Axon Enterprise Inc. (NASDAQ:AXON)

The data reveals a consistent upward trend in both current assets and adjusted current assets from 2018 through 2022. The current assets increased steadily each year, beginning at approximately 558 million US dollars at the end of 2018 and growing to over 1.8 billion US dollars by the end of 2022. This represents a more than threefold increase over the five-year period, indicating significant asset growth.

Adjusted current assets follow a very similar pattern to current assets, starting slightly higher than reported current assets and retaining close alignment throughout the period. The adjusted figure reflects a minor adjustment but does not materially change the observed growth trend. The increase in adjusted current assets also spans from around 560 million US dollars in 2018 to roughly 1.8 billion US dollars in 2022, mirroring the scale and pace of growth seen in the unadjusted current assets.

This consistent growth in current assets suggests strong expansion in the company's liquidity position and its ability to cover short-term liabilities. The nearly parallel movement of the adjusted and unadjusted figures indicates that the adjustments made are stable and do not alter the overall financial asset trend. The substantial increase, particularly between 2021 and 2022, where the assets jump by approximately 625 million US dollars, may point to increased operational scale, asset acquisitions, or accumulation of cash and receivables.

Overall, the data evidences a positive trajectory in the company’s asset base, reflecting strengthening financial health and possibly enhanced capacity to support ongoing business activities or growth initiatives.

The financial data reveals a consistent upward trend in both total assets and adjusted total assets over the five-year period from 2018 to 2022.

Total assets

The total assets increased significantly each year, starting from approximately $719.5 million in 2018 and reaching nearly $2.85 billion in 2022. This represents a nearly fourfold growth over the period, indicating substantial asset growth and possibly expansion activities or acquisitions.

Adjusted total assets

Adjusted total assets followed a similar increasing trend, with values rising from about $714.9 million in 2018 to approximately $2.7 billion in 2022. Although slightly lower than total assets each year, the adjustments maintain a close correlation, suggesting consistent adjustments relative to the total assets.

Overall, the data portrays a strong growth trajectory in asset base, with both total and adjusted measures showing robust increases year over year. This indicates an expanding balance sheet and potentially greater operational scale or investment in assets over the examined period.

The data reflects the trends in current liabilities and adjusted current liabilities over a five-year period from 2018 to 2022. Both financial items show a consistent upward trajectory.

Current liabilities

The current liabilities increased steadily each year, starting from approximately $166 million in 2018 and rising to over $602 million by the end of 2022. This represents more than a threefold increase over the period analyzed. The most significant increments appear between 2020 and 2021 as well as between 2021 and 2022, indicating accelerating growth in obligations payable within the short term.

Adjusted current liabilities

Adjusted current liabilities also rose significantly, beginning at around $58 million in 2018 and reaching nearly $242 million in 2022. The increase was consistent and sharp, particularly notable in the last two years where the figure increased by approximately 60% from 2020 to 2021 and by another 61% from 2021 to 2022. The growth in adjusted current liabilities follows a similar pattern to the overall current liabilities but at a lower scale.

Overall, both sets of current liabilities demonstrate a marked increase through the years, indicating a growing short-term financial obligation load. The adjusted figures suggest that the company is also experiencing significant rises in more refined measures of its short-term liabilities, which may warrant closer scrutiny regarding liquidity and working capital management.

Total liabilities

There is a consistent and pronounced increase in total liabilities over the observed five-year period. Starting from approximately 252 million USD at the end of 2018, liabilities rose to around 302 million USD in 2019, marking a moderate increase. This upward trend accelerated significantly in 2020 and 2021, with liabilities growing to about 405 million USD and 640 million USD respectively. The most notable jump occurred between 2021 and 2022, where total liabilities more than doubled to exceed 1.58 billion USD. This suggests a substantial increase in the company’s obligations and financial leverage over time.

Adjusted total liabilities

The adjusted total liabilities exhibit a similar upward trajectory but on a smaller scale compared to total liabilities. From approximately 83 million USD at the end of 2018, there is a steady rise each year reaching approximately 95 million USD in 2019, around 128 million USD in 2020, and approximately 185 million USD in 2021. A significant increase is observed in 2022, with adjusted liabilities nearing 975 million USD. The growth rate in adjusted total liabilities notably accelerates in the final year, reflecting increased financial commitments or adjustments that may be linked to changes in accounting policies or other factors.

General observations

Both total and adjusted total liabilities show considerable growth, especially in the last two reported years, indicating a possible strategic increase in borrowing or financial restructuring. The sharp rise in 2022 stands out as a key trend, potentially highlighting increased funding needs or investments. The disparity between total and adjusted liabilities may warrant further scrutiny to understand the underlying factors affecting adjusted calculations.

The analysis of the available financial data reveals a consistent upward trend in both stockholders’ equity and adjusted stockholders’ equity over the five-year period.

Stockholders’ Equity

This metric increased steadily from $467,324 thousand at the end of 2018 to $1,268,491 thousand by the end of 2022. The growth between 2018 and 2019 was moderate. However, there was a significant rise in 2020, indicating a substantial strengthening of the company’s net asset base during that year. After 2020, the equity continued to grow at a steady pace through 2021 and 2022.

