Axon Enterprise Inc (AXON) 2022 Q4 法說會逐字稿

Okay. Welcome, everyone, to our Q4 2022 update. I hope you've all had a chance to read our shareholder letter at investor.axon.com. Our prepared remarks today are meant to build on the information and tables in that very robust letter.

好的。歡迎大家來到我們的 2022 年第四季度更新。我希望你們都有機會在 investor.axon.com 上閱讀我們的股東信。我們今天準備好的評論旨在建立在那封非常有力的信中的信息和表格的基礎上。

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。今天所做的任何前瞻性陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款並符合其含義。

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 and we discuss these risks in our SEC filings.

這些評論基於我們截至今天的預測和期望，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，這些風險和不確定因素可能導致實際結果出現重大差異，我們在向美國證券交易委員會提交的文件中討論了這些風險。

And before we turn the call over to Rick, we will play our quarterly earnings video, go ahead and settle in. It's about a 10-minute video.

在我們將電話轉給 Rick 之前，我們將播放我們的季度收益視頻，繼續並安頓下來。這是一個大約 10 分鐘的視頻。

(presentation)

（推介會）

All right. Thank you, Andrea and Angel. Great job. And to our investors, I hope you can feel the passion that comes through in that video. And I'm just so humbled to be a part of this team. And the formula that really work for us is when we focus on one of the most important problems we can solve that gets us solving the things that are also the most valuable problems for our customers. And that ultimately is what puts up the results that you see from last year. So TASER 10 is the most sophisticated, accurate and effective TASER Energy Weapon we've ever created. It's a huge leap forward.

好的。謝謝你，安德里亞和天使。做得好。對於我們的投資者，我希望您能感受到該視頻中的熱情。我很榮幸成為這個團隊的一員。真正對我們有用的公式是，當我們專注於我們可以解決的最重要的問題之一時，它會讓我們解決對我們的客戶來說也是最有價值的問題。這最終就是你從去年看到的結果。所以 TASER 10 是我們創造的最精密、準確和有效的 TASER 能量武器。這是一個巨大的飛躍。

Future generations may simply take for granted the existence of these truly capable, less lethal technologies as if they had always existed. And like all technological advancements that drive our society forward, that is our goal. Now the customer reception has been fantastic. We are incredibly humbled to be at the forefront of breakthrough technology and societal change. Our 2022 standout performance with revenue up 38%, strong profitability and cash flow follows multiple years of exceptional results even through difficult macro environments.

後代可能會理所當然地認為這些真正有能力、殺傷力較低的技術的存在，就好像它們一直存在一樣。就像推動我們社會前進的所有技術進步一樣，這就是我們的目標。現在客戶接待非常好。能夠走在突破性技術和社會變革的最前沿，我們深感榮幸。我們在 2022 年取得了出色的業績，收入增長了 38%，盈利能力和現金流強勁，即使在困難的宏觀環境下也取得了多年的優異成績。

Axon's history of superior execution can be traced to a few key things: our vision and mission; our long-term strategic thinking, and that attracts just an amazing team of passionate and talented people; and our relentless focus on customers. We build upon a solid foundation of customer trust. And finally, our conviction to double down on investments to drive unprecedented change and cumulative growth.

Axon 卓越執行的歷史可以追溯到幾件關鍵的事情：我們的願景和使命；我們的長期戰略思維，吸引了一支由熱情和才華橫溢的人組成的驚人團隊；以及我們對客戶的不懈關注。我們建立在客戶信任的堅實基礎上。最後，我們堅信加倍投資以推動前所未有的變革和累積增長。

A prime example of this is the foresight we had more than a decade ago to start building a software business. In 2022, our recurring high-margin cloud revenue comprised more than 30% of the company total. It's great to see our long-term strategies continuing to bear fruit. To that end, I'll take a moment to talk about areas where we're currently investing to ensure that Axon continues to drive value creation well beyond the 2025 planning horizon we're sharing today. The future policing will include more robotic security, full stop.

一個典型的例子就是我們十多年前開始建立軟件業務的遠見。 2022 年，我們的經常性高利潤雲收入占公司總收入的 30% 以上。很高興看到我們的長期戰略繼續取得成果。為此，我將花點時間談談我們目前正在投資的領域，以確保 Axon 繼續推動價值創造，遠遠超出我們今天分享的 2025 年規劃範圍。未來的警務將包括更多的機器人安全，句號。

We stood up our Axon Air program a few years ago, and we continue to invest in that. We view drone and robotics technology, first and foremost, as a way to extend visibility and communications for first responders. Robotic security is already playing an increasingly important role in search and rescue; natural disaster response; crime and accident scene reconstruction; and a new category of DFR or Drone As a First Responder. We see potential for robotic security to play a greater role in de-escalation. Numerous high-profile cases, we've all seen these tragedies on the news, have inspired police departments to do everything possible to reduce the frequency of use of force incidents.

幾年前，我們啟動了 Axon Air 計劃，並繼續投資於此。我們首先將無人機和機器人技術視為擴展急救人員可見性和通信的一種方式。機器人安全已經在搜索和救援中發揮越來越重要的作用；自然災害應對；犯罪和事故現場重建；以及作為第一響應者的新類別 DFR 或無人機。我們看到機器人安全有可能在降級方面發揮更大的作用。無數引人注目的案件，我們都在新聞上看到了這些悲劇，促使警察部門盡一切可能減少使用武力事件的發生頻率。

Substituting a robot for a human can help in many types of scenarios. One example is high-risk entry with SWAT teams. We see the opportunity to reduce the need for people as police officers to enter a home with firearms drawn, for example. Another area we see coming is the fusion of intelligence ecosystems that integrate with public safety, align videos for multiple types of cameras and sensors to port into 1 system, both to assist in real-time response and to support investigations. We're also excited about these recent advances in generative AI. Nearly 6 years ago, we published a vision video with the idea that artificial intelligence could 1 day extract key information from body camera videos, which, together with a brief oral description from the officer can be used to write the police report for that officer.

用機器人代替人類可以在許多類型的場景中提供幫助。一個例子是特警隊的高風險進入。例如，我們看到了減少警察攜帶槍支進入家中的需要的機會。我們看到的另一個領域是與公共安全相結合的情報生態系統的融合，將多種類型的攝像機和傳感器的視頻對齊到一個系統中，以協助實時響應並支持調查。我們也對生成人工智能的這些最新進展感到興奮。大約 6 年前，我們發布了一個視覺視頻，其想法是人工智能可以在一天內從隨身攝像機視頻中提取關鍵信息，再加上警官的簡短口頭描述，可以用來為該警官撰寫警方報告。

Well, that vision no longer feels like science fiction. This vision was part of our thesis and our focus in building out our Cloud infrastructure over the past decade, and we are excited to see what capabilities we will be able to leverage over the next few years to delight our customers and to make our public tax dollars much more efficient by automating many mundane yet very time-consuming tasks.

好吧，這個願景不再像科幻小說了。這一願景是我們論文的一部分，也是我們在過去十年中構建雲基礎設施的重點，我們很高興看到我們將能夠在未來幾年利用哪些能力來取悅我們的客戶並使我們的公共稅收通過自動執行許多平凡但非常耗時的任務，美元的效率會大大提高。

And finally, when we build for the future, we collaborate with our trusted constituencies. We work with governments, city councils, public safety and our Ethics and Equity Advisory Council. This council provides invaluable feedback. They ask us the hard questions and help us to see around corners. We look to them for assistance in ensuring ethical design and that we continue to work with our counsel leaders who are each dynamic, highly successful and impressive individuals in their own way. And with that, I'd now like to turn over to our COO, Josh Isner, to talk in more detail about the business. Josh?

最後，當我們為未來而建設時，我們會與值得信賴的支持者合作。我們與政府、市議會、公共安全部門以及我們的道德與公平諮詢委員會合作。該委員會提供了寶貴的反饋。他們向我們提出棘手的問題並幫助我們看到周圍的角落。我們期待他們在確保道德設計方面提供幫助，並希望我們繼續與我們的法律顧問領導者合作，他們都是充滿活力、非常成功且以自己的方式給人留下深刻印象的人。說到這裡，我現在想請我們的首席運營官 Josh Isner 更詳細地談談這項業務。喬什？

Thanks a lot, Rick. Last August, I talked about 4 major areas of focus for the back half of 2022. And I'm pleased to report that we delivered on all fronts. First, we are driving discipline and prioritization across the business. We say no to many opportunities and when we do say yes, we win. The results of our efforts include a phenomenal close to the year with revenue up 44% in the back half and more than 50% in Q4 alone. And then a game-changing product launch of TASER 10 just a few weeks later.

非常感謝，里克。去年 8 月，我談到了 2022 年下半年的 4 個主要重點領域。我很高興地報告，我們在所有方面都取得了成果。首先，我們正在推動整個企業的紀律和優先次序。我們對許多機會說不，當我們說是時，我們就贏了。我們努力的成果包括今年年底收入驚人增長，下半年收入增長 44%，僅第四季度就增長了 50% 以上。幾週後，改變遊戲規則的 TASER 10 產品發布。

The second area I talked about was investing to penetrate our total addressable market. In our shareholder letter today, we introduced a new TAM analysis which outlines a $50 billion opportunity and shows growth in our core markets. That core TAM, which includes our SaaS categories, cameras, professional TASER, Axon Air, VR and a customer base that includes U.S. federal, international and commercial enterprises grew from $34 billion to $45 billion in our updated analysis. Much of the TAM we pursue today is in areas where our investments have helped position us as a leader and as a pioneer. We see ourselves as the best positioned to deliver on the future of policing that Rick discussed a moment ago.

