Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Axon Enterprise Inc., consolidated balance sheet: assets
US$ in thousands
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 annual financial figures indicate significant growth and shifts in asset composition over the observed periods. The total assets increased markedly from approximately 720 million US dollars at the end of 2018 to nearly 2.85 billion US dollars by the end of 2022, reflecting an overall expansion in the asset base.
- Liquidity and Short-Term Assets
- Cash and cash equivalents showed considerable fluctuations, initially decreasing from about 349 million to 155 million by the end of 2020, followed by a sharp rise to over 353 million by 2022. Marketable securities appeared only in 2021 and 2022, indicating a new or resumed investment strategy with values of 72 million and 39 million, respectively. Short-term investments demonstrated notable variability, peaking in 2020 at around 407 million, then dropping sharply in 2021, before reaching a new high of approximately 582 million in 2022.
- Receivables and Contract Assets
- Accounts and notes receivable steadily increased year-over-year from 131 million in 2018 to over 358 million in 2022, revealing growth in receivables which may be tied to expanded sales or services. Contract assets also exhibited strong growth, starting at nearly 14 million and rising to almost 197 million by 2022, reflecting possibly increased unbilled revenue or service contracts.
- Inventories and Prepaid Expenses
- Inventory displayed a significant upward trend, more than quintupling from approximately 34 million to over 202 million through the period, suggesting higher stocking levels or expanded production. Prepaid expenses and other current assets also grew consistently, more than doubling from about 30 million in 2018 to 73 million in 2022.
- Property, Equipment, and Intangibles
- Property and equipment, net, rose from about 38 million to nearly 170 million, indicating notable capital expenditures or asset acquisitions. Intangible assets decreased overall, from about 16 million to 12 million, despite a temporary increase in 2021, hinting at potential amortization or impairment. Goodwill remained relatively stable until 2020 but then jumped significantly in 2021 to 44 million, maintaining that level in 2022, which could be due to acquisitions.
- Long-Term and Strategic Investments
- Long-term investments showed irregular but increasing values from zero in 2018 to over 156 million by 2022. Strategic investments appeared starting 2020 with 12 million and surged to nearly 297 million by 2022, representing a substantial strategic allocation of resources. Other long-term assets also consistently increased, reaching approximately 160 million in 2022 from about 23 million in 2018.
- Deferred Assets and Lease Assets
- Deferred tax assets grew dramatically from about 19 million to 157 million, which may suggest increasing timing differences or deferred tax benefits. Deferred commissions also showed strong growth from 16 million to approximately 93 million, corresponding likely to deferred revenue recognition or sales commission deferrals. Operating lease assets, appearing from 2019 onwards, increased steadily to nearly 38 million by 2022, indicating more leased asset capitalization.
- Other Notable Items
- Long-term notes receivable decreased steadily from over 40 million to about 5 million, possibly reflecting repayments or write-offs. Restricted cash remained insignificant and fairly stable. Deferred implementation costs, first appearing in 2021, declined in 2022. Prepaid expenses, deposits, and similar items nearly quadrupled from 3.2 million to over 20 million, highlighting more payments made in advance over time.
In summary, the company’s asset growth is driven primarily by significant increases in current assets, especially receivables, contract assets, inventory, and investments both in the short and long term. Capital investments and strategic acquisitions are also evidenced by the rises in property, equipment, goodwill, and strategic investments. Deferred assets related to taxes and commissions have grown considerably, reflecting evolving operational and financial structures. The data reflects a company with expanding financial resources and complex asset management trends over the five-year period.