We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
|
Form 10-Q
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TASER International, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware
|
|
86-0741227
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
17800 North 85th Street
Scottsdale, Arizona
|
|
85255
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
|
ý
|
Accelerated filer
|
|
¨
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
|
¨
|
|
|
|
|
Page
|
|
|||
|
|||
|
|
||
|
|
||
|
|
||
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
37,306
|
|
|
$
|
59,526
|
|
Short-term investments
|
49,711
|
|
|
50,254
|
|
||
Accounts and notes receivable, net of allowance of $292 and $322 as of June 30, 2016 and December 31, 2015, respectively
|
30,499
|
|
|
27,701
|
|
||
Inventory, net
|
21,936
|
|
|
15,763
|
|
||
Prepaid expenses and other current assets
|
14,323
|
|
|
8,165
|
|
||
Total current assets
|
153,775
|
|
|
161,409
|
|
||
Property and equipment, net of accumulated depreciation of $37,266 and $36,020 as of June 30, 2016 and December 31, 2015, respectively
|
22,249
|
|
|
21,848
|
|
||
Deferred income tax assets, net
|
15,577
|
|
|
13,719
|
|
||
Intangible assets, net
|
7,228
|
|
|
7,588
|
|
||
Goodwill
|
9,100
|
|
|
9,596
|
|
||
Long-term investments
|
4,594
|
|
|
8,525
|
|
||
Other assets
|
16,172
|
|
|
7,196
|
|
||
Total assets
|
$
|
228,695
|
|
|
$
|
229,881
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
8,083
|
|
|
$
|
7,333
|
|
Accrued liabilities
|
10,382
|
|
|
8,643
|
|
||
Current portion of deferred revenue
|
31,668
|
|
|
20,851
|
|
||
Customer deposits
|
1,998
|
|
|
1,226
|
|
||
Current portion of notes payable and capital lease payable
|
62
|
|
|
87
|
|
||
Total current liabilities
|
52,193
|
|
|
38,140
|
|
||
Deferred revenue, net of current portion
|
35,098
|
|
|
30,190
|
|
||
Liability for unrecognized tax benefits
|
1,508
|
|
|
1,315
|
|
||
Long-term deferred compensation
|
2,759
|
|
|
2,199
|
|
||
Long-term business acquisition contingent consideration
|
—
|
|
|
952
|
|
||
Other long-term liabilities
|
2,707
|
|
|
81
|
|
||
Total liabilities
|
94,265
|
|
|
72,877
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2016 and December 31, 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.00001 par value; 200,000,000 shares authorized; 52,172,547 and 53,692,192 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
181,943
|
|
|
178,143
|
|
||
Treasury stock at cost, 20,220,227 and 18,432,158 shares as of June 30, 2016 and December 31, 2015, respectively
|
(155,947
|
)
|
|
(122,201
|
)
|
||
Retained earnings
|
108,091
|
|
|
100,978
|
|
||
Accumulated other comprehensive income
|
342
|
|
|
83
|
|
||
Total stockholders’ equity
|
134,430
|
|
|
157,004
|
|
||
Total liabilities and stockholders’ equity
|
$
|
228,695
|
|
|
$
|
229,881
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
58,756
|
|
|
$
|
46,713
|
|
|
$
|
114,286
|
|
|
$
|
91,475
|
|
Cost of products sold and services delivered
|
21,457
|
|
|
15,990
|
|
|
40,085
|
|
|
30,884
|
|
||||
Gross margin
|
37,299
|
|
|
30,723
|
|
|
74,201
|
|
|
60,591
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales, general and administrative
|
24,379
|
|
|
15,443
|
|
|
49,212
|
|
|
30,008
|
|
||||
Research and development
|
6,710
|
|
|
5,906
|
|
|
13,637
|
|
|
10,464
|
|
||||
Total operating expenses
|
31,089
|
|
|
21,349
|
|
|
62,849
|
|
|
40,472
|
|
||||
Income from operations
|
6,210
|
|
|
9,374
|
|
|
11,352
|
|
|
20,119
|
|
||||
Interest income and other (expense) income, net
|
(123
|
)
|
|
99
|
|
|
(5
|
)
|
|
34
|
|
||||
Income before provision for income taxes
|
6,087
|
|
|
9,473
|
|
|
11,347
|
|
|
20,153
|
|
||||
Provision for income taxes
|
2,437
|
|
|
3,370
|
|
|
4,234
|
|
|
6,845
|
|
||||
Net income
|
$
|
3,650
|
|
|
$
|
6,103
|
|
|
$
|
7,113
|
|
|
$
|
13,308
|
|
Net income per common and common equivalent shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
$
|
0.25
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
$
|
0.24
|
|
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
52,480
|
|
|
53,644
|
|
|
53,087
|
|
|
53,407
|
|
||||
Diluted
|
53,289
|
|
|
54,800
|
|
|
53,890
|
|
|
54,662
|
|
||||
|
|
|
|
|
|
|
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||
Net income
|
$
|
3,650
|
|
|
$
|
6,103
|
|
|
$
|
7,113
|
|
|
$
|
13,308
|
|
Foreign currency translation adjustments
|
25
|
|
|
8
|
|
|
259
|
|
|
97
|
|
||||
Comprehensive income
|
$
|
3,675
|
|
|
$
|
6,111
|
|
|
$
|
7,372
|
|
|
$
|
13,405
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
7,113
|
|
|
$
|
13,308
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,843
|
|
|
1,362
|
|
||
Purchase accounting adjustments to goodwill
|
349
|
|
|
—
|
|
||
Loss on inventory nonmonetary exchanges
|
90
|
|
|
—
|
|
||
Gain on disposal of property and equipment, net
|
(17
|
)
|
|
—
|
|
||
Loss on disposal of intangible assets
|
14
|
|
|
165
|
|
||
Bond premium amortization
|
712
|
|
|
826
|
|
||
Stock-based compensation
|
4,526
|
|
|
3,223
|
|
||
Deferred income taxes
|
(1,445
|
)
|
|
(511
|
)
|
||
Unrecognized tax benefits
|
193
|
|
|
(319
|
)
|
||
Tax benefit from stock-based compensation
|
(88
|
)
|
|
(6,245
|
)
|
||
Change in assets and liabilities:
|
|
|
|
||||
Accounts and notes receivable
|
(3,211
|
)
|
|
5,569
|
|
||
Inventory
|
(6,748
|
)
|
|
(5,329
|
)
|
||
Prepaid expenses and other assets
|
(14,657
|
)
|
|
(8,174
|
)
|
||
Accounts payable, accrued and other liabilities
|
5,078
|
|
|
3,627
|
|
||
Deferred revenue
|
15,812
|
|
|
3,133
|
|
||
Customer deposits
|
772
|
|
|
334
|
|
||
Net cash provided by operating activities
|
10,336
|
|
|
10,969
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of investments
|
(28,667
|
)
|
|
(38,750
|
)
|
||
Proceeds from call / maturity of investments
|
32,429
|
|
|
21,365
|
|
||
Purchases of property and equipment
|
(1,964
|
)
|
|
(1,770
|
)
|
||
Proceeds from disposal of property and equipment
|
33
|
|
|
—
|
|
||
Purchases of intangible assets
|
(185
|
)
|
|
(201
|
)
|
||
Business acquisitions, net of cash acquired
|
—
|
|
|
(7,840
|
)
|
||
Net cash provided by (used in) investing activities
|
1,646
|
|
|
(27,196
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchase of common stock
|
(33,746
|
)
|
|
—
|
|
||
Proceeds from options exercised
|
222
|
|
|
2,553
|
|
||
Payroll tax payments for net-settled stock awards
|
(1,036
|
)
|
|
(647
|
)
|
||
Payments on capital lease obligation
|
(19
|
)
|
|
(18
|
)
|
||
Payments on notes payable
|
(29
|
)
|
|
—
|
|
||
Tax benefit from stock-based compensation
|
88
|
|
|
6,245
|
|
||
Net cash (used in) provided by financing activities
|
(34,520
|
)
|
|
8,133
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
318
|
|
|
81
|
|
||
Net decrease in cash and cash equivalents
|
(22,220
|
)
|
|
(8,013
|
)
|
||
Cash and cash equivalents, beginning of period
|
59,526
|
|
|
48,367
|
|
||
Cash and cash equivalents, end of period
|
$
|
37,306
|
|
|
$
|
40,354
|
|
|
|
|
|
||||
Supplemental disclosure:
|
|
|
|
||||
Cash paid for income taxes, net of refunds
|
$
|
8,271
|
|
|
$
|
4,848
|
|
Non-cash transactions
|
|
|
|
||||
Property and equipment purchases in accounts payable and accrued liabilities
|
$
|
90
|
|
|
$
|
205
|
|
•
|
product warranty reserves,
|
•
|
inventory valuation,
|
•
|
revenue recognition allocated in multiple-deliverable contracts or arrangements,
|
•
|
valuation of goodwill, intangibles and long-lived assets,
|
•
|
recognition, measurement and valuation of current and deferred income taxes,
|
•
|
fair value of stock awards issued, the estimated vesting period for performance-based stock awards and forfeiture rates, and
|
•
|
recognition and measurement of contingencies and accrued litigation expense.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
United States
|
$
|
52,219
|
|
|
88.9
|
%
|
|
$
|
38,695
|
|
|
82.8
|
%
|
|
$
|
94,687
|
|
|
82.9
|
%
|
|
$
|
74,196
|
|
|
81.1
|
%
|
Other Countries
|
6,537
|
|
|
11.1
|
|
|
8,018
|
|
|
17.2
|
|
|
19,599
|
|
|
17.1
|
|
|
17,279
|
|
|
18.9
|
|
||||
Total
|
$
|
58,756
|
|
|
100.0
|
%
|
|
$
|
46,713
|
|
|
100.0
|
%
|
|
$
|
114,286
|
|
|
100.0
|
%
|
|
$
|
91,475
|
|
|
100.0
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
3,650
|
|
|
$
|
6,103
|
|
|
$
|
7,113
|
|
|
$
|
13,308
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic
|
52,480
|
|
|
53,644
|
|
|
53,087
|
|
|
53,407
|
|
||||
Dilutive effect of stock-based awards
|
809
|
|
|
1,156
|
|
|
803
|
|
|
1,255
|
|
||||
Diluted weighted average shares outstanding
|
53,289
|
|
|
54,800
|
|
|
53,890
|
|
|
54,662
|
|
||||
Anti-dilutive stock-based awards excluded
|
369
|
|
|
153
|
|
|
520
|
|
|
173
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
$
|
0.25
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
$
|
0.24
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Balance, beginning of period
|
$
|
314
|
|
|
$
|
675
|
|
Utilization of accrual
|
(49
|
)
|
|
(200
|
)
|
||
Warranty expense
|
520
|
|
|
(19
|
)
|
||
Balance, end of period
|
$
|
785
|
|
|
$
|
456
|
|
•
|
Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.
