Selected Financial Data
since 2005
Income Statement
Axon Enterprise Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 1,189,935) | 93,253) | 147,139) |
| Dec 31, 2021 | 863,381) | (168,123) | (60,018) |
| Dec 31, 2020 | 681,003) | (14,150) | (1,724) |
| Dec 31, 2019 | 530,860) | (6,394) | 882) |
| Dec 31, 2018 | 420,068) | 24,841) | 29,205) |
| Dec 31, 2017 | 343,798) | 13,023) | 5,207) |
| Dec 31, 2016 | 268,245) | 31,851) | 17,297) |
| Dec 31, 2015 | 197,892) | 35,335) | 19,933) |
| Dec 31, 2014 | 164,525) | 32,505) | 19,918) |
| Dec 31, 2013 | 137,831) | 27,948) | 18,244) |
| Dec 31, 2012 | 114,753) | 22,529) | 14,738) |
| Dec 31, 2011 | 90,028) | (10,916) | (7,040) |
| Dec 31, 2010 | 86,930) | (5,140) | (4,384) |
| Dec 31, 2009 | 104,252) | (79) | (1) |
| Dec 31, 2008 | 92,845) | 5,225) | 3,637) |
| Dec 31, 2007 | 100,727) | 20,374) | 15,026) |
| Dec 31, 2006 | 67,718) | (6,856) | (4,088) |
| Dec 31, 2005 | 47,694) | 1,551) | 1,063) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by aggressive top-line expansion contrasted with significant volatility in operational and net profitability. While revenue has grown consistently over the nearly two-decade period, the bottom line has fluctuated, suggesting periods of heavy reinvestment or structural transitions within the business model.
- Revenue Growth Trends
- Net sales demonstrate a sustained upward trajectory, increasing from 47.69 million USD in 2005 to 1.19 billion USD by 2022. The growth was relatively steady in the first decade, with minor contractions in 2008 and 2010. However, a period of accelerated growth began around 2015, with annual sales figures increasing rapidly each year. Between 2018 and 2022, revenue more than doubled, indicating a successful scaling of market reach or product adoption.
- Operational Efficiency and Stability
- Income from operations exhibits high volatility and does not correlate linearly with revenue growth. The company experienced multiple periods of operational losses, notably between 2009 and 2011, and again from 2019 to 2021. The operating loss peaked in 2021 at 168.12 million USD, despite achieving record-high net sales of 863.38 million USD for that year. A significant recovery occurred in 2022, with operating income rebounding to 93.25 million USD.
- Net Profitability Analysis
- Net income patterns mirror the operational volatility but show distinct anomalies. While the company maintained sporadic profitability through 2018, it entered a period of net losses from 2019 through 2021. The most severe net loss occurred in 2021 at 60.02 million USD. This trend reversed sharply in 2022, with net income reaching a historic peak of 147.14 million USD. The fact that net income in 2022 exceeded operating income suggests the presence of significant non-operating gains or tax adjustments during that fiscal year.
In summary, the financial data reveals a company that has prioritized revenue growth and market expansion over consistent short-term profitability. The sharp transition from a substantial net loss in 2021 to a record net profit in 2022 indicates a potential pivot toward operational maturity or the realization of previous investments.
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Balance Sheet: Assets
Axon Enterprise Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 1,805,278) | 2,851,894) |
| Dec 31, 2021 | 1,109,490) | 1,688,210) |
| Dec 31, 2020 | 981,952) | 1,381,023) |
| Dec 31, 2019 | 619,091) | 845,639) |
| Dec 31, 2018 | 558,155) | 719,540) |
| Dec 31, 2017 | 205,192) | 338,112) |
| Dec 31, 2016 | 177,231) | 278,163) |
| Dec 31, 2015 | 161,409) | 229,881) |
| Dec 31, 2014 | 139,828) | 185,368) |
| Dec 31, 2013 | 97,467) | 148,382) |
| Dec 31, 2012 | 79,053) | 116,236) |
| Dec 31, 2011 | 61,732) | 104,963) |
| Dec 31, 2010 | 82,326) | 136,187) |
| Dec 31, 2009 | 85,885) | 138,426) |
| Dec 31, 2008 | 91,599) | 130,016) |
| Dec 31, 2007 | 96,427) | 137,763) |
| Dec 31, 2006 | 56,116) | 119,838) |
| Dec 31, 2005 | 42,428) | 112,338) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory of the organization exhibits three distinct phases: a period of relative stagnation with minor fluctuations from 2005 to 2011, a phase of steady expansion from 2012 to 2017, and a period of exponential growth from 2018 through 2022.
- Total Asset Expansion
- Total assets remained relatively range-bound between 2005 and 2011, fluctuating between 104.9 million and 138.4 million. A consistent upward trend began in 2012, with assets more than doubling by 2017 to reach 338.1 million. The most significant acceleration occurred between 2017 and 2022, where total assets increased by approximately 743%, ending the period at 2.85 billion.
