Axon Enterprise Q3 2024 10-Q Filed

TL;DR

Axon's Q3 2024 10-Q is in, showing product and service revenue details. Check it for the latest numbers.

AI Summary

Axon Enterprise, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance for the third quarter and the first nine months of 2024, detailing revenues from both its product and service segments. Specific financial figures for these periods are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Axon Enterprise, Inc., crucial for understanding the company's growth trajectory and operational health.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024-09-30 — Period End Date (The end of the reporting period for this 10-Q filing.)
• 2024-11-08 — Filing Date (The date this 10-Q was officially submitted to the SEC.)

Key Players & Entities

• AXON ENTERPRISE, INC. (company) — Filer of the 10-Q
• TASER INTERNATIONAL INC (company) — Former name of Axon Enterprise, Inc.
• 20240930 (date) — Conformed period of report
• 20241108 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 Par Value AXON The NASDAQ Global Select

Filing Documents

• axon-20240930.htm (10-Q) — 2858KB
• axon-20243009xexx311.htm (EX-31.1) — 11KB
• axon-20243009xexx312.htm (EX-31.2) — 11KB
• axon-20243009xexx32.htm (EX-32) — 8KB
• 0001069183-24-000061.txt ( ) — 14208KB
• axon-20240930.xsd (EX-101.SCH) — 63KB
• axon-20240930_cal.xml (EX-101.CAL) — 77KB
• axon-20240930_def.xml (EX-101.DEF) — 372KB
• axon-20240930_lab.xml (EX-101.LAB) — 798KB
• axon-20240930_pre.xml (EX-101.PRE) — 629KB
• axon-20240930_htm.xml (XML) — 3101KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended S e ptember 30, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5

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 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 51

- OTHER INFORMATION

PART II - OTHER INFORMATION 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 76

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 76

Other Information

Item 5. Other Information 76

Exhibits

Item 6. Exhibits 77

SIGNATURES

SIGNATURES 78 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 695,144 $ 598,545 Marketable securities 151,560 77,940 Short-term investments 311,570 644,054 Accounts and notes receivable, net of allowance of $ 3,292 and $ 2,392 as of September 30, 2024 and December 31, 2023, respectively 512,662 412,961 Contract assets, net 372,923 287,232 Inventory 272,295 269,855 Prepaid expenses and other current assets 117,592 103,055 Total current assets 2,433,746 2,393,642 Property and equipment, net 235,881 200,533 Deferred tax assets, net 244,317 227,784 Intangible assets, net 81,748 19,539 Goodwill 308,472 57,945 Long-term notes receivable, net 2,898 2,588 Long-term contract assets, net 119,973 84,382 Strategic investments 387,905 231,730 Other long-term assets 190,718 191,031 Total assets $ 4,005,658 $ 3,409,174 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 75,590 $ 65,852 Accrued liabilities 209,691 193,550 Current portion of deferred revenue 505,008 470,415 Customer deposits 22,234 21,935 Other current liabilities 10,704 9,787 Total current liabilities 823,227 761,539 Deferred revenue, net of current portion 305,414 270,901 Liability for unrecognized tax benefits 20,342 18,049 Long-term deferred compensation 15,605 11,342 Long-term lease liabilities 41,223 33,550 Convertible notes, net 679,483 677,113 Other long-term liabilities 20,528 20,915 Total liabilities 1,905,822 1,793,409 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 September 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.00001 par value; 200,000,000 shares authorized; 76,084,179 and 75,301,424 shares issued and outstanding as of Septembe

View Full Filing

View this 10-Q filing on SEC EDGAR