|
•
|
Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.
|
•
|
Level 3 – Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Company's own assumptions about inputs that market participants would use in pricing an asset or liability.
|
•
|
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in May 2014. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.
|
•
|
ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") in March 2016. ASU 2016-08 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on principal versus agent considerations.
|
•
|
ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10") in April 2016. ASU 2016-10 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on identifying performance obligations and the licensing
|
•
|
ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12") in May 2016. ASU 2016-12 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on a few narrow areas and adds some practical expedients to the guidance.
|
|
As of June 30, 2016
|
||||||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-Term Investments
|
|
Long-Term Investments
|
||||||||||||||
Cash
|
$
|
35,451
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,451
|
|
|
$
|
35,451
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Money market funds
|
260
|
|
|
—
|
|
|
—
|
|
|
260
|
|
|
260
|
|
|
—
|
|
|
—
|
|
|||||||
Corporate bonds
|
34,564
|
|
|
7
|
|
|
(15
|
)
|
|
34,556
|
|
|
765
|
|
|
29,975
|
|
|
3,824
|
|
|||||||
Subtotal
|
34,824
|
|
|
7
|
|
|
(15
|
)
|
|
34,816
|
|
|
1,025
|
|
|
29,975
|
|
|
3,824
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
State and municipal obligations
|
19,201
|
|
|
10
|
|
|
—
|
|
|
19,211
|
|
|
830
|
|
|
17,601
|
|
|
770
|
|
|||||||
Certificates of deposit
|
2,135
|
|
|
—
|
|
|
—
|
|
|
2,135
|
|
|
—
|
|
|
2,135
|
|
|
—
|
|
|||||||
Subtotal
|
21,336
|
|
|
10
|
|
|
—
|
|
|
21,346
|
|
|
830
|
|
|
19,736
|
|
|
770
|
|
|||||||
Total
|
$
|
91,611
|
|
|
$
|
17
|
|
|
$
|
(15
|
)
|
|
$
|
91,613
|
|
|
$
|
37,306
|
|
|
$
|
49,711
|
|
|
$
|
4,594
|
|
|
As of December 31, 2015
|
||||||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-Term Investments
|
|
Long-Term Investments
|
||||||||||||||
Cash
|
$
|
57,137
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,137
|
|
|
$
|
57,137
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Money market funds
|
2,389
|
|
|
—
|
|
|
—
|
|
|
2,389
|
|
|
2,389
|
|
|
—
|
|
|
—
|
|
|||||||
Corporate bonds
|
36,406
|
|
|
—
|
|
|
(70
|
)
|
|
36,336
|
|
|
—
|
|
|
35,677
|
|
|
729
|
|
|||||||
Subtotal
|
38,795
|
|
|
—
|
|
|
(70
|
)
|
|
38,725
|
|
|
2,389
|
|
|
35,677
|
|
|
729
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
State and municipal obligations
|
19,002
|
|
|
11
|
|
|
(9
|
)
|
|
19,004
|
|
|
—
|
|
|
12,000
|
|
|
7,002
|
|
|||||||
Certificates of deposit
|
3,371
|
|
|
—
|
|
|
—
|
|
|
3,371
|
|
|
—
|
|
|
2,577
|
|
|
794
|
|
|||||||
Subtotal
|
22,373
|
|
|
11
|
|
|
(9
|
)
|
|
22,375
|
|
|
—
|
|
|
14,577
|
|
|
7,796
|
|
|||||||
Total
|
$
|
118,305
|
|
|
$
|
11
|
|
|
$
|
(79
|
)
|
|
$
|
118,237
|
|
|
$
|
59,526
|
|
|
$
|
50,254
|
|
|
$
|
8,525
|
|
|
Amortized Cost
|
|
Fair Value
|
||||
Due in less than one year
|
$
|
49,711
|
|
|
$
|
49,709
|
|
Due after one year, through two years
|
4,594
|
|
|
4,598
|
|
||
Due after two years
|
—
|
|
|
—
|
|
||
Total short-term and long-term investments
|
$
|
54,305
|
|
|
$
|
54,307
|
|
|
2016
|
|
2015
|
||||
Raw materials
|
$
|
11,124
|
|
|
$
|
8,748
|
|
Work-in-process
|
74
|
|
|
105
|
|
||
Finished goods
|
10,738
|
|
|
6,910
|
|
||
Total inventory
|
$
|
21,936
|
|
|
$
|
15,763
|
|
Balance, beginning of period
|
$
|
9,596
|
|
Purchase accounting adjustments
(a)
|
(349
|
)
|
|
Foreign currency translation adjustment
|
(147
|
)
|
|
Balance, end of period
|
$
|
9,100
|
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Useful
Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Amortized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domain names
|
5 years
|
|
$
|
125
|
|
|
$
|
(120
|
)
|
|
$
|
5
|
|
|
$
|
125
|
|
|
$
|
(120
|
)
|
|
$
|
5
|
|
Issued patents
|
4-15 years
|
|
1,882
|
|
|
(719
|
)
|
|
1,163
|
|
|
1,866
|
|
|
(659
|
)
|
|
1,207
|
|
||||||
Issued trademarks
|
3-11 years
|
|
616
|
|
|
(284
|
)
|
|
332
|
|
|
603
|
|
|
(255
|
)
|
|
348
|
|
||||||
Customer relationships
|
4-8 years
|
|
966
|
|
|
(168
|
)
|
|
798
|
|
|
1,035
|
|
|
(93
|
)
|
|
942
|
|
||||||
Non-compete agreements
|
3-4 years
|
|
454
|
|
|
(198
|
)
|
|
256
|
|
|
464
|
|
|
(164
|
)
|
|
300
|
|
||||||
Developed technology
|
7 years
|
|
3,470
|
|
|
(573
|
)
|
|
2,897
|
|
|
3,470
|
|
|
(326
|
)
|
|
3,144
|
|
||||||
Total amortized
|
|
|
7,513
|
|
|
(2,062
|
)
|
|
5,451
|
|
|
7,563
|
|
|
(1,617
|
)
|
|
5,946
|
|
||||||
Not amortized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER trademark
|
|
|
900
|
|
|
|
|
900
|
|
|
900
|
|
|
|
|
900
|
|
||||||||
Patents and trademarks pending
|
|
|
877
|
|
|
|
|
877
|
|
|
742
|
|
|
|
|
742
|
|
||||||||
Total not amortized
|
|
|
1,777
|
|
|
|
|
1,777
|
|
|
1,642
|
|
|
|
|
1,642
|
|
||||||||
Total intangible assets
|
|
|
$
|
9,290
|
|
|
$
|
(2,062
|
)
|
|
$
|
7,228
|
|
|
$
|
9,205
|
|
|
$
|
(1,617
|
)
|
|
$
|
7,588
|
|
2016 (remaining six months)
|
$
|
468
|
|
2017
|
932
|
|
|
2018
|
920
|
|
|
2019
|
799
|
|
|
2020
|
735
|
|
|
2021
|
728
|
|
|
Thereafter
|
869
|
|
|
Total
|
$
|
5,451
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Current
|
|
Long-Term
|
|
Total
|
|
Current
|
|
Long-Term
|
|
Total
|
||||||||||||
Warranty:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER Weapons
|
$
|
9,185
|
|
|
$
|
14,991
|
|
|
$
|
24,176
|
|
|
$
|
7,278
|
|
|
$
|
13,982
|
|
|
$
|
21,260
|
|
Axon
|
3,031
|
|
|
2,623
|
|
|
5,654
|
|
|
2,332
|
|
