Axon Enterprise (AXON) FY2022 results: revenue $1.2 billion, up 37.5% on the year

Axon Enterprise, Inc. (AXON) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, up 37.5% on the year before. Net income was $147 million, and diluted earnings per share $2.03. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$1.2 billion

+37.5% on the year

FY2015FY2022

Operating margin

7.8%

-19.5% a year earlier

FY2015FY2022

Net income

$147 million

FY2015FY2022

Diluted EPS

$2.03

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,187	863	681	+37.5%
Cost of revenue	461	322	265	+43.1%
Gross profit	726	541	416	+34.2%
Gross margin	61.2%	62.7%	61.1%
Research and development	234	194	123	+20.5%
Selling, general and administrative	399	515	307	-22.5%
Operating income	93.0	-168	-14.2
Operating margin	7.8%	-19.5%	-2.1%
Pre-tax income	197	-141	-6.3
Income tax	49.4	-81.4	-4.6
Effective tax rate	25.1%	n/a	n/a
Net income	147	-60.0	-1.7
Net margin	12.4%	-7.0%	-0.3%
Diluted EPS	$2.03	-$0.91	-$0.03

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	235	124	38.5	+89.1%
Capital expenditure	55.8	49.9	72.6	+11.9%
Free cash flow	180	74.6	-34.1	+140.7%
Free cash flow margin	15.1%	8.6%	-5.0%
Cash from investing	-831	253	-357
Cash from financing	598	-174	299
Depreciation and amortisation	23.1	18.7	12.5	+23.7%
Share-based compensation	106	303	134	-65.0%
Diluted shares, weighted	73m	66m	62m	+9.6%
Shares outstanding at period end	71m	71m	64m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,268	1,050	976	+20.8%
Debt	674	0.0	0.0
Operating lease liabilities	37.1	20.4	19.0	+81.7%
Other liabilities	872	618	386	+41.3%
Total liabilities and equity	2,852	1,688	1,381	+68.9%
Fixed assets	170	138	105	+22.7%
Goodwill	45.0	43.6	25.2	+3.2%
Intangible assets	12.2	15.5	9.4	-21.4%
Investments	738	45.7	497	+1,513.3%
Cash and equivalents	354	356	155	-0.7%
Inventory	202	109	90.0	+86.3%
Other assets	1,331	980	498	+35.8%
Total assets	2,852	1,688	1,381	+68.9%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.