Axon (AXON) reported Q4 EPS of $0.70, $0.19 better than the analyst estimate of $0.51. Revenue for the quarter came in at $336.1 million versus the consensus estimate of $305.86 million.
GUIDANCE:
Axon sees FY2023 revenue of at least $1.43 billion, versus the consensus of $1.38 billion.
- Axon expects to deliver revenue growth of approximately 20% in 2023, or revenue of at least $1.43 billion.
- We are targeting 2023 Adjusted EBITDA margin of 20%, which implies $286 million in Adjusted EBITDA.
- We are increasing our focus on both gross margins and Adjusted EBITDA margins, in addition to total Adjusted EBITDA dollars, to ensure we deliver leverage on our sales growth, while still investing for the future.
- We provide Adjusted EBITDA guidance, rather than net income guidance, due to the inherent difficulty of forecasting certain types of expenses and gains such as stock-based compensation, income tax expenses and gains or losses on strategic investments, which affect net income but not Adjusted EBITDA. We are unable to reasonably estimate the impact of such expenses, if any, on net income. Accordingly, we do not provide a reconciliation of projected net income to projected Adjusted EBITDA.
- We expect stock-based compensation expense to be approximately $140 million for the full year. Because our stock-based compensation expense may vary based on changes in the actual timing of attainment of certain operational or market capitalization metrics, it is inherently difficult to forecast future stock-based compensation expense.
- We expect 2023 CapEx to be in the range of $50 million to $65 million, including investments in:
- TASER 10 automation and capacity expansion, including cartridge capacity and lab enhancements.
- Global facility build-out and upgrades, including warehousing support for global shipping, and facilities in Germany, the UK, Vietnam, India and Australia.