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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 |
|
☒
|
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
|
Axon Enterprise, 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
|
|
85255
|
|||
Scottsdale
|
,
|
Arizona
|
|
|
|
(Address of principal executive offices)
|
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.00001 Par Value
|
AAXN
|
The Nasdaq Global Select Market
|
|
Large accelerated filer
|
|
☒
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Accelerated filer
|
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☐
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|
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Non-accelerated Filer
|
|
☐
|
Smaller reporting company
|
|
☐
|
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|
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|
|
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Emerging growth company
|
|
☐
|
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Page
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June 30, 2019
|
|
December 31, 2018
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
219,720
|
|
|
$
|
349,462
|
|
Short-term investments
|
116,629
|
|
|
—
|
|
||
Accounts and notes receivable, net of allowance of $1,577 and $1,882 as of June 30, 2019 and December 31, 2018, respectively
|
134,630
|
|
|
130,579
|
|
||
Contract assets, net
|
26,648
|
|
|
13,960
|
|
||
Inventory
|
40,999
|
|
|
33,763
|
|
||
Prepaid expenses and other current assets
|
36,429
|
|
|
30,391
|
|
||
Total current assets
|
575,055
|
|
|
558,155
|
|
||
Property and equipment, net of accumulated depreciation of $42,822 and $39,885 as of June 30, 2019 and December 31, 2018, respectively
|
40,500
|
|
|
37,893
|
|
||
Deferred income tax assets, net
|
20,658
|
|
|
19,347
|
|
||
Intangible assets, net
|
14,424
|
|
|
15,935
|
|
||
Goodwill
|
24,969
|
|
|
24,981
|
|
||
Long-term notes receivable, net of current portion
|
35,170
|
|
|
40,230
|
|
||
Other assets
|
35,594
|
|
|
22,999
|
|
||
Total assets
|
$
|
746,370
|
|
|
$
|
719,540
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
9,064
|
|
|
$
|
15,164
|
|
Accrued liabilities
|
34,011
|
|
|
41,092
|
|
||
Current portion of deferred revenue
|
113,351
|
|
|
107,016
|
|
||
Customer deposits
|
3,395
|
|
|
2,702
|
|
||
Other current liabilities
|
3,852
|
|
|
37
|
|
||
Total current liabilities
|
163,673
|
|
|
166,011
|
|
||
Deferred revenue, net of current portion
|
74,586
|
|
|
74,417
|
|
||
Liability for unrecognized tax benefits
|
3,462
|
|
|
2,849
|
|
||
Long-term deferred compensation
|
3,755
|
|
|
3,235
|
|
||
Other long-term liabilities
|
11,967
|
|
|
5,704
|
|
||
Total liabilities
|
257,443
|
|
|
252,216
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Common stock, $0.00001 par value; 200,000,000 shares authorized; 59,251,731 and 58,810,637 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
467,904
|
|
|
453,400
|
|
||
Treasury stock at cost, 20,220,227 shares as of June 30, 2019 and December 31, 2018
|
(155,947
|
)
|
|
(155,947
|
)
|
||
Retained earnings
|
178,540
|
|
|
171,383
|
|
||
Accumulated other comprehensive loss
|
(1,571
|
)
|
|
(1,513
|
)
|
||
Total stockholders’ equity
|
488,927
|
|
|
467,324
|
|
||
Total liabilities and stockholders’ equity
|
$
|
746,370
|
|
|
$
|
719,540
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales from products
|
$
|
80,391
|
|
|
$
|
76,721
|
|
|
$
|
168,480
|
|
|
$
|
157,695
|
|
Net sales from services
|
31,971
|
|
|
22,505
|
|
|
59,692
|
|
|
42,746
|
|
||||
Net sales
|
112,362
|
|
|
99,226
|
|
|
228,172
|
|
|
200,441
|
|
||||
Cost of product sales
|
38,220
|
|
|
31,087
|
|
|
77,820
|
|
|
63,521
|
|
||||
Cost of service sales
|
8,582
|
|
|
4,996
|
|
|
15,875
|
|
|
9,316
|
|
||||
Cost of sales
|
46,802
|
|
|
36,083
|
|
|
93,695
|
|
|
72,837
|
|
||||
Gross margin
|
65,560
|
|
|
63,143
|
|
|
134,477
|
|
|
127,604
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales, general and administrative
|
43,362
|
|
|
39,343
|
|
|
86,254
|
|
|
75,102
|
|
||||
Research and development
|
23,493
|
|
|
18,501
|
|
|
46,847
|
|
|
33,620
|
|
||||
Total operating expenses
|
66,855
|
|
|
57,844
|
|
|
133,101
|
|
|
108,722
|
|
||||
Income (loss) from operations
|
(1,295
|
)
|
|
5,299
|
|
|
1,376
|
|
|
18,882
|
|
||||
Interest and other income (expense), net
|
1,845
|
|
|
(295
|
)
|
|
4,158
|
|
|
968
|
|
||||
Income before provision for income taxes
|
550
|
|
|
5,004
|
|
|
5,534
|
|
|
19,850
|
|
||||
Provision for (benefit from) income taxes
|
(188
|
)
|
|
(3,481
|
)
|
|
(1,623
|
)
|
|
(1,561
|
)
|
||||
Net income
|
$
|
738
|
|
|
$
|
8,485
|
|
|
$
|
7,157
|
|
|
$
|
21,411
|
|
Net income per common and common equivalent shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.01
|
|
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.39
|
|
Diluted
|
$
|
0.01
|
|
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.38
|
|
Weighted average number of common and common equivalent shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
59,187
|
|
|
55,527
|
|
|
59,051
|
|
|
54,330
|
|
||||
Diluted
|
60,000
|
|
|
57,054
|
|
|
59,876
|
|
|
55,892
|
|
||||
|
|
|
|
|
|
|
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||
Net income
|
$
|
738
|
|
|
$
|
8,485
|
|
|
$
|
7,157
|
|
|
$
|
21,411
|
|
Foreign currency translation adjustments
|
(108
|
)
|
|
655
|
|
|
(58
|
)
|
|
(52
|
)
|
||||
Comprehensive income
|
$
|
630
|
|
|
$
|
9,140
|
|
|
$
|
7,099
|
|
|
$
|
21,359
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Treasury Stock
|
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Total
Stockholders’ Equity |
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||||||
Balance, December 31, 2017
|
52,969,869
|
|
|
$
|
1
|
|
|
$
|
201,672
|
|
|
20,220,227
|
|
|
$
|
(155,947
|
)
|
|
$
|
123,185
|
|
|
$
|
(1,467
|
)
|
|
$
|
167,444
|
|
||
Cumulative effect of applying a change in accounting principle
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,994
|
|
|
—
|
|
|
18,994
|
|
||||||||
Issuance of common stock under employee plans
|
337,214
|
|
|
—
|
|
|
(3,421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,421
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,093
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,093
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,926
|
|
|
—
|
|
|
12,926
|
|
||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(707
|
)
|
|
(707
|
)
|
||||||||
Balance, March 31, 2018
|
53,307,083
|
|
|
1
|
|
|
202,344
|
|
|
20,220,227
|
|
|
(155,947
|
)
|
|
155,105
|
|
|
$
|
(2,174
|
)
|
|
199,329
|
|
