Axon Enterprise, Inc.

NasdaqGS-AXON

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	257.1	377	175.8	146.9	-60	-1.7	0.9	29.2	5.2	17.3	19.9
Net Income
Depreciation & Amortization	73.9	48.4	19.3	23.1	20.7	12.5	11.4	10.6	8	3.7	3.3
Depreciation and Amortization
Share-Based Compensation Expense	556.5	382.6	131.4	106.2	303.3	133.6	78.5	21.9	15.6	9.4	7.3
Stock-Based Compensation
Other Adjustments	-298.4	-327.1	-12.4	-60.2	-95.2	-8.4	-0.5	0	4.4	-4.2	-4.2
Cash Flows from Operating Activities > Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities > Deferred Insurance Settlement Proceeds
Gain on Strategic Investments and Marketable Securities, Net
Loss on Write-Down / Disposal of Property and Equipment, Net
Bond Amortization
Provision for Bad Debts and Inventory
Deferred Income Taxes
Noncash Lease Expense
Provision for Expected Credit Losses
Provision for Excess and Obsolete Inventory
Provision for Warranty
Amortization of Debt Issuance Costs
Purchase Accounting Adjustments to Goodwill
Loss on Disposal and Abandonment of Intangible Assets
Loss on Disposal and Impairment of Property, Equipment, and Other Assets, Net
Gain on Write Down / Disposal of Property and Equipment, Net
Loss on Disposal of Intangibles
Loss on Disposal of Intangible Assets
Unrecognized Tax Benefits
Tax Benefit from Stock-Based Compensation
Other Noncash Items
Changes in Trade Receivables	-385.1	-245.8	-179	-78.2	-205.8	-107.8	-38.8	-67.6	-35.3	-28.4	3
Receivables and Contract Assets
Change in Insurance Settlement Proceeds Receivable
Changes in Inventories	-45.9	0.6	-77.6	-95	-18.3	-52.2	-4.9	14.8	-11.7	-18.7	3.1
Inventory
Changes in Accounts Payable	89	54.5	65.3	81	45.3	8.9	5	13.5	1.5	18.4	5.9
Accounts Payable, Accrued and Other Liabilities
Changes in Accrued Expenses	—	—	—	—	—	—	—	—	—	—	—
Accrued Litigation Settlement
Changes in Unearned Revenue	120.5	155.6	146.8	155.6	175.6	65.1	24	54.2	39.7	34.3	15.5
Deferred Revenue
Customer Deposits
Changes in Other Operating Activities	-151.8	-37.6	-80.4	-44	-40.2	-14.9	-9.8	-12.7	-9	-10.6	-7.4
Other Liabilities
Prepaid Expenses and Other Assets
Change in Insurance Settlement Proceeds Receivable
Cash from Operating Activities	215.7	408.3	189.3	235.4	125.5	35.1	65.7	63.9	18.5	21.1	46.4

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-99.3	-78.8	-59.6	-55.8	-49.9	-72.6	-15.9	-11.1	-10.4	-5	-6
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	0	0.1	—	-0.6	0	0	0
Proceeds from Disposal of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	-0.4	-0.2	-0.4	—	-1	-3.5	-0.5
Purchases of Intangible Assets
Purchases of Investments	-2,223.7	-793.4	-563.7	-845.2	-408	-663.6	-354.5	-4.3	-20	-56.1	-62.5
Purchases of Investments
Strategic Investments
Proceeds from Sale of Investments	1,789.6	1,003.4	657.4	72.1	733.2	379.8	130.1	11.2	61.1	65	44.1
Proceeds from Call, Maturity, and Sale of Investments
Proceeds from Sale of Strategic Investments
Payments for Business Acquisitions	-406.8	-621.8	-21.1	-2.1	-22.4	—	—	-5	-10.6	-3.5	-11.2
Business Combinations, Net of Cash Acquired
Other Investing Activities	-0	0.1	-0.5	-0	—	—	—	—	—	—	—
Other, Net
Cash from Investing Activities	-940.2	-490.6	12.5	-831	252.6	-356.5	-240.7	-9.9	19.1	-3	-36
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	—	—	673.8	—	—	—	—	—	—	—
Net Proceeds from Issuance of Convertible Senior Notes
Repayments of Long-Term Debt	—	—	—	—	—	—	—	—	—	—	-0.1
Payments on Capital Lease Obligation
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	673.8	—	—	—	—	—	—	-0.1
Issuance of Common Shares	—	14.6	149.2	124.2	157.1	307.1	0.1	235.8	1.4	0.5	2.7
Net Proceeds from Equity Offering
Proceeds from Options Exercised
Proceeds from Issuance of Warrants
Repurchases of Common Shares	-245.5	-58.2	-107.9	-4.9	-331.3	-7.8	-4.1	-14.1	-3.5	-35.5	-8.9
Repurchase of Common Stock
Repurchase of Stock Options
Income and Payroll Tax Payments for Net-Settled Stock Awards
Net Issuance / (Repurchases) of Common Shares	-245.5	-43.6	41.3	119.3	-174.2	299.3	-3.9	221.6	-2.1	-35	-6.3
Other Financing Activities	-2.1	-1.8	—	-195	—	—	—	-2.3	-1.8	0.5	6.9
Payment of Contingent Consideration for Business Acquisitions
Excess Tax Benefit from Stock-Based Compensation
Purchase of Convertible Note Hedge
Other, Net
Cash from Financing Activities	1,435.2	-45.4	41.3	598.1	-174.2	299.3	-3.9	219.3	-3.8	-34.6	0.6
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	116.4	329.5	129.6	179.6	75.6	-37.5	49.7	52.7	8.1	16.2	40.4
NOPAT	-42	57.9	175.5	69.6	-71.4	-3.9	-2.7	25.8	4.3	17.5	19.9
Levered Free Cash Flow	243.5	519.8	189.6	885.6	73.3	-54.9	10.5	98.5	23.4	39.4	34.3
Unlevered Free Cash Flow	-55.6	200.6	189.4	134.5	61.9	-57	6.9	95.1	22.5	39.6	34.4
Net Change in Cash	710.7	-127.7	243.1	2.5	203.9	-22.1	-179	273.4	33.7	-16.5	11