Balance Sheet: Assets
Quarterly Data

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.

Axon Enterprise Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Cash and cash equivalents	263,414)	353,684)	147,711)	212,815)	386,367)	356,332)	281,691)	266,372)	154,822)	155,440)	176,000)	319,253)	156,540)	172,250)	202,551)	219,720)	223,642)	349,462)	324,371)	307,507)	92,330)
Marketable securities	54,810)	39,240)	35,280)	45,900)	57,600)	72,180)	83,340)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Short-term investments	775,129)	581,769)	194,627)	118,514)	20,024)	14,510)	216,557)	388,895)	440,842)	406,525)	330,914)	237,980)	188,673)	178,534)	108,913)	116,629)	105,312)	—)	500)	4,124)	4,475)
Accounts and notes receivable, net of allowance	379,887)	358,190)	418,308)	379,672)	344,907)	320,819)	265,267)	201,907)	185,373)	229,201)	172,803)	154,253)	147,945)	146,878)	149,013)	134,630)	149,096)	130,579)	116,518)	94,296)	87,849)
Contract assets, net	216,869)	196,902)	168,673)	196,754)	147,861)	180,421)	130,976)	86,561)	72,472)	63,945)	63,105)	50,799)	43,959)	47,718)	33,602)	26,648)	17,945)	13,960)	13,263)	10,468)	9,278)
Inventory	220,268)	202,471)	173,046)	154,297)	122,150)	108,688)	93,279)	91,739)	89,657)	89,958)	97,610)	81,010)	46,922)	38,845)	40,666)	40,999)	37,587)	33,763)	39,221)	43,967)	43,104)
Prepaid expenses and other current assets	142,319)	73,022)	68,054)	61,839)	67,208)	56,540)	52,710)	45,456)	43,063)	36,883)	35,421)	42,429)	34,702)	34,866)	41,277)	36,429)	33,340)	30,391)	30,514)	26,604)	21,934)
Current assets	2,052,696)	1,805,278)	1,205,699)	1,169,791)	1,146,117)	1,109,490)	1,123,820)	1,080,930)	986,229)	981,952)	875,853)	885,724)	618,741)	619,091)	576,022)	575,055)	566,922)	558,155)	524,387)	486,966)	258,970)
Property and equipment, net	172,674)	169,843)	164,160)	157,916)	149,505)	138,457)	128,808)	119,933)	112,119)	105,494)	102,718)	45,386)	43,065)	43,770)	42,592)	40,500)	41,347)	37,893)	35,613)	34,503)	31,175)
Deferred tax assets, net	171,122)	156,866)	96,355)	100,548)	108,840)	127,193)	104,169)	52,387)	46,403)	45,770)	39,773)	34,142)	29,433)	27,688)	23,290)	20,658)	18,770)	19,347)	18,080)	15,813)	14,200)
Intangible assets, net	11,270)	12,158)	13,039)	13,934)	14,399)	15,470)	7,426)	7,870)	8,642)	9,448)	10,260)	11,146)	11,929)	12,771)	13,528)	14,424)	15,067)	15,935)	16,956)	20,442)	17,496)
Goodwill	44,982)	44,983)	44,819)	45,004)	43,607)	43,592)	25,571)	25,178)	25,194)	25,205)	25,012)	24,905)	24,752)	25,013)	24,876)	24,969)	25,017)	24,981)	25,043)	24,684)	14,947)
Long-term investments	31,116)	156,207)	28,536)	24,925)	17,731)	31,232)	49,431)	48,669)	78,464)	90,681)	120,615)	129,580)	50,225)	45,499)	41,391)	—)	—)	—)	—)	—)	—)
Long-term notes receivable, net	4,467)	5,210)	8,462)	8,992)	10,184)	11,256)	12,621)	17,466)	18,546)	22,457)	22,611)	26,115)	27,556)	31,598)	33,463)	35,170)	36,316)	40,230)	38,220)	37,158)	34,624)
Long-term contract assets, net	54,886)	45,170)	48,388)	28,240)	29,616)	29,753)	43,394)	31,691)	26,341)	20,099)	15,019)	12,108)	12,293)	—)	—)	—)	—)	—)	—)	—)	—)
Strategic investments	296,563)	296,563)	290,329)	281,691)	154,452)	83,520)	58,520)	58,520)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other long-term assets	168,173)	159,616)	110,643)	100,982)	98,003)	98,247)	91,627)	84,244)	102,920)	79,917)	67,288)	63,806)	59,457)	40,209)	37,142)	35,594)	35,756)	22,999)	23,396)	22,831)	21,573)
Long-term assets	955,253)	1,046,616)	804,731)	762,232)	626,337)	578,720)	521,567)	445,958)	418,629)	399,071)	403,296)	347,188)	258,710)	226,548)	216,282)	171,315)	172,273)	161,385)	157,308)	155,431)	134,015)
Total assets	3,007,949)	2,851,894)	2,010,430)	1,932,023)	1,772,454)	1,688,210)	1,645,387)	1,526,888)	1,404,858)	1,381,023)	1,279,149)	1,232,912)	877,451)	845,639)	792,304)	746,370)	739,195)	719,540)	681,695)	642,397)	392,985)