|||||||
Issuance of common stock
|
4,645,000
|
|
|
—
|
|
|
233,993
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233,993
|
|
||||||||
Issuance of common stock for business combination
|
58,843
|
|
|
—
|
|
|
8,226
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,226
|
|
||||||||
Issuance of common stock under employee plans
|
278,687
|
|
|
—
|
|
|
(6,800
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
(6,800
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,954
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
4,954
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,485
|
|
|
—
|
|
|
8,485
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
655
|
|
|
655
|
|
||||||||
Balance, June 30, 2018
|
58,289,613
|
|
|
$
|
1
|
|
|
$
|
442,717
|
|
|
20,220,227
|
|
|
$
|
(155,947
|
)
|
|
$
|
163,590
|
|
|
$
|
(1,519
|
)
|
|
$
|
448,842
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, December 31, 2018
|
58,810,637
|
|
|
$
|
1
|
|
|
$
|
453,400
|
|
|
20,220,227
|
|
|
$
|
(155,947
|
)
|
|
$
|
171,383
|
|
|
$
|
(1,513
|
)
|
|
$
|
467,324
|
|
||
Issuance of common stock under employee plans
|
298,649
|
|
|
—
|
|
|
(1,159
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,159
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
7,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,905
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,419
|
|
|
—
|
|
|
6,419
|
|
||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
||||||||
Balance, March 31, 2019
|
59,109,286
|
|
|
1
|
|
|
460,146
|
|
|
20,220,227
|
|
|
(155,947
|
)
|
|
177,802
|
|
|
$
|
(1,463
|
)
|
|
480,539
|
|
|||||||
Issuance of common stock under employee plans
|
71,832
|
|
|
—
|
|
|
(869
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(869
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
8,627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,627
|
|
||||||||
Issuance of common stock for business combination contingent consideration
|
70,613
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
738
|
|
|
—
|
|
|
738
|
|
||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
(108
|
)
|
||||||||
Balance, June 30, 2019
|
59,251,731
|
|
|
$
|
1
|
|
|
$
|
467,904
|
|
|
20,220,227
|
|
|
$
|
(155,947
|
)
|
|
$
|
178,540
|
|
|
$
|
(1,571
|
)
|
|
$
|
488,927
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
7,157
|
|
|
$
|
21,411
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,487
|
|
|
5,161
|
|
||
Loss on disposal and impairment of property and equipment, net
|
1,563
|
|
|
153
|
|
||
Loss on disposal and abandonment of intangible assets
|
18
|
|
|
54
|
|
||
Stock-based compensation
|
16,532
|
|
|
9,047
|
|
||
Deferred income taxes
|
(1,311
|
)
|
|
(58
|
)
|
||
Unrecognized tax benefits
|
613
|
|
|
212
|
|
||
Other noncash, net
|
1,822
|
|
|
30
|
|
||
Change in assets and liabilities:
|
|
|
|
||||
Accounts and notes receivable and contract assets
|
(11,006
|
)
|
|
(24,791
|
)
|
||
Inventory
|
(7,515
|
)
|
|
4,508
|
|
||
Prepaid expenses and other assets
|
(5,761
|
)
|
|
(7,429
|
)
|
||
Accounts payable, accrued and other liabilities
|
(16,752
|
)
|
|
(2,688
|
)
|
||
Deferred revenue
|
6,577
|
|
|
10,496
|
|
||
Net cash provided by (used in) operating activities
|
(2,576
|
)
|
|
16,106
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of investments
|
(141,992
|
)
|
|
(4,331
|
)
|
||
Proceeds from maturity/call of investments
|
25,319
|
|
|
7,038
|
|
||
Purchases of property and equipment
|
(7,861
|
)
|
|
(4,665
|
)
|
||
Purchases of intangible assets
|
(344
|
)
|
|
(254
|
)
|
||
Business acquisitions
|
—
|
|
|
(5,014
|
)
|
||
Net cash used in investing activities
|
(124,878
|
)
|
|
(7,226
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net proceeds from equity offering
|
—
|
|
|
233,993
|
|
||
Proceeds from options exercised
|
104
|
|
|
586
|
|
||
Income and payroll tax payments for net-settled stock awards
|
(2,132
|
)
|
|
(10,807
|
)
|
||
Payment of contingent consideration for a business acquisition
|
—
|
|
|
(575
|
)
|
||
Net cash provided by (used in) financing activities
|
(2,028
|
)
|
|
223,197
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(252
|
)
|
|
(538
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(129,734
|
)
|
|
231,539
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
351,027
|
|
|
78,438
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
221,293
|
|
|
$
|
309,977
|
|
|
|
|
|
||||
Supplemental disclosures:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
219,720
|
|
|
$
|
307,507
|
|
Restricted cash (Note 1)
|
1,573
|
|
|
2,470
|
|
||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows
|
$
|
221,293
|
|
|
$
|
309,977
|
|
|
|
|
|
||||
Cash paid for income taxes, net of refunds
|
$
|
1,331
|
|
|
$
|
7,758
|
|
|
|
|
|
||||
Non-cash transactions
|
|
|
|
||||
Property and equipment purchases in accounts payable and accrued liabilities
|
$
|
91
|
|
|
$
|
665
|
|
Non-cash purchase consideration related to business combinations
|
$
|
—
|
|
|
$
|
12,288
|
|
•
|
product warranty reserves,
|
•
|
inventory valuation,
|
•
|
revenue recognition,
|
•
|
valuation of goodwill, intangible and long-lived assets,
|
•
|
recognition, measurement and valuation of current and deferred income taxes,
|
•
|
stock-based compensation,
|
•
|
recognition and measurement of lease liabilities,
|
•
|
recognition and measurement of contingencies and accrued litigation expense, and
|
•
|
fair values of identified tangible and intangible assets acquired and liabilities assumed in business combinations.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
738
|
|
|
$
|
8,485
|
|
|
$
|
7,157
|
|
|
$
|
21,411
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
59,187
|
|
|
55,527
|
|
|
59,051
|
|
|
54,330
|
|
||||
Dilutive effect of stock-based awards
|
813
|
|
|
1,527
|
|
|
825
|
|
|
1,562
|
|
||||
Diluted weighted average shares outstanding
|
60,000
|
|
|
57,054
|
|
|
59,876
|
|
|
55,892
|
|
||||
Anti-dilutive stock-based awards excluded
|
12,056
|
|
|
3,023
|
|
|
12,111
|
|
|
1,533
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.01
|
|
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.39
|
|
Diluted
|
$
|
0.01
|
|
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.38
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
898
|
|
|
$
|
644
|
|
Utilization of accrual
|
(250
|
)
|
|
(149
|
)
|
||
Warranty expense
|
634
|
|
|
10
|
|
||
Balance, end of period
|
$
|
1,282
|
|
|
$
|
505
|
|
•
|
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 our own assumptions about inputs that market participants would use in pricing an asset or liability.
