Axon Enterprise Inc (AXON) 2023 Q2 法說會逐字稿

Okay. Welcome to our second quarter earnings call. Thanks for joining our executives on the call. A quick note about the faces you're going to see on the call today. We want to welcome Erik Lapinski to the team at Axon. He joined us earlier this year, and he's our Director of Investor Relations and Financial Communications and we're thrilled to have him. And just Angel Ambrosio, I just want to say, we want to thank her so much. She's been on these calls for over 3 years and she's really helped to lead the way in making us Zoom-first on our earnings call. She's also helped us lead the way in ESG reporting. Angel is not going anywhere. We still work together side-by-side every day.

好的。歡迎參加我們的第二季度財報電話會議。感謝您參加我們的高管電話會議。關於您今天將在電話會議中看到的面孔的快速說明。我們歡迎 Erik Lapinski 加入 Axon 團隊。他於今年早些時候加入我們，擔任我們的投資者關係和財務傳播總監，我們很高興有他加入。安布羅休，我只想說，我們非常感謝她。她參加這些電話會議已有 3 年多了，她確實幫助我們在財報電話會議上以 Zoom 為先。她還幫助我們在 ESG 報告方面處於領先地位。天使哪兒也不去。我們每天仍然並肩工作。

Okay. On to business. I hope you've all had a chance to read our shareholder letter, which was released after the market closed. You can find it at investor.axon.com. And our prepared remarks today are meant to build upon that very robust shareholder letter.

好的。開始做生意吧。我希望你們都有機會閱讀我們在收市後發布的股東信。您可以在 Investor.axon.com 上找到它。我們今天準備的講話旨在建立在這封非常有力的股東信的基礎上。

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. 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.

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》的安全港條款並符合其含義。這些評論基於我們截至目前的預測和預期，並非對未來業績的保證。所有前瞻性陳述都存在風險和不確定性，可能導致實際結果出現重大差異，我們在向 SEC 提交的文件中討論了這些風險。

And before we turn it over to Rick, we will play our video, which is under 4 minutes today.

在將其交給 Rick 之前，我們將播放我們的視頻，今天的視頻時長不到 4 分鐘。

(presentation)

（推介會）

All right. Great job, Andrea and Angel, and welcome, everyone, to our second quarter 2023 earnings call. It's great to be coming back to you with another excellent quarter and an even brighter outlook. I'm fortunate to spend most of my time talking to customers. Reception to our new products has been fantastic. Recently, I met with police chiefs who said, once their officers take TASER 10 out in the field, they will not go out again without it. After trials and successful deescalations in the field, some have even joked that their officers are saying, you'd have to pry my TASER 10 from my cold dead fingers. This is the type of feedback that motivates us and keeps us moving forward.

好的。 Andrea 和 Angel 幹得好，歡迎大家參加我們的 2023 年第二季度財報電話會議。很高興能夠帶著又一個出色的季度和更加光明的前景回到您身邊。我很幸運，大部分時間都花在與客戶交談上。我們的新產品反響非常好。最近，我會見了警察局長，他們說，一旦他們的警察帶著泰瑟槍10外出，他們就不會再沒有它了。經過實地試驗並成功降級後，有些人甚至開玩笑說，他們的官員說，你必須從我冰冷的死手指上撬開我的 TASER 10。這種反饋能夠激勵我們並讓我們不斷前進。

Axon Body 4 began shipping in June, and we're also getting a great response. Later, you will hear from Brittany, who we recently promoted to Chief Operating Officer in addition to her role as CFO. Bringing these 2 roles together under Brittany sets us up for our next phase of operational excellence. As COO and CFO, Brittany will oversee our margin profile from end to end to ensure we execute on our ambition to deliver profitable growth for many years to come. Brittany has been a star addition to our team. She brings operational rigor, foresight, stewardship and candor.

Axon Body 4 於 6 月開始發貨，我們也得到了很好的反響。稍後，您將聽到布列塔尼 (Brittany) 的發言，她除了擔任首席財務官之外，我們最近還晉升為首席運營官。將這兩個角色整合到布列塔尼的領導下，為我們下一階段的卓越運營奠定了基礎。作為首席運營官和首席財務官，布列塔尼將全程監督我們的利潤狀況，以確保我們實現未來多年實現盈利增長的雄心。布列塔尼是我們團隊的明星成員。她帶來了運作的嚴謹性、遠見、管理能力和坦誠。

We also promoted Josh Isner who previously served as our CRO, then COO and is now President. Josh has been an instrumental leader at Axon for more than a decade. And during his tenure, he and I have worked side-by-side evolving and growing the company. I have given Josh many challenges over the years and he's never failed to exceed my expectations. As President, Josh will continue to oversee day-to-day operations while taking on an expanded role within the executive team and with our Board members.

我們還提拔了喬什·伊斯納 (Josh Isner)，他曾擔任我們的首席風險官 (CRO)、首席運營官 (COO)，現在擔任總裁。十多年來，Josh 一直是 Axon 的重要領導者。在他任職期間，他和我並肩工作，不斷發展和發展公司。多年來我給喬什帶來了許多挑戰，他從來沒有超出我的期望。作為總裁，喬什將繼續監督日常運營，同時在執行團隊和董事會成員中發揮更大的作用。

Expanding responsibilities for my team allows me to focus on what inspires me: our products and our customers. Product development will always be a key part of my job description. For years, you've heard me talk about my sometimes-futuristic views of what the market needs. And for years, we have successfully innovated. So what's around the corner? I'll touch on 2 key areas: robotic security and generative AI.

擴大團隊的職責使我能夠專注於激勵我的事物：我們的產品和客戶。產品開發永遠是我工作描述的關鍵部分。多年來，你一直聽我談論我對市場需求的有時具有未來主義的看法。多年來，我們成功地進行了創新。那麼即將發生什麼？我將討論兩個關鍵領域：機器人安全和生成人工智能。

In June, we acquired Sky-Hero, which builds upon our strategy for robotic security and is highly synergistic with our product road map. Sky-Hero gives us a leading indoor tactical drone solution that complements our existing Axon Air strategy. While the acquisition will not be a meaningful revenue contributor this year, it fits into our long-term vision. We want to make the world a safer place and avoid situations where we have to send people through the door into highly dangerous, even deadly situations. Sky-Hero is already selling to U.S. federal government customers and SWAT teams in the U.S. and all across Europe who give very strong feedback about the value, durability, usability and reliability of their technology.

六月，我們收購了 Sky-Hero，它建立在我們的機器人安全戰略之上，並且與我們的產品路線圖高度協同。 Sky-Hero 為我們提供了領先的室內戰術無人機解決方案，補充了我們現有的 Axon Air 戰略。雖然此次收購不會對今年的收入做出有意義的貢獻，但它符合我們的長期願景。我們希望讓世界變得更加安全，避免我們不得不將人們送入高度危險、甚至致命的境地。 Sky-Hero 已經向美國聯邦政府客戶以及美國和歐洲各地的特警隊銷售產品，他們對其技術的價值、耐用性、可用性和可靠性給出了非常強烈的反饋。

Sky-Hero is based in Belgium and unlocks many new customer relationships across Europe. I was especially impressed with CEO, Yves and his team, which is small and scrappy and they really move fast. They're going to fit in great here at Axon.

Sky-Hero 總部位於比利時，在歐洲各地建立了許多新的客戶關係。首席執行官 Yves 和他的團隊給我留下了特別深刻的印象，他們規模雖小，但鬥志旺盛，行動迅速。他們將非常適合 Axon。

And finally, here's how we're thinking about generative AI and large language models. Like we've already been doing with traditional AI, we will use these newer technologies to create game-changing products for our law enforcement customers. Several years ago, we published a video on the future of policing. This video features scenes where a police officer was able to feed their body camera video into an AI system, which then created a draft report, auto populated of the details in the audio/video record. The point is, we were talking about generative AI before it really even existed in a usable form. Now I'm not sharing this for bragging rights, but what it means for you is that we don't have to pivot our strategy because our strategy has anticipated this future reality for years.

最後，這是我們對生成人工智能和大型語言模型的思考。就像我們在傳統人工智能方面所做的那樣，我們將使用這些新技術為我們的執法客戶創造改變遊戲規則的產品。幾年前，我們發布了一段關於警務未來的視頻。該視頻的場景是，警察能夠將隨身攝像頭視頻輸入人工智能係統，然後該系統創建一份報告草稿，自動填充音頻/視頻記錄中的詳細信息。關鍵是，我們在生成人工智能真正以可用形式存在之前就已經討論過它了。現在，我分享這一點並不是為了吹牛，但這對您來說意味著我們不必調整我們的戰略，因為我們的戰略多年來已經預見到了這一未來的現實。

We spend a lot of our time, and I spend most of my mental energy studying key technology trends and then mapping those trends against customer needs. We don't wait for the customer to ask for it. We don't even wait for the technology to exist. We map evolving technologies that we believe will mature in the coming years against existing customer pain points and then we invest early, so our ecosystem will be ready to catch the ball when the underlying technology matures. This is precisely what is happening now with large language models and with broader generative AI.