|
2,344
|
|
|
4,676
|
|
||||||
|
12,216
|
|
|
17,614
|
|
|
29,830
|
|
|
9,610
|
|
|
16,326
|
|
|
25,936
|
|
||||||
Hardware:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER Weapons
|
1,101
|
|
|
3,316
|
|
|
4,417
|
|
|
952
|
|
|
2,459
|
|
|
3,411
|
|
||||||
Axon
|
6,602
|
|
|
10,657
|
|
|
17,259
|
|
|
786
|
|
|
7,382
|
|
|
8,168
|
|
||||||
|
7,703
|
|
|
13,973
|
|
|
21,676
|
|
|
1,738
|
|
|
9,841
|
|
|
11,579
|
|
||||||
Axon Services
|
11,373
|
|
|
3,511
|
|
|
14,884
|
|
|
9,303
|
|
|
4,023
|
|
|
13,326
|
|
||||||
Other
|
376
|
|
|
—
|
|
|
376
|
|
|
200
|
|
|
—
|
|
|
200
|
|
||||||
Total
|
$
|
31,668
|
|
|
$
|
35,098
|
|
|
$
|
66,766
|
|
|
$
|
20,851
|
|
|
$
|
30,190
|
|
|
$
|
51,041
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Current
|
|
Long-Term
|
|
Total
|
|
Current
|
|
Long-Term
|
|
Total
|
||||||||||||
TASER Weapons
|
$
|
10,662
|
|
|
$
|
18,307
|
|
|
$
|
28,969
|
|
|
$
|
8,430
|
|
|
$
|
16,441
|
|
|
$
|
24,871
|
|
Axon
|
21,006
|
|
|
16,791
|
|
|
37,797
|
|
|
12,421
|
|
|
13,749
|
|
|
26,170
|
|
||||||
Total
|
$
|
31,668
|
|
|
$
|
35,098
|
|
|
$
|
66,766
|
|
|
$
|
20,851
|
|
|
$
|
30,190
|
|
|
$
|
51,041
|
|
|
2016
|
|
2015
|
||||
Accrued salaries and benefits
|
$
|
5,445
|
|
|
$
|
3,637
|
|
Accrued judgments and settlements
|
—
|
|
|
65
|
|
||
Accrued professional fees
|
286
|
|
|
718
|
|
||
Accrued warranty expense
|
785
|
|
|
314
|
|
||
Accrued income and other taxes
|
670
|
|
|
1,215
|
|
||
Other accrued liabilities
|
3,196
|
|
|
2,694
|
|
||
Accrued liabilities
|
$
|
10,382
|
|
|
$
|
8,643
|
|
|
Number
of
Units
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Aggregate
Intrinsic Value |
|||||
Units outstanding, beginning of year
|
1,139
|
|
|
$
|
19.30
|
|
|
|
||
Granted
|
435
|
|
|
16.48
|
|
|
|
|||
Released
|
(281
|
)
|
|
15.92
|
|
|
|
|||
Forfeited
|
(70
|
)
|
|
21.13
|
|
|
|
|||
Units outstanding, end of period
|
1,223
|
|
|
18.97
|
|
|
$
|
30,432
|
|
|
Number
of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted Average Remaining Contractual Life (years)
|
|
Aggregate
Intrinsic Value |
|||||
Options outstanding, beginning of year
|
1,103
|
|
|
$
|
5.37
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(45
|
)
|
|
4.91
|
|
|
|
|
|
|||
Expired / terminated
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options outstanding, end of period
|
1,058
|
|
|
5.39
|
|
|
2.79
|
|
$
|
20,613
|
|
|
Options exercisable, end of period
|
1,027
|
|
|
5.41
|
|
|
2.80
|
|
19,996
|
|
||
Options expected to vest, end of period
|
25
|
|
|
4.75
|
|
|
2.48
|
|
503
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of products sold and services delivered
|
$
|
70
|
|
|
$
|
89
|
|
|
$
|
170
|
|
|
$
|
159
|
|
Sales, general and administrative expenses
|
1,459
|
|
|
925
|
|
|
2,849
|
|
|
1,858
|
|
||||
Research and development expenses
|
777
|
|
|
665
|
|
|
1,507
|
|
|
1,206
|
|
||||
Total stock-based compensation
|
$
|
2,306
|
|
|
$
|
1,679
|
|
|
$
|
4,526
|
|
|
$
|
3,223
|
|
Plaintiff
|
|
Month
Served
|
|
Jurisdiction
|
|
Claim Type
|
|
Status
|
Derbyshire
|
|
Nov-09
|
|
Ontario, Canada Superior Court of Justice
|
|
Officer Injury
|
|
Discovery Phase
|
Thompson
|
|
Mar-10
|
|
11th Judicial Circuit Court, Miami-Dade County, FL
|
|
Wrongful Death
|
|
Discovery Phase
|
Doan
|
|
Apr-10
|
|
The Queen's Bench Alberta, Red Deer Judicial Dist.
|
|
Wrongful Death
|
|
Discovery Phase
|
Shymko
|
|
Dec-10
|
|
The Queen's Bench, Winnipeg Centre, Manitoba
|
|
Wrongful Death
|
|
Pleading Phase
|
Ramsey
|
|
Jan-12
|
|
12th Judicial Circuit Court, Broward County, FL
|
|
Wrongful Death
|
|
Discovery Phase
|
Firman
|
|
Apr-12
|
|
Ontario, Canada Superior Court of Justice
|
|
Wrongful Death
|
|
Pleading Phase
|
Schrock
|
|
Sep-14
|
|
San Bernardino County Superior Court, CA
|
|
Wrongful Death
|
|
Motion of Summary Judgment Granted on all claims except negligent design and manufacture, subject to repleading by Plaintiff. Plaintiff filed an amended complaint for negligent design claims as well as a Petition for Writ of Mandate or Prohibition Petition from the Court; which writ was summarily denied.
|
Llach
|
|
Sep-15
|
|
11th Judicial Circuit Court, Miami-Dade County, FL
|
|
Wrongful Death
|
|
Discovery Phase
|
Bennett
|
|
Sep-15
|
|
11th Judicial Circuit Court, Miami-Dade County, FL
|
|
Wrongful Death
|
|
Discovery Phase
|
Policy Year
|
|
Policy
Start
Date
|
|
Policy
End
Date
|
|
Insurance
Coverage
|
|
Deductible
Amount
|
|
Defense
Costs
Covered
|
|
Remaining
Insurance
Coverage
|
|
Active Cases and Cases on
Appeal
|
||||||
2004
|
|
12/1/2003
|
|
12/1/2004
|
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
N
|
|
$
|
2.0
|
|
|
n/a
|
2005
|
|
12/1/2004
|
|
12/1/2005
|
|
10.0
|
|
|
0.3
|
|
|
Y
|
|
7.0
|
|
|
n/a
|
|||
2006
|
|
12/1/2005
|
|
12/1/2006
|
|
10.0
|
|
|
0.3
|
|
|
Y
|
|
3.7
|
|
|
n/a
|
|||
2007
|
|
12/1/2006
|
|
12/1/2007
|
|
10.0
|
|
|
0.3
|
|
|
Y
|
|
8.0
|
|
|
n/a
|
|||
2008
|
|
12/1/2007
|
|
12/15/2008
|
|
10.0
|
|
|
0.5
|
|
|
Y
|
|
—
|
|
|
n/a
|
|||
2009
|
|
12/15/2008
|
|
12/15/2009
|
|
10.0
|
|
|
1.0
|
|
|
N
|
|
10.0
|
|
|
Derbyshire
|
|||
2010
|
|
12/15/2009
|
|
12/15/2010
|
|
10.0
|
|
|
1.0
|
|
|
N
|
|
10.0
|
|
|
Thompson, Shymko, Doan
|
|||
2011
|
|
12/15/2010
|
|
12/15/2011
|
|
10.0
|
|
|
1.0
|
|
|
N
|
|
10.0
|
|
|
n/a
|
|||
Jan-Jun 2012
|
|
12/15/2011
|
|
6/25/2012
|
|
7.0
|
|
|
1.0
|
|
|
N
|
|
7.0
|
|
|
Ramsey, Firman
|
|||
Jul-Dec 2012
|
|
6/25/2012
|
|
12/15/2012
|
|
12.0
|
|
|
1.0
|
|
|
N
|
|
12.0
|
|
|
n/a
|
|||
2013
|
|
12/15/2012
|
|
12/15/2013
|
|
12.0
|
|
|
1.0
|
|
|
N
|
|
12.0
|
|
|
n/a
|
|||
2014
|
|
12/15/2013
|
|
12/15/2014
|
|
11.0
|
|
|
4.0
|
|
|
N
|
|
11.0
|
|
|
Schrock
|
|||
2015
|
|
12/15/2014
|
|
12/15/2015
|
|
10.0
|
|
|
5.0
|
|
