Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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 income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Sales Trends
- Net sales showed a generally upward trend from 2018 through early 2023, increasing from approximately $101 million in Q1 2018 to over $343 million in Q1 2023. Both product and service revenues grew over this period, with product sales exhibiting some volatility but an overall growth trajectory. Service sales increased steadily and more consistently, particularly accelerating from 2020 onwards, indicating an expansion in the service segment relative to products.
- Cost of Sales and Gross Margin
- The cost of sales rose in parallel with net sales, climbing from about $36.7 million in Q1 2018 to nearly $139 million by Q1 2023. Notably, the cost of product sales experienced a sharp increase in late 2019, correlating with a large increase in product revenue during that period. Despite rising costs, gross margin maintained a growing trend, moving from roughly $64.5 million in Q1 2018 to a peak of about $205.7 million in Q4 2022, although it slightly decreased in Q1 2023. This reflects an overall improvement in profitability at the gross level, supported by the company's ability to manage cost increases relative to sales growth.
- Operating Expenses
- Operating expenses also rose markedly over the period, from around $50.9 million in Q1 2018 to over $187 million by Q1 2023. Both sales, general and administrative (SG&A) and research and development (R&D) costs increased significantly. SG&A expenses were particularly volatile, with a sharp spike occurring in late 2019 and again in mid-2021, before moderating somewhat. R&D spending showed a steady increase, reflecting ongoing investment in innovation. The rising operating expense trend suggests an intensified investment in growth-related activities but also pressure on operating profitability.
- Operating Income and Profitability
- Operating income displayed considerable fluctuations, with several periods of losses interspersed with gains. After small positive results in early periods, operating income turned negative in Q4 2019 and Q2 2020 but improved in some intervals thereafter, reaching highs above $32 million in Q3 2022. Profitability at the operating level appears inconsistent, reflecting the impact of rising operating expenses and cost volatility, despite growing revenues.
- Interest and Other Income (Expense), Net
- This item fluctuated throughout the analyzed period, with several quarters showing positive net income from interest and other sources, especially from mid-2021 forward when it spiked significantly. This suggests occasional gains or other income sources impacting overall profitability positively during certain periods, offsetting operating losses in some cases.
- Income Before Taxes and Tax Provision
- Income before provision for income taxes exhibited volatility similar to operating income, ranging from gains to losses across quarters. The tax provision was generally positive but varied widely, with some quarters showing tax benefits and others tax expenses. The interaction between pre-tax income and tax provisions contributed to net income variability throughout the period.
- Net Income
- Net income fluctuated considerably, with periods of loss such as in Q4 2019 and Q2 2020, and periods of strong profitability, notably from mid-2021 onward. The most notable turnaround occurred between late 2020 and 2021, where net income swung from negative values to significantly positive, reaching approximately $45 million by Q1 2023. This demonstrates improved overall profitability resilience despite prior volatility.
- Summary
- Overall, the data reveals a company experiencing strong revenue growth, particularly in services, alongside rising costs and expenses. Profitability shows a volatile pattern, influenced by fluctuating operating costs and occasional non-operating income. The increasing research and development and SG&A expenses suggest sustained investment in growth and innovation, while the notable improvement in net income post-2020 indicates successful adjustments or market improvements supporting financial performance. Continued focus on managing operating expenses relative to revenue growth will be key to maintaining and advancing profitability.