Press release
Axon Reports Record Bookings of $0.5B in Q3, Up 70% YTD; Q3 Revenue up 39%; Raises 2022 Revenue Outlook to $1 Billion
SCOTTSDALE, Ariz., Nov. 15, 2021 /PRNewswire/ -- Dear Shareholders, Throughout the year, as evidenced by our strong results and strengthening outlook, we have
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"SCOTTSDALE, Ariz., Nov. 15, 2021 /PRNewswire/ --\nDear Shareholders,\nThroughout the year, as evidenced by our strong results and strengthening outlook, we have continued to execute on our stated objectives to:\nGrow our core through innovation in our key products, Scale new products by developing solutions to real-world challenges, Unlock new areas for growth by extending our reach to new markets, and Drive operating efficiencies across our manufacturing, hiring and support systems.The third quarter was no exception. Our teams delivered strong performance across the board, driving revenue growth of 39% to $232 million, and GAAP net income of $49 million, which supported Adjusted EBITDA of $51 million, representing a 22% margin. Net income was favorably impacted by a $51 million tax benefit. Our SaaS performance was equally strong, with annual recurring revenue growing 42% to $289 million, supported by deployments in the federal market and international regions. Record Q3 bookings of $488 million were up 54%, driven by strength in software and sensors, bringing year-to-date bookings to nearly $1.2 billion, above full year 2020 levels.\nAxon's expanding growth story\nAs we look ahead to our long-range plans, we are providing an update on our growth story, raising our estimated total addressable market, or TAM, from $27 billion to $52 billion, and sharing our analysis on penetration by region and product category.\nTAM growing through investments in products, markets and regions:\nOur investments for scale are expanding our total addressable market along three axes — introducing new products, selling into new customer market segments, and adding sales channels to new geographic regions. Our updated estimate points to a $52 billion total addressable market(1).\n\n\n\nTwo of our newest drivers of TAM growth include our investments in consumer safety and justice software. \nConsumer: We see opportunity to create more effective and reliable personal protection for private individuals, and, thus, our consumer business is a growing area of investment. When we say TASER is less than 25% penetrated in the US and even lower globally, that statistic refers to professional users and does not include individual consumers. Our current market penetration in consumer is virtually nil. Historically, our law enforcement and consumer devices have r...