|
N
|
|
10.0
|
|
|
Llach, Bennett
|
|||
2016
|
|
12/15/2015
|
|
12/15/2016
|
|
10.0
|
|
|
5.0
|
|
|
N
|
|
10.0
|
|
|
n/a
|
|
Three Months Ended June 30, 2016
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||||
|
TASER
Weapons
|
|
Axon
|
|
Total
|
|
TASER
Weapons
|
|
Axon
|
|
Total
|
||||||||||||
Product sales
|
$
|
45,536
|
|
|
$
|
8,331
|
|
|
$
|
53,867
|
|
|
$
|
37,825
|
|
|
$
|
5,930
|
|
|
$
|
43,755
|
|
Service revenue
|
—
|
|
|
4,889
|
|
|
4,889
|
|
|
—
|
|
|
2,958
|
|
|
2,958
|
|
||||||
Net sales
|
45,536
|
|
|
13,220
|
|
|
58,756
|
|
|
37,825
|
|
|
8,888
|
|
|
46,713
|
|
||||||
Cost of products sold
|
14,489
|
|
|
5,565
|
|
|
20,054
|
|
|
11,278
|
|
|
3,716
|
|
|
14,994
|
|
||||||
Cost of services delivered
|
—
|
|
|
1,403
|
|
|
1,403
|
|
|
—
|
|
|
996
|
|
|
996
|
|
||||||
Gross margin
|
31,047
|
|
|
6,252
|
|
|
37,299
|
|
|
26,547
|
|
|
4,176
|
|
|
30,723
|
|
||||||
Sales, general and administrative
|
14,684
|
|
|
9,695
|
|
|
24,379
|
|
|
10,823
|
|
|
4,620
|
|
|
15,443
|
|
||||||
Research and development
|
1,245
|
|
|
5,465
|
|
|
6,710
|
|
|
1,077
|
|
|
4,829
|
|
|
5,906
|
|
||||||
Income (loss) from operations
|
$
|
15,118
|
|
|
$
|
(8,908
|
)
|
|
$
|
6,210
|
|
|
$
|
14,647
|
|
|
$
|
(5,273
|
)
|
|
$
|
9,374
|
|
Purchase of property and equipment
|
$
|
594
|
|
|
$
|
90
|
|
|
$
|
684
|
|
|
$
|
188
|
|
|
$
|
1,158
|
|
|
$
|
1,346
|
|
Purchase of intangible assets
|
51
|
|
|
36
|
|
|
87
|
|
|
35
|
|
|
116
|
|
|
151
|
|
||||||
Purchase of property and equipment and intangible assets in connection with business acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,694
|
|
|
9,694
|
|
||||||
Depreciation and amortization
|
560
|
|
|
382
|
|
|
942
|
|
|
556
|
|
|
189
|
|
|
745
|
|
|
Six Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2015
|
||||||||||||||||||||
|
TASER
Weapons |
|
Axon
|
|
Total
|
|
TASER
Weapons |
|
Axon
|
|
Total
|
||||||||||||
Product sales
|
$
|
91,370
|
|
|
$
|
13,172
|
|
|
$
|
104,542
|
|
|
$
|
76,166
|
|
|
$
|
10,432
|
|
|
$
|
86,598
|
|
Service revenue
|
—
|
|
|
9,744
|
|
|
9,744
|
|
|
—
|
|
|
4,877
|
|
|
4,877
|
|
||||||
Net sales
|
91,370
|
|
|
22,916
|
|
|
114,286
|
|
|
76,166
|
|
|
15,309
|
|
|
91,475
|
|
||||||
Cost of products sold
|
28,566
|
|
|
8,943
|
|
|
37,509
|
|
|
22,359
|
|
|
6,864
|
|
|
29,223
|
|
||||||
Cost of services delivered
|
—
|
|
|
2,576
|
|
|
2,576
|
|
|
—
|
|
|
1,661
|
|
|
1,661
|
|
||||||
Gross margin
|
62,804
|
|
|
11,397
|
|
|
74,201
|
|
|
53,807
|
|
|
6,784
|
|
|
60,591
|
|
||||||
Sales, general and administrative
|
29,956
|
|
|
19,256
|
|
|
49,212
|
|
|
21,528
|
|
|
8,480
|
|
|
30,008
|
|
||||||
Research and development
|
2,365
|
|
|
11,272
|
|
|
13,637
|
|
|
2,267
|
|
|
8,197
|
|
|
10,464
|
|
||||||
Income (loss) from operations
|
$
|
30,483
|
|
|
$
|
(19,131
|
)
|
|
$
|
11,352
|
|
|
$
|
30,012
|
|
|
$
|
(9,893
|
)
|
|
$
|
20,119
|
|
Purchase of property and equipment
|
$
|
1,665
|
|
|
$
|
299
|
|
|
$
|
1,964
|
|
|
$
|
535
|
|
|
$
|
1,235
|
|
|
$
|
1,770
|
|
Purchase of intangible assets
|
113
|
|
|
72
|
|
|
185
|
|
|
81
|
|
|
120
|
|
|
201
|
|
||||||
Purchase of property and equipment and intangible assets in connection with business acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,694
|
|
|
9,694
|
|
||||||
Depreciation and amortization
|
1,132
|
|
|
711
|
|
|
1,843
|
|
|
1,086
|
|
|
276
|
|
|
1,362
|
|
Accounts receivable and other current assets
|
$
|
590
|
|
Inventory
|
35
|
|
|
Property and equipment
|
53
|
|
|
Intangible assets
|
4,145
|
|
|
Goodwill
|
5,496
|
|
|
Accounts payable and accrued liabilities
|
(697
|
)
|
|
Deferred revenue
|
(111
|
)
|
|
Deferred income tax liabilities, net
|
(688
|
)
|
|
Total purchase price
|
$
|
8,823
|
|
Accounts receivable
|
$
|
726
|
|
Inventory
|
497
|
|
|
Property and equipment
|
583
|
|
|
Other Assets
|
20
|
|
|
Intangible assets
|
881
|
|
|
Goodwill
|
1,612
|
|
|
Accounts payable and accrued liabilities
|
(207
|
)
|
|
Notes payable
|
(169
|
)
|
|
Income tax liabilities
|
(609
|
)
|
|
Total purchase price
|
$
|
3,334
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
Net sales
|
$
|
58,756
|
|
|
100.0
|
%
|
|
$
|
46,713
|
|
|
100.0
|
%
|
Cost of products sold and services delivered
|
21,457
|
|
|
36.5
|
|
|
15,990
|
|
|
34.2
|
|
||
Gross margin
|
37,299
|
|
|
63.5
|
|
|
30,723
|
|
|
65.8
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales, general and administrative
|
24,379
|
|
|
41.5
|
|
|
15,443
|
|
|
33.1
|
|
||
Research and development
|
6,710
|
|
|
11.4
|
|
|
5,906
|
|
|
12.6
|
|
||
Total operating expenses
|
31,089
|
|
|
52.9
|
|
|
21,349
|
|
|
45.7
|
|
||
Income from operations
|
6,210
|
|
|
10.6
|
|
|
9,374
|
|
|
20.1
|
|
||
Interest income and other (expense) income, net
|
(123
|
)
|
|
(0.2
|
)
|
|
99
|
|
|
0.2
|
|
||
Income before provision for income taxes
|
6,087
|
|
|
10.4
|
|
|
9,473
|
|
|
20.3
|
|
||
Provision for income taxes
|
2,437
|
|
|
4.1
|
|
|
3,370
|
|
|
7.2
|
|
||
Net income
|
$
|
3,650
|
|
|
6.2
|
%
|
|
$
|
6,103
|
|
|
13.1
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER X26P
|
$
|
14,538
|
|
|
24.7
|
%
|
|
$
|
13,284
|
|
|
28.4
|
%
|
|
$
|
1,254
|
|
|
9.4
|
%
|
TASER X2
|
14,008
|
|
|
23.8
|
|
|
10,110
|
|
|
21.6
|
|
|
3,898
|
|
|
38.6
|
|
|||
TASER X26
|
1,383
|
|
|
2.4
|
|
|
1,754
|
|
|
3.8
|
|
|
(371
|
)
|
|
(21.2
|
)
|
|||
TASER Pulse and Bolt (F.K.A. TASER C2)
|
1,055
|
|
|
1.8
|
|
|
472
|
|
|
1.0
|
|
|
583
|
|
|
123.5
|
|
|||
TASER M26
|
53
|
|
|
0.1
|
|
|
168
|
|
|
0.4
|
|
|
(115
|
)
|
|
(68.5
|
)
|
|||
Single cartridges
|
10,928
|
|
|
18.6
|
|
|
9,231
|
|
|
19.8
|
|
|
1,697
|
|
|
18.4
|
|
|||
Extended warranties including TAP
|
2,306
|
|
|
3.9
|
|
|
1,794
|
|
|
3.8
|
|
|
512
|
|
|
28.5
|
|
|||
Other