我們花了很多時間，我也花了大部分精力來研究關鍵技術趨勢，然後根據客戶需求繪製這些趨勢。我們不會等待客戶提出要求。我們甚至不等待技術出現。我們針對現有客戶的痛點，繪製了我們相信將在未來幾年成熟的不斷發展的技術，然後我們儘早進行投資，這樣我們的生態系統就可以在底層技術成熟時做好接住球的準備。這正是大型語言模型和更廣泛的生成人工智能現在正在發生的情況。

Our mission-driven philosophy to leverage exponential technologies to solve the problems we care about is the core to our value creation engine. An investment in Axon is investing in the future of AI and it has been for several years. The flywheel for AI technologies, including LLMs, is powered by signals and data. We have invested hundreds of millions of dollars into building out an ecosystem of wearable cameras and sensors and the world's leading cloud platform that securely hosts the enormous data generated by this expansive ecosystem. Everything we have built over the past decade has been in a -- position us to be able to safely and ethically and securely collect, share and analyze that data for our customers, paving the way for public safety adoption of ever more advanced AI tools. These tools will build upon and expand the AI applications that are already a critical component of the Axon ecosystem.

我們利用指數技術解決我們關心的問題的使命驅動理念是我們價值創造引擎的核心。對 Axon 的投資就是對人工智能未來的投資，而且這種投資已經持續了好幾年。包括法學碩士在內的人工智能技術的飛輪由信號和數據提供動力。我們投資了數億美元來構建可穿戴相機和傳感器的生態系統以及世界領先的雲平台，以安全地託管這個廣闊的生態系統生成的大量數據。我們在過去十年中所建立的一切都使我們能夠安全、合乎道德地為我們的客戶收集、共享和分析這些數據，為公共安全採用更先進的人工智能工具鋪平道路。這些工具將構建並擴展已經成為 Axon 生態系統關鍵組成部分的人工智能應用程序。

And just like we evangelized and we're the first to bring cloud software at scale to public safety, we think Axon will lead the way and bring advanced AI designed with thoughtful, ethical controls at scale to public safety. We're already seeing really promising results from our early work here, and we're just getting started. You're up, Josh.

就像我們宣傳的那樣，我們是第一個將雲軟件大規模引入公共安全領域的公司，我們認為 Axon 將引領潮流，將採用深思熟慮、道德控制設計的先進人工智能大規模引入公共安全領域。我們已經從這裡的早期工作中看到了非常有希望的結果，而我們才剛剛開始。你起來了，喬什。

Thanks a lot, Rick. It's been an honor and a privilege to build my career at Axon. I care deeply about our mission, our customers and our team, and I'm proud to help lead an organization that is unapologetic about winning. This team just blocks out the noise and executes, and you can see that in our results.

非常感謝，瑞克。在 Axon 建立我的職業生涯是我的榮幸。我非常關心我們的使命、我們的客戶和我們的團隊，我很自豪能夠幫助領導一個對勝利毫無歉意的組織。這個團隊只是排除噪音並執行，您可以在我們的結果中看到這一點。

As Rick reflected, we are getting great feedback from customers about TASER 10 and Axon Body 4, and I'm especially pleased that this feedback is translating into orders. We closed the first half with strong orders, and we expect a greater increase into the second half as we convert more of our new product pipeline. This drove our confidence in increasing our guidance, which Brittany will take you through in a moment.

正如 Rick 所反映的，我們從客戶那裡得到了有關 TASER 10 和 Axon Body 4 的良好反饋，我特別高興的是這些反饋正在轉化為訂單。我們以強勁的訂單結束了上半年，隨著我們轉換更多的新產品管道，我們預計下半年會有更大的增長。這增強了我們增加指導的信心，布列塔尼稍後將向您介紹這一點。

In Q2, we continue to execute on our 2023 focus areas: revenue, profitability, new market expansion and new product adoption. We just finished our sixth consecutive quarter with revenue growth above 30%. This kind of growth doesn't just happen. It's a combination of having the right products, the right sales strategy and the right team to execute on an enormous market opportunity.

第二季度，我們繼續執行 2023 年的重點領域：收入、盈利能力、新市場擴張和新產品採用。我們剛剛完成連續第六個季度的收入增長超過 30%。這種增長不會自然而然地發生。它需要擁有正確的產品、正確的銷售策略和正確的團隊來抓住巨大的市場機會。

And our relationships with our customers are truly deep. We don't just look for a transactional share or sale. We partner with our customers and make sure they are successful and they keep coming back to us so we can help them solve more problems. Our cloud business grew 62% year-over-year. And we are in the early days of expansion into new markets and products. Our software penetration remains low, and we are finding ways to sell more software content into our installed base, executing against a $22 billion software TAM.

我們與客戶的關係非常深厚。我們不只是尋求交易性股份或銷售。我們與客戶合作，確保他們取得成功並不斷回來找我們，以便我們可以幫助他們解決更多問題。我們的雲業務同比增長 62%。我們正處於拓展新市場和新產品的早期階段。我們的軟件滲透率仍然很低，我們正在尋找方法向我們的安裝基礎銷售更多軟件內容，以 220 億美元的軟件 TAM 為目標執行。

Our TASER business grew 14% year-over-year, and TASER 7 remains the greatest contributor for now, and we are pleased to see incremental growth driven by early shipments of TASER 10. We are just getting started with that weapon, and it's a game changer, and we think it will drive TASER growth over the next several years.

我們的 TASER 業務同比增長 14%，目前 TASER 7 仍然是最大的貢獻者，我們很高興看到 TASER 10 的早期發貨推動了增量增長。我們剛剛開始使用這種武器，它是一個遊戲規則改變者，我們認為它將推動TASER 在未來幾年的增長。

Profitability is our second operational focus and is critical to ensuring we have a sustainable business model to drive the next decade of our growth strategy. I am pleased with our team's focus and execution in Q2 as we stabilized gross margin through 2 of our largest product launches in company history, while growing our team at the same time.

盈利能力是我們的第二個運營重點，對於確保我們擁有可持續的商業模式來推動我們下一個十年的增長戰略至關重要。我對我們團隊在第二季度的專注和執行力感到滿意，因為我們通過公司歷史上兩次最大的產品發布穩定了毛利率，同時壯大了我們的團隊。

Third, our new market bookings grew ahead of revenue in Q2. We are seeing continued success in the federal market with first-half bookings up nearly triple digits year-over-year. And in justice, we have triple-digit bookings growth year-to-date. 4 of our 10 largest deals in the quarter came from new and emerging markets, a sign of continued diversification.

第三，我們第二季度的新市場預訂量增長超過了收入。我們看到聯邦市場持續取得成功，上半年預訂量同比增長近三位數。公平地說，今年迄今為止我們的預訂量增長了三位數。本季度我們最大的 10 筆交易中有 4 筆來自新興市場，這是持續多元化的跡象。

Finally, new product adoption is critical to our success. We are gaining traction, and we've seen emerging product bookings grow nearly 50% year-over-year. ALPR, auto tagging, Axon Records and Axon Respond, are a few key callouts here. We closed an incredible first half to the year, and the outlook for our second half looks very solid. We are on to the next play.

最後，新產品的採用對於我們的成功至關重要。我們正在獲得牽引力，並且我們看到新興產品的預訂量同比增長了近 50%。 ALPR、自動標記、Axon Records 和 Axon Respond 是此處的一些關鍵標註。我們以令人難以置信的方式結束了今年的上半年，下半年的前景看起來也非常光明。我們正在進行下一場比賽。

And with that, we'll turn it over to Brittany to go through the operations and financials in more detail. Brittany?

這樣，我們將把它交給布列塔尼，以更詳細地了解運營和財務情況。布列塔尼？

Thank you, Josh. And thank you, Rick, for the kind words. I'm very excited to take on more of the business and to continue driving the next stage of operational excellence at this fantastic company.

