Axon Enterprise Inc (AXON) 2022 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to our Q2 2022 earnings update. I hope you've all had a chance to read our shareholder letter. We posted that to investor.axon.com after the market closed, and the remarks that we make on today's call are meant to build upon the information that is already in that letter.

大家好。感謝您加入我們，歡迎來到我們的 2022 年第二季度收益更新。我希望你們都有機會閱讀我們的股東信。我們在市場收盤後將其發佈到investor.axon.com，我們在今天的電話會議上發表的評論旨在建立在該信函中已有的信息之上。

During this call, we will discuss our business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

在這次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。今天做出的任何前瞻性陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內。

These comments are based on our predictions and expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks are discussed in our SEC filings. And before we go to Rick, we will open with our earnings video.

這些評論基於我們今天的預測和期望，並不保證未來的表現。所有前瞻性陳述均受風險和不確定因素的影響，可能導致實際結果出現重大差異。這些風險在我們提交給美國證券交易委員會的文件中進行了討論。在我們去 Rick 之前，我們將打開我們的收益視頻。

(presentation)

（介紹）

Awesome. All right. Well, I will launch in. Andrea, and Angel, great job, as always, on the quarterly video, that's fantastic. Great way to share all the exciting stuff with our shareholders.

驚人的。好的。好吧，我將開始。安德里亞和安吉爾，幹得好，一如既往，在季度視頻中，這太棒了。與我們的股東分享所有令人興奮的東西的好方法。

Okay. We're executing on what is shaping up to be a really excellent year. And our confidence in our growth extends well beyond 2022. We emerged from the pandemic and civil unrest of 2020 in our strongest position ever. And now we're fortunate to be able to leverage that position and strength while many parts of the economy are experiencing uncertainty.

好的。我們正在執行即將成為非常出色的一年的事情。我們對增長的信心遠遠超出了 2022 年。我們擺脫了 2020 年的大流行和內亂，處於我們有史以來最強大的位置。現在，我們很幸運能夠在經濟的許多領域都面臨不確定性的情況下利用這一地位和實力。

We're seeing broad-based strength across our product numbers, and we're really energized by the growing number of agencies that are buying nearly everything we offer and signing up for 10-year contracts, sometimes even 12 years. It's exciting to see an agency go all in with Axon. We set a vision several years ago that an agency wouldn't just say, well, we have a TASER device or maybe we have body cameras and Evidence.com, but would instead simply describe Axon as their technology partner.

我們在產品數量上看到了廣泛的優勢，並且越來越多的代理機構購買了我們提供的幾乎所有產品並簽署了 10 年甚至 12 年的合同，這讓我們感到非常振奮。看到一家機構全力投入 Axon 是令人興奮的。幾年前，我們設定了一個願景，一個機構不會只是說，好吧，我們有一個 TASER 設備，或者我們有身體攝像頭和 Evidence.com，而是簡單地將 Axon 描述為他們的技術合作夥伴。

And that's starting to happen now. When agencies sign up for all of our software solutions, plus our body camera, dash camera, the TASER 7, the VR training, our drone solution and so on. Customers are increasingly demonstrating their confidence that we are the right technology partner for them for the next decade. We made it easy for our customers to bet on us because our team delivers.

現在開始發生這種情況。當代理商註冊我們所有的軟件解決方案時，加上我們的隨身攝像頭、行車記錄儀、TASER 7、VR 培訓、我們的無人機解決方案等。客戶越來越相信我們是他們未來十年的正確技術合作夥伴。我們讓我們的客戶很容易下注，因為我們的團隊提供服務。

Now on to some other hours. We expect profitability to improve in the back half of this year. We expect to drive increased leverage coming out of Q2, when we had some expenses that won't repeat. More on that coming from Jim in a moment.

現在到其他幾個小時。我們預計今年下半年盈利能力將有所改善。當我們有一些不會重複的費用時，我們預計將推動第二季度的槓桿率增加。稍後會從 Jim 那裡獲得更多信息。

Also, we recently launched an internal campaign called, spend it like it's yours to climb down on some low-hanging fruits such as travel expenses and swap. In fact, we created a new position of pointing a slag ZAR who must approve all purchases. Being scrappy is not new to Axon. We're just taking it to another level of rigor. I was recently quoted in the Wall Street Journal as last week saying it's good to go on a swag detox. Not every event needs a T-shirt, and we need to balance the need to travel against what we can do over Zoom, such as maybe sending 1 or 2 key representatives to be in the room and having others join online.

此外，我們最近發起了一項內部活動，名為“像你的一樣花錢”，以降低一些容易獲得的成果，例如差旅費和掉期費。事實上，我們創建了一個新的位置，指向一個必須批准所有購買的渣 ZAR。鬥志旺盛對 Axon 來說並不新鮮。我們只是把它帶到另一個嚴格的層次。我最近在《華爾街日報》上引述上週的話說，進行贓物排毒是件好事。並非每個活動都需要 T 卹，我們需要平衡旅行的需要和我們可以通過 Zoom 做的事情，例如可能派 1 或 2 名主要代表進入會議室並讓其他人在線加入。

We're continuing, though, to hire and invest in this environment, and we're disciplined about it. Our bar for talent continues to move higher, where we have seen other technology companies slow down their hiring that presents us with opportunity.

不過，我們將繼續在這種環境中招聘和投資，而且我們對此很自律。我們的人才標準繼續提高，我們看到其他科技公司放慢了招聘速度，這為我們提供了機會。

And you'll see some of that in our increased headcount spending in the second quarter. Thinking back to 2008 in that downturn, we invested in creating the cloud and body camera business, while our competitors were pulling back. The results of that decision are measured in billions of market cap. I say ages favor the adaptable, and we see times like these when the war for talent pools as an opportunity to advance our mission so will come out of far stronger and more competitive.

您會在我們第二季度增加的員工人數支出中看到其中的一些。回想 2008 年那次低迷時期，我們投資創建了雲和機身攝像頭業務，而我們的競爭對手卻在撤退。該決定的結果以數十億的市值衡量。我說年齡偏愛適應能力強的人，我們看到這樣的時代，人才庫之戰是推進我們使命的機會，因此會變得更加強大和更具競爭力。

Our commitment to generating strong cash flow and operational discipline is shared among the entire leadership team. You'll see in our shareholder letter that we've revised our expected capital expenditures this year to reflect slower pacing on our net campus investments. We're adjusting our pacing to reflect a world that is still in flux as we determine the best and highest use of the campus, optimizing for the new world of hybrid work as well as the best and highest uses for our capital. It's more important that we get it right than we get it fast and we are preserving optionality.

我們對產生強大現金流和運營紀律的承諾在整個領導團隊中共享。您會在我們的股東信中看到，我們已經修改了今年的預期資本支出，以反映我們校園淨投資的步伐放緩。我們正在調整我們的節奏，以反映一個仍在不斷變化的世界，因為我們確定校園的最佳和最高用途，優化混合工作的新世界以及我們資本的最佳和最高用途。我們把它做對比我們快速完成它更重要，我們正在保留可選性。

Finally, I feel great about the trajectory of our C suite. Since our last call, Josh Isner was appointed COO; and Isaiah Fields an 11-year earn Axon was promoted to our Chief Legal Officer. Also, we've made a lot of progress with our CFO search, which Josh will highlight in a little bit more detail. In the meantime, interim CFO, Jim Zito, hasn't missed a beat. Before turning over the call to Josh, let me take a moment to share my thoughts about Josh's leadership skills.

最後，我對我們的 C 套件的發展軌跡感到非常滿意。自從我們上次打電話以來，喬什·伊斯內爾被任命為首席運營官； Isaiah Fields 工作了 11 年，Axon 被提升為我們的首席法務官。此外，我們在 CFO 搜索方面取得了很大進展，Josh 將更詳細地強調這一點。與此同時，臨時首席財務官吉姆·齊托 (Jim Zito) 並沒有錯過任何一個節拍。在將電話轉給 Josh 之前，讓我花點時間分享一下我對 Josh 領導能力的看法。

First, Josh's promotion to COO was really a natural progression for him and for Axon. Josh has been a rock star since the day he got here, and he exudes sheer confidence. He built the revenue stream and embodies our core value to own it. For the past 7 years, Josh has owned quarterly revenue delivery, where he's helped us establish an excellent track record. Josh is highly focused on delivering results and executing and exhibits excellent discernment. I'm thrilled with our partnership and our working dynamics. We have a rigorous and healthy back and forth, and I'm very confident in his leadership during the next phase of rapid growth.

