TASER Reports Record Quarterly Revenue of $50.4 million
Axon and Evidence.com bookings reach new quarterly record of $36.9 million
Axon and Evidence.com bookings reach new quarterly record of $36.9 million
SCOTTSDALE, Ariz., Nov. 3, 2015 /PRNewswire/ -- TASER International, Inc. (NASDAQ: TASR), today announced financial results for the third quarter ended September 30, 2015.
"Our team delivered once-again, outstanding top-line revenue and Axon bookings growth in the third quarter surpassing even internal expectations," said Rick Smith, TASER chief executive officer. "As a result of our continued investment in research and development we successfully announced three disruptive products including Axon Fleet, Axon Body 2 and Axon Interview all with unprecedented unlimited HD data storage plans at an attractive price point. The expansion of our Axon product portfolio has furthered our position as a market leader and put us in a positive position to capture market share. The third quarter presented several solid leading indicators that our Axon segment was accelerating faster than even we anticipated. We moved decisively to accelerate our strategy to invest in sales and marketing to ensure the Company was well positioned and kept a strong market lead. We believe the potential global Total Available Market (TAM) for our Axon solutions is approximately $3 billion annually, hence our significant investments in this space. These investments are paying off, not only in the record third quarter sales and bookings results, but in our expectation for increased bookings in the fourth quarter, as well as a strong 2016," concluded Smith.
"Currently, we're witnessing a major shift and exciting transformation of TASER's business and the recent announcements of Axon Fleet, Axon Body 2 and the expanded Axon platform provides an insight into the strategic vision held by TASER," said Hadi Partovi, TASER board member. "The Axon software platform with multiple hardware extensions provides a unified law enforcement experience from TASER similar to what consumers see today with the Apple or Android ecosystems. This lays the foundation for tremendous growth and is the beginning of an incredible story," concluded Partovi.
Third Quarter 2015 Financial Highlights:
Key Operating Metrics:
During the earnings conference call scheduled for November 3, 2015 at 10 a.m. ET, the Company's management will discuss the four key statistical metrics that are the drivers of our business strategy. Management will also discuss our estimate of the Total Addressable Market for the Axon Segment, which is estimated at $3.0 billion per year globally for our existing product and service segments, including recently announced extensions.
Metric* |
Q3 2015 |
|||
Axon and Evidence.com Bookings (in millions) |
$ |
36.9 |
||
LTV / CAC |
4.6 |
|||
Average revenue per user |
$ |
27.59 |
||
TASER Weapons operating income % |
35.4% |
|||
Future Contracted Revenue (in millions) |
$ |
122.4 |
||
*For definitions of our Key Operating Metrics please see "Statistical Definitions" |
Business Highlights:
Quarterly Conference Call:
The Company will host its third quarter 2015 earnings conference call on Tuesday, November 3, 2015 at 10 a.m. ET. To join the live audio presentation, please dial toll free 877-303-9126, or for international callers, please dial +1-253-237-1156. The passcode is 42195367.
The Company has posted supplemental materials on its website to provide additional information about our third quarter financial results. This supplemental information will no longer be part of the discussion on the earnings call to leave more time for questions from investors.
The Company will take questions relating to the third quarter results via social media. TASER management will entertain questions during the call asked via Twitter, in addition to questions from those logged into the webcast. Individuals may submit questions via Twitter using hashtag #TASR_Earnings to the @TASER_IR handle. TASER management regrets that due to time considerations, not all questions may be answered during the call. For those individuals who do not have access to Twitter, all tweets and related content are streamed directly to http://investor.taser.com.
The Company plans to update and post its investor relations presentation to http://investor.taser.com within the next two weeks with the third quarter results. Archived presentations from previous quarters may also be found on the website.
Statistical Definitions:
Non-GAAP Measures:
To supplement the Company's financial results presented in accordance with GAAP, we are presenting the non-GAAP financial measures of EBITDA, Adjusted EBITDA and Free Cash Flow. Our management uses these non-GAAP financial measures in evaluating the Company's performance in comparison to prior periods. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance, and when planning and forecasting our future periods. A reconciliation of GAAP to the non-GAAP financial measures is presented at the end of the release.
