TASER International, Inc. (TASR)

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TASER International, Inc. (TASR)

Q4 2009 Earnings Call Transcript

February 19, 2010 10:00 am ET


Rick Smith – CEO

Dan Behrendt – CFO


Mark Strouse [ph]

Gregory McKinley – Dougherty & Company

Steven Dyer – Craig-Hallum



Good day, ladies and gentlemen and welcome to the fourth quarter 2009 TASER International Incorporated earnings conference call. My name is Stacy and I’ll be your conference moderator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of the conference. (Operator Instructions) Today’s conference call is being video-webcast. To watch the video, please go to Taser.com, click on the Company tab, and select the Investor Relations page. Please follow the link to the webcast. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today, Mr. Rick Smith, CEO

Rick Smith

Hello. I’m Rick Smith, CEO and Founder of TASER International and this is Dan Behrendt, our Chief Financial Officer. I like to welcome you to the fourth quarter of 2009 TASER International conference call. We appreciate you joining us for our first-ever video conference call and we are excited at this opportunity to not only share our results, but some of the results of the key investments we made over the past two years. So with that, I’ll pass to Dan to read our Safe Harbor statement.

Dan Behrendt

Looking at the Safe Harbor statement. So, forward-looking statements and GAAP reconciliation, this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, including statements without limitation regarding our expectations, beliefs, intentions or strategies regarding the future.

We intend that such forward-looking statements be subject to the Safe Harbor provided by the Private Securities Litigation Reform Act of 1995. The forward-looking information is based upon current information and expectations regarding TASER International Incorporated. These estimates and statements speak only as of the date of which they are made, not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict.

Such forward-looking statements relate to expected revenue growth and earnings growth; estimations regarding the size of our target markets; successful penetration of the law enforcement market; expansion of product sales to the private security, military, and consumer self-defense markets; growth expectations for new and existing products and accounts; expansion of production capabilities; new product introductions; product safety; and our business model. We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements herein. This presentation contains non-GAAP financial measures, which include but are not limited to, non-GAAP adjusted revenue, non-GAAP adjusted gross margin, and non-GAAP operating income. A reconciliation of GAAP is included with this presentation or in the current report on Form 8-K furnished by TASER International Incorporated on February 19, 2010, which can be found at www.Taser.com or www.SEC.gov.

With that, I’ll pass it back over to Rick.

Rick Smith

As you all know, our mission at TASER is to protect life; to get people to stop killing each other. Injury or trauma is the leading cause of death for all age groups under age 44 in the United States. We are committed to developing technology to protect the lives and safety of people in this modern environment.

There are three key entities we look to for protection in our society. The first is the individual person. The second is the family, which is really the fundamental unit of society that looks after the health and safety of our youngest and most vulnerable. The third are the public agencies, such as law enforcement and first responders charged with providing emergency services and maintaining peaceful, secure communities.

Our core ECD technology empowers the individual to protect himself. Now, certainly, law enforcement agencies and heads of families also use ECDs, but at its core, these less-lethal weapon systems are designed to allow individuals to incapacitate other individuals for the purpose of protecting themselves or enacting a lawful arrest.

So, while the individual members of public safety agencies rely on our ECD technologies, those agencies themselves have come to rely on our tactical information systems to help ensure that their members are doing the job of protecting the public without abusing their power, as well as to protect their members from false claims against them.

The data port that records the date and time of each trigger pull in a TASER ECD and the TASER CAM have become invaluable resources to agencies, to help them better manage their members to better protect the public. In fact, TASER International has become one of the market leaders in on-officer video, with almost 40,000 TASER CAMs in the field today.

With the introduction of our new AXON system, we have further expanded this capability with the system that records every incident, not just TASER involved incidents. The AXON is an integrated system that includes a HeadCam integrated into a radio earpiece; a communications hub with pushbutton controls, and the AXON tactical computer -- a touchscreen computer that records and can analyze, log, and tag multimedia information.

As shown in this video, AXON records incidents from the officer’s visual perspective. The video here is a training exercise, but similar AXON videos from real-world incidents have been hailed as a quantum leap in technology by prosecutors and law enforcement officials, who are now able to see incidents unfold from the officer’s visual perspective. But the real challenge isn’t just recording the video. It’s how you securely store, analyze, and manage thousands of these videos in a manner that meets the federal and state rules of evidence to preserve records that every file has been unaltered and maintained in its original form. So we’ve developed AXON integrated with an end-to-end system called Evidence.com that delivers this entire capability on a turnkey basis for our customers.

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