我談到的第二個領域是投資滲透我們的整個潛在市場。在我們今天的股東信中，我們介紹了一項新的 TAM 分析，該分析概述了 500 億美元的機會並顯示了我們核心市場的增長。在我們最新的分析中，核心 TAM 包括我們的 SaaS 類別、相機、專業 TASER、Axon Air、VR 和包括美國聯邦、國際和商業企業在內的客戶群，從 340 億美元增長到 450 億美元。我們今天追求的大部分 TAM 都在我們的投資幫助我們成為領導者和先驅的領域。我們認為自己是實現里克剛才討論的警務未來的最佳人選。

Thirdly, I'm very pleased to see us deliver on our promise to generate strong cash flow. For the full year, we delivered $195 million in adjusted free cash flow. This was an 84% conversion on adjusted EBITDA of $232 million. This allowed us to maintain a net cash position roughly flat to last year, while investing CapEx to drive global scale in deploying $83 million in strategic ecosystem investments to ensure we stay at the forefront of industry innovation. Finally, we are assembling a world-class team from top to bottom, some of whom you see on the call here today.

第三，我很高興看到我們兌現了產生強勁現金流的承諾。全年，我們交付了 1.95 億美元的調整後自由現金流。調整後的 EBITDA 為 2.32 億美元，轉換率為 84%。這使我們能夠保持與去年大致持平的淨現金狀況，同時投資資本支出以推動全球規模部署 8300 萬美元的戰略生態系統投資，以確保我們始終處於行業創新的前沿。最後，我們從上到下組建了一支世界一流的團隊，您今天在這裡的電話會議上看到了其中一些人。

This team brings financial discipline, a next-play mindset and the capability to drive outside outcomes for the next 5 years and beyond. We are building a culture where we expect to deliver on our commitments to employees, to customers and to our investors. Looking forward to 2023, working with Brittany, we have streamlined our company-wide bonus metrics to 4 core items. The entire organization is incentivized to measure, drive toward and exceed the following: number one, revenue. Top-line growth remains a top priority. Number two, adjusted EBITDA margin, which Brittany will take you through in a moment. Number three, new market expansion in the U.S. federal government and international markets; and number four, new product adoption, ensuring that the products we are building continue to be adopted and used by our customers.

該團隊帶來了財務紀律、下一步行動的心態以及在未來 5 年及以後推動外部成果的能力。我們正在建立一種文化，我們希望在這種文化中兌現我們對員工、客戶和投資者的承諾。展望 2023 年，我們與 Brittany 合作，將全公司的獎金指標簡化為 4 個核心項目。整個組織都受到激勵去衡量、推動並超越以下目標：第一，收入。收入增長仍然是重中之重。第二，調整後的 EBITDA 利潤率，Brittany 稍後將帶您了解。第三，美國聯邦政府和國際市場的新市場擴張；第四，新產品採用，確保我們正在構建的產品繼續被我們的客戶採用和使用。

We never stopped helping our existing customer base to walk up the value chain and take advantage of our new software features. Finally, before Brittany lays out our 3-year plan to achieve $2 billion in revenue, I wanted to provide some color on what we think will help us build toward that milestone. Our path to $2 billion in revenue and beyond will be driven by a combination of selling new products into our existing markets and by selling existing products into new markets. We continue to introduce new products that deliver value to our existing customer base of U.S. state and local law enforcement, and we believe we will continue to grow our share of wallet in that market. Items such as TASER 10, Fleet 3, Virtual Reality, Axon Records, Axon Dispatch, Axon Air and the multitude of Evidence.com add-ons will continue to drive growth amongst our state and local U.S. customers.

我們從未停止幫助我們現有的客戶群走上價值鏈並利用我們的新軟件功能。最後，在 Brittany 制定實現 20 億美元收入的 3 年計劃之前，我想說明一下我們認為將有助於我們實現這一里程碑的事情。我們實現 20 億美元及以上收入的道路將由向現有市場銷售新產品和向新市場銷售現有產品相結合的方式推動。我們繼續推出新產品，為我們現有的美國州和地方執法部門客戶群帶來價值，我們相信我們將繼續擴大我們在該市場的錢包份額。 TASER 10、Fleet 3、虛擬現實、Axon Records、Axon Dispatch、Axon Air 和大量 Evidence.com 附加組件等項目將繼續推動我們州和美國當地客戶的增長。

In parallel, we will continue to grow international, federal and enterprise, leveraging our core product portfolio. Not only will the combination of these 2 simultaneous motions create top-line growth opportunities for the future well beyond 2025, but they will also provide multiple paths to our annual revenue guidance year in and year out.

與此同時，我們將利用我們的核心產品組合繼續發展國際、聯邦和企業。這兩項同步動議的結合不僅將為 2025 年以後的未來創造收入增長機會，而且還將為我們年復一年的年度收入指導提供多種途徑。

And with that, I'll turn it over to Brittany.

有了這個，我會把它交給布列塔尼。

Thank you, Josh. It's particularly gratifying to see broad-based strength across the business and our strong 2022 execution. Both software and hardware are driving robust performance. Notably, Axon Cloud now represents about 1/3 of our business, carrying best-in-class metrics on growth and net revenue retention. In 2022, Cloud revenue grew 50% to $368 million with a 73% gross margin. Annual recurring revenue has grown to $473 million and the net revenue retention is 121%.

謝謝你，喬希。看到整個業務的廣泛實力和我們強大的 2022 年執行力，尤其令人欣慰。軟件和硬件都在推動強勁的性能。值得注意的是，Axon Cloud 現在約占我們業務的 1/3，在增長和淨收入保留方面擁有一流的指標。 2022 年，雲收入增長 50% 至 3.68 億美元，毛利率為 73%。年度經常性收入已增長至 4.73 億美元，淨收入保留率為 121%。

In addition, we are incredibly proud of the fantastic job Axon has done selling hardware and subscription bundles. 90% of total revenue in 2022 was tied to a subscription compared to just a few years ago when less than half of revenue was subscription-based. Following on Josh's commentary regarding the TAM opportunity, our updated analysis more closely aligns with our focus as an organization. Axon's core TAM of $45 billion across SaaS categories, cameras, professional TASER, Axon Air and VR reflects opportunities and a customer base that includes public safety, U.S. federal, international and commercial enterprise. At the same time, the consumer personal protection market remains an opportunity, and I'm currently recruiting for a permanent GM to lead the business. However, as we noted in our shareholder letter, we are reframing our analysis on this market from $18 billion to $5 billion in terms of total TAM.

此外，我們為 Axon 在銷售硬件和訂閱包方面所做的出色工作感到無比自豪。 2022 年總收入的 90% 與訂閱相關，而就在幾年前，只有不到一半的收入來自訂閱。根據 Josh 關於 TAM 機會的評論，我們更新後的分析更符合我們作為一個組織的關注點。 Axon 在 SaaS 類別、相機、專業 TASER、Axon Air 和 VR 方面的核心 TAM 為 450 億美元，反映了機會和包括公共安全、美國聯邦、國際和商業企業在內的客戶群。與此同時，消費者個人保護市場仍然是一個機會，我目前正在招聘一位常任總經理來領導這項業務。然而，正如我們在股東信中指出的那樣，我們正在將我們對該市場的分析從 180 億美元重新調整為 50 億美元的 TAM 總額。

Almost $5 billion is still large opportunity that we're interested in pursuing, but we are rightsizing our focus to better reflect the enormous opportunity we see in our core business. You'll also note that in Q4, we recognized $8.5 million of Cloud revenue that we had previously underreported. This revenue relates to work that was completed in prior periods and was unrecognized due to our ERP implementation in 2021. While the impact is immaterial to our financials, it did result in a material weakness. Remediating this will be a focus in 2023, and we have laid out a detailed plan in our 10-K. Against the backdrop of an exceptional 2022 and an improving demand environment, we are thrilled to be sharing another robust outlook for the year ahead. Additionally, now that I've had some time to dig into the business, we are introducing 3-year financial goals. Looking at 2023, my key financial priorities for the year are the following: first, executing against our financial objective of delivering revenue growth of 20%.

近 50 億美元仍然是我們有興趣追求的巨大機會，但我們正在調整我們的重點，以更好地反映我們在核心業務中看到的巨大機會。您還會注意到，在第四季度，我們確認了之前少報的 850 萬美元雲收入。該收入與前期完成的工作有關，但由於我們在 2021 年實施 ERP 而未被確認。雖然這對我們的財務影響不大，但確實導致了實質性的疲軟。補救此問題將是 2023 年的重點，我們已在 10-K 中製定了詳細計劃。在非凡的 2022 年和不斷改善的需求環境的背景下，我們很高興能分享對來年的另一個強勁展望。此外，既然我有時間深入了解業務，我們將推出 3 年財務目標。展望 2023 年，我今年的主要財務重點如下：首先，實現我們實現收入增長 20% 的財務目標。

Second, working towards long-term gross margin improvement. We feel confident in the levers we can pull on gross margin over time, which include investing in automation; improving manufacturing efficiency; further growing our software revenue mix; and offsetting inflation with pricing. In 2023, we are balancing these opportunities against ramping TASER 10 in the first half of the year and continuing to catch up on our Fleet in-car camera installations.

