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  "docSlug": "8ac2fd285d6b",
  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses red boxes and lines to draw attention to specific inflated figures in Axon's TAM build-up.",
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      "text": "Axon has magically boosted its TAM by increasing both user and price assumptions. The pricing assumption for its AI TAM cannot even be justified by its current pricing. Bundle assumptions show it gets $50/month, whereas Axon leads investors to believe that it should be valued at $100/month.",
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      "text": "A BILLION $ DOMESTIC OPPORTUNITY",
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      "text": "DOMESTIC TAM BUILD-UP",
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      "text": "TAM: $8.4bn",
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      "text": "Axon has magically boosted its TAM by increasing both user and price assumptions. The pricing assumption for its AI TAM cannot even be justified by its current pricing. Bundle assumptions show it gets $50/month, whereas Axon leads investors to believe that it should be valued at $100/month.",
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      "text": "Source: May 2019 Investor Presentation; 2017 Analyst Day; 2016 Analyst Day",
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      "text": "Driving the TAM through value-added features table",
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      "kind": "table",
      "text": "Bundling disrupts how the industry buys & prices RMS",
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      "kind": "title",
      "text": "Bold Projections And Fuzzy Math To Exaggerate TAM",
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