Press release
Axon Reports Q3 2020 Revenue Growth of 27%, ARR Tops $200 million, Up 44%
Surge in Total Bookings, Up 56%YOY, Federal Bookings Up 400% YOY SCOTTSDALE, Ariz., Nov. 5, 2020 /PRNewswire/ -- Dear Shareholders, As 2020 enters the final
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"Surge in Total Bookings, Up 56%YOY, Federal Bookings Up 400% YOY\n\n\nSCOTTSDALE, Ariz., Nov. 5, 2020 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nDear Shareholders,\nAs 2020 enters the final stretch, Axon is on track to exit the year strong. We are pleased to report a surge in momentum in our business in the third quarter. We drove bookings[1] growth of 62% sequentially and 56% year over year, aided by robust North American demand for body cameras and cloud software, and a rebound in TASER demand driven by the US federal and corrections markets. High-margin annual recurring revenue topped $200 million, doubling in two years' time. And we are on track to exceed our original 2020 financial targets — which is a testament to the mental toughness and dedication of our teams and the market's reception to our products that solve real problems.\nIn February, we told investors that our strategic priorities in 2020 included continuing to execute in our core market, while expanding to new customer segments and accelerating our path-to-market in new product categories. We are pleased to be executing to plan, even amid the economic and logistical challenges presented by the pandemic. \nThe following two areas of strength are the direct result of accelerated investments in the US federal law enforcement channel and the development of real-time command-and-control software for public safety.\n[1] Bookings represents the total expected revenue contribution of contracts signed in the quarter that have a five-year length or shorter. We further define this metric under \"Statistical Definitions.\"\nU.S. federal customers generate $38 million in quarterly bookings\nWe are thrilled to report rapid progress in the federal market. As a result of targeted investments in building direct relationships with federal customers, we achieved a record $38 million in bookings from federal customers in the third quarter, up 400% year over year. Our successes include the following new programs and contracts, many of which are firsts for Axon:\nWe established our first two programs of record with the federal government, including a $13 million U.S. Customs and Border Protection order for body cameras and digital evidence management. A program of record is a key milestone because it specifies an appropriated line item in the US discretionary budget. Previously, Axon ...