其次，致力於長期改善毛利率。我們對隨著時間的推移可以拉動毛利率的槓桿充滿信心，其中包括投資自動化；提高生產效率；進一步擴大我們的軟件收入組合；並通過定價來抵消通貨膨脹。到 2023 年，我們將在這些機會與上半年 TASER 10 的提升之間取得平衡，並繼續趕上我們的 Fleet 車載攝像頭安裝。

Our Fleet business carries a lower margin upfront and transitions to high-margin recurring software revenue over time. Third, controlling operating expenses by enhancing our financial discipline. In 2023, we are still digesting large investments we made in 2022 and investing for growth. We are guiding to 20% adjusted EBITDA margin, which implies 50 basis points of improvement year-over-year. Fourth, delivering on our ecosystem vision by leveraging strategic partnerships, investments and potentially M&A. And fifth, setting us up to ensure we are on the path to hitting our 3-year goals.

我們的車隊業務前期利潤率較低，隨著時間的推移會過渡到高利潤率的經常性軟件收入。三是加強財務紀律，控制經營費用。 2023年，我們還在消化2022年做的大筆投資，投資增長。我們正在指導 20% 的調整後 EBITDA 利潤率，這意味著同比提高 50 個基點。第四，通過利用戰略合作夥伴關係、投資和潛在的併購來實現我們的生態系統願景。第五，讓我們做好準備，確保我們走上實現 3 年目標的道路。

Turning to those goals. Our 2025 outlook for more than $2 billion in revenue is underpinned by our confidence that we can deliver on the 20% CAGR that we've communicated previously and as Josh laid out the drivers. Over the next 3 years, we also expect to drive gross margins and leverage our operating expenses to achieve approximately 25% adjusted EBITDA margins. We are excited to demonstrate the increasing profitability of the business, and this represents significant expansion of more than 500 basis points. We are also focusing on cash flow and through prudent management of working capital and CapEx, we are targeting adjusted free cash flow conversion above 60% on adjusted EBITDA.

轉向那些目標。我們對 2025 年超過 20 億美元收入的展望得到了支持，因為我們有信心實現我們之前傳達的 20% 的複合年增長率，正如喬希提出的驅動因素。在接下來的 3 年裡，我們還希望提高毛利率並利用我們的運營費用來實現約 25% 的調整後 EBITDA 利潤率。我們很高興展示業務盈利能力的提高，這代表著超過 500 個基點的顯著擴張。我們還關注現金流，通過審慎管理營運資本和資本支出，我們的目標是將調整後的 EBITDA 的調整後自由現金流轉換率提高到 60% 以上。

This allows us to both invest in our business and deliver attractive free cash flow generation. Finally, we have heard you on share count dilution. And while we will spend the next few years working through existing stock comp expenses, we are committing to bring our dilution down on a go-forward basis. Personally, I'm incredibly energized by the runway we see over the next 3 years. Axon enjoys a compelling business model, delivering subscriptions to a stable and growing end-user market. We enjoy low global TAM penetration, strong customer relationships, and innovative R&D capabilities that are building solutions to meet a critical market need.

這使我們既可以投資於我們的業務，又可以產生有吸引力的自由現金流。最後，我們聽說了您關於股票數量稀釋的問題。雖然我們將在接下來的幾年裡努力解決現有的股票補償費用，但我們承諾在前進的基礎上降低我們的稀釋度。就個人而言，我對我們在未來 3 年看到的跑道充滿活力。 Axon 享有引人注目的商業模式，向穩定且不斷增長的最終用戶市場提供訂閱服務。我們享有較低的全球 TAM 滲透率、強大的客戶關係和創新的研發能力，這些能力正在構建滿足關鍵市場需求的解決方案。

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

有了這個，我想打開它來提問。

Okay. Thank you. And do we have everyone in gallery view? Sami Badri from Credit Suisse.

好的。謝謝。我們是否讓每個人都在畫廊視圖中？來自瑞士信貸的 Sami Badri。

Just have a couple. First one is for Rick. I think Brittany just mentioned that TASER 10 is going to be ramping up in 2023. But one thing I think that you laid out in the video is just the feature set and what TASER 10 actually proposes to a lot of your customers, would there be customers that feel very strongly about maybe an early shipment or an early refresh of their actual TASER nonlethal weapon, or would they have to stick to kind of the plan or subscription-type time line that they've already signed and are subscribed to?

只要有一對。第一個是給瑞克的。我認為 Brittany 剛剛提到 TASER 10 將在 2023 年推出。但我認為你在視頻中列出的一件事只是功能集以及 TASER 10 實際向你的許多客戶提出的建議，會不會有對提早發貨或提早更新他們的實際 TASER 非致命武器有強烈感覺的客戶，或者他們是否必須堅持他們已經簽署並訂閱的某種計劃或訂閱類型的時間表？

Well, great question. I would say I have never seen demand this strong in a new TASER launch in my history in the business, which is great news. The subscription model does already have our customers on an upgrade pathway, but I'm working closely with Brittany and Josh on a customer-by-customer basis, and we are getting a lot of increase for people that want to upgrade early.

嗯，很好的問題。我會說，在我的行業歷史上，我從未見過對新 TASER 發布的需求如此強烈，這是個好消息。訂閱模式確實已經讓我們的客戶走上了升級之路，但我正在與 Brittany 和 Josh 密切合作，逐個客戶，我們為想要儘早升級的人帶來了很多增長。

And so obviously, the revenue accounting on the -- on our contracts with the multiple deliveries is a bit complex. So we're taking those on a case-by-case basis. But we believe that overall, we will be able to find ways to accommodate customers to be able to take early upgrades in ways that also work for our shareholders and that are profitable for us and help our customers get this capability sooner without the need for any big onetime expenditures by just being able to bring forward and adjust and obviously, we hope they'll also upgrade to some of our other new capabilities that we're launching, some of our new VR and other things. So we think this really -- the business model continues to set up a win-win for us and our customers. And one great example is the ability for us to accelerate the upgrade cycles.

很明顯，我們的多次交付合同的收入核算有點複雜。因此，我們將根據具體情況進行處理。但我們相信，總的來說，我們將能夠找到讓客戶能夠以對我們的股東有利、對我們有利的方式進行早期升級的方法，並幫助我們的客戶更快地獲得這種能力，而無需任何僅僅能夠提出和調整就需要一次性的大筆支出，顯然，我們希望他們也能升級到我們正在推出的其他一些新功能，一些新的 VR 和其他東西。所以我們認為這真的 - 商業模式繼續為我們和我們的客戶建立雙贏。一個很好的例子是我們能夠加快升級週期。

Got it. Next one is for Josh. Josh, you talked about how compensation will be measured by 4 key drivers. One of the drivers was actually selling other products or cross-selling. Will that include ecosystem partners that are part of your Axon Cloud feature set also being pulled through in the sales motion? Or is that very isolated to just Axon products and services?

知道了。下一個是給喬希的。喬希，你談到瞭如何通過 4 個關鍵驅動因素來衡量薪酬。其中一個驅動因素實際上是在銷售其他產品或交叉銷售。這是否包括作為您的 Axon Cloud 功能集的一部分的生態系統合作夥伴也在銷售活動中被拉過？還是僅與 Axon 產品和服務非常孤立？

Yes. Great question, Sami. I'd say any time we're a sales agent, there is a revenue impact when we sell through a partner's product. But to set expectations, I think that will be a relatively small part of our overall revenue for next year. So it's part of it. And then when you look at the rep level commission plans, we do have a new product sales team that is essentially compensated in large part in momentum of both new products and partner sales. So that's how we solve for that.

是的。好問題，薩米。我想說的是，只要我們是銷售代理，當我們通過合作夥伴的產品銷售時，就會對收入產生影響。但為了設定預期，我認為這將占我們明年總收入的一小部分。所以這是它的一部分。然後，當您查看代表級別的佣金計劃時，我們確實有一個新產品銷售團隊，該團隊基本上在很大程度上通過新產品和合作夥伴銷售的勢頭得到了補償。這就是我們解決這個問題的方式。

Got it. And then one last one for Brittany. Brittany, for the 500 basis points of expansion by 2025, is this going to be back-half loaded across these 3 years just because of the comment you made regarding some of the products, well, the comments you made and the comments made in the actual press release regarding margin neutrality for some of these products and then as they ramp up with software, does that...

知道了。然後是布列塔尼的最後一個。布列塔尼，對於到 2025 年的 500 個基點的擴張，這是否會在這 3 年中減半，僅僅因為您對某些產品所做的評論，好吧，您所做的評論以及在關於其中一些產品的保證金中性的實際新聞稿，然後隨著軟件的增加，是否...