謝謝你，喬什。謝謝你，里克，的客氣話。我很高興能夠承擔更多業務，並繼續推動這家出色的公司實現下一階段的卓越運營。

Turning to the results. We reported another strong quarter, reflecting broad strength across our business. Our top line grew 31% year-over-year, and we saw EBITDA margins of 22%. Second quarter gross margin of 62% improved sequentially, primarily reflecting business mix from software. As you saw in our shareholder letter, we did have some noise in our segment margins this quarter as we worked to more closely align our overhead costs with our specific product lines and had some onetime adjustments. On an aggregated basis, however, most of that is allocations between segments and our overall gross margins reflect a mix benefit from software.

轉向結果。我們報告了另一個強勁的季度，反映出我們整個業務的廣泛實力。我們的收入同比增長 31%，EBITDA 利潤率為 22%。第二季度毛利率環比提高 62%，主要反映了軟件業務組合。正如您在我們的股東信中看到的那樣，本季度我們的部門利潤率確實出現了一些噪音，因為我們努力使管理成本與我們的特定產品線更加緊密地結合起來，並進行了一些一次性調整。然而，從總體上看，其中大部分是部門之間的分配，我們的整體毛利率反映了軟件的混合效益。

Axon Cloud and services revenue made up 35% of total revenue this quarter compared with 29% a year ago. As we noted last quarter, we would expect full year gross margin to remain approximately flat or improve modestly from Q1 2023 levels due to continued professional services related to Fleet 3 and the continuing ramp of Axon Body 4 and TASER 10.

Axon 雲和服務收入佔本季度總收入的 35%，而去年同期為 29%。正如我們上季度指出的那樣，由於與 Fleet 3 相關的持續專業服務以及 Axon Body 4 和 TASER 10 的持續增長，我們預計全年毛利率將大致持平或較 2023 年第一季度的水平略有改善。

We continue to believe there are opportunities next year and over the long term to improve our margin profile as we invest in automation and recognize scale efficiencies from recent product launches. We also expect to continue to see mix benefits from our software growth. We believe we will exit this year at a more normalized run rate demand for our Fleet product, having largely caught up on our backlog.

我們仍然相信，隨著我們投資自動化並認識到最近產品推出的規模效率，明年和長期來看，我們有機會改善我們的利潤狀況。我們還預計我們的軟件增長將繼續帶來混合效益。我們相信，今年我們的艦隊產品將以更加正常化的運行率需求退出，基本上已經趕上了我們的積壓訂單。

Turning to our operating expenses. We saw leverage out of both R&D and SG&A. We continue to invest absolute dollars to drive our product road map and to scale our business rapidly. We're pleased with the adjusted EBITDA margin of 22% in the quarter, but given the second half gross margin profile and timing of some OpEx investments, continue to keep our guidance at 20% for the year. With our increase in revenue, this does result in us dropping more to the bottom line for the year, and we're continuing to focus on how we can better leverage our OpEx, especially in SG&A over the longer term.

轉向我們的運營費用。我們看到了研發和銷售、一般管理費用的槓桿作用。我們繼續投入絕對資金來推動我們的產品路線圖并快速擴展我們的業務。我們對本季度 22% 的調整後 EBITDA 利潤率感到滿意，但考慮到下半年的毛利率狀況和一些運營支出投資的時機，我們繼續將今年的指導保持在 20%。隨著我們收入的增加，這確實導致我們今年的利潤下降更多，我們將繼續關注如何更好地利用我們的運營支出，特別是長期的銷售、管理和行政費用。

Turning to our guidance. We are increasing our full year revenue outlook to a range of $1.51 billion to $1.53 billion, representing about 27% to 29% growth. We continue to target full year adjusted EBITDA margin of 20%, which implies an increased range of $302 million to $306 million of adjusted EBITDA.

轉向我們的指導。我們將全年收入預期上調至 15.1 億美元至 15.3 億美元，增幅約為 27% 至 29%。我們繼續將全年調整後 EBITDA 利潤率目標定為 20%，這意味著調整後 EBITDA 範圍將增加 3.02 億美元至 3.06 億美元。

In terms of the healthy guidance increase, we always want to make sure we can deliver on what we say we are going to do. And that continues to be our focus while at the same time, making sure we're doing our best to accurately reflect what we're seeing in the business. We had 2 major hardware product launches this year and the successful rollout of these products as well as the robust customer response to these launches has given us the confidence to increase our forecast after a strong first half of the year. We do expect most of the increase relative to our prior forecast to occur in the fourth quarter due to typical seasonality.

就健康指導增長而言，我們始終希望確保我們能夠兌現我們所說的要做的事情。這仍然是我們關注的焦點，同時確保我們盡最大努力準確反映我們在業務中所看到的情況。今年我們發布了 2 款主要硬件產品，這些產品的成功推出以及客戶對這些產品的強勁反應使我們有信心在經歷了上半年的強勁表現後提高我們的預測。由於典型的季節性因素，我們確實預計相對於我們之前的預測，大部分增長將發生在第四季度。

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

說到這裡，我想提出一些問題。

Thank you. We'll take our first question from Will Power at Baird.

謝謝。我們將回答貝爾德意志力部門的第一個問題。

Well, I guess, first, congratulations on the strong results, and congratulations, Josh and Brittany, on your promotions. That's great to see.

好吧，我想，首先，祝賀你們取得了優異的成績，並祝賀喬什和布列塔尼獲得晉升。很高興看到這一點。

Maybe, I guess, 2 questions. I guess, first, I'd love to kind of dig into the cloud success. I mean really strong growth there, over 60%. I think in the shareholder letter, you said about 50% of the growth was driven by body cameras. And so I want to just get a perspective of how you think about the continued opportunity just looking at that piece of it. Then the other -- second part of that question is what are the other key drivers within cloud right now? Because it's clear you're having a lot of growth outside of just that body camera piece.

我想，也許有兩個問題。我想，首先，我很想深入了解雲的成功。我的意思是那裡的增長非常強勁，超過 60%。我想在股東信中，您說大約 50% 的增長是由隨身攝像頭推動的。所以我想了解一下您如何看待持續的機會，只是看看其中的一部分。那麼這個問題的第二部分是現在雲中的其他關鍵驅動因素是什麼？因為很明顯，除了隨身相機之外，您還有很多增長。

Yes. Thanks a lot, Will. And it's good to see you, and thanks again for having us at your conference in June. I'd say in terms of just growing cloud adoption for us, there's really 2 elements of it. Number 1 is making sure that we continue to proliferate kind of hardware in as many different forms as we can that plug into our cloud ecosystem. So the more body cameras we sell into our existing core market but also into international, federal and enterprise, obviously, that will drive more usage of Evidence.com. And likewise, the more enterprise software licenses we sell for things like records management, computer-aided dispatch, our justice product, Axon Air licenses, just the more software-only licenses that we continue to roll up here that will continue to provide favorable results as well in our cloud business.

是的。非常感謝，威爾。很高興見到您，再次感謝您邀請我們參加六月份的會議。我想說，就我們不斷增長的雲採用而言，實際上有兩個要素。第一是確保我們繼續以盡可能多的不同形式增加硬件種類，以插入我們的雲生態系統。因此，我們向現有核心市場以及國際、聯邦和企業銷售的執法記錄儀越多，顯然，這將推動 Evidence.com 的更多使用。同樣，我們銷售的記錄管理、計算機輔助調度、司法產品、Axon Air 許可證等企業軟件許可證越多，我們繼續在這裡推出的純軟件許可證就越多，這將繼續提供有利的結果以及我們的雲業務。

So it's really about doing those -- both of those things really well at the same time, and the team has done a really nice job of that so far this year.

所以這實際上是為了同時做好這兩件事，而且今年到目前為止，團隊在這方面做得非常好。

And if I can just fit in just a second question. You raised guidance pretty significantly for the year. Anything else you can add with respect to the visibility in the second half and particularly the fourth quarter, given the seasonality that I think Brittany just alluded to, too, just to provide investors confidence in that increase?

我能否回答第二個問題。你們大幅提高了今年的指導。考慮到我認為布列塔尼剛才也提到的季節性，您還可以就下半年，特別是第四季度的可見性補充什麼，只是為了讓投資者對這種增長充滿信心？

It's a great question. Thank you, Will. I think part of it goes down to -- comes down to what we see in our business. And I think we were very careful as we came into the year not to get ahead of ourselves in terms of what we were expecting for AB4 and TASER 10, given that those were 2 big launches for us. But we have seen, as Rick and Josh both commented, just wonderful customer reception to those products. And so we have good visibility, both in terms of what we can ramp up from a manufacturing standpoint that gives us confidence in the volume of those products that we'll have available.