- Current Asset Growth and Liquidity
- Current assets followed a similar growth pattern to total assets but demonstrated more volatility in the early years. After a decline between 2007 and 2011, current assets entered a rapid growth phase. Notably, current assets jumped from 205.2 million in 2017 to 558.2 million in 2018, and continued to climb sharply to 1.81 billion by 2022. This suggests a substantial increase in liquid resources or short-term receivables during the latter half of the observed period.
- Asset Composition and Structure
- The composition of the balance sheet shifted significantly over time. In 2005, current assets represented approximately 37.7% of total assets. By 2018, this proportion increased sharply to 77.6%, indicating a shift toward a more liquid asset structure. By 2022, while total assets continued to grow faster than current assets, current assets still maintained a dominant position, comprising approximately 63.3% of the total asset base.
The data indicates a fundamental scaling of the balance sheet, particularly after 2017, characterized by a massive infusion of assets and a heightened emphasis on current asset liquidity compared to the historical baseline established between 2005 and 2011.
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Balance Sheet: Liabilities and Stockholders’ Equity
Axon Enterprise Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Convertible notes, net | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 602,646) | 1,583,403) | 673,967) | 1,268,491) |
| Dec 31, 2021 | 418,521) | 640,361) | —) | 1,047,849) |
| Dec 31, 2020 | 256,331) | 404,768) | —) | 976,255) |
| Dec 31, 2019 | 195,566) | 302,144) | —) | 543,495) |
| Dec 31, 2018 | 166,011) | 252,216) | —) | 467,324) |
| Dec 31, 2017 | 107,950) | 170,668) | —) | 167,444) |
| Dec 31, 2016 | 78,039) | 127,275) | —) | 150,888) |
| Dec 31, 2015 | 38,140) | 72,877) | —) | 157,004) |
| Dec 31, 2014 | 31,973) | 56,262) | —) | 129,106) |
| Dec 31, 2013 | 23,129) | 40,035) | —) | 108,347) |
| Dec 31, 2012 | 18,109) | 28,951) | —) | 87,285) |
| Dec 31, 2011 | 15,888) | 22,507) | —) | 82,456) |
| Dec 31, 2010 | 11,948) | 18,623) | —) | 117,564) |
| Dec 31, 2009 | 13,785) | 20,725) | —) | 117,701) |
| Dec 31, 2008 | 10,956) | 17,489) | —) | 112,526) |
| Dec 31, 2007 | 12,474) | 17,127) | —) | 120,637) |
| Dec 31, 2006 | 18,303) | 20,509) | —) | 99,329) |
| Dec 31, 2005 | 7,556) | 8,472) | —) | 103,866) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure of the organization exhibits two distinct phases: a period of relative stability from 2005 to 2015, followed by a period of rapid expansion in both obligations and equity from 2016 to 2022.
- Liability Progression
- Current liabilities remained under 40 million USD for the first decade of the period analyzed. However, a significant acceleration occurred starting in 2016, with values increasing from 78 million USD in 2016 to 602.6 million USD by 2022. Total liabilities mirrored this trend, experiencing marginal growth until 2015, after which they grew aggressively, culminating in a substantial spike to 1.58 billion USD in 2022.
- Financing Strategy and Long-Term Debt
- A fundamental shift in the liability composition is evident in 2022 with the introduction of convertible notes totaling 673.9 million USD. This single instrument accounts for a significant portion of the total liabilities for that year, indicating a strategic move toward long-term debt financing to support growth or capital requirements.
- Equity Accumulation and Capitalization
- Stockholders' equity exhibited moderate fluctuations between 82 million and 167 million USD from 2005 to 2017. A pivot occurred in 2018, where equity surged to 467.3 million USD, continuing an upward trajectory to reach 1.26 billion USD by 2022. This growth suggests strong retained earnings or significant capital infusions, enhancing the company's net worth and solvency position over time.
- Liability-to-Equity Relationship
- While both liabilities and equity grew substantially in the latter years, the scale of equity growth from 2018 onward provided a substantial capital cushion. However, the dramatic increase in total liabilities in 2022, driven primarily by the issuance of convertible notes, represents a marked increase in leverage compared to historical norms.
