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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Axon Enterprise Inc | NASDAQ:AAXN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 174.54 | 172.03 | 175.00 | 0 | 01:00:00 |
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|
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Delaware
(State or other jurisdiction of
incorporation)
|
|
001-16391
(Commission File Number)
|
|
86-0741227
(IRS Employer
Identification No.)
|
o
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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|
o
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
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|
o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Three Months Ended
|
||||||||||||||||||
|
March 31,
2018
|
|
December 31,
2017 (1) |
|
September 30,
2017 (1) |
|
June 30,
2017 (1) |
|
March 31,
2017 (1) |
||||||||||
Non-GAAP net income:
|
(in thousands)
|
||||||||||||||||||
GAAP net income (loss)
|
$
|
12,926
|
|
|
$
|
(2,071
|
)
|
|
$
|
422
|
|
|
$
|
2,276
|
|
|
$
|
4,580
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
4,093
|
|
|
4,187
|
|
|
4,000
|
|
|
3,976
|
|
|
3,447
|
|
|||||
Loss on disposal or abandonment of intangible assets
|
—
|
|
|
1,146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss (gain) on disposal or abandonment of property and equipment
|
34
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
One-time charge related to Tax Cuts and Jobs Act
|
—
|
|
|
8,012
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income tax effects
|
(1,002
|
)
|
|
(1,999
|
)
|
|
(1,515
|
)
|
|
(1,492
|
)
|
|
(1,291
|
)
|
|||||
Non-GAAP net income
|
$
|
16,051
|
|
|
$
|
9,247
|
|
|
$
|
2,907
|
|
|
$
|
4,760
|
|
|
$
|
6,736
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2018
|
|
December 31,
2017 (1) |
|
September 30,
2017 (1) |
|
June 30,
2017 (1) |
|
March 31,
2017 (1) |
||||||||||
Non-GAAP diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss)
|
$
|
0.24
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.09
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
0.08
|
|
|
0.08
|
|
|
0.07
|
|
|
0.07
|
|
|
0.06
|
|
|||||
Loss on disposal or abandonment of intangible assets
|
—
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss (gain) on disposal or abandonment of property and equipment
|
0.00
|
|
|
(0.00
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
One-time charge related to Tax Cuts and Jobs Act
|
—
|
|
|
0.15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income tax effects
|
(0.02
|
)
|
|
(0.04
|
)
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
(0.02
|
)
|
|||||
Non-GAAP diluted earnings per share
(2)
|
$
|
0.29
|
|
|
$
|
0.17
|
|
|
$
|
0.05
|
|
|
$
|
0.09
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of diluted common and common equivalent shares outstanding (in thousands)
|
54,532
|
|
|
54,069
|
|
|
53,843
|
|
|
53,770
|
|
|
53,677
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31, 2018
|
|
December 31,
2017 (1) |
|
September 30,
2017 (1) |
|
June 30,
2017 (1) |
|
March 31,
2017 (1) |
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||
Net income (loss)
|
$
|
12,926
|
|
|
$
|
(2,071
|
)
|
|
$
|
422
|
|
|
$
|
2,276
|
|
|
$
|
4,580
|
|
Depreciation and amortization
|
2,411
|
|
|
2,364
|
|
|
2,277
|
|
|
1,796
|
|
|
1,604
|
|
|||||
Interest expense
|
20
|
|
|
54
|
|
|
49
|
|
|
45
|
|
|
38
|
|
|||||
Investment interest income
|
(75
|
)
|
|
(227
|
)
|
|
(189
|
)
|
|
(221
|
)
|
|
(267
|
)
|
|||||
Provision for income taxes
|
1,920
|
|
|
9,137
|
|
|
209
|
|
|
232
|
|
|
976
|
|
|||||
EBITDA
|
$
|
17,202
|
|
|
$
|
9,257
|
|
|
$
|
2,768
|
|
|
$
|
4,128
|
|
|
$
|
6,931
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
$
|
4,093
|
|
|
$
|
4,187
|
|
|
$
|
4,000
|
|
|
$
|
3,976
|
|
|
$
|
3,447
|
|
Net (gain) loss on disposal of property and equipment
|
34
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on disposal and abandonment of intangible assets
|
—
|
|
|
$
|
1,146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted EBITDA
|
$
|
21,329
|
|
|
$
|
14,562
|
|
|
$
|
6,768
|
|
|
$
|
8,104
|
|
|
$
|
10,378
|
|
Net income (loss) as a percentage of net sales
|
12.8
|
%
|
|
(2.2
|
)%
|
|
0.5
|
%
|
|
2.9
|
%
|
|
5.8
|
%
|
|||||
Adjusted EBITDA as a percentage of net sales
|
21.1
|
%
|
|
15.4
|
%
|
|
7.5
|
%
|
|
10.2
|
%
|
|
13.1
|
%
|
•
|
EBITDA (Most comparable GAAP Measure: Net income)
- Earnings before interest expense, investment interest income, taxes, depreciation and amortization.
|
•
|
Adjusted EBITDA (Most comparable GAAP Measure: Net income)
- Earnings before interest expense, investment interest income, taxes, depreciation, amortization, non-cash stock-based compensation expense and pre-tax other certain items (described above).
|
•
|
Non-GAAP Net Income (Most comparable GAAP Measure: Net income)
- Net income excluding the costs of non-cash stock-based compensation and excluding pre-tax certain other items (described above), including, but not limited to, net gain/loss/write-down/disposal/abandonment of property, equipment and intangible assets; and loss on impairment. The Company tax-effects non-GAAP adjustments using the blended statutory federal and state tax rates for each period presented.
|
•
|
Non-GAAP Diluted Earnings Per Shares (Most Comparable GAAP Measure: Earnings Per share) -
Measure of Company's Non-GAAP Net Income divided by the weighted average number of diluted common shares outstanding during the period presented.
|
•
|
these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company's GAAP financial measures;
|
•
|
these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company's GAAP financial measures;
|
•
|
these non-GAAP financial measures should not be considered to be superior to the Company's GAAP financial measures; and
|
•
|
these non-GAAP financial measures were not prepared in accordance with GAAP and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principles.
|
|
|
|
|
|
Dated: June 21, 2018
|
Axon Enterprise, Inc.
|
|
||
|
By:
|
/s/ JAWAD A. AHSAN
|
|
|
|
|
Jawad A. Ahsan
|
|
|
|
|
Chief Financial Officer
|
|
1 Year Axon Enterprise Chart |
1 Month Axon Enterprise Chart |
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