I think Sami froze, but I think we got the gist of this question, so we can answer it.

我想 Sami 愣住了，但我想我們明白了這個問題的要點，所以我們可以回答它。

Yes. So I'm taking the gist of the question to be when might we get to that 25% margin. And we're really looking to make sure we get there by 2025, Sami, like there are a bunch of those puts and takes that we're looking at both for 2023. And certainly, part of getting to the OpEx leverage that we've talked about is getting to that $2 billion in revenue. And so we need to pull those levers, and it's nice that we have multiple different levers to get there, both from a gross margin and an OpEx standpoint.

是的。所以我把問題的要點放在我們什麼時候可以達到 25% 的利潤率。薩米，我們真的希望確保到 2025 年實現這一目標，就像我們在 2023 年都在考慮的那些投入和投入一樣。當然，我們在獲得 OpEx 槓桿作用的一部分我們談到的是獲得 20 億美元的收入。因此，我們需要拉動這些槓桿，很高興我們有多種不同的槓桿來實現這一目標，無論是從毛利率還是運營支出的角度來看。

Jonathan Ho at William Blair.

威廉·布萊爾的喬納森·何。

Congratulations on the strong results. I guess I wanted to dig a little bit more into your comments about what's underpinning your confidence for the 2025 guidance. Is there something that's maybe changed with some of your market assumptions or one part of the business that's proving stronger than you anticipated to give you that extra degree of confidence to extend that 20% guidance?

祝賀你取得了優異的成績。我想我想更深入地了解您對 2025 年指南的信心支撐因素的評論。您的某些市場假設或業務的一部分是否比您預期的要強大，從而給您額外的信心來擴展 20% 的指導，是否有一些事情可能會發生變化？

Yes. Thanks, Jonathan. Actually, I think it's very much that we have a lot of confidence in all of our product categories and market categories that continue to grow significantly year-over-year. And as I'm sure you're aware, we talked about in the past that we do measure 5-year normalized bookings as kind of a forward-looking indicator of what revenue will look like into the future and not only on a gross basis, but on a year-over-year basis, and we continue to be optimistic about the results we're seeing and the 5-year bookings' growth -- in that 5-year bookings' growth rate.

是的。謝謝，喬納森。實際上，我認為我們對所有繼續同比顯著增長的產品類別和市場類別充滿信心。我相信你知道，我們在過去談到過，我們確實衡量 5 年的標準化預訂，作為一種前瞻性指標來衡量未來的收入情況，而不僅僅是在總收入的基礎上，但與去年同期相比，我們繼續對我們看到的結果和 5 年預訂量的增長持樂觀態度——即 5 年預訂量的增長率。

And so it's a combination of seeing a lot of really exciting indicators in our new markets, seeing our new product scale and seeing some of the reinforcements in terms of future revenues that the look into bookings provide.

因此，它結合了在我們的新市場中看到許多真正令人興奮的指標、看到我們的新產品規模以及看到預訂調查提供的未來收入方面的一些增強。

Excellent. And then just with regards to the TASER 10 pace of adoption, can you remind us what happened when TASER 7 was released? Do you worry at all about maybe customers delaying orders to purchase the 10? Just wondering if there's any sort of linearity that we need to worry about here just given the step-function improvements that you've made or above step-function improvements?

出色的。然後就 TASER 10 的採用速度而言，您能否提醒我們 TASER 7 發佈時發生了什麼？您是否擔心客戶可能會延遲購買 10 件的訂單？只是想知道是否存在我們需要擔心的線性問題，只是考慮到您所做的階躍函數改進或高於階躍函數的改進？

Yes, absolutely. Without going into too much detail there, I think the T10 forecast is exceeding year 1 of the TASER 7 actuals from 5 years ago. So we're encouraged to see that and it speaks to the value and utility of the product. I would say that it's something we're managing very closely in terms of both early upgrades and new customer shipments. And it provides certainly one path to meet our guidance for the year. We're going to exceed our guidance for the year, but there are several paths toward that goal as well. So we don't want to get too far out over our skis here.

是的，一點沒錯。無需過多贅述，我認為 T10 預測超過了 5 年前 TASER 7 實際值的第 1 年。所以我們很高興看到這一點，它說明了產品的價值和實用性。我會說，就早期升級和新客戶發貨而言，這是我們正在密切管理的事情。它肯定提供了一條途徑來滿足我們今年的指導。我們將超過今年的指導，但也有幾條途徑可以實現這一目標。所以我們不想在這裡滑雪太遠。

We want to make sure that the product we ship is a very high quality one that scales very well in the field. And as we do that, we'll certainly continue to ship all the other high-demand products that we offer to combine for a really nice year this year.

我們希望確保我們運送的產品質量非常高，可以在現場很好地擴展。在我們這樣做的同時，我們肯定會繼續運送我們提供的所有其他高需求產品，以在今年度過一個非常美好的一年。

Next question, Erik Suppiger from JMP.

下一個問題，來自 JMP 的 Erik Suppiger。

So a couple of questions here. First off, it looks like your TASER revenue was down sequentially. I'm curious, was there any reason for that? And conversely, the Axon Cloud and the sensor revenues were up sharply. What was causing that? And I think you had some supply chain constraints that were a factor last quarter. What happened with those various dynamics?

所以這裡有幾個問題。首先，看起來您的 TASER 收入連續下降。我很好奇，有什麼原因嗎？相反，Axon Cloud 和傳感器的收入急劇上升。是什麼原因造成的？而且我認為你有一些供應鏈限制，這是上個季度的一個因素。這些不同的動態發生了什麼？

Yes, absolutely. I think it's just timing of the shipments and orders. And I think toward the end of the year as we looked at the year and the upcoming product launch, we wanted to be thoughtful about with a product launch a couple of years away, just maintaining flexibility for our customers as we knew some might be interested in the next one. And so we tried to manage that as best we could.

是的，一點沒錯。我認為這只是發貨和訂單的時間安排。我認為在年底前，當我們回顧今年和即將推出的產品時，我們想考慮幾年後的產品發布，只是為我們的客戶保持靈活性，因為我們知道有些人可能會感興趣在下一個。因此，我們盡我們所能來管理它。

And we're very excited to see the supply chain opening up on Fleet. I think you'll notice that was a big item in terms of the volume of Fleet that shipped in Q4. We expect that to continue throughout the years. We mentioned some of the supply chain challenges historically. We're cautiously optimistic that we're past kind of most of the storm there and feeling good about having the opportunity to ship, certainly record-breaking amounts of Fleet 3 this year and of course, plenty of Tasers, body cameras and some of our other solutions as well.

我們很高興看到供應鏈在 Fleet 上開放。我想你會注意到，就第四季度發貨的艦隊數量而言，這是一個很大的項目。我們希望這種情況會持續多年。我們在歷史上提到了一些供應鏈挑戰。我們持謹慎樂觀的態度，認為我們已經度過了那裡的大部分風暴，並且對有機會出貨感覺很好，當然今年 Fleet 3 的數量破紀錄，當然還有大量的泰瑟槍、隨身相機和一些我們的其他解決方案也是如此。

Okay. And then your -- can you give us a general idea of how much of your installed base has been migrated to the TASER 7 at this point?

好的。然後你的 - 你能給我們一個大概的想法嗎？你的安裝基礎在這一點上已經遷移到 TASER 7？

I don't have the exact number in front of me, but I'd say over the last year, in terms of the amount of CW shipped, TASER 7 was above 80% to 85% of the total there. So I think that speaks to the fact that much of the market had moved over from our Legacy Smart Weapons into TASER 7. And now we have the opportunity to, of course, upgrade all of our early TASER 7 customers. But as Rick mentioned, I think there'll be some that are more recent that will be interested as well. So we're very excited to get as many TASER 10s out there as we can.

我沒有確切的數字，但我想說的是，在過去的一年裡，就 CW 的出貨量而言，TASER 7 佔總出貨量的 80% 到 85% 以上。所以我認為這說明大部分市場已經從我們的傳統智能武器轉移到 TASER 7。現在我們當然有機會升級我們所有早期的 TASER 7 客戶。但正如 Rick 所提到的，我認為會有一些更新的人也會感興趣。所以我們很高興能盡可能多地推出 TASER 10。

Keith Housum at Northcoast.

Northcoast 的 Keith Housum。

As we look at the TASER 10 coming out, first off, you guys announced a specific data that's going to be deployed. And then second, if we look at past rollouts of the TASER Weapons, there's obviously has been some challenges in terms of the gross margin recognition in those first few quarters. So perhaps you guys going to address steps you guys have taken over the past several years to identify and address the both issues and what you guys are doing different with this rollout to protect your gross margins?

當我們看到 TASER 10 即將面世時，首先，你們宣布了將要部署的特定數據。其次，如果我們看看 TASER Weapons 過去的推出，在前幾個季度的毛利率確認方面顯然存在一些挑戰。因此，也許你們要解決你們在過去幾年中採取的步驟來識別和解決這兩個問題，以及你們在這次推出中做了哪些不同的事情來保護你們的毛利率？

I think it goes to everything from how we design the products to how we design our manufacturing capabilities. We've talked about how -- when we get to scale, which will happen in the second half of the year, so we are calling it out as a little bit of a potential headwind in the first half of the year. But as we get to the second half of the year, it will be gross margin-neutral. And I think the team learned a lot from the T7 launch and took those learnings into T10 and we're thoughtful and careful on the gross margin front.

