Analysis of Debt
Total Debt (Carrying Amount)
Axon Enterprise Inc., balance sheet: debt
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Convertible notes, net | 673,967) | —) | —) | —) | —) | |
| Total convertible notes (carrying amount) | 673,967) | —) | —) | —) | —) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The financial trajectory regarding convertible debt indicates a significant shift in capital structure occurring at the conclusion of the analyzed period. For the majority of the observed timeframe, specifically from 2018 through 2021, there were no reported balances for convertible notes, suggesting a period of zero reliance on this specific debt instrument.
- Debt Inception and Magnitude
- As of December 31, 2022, a total carrying amount of $673,967 thousand was recorded for convertible notes. This represents a sudden emergence of long-term liability, transitioning from a zero-balance state in the preceding four years to a substantial debt obligation.
- Liability Composition
- The total debt obligation is comprised entirely of convertible notes, net. This indicates a strategic move toward utilizing hybrid securities for financing purposes during the 2022 fiscal year, shifting the organization's leverage profile.
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Total Debt (Fair Value)
| Dec 31, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Total convertible notes (fair value) | 687,300) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.02 |
Based on: 10-K (reporting date: 2022-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate: 0.99%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 0.99% | 673,967) | 6,672) | |
| Total | 673,967) | 6,672) | |
| 0.99% | |||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 6,672 ÷ 673,967 = 0.99%