AAXN - Axon soars 16% post Q3 earnings beat; guides Q4 and FY20 revenue above consensus

Axon ([[AAXN]] +16.8%) Q3 bookings grew 62% sequentially and 56% Y/Y, aided by robust North American demand for body cameras and cloud software. U.S. federal customers generate $38M in quarterly bookings.Company says revenue growth of ~27% was driven by demand for almost all product lines. Annual Recurring Revenue grew 44% Y/Y to $204M; and net revenue retention was 120% in the quarter.Sales by segments: TASER $84.41M (+17.1% Y/Y); Software & Sensors $45.46M (+33.6% Y/Y); and Sensors and Other $36.57M (+45.9% Y/Y)Q3 Gross margin declined by 225 bps to 59%; shipments of low-to-no margin body camera hardware, had about 400 bps of negative gross margin impact in the quarter.Operating loss reduced to $5.45M, compared to $13.67M in 2Q20.Adj. EBITDA increased by 40.3% Y/Y to $$33.72M, and margin improved by 188 bps to 20.3%.Cash and cash equivalents and investments totaled $628M at September 30, 2020.4Q20 Outlook: Company expects Q4 2020 revenue of $175M to $185M vs. $176.49M consensus; Gross

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Axon soars 16% post Q3 earnings beat; guides Q4 and FY20 revenue above consensus