{
  "docId": "019dd923-622c-750b-8b98-b3c9cb9378c3",
  "docSlug": "8ac2fd285d6b",
  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 72,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "competitive_analysis",
  "function": "frame_problem",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Includes a process diagram of CAD systems and a market structure chart showing tier-based competition.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "process_diagram",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b3c9cb9378c3/13",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "A former Axon exec gave the analogy of asking someone to give up your Windows operating system.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf44-1a6b02cc3c1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.51,
        "y": 0.6
      },
      "kind": "chart",
      "text": "Global Computer Aided Dispatch (CAD) Market Structure",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56fc1a64-9909-4bc2-a506-6137c33bf0ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.51,
        "y": 0.32
      },
      "kind": "diagram",
      "text": "CAD System Workflow Diagram",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c14a4bc-acb8-41d0-a1e5-8e88484584f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.47
      },
      "kind": "list",
      "text": "These systems are often customized, multi-jurisdictional and multi-disciplined. As a result, the buying center is often times outside of a specific law enforcement department where Axon has it's strongest relationships",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c43d108-c98c-4712-aea9-6ecbb502035a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "list",
      "text": "Given that CAD is a communication system at its hub, it's not surprising to see that LMR players like Motorola and Harris command meaningful market share",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85dd9d38-069c-4fea-a8b7-e2aed8dd4ec1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.6
      },
      "kind": "list",
      "text": "Given that CAD systems assign a number to each dispatch, this identifier often serves as the reference number and first data input for incident reports contained in records management systems. Interoperability across CAD and RMS systems has increasingly been viewed as a necessity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6b2a72a-b197-4057-9bdb-e94078cb6adf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.32
      },
      "kind": "list",
      "text": "Computer Aided Dispatch (CAD) is a system that collects Calls For Service (CSF) (e.g., 911 calls) and then leverages technology to deploy the appropriate resources to the scene and provide them with situational awareness. Given the critical nature of its function, CAD has been around since the early 1970s",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2489abc-e29c-43c3-b358-384e6d0f136a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.73
      },
      "kind": "list",
      "text": "CAD has historically been the largest technology spend for law enforcement, approximately 50% per the head of a top 5 US police department, and as a result the market place is dominated by four players and almost completely owned by the top 7",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa5fb597-e02b-4ec3-ac41-56546d187639",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Unlike TASERs and Body Cams, Axon is almost 40-50 years late to CAD, law enforcement's largest technology spend category. The CAD space is already heavily consolidated and, not surprisingly, two of the leading providers, Motorola and Harris, are both LTE mobile radio providers. CAD systems also tend to be heavily customized for larger clients and it is our understanding that these systems are extremely sticky. A former Axon exec gave the analogy of asking someone to give up your Windows operating system.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7499462-c418-4be6-95bf-fe06feab82a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Axon Is Unlikely to Have Meaningful Success In CAD \"Build\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd612b29-3282-429a-b9e2-49cad03b0f71",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "49062d09-dbfd-4729-a1b6-97f294c2891e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": null,
      "evidence": "The report presents various 'monsters' or challenges facing Axon Enterprises, including fundamental challenges, financial struggles, and governance concerns",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}