Stock Analysis on Net
Stock Analysis on Net

Axon Enterprise Inc. (NASDAQ:AXON)

This company has been moved to the archive! The financial data has not been updated since May 9, 2023.

Common-Size Balance Sheet: Assets

Axon Enterprise Inc., common-size consolidated balance sheet: assets

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 12.40 21.11 11.26 20.37 48.57
Marketable securities 1.38 4.28 0.00 0.00 0.00
Short-term investments 20.40 0.86 29.44 21.11 0.00
Accounts and notes receivable, net of allowance 12.56 19.00 16.60 17.37 18.15
Contract assets, net 6.90 10.69 4.63 5.64 1.94
Inventory 7.10 6.44 6.51 4.59 4.69
Prepaid expenses and other current assets 2.56 3.35 2.67 4.12 4.22
Current assets 63.30% 65.72% 71.10% 73.21% 77.57%
Property and equipment, net 5.96 8.20 7.64 5.18 5.27
Deferred tax assets, net 5.50 7.53 3.31 3.27 2.69
Intangible assets, net 0.43 0.92 0.68 1.51 2.21
Goodwill 1.58 2.58 1.83 2.96 3.47
Long-term investments 5.48 1.85 6.57 5.38 0.00
Long-term notes receivable, net 0.18 0.67 1.63 3.74 5.59
Long-term contract assets, net 1.58 1.76 1.46 0.00 0.00
Strategic investments 10.40 4.95 0.85 0.00 0.00
Cash surrender value of corporate-owned life insurance policies 0.15 0.31 0.34 0.50 0.50
Deferred commissions 3.27 3.20 2.35 2.61 2.16
Restricted cash 0.00 0.00 0.00 0.01 0.09
Operating lease assets 1.35 1.38 1.62 1.14 0.00
Deferred implementation costs 0.11 0.23 0.00 0.00 0.00
Prepaid expenses, deposits and other 0.72 0.69 0.63 0.50 0.45
Other long-term assets 5.60% 5.82% 4.94% 4.75% 3.20%
Long-term assets 36.70% 34.28% 28.90% 26.79% 22.43%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A longitudinal analysis of the asset composition reveals a systemic shift from highly liquid current assets toward long-term strategic allocations. Total current assets decreased from 77.57% of total assets in 2018 to 63.30% in 2022, while long-term assets concurrently rose from 22.43% to 36.70% over the same period.

Liquidity and Cash Management
Cash and cash equivalents experienced a substantial contraction, falling from 48.57% in 2018 to 12.40% by 2022. This reduction is partially offset by the utilization of short-term investments, which fluctuated significantly, peaking at 29.44% in 2020 and closing at 20.40% in 2022. This pattern indicates a transition from holding idle cash to employing more structured short-term financial instruments.
Working Capital and Operational Assets
Accounts and notes receivable showed a general decline from 18.15% in 2018 to 12.56% in 2022. In contrast, contract assets demonstrated a growth trend, increasing from 1.94% to 6.90%, with a notable peak of 10.69% in 2021, suggesting a shift in the timing of revenue recognition and performance obligations. Inventory levels remained relatively stable, with a slight upward trajectory from 4.69% to 7.10%.
Strategic Long-term Allocations
A significant increase is observed in strategic investments, which grew from 0% in 2018 to 10.40% in 2022, representing a primary driver of long-term asset growth. Conversely, long-term notes receivable were almost entirely eliminated, decreasing from 5.59% to 0.18%. Long-term investments also showed volatility, ending the period at 5.48%.
Fixed Assets and Intangibles
Net property and equipment fluctuated between 5.18% and 8.20%, ending at 5.96% in 2022. A clear downward trend is evident in intangible assets and goodwill; combined, these items fell from 5.68% in 2018 to 2.01% in 2022. This suggests that organic growth or the amortization of acquired assets has outpaced the acquisition of new intangible assets relative to the total balance sheet expansion.

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