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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "notes": "The slide uses a visual 'plus' and 'not equal' sign to highlight the mathematical failure to reconcile quarterly sums to the annual total.",
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      "text": "Our concerns about Axon's revenue quality and cloud story is further supported by the fact that its quarterly revenues in 2018 sum to $92.4m, which does not reconcile to its annual reported result of $90.3m.",
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      "text": "Cloud Revenue: $92.4m",
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      "text": "Our concerns about Axon's revenue quality and cloud story is further supported by the fact that its quarterly revenues in 2018 sum to $92.4m, which does not reconcile to its annual reported result of $90.3m.",
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      "text": "Note: In its Q2'18 press release, Axon said “We also reclassified some camera seats that were originally booked on-premise but were migrated into the cloud.” However, it did not quantify the impact to Cloud sales, nor did it expound on this issue in the 10-Q",
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      "text": "In its Q2'18 press release, Axon said “We also reclassified some camera seats that were originally booked on-premise but were migrated into the cloud.” However, it did not quantify the impact to Cloud sales, nor did it expound on this issue in the 10-Q",
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      "text": "Source: Q2'18 press release, Q4'18 press release, 2018 10-K, p.27",
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