這是一個很好的問題。謝謝你，威爾。我認為部分原因在於我們在業務中看到的情況。我認為我們在進入這一年時非常小心，不要超出我們對 AB4 和 TASER 10 的預期，因為這對我們來說是兩次重大發布。但正如里克和喬什所評論的那樣，我們看到客戶對這些產品的反應非常好。因此，我們擁有良好的可見性，無論是從製造的角度來看我們可以增加什麼，這都讓我們對我們將提供的這些產品的數量充滿信心。

And then I would say you couple what we have available from an operational standpoint with what we're seeing from the customers, and we think we have pretty good visibility in terms of delivering in the second half of the year. I think, as I said, we're partway through Q3 right now, and so we can call out that we think some of that will be in Q4, especially as we ramp into AB4 and see the timing of some of the contracts that we have coming in and some of the deals we have in the pipeline with customers.

然後我想說，您將我們從運營角度提供的信息與我們從客戶那裡看到的信息結合起來，我們認為我們在下半年的交付方面具有相當好的可見性。我認為，正如我所說，我們現在正處於第三季度的中期，因此我們可以指出，我們認為其中一些將在第四季度進行，特別是當我們進入AB4 並看到我們所簽訂的一些合同的時間安排時我們正在與客戶進行一些交易。

And then I think the other thing is just our cloud and services revenue. As you can see, it's done very nicely this year. And that is just a very reliable recurring software business that we can bank on every quarter. And we look at that as we go through the second half of the year, combined with the TASER 10 and AB4 products, and that's what gives us confidence in that guidance.

然後我認為另一件事就是我們的雲和服務收入。正如你所看到的，今年做得非常好。這只是一個非常可靠的經常性軟件業務，我們每個季度都可以信賴。我們在下半年結合 TASER 10 和 AB4 產品來看待這一點，這讓我們對這一指導充滿信心。

Okay. Next question from Tim Long at Barclays.

好的。下一個問題來自巴克萊銀行的蒂姆·朗。

Two, if I could. First, on the gross margin side, Brittany. Could you talk -- you talked about a lot of the moving parts here, but maybe if you could just touch on 2 aspects, where we are and how we're feeling about the ramp of the 2 new products and impact on gross margin as we go through the year. And I noticed -- I think Axon Cloud might have been one of those areas where there were some adjustments. It looks like the margin went down there a little bit. Can you just talk about as that business scales, what we should expect for gross margins? And then I had a follow-up after that.

兩個，如果可以的話。首先，在毛利率方面，布列塔尼。你能談談嗎——你在這裡談到了很多變化的部分，但也許你能談談兩個方面，我們現在的處境以及我們對這兩種新產品的增長以及對毛利率的影響的感受：我們度過了這一年。我注意到——我認為 Axon Cloud 可能是需要進行一些調整的領域之一。看起來利潤率下降了一點。您能否談談隨著業務規模的擴大，我們對毛利率的期望是多少？之後我進行了跟進。

Yes, of course. So there's a lot of moving pieces in our gross margin, as you can tell, from going through our shareholder letter. I think the biggest thing is we have had some headwinds on gross margin this year, really from 3 main pieces. One, getting TASER 10 ready to go, ready to ramp, ready to be scaled in production. And we expect -- we continue to ramp and scale that business as we go through the year, but that's really a next-year event when we think that that's fully scaled and ramped up. So factored into our gross margins this year, but should be a gross margin benefit for next year.

是的當然。因此，從我們的股東信中你可以看出，我們的毛利率中有很多變化。我認為最重要的是，今年我們在毛利率方面遇到了一些阻力，主要來自三個主要部分。第一，讓 TASER 10 做好準備，準備投入生產，準備擴大生產規模。我們預計，在這一年中，我們將繼續擴大和擴大該業務，但這實際上是明年的事件，因為我們認為該業務已經完全擴大和擴大。因此，考慮到我們今年的毛利率，但應該是明年的毛利率收益。

I think it's similar on the launch of AB4. There's just a period of time while we go through a transition of bringing a new product up and getting it ready to get launched that again, weighing a bit on this year should be nice for us next year. And then probably the last piece that we talked about last quarter, it's continuing to impact the cloud and services gross margin, which you noted for this quarter, is just the professional services on our Fleet installations. So our Fleet has been a phenomenal product for us this year. Some of that was because we were inventory-constrained and had some backlog coming into this year, and we've really been working through that.

我認為AB4的推出也有類似的情況。我們只有一段時間來經歷推出新產品並準備再次推出的過渡，今年的一些權重應該對明年的我們有利。然後可能是我們上季度討論的最後一個問題，它繼續影響雲和服務毛利率，您在本季度注意到的只是我們艦隊安裝的專業服務。因此，我們的艦隊今年對我們來說是一個非凡的產品。其中部分原因是我們的庫存有限，今年有一些積壓，我們一直在努力解決這個問題。

But with Fleet, we sell the hardware. We have professional services to install the hardware. That is a bit of a hit to gross margin for us in a onetime way. And then we turn on software associated with the Fleet product. And so once we're through the professional services install, we have nice recurring software revenue attached to the Fleet camera. But our volumes of Fleet are so high this year, you can view that as a bit of an investment in gross margin to unlock nice long-term software revenue sort of next year and beyond.

但對於 Fleet，我們出售硬件。我們有專業的硬件安裝服務。這對我們的毛利率一次性造成了一些打擊。然後我們打開與 Fleet 產品相關的軟件。因此，一旦我們完成了專業服務安裝，我們的 Fleet 攝像機就會獲得可觀的經常性軟件收入。但今年我們的 Fleet 數量如此之高，您可以將其視為對毛利率的一點投資，以在明年及以後釋放可觀的長期軟件收入。

And then just a quick one for Josh. You mentioned a lot of the -- some of the larger deals were in newer areas like federal and international. Could you just give us a little flavor of what -- examples of what type of deals those are? And how sustainable you think the moves into these new geographies and regions would be?

然後是喬希的快速發言。您提到了很多——一些較大的交易發生在聯邦和國際等較新的領域。您能給我們簡單介紹一下這些交易類型的例子嗎？您認為進入這些新地區和地區的可持續性如何？

Yes, great question, and thank you. First of all, one that we're really excited about is a deal in our justice segment. So here, we're talking about prosecutors buying kind of enterprise licenses for Evidence.com and tightly integrating with the police departments. And so that was 1 of the 4. A couple were federal. And certainly, we continue to see those become more common and at larger dollar amounts as well, which are both very encouraging signs and speaks to all the great work Richard Coleman and his team are doing in our federal business.

是的，很好的問題，謝謝。首先，我們真正感到興奮的是司法部門的一項交易。所以在這裡，我們談論的是檢察官為 Evidence.com 購買某種企業許可證並與警察部門緊密結合。這就是 4 個中的一個。其中一對是聯邦政府的。當然，我們繼續看到這些變得更加普遍，而且金額也更大，這都是非常令人鼓舞的跡象，並說明了理查德科爾曼和他的團隊在我們聯邦業務中所做的所有偉大工作。

And then lastly, in international. In our Tier 1 markets, the U.K., Canada and Australia, we still see very meaningful orders coming out of those markets, both across TASER and body cams and Evidence.com. And then we continue to start to make more headway in some of these large markets outside of those 3. And generally, at those -- at this point, those have been more taser-oriented orders as we continue to evangelize the cloud and work with our early kind of opportunities on getting some of these major customers on to the cloud. So that's a little bit of background around where some of those are coming from.

最後，在國際上。在我們的一級市場（英國、加拿大和澳大利亞），我們仍然看到來自這些市場的非常有意義的訂單，無論是泰瑟槍、隨身攝像機還是 Evidence.com。然後，我們繼續開始在這 3 個市場之外的一些大型市場中取得更多進展。一般來說，在這些市場上，在這一點上，隨著我們繼續傳播雲並與我們早期有機會讓其中一些主要客戶進入雲。這是一些關於其中一些來自何處的背景知識。

Josh, if I could add in a little bit as well. Just very rough, if we look at the long term, right now, international is about 1/5 of our business. At scale, international -- I mean, the U.S. should be about 1/5 of our business. The rest of the world is at least 5x larger than the U.S. market is. And so as we -- we're very focused on opening these markets, but police face similar challenges around the world.