EBITDA is defined as consolidated net income before interest expense, income taxes and depreciation and amortization. Adjusted EBITDA, as presented herein, is defined as EBITDA before certain other items, including: stock-based compensation; net gain/loss on write-down/disposal of property, equipment and intangibles; loss on impairment; and interest income and other income/expense.
Free Cash Flow is defined as operating cash flow minus purchases of property, plant & equipment and intangible assets.
Caution on Use of Non-GAAP Measures
Although these non-GAAP financial measures are not consistent with GAAP, management believes investors will benefit by referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, management recognizes that:
Further, these non-GAAP financial measures may be unique to the Company, as they may be different from similarly titled non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies.
A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure or measures appears within this press release.
About TASER International, Inc.
TASER International makes communities safer with innovative public safety technologies. Founded in 1993, TASER first transformed law enforcement with its electrical weapons. TASER continues to define smarter policing with its growing suite of technology solutions, including Axon body-worn video cameras and Evidence.com, a secure digital evidence management platform. More than 157,000 lives and countless dollars have been saved with TASER's products and services.
Learn more at www.TASER.com and www.Evidence.com or by calling (800) 978-2737.
TASER® and Axon® are registered trademark of TASER International, Inc., registered in the U.S. All rights reserved. TASER logo, Axon, Axon Body, Axon Body 2, Axon Flex, Axon Interview, Axon Signal, TASER X26, TASER X26P, and TASER X2 are trademarks of TASER International, Inc. All rights are reserved for trademarks of TASER International, Inc.
Note to Investors
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding our expectations, beliefs, intentions or strategies regarding the future and that we expect elevated SG&A and R&D spending in the remainder of 2015. We intend that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. The forward-looking information is based upon current information and expectations regarding TASER International, Inc. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. TASER International assumes no obligation to update the information contained in this press release.
We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward looking statements herein. Such factors include, but are not limited to: market acceptance of our products; our ability to design, introduce and sell new products; delays in development schedules; rapid technological change and competition; our ability to manage our growth and increase manufacturing production to meet demand; establishment and expansion of our direct and indirect distribution channels; our ability to pursue sales directly with customers; our dependence on sales of our TASER X26P and X2 CEWs; the acceptance of our Evidence.com software model; the long-term revenue recognition cycle for our SaaS Evidence.com product; the length of our sales cycle and our ability to realize benefits from our marketing and selling efforts; breach of our security measures resulting in unauthorized access to customer data; outages and disruptions relating to our Evidence.com service; our dependence on third party suppliers for key components of our products; component shortages; rising costs of raw materials and transportation relating to petroleum prices; that we may experience declines in gross margins due to a shift in product sales from CEW to Axon devices; product defects; our anticipation that certain orders will be completed; risks relating to acquisitions and joint ventures; catastrophic events; fluctuations in quarterly operating results; increases in non-U.S. denominated expenses; employee retention risks; budgetary and political constraints of prospects and customers; our exposure to cancellations of government contracts due to appropriation clauses; our compliance with regulations governing the environment, including but not limited to, regulations within the European Union; new regulations relating to conflict minerals; risks of governmental regulations, including regulations of our products by the United States Consumer Product Safety Commission, regulation of our products as a "crime control" product by the Federal government, state and local government regulation and foreign regulation and the adverse effects that could result from our products being classified as firearms by the United States Bureau of Alcohol and Firearms; regulatory and political challenges presented by international markets; fluctuations in our effective tax rate; foreign currency fluctuations; counter-party risks relating to cash balances held in excess of FDIC insurance limits; litigation risks resulting from alleged product-related injuries and media publicity concerning allegations of deaths occurring after use of the TASER device and the negative impact this publicity could have on sales; the outcome of pending or future litigation; our ability to protect our intellectual property; intellectual property infringement claims and relating litigation costs; competition in foreign countries relating to foreign patents; our successful identification of existing intellectual property rights that might infringe on our developments and other factors identified in documents filed by us with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2014.