首先，喬希晉升為首席運營官對他和 Axon 來說都是自然而然的進步。喬什從他來到這裡的那天起就一直是搖滾明星，他散發出純粹的自信。他建立了收入流並體現了我們擁有它的核心價值。在過去的 7 年中，Josh 一直負責季度收入交付，他幫助我們建立了出色的業績記錄。喬希高度專注於交付成果和執行，並表現出出色的洞察力。我對我們的合作夥伴關係和我們的工作動態感到興奮。我們有一個嚴謹和健康的來回，我對他在下一個快速增長階段的領導非常有信心。

And with that, now let me turn it over to Josh Isner.

有了這個，現在讓我把它交給喬什·伊斯內爾。

Thanks a lot, Rick. I appreciate that, and it's good to see everybody. In my new role, I'm humbled by the trust our team, our customers and our shareholders have placed in me. We are working hard every day to deliver on our mission and drive exciting growth in tandem with margin expansion. Here's what that looks like in terms of where I'm investing my time and focus.

非常感謝，瑞克。我很感激，很高興見到大家。在我的新角色中，我們的團隊、客戶和股東對我的信任讓我感到謙卑。我們每天都在努力實現我們的使命，並在利潤擴張的同時推動令人興奮的增長。這就是我在哪裡投入時間和精力的樣子。

First, I'm working on building a world-class team from top to bottom as opposed to focusing on simply filling the needs of today, I'm working with our leadership team to build the team we need for the next 5 to 10 years. We will focus on a next play mindset, versatility, mental toughness and the capability to deliver outsized outcomes as the core characteristics of our team. That starts with the search for our new CFO. We have made a lot of progress in this area, and we are very excited about the candidates that we have attracted. We hope to have someone to announce shortly that I am personally thrilled about.

首先，我正在努力從上到下建立一個世界級的團隊，而不是僅僅專注於滿足今天的需求，我正在與我們的領導團隊合作，建立我們未來 5 到 10 年所需的團隊.我們將專注於下一場比賽的心態、多功能性、心理韌性和交付超大成果的能力，這是我們團隊的核心特徵。從尋找我們的新首席財務官開始。我們在這方面取得了很大進展，我們對吸引到的候選人感到非常興奮。我們希望很快有人宣布我個人對此感到非常興奮。

As Rick said, I couldn't be happier about the partnership we've had with Jim. His steady leadership has allowed us to take our time with the search for a permanent CFO. He has been the consummate teammate and done whatever the team has asked. I sincerely appreciate Jim's leadership.

正如 Rick 所說，我對我們與 Jim 的合作關係感到非常高興。他穩定的領導使我們能夠花時間尋找永久首席財務官。他一直是完美的隊友，並完成了團隊要求的任何事情。我真誠地感謝吉姆的領導。

Second, I'll be driving discipline and prioritization across the business. The one thing each of us truly controls is where we focus our attention. We have a lot of exciting opportunities to go after. And as you all know, we will unlock maximal value by focusing our efforts only in the areas where we can have the most impact and deliver the most value for our customers. That is the optimal path for shareholder value creation as well. For every opportunity we say yes to, we will say no to dozens. And when we do say yes, we will win. From there, our job is to block out the noise and execute.

其次，我將推動整個企業的紀律和優先次序。我們每個人真正控制的一件事是我們將注意力集中在哪裡。我們有很多令人興奮的機會去追求。眾所周知，我們將通過僅將精力集中在我們可以產生最大影響並為客戶提供最大價值的領域來釋放最大價值。這也是創造股東價值的最佳途徑。對於每一個我們說“是”的機會，我們都會對幾十個說“不”。當我們說“是”時，我們就會贏。從那裡開始，我們的工作就是屏蔽噪音並執行。

Third, I will be ensuring that we are aggressively pursuing our total addressable market opportunity. We value that at $52 billion, and it continues to grow as Axon unveils new products and unlocks new markets.

第三，我將確保我們積極追求我們的總可尋址市場機會。我們將其估值為 520 億美元，並且隨著 Axon 推出新產品和開拓新市場，它會繼續增長。

We view our channel as one of Axon's core differentiators, and we will continue to invest into new geographies and customer segments such as commercial enterprises, federal and adjacent markets. We will also be scaling our VR, drones, records and dispatch businesses. For every single one of our product lines, our best days are ahead. That includes the TASER business, which is changing the world for the better and it's just getting started internationally. I think you're going to be very pleased with what you see unfold here over the next couple of years.

我們將我們的渠道視為 Axon 的核心差異化優勢之一，我們將繼續投資於新的地區和客戶群，例如商業企業、聯邦和鄰近市場。我們還將擴展我們的 VR、無人機、記錄和調度業務。對於我們的每一條產品線，我們最好的日子即將到來。這包括 TASER 業務，它正在使世界變得更美好，而且它才剛剛在國際上起步。我想你會對未來幾年在這裡所看到的一切感到非常滿意。

And finally, the entire management team is looking forward to turning on the free cash flow spigot over the next several quarters, which opens up a lot of options for us as a company. This is totally within our control, and we are implementing a plan to optimize the level of execution in this area. We can do a lot better here.

最後，整個管理團隊都期待在接下來的幾個季度中開啟自由現金流的龍頭，這為我們作為一家公司提供了很多選擇。這完全在我們的控制範圍內，我們正在實施一項計劃以優化該領域的執行水平。我們可以在這裡做得更好。

With that, I'll hand the call over to Jim.

有了這個，我會把電話交給吉姆。

Thanks, Rick and Josh. Hello, everyone. It's great to see you again. We had an excellent quarter, as you can see in our shareholder letter. Let me put some context around the results and how we are thinking about our outlook.

謝謝，瑞克和喬希。大家好。很高興再次見到你。正如您在我們的股東信中所見，我們有一個出色的季度。讓我介紹一下結果以及我們如何看待我們的前景。

Top line momentum continued with growth of over 30%, and gross margin improved sequentially. We delivered second quarter adjusted EBITDA of $50 million, a margin of about 17.5%, largely reflecting some expenses that were unique to this quarter.

營收增長勢頭持續超過 30%，毛利率環比提升。我們第二季度實現了 5000 萬美元的調整後 EBITDA，利潤率約為 17.5%，主要反映了本季度獨有的一些費用。

Let me unpack that for you. During the second quarter, we spent about $1 million on Axon Accelerate our annual user conference, which has become strategically important to our sales pipeline, technology leadership and ecosystem expansion. Additionally, we committed more than $3 million in incremental midyear bonuses to employees at the senior director level and below. This was an intentional decision given the team over delivering on results in an environment where inflation was impacting their lives.

讓我為你打開包裝。在第二季度，我們在 Axon Accelerate 年度用戶大會上花費了大約 100 萬美元，這對我們的銷售渠道、技術領先地位和生態系統擴展具有重要的戰略意義。此外，我們承諾向高級主管及以下級別的員工增加超過 300 萬美元的年中獎金。這是一個有意的決定，因為團隊在通貨膨脹影響他們生活的環境中交付成果。

We did so precisely because we had line of sight to stronger-than-expected revenue, both in the quarter and in the back half of the year, which is reflected in our updated outlook. We are especially pleased that we could issue this bonus without affecting our projected adjusted EBITDA margin percentage for the year.

我們之所以這樣做，正是因為我們認為本季度和下半年的收入都強於預期，這反映在我們更新的展望中。我們特別高興的是，我們可以在不影響我們預計的本年度調整後 EBITDA 利潤率百分比的情況下發放這筆獎金。

The fundamental strength of our business allowed us to demonstrate our commitment both to our shareholders and to the team members who work so hard for our customers. With that context on the quarter, we are already focusing on moderating expense growth going forward to help drive adjusted EBITDA margin expansion.

我們業務的基本實力使我們能夠展示我們對股東和為客戶辛勤工作的團隊成員的承諾。在本季度的這種背景下，我們已經專注於減緩未來的費用增長，以幫助推動調整後的 EBITDA 利潤率擴張。

Our working capital needs were $23 million in the quarter, and we have already started to see some of that reverse in July, which is driving us to maintain our full year adjusted free cash flow outlook.