喬希，如果我也可以補充一點的話。非常粗略地說，如果我們從長遠來看，目前國際業務約占我們業務的 1/5。從規模上看，國際化——我的意思是，美國業務應該占我們業務的 1/5 左右。世界其他地區的市場規模至少是美國市場的 5 倍。因此，我們非常專注於開放這些市場，但世界各地的警察都面臨著類似的挑戰。

Now there's one unique thing about the United States and that is the gun culture of the public that is quite different from the challenges other countries face. And in some ways, that makes TASER 10 even more transformative in every other country around the world because I think what we've generally seen is U.S. police will carry a gun and a taser. We've seen that less likely to be something that our international customers would do. But if you're a police officer in a country where the public doesn't really have firearms, a TASER 10 could actually become the primary defensive weapon in those markets because, frankly, if you are, for example, a French police officer and you need a firearm, chances are it's not petty criminals with a gun. You might be dealing with some sort of terrorist event where a pistol is probably not the right tool anyway.

美國有一個獨特之處，那就是公眾的槍支文化與其他國家面臨的挑戰截然不同。在某些方面，這使得 TASER 10 在世界其他國家更具變革性，因為我認為我們通常看到的是美國警察會攜帶槍支和泰瑟槍。我們發現我們的國際客戶不太可能這樣做。但是，如果您是一名警察，所在國家的公眾並沒有真正擁有槍支，那麼 TASER 10 實際上可能成為這些市場的主要防禦武器，因為坦率地說，如果您是一名法國警察，並且你需要一把槍，很可能持槍的不是小罪犯。您可能正在處理某種恐怖事件，而手槍可能不是合適的工具。

And so I believe T10 actually is the biggest game changer in those international markets to give us beachheads where we could really begin to expand the growth because, again, long term, we need to succeed as a truly global company. And when we do that, these international markets should frankly dwarf our U.S. market.

因此，我相信T10 實際上是這些國際市場中最大的遊戲規則改變者，它為我們提供了灘頭陣地，使我們能夠真正開始擴大增長，因為從長遠來看，我們需要作為一家真正的全球化公司取得成功。當我們這樣做時，坦率地說，這些國際市場應該使我們的美國市場相形見絀。

Josh Reilly at Needham. Go ahead, Josh.

喬什·賴利（Josh Reilly）在尼達姆。繼續吧，喬什。

Great job on the quarter here team. What are you seeing in terms of customers who are interested in getting new tasers and body cams and that were going to buy the AB3 maybe and the TASER 7, but now that you switched to the new models and these are released. Can you give us a sense of the magnitude of customers in this category? And did it have any impact on the Q2 revenue results? Would it have been even higher with some customers switching around? And is that impacting the Q4 commentary around revenue as well?

團隊本季度做得很好。對於那些有興趣購買新泰瑟槍和隨身攝像頭並且可能會購買 AB3 和 TASER 7 的客戶，您會看到什麼，但現在您改用新型號並且這些型號已發布。您能否讓我們了解一下該類別的客戶數量？對第二季度的營收結果有什麼影響嗎？如果一些客戶更換，價格會更高嗎？這是否也會影響第四季度有關收入的評論？

Yes, Josh, thank you for the great question. A couple of ways to think about this. So coming out of the first half of the year, as everyone remembers, we're a little more conservative on what our guidance would look like for that reason because there's this period when you launch new products where you don't know if customers are going to want to just continue with what they have or trial the new product before buying it or just switch right over to the new product. And so I think we've kind of cleared out a lot of those uncertainties at this point.

是的，喬什，謝謝你提出這個好問題。有幾種思考這個問題的方法。因此，正如大家都記得的那樣，從今年上半年開始，我們對我們的指導意見會更加保守，因為在這個時期，當你推出新產品時，你不知道客戶是否願意想要繼續使用他們現有的產品，或者在購買之前試用新產品，或者直接切換到新產品。所以我認為我們現在已經消除了很多不確定性。

And I think it's fair to say that a lot of the interest has converted from TASER 7 to TASER 10. And so customers that were on order for TASER 7 kind of pumped the brakes, wanted to trial TASER 10, and now we're moving in that direction. AB4 is a separate -- a little bit of a separate motion because the early volumes of those cameras are driven by hardware upgrades in our TASER Assurance Plan, not as much book and ship like right out of the gate.

我認為可以公平地說，很多人的興趣已經從 TASER 7 轉向了 TASER 10。因此，訂購 TASER 7 的客戶有點踩剎車，想要試用 TASER 10，現在我們正在遷移朝那個方向。 AB4 是一個單獨的 - 有點單獨的動議，因為這些相機的早期銷量是由我們的泰瑟保證計劃中的硬件升級驅動的，而不是像剛出大門時那樣大量預訂和發貨。

And so 2 kind of slightly different stories there. But yes, as those things become better in focus, it allows us to get a little more aggressive with our guidance. And as the year comes together, and that, combined with a really solid back-half pipeline, gives us a lot of confidence moving into the last 2 quarters of the year here.

所以有兩種略有不同的故事。但是，是的，隨著這些事情變得更加清晰，它使我們能夠在我們的指導下變得更加積極主動。隨著這一年的到來，再加上真正可靠的下半年管道，我們對進入今年最後兩個季度充滿信心。

I'm going to throw in a little bit of extra color for you on that. Our TASER 7 was pretty stable in this quarter. So there's certainly a dynamic of customers getting very excited about TASER 10, but we're still seeing very nice support and volume from TASER 7. I would think about a lot of the growth in the taser segment this quarter coming from TASER 10 starting to ramp up and get into customers.

我將為您提供一些額外的色彩。我們的 TASER 7 在本季度相當穩定。因此，客戶肯定對 TASER 10 感到非常興奮，但我們仍然看到 TASER 7 提供了非常好的支持和銷量。我認為本季度泰瑟槍市場的大部分增長來自 TASER 10 開始到加大力度並贏得客戶。

And then I would say similarly on our cameras, we didn't see significant growth in our camera business in Q2, and that really was because as we go do those refreshes, we're going to let customers who want to refresh on AB4, refresh on AB4. We just started shipping AB4. And so again, you'll see some of that be stronger in the second half of the year.

然後我想說，在我們的相機上，我們在第二季度沒有看到相機業務顯著增長，這確實是因為當我們進行這些更新時，我們將讓想要在 AB4 上更新的客戶，刷新AB4 。我們剛剛開始發貨 AB4。同樣，你會看到其中一些在今年下半年變得更加強勁。

And then just a follow-up on the Fleet 3. You mentioned you're going to catch up on demand by year-end. How much of the catch-up is around manufacturing the hardware versus actually getting the product installed at the end vehicle? Where has the greater bottleneck been in the last couple of quarters here?

然後是《艦隊 3》的後續。你提到你將在年底前趕上需求。有多少追趕是圍繞製造硬件與實際將產品安裝在終端車輛上進行的？過去幾個季度更大的瓶頸在哪裡？

Yes. I would say it's shifting, I would say the greater bottleneck coming out of '22 was probably on the hardware, on the actual inventory side. And now we've done a nice job catching up on that and really the bottleneck now, it's not a bottleneck because we're ramping up to get it to customers. But the gating item is really more around the installations.

是的。我想說它正在發生變化，我想說 22 年出現的更大瓶頸可能是在硬件上，在實際庫存方面。現在我們已經很好地解決了這個問題，現在確實是瓶頸，但這不是瓶頸，因為我們正在加緊努力將其交付給客戶。但門控項目實際上更多地圍繞著裝置。

Mike Ng at Goldman Sachs. Go ahead, Mike.

高盛 (Goldman Sachs) 的邁克·吳 (Mike Ng)。繼續吧，邁克。

I just have 2. So Axon Cloud and services revenue was up substantially, outpacing the Sensors and other segment revenue growth. I was just wondering if you could just answer a couple of questions to help reconcile the differences in revenue there.

我只有 2。所以 Axon 雲和服務收入大幅增長，超過了傳感器和其他部門收入的增長。我只是想知道您是否可以回答幾個問題來幫助協調那裡的收入差異。

First, you said you're selling more software content into the installed base. So that -- is that customers just upgrading their plans but using existing equipment? Does that give you higher confidence about an equipment upgrade? And then are there other pieces of software that you would call out that are doing particularly well? I know, Josh, you flagged a few.

首先，您說您正在向安裝基礎銷售更多的軟件內容。那麼，客戶只是升級他們的計劃，但使用現有設備嗎？這是否讓您對裝備升級更有信心？還有其他你認為表現特別好的軟件嗎？我知道，喬什，你標記了一些。

Yes. Ultimately for us, and we've talked a little about this in the past, but the big kind of focus for our sales team is selling our Officer Safety Plans, which have a number of different software features in across DEMS and Records and Standards, product, which is kind of a use-of-force tracking product. So there's a lot in those plans. And ultimately, the more of those bundles we sell, the higher our ARPU will be in software. And then when we combine that with kind of picking up momentum, both on the records management side and in the justice segment and then in some of our new markets, those things combined to offer a nice uplift over just kind of our base Evidence.com licensing. And so it's really a combination of those 2 things.