The Company only announces a subset of its received orders during the quarter to show momentum to customers and these announcements should not be used to approximate revenue. Orders announced in the quarters are sometimes shipped in subsequent periods at the customer's request thereby delaying the recognition of revenue.
Please visit http://investor.taser.com, www.twitter.com/taser_ir, www.twitter.com/officialtaser and https://www.facebook.com/TASER.International where TASER discloses information from time to time about the company, its financial information, and its business.
For investor relations information please contact Erin Curtis by phone at (480) 515-6330 or via email at [email protected].
TASER INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Net sales |
$ |
50,376 |
$ |
44,349 |
$ |
141,851 |
$ |
117,709 |
|||||||
Cost of products sold and services delivered |
19,308 |
15,636 |
50,192 |
43,574 |
|||||||||||
Gross margin |
31,068 |
28,713 |
91,659 |
74,135 |
|||||||||||
Operating expenses: |
|||||||||||||||
Sales, general and administrative |
17,834 |
12,441 |
47,842 |
39,734 |
|||||||||||
Research and development |
6,528 |
3,759 |
16,992 |
10,820 |
|||||||||||
Total operating expenses |
24,362 |
16,200 |
64,834 |
50,554 |
|||||||||||
Income from operations |
6,706 |
12,513 |
26,825 |
23,581 |
|||||||||||
Interest income and other (expense) income, net |
(22) |
(160) |
12 |
(88) |
|||||||||||
Income before provision for income taxes |
6,684 |
12,353 |
26,837 |
23,493 |
|||||||||||
Provision for income taxes |
5,163 |
4,795 |
12,008 |
8,661 |
|||||||||||
Net income |
$ |
1,521 |
$ |
7,558 |
$ |
14,829 |
$ |
14,832 |
|||||||
Net income per common and common equivalent shares: |
|||||||||||||||
Basic |
$ |
0.03 |
$ |
0.14 |
$ |
0.28 |
$ |
0.28 |
|||||||
Diluted |
$ |
0.03 |
$ |
0.14 |
$ |
0.27 |
$ |
0.27 |
|||||||
Weighted average number of common and common equivalent shares outstanding: |
|||||||||||||||
Basic |
53,709 |
52,475 |
53,509 |
53,013 |
|||||||||||
Diluted |
54,691 |
53,821 |
54,671 |
54,550 |
TASER INTERNATIONAL, INC. SEGMENT REPORTING (Unaudited) (dollars in thousands) |
|||||||||||||||||||||||
Three Months Ended September 30, 2015 |
Three Months Ended September 30, 2014 |
||||||||||||||||||||||
TASER |
Axon |
Total |
TASER |
Axon |
Total |
||||||||||||||||||
Product sales |
$ |
39,520 |
$ |
7,745 |
$ |
47,265 |
$ |
40,010 |
$ |
3,181 |
$ |
43,191 |
|||||||||||
Service revenue |
— |
3,111 |
3,111 |
— |
1,158 |
1,158 |
|||||||||||||||||
Net sales |
39,520 |
10,856 |
50,376 |
40,010 |
4,339 |
44,349 |
|||||||||||||||||
Cost of products sold |
12,445 |
5,829 |
18,274 |
12,443 |
2,695 |
15,138 |
|||||||||||||||||
Cost of services delivered |
— |
1,034 |
1,034 |
— |
498 |
498 |
|||||||||||||||||
Gross margin |
27,075 |
3,993 |
31,068 |
27,567 |
1,146 |
28,713 |
|||||||||||||||||
Sales, general and administrative |
11,941 |
5,893 |
17,834 |
10,028 |
2,413 |
12,441 |
|||||||||||||||||
Research and development |
1,151 |
5,377 |
6,528 |
1,050 |
2,709 |
3,759 |
|||||||||||||||||
Income (loss) from operations |
$ |
13,983 |
$ |
(7,277) |
$ |
6,706 |
$ |
16,489 |
$ |
(3,976) |
$ |
12,513 |
|||||||||||
Gross margin % |
68.5% |
36.8% |
61.7% |
68.9% |
26.4% |
64.7% |
|||||||||||||||||
Operating margin % |
35.4% |
(67.0)% |
13.3% |
41.2% |
(91.6)% |
28.2% |
|||||||||||||||||
Nine Months Ended September 30, 2015 |
Nine Months Ended September 30, 2014 |
||||||||||||||||||||||