|
1,265
|
|
|
2.2
|
|
|
1,012
|
|
|
2.2
|
|
|
253
|
|
|
25.0
|
|
|||
TASER Weapons segment
|
45,536
|
|
|
77.5
|
|
|
37,825
|
|
|
81.0
|
|
|
7,711
|
|
|
20.4
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Axon Body
|
2,194
|
|
|
3.7
|
|
|
1,078
|
|
|
2.3
|
|
|
1,116
|
|
|
103.5
|
|
|||
Axon Flex
|
1,521
|
|
|
2.6
|
|
|
1,348
|
|
|
2.9
|
|
|
173
|
|
|
12.8
|
|
|||
E-Dock
|
1,997
|
|
|
3.4
|
|
|
1,066
|
|
|
2.3
|
|
|
931
|
|
|
87.3
|
|
|||
Evidence.com
|
4,887
|
|
|
8.3
|
|
|
2,672
|
|
|
5.7
|
|
|
2,215
|
|
|
82.9
|
|
|||
TASER Cam
|
1,624
|
|
|
2.8
|
|
|
2,008
|
|
|
4.3
|
|
|
(384
|
)
|
|
(19.1
|
)
|
|||
Extended warranties including TAP
|
776
|
|
|
1.3
|
|
|
343
|
|
|
0.7
|
|
|
433
|
|
|
126.2
|
|
|||
Other
|
221
|
|
|
0.4
|
|
|
373
|
|
|
0.8
|
|
|
(152
|
)
|
|
(40.8
|
)
|
|||
Axon segment
|
13,220
|
|
|
22.5
|
|
|
8,888
|
|
|
19.0
|
|
|
4,332
|
|
|
48.7
|
|
|||
Total net sales
|
$
|
58,756
|
|
|
100.0
|
%
|
|
$
|
46,713
|
|
|
100.0
|
%
|
|
$
|
12,043
|
|
|
25.8
|
|
|
Three Months Ended June 30,
|
|
Unit
Change
|
|
Percent
Change
|
||||||
|
2016
|
|
2015
|
|
|
||||||
TASER X26P
|
16,559
|
|
|
15,041
|
|
|
1,518
|
|
|
10.1
|
%
|
TASER X2
|
13,479
|
|
|
9,748
|
|
|
3,731
|
|
|
38.3
|
|
TASER X26
|
700
|
|
|
1,285
|
|
|
(585
|
)
|
|
(45.5
|
)
|
TASER M26
|
202
|
|
|
738
|
|
|
(536
|
)
|
|
(72.6
|
)
|
TASER Pulse and Bolt (F.K.A. TASER C2)
|
3,020
|
|
|
2,029
|
|
|
991
|
|
|
48.8
|
|
Cartridges
|
414,828
|
|
|
383,221
|
|
|
31,607
|
|
|
8.2
|
|
Axon Flex
|
3,668
|
|
|
5,347
|
|
|
(1,679
|
)
|
|
(31.4
|
)
|
Axon Body
|
9,686
|
|
|
4,743
|
|
|
4,943
|
|
|
104.2
|
|
E-Dock
|
3,402
|
|
|
1,701
|
|
|
1,701
|
|
|
100.0
|
|
TASER Cam
|
3,132
|
|
|
3,995
|
|
|
(863
|
)
|
|
(21.6
|
)
|
|
Three Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
|||||||||
|
2016
|
|
2015
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
9,327
|
|
|
$
|
5,626
|
|
|
$
|
3,701
|
|
|
65.8
|
%
|
Stock-based compensation
|
1,459
|
|
|
925
|
|
|
534
|
|
|
57.7
|
|
|||
Legal, professional and accounting
|
1,901
|
|
|
1,279
|
|
|
622
|
|
|
48.6
|
|
|||
Sales and marketing
|
3,520
|
|
|
2,117
|
|
|
1,403
|
|
|
66.3
|
|
|||
Consulting and lobbying services
|
2,425
|
|
|
1,471
|
|
|
954
|
|
|
64.9
|
|
|||
Travel and meals
|
2,068
|
|
|
1,592
|
|
|
476
|
|
|
29.9
|
|
|||
Building
|
889
|
|
|
902
|
|
|
(13
|
)
|
|
(1.4
|
)
|
|||
Supplies
|
1,143
|
|
|
582
|
|
|
561
|
|
|
96.4
|
|
|||
Other
|
1,647
|
|
|
949
|
|
|
698
|
|
|
73.6
|
|
|||
Total sales, general and administrative expenses
|
$
|
24,379
|
|
|
$
|
15,443
|
|
|
$
|
8,936
|
|
|
57.9
|
|
Sales, general, and administrative as a percentage of net sales
|
41.5
|
%
|
|
33.1
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Dollar Change
|
|
Percent Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
5,150
|
|
|
21.1
|
%
|
|
$
|
3,704
|
|
|
24.0
|
%
|
|
$
|
1,446
|
|
|
39.0
|
%
|
Stock-based compensation
|
863
|
|
|
3.5
|
|
|
656
|
|
|
4.2
|
|
|
207
|
|
|
31.6
|
|
|||
Legal, professional and accounting
|
1,566
|
|
|
6.4
|
|
|
1,276
|
|
|
8.3
|
|
|
290
|
|
|
22.7
|
|
|||
Sales and marketing
|
2,102
|
|
|
8.6
|
|
|
1,169
|
|
|
7.6
|
|
|
933
|
|
|
79.8
|
|
|||
Consulting and lobbying services
|
987
|
|
|
4.0
|
|
|
996
|
|
|
6.4
|
|
|
(9
|
)
|
|
(0.9
|
)
|
|||
Travel and meals
|
964
|
|
|
4.0
|
|
|
893
|
|
|
5.8
|
|
|
71
|
|
|
8.0
|
|
|||
Other
|
3,052
|
|
|
12.5
|
|
|
2,129
|
|
|
13.8
|
|
|
923
|
|
|
43.4
|
|
|||
TASER Weapons segment
|
14,684
|
|
|
60.2
|
|
|
10,823
|
|
|
70.1
|
|
|
3,861
|
|
|
35.7
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
4,177
|
|
|
17.1
|
|
|
1,922
|
|
|
12.4
|
|
|
2,255
|
|
|
117.3
|
|
|||
Stock-based compensation
|
596
|
|
|
2.4
|
|
|
269
|
|
|
1.7
|
|
|
327
|
|
|
121.6
|
|
|||
Legal, professional and accounting
|
335
|
|
|
1.4
|
|
|
3
|
|
|
0.0
|
|
|
332
|
|
|
*
|
|
|||
Sales and marketing
|
1,418
|
|
|
5.8
|
|
|
948
|
|
|
6.1
|
|
|
470
|
|
|
49.6
|
|
|||
Consulting and lobbying services
|
1,438
|
|
|
5.9
|
|
|
475
|
|
|
3.1
|
|
|
963
|
|
|
202.7
|
|
|||
Travel and meals
|
1,104
|
|
|
4.5
|
|
|
699
|
|
|
4.5
|
|
|
405
|
|
|
57.9
|
|
|||
Other
|
627
|
|
|
2.6
|
|
|
304
|
|
|
2.0
|
|
|
323
|
|
|
106.3
|
|
|||
Axon segment
|
9,695
|
|
|
39.8
|
|
|
4,620
|
|
|
29.9
|
|
|
5,075
|
|
|
109.8
|
|
|||
Total sales, general and administrative expenses
|
$
|
24,379
|
|
|
100.0
|
%
|
|
$
|
15,443
|
|
|
100.0
|
%
|
|
$
|
8,936
|
|
|
57.9
|
|
|
Three Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
|||||||||
|
2016
|
|
2015
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
3,851
|
|
|
$
|
3,184
|
|
|
$
|
667
|
|
|
20.9
|
%
|
Stock-based compensation
|
777
|
|
|
665
|
|
|
112
|
|
|
16.8
|
|
|||
Legal, professional and accounting
|
30
|
|
|
182
|
|
|
(152
|
)
|
|
(83.5
|
)
|
|||
Sales and marketing
|
94
|
|
|
13
|
|
|
81
|
|
|
623.1
|
|
|||
Consulting and lobbying services
|
648
|
|
|
685
|
|
|
(37
|
)
|
|
(5.4
|
)
|
|||
Travel and meals
|
301
|
|
|
312
|
|
|
(11
|
)
|
|
(3.5
|
)
|
|||
Building
|
335
|
|
|
226
|
|
|
109
|
|
|
48.2
|
|
|||
Supplies
|
345
|
|
|
267
|
|
|
78
|
|
|
29.2
|
|
|||
Other
|
329
|
|
|
372
|
|
|
(43
|
)
|
|
(11.6
|
)
|
|||
Total research and development expenses
|
$
|
6,710
|
|
|
$
|
5,906
|
|
|
$
|
804
|
|
|
13.6
|
|
Research and development as a percentage of net sales
|
11.4
|
%
|
|
12.6
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Dollar Change
|
|
Percent Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
419
|
|
|
6.2
|
%
|
|
$
|
358
|
|
|
6.1
|
%
|
|
$
|
61
|
|
|
17.0
|
%
|
Stock-based compensation
|
142
|
|
|
2.1
|
|
|
128
|
|
|
2.2
|
|
|
14
|
|
|
10.9
|
|
|||
Legal, professional and accounting
|
14
|
|
|
0.2
|
|
|
110
|
|
|
1.9
|
|
|
(96
|
)
|
|
(87.3
|
)
|
|||
Sales and marketing
