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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "presentationDate": "2019-06-19 00:00:00",
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  "notes": "The slide uses a color-coded matrix to highlight scenarios where EBITDA impact exceeds 10%.",
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      "text": "We make some conservative estimates and believe that tariff costs could easily cause Axon to miss its EBITDA estimates by 10%.",
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      "text": "Assumes 2019E COGS consensus of $187m. Historically, Axon has disclosed software and sensor cost of product sales =~35% of total COGS. Assumes 25% tariff on China imports. Assumes 2019E EBITDA at consensus",
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      "text": "EBITDA margin: 10%",
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      "text": "Axon does not provide any quantitative impact to its financial results from tariffs, but we know they are material now that the company included a vague risk factor, and finally mentioned the words “tariff” and “customs” expense in its recent 10-Q. We believe the exposure comes from its greater emphasis on the body cam market, and increased when it purchased VIEVU. We make some conservative estimates and believe that tariff costs could easily cause Axon to miss its EBITDA estimates by 10%.",
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      "text": "% of 2019E EBITDA matrix",
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      "text": "Estimated $ Impact on COGS matrix",
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      "kind": "title",
      "text": "Sensitivity To China Tariffs",
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