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Cash Flow Statement
Axon Enterprise Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 235,361) | (830,967) | 598,100) |
| Dec 31, 2021 | 124,494) | 252,556) | (174,181) |
| Dec 31, 2020 | 38,481) | (356,526) | 299,265) |
| Dec 31, 2019 | 65,673) | (240,737) | (3,937) |
| Dec 31, 2018 | 63,875) | (9,860) | 219,348) |
| Dec 31, 2017 | 18,490) | 19,082) | (3,854) |
| Dec 31, 2016 | 17,925) | (3,045) | (34,661) |
| Dec 31, 2015 | 46,445) | (36,009) | 603) |
| Dec 31, 2014 | 35,432) | (24,581) | (4,840) |
| Dec 31, 2013 | 32,426) | (23,062) | (3,189) |
| Dec 31, 2012 | 26,517) | 1,681) | (13,363) |
| Dec 31, 2011 | 17,266) | (7,598) | (31,062) |
| Dec 31, 2010 | 732) | (4,472) | 929) |
| Dec 31, 2009 | 10,117) | (11,680) | 187) |
| Dec 31, 2008 | 8,118) | 8,117) | (12,156) |
| Dec 31, 2007 | 13,923) | 13,005) | 3,099) |
| Dec 31, 2006 | 7,482) | (3,556) | (1,504) |
| Dec 31, 2005 | 1,068) | (191) | 718) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data reveals a significant expansion in cash generation and capital deployment over the observed period. There is a clear transition from a small-scale operational footprint to a high-growth phase characterized by substantial investments funded by both operational cash flows and external financing.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a long-term upward trajectory, growing from 1.07 million US dollars in 2005 to 235.36 million US dollars in 2022. While the growth was generally steady between 2005 and 2015, a notable contraction occurred in 2016 and 2017. However, a period of rapid acceleration began in 2018, with the most significant increase occurring between 2021 and 2022, where cash from operations nearly doubled.
- Investing Activity Patterns
- Investing activities are characterized by high volatility and a shift toward massive capital expenditures in later years. For much of the period between 2005 and 2017, investing outflows were relatively modest. A shift toward aggressive investment is evident starting in 2019, with outflows exceeding 356 million US dollars in 2020. Following a brief period of positive cash flow from investing in 2021, the company recorded its largest ever investing outflow of 830.97 million US dollars in 2022, suggesting a major strategic acquisition or significant infrastructure expansion.
- Financing Activity Dynamics
- Financing activities show a cyclical pattern of capital raising to support growth and investment. Major inflows were observed in 2018 (219.35 million US dollars), 2020 (299.27 million US dollars), and 2022 (598.10 million US dollars). These spikes in financing correlate with periods of high investing outflows, indicating that the company utilized external debt or equity markets to fund its expansion efforts. This is most evident in 2022, where the massive investing outflow was partially offset by the largest financing inflow in the recorded history.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components suggests a transition into a mature growth phase. In the early years, the company operated with low capital requirements. In the most recent period, the company has leveraged its increasing operational efficiency and external funding to aggressively invest in its future. The 2022 fiscal year represents a critical inflection point, where record-high operating cash flows and substantial financing were deployed into an unprecedented level of investing activity.
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Per Share Data
Axon Enterprise Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 2.07 | 2.03 | 0.00 |
| Dec 31, 2021 | -0.91 | -0.91 | 0.00 |
| Dec 31, 2020 | -0.03 | -0.03 | 0.00 |
| Dec 31, 2019 | 0.01 | 0.01 | 0.00 |
| Dec 31, 2018 | 0.52 | 0.50 | 0.00 |
| Dec 31, 2017 | 0.10 | 0.10 | 0.00 |
| Dec 31, 2016 | 0.33 | 0.32 | 0.00 |
| Dec 31, 2015 | 0.37 | 0.36 | 0.00 |
| Dec 31, 2014 | 0.38 | 0.37 | 0.00 |
| Dec 31, 2013 | 0.35 | 0.34 | 0.00 |
| Dec 31, 2012 | 0.27 | 0.27 | 0.00 |
| Dec 31, 2011 | -0.12 | -0.12 | 0.00 |
| Dec 31, 2010 | -0.07 | -0.07 | 0.00 |
| Dec 31, 2009 | 0.00 | 0.00 | 0.00 |
| Dec 31, 2008 | 0.06 | 0.06 | 0.00 |
| Dec 31, 2007 | 0.24 | 0.23 | 0.00 |
| Dec 31, 2006 | -0.07 | -0.07 | 0.00 |
| Dec 31, 2005 | 0.02 | 0.02 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share (EPS) profile exhibits significant volatility over the period from 2005 to 2022, characterized by alternating cycles of profitability and net losses. A notable lack of dividend distributions is observed throughout the entire timeframe, indicating a corporate strategy focused on the retention of earnings to fund operations or growth initiatives.
- Earnings Per Share Volatility
- Between 2005 and 2011, earnings were inconsistent, fluctuating between marginal gains and periodic losses. A period of relative stability and growth occurred from 2012 to 2016, where basic EPS peaked at 0.38 in 2014 before gradually declining. Following a recovery to 0.52 in 2018, a sharp downward trend emerged, culminating in a significant loss of 0.91 per share in 2021. This trend was abruptly reversed in 2022, with basic EPS rising to a period high of 2.07.
- Dilution Analysis
- The variance between basic and diluted earnings per share remains minimal across all reporting years. Diluted EPS closely mirrors the trajectory of basic EPS, suggesting a limited impact from convertible securities or stock options on the overall earnings available to common shareholders.
- Dividend Policy
- No dividend payments were recorded for any year within the analyzed period. The absence of per-share distributions confirms that the company did not return capital to shareholders via dividends, prioritizing internal reinvestment instead.
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