|
|
December 31, 2018
|
|
Impact of Adoption of Topic 842 on Opening Balance Sheet
|
|
January 1, 2019
|
||||||
|
(As reported)
|
|
|
(As adjusted)
|
|||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
||||||
Other assets
|
$
|
22,999
|
|
|
$
|
12,483
|
|
|
$
|
35,482
|
|
Total assets
|
719,540
|
|
|
12,483
|
|
|
732,023
|
|
|||
|
|
|
|
|
—
|
|
|||||
Accrued liabilities
|
41,092
|
|
|
(1,138
|
)
|
|
39,954
|
|
|||
Other current liabilities
|
37
|
|
|
3,588
|
|
|
3,625
|
|
|||
Total current liabilities
|
166,011
|
|
|
2,450
|
|
|
168,461
|
|
|||
Other long-term liabilities
|
5,704
|
|
|
10,033
|
|
|
15,737
|
|
|||
Total liabilities
|
252,216
|
|
|
12,483
|
|
|
264,699
|
|
|||
Total liabilities and stockholders' equity
|
719,540
|
|
|
12,483
|
|
|
732,023
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||
|
TASER
|
|
Software and Sensors
|
|
Total
|
|
TASER
|
|
Software and Sensors
|
|
Total
|
||||||||||||
TASER 7
|
$
|
9,298
|
|
|
$
|
—
|
|
|
$
|
9,298
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
TASER X26P
|
10,382
|
|
|
—
|
|
|
10,382
|
|
|
18,146
|
|
|
—
|
|
|
18,146
|
|
||||||
TASER X2
|
14,087
|
|
|
—
|
|
|
14,087
|
|
|
18,362
|
|
|
—
|
|
|
18,362
|
|
||||||
TASER Pulse and Bolt
|
1,118
|
|
|
—
|
|
|
1,118
|
|
|
1,101
|
|
|
—
|
|
|
1,101
|
|
||||||
Single cartridges
|
19,293
|
|
|
—
|
|
|
19,293
|
|
|
17,243
|
|
|
—
|
|
|
17,243
|
|
||||||
Axon Body
|
—
|
|
|
5,612
|
|
|
5,612
|
|
|
—
|
|
|
4,780
|
|
|
4,780
|
|
||||||
Axon Flex
|
—
|
|
|
1,623
|
|
|
1,623
|
|
|
—
|
|
|
1,535
|
|
|
1,535
|
|
||||||
Axon Fleet
|
—
|
|
|
3,120
|
|
|
3,120
|
|
|
—
|
|
|
2,715
|
|
|
2,715
|
|
||||||
Axon Dock
|
—
|
|
|
2,731
|
|
|
2,731
|
|
|
—
|
|
|
2,119
|
|
|
2,119
|
|
||||||
Axon Evidence and cloud services
|
109
|
|
|
31,821
|
|
|
31,930
|
|
|
—
|
|
|
20,357
|
|
|
20,357
|
|
||||||
TASER Cam
|
—
|
|
|
1,044
|
|
|
1,044
|
|
|
—
|
|
|
762
|
|
|
762
|
|
||||||
Extended warranties
|
4,482
|
|
|
4,420
|
|
|
8,902
|
|
|
3,738
|
|
|
2,870
|
|
|
6,608
|
|
||||||
Other
|
1,803
|
|
|
1,419
|
|
|
3,222
|
|
|
2,034
|
|
|
3,464
|
|
|
5,498
|
|
||||||
Total
|
$
|
60,572
|
|
|
$
|
51,790
|
|
|
$
|
112,362
|
|
|
$
|
60,624
|
|
|
$
|
38,602
|
|
|
$
|
99,226
|
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||
|
TASER
|
|
Software and Sensors
|
|
Total
|
|
TASER
|
|
Software and Sensors
|
|
Total
|
||||||||||||
TASER 7
|
$
|
19,252
|
|
|
$
|
—
|
|
|
$
|
19,252
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
TASER X26P
|
26,254
|
|
|
—
|
|
|
26,254
|
|
|
34,620
|
|
|
—
|
|
|
34,620
|
|
||||||
TASER X2
|
27,172
|
|
|
—
|
|
|
27,172
|
|
|
42,294
|
|
|
—
|
|
|
42,294
|
|
||||||
TASER Pulse and Bolt
|
1,788
|
|
|
—
|
|
|
1,788
|
|
|
2,447
|
|
|
—
|
|
|
2,447
|
|
||||||
Single cartridges
|
38,453
|
|
|
—
|
|
|
38,453
|
|
|
33,357
|
|
|
—
|
|
|
33,357
|
|
||||||
Axon Body
|
—
|
|
|
12,057
|
|
|
12,057
|
|
|
—
|
|
|
10,338
|
|
|
10,338
|
|
||||||
Axon Flex
|
—
|
|
|
2,847
|
|
|
2,847
|
|
|
—
|
|
|
3,204
|
|
|
3,204
|
|
||||||
Axon Fleet
|
—
|
|
|
6,636
|
|
|
6,636
|
|
|
—
|
|
|
4,831
|
|
|
4,831
|
|
||||||
Axon Dock
|
—
|
|
|
6,043
|
|
|
6,043
|
|
|
—
|
|
|
5,154
|
|
|
5,154
|
|
||||||
Axon Evidence and cloud services
|
145
|
|
|
59,439
|
|
|
59,584
|
|
|
—
|
|
|
40,598
|
|
|
40,598
|
|
||||||
TASER Cam
|
—
|
|
|
1,947
|
|
|
1,947
|
|
|
—
|
|
|
2,122
|
|
|
2,122
|
|
||||||
Extended warranties
|
8,798
|
|
|
9,350
|
|
|
18,148
|
|
|
7,444
|
|
|
5,360
|
|
|
12,804
|
|
||||||
Other
|
4,101
|
|
|
3,890
|
|
|
7,991
|
|
|
3,986
|
|
|
4,686
|
|
|
8,672
|
|
||||||
Total
|
$
|
125,963
|
|
|
$
|
102,209
|
|
|
$
|
228,172
|
|
|
$
|
124,148
|
|
|
$
|
76,293
|
|
|
$
|
200,441
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
United States
|
$
|
93,594
|
|
|
83
|
%
|
|
$
|
78,731
|
|
|
79
|
%
|
|
$
|
187,927
|
|
|
82
|
%
|
|
$
|
156,681
|
|
|
78
|
%
|
Other countries
|
18,768
|
|
|
17
|
|
|
20,495
|
|
|
21
|
|
|
40,245
|
|
|
18
|
|
|
43,760
|
|
|
22
|
|
||||
Total
|
$
|
112,362
|
|
|
100
|
%
|
|
$
|
99,226
|
|
|
100
|
%
|
|
$
|
228,172
|
|
|
100
|
%
|
|
$
|
200,441
|
|
|
100
|
%
|
|
June 30, 2019
|
||
Contract assets, net
|
$
|
26,908
|
|
Contract liabilities (deferred revenue)
|
187,937
|
|
|
Revenue recognized in the period from:
|
|
||
Amounts included in contract liabilities at the beginning of the period
|
58,302
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Current
|
|
Long-Term
|
|
Total
|
|
Current
|
|
Long-Term
|
|
Total
|
||||||||||||
Warranty:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER
|
$
|
11,110
|
|
|
$
|
16,450
|
|
|
$
|
27,560
|
|
|
$
|
12,797
|
|
|
$
|
16,847
|
|
|
$
|
29,644
|
|
Software and Sensors
|
9,514
|
|
|
4,898
|
|
|
14,412
|
|
|
8,273
|
|
|
6,516
|
|
|
14,789
|
|
||||||
|
20,624
|
|
|
21,348
|
|
|
41,972
|
|
|
21,070
|
|
|
23,363
|
|
|
44,433
|
|
||||||
Hardware:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER
|
3,315
|
|
|
15,844
|
|
|
19,159
|
|
|
9,355
|
|
|
15,598
|
|
|
24,953
|
|
||||||
Software and Sensors
|
35,443
|
|
|
23,500
|
|
|
58,943
|
|
|
20,878
|
|
|
24,685
|
|
|
45,563
|
|
||||||
|
38,758
|
|
|
39,344
|
|
|
78,102
|
|
|
30,233
|
|
|
40,283
|
|
|
70,516
|
|
||||||
Services:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