是的。最終對我們來說，我們過去已經討論過這一點，但我們銷售團隊的主要重點是銷售我們的官員安全計劃，該計劃在 DEMS 以及記錄和標準中具有許多不同的軟件功能，產品，這是一種武力使用跟踪產品。所以這些計劃中有很多內容。最終，我們銷售的捆綁包越多，我們的軟件 ARPU 值就越高。然後，當我們將其與記錄管理方面和司法領域以及我們的一些新市場的勢頭結合起來時，這些事情結合在一起，為我們的基礎 Evidence.com 提供了很好的提升。許可。所以它實際上是這兩件事的結合。

I would just -- I would add, 100% agree, everything Josh said is spot on. I mean we are seeing very healthy demand for our premium bundles, and that's driving our strong net revenue retention. It's driving growth in the software business, the domestic E.com, Evidence.com licenses drove the largest sequential increase.

我只是——我想補充一點，100%同意，喬希所說的一切都是正確的。我的意思是，我們看到對我們的優質捆綁包的需求非常健康，這推動了我們強勁的淨收入保留。它帶動了軟件業務的增長，國內的E.com、Evidence.com許可證帶動了最大的環比增幅。

I think the other thing I would note for this quarter is we were able to start recognizing revenue for our Standards product now that we have it in general availability. And so that helped make the step up slightly larger this quarter than it has been in some other quarters. And so we spend a lot of time talking about how big is the size of the step. It was definitely larger this quarter, and we continue to look at it more as an average of quarters over time. It was slightly smaller in Q1. It was big in Q4. It's big this quarter. So it's been lumpy as we've had some of these revenue recognition pieces come together.

我認為本季度我要​​注意的另一件事是，我們能夠開始確認我們的標準產品的收入，因為我們已經普遍提供了它。因此，這有助於使本季度的增幅比其他一些季度稍大一些。所以我們花了很多時間討論台階的大小有多大。本季度的規模肯定更大，我們將繼續更多地將其視為各季度的平均值。第一季度略小。第四季度規模很大。這個季度規模很大。所以它是不穩定的，因為我們已經將其中一些收入確認部分整合在一起。

But overall, the domestic Evidence.com business is driving the bulk of that and thus why you're seeing such nice healthy growth in that segment.

但總體而言，國內 Evidence.com 業務推動了大部分業務，因此您會看到該細分市場如此健康的增長。

And I did want to follow up on that along with the comment that Josh made earlier about good momentum in justice. So is it right to interpret that there are customers that are buying the software or the E.com licenses that may not necessarily be part of the body camera or the TASER installed base? And if that's the case, I was just wondering if you could expand on that a little bit more and talk about the opportunity there?

我確實想跟進喬什之前關於正義良好勢頭的評論。那麼，是否有客戶購買軟件或 E.com 許可證，而這些軟件或 E.com 許可證不一定是隨身攝像機或 TASER 安裝基礎的一部分，這樣解釋是否正確？如果是這樣的話，我只是想知道你是否可以進一步擴展一下並談論那裡的機會？

Let me jump in over Josh. I'm excited on this one. Like, for example, the country of Scotland selected us for their digital evidence management system across police, prosecutor's courts, the whole country, and they are not using our body cameras. We've had some similar albeit -- I'm not sure which ones we've specifically disclosed or not, but we've had other international agencies move software first. And that's something that we're really proud of. And obviously, our software teams take great pride in that as well that 10 years ago, our software was basically an enabler of our hardware. And now they're both strong on their own and our software products, especially things like Records can stand on their own, although some of the generative AI stuff I alluded to in my comments, are a true game changer. When an agency is using our body cameras and our cloud software, our ability to unlock all the valuable data that's given in those audio, video records for our customers is pretty awesome.

讓我跳過喬希。我對此感到很興奮。例如，蘇格蘭國家選擇我們作為他們在警察、檢察官法院和整個國家的數字證據管理系統，但他們沒有使用我們的隨身攝像機。我們也有一些類似的情況——我不確定我們是否具體披露了哪些，但我們已經讓其他國際機構首先移動了軟件。這是我們真正感到自豪的事情。顯然，我們的軟件團隊也對此感到非常自豪，因為 10 年前，我們的軟件基本上是硬件的推動者。現在它們本身和我們的軟件產品都很強大，尤其是像 Records 這樣的東西可以獨立存在，儘管我在評論中提到的一些生成人工智能的東西是真正的遊戲規則改變者。當代理機構使用我們的隨身攝像頭和雲軟件時，我們為客戶解鎖這些音頻、視頻記錄中提供的所有有價值數據的能力非常出色。

And so we think we are very well positioned, and we look forward to coming back with more details. Don't want to get out over my skis, but we have been doing some -- we're always inventing and prototyping with our customers, and we're just hearing really positive feedback on things that we've not even announced yet. So that growth engine of doing the hardware and the software enables us to do things that you can't do -- if you can't do both those things together.

因此，我們認為我們處於非常有利的位置，我們期待著回來提供更多細節。不想越過我的滑雪板，但我們一直在做一些事情——我們總是與客戶一起發明和原型設計，我們只是聽到了對我們尚未宣布的事情的真正積極的反饋。因此，硬件和軟件的增長引擎使我們能夠做一些你做不到的事情——如果你不能同時做這兩件事的話。

And I totally agree with Rick and the only thing I'd add on that is there are extra licenses every agency buys for non-sworn personnel, and that number will only go up with Axon Records. And so that's a big piece of the puzzle here as you think about the police officers on the street choosing our body cameras and tasers, but then all of the people in the back office that need access to records and evidence, that's a substantial uplift as well.

我完全同意 Rick 的觀點，我唯一要補充的是，每個機構都會為非宣誓人員購買額外的許可證，而這個數字只會隨著 Axon Records 的增加而增加。因此，當你想到街上的警察選擇我們的隨身攝像頭和泰瑟槍時，這是一個很大的難題，但對於需要訪問記錄和證據的後台辦公室的所有人員來說，這是一個巨大的提升出色地。

So in addition to some of the new market and kind of DEMS-only features that Rick talked about, there's an element of just our domestic customers adding on more and more as our product portfolio grows.

因此，除了 Rick 談到的一些新市場和 DEMS 專用功能之外，隨著我​​們產品組合的增長，我們的國內客戶也越來越多地添加進來。

Right, I think like you've heard us say so many times before, the power of that entire ecosystem distributed through this hardware plus software OSP and bundle philosophy is -- it is our Amazon Prime. It is our flavor of this opportunity that just inherently drives increased adoption and as customers get value out of one basket, it inherently motivates them to keep going up to higher and higher tiers and then to use more and more of what feels free to them because it's already in the basket that they have paid for and have access to.

是的，我想就像您之前多次聽到我們說過的那樣，通過硬件加軟件 OSP 和捆綁理念分發的整個生態系統的力量是——它就是我們的 Amazon Prime。正是我們對這一機會的喜愛，從本質上推動了採用率的提高，並且當客戶從一個籃子中獲得價值時，它從本質上激勵他們繼續升級到越來越高的級別，然後使用越來越多的他們覺得免費的東西，因為它已經在他們已經付費並且可以訪問的購物籃中了。

And to come back to connect that to one of the questions about federal and justice before, that's also the leverage of our R&D philosophy and approach at work where if you take something like DEMS that's had a decade of R&D investment in us to bring it to where it is, to be fit for purpose broadly for domestic and international law enforcement, it's a relatively light lift but to tailor that with a surgical part of our team to make it fit for purpose for the next adjacent market segments like prosecutors and justice, like things in the federal government and that instantly or relatively quickly unlocks whole new segments building on the back of R&D we've done before.

回過頭來將其與之前有關聯邦和司法的問題之一聯繫起來，這也是我們研發理念和工作方法的槓桿作用，如果你採用像DEMS 這樣的東西，我們已經進行了十年的研發投資，將其帶到在這種情況下，要廣泛適應國內和國際執法的目的，這是一個相對較輕的提升，但要與我們團隊的外科部分進行定制，使其適合檢察官和司法等下一個相鄰市場領域的目的，就像聯邦政府的事情一樣，它可以立即或相對快速地解鎖基於我們之前所做的研發的全新細分市場。

And then once we've done that and we have momentum with federal customers in justice, it earns us the right to then start building bespoke products directly for those market segments. And that kind of successive laddering up from each angle is fundamental to our flywheel.

