*New Synopsis Company Podcast Released* Axon Enterprises
Transforming the Failed TASER Product into a Law Enforcement Platform Titan
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This is a new company episode podcast announcement.
We are announcing the release of our latest company deep dive episode on Axon! We now have in-depth company episodes on Constellation Software, Floor & Decor, Perimeter Solutions, Meta, Copart, Evolution, CoStar Group, Porsche AG, Coupang, Etsy, RH, and Dream Finders Homes! We research each company for hundreds of hours prior to recording, so we can confidently say these are the most comprehensive podcasts you will find on each of these companies! See our podcast episode directory here.
Listen to our 2 hour 49 minute Axon Company Podcast now:
Episode Background.
On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company.
Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith.
Axon Show Notes.
Part 1: Founding History and Background
(0:00) Axon Overview
(3:34) — Background of the Advent of the TASER
(12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser
(15:39) — AirTaser Early Struggles
(23:20) — Taser International rename, Going Public
(34:36) — Broadening their Mission and Product Lines, Introducing Axon
(43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate
(51:11) — Axon Camera Business Frictions, Gaining Adoption and Building a Competitive Moat
(1:17:57) — Concluding History
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Part 2: Financials, Industry, Competition, and Valuation
(1:26:22) — Revenue Segments, Business Model
(1:43:39) — Profitability and Mature Margins
(1:47:45) — Industry and TAM, Pricing Power
(1:57:59) — Competition
(2:29:38) — Why Axon Wins (One Breath Take)
(2:33:36) — ROIC, Mature Profitability, Free Cash Flow
(2:40:51) — Valuation
(2:44:07) — Risks
(2:49:01) — Free Axon Resources from Speedwell
For much more on Axon, you can become a Speedwell Member to get access to our 75-page research report!
Read more about our Axon Research Report Here.
We also published a memo on 10 lessons from Axon Founder Rick Smith. You can read it here.