Axon Enterprise, Inc 10-Q for FY2022 Q1

Axon Enterprise, Inc. (AXON)

10-Q 2022-05-10 For: 2022-03-31

Added on April 10, 2026

About this 10-Q

Axon Enterprise, Inc filed this 10-Q on May 10, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $256.43M; up 31.5% from $195.02M a year earlier
Net income: $54.87M; compared with a net loss of $47.92M a year earlier
Diluted EPS: $0.76; compared with -$0.75 a year earlier

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☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022 or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Delaware	86-0741227
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

17800 North 85th Street
Scottsdale, Arizona	85255
(Address of principal executive offices)	(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 Par Value	AXON	The Nasdaq Global Select Market


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated Filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

			Page
Special Note Regarding Forward-Looking Statements			ii

PART I - FINANCIAL INFORMATION			1
	Item 1. Financial Statements		1
		Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021	1
		Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021	2
		Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021	3
		Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	4
		Notes to Unaudited Condensed Consolidated Financial Statements	5
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		25
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		35
	Item 4. Controls and Procedures		36
PART II - OTHER INFORMATION			36
	Item 1. Legal Proceedings		36
	Item 1A. Risk Factors		36
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		36
	Item 3. Defaults Upon Senior Securities		36
	Item 4. Mine Safety Disclosures		36
	Item 5. Other Information		36
	Item 6. Exhibits		39
	SIGNATURES		40


	March 31,		December 31,
	2022		2021
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	386,367	$	356,332
Marketable securities		57,600		72,180
Short-term investments		20,024		14,510
Accounts and notes receivable, net of allowance of $2,424 and $2,203 as of March 31, 2022 and December 31, 2021, respectively		344,907		320,819
Contract assets, net		147,861		180,421
Inventory		122,150		108,688
Prepaid expenses and other current assets		67,208		56,540
Total current assets		1,146,117		1,109,490
Property and equipment, net		149,505		138,457
Deferred tax assets, net		108,840		127,193
Intangible assets, net		14,399		15,470
Goodwill		43,607		43,592
Long-term investments		17,731		31,232
Long-term notes receivable, net		10,184		11,256
Long-term contract assets, net		29,616		29,753
Strategic investments		154,452		83,520
Other long-term assets		98,003		98,247
Total assets	$	1,772,454	$	1,688,210
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	49,348	$	32,220
Accrued liabilities		69,435		103,707
Current portion of deferred revenue		326,627		265,591
Customer deposits		18,411		10,463
Other current liabilities		6,858		6,540
Total current liabilities		470,679		418,521
Deferred revenue, net of current portion		140,938		185,721
Liability for unrecognized tax benefits		5,162		3,797
Long-term deferred compensation		5,833		5,679
Deferred tax liability, net		348		811
Long-term lease liabilities		20,112		20,440
Other long-term liabilities		4,593		5,392
Total liabilities		647,665		640,361
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		—		—
Common stock, $0.00001 par value; 200,000,000 shares authorized; 70,996,658 and 70,896,856 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		1		1
Additional paid-in capital		1,118,859		1,095,229
Treasury stock at cost, 20,220,227 shares as of March 31, 2022 and December 31, 2021		(155,947)		(155,947)
Retained earnings		164,754		109,883
Accumulated other comprehensive income (loss)		(2,878)		(1,317)
Total stockholders’ equity		1,124,789		1,047,849
Total liabilities and stockholders’ equity	$	1,772,454	$	1,688,210


	Three Months Ended March 31,
	2022		2021
Net sales from products	$	176,204	$	140,886
Net sales from services		80,222		54,133
Net sales		256,426		195,019
Cost of product sales		79,352		58,616
Cost of service sales		21,335		13,050
Cost of sales		100,687		71,666
Gross margin		155,739		123,353
Operating expenses:
Sales, general and administrative		90,129		126,597
Research and development		48,416		47,018
Total operating expenses		138,545		173,615
Income (loss) from operations		17,194		(50,262)
Interest and other income, net		55,299		585
Income (loss) before provision for income taxes		72,493		(49,677)
Provision for (benefit from) income taxes		17,622		(1,760)
Net income (loss)	$	54,871	$	(47,917)
Net income (loss) per common and common equivalent shares:
Basic	$	0.77	$	(0.75)
Diluted	$	0.76	$	(0.75)
Weighted average number of common and common equivalent shares outstanding:
Basic		70,950		64,036
Diluted		72,349		64,036
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$	54,871	$	(47,917)
Foreign currency translation adjustments		(1,072)		1
Unrealized gains (losses) on available-for-sale investments		(489)		—
Comprehensive income (loss)	$	53,310	$	(47,916)