TASER
|
77
|
|
|
350
|
|
|
427
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Software and Sensors
|
53,892
|
|
|
13,544
|
|
|
67,436
|
|
|
55,713
|
|
|
10,771
|
|
|
66,484
|
|
||||||
|
53,969
|
|
|
13,894
|
|
|
67,863
|
|
|
55,713
|
|
|
10,771
|
|
|
66,484
|
|
||||||
Total
|
$
|
113,351
|
|
|
$
|
74,586
|
|
|
$
|
187,937
|
|
|
$
|
107,016
|
|
|
$
|
74,417
|
|
|
$
|
181,433
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Current
|
|
Long-Term
|
|
Total
|
|
Current
|
|
Long-Term
|
|
Total
|
||||||||||||
TASER
|
$
|
14,502
|
|
|
$
|
32,644
|
|
|
$
|
47,146
|
|
|
$
|
22,152
|
|
|
$
|
32,445
|
|
|
$
|
54,597
|
|
Software and Sensors
|
98,849
|
|
|
41,942
|
|
|
140,791
|
|
|
84,864
|
|
|
41,972
|
|
|
126,836
|
|
||||||
Total
|
$
|
113,351
|
|
|
$
|
74,586
|
|
|
$
|
187,937
|
|
|
$
|
107,016
|
|
|
$
|
74,417
|
|
|
$
|
181,433
|
|
|
As of June 30, 2019
|
||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-Term Investments
|
||||||||||||
Cash
|
$
|
129,347
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
129,347
|
|
|
$
|
129,347
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
88,375
|
|
|
—
|
|
|
—
|
|
|
88,375
|
|
|
88,375
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
118,627
|
|
|
44
|
|
|
(5
|
)
|
|
118,666
|
|
|
1,998
|
|
|
116,629
|
|
||||||
Total
|
$
|
336,349
|
|
|
$
|
44
|
|
|
$
|
(5
|
)
|
|
$
|
336,388
|
|
|
$
|
219,720
|
|
|
$
|
116,629
|
|
|
As of December 31, 2018
|
||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-Term Investments
|
||||||||||||
Cash
|
$
|
144,095
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144,095
|
|
|
$
|
144,095
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
205,367
|
|
|
—
|
|
|
—
|
|
|
205,367
|
|
|
205,367
|
|
|
—
|
|
||||||
Total
|
$
|
349,462
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
349,462
|
|
|
$
|
349,462
|
|
|
$
|
—
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Raw materials
|
$
|
21,784
|
|
|
$
|
19,670
|
|
Finished goods
|
19,215
|
|
|
14,093
|
|
||
Total inventory
|
$
|
40,999
|
|
|
$
|
33,763
|
|
|
TASER
|
|
Software and Sensors
|
|
Total
|
||||||
Balance, beginning of period
|
$
|
1,338
|
|
|
$
|
23,643
|
|
|
$
|
24,981
|
|
Foreign currency translation adjustment
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|||
Balance, end of period
|
$
|
1,332
|
|
|
$
|
23,637
|
|
|
$
|
24,969
|
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Useful
Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Amortizable (definite-lived) intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Domain names
|
5-10 years
|
|
$
|
3,161
|
|
|
$
|
(884
|
)
|
|
$
|
2,277
|
|
|
$
|
3,161
|
|
|
$
|
(732
|
)
|
|
$
|
2,429
|
|
Issued patents
|
4-15 years
|
|
2,993
|
|
|
(1,212
|
)
|
|
1,781
|
|
|
2,940
|
|
|
(1,106
|
)
|
|
1,834
|
|
||||||
Issued trademarks
|
3-11 years
|
|
969
|
|
|
(511
|
)
|
|
458
|
|
|
1,053
|
|
|
(599
|
)
|
|
454
|
|
||||||
Customer relationships
|
4-8 years
|
|
3,697
|
|
|
(1,155
|
)
|
|
2,542
|
|
|
3,701
|
|
|
(880
|
)
|
|
2,821
|
|
||||||
Non-compete agreements
|
3-4 years
|
|
450
|
|
|
(394
|
)
|
|
56
|
|
|
540
|
|
|
(439
|
)
|
|
101
|
|
||||||
Developed technology
|
3-7 years
|
|
10,660
|
|
|
(5,435
|
)
|
|
5,225
|
|
|
13,404
|
|
|
(7,081
|
)
|
|
6,323
|
|
||||||
Re-acquired distribution rights
|
2 years
|
|
2,006
|
|
|
(2,006
|
)
|
|
—
|
|
|
1,928
|
|
|
(1,813
|
)
|
|
115
|
|
||||||
Total amortizable
|
|
|
23,936
|
|
|
(11,597
|
)
|
|
12,339
|
|
|
26,727
|
|
|
(12,650
|
)
|
|
14,077
|
|
||||||
Not amortizable (indefinite-lived) intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TASER trademark
|
|
|
900
|
|
|
|
|
900
|
|
|
900
|
|
|
|
|
900
|
|
||||||||
Patents and trademarks pending
|
|
|
1,185
|
|
|
|
|
1,185
|
|
|
958
|
|
|
|
|
958
|
|
||||||||
Total not amortizable
|
|
|
2,085
|
|
|
|
|
2,085
|
|
|
1,858
|
|
|
|
|
1,858
|
|
||||||||
Total intangible assets
|
|
|
$
|
26,021
|
|
|
$
|
(11,597
|
)
|
|
$
|
14,424
|
|
|
$
|
28,585
|
|
|
$
|
(12,650
|
)
|
|
$
|
15,935
|
|
2019 Remaining
|
$
|
1,653
|
|
2020
|
3,300
|
|
|
2021
|
2,852
|
|
|
2022
|
1,251
|
|
|
2023
|
954
|
|
|
2024
|
872
|
|
|
Thereafter
|
1,457
|
|
|
Total
|
$
|
12,339
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Cash surrender value of corporate-owned life insurance policies
|
$
|
4,018
|
|
|
$
|
3,596
|
|
Deferred commissions
(1)
|
16,597
|
|
|
15,530
|
|
||
Restricted cash
|
660
|
|
|
661
|
|
||
Operating lease assets
|
10,770
|
|
|
—
|
|
||
Prepaid expenses, deposits and other
|
3,549
|
|
|
3,212
|
|
||
Total other long-term assets
|
$
|
35,594
|
|
|
$
|
22,999
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Accrued salaries, benefits and bonus
|
$
|
15,106
|
|
|
$
|
19,063
|
|
Accrued professional, consulting and lobbying fees
|
4,688
|
|
|
4,894
|
|
||
Accrued warranty expense
|
1,282
|
|
|
898
|
|
||
Accrued income and other taxes
|
3,448
|
|
|
4,167
|
|
||
Other accrued liabilities
|
9,487
|
|
|
12,070
|
|
||
Accrued liabilities
|
$
|
34,011
|
|
|
$
|
41,092
|
|
Eight Separate Revenue Goals
(1)
(in thousands)
|
|
Eight Separate Adjusted EBITDA (CEO Performance Award) Goals
(in thousands)
|
Goal #1, $710,058
|
|