TASER |
Axon |
Total |
TASER |
Axon |
Total |
||||||||||||||||||
Product sales |
$ |
115,686 |
$ |
18,177 |
$ |
133,863 |
$ |
105,160 |
$ |
9,812 |
$ |
114,972 |
|||||||||||
Service revenue |
— |
7,988 |
7,988 |
— |
2,737 |
2,737 |
|||||||||||||||||
Net sales |
115,686 |
26,165 |
141,851 |
105,160 |
12,549 |
117,709 |
|||||||||||||||||
Cost of products sold |
34,805 |
12,692 |
47,497 |
34,024 |
8,111 |
42,135 |
|||||||||||||||||
Cost of services delivered |
— |
2,695 |
2,695 |
— |
1,439 |
1,439 |
|||||||||||||||||
Gross margin |
80,881 |
10,778 |
91,659 |
71,136 |
2,999 |
74,135 |
|||||||||||||||||
Sales, general and administrative |
33,469 |
14,373 |
47,842 |
32,218 |
7,516 |
39,734 |
|||||||||||||||||
Research and development |
3,418 |
13,574 |
16,992 |
2,660 |
8,160 |
10,820 |
|||||||||||||||||
Income (loss) from operations |
$ |
43,994 |
$ |
(17,169) |
$ |
26,825 |
$ |
36,258 |
$ |
(12,677) |
$ |
23,581 |
|||||||||||
Gross margin % |
69.9% |
41.2% |
64.6% |
67.6% |
23.9% |
63.0% |
|||||||||||||||||
Operating margin % |
38.0% |
(65.6)% |
18.9% |
34.5% |
(101.0)% |
20.0% |
TASER INTERNATIONAL, INC. Axon and Evidence.com Bookings by Quarter (Unaudited) (in thousands) |
|||||||||||||||||||
September 30, 2015 |
June 30, 2015 |
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
|||||||||||||||
Bookings |
$ |
36,877 |
$ |
30,629 |
$ |
22,948 |
$ |
24,554 |
$ |
15,267 |
|||||||||
Axon cameras and Evidence.com bookings represent a statistical measure defined as the sales price of orders placed in the relevant time period. Bookings are an indication of the activity the Company is seeing relative to Axon cameras and Evidence.com. We consider bookings to be a statistical measure defined as the sales price of orders (not invoiced sales) placed in the relevant fiscal period, net of cancellations, regardless of when the products or services ultimately will be provided. Some bookings might be invoiced in subsequent years.
Due to municipal government funding rules, certain of the future year amounts included in bookings are subject to budget appropriation or other contract cancellation clauses. Although TASER has entered into contracts for the delivery of products and services in the future and anticipates the contracts will be completed, however, if agencies do not appropriate money in future year budgets or invoke a cancellation clause, revenue associated with these bookings will not ultimately be recognized, resulting in a future reduction to bookings. In the third quarter of 2015, there were no reversals related to prior period bookings due to non-appropriation or other cancellation reasons.
For more information relative to our revenue recognition policies, please reference our SEC filings.
Axon and Evidence.com Future Contracted Revenue (Unaudited) (in thousands) |
|||||||
September 30, 2015 |
June 30, 2015 |
||||||
Cumulative Bookings, net of cancellations |
$ |
165,818 |
$ |
128,941 |
|||
Cumulative Axon & Evidence.com Recognized Revenue |
43,462 |
34,051 |
|||||
Future Contracted Revenue |
$ |
122,356 |
$ |
94,890 |
Axon and Evidence.com future contracted revenue represent a statistical measure defined as cumulative bookings for Axon and Evidence.com minus cumulative recognized revenue related solely to Axon and Evidence.com. Future contracted revenues are an indication of momentum of longer-term contracts being signed and the expectations of future revenues in the Axon segment.