An analysis of the quarterly financial data reveals several significant trends in the company’s asset accounts over the period examined.

Cash and Cash Equivalents: This category shows high volatility, with a substantial peak in mid-2018 followed by a steep decline into early 2020. Subsequently, cash levels demonstrate a recovery and further growth reaching a new high towards the end of 2021, before experiencing another decline and then rising sharply again into 2023.
Marketable Securities: Available data from 2022 onwards indicates a declining trend in marketable securities, suggesting either liquidation or shifts in investment strategy during this period.
Short-Term Investments: Short-term investments exhibit substantial growth from early 2019 to late 2021, peaking around the end of 2021. A decline occurs during 2022, but values surge dramatically again by early 2023. This pattern points to active portfolio management of liquid investments.
Accounts and Notes Receivable, Net: Accounts receivable steadily increase throughout the period, indicating growth in credit sales or expanded business volume. The growth accelerates especially from 2020 onwards, peaking in late 2022 before a moderate downturn in early 2023.
Contract Assets, Net: A consistent upward trend is observed in contract assets, with occasional fluctuations. The level nearly doubles from 2020 through 2022, reflecting increased recognition of revenue tied to performance obligations that have not yet been invoiced.
Inventory: Inventory levels show a marked increase starting in 2020, rising steadily through 2023. This increase may reflect stockpiling, expanding product lines, or slower turnover rates.
Prepaid Expenses and Other Current Assets: These assets gradually increase over time, nearly doubling from 2018 to early 2023, indicating rising upfront payments or growing other current asset balances.
Current Assets: A strong upward trajectory characterizes current assets, nearly tripling from 2018 to early 2023. This rise aligns with increases in cash equivalents, receivables, inventory, and investments, denoting overall asset growth at the short-term level.
Property and Equipment, Net: There is a general growth in net property and equipment, with a notable jump between mid-2020 and late 2021, possibly tied to significant capital expenditures or asset revaluation.
Deferred Tax Assets, Net: Deferred tax assets demonstrate growth with considerable variability, peaking in late 2021, decreasing somewhat, then climbing again through early 2023, which could reflect timing differences in taxable income and recognition of tax benefits.
Intangible Assets, Net: Intangible assets steadily decline over the period, suggesting amortization or impairment without equivalent additions.
Goodwill: Goodwill remains relatively stable until a notable increase in late 2021, maintained thereafter, indicative of acquisitions or revaluations occurring at that time.
Long-Term Investments: Long-term investments show fluctuating values with a spike starting in late 2019, followed by a decline and then new increases in the early 2020s, illustrating changes in investment strategy or divestitures.
Long-Term Notes Receivable, Net: A gradual decline in long-term notes receivable suggests repayments or write-offs over time.
Long-Term Contract Assets, Net: Available only from late 2019 onwards, these assets demonstrate growth with some volatility, roughly doubling over the observed timeframe, indicating increasing recognition of long-term unbilled revenue.
Strategic Investments: Reported from 2021, strategic investments show a sharp increase through 2022 with stabilization thereafter, suggesting significant acquisitions or investments in strategic partnerships.
Other Long-Term Assets: These assets generally increase throughout the period, with a peak at the start of 2023 suggesting accumulation or reclassification of long-term items.
Long-Term Assets: Long-term assets overall reflect strong growth from 2018 through early 2023, highlighted by increases in property, deferred taxes, strategic investments, and other long-term assets, indicating ongoing capital investments and strategic positioning.
Total Assets: Total assets more than double from 2018 to 2023, driven by expansive growth in both current and long-term assets. The consistent upward trajectory underscores significant expansion and asset accumulation by the company over this period.

Assets: Selected Items

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Current Assets: Selected Items

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Axon Enterprise Inc. (NASDAQ:AXON)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data