$AXON
AXON ENTERPRISE, INC.

2013 Q2 Form 10-Q Financial Statement

#000119312513324286 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q4 2012 Q2
Revenue $32.18M $32.12M $28.22M
YoY Change 14.01% 50.78% 33.12%
Cost Of Revenue $12.43M $12.90M $11.72M
YoY Change 6.08% -10.42% 30.22%
Gross Profit $19.74M $19.17M $16.50M
YoY Change 19.63% 173.83% 35.27%
Gross Profit Margin 61.36% 59.68% 58.47%
Selling, General & Admin $10.94M $12.50M $8.405M
YoY Change 30.18% 32.98% 5.06%
% of Gross Profit 55.42% 65.21% 50.93%
Research & Development $1.992M $2.000M $2.039M
YoY Change -2.3% -4.76% -27.18%
% of Gross Profit 10.09% 10.43% 12.35%
Depreciation & Amortization $1.530M $1.410M $1.729M
YoY Change -11.51% -29.15% -15.66%
% of Gross Profit 7.75% 7.36% 10.48%
Operating Expenses $12.93M $14.50M $10.44M
YoY Change 23.84% 18.85% -11.5%
Operating Profit $6.809M $4.668M $6.059M
YoY Change 12.38% -189.77% 1414.73%
Interest Expense $19.00K $100.0K $7.133K
YoY Change 166.37% -99.45%
% of Operating Profit 0.28% 2.14% 0.12%
Other Income/Expense, Net
YoY Change
Pretax Income $6.828M $4.800M $6.066M
YoY Change 12.56% -166.67% -259.63%
Income Tax $2.371M $1.000M $2.624M
% Of Pretax Income 34.72% 20.83% 43.25%
Net Earnings $4.457M $3.815M $3.442M
YoY Change 29.49% -164.66% -249.65%
Net Earnings / Revenue 13.85% 11.88% 12.2%
Basic Earnings Per Share $0.09 $0.07 $0.06
Diluted Earnings Per Share $0.08 $0.07 $0.06
COMMON SHARES
Basic Shares Outstanding 51.11M shares 54.52M shares
Diluted Shares Outstanding 52.85M shares 55.17M shares

Balance Sheet

Concept 2013 Q2 2012 Q4 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.80M $37.80M $23.20M
YoY Change 28.45% 43.18% -39.74%
Cash & Equivalents $19.08M $36.13M $17.97M
Short-Term Investments $10.70M $1.700M $5.200M
Other Short-Term Assets $16.00M $12.20M $9.000M
YoY Change 77.78% 0.83% -21.74%
Inventory $13.20M $10.99M $10.50M
Prepaid Expenses
Receivables $16.89M $18.10M $14.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $75.88M $79.05M $57.30M
YoY Change 32.42% 28.12% -24.7%
LONG-TERM ASSETS
Property, Plant & Equipment $20.03M $21.95M $24.10M
YoY Change -16.88% -18.09% -24.21%
Goodwill $0.00
YoY Change
Intangibles $3.333M $3.317M
YoY Change
Long-Term Investments $1.900M $0.00
YoY Change
Other Assets $203.1K $308.0K $13.00M
YoY Change -98.44% -97.67% -10.34%
Total Long-Term Assets $37.13M $37.18M $40.50M
YoY Change -8.32% -14.13% -18.18%
TOTAL ASSETS
Total Short-Term Assets $75.88M $79.05M $57.30M
Total Long-Term Assets $37.13M $37.18M $40.50M
Total Assets $113.0M $116.2M $97.80M
YoY Change 15.55% 10.7% -22.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.898M $6.223M $3.900M
YoY Change 51.23% 38.29% -22.0%
Accrued Expenses $7.426M $7.065M $6.600M
YoY Change 12.51% -7.04% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.97M $18.11M $14.80M
YoY Change 34.9% 13.89% -0.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.40M $10.80M $7.700M
YoY Change 74.03% 63.64% 28.33%
Total Long-Term Liabilities $13.40M $10.80M $7.700M
YoY Change 74.03% 63.64% 28.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.97M $18.11M $14.80M
Total Long-Term Liabilities $13.40M $10.80M $7.700M
Total Liabilities $33.34M $28.95M $22.50M
YoY Change 48.19% 28.67% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings $50.64M $42.88M
YoY Change
Common Stock $121.3M $111.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.20M $67.20M
YoY Change
Treasury Stock Shares 16.41M shares 13.36M shares
Shareholders Equity $79.66M $87.29M $75.30M
YoY Change
Total Liabilities & Shareholders Equity $113.0M $116.2M $97.80M
YoY Change 15.55% 10.7% -22.13%