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|||
Consulting and lobbying services
|
102
|
|
|
1.5
|
|
|
59
|
|
|
1.0
|
|
|
43
|
|
|
72.9
|
|
|||
Travel and meals
|
155
|
|
|
2.3
|
|
|
91
|
|
|
1.5
|
|
|
64
|
|
|
70.3
|
|
|||
Other
|
408
|
|
|
6.1
|
|
|
326
|
|
|
5.5
|
|
|
82
|
|
|
25.2
|
|
|||
TASER Weapons segment
|
1,245
|
|
|
18.6
|
|
|
1,077
|
|
|
18.2
|
|
|
168
|
|
|
15.6
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
3,432
|
|
|
51.1
|
|
|
$
|
2,826
|
|
|
47.8
|
|
|
606
|
|
|
21.4
|
|
||
Stock-based compensation
|
635
|
|
|
9.5
|
|
|
537
|
|
|
9.1
|
|
|
98
|
|
|
18.2
|
|
|||
Legal, professional and accounting
|
16
|
|
|
0.2
|
|
|
72
|
|
|
1.2
|
|
|
(56
|
)
|
|
(77.8
|
)
|
|||
Sales and marketing
|
89
|
|
|
1.3
|
|
|
8
|
|
|
0.1
|
|
|
81
|
|
|
*
|
|
|||
Consulting and lobbying services
|
546
|
|
|
8.1
|
|
|
626
|
|
|
10.6
|
|
|
(80
|
)
|
|
(12.8
|
)
|
|||
Travel and meals
|
146
|
|
|
2.2
|
|
|
221
|
|
|
3.7
|
|
|
(75
|
)
|
|
(33.9
|
)
|
|||
Other
|
601
|
|
|
9.0
|
|
|
539
|
|
|
9.1
|
|
|
62
|
|
|
11.5
|
|
|||
Axon segment
|
5,465
|
|
|
81.4
|
|
|
4,829
|
|
|
81.8
|
|
|
636
|
|
|
13.2
|
|
|||
Total research and development expenses
|
$
|
6,710
|
|
|
100.0
|
%
|
|
$
|
5,906
|
|
|
100.0
|
%
|
|
$
|
804
|
|
|
13.6
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
Net sales
|
$
|
114,286
|
|
|
100.0
|
%
|
|
$
|
91,475
|
|
|
100.0
|
%
|
Cost of products sold and services delivered
|
40,085
|
|
|
35.1
|
|
|
30,884
|
|
|
33.8
|
|
||
Gross margin
|
74,201
|
|
|
64.9
|
|
|
60,591
|
|
|
66.2
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales, general and administrative
|
49,212
|
|
|
43.1
|
|
|
30,008
|
|
|
32.8
|
|
||
Research and development
|
13,637
|
|
|
11.9
|
|
|
10,464
|
|
|
11.4
|
|
||
Total operating expenses
|
62,849
|
|
|
55.0
|
|
|
40,472
|
|
|
44.2
|
|
||
Income from operations
|
11,352
|
|
|
9.9
|
|
|
20,119
|
|
|
22.0
|
|
||
Interest income and other (expense) income, net
|
(5
|
)
|
|
0.0
|
|
|
34
|
|
|
0.0
|
|
||
Income before provision for income taxes
|
11,347
|
|
|
9.9
|
|
|
20,153
|
|
|
22.0
|
|
||
Provision for income taxes
|
4,234
|
|
|
3.7
|
|
|
6,845
|
|
|
7.5
|
|
||
Net income
|
$
|
7,113
|
|
|
6.2
|
%
|
|
$
|
13,308
|
|
|
14.5
|
%
|
|
Six Months Ended June 30,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER X26P
|
$
|
33,314
|
|
|
29.1
|
%
|
|
$
|
28,356
|
|
|
31.0
|
%
|
|
$
|
4,958
|
|
|
17.5
|
%
|
TASER X2
|
23,622
|
|
|
20.7
|
|
|
18,637
|
|
|
20.4
|
|
|
4,985
|
|
|
26.7
|
|
|||
TASER X26
|
2,781
|
|
|
2.4
|
|
|
4,223
|
|
|
4.6
|
|
|
(1,442
|
)
|
|
(34.1
|
)
|
|||
TASER Pulse and Bolt (F.K.A. TASER C2)
|
1,597
|
|
|
1.4
|
|
|
961
|
|
|
1.1
|
|
|
143
|
|
|
14.9
|
|
|||
TASER M26
|
200
|
|
|
0.2
|
|
|
322
|
|
|
0.4
|
|
|
(122
|
)
|
|
(37.9
|
)
|
|||
Single cartridges
|
23,115
|
|
|
20.2
|
|
|
18,233
|
|
|
19.9
|
|
|
4,882
|
|
|
26.8
|
|
|||
Extended warranties including TAP
|
4,457
|
|
|
3.9
|
|
|
2,822
|
|
|
3.1
|
|
|
1,635
|
|
|
57.9
|
|
|||
Other
|
2,284
|
|
|
2.0
|
|
|
2,612
|
|
|
2.9
|
|
|
(328
|
)
|
|
(12.6
|
)
|
|||
TASER Weapons segment
|
91,370
|
|
|
79.9
|
|
|
76,166
|
|
|
83.3
|
|
|
15,204
|
|
|
20.0
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Axon Body
|
3,677
|
|
|
3.2
|
|
|
2,289
|
|
|
2.5
|
|
|
1,388
|
|
|
60.6
|
|
|||
Axon Flex
|
2,443
|
|
|
2.1
|
|
|
2,593
|
|
|
2.8
|
|
|
(150
|
)
|
|
(5.8
|
)
|
|||
E-Dock
|
2,485
|
|
|
2.2
|
|
|
1,879
|
|
|
2.1
|
|
|
606
|
|
|
32.3
|
|
|||
Evidence.com
|
9,477
|
|
|
8.3
|
|
|
4,591
|
|
|
5.0
|
|
|
4,886
|
|
|
106.4
|
|
|||
TASER Cam
|
2,615
|
|
|
2.3
|
|
|
2,986
|
|
|
3.3
|
|
|
(371
|
)
|
|
(12.4
|
)
|
|||
Extended warranties including TAP
|
1,419
|
|
|
1.2
|
|
|
637
|
|
|
0.7
|
|
|
782
|
|
|
122.8
|
|
|||
Other
|
800
|
|
|
0.7
|
|
|
334
|
|
|
0.4
|
|
|
466
|
|
|
139.5
|
|
|||
Axon segment
|
22,916
|
|
|
20.1
|
|
|
15,309
|
|
|
16.7
|
|
|
7,607
|
|
|
49.7
|
|
|||
Total net sales
|
$
|
114,286
|
|
|
100.0
|
%
|
|
$
|
91,475
|
|
|
100.0
|
%
|
|
$
|
22,811
|
|
|
24.9
|
|
|
Six Months Ended June 30,
|
|
Unit
Change
|
|
Percent
Change
|
||||||
|
2016
|
|
2015
|
|
|
||||||
TASER X26P
|
35,126
|
|
|
32,287
|
|
|
2,839
|
|
|
8.8
|
%
|
TASER X2
|
22,216
|
|
|
17,474
|
|
|
4,742
|
|
|
27.1
|
|
TASER X26
|
1,521
|
|
|
3,523
|
|
|
(2,002
|
)
|
|
(56.8
|
)
|
TASER M26
|
736
|
|
|
1,243
|
|
|
(507
|
)
|
|
(40.8
|
)
|
TASER Pulse and Bolt (F.K.A. TASER C2)
|
4,586
|
|
|
3,984
|
|
|
602
|
|
|
15.1
|
|
Cartridges
|
879,985
|
|
|
753,881
|
|
|
126,104
|
|
|
16.7
|
|
Axon Flex
|
6,065
|
|
|
9,162
|
|
|
(3,097
|
)
|
|
(33.8
|
)
|
Axon Body
|
15,884
|
|
|
10,603
|
|
|
5,281
|
|
|
49.8
|
|
E-Dock
|
4,804
|
|
|
3,479
|
|
|
1,325
|
|
|
38.1
|
|
TASER Cam
|
5,137
|
|
|
6,106
|
|
|
(969
|
)
|
|
(15.9
|
)
|
|
Six Months Ended June 30,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2016
|
|
2015
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
19,001
|
|
|
$
|
10,989
|
|
|
$
|
8,012
|
|
|
72.9
|
%
|
Stock-based compensation
|
2,849
|
|
|
1,858
|
|
|
991
|
|
|
53.3
|
|
|||
Legal, professional and accounting
|
3,574
|
|
|
2,744
|
|
|
830
|
|
|
30.2
|
|
|||
Sales and marketing
|
8,327
|
|
|
4,322
|
|
|
4,005
|
|
|
92.7
|
|
|||
Consulting and lobbying services
|
4,648
|
|
|
2,641
|
|
|
2,007
|
|
|
76.0
|
|
|||
Travel and meals
|
4,087
|
|
|
2,864
|
|
|
1,223
|
|
|
42.7
|
|
|||
Building
|
1,873
|
|
|
1,676
|
|
|
197
|
|
|
11.8
|
|
|||
Supplies
|
2,081
|
|
|
1,138
|
|
|
943
|
|
|
82.9
|
|
|||
Other
|
2,772
|
|
|
1,776
|
|
|
996
|
|
|
56.1
|
|
|||
Total sales, general and administrative expenses
|
$
|
49,212
|
|
|
$
|
30,008
|
|
|
$
|
19,204
|
|
|
64.0
|
|
Sales, general, and administrative as a percentage of net sales
|
43.1
|
%
|
|
32.8
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Dollar Change