本季度我們的營運資金需求為 2300 萬美元，我們已經在 7 月開始看到其中的一些逆轉，這促使我們維持全年調整後的自由現金流前景。

Finally, I'd really like to highlight our commentary in the shareholder letter about our technology partner ecosystem, which was exciting to see in action this past May at Accelerate. In June, we renewed our strategic technology partnership with Microsoft Azure, who will continue to be the primary host of our software platform and cloud. This is a great partnership for us in many ways. Microsoft is a global leader in cloud technology. Of course, they need no introduction. Our customers trust Microsoft and thereby feel secure putting their data into our cloud.

最後，我真的很想強調我們在股東信中關於我們的技術合作夥伴生態系統的評論，今年 5 月在 Accelerate 上看到這一點令人興奮。 6 月，我們與 Microsoft Azure 續簽了戰略技術合作夥伴關係，後者將繼續成為我們軟件平台和雲的主要主機。在很多方面，這對我們來說都是一個很好的伙伴關係。微軟是雲技術的全球領導者。當然，它們不需要介紹。我們的客戶信任 Microsoft，因此可以放心地將他們的數據放入我們的雲中。

As part of the renewal, we extended our contract term for another 6 years, which gives us long-term pricing certainty and cost visibility for our Axon Cloud business. The renewal supports our software gross margin target of more than 80% and also paves the way for faster international cloud expansion without diluting this target. And what's also excellent about this partnership is the ability it affords us to offer pricing predictability to our own customers. So it's just a winning deal all around.

作為續約的一部分，我們將合同期限再延長 6 年，這為我們的 Axon Cloud 業務提供了長期的定價確定性和成本可見性。續約支持了我們超過 80% 的軟件毛利率目標，也為更快的國際雲擴展鋪平了道路，而不會削弱這一目標。這種合作夥伴關係的另一個優點是它使我們能夠為我們自己的客戶提供價格可預測性。所以這只是一個成功的交易。

We also highlighted several of our ecosystem partners in strategic investments during our Accelerate conference and in today's letter. The investments we make are driven by our long-term product strategy, which is set under the leadership of Rick, Chief Product Officer, Jeff Kunins, and Josh. Our corporate development team led by Andrea has been a key thought partner in enabling Axon to grow into its role as the definitive technology hub for public safety. We take pride in our approach to identifying emerging market leaders in the high-value sectors that we know well, integrating their solutions with ours and combining them with the power of our direct sales channel and deep customer relationships.

在我們的 Accelerate 會議和今天的信函中，我們還強調了我們的幾個生態系統合作夥伴的戰略投資。我們所做的投資是由我們的長期產品戰略驅動的，該戰略是在 Rick、首席產品官、Jeff Kunins 和 Josh 的領導下制定的。我們由 Andrea 領導的企業發展團隊一直是使 Axon 成長為公共安全權威技術中心的關鍵思想合作夥伴。我們以我們在我們熟知的高價值領域識別新興市場領導者的方法感到自豪，將他們的解決方案與我們的解決方案相結合，並將它們與我們的直銷渠道和深厚的客戶關係的力量相結合。

Importantly, the structures our corporate development team has negotiated on behalf of Axon, provide us with significant flexibility and optionality on the investments we make. The ability to obtain customer feedback experiment with product integrations and see how our teams work together, allows us to preserve optionality for our business, delight our customers and expand our technology ecosystem in a highly efficient way.

重要的是，我們的企業發展團隊代表 Axon 談判的結構為我們的投資提供了極大的靈活性和選擇性。通過產品集成獲得客戶反饋實驗並了解我們的團隊如何協同工作的能力，使我們能夠保持業務的可選性，取悅我們的客戶並以高效的方式擴展我們的技術生態系統。

And with that, Andrea, let's take questions.

有了這個，安德里亞，讓我們回答問題。

All right. Thanks. Here we all are in gallery. We will take our first question from Will Power at Baird.

好的。謝謝。在這裡，我們都在畫廊。我們將向 Baird 的 Will Power 提出我們的第一個問題。

I propose the 2 that maybe the next Analyst Day would be at the racetrack and we can help you test ALPR. I'd like a couple of quick questions. The cloud growth continues to be strong. Obviously, Evidence.com is a key component of that. But I'd love to unpack any of the other kind of key drivers there. What are you seeing with record management, any of the other kind of key pieces of the software portfolio, what does the traction of trends look like?

我建議 2 可能下一個分析師日將在賽道上，我們可以幫助您測試 ALPR。我想問幾個簡單的問題。雲增長繼續強勁。顯然，Evidence.com 是其中的關鍵組成部分。但我很想在那裡解開任何其他類型的關鍵驅動程序。您在記錄管理方面看到了什麼，軟件組合的任何其他類型的關鍵部分，趨勢的牽引力是什麼樣的？

Yes. Thanks for the question, Will, and nice to see you again. I'd say for us, we've talked about this a lot in the video. I mentioned our flywheel for us. The biggest thing we can be doing quarter-to-quarter is driving the number of officer safety plan subscriptions up. That bundles essentially all our products outside of dispatch that we sell -- sorry, dispatch and fleet. And it provides optionality for customers to opt into records, but it provides a nice base for ARR between the license, all the software add-ons, the TASER, the virtual reality.

是的。謝謝你的問題，威爾，很高興再次見到你。我想說的是，我們在視頻中已經討論了很多。我為我們提到了我們的飛輪。我們每季度可以做的最重要的事情是推動軍官安全計劃訂閱的數量增加。這基本上捆綁了我們銷售的發貨之外的所有產品——抱歉，發貨和車隊。它為客戶提供了選擇記錄的選項，但它為許可證、所有軟件插件、TASER、虛擬現實之間的 ARR 提供了一個很好的基礎。

And so for us, that's really the major focus in our state and local business is to drive as many renewals and purchases of that plan as we can.

所以對我們來說，我們州和地方業務的主要重點是盡可能多地推動該計劃的更新和購買。

In addition to that, I think we are seeing exciting growth in some of our newer segments, one of which is federal, another is international. And then even in newer ones like justice and corrections, we're seeing an uptick. And so I'd say all of those are combining to just provide a lot of wind in our back as we go on here and we certainly still feel like our best days are in front of us.

除此之外，我認為我們在一些較新的細分市場中看到了令人興奮的增長，其中一個是聯邦的，另一個是國際的。然後即使在正義和懲戒等較新的領域，我們也看到了上升趨勢。所以我想說所有這些結合在一起，只是在我們繼續前進的過程中為我們的背部提供了很多風，我們當然仍然覺得我們最好的日子就在我們面前。

That's great. Josh, maybe just 1 more for you. As you look at the international opportunity in front of you, any perspective on how the macro climate is or isn't impacting sales cycles, demand trends, et cetera, that's kind of the broader question.

那太棒了。喬希，也許只給你 1 個。當您審視擺在您面前的國際機遇時，任何關於宏觀氣候如何影響或不影響銷售週期、需求趨勢等的觀點，都是一個更廣泛的問題。

And then #2, tied to international in your prepared remarks, it sounds like you're feeling better and better about the TASER opportunity. What -- maybe just any other color or perspective what's driving that optimism?

然後＃2，在你準備好的評論中與國際聯繫在一起，聽起來你對TASER機會感覺越來越好。什麼 - 也許只是任何其他顏色或觀點是什麼推動了這種樂觀情緒？

Yes, absolutely. So internationally, in general, to answer your first question, I don't think we're seeing any kind of macro impacts at this point in terms of adoption, interest, buying cycles and so forth.

是的，一點沒錯。所以在國際上，總的來說，回答你的第一個問題，我認為我們目前在採用、興趣、購買週期等方面沒有看到任何宏觀影響。

I think we've strongly performed in the TASER segment. We are seeing national police forces by larger order quantities of TASERs than we've seen in the past, which is really exciting. Because when we're talking about a national police force, 5, 6, 7x the size of NYPD and they're starting their purchases and in the thousands, the high 4 digits into 5-digit, thousands of units of orders, like it's very exciting because we know that we're very good at kind of the land and expand type of playbook.

