{
  "docId": "019dd923-622c-750b-8b98-b3c9cb9378c3",
  "docSlug": "8ac2fd285d6b",
  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 49,
  "pageCount": 72,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "appendix_data",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 126,
  "notes": "The slide uses raw import data to challenge corporate narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b3c9cb9378c3/49",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Axon management is potentially misleading investors about its dependence on China.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf47-470e2fd5c641",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Axon management is potentially misleading investors about its dependence on China. We have sourced import records of containers shipped to Axon from abroad. Of the 32 import records received YTD May 2019, we believe 18 (or 56%) can be traced from Chinese manufacturers including Airspeed1, Konda2, and China National Electronics. We believe this exposure comes from its greater emphasis on the body camera business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7daa070f-6797-440a-bf30-c185033ace40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We manufacture products such as camera bags, laptop bags, protective cases, and paintball gear in our Guangdong, China factory. — Konda Industries Ltd.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf47-4ba8b6351996",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Panjiva.com 1. Airspeed has an administrative office in Hong Kong, but per its website it manufacturers in China. 2. Konda lists Axon as a client on its website, and says “We manufacture products such as camera bags, laptop bags, protective cases, and paintball gear in our Guangdong, China factory.”",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "523fa69a-7af7-4589-9acc-ee4728134c66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "table",
      "text": "Source, Bill of Lading #, Master Bill, Arrival Date, Quantity, Weight (Kg), HS Code, Description",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fcfa0b1-af0c-4d5c-95c5-556bbaec3aed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.36,
        "x": 0.32,
        "y": 0.05
      },
      "kind": "title",
      "text": "YTD 2019 Shipments: China",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e5140b1-3c9a-4f83-8660-06f67899ebdc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "584c77a8-c34c-42c3-8a25-b9f2915a21b2",
      "evidence": "Uses specific import data to contradict management's public statements on China exposure.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 72,
      "from": 41,
      "beatId": "b504059b-fe75-4fd0-97d2-cd25f19e4f88",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The report presents a conclusion and a clear call to action, with a 'victory' for investors who take heed of the report's warnings",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}