Yahoo Finance Axon Enterprise, Inc. (NASDAQ:AXON) Q1 2024 Earnings Call Transcript
Axon Enterprise, Inc. (NASDAQ:AXON) Q1 2024 Earnings Call Transcript May 6, 2024
Axon Enterprise, Inc. beats earnings expectations. Reported EPS is $1.73, expectations were $0.97. Axon Enterprise, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello everyone. Thank you for joining Axon's executive team today. I hope you've all had a chance to read our shareholder letter, which was released after the market closed. You can find it at investor.axon.com. Our prepared remarks today are meant to build upon the information and the financial tables in that letter. During this call, we will discuss our business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meeting of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These comments are based on our predicted -- predictions and expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
We discuss these risks in our SEC filings. We'll also discuss certain non-GAAP financial measures. A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our shareholder letter, as well as in the Investor Relations section on our website. Now turning to our quarterly update. We like to start-off every quarter with a video, because we think it's a great way to show you more about our business and there's no shortage of highlights to share from our team. We've got a good one this quarter. It's about five minutes. Let's pull it up. [Video Presentation]
Rick Smith: All right. Thank you, Erik, and thank you all for joining us here today. I want to welcome you all to our first-quarter 2024 earnings call. We've kicked off what is shaping up to be another incredible year at Axon. You saw me talk about my vision in the video we just showed you and I'm energized by the updates we're bringing you today. First, one of the areas I’m obviously very excited about is drones, robotics and aerospace security. I believe Drone as a First Responder or DFR is a massive opportunity ahead of us. We anticipate that it will drive faster response times and improved decision-making, giving us extra seconds and more information before we act in critical situations. As we push forward into this new era of aerial innovation, drones are not just helpful tools, they're becoming indispensable.
At the same time, drone tracking and countermeasures become equally, if not even more important. And we believe a critical element to enable widespread Drone as a First Responder programs. DFR programs are designed to deploy drones to an emergency in advance of human first responders, enhancing situational awareness to improve response strategies, optimizing the allocation of already limited resources and reducing the risk of harm to first responders and communities. But limitations exist that today have hindered the use of DFR at-scale. Namely, current FAA requirements mandate the presence of a human virtual observer standing on a rooftop to ensure each drone remains in a direct line-of-sight. That means operators must be positioned in relatively close proximity to the scene, usually on rooftops and operating primarily in clear daytime conditions.
That's one of the reasons I am so thrilled about our planned and announced acquisition of Dedrone. We believe Dedrone's technology solves through these limitations, allowing law enforcement to operate in low visibility conditions and at times of day without the need to maintain a human observer with a line-of-sight. The planned combination of Dedrone with Axon is a natural extension of our strategy with several tangential applications already deployed in the field, including stadium, aerospace security, along with robust military, critical infrastructure and other civilian protection applications. Another area I'm very passionate about is the realm of artificial intelligence. I believe that we will one day look back on these times as the beginning of the AI era.
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