Goal #9, $125,000
|
Goal #2, $860,058
|
|
Goal #10, $155,000
|
Goal #3, $1,010,058
|
|
Goal #11, $175,000
|
Goal #4, $1,210,058
|
|
Goal #12, $190,000
|
Goal #5, $1,410,058
|
|
Goal #13, $200,000
|
Goal #6, $1,610,058
|
|
Goal #14, $210,000
|
Goal #7, $1,810,058
|
|
Goal #15, $220,000
|
Goal #8, $2,010,058
|
|
Goal #16, $230,000
|
•
|
Total revenue of
$710.1 million
; and
|
•
|
Adjusted EBITDA (CEO Performance Award) of
$125.0 million
|
|
Number of
Units
|
|
Weighted Average
Grant-Date Fair Value
|
|
Aggregate
Intrinsic Value |
|||||
Units outstanding, beginning of year
|
1,655
|
|
|
$
|
28.34
|
|
|
|
||
Granted
|
5,732
|
|
|
34.65
|
|
|
|
|||
Released
|
(375
|
)
|
|
23.15
|
|
|
|
|||
Forfeited
|
(104
|
)
|
|
37.25
|
|
|
|
|||
Units outstanding, end of period
|
6,908
|
|
|
33.73
|
|
|
$
|
443,531
|
|
|
Number
of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted Average Remaining Contractual Life (years)
|
|
Aggregate
Intrinsic Value |
|||||
Options outstanding, beginning of year
|
6,458
|
|
|
$
|
28.24
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(25
|
)
|
|
4.23
|
|
|
|
|
|
|||
Expired / terminated
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options outstanding, end of period
|
6,433
|
|
|
28.33
|
|
|
8.58
|
|
$
|
230,820
|
|
|
Options exercisable, end of period
|
67
|
|
|
4.53
|
|
|
1.44
|
|
4,005
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of products sold and services delivered
|
$
|
237
|
|
|
$
|
125
|
|
|
$
|
463
|
|
|
$
|
266
|
|
Sales, general and administrative expenses
|
4,941
|
|
|
2,731
|
|
|
9,622
|
|
|
5,035
|
|
||||
Research and development expenses
|
3,449
|
|
|
2,098
|
|
|
6,447
|
|
|
3,746
|
|
||||
Total stock-based compensation expense
|
$
|
8,627
|
|
|
$
|
4,954
|
|
|
$
|
16,532
|
|
|
$
|
9,047
|
|
Leases (in thousands)
|
|
Classification
|
|
June 30, 2019
|
||
Assets
|
|
|
|
|
||
Operating lease assets
|
|
Other assets
|
|
$
|
10,770
|
|
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Other current liabilities
|
|
$
|
3,814
|
|
Noncurrent
|
|
|
|
|
||
Operating
|
|
Other long-term liabilities
|
|
8,013
|
|
|
Total lease liabilities
|
|
|
|
$
|
11,827
|
|
|
|
Classification
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Operating lease expense
(1)
|
|
Sales, general and administrative expenses
(2)
|
|
$
|
1,137
|
|
|
$
|
2,154
|
|
Sublease income
|
|
Other income
|
|
(95
|
)
|
|
(137
|
)
|
||
Net lease expense
|
|
|
|
$
|
1,042
|
|
|
$
|
2,017
|
|
|
|
Six Months Ended June 30, 2019
|
||
Supplemental Cash Flows Information
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
2,017
|
|
Right-of-use assets obtained in exchange for lease liabilities:
|
|
|
||
Operating leases
|
|
84
|
|
|
Weighted average remaining lease term:
|
|
|
||
Operating leases
|
|
3.5 years
|
|
|
Weighted average discount rate:
|
|
|
||
Operating leases
|
|
3.6
|
%
|
|
Operating
|
|
Sublease income
|
|
Net
|
||||||
2019 Remaining
|
$
|
2,248
|
|
|
$
|
(164
|
)
|
|
$
|
2,084
|
|
2020
|
4,224
|
|
|
(82
|
)
|
|
4,142
|
|
|||
2021
|
3,340
|
|
|
—
|
|
|
3,340
|
|
|||
2022
|
2,409
|
|
|
—
|
|
|
2,409
|
|
|||
2023
|
1,173
|
|
|
—
|
|
|
1,173
|
|
|||
2024
|
—
|
|
|
—
|
|
|
—
|
|
|||
Thereafter
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total minimum lease payments
|
13,394
|
|
|
(246
|
)
|
|
13,148
|
|
|||
Less: Amount representing interest
|
|
|
|
|
(1,321
|
)
|
|||||
Present value of lease payments
|
|
|
|
|
$
|
11,827
|
|
|
Operating
|
|
Capital
|
||||
2019
|
$
|
3,670
|
|
|
$
|
40
|
|
2020
|
3,572
|
|
|
36
|
|
||
2021
|
2,961
|
|
|
—
|
|
||
2022
|
2,001
|
|
|
—
|
|
||
2023
|
573
|
|
|
—
|
|
||
Thereafter
|
—
|
|
|
—
|
|
||
Total minimum lease payments
|
$
|
12,777
|
|
|
76
|
|
|
Less: Amount representing interest
|
|
|
(6
|
)
|
|||
Capital lease obligation
|
|
|
$
|
70
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||
|
TASER
|
|
Software and Sensors
1
|
|
Total
|
|
TASER
|
|
Software and Sensors
|
|
Total
|
||||||||||||
Net sales from products
|
$
|
60,423
|
|
|
$
|
19,968
|
|
|
$
|
80,391
|
|
|
$
|
60,624
|
|
|
$
|
16,097
|
|
|
$
|
76,721
|
|
Net sales from services
|
149
|
|
|
31,822
|
|
|
31,971
|
|
|
—
|
|
|
22,505
|
|
|
22,505
|
|
||||||
Net sales
|
60,572
|
|
|
51,790
|
|
|
112,362
|
|
|
60,624
|
|
|
38,602
|
|
|
99,226
|
|
||||||
Cost of product sales
|
24,262
|
|
|
13,958
|
|
|
38,220
|
|
|
17,681
|
|
|
13,406
|
|
|
31,087
|
|
||||||
Cost of service sales
|
—
|
|
|
8,582
|
|
|
8,582
|
|
|
—
|
|
|
4,996
|
|
|
4,996
|
|
||||||
Cost of sales
|
24,262
|
|
|
22,540
|
|
|
46,802
|
|
|
17,681
|
|
|
18,402
|
|
|
36,083
|
|
||||||
Gross margin
|
$
|
36,310
|
|
|
$
|
29,250
|
|
|
$
|
65,560
|
|
|
$
|
42,943
|
|
|
$
|
20,200
|
|
|
$
|
63,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
$
|
3,087
|
|
|
$
|
20,406
|
|
|
$
|
23,493
|
|
|
$
|
4,019
|
|
|
$
|
14,482
|
|
|
$
|
18,501
|
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||
|
TASER
|
|
Software and Sensors
1
|
|
Total
|
|
TASER
|
|
Software and Sensors
|
|
Total
|
||||||||||||
Net sales from products
|
$
|
125,724
|
|
|
$
|
42,756
|
|
|
$
|
168,480
|
|
|
$
|
124,148
|
|
|
$
|
33,547
|
|
|
$
|
157,695
|
|
Net sales from services
|
239
|
|
|
59,453
|
|