TASER INTERNATIONAL, INC. UNIT SALES STATISTICS (Unaudited) Units in whole numbers |
|||||||||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
2015 |
2014 |
Unit Change |
Percent Change |
2015 |
2014 |
Unit Change |
Percent Change |
||||||||||||||||
TASER X26P |
13,659 |
15,466 |
(1,807) |
(11.7)% |
45,946 |
36,673 |
9,273 |
25.3% |
|||||||||||||||
TASER X2 |
8,036 |
10,694 |
(2,658) |
(24.9) |
25,510 |
18,673 |
6,837 |
36.6 |
|||||||||||||||
TASER X26 |
818 |
2,775 |
(1,957) |
(70.5) |
4,341 |
14,220 |
(9,879) |
(69.5) |
|||||||||||||||
TASER M26 |
709 |
499 |
210 |
42.1 |
1,952 |
1,377 |
575 |
41.8 |
|||||||||||||||
TASER C2 |
1,801 |
1,462 |
339 |
23.2 |
5,785 |
5,003 |
782 |
15.6 |
|||||||||||||||
Cartridges |
435,237 |
403,613 |
31,624 |
7.8 |
1,189,118 |
1,142,663 |
46,455 |
4.1 |
|||||||||||||||
Axon Flex |
6,759 |
2,577 |
4,182 |
162.3 |
15,921 |
6,176 |
9,745 |
157.8 |
|||||||||||||||
Axon Body |
4,778 |
3,224 |
1,554 |
48.2 |
15,381 |
8,651 |
6,730 |
77.8 |
|||||||||||||||
E-Dock |
2,075 |
1,386 |
689 |
49.7 |
5,554 |
2,780 |
2,774 |
99.8 |
|||||||||||||||
TASER Cam |
2,887 |
1,967 |
920 |
46.8 |
8,993 |
7,174 |
1,819 |
25.4 |
TASER INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) Dollars in thousands |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Net income |
$ |
1,521 |
$ |
7,558 |
$ |
14,829 |
$ |
14,832 |
|||||||
Depreciation and amortization |
948 |
1,101 |
2,310 |
3,368 |
|||||||||||
Interest expense |
8 |
1 |
9 |
3 |
|||||||||||
Provision for income taxes |
5,163 |
4,795 |
12,008 |
8,661 |
|||||||||||
EBITDA |
$ |
7,640 |
$ |
13,455 |
$ |
29,156 |
$ |
26,864 |
|||||||
Adjustments: |
|||||||||||||||
Stock-based compensation expense |
$ |
1,863 |
$ |
1,437 |
$ |
5,086 |
$ |
4,121 |
|||||||
Net loss on write-down/disposal of property, equipment and intangibles, net |
38 |
85 |
203 |
228 |
|||||||||||
Other expense (income), net |
14 |
159 |
(21) |
85 |
|||||||||||
Adjusted EBITDA |
$ |
9,555 |
$ |
15,136 |
$ |
34,424 |
$ |
31,298 |
|||||||
Adjusted EBITDA as a percentage of net sales |
19.0% |
34.1% |
24.3% |
26.6% |
|||||||||||
Composition of stock-based compensation: |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Cost of products sold and services delivered |
$ |
118 |
$ |
61 |
$ |
276 |
$ |
149 |
|||||||
Sales, general and administrative |
1,123 |
940 |
2,982 |
2,598 |
|||||||||||
Research and development |
622 |
436 |
1,828 |
1,374 |
|||||||||||
$ |
1,863 |
$ |
1,437 |
$ |
5,086 |
$ |
4,121 |
TASER INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands |
|||||||
September 30, 2015 |
December 31, 2014 |
||||||
(Unaudited) |
|||||||
ASSETS |
|||||||
Current Assets: |
|||||||
Cash and cash equivalents |
$ |
45,887 |
$ |
48,367 |
|||
Short-term investments |
49,526 |
32,774 |
|||||
Accounts and notes receivable, net |
24,328 |
30,735 |
|||||
Inventory, net |
18,892 |
18,323 |
|||||
Prepaid expenses and other current assets |
6,336 |
4,443 |
|||||
Deferred income tax assets, net |
5,186 |
5,186 |
|||||
