Axon reports Q1 2024 revenue of $461 million, up 34% year over year, raises outlook

 

TASER




























THREE MONTHS ENDED




31 MAR 2024


31 DEC 2023


31 MAR 2023

Net sales


$

178,748



$

161,343



$

134,282


Cost of sales



88,058




69,163




50,763


Gross margin



90,690




92,180




83,519


Stock-based compensation expense



19,781




713




310


Adjusted gross margin


$

110,471



$

92,893



$

83,829


Gross margin



50.7

%



57.1

%



62.2

%

Adjusted gross margin



61.8

%



57.6

%



62.4

%

 

AXON ENTERPRISE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)
















31 MAR 2024


31 DEC 2023



(Unaudited)




ASSETS







Current Assets:







Cash and cash equivalents


$

403,870


$

598,545

Marketable securities



99,720



77,940

Short-term investments



560,186



644,054

Accounts and notes receivable, net



476,764



417,690

Contract assets, net



266,172



275,779

Inventory



271,318



269,855

Prepaid expenses and other current assets



123,677



112,786

Total current assets



2,201,707



2,396,649








Property and equipment, net



209,166



200,533

Deferred tax assets, net



208,861



229,513

Intangible assets, net



89,419



19,539

Goodwill



308,470



57,945

Long-term notes receivable, net



2,397



2,588

Long-term contract assets, net



88,209



77,710

Strategic investments



295,497



231,730

Other long-term assets



212,470



220,638

Total assets


$

3,616,196


$

3,436,845








LIABILITIES AND STOCKHOLDERS' EQUITY







Current Liabilities:







Accounts payable


$

82,075


$

88,326

Accrued liabilities



127,415



188,230

Current portion of deferred revenue



516,404



491,691

Customer deposits



21,979



21,935

Other current liabilities



9,601



9,787

Total current liabilities



757,474



799,969








Deferred revenue, net of current portion



293,878



281,852

Liability for unrecognized tax benefits



18,610



18,049

Long-term deferred compensation



14,700



11,342

Long-term lease liabilities



32,546



33,550

Convertible notes, net



677,895



677,113

Other long-term liabilities



3,078



2,936

Total liabilities



1,798,181



1,824,811








Stockholders' Equity:







Preferred stock





Common stock



1



1

Additional paid-in capital



1,421,080



1,347,410

Treasury stock



(155,947)



(155,947)

Retained earnings



564,467



431,249

Accumulated other comprehensive loss



(11,586)



(10,679)

Total stockholders' equity



1,818,015



1,612,034

Total liabilities and stockholders' equity


$

3,616,196


$

3,436,845


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