											Accumulated
				Additional							Other		Total
	Common Stock			Paid-in		Treasury Stock			Retained		Comprehensive		Stockholders’
	Shares	Amount		Capital		Shares	Amount		Earnings		Loss		Equity
Balance, December 31, 2021	70,896,856	$	1	$	1,095,229	20,220,227	$	(155,947)	$	109,883	$	(1,317)	$	1,047,849
Issuance of common stock	—		—		(70)	—		—		—		—		(70)
Issuance of common stock under employee plans, net	99,802		—		(1,388)	—		—		—		—		(1,388)
Stock-based compensation	—		—		25,088	—		—		—		—		25,088
Net income	—		—		—	—		—		54,871		—		54,871
Other comprehensive loss, net	—		—		—	—		—		—		(1,561)		(1,561)
Balance, March 31, 2022	70,996,658	$	1	$	1,118,859	20,220,227	$	(155,947)	$	164,754	$	(2,878)	$	1,124,789


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
			Software and						Software and
	TASER		Sensors		Total		TASER		Sensors		Total
TASER 7	$	50,066	$	—	$	50,066	$	33,991	$	—	$	33,991
TASER X26P		9,479		—		9,479		9,963		—		9,963
TASER X2		3,619		—		3,619		12,778		—		12,778
TASER Consumer devices		1,696		—		1,696		2,205		—		2,205
Cartridges		37,825		—		37,825		30,418		—		30,418
Axon Body		—		29,708		29,708		—		19,756		19,756
Axon Flex		—		1,329		1,329		—		905		905
Axon Fleet		—		13,820		13,820		—		3,763		3,763
Axon Dock		—		7,480		7,480		—		6,920		6,920
Axon Evidence and cloud services		3,017		79,939		82,956		1,396		52,294		53,690
Extended warranties		6,679		9,061		15,740		5,646		7,500		13,146
Other		1,979		729		2,708		2,602		4,882		7,484
Total	$	114,360	$	142,066	$	256,426	$	98,999	$	96,020	$	195,019


	March 31, 2022
Contract assets, net	$	177,477
Contract liabilities (deferred revenue)		467,565
Revenue recognized in the period from:
Amounts included in contract liabilities at the beginning of the period		104,043


	March 31, 2022						December 31, 2021
	Current		Long-Term		Total		Current		Long-Term		Total
Warranty:
TASER	$	27,476	$	1,401	$	28,877	$	21,257	$	4,766	$	26,023
Software and Sensors		21,736		15,621		37,357		23,175		18,137		41,312
		49,212		17,022		66,234		44,432		22,903		67,335
Hardware:
TASER		38,828		3,618		42,446		12,944		28,727		41,671
Software and Sensors		50,151		71,408		121,559		34,862		81,223		116,085
		88,979		75,026		164,005		47,806		109,950		157,756
Services:
TASER		4,309		2,066		6,375		2,701		3,482		6,183
Software and Sensors		184,127		46,824		230,951		170,652		49,386		220,038
		188,436		48,890		237,326		173,353		52,868		226,221
Total	$	326,627	$	140,938	$	467,565	$	265,591	$	185,721	$	451,312


	As of March 31, 2022
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	376,031	$	—	$	—	$	376,031	$	376,031	$	—	$	—	$	—

Level 1:
Money market funds		10,336		—		—		10,336		10,336		—		—		—
Agency bonds		4,700		1		—		4,701		—		—		4,701		—
Marketable securities		90,000		—		(32,400)		57,600		—		57,600		—		—
Subtotal		105,036		1		(32,400)		72,637		10,336		57,600		4,701		—
Level 2:
State and municipal obligations		2,550		—		(30)		2,520		—		—		1,759		761
Corporate bonds		31,409		—		(875)		30,534		—		—		13,564		16,970
Subtotal		33,959		—		(905)		33,054		—		—		15,323		17,731
Total	$	515,026	$	1	$	(33,305)	$	481,722	$	386,367	$	57,600	$	20,024	$	17,731


	As of December 31, 2021
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	353,488	$	—	$	—	$	353,488	$	353,488	$	—	$	—	$	—

