Axon Enterprise, Inc.

NasdaqGS-AXON

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	-2.2	36.1	88	135.2	67	41.5
Net Income
Depreciation & Amortization	19.6	17.2	19.5	17.7	13	10.4
Depreciation and Amortization
Share-Based Compensation Expense	146.2	139.2	140.2	130.9	101.8	74.8
Stock-Based Compensation
Other Adjustments	-7.4	23.1	-150.7	-134.9	-54.2	-23.1
Gain on Strategic Investments and Marketable Securities, Net
Realized Gain on Remeasurement of Previously Held Minority Interest, Net
Debt Inducement Expense
Bond Amortization
Provision for Bad Debts and Inventory
Deferred Income Taxes
Noncash Lease Expense
Provision for Expected Credit Losses
Amortization of Debt Issuance Costs
Purchase Accounting Adjustments to Goodwill
Loss on Inventory Nonmonetary Exchanges
Loss on Disposal and Abandonment of Intangible Assets
Loss on Disposal and Impairment of Property, Equipment, and Other Assets, Net
Loss on Disposal of Intangible Assets
Unrecognized Tax Benefits
Tax Benefit from Stock-Based Compensation
Other Noncash Items
Changes in Trade Receivables	-153.2	-139.3	-73.6	-19.1	-149.7	-20.4
Receivables and Contract Assets
Changes in Inventories	-10.1	-31.1	-17	12.2	5.3	-14.9
Inventory
Changes in Accounts Payable	23.6	12.6	8.6	44.3	53.8	42.3
Accounts Payable, Accrued and Other Liabilities
Changes in Unearned Revenue	72.7	-84.6	33.5	98.9	65.2	-27.6
Deferred Revenue
Customer Deposits
Changes in Other Operating Activities	-29.1	-64.8	-22.7	-35.1	-10.9	-0.2
Prepaid Expenses and Other Assets
Cash from Operating Activities	60	-91.7	25.8	250.2	91.3	82.8
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-26.6	-23	-24.9	-24.8	-26.5	-11.3
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Disposal of Property and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—
Purchases of Intangible Assets
Purchases of Intangible Assets
Purchases of Investments	-251.9	-714.7	-1,079.2	-178	-124.4	-240.4
Purchases of Investments
Exercise of Warrants of Strategic Investments
Strategic Investments
Proceeds from Sale of Investments	887.9	354.8	401.8	145.1	194	333.9
Proceeds from Call, Maturity, and Sale of Investments
Proceeds from Sale of Strategic Investments
Payments for Business Acquisitions	-19	-3.8	—	-384	—	-0
Business Combinations, Net of Cash Acquired
Other Investing Activities	-0.1	0.1	0	0	—	—
Other, Net
Exercise of Warrants of Strategic Investments
Cash from Investing Activities	590.3	-386.5	-702.2	-441.7	43.1	82.1
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	1,750	—	—	—
Proceeds from Issuance of Notes
Net Proceeds from Issuance of Convertible Senior Notes
Repayments of Long-Term Debt	-0	—	-407.5	—	—	—
Principal Payments for Conversion of Convertible Debt
Payments on Capital Lease Obligation
Payments on Notes Payable
Net Issuance / (Repayments) of Long-Term Debt	-0	—	1,342.5	—	—	—
Issuance of Common Shares	178.3	184	—	4.9	9.7	—
Net Proceeds from Equity Offering
Proceeds from Options Exercised
Proceeds from Issuance of Warrants
Repurchases of Common Shares	-16.8	-187.8	-5	-35.9	-17.4	-2.2
Repurchase of Common Stock
Income and Payroll Tax Payments for Net-Settled Stock Awards
Net Issuance / (Repurchases) of Common Shares	161.5	-3.8	-5	-31	-7.7	-2.2
Other Financing Activities	-2.3	-0.5	-24.3	-1.8	—	—
Payments to Third-Parties for Debt Issuance, Amendment and Repurchase Activity
Tax Shortfall from Stock-Based Compensation
Tax Benefit from Stock-Based Compensation
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	159.2	-4.4	1,313.2	-32.8	-7.7	-2.2
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	33.4	-114.7	0.9	225.4	64.8	71.4
NOPAT	0.3	1	-7.1	-25.2	20.3	27.2
Levered Free Cash Flow	47.8	-137.7	1,427.5	248.4	166.9	40.1
Unlevered Free Cash Flow	50.3	-172.9	-10.2	88	120.2	25.8
Net Change in Cash	809.4	-482.6	636.8	-224.4	126.7	162.7