$AXON
AXON ENTERPRISE, INC.

2013 Q4 Form 10-Q Financial Statement

#000119312513427744 Filed on November 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $40.03M $35.20M $28.77M
YoY Change 24.63% 22.33% 17.92%
Cost Of Revenue $14.50M $13.10M $11.97M
YoY Change 12.4% 9.45% 5.93%
Gross Profit $25.55M $22.10M $16.80M
YoY Change 33.32% 31.5% 28.27%
Gross Profit Margin 63.85% 62.78% 58.4%
Selling, General & Admin $11.40M $12.78M $9.540M
YoY Change -8.8% 33.92% 6.0%
% of Gross Profit 44.61% 57.82% 56.78%
Research & Development $3.400M $2.439M $1.986M
YoY Change 70.0% 22.83% -17.26%
% of Gross Profit 13.31% 11.04% 11.82%
Depreciation & Amortization $1.090M $1.088M $1.719M
YoY Change -22.7% -36.69% -13.64%
% of Gross Profit 4.27% 4.92% 10.23%
Operating Expenses $15.10M $15.22M $11.53M
YoY Change 4.14% 32.01% -2.32%
Operating Profit $10.45M $6.881M $5.277M
YoY Change 123.95% 30.39% 305.95%
Interest Expense $100.0K $35.00K $11.42K
YoY Change 0.0% 206.53%
% of Operating Profit 0.96% 0.51% 0.22%
Other Income/Expense, Net
YoY Change
Pretax Income $9.100M $6.916M $5.289M
YoY Change 89.58% 30.77% 340.73%
Income Tax $3.700M $1.802M $1.612M
% Of Pretax Income 40.66% 26.06% 30.48%
Net Earnings $5.375M $5.114M $3.677M
YoY Change 40.89% 39.08% 234.27%
Net Earnings / Revenue 13.43% 14.53% 12.78%
Basic Earnings Per Share $0.10 $0.10 $0.07
Diluted Earnings Per Share $0.10 $0.10 $0.07
COMMON SHARES
Basic Shares Outstanding 51.86M shares 51.34M shares 52.51M shares
Diluted Shares Outstanding 53.32M shares 53.11M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.40M $43.80M $29.10M
YoY Change 35.98% 50.52% -5.52%
Cash & Equivalents $42.27M $35.01M $25.97M
Short-Term Investments $9.100M $8.800M $3.200M
Other Short-Term Assets $12.50M $14.40M $9.400M
YoY Change 2.46% 53.19% -13.76%
Inventory $11.11M $12.29M $10.40M
Prepaid Expenses
Receivables $22.50M $20.10M $14.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $97.47M $90.45M $63.50M
YoY Change 23.29% 42.44% -8.76%
LONG-TERM ASSETS
Property, Plant & Equipment $19.04M $19.35M $22.70M
YoY Change -13.25% -14.77% -23.83%
Goodwill $2.235M
YoY Change
Intangibles $3.317M $3.360M
YoY Change 0.0%
Long-Term Investments $12.00M $4.600M
YoY Change
Other Assets $618.0K $357.5K $13.10M
YoY Change 100.65% -97.27% -10.27%
Total Long-Term Assets $50.92M $38.04M $39.10M
YoY Change 36.93% -2.7% -17.86%
TOTAL ASSETS
Total Short-Term Assets $97.47M $90.45M $63.50M
Total Long-Term Assets $50.92M $38.04M $39.10M
Total Assets $148.4M $128.5M $102.6M
YoY Change 27.66% 25.24% -12.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.221M $5.113M $4.300M
YoY Change -0.03% 18.91% -15.69%
Accrued Expenses $8.840M $8.181M $8.900M
YoY Change 25.12% -8.08% 15.58%
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 $23.13M $20.72M $17.40M
YoY Change 27.72% 19.11% 7.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $376.0K $169.1K $8.900M
YoY Change -96.52% -98.1% 28.99%
Total Long-Term Liabilities $376.0K $169.1K $8.900M
YoY Change -96.52% -98.1% 28.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.13M $20.72M $17.40M
Total Long-Term Liabilities $376.0K $169.1K $8.900M
Total Liabilities $40.04M $36.35M $26.30M
YoY Change 38.29% 38.2% 13.85%
SHAREHOLDERS EQUITY
Retained Earnings $61.13M $55.75M
YoY Change 42.54%
Common Stock $139.4M $128.6M
YoY Change 24.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.20M $92.20M
YoY Change 37.2%
Treasury Stock Shares 16.41M shares 16.41M shares
Shareholders Equity $108.3M $92.14M $76.30M
YoY Change
Total Liabilities & Shareholders Equity $148.4M $128.5M $102.6M
YoY Change 27.66% 25.24% -12.46%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $5.375M $5.114M $3.677M
YoY Change 40.89% 39.08% 234.27%
Depreciation, Depletion And Amortization $1.090M $1.088M $1.719M
YoY Change -22.7% -36.69% -13.64%
Cash From Operating Activities $9.340M $10.87M $9.880M
YoY Change 186.5% 10.02% 80.29%
INVESTING ACTIVITIES
Capital Expenditures -$660.0K $335.0K $285.3K
YoY Change 24.53% 17.42% -146.77%
Acquisitions
YoY Change
Other Investing Activities -$9.170M -$830.0K $2.010M
YoY Change -695.45% -141.29% -54.83%
Cash From Investing Activities -$9.820M -$1.240M $1.650M
YoY Change -1082.0% -175.15% -57.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.780M 6.300M -3.530M
YoY Change 31.64% -278.47% -71.42%
NET CHANGE
Cash From Operating Activities 9.340M 10.87M 9.880M
Cash From Investing Activities -9.820M -1.240M 1.650M
Cash From Financing Activities 7.780M 6.300M -3.530M
Net Change In Cash 7.300M 15.93M 8.000M
YoY Change -28.22% 99.12% -364.03%
FREE CASH FLOW
Cash From Operating Activities $9.340M $10.87M $9.880M
Capital Expenditures -$660.0K $335.0K $285.3K
Free Cash Flow $10.00M $10.54M $9.595M
YoY Change 163.85% 9.8% 57.55%