一旦我們做到了這一點，並且我們在正義方面與聯邦客戶保持了良好的勢頭，我們就有權開始直接為這些細分市場構建定制產品。這種從各個角度連續向上的階梯是我們飛輪的基礎。

Thanks, Mike. And before we move on, we've used the term DEMS a couple of times. That means digital evidence management system. So that's the acronym for everybody. Keith Housum at Northcoast.

謝謝，邁克。在我們繼續之前，我們已經使用過 DEMS 一詞幾次。這意味著數字證據管理系統。這就是每個人的縮寫。北海岸的基思·豪蘇姆 (Keith Housum)。

Rick, with the promotions for Josh and Brittany, how is your role evolving at Rick -- at the organization?

里克（Rick），隨著喬什（Josh）和布列塔尼（Brittany）的晉升，您在里克（Rick）組織中的角色有何變化？

So it's actually not changing a ton. Over the past 5 to 6 years, I've been wanting to put more and more focus on customers and technology, really creating -- understanding the pain of our customers, conveying the story that is our existing ecosystem and writing the story for the next 10 years. And focusing on that requires just frankly a very different mental outlook than running a business day to day.

所以它實際上並沒有改變很多。在過去的 5 到 6 年裡，我一直希望越來越多地關注客戶和技術，真正地創造——理解客戶的痛苦，傳達我們現有生態系統的故事，並為下一個生態系統編寫故事。 10年。坦率地說，專注於此需要與日常經營業務截然不同的精神面貌。

So if I went back 5 or 10 years ago, to be honest, I was getting quite burned out. It's just very difficult to run a large organization and then go, oh, in between this endless e-mail inbox and all the to dos of managing the business, let me now pause and shift to creatively looking at understanding what does the next phase look like. And so I think these promotions just sort of clarify those roles and this is giving basically Brittany more control over the operational excellence of our margins and our -- everything in the manufacturing supply chain to really make sure we're delivering.

因此，如果我回到 5 或 10 年前，說實話，我會感到非常疲憊。運營一個大型組織是非常困難的，然後，哦，在無休止的電子郵件收件箱和管理業務的所有待辦事項之間，讓我現在暫停並轉向創造性地了解下一階段的情況喜歡。因此，我認為這些晉升只是在某種程度上澄清了這些角色，這基本上讓布列塔尼對我們的利潤率和製造供應鏈中的一切卓越運營有更多的控制權，以真正確保我們交付。

It's giving Josh -- he's actually taking a little bit more of -- some of, for example, my interactions with the Board that are more operational in terms -- Josh actually tends to lead most of the Board meetings in terms of the agendas, et cetera. And what that allows me to do is focus less on what we're doing and much more engaging -- so during Board meetings, for example, I'm very focused on driving discussions at a highly strategic level. And I think we play to each other's strengths.

這給了喬什——他實際上採取了更多的——一些，例如，我與董事會的互動，這些互動在術語上更具操作性——喬什實際上傾向於在議程方面領導大多數董事會會議，等等。這讓我能夠減少對我們正在做的事情的關注，而更加投入——因此，例如，在董事會會議期間，我非常專注於在高度戰略層面上推動討論。我認為我們可以發揮彼此的優勢。

So my wife will tell you, I'm working harder than ever, and I'm traveling more than ever out with customers and large [expos] because I don't have a list of to dos I've got to do around internally in the office. And I know we've got a team, and I've got a very long relationship with Josh and with Brittany so only having been here little over a year, I think now, we've rapidly developed that same connective tissue, where we kind of understand each other's strengths.

所以我的妻子會告訴你，我比以往任何時候都更加努力地工作，而且我比以往任何時候都更多地與客戶和大型[博覽會]一起出差，因為我沒有一份必須在內部完成的待辦事項清單在辦公室。我知道我們有一個團隊，我與喬什和布列塔尼有著很長的關係，所以我只在這裡一年多一點，我想現在，我們已經迅速發展了相同的結締組織，我們有點了解彼此的優勢。

And that allows me to focus on the thing that I'm uniquely able to do as a founder CEO, and that is -- as I mentioned in my script, but I just want to really call attention to it. The reason I think founder-led companies outperform and the academic data kind of shows that, is when we focus on what -- like what is the next big leg that is not obvious [like] a traditional large business. Most of our competitors are focusing on basically running up kind of a profit-driven machine and each product manager is sort of asking the customers kind of what they want. My job is to predict what the customers aren't asking for yet and to match that up to various technologies. And there's a fair amount of risk that comes with that but the rewards are significant, and we saw that when we created the taser market, the body cam market, the cloud market. No customers were productively asking for those.

這讓我能夠專注於我作為創始人首席執行官獨特能夠做的事情，那就是——正如我在腳本中提到的那樣，但我只是想真正引起人們的注意。我認為創始人領導的公司表現優異的原因是，學術數據表明，當我們關注什麼時，比如下一個大分支是什麼，而不是像傳統的大型企業那樣明顯。我們的大多數競爭對手基本上都專注於運行一種以利潤為導向的機器，每個產品經理都在詢問客戶他們想要什麼。我的工作是預測客戶還沒有要求什麼，並將其與各種技術相匹配。隨之而來的是相當大的風險，但回報是巨大的，當我們創建泰瑟槍市場、隨身攝像機市場和雲市場時，我們就看到了這一點。沒有客戶有效地提出這些要求。

I think we're ahead of the ball on AI. We think about overall how we communicate. When I was a child in 19 -- in the early '70s, I communicated with a rotary dial phone in my house and police had push-to-talk walkie talkies. Today, I don't have a rotary phone, like we're doing Zoom with people around the world and our customers' primary mechanism of communicating is still push-to-talk walkie talkies. Like I think in the next 10 years, that will no longer be their primary method of communication. Police will be using audio, video sensors and AI to manage the massive amount of data flow so that we're collecting what is happening in the field, distributing that information to the right people and then cycling back to that officer in the field in a very focused way the information they need to know through the media that is most efficient for them to do it. It's least distracting while they're doing this difficult job. So it's solving those sort of problems.

我認為我們在人工智能方面處於領先地位。我們從整體上考慮我們的溝通方式。當我 19 歲——70 年代初——的時候，我用家裡的旋轉撥號電話進行通訊，警察也有即按即說的對講機。今天，我沒有旋轉電話，就像我們與世界各地的人們進行 Zoom 一樣，我們客戶的主要溝通機制仍然是一鍵通對講機。就像我認為在未來 10 年裡，這將不再是他們的主要溝通方式。警方將使用音頻、視頻傳感器和人工智能來管理大量數據流，以便我們收集現場發生的情況，將信息分發給正確的人員，然後以循環方式返回給現場的警官。他們需要通過媒體非常集中地了解信息，這對他們來說是最有效的。當他們做這項困難的工作時，這最不會分散他們的注意力。所以它正在解決這類問題。

And frankly, Jeff has done such an amazing job of building an amazing team. So when I talk about solving that problem, we've got people like [Ron McCatty,] who built Alexa drop-in, calling that revolutionized personal communications for 100 million people, including me, right, probably far more than that now so I could talk to my mom when she was -- had mental dementia and couldn't answer a phone and my kids could drop in on her from our kitchen, that sort of disruptive communication experience is part of what we're looking at now in the next 10 years. So that's where I spend my time, and that's why I'm not answering many questions about margin and budget because I've got a strong team that I know is all over that, so I can focus on the future.

坦率地說，傑夫在建立一支出色的團隊方面做得非常出色。因此，當我談論解決這個問題時，我們有像[Ron McCatty] 這樣的人，他創建了Alexa drop-in，稱這徹底改變了包括我在內的1 億人的個人通信，對吧，可能遠遠超過現在，所以我當我媽媽患有精神癡呆症並且無法接電話時，我可以和她交談，我的孩子們可以從我們的廚房拜訪她，這種破壞性的溝通體驗是我們現在正在考慮的一部分未來10年。這就是我花時間的地方，這就是為什麼我沒有回答很多有關利潤和預算的問題，因為我有一個強大的團隊，我知道他們負責這一切，所以我可以專注於未來。

Now back into more details, I'll go to Brittany and Josh. As you look at the T10 in terms of the adoption rate of that compared to the T7 as like the leading device that now people use for a taser, do you guys expecting acceleration of movement toward T10 versus like the T7? And then what does that do in terms of the mix and the margins?

