$AXON
AXON ENTERPRISE, INC.

2014 Q2 Form 10-Q Financial Statement

#000119312514296023 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $37.18M $32.18M
YoY Change 15.54% 14.01%
Cost Of Revenue $13.96M $12.43M
YoY Change 12.29% 6.08%
Gross Profit $23.21M $19.74M
YoY Change 17.59% 19.63%
Gross Profit Margin 62.45% 61.36%
Selling, General & Admin $13.55M $10.94M
YoY Change 23.82% 30.18%
% of Gross Profit 58.36% 55.42%
Research & Development $3.455M $1.992M
YoY Change 73.44% -2.3%
% of Gross Profit 14.88% 10.09%
Depreciation & Amortization $1.105M $1.530M
YoY Change -27.78% -11.51%
% of Gross Profit 4.76% 7.75%
Operating Expenses $17.00M $12.93M
YoY Change 31.46% 23.84%
Operating Profit $6.212M $6.809M
YoY Change -8.77% 12.38%
Interest Expense $42.00K $19.00K
YoY Change 121.05% 166.37%
% of Operating Profit 0.68% 0.28%
Other Income/Expense, Net
YoY Change
Pretax Income $6.254M $6.828M
YoY Change -8.41% 12.56%
Income Tax $2.370M $2.371M
% Of Pretax Income 37.9% 34.72%
Net Earnings $3.883M $4.457M
YoY Change -12.88% 29.49%
Net Earnings / Revenue 10.45% 13.85%
Basic Earnings Per Share $0.07 $0.09
Diluted Earnings Per Share $0.07 $0.08
COMMON SHARES
Basic Shares Outstanding 53.38M shares 51.11M shares
Diluted Shares Outstanding 54.76M shares 52.85M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.80M $29.80M
YoY Change 63.76% 28.45%
Cash & Equivalents $25.94M $19.08M
Short-Term Investments $22.90M $10.70M
Other Short-Term Assets $15.40M $16.00M
YoY Change -3.75% 77.78%
Inventory $15.11M $13.20M
Prepaid Expenses
Receivables $23.10M $16.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $102.4M $75.88M
YoY Change 35.0% 32.42%
LONG-TERM ASSETS
Property, Plant & Equipment $17.96M $20.03M
YoY Change -10.35% -16.88%
Goodwill $2.235M
YoY Change
Intangibles $3.219M $3.333M
YoY Change -3.41%
Long-Term Investments $10.90M $1.900M
YoY Change 473.68%
Other Assets $1.309M $203.1K
YoY Change 544.44% -98.44%
Total Long-Term Assets $46.92M $37.13M
YoY Change 26.38% -8.32%
TOTAL ASSETS
Total Short-Term Assets $102.4M $75.88M
Total Long-Term Assets $46.92M $37.13M
Total Assets $149.4M $113.0M
YoY Change 32.16% 15.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.404M $5.898M
YoY Change -8.37% 51.23%
Accrued Expenses $6.249M $7.426M
YoY Change -15.85% 12.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.31M $19.97M
YoY Change 1.72% 34.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $760.0K $13.40M
YoY Change -94.33% 74.03%
Total Long-Term Liabilities $760.0K $13.40M
YoY Change -94.33% 74.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.31M $19.97M
Total Long-Term Liabilities $760.0K $13.40M
Total Liabilities $38.89M $33.34M
YoY Change 16.63% 48.19%
SHAREHOLDERS EQUITY
Retained Earnings $68.40M $50.64M
YoY Change 35.08%
Common Stock $153.8M $121.3M
YoY Change 26.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $111.8M $92.20M
YoY Change 21.21%
Treasury Stock Shares 17.90M shares 16.41M shares
Shareholders Equity $110.5M $79.66M
YoY Change
Total Liabilities & Shareholders Equity $149.4M $113.0M
YoY Change 32.16% 15.55%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $3.883M $4.457M
YoY Change -12.88% 29.49%
Depreciation, Depletion And Amortization $1.105M $1.530M
YoY Change -27.78% -11.51%
Cash From Operating Activities $1.650M $7.700M
YoY Change -78.57% -20.78%
INVESTING ACTIVITIES
Capital Expenditures $423.0K $456.0K
YoY Change -7.24% 50.71%
Acquisitions
YoY Change
Other Investing Activities -$1.670M -$12.67M
YoY Change -86.82% -9846.15%
Cash From Investing Activities -$2.130M -$13.23M
YoY Change -83.9% 3909.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.72M -13.95M
YoY Change 34.19% -11.43%
NET CHANGE
Cash From Operating Activities 1.650M 7.700M
Cash From Investing Activities -2.130M -13.23M
Cash From Financing Activities -18.72M -13.95M
Net Change In Cash -19.20M -19.48M
YoY Change -1.44% 206.29%
FREE CASH FLOW
Cash From Operating Activities $1.650M $7.700M
Capital Expenditures $423.0K $456.0K
Free Cash Flow $1.227M $7.244M
YoY Change -83.06% -23.08%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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 E-Docks 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 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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> The reserve for warranty returns is included in accrued liabilities on the condensed consolidated balance sheets. The Company recognized additional warranty expense during the first six months of 2014 due to a change in estimate regarding the Company&#x2019;s first generation E-Dock as a result of an updated version launched in the first quarter. The Company also recognized additional warranty expense during the six months ended June&#xA0;30, 2013 due to a change in estimate for the AXON flex and X26P based on the analysis of return data for their first year of sales. 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