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: Liabilities and Stockholders’ Equity

Axon Enterprise Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 2.10 1.91 1.75 3.06 2.11
Accrued salaries, benefits and bonus 3.43 3.70 2.67 2.93 2.65
Accrued professional, consulting and lobbying fees 0.14 0.42 0.22 0.38 0.68
Accrued warranty expense 0.03 0.17 0.06 0.17 0.12
Accrued income and other taxes 0.48 0.22 0.28 0.40 0.58
Accrued inventory in transit 0.37 0.59 0.33 0.49 0.00
Other accrued expenses 1.03 1.04 0.77 0.95 1.68
Accrued liabilities 5.47% 6.14% 4.33% 5.32% 5.71%
Current portion of deferred revenue 12.62 15.73 11.87 13.94 14.87
Customer deposits 0.72 0.62 0.21 0.35 0.38
Other current liabilities 0.22 0.39 0.39 0.46 0.01
Current liabilities 21.13% 24.79% 18.56% 23.13% 23.07%
Deferred revenue, net of current portion 8.70 11.00 8.05 10.40 10.34
Liability for unrecognized tax benefits 0.38 0.22 0.33 0.45 0.40
Long-term deferred compensation 0.22 0.34 0.34 0.47 0.45
Deferred tax liability, net 0.00 0.05 0.05 0.04 0.00
Long-term operating lease liabilities 1.30 1.21 1.37 0.80 0.00
Convertible notes, net 23.63 0.00 0.00 0.00 0.00
Other long-term liabilities 0.16 0.32 0.61 0.44 0.79
Long-term liabilities 34.39% 13.14% 10.75% 12.60% 11.98%
Total liabilities 55.52% 37.93% 29.31% 35.73% 35.05%
Preferred stock, $0.00001 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.00001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 41.19 64.88 69.67 62.47 63.01
Treasury stock at cost -5.47 -9.24 -11.29 -18.44 -21.67
Retained earnings 9.01 6.51 12.30 20.37 23.82
Accumulated other comprehensive income (loss) -0.25 -0.08 0.01 -0.13 -0.21
Stockholders’ equity 44.48% 62.07% 70.69% 64.27% 64.95%
Total liabilities and stockholders’ equity 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).

The capital structure of the organization underwent a significant transformation between 2018 and 2022. For the majority of the period, the balance sheet was heavily weighted toward stockholders' equity, which peaked at 70.69% in 2020. However, a pivot occurred in 2022, characterized by a substantial increase in total liabilities, which rose to 55.52% of total liabilities and stockholders' equity, compared to 37.93% in 2021.

Liability Composition and Trends
Current liabilities remained relatively stable from 2018 to 2021, fluctuating between 18.56% and 24.79%. A primary driver of this segment is the current portion of deferred revenue, which consistently represents a significant portion of the total capital structure, ranging from 11.87% to 15.73% during this window. This suggests a consistent reliance on advance payments for services or products.
Long-term liabilities exhibited a dramatic spike in 2022, increasing to 34.39% from 13.14% in the prior year. This increase is almost entirely attributable to the issuance of convertible notes, which appeared in 2022 and accounted for 23.63% of total liabilities and stockholders' equity, indicating a strategic shift toward debt-based financing.
Equity Composition and Trends
Total stockholders' equity saw a sharp decline in 2022, falling to 44.48% from 62.07% in 2021. This contraction is mirrored in the additional paid-in capital, which dropped to 41.19% in 2022 after maintaining a range of 62% to 69% between 2018 and 2021.
Treasury stock showed a consistent reduction in its relative weight on the balance sheet, moving from -21.67% in 2018 to -5.47% in 2022. This indicates that the proportional impact of share repurchases diminished over the five-year period.
Retained earnings followed a generally downward trajectory from 23.82% in 2018 to a low of 6.51% in 2021, before recovering slightly to 9.01% in 2022. This trend suggests that the growth of the overall balance sheet outpaced the accumulation of retained earnings for several years.

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