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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
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  "notes": "Uses red arrows to visually connect the guidance text to the actual spending text, emphasizing the discrepancy.",
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      "text": "Full Year 2018 Outlook and 2019 Outlook excerpts",
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      "text": "Investing activities excerpt from 2018 10-K",
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      "text": "Capital expenditures: $11.7m",
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      "text": "Spruce Point has repeatedly warned to be cautious when companies cannot accurately forecast capex, as this often leads to gross margin deterioration (and ultimately EPS disappointment). We find the Axon significantly missed its first capex target in 2018, with actual spending of $11.7m falling below the low end of its $12 - $16m range. In addition, Axon did not offer formal capex guidance for 2019, but when pushed by an analyst on the Q1'2019 conference call five months into the year, the CFO said $12 - $15m.",
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      "kind": "title",
      "text": "In Our Experience, Poor Capex Planning Leads To Financial Disappointment",
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