Name: Axon Enterprise Inc. (NASDAQ:AXON) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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Axon Enterprise Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	353,684)	356,332)	155,440)	172,250)	349,462)
Marketable securities	39,240)	72,180)	—)	—)	—)
Short-term investments	581,769)	14,510)	406,525)	178,534)	—)
Accounts and notes receivable, net of allowance	358,190)	320,819)	229,201)	146,878)	130,579)
Contract assets, net	196,902)	180,421)	63,945)	47,718)	13,960)
Inventory	202,471)	108,688)	89,958)	38,845)	33,763)
Prepaid expenses and other current assets	73,022)	56,540)	36,883)	34,866)	30,391)
Current assets	1,805,278)	1,109,490)	981,952)	619,091)	558,155)
Property and equipment, net	169,843)	138,457)	105,494)	43,770)	37,893)
Deferred tax assets, net	156,866)	127,193)	45,770)	27,688)	19,347)
Intangible assets, net	12,158)	15,470)	9,448)	12,771)	15,935)
Goodwill	44,983)	43,592)	25,205)	25,013)	24,981)
Long-term investments	156,207)	31,232)	90,681)	45,499)	—)
Long-term notes receivable, net	5,210)	11,256)	22,457)	31,598)	40,230)
Long-term contract assets, net	45,170)	29,753)	20,099)	—)	—)
Strategic investments	296,563)	83,520)	11,711)	—)	—)
Cash surrender value of corporate-owned life insurance policies	4,274)	5,276)	4,654)	4,214)	3,596)
Deferred commissions	93,213)	54,028)	32,455)	22,068)	15,530)
Restricted cash	54)	57)	62)	56)	661)
Operating lease assets	38,370)	23,270)	22,308)	9,653)	—)
Deferred implementation costs	3,045)	3,915)	—)	—)	—)
Prepaid expenses, deposits and other	20,660)	11,701)	8,727)	4,218)	3,212)
Other long-term assets	159,616)	98,247)	68,206)	40,209)	22,999)
Long-term assets	1,046,616)	578,720)	399,071)	226,548)	161,385)
Total assets	2,851,894)	1,688,210)	1,381,023)	845,639)	719,540)

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).

Total assets exhibited substantial growth over the five-year period, increasing from 719.5 million US dollars in 2018 to 2.85 billion US dollars by December 31, 2022. This trajectory indicates an aggressive expansion of the balance sheet, with the most significant acceleration occurring between 2021 and 2022, where total assets grew by approximately 69%.

Liquidity and Short-Term Investment Trends: Current assets grew from 558.2 million US dollars in 2018 to 1.81 billion US dollars in 2022. A notable shift in liquidity management is observed, characterized by volatility in cash and cash equivalents and short-term investments. While cash equivalents remained relatively stable between 2021 and 2022 at approximately 350 million US dollars, short-term investments saw a dramatic increase from 14.5 million US dollars in 2021 to 581.8 million US dollars in 2022, suggesting a strategic reallocation of liquid capital into interest-bearing or short-term financial instruments.
Operational Asset Growth: There is a consistent upward trend in operational current assets. Accounts and notes receivable grew steadily from 130.6 million US dollars in 2018 to 358.2 million US dollars in 2022. More pronounced growth is visible in contract assets, which rose from 13.9 million US dollars in 2018 to 196.9 million US dollars in 2022, reflecting an increase in unbilled revenue or performance obligations. Inventory levels also expanded significantly, particularly between 2021 and 2022, nearly doubling from 108.7 million US dollars to 202.5 million US dollars, which may indicate scaling production or strategic stockpiling.
Long-Term Asset Expansion and Strategic Investments: Long-term assets increased from 161.4 million US dollars in 2018 to 1.05 billion US dollars in 2022. This growth was driven primarily by a surge in strategic investments, which rose from zero in 2018 to 296.6 million US dollars by 2022. Property and equipment, net, followed a steady growth path, increasing from 37.9 million US dollars to 169.8 million US dollars, signaling ongoing investment in physical infrastructure. Additionally, deferred tax assets grew significantly, reaching 156.9 million US dollars in 2022, compared to 19.3 million US dollars in 2018.
Other Asset Observations: Deferred commissions grew linearly from 15.5 million US dollars in 2018 to 93.2 million US dollars in 2022, likely corresponding with increased customer acquisition costs being amortized over time. Conversely, long-term notes receivable showed a consistent downward trend, declining from 40.2 million US dollars in 2018 to 5.2 million US dollars in 2022, suggesting the collection or write-off of long-term lendings.

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