Level 1:
Money market funds		2,844		—		—		2,844		2,844		—		—		—
Agency bonds		10,700		4		—		10,704		—		—		10,704		—
Marketable securities		90,000		—		(17,820)		72,180		—		72,180		—		—
Subtotal		103,544		4		(17,820)		85,728		2,844		72,180		10,704		—

Level 2:
State and municipal obligations		2,570		—		(5)		2,565		—		—		1,400		1,165
Corporate bonds		32,748		1		(276)		32,473		—		—		2,406		30,067
Subtotal		35,318		1		(281)		35,038		—		—		3,806		31,232
Total	$	492,350	$	5	$	(18,101)	$	474,254	$	356,332	$	72,180	$	14,510	$	31,232


	Three Months Ended March 31, 2022
		United States		Other countries		Total
Balance, beginning of period	$	3,171	$	178	$	3,349
Provision for expected credit losses		57		171		228
Amounts written off charged against the allowance		(137)		-		(137)
Other, including foreign currency translation		-		(2)		(2)
Balance, end of period	$	3,091	$	347	$	3,438


	March 31, 2022		December 31, 2021
Raw materials	$	42,452	$	38,267
Finished goods		79,698		70,421
Total inventory	$	122,150	$	108,688


	Three Months Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income (loss)	$	54,871	$	(47,917)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		5,755		4,291
Loss on disposal and abandonment of intangible assets		40		11
Loss on disposal and impairment of property and equipment, net		106		45
Net unrealized gain on strategic investments and marketable securities		(55,851)		—
Stock-based compensation		25,088		89,610
Deferred income taxes		18,029		(598)
Unrecognized tax benefits		1,365		194
Bond amortization		159		1,504
Noncash lease expense		1,556		1,111
Provision for expected credit losses		228		(335)
Change in assets and liabilities:
Accounts and notes receivable and contract assets		7,495		31,298
Inventory		(14,260)		520
Prepaid expenses and other assets		(7,074)		(6,952)
Accounts payable, accrued and other liabilities		(9,580)		(18,062)
Deferred revenue		16,037		6,219
Net cash provided by operating activities		43,964		60,939
Cash flows from investing activities:
Purchases of investments		—		(155,825)
Proceeds from call / maturity of investments		7,200		132,254
Purchases of property and equipment		(17,098)		(10,521)
Proceeds from disposal of property and equipment		87		10
Purchases of intangible assets		(37)		(41)
Strategic investments		(500)		(20,000)
Net cash used in investing activities		(10,348)		(54,123)
Cash flows from financing activities:
Net proceeds from equity offering		(71)		—
Income and payroll tax payments for net-settled stock awards		(1,388)		(7,045)
Net cash used in financing activities		(1,459)		(7,045)
Effect of exchange rate changes on cash and cash equivalents		(157)		(392)
Net increase (decrease) in cash and cash equivalents		32,000		(621)
Cash and cash equivalents and restricted cash, beginning of period		356,438		155,551
Cash and cash equivalents and restricted cash, end of period	$	388,438	$	154,930


	Estimated
	Useful Life	March 31, 2022		December 31, 2021
Land	N/A	$	54,868	$	54,868
Building and leasehold improvements	3-39 years		26,456		25,712
Production equipment	3-5 years		54,416		54,090
Computers, equipment and software	3-5 years		17,400		15,343
Furniture and office equipment	3-5 years		6,842		6,838
Vehicles	5 years		3,123		2,932
Website development costs	3 years		204		204
Capitalized internal-use software development costs	3-5 years		11,996		11,996
Construction-in-process	N/A		37,667		25,258
Total cost			212,972		197,241
Less: Accumulated depreciation			(63,467)		(58,784)
Property and equipment, net		$	149,505	$	138,457


	Three Months Ended March 31, 2022
	Strategic investments		Warrants for strategic investment		Total
Balance, beginning of period	$	80,775	$	2,745	$	83,520
Investments		500		—		500
Observable price changes		41,893		28,539		70,432
Balance, end of period	$	123,168	$	31,284	$	154,452


	Inception to date
	Strategic investments		Warrants for strategic investment		Total
Investments	$	53,068	$	2,588	$	55,656
Observable price changes		84,646		28,696		113,342
Sales		(14,546)		—		(14,546)
Balance, end of period	$	123,168	$	31,284	$	154,452


