Axon reports Q1 2024 revenue of $461 million, up 34% year over year, raises outlook

 

AXON ENTERPRISE, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued

(in thousands, except per share amounts)
























THREE MONTHS ENDED




31 MAR 2024


31 DEC 2023


31 MAR 2023


Non-GAAP net income:











GAAP net income


$

133,218


$

57,271


$

45,139


Non-GAAP adjustments:











Stock-based compensation expense



75,115



35,130



34,350


Unrealized gain on strategic investments and marketable securities, net



(97,419)



(521)



(15,570)


Gain on remeasurement of previously held minority interest, net



(42,292)






Transaction costs related to strategic investments and acquisitions



6,357



2,708



843


Loss on disposal, abandonment, and impairment of property, equipment and intangible assets, net







156


Costs related to antitrust and FTC litigations



224



169




Payroll taxes related to XSPP vesting and CEO Award option exercises





50



6,392


Income tax effects



13,647



(9,391)



(6,660)


Non-GAAP net income


$

88,850


$

85,416


$

64,650













Diluted income per common share











GAAP


$

1.73


$

0.75


$

0.61


Non-GAAP


$

1.15


$

1.12


$

0.88













Weighted average number of diluted common and common equivalent shares outstanding (in thousands)



77,132



76,178



73,880



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