Axon Enterprise Q2 2024: Assets $755.7M, Liabilities $75.3M

Ticker: AXON · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1069183

Sentiment: neutral

Topics: 10-Q, financials, balance-sheet

TL;DR

Axon's Q2 2024: Assets $755.7M, Liabilities $75.3M. Solid balance sheet.

AI Summary

Axon Enterprise, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $755.7 million and total liabilities of $75.3 million as of June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates.

Why It Matters

This filing provides a snapshot of Axon's financial health and operational scale, crucial for investors and analysts assessing the company's stability and growth trajectory in the public safety technology sector.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags, indicating a low level of immediate risk.

Key Numbers

Key Players & Entities

FAQ

What were Axon's total assets as of June 30, 2024?

Axon's total assets were $755,732,140 as of June 30, 2024.

What were Axon's total liabilities as of June 30, 2024?

Axon's total liabilities were $75,301,424 as of June 30, 2024.

What is the reporting period for this 10-Q filing?

The conforming period of report is June 30, 2024.

When was Axon Enterprise, Inc. formerly known as?

The company was formerly known as TASER INTERNATIONAL INC.

What is Axon's fiscal year end?

Axon's fiscal year ends on December 31.

Filing Stats: 4,407 words · 18 min read · ~15 pages · Grade level 18.6 · Accepted 2024-08-06 19:33:45

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 72

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 72

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 73

SIGNATURES

SIGNATURES 74 Table of Contents Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding our expectations, beliefs, intentions and strategies regarding the future. We intend that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. From time to time, we also provide forward-looking statements in other materials we release to the public as well as verbal forward-looking statements. These forward-looking statements 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; the impact of pending litigation; strategies and trends relating to subscription plan programs and revenues; statements related to recently completed acquisitions; our anticipation that contracts with governmental customers will be fulfilled; strategies and trends, including the amounts and benefits of, research and development ("R&D") investments; the sufficiency of our liquidity and financial resources; expectations about customer behavior; the impact on our investment portfolio of changes in interest rates; our potential use of foreign currency forward and option contracts; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; 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 Annual Report on Form

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AXON ENTERPRISE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 566,452 $ 598,545 Marketable securities 107,550 77,940 Short-term investments 402,470 644,054 Accounts and notes receivable, net of allowance of $ 3,258 and $ 2,392 as of June 30, 2024 and December 31, 2023, respectively 386,058 417,690 Contract assets, net 343,422 275,779 Inventory 277,753 269,855 Prepaid expenses and other current assets 122,033 112,786 Total current assets 2,205,738 2,396,649 Property and equipment, net 215,324 200,533 Deferred tax assets, net 226,801 229,513 Intangible assets, net 85,571 19,539 Goodwill 307,758 57,945 Long-term notes receivable, net 3,044 2,588 Long-term contract assets, net 107,216 77,710 Strategic investments 363,134 231,730 Other long-term assets 227,784 220,638 Total assets $ 3,742,370 $ 3,436,845 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 104,077 $ 88,326 Accrued liabilities 141,614 188,230 Current portion of deferred revenue 485,869 491,691 Customer deposits 23,049 21,935 Other current liabilities 11,504 9,787 Total current liabilities 766,113 799,969 Deferred revenue, net of current portion 291,424 281,852 Liability for unrecognized tax benefits 19,008 18,049 Long-term deferred compensation 14,050 11,342 Long-term lease liabilities 41,705 33,550 Convertible notes, net 678,678 677,113 Other long-term liabilities 2,552 2,936 Total liabilities 1,813,530 1,824,811 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock, $ 0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively — — Common sto

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