021 |
|
|||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
50,962 |
|
$ |
54,871 |
|
$ |
(47,117) |
|
$ |
105,833 |
|
$ |
(95,034) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,210 |
|
|
5,755 |
|
|
4,291 |
|
|
11,965 |
|
|
8,582 |
|
Purchase accounting adjustments to goodwill |
|
|
58 |
|
|
- |
|
|
- |
|
|
58 |
|
|
- |
|
Loss on disposal and abandonment of intangible assets |
|
|
8 |
|
|
40 |
|
|
119 |
|
|
48 |
|
|
130 |
|
Loss (gain) on disposal and impairment of property and equipment, net |
|
|
83 |
|
|
106 |
|
|
(2) |
|
|
189 |
|
|
43 |
|
Realized and unrealized gains on strategic investments and marketable securities, net |
|
|
(47,985) |
|
|
(55,851) |
|
|
(40,855) |
|
|
(103,836) |
|
|
(40,855) |
|
Stock-based compensation |
|
|
21,162 |
|
|
25,088 |
|
|
137,549 |
|
|
46,250 |
|
|
227,159 |
|
Deferred income taxes |
|
|
8,021 |
|
|
18,029 |
|
|
(6,291) |
|
|
26,050 |
|
|
(6,889) |
|
Unrecognized tax benefits |
|
|
2,530 |
|
|
1,365 |
|
|
(147) |
|
|
3,895 |
|
|
47 |
|
Bond amortization |
|
|
142 |
|
|
159 |
|
|
1,606 |
|
|
301 |
|
|
3,110 |
|
Noncash lease expense |
|
|
1,723 |
|
|
1,556 |
|
|
1,539 |
|
|
3,279 |
|
|
2,650 |
|
Provision for expected credit losses |
|
|
(45) |
|
|
228 |
|
|
397 |
|
|
183 |
|
|
62 |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes receivable and contract assets |
|
|
(87,742) |
|
|
7,495 |
|
|
(35,286) |
|
|
(80,247) |
|
|
(3,988) |
|
Inventory |
|
|
(32,849) |
|
|
(14,260) |
|
|
(2,368) |
|
|
(47,109) |
|
|
(1,848) |
|
Prepaid expenses and other assets |
|
|
4,386 |
|
|
(7,074) |
|
|
(6,368) |
|
|
(2,688) |
|
|
(13,320) |
|
Accounts payable, accrued and other liabilities |
|
|
34,149 |
|
|
(9,580) |
|
|
7,681 |
|
|
24,569 |
|
|
(10,381) |
|
Deferred revenue |
|
|
58,563 |
|
|
16,037 |
|
|
19,428 |
|
|
74,600 |
|
|
25,647 |
|
Net cash provided by operating activities |
|
|
19,376 |
|
|
43,964 |
|
|
34,176 |
|
|
63,340 |
|
|
95,115 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(108,240) |
|
|
- |
|
|
(82,463) |
|
|
(108,240) |
|
|
(238,288) |
|
Proceeds from call / maturity of investments |
|
|
2,273 |
|
|
7,200 |
|
|
162,560 |
|
|
9,473 |
|
|
294,814 |
|
Exercise of warrants from strategic investments |
|
|
(6,555) |
|
|
- |
|
|
- |
|
|
(6,555) |
|
|
- |
|
Proceeds from sale of strategic investments |
|
|
- |
|
|
- |
|
|
14,546 |
|
|
- |
|
|
14,546 |
|
Purchases of property and equipment |
|
|
(12,749) |
|
|
(17,098) |
|
|
(13,510) |
|
|
(29,847) |
|
|
(24,031) |
|
Purchases of intangible assets |
|
|
(67) |
|
|
(37) |
|
|
(102) |
|
|
(104) |
|
|
(143) |
|
Proceeds from disposal of property and equipment |
|
|
4 |
|
|
87 |
|
|
38 |
|
|
91 |
|
|
48 |
|
Strategic investments |
|
|
(61,000) |
|
|
(500) |
|
|
(500) |
|
|
(61,500) |
|
|
(20,500) |
|
Business acquisition, net of cash acquired |
|
|
(2,104) |
|
|
- |
|
|
- |
|
|
(2,104) |
|
|
- |
|
Net cash provided (used) in investing activities |
|
|
(188,438) |
|
|
(10,348) |
|
|
80,569 |
|
|
(198,786) |
|
|
26,446 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from equity offering |
|
|
(3) |
|
|
(71) |
|
|
- |
|
|
(74) |
|
|
- |
|
Income and payroll tax payments for net-settled stock awards |
|
|
(931) |
|
|
(1,388) |
|
|
(3,267) |
|
|
(2,319) |
|
|
(10,312) |
|
Net cash used in financing activities |
|
|
(934) |
|
|
(1,459) |
|
|
(3,267) |
|
|
(2,393) |
|
|
(10,312) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(3,753) |
|
|
(157) |
|
|
73 |
|
|
(3,910) |
|
|
(319) |
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(173,749) |
|
|
32,000 |
|
|
111,551 |
|
|
(141,749) |
|
|
110,930 |
|
Cash and cash equivalents and restricted cash, beginning of period |
|
|
388,438 |
|
|
356,438 |
|
|
154,930 |
|
|
356,438 |
|
|
155,551 |
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
214,689 |
|
$ |
388,438 |
|
$ |
266,481 |
|
$ |
214,689 |
|
$ |
266,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
|||||||||||||||
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|||||||||||
|
|
30 JUN 2022 |
|
31 MARCH 2022 |
|
30 JUNE 2021 |
|
30 JUN 2022 |
|
30 JUNE 2021 |
|||||
Net cash provided by operating activities |
|
$ |
19,376 |
|
$ |
43,964 |
|
$ |
34,176 |
|
$ |
63,340 |
|
$ |
95,115 |
Purchases of property and equipment |
|
|
(12,749) |
|
|
(17,098) |
|
|
(13,510) |
|
|
(29,847) |
|
|
(24,031) |
Purchases of intangible assets |
|
|
(67) |
|
|
(37) |
|
|
(102) |
|
|
(104) |
|
|
(143) |
Free cash flow, a non-GAAP measure |
|
$ |
6,560 |
|
$ |
26,829 |
|
$ |
20,564 |
|
$ |
33,389 |
|
$ |
70,941 |
Net campus investment |
|
|
3,543 |
|
|
5,217 |
|
|
2,873 |
|
|
8,760 |
|
|
3,781 |
Adjusted free cash flow, a non-GAAP measure |
|
$ |
10,103 |
|
$ |
32,046 |
|
$ |
23,437 |
|
$ |
42,149 |
|
$ |
74,722 |
|
|
|
|
|
|
|
AXON ENTERPRISE, INC. |
||||||
|
|
30 JUN 2022 |
|
31 DEC 2021 |
||
|
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
|
$ |
212,815 |
|
$ |
356,332 |
Short-term investments |
|
|
118,514 |
|
|
14,510 |
Long-term investments |
|
|
24,925 |
|
|
31,232 |
Total cash and cash equivalents and investments, net |
|
$ |
356,254 |
|
$ |
402,074 |
CONTACT:
Investor Relations
Axon Enterprise, Inc.
[email protected]
SOURCE Axon