|
59,692
|
|
|
—
|
|
|
42,746
|
|
|
42,746
|
|
||||||
Net sales
|
125,963
|
|
|
102,209
|
|
|
228,172
|
|
|
124,148
|
|
|
76,293
|
|
|
200,441
|
|
||||||
Cost of product sales
|
47,540
|
|
|
30,280
|
|
|
77,820
|
|
|
38,224
|
|
|
25,297
|
|
|
63,521
|
|
||||||
Cost of service sales
|
—
|
|
|
15,875
|
|
|
15,875
|
|
|
—
|
|
|
9,316
|
|
|
9,316
|
|
||||||
Cost of sales
|
47,540
|
|
|
46,155
|
|
|
93,695
|
|
|
38,224
|
|
|
34,613
|
|
|
72,837
|
|
||||||
Gross margin
|
$
|
78,423
|
|
|
$
|
56,054
|
|
|
$
|
134,477
|
|
|
$
|
85,924
|
|
|
$
|
41,680
|
|
|
$
|
127,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development
|
$
|
6,799
|
|
|
$
|
40,048
|
|
|
$
|
46,847
|
|
|
$
|
6,979
|
|
|
$
|
26,641
|
|
|
$
|
33,620
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
Net sales from products
|
$
|
80,391
|
|
|
71.5
|
%
|
|
$
|
76,721
|
|
|
77.3
|
%
|
Net sales from services
|
31,971
|
|
|
28.5
|
|
|
22,505
|
|
|
22.7
|
|
||
Net sales
|
112,362
|
|
|
100.0
|
|
|
99,226
|
|
|
100.0
|
|
||
Cost of product sales
|
38,220
|
|
|
34.0
|
|
|
31,087
|
|
|
31.4
|
|
||
Cost of service sales
|
8,582
|
|
|
7.6
|
|
|
4,996
|
|
|
5.0
|
|
||
Cost of sales
|
46,802
|
|
|
41.6
|
|
|
36,083
|
|
|
36.4
|
|
||
Gross margin
|
65,560
|
|
|
58.4
|
|
|
63,143
|
|
|
63.6
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales, general and administrative
|
43,362
|
|
|
38.6
|
|
|
39,343
|
|
|
39.6
|
|
||
Research and development
|
23,493
|
|
|
20.9
|
|
|
18,501
|
|
|
18.6
|
|
||
Total operating expenses
|
66,855
|
|
|
59.5
|
|
|
57,844
|
|
|
58.2
|
|
||
Income (loss) from operations
|
(1,295
|
)
|
|
(1.1
|
)
|
|
5,299
|
|
|
5.4
|
|
||
Interest and other income (expense), net
|
1,845
|
|
|
1.6
|
|
|
(295
|
)
|
|
(0.3
|
)
|
||
Income before provision for income taxes
|
550
|
|
|
0.5
|
|
|
5,004
|
|
|
5.1
|
|
||
Provision for (benefit from) income taxes
|
(188
|
)
|
|
(0.2
|
)
|
|
(3,481
|
)
|
|
(3.5
|
)
|
||
Net income
|
$
|
738
|
|
|
0.7
|
%
|
|
$
|
8,485
|
|
|
8.6
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||||||||
|
2019
|
|
2018
|
|
|
|||||||||||||||
TASER segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER 7
|
$
|
9,298
|
|
|
8.3
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
9,298
|
|
|
*
|
|
TASER X26P
|
10,382
|
|
|
9.2
|
|
|
18,146
|
|
|
18.3
|
|
|
(7,764
|
)
|
|
(42.8
|
)
|
|||
TASER X2
|
14,087
|
|
|
12.5
|
|
|
18,362
|
|
|
18.5
|
|
|
(4,275
|
)
|
|
(23.3
|
)
|
|||
TASER Pulse and Bolt
|
1,118
|
|
|
1.0
|
|
|
1,101
|
|
|
1.1
|
|
|
17
|
|
|
1.5
|
|
|||
Single cartridges
|
19,293
|
|
|
17.3
|
|
|
17,243
|
|
|
17.4
|
|
|
2,050
|
|
|
11.9
|
|
|||
Axon Evidence and cloud services
|
109
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
*
|
|
|||
Extended warranties
|
4,482
|
|
|
4.0
|
|
|
3,738
|
|
|
3.8
|
|
|
744
|
|
|
19.9
|
|
|||
Other
|
1,803
|
|
|
1.6
|
|
|
2,034
|
|
|
2.0
|
|
|
(231
|
)
|
|
(11.4
|
)
|
|||
Total TASER segment
|
60,572
|
|
|
54.0
|
|
|
60,624
|
|
|
61.1
|
|
|
(52
|
)
|
|
(0.1
|
)
|
|||
Software and Sensors segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Axon Body
|
5,612
|
|
|
5.0
|
|
|
4,780
|
|
|
4.8
|
|
|
832
|
|
|
17.4
|
|
|||
Axon Flex
|
1,623
|
|
|
1.4
|
|
|
1,535
|
|
|
1.5
|
|
|
88
|
|
|
5.7
|
|
|||
Axon Fleet
|
3,120
|
|
|
2.8
|
|
|
2,715
|
|
|
2.7
|
|
|
405
|
|
|
14.9
|
|
|||
Axon Dock
|
2,731
|
|
|
2.4
|
|
|
2,119
|
|
|
2.1
|
|
|
612
|
|
|
28.9
|
|
|||
Axon Evidence and cloud services
|
31,821
|
|
|
28.3
|
|
|
20,357
|
|
|
20.6
|
|
|
11,464
|
|
|
56.3
|
|
|||
TASER Cam
|
1,044
|
|
|
0.9
|
|
|
762
|
|
|
0.8
|
|
|
282
|
|
|
37.0
|
|
|||
Extended warranties
|
4,420
|
|
|
3.9
|
|
|
2,870
|
|
|
2.9
|
|
|
1,550
|
|
|
54.0
|
|
|||
Other
|
1,419
|
|
|
1.3
|
|
|
3,464
|
|
|
3.5
|
|
|
(2,045
|
)
|
|
(59.0
|
)
|
|||
Total Software and Sensors segment
|
51,790
|
|
|
46.0
|
|
|
38,602
|
|
|
38.9
|
|
|
13,188
|
|
|
34.2
|
|
|||
Total net sales
|
$
|
112,362
|
|
|
100.0
|
%
|
|
$
|
99,226
|
|
|
100.0
|
%
|
|
$
|
13,136
|
|
|
13.2
|
%
|
|
Three Months Ended June 30,
|
|
Unit
Change
|
|
Percent
Change
|
||||||
|
2019
|
|
2018
|
|
|
||||||
TASER 7
|
8,135
|
|
|
—
|
|
|
8,135
|
|
|
*
|
|
TASER X26P
|
9,493
|
|
|
18,664
|
|
|
(9,171
|
)
|
|
(49.1
|
)
|
TASER X2
|
9,759
|
|
|
15,537
|
|
|
(5,778
|
)
|
|
(37.2
|
)
|
TASER Pulse and Bolt
|
3,631
|
|
|
3,158
|
|
|
473
|
|
|
15.0
|
|
Cartridges
|
606,220
|
|
|
611,136
|
|
|
(4,916
|
)
|
|
(0.8
|
)
|
Axon Body
|
20,346
|
|
|
20,407
|
|
|
(61
|
)
|
|
(0.3
|
)
|
Axon Flex
|
3,508
|
|
|
3,281
|
|
|
227
|
|
|
6.9
|
|
Axon Fleet
|
2,441
|
|
|
2,079
|
|
|
362
|
|
|
17.4
|
|
Axon Dock
|
3,408
|
|
|
4,534
|
|
|
(1,126
|
)
|
|
(24.8
|
)
|
TASER Cam
|
1,716
|
|
|
1,491
|
|
|
225
|
|
|
15.1
|
|
|
Three Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
||||||||
|
2019
|
|
2018
|
|
|
||||||||
Total sales, general and administrative expenses
|
$
|
43,362
|
|
|
$
|
39,343
|
|
|
$
|
4,019
|
|
|
10.2
|
Sales, general, and administrative as a percentage of net sales
|
38.6
|
%
|
|
39.6
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
||||||||
|
2019
|
|
2018
|
|
|
||||||||
Total research and development expenses
|
$
|
23,493
|
|
|
$
|
18,501
|
|
|
$
|
4,992
|
|
|
27.0
|