我認為它涉及到從我們如何設計產品到我們如何設計我們的製造能力的方方面面。我們已經討論瞭如何 - 當我們達到規模時，這將在今年下半年發生，所以我們稱其為今年上半年的潛在逆風。但隨著我們進入今年下半年，毛利率將保持中性。而且我認為團隊從 T7 的發布中學到了很多東西，並將這些知識帶入了 T10，我們在毛利率方面考慮周到且謹慎。

I'll add a little bit there would be Fleet 3 was the first major product to launch under the new regime with Hans Moritz running our R&D and [John Ralph] and his team running engineering and building in and others and NPI. And basically, what we saw with Fleet 3, we injected probably 6 to 12 months of additional prerelease testing to really validate the product. And that paid off in a big way where Fleet 3 is a very sophisticated product, but it's had among the lowest out-of-the-box return rates and customer bugs reported of any product we've ever shipped and TASER 7 -- I'm sorry, TASER 10 went through a very similar -- it has been in testing with a highly automated production line for probably 6 to 9 months leading into the launch year.

我要補充一點，Fleet 3 是在新制度下推出的第一個主要產品，Hans Moritz 負責我們的研發，[John Ralph] 和他的團隊負責工程和建設以及其他和 NPI。基本上，正如我們在 Fleet 3 中看到的那樣，我們注入了大約 6 到 12 個月的額外預發布測試以真正驗證產品。這在 Fleet 3 是一個非常複雜的產品的地方得到了很大的回報，但它的開箱即用退貨率和客戶錯誤報告是我們曾經出貨的任何產品中最低的，而 TASER 7——我抱歉，TASER 10 經歷了一個非常相似的過程——它已經在一條高度自動化的生產線上進行了大約 6 到 9 個月的測試，直到發布之年。

So the level of testing compared to previously when we were maybe a less mature company and still making that transition from the more entrepreneurial days, that there's just a lot more time, effort and expense that goes into the upfront testing, but that is paying dividends in the stability and reliability at which we're able to scale these without some of the challenges we had with T7 in particular, come to mind.

因此，與以前相比，當我們可能是一家不太成熟的公司並且仍在從更具創業精神的日子進行過渡時，測試水平與前期測試相比需要花費更多的時間、精力和費用，但這是有回報的考慮到穩定性和可靠性，我們能夠在沒有遇到特別是 T7 的一些挑戰的情況下擴展這些。

Great. And has the restart shipping?

偉大的。重啟發貨了嗎？

TASER 10 will start shipping in March.

TASER 10 將於 3 月開始發貨。

In March. Okay. And then just if I could, Brittany, perhaps you put the context or color regarding the convertible note offering you guys did in terms of plans that you guys have to use that cash?

三月。好的。然後，如果可以的話，布列塔尼，也許你根據你們必須使用現金的計劃提供了關於你們所做的可轉換票據的背景或顏色？

Yes, of course. One, I would say, as you can tell, because it's been a little bit of time. Now it was very much opportunistic from our side to strengthen the balance sheet and to give ourselves a bit more flexibility from a capital standpoint. And we think we found a time to get attractive terms in the market. So we're very pleased that we were able to proactively get ahead of that. And then I think you heard me talk about how we have been investing in our ecosystem partners, how we might potentially consider M&A as we look going forward. And so we want to make sure that when we find something that is appealing from an M&A standpoint that we're able to be on our front foot and move quickly and smartly going forward on that.

是的當然。一，我會說，正如你所知道的，因為已經有一段時間了。現在，從資本的角度來看，加強資產負債表並給我們自己更多的靈活性對我們來說是非常機會主義的。我們認為我們找到了在市場上獲得有吸引力的條款的時間。因此，我們很高興能夠主動領先於此。然後我想你聽過我談論我們如何投資於我們的生態系統合作夥伴，以及我們在展望未來時可能如何考慮併購。因此，我們希望確保當我們發現從併購的角度來看有吸引力的東西時，我們能夠站在前腳並迅速而巧妙地向前推進。

We spent a lot of time on that convertible offering talking about what might we look for from an M&A standpoint because that was top of everybody's mind. And so a little color is, I think, if you look at our M&A history historically, that's probably a pretty good indication where we're really looking for either technology or talent that will support our future product road map and/or our moonshot goals and mission.

我們花了很多時間在可轉換產品上，討論從併購的角度我們可能會尋找什麼，因為這是每個人的首要考慮。因此，我認為，如果你從歷史上看我們的併購歷史，那麼一點顏色就是一個很好的跡象，表明我們真正在尋找能夠支持我們未來產品路線圖和/或我們的登月目標的技術或人才和使命。

Paul Chung at JPMorgan.

摩根大通的Paul Chung。

So just another follow-up on kind of the pace of operating leverage through 2025. The pace accelerates a bit in '24 and '25 to get to that 25%. How do we think about the OpEx base kind of relative to gross margin expansion? And longer term, can you still get to that 30% mark you've mentioned in the past?

因此，只是對 2025 年運營槓桿速度的另一種跟進。在 24 世紀和 25 世紀，這一速度有所加快，達到 25%。我們如何看待相對於毛利率擴張的 OpEx 基礎類型？從長遠來看，你還能達到你過去提到的 30% 的目標嗎？

Yes. So I think we're really looking at the 3-year guidance that not to say we might not get to 30% at some point, but I think this is really meant to sort of replace that and like, okay, we have a plan in a concrete way to get to 25% by 2025, and then we'll start looking out from beyond there in terms of where we will go.

是的。所以我認為我們真的在看 3 年的指導，並不是說我們在某個時候可能達不到 30%，但我認為這確實是為了取代它，好吧，我們有一個計劃以一種具體的方式到 2025 年達到 25%，然後我們將開始放眼未來。

So I wouldn't say we're calling that, but maybe we're phasing that out and focusing on what is actionable and in front of us and what we really see a path to right now, and that's the 25% in 2025. I think you are correctly interpreting that we've got some puts and takes in 2023. And so we're not putting a stake in the ground specifically on any 2023 gross margin guidance. But we do expect to see both improvement on gross margin and OpEx leverage to get to that 25%. Perhaps over time with a little bit more under our belts, we'll be able to quantify the pieces a bit more.

所以我不會說我們正在調用它，但也許我們正在逐步淘汰它並專注於我們面前的可操作的東西以及我們現在真正看到的路徑，這是 2025 年的 25%。我認為你正確地解釋了我們在 2023 年有一些看跌期權。因此我們並沒有特別針對 2023 年的任何毛利率指導進行投資。但我們確實希望看到毛利率和運營支出槓桿均有所改善，以達到 25%。也許隨著時間的推移，我們掌握了更多的知識，我們將能夠更多地量化這些部分。

But for right now, we're just really looking on driving both of those together to hit that 25%. And again, it's about 50 basis points of leverage in 2023. So you are all correctly picking up on more of that improvement will come in '24 and '25.

但就目前而言，我們只是真的希望將這兩者結合起來以達到 25%。再說一遍，2023 年的槓桿率約為 50 個基點。所以你們都正確地意識到更多的改進將在 24 和 25 年出現。

Okay. Great. And then just a follow-up on cash flow. Can you expand on kind of the big upside relative to prior guide and you're above your target kind of conversion rate this year are back in 2022? And then how do we think about free cash flow conversion in '23 and the puts and takes there? And is at least 60% conversion longer term somewhat conservative, given the tough macro backdrop you guys hit, 80% plus mark. Is that -- can we be at that 80% mark pretty consistently?

好的。偉大的。然後只是對現金流的跟進。您能否擴大相對於先前指南的巨大優勢，並且您今年的目標轉化率高於 2022 年？然後我們如何考慮 23 年的自由現金流轉換以及那裡的看跌期權？考慮到你們遇到的艱難宏觀背景，至少 60% 的轉化率在長期內有點保守，80% 以上。那是——我們能否始終如一地保持在 80% 的水平？

Yes. No, those are all excellent questions. I might go in reverse order, which is I don't want to say that we'll be at that 80% plus consistently. We're really -- we're looking to be at that 60% plus consistently. And the reason that we're there rather than the 80% plus, even though we did a phenomenal job on free cash flow generation this year is if you look at '21, I would say we did a less phenomenal job on free cash flow generation. And so if you look at sort of '21 and '22 together, you actually get back to that roughly 60%, 65-ish percent free cash flow generation on average between those 2 years.

是的。不，這些都是很好的問題。我可能會以相反的順序進行，我不想說我們會一直保持在 80% 以上。我們真的 - 我們希望始終保持在 60% 以上。我們在那里而不是 80% 以上的原因，即使我們今年在自由現金流產生方面做得非常出色，如果你看看 21 年，我會說我們在自由現金流方面做得不那麼出色一代。因此，如果你同時看一下'21'和'22'，你實際上會回到那兩年之間平均產生大約 60%、65% 左右的自由現金流。

And some of the things that lead to that just are investing in working capital and investing in inventory as we continue to grow our hardware business, continuing to invest in CapEx like automation. We have a number of those puts and takes that we've looked at and based on places that we are investing in our cash flow. We really think that, that 60% target on an annual basis is what we're looking for, might mean we do better some years. But I think as you look over a 3-year period, and as we've looked back, that's probably the right expectation level to set while we are growing at the kind of rates we're growing at.

