Axon (AXON) Announces CFO Transition; Hikes FY22 Outlook

Axon (Nasdaq: AXON) 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.

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