TASER |
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| THREE MONTHS ENDED |
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| CHANGE |
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| 31 MAR 2024 |
| 31 DEC 2023 |
| 31 MAR 2023 |
| QoQ |
| YoY | ||||||||
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| (in thousands) |
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Revenue |
| $ | 178,748 |
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| $ | 161,343 |
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| $ | 134,282 |
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| 10.8 | % |
| 33.1 | % |
Gross margin |
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| 50.7 | % |
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| 57.1 | % |
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| 62.2 | % |
| (640) | bp |
| (1,150) | bp |
Adjusted gross margin |
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| 61.8 | % |
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| 57.6 | % |
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| 62.4 | % |
| 420 | bp |
| (60) | bp |
- TASER segment revenue growth of 33.1% year over year was driven by growth in professional devices and cartridges, associated with increased volumes of TASER 10, and Evidence & Cloud services, driven by increased connected devices in the field and growing adoption of VR products.
- TASER segment gross margin of 50.7% decreased from 62.2% primarily due to increased stock-based compensation expense related to vesting events from a one-time equity compensation program. TASER segment adjusted gross margin of 61.8% was down modestly year over year from 62.4% due to higher product mix of TASER 10, which has not yet reached full scale production, partially offset by the absence of one-time items related to inventory and other cost adjustments recognized in Q1 2023.
Forward-looking performance indicators |
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| 31 MAR 2024 |
| 31 DEC 2023 |
| 30 SEP 2023 |
| 30 JUN 2023 |
| 31 MAR 2023 | ||||||||||
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| ($ in millions) |
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| Annual recurring revenue (1) |
| $ | 825 |
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| $ | 732 |
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| $ | 652 |
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| $ | 590 |
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| $ | 551 |
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| Net revenue retention (1) |
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| 122 | % |
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| 122 | % |
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| 122 | % |
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| 122 | % |
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| 121 | % |
| Total company future contracted revenue (1) |
| $ | 7,036 |
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| $ | 7,140 |
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| $ | 5,819 |
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| $ | 5,227 |
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| $ | 4,778 |
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| ____________________ | |
| (1) | Refer to "Statistical Definitions" below. |
- Annual recurring revenue grew 49.7% year over year to $825 million , driven by Axon Cloud & Services growth, which reflects growing demand for our high-value software subscription plans and a growing base of connected devices.
- Net revenue retention was 122% in the quarter, reflecting our ability to deliver additional value to our customers over time and de minimis attrition. We drive adoption of our cloud software solutions through integrated subscription plans, which include a variety of premium software options. This Software-as-a-Service ("SaaS") metric excludes the hardware portion of customer subscriptions and is normalized to account for phased customer deployments throughout the year.
- Total company future contracted revenue of $7.0 billion decreased from $7.1 billion quarter over quarter due to normal first quarter bookings seasonality. We expect to recognize between 15% to 25% of this balance over the next 12 months, and generally expect the remainder to be recognized over the following ten years.