Adjusted Stockholders’ Equity

This measure, which likely accounts for certain adjustments such as unrealized gains/losses or other comprehensive income, also showed a growing trend from $632,190 thousand in 2018 to $1,722,653 thousand in 2022. The increase mirrored the pattern of the standard stockholders’ equity but on a larger scale in absolute terms. There were substantial increments in 2020 and subsequent years, indicating improving financial performance or favorable adjustments being recognized.

Overall, the data suggests that the company strengthened its financial position continuously over the period, with notable growth spurts in 2020 and continued expansion through to 2022. The adjusted stockholders’ equity consistently remained higher than the unadjusted figure, implying that the adjustments positively impacted the equity base. This upward trajectory indicates improved shareholder value and greater accumulated equity.

The financial data reveals several notable trends over the five-year period under review. There is evident growth in both stockholders’ equity and total capital, alongside a significant increase in reported and adjusted debt by the most recent year.

Stockholders’ Equity

There is a consistent upward trajectory in stockholders’ equity from 2018 through 2022. The equity value rose from approximately 467 million in 2018 to about 1.27 billion in 2022, more than doubling over the period. This indicates strengthening of the company’s net asset position and suggests effective retention of earnings or capital infusion.

Total Reported Capital

Total reported capital mirrors the increases seen in stockholders’ equity, climbing steadily from 467 million in 2018 to nearly 1.95 billion in 2022. This growth reflects overall enhancement in the company’s capital base.

Reported Debt

Reported debt data is incomplete for the initial years but shows a dramatic figure of approximately 674 million in 2022. This suggests a significant rise in debt obligations by the end of the latest reporting period, likely impacting the company’s leverage and financial risk profile.

Adjusted Debt

Adjusted total debt remained relatively low and stable from 2018 to 2021, fluctuating between approximately 10.6 million and 27 million. However, a substantial surge occurred in 2022, with adjusted debt escalating sharply to roughly 717 million. This escalation aligns with the rise in reported debt and indicates increased borrowing or financial liabilities.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity shows consistent annual growth, increasing from about 632 million in 2018 to over 1.72 billion in 2022. This continuous increase supports the company’s stronger equity position over time, even after adjustments.

Adjusted Total Capital

Adjusted total capital reflects steady increments from 645 million in 2018 to approximately 2.44 billion in 2022. The growth in adjusted capital surpasses that of reported capital, suggesting adjustments have amplified the reflected value of the company’s resources and obligations.

In summary, the data indicates a growing capital base and strengthening equity position throughout most of the period, with a notable and sharp rise in debt levels, particularly in the final year. This shift towards higher leverage may have implications for the company’s financial strategy and risk management moving forward. The sustained increases in adjusted equity and capital imply effective enhancement of underlying asset values, even as debt has escalated significantly.

Net Sales

The net sales demonstrated a consistent upward trend throughout the five-year period. Starting at approximately $420 million in 2018, the figure increased steadily each year, reaching nearly $1.19 billion by the end of 2022. The growth was particularly notable between 2021 and 2022, where the sales surged by approximately 37.8%, indicating a significant acceleration in revenue generation.

Adjusted Net Sales

The adjusted net sales similarly showed strong growth over the same period, beginning from about $476 million in 2018 and rising to approximately $1.35 billion in 2022. The increase was consistent year-over-year, with a marked surge between 2021 and 2022, reflecting an increase of nearly 29.6%. This suggests successful adjustments that likely account for factors such as returns, discounts, or other accounting considerations, leading to an even higher reflection of revenue growth than the net sales figures alone.

Overall Analysis

The data indicates robust and accelerating revenue growth over the five years. The disparity between net sales and adjusted net sales, which widens over time, may imply increasing adjustments positively impacting reported revenue. Both metrics highlight strong market demand or expanded sales operations. The steady upward pattern without any declines or plateaus suggests effective business strategies and operational scaling.

Net Income (Loss)

The net income exhibited significant variability over the five-year period. It started at a positive value of 29,205 thousand USD at the end of 2018, then sharply decreased to 882 thousand USD in 2019. The downward trend continued into 2020, resulting in a loss of 1,724 thousand USD, followed by a substantial deterioration in 2021 with a net loss of 60,018 thousand USD. However, in 2022, there was a dramatic turnaround with net income rising to 147,139 thousand USD, indicating a strong recovery or a substantial one-time gain during that year.

Adjusted Net Income (Loss)

Adjusted net income followed a different trajectory compared to net income. Starting at 77,943 thousand USD in 2018, it fell significantly to 17,940 thousand USD in 2019. Unlike net income, adjusted net income improved markedly in 2020 to 52,308 thousand USD and remained positive through 2021, albeit decreased to 36,461 thousand USD. The year 2022 showed a striking increase to 318,057 thousand USD, reflecting considerable positive adjustments or improved operating performance excluding certain extraordinary or non-recurring items.

Overall Observations

The data indicate that while the raw net income experienced major fluctuations with a significant loss period in 2020 and 2021, the adjusted net income remained generally positive aside from the decline in 2019. The large difference between net income and adjusted net income in certain years suggests the presence of notable non-recurring charges or gains impacting net income. The sharp rise in both metrics in 2022 points towards a strong financial year driven by operational improvements or exceptional events positively affecting the bottom line.