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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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  "pageNumber": 26,
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  "notes": "The slide highlights a specific accounting treatment of employee stock awards as a financing cash flow, which the author argues should be operating.",
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      "kind": "callout",
      "text": "With Axon's cash flow going negative in Q1, its adjusted free cash flow over the last year is jut $4.9 million. Axon's valuation looks expensive relative to its declining and meager free cash flow.",
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      "text": "Adjusted Free Cash Flow: $4.9 million",
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      "kind": "paragraph",
      "text": "With Axon's cash flow going negative in Q1, its adjusted free cash flow over the last year is jut $4.9 million. Axon's valuation looks expensive relative to its declining and meager free cash flow.",
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      "text": "1. Axon runs costs related to employee compensation programs as a “financing” cash flow, when in reality it should be an operating cash flow\nSource: Axon financials",
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      "kind": "table",
      "text": "Table showing Cash from operations, CapEx, and tax payments for stock awards from 2016 to LTM 3/31/19.",
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      "kind": "title",
      "text": "Free Cash Flow Declining",
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      "arcName": "Overcoming the Monster",
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