隨著我們繼續發展硬件業務，繼續投資資本支出，如自動化，導致這種情況的一些事情只是投資營運資本和投資庫存。我們有許多我們已經研究過的看跌期權，並基於我們投資於現金流的地方。我們真的認為，每年 60% 的目標是我們正在尋找的目標，可能意味著我們在幾年內做得更好。但我認為，當你回顧 3 年期間，以及我們回顧過去時，當我們以我們正在增長的速度增長時，這可能是設定的正確預期水平。

So if we are growing at 20% plus anymore, would we revisit that free cash flow target? Yes, certainly. But at those types of top-line growth rate, we think that's the right balance in terms of what we're flowing through.

那麼，如果我們再以 20% 以上的速度增長，我們會重新審視自由現金流量目標嗎？是的，當然了。但在這些類型的收入增長率下，我們認為就我們正在經歷的事情而言，這是正確的平衡。

Will Power at Baird.

Baird 的 Will Power。

I've got a couple of questions. I guess I'm going to start with TASER 10, probably for either Rick or Josh Isner, I guess, a little over a month past TASERCON. I wonder if you have any additional feedback comments you could share from agencies that have been using the device in the field, any comments around level of use, effectiveness, et cetera.

我有幾個問題。我想我將從 TASER 10 開始，可能是 Rick 或 Josh Isner，我猜，TASERCON 過去了一個多月。我想知道您是否有任何其他反饋意見可以與在該領域使用該設備的機構分享，關於使用水平、有效性等的任何意見。

And I guess the second part would just be with regard to supply chain components for both the devices and cartridges as we move through the year here.

我想第二部分只是關於設備和墨盒的供應鏈組件，因為我們在這裡度過了這一年。

So I'll start off. We continue to get great feedback from the field. I think we've now had something approaching 40 or so different uses. I think we've had -- the one that I mentioned at TASERCON, where it was fired at a running situation at something like 40 feet and the person stumbled forward and the wires broke, but the agency then closed in the other offset of TASER 7. So ultimately, TASER 1 today in that use. We categorize that as a partial effectiveness of the T10. And then we did have only one other case where it was not effective, and that was one where it was in close-quarter use, an officer fired the first dart and turned out the second officer had not been trained on the TASER 10 yet and actually ran in and got between the operator and the subject before he fired the second dart.

所以我要開始了。我們繼續從該領域獲得很好的反饋。我想我們現在已經有了接近 40 種不同的用途。我想我們有過——我在 TASERCON 上提到的那個，它在大約 40 英尺的跑動情況下被開火，那個人向前跌跌撞撞，電線斷了，但該機構隨後在 TASER 的另一個偏移處關閉了7. 所以最終，TASER 1 在今天使用。我們將其歸類為 T10 的部分有效性。然後我們確實只有一個它無效的案例，那是一個它在近距離使用的案例，一名軍官發射了第一支飛鏢，結果第二名軍官還沒有接受過 TASER 10 的訓練，並且在他發射第二支飛鏢之前，它實際上跑了進去，擋在了操作員和對象之間。

And so one of the things we took away from that is actually making sure we work with our partners that they train all officers and how the new system functions. So the good news is we're continuing to see very high effectiveness. We -- since TASERCON, we presented to the major city chiefs and the Major County sheriffs with just very significant interest across the board. I talked to 1 major county sheriff that has had a fair number of shootings already this year with firearms, and they basically ran through with me of the cases they've had this year, they think TASER 10 could have changed the outcome in every one of them, which was a pretty remarkable statement.

因此，我們從中得到的其中一件事實際上是確保我們與我們的合作夥伴合作，他們培訓所有官員以及新系統的運作方式。所以好消息是我們繼續看到非常高的有效性。我們 - 自 TASERCON 以來，我們向主要城市負責人和主要縣治安官提出了全面的興趣。我和一位今年已經發生過相當多槍擊事件的主要縣治安官談過，他們基本上向我講述了他們今年發生的案件，他們認為 TASER 10 可以改變每一起案件的結果其中，這是一個非常了不起的聲明。

And I was actually with another major city chief today that told me in her agency, she thinks TASER 10 could have alleviated about 2/3 of their shooting as she enumerated them. So we're continuing to get very positive feedback. I'm about to go on an international tour. The first one I'll do since the TASER 10 launch and start talking to some international customers where I think that might be the greatest growth potential internationally because internationally, we don't see many agencies individually issuing TASERs the way they do in the United States.

事實上，我今天和另一位主要城市的負責人在一起，她在她的代理機構告訴我，她認為 TASER 10 可以減少大約 2/3 的射擊，因為她列舉了他們。所以我們繼續得到非常積極的反饋。我即將進行國際巡演。自 TASER 10 推出以來我將做的第一個，並開始與一些國際客戶交談，我認為這可能是國際上最大的增長潛力，因為在國際上，我們沒有看到許多機構像在美國那樣單獨發行 TASER狀態。

But TASER 10 could reach a level of capability where it could become the primary defensive weapon. And I think that means in many countries where they don't have many guns in the hands of the public but the officers are carrying the firearm. In those countries, we might actually see them begin to move to TASER 10 as their primary weapon. I'll be very clear. We're going to see that happening in the U.S. because of the gun culture and the ready availability of firearms in the general public, they will continue to carry both but this enhanced capability in different countries could really be a market-expanding phenomenon. And then what was the second part of your question? I think I was going to let Josh take it.

但是 TASER 10 可以達到它可以成為主要防禦武器的能力水平。我認為這意味著在許多國家，公眾手中的槍支不多，但軍官攜帶槍支。在這些國家，我們實際上可能會看到他們開始將 TASER 10 作為他們的主要武器。我會很清楚的。我們將看到這種情況在美國發生，因為槍支文化和公眾隨時可以買到槍支，他們將繼續攜帶這兩種槍支，但不同國家的這種能力增強可能真的是一種市場擴張現象。那麼你問題的第二部分是什麼？我想我會讓喬什接受它。

Yes, it was just about component availability, I think. Is that right, Will?

是的，我認為這只是關於組件可用性。是這樣嗎，威爾？

Yes, supply chain components, both for devices and cartridges, what does that look like?

是的，供應鏈組件，包括設備和墨盒，它是什麼樣的？

Yes, absolutely. So our supply chain team, as always, has just done a fantastic job staying ahead of the curve in what are less challenging times than maybe a year or 2 ago, but any time you launch a new product, there are a lot of provisions and moving parts leading up to that. And ultimately, we feel really good about our capacity not only this year, but continuing to build out our automation capabilities to more exponentially expand our capacity into the future. And so certainly, we have plenty of inventory to support our revenue guidance and beyond for this year and next year, we're aggressively planning for even higher demand.

是的，一點沒錯。因此，我們的供應鏈團隊一如既往地出色地完成了一項出色的工作，在與一兩年前相比挑戰較少的時代保持領先地位，但任何時候推出新產品時，都會有很多規定和導致那個的移動部件。最終，我們不僅對今年的能力感到非常滿意，而且繼續建立我們的自動化能力，以在未來以指數方式擴展我們的能力。因此，當然，我們有大量庫存來支持今年和明年的收入指引，我們正在積極規劃更高的需求。

Okay. Great. If I could just add a question on software, continued strong traction across Axon Cloud. Maybe kind of 2 parts there, too. What's kind of driving the continued DEMS adoption? It feels like that continues to accelerate, I guess, in some respects. And I guess, in tandem with that, maybe just any kind of update what you're seeing with respect to records and other products out of kind of the core evidence/DEMS category?

好的。偉大的。如果我可以添加一個關於軟件的問題，那麼 Axon Cloud 將繼續保持強大的吸引力。也許那裡也有兩部分。是什麼推動了 DEMS 的持續採用？我猜，在某些方面，這種情況似乎還在繼續加速。而且我想，與此同時，也許只是您所看到的關於核心證據/DEMS 類別之外的記錄和其他產品的任何更新？

Maybe I'll start with the DEMS question and then hand it over to Jeff for records. But the reason I want to take this one will is to give Jeff a huge shout out for the work he's done over the last few years. He's essentially built a team that not only has delivered on the core ecosystem, but continues to build out the last-mile types of features and products that make the product, not only that much more valuable to our core market, but also more attractive to our kind of up-and-coming markets in federal and international. And so his team has just done a great job continuing to identify opportunity and market needs and then executing well on the plan to deliver those capabilities and just that flywheel continues to lend itself to more customer interest and more happy customers that will buy more over time. And so that's been the backbone of our DEMS adoption. And maybe Jeff, I'll take it over to you on records.