Total current assets |
150,155 |
139,828 |
|||||
Property and equipment, net |
19,855 |
17,523 |
|||||
Deferred income tax assets, net |
11,147 |
10,877 |
|||||
Intangible assets, net |
7,812 |
3,115 |
|||||
Goodwill |
9,313 |
2,206 |
|||||
Long-term investments |
9,171 |
9,296 |
|||||
Other assets |
6,024 |
2,523 |
|||||
Total assets |
$ |
213,477 |
$ |
185,368 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current Liabilities: |
|||||||
Accounts payable |
$ |
6,040 |
$ |
7,682 |
|||
Accrued liabilities |
6,668 |
9,245 |
|||||
Current portion of deferred revenue |
19,628 |
14,020 |
|||||
Customer deposits |
572 |
988 |
|||||
Current portion of debt and capital lease payable |
98 |
38 |
|||||
Total current liabilities |
33,006 |
31,973 |
|||||
Deferred revenue, net of current portion |
26,880 |
21,668 |
|||||
Liability for unrecognized tax benefits |
1,198 |
1,471 |
|||||
Long-term deferred compensation |
1,857 |
1,121 |
|||||
Long-term contingent consideration |
952 |
— |
|||||
Long-term portion of debt and capital lease payable |
98 |
29 |
|||||
Total liabilities |
63,991 |
56,262 |
|||||
Stockholders' Equity: |
|||||||
Preferred stock |
— |
— |
|||||
Common stock |
1 |
1 |
|||||
Additional paid-in capital |
175,766 |
162,641 |
|||||
Treasury stock |
(122,201) |
(114,645) |
|||||
Retained earnings |
95,874 |
81,045 |
|||||
Accumulated other comprehensive income |
46 |
64 |
|||||
Total stockholders' equity |
149,486 |
129,106 |
|||||
Total liabilities and stockholders' equity |
$ |
213,477 |
$ |
185,368 |
TASER INTERNATIONAL, INC. SELECTED CASH FLOW INFORMATION (Unaudited) (in thousands) |
|||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Net income |
$ |
1,521 |
$ |
7,558 |
$ |
14,829 |
$ |
14,832 |
|||||||
Depreciation and amortization |
948 |
1,101 |
2,310 |
3,368 |
|||||||||||
Stock-based compensation |
1,863 |
1,437 |
5,086 |
4,121 |
|||||||||||
Net cash provided by operating activities |
19,345 |
16,676 |
30,314 |
22,638 |
|||||||||||
Net cash used in investing activities |
(6,097) |
(2,683) |
(33,293) |
(17,126) |
|||||||||||
Net cash (used in) provided by financing activities |
(7,704) |
(1,412) |
429 |
(9,284) |
|||||||||||
Cash and cash equivalents, end of period |
45,887 |
38,615 |
45,887 |
38,615 |
|||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Net cash provided by operating activities |
$ |
19,345 |
$ |
16,676 |
$ |
30,314 |
$ |
22,638 |
|||||||
Purchases of property and equipment |
(2,069) |
(844) |
(3,839) |
(2,066) |
|||||||||||
Purchases of intangible assets |
(201) |
(16) |
(402) |
(125) |
|||||||||||
Purchase of property and equipment and intangible assets in connection with business acquisitions |
(3,005) |
— |
(12,804) |
— |
|||||||||||
Free cash flow, a non-GAAP measure |
$ |
14,070 |
$ |
15,816 |
$ |
13,269 |
$ |
20,447 |
Photo - http://photos.prnewswire.com/prnh/20151102/283122
Logo - http://photos.prnewswire.com/prnh/20150106/167195LOGO
SOURCE TASER International, Inc.
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