The Synopsis Company. Axon: Transforming the Failed TASER Product into a Law Enforcement Platform Titan
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.
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Mentioned Speedwell Memos:
Minimum Viable Products versus Maximum Possible Products
How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith
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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
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/