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.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Axon Enterprise Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current assets 1,805,278 1,109,490 981,952 619,091 558,155
Adjustments
Add: Allowance 2,176 2,203 2,105 1,567 1,882
After Adjustment
Adjusted current assets 1,807,454 1,111,693 984,057 620,658 560,037

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).


Adjustments to Total Assets

Axon Enterprise Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total assets 2,851,894 1,688,210 1,381,023 845,639 719,540
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 12,777
Add: Allowance 2,176 2,203 2,105 1,567 1,882
Less: Deferred income tax assets2 156,866 127,193 45,770 27,688 19,347
After Adjustment
Adjusted total assets 2,697,204 1,563,220 1,337,358 819,518 714,852

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred income tax assets. See details »


Adjustments to Current Liabilities

Axon Enterprise Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Current liabilities 602,646 418,521 256,331 195,566 166,011
Adjustments
Less: Current portion of deferred revenue 360,037 265,591 163,959 117,864 107,016
Less: Current accrued warranty expense 811 2,822 769 1,476 898
After Adjustment
Adjusted current liabilities 241,798 150,108 91,603 76,226 58,097

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).


Adjustments to Total Liabilities

Axon Enterprise Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Total liabilities 1,583,403 640,361 404,768 302,144 252,216
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 12,777
Less: Deferred income tax liabilities2 1 811 649 354
Less: Deferred revenue 608,040 451,312 275,181 205,800 181,433
Less: Accrued warranty expense 811 2,822 769 1,476 898
After Adjustment
Adjusted total liabilities 974,551 185,416 128,169 94,514 82,662

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Axon Enterprise Inc., adjusted stockholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Adjustments
Less: Net deferred income tax assets (liabilities)1 156,865 126,382 45,121 27,334 19,347
Add: Allowance 2,176 2,203 2,105 1,567 1,882
Add: Deferred revenue 608,040 451,312 275,181 205,800 181,433
Add: Accrued warranty expense 811 2,822 769 1,476 898
After Adjustment
Adjusted stockholders’ equity 1,722,653 1,377,804 1,209,189 725,004 632,190

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).

1 Net deferred income tax assets (liabilities). See details »


Adjustments to Capitalization Table

Axon Enterprise Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Convertible notes, net 673,967
Total reported debt 673,967
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Total reported capital 1,942,458 1,047,849 976,255 543,495 467,324
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 12,777
Add: Current operating lease liabilities (classified in Other current liabilities)2 6,357 6,540 5,431 3,817
Add: Long-term operating lease liabilities3 37,143 20,439 18,952 6,792
Adjusted total debt 717,467 26,979 24,383 10,609 12,777
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)4 156,865 126,382 45,121 27,334 19,347
Add: Allowance 2,176 2,203 2,105 1,567 1,882
Add: Deferred revenue 608,040 451,312 275,181 205,800 181,433
Add: Accrued warranty expense 811 2,822 769 1,476 898
Adjusted stockholders’ equity 1,722,653 1,377,804 1,209,189 725,004 632,190
After Adjustment
Adjusted total capital 2,440,120 1,404,783 1,233,572 735,613 644,967

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (classified in Other current liabilities). See details »

3 Long-term operating lease liabilities. See details »

4 Net deferred income tax assets (liabilities). See details »


Adjustments to Revenues

Axon Enterprise Inc., adjusted net sales

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Net sales 1,189,935 863,381 681,003 530,860 420,068
Adjustment
Add: Increase (decrease) in deferred revenue 156,728 176,131 69,381 24,367 56,151
After Adjustment
Adjusted net sales 1,346,663 1,039,512 750,384 555,227 476,219

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).


Adjustments to Reported Income

Axon Enterprise Inc., adjusted net income (loss)

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Net income (loss) 147,139 (60,018) (1,724) 882 29,205
Adjustments
Add: Deferred income tax expense (benefit)1 22,090 (80,345) (16,417) (7,989) (8,749)
Add: Increase (decrease) in allowance (27) 98 538 (315) 1,128
Add: Increase (decrease) in deferred revenue 156,728 176,131 69,381 24,367 56,151
Add: Increase (decrease) in accrued warranty expense (2,011) 2,053 (707) 578 254
Add: Other comprehensive income (loss) (5,862) (1,458) 1,237 417 (46)
After Adjustment
Adjusted net income (loss) 318,057 36,461 52,308 17,940 77,943

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).

1 Deferred income tax expense (benefit). See details »