	March 31, 2022		December 31, 2021
Cash surrender value of corporate-owned life insurance policies	$	4,912	$	5,276
Deferred commissions ⁽¹⁾		55,114		54,028
Restricted cash		56		57
Operating lease assets		23,242		23,270
Deferred implementation costs ⁽²⁾		3,697		3,915
Prepaid expenses, deposits and other		10,982		11,701
Total other long-term assets		98,003	$	98,247


	March 31, 2022		December 31, 2021
Accrued salaries, benefits and bonus	$	33,242	$	62,425
Accrued professional, consulting and lobbying fees		6,982		7,152
Accrued warranty expense		1,504		2,822
Accrued income and other taxes		3,615		3,736
Accrued inventory in transit		8,910		9,945
Other accrued expenses		15,182		17,627
Accrued liabilities	$	69,435	$	103,707


Revenue Goal⁽¹⁾ (in thousands)	Achievement Status	Adjusted EBITDA (in thousands)	Achievement Status
Goal #1, $710,058	Achieved	Goal #1, $125,000	Achieved
Goal #2, $860,058	Achieved	Goal #2, $155,000	Achieved
Goal #3, $1,010,058	Probable	Goal #3, $175,000	Achieved
Goal #4, $1,210,058	Probable	Goal #4, $190,000	Achieved
Goal #5, $1,410,058	Not Applicable	Goal #5, $200,000	Achieved
Goal #6, $1,610,058	Not Applicable	Goal #6, $210,000	Achieved
Goal #7, $1,810,058	Not Applicable	Goal #7, $220,000	Achieved
Goal #8, $2,010,058	Not Applicable	Goal #8, $230,000	Achieved


	Number of	Weighted Average		Aggregate
	Units	Grant-Date Fair Value		Intrinsic Value
Units outstanding, beginning of year	1,115	$	133.40
Granted	149		137.89
Released	(93)		76.70
Forfeited	(25)		136.92
Units outstanding, end of period	1,146		138.48	$	157,892


				Weighted
		Weighted		Average
	Number	Average		Remaining
	of	Exercise		Contractual	Aggregate
	Options	Price		Life (years)	Intrinsic Value
Options outstanding, beginning of year	2,438	$	28.58
Granted	—		—
Exercised	—		—
Expired / terminated	—		—
Options outstanding, end of period	2,438		28.58	5.91	$	266,103
Options exercisable, end of period	1,377		28.58	5.91		150,297


		Unrealized Gains (Losses)
		on Available-for-Sale		Foreign Currency
		Investments		Translation	Total
Balance, December 31, 2021	$	(207)	$	(1,110)	$	(1,317)
Other comprehensive loss		(489)		(1,072)		(1,561)
Balance, March 31, 2022	$	(696)	$	(2,182)	$	(2,878)


	Three Months Ended March 31,								Dollar		Percent
	2022				2021				Change		Change
TASER segment:
TASER 7	$	50,066	19.5	%	$	33,991	17.5	%	$	16,075	47.3	%
TASER X26P		9,479	3.7			9,963	5.1			(484)	(4.9)
TASER X2		3,619	1.4			12,778	6.6			(9,159)	(71.7)
TASER Consumer devices		1,696	0.7			2,205	1.1			(509)	(23.1)
Cartridges		37,825	14.7			30,418	15.6			7,407	24.4
Axon Evidence and cloud services		3,017	1.2			1,396	0.7			1,621	116.1
Extended warranties		6,679	2.6			5,646	2.9			1,033	18.3
Other		1,979	0.8			2,602	1.3			(623)	(23.9)
Total TASER segment		114,360	44.6			98,999	50.8			15,361	15.5
Software and Sensors segment:
Axon Body		29,708	11.6			19,756	10.1			9,952	50.4
Axon Flex		1,329	0.5			905	0.5			424	46.9
Axon Fleet		13,820	5.4			3,763	1.9			10,057	267.3
Axon Dock		7,480	2.9			6,920	3.5			560	8.1
Axon Evidence and cloud services		79,939	31.2			52,294	26.9			27,645	52.9
Extended warranties		9,061	3.5			7,500	3.8			1,561	20.8
Other		729	0.3			4,882	2.5			(4,153)	(85.1)
Total Software and Sensors segment		142,066	55.4			96,020	49.2			46,046	48.0
Total net sales	$	256,426	100.0	%	$	195,019	100.0	%	$	61,407	31.5	%



