Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Axon Enterprise Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Sales Composition
- There is a noticeable shift in the composition of net sales from products and services over the analyzed periods. The percentage of net sales from products generally declined from around 80% in early 2018 to below 64% by early 2023. Conversely, net sales from services increased substantially, from 20% to about 36%, indicating a strategic shift or growing emphasis on service-based revenue streams.
- Cost of Sales
- The combined cost of sales as a percentage of net sales fluctuated but showed a slight upward trend, moving from approximately 36% in early 2018 to around 40.5% by the first quarter of 2023. Cost of product sales and cost of service sales both exhibit variability; product cost as a percentage of net sales generally decreased marginally but experienced spikes notably in late 2018 and late 2019. Cost of service sales gradually increased over time, reaching over 9% by early 2023, suggesting growing expenses in service delivery.
- Gross Margin
- Gross margin as a percentage of net sales declined during late 2018, dropping to a low of about 54%, but generally recovered thereafter to stabilize within the 59% to 63% range in subsequent years. By early 2023, gross margin was around 59.5%, slightly lower than the levels seen in 2018 but relatively stable in recent quarters.
- Operating Expenses
- Operating expenses, comprising sales, general, and administrative (SG&A) expenses and research and development (R&D) expenses, fluctuated significantly. SG&A expenses as a percentage of net sales were volatile, with a sharp increase observed between early 2020 and mid-2021, peaking at over 81% in mid-2021 before normalizing to the 33% to 35% range by early 2023. R&D expenses remained relatively consistent, generally oscillating between 17% and 24% of net sales, reflecting steady investment in innovation.
- Income from Operations
- Income from operations as a percentage of net sales showed considerable variability. Initially positive in 2018 (exceeding 13% in Q1 2018), it declined sharply in late 2018 and 2019, becoming negative at multiple points, notably in late 2019 and mid-2020. Following this, it rebounded moderately but faced further declines in 2021 due to high operating expense ratios, including a significant drop to -42.82% in mid-2021. In recent quarters, operating income stabilized in the positive range between 4.8% and 10.3%.
- Interest and Other Income (Expense), Net
- This component fluctuated without a clear trend, though significant positive spikes occurred in mid-2021 and mid-2022, reaching above 19% and 21%, respectively. Negative values interspersed the series, indicating periods of expense or losses from non-operational activities.
- Income Before Tax and Tax Provision
- Income before tax mirrored the operational income trend but with higher variability due to interest and other items. It showed a decline toward negative values in 2019 and 2020, significant negative spikes in mid-2021, and recovery to positive territory by 2022. The tax provision as a percentage of net sales also fluctuated from positive to negative values, indicating variability in tax impacts or benefits corresponding to income swings.
- Net Income (Loss)
- The net income percentage closely follows the trends in operating and pre-tax income, with strong positive margins in early 2018 followed by periods of decline and losses, notably from mid-2019 through much of 2020 and mid-2021. A notable income recovery occurred in late 2021 and into 2022, with net income as a percentage of net sales reaching peaks over 20%. Nevertheless, the net income percentages appear volatile, ending at around 13.16% in early 2023 compared to the starting point of nearly 13% in early 2018.