我認為我們在 TASER 部分錶現出色。我們看到國家警察部隊訂購的 TASER 數量比我們過去看到的要多，這真的很令人興奮。因為當我們談論國家警察部隊時，他們的規模是紐約警察局的 5、6、7 倍，他們開始採購，以數千、高 4 位數變成 5 位數、數千單位的訂單，就像非常令人興奮，因為我們知道我們非常擅長土地類型和擴展類型的劇本。

And so we look at these as really good indicators for the future of our TASER business, and we do -- we are working with more and more national police forces across the world. And I'd say on top of that, our execution in our Tier 1 markets, the U.K., Canada and Australia has been really strong, where we continue to see more adoption of Evidence.com and body cams, but also kind of our newer features on Evidence.com like real-time streaming and transcription.

因此，我們將這些視為我們 TASER 業務未來的非常好的指標，我們確實這樣做了——我們正在與世界各地越來越多的國家警察部隊合作。最重要的是，我們在英國、加拿大和澳大利亞的一級市場的執行力非常強勁，我們繼續看到更多采用 Evidence.com 和身體攝像頭，但也有一些我們的新產品Evidence.com 上的功能，例如實時流媒體和轉錄。

And so the next step for us internationally is going to repeat -- is going to be to repeat that same level of execution in Tier 2 and Tier 3 markets. And there, we've got to do a really good job of evangelizing the cloud and helping customers understand why the cloud is far, far better as a mechanism for storing and sharing digital evidence. And so we're working through that process. We'll continue to build there.

因此，我們在國際上的下一步將重複 - 將在二級和三級市場重複相同的執行水平。在那裡，我們必須非常出色地宣傳云，並幫助客戶了解為什麼雲遠、更好地作為一種存儲和共享數字證據的機制。所以我們正在完成這個過程。我們將繼續在那裡建造。

But we're really excited about all the work our International team is doing, and they're really focused right now on driving the results upward.

但我們對我們的國際團隊所做的所有工作感到非常興奮，他們現在真正專注於推動結果向上。

(Operator Instructions) We'll take our next question from Erik Suppiger from JMP.

（操作員說明）我們將向 JMP 的 Erik Suppiger 提出下一個問題。

Good quarter here. One, I don't know if you said this, but can we assume that backlog grew from the end of Q1 to the end of Q2? Or how should we think about some of the backlog that you carried in from Q4 into Q1? And did that roll into Q2?

這裡的好季度。一，我不知道你是不是這麼說的，但是我們可以假設積壓從第一季度末增長到第二季度末嗎？或者我們應該如何考慮您從第四季度到第一季度的一些積壓工作？這是否進入了第二季度？

And then secondly, any comments about supply constraints? Did that improve or where are we from a supply-constrained supply chain constraint perspective?

其次，對供應限制有何評論？從供應受限的供應鏈約束的角度來看，這是否有所改善？

I can still -- I take the first half of that. I guess, yes, so we can disclose future contracted revenue, Erik, in the letter. So that grew to $3.3 billion. So it was up versus a little bit less than $3 billion as of the end of Q2.

我仍然可以 - 我接受前半部分。我想，是的，所以我們可以在信中披露未來的合同收入，埃里克。因此，這一數字增長到 33 億美元。因此，截至第二季度末，該數字略低於 30 億美元。

And then yes, there's really no -- nothing -- in Q4, we had some unfulfilled demand that rolled into the first half of the year, but we're sort of back to more normalized levels, obviously quarter-to-quarter order inflows. And I guess, Josh, do you want to take the supply chain, please?

然後是的，真的沒有——什麼都沒有——在第四季度，我們有一些未滿足的需求一直延續到今年上半年，但我們有點回到更正常的水平，顯然是季度間的訂單流入.我猜，喬希，你想拿走供應鏈嗎？

Sure Jim. And I'd just add to that, just traditionally in the back half, revenue performed stronger than the first half. So we're -- we see plenty of demand still and certainly are going to execute against that demand.

當然，吉姆。而且我只想補充一點，傳統上在後半部分，收入表現強於上半年。所以我們 - 我們仍然看到大量需求，並且肯定會針對這種需求執行。

In terms of supply chain, in general, our supply chain team has been 1 of our top-performing teams at Axon. As you can see in other businesses, companies are getting hit hard by supply chain constraints. Our team has just done a masterful job navigating through some of those challenges.

在供應鏈方面，總的來說，我們的供應鏈團隊一直是我們在 Axon 表現最好的團隊之一。正如您在其他業務中看到的那樣，公司正受到供應鏈限制的沉重打擊。我們的團隊剛剛完成了一項出色的工作，以應對其中的一些挑戰。

And frankly, this is one of the reasons we do keep some inventory on the shelves to get through periods like we've had over the last few quarters. And so we think at this point, things look better and better each quarter. Like we do feel that we're through the worst of it, and that will continue to be able to build the supply orders, but also start to build a little buffer there as well on our TASER and core body camera lines.

坦率地說，這是我們在貨架上保留一些庫存以度過過去幾個季度所經歷的時期的原因之一。所以我們認為，在這一點上，每個季度的情況都會越來越好。就像我們確實覺得我們已經度過了最糟糕的時期，這將繼續能夠建立供應訂單，但也開始在我們的 TASER 和核心機身相機生產線上建立一點緩衝。

Would you care to guess as to timing when supply chain might be relatively normalized. Any thoughts where we'll be as we enter 2023.

您是否願意猜測供應鏈何時可能相對正常化？當我們進入 2023 年時，我們會有什麼想法。

Well, at this point, I don't think we're guessing. We're just executing against our plan. And I think by the end of this year, we'll certainly see some buffer in the TASER 7 and AB3 or Axon Body 3 product lines. And from there, I think it will just be about optimizing the level of inventory we keep on the shelves. And so from an investor results perspective, I wouldn't plan on seeing any kind of abnormal activity in either product shipped or inventory backlogs.

好吧，在這一點上，我不認為我們在猜測。我們只是在執行我們的計劃。我認為到今年年底，我們肯定會在 TASER 7 和 AB3 或 Axon Body 3 產品線中看到一些緩衝。從那裡開始，我認為這將只是優化我們保持在貨架上的庫存水平。因此，從投資者結果的角度來看，我不打算在產品發貨或庫存積壓中看到任何類型的異常活動。

Next question is Sami Badri from Credit Suisse.

下一個問題是來自瑞士信貸的 Sami Badri。

You made a reference earlier, maybe it was Rick, regarding profitability being better in the second half of 2022. And I think you just made a reference that second half revenue growth is -- at least second half revenue production is usually better than the first half.

您之前提到過，也許是 Rick，關於 2022 年下半年的盈利能力會更好。我認為您剛剛提到下半年的收入增長是——至少下半年的收入生產通常比上半年好一半。

So is there a specific segment or a product that's seeing very good profitable dynamics in the second half that's kind of giving you guys that operating leverage? That's the first question.

那麼，是否有一個特定的細分市場或產品在下半年看到了非常好的盈利動態，這給你們帶來了運營槓桿？這是第一個問題。

The second question is the free cash flow guidance was reiterated and unchanged for the fiscal year '22 but it looks like there were some changes in CapEx. Could you kind of give us the puts and takes on that?

第二個問題是自由現金流指引在 22 財年得到重申並保持不變，但看起來資本支出發生了一些變化。你能給我們一些建議嗎？

Sure thing. I'll talk briefly about the free cash flow element there. Remind me of your first question, Sami.

肯定的事。我將在那裡簡要討論自由現金流要素。提醒我你的第一個問題，薩米。

Products that are enabling better profitability in the second half of 2022.

在 2022 年下半年實現更高盈利能力的產品。

Yes, I'll take those 2, and then I'll kick it over to Rick on the campus piece as well. So in general, I think we see stronger bookings in the back half of each year, and that's really across all products. This is the end of -- sorry, Q3 is the end of the fiscal year for several major markets in the U.S. It's also the federal government's end of their fiscal year.

是的，我會拿那兩個，然後我也會把它踢給瑞克在校園片上。所以總的來說，我認為我們會在每年下半年看到更強勁的預訂量，這確實適用於所有產品。這是結束 - 對不起，第三季度是美國幾個主要市場的財政年度結束。這也是聯邦政府的財政年度結束。

So a combination of budgets ending and having some money to spend. And then the new budget starting, if there's a line item for our products, it tends to be a pretty active part of the year. And so I'd say the big driver of profitability is the TASER business, and we expect exciting results there. But really across the board, we do see a lot of upside in the back half of the year.

因此，預算結束並有一些錢可以花。然後新預算開始，如果我們的產品有一個項目，它往往是一年中非常活躍的部分。所以我想說盈利能力的主要驅動力是 TASER 業務，我們期待在那裡取得令人興奮的結果。但實際上，我們確實在今年下半年看到了很多上漲空間。

And in terms of free cash flow, I'd just say we've reiterated our guidance because we feel like, frankly, coming from sales, this to me is not all that different than inside sales. We've got to get in touch with customers, have a process we follow, have well-trained people on the phone, get commitments, follow up on those commitments and then just get to the point of real predictability there. And I think Jim and I are partnering together there, and we've just brought in a new AR leader, I'm personally investing time with our accounts receivable team to build a playbook here where we can really measure efficiency and productivity.

在自由現金流方面，我只想說我們重申了我們的指導，因為坦率地說，我們覺得來自銷售，對我來說這與內部銷售並沒有什麼不同。我們必須與客戶取得聯繫，制定我們遵循的流程，讓訓練有素的人員通電話，獲得承諾，跟進這些承諾，然後達到真正的可預測性。我認為 Jim 和我正在那里合作，我們剛剛引入了一位新的 AR 領導者，我個人正在與我們的應收賬款團隊一起投入時間，在這裡建立一個劇本，我們可以在其中真正衡量效率和生產力。

But this -- again, this 1 is really within our control. And when we couple that like you mentioned, Sami, with a better EBITDA, both dollars and margins in the back half of the year, there's a lot of opportunity to improve free cash flow in the back half, and we're really focused on it, and that's what we're going to do.

但是這個 - 再一次，這個 1 真的在我們的控制範圍內。當我們像你提到的那樣將 Sami 與更好的 EBITDA 結合起來時，在今年下半年，無論是美元還是利潤率，都有很多機會改善下半年的自由現金流，我們真的專注於它，這就是我們要做的。

And so I'll kick it over to Rick to talk about the new campus.

因此，我將把它轉給 Rick 來談談新校區。

Yes. Thanks, Josh. So earlier this year, we projected an accelerating spend on the new campus. We've -- now we're basically telling you we're going to slow that down. We're pacing it out a bit. There have been a number of things. I'd say one of them is just the inflationary environment.

是的。謝謝，喬希。因此，今年早些時候，我們預計新校區的支出將加速。我們已經 - 現在我們基本上是在告訴你我們會放慢速度。我們正在加快步伐。發生了很多事情。我想說其中之一就是通貨膨脹環境。

What we've seen as we were getting ready to really move forward with more of the significant build-out on the campus, construction costs are just up pretty dramatically. And when we couple that with, we've also seen COVID resurging, I think, even more than people had expected.

當我們準備好在校園內進行更多重大擴建時，我們所看到的，建築成本只是大幅上漲。當我們將其結合起來時，我認為，我們也看到了 COVID 的複蘇，甚至超出了人們的預期。

And we looked at the whole return to work dynamic, we've come to accept that the future is going to be hybrid work. And so we also see opportunity to really look at what is the best use of the overall land, really optimizing for collaborative events, customer-centric events, of course, the land that we need and the space we need for manufacturing and warehousing and all that.

我們觀察了整個重返工作崗位的動態，我們已經開始接受未來將是混合工作的事實。因此，我們也看到了真正了解整個土地的最佳用途的機會，真正優化協作活動、以客戶為中心的活動，當然還有我們需要的土地以及製造和倉儲所需的空間等等那。

But maybe shifting the balance away from the idea of people coming into the office so much and really more the hybrid work environment. And then in this environment as well, like there's a lot going on, and we just wanted to preserve some optionality of our cash. So we basically -- let's slow down a little bit, let's really kind of recalibrate and see what the post-COVID world looks like. And took the building cost cool off a little bit, and now give us a little time to just keep tuning and refining. The world is in a pretty constant state of flux and we'd rather take our time to make sure we get it right.

但也許將平衡從人們進入辦公室的想法轉移到更多的混合工作環境。然後在這種環境下，就像發生了很多事情一樣，我們只是想保留我們現金的一些選擇權。所以我們基本上 - 讓我們放慢一點，讓我們真正重新校準，看看後 COVID 世界是什麼樣子。並且稍微降低了建築成本，現在給我們一點時間來繼續調整和完善。世界處於不斷變化的狀態，我們寧願花時間確保我們做對了。

Next up, Keith Housum with Northcoast.

接下來是北海岸的 Keith Housum。

Keith, it looks like you're on mute.

基思，你好像靜音了。

Thanks, guys. Appreciate it. Looking at the TASER gross margins and your commentary regarding improvement in the second half of the year, I mean, previously, I think the manufacturing automation was going to happen when you're going to build the campus, but it sounds like things are changing. Perhaps touch on what your plans are for the second half of the year of improving the automation in the manufacturing process.

多謝你們。欣賞它。看看 TASER 毛利率和你對下半年改善的評論，我的意思是，以前，我認為當你要建造園區時，製造自動化將會發生，但聽起來事情正在發生變化.或許可以談談您在下半年提高製造過程自動化的計劃。

Yes. I would say that's not fully dependent on the campus headquarters. We're already starting to sort of build out that automation. I think part of what we're seeing in the first half was really pressure in terms of growing into our expanded manufacturing footprint.

是的。我想說這並不完全取決於校園總部。我們已經開始構建這種自動化。我認為我們在上半年看到的部分情況是在擴大我們擴大的製造足跡方面確實存在壓力。

So we've been investing to sort of build out the footprint and capacity to build. And I think as we grow into those build plans, I think we'll see better overhead absorption in there. And I think that's not contingent upon the new building.

因此，我們一直在投資以擴大足跡和建設能力。而且我認為隨著我們發展到這些構建計劃，我認為我們會在那裡看到更好的開銷吸收。我認為這並不取決於新建築。

Got you. And then the professional services part that hurt the software and sensor gross margins. Was that in advance of the CAD and the systems you're putting in? Or where was that spending being done?

得到你。然後是損害軟件和傳感器毛利率的專業服務部分。那是在 CAD 和您要安裝的系統之前嗎？或者這些支出是在哪裡完成的？

I think it covers CAD, RMS are sort of the software pieces, but there's a heavy fleet portion as well. So fleet -- there was a big uptick in terms of fleet install. So all those things together lead to sort of that PSO revenue becoming a slightly bigger portion of the cloud revenue, but that's sort of enabling sort of that high-margin software cloud revenue growth as well. So it's sort of set the groundwork for future growth.

我認為它涵蓋了 CAD，RMS 是某種軟件部分，但也有大量的機隊部分。所以艦隊——在艦隊安裝方面有很大的上升。因此，所有這些因素加在一起導致 PSO 收入成為雲收入中稍大的一部分，但這也有助於實現高利潤的軟件雲收入增長。因此，它為未來的增長奠定了基礎。

But I think PSO is an important part of us controlling that customer experience and really getting sticky customers.

但我認為 PSO 是我們控制客戶體驗並真正獲得粘性客戶的重要組成部分。

Next question from Jonathan Ho at William Blair.

William Blair 的 Jonathan Ho 的下一個問題。

I just wanted to understand, first of all, with your headcount increases, can you talk a little bit about where you're making sort of those incremental hires? And what sort of changed for you to want to make those hires now? I think you referenced a better hiring environment, but just curious in terms of your thinking.

我只是想了解，首先，隨著你的員工人數增加，你能談談你在哪裡進行這些增量招聘嗎？你現在想要招聘這些員工有什麼改變？我認為您提到了一個更好的招聘環境，但只是對您的想法感到好奇。

Yes, absolutely. I think, look, the last couple of years, we've hired very, very aggressively across all segments of the business. And now -- we're starting in a lot of places to grow into that size and not need to hire as aggressively. But the one major exception to that is in product. I think from our perspective, we have a lot of great ideas, and we limit those -- what we do based on where we think we have the most upside and also the size of our team and what our team can take on.

是的，一點沒錯。我認為，看，過去幾年，我們在所有業務領域都非常非常積極地招聘。而現在——我們開始在很多地方發展到這樣的規模，並且不需要如此積極地招聘。但一個主要的例外是產品。我認為從我們的角度來看，我們有很多很棒的想法，我們會限制這些想法——我們會根據我們認為我們有最大優勢的地方、我們團隊的規模以及我們的團隊可以承擔的事情來限制這些想法。

And so for us, as long as there's talented engineers, product managers on the market that can help us deliver product faster and build products that we feel can really change our outcomes in public safety we're going to keep investing there. And so I think going into next year, the mindset is going to be -- get a little leaner in terms of our hiring plans in SG&A and continue to be aggressive where we can in R&D.

所以對我們來說，只要市場上有才華橫溢的工程師、產品經理可以幫助我們更快地交付產品並構建我們認為可以真正改變我們在公共安全領域的成果的產品，我們就會繼續在那裡投資。因此，我認為進入明年，我們的心態將是——在我們的 SG&A 招聘計劃方面變得更加精簡，並在研發方面繼續積極進取。

Got it. And then just as a follow-up, when we think about some of the cost savings initiatives that you referenced, either on the T&E side or other areas. Can you talk a little bit about maybe philosophically, where you're seeing that opportunity, the spend as if it's your own, I know I'm not saying that right, but that campaign -- yes, I just want to understand, like do you feel like there was maybe lack of oversight there in the past? Or is this a situation where you're just trying to tighten the belt a little bit.

知道了。然後作為後續行動，當我們考慮您提到的一些成本節約計劃時，無論是在 T&E 方面還是在其他領域。你能從哲學上談一點嗎，你在哪裡看到了那個機會，好像它是你自己的一樣花費，我知道我說的不對，但是那個活動——是的，我只是想理解，比如您是否覺得過去可能缺乏監督？或者這是一種你只是想稍微收緊腰帶的情況。

I think it's -- I'm not sure it's a lack of oversight. I think certainly, we've got very good controls and process in place to measure expenses. But I think at times, we've gotten just a little bit bloated in how we think about things from the number of people that attend meetings with customers like Rick mentioned, or Swag is another obvious 1 where we have -- and maybe the absence of being in the office, we've used Swag as a way to kind of connect with our employees. And so I think there's just opportunities to get a little more efficient in those places.

我認為是——我不確定這是缺乏監督。我認為當然，我們有非常好的控制和流程來衡量費用。但我認為有時，我們從與 Rick 提到的與客戶開會的人數來看，我們對事情的看法有點臃腫，或者 Swag 是我們擁有的另一個明顯的 1 - 也許缺席在辦公室裡，我們使用 Swag 作為與員工建立聯繫的一種方式。所以我認為在這些地方有機會提高效率。

It's not necessarily an indictment of anyone or anything we've done in the past. It's just more like the landscape has changed a little bit. We see all this exciting revenue growth well into the future. And it's just a matter of getting leverage out of that growth where we can without impacting our employee sentiment at Axon. And I think we can read that needle very effectively.

這不一定是對我們過去所做的任何人或任何事情的控訴。這更像是景觀發生了一些變化。我們將在未來看到所有這些令人興奮的收入增長。這只是在不影響 Axon 員工情緒的情況下從這種增長中獲得槓桿作用的問題。而且我認為我們可以非常有效地閱讀那根針。

Yes. Let me jump in and add it as well. Like a business like any community can't sort of have all messages all resonate all at the same time. And so you go through cycles, several years ago, we had a scrappy year where -- that was an opportunity for us to lead and say, okay, this is the year we want people to really like it's very similar what we did we spend it like pictures, like old betray was, hey, we want to focus in on finding ways to more efficiently get things done and where more people are being scrappy and not throwing a body at every problem.

是的。讓我也加入並添加它。就像任何社區這樣的企業一樣，不可能同時讓所有信息都產生共鳴。所以你經歷了幾個週期，幾年前，我們度過了一個鬥志旺盛的一年——那是我們領導並說，好吧，這是我們希望人們真正喜歡的一年，這與我們所做的非常相似它就像圖片，就像舊的背叛一樣，嘿，我們希望專注於尋找更有效地完成工作的方法，以及更多的人鬥志旺盛，而不是在每個問題上都投入精力。

We've had a fair number of new employees come in. And certainly, we have our standard expense controls and training, but we felt with what's happening, look, the overall market is down, inflation is up other companies are, I'd say, more aggressively cutting back their investment plans.

我們有相當多的新員工進來。當然，我們有標準的費用控制和培訓，但我們感覺到正在發生的事情，看，整體市場在下降，通貨膨脹在上升，其他公司，我會比如說，更積極地削減他們的投資計劃。

We saw this as an opportunity to communicate with our employees say, "Hey, spend it like it's ours, right? Like this is a moment, let's take what's going outside, everyone has things in your control where you cut back spending. And by doing that, we'll all be rewarded. The market is rewarding companies that have more financial rigor, and we can also reward you by investing and not having to pull back on our investment plans and the exciting things we want to go build.

我們將此視為與員工交流的機會，他們說：“嘿，把它當作我們的，對吧？就像現在這樣，讓我們看看外面發生了什麼，每個人都可以控制你削減開支的事情。通過這樣做，我們都會得到回報。市場正在獎勵那些財務更加嚴格的公司，我們也可以通過投資來獎勵您，而不必撤回我們的投資計劃和我們想要建造的令人興奮的事情。

But we can't just be toned up and continue as if the macro environment hasn't shifted. So I think this was a balanced way for us to connect with -- maybe even some of the angst our employees are feeling about the macro environment, like, hey, here's something you can do really buckle down on expenses so we can continue to invest over here because we know these are the times those investments really pay off.

但是，我們不能只是淡定地繼續下去，就好像宏觀環境沒有發生變化一樣。所以我認為這對我們來說是一種平衡的聯繫方式——甚至可能是我們的員工對宏觀環境感到的一些焦慮，比如，嘿，你可以做一些事情來真正降低開支，這樣我們就可以繼續投資在這裡，因為我們知道現在是這些投資真正得到回報的時候。

Our hiring has accelerated, and I think a big part of that is it's the macro environment. We don't have as many competitors. We're having more success recruiting because we're just not competing with as many other tech companies that are as aggressive right now.

我們的招聘速度加快了，我認為其中很大一部分是宏觀環境。我們沒有那麼多競爭對手。我們在招聘方面取得了更大的成功，因為我們只是沒有與其他許多現在積極進取的科技公司競爭。

And so these are the times we want to lean in and accelerate our growth. So I hope that gives a little bit of context as to how we felt we could position us with the company employees to really get them all rolling in the same direction.

因此，這些是我們想要傾斜並加速增長的時代。所以我希望這能提供一些背景信息，讓我們了解我們如何將我們與公司員工定位在一起，以真正讓他們朝著同一個方向發展。

The fact one thing I'd probably add to that too is just like overall travel costs, as like everybody is seeing, also went up sort of at the same time as we sort of dealt with that sort of pent up post pandemic demand. And I think as Rick said, we adjust to sort of how the best way to operate in the most efficient ways from a travel and hybrid perspective going forward. I think we'll thread the needle a little bit better in terms of meeting that. And I think everybody's plays are focused on that.

事實上，我可能還要補充一點，就像每個人都看到的總體旅行成本一樣，在我們處理大流行後被壓抑的需求的同時，它也有所上升。而且我認為正如 Rick 所說，我們會調整以從旅行和混合的角度出發，以最有效的方式運營的最佳方式。我認為我們會在滿足這一點方面做得更好。我認為每個人的戲劇都集中在這一點上。

Josh Reilly at Needham, you're up next.

Needham 的 Josh Reilly，你是下一個。

So TASER revenues, obviously, were very strong in the quarter, quite a bit above what we were modeling. You touched on this a bit, but how much of the back orders you expected at the end of last year to be complete? I think you had mentioned previously by the first half or now through, I think you mentioned it was like $30 million. And then can you remind us if there's any seasonality to TASER shipments and if that could affect Q3 or Q4 TASER revenue just so we have an idea sequentially.

因此，很明顯，該季度 TASER 的收入非常強勁，遠高於我們的模型。您稍微談到了這一點，但您預計去年底完成的延期訂單有多少？我想你之前提到過上半年或現在，我想你提到過 3000 萬美元。然後你能提醒我們 TASER 出貨是否有任何季節性，如果這會影響第三季度或第四季度的 TASER 收入，那麼我們有一個順序的想法。

Yes, absolutely, Josh. Thanks for the question. So I'd say it's fair to say we're caught up on the TASER shipments from Q4 last year, and we've shipped those over Q1 and Q2.

是的，絕對是，喬希。謝謝你的問題。所以我想說，我們已經趕上了去年第四季度的 TASER 出貨量，而且我們已經在第一季度和第二季度出貨了。

And because sequentially, TASER shipments go up in the back half of the year that we still feel like Q3 and Q4 will be the highlights of the year revenue-wise. And so I think that's kind of the story. Q4 tends to be a little more -- a little higher than Q3, but over the years, we've seen the inverters of that as well. But as a back half, we certainly have a lot of confidence that will outpace the first half of this year in revenue.

而且由於 TASER 出貨量在下半年有所上升，我們仍然認為第三季度和第四季度將是今年收入的亮點。所以我認為這就是故事。第四季度往往會多一點——略高於第三季度，但多年來，我們也看到了它的逆變器。但作為後半部分，我們當然有很大的信心，將超過今年上半年的收入。

Got it. That's super helpful. And then on the Axon Fleet units, those increased nicely as well quarter-over-quarter. Should we assume that all of those are Fleet 3 at this point? Or are you still shipping any Fleet 2? And then how should we think about the level of supply constraint versus demand from that product?

知道了。這非常有幫助。然後在 Axon Fleet 單位上，這些單位也環比增長良好。我們是否應該假設此時所有這些都是 Fleet 3？還是您仍在運送任何 Fleet 2？然後我們應該如何考慮該產品的供應限制水平與需求水平？

Yes. In terms of the mix of fleet, there's still a little bit of Fleet 2, but mainly Fleet 3 and of course, a lot of body camera shipments going out. Supply chain constraints, I'd say, we have plenty of supply to deliver on our guidance in the back half of the year.

是的。在機隊組合方面，還有一點 Fleet 2，但主要是 Fleet 3，當然還有很多機身攝像頭的出貨量。供應鏈限制，我想說，我們有足夠的供應在今年下半年實現我們的指導。

Product by product, when we get outside of the core TASER and body camera products, there's a little bit of flux month-to-month there. But in a macro sense, we are feeling great about where we stand from an inventory perspective.

逐個產品，當我們脫離核心 TASER 和隨身相機產品時，每個月都會有一點變化。但從宏觀意義上說，我們對從庫存角度來看我們所處的位置感覺很好。

Jeremy Hamblin from Craig-Hallum.

來自 Craig-Hallum 的 Jeremy Hamblin。

Congrats on the strong momentum in the business. So federal contract's clearly a pretty key segment right now, really a big driver of the business, a ton of momentum there. I wanted to get a sense for whereas we've seen executive order mandating federal agencies to use body cams.

祝賀業務發展勢頭強勁。因此，聯邦合同現在顯然是一個非常關鍵的部分，確實是業務的一大推動力，那裡有很大的動力。我想了解一下，雖然我們已經看到行政命令要求聯邦機構使用身體攝像頭。

I wanted to get a sense for what you're seeing internationally in terms of that type of mandate, that type of adoption typically, there's been a decent lag period between instituting that type of policy. But there have been significant incidents, both in English-speaking world as well as other places with surprises incidents. Japan comes to mind, where we wanted to get a sense for what the pulse is of other government agencies around the globe.

我想了解您在國際上看到的那種類型的授權，通常是那種類型的採用，在製定這種類型的政策之間有一段相當長的滯後期。但是，在英語世界以及其他地方都發生了重大事件，發生了意外事件。想到日本，我們想了解全球其他政府機構的脈搏。

Yes. I think it's a good question, Jeremy. And as you'd expect, it varies a little bit. I can say just like the United States, Canada, Australia and the U.K. were relatively early adopters of body cams. So even if a mandate were to come down at this point, I think I don't know that it would change the buying behavior all that much in those 3 markets. I think the market has decidedly already shifted to body cameras there. .

是的。我認為這是一個很好的問題，傑里米。正如您所期望的那樣，它會有所不同。我可以說，就像美國、加拿大、澳大利亞和英國一樣，相對較早地採用了機身攝像頭。因此，即使此時授權下降，我想我也不知道這會改變這三個市場的購買行為。我認為市場顯然已經轉向那裡的隨身相機。 .

In other markets, we're starting to see -- I position it like international governments are starting to dip their toe a little bit into the body camera world and start to understand kind of what's going to work for them and what's not.

在其他市場，我們開始看到——我將其定位為國際政府開始涉足隨身攝像頭世界，並開始了解哪些對他們有用，哪些對他們沒有用。

And so I think we do have a lot of opportunity there. First, with kind of small and mid-sized orders and then growth over time. And so that's the -- that's really where we see kind of international going in terms of body cameras. But like I mentioned, we are seeing international governments start to deploy TASERs with a lot more conviction around the globe, and we should expect to see that continue for the years to come.

所以我認為我們在那裡確實有很多機會。首先，有一些中小型訂單，然後隨著時間的推移而增長。所以這就是 - 這就是我們看到的身體相機方面的國際化發展。但就像我提到的那樣，我們看到國際政府開始在全球範圍內部署 TASER，並且更有信心，我們應該期待在未來幾年繼續看到這種情況。

As a follow-up question, domestically, federal contracts, in terms of the value that you're getting in those deals, right? You're talking about a huge buyer, a buyer that's been mindful to look at getting best pricing, et cetera. So I wanted to understand in terms of length of contracts there and kind of the value you're getting the ASPs. How that compares, obviously, without getting into exact specifics, but just understanding that a little bit in terms of that buyer.

作為後續問題，就您在這些交易中獲得的價值而言，在國內，聯邦合同，對嗎？你說的是一個大買家，一個一直在尋找最好的價格的買家，等等。因此，我想了解那裡的合同期限以及您獲得 ASP 的價值。很明顯，這是如何比較的，沒有深入了解具體細節，只是從買家的角度了解一點。

And is that for international, specifically?

那是針對國際的嗎？

No, domestically.

不，國內。

Domestically. Okay. What was that, Rick?

在國內。好的。那是什麼，瑞克？

I think the question was about our federal buyers.

我認為問題是關於我們的聯邦買家。

Federal. Okay. Federally mirrors -- our federal government is generally mirroring what our state and local customers are doing pricing-wise. Certainly, we do have some commitments to make sure that we are recognizing the federal government and the most favored nations clauses in some of those contracts. But ultimately, we do feel pretty good that those license types and sizing is similar to what we see. And far, far ahead of where our -- when our state and local customers started to buy in large volumes, like the federal government has kind of skipped that phase of basic licenses and TAP and they're buying a lot more frequently at higher license types, which is exciting.

聯邦。好的。聯邦反映——我們的聯邦政府通常反映我們的州和地方客戶在定價方面所做的事情。當然，我們確實有一些承諾，以確保我們在其中一些合同中承認聯邦政府和最惠國條款。但最終，我們確實覺得這些許可證類型和大小與我們看到的相似。遠遠領先於我們的 - 當我們的州和地方客戶開始大量購買時，就像聯邦政府已經跳過了基本許可證和 TAP 的那個階段，他們購買更高許可證的頻率更高類型，令人興奮。

Yes. And I would add, Josh, as well that we're starting to now invest in dedicated federal R&D. So in many cases, we're seeing the Fed customers interested in premium sort of features that might require a little more investment in certain types of hardening of different devices or software to meet certain federal requirements that, in some cases, can -- they can even lead to premium pricing.

是的。我還要補充一點，喬希，我們現在開始投資於專門的聯邦研發。因此，在許多情況下，我們看到美聯儲客戶對高級功能感興趣，這些功能可能需要對不同設備或軟件的某些類型的強化進行更多投資，以滿足某些聯邦要求，在某些情況下，他們可以——他們甚至可以導致溢價定價。

(Operator Instructions) So we'll take our last question from Erik Lapinski at Morgan Stanley.

（操作員說明）所以我們將回答摩根士丹利的 Erik Lapinski 的最後一個問題。

I just maybe wanted to follow up on the federal market and some of the comments you guys just made there. I'm curious in terms of just the bundling that you're seeing in the federal market. Are you seeing similar uptake of OSP 7+? I know that a number of agencies already have TASERs. So are they looking at body camera contracts kind of separately or bundling when you see those deals, I'd be curious on kind of what it looks like.

我可能只是想跟進聯邦市場以及你們剛剛在那裡發表的一些評論。我對您在聯邦市場上看到的捆綁感到好奇。您是否看到類似的 OSP 7+ 採用率？我知道許多機構已經有了 TASER。所以當你看到這些交易時，他們是單獨看機身攝像頭合同還是捆綁在一起，我很好奇它是什麼樣子的。

Yes, a great question, Erik. I'd say we're seeing kind of department by department, a little bit of everything. I think the agencies, you mentioned that agencies already have TASERs. A lot of those are up for upgrades. So it's a great time to buy our body cameras and software and bundle those -- that upgraded version of the TASER in -- with that contract. Other customers are buying software only, our investigator package for certain customers in the federal government. And then some stand-alone activity as well.

是的，一個很好的問題，埃里克。我想說我們看到的是一個部門一個部門，什麼都有。我認為代理商，您提到代理商已經擁有TASER。其中很多都可以升級。因此，現在是購買我們的隨身攝像頭和軟件並將它們（TASER 的升級版本）與該合同捆綁在一起的好時機。其他客戶只購買軟件，我們為聯邦政府的某些客戶提供調查包。然後還有一些獨立的活動。

The one really in -- there's a lot of really encouraging things here, but one of them that stands out is customers are also buying across our suite of products. They're seeing use cases for live streaming. They're seeing use cases for records. They're seeing fleet-free interest. And so really across the board, we're seeing a lot of interest and a lot of different products from the federal government. And it's really a credit to the work Richard Coleman, our Head of Federal and his team have done, it's really kind of transformed over the last few years from kind of a steady state market into an exponentially growing one.

真正重要的是——這裡有很多非常令人鼓舞的事情，但其中最突出的是客戶也在購買我們的產品套件。他們看到了直播的用例。他們看到了記錄的用例。他們看到了無車隊的興趣。所以真的全面，我們看到了聯邦政府的很多興趣和很多不同的產品。這真的要歸功於我們的聯邦負責人理查德科爾曼和他的團隊所做的工作，在過去的幾年裡，它確實從一種穩定的狀態市場轉變為呈指數增長的市場。

That's helpful. And if I could sneak in another one. I know the corrections market is kind of another expansion area for you guys that we didn't talk that much about this quarter. I'd be curious if just any -- whether it's from funding initiatives you're tracking or kind of just what the states are looking at in terms of the corrections market. If you're seeing more of an uptake there, if it's kind of -- I know there have been a couple of early presents over the past couple of quarters, but just in terms of kind of building on top of that.

這很有幫助。如果我能偷偷溜進去另一個。我知道修正市場對你們來說是另一個擴張領域，我們在本季度沒有過多談論。如果有的話，我會很好奇 - 無論是來自您正在跟踪的資金計劃，還是各州在修正市場方面的看法。如果你在那裡看到更多的吸收，如果它有點 - 我知道在過去的幾個季度裡有幾個早期的禮物，但只是在這種基礎上的建設方面。

Yes. The team is definitely growing. And for us, I think it's more of a -- it's less about the federal government giving grants or fundings or any kind of overall market effects there. I think it's more just -- historically, we haven't really had a team focused on corrections as its own market.

是的。團隊肯定在成長。對我們來說，我認為這更多的是 - 它與聯邦政府提供贈款或資金或任何形式的整體市場影響無關。我認為這更公正 - 從歷史上看，我們還沒有真正有一個團隊專注於將修正作為自己的市場。

We really did a lot of correction sales through the [Sherk's] office while they were buying products for the rest of their deputies. And now just having a really focused team, we're starting to unlock a lot of that market on a much more predictable basis. And so I think the growth there is just attributable to our team's focus as opposed to any external factors.

當他們為其他副手購買產品時，我們確實通過 [Sherk 的] 辦公室進行了很多修正銷售。現在只要擁有一支真正專注的團隊，我們就開始在更可預測的基礎上打開很多市場。所以我認為那裡的增長只是歸因於我們團隊的關注，而不是任何外部因素。

Looks like we have a follow-up from Jonathan Ho at William Blair.

看起來我們有來自 William Blair 的 Jonathan Ho 的跟進。

Just a couple for me. I wanted to maybe dig a little bit into your Microsoft opportunity. Can you talk a little bit about the level of benefit or cost savings that you could maybe see from that deal just as a starting point.

對我來說只是一對。我想深入挖掘一下你在微軟的機會。您能否談談您可以從該交易中看到的收益或成本節約水平，這只是一個起點。

Yes, I'd start by saying the exact terms of the deal are not something we can go public with. I don't know, Jim, what would you...

是的，我首先要說交易的確切條款不是我們可以公開的。我不知道，吉姆，你會...

Yes. I'd say at a high level, it enables us -- it supports our target long term of having 80-plus percent software gross margins. And I think the duration of that contract is really helpful for us for having that confidence and visibility to our pricing when we set our contracts with customers. So I think it helps us over time, sort of maintain/expand our Axon Cloud gross margins. But I think the best thing of guys gives us predictability.

是的。我想說的是，在較高的水平上，它使我們能夠 - 它支持我們的長期目標，即擁有 80% 以上的軟件毛利率。而且我認為該合同的期限對我們在與客戶簽訂合同時對我們的定價有信心和可見性非常有幫助。所以我認為它會隨著時間的推移幫助我們，維持/擴大我們的 Axon Cloud 毛利率。但我認為男人最好的東西給了我們可預測性。

Got it. Got it. And then just in terms of the commercial market, can you talk a little bit about your progress there? And maybe some of the go-to-market opportunities that you see specific to commercial?

知道了。知道了。然後就商業市場而言，你能談談你在這方面的進展嗎？也許你看到的一些特定於商業的進入市場的機會？

Yes. We're thrilled with the opportunity there. Mike Shor and his team have just done a great job building something from -- we don't get those -- the same advantages we sometimes have in the public sector where the referral network and stuff. We have to build those from scratch. And Mike and his team have done a great job of that. The team continues to be on a cadence of kind of doubling every year, and that's happened in terms of their results for the last 3 years now, and we're still probably about 90% of the way there on product market fit, where we've got some really evangelical early adopters that are excited about how things are going.

是的。我們對那裡的機會感到興奮。 Mike Shor 和他的團隊剛剛從——我們沒有得到那些——我們有時在推薦網絡和其他東西的公共部門所擁有的相同優勢中構建了一些東西。我們必須從頭開始構建這些。邁克和他的團隊在這方面做得很好。團隊繼續保持每年翻一番的節奏，這在他們過去 3 年的結果中已經發生了，我們仍然可能在產品市場契合度方面完成了大約 90%，我們在哪裡有一些真正福音派的早期採用者對事情的進展感到興奮。

And now it's just kind of closing that last 10% of some of the product market fit items and really expanding each year. And I think we're really, really well positioned to do that, and we'll start to see some names that you're very familiar with adopting our products for more commercial purposes.

現在它只是關閉了最後 10% 的一些適合市場的產品，並且每年都在擴大。而且我認為我們真的非常有能力做到這一點，我們將開始看到一些你非常熟悉的名字，他們將我們的產品用於更多的商業目的。

(Operator Instructions) Let's have Rick close this out.

（操作員說明）讓 Rick 解決這個問題。

All right. Well, obviously, another great quarter. I'm really proud of what the team was able to deliver. It's -- there's a lot going on in the world, and our team just really digs in and Josh just does a great job of keeping people focused right, lock out the noise. There's a lot happening in the world that we can affect, but there's things within our control and the more we focus, the better the results always end up being. So appreciate everybody joining us today, and we look forward to updating you on the back half. Have a great day.

好的。好吧，顯然，又是一個很棒的季度。我為團隊能夠交付的東西感到非常自豪。這是 - 世界上發生了很多事情，我們的團隊真的很努力，喬希在讓人們保持正確的注意力、隔絕噪音方面做得很好。世界上有很多事情我們可以影響，但有些事情在我們的控制範圍內，我們越專注，結果總是會越好。因此，感謝今天加入我們的每個人，我們期待在後半部分更新您。祝你有美好的一天。