Research and development as a percentage of net sales
|
20.9
|
%
|
|
18.6
|
%
|
|
|
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended March 31, 2019
|
|
Dollar
Change |
|
Percent
Change |
|||||||||||||
TASER segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER 7
|
$
|
9,298
|
|
|
8.3
|
%
|
|
$
|
9,954
|
|
|
8.6
|
%
|
|
$
|
(656
|
)
|
|
(6.6
|
)%
|
TASER X26P
|
10,382
|
|
|
9.2
|
|
|
15,872
|
|
|
13.7
|
|
|
(5,490
|
)
|
|
(34.6
|
)
|
|||
TASER X2
|
14,087
|
|
|
12.5
|
|
|
13,085
|
|
|
11.3
|
|
|
1,002
|
|
|
7.7
|
|
|||
TASER Pulse and Bolt
|
1,118
|
|
|
1.0
|
|
|
670
|
|
|
0.6
|
|
|
448
|
|
|
66.9
|
|
|||
Single cartridges
|
19,293
|
|
|
17.3
|
|
|
19,160
|
|
|
16.6
|
|
|
133
|
|
|
0.7
|
|
|||
Axon Evidence and cloud services
|
109
|
|
|
0.1
|
|
|
36
|
|
|
—
|
|
|
73
|
|
|
*
|
|
|||
Extended warranties
|
4,482
|
|
|
4.0
|
|
|
4,316
|
|
|
3.7
|
|
|
166
|
|
|
3.8
|
|
|||
Other
|
1,803
|
|
|
1.6
|
|
|
2,298
|
|
|
2.0
|
|
|
(495
|
)
|
|
(21.5
|
)
|
|||
Total TASER segment
|
60,572
|
|
|
54.0
|
|
|
65,391
|
|
|
56.5
|
|
|
(4,819
|
)
|
|
(7.4
|
)
|
|||
Software and Sensors segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Axon Body
|
5,612
|
|
|
5.0
|
|
|
6,445
|
|
|
5.6
|
|
|
(833
|
)
|
|
(12.9
|
)
|
|||
Axon Flex
|
1,623
|
|
|
1.4
|
|
|
1,224
|
|
|
1.1
|
|
|
399
|
|
|
32.6
|
|
|||
Axon Fleet
|
3,120
|
|
|
2.8
|
|
|
3,516
|
|
|
3.0
|
|
|
(396
|
)
|
|
(11.3
|
)
|
|||
Axon Dock
|
2,731
|
|
|
2.4
|
|
|
3,312
|
|
|
2.9
|
|
|
(581
|
)
|
|
(17.5
|
)
|
|||
Axon Evidence and cloud services
|
31,821
|
|
|
28.3
|
|
|
27,618
|
|
|
23.7
|
|
|
4,203
|
|
|
15.2
|
|
|||
TASER Cam
|
1,044
|
|
|
0.9
|
|
|
903
|
|
|
0.8
|
|
|
141
|
|
|
15.6
|
|
|||
Extended warranties
|
4,420
|
|
|
3.9
|
|
|
4,930
|
|
|
4.3
|
|
|
(510
|
)
|
|
(10.3
|
)
|
|||
Other
|
1,419
|
|
|
1.3
|
|
|
2,471
|
|
|
2.1
|
|
|
(1,052
|
)
|
|
(42.6
|
)
|
|||
Total Software and Sensors segment
|
51,790
|
|
|
46.0
|
|
|
50,419
|
|
|
43.5
|
|
|
1,371
|
|
|
2.7
|
|
|||
Total net sales
|
$
|
112,362
|
|
|
100.0
|
%
|
|
$
|
115,810
|
|
|
100.0
|
%
|
|
$
|
(3,448
|
)
|
|
(3.0
|
)%
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended March 31, 2019
|
|
Unit
Change |
|
Percent
Change |
||||
TASER 7
|
8,135
|
|
|
8,835
|
|
|
(700
|
)
|
|
(7.9
|
)%
|
TASER X26P
|
9,493
|
|
|
14,985
|
|
|
(5,492
|
)
|
|
(36.6
|
)
|
TASER X2
|
9,759
|
|
|
9,861
|
|
|
(102
|
)
|
|
(1.0
|
)
|
TASER Pulse and Bolt
|
3,631
|
|
|
1,253
|
|
|
2,378
|
|
|
189.8
|
|
Cartridges
|
606,220
|
|
|
616,517
|
|
|
(10,297
|
)
|
|
(1.7
|
)
|
Axon Body
|
20,346
|
|
|
25,848
|
|
|
(5,502
|
)
|
|
(21.3
|
)
|
Axon Flex
|
3,508
|
|
|
3,591
|
|
|
(83
|
)
|
|
(2.3
|
)
|
Axon Fleet
|
2,441
|
|
|
1,735
|
|
|
706
|
|
|
40.7
|
|
Axon Dock
|
3,408
|
|
|
4,994
|
|
|
(1,586
|
)
|
|
(31.8
|
)
|
TASER Cam
|
1,716
|
|
|
1,741
|
|
|
(25
|
)
|
|
(1.4
|
)
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
Net sales from products
|
$
|
168,480
|
|
|
73.8
|
%
|
|
$
|
157,695
|
|
|
78.7
|
%
|
Net sales from services
|
59,692
|
|
|
26.2
|
|
|
42,746
|
|
|
21.3
|
|
||
Net sales
|
228,172
|
|
|
100.0
|
|
|
200,441
|
|
|
100.0
|
|
||
Cost of product sales
|
77,820
|
|
|
34.1
|
|
|
63,521
|
|
|
31.7
|
|
||
Cost of service sales
|
15,875
|
|
|
7.0
|
|
|
9,316
|
|
|
4.6
|
|
||
Cost of sales
|
93,695
|
|
|
41.1
|
|
|
72,837
|
|
|
36.3
|
|
||
Gross margin
|
134,477
|
|
|
58.9
|
|
|
127,604
|
|
|
63.7
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
||||||
Sales, general and administrative
|
86,254
|
|
|
37.8
|
|
|
75,102
|
|
|
37.5
|
|
||
Research and development
|
46,847
|
|
|
20.5
|
|
|
33,620
|
|
|
16.8
|
|
||
Total operating expenses
|
133,101
|
|
|
58.3
|
|
|
108,722
|
|
|
54.3
|
|
||
Income from operations
|
1,376
|
|
|
0.6
|
|
|
18,882
|
|
|
9.4
|
|
||
Interest and other income, net
|
4,158
|
|
|
1.8
|
|
|
968
|
|
|
0.5
|
|
||
Income before provision for income taxes
|
5,534
|
|
|
2.4
|
|
|
19,850
|
|
|
9.9
|
|
||
Provision for (benefit from) income taxes
|
(1,623
|
)
|
|
(0.7
|
)
|
|
(1,561
|
)
|
|
(0.8
|
)
|
||
Net income
|
$
|
7,157
|
|
|
3.1
|
%
|
|
$
|
21,411
|
|
|
10.7
|
%
|
|
Six Months Ended June 30,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||||||||
|
2019
|
|
2018
|
|
|
|||||||||||||||
TASER segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TASER 7
|
$
|
19,252
|
|
|
8.4
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
19,252
|
|
|
*
|
|
TASER X26P
|
26,254
|
|
|
11.5
|
|
|
34,620
|
|
|
17.3
|
|
|
(8,366
|
)
|
|
(24.2
|
)
|
|||
TASER X2
|
27,172
|
|
|
11.9
|
|
|
42,294
|
|
|
21.1
|
|
|
(15,122
|
)
|
|
(35.8
|
)
|
|||
TASER Pulse and Bolt
|
1,788
|
|
|
0.8
|
|
|
2,447
|
|
|
1.2
|
|
|
(659
|
)
|
|
(26.9
|
)
|
|||
Single cartridges
|
38,453
|
|
|
16.8
|
|
|
33,357
|
|
|
16.6
|
|
|
5,096
|
|
|
15.3
|
|
|||
Axon Evidence and cloud services
|
145
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
145
|
|
|
*
|
|
|||
Extended warranties
|
8,798
|
|
|
3.9
|
|
|
7,444
|
|
|
3.7
|
|
|
1,354
|
|
|
18.2
|
|
|||
Other
|
4,101
|
|
|
1.8
|
|
|
3,986
|
|
|
2.0
|
|
|
115
|
|
|
2.9
|
|
|||
Total TASER segment
|
125,963
|
|
|
55.2
|
|
|
124,148
|
|
|
61.9
|
|
|
1,815
|
|
|
1.5
|
|
|||
Software and Sensors segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Axon Body