Cashflow Statement

Concept 2013 Q2 2012 Q4 2012 Q2
OPERATING ACTIVITIES
Net Income $4.457M $3.815M $3.442M
YoY Change 29.49% -164.66% -249.65%
Depreciation, Depletion And Amortization $1.530M $1.410M $1.729M
YoY Change -11.51% -29.15% -15.66%
Cash From Operating Activities $7.700M $3.260M $9.720M
YoY Change -20.78% 23.95% 102.5%
INVESTING ACTIVITIES
Capital Expenditures $456.0K -$530.0K $302.6K
YoY Change 50.71% -32.91% -165.78%
Acquisitions
YoY Change
Other Investing Activities -$12.67M $1.540M $130.0K
YoY Change -9846.15% 54.0% -113.13%
Cash From Investing Activities -$13.23M $1.000M -$330.0K
YoY Change 3909.09% 376.19% -77.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.95M 5.910M -15.75M
YoY Change -11.43% -195.17% 111.69%
NET CHANGE
Cash From Operating Activities 7.700M 3.260M 9.720M
Cash From Investing Activities -13.23M 1.000M -330.0K
Cash From Financing Activities -13.95M 5.910M -15.75M
Net Change In Cash -19.48M 10.17M -6.360M
YoY Change 206.29% -401.78% 55.5%
FREE CASH FLOW
Cash From Operating Activities $7.700M $3.260M $9.720M
Capital Expenditures $456.0K -$530.0K $302.6K
Free Cash Flow $7.244M $3.790M $9.417M
YoY Change -23.08% 10.82% 79.04%

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dei Trading Symbol
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TASER INTERNATIONAL INC
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dei Document Type
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10-Q
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2013-06-30
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>f. Warranty costs</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company warrants law enforcement CEWs from manufacturing defects on a limited basis for a period of one year after purchase and thereafter, will replace any defective TASER unit for a fee. The Evidence Transfer Manager (&#x201C;ETM&#x201D;) and AXON Flex are warranted for one year. Until September&#xA0;1, 2012, the TASER C2 was warranted for a period of 90 days after purchase. As of September&#xA0;1, 2012, the TASER C2 is warranted for a period of one year after purchase. Estimated costs for the standard warranty are charged to cost of products sold and services delivered when revenue is recorded for the related product. Future warranty costs are estimated based on historical data related to returns and warranty costs on a quarterly basis and this rate is applied to current product sales. Historically, reserve amounts have been increased if management becomes aware of a component failure that could result in larger than anticipated returns from customers. The accrued warranty liability expense is reviewed quarterly to verify that it sufficiently reflects the remaining warranty obligations based on the anticipated expenditures over the balance of the warranty obligation period, and adjustments are made when actual warranty claim experience differs from estimates. Costs related to extended warranties are charged to cost of products sold and services delivered when incurred.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The reserve for warranty returns is included in accrued liabilities on the condensed consolidated balance sheet. The six months ended June&#xA0;30, 2013 includes additional expense due to a change in estimate for the AXON Flex on-officer camera based on the analysis of return data for their first year of sales in addition to warranty expense relating to the launch of the X26P in the first quarter of 2013. The warranty expense for the six months ended June&#xA0;30, 2012, is net of a recovery due to a change in estimate for the X2 CEW warranty reserves based on the analysis of return data for their first year of sales. 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CY2012Q2 us-gaap Gross Profit
GrossProfit
16502373
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6066065
CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
28095855
CY2012Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
7133
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6058932
CY2012Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
129809
CY2012Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
126588
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3421818
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
28222443
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-20429
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
3442247
CY2012Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
302572
CY2012Q2 us-gaap Cost Of Services
CostOfServices
1199260
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
11720070
CY2012Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
10520810
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
589608
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2038830
CY2012Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1728933
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
34000
CY2012Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
126000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8404611
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2623818
CY2012Q2 tasr Percentage Of Sales By Geographic Area
PercentageOfSalesByGeographicArea
1.00 pure
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52853166 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1744106 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51109060 shares
CY2013Q2 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10 pure
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1235117 shares
CY2013Q2 us-gaap Gross Profit
GrossProfit
19742363
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6828891
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
31842404
CY2013Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
18677
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6810214
CY2013Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
98680
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
333393
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-45185
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
4457534
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4412349
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
32175797
CY2013Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
455906
CY2013Q2 us-gaap Cost Of Services
CostOfServices
666825
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12433434
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
11766609
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1019300
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1992064
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1529507
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
38000
CY2013Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
159000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10940085
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2371357
CY2013Q2 tasr Percentage Of Sales By Geographic Area
PercentageOfSalesByGeographicArea
1.00 pure

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