Axon Beats 2023 Revenue and 2024 Expectations
Axon is becoming one of the biggest players in physical security, last week announcing results that beat projections and raising guidance for this year.
The company, best known for its Tasers and then body cameras, is now expanding into video surveillance more generally with its Axon acquisition (see Axon Acquires Fusus, Expands Into VMS/PSIM, Analyzed and Axon Fusus Financials, Valuation And Future Analyzed) with an ambitious, aggressive approach.
This note examines the company's newest financial results and projections for this year.
Executive *******
****'* ***** **** ** ** **** than **% *** ******* * ****** high ***** ****** **** ** ** "pacing ** **** ******" *********** **** ******* ****** ** $* billion** ** **** **** ******** *** announced **** ******** **** ******** ******* consensus.
*** **-****-*** ******* ********** *** *** strategic *******: *** ******* *********** *** customer ******** *********, **** ** ***** it ******** ******** ******** ** *** call, ********* *** ******** ******** ** TASER ** *** **** **** *, and ******* **** ***** ********** ******** other **** *** ** ****** *********** along **** ********** **********.
******* ****'* ******* ** *** **** business ** ***** *** **** *******, it ** *** ****** ******* ** the **** **** ** *** ***** and ***** ********, ********* *** *********** ** ***-**** ** July ** ****. ******** *******'* *********** **** ************ ********* ***** *** *** (***** addressable ******) *********, *** ******** ** drone *** ***** ********** ******* *****. Worse, **** **** ********* **** ***-**** is *** ****** ********** ********** *** is ******* ***** ***** ** ******* US ******.
Exceeding *** **** $* ******* ******* ****
*********** "** ***** $* *******" ** annual ******* ** **** * **** ago, **** *** **** **** ** is ********* **** **** *** ******* a **% ******* **** ****** ****:
**** *** **** ********, **'** ****** to **** ****** *** ******* ****** in **** *** ******** ****** ** our ******** ****** ****** ******.
** ** **** ** **** *** beyond, ** ****** ** ******** ********* a **% ****** ******* **** *** a **% ******** ****** ******.
** *** **** ****, *** ******* expects **%-**% ******* ****** ** $*.** billion ** $*.** ******* ** ****** revenue ** ****, * ****** ********* analysts *********. *** ******* ********* **** the "****** ********" ** ******* ** its "********* **********" ****** ** ***** 10 ******, ********** ******** & ********* revenue, *** ******** ********, *** "**********" gross ******* *********** ** *** **** efficiency *******.
**** ********* **** *** ***** ******** includes *** ****** ** *** ************ of ***-**** *** ***** ****** ****, but ** **** *** **** ** "comment ************ ** ****** ** ***** financials."
31% *** ******* ****** *** **** ************ ** ****
****'* **** ******* *** $*.** *******, better **** *** ********* $*.** *******, and ********* * **% *** ******. The ******* **** ******** * **% adjusted ****** ******, ***** ** **** was ******** ******* "******** ** [***] SG&A (*******, ******* *** ************** ********) function."
**** ******* ********* *** *** ***** product, ***** **, ** * "*** driver" ** ********* ***** ******:
***** ** ********* ***** ******* *** expect *********** **** *** ****** ** 2024 ** ** *** *** ******* from ******** ************ **** ***** ** from ************* ********** *** **** ***********, as **** ** ********* ******** **** software ******.
**** **** ***** **** ** ******* TASER **'* ***** ****** ** ******* further **** *** ******* ***** *** to *** ******** ** *** ********** automation ********* *** *** ********* ** a ***-**** ***** **** ***** **** margin ** *** **** ****.
Stock ***********
*** *******'* ***** *** ** **** than **% ** *** **** **** in ******** ** *** ****** ********* results:
*** ******* ** ** **.**% ****-**-****:
**** **** *** *** *** ***** outperformed ***** ******* **** *** **** five ***** ******* *** *** ** 2023 ** *** **** ****** **-* filing:
Vertical *** ********** *********
***** ****'* ******* ****** ************ ** US ****** ***********, *** ******* ********** sizeable **** ****** ** ******* *** outside *** ****** ******:
*********** ****** ** ******** ******** *********, including *.*. *******, *************, *******, *********** and **********.