|
|
Percent Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
10,870
|
|
|
22.1
|
%
|
|
$
|
7,599
|
|
|
25.3
|
%
|
|
$
|
3,271
|
|
|
43.0
|
%
|
Stock-based compensation
|
1,621
|
|
|
3.3
|
|
|
1,308
|
|
|
4.4
|
|
|
313
|
|
|
23.9
|
|
|||
Legal, professional and accounting
|
3,205
|
|
|
6.5
|
|
|
2,702
|
|
|
9.0
|
|
|
503
|
|
|
18.6
|
|
|||
Sales and marketing
|
4,770
|
|
|
9.7
|
|
|
2,403
|
|
|
8.0
|
|
|
2,367
|
|
|
98.5
|
|
|||
Consulting and lobbying services
|
2,220
|
|
|
4.5
|
|
|
1,678
|
|
|
5.6
|
|
|
542
|
|
|
32.3
|
|
|||
Travel and meals
|
1,909
|
|
|
3.9
|
|
|
1,645
|
|
|
5.5
|
|
|
264
|
|
|
16.0
|
|
|||
Other
|
5,361
|
|
|
10.9
|
|
|
4,193
|
|
|
14.0
|
|
|
1,168
|
|
|
27.9
|
|
|||
TASER Weapons segment
|
29,956
|
|
|
60.9
|
|
|
21,528
|
|
|
71.7
|
|
|
8,428
|
|
|
39.1
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
8,131
|
|
|
16.5
|
|
|
3,390
|
|
|
11.3
|
|
|
4,741
|
|
|
139.9
|
|
|||
Stock-based compensation
|
1,228
|
|
|
2.5
|
|
|
550
|
|
|
1.8
|
|
|
678
|
|
|
123.3
|
|
|||
Legal, professional and accounting
|
369
|
|
|
0.7
|
|
|
42
|
|
|
0.1
|
|
|
327
|
|
|
778.6
|
|
|||
Sales and marketing
|
3,557
|
|
|
7.2
|
|
|
1,919
|
|
|
6.4
|
|
|
1,638
|
|
|
85.4
|
|
|||
Consulting and lobbying services
|
2,428
|
|
|
4.9
|
|
|
963
|
|
|
3.2
|
|
|
1,465
|
|
|
152.1
|
|
|||
Travel and meals
|
2,178
|
|
|
4.4
|
|
|
1,219
|
|
|
4.1
|
|
|
959
|
|
|
78.7
|
|
|||
Other
|
1,365
|
|
|
2.8
|
|
|
397
|
|
|
1.3
|
|
|
968
|
|
|
243.8
|
|
|||
Axon segment
|
19,256
|
|
|
39.1
|
|
|
8,480
|
|
|
28.3
|
|
|
10,776
|
|
|
127.1
|
|
|||
Total sales, general and administrative expenses
|
$
|
49,212
|
|
|
100.0
|
%
|
|
$
|
30,008
|
|
|
100.0
|
%
|
|
$
|
19,204
|
|
|
64.0
|
|
|
Six Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
|||||||||
|
2016
|
|
2015
|
|
|
|||||||||
Salaries, benefits and bonus
|
$
|
7,701
|
|
|
$
|
5,765
|
|
|
$
|
1,936
|
|
|
33.6
|
%
|
Stock-based compensation
|
1,507
|
|
|
1,206
|
|
|
301
|
|
|
25.0
|
|
|||
Legal, professional and accounting
|
126
|
|
|
427
|
|
|
(301
|
)
|
|
(70.5
|
)
|
|||
Sales and marketing
|
518
|
|
|
43
|
|
|
475
|
|
|
*
|
|
|||
Consulting and lobbying services
|
1,267
|
|
|
1,169
|
|
|
98
|
|
|
8.4
|
|
|||
Travel and meals
|
492
|
|
|
451
|
|
|
41
|
|
|
9.1
|
|
|||
Building
|
703
|
|
|
356
|
|
|
347
|
|
|
97.5
|
|
|||
Supplies
|
631
|
|
|
449
|
|
|
182
|
|
|
40.5
|
|
|||
Other
|
692
|
|
|
598
|
|
|
94
|
|
|
15.7
|
|
|||
Total research and development expenses
|
$
|
13,637
|
|
|
$
|
10,464
|
|
|
$
|
3,173
|
|
|
30.3
|
|
Research and development as a percentage of net sales
|
11.9
|
%
|
|
11.4
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Dollar Change
|
|
Percent Change
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|||||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries, benefits and bonus
|
$
|
713
|
|
|
5.2
|
%
|
|
$
|
919
|
|
|
8.8
|
%
|
|
$
|
(206
|
)
|
|
(22.4
|
)%
|
Stock-based compensation
|
285
|
|
|
2.1
|
|
|
184
|
|
|
1.8
|
|
|
101
|
|
|
54.9
|
|
|||
Legal, professional and accounting
|
98
|
|
|
0.7
|
|
|
204
|
|
|
1.9
|
|
|
(106
|
)
|
|
(52.0
|
)
|
|||
Sales and marketing
|
5
|
|
|
0.0
|
|
|
14
|
|
|
0.1
|
|
|
(9
|
)
|
|
(64.3
|
)
|
|||
Consulting and lobbying services
|
338
|
|
|
2.5
|
|
|
185
|
|
|
1.8
|
|
|
153
|
|
|
82.7
|
|
|||
Travel and meals
|
192
|
|
|
1.4
|
|
|
131
|
|
|
1.3
|
|
|
61
|
|
|
46.6
|
|
|||
Other
|
734
|
|
|
5.4
|
|
|
630
|
|
|
6.0
|
|
|
104
|
|
|
16.5
|
|
|||
TASER Weapons segment
|
2,365
|
|
|
17.3
|
|
|
2,267
|
|
|
21.7
|
|
|
98
|
|
|
4.3
|
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Salaries, benefits and bonus
|
6,988
|
|
|
51.2
|
|
|
$
|
4,846
|
|
|
46.3
|
|
|
2,142
|
|
|
44.2
|
|
||
Stock-based compensation
|
1,222
|
|
|
9.0
|
|
|
1,022
|
|
|
9.8
|
|
|
200
|
|
|
19.6
|
|
|||
Legal, professional and accounting
|
28
|
|
|
0.2
|
|
|
223
|
|
|
2.1
|
|
|
(195
|
)
|
|
(87.4
|
)
|
|||
Sales and marketing
|
513
|
|
|
3.8
|
|
|
29
|
|
|
0.3
|
|
|
484
|
|
|
*
|
|
|||
Consulting and lobbying services
|
929
|
|
|
6.8
|
|
|
984
|
|
|
9.4
|
|
|
(55
|
)
|
|
(5.6
|
)
|
|||
Travel and meals
|
300
|
|
|
2.2
|
|
|
320
|
|
|
3.1
|
|
|
(20
|
)
|
|
(6.3
|
)
|
|||
Other
|
1,292
|
|
|
9.5
|
|
|
773
|
|
|
7.4
|
|
|
519
|
|
|
67.1
|
|
|||
Axon segment
|
11,272
|
|
|
82.7
|
|
|
8,197
|
|
|
78.3
|
|
|
3,075
|
|
|
37.5
|
|
|||
Total research and development expenses
|
$
|
13,637
|
|
|
100.0
|
%
|
|
$
|
10,464
|
|
|
100.0
|
%
|
|
$
|
3,173
|
|
|
30.3
|
|
|
Three Months Ended
June 30, 2016
|
|
Three Months Ended
March 31, 2016
|
|
Dollar
Change |
|
Percent
Change |
|||||||||||||
TASER Weapons segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER X26P
|
$
|
14,538
|
|
|
24.7
|
%
|
|
$
|
18,776
|
|
|
33.8
|
%
|
|
$
|
(4,238
|
)
|
|
(22.6
|
)%
|
TASER X2
|
14,008
|
|
|
23.8
|
|
|
9,614
|
|
|
17.3
|
|
|
4,394
|
|
|
45.7
|
|
|||
TASER X26
|
1,383
|
|
|
2.4
|
|
|
1,398
|
|
|
2.5
|
|
|
(15
|
)
|
|
(1.1
|
)
|
|||
TASER Pulse and Bolt (F.K.A. TASER C2)
|
1,055
|
|
|
1.8
|
|
|
542
|
|
|
1.0
|
|
|
513
|
|
|
94.6
|
|
|||
TASER M26
|
53
|
|
|
0.1
|
|
|
147
|
|
|
0.3
|
|
|
(94
|
)
|
|
(63.9
|
)
|
|||
Single cartridges
|
10,928
|
|
|
18.6
|
|
|
12,187
|
|
|
21.9
|
|
|
(1,259
|
)
|
|
(10.3
|
)
|
|||
Extended warranties including TAP
|
2,306
|
|
|
3.9
|
|
|
2,151
|
|
|
3.9
|
|
|
155
|
|
|
7.2
|
|
|||
Other
|
1,265
|
|
|
2.2
|
|
|
1,019
|
|
|
1.8
|
|
|
246
|
|
|
24.1
|
|
|||
TASER Weapons segment
|
45,536
|
|
|
77.5
|
|
|
45,834
|
|
|
82.5
|
|
|
(298
|
)
|
|
(0.7
|
)
|
|||
Axon segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Axon Body
|
2,194
|
|
|
3.7
|
|
|
1,483
|
|
|
2.7
|
|
|
711
|
|
|
47.9
|
|
|||
Axon Flex
|
1,521
|
|
|
2.6
|
|
|
922
|
|
|
1.7
|
|
|
599
|
|
|
65.0
|
|
|||
E-Dock
|
1,997