	Three Months Ended March 31,		Unit	Percent
	2022	2021	Change	Change
TASER 7	31,395	23,360	8,035	34.4
TASER X26P	6,338	8,229	(1,891)	(23.0)
TASER X2	2,006	8,838	(6,832)	(77.3)
TASER Consumer devices	6,201	8,686	(2,485)	(28.6)
Cartridges	1,089,939	1,009,760	80,179	7.9
Axon Body	62,562	46,094	16,468	35.7
Axon Flex	3,127	1,565	1,562	99.8
Axon Fleet	5,747	1,440	4,307	299.1
Axon Dock	8,064	6,786	1,278	18.8


	Three Months Ended				Three Months Ended				Dollar		Percent
	March 31, 2022				December 31, 2021				Change		Change
TASER segment:
TASER 7	$	50,066	19.5	%	$	23,146	10.6	%	$	26,920	116.3	%
TASER X26P		9,479	3.7			12,011	5.5			(2,532)	(21.1)
TASER X2		3,619	1.4			19,080	8.8			(15,461)	(81.0)
TASER Consumer devices		1,696	0.7			2,259	1.0			(563)	(24.9)
Cartridges		37,825	14.7			36,433	16.7			1,392	3.8
Axon Evidence and cloud services		3,017	1.2			3,350	1.5			(333)	(9.9)
Extended warranties		6,679	2.6			6,523	3.0			156	2.4
Other		1,979	0.8			1,107	0.7			872	78.8
TASER segment		114,360	44.6			103,909	47.8			10,451	10.1
Software and Sensors segment:
Axon Body		29,708	11.6			14,939	6.9			14,769	98.9
Axon Flex		1,329	0.5			674	0.3			655	97.2
Axon Fleet		13,820	5.4			9,246	4.2			4,574	49.5
Axon Dock		7,480	2.9			5,552	2.5			1,928	34.7
Axon Evidence and cloud services		79,939	31.2			70,072	32.2			9,867	14.1
Extended warranties		9,061	3.5			9,054	4.2			7	0.1
Other		729	0.3			4,132	1.9			(3,403)	(82.4)
Software and Sensors segment		142,066	55.4			113,669	52.2			28,397	25.0
Total net sales	$	256,426	100.0	%	$	217,578	100.0	%	$	38,848	17.9	%


	Termination
By the Company Without Cause	By Executive Following a Change in Control For Good Reason or by the Company Without Cause Six Months Prior to Change in Control	Death or Disability
6 months salary; target bonus for calendar year of effective date of termination	36 months salary; prorata portion of annual target bonus for the year in which termination occurs; 12 months COBRA	18 months salary; prorata portion of annual target bonus for the year in which termination occurs


Termination
without Cause	Change in Control*	Death or Disability
XSU operational goals are disregarded and market capitalization is calculated as of the last date of employment; next unattained tranche will partially vest on a prorated basis by comparing the six-month market capitalization to the goal	XSU operational goals are disregarded and an alternative market capitalization calculation is utilized for purposes of determining attainment of unvested tranches, plus one additional tranche	N/A




3.1		Bylaws, as amended and restated (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed January 31, 2022)
10.1+*		Executive Employment Agreement by and between Axon Enterprise, Inc. and James C. Zito
31.1* 31.1* 31.1*		Principal Executive Officer Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a)
31.2*		Principal Financial Officer Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a)
32**		Principal Executive Officer and Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL

AXON ENTERPRISE, INC.

Date:	May 10, 2022
		By:	/s/ PATRICK W. SMITH
			Chief Executive Officer
			(Principal Executive Officer)

Date:	May 10, 2022	By:	/s/ JAMES C. ZITO
			Interim Chief Financial Officer
			(Principal Financial and
			Accounting Officer)


COMPANY	EXECUTIVE:
AXON ENTERPRISE, INC., a corporation organized under the laws of the State of Delaware, U.S.A.	JAMES C. ZITO, an individual
By: /s/ Isaiah Fields	By: /s/ James C. Zito
Name: Isaiah Fields
Title: EVP, General Counsel, & Corporate Secretary



	/s/ Patrick W. Smith
	Patrick W. Smith
	Chief Executive Officer
	May 10, 2022



	/s/ James C. Zito
	James C. Zito
	Interim Chief Financial Officer
	May 10, 2022