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  "docSlug": "8ac2fd285d6b",
  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
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      "kind": "callout",
      "text": "Axon's core Taser product is at best not growing, while margins have been slowly contracting. Meanwhile, its faster growing Software and Sensor segment is experiencing slower growth, along with margin contraction.",
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      "text": "Gross Margin: 510bps",
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      "text": "Axon's core Taser product is at best not growing, while margins have been slowly contracting. Meanwhile, its faster growing Software and Sensor segment is experiencing slower growth, along with margin contraction. We believe Software and Sensors margins will be pressured from tariffs and rising video storage costs because Axon offers \"unlimited device storage\".",
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      "text": "Source: Axon financial statement and press releases. 1. Part of Software and Sensor segment. Axon Cloud revenues are as reported in press releases, though we show evidence that quarterly results do not reconcile with annual results",
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      "text": "Revenue and Gross Margin table for Taser, Software and Sensor, and Axon Cloud segments across Q1'18-Q1'19.",
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      "text": "Core Businesses Under Pressure",
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