|
|
|
3.4
|
|
|
488
|
|
|
0.9
|
|
|
1,509
|
|
|
309.2
|
|
|||
Evidence.com
|
4,887
|
|
|
8.3
|
|
|
4,590
|
|
|
8.3
|
|
|
297
|
|
|
6.5
|
|
|||
TASER Cam
|
1,624
|
|
|
2.8
|
|
|
991
|
|
|
1.8
|
|
|
633
|
|
|
63.9
|
|
|||
Extended warranties including TAP
|
776
|
|
|
1.3
|
|
|
643
|
|
|
1.2
|
|
|
133
|
|
|
20.7
|
|
|||
Other
|
221
|
|
|
0.4
|
|
|
579
|
|
|
1.0
|
|
|
(358
|
)
|
|
(61.8
|
)
|
|||
Axon segment
|
13,220
|
|
|
22.5
|
|
|
9,696
|
|
|
17.5
|
|
|
3,524
|
|
|
36.3
|
|
|||
Total net sales
|
$
|
58,756
|
|
|
100.0
|
%
|
|
$
|
55,530
|
|
|
100.0
|
%
|
|
$
|
3,226
|
|
|
5.8
|
|
|
Three Months Ended June 30, 2016
|
|
Three Months Ended March 31, 2016
|
|
Unit
Change |
|
Percent
Change |
||||
TASER X26P
|
16,559
|
|
|
18,567
|
|
|
(2,008
|
)
|
|
(10.8
|
)%
|
TASER X2
|
13,479
|
|
|
8,737
|
|
|
4,742
|
|
|
54.3
|
|
TASER X26
|
700
|
|
|
821
|
|
|
(121
|
)
|
|
(14.7
|
)
|
TASER M26
|
202
|
|
|
534
|
|
|
(332
|
)
|
|
(62.2
|
)
|
TASER Pulse and Bolt (F.K.A. TASER C2)
|
3,020
|
|
|
1,566
|
|
|
1,454
|
|
|
92.8
|
|
Cartridges
|
414,828
|
|
|
465,157
|
|
|
(50,329
|
)
|
|
(10.8
|
)
|
Axon Flex
|
3,668
|
|
|
2,397
|
|
|
1,271
|
|
|
53.0
|
|
Axon Body
|
9,686
|
|
|
6,198
|
|
|
3,488
|
|
|
56.3
|
|
E-Dock
|
3,402
|
|
|
1,402
|
|
|
2,000
|
|
|
142.7
|
|
TASER Cam
|
3,132
|
|
|
2,005
|
|
|
1,127
|
|
|
56.2
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating activities
|
$
|
10,336
|
|
|
$
|
10,969
|
|
Investing activities
|
1,646
|
|
|
(27,196
|
)
|
||
Financing activities
|
(34,520
|
)
|
|
8,133
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
318
|
|
|
81
|
|
||
Net decrease in cash and cash equivalents
|
$
|
(22,220
|
)
|
|
$
|
(8,013
|
)
|
|
Three Months Ended June 30, 2016
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
TASER Weapons
|
|
Axon
|
|
Total
|
|
TASER Weapons
|
|
Axon
|
|
Total
|
||||||||||||||||||||||||||||||
Arrangements with multiple elements
|
$
|
7,094
|
|
|
15.6
|
%
|
|
$
|
10,709
|
|
|
81.0
|
%
|
|
$
|
17,803
|
|
|
30.3
|
%
|
|
$
|
1,694
|
|
|
4.5
|
%
|
|
$
|
6,168
|
|
|
69.4
|
%
|
|
$
|
7,862
|
|
|
16.8
|
%
|
Arrangements without multiple elements
|
38,442
|
|
|
84.4
|
|
|
2,511
|
|
|
19.0
|
|
|
40,953
|
|
|
69.7
|
|
|
36,131
|
|
|
95.5
|
|
|
2,720
|
|
|
30.6
|
|
|
38,851
|
|
|
83.2
|
|
||||||
Total
|
$
|
45,536
|
|
|
100.0
|
%
|
|
$
|
13,220
|
|
|
100.0
|
%
|
|
$
|
58,756
|
|
|
100.0
|
%
|
|
$
|
37,825
|
|
|
100.0
|
%
|
|
$
|
8,888
|
|
|
100.0
|
%
|
|
$
|
46,713
|
|
|
100.0
|
%
|
|
Six Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
TASER Weapons
|
|
Axon
|
|
Total
|
|
TASER Weapons
|
|
Axon
|
|
Total
|
||||||||||||||||||||||||||||||
Arrangements with multiple elements
|
$
|
11,192
|
|
|
12.2
|
%
|
|
$
|
18,186
|
|
|
79.4
|
%
|
|
$
|
29,378
|
|
|
25.7
|
%
|
|
$
|
3,279
|
|
|
4.3
|
%
|
|
$
|
10,726
|
|
|
70.1
|
%
|
|
$
|
14,005
|
|
|
15.3
|
%
|
Arrangements without multiple elements
|
80,178
|
|
|
87.8
|
|
|
4,730
|
|
|
20.6
|
|
|
84,908
|
|
|
74.3
|
|
|
72,887
|
|
|
95.7
|
|
|
4,583
|
|
|
29.9
|
|
|
77,470
|
|
|
84.7
|
|
||||||
Total
|
$
|
91,370
|
|
|
100.0
|
%
|
|
$
|
22,916
|
|
|
100.0
|
%
|
|
$
|
114,286
|
|
|
100.0
|
%
|
|
$
|
76,166
|
|
|
100.0
|
%
|
|
$
|
15,309
|
|
|
100.0
|
%
|
|
$
|
91,475
|
|
|
100.0
|
%
|
•
|
we continue to add staff to support the growing operations of the Company. Since March 31, 2016, we have added additional resources to our revenue accounting and general accounting teams to ensure that we have the knowledge and resources to properly execute revenue recognition in accordance with GAAP;
|
•
|
we are implementing additional internal reporting procedures, including those designed to add depth to our detailed review processes of revenue transactions;
|
•
|
we are evaluating the implementation of additional system controls that would help prevent data entry errors of transactional information within the Company’s general ledger system, as well as adding and refining existing system reports that would help isolate outliers within the Company’s transactional data for further review;
|
•
|
we are improving the communication and coordination among our finance and accounting departments and we have expanded cross-functional involvement and input into period-end accruals; and
|
•
|
we are in the process of documenting, assessing and testing our internal control over financial reporting as part of our efforts to comply with Section 404 of the Sarbanes-Oxley Act.
|
Periods
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||
April 1 - 30, 2016
|
|
800,000
|
|
|
$
|
18.68
|
|
|
800,000
|
|
|
$
|
26,069,000
|
|
May 1 - 31, 2016
|
|
512,581
|
|
|
19.22
|
|
|
512,581
|
|
|
16,203,000
|
|
||
June 1 - 30, 2016
|
|
148
|
|
|
21.99
|
|
|
148
|
|
|
16,200,000
|
|
||
Total
|
|
1,312,729
|
|
|
18.92
|
|
|
1,312,729
|
|
|
|
10.1
|
|
TASER International, Inc. 2016 Stock Incentive Plan (incorporated by reference to Annex A of the registrant's definitive proxy statement for the 2016 Annual Meeting of Stockholders filed on April 15, 2016)***
|
31.1*
|
|
Principal Executive Officer Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
31.2*
|
|
Principal Financial Officer Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
32**
|
|
Principal Executive Officer and Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
TASER INTERNATIONAL, INC.
|
|
|
|
|
|
|
|
|
|
Date:
|
August 9, 2016
|
|
|
|
|
|
By:
|
|
/s/ PATRICK W. SMITH
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date:
|
August 9, 2016
|
By:
|
|
/s/ DANIEL M. BEHRENDT
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial and
|
|
|
|
|
Accounting Officer)
|
1 Year Axon Enterprise Chart |
1 Month Axon Enterprise Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions