Axon Enterprise Inc (AXON) 2022 Q3 法說會逐字稿

Hello, everyone. Welcome to our Q3 2022 earnings. Thank you so much for joining us and our executive team today. We hope that you've had a chance to read our shareholder letter at investor.axon.com. Our prepared remarks today are meant to build on the information in that robust letter.

大家好。歡迎來到我們的 2022 年第三季度收益。非常感謝您今天加入我們和我們的執行團隊。我們希望您有機會在investor.axon.com 閱讀我們的股東信。我們今天準備的評論旨在建立在這封強有力的信中的信息之上。

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. These comments are based on our predictions and expectations as of today and are not guarantees of future performance.

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。這些評論基於我們今天的預測和預期，並不保證未來的表現。

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and we discussed these risks in our SEC filings. And before we turn the call over to Rick, we will do our investor video.

所有前瞻性陳述都存在可能導致實際結果出現重大差異的風險和不確定性，我們在提交給美國證券交易委員會的文件中討論了這些風險。在我們將電話轉給 Rick 之前，我們將製作我們的投資者視頻。

(presentation)

（介紹）

Thank you, Andrea and Angel. Our year-to-date results are pretty exciting with revenue growth of 32% in the first 9 months. So what's the secret sauce that's driving this revenue growth? Josh and Brittany will provide color on the details, and we also outlined them for you in our shareholder letter. But at the highest level, we provide products that solve real-world problems. Our solutions work -- we make our customers happy, we keep them safe and the public benefits. So we benefit and our shareholders benefit. I've been spending a lot of time with customers and communities on our moonshot goal because helping the public to dream with us deepens our relationships and answers about the broader questions about why we invest in the areas that we do.

謝謝你，安德里亞和天使。我們年初至今的業績非常令人興奮，前 9 個月的收入增長了 32%。那麼推動這種收入增長的秘訣是什麼？喬什和布列塔尼將為細節提供顏色，我們還在股東信中為您概述了它們。但在最高水平上，我們提供解決實際問題的產品。我們的解決方案是有效的——我們讓我們的客戶滿意，我們保證他們的安全和公共利益。因此，我們受益，我們的股東也受益。我一直在與客戶和社區就我們的登月目標花費大量時間，因為幫助公眾與我們一起夢想可以加深我們的關係，並回答關於我們為什麼在我們所從事的領域進行投資的更廣泛的問題。

It also paves the path for us to keep innovating in areas that will make a difference. We have been really heartened by the buy-in we've seen on the moonshot, bringing together groups that you don't normally see alongside each other. These include the Fraternal Order of Police, the African American Mayors Association, the Major County Sheriffs of America, the National Organization of Black Law Enforcement Executives and the National Policing Institute, to name just a few. A common reaction I've been getting about our moonshot goal is, well, this all sounds great, but how are you going to do this? Look, we don't have all the specific answers just yet. Just like when John Kennedy challenged the nation to put a human on the moon, not all the tech existed yet. But we have a good idea of where Axon can invest to move the needle.

它還為我們在能夠產生影響的領域不斷創新鋪平了道路。我們對我們在登月計劃上看到的支持感到非常振奮，將你通常不會看到的群體聚集在一起。其中包括警察兄弟會、非裔美國人市長協會、美國主要縣治安官、全國黑人執法人員組織和國家警務學院，僅舉幾例。對於我們的登月目標，我得到的一個普遍反應是，這一切聽起來都很棒，但是你打算怎麼做呢？看，我們還沒有所有具體的答案。就像約翰肯尼迪挑戰國家將人類送上月球一樣，並非所有技術都存在。但是我們很清楚 Axon 可以在哪裡投資以推動發展。

Using technology to solve deeply entrenched challenges is why I founded the company and why we're here today. Axon has been and will continue to double down on our investment in things like number one, nonlethal tools, such as our enormously successful TASER platform.

使用技術解決根深蒂固的挑戰是我創立公司的原因，也是我們今天在這裡的原因。 Axon 已經並將繼續加倍投資，例如我們非常成功的 TASER 平台等排名第一的非致命工具。

We believe the majority of TASER adoption remains in front of us. We're still under 10% penetrated in terms of our global TAM. And we're working on some really exciting technology over the next 10 years to help hit our goal. Number two, virtual reality. We're seeing a lot of interest in our VR training, which we sell on a subscription to customers. Number three, cameras and sensors that never miss a moment. Over the next few years, you're going to see us introduce next-generation body cameras, and we'll deepen the tie between our real-time operations and our devices, which brings me to #4, real-time and remote response. The public safety sector deserves public safety-grade communications tools that are as easy to use as consumer technology. They deserve better situational awareness and it will help them improve their decision-making and their ability to respond effectively. Also, we believe that remote response can limit human exposure to danger.

我們相信大部分 TASER 的採用仍然擺在我們面前。就我們的全球 TAM 而言，我們的滲透率仍低於 10%。在接下來的 10 年裡，我們正在開發一些非常令人興奮的技術，以幫助實現我們的目標。第二，虛擬現實。我們看到人們對我們的 VR 培訓很感興趣，我們通過訂閱向客戶出售這些培訓。第三，不會錯過任何一刻的相機和傳感器。在接下來的幾年中，您將看到我們推出下一代隨身攝像頭，我們將加深我們的實時操作和我們的設備之間的聯繫，這將我帶到了第 4 點，實時和遠程響應.公共安全部門值得擁有與消費技術一樣易於使用的公共安全級通信工具。他們應該得到更好的態勢感知，這將幫助他們提高決策能力和有效應對能力。此外，我們認為遠程響應可以限制人類暴露於危險之中。

Our thinking is that we're moving the officer from harm's way leads to safer outcomes for everyone. And this is why we're investing in Axon Air. Our drone solutions as a first responder as well as counter drone technology. Number five, we're investing in community impact, engagement and feedback tools such as My90, which is a tuck-in acquisition we completed last year of a company that essentially allows the public and rank and file officers to anonymously deliver feedback to police leadership. This tool is already helping police department to deepen trust with their communities.

我們的想法是，我們正在讓警官遠離危險，從而為每個人帶來更安全的結果。這就是我們投資 Axon Air 的原因。我們作為第一響應者的無人機解決方案以及反無人機技術。第五，我們正在投資於社區影響、參與和反饋工具，例如 My90，這是我們去年完成的對一家公司的一次性收購，該公司基本上允許公眾和普通官員匿名向警察領導層提供反饋.該工具已經在幫助警察局加深與社區的信任。

Number six, we're investing in more comprehensive and actionable response to resistance reporting. This includes both traditional use of force, and de-escalation data. Data collection tools today either don't exist or they don't talk with each other very well or the data is just not collected in a way that's very useful. We believe the public is hungry for better data, especially on incidents involving in support. And we believe we can meet this need. And we need this data to reach our moonshot.

第六，我們正在投資對阻力報告的更全面和可操作的響應。這包括傳統的武力使用和降級數據。今天的數據收集工具要么不存在，要么它們不能很好地相互交流，要么只是沒有以非常有用的方式收集數據。我們相信公眾渴望獲得更好的數據，尤其是涉及支持的事件。我們相信我們可以滿足這一需求。我們需要這些數據來實現我們的登月計劃。

Now we know the moonshot goal will not be easy, but we also know that the private sector and companies like Axon have a unique role to play. As I look at our team, which includes leaders like Josh and Brittany, I'm confident that they'll ensure we continue to invest prudently with a high degree of accountability to all of our stakeholders, driving the business model that creates impressive value creation, solves some of the most challenging problems facing modern society and delivers great shareholder returns.

現在我們知道登月目標並不容易，但我們也知道私營部門和像 Axon 這樣的公司可以發揮獨特的作用。看著我們的團隊，其中包括 Josh 和 Brittany 等領導者，我相信他們將確保我們繼續謹慎投資，並對所有利益相關者高度負責，推動創造令人印象深刻的價值創造的商業模式，解決了現代社會面臨的一些最具挑戰性的問題，並為股東帶來了豐厚的回報。

So with that, I'm going to turn it over to Josh.

因此，我將把它交給喬希。

Thanks a lot, Rick. During last quarter's call, I mentioned that the primary thing we can control is where we collectively focus our attention. Our sights remain set on continued top line growth, which I will address and margin expansion over the long term, which Brittany will cover. We are increasingly confident that we can do both well in parallel. On the top line, we are very pleased with quarterly revenue of 34% and our Q4 outlook for 40% growth at the midpoint.

非常感謝，瑞克。在上個季度的電話會議中，我提到我們可以控制的主要事情是我們將注意力集中在哪裡。我們的目標仍然是持續的收入增長，我將解決這個問題和長期的利潤率擴張，布列塔尼將涵蓋這些。我們越來越有信心，我們可以同時做好這兩件事。最重要的是，我們對 34% 的季度收入和我們對第四季度中點增長 40% 的展望感到非常滿意。

We're having a strong year, and we are seeing a strengthening of demand across all product lines. Brittany will unpack the revenue growth in the quarter for you shortly. But I'd like to take a moment to touch upon what we believe will sustain healthy growth rates of 20-plus percent for the years to come. We're growing along 2 axes. The first is expanding our product suite for existing customers. Both Rick and the shareholder letter talked about a product road map where we believe we can continue to deliver premium solutions to customers at a compelling value proposition for them.

我們今年表現強勁，我們看到所有產品線的需求都在增強。布列塔尼將很快為您解開本季度的收入增長。但我想花點時間談談我們認為未來幾年將保持 20% 以上的健康增長率。我們正在沿著 2 個軸增長。首先是為現有客戶擴展我們的產品套件。 Rick 和股東來信都談到了產品路線圖，我們相信我們可以繼續以令人信服的價值主張為客戶提供優質的解決方案。

We want to make it super clear that our state and local law enforcement business is nowhere near saturated, and we see a long and wide runway for continued growth. We believe that in the next 5 years, you will see Axon emerge as the leading operating system for public safety, strengthened by our strategy of focusing on the customer experience and not cobbling together point solutions that don't work well together, which is the current state of the industry outside of Axon. The second axis is diversifying into new markets by both adding new types of customer profiles or users and by adding to our core customer base. You can think of our core customers as falling into roughly 4 categories of funding sources, the U.S. state and local governments, the U.S. federal government, international government customers and commercial enterprises. Simultaneously, the types of users we are adding to our platforms is expanding beyond law enforcement.

我們想非常清楚地表明，我們的州和地方執法業務遠未飽和，我們看到了持續增長的漫長而廣闊的跑道。我們相信，在接下來的 5 年中，您將看到 Axon 成為公共安全領域的領先操作系統，這得益於我們專注於客戶體驗而不是將不能很好地協同工作的單點解決方案拼湊在一起的戰略，這就是Axon 以外的行業現狀。第二個軸是通過增加新類型的客戶檔案或用戶以及增加我們的核心客戶群來多元化進入新市場。你可以認為我們的核心客戶大致分為四類資金來源，美國州和地方政府、美國聯邦政府、國際政府客戶和商業企業。同時，我們添加到我們平台的用戶類型正在擴展到執法之外。

We are adding attorneys, fire and EMS personnel, corrections in the U.S. military and the funding for those types of users generally rolls up into the 4 sources I mentioned. I'd like to update you on 2 of those 4. First, our progress with the U.S. federal government and second, touch upon international growth. We are very excited about our U.S. federal government business. In the first 3 quarters of 2022, the federal government has booked contracts exceeding $200 million, up from an approximate $15 million to $20 million run rate just a few years ago. Annual revenue has grown to the tens of millions and our deliverables now extend over the next several years. Our progress with the federal government is a direct result of our intentional investments in both sales channel and product.

我們正在增加律師、消防和 EMS 人員、美國軍方的更正以及對這些類型用戶的資金通常匯總到我提到的 4 個來源中。我想向您介紹這 4 個中的 2 個。首先，我們與美國聯邦政府的進展，其次，涉及國際增長。我們對我們的美國聯邦政府業務感到非常興奮。在 2022 年的前 3 個季度，聯邦政府的合同額已超過 2 億美元，而幾年前的運行費率約為 1500 萬美元至 2000 萬美元。年收入已增長到數千萬，我們的可交付成果現在將在未來幾年內延伸。我們與聯邦政府的進展是我們有意投資於銷售渠道和產品的直接結果。

We have been building trusted relationship with agencies that are now finding value in our products and missions and our commitment to helping them be successful. And while we can't necessarily name all of those customers, the breadth and depth of the federal government's interest in our entire product line continues to excite us.

我們一直在與那些在我們的產品和使命中發現價值的機構建立信任關係，並致力於幫助他們取得成功。雖然我們不一定能說出所有這些客戶的名字，但聯邦政府對我們整個產品線的興趣的廣度和深度仍然讓我們興奮不已。

And now turning toward global expansion. We continue to refine our international go-to-market strategy. We see 2 things as being the drivers and even the accelerators to international growth. The first is continuing to innovate on our TASER platform. We believe the total TASER installed base has room to grow by more than 5x over time. And as we continue to develop technology that potentially matches a pistol in terms of stopping power, we think we have the opportunity to become the primary defense weapon in several international markets.

現在轉向全球擴張。我們將繼續完善我們的國際市場進入戰略。我們認為有兩件事是國際增長的驅動力，甚至是加速器。首先是在我們的 TASER 平台上繼續創新。我們相信隨著時間的推移，TASER 的總安裝基數有超過 5 倍的增長空間。隨著我們繼續開發在製動力方面可能與手槍相媲美的技術，我們認為我們有機會成為多個國際市場的主要防禦武器。

The second thing we are focusing on is helping European customers overcome their historical resistance to cloud solutions. This is a playbook we ran in the U.S., starting in around 2012. Domestic state and local customers at first were very averse to cloud-hosted software, and we successfully evangelized the cloud to build a business that now tops $400 million in annual recurring revenue. We are starting to chip away at cloud acceptance in the EU, and we see European governments starting to adopt other commercial services for cloud, and we believe that this bodes well for our international SaaS business. Just like in the U.S., once we overcome that initial version, strong adoption of evidence management will follow. Finally, last quarter, I told you that I am working on building the team that Axon needs for the next 5 to 10 years.

我們關注的第二件事是幫助歐洲客戶克服他們對雲解決方案的歷史阻力。這是我們從 2012 年左右開始在美國運行的劇本。起初，國內的州和當地客戶非常反對雲託管軟件，我們成功地宣傳了雲，建立了一個現在年經常性收入超過 4 億美元的業務.我們開始削弱歐盟對雲的接受度，我們看到歐洲政府開始採用其他商業雲服務，我們相信這對我們的國際 SaaS 業務來說是個好兆頭。就像在美國一樣，一旦我們克服了最初的版本，就會大力採用證據管理。最後，上個季度，我告訴過你，我正在努力建立 Axon 在未來 5 到 10 年所需的團隊。

We are thrilled to introduce Brittany Bagley as our Chief Financial Officer and Chief Business Officer. She brings a wealth of experience not only as a public company CFO, but also as a seasoned board member and investor in the technology segment. We sought to attract an executive who brings a next play mindset, versatility, mental toughness and a strong capability to deliver outside outcomes and we are excited that Brittany brings all of those qualities to Axon. Based on working with Brittany over the last 40 days, I can say with confidence and excitement that the future of Axon's core strategic and financial functions is very, very bright.

我們很高興介紹 Brittany Bagley 擔任我們的首席財務官和首席商務官。她不僅作為上市公司的首席財務官，而且作為經驗豐富的董事會成員和技術領域的投資者，帶來了豐富的經驗。我們試圖吸引一位能夠帶來下一個遊戲思維、多功能性、心理韌性和強大的外部成果能力的高管，我們很高興布列塔尼將所有這些品質帶到 Axon。基於過去 40 天與布列塔尼的合作，我可以充滿信心和興奮地說，Axon 核心戰略和財務職能的未來非常非常光明。

Now I'll hand it over to Brittany.

現在我會把它交給布列塔尼。

Thank you, Josh. Hi, everyone. I'm thrilled to be on my first official Axon earnings call. I want to start with a big thank you to the team for making it such a great quarter and to Jim Zito for doing such a nice job in the interim CFO role. It's an exciting time to have joined such an incredible company. I'd like to share a little about why I joined and where you'll see me put my focus over the coming quarters. While there were many reasons to join, 3 main ones that I would like to highlight include the strong leadership team, the company's inspiring mission to protect life and the compelling business model. On that last one, especially, I think the combination of the hardware ecosystem the company has been building along with innovative software solutions creates a powerful flywheel that is both high growth and profitable, which provides a relatively rare position in the technology world.

謝謝你，喬希。大家好。我很高興參加我的第一次正式的 Axon 財報電話會議。首先，我要非常感謝團隊讓這個季度變得如此出色，並感謝 Jim Zito 在臨時 CFO 角色中所做的出色工作。加入這樣一家令人難以置信的公司是一個激動人心的時刻。我想分享一些關於我加入的原因以及你會看到我在未來幾個季度將重點放在哪裡。雖然加入的理由有很多，但我想強調的 3 個主要理由包括強大的領導團隊、公司保護生命的鼓舞人心的使命以及令人信服的商業模式。特別是在最後一個方面，我認為公司一直在構建的硬件生態系統與創新的軟件解決方案相結合，創造了一個強大的飛輪，既高增長又高利潤，這在科技界提供了一個相對罕見的位置。

Additionally, delivering mission-critical products to public safety customers who purchase on long-term contracts makes Axon's revenue both recurring and dependable. As Josh discussed, we continue to have a lot of growth in front of us, and I look forward to supporting our mission and a profitable growth trajectory. To that point, my areas of focus will be on helping the team continue to execute and deliver strong results over the next several years. As both CFO and Chief Business Officer, I get to take a strategic and holistic view of the business to ensure we're making the right long-term decisions to deliver on our mission and our financial promise. Near term, that means spending time better understanding Axon's gross margin potential and how I can help move the needle on other metrics we care about, including overall profitability and cash flow.

此外，向以長期合同購買的公共安全客戶提供任務關鍵型產品使 Axon 的收入既經常性又可靠。正如 Josh 所討論的，我們面前繼續有很多增長，我期待著支持我們的使命和盈利的增長軌跡。在這一點上，我的重點領域將是幫助團隊在未來幾年繼續執行並取得強勁的成果。作為首席財務官和首席商務官，我要對業務採取戰略性和整體性的看法，以確保我們做出正確的長期決策，以實現我們的使命和財務承諾。近期，這意味著花時間更好地了解 Axon 的毛利率潛力，以及我如何幫助推動我們關心的其他指標，包括整體盈利能力和現金流。

We see opportunities to improve gross margin by investing in automation, driving manufacturing efficiency and improving fixed cost absorption as we scale. Driving the revenue mix further towards software is also a key gross margin lever over the longer term. We are also focusing on controlling OpEx by enhancing financial discipline while still investing in research and development and sales channel expansion to support future growth. In addition to leaning in on operational areas of the business, I am also focused on helping Axon to deliver upon its strategic ecosystem vision, leveraging partnerships, investments in M&A, to truly become the leading technology hub for public safety.

隨著我們的規模擴大，我們看到了通過投資自動化、提高製造效率和改善固定成本吸收來提高毛利率的機會。從長遠來看，將收入組合進一步推向軟件也是一個關鍵的毛利率槓桿。我們還專注於通過加強財務紀律來控制運營支出，同時仍投資於研發和銷售渠道擴張，以支持未來的增長。除了專注於業務的運營領域外，我還專注於幫助 Axon 實現其戰略生態系統願景，利用合作夥伴關係和併購投資，真正成為公共安全領域的領先技術中心。

Turning now to the quarter. Our domestic business grew 37% year-over-year in Q3 and continues to make up more than 80% of our revenue. This strength came across the board, supporting strong TASER segment growth at 19% along with great Software and Sensors segment growth at 51%, which was driven by Sensors growth of 51% and Axon Cloud growth, also at 51%. One of the great things we're seeing domestically is strong demand for the premium versions of our products and bundles. Beyond the strength in our core business and the traction we're seeing on our software and cloud revenue, we continue to be excited about other areas of growth, including our international business, which delivered 20% growth in Q3.

現在轉到本季度。我們的國內業務在第三季度同比增長 37%，並繼續占我們收入的 80% 以上。這一優勢全面顯現，支持 TASER 細分市場強勁增長 19%，以及軟件和傳感器細分市場 51% 的強勁增長，這是由 51% 的傳感器增長和 51% 的 Axon Cloud 增長推動的。我們在國內看到的一件好事是對我們產品和捆綁包的高級版本的強勁需求。除了我們核心業務的實力以及我們在軟件和雲收入方面看到的吸引力之外，我們繼續對其他增長領域感到興奮，包括我們的國際業務，該業務在第三季度實現了 20% 的增長。

We had a strong Q3 gross margin of 62%, which represented more than 100 basis points of sequential improvement. The increase was primarily due to the strength of Axon Cloud and the overall product mix in the quarter. Axon Cloud gross margin in Q3 benefited from our new long-term contract with Microsoft Azure. While this benefit will continue, we also have low-to-no margin professional services costs which supports the set-up of these contracts and the mix can change quarter-to-quarter. That doesn't change our view on exceeding the long-term target of 80% plus for the software business, but we do expect quarterly variations as a result.

我們的第三季度毛利率強勁，達到 62%，這代表了超過 100 個基點的連續改善。這一增長主要是由於 Axon Cloud 的實力和本季度的整體產品組合。第三季度 Axon Cloud 的毛利率受益於我們與 Microsoft Azure 的新長期合同。雖然這種好處將繼續存在，但我們也有低利潤甚至無利潤的專業服務成本，支持這些合同的建立，並且組合可能會隨著季度的變化而變化。這不會改變我們對軟件業務超過 80% 以上的長期目標的看法，但我們確實預計會因此出現季度變化。

In addition to the sequential gross margin improvement, the strong top line revenue allowed us to achieve good operating leverage in the quarter and resulted in adjusted EBITDA of $68 million or 21.7% margin. Finally, I wanted to touch on our outlook. Given the strong quarter, we are raising our annual revenue guidance to a range of $1.15 billion to $1.16 billion, which reflects about 34% annual growth at the midpoint. This also implies Q4 annual revenue growth of 40% at the midpoint.

除了連續毛利率改善外，強勁的收入使我們在本季度實現了良好的經營槓桿，調整後的 EBITDA 為 6800 萬美元或 21.7% 的利潤率。最後，我想談談我們的前景。鑑於季度表現強勁，我們將年度收入指引提高至 11.5 億美元至 11.6 億美元之間，這反映了中點約 34% 的年增長率。這也意味著第四季度的年收入在中點增長了 40%。

Turning to our adjusted EBITDA. We are raising our outlook from $200 million to a range of $215 million to $220 million, which we believe demonstrates strong performance on profitability. Our Q4 adjusted EBITDA is expected to be in the range of $49 million to $54 million. Implied margins are down slightly sequentially from Q3 on product mix and less OpEx leverage but remained strong overall with an almost 19% EBITDA margin implied at the midpoint for the year.

轉向我們調整後的 EBITDA。我們將展望從 2 億美元上調至 2.15 億美元至 2.2 億美元的範圍，我們認為這顯示了盈利能力的強勁表現。我們第四季度調整後的 EBITDA 預計在 4900 萬美元至 5400 萬美元之間。由於產品組合和運營支出槓桿的減少，隱含利潤率較第三季度略有下降，但總體保持強勁，今年中點的 EBITDA 利潤率接近 19%。

We are proud of our performance and outlook, and they speak to the bigger picture that Rick and Josh talked about, which is the overall strength of the business we are building. We look forward to delivering another strong Q4 and setting ourselves up well for 2023 as we execute against our financial objective of profitably delivering a 20%-plus top line CAGR going forward.

我們為我們的業績和前景感到自豪，他們談到了 Rick 和 Josh 談到的更大的圖景，這是我們正在建立的業務的整體實力。我們期待實現另一個強勁的第四季度，並為 2023 年做好準備，因為我們執行我們的財務目標，即在未來實現 20% 以上的收入複合年增長率。

With that, I would like to open it up to questions, back to Andrea.

有了這個，我想對問題開放，回到安德里亞。

Thank you, and we have you all in the queue. So if you're on the call, assume we've got you in the queue. Thank you so much. We'll take our first question from Josh Reilly at Needham.

謝謝大家，我們都在排隊。因此，如果您正在接聽電話，請假設我們已將您排在隊列中。太感謝了。我們將向 Needham 的 Josh Reilly 提出第一個問題。

All right. Very impressive results during the quarter. I guess maybe starting off, you had a pretty significant revenue beat here, obviously. How much of a tailwind are you seeing now from stimulus government funds from programs like the ARPA beginning to hit budgets? Or is that something that you see more of an impact in 2023, and the beat in Q3 is driven more by budgets that haven't been impacted to date by those budgets?

好的。本季度業績令人印象深刻。我想也許一開始，你在這裡的收入顯然是相當可觀的。現在，您從 ARPA 等計劃的刺激性政府資金開始觸及預算中看到了多大的順風？還是您認為這會在 2023 年產生更大的影響，而第三季度的節拍更多地是由迄今為止尚未受到這些預算影響的預算推動的？

Yes. I don't -- Josh, I appreciate the question and nice to see you again. I don't necessarily think there's a ton of correlation between our momentum and results in any one-time or kind of recurring government subsidy for these products. I think ultimately, we're building a very strong business where there's a very high ROI on our products and our customers continue to see that and not only buy more of them, but buy more and more premium levels and licenses. And so while those are nice moment in time types of tailwinds for some customers, I don't think they have any major implication on our continued growth, and we're very confident that independent of those factors, we're building a very strong and consistent business.

是的。我不——喬希，我很欣賞這個問題，很高興再次見到你。我不一定認為我們的勢頭與任何一次性或某種經常性政府對這些產品的補貼之間存在大量相關性。我認為最終，我們正在建立一個非常強大的業務，我們的產品具有非常高的投資回報率，我們的客戶繼續看到這一點，不僅購買更多產品，而且購買越來越多的高級級別和許可證。因此，雖然這些對某些客戶來說是順風的好時機，但我認為它們對我們的持續增長沒有任何重大影響，而且我們非常有信心，獨立於這些因素，我們正在建立一個非常強大的和一致的業務。

Got it. That's super helpful. And then the TASER gross margin was down sequentially and remains probably below where you guys wanted. I know that's a focus now for Brittany as you're evaluating cost there. But was there anything specific in the quarter that brought the margin down sequentially? Or any color there would be helpful.

知道了。這非常有幫助。然後 TASER 毛利率連續下降，可能仍低於你們想要的水平。我知道這是布列塔尼現在的重點，因為您正在評估那裡的成本。但本季度是否有任何具體因素導致利潤率連續下降？或者那裡的任何顏色都會有幫助。

Yes. I would say that we have been investing in everything related to our manufacturing capacity as well as supply chain for the TASER. And so you have seen that impact the gross margin this quarter and a little bit year-to-date. I think it will be one of the big areas of focus as we look to improve gross margins is making sure we can really scale into those costs and scale as we get leverage on gross margin over time.

是的。我想說的是，我們一直在投資與我們的製造能力以及 TASER 供應鏈相關的一切。因此，您已經看到這影響了本季度和年初至今的毛利率。我認為這將是我們希望提高毛利率的主要關注領域之一，確保我們能夠真正擴大這些成本和規模，因為我們隨著時間的推移獲得對毛利率的槓桿作用。

Got it. Congrats again.

知道了。再次恭喜。

Next question from Jonathan Ho at William Blair.

William Blair 的 Jonathan Ho 的下一個問題。

Let me echo my congratulations as well. I wanted to start out with your commentary around sort of the higher-end bundles and maybe customer behaviors that are leading to more selection of that higher-end bundle. I just want to understand sort of why you're seeing this behavior and whether you expect it to persist or not?

讓我也表達我的祝賀。我想從你對高端捆綁包的評論開始，也許是客戶行為導致對高端捆綁包的更多選擇。我只是想了解您為什麼會看到這種行為以及您是否希望它持續存在？

Yes. Certainly, Jonathan. I think the first thing I'd say on those bundles is even though we're seeing a lot of demand, there's a ton of white space ahead of us in terms of adoption of those bundles, especially in state and local, and it's really driven by -- the adoption is driven by the idea that in those bundles, we're adding more and more value-added add-ons. And so Jeff's team is doing a fantastic job understanding accidental contact -- sorry about that. The I think Jeff's team is doing a great job understanding some of what the customers are wanting in future releases of our products and then going back and building those things that are highly valuable. An example of that is transcription. And another example is VR, both of which exist in our more premium version of the Officer Safety Plan, and that's driving a lot of customers toward those bundles. And so we'll continue to iterate on that strategy and make sure that the things that are the most highly valued in tandem with our core products appear in bundles in a way that make the customer excited about the potential of buying all of these items and features at 1 time and 1 license.

是的。當然，喬納森。我認為我要對這些捆綁包說的第一件事是，儘管我們看到了很多需求，但在採用這些捆綁包方面，我們還有大量的空白，尤其是在州和地方，而且真的驅動 - 採用是由這樣的想法驅動的，即在這些捆綁包中，我們正在添加越來越多的增值附加組件。因此，傑夫的團隊在理解意外接觸方面做得非常出色——對此感到抱歉。我認為 Jeff 的團隊在了解客戶對我們產品未來版本的一些需求方面做得很好，然後回過頭來構建那些非常有價值的東西。一個例子是轉錄。另一個例子是 VR，兩者都存在於我們更高級的軍官安全計劃版本中，這促使很多客戶轉向這些捆綁包。因此，我們將繼續迭代該策略，並確保與我們的核心產品一起價值最高的東西以捆綁的方式出現，讓客戶對購買所有這些物品的潛力感到興奮，並且1 次功能和 1 個許可證。

Josh, I would add to it as well. What I'm seeing with customers, I haven't -- I can't think of a customer that's been like gone up to a premium bundle and gone down the other direction, that the more stuff they use from us, the more value they see in it and very sort of the flywheel effect where what I'm hearing from customers is they just want to put more of their solution set with Axon. They struggle with technology. They're hamstrung by really long, complex procurement rules that make it very difficult for them to be agile in what they're doing. And so I think we've earned their trust and it's really incumbent on us to keep earning it every day so we don't break this dynamic, but it does seem to me that they're pretty consistently moving up the ladder each time we launch something that integrates with the other stuff, it's paying off, it's working well. And again, a lot of that just goes to awesome execution and Jeff and the product team.

喬希，我也會添加它。我從客戶那裡看到的，我沒有——我想不出有一個客戶喜歡購買高級捆綁包，然後往另一個方向走，他們使用我們提供的東西越多，價值就越高他們在其中看到了一種飛輪效應，我從客戶那裡聽到的是，他們只想將更多的解決方案集與 Axon 一起使用。他們與技術作鬥爭。他們被冗長而復雜的採購規則束縛住了手腳，這使得他們很難在他們正在做的事情上保持敏捷。所以我認為我們已經贏得了他們的信任，我們有責任每天繼續贏得信任，這樣我們就不會打破這種動態，但在我看來，每次我們都在不斷地向上爬推出與其他東西相結合的東西，它得到了回報，它運作良好。再說一次，其中很多都歸功於出色的執行力以及 Jeff 和產品團隊。

Excellent, excellent. And just as a follow-up, with the U.S. Fed opportunity -- U.S. Federal Government opportunity, what has been most impactful in terms of helping you break into this market? I mean obviously, it's been a target for a number of years, but it seems like things have improved from a step function perspective. What initiatives or what level of education do you have to sort of provide to kind of get further into the U.S. Fed opportunity?

優秀的，優秀的。作為後續，隨著美聯儲的機會——美國聯邦政府的機會，在幫助你打入這個市場方面最有影響力的是什麼？我的意思很明顯，它已經成為目標多年，但從階梯函數的角度來看，情況似乎有所改善。您必須提供哪些舉措或提供什麼水平的教育才能進一步了解美聯儲的機會？

So I'll start and then maybe hand back over to Josh. I think investing to get that ramp accreditation (inaudible) system early, it was a bit of a bet when we did it, right? It was expensive. It was difficult to invest in that. And I think to this day, we're still the only FedRAMP accredited or certified system and all these federal agencies that want to use the cloud, that obviously gives us a tremendous advantage. And then we've obviously seen things like (inaudible) administration moving towards standardization with body cameras. And then Richard Coleman, who we hired a few years ago, is really, I think, just done a great job building out a team that really understands the federal space and is building some fantastic relationships.

所以我會開始，然後可能會交還給喬希。我認為投資是為了儘早獲得斜坡認證（聽不清）系統，當我們這樣做的時候有點賭，對吧？它很貴。很難在這方面進行投資。我認為直到今天，我們仍然是唯一獲得 FedRAMP 認可或認證的系統以及所有這些想要使用雲的聯邦機構，這顯然給了我們巨大的優勢。然後我們顯然已經看到（聽不清）行政部門正在朝著使用隨身攝像頭的標準化方向發展。然後，我們幾年前聘請的理查德·科爾曼（Richard Coleman）確實，我認為，他在組建一支真正了解聯邦空間並正在建立一些奇妙關係的團隊方面做得非常出色。

Yes. I'd just add to that, Rick, especially on the last point. For us, every problem starts with how do we build a strong team, full of subject-matter experts that we can trust their instincts and expertise to execute. And when we brought Richard in, I was 25 years into our business, and we haven't quite cracked the code on how to run a growing federal business and just bringing him on along with a very talented team with him as well as more and more product focus has just unlocked this amazing opportunity and even though we've had a phenomenal year and seen a literal 10x in bookings at this point in the last few years, we still think we're very much on our own side of the field and have a long way to go to maximize the full opportunity across federal, but we really believe we have the team in place to do that.

是的。瑞克，我只想補充一點，尤其是最後一點。對我們來說，每一個問題都始於我們如何建立一個強大的團隊，其中充滿了我們可以相信他們的直覺和專業知識來執行的主題專家。當我們引進理查德時，我已經 25 年從事我們的業務了，我們還沒有完全破解如何經營一個不斷發展的聯邦業務的密碼，只是讓他和一個非常有才華的團隊一起加入，以及更多和更多的產品關注剛剛釋放了這個驚人的機會，儘管我們度過了非凡的一年，並且在過去幾年的這一點上看到了實際 10 倍的預訂量，但我們仍然認為我們在這個領域非常有自己的優勢要最大限度地利用整個聯邦的全部機會，還有很長的路要走，但我們真的相信我們有團隊可以做到這一點。

Next question, Erik Lapinski. Go ahead, Erik. And from Morgan Stanley.

下一個問題，埃里克·拉賓斯基。來吧，埃里克。來自摩根士丹利。

I maybe want to just follow up a little bit on the federal side because it looks like at least the deal with the Veteran Affairs was pretty comprehensive across the product portfolio, whereas I know you're in other federal agencies, maybe with some products but not all of them. I guess just would be curious on that, like as you're moving into newer federal agencies, do you see the opportunity for more of a sizable kind of across the spectrum deal upfront? I mean you haven't seen one that included fleet previously. So it would be good to just kind of understand the vision there that some federal customers are having and kind of if you are seeing more of that.

我可能只想在聯邦方面跟進一點，因為看起來至少與退伍軍人事務部的交易在產品組合中非常全面，而我知道你在其他聯邦機構，也許有一些產品，但不是所有的人。我想只是對此感到好奇，就像您進入新的聯邦機構一樣，您是否看到了預先進行更多大規模跨領域交易的機會？我的意思是你以前沒有見過包括艦隊的。因此，最好了解一些聯邦客戶所擁有的願景，如果您看到更多這樣的願景。

Let me start first, and then I know Josh is going to want to talk to this, too. I would say this is where we see the advantage. We talk about being a mission-focused business. And a lot of times, that can sound like puffery or kind of fluff, but it really is true. We are running this business to solve problems we're passionate about. And of course, we also want to run a rigorous business where we have financial models that make sense. But the finances come from the problems we solve and infusing that in every employee, I'm just so impressed with the team and the attitude they've got where it's all about keeping our customers productive and safe and happy, and we really give a lot of latitude to our teams to make things right. And where that pays off is we don't think of these as just contracts we're going to sell and make a few bucks to move on to the next one. And so we get phenomenal customer references and the investments we make in really delivering a great product to the end user, not focusing on winning the bid RFP sort of bureaucratic process. I think (inaudible) the type of things where you see these relationships where people even relatively early on, they're cross checking with their other agency customers that are similar, and they're getting the confidence to give us a large part of their technology ecosystem. So I think that's the underlying thing is the focus of the team on really the passion around the business to build things that really delight and protect our customers that give customers the confidence to go do that. But I'll turn it over to Josh to maybe give a little more color to federal specifically.

讓我先開始，然後我知道喬什也想談這個。我想說這是我們看到優勢的地方。我們談論成為一個以使命為中心的企業。很多時候，這聽起來像是吹毛求疵或絨毛，但它確實是真的。我們經營這項業務是為了解決我們熱衷的問題。當然，我們還希望在我們擁有有意義的財務模型的情況下開展嚴格的業務。但財務來自我們解決的問題，並註入到每位員工身上，我對團隊和他們的態度印象深刻，這一切都是為了讓我們的客戶保持高效、安全和快樂，我們真的給了我們的團隊有很大的自由來做正確的事情。得到回報的地方在於，我們不認為這些只是我們要出售並賺取幾美元以繼續下一份合同的合同。因此，我們獲得了非凡的客戶參考以及我們在向最終用戶真正交付出色產品方面所做的投資，而不是專注於贏得投標 RFP 那種官僚程序。我認為（聽不清）在這種情況下，人們甚至在相對較早的時候就看到了這些關係，他們正在與其他類似的代理客戶進行交叉檢查，並且他們有信心給我們很大一部分他們的技術生態系統。所以我認為這是團隊關注的根本，真正圍繞業務的熱情來構建真正讓我們的客戶感到高興和保護的東西，讓客戶有信心去做。但我會把它交給喬希，也許會特別為聯邦提供更多的色彩。

I think Jeff was going to chime in first, Rick.

我認為 Jeff 會先插話，Rick。

Yes, sure. I totally echo everything Rick said. And then combined with that, you've heard us talk a lot, whether it's in margins or in many other places about scale and our flywheel and leverage over time. But in the way we invent and deliver our products to our customers as we do these market segments expansion. The same thing is true there as well because you can think of leverage where we've spent a decade on our core (inaudible) cameras products and then even longer on TASER. And at this point, even internally, what we have is small surgical dedicated parts of our engineering team for these expansion markets like federal who can inherit all of the common aspects of those products that are already fit for purpose for all segments we're competing in, but then overlay on top of that in a very focused way what our federal customers need to tailor those existing products to unlock federal. And then over time, as that keeps getting even more and more large and well situated, you'll see us build bespoke products that might be first for federal after we've earned the right by building out those sockets with loyalty to the products that we already had.

是的，當然。我完全贊同瑞克所說的一切。然後結合這一點，你聽到我們談論了很多，無論是在利潤還是在許多其他地方，關於規模、我們的飛輪和隨著時間的推移而產生的槓桿作用。但是在我們進行這些細分市場擴展時，我們發明產品並將其交付給客戶的方式。那裡也是如此，因為您可以想到我們在核心（聽不清）相機產品上花了十年時間，然後在 TASER 上花費了更長時間的槓桿作用。在這一點上，即使在內部，我們擁有的是我們工程團隊的小型外科專用部分，用於像聯邦這樣的擴張市場，他們可以繼承那些已經適合我們競爭的所有細分市場的產品的所有共同方面中，但然後以非常集中的方式覆蓋在此之上，我們的聯邦客戶需要定制這些現有產品以解鎖聯邦。然後隨著時間的推移，隨著時間的推移，它變得越來越大，位置也越來越好，你會看到我們製造的定制產品可能是聯邦的第一個，在我們通過建立對產品忠誠的插座來贏得權利之後我們已經有了。

And I'd just add, finally, I think, to your question about fleet specifically, Erik, in federal. I think it's just an example of, in some cases, we'll have 1 or 2 products off the bat that are nice fits for the customer and will land and expand for lack of a better term from there. And then there will be other customers that see the value across the board in terms of what we offer and want to engage in a more extensive contract upfront. I think we still maintain the belief that either way, longer term, the customer ends up in the same place, which is very happy with Axon's full suite of products. And the VA is a great example of an agency that trusts us on day 1 to deliver all of it. And in some other cases, we'll see that same phenomenon over time.

最後，我想，我想補充一下你關於艦隊的問題，埃里克，聯邦。我認為這只是一個例子，在某些情況下，我們將立即推出 1 或 2 種非常適合客戶的產品，並且由於缺乏更好的條款而將登陸和擴展。然後會有其他客戶看到我們提供的全面價值，並希望提前簽訂更廣泛的合同。我認為我們仍然堅信無論哪種方式，從長遠來看，客戶最終都會在同一個地方結束，這對 Axon 的全套產品非常滿意。 VA 是一個很好的例子，該機構在第一天就信任我們提供所有這些。在其他一些情況下，隨著時間的推移，我們會看到同樣的現象。

Awesome. That's really helpful. And maybe if I could just sneak in a follow-up. But more focused on records. It looks like in the release, you included at this point, you kind of have 40 agencies and 12 doing (inaudible). Just as we think about, obviously, (inaudible) a very intensive workload. How much are you being relied on for that type of work? And do you see opportunity to potentially streamline that or build software around it over time that makes it kind of more simplified, I guess, in moving fully to records and just to understand maybe some of the time lines you're seeing with those 12?

驚人的。這真的很有幫助。也許如果我可以偷偷跟進。但更專注於記錄。看起來在發布中，您此時包括在內，您有 40 家機構和 12 家在做（聽不清）。正如我們所想的那樣，顯然（聽不清）非常密集的工作量。你在多大程度上依賴於這種類型的工作？你是否看到了可能隨著時間的推移簡化或圍繞它構建軟件的機會，這使得它更加簡化，我猜，完全轉向記錄，只是為了了解你在這 12 條中看到的一些時間線？

Sure, I'll take that. So like we said, we're -- I think like you see when you talk to anyone in the industry, where we remain -- these are big complex deployments just like ERP systems and things like that, and there's nothing that will ever change the fundamental physics that those are big, complex systems because they have big complex work to do, but we are -- we remain extraordinarily optimistic and confident in our long-term trajectory and growing our leadership position in this segment. But we're approaching it and we think a humble and disciplined way, one deployment at a time. And as you heard us share, we are both continuing to go up and to the right steadily in agencies adopting records overall and for their full deployments and the -- our ability to continue to scale up a number of those that we're working on simultaneously and the amount of bespoke work per each successive deployment, both of those are going in the right direction. And so I think you'll see continued steady and accelerating momentum there, but we also are not going to get over our skis (inaudible) before we've earned it.

當然，我會接受的。所以就像我們說的那樣，我們 - 我想就像你在與業內任何人交談時看到的那樣，我們仍然存在 - 這些是大型複雜的部署，就像 ERP 系統和類似的東西，沒有什麼會改變這些是大型複雜系統的基礎物理學，因為它們有大量複雜的工作要做，但我們仍然對我們的長期發展軌跡非常樂觀和充滿信心，並不斷提高我們在這一領域的領導地位。但我們正在接近它，我們認為一種謙遜而有紀律的方式，一次部署一個。正如你聽到我們分享的那樣，我們在機構整體採用記錄和全面部署方面都在繼續穩步上升和向右發展，而且我們有能力繼續擴大我們正在努力的一些項目同時，每次連續部署的定制工作量都在朝著正確的方向發展。所以我認為你會在那裡看到持續穩定和加速的勢頭，但在我們贏得它之前，我們也不會克服我們的滑雪板（聽不清）。

Awesome. Congrats on the good quarter.

驚人的。祝賀好季度。

Keith Housum at Northcoast.

北海岸的 Keith Housum。

Guys, again, (inaudible) the phenomenal quarter. But as we look at some of the individual results, Axon Fleet sales were down 15% from the prior year (inaudible) even better? I'm assuming if you had access to some of the -- I guess, materials you wanted there. I guess perhaps provide a little bit of color on some of those 2 sites that did not perhaps do as well as some of the other items in your portfolio?

伙計們，再次，（聽不清）非凡的季度。但是當我們查看一些單獨的結果時，Axon Fleet 的銷售額比上一年下降了 15%（聽不清）甚至更好？我假設您是否可以訪問一些-我猜是您想要的材料。我想可能會在這兩個網站中的一些網站上提供一點色彩，這些網站的表現可能不如你投資組合中的其他一些項目？

Yes. Certainly, Keith. And I don't necessarily want to speculate on what the quarter could have been. We're really proud of where we landed. But I think it is an indicator that the future looks bright for a variety of reasons, including increased fleet shipments. We did run into 1 or 2 minor items with the hubs that power our fleet unit from our supplier, but the good news is in Q4, you'll see that demand rebound substantially, and we expect to see our best ever shipment of fleet -- quarter of shipments for fleet specifically in Q4 and the strong demand continues well into the future there. And we're very excited to continue to build on our market lead in that product line.

是的。當然，基思。而且我不一定想推測本季度可能是什麼。我們真的為我們降落的地方感到自豪。但我認為這表明由於各種原因，未來看起來很光明，包括船隊出貨量的增加。我們確實遇到了 1 或 2 個小項目，其中樞紐為我們的供應商提供動力我們的車隊單位，但好消息是在第四季度，您會看到需求大幅反彈，我們希望看到我們有史以來最好的車隊出貨量 - - 船隊出貨量的季度，特別是在第四季度，強勁的需求將持續到未來。我們很高興能夠繼續鞏固我們在該產品線中的市場領先地位。

Great. And just as my follow-up and maybe, Brittany, I'll put you on the hot seat here for your first time. As we talk about the moonshot goal, how does that fit into Axon's, I guess, existing R&D budget and the financial profile?

偉大的。就像我的後續行動，也許，布列塔尼，我會第一次讓你坐在這裡的熱門座位上。當我們談論登月目標時，我猜它如何適應 Axon 現有的研發預算和財務狀況？

Yes. I mean I think the way we philosophically think about it is that we can achieve both really healthy top line growth and head towards that moonshot and do that profitably and have a really nice bottom line as part of the business. And so to your point, that will be a balance for us as we go forward. But of course, with our growth, we're not going to stop innovating. We're not going to stop investing in R&D. We're not going to stop coming up with great new products. And so it's just that a lot of those will be focused on helping achieve that mission, but all inside the financial profile that we think is the right long-term profile for the company.

是的。我的意思是，我認為我們從哲學上思考它的方式是，我們既可以實現真正健康的收入增長，又可以朝著那個登月目標邁進，並以盈利的方式做到這一點，並且作為業務的一部分擁有非常好的底線。因此，就您而言，這將是我們前進的平衡。但當然，隨著我們的成長，我們不會停止創新。我們不會停止對研發的投資。我們不會停止推出出色的新產品。因此，只是其中很多人將專注於幫助實現這一使命，但所有這些都在我們認為適合公司的長期財務狀況的財務狀況中。

So I guess I hear it in our way, you don't have to see a significant expense increase for R&D as a result of this large goal?

所以我想我是按照我們的方式聽到的，您不必看到由於這個大目標而導致研發費用顯著增加嗎？

No. There's nothing specifically we're calling out on that. I do think we will continue to invest in R&D, and we've been consistent on saying that, but this wouldn't necessarily change that profile in a way we're calling out today.

不，我們並沒有特別強調這一點。我確實認為我們將繼續投資於研發，我們一直這麼說，但這並不一定會以我們今天呼籲的方式改變這種情況。

Sami Badri at Credit Suisse.

瑞士信貸的薩米·巴德里。

All right. My first question was on the 20% annualized growth target. I was hoping you could kind of give us an idea on how you're going to get there, either by new subscriptions, existing subscriptions that are seeing some price increases as a function of new features -- maybe you could kind of give us an idea on the composition of that 20% growth. And then my second question is on CapEx. It looks like your guidance was reduced for the year. Could we just go through the puts and takes on that, please?

好的。我的第一個問題是關於 20% 的年化增長目標。我希望你能給我們一個關於你將如何到達那裡的想法，無論是通過新訂閱，還是通過新功能看到一些價格上漲的現有訂閱——也許你可以給我們一個關於這 20% 增長的構成的想法。然後我的第二個問題是關於資本支出。看來您的指導在這一年有所減少。我們可以通過看跌期權並承擔這一點嗎？

Sure. I'll start with the revenue growth question and then hand it over to Brittany for the CapEx question. I think, Sami, there's -- one of the beauties of our business and business model is there's a lot of different ways we can achieve exciting growth and it's not one specific thing. I think there are -- some of the things you mentioned are very much in play. We'll continue to invest in new products that delight customers and cause customers to want to buy more at higher pricing tiers and more premium bundles. But I think it really (inaudible) down to 2 specific things. One is -- we're going to do a really good job of building new products for our existing customer base, meaning state and local U.S., especially, how do we introduce new products into that base over time. And the second one is applying existing products to newer markets like international, federal and enterprise. And we really believe we're doing those things well in parallel, and we'll do them even better in parallel next year. And of course, by doing so, that opens up kind of growth opportunity on both of those axes. So I'll probably leave it at that for now and hand it over to Brittany for the CapEx question.

當然。我將從收入增長問題開始，然後將其交給布列塔尼來解決資本支出問題。我認為，薩米，我們的業務和商業模式的優點之一是我們可以通過很多不同的方式實現令人興奮的增長，這不是一件特定的事情。我認為有 - 你提到的一些事情非常重要。我們將繼續投資於令客戶滿意的新產品，並促使客戶希望以更高的定價層和更多的優質捆綁購買更多產品。但我認為它真的（聽不清）歸結為 2 件具體的事情。一個是 - 我們將為我們現有的客戶群（即美國的州和地方）打造新產品，特別是隨著時間的推移，我們將如何將新產品引入該客戶群。第二個是將現有產品應用於國際、聯邦和企業等新市場。我們真的相信我們並行地做這些事情，明年我們會並行地做得更好。當然，通過這樣做，這在這兩個軸上開闢了一種增長機會。因此，我可能暫時將其擱置，並將其交給布列塔尼處理資本支出問題。

Thanks, Josh. I mean I think the only thing I would add is, I think, it's exciting how many levers I see the business having in terms of where and how it can grow. There's an enormous amount of opportunity. So now you have to focus and make sure you're executing against them and going after the right ones, but the opportunity is there. I think from a CapEx standpoint, what we just highlighted is we are making some CapEx investments this year, and some of those are getting really pushed out to next year. It's more of a timing piece than a fundamental change in strategy.

謝謝，喬希。我的意思是我認為我唯一要補充的是，我認為，令人興奮的是，我看到該業務在何處以及如何發展方面擁有多少槓桿。有大量的機會。所以現在你必須集中精力，確保你正在針對他們執行並追求正確的人，但機會就在那裡。我認為從資本支出的角度來看，我們剛剛強調的是我們今年正在進行一些資本支出投資，其中一些真的被推遲到明年。這更像是一個時機，而不是戰略的根本變化。

Got it. I have one more question, and it's mainly on working capital and just inventory. Do you foresee inventory levels just consistently stepping up from now all the way perhaps maybe until the end of 2023, just a function of supply chains and components and all those other factors that are essentially increasing inventory levels?

知道了。我還有一個問題，主要是關於營運資金和庫存。您是否預見到庫存水平從現在一直持續上升，也許直到 2023 年底，僅僅是供應鍊和組件以及所有其他從本質上提高庫存水平的因素的功能？

I'd say there are 2 things right now that are driving our inventory investments. One is, we are still not out of supply chain challenges. So we still have products that are supply constrained that we would like to get back in stock on and get to other inventory position. And then I think, two, just with the types of growth we're seeing across some of our products, we need to continue to invest in inventory to support that top line growth. So I do think you'll continue to see that be just a strategic area of investment. I think at the same time, one of the things I talked about is really making sure we are doing a good job with our free cash flow. And so as we get to '23, we'll have to work to make sure we're appropriately balancing strong free cash flow generation with making sure we have that inventory we need to support the top line.

我想說現在有兩件事在推動我們的庫存投資。一是，我們仍未擺脫供應鏈挑戰。因此，我們仍然有供應受限的產品，我們希望重新獲得庫存並進入其他庫存位置。然後我認為，第二，就我們在某些產品中看到的增長類型而言，我們需要繼續投資庫存以支持收入增長。所以我確實認為你會繼續看到這只是一個戰略性的投資領域。我認為與此同時，我談到的其中一件事是真正確保我們在自由現金流方面做得很好。因此，當我們到 23 年時，我們必須努力確保我們適當地平衡強大的自由現金流生成與確保我們擁有支持收入所需的庫存。

Paul Chung with JPMorgan.

Paul Chung 與摩根大通。

Yes. Okay. So just another follow-up on the free cash flow. So you're putting up record numbers here and have kind of seen free cash flow conversion surge as well. So talk about how the firm has driven the higher conversion? Is this kind of sustainable here?

是的。好的。所以只是對自由現金流的另一個跟進。因此，您在這裡提出了創紀錄的數字，並且也看到了自由現金流轉換的激增。那麼談談公司如何推動更高的轉化率？這種可持續發展嗎？

I think it's been a big area of focus. The team has done a nice job specifically stepping up what they've been doing from a collection standpoint and paying more attention to our accounts receivable. And so that's a lot of what gets us, I think, as we go through the rest of the year to our free cash flow targets. And again, I think it's just -- of course, we need to balance with our inventory investments and making sure we're in the right place from that standpoint, making sure from a CapEx standpoint, we're investing in the business where we need to invest in the business. But there should be some good free cash flow characteristics that we can continue to focus on.

我認為這是一個很大的關注領域。該團隊做得很好，特別是從收款的角度加強了他們一直在做的事情，並更加關注我們的應收賬款。我認為，這就是我們在今年餘下時間實現自由現金流目標的原因。再說一次，我認為這只是 - 當然，我們需要平衡我們的庫存投資，並確保從這個角度來看我們處於正確的位置，從資本支出的角度來看，我們正在投資於我們所在的業務需要投資業務。但是應該有一些好的自由現金流特徵，我們可以繼續關注。

Okay. Great. And then just a follow-up. On the investments you're pursuing. We saw a lot of that at the show. So where you're seeing some momentum across your investments, what can really become more material over time, what do you get excited about on the investments there?

好的。偉大的。然後只是跟進。關於你正在追求的投資。我們在展會上看到了很多。那麼，在您的投資中看到一些動力的地方，隨著時間的推移，什麼真正變得更加重要，您對那裡的投資感到興奮嗎？

Yes. Well, I'll start and then maybe I'll let Jeff jump in a little bit, but I get excited in a couple of places. One, there really is this incredible ecosystem that the company has created where the hardware and the software have a flywheel to benefit each other. You heard us talking about how more customers are buying the premium parts of our business. And so that's really proving out the software. And so I get excited that we can make investments in partnerships that continue to drive that ecosystem. At the same time, with my CFO hat, we're going to be thoughtful and we're going to be disciplined about where and how we invest but I really do think we have a unique opportunity in front of us with that as a lever to continue to pull things in. And I think what's great is the more you can bundle some of these products together, the more powerful each one is. And so it's just a great opportunity there. But Jeff, I know you spend a lot of time thinking through the ecosystem and products and where we should make investments. So if you want to add anything.

是的。好吧，我會開始，然後也許我會讓 Jeff 加入一點點，但我有幾個地方很興奮。第一，該公司確實創建了一個令人難以置信的生態系統，其中硬件和軟件具有相互受益的飛輪。您聽到我們談論越來越多的客戶購買我們業務的優質部分。所以這真的證明了這個軟件。因此，我很高興我們可以對繼續推動該生態系統的合作夥伴關係進行投資。同時，帶著我的首席財務官的帽子，我們將深思熟慮，我們將在投資地點和方式方面受到紀律處分，但我確實認為我們面前有一個獨特的機會，以此作為槓桿繼續把東西拉進來。我認為很棒的是你可以將這些產品中的一些捆綁在一起的越多，每個產品就越強大。所以這只是一個很好的機會。但是傑夫，我知道你花了很多時間思考生態系統和產品，以及我們應該在哪裡進行投資。因此，如果您想添加任何內容。

Sure, absolutely. Thanks, Brittany. Again, thanks for the question. Yes, I think of it, of course, very similarly, I think in 3 core areas. One, as Josh said earlier and Rick alluded to in people not stepping down, the power of our bundles, I sort of (inaudible) my own Amazon roots and the power of things like (inaudible) other similarly situated models. The fact is that giving customers for a fair price that they already think is a great deal even for a subset of the benefits that they already know they want to use. And then once they've done that, they have access to at what feels like free to them an additional and steadily growing set of product benefits that just light up. In fact, just today, I was talking with one of my team members who was at one of our major city customers who's already in a particular level of our bundles, but they weren't using performance, for example, and they had been approached by another company with a stand-alone product (inaudible), and then we helped them realize and remember that they had access to performance and boom, they instantly started using it, and now they're more excited about the bundle than ever.

當然，絕對。謝謝，布列塔尼。再次感謝您的提問。是的，我認為它，當然，非常相似，我認為在 3 個核心領域。一，正如 Josh 之前所說，Rick 在人們不下台時提到，我們捆綁的力量，我有點（聽不清）我自己的亞馬遜根源以及（聽不清）其他類似定位模型的力量。事實是，即使對於他們已經知道自己想要使用的部分好處，以他們已經認為的公平價格為客戶提供的價格也很划算。然後，一旦他們這樣做了，他們就可以免費獲得一系列額外且穩定增長的產品優勢，這些優勢會立即顯現出來。事實上，就在今天，我正在與我的一位團隊成員交談，他是我們主要城市客戶之一，他們已經在我們捆綁的特定級別，但他們沒有使用性能，例如，他們已經接觸過由另一家擁有獨立產品的公司（聽不清），然後我們幫助他們意識到並記住他們可以獲得性能和繁榮，他們立即開始使用它，現在他們對捆綁包比以往任何時候都更加興奮。

I think the second across our ecosystem, as you've heard Andrea and all of us talk about is not just our own first-party product, but more and more and more the story or the narrative or the idea of the Axon network is becoming more and more tangibly real as customers have and use both our own products and our partners' products, whether that's (inaudible) Fusus or DroneSense or (inaudible), yes, it's great that they can sometimes buy those on one piece of paper, but the actual products themselves light up in ways that weren't -- were just moments in a video demo vision idea not too long ago, and now they're real. And then the third that gets me excited about in our own products is more and more of these magical connections and leverage from our software services adding value to our hardware, even once that hardware has already been deployed. And the 2 greatest examples of that are Respond. And so the many, many, many hundreds of thousands of our AB3 body cameras that are now -- have Respond paid licenses connected with them and those agencies using those real-time connected features Respond, which is both a paid add-on and great value and ALPR as a software connection to Fleet 3 and the absolute peanut butter and chocolate combination that our customers are finding of having both the world's best (inaudible) stand-alone in-car camera system, but that being connected to the world's best cloud-powered democratized access price point and ethically designed ALPR system. So it's those connections, both inside our first-party products and across us and our partners' products. That's super exciting for me.

我認為我們生態系統中的第二個，正如你已經聽到 Andrea 和我們所有人談論的那樣，不僅僅是我們自己的第一方產品，而且越來越多的故事或敘述或 Axon 網絡的想法正在成為隨著客戶擁有並使用我們自己的產品和我們合作夥伴的產品，無論是（聽不清）Fusus 或 DroneSense 還是（聽不清），是的，他們有時可以在一張紙上購買這些產品，這真是太好了，但是實際產品本身以不同的方式發光——不久前只是視頻演示視覺創意中的片刻，現在它們是真實的。然後讓我對我們自己的產品感到興奮的第三個是越來越多的這些神奇的連接和利用我們的軟件服務為我們的硬件增加價值，即使已經部署了硬件。兩個最好的例子是 Respond。因此，我們現在有很多很多很多的 AB3 機身攝像頭 - 擁有與它們相關的 Respond 付費許可證，並且那些使用這些實時連接功能 Respond 的代理機構，這既是一個付費插件，又是很棒的價值和 ALPR 作為與 Fleet 3 的軟件連接以及我們的客戶發現的絕對花生醬和巧克力組合，擁有世界上最好（聽不清）的獨立車載攝像頭系統，但連接到世界上最好的雲- 推動民主化接入價格點和符合道德規範的 ALPR 系統。所以這就是我們的第一方產品內部以及我們和我們合作夥伴的產品之間的聯繫。這對我來說非常令人興奮。

Will Power at Baird. Go head.

貝爾德的意志力。去頭。

I guess a couple of questions. First one is probably for Josh, maybe Jeff, but nice acceleration in the software revenue in the quarter. I guess I'd love to get any other color around the key drivers of that. How much of that is tied to OSP 7+ adoption, Attorneys (inaudible). I mean what's kind of leading to that acceleration when you've seen the last few quarters?

我猜有幾個問題。第一個可能是喬希，也許是傑夫，但本季度軟件收入的增長很好。我想我很想在關鍵驅動因素周圍獲得任何其他顏色。其中有多少與 OSP 7+ 的採用有關，律師（聽不清）。我的意思是，當您看到過去幾個季度時，是什麼導致了這種加速？

Yes, certainly, Will, nice to see you again. I think it's really just a combination of a few things driving more users to our more premium licenses, expanding our user base to more software-only use cases outside of kind of core state and local, you mentioned Attorneys, that's certainly a big one, and there are others along that same realm -- and then just increased overall adoption across evidence.com even within state and local, we continue to add users every quarter, and we see some of that also in federal and international and enterprise as well. So goes back to really focusing on selling more into our existing markets and then opening up new markets in parallel, and that's one of the places we're seeing some of the results. And of course, there's a lot more work to do there as well.

是的，當然，威爾，很高興再次見到你。我認為這實際上只是一些因素的結合，促使更多用戶獲得我們更高級的許可證，將我們的用戶群擴展到核心州和本地以外的更多純軟件用例，你提到的律師，這當然是一個大問題，並且在同一領域還有其他人 - 然後甚至在州和地方內增加了evidence.com的整體採用率，我們每季度繼續增加用戶，我們也看到聯邦和國際以及企業中的一些用戶。所以回到真正專注於向我們現有市場銷售更多產品，然後同時開闢新市場，這是我們看到一些結果的地方之一。當然，還有很多工作要做。

Okay. And then maybe just second question, for Brittany, just as we look at margins, EBITDA margins going forward, I know you touched on it, it sounds like you expect EBITDA margins to dip in Q4. I guess it would be great to get any additional color there (inaudible) previously, obviously, down from Q3, are there seasonal issues there? Q3 obviously (inaudible) outperformance on the revenue side. But then, I guess, in tandem with that, just your broader thought process on EBITDA margin expansion over the next few years as you move into '23, what does that kind of comp look like relative to '22? Any other kind of framework that can help us with there?

好的。然後也許只是第二個問題，對於布列塔尼來說，就像我們關注利潤率、EBITDA 利潤率一樣，我知道你談到了它，聽起來你預計 EBITDA 利潤率將在第四季度下降。我想如果之前有任何額外的顏色（聽不清）會很棒，顯然，從第三季度開始，那裡有季節性問題嗎？第三季度在收入方面顯然（聽不清）表現出色。但是，我想，與此同時，隨著您進入 23 世紀，您對未來幾年 EBITDA 利潤率擴張的更廣泛思考過程，相對於 22 世紀，這種比較看起來像什麼？還有其他可以幫助我們的框架嗎？

Yes. So I think a couple of things going on in Q4 are we talked about having slightly less leverage on our OpEx -- we do continue to invest in OpEx as we head into the fourth quarter of the year. We have also talked a little bit about how it's still a very positive margin for the overall year. So we'll get to almost 19% EBITDA margins. But I think if you look at sort of last year to this year, what you really saw was gross margins came down year-over-year, and that's a lot of what was impacting our EBITDA margins year-over-year. So we actually have managed to get some OpEx leverage if you look at some of those numbers. And so as we look and start thinking about what is that going to be like in the future, it's one of the main reasons that I'm really starting by digging into gross margins and where can we get some continued leverage in gross margins. That all can then flow through to the bottom line and support what we come out with in terms of longer-term EBITDA targets. We'll have more for you on '23 when we get to our Q4 earnings call, but really looking forward to digging in there and being able to provide some more of that color.

是的。所以我認為第四季度發生的一些事情是我們談到對我們的運營支出的影響力略低——我們確實在進入今年第四季度時繼續投資運營支出。我們還談到了它如何仍然是全年非常積極的利潤率。因此，我們將獲得近 19% 的 EBITDA 利潤率。但我認為，如果你看看去年到今年，你真正看到的是毛利率同比下降，這在很大程度上影響了我們的 EBITDA 利潤率。因此，如果您查看其中一些數字，我們實際上已經設法獲得了一些 OpEx 槓桿作用。因此，當我們開始思考並開始思考未來會是什麼樣子時，這是我真正開始研究毛利率以及我們在哪裡可以獲得一些持續的毛利率槓桿作用的主要原因之一。然後，所有這些都可以流向底線，並支持我們在長期 EBITDA 目標方面得出的結論。當我們到達第四季度財報電話會議時，我們將在 23 年為您提供更多信息，但我們真的很期待在那裡挖掘並能夠提供更多這種顏色。

Jeremy Hamblin at Craig-Hallum.

Craig-Hallum 的傑里米·漢布林 (Jeremy Hamblin)。

Congrats. Brittany, I want to follow up on that last point, actually. So gross margin performance was pretty solid in the quarter, especially with a lot of the revenue upside tied to AB3 cameras. And now that you've had obviously still getting familiar with the company and the opportunities and so forth. But I sense that there is a notable tone change in terms of opportunity on gross margin and that, that may be like a key focus on a go-forward basis of where there's opportunity. So I wanted to get a sense for the timing of -- well, a, how much low-hanging fruit do you think there is because maybe if you're going to gain 500 basis points, how much of that is easy and how much of it is you're going to have work hard -- so I wanted to get a sense of how much opportunity you think there is overall? And then also the timing on what you think if -- again, I'm just throwing something out there but how much of the gains do you think could happen in the next 18 to 24 months versus a 5- or 6-year slot?

恭喜。布列塔尼，實際上，我想跟進最後一點。因此，本季度的毛利率表現相當穩健，尤其是與 AB3 相機相關的大量收入增長。現在你顯然仍然熟悉公司和機會等等。但我感覺到毛利率的機會發生了顯著的變化，這可能就像重點關注有機會的前進基礎。所以我想了解時機——嗯，a，你認為有多少唾手可得的果實，因為如果你要獲得 500 個基點，其中有多少容易，有多少最重要的是你會努力工作——所以我想了解一下你認為總體上有多少機會？然後還有你認為的時間 - 再說一次，我只是在拋出一些東西，但你認為未來 18 到 24 個月與 5 年或 6 年的時間段相比，會有多少收益？

Yes. No, I appreciate the question. I mean I would say I think that the business has been well run. And so I wouldn't say there's any glaring low-hanging fruit, but I would also say it's a business that's come through many of the supply, well, still in many of the ongoing supply chain challenges. So the company has been paying PPV and having to invest in manufacturing capacity and automation and all things, I think, that have been talked about but should start to see some benefits going forward as we continue to grow, as we continue to get scale on some of those investments hopefully, as we get to a more normalized supply chain, you saw the growth in software, which is higher margin for us. So that product mix is very important going forward. I think all of those things are the things that we're going to need to do to drive gross margin improvement.

是的。不，我很欣賞這個問題。我的意思是我會說我認為業務運行良好。因此，我不會說有任何明顯的唾手可得的果實，但我也會說這是一項經歷了許多供應的業務，嗯，仍然存在許多持續的供應鏈挑戰。因此，該公司一直在支付 PPV 並不得不投資於製造能力和自動化以及所有事情，我認為，這些已經被討論過，但隨著我們繼續增長，隨著我們繼續擴大規模，應該開始看到一些未來的好處希望其中一些投資，隨著我們的供應鏈更加規範化，你會看到軟件的增長，這對我們來說利潤率更高。因此，產品組合在未來非常重要。我認為所有這些都是我們需要做的事情來推動毛利率的提高。

Okay. And in a similar vein, then in terms of -- it also sends that maybe your OpEx growth might also be -- there's been a lot of investment over the last few years. And a lot of that was new product rollout and not that you're not still iterating from there. But it does -- I do get the sense that now you're going to mature or realize some of the opportunities in those business that it's taken 4, 5 years to lay the foundation and start to see a little scale. Is that a correct read that obviously, continue to invest, but maybe the rate of growth in your OpEx might be a little bit lower than what it's been in the last few years?

好的。同樣，就 - 它也表明您的運營支出增長也可能是 - 在過去幾年中進行了大量投資。其中很多是新產品的推出，而不是你還沒有從那裡迭代。但確實如此——我確實感覺到，現在您將成熟或意識到這些業務中的一些機會需要 4、5 年才能奠定基礎並開始看到一點規模。顯然，繼續投資是否正確，但您的運營支出增長率可能會比過去幾年低一點？

I mean I think that we're certainly looking to get some good OpEx leverage as we continue to grow. But I also -- I don't want to leave you with the impression that we're not going to continue to invest in their growth because the opportunity in front of us is just so enormous that you should all want us to be investing behind going after that. And so I think we're going to continue to be really thoughtful about where we do that and make sure we're getting a good return on those investment dollars, but both from an R&D standpoint and then some of these new channel opportunities are big and you're starting to see that pay off in federal. And so we would like to keep doing that and keep driving that top line growth, just doing that profitably and making sure there's a good balance there and a good focus on really getting return for the dollars we're investing.

我的意思是我認為隨著我們的持續增長，我們肯定希望獲得一些良好的運營支出槓桿。但我也 - 我不想給你們留下這樣的印象，即我們不會繼續投資於他們的增長，因為我們面前的機會是如此巨大，以至於你們都應該希望我們在後面投資在那之後。所以我認為我們將繼續認真考慮我們在哪裡做這件事，並確保我們從這些投資中獲得良好的回報，但從研發的角度來看，這些新渠道中的一些機會都是巨大的你開始在聯邦看到這種回報。因此，我們希望繼續這樣做並繼續推動收入增長，只是在盈利的情況下做到這一點，並確保那裡有一個良好的平衡，並專注於真正獲得我們投資的美元的回報。

We'll go a couple of minutes over. Erik Suppiger at JMP. Go ahead.

我們再過幾分鐘。 JMP 的 Erik Suppiger。前進。

On the international front, can you talk a little bit about kind of the near-term strategy? I'm not sure if there's a time line associated with the 5x opportunity that you envision there, but can you talk a little bit about kind of your lead products and how you're going to develop the international markets?

在國際方面，您能談談近期戰略嗎？我不確定是否有與您設想的 5 倍機會相關的時間表，但您能否談談您的主導產品種類以及您將如何開發國際市場？

Sure. I think generally speaking, the focus, Erik, is really to land with one product, whether it's on the CEW side, the video side, interview room, in-car video, any of our digital evidence management products, and there we'll bet on ourselves to continue to grow the adoption and numbers and volume of that one product, but we'll also grow the adoption and volume of other products along the way. So right now, we still remain focused on doing everything we can to grow in the U.K. and Canada and Australia being our Tier 1 international markets, but also just finding one product to fit in all of these other large national police forces and from their supplement with our additional products. And I think it's working well. We've seen a lot of interesting TASER adoption this year in markets where we haven't really participated before, but we also see a tremendous pipeline going into next year and the year after, not only across TASER, but across body cams and cloud.

當然。我認為一般來說，Erik 的重點真的是登陸一個產品，無論是在 CEW 方面，視頻方面，採訪室，車載視頻，我們的任何數字證據管理產品，我們都會在那裡押注自己繼續增加該產品的採用率、數量和數量，但我們也將在此過程中增加其他產品的採用率和數量。所以現在，我們仍然專注於盡我們所能在英國、加拿大和澳大利亞作為我們的一級國際市場發展，但也只是找到一種產品來適應所有這些其他大型國家警察部隊及其補充與我們的其他產品。我認為它運作良好。今年我們在以前從未真正參與過的市場中看到了很多有趣的 TASER 採用，但我們也看到明年和後年將有一條巨大的管道進入，不僅跨越 TASER，而且跨越身體攝像頭和雲.

So we're very excited about the prospects of international, and it's really about that land and expand strategy that we talked about earlier in the call.

所以我們對國際化的前景感到非常興奮，這真的是關於我們在電話會議早些時候談到的土地和擴張戰略。

Let me jump in (inaudible) I think, in particular, this moonshot, right? One can look at that and say, okay, well, how do I tie that back (inaudible) to the company? And what we're trying to do is push ourselves not to just think of, in particular, the TASER as a product that we're going to incrementally making marginally better than the last version. But how do we obsolete the bullet? How do we become the primary defensive weapon and one that doesn't kill. When we do that, we will move the TASER from a specialist item but a few officers or a specialized team may have to where every officer is going to need one. Now in the United States, police will carry a TASER on one hip and a gun on the other. In most international markets, we don't see that dynamic happen where (inaudible) I think, maybe a more American approach to carry both devices. When we start to approach the (inaudible) reliability of a pistol with a nonlethal weapon, I think that will be a game changer where, no, not in the United States. The United States has unique challenges because of the gun culture broadly in the country, cops are going to need to carry both for quite some time. But if you think about France, Germany, Spain or pick any international country where officers are routinely wearing (inaudible). If we can give them something that's similar in performance stopping power, I think we'll see those countries potentially shift to where a TASER energy weapon can become their primary device and suddenly we go from 5% to 10% of a police force to approximating 100%.

讓我跳進去（聽不清）我想，尤其是這次登月，對吧？人們可以看著它說，好吧，好吧，我如何將它（聽不清）與公司聯繫起來？我們正在努力做的是推動自己不要僅僅將 TASER 視為一種產品，我們將逐步使其比上一個版本稍微好一點。但是我們如何淘汰子彈呢？我們如何成為主要的防禦武器和不殺人的武器。當我們這樣做時，我們會將 TASER 從專業項目中移出，但少數軍官或專業團隊可能不得不將其轉移到每個軍官都需要的地方。現在在美國，警察會在一側臀部攜帶 TASER，另一側攜帶槍支。在大多數國際市場中，我們認為這種動態不會發生在（聽不清）我認為的地方，也許是一種更美國化的方式來攜帶這兩種設備。當我們開始接近使用非致命武器的手槍的（聽不清）可靠性時，我認為這將改變遊戲規則，不，不是在美國。由於該國廣泛存在槍支文化，美國面臨著獨特的挑戰，警察將需要在相當長的一段時間內同時攜帶這兩種槍支。但是，如果您考慮一下法國、德國、西班牙或選擇任何軍官經常穿著的國際國家（聽不清）。如果我們能給他們提供類似性能製動力的東西，我想我們會看到這些國家可能會轉向 TASER 能源武器可以成為他們的主要設備的地方，突然之間，我們警察隊伍的比例從 5% 增加到 10% 接近100%。

So I think that sort of thinking is going to pay off in really breakout moments of growth for us, particularly in the international space. And then the other piece is the cloud. We are hammering the way. It's taken longer than I thought it would. In Europe, in particular, to get acceptance to the cloud. The same objections we saw in the U.S. a decade ago. We're seeing some bright spots and signs of light. And I think if we get 1 or 2 leading customers to crack and prove the cloud is safe, then we'll start to see the (inaudible) there as well. So I'm particularly excited about the international opportunities led by TASER (inaudible).

所以我認為這種想法將在我們真正突破性的增長時刻得到回報，特別是在國際領域。然後另一部分是雲。我們正在敲門。它花費的時間比我想像的要長。特別是在歐洲，要獲得對雲的接受。我們十年前在美國看到的反對意見相同。我們看到了一些亮點和光的跡象。而且我認為，如果我們有 1 或 2 個主要客戶破解並證明雲是安全的，那麼我們也將開始看到（聽不清）那裡。因此，我對 TASER（聽不清）帶來的國際機遇感到特別興奮。

Does the TASER take time? You had talked about the moonshot and getting to the point where it starts to obsolete the bullet. Does that imply that the lead product would be the sensors and (inaudible) until the TASER starts reaching that level or what -- how do you think between those 2?

泰瑟槍需要時間嗎？你已經談到了登月計劃，並談到了它開始淘汰子彈的地步。這是否意味著主要產品將是傳感器，並且（聽不清）直到 TASER 開始達到該水平或什麼——你如何看待這兩者之間的關係？

Well, I'd say in many markets, the TASER is already a leading product. It tends to bring us, I think, into more markets because of its unique value proposition. But I think that will accelerate as we continue to step up its capability to move from a specialist capture tool to a highly reliable personal defense system. I don't know if you want to make any additional commentary, Josh.

好吧，我想說在許多市場上，TASER 已經是領先產品。我認為，由於其獨特的價值主張，它往往會將我們帶入更多市場。但我認為，隨著我們繼續加強其從專業捕獲工具轉變為高度可靠的個人防禦系統的能力，這將加速。喬希，我不知道你是否想發表任何額外的評論。

We'll take questions from one more analyst and then Rick will close this out. (inaudible) Securities.

我們將向另一位分析師提出問題，然後 Rick 將結束這一點。 （聽不清）證券。

Congrats again on a great quarter. So with our first question, we were hoping that you guys could shed a little light around what percentage of sales is currently coming from the federal government -- and how do you guys expect that to change come fiscal year '23 and '24?

再次祝賀一個偉大的季度。因此，對於我們的第一個問題，我們希望你們能對目前來自聯邦政府的銷售額百分比有所了解——你們希望在 23 財年和 24 財年如何改變？

Yes, (inaudible). I appreciate the question, and thanks a lot. I don't know that we're going to go into that level of detail right now. I'd say our focus in federal continues to remain on growing bookings and total contract value, with the expectation is that flows to the top line and revenue not only upfront as those contracts are signed, but over time. But at this point, we're not prepared to break out federal revenue. And maybe we'll reassess later. But at the moment, we're stick with the way we're reporting it.

是的，（聽不清）。我很欣賞這個問題，非常感謝。我不知道我們現在要進入那個級別的細節。我想說，我們在聯邦的重點繼續放在增加預訂量和總合同價值上，預計收入和收入不僅會隨著這些合同的簽署而提前流入，而且會隨著時間的推移而流入。但在這一點上，我們不准備打破聯邦收入。也許我們稍後會重新評估。但目前，我們堅持我們報告它的方式。

Yes. Understandable. So our next question is, what should we anticipate for fourth quarter bookings? What have you guys kind of noticed so far? Do you expect that to be the highest in any quarter this year?

是的。可以理解。所以我們的下一個問題是，我們應該預計第四季度的預訂量是多少？到目前為止，你們注意到了什麼？你預計這將是今年任何季度的最高值嗎？

We do expect Q4 to be our highest bookings quarter of the year for sure and maybe even ever depending on a few factors there. So we're certainly excited about it, but that's the extent to which we'll elaborate on that right now.

我們確實預計第四季度肯定會成為我們一年中預訂量最高的季度，甚至可能取決於那裡的一些因素。所以我們當然對此感到興奮，但這就是我們現在要詳細說明的程度。

All right. Thank you, (inaudible), and thank you, everyone. We're going to have Rick close us out.

好的。謝謝，（聽不清），謝謝大家。我們要讓瑞克把我們關在門外。

Awesome. Thanks, Andrea. And of course, thanks for our shareholders. It is with great pride that we're able to deliver results like this -- and it is an amazing team. I got to tell you, Josh, having watched him grow in his career, he's just an amazing team builder (inaudible) a lot of credit for helping us find and recruit Brittany, who -- this is her first call with you guys, but I can tell you, we're already feeling the magic that she's adding to the team. And of course, Jeff and the amazing team he has built over in product, and he's continuing to just bring in amazing talent -- so there's never been a better time to be at Axon, the moonshot. We didn't blindly make that promise without some pretty clear vision of how we're going to get there. So to get to the moon, we're working on the Saturn V and the Eagle Lander and a lot of really awesome tech, you can expect to see over the next couple of years. So with that, I'm going to wish you all a happy holiday season. Thank you for your patience and sticking with us. Many of you have been following the company for a long time. We're delighted to see the investments we're making in the past pay off, and we're excited to show you where today's investments will pay off tomorrow in the future. So if I don't see you all, enjoy your holidays, and we look forward to talking to you in the new year.

驚人的。謝謝，安德里亞。當然，感謝我們的股東。我們非常自豪能夠取得這樣的成果——這是一支了不起的團隊。我得告訴你，喬希，看著他在職業生涯中的成長，他只是一個了不起的團隊建設者（聽不清）幫助我們找到和招募布列塔尼，這是她第一次打電話給你們，但是我可以告訴你，我們已經感受到了她為球隊增添的魔力。當然，還有 Jeff 和他在產品方面建立的令人驚嘆的團隊，他將繼續引進令人驚嘆的人才——所以現在是登月計劃 Axon 的最佳時機。我們並沒有盲目地做出這個承諾，因為我們沒有對我們將如何到達那裡有一些非常清晰的願景。所以為了登上月球，我們正在研究土星五號和鷹著陸器以及許多非常棒的技術，你可以期待在接下來的幾年裡看到。因此，我將祝大家節日快樂。感謝您的耐心和堅持。你們中的許多人已經關注公司很長時間了。我們很高興看到我們過去所做的投資得到回報，我們很高興向您展示今天的投資明天將在哪裡獲得回報。所以，如果我沒有見到你們，請享受你們的假期，我們期待在新的一年與你們交談。