$AXON
AXON ENTERPRISE, INC.

2014 Q1 Form 10-Q Financial Statement

#000119312514182975 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $36.19M $30.43M
YoY Change 18.9% 18.69%
Cost Of Revenue $13.98M $11.98M
YoY Change 16.64% 15.22%
Gross Profit $22.21M $18.45M
YoY Change 20.36% 21.06%
Gross Profit Margin 61.37% 60.63%
Selling, General & Admin $13.75M $11.18M
YoY Change 22.94% 33.11%
% of Gross Profit 61.9% 60.6%
Research & Development $3.606M $2.013M
YoY Change 79.14% -4.14%
% of Gross Profit 16.24% 10.91%
Depreciation & Amortization $1.162M $1.419M
YoY Change -18.11% -15.03%
% of Gross Profit 5.23% 7.69%
Operating Expenses $17.35M $13.19M
YoY Change 31.51% 19.95%
Operating Profit $4.856M $5.257M
YoY Change -7.63% 23.96%
Interest Expense $30.00K -$23.00K
YoY Change -230.43%
% of Operating Profit 0.62% -0.44%
Other Income/Expense, Net
YoY Change
Pretax Income $4.886M $5.234M
YoY Change -6.65% -19.48%
Income Tax $1.495M $1.936M
% Of Pretax Income 30.6% 36.99%
Net Earnings $3.391M $3.298M
YoY Change 2.82% -13.3%
Net Earnings / Revenue 9.37% 10.84%
Basic Earnings Per Share $0.06 $0.06
Diluted Earnings Per Share $0.06 $0.06
COMMON SHARES
Basic Shares Outstanding 53.19M shares 52.75M shares
Diluted Shares Outstanding 55.12M shares 54.60M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.80M $38.60M
YoY Change 62.69% 29.97%
Cash & Equivalents $45.13M $38.58M
Short-Term Investments $17.70M $0.00
Other Short-Term Assets $16.50M $13.30M
YoY Change 24.06% 22.02%
Inventory $13.25M $11.80M
Prepaid Expenses
Receivables $20.50M $16.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.1M $80.50M
YoY Change 40.48% 22.15%
LONG-TERM ASSETS
Property, Plant & Equipment $18.40M $21.20M
YoY Change -13.22% -17.19%
Goodwill $2.235M
YoY Change
Intangibles $3.115M
YoY Change
Long-Term Investments $14.70M
YoY Change
Other Assets $1.105M $12.00M
YoY Change -90.79% -8.4%
Total Long-Term Assets $51.68M $36.60M
YoY Change 41.19% -12.86%
TOTAL ASSETS
Total Short-Term Assets $113.1M $80.50M
Total Long-Term Assets $51.68M $36.60M
Total Assets $164.8M $117.1M
YoY Change 40.7% 8.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.013M $4.800M
YoY Change 46.1% 26.32%
Accrued Expenses $9.407M $6.600M
YoY Change 42.53% 4.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.41M $16.80M
YoY Change 45.32% 18.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $555.0K $12.10M
YoY Change -95.41% 80.6%
Total Long-Term Liabilities $555.0K $12.10M
YoY Change -95.41% 80.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.41M $16.80M
Total Long-Term Liabilities $555.0K $12.10M
Total Liabilities $40.98M $28.90M
YoY Change 41.79% 38.94%
SHAREHOLDERS EQUITY
Retained Earnings $64.52M
YoY Change
Common Stock $151.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.20M
YoY Change
Treasury Stock Shares 16.41M shares
Shareholders Equity $123.8M $88.20M
YoY Change
Total Liabilities & Shareholders Equity $164.8M $117.1M
YoY Change 40.7% 8.53%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $3.391M $3.298M
YoY Change 2.82% -13.3%
Depreciation, Depletion And Amortization $1.162M $1.419M
YoY Change -18.11% -15.03%
Cash From Operating Activities $4.310M $4.520M
YoY Change -4.65% 23.5%
INVESTING ACTIVITIES
Capital Expenditures $799.0K $383.0K
YoY Change 108.62% -195.75%
Acquisitions
YoY Change
Other Investing Activities -$11.44M $1.710M
YoY Change -769.01% -812.5%
Cash From Investing Activities -$12.31M $1.230M
YoY Change -1100.65% -292.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $5.351M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $10.85M -3.320M
YoY Change -426.87% -33300.0%
NET CHANGE
Cash From Operating Activities $4.310M 4.520M
Cash From Investing Activities -$12.31M 1.230M
Cash From Financing Activities $10.85M -3.320M
Net Change In Cash $2.854M 2.430M
YoY Change 17.45% -19.8%
FREE CASH FLOW
Cash From Operating Activities $4.310M $4.520M
Capital Expenditures $799.0K $383.0K
Free Cash Flow $3.511M $4.137M
YoY Change -15.13% 1.9%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>f. Warranty costs</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company warrants its CEWs, StrikeLight, AXON cameras and Evidence Transfer Management systems (&#x201C;ETMs&#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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The reserve for warranty returns is included in accrued liabilities on the condensed consolidated balance sheets. The three months ended March&#xA0;31, 2014 includes additional expense due to a change in estimate regarding the Company&#x2019;s first generation ETM as a result of an updated version launched in the first quarter. Changes in the Company&#x2019;s estimated product warranty liabilities are as follows (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="76%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b>Three&#xA0;Months&#xA0;Ended&#xA0;March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2014</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2013</b></td> <td valign="bottom">&#xA0;</td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, January&#xA0;1,</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">955</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">484</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Utilization of accrual</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(174</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(157</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Warranty expense</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">306</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">169</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, March&#xA0;31,</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,087</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">496</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> &#xA0;</p> </div>
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