{
  "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": 6,
  "pageCount": 72,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "thesis_headline",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 10,
  "notes": "The slide uses a classic activist short-thesis structure: market opportunity critique followed by governance/integrity critique.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-b3c9cb9378c3/6",
  "deckHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-b3c9cb9378c3#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Axon has rapidly inflated its Total Addressable Market (TAM) from $4.8bn (2016), $6.5bn (2017) to $8.4bn (2019).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf43-e3a8e784809b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "list",
      "text": "TAM Inflation And Likelihood To Disappoint In New Markets: Axon has rapidly inflated its TAM from $4.8bn (2016) to $8.4bn (2019) through unproven assumptions in Records/Dispatch, AI, and International markets.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9e7ab8e-0f17-4b85-874f-5f10a11264c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.92,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "Governance Concerns To The Extreme: Axon faces controversies including lawsuits, SEC investigations, insider selling, questionable compensation schemes, and auditor history.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fef56393-5852-4f4f-bcd3-60181dc0eb9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Believes Axon Enterprises (Formerly Taser) Is A \"Strong Sell\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db3cb648-169f-4656-9584-6c169361520a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5c45af4d-02a0-4826-b8c1-55b9c60ae93c",
      "evidence": "The slide explicitly links accounting history (Arthur Andersen) and governance issues to a 'strong sell' recommendation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "49062d09-dbfd-4729-a1b6-97f294c2891e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": null,
      "evidence": "The report presents various 'monsters' or challenges facing Axon Enterprises, including fundamental challenges, financial struggles, and governance concerns",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}