也許我將從 DEMS 問題開始，然後將其交給 Jeff 進行記錄。但我想接受這份遺囑的原因是為了讓傑夫大聲疾呼他在過去幾年所做的工作。他基本上建立了一個團隊，不僅交付了核心生態系統，而且繼續構建最後一英里類型的功能和產品，使產品不僅對我們的核心市場更有價值，而且對我們在聯邦和國際上的新興市場。因此，他的團隊剛剛完成了一項出色的工作，繼續識別機會和市場需求，然後很好地執行提供這些功能的計劃，而飛輪繼續讓自己吸引更多的客戶興趣和更滿意的客戶，隨著時間的推移，他們會購買更多.因此，這是我們採用 DEMS 的支柱。也許傑夫，我會把它記錄在案。

Sure. No, that's awesome to hear and I couldn't agree more about the power of everything we've done to continue to make the overall suite more attractive, both in aggregate and in the case parts. And I think just building on what Josh said, that also combines with the power of our OSP flywheel model because as we continue to both add new capabilities into the bundles and add where appropriate new tiers of the bundle that just makes it, again, easier and easier for agencies to make 1 simple choice to get access to this very Amazon Prime or Microsoft-Cellebrite basket of both hardware and software benefits that they buy at a price that feels great to them even for the subset of the components that they know they want to use upfront.

當然。不，這真是太棒了，我非常同意我們所做的一切的力量，以繼續使整個套件更具吸引力，無論是在總體上還是在案例部分。而且我認為，只要以 Josh 所說的為基礎，這也結合了我們 OSP 飛輪模型的強大功能，因為隨著我們繼續向捆綁包中添加新功能，並在適當的地方添加新的捆綁包層，這再次使它變得更容易代理商更容易做出 1 個簡單的選擇，以訪問他們購買的這個 Amazon Prime 或 Microsoft-Cellebrite 一攬子硬件和軟件優勢想提前使用。

And then as they go forward, all those additional benefits of the basket feel free because they've already made the -- what feels to them like a good deal price for the basket and that drives the flywheel. And on top of that, even those who aren't yet in those programs, [à la carte] are more and more and more seeing the value of those add-ons and incrementally growing ARPU as well as adding new logos. On the record side, again, we continue to be both humble and really excited and optimistic about the continued growth and trajectory. Just sort of using the same numbers we've talked to you about over the last couple of quarters. With growth, now we have over 50 agencies that represent over almost 18,000 sworn officers live on at least one record -- one module of Axon Records. And that includes now 16 agencies who are already using the product to fully replace their legacy RMS. And that includes, at this point, major cities such as Tucson and Baltimore, Virginia Beach and Fresno.

然後隨著他們的前進，籃子的所有這些額外好處都可以免費使用，因為他們已經做出了——對他們來說，籃子的價格很划算，而且驅動了飛輪。最重要的是，即使那些尚未參與這些計劃的人，[點菜] 也越來越多地看到這些附加組件的價值和 ARPU 的逐步增長以及添加新徽標。在記錄方面，我們再次對持續增長和軌跡保持謙虛和真正的興奮和樂觀。只是使用我們在過去幾個季度與您討論過的相同數字。隨著發展，現在我們有超過 50 個代理機構，代表近 18,000 多名宣誓就職的軍官，他們至少有一個記錄——Axon Records 的一個模塊。現在包括 16 個已經在使用該產品完全替換其舊 RMS 的機構。目前，這包括圖森和巴爾的摩、弗吉尼亞海灘和弗雷斯諾等主要城市。

We have 3 analysts left in the queue and...

我們還有 3 位分析師留在隊列中，並且......

Just real quick, I think will deserve a shout out for the best T-shirt on the call today. That's the 10 shops and 45 feet from the TASER 10. So great fashion sense, Will.

真的很快，我認為今天的電話會議上值得為最好的 T 卹大喊大叫。那是 10 家商店，距離 TASER 10 45 英尺。非常時尚，威爾。

So we have 3 analysts left in the queue, and we're happy to go past the top of the hour, so we can make sure we get to everyone. We love the engagement. Jeremy Hamblin at Craig Hallum.

所以我們還有 3 位分析師留在隊列中，我們很高興超過了高峰時間，這樣我們就可以確保我們能接觸到每個人。我們喜歡訂婚。克雷格哈勒姆的傑里米漢布林。

And congrats on all the momentum in the business. So I just want to start with a high-level question. In terms of thoughts around M&A, strategic investments, you guys have a pretty robust balance sheet that has been building. I wanted to get a sense in terms of what you might be looking at on a go-forward basis in terms of scale, size of potential opportunities, whether it's strategic investment or M&A? And then to get a sense, are there any guidelines that you're looking at in terms of whether or not a deal is accretive or dilutive? Obviously, you've kind of changed some of the viewpoints on stock-based comp and so forth, so to reduce future dilution. I wanted to get a sense for how you guys are looking at that.

並祝賀業務的所有勢頭。所以我只想從一個高層次的問題開始。就併購、戰略投資的想法而言，你們的資產負債表一直在建立。我想了解一下您在未來的基礎上可能會在規模、潛在機會的大小、是戰略投資還是併購方面看到什麼？然後為了了解一下，您是否有任何關於交易是增加還是稀釋的指導方針？顯然，你已經改變了對股票補償等的一些觀點，以減少未來的稀釋。我想了解一下你們對此的看法。

Yes. No, it's a great question. For us, it really is about either finding technology or teams that fit in well with our mission and/or our business model. And so there are multiple parameters that we are looking to evaluate companies on. And so it's always sort of a multifaceted equation for us as we think through them. That's not to say that we aren't looking at whether or not something is financially attractive to us but it could be across different metrics. It could significantly increase our TAM.

是的。不，這是一個很好的問題。對我們來說，這實際上是關於尋找適合我們的使命和/或我們的商業模式的技術或團隊。因此，我們正在尋找評估公司的多個參數。因此，當我們思考它們時，它對我們來說總是一種多方面的方程式。這並不是說我們不考慮某事是否對我們具有財務吸引力，但它可能涉及不同的指標。它可以顯著增加我們的 TAM。

It could help us get conviction on supporting that 20% growth long, long, long term? Or it could be accretive to our gross margins or EBITDA margins. So there isn't sort of 1 set of things we're looking at, but we're really looking at ways that we can find companies that tuck into our ecosystem. We're looking to really integrate the technology and present a holistic Axon solution as we look forward. And then I'll just note that, that dilution number is really sort of an organic dilution number. So I think we have a strong balance sheet. I think we can certainly use cash for that. If we were going to use equity, I would consider that separately from what we're doing from just an internal stock comp expense standpoint.

它可以幫助我們堅定地支持 20% 的長期增長嗎？或者它可能會增加我們的毛利率或 EBITDA 利潤率。因此，我們正在研究的並不是一套東西，而是我們真正在尋找可以找到融入我們生態系統的公司的方法。我們希望真正整合這項技術，並在我們期待的時候提出一個整體的 Axon 解決方案。然後我會注意到，稀釋數實際上是一種有機稀釋數。所以我認為我們有一個強大的資產負債表。我認為我們當然可以為此使用現金。如果我們要使用股權，我會從內部股票補償費用的角度單獨考慮我們正在做的事情。

Great. That's helpful. Then a couple of product questions. So first, coming back to TASER 10. I wanted to get a sense, you offered some guidelines around bundled pricing. But wanted to get an understanding for versus the TASER 7, what your kind of net ASP might look like on a go-forward basis vis-a-vis it's kind of 10% higher ASP.

偉大的。這很有幫助。然後是幾個產品問題。所以首先，回到 TASER 10。我想了解一下，你提供了一些關於捆綁定價的指導方針。但是想要了解與 TASER 7 相比，您的淨 ASP 在前進的基礎上可能看起來像 10% 的 ASP。

Obviously, there may be higher cartridge use given the product. So that's one on the TASER 10. And then secondly, you had a pretty massive quarter in Axon Fleet. I think, by far, almost double what you've ever done in a quarter. In fact, almost as much as you've done in many years. So I wanted to just get an understanding of -- was that a couple of really big orders? Or is there something specific to that product that you've really gained traction and now maybe we're past certain life cycles on prior contracts where you guys are just gaining more share? Any color there would be super helpful.

顯然，給定產品可能會有更高的墨盒使用量。這就是 TASER 10 上的一個。其次，你在 Axon Fleet 中擁有相當大的四分之一。我認為，到目前為止，幾乎是你在一個季度內所做的事情的兩倍。事實上，幾乎和你多年來所做的一樣多。所以我想了解一下——那是幾筆非常大的訂單嗎？還是該產品有一些特定的東西你真的獲得了牽引力，現在也許我們已經過了先前合同的某些生命週期，你們只是獲得了更多的份額？那裡的任何顏色都會非常有幫助。

Yes, absolutely. Thanks a lot for the question. Nice to see you, Jeremy. On TASER 10 ASPs, we're not going to get too prescriptive there, but I'd say you should expect an uplift over previous generations and that's part due to the handled price and also part due to the number of cartridges in the bundle relative to previous models. And so I think we published the list prices on the website, so you can kind of derive from that what type of uplift to expect and it will be in our bundles. So there'll be a slight inherent discount associated with any product in a bundle, but at a high level, that's kind of the story with TASER 10. And then with Fleet 3, no outsized orders like just a lot of volume, and you should expect that to continue and maybe even higher levels this year.