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dei Entity Registrant Name
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TASER INTERNATIONAL INC
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dei Document Type
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10-Q
dei Document Period End Date
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2013-09-30
dei Entity Central Index Key
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us-gaap Guarantees Indemnifications And Warranties Policies
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>f. Warranty costs</b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company warrants its CEWs, StrikeLight, AXON cameras and Evidence Transfer Manager (&#x201C;ETM&#x201D;) from manufacturing defects on a limited basis for a period of one year after purchase and thereafter, will replace any defective unit for a fee. 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.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The reserve for warranty returns is included in accrued liabilities on the condensed consolidated balance sheets. The nine months ended September&#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. Additional expense was also incurred due to the launch of the AXON body camera in the third quarter of 2013. The warranty expense for the nine months ended September&#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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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
3676872
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3702735
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
28772956
CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
285307
CY2012Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2012Q3 us-gaap Cost Of Services
CostOfServices
1114668
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
11969944
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
10855276
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
849388
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1985701
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1718546
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36000
CY2012Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
131000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9539996
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1611861
CY2012Q3 tasr Percentage Of Sales By Geographic Area
PercentageOfSalesByGeographicArea
1.00 pure
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53320918 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51341785 shares
CY2013Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10 pure
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
565099 shares
CY2013Q3 us-gaap Gross Profit
GrossProfit
22096005
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6915104
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
34730265
CY2013Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
34891
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6880213
CY2013Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
68951
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
466557
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
92306
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
5113592
CY2013Q3 us-gaap Defined Benefit Plan Contributions By Plan Participants
DefinedBenefitPlanContributionsByPlanParticipants
6000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5205898
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
35196822
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
335425
CY2013Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2013Q3 us-gaap Cost Of Services
CostOfServices
297127
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
13100817
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
12803690
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
962994
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2439812
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1088071
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
39000
CY2013Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
188000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12775980
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1801512
CY2013Q3 tasr Percentage Of Sales By Geographic Area
PercentageOfSalesByGeographicArea
1.00 pure

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