* *** ******** ** *** ******** include *** ********** ********** ** **** Records **** *** *.*.Department ** ******** *******, two ** *** ******* ***** ** ****** coming from international *** *********** customers, and our partnership with the Government ** ********** ***** *** ******* ******** ********** system ****** ******, *******, ********** *** police [******** *****]
******* *** ********** ** ********, **** said **** ** *** *** ** effort ** ****** ****** ******:
*** **** *** *** *** **** at ***** **** ***** * ****** of ***** ** ****** ****** ** build **** ** ** ********* ** continental ******, *** **'** ******** ** see *** ****** ** **** ***** pay ***.
**** ********* *** *****' ********** ********* in *** **** ****** **-* ******:
*** ******* **** ********* **** *****'* "some ***** ****** **** *** ******* recognition **** *****" **** ** ***** to ************* *****, *** "** **** as *** ******** ****** ********* ** drive, **** ******* **** ***** ** add ** *** **** ** *** bottom **** ** ***** ** ****** dollars."
TASER ** *** **** **** * ******** ********
**** ****** **** ****** ***** **** ****** *********** ********* ********:
** ****, ** ******* **** **,*** units ** ***** ** *** *** new ******* *** *** *** ******* TASER ****** ** *** ****** *******.
"***** ** ** *** *** ******* growing ***** ******* ** *******.
********, **** ******* **** ***,*** ***** of *** ****** **** ****** **** was **** ******** ********:
** ******* **** **** ***,*** ***** of **** **** * ** *** second **** ** ****, **** ****** after *********** **** **** ********** **** camera ******* ** ******.
TASER ** *** *****
********* ******* ******** **********, **** ******** on *** ** ***** ** ******** feedback *** ******* *** ****** ** customer ***** ** ********* ****** *********, such ** ********** *** ******:
** ****** **** **** ********, *** we ********* ** ** *** ******* product. ** ********* ******** ****** ** an ***** ******** *****, *** **'** really ******* ** ** **** ** provide **** ******** **** *** ****** and *** ******* **** ** *** market ***** ****'** ****** * *** of ********** ***** ****** ********** *** nurses ******* **** ** ***** **** environment.
**** **** ** ** ****** ******** customers ********* ** ***** **:
*** ******** ******** **** ** **** predictably *********, *** **** ** *** end ** *** ****** **** ** their ******** ********** ****** *** **** for *** ***** ****. **'** ****** customers ******* ** ******** ** ** early ******* ** ***** **. ** we're ****** ********** ** ****.
Drones & ******: ** *** ******* ** *** *****-****
***** **** *** **** ********* ***** and ***** ********** ** **** ** its"******** ****", *** ******* **** ****** ** acquire ***-****, * ******** ** "******* indoor ******** ***** ****** ******," **** past ****, ** *** ************ ** * ***** *******:
***-**** ** ******* *** ********* **** advances *********** ****** ****** ***-******* ****** ******* ****** and *** ****** ** **% ** the **** ******.
**** *** *** ******** *** **** it **** *** *** *******. ** its **** ****** ******** ****, **** admitted **** ***-**** *** *********** ********** challenges ********* ** * ***** *****:
** ********** **** ***-**** *** **** challenges ** **** *** ***** ** energy **** **** ***** *** ** transmission ** *** ******* *** ***** to ** **** ** *** ******* effectively **** ******* ** *** ********** bands ***** *** *** **** ** the ****** ******.
**'** *** ** ******** ***** ******* on * ********* ***** ***** ** are ******* ** ******* ******** **** the *** *** ** ********* ** being **** ** **** ***** ** state *** ***** ** *** **.