|
12,057
|
|
|
5.3
|
|
|
10,338
|
|
|
5.2
|
|
|
1,719
|
|
|
16.6
|
|
|||
Axon Flex
|
2,847
|
|
|
1.2
|
|
|
3,204
|
|
|
1.6
|
|
|
(357
|
)
|
|
(11.1
|
)
|
|||
Axon Fleet
|
6,636
|
|
|
2.9
|
|
|
4,831
|
|
|
2.4
|
|
|
1,805
|
|
|
37.4
|
|
|||
Axon Dock
|
6,043
|
|
|
2.6
|
|
|
5,154
|
|
|
2.6
|
|
|
889
|
|
|
17.2
|
|
|||
Axon Evidence and cloud services
|
59,439
|
|
|
26.1
|
|
|
40,598
|
|
|
20.2
|
|
|
18,841
|
|
|
46.4
|
|
|||
TASER Cam
|
1,947
|
|
|
0.9
|
|
|
2,122
|
|
|
1.1
|
|
|
(175
|
)
|
|
(8.2
|
)
|
|||
Extended warranties
|
9,350
|
|
|
4.1
|
|
|
5,360
|
|
|
2.7
|
|
|
3,990
|
|
|
74.4
|
|
|||
Other
|
3,890
|
|
|
1.7
|
|
|
4,686
|
|
|
2.3
|
|
|
(796
|
)
|
|
(17.0
|
)
|
|||
Total Software and Sensors segment
|
102,209
|
|
|
44.8
|
|
|
76,293
|
|
|
38.1
|
|
|
25,916
|
|
|
34.0
|
|
|||
Total net sales
|
$
|
228,172
|
|
|
100.0
|
%
|
|
$
|
200,441
|
|
|
100.0
|
%
|
|
$
|
27,731
|
|
|
13.8
|
%
|
|
Six Months Ended June 30,
|
|
Unit
Change
|
|
Percent
Change
|
||||||
|
2019
|
|
2018
|
|
|
||||||
TASER 7
|
16,970
|
|
|
—
|
|
|
16,970
|
|
|
*
|
|
TASER X26P
|
24,478
|
|
|
34,384
|
|
|
(9,906
|
)
|
|
(28.8
|
)
|
TASER X2
|
19,620
|
|
|
36,038
|
|
|
(16,418
|
)
|
|
(45.6
|
)
|
TASER Pulse and Bolt
|
4,884
|
|
|
7,158
|
|
|
(2,274
|
)
|
|
(31.8
|
)
|
Cartridges
|
1,222,737
|
|
|
1,144,088
|
|
|
78,649
|
|
|
6.9
|
|
Axon Body
|
46,194
|
|
|
42,176
|
|
|
4,018
|
|
|
9.5
|
|
Axon Flex
|
7,099
|
|
|
6,974
|
|
|
125
|
|
|
1.8
|
|
Axon Fleet
|
4,176
|
|
|
3,936
|
|
|
240
|
|
|
6.1
|
|
Axon Dock
|
8,402
|
|
|
10,378
|
|
|
(1,976
|
)
|
|
(19.0
|
)
|
TASER Cam
|
3,457
|
|
|
5,019
|
|
|
(1,562
|
)
|
|
(31.1
|
)
|
|
Six Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
||||||||
|
2019
|
|
2018
|
|
|
||||||||
Total sales, general and administrative expenses
|
$
|
86,254
|
|
|
$
|
75,102
|
|
|
$
|
11,152
|
|
|
14.8
|
Sales, general, and administrative as a percentage of net sales
|
37.8
|
%
|
|
37.5
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Dollar
Change |
|
Percent
Change |
||||||||
|
2019
|
|
2018
|
|
|
||||||||
Total research and development expenses
|
$
|
46,847
|
|
|
$
|
33,620
|
|
|
$
|
13,227
|
|
|
39.3
|
Research and development as a percentage of net sales
|
20.5
|
%
|
|
16.8
|
%
|
|
|
|
|
•
|
EBITDA (Most comparable GAAP Measure: Net income) - Earnings before interest expense, investment interest income, taxes, depreciation and amortization.
|
•
|
Adjusted EBITDA (CEO Performance Award) (Most comparable GAAP Measure: Net income) - Earnings before interest expense, investment interest income, taxes, depreciation, amortization and non-cash stock-based compensation expense.
|
•
|
these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to our GAAP financial measures;
|
•
|
these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, our GAAP financial measures;
|
•
|
these non-GAAP financial measures should not be considered to be superior to our 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 Quarterly Report on Form 10-Q were prepared under a comprehensive set of rules or principles.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
|
June 30, 2019
|
|
March 31, 2019
|
|
June 30, 2018
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||||
Net income
|
$
|
738
|
|
|
$
|
6,419
|
|
|
$
|
8,485
|
|
|
$
|
7,157
|
|
|
$
|
21,411
|
|
Depreciation and amortization
|
2,687
|
|
|
2,800
|
|
|
2,750
|
|
|
5,487
|
|
|
5,161
|
|
|||||
Interest expense
|
17
|
|
|
6
|
|
|
17
|
|
|
23
|
|
|
37
|
|
|||||
Investment interest income
|
(1,630
|
)
|
|
(2,003
|
)
|
|
(595
|
)
|
|
(3,633
|
)
|
|
(670
|
)
|
|||||
Provision for (benefit from) income taxes
|
(188
|
)
|
|
(1,435
|
)
|
|
(3,481
|
)
|
|
(1,623
|
)
|
|
(1,561
|
)
|
|||||
EBITDA
|
$
|
1,624
|
|
|
$
|
5,787
|
|
|
$
|
7,176
|
|
|
$
|
7,411
|
|
|
$
|
24,378
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
8,627
|
|
|
7,905
|
|
|
4,954
|
|
|
16,532
|
|
|
9,047
|
|
|||||
Adjusted EBITDA (CEO Performance Award)
|
$
|
10,251
|
|
|
$
|
13,692
|
|
|
$
|
12,130
|
|
|
$
|
23,943
|
|
|
$
|
33,425
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net cash provided by (used in) operating activities
|
$
|
(2,576
|
)
|
|
$
|
16,106
|
|
Net cash used in investing activities
|
(124,878
|
)
|
|
(7,226
|
)
|
||
Net cash provided by (used in) financing activities
|
(2,028
|
)
|
|
223,197
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(252
|
)
|
|
(538
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
(129,734
|
)
|
|
$
|
231,539
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32**
|
|
|
101.INS
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104
|
|
The cover page from the Company's Quarterly Report for the quarter ended June 30, 2019, formatted in Inline XBRL
|
|
|
|
|
|
AXON ENTERPRISE, INC.
|
|
|
|
|
|
|
|
|
|
Date:
|
August 9, 2019
|
|
|
|
|
|
By:
|
|
/s/ PATRICK W. SMITH
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date:
|
August 9, 2019
|
By:
|
|
/s/ JAWAD A. AHSAN
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial and
|
|
|
|
|
Accounting Officer)
|
1 Year Axon Enterprise Chart |
1 Month Axon Enterprise Chart |
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