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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "notes": "Uses a direct quote comparison from 10-K filings to highlight accounting inconsistency.",
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      "kind": "callout",
      "text": "The Same Is True For Axon’s Body Cams, But It Recognizes Revenue Upfront",
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      "text": "Telematics Devices Have No Standalone Use Without The Service: Equipment Revenue Is Deferred",
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      "text": "As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014.",
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      "text": "Contracts w/Multiple Performance Obligations: 55%",
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      "text": "As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014. We believe this allows it to aggressively book equipment revenue upfront...",
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      "text": "Fleetmatics 10-K: “As the in-vehicle devices do not have value to the customer on a standalone basis... we record the amount of the up-front fee as deferred revenue upon invoicing and recognize that amount as revenue ratably.”",
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      "text": "Axon 10-K: “Evidence.com and Axon cameras and related accessories have stand-alone value to the customer... Generally, the Company recognizes revenue for the Axon equipment at the time of the sale...”",
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      "text": "As the in-vehicle devices do not have value to the customer on a standalone basis, the delivery or installation of the in-vehicle devices does not represent the culmination of a separate earning process associated with the payment of the up-front fee. Accordingly, we record the amount of the up-front fee as deferred revenue upon invoicing and recognize that amount as revenue ratably. — Fleetmatics 10-K",
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      "text": "Evidence of Aggressive Revenue Accounting",
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