*** ******* ** ******* ** ********* such ********** ******, **** ****:
**** ***-****, *** ****'** **** ** a ****** ************. *** **** **** is, **'** *** **** ***** ******* on ************* ***** **********. ** **'** kind ** ****** ***** **** **** a ********** *** ******** **********.
******* **** ************, **** ********** **** it *** *** ****** ** ******** short-term ******* **** *** ******* *** is ******* ** *** ****-**** *********:
*****, ** ****'* *** ***-**** *** the ****-**** *******. **'* ****** ***** the ************* **** **** **** *** world's ******* **** ***** *** ******** users, *** ** ******* ****'* *** foundation ** ***** ** *** ***** transformative *** ************.
**** ** ******** *** ***** ** be *** ******* ** *** *****-****, but **** *** *** ** ***, if *** *** ******* ******** ***** makers ** *** ***** **** ** special ****** ** **** *****, *** we ***** ** ** **** ** eradicate ******** **** *******, **'** *** to *** *** ** **** ******* that *** *** *** **** * person **** * *** ** ******* more ****** **** **** **** *** have * *** *****. *** ** think ****** *** ******** **** * huge **** ** **** *****.
**** **** *** ****** *** ******* impact **** ***-**** ***** ***** **** but ******** "********, **** ******** *** revenue ******" ** * ***-**** ********:
*'* *** ****'* ******** * ****** longer ****. **'* *** ***** ** be * **** ** ***** **** revenue ******, *** *** ***** ***, we ***** ** ***** **** ** enormous, **** ******** *** ******* ******, especially ** *** ***** ****** ******* security ***** ***** *** ******** ** people ********* ***** *** ** ** sort ** *******, ******, *** ****** facilities.
**** ** ** "***-********** ******" **** it ***** ** ***** ***********, *** company ****:
***** ** ** **** *****, *****, we *** ********** ****-**** ***********. **** term, *****'* * ****** ** ********* issues **** **** ******, **** *** sort **, * *****, **** ***-********** points, ***** ** ***.
****, **** *** *** ******* ** the *********** ** ****, ***** *** CEO******** *** **** ** * "********-******** TASER ***** ******" ************ ** ******** to **** *********, ***** ***** ********* ******** **** both *** ****** *** *** *******'**** ****** *****.
Training ***** ** ***** *** ****'* ** *******
**** **** **** ** *** ******** call **** ***** ******** ********** *** *** ** ***** ** is ********* *** ************** *********** ******* adoptions:
** ***** **** ** ***** ** go **** ** ****. *** ******** experience, ** **'* **** ******, **** help *** ******** ** *** *******, but **'** **** ***** *** ***** outcomes ** *** *****.
*** ******* ******* ********** ** *** the ******* *********:
**** ** * *** **** *** our ** ******* ******* *** **** the ******* **** **** **** *** very ********, **'* ***** *** **** content ** *** ***** ** ******* to ***** *** ***** ** ******** different ******** *********.
**'* * **** **** "***, *** are *** ********** **** *** ** a ***** ******* ** **** ***** interactions, *** **'** ***** ** **** to ***** **** *********** ********-****** ***** of *********."
** **'** **** ** ******** *** type ** ****** **** *** *** feel ** ** ******** ** ******** at ****** ** ******* ** **** Velcro ***** ** ** ** ********** targets ** * *****, ***** *** the ****** **** *** ****** **** a ********** ** *** *****.
**** **** ********* *** ******* ***** for *** ** ******** ******* *** TASER ** *** *** **** *** marketed ** ********* ******** ******:
** ***** ***** *** ********, ** and ***** **, *** **** ** linked ****** *******. *** **'* *********** by *** *** ** ** ** market ** ****, ***** *** *** one **** *** **** ** ***** offerings, *** *** *** **** ********** the **** ** *** ********.
**** ******* ***** ****. **'** ******* it *** ** ************* ** ****. We're ******* ** *** ** *******. We're ********* ********* *** ***** *******.