是的，一點沒錯。非常感謝你的提問。很高興見到你，傑里米。在 TASER 10 ASP 上，我們不會在那裡過於規範，但我想說你應該期待比前幾代產品有所提升，這部分是由於處理價格，部分是由於捆綁包中的墨盒數量相對到以前的模型。因此，我認為我們在網站上發布了標價，因此您可以從中得出預期的提升類型，並將包含在我們的捆綁包中。因此，捆綁包中的任何產品都會有輕微的固有折扣，但在高層次上，這就是 TASER 10 的故事。然後對於 Fleet 3，沒有超大訂單，就像大量訂單一樣，你應該期望今年會繼續，甚至更高的水平。

The product has great product market fit. It's a well-built, well-designed product. The ALPR functionality associated with it is in high demand. ALPR is one of our fastest-growing software add-ons across the business. I think historically, you might remember our Fleet 1 system, which was more or less a body cam attached to a windshield and then Fleet 2 was the moment where we got to parity but then Fleet 3 was the moment where we really surged ahead of the market and became the highest -- the largest selling in-car video system and public safety. And so actually, I think that's a path you can expect from a lot of our products over time where we reach parity with 1 version, and then we really accelerate ahead.

該產品具有很好的產品市場契合度。這是一款精心打造、設計精良的產品。與其相關的 ALPR 功能需求量很大。 ALPR 是我們在整個業務中增長最快的軟件插件之一。我認為從歷史上看，您可能還記得我們的 Fleet 1 系統，它或多或少是一個固定在擋風玻璃上的車身攝像頭，然後 Fleet 2 是我們達到平價的時刻，但隨後 Fleet 3 是我們真正領先的時刻市場並成為最高——銷量最大的車載視頻系統和公共安全。所以實際上，我認為隨著時間的推移，我們的很多產品都會走這條路，我們會達到與第一個版本相當的水平，然後我們才能真正加速前進。

And so we're really excited about the progress with Fleet 3. Blake Bullock, our product manager and our entire team on Fleet 3 has just done a fantastic job there, and we're really proud of the progress. Still a lot of work to do, but encouraging to see that product take shape as the highest demand in-car video system and public safety.

因此，我們對 Fleet 3 的進展感到非常興奮。我們的產品經理 Blake Bullock 和我們 Fleet 3 的整個團隊剛剛在那裡完成了出色的工作，我們為取得的進展感到非常自豪。仍有許多工作要做，但令人鼓舞的是看到該產品逐漸成為車載視頻系統和公共安全的最高需求。

Yes, just that's pretty (inaudible) I think Fleet 3 is like the perfect example of the power and the beauty of us being both an IoT hardware devices company and a Cloud software company under 1 roof because we can deliver an end-to-end experience that not only functionality-wise, but then economically really feeds off of itself as part of our flywheel. And so not only is Fleet 3 hands down the best straight up hardware and car camera system that's ever been released. But in combination with the revolutionary improvements we made to democratize access to great ALPR, it makes it an extraordinarily attractive software add-on to buy that they can either buy the front or they can easily add at any point later with just the flick of a switch, and the whole thing works end to end with the rest of our suite.

是的，這很漂亮（聽不清）我認為 Fleet 3 就像一個完美的例子，展示了我們既是物聯網硬件設備公司又是雲軟件公司的力量和美感，因為我們可以提供端到端的服務體驗不僅在功能方面，而且作為我們飛輪的一部分，在經濟上真正自給自足。因此，Fleet 3 不僅是有史以來最好的直接硬件和車載攝像頭系統。但是，結合我們為使訪問偉大的 ALPR 民主化而進行的革命性改進，它使它成為一個非常有吸引力的軟件附加組件，他們可以購買前端，也可以在以後的任何時候輕鬆添加，只需輕輕一按切換，整個過程與我們套件的其餘部分端到端地工作。

We have 2 folks left. [Elisa Shreve] is on for Tim Long at Barclays.

我們還剩 2 個人。 [Elisa Shreve] 在巴克萊銀行為 Tim Long 效力。

Elisa, you're off mute, but we're not hearing anything come through. Okay. Let's go to Josh Reilly from Needham.

Elisa，你關閉了靜音，但我們沒有聽到任何聲音。好的。讓我們去找 Needham 的 Josh Reilly。

It seems like there's more opportunity for you guys to have some competitive takeaways in body cams in the U.S. based on our discussions with customers. Is that what you're seeing today? Or would you characterize more of the growth in 2022 as a greenfield with officers who didn't have a body cam at all?

根據我們與客戶的討論，你們似乎有更多機會在美國的隨身攝像頭中獲得一些有競爭力的外賣。這就是你今天看到的嗎？或者，您是否會將 2022 年的更多增長描述為完全沒有隨身攝像頭的官員的綠地？

I think, Josh, the nice part is it's a combination of both. We continue to sell high volumes of body cameras to new customers, but we also continue to see existing customers buy more and deploy more widely. And then, of course, by more and more of our features that are on top of the body camera and so in peripheral products like Fleet and Virtual Reality and drones and so forth. So it's a nice healthy mix across the board, and we're very excited about that. We want to diversify the number of ways we can achieve these types of results. And I think we're doing that, and we're very excited about that trend.

我認為，Josh，好的部分是它是兩者的結合。我們繼續向新客戶銷售大量隨身攝像頭，但我們也繼續看到現有客戶購買更多，部署更廣泛。然後，當然，通過我們越來越多的功能，這些功能位於隨身相機之上，因此在 Fleet 和虛擬現實以及無人機等外圍產品中也是如此。所以這是一個很好的健康組合，我們對此感到非常興奮。我們希望通過多種方式實現這些類型的結果。我認為我們正在這樣做，我們對這種趨勢感到非常興奮。

Got it. That's helpful. And then can you just remind us, is there any seasonality around any of your products or just the overall business that we should be aware of as we're modeling revenue for 2023? And how could the TASER ramp impact the first couple of quarters of the year's TASER revenue, if at all?

知道了。這很有幫助。然後你能不能提醒我們，在為 2023 年的收入建模時，你的產品或整體業務是否存在季節性？如果有的話，TASER 的增長將如何影響今年前幾個季度的 TASER 收入？

I think, again, like we've got a number of ways to deliver in each quarter. And so it's -- of course, if we start out with strong shipments of TASER 10, then that makes the path easier, but that's not our only path. And so we're excited about the fact that between all of our hardware products and just the growing base of software revenue that we have in the business that we've been thoughtful about our guidance here. We believe it's very achievable. We continue to expect to grow 20% year-over-year and quarter-over-quarter.

我再次認為，就像我們在每個季度都有多種交付方式一樣。所以它——當然，如果我們從 TASER 10 的強勁出貨量開始，那麼這會讓這條路更容易，但這不是我們唯一的路。因此，我們感到興奮的是，在我們所有的硬件產品和我們在業務中不斷增長的軟件收入基礎之間，我們一直在考慮我們在這裡的指導。我們相信這是可以實現的。我們繼續預計同比和環比增長 20%。

So we'll continue to execute here and make sure that between TASER shipments and all of our other products that we're very thoughtful about how we guide.

因此，我們將繼續在這裡執行，並確保在 TASER 發貨和我們所有其他產品之間，我們對我們的指導方式非常周到。

Yes. And specifically, I would say, Josh, we're not calling out anything unique on the shape of the year. And so I would expect pretty typical seasonality for us, even with T10 coming in, like we still have really nice strong T7 performance. And so we've got a lot of puts and takes to Josh's point, and I would say, for your model, think about normal seasonality.

是的。具體來說，我想說，喬什，我們並沒有就今年的情況提出任何獨特的看法。所以我預計我們會出現非常典型的季節性，即使 T10 進來了，就像我們仍然有非常好的 T7 表現一樣。所以我們有很多看跌期權和喬希的觀點，我想說，對於你的模型，考慮正常的季節性。

Let's have Rick Smith close us out.

讓 Rick Smith 關閉我們。

All right. Well, again, it's always such a pleasure to be able to share results like this. Josh, Brittany, the whole team, some of the other names you heard, a lot of people working really passionately and hard to turn these results in. And I couldn't be more excited to see how this year unfolds with TASER 10, Fleet 3, our software products really starting to scale themselves as you're seeing in the financial results. So a lot of exciting things to look forward to.

好的。嗯，再一次，能夠分享這樣的結果總是很高興。喬什、布列塔尼、整個團隊，還有你聽到的其他一些名字，很多人都非常熱情地工作，努力工作以取得這些成果。我很高興看到今年 TASER 10，Fleet 的發展3，正如您在財務結果中看到的那樣，我們的軟件產品真正開始自我擴展。所以有很多令人興奮的事情值得期待。

We look forward to seeing some of you to accelerate in April at our shareholder meeting, which I believe is coming up in May. And then we'll be back to share Q1 results here in a few weeks as well. So thanks, everybody. We appreciate the opportunity to work for you on such an amazing mission.

我們期待看到你們中的一些人在 4 月份的股東大會上加快步伐，我相信這將在 5 月份召開。然後我們將在幾週後回來分享第一季度的結果。所以謝謝大家。我們很高興有機會為您工作，完成如此了不起的使命。