Jim Zito Appointed Interim Chief Financial Officer
Raises 2022 Revenue and Adj. EBITDA Guidance; Affirms
Long-Term Financial Outlook
SCOTTSDALE, Ariz., May 4, 2022
/PRNewswire/ -- Axon (Nasdaq: AXON), the global leader in
connected public safety technologies, today announced that
Jim Zito, Senior Vice President of
Accounting, who serves as Axon's corporate controller, has been
appointed interim Chief Financial Officer, effective
immediately.
Zito succeeds Jawad Ahsan, who
has resigned as CFO in order to pursue other opportunities. Ahsan
will be available to the Company as needed over the next two months
to support a smooth transition.
The Axon Board has initiated a search to identify a permanent
CFO and intends to engage an executive search firm to assist in the
process.
Axon CEO Rick Smith said, "Axon
has a deep bench of talent driving our success. Since joining the
company in 2017, Jim has played a key role in building out our
world class accounting and controllership organization, enhancing
our internal controls over financial reporting, and overseeing the
implementation of stronger processes to drive operating rigor to
improve Axon's financial results. As interim CFO, Jim's
contributions at Axon and his depth of experience will support the
continued execution of our financial priorities as we conduct a
search for our next CFO."
"I look forward to working with the entire management team in my
new role to continue building on the exciting momentum underway,"
Zito said. "We have established an impressive track record of
execution at scale coupled with cost discipline, and remain
confident in our ability to continue to deliver accelerating
growth, profitability and cash flow."
Smith continued, "On behalf of the Board and management team, I
want to thank Jawad for his dedication and all of his hard work
over the last five years helping Axon innovate and grow. We wish
him well as he pursues the next chapter in his career."
"I am honored to have worked alongside such a bright and
talented group of individuals at Axon and to have played a part in
advancing Axon's important mission to protect life," said Ahsan. "I
look forward to following Axon's growth and market leadership in
the years to come."
Raises 2022 Financial Outlook and Affirms Long-Term Growth
Targets
Axon today said that it is raising its 2022 revenue outlook and
affirming its long-term revenue growth target of a 20%+ CAGR.
Axon's upwardly revised 2022 revenue expectation has increased
to a range of $1.05 billion to
$1.1 billion, reflecting about 25%
annual growth at the midpoint. Previously, Axon had guided to
$1.04 billion, reflecting 20% annual
revenue growth.
Axon's upwardly revised 2022 Adjusted EBITDA range is
$190 million to $200 million, up from $185
million to $195 million
previously.
Axon affirmed its 2022 adjusted free cash flow guidance range of
about $125 million to $145 million.
About Jim Zito
As Senior Vice President of Accounting, Jim Zito leads Axon's global accounting and
controllership organization. Prior to joining Axon in 2017, Zito
served as the Global Controller for General Electric (GE)
Healthcare Digital and Healthcare Partners, the software and
consulting businesses within GE Healthcare. There, he led a global
team responsible for controllership and commercial finance
operations. Zito joined GE in 2010 as the Controller for GE
Healthcare's Clinical Business Solutions product line and completed
GE's Experienced Financial Leadership Program in 2015. His prior
experience includes progressive leadership positions in the audit
practice at PricewaterhouseCoopers LLP.
Zito earned his B.B.A. in Accountancy and Computer Applications
from the University of Notre Dame.
About Axon
Axon is a network of devices, apps and people that helps public
safety personnel become smarter and safer. With a mission of
protecting life, our technologies give customers the confidence,
focus and time they need to keep their communities safe. Our
products impact every aspect of a public safety officer's
day-to-day experience with the goal of helping everyone get home
safe.
We work hard for those who put themselves in harm's way for all
of us. To date, more than 263,000 lives and countless dollars have
been saved with the Axon Network of devices, apps and people. Learn
more at www.axon.com or by calling (800) 978-2737. Axon is a global
company with headquarters in Scottsdale,
Ariz. and global software engineering hub in Seattle, Wash., as well as additional offices
in Australia, Canada, Finland, Vietnam, the UK and the Netherlands.
Note to Investors Please visit http://investor.axon.com,
https://www.axon.com/press, http://www.twitter.com/axon_us and
https://www.facebook.com/Axon.ProtectLife/ where Axon discloses
information about the company, its financial information and its
business.
Forward-Looking Statements
Forward-looking statements in this press release include,
without limitation, statements regarding: statements concerning
projections, predictions, expectations, estimates or forecasts as
to our business, financial and operational results and future
economic performance, including our outlook for 2022 full year
revenue and long-term revenue growth, adjusted EBITDA and adjusted
free cash flow; and statements of management's strategies, goals
and objectives and other similar expressions. Such statements give
our current expectations or forecasts of future events; they do not
relate strictly to historical or current facts. Words such as
"may," "will," "should," "could," "would," "predict," "potential,"
"continue," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," and similar expressions, as well as
statements in future tense, identify forward-looking statements.
However, not all forward-looking statements contain these
identifying words.
We cannot guarantee that any forward-looking statement will be
realized, although we believe we have been prudent in our plans and
assumptions. Achievement of future results is subject to risks,
uncertainties and potentially inaccurate assumptions. The following
important factors could cause actual results to differ materially
from those in the forward-looking statements: the potential global
impacts of the COVID-19 pandemic or other catastrophic events; our
ability to manage our supply chain and avoid production delays,
shortages and impacts to expected gross margins; changes in the
costs of product components and labor; our ability to attract and
retain key personnel; changes in government regulations in the U.S.
and in foreign markets, especially related to the classification of
our products by the United States Bureau of Alcohol, Tobacco,
Firearms and Explosives; delayed cash collections and possible
credit losses due to our subscription model; exposure to
international operational risks; our exposure to cancellations of
government contracts due to appropriation clauses, exercise of a
cancellation clause, or non-exercise of contractually optional
periods; defects in our products; negative media publicity
regarding our products; and counter-party risks relating to cash
balances held in excess of FDIC insurance limits. Many events
beyond our control may determine whether results we anticipate will
be achieved. Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate,
actual results could differ materially from past results and those
anticipated, estimated or projected. You should bear this in mind
as you consider forward-looking statements. Our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q list various
important factors that could cause actual results to differ
materially from expected and historical results. These factors are
intended as cautionary statements for investors within the meaning
of Section 21E of the Exchange Act and Section 27A of the
Securities Act. Readers can find them under the heading "Risk
Factors" in the Annual Report on Form 10-K and in the Quarterly
Reports on Form 10-Q, and investors should refer to them. You
should understand that it is not possible to predict or identify
all such factors. Consequently, you should not consider any such
list to be a complete set of all potential risks or
uncertainties.
Except as required by law, we undertake no obligation to
publicly update forward-looking statements, whether as a result of
new information, future events or otherwise. You are advised,
however, to consult any further disclosures we make on related
subjects in our Form 10-Q, 8-K and 10-K reports to the SEC.
Media Contact: Corinne
Clark
Public Relations Manager
Press@Axon.com
Investor Relations Contact:
Andrea James
ajames@axon.com
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SOURCE Axon