現在回到更多細節，我將去布列塔尼和喬希。當您將 T10 與 T7 相比的採用率視為現在人們使用的泰瑟槍的領先設備時，你們是否預計 T10 的發展速度會比 T7 更快？那麼這對產品組合和利潤率有什麼影響呢？

Maybe I'll talk about a little bit of the demand, and I'll hand it over to Brittany to talk about the mix and margins. In terms of demand, yes, we absolutely see customers, and I've said this maybe in the last call and to others as well, like this is the first product where our customers have a genuine interest in upgrading early to it. Usually, because there's a training uplift and there's challenges around deploying it across thousands and thousands of users, you kind of kick the can down the road to the end of your useful life before you upgrade to the next one because it's a lot to bite off to deploy a new taser.

也許我會談談一些需求，然後我會把它交給布列塔尼來討論組合和利潤。就需求而言，是的，我們絕對看到了客戶，我可能在上次通話中也說過這一點，也對其他人說過，就像這是我們的客戶真正有興趣儘早升級到它的第一個產品。通常，由於需要進行培訓，而且在成千上萬的用戶中部署它也存在挑戰，因此在升級到下一個版本之前，您可能會將其踢到使用壽命結束，因為需要付出很多努力。部署新的泰瑟槍。

In this case, agencies are willing to accelerate that process in favor of getting this weapon on the streets faster. And so the early feedback continues to be very strong. Customers that -- there were even some customers who didn't move to T7 from X2 who are now jumping straight to T10 with the 10 shots and increased distance. So very, very bullish on T10 adoption over the next a couple of years here.

在這種情況下，各機構願意加快這一進程，以便更快地將這種武器推向街頭。因此，早期的反饋仍然非常強烈。客戶認為，甚至有一些客戶沒有從 X2 轉移到 T7，現在通過 10 次射擊和增加的距離直接跳到 T10。所以非常非常看好 T10 在未來幾年的採用。

Now keep in mind, internationally and in some domestic markets as well, there's still a trial period that takes place where agencies want to field it and get enough data. And so it doesn't happen all at once. But I think over the next couple of years, our TASER business will continue to grow on the back of more TASER 10 handles in the field.

現在請記住，在國際上和一些國內市場上，仍然有一個試用期，各機構希望對其進行實地測試並獲得足夠的數據。所以這一切不會一次性發生。但我認為，在接下來的幾年裡，我們的 TASER 業務將在現場更多 TASER 10 手柄的支持下繼續增長。

I would just add, Keith, that I think because the demand has been so strong from an operational perspective, we can build in what we know we can manufacture. We really are still ramping that up. And so for the rest of this year, we've got a pretty good sense of how many handles we can actually make. And given the demands out there, that's what we can factor into our model. It is taking us some time to get it fully ramped up and scaled from a manufacturing standpoint.

基思，我想補充一點，我認為因為從運營角度來看需求非常強勁，我們可以建立我們知道我們可以製造的東西。我們確實仍在加大力度。因此，在今年剩下的時間裡，我們對實際可以生產多少手柄有了很好的了解。考慮到那裡的需求，這就是我們可以將其納入我們的模型的因素。從製造的角度來看，我們需要一些時間才能完全啟動並擴大規模。

Next year, I think not only will we have more scaled manufacturing, but we will have been able to invest in some of the automation for both the handle and the cartridges to help get the initial cost down and improve that gross margin.

明年，我認為我們不僅將擁有更大規模的製造，而且我們將能夠投資於手柄和墨盒的一些自動化，以幫助降低初始成本並提高毛利率。

We have 3 analysts that we will get to next. Samik Chatterjee at JPMorgan.

接下來我們將介紹 3 名分析師。摩根大通的薩米克·查特吉 (Samik Chatterjee)。

Hopefully 2 quick ones here. The Fleet systems revenue sequential ramp that you had this quarter, at least looks more modest than what you had going into 1Q. And given some of the guidance around gross margin that you had, I'm just wondering, should we be taking that as an implication that you expect Fleet systems revenue acceleration here on a sequential basis to sort of increase?

希望這裡有 2 個快速的。本季度的艦隊系統收入環比增長至少看起來比第一季度更為溫和。鑑於您對毛利率的一些指導，我只是想知道，我們是否應該將其視為您預計艦隊系統收入加速在此連續增長的暗示？

And I think on the last earnings call, you had mentioned something about supply sort of constraints now getting sort of easier to ship those products. How should we think about underlying demand if you were sort of looking at a more normalized demand environment without any supply constraints? And I have a quick follow-up, sorry.

我認為在上次財報電話會議上，您提到了一些有關供應限制的問題，現在這些產品的運輸變得更加容易。如果您正在尋找一個沒有任何供應限制的更加正常化的需求環境，我們應該如何考慮潛在需求？抱歉，我有一個快速跟進。

I think we're largely getting through our inventory supply constraints. And now we're really looking at what it will take to get Fleet installed. And so as you go through this year, you'll see basically what is normalized healthy run rate for Fleet from a demand standpoint. Remember, as I said earlier on this call, we have 3 pieces of Fleet revenue. You have the hardware, which is showing up in the Fleet line item of our reporting. So you've got the hardware. You have the professional services, which goes into our services line item. And then you have the software revenue that gets turned on once we have it installed.

我認為我們基本上已經克服了庫存供應限制。現在我們正在真正考慮如何安裝 Fleet。因此，當您經歷今年時，您基本上會從需求的角度看到艦隊的正常化健康運行率是多少。請記住，正如我之前在本次電話會議中所說，我們有 3 部分艦隊收入。您擁有硬件，該硬件顯示在我們報告的“艦隊”行項目中。所以你已經有了硬件。您將獲得專業服務，這些服務已納入我們的服務項目中。一旦我們安裝了軟件，您就會獲得軟件收入。

So as we come out of this year, you'll see a really nice level of run rate demand. And I would expect as we get through this year, we're at a good level of run rate demand for professional services installations as well on that Fleet product.

因此，當我們今年結束時，您會看到運行率需求的水平非常好。我預計，隨著今年的到來，我們對專業服務安裝以及 Fleet 產品的運行率需求將處於良好水平。

Josh, did you want to jump in?

喬什，你想跳進去嗎？

Yes. I just wanted to say, I wouldn't get too caught up in the kind of sequential trends because they can vary a little depending on when we ship especially large orders. And so for us, we're really focused on that. As we said, we've grown 30% for 6 straight quarters. That's really what we try to look at is our yearly CAGR and focus on that. And there might be a little noise quarter-to-quarter on how that looks. But over the course of the year, it seems to kind of normalize.

是的。我只是想說，我不會太關注這種連續趨勢，因為它們可能會根據我們何時運送特別大的訂單而略有不同。所以對我們來說，我們非常關注這一點。正如我們所說，我們已連續 6 個季度實現 30% 的增長。我們真正想要關注的是我們的年度複合年增長率並專注於此。每個季度的情況可能會出現一些噪音。但一年來，這種情況似乎已經趨於正常化。

On the Evidence and cloud services growth, obviously, very robust growth that you're experiencing there. Can you talk to what the underlying customer count sort of trends are? Because I'm trying to sort of parse out how much of this is land and expand with customers that are already using and sort of upselling to them versus actually going into new customers and them trying out the product? Like can you talk about sort of the underlying customer count a bit more?

關於證據和雲服務的增長，顯然，您正在經歷非常強勁的增長。您能談談潛在的客戶數量趨勢是什麼嗎？因為我試圖分析出其中有多少是土地並與已經使用的客戶進行擴展，並向他們進行追加銷售，而不是實際進入新客戶並讓他們嘗試該產品？就像你能談談潛在客戶數量多一點嗎？

Yes. I don't know that we're prepared to give any specifics on that today. But I would say kind of with a broader brush, we try to do 2 things really well at the same time. We try to sell new products to our existing customers, and we try to sell existing products to new customers. And if we do both of those well, meaning like in our core U.S. market, it's really about selling all those new products like VR, some of the software packages and features I mentioned, computer-aided dispatch, et cetera.

是的。我不知道我們今天是否準備好提供任何具體細節。但我想說的是，從更廣泛的角度來看，我們試圖同時做好兩件事。我們嘗試向現有客戶銷售新產品，也嘗試向新客戶銷售現有產品。如果我們這兩方面都做得很好，就像在我們的核心美國市場一樣，那麼實際上就是銷售所有這些新產品，比如虛擬現實、我提到的一些軟件包和功能、計算機輔助調度等等。

And then internationally, in corrections, in justice and our federal business, it's more about selling our kind of core products, tasers, body cams, DEMS, into those to create kind of that opportunity to land and expand. And so ultimately, we look at both of those metrics, new product sales and new market sales every quarter. And really happy to say that we're trending very nicely on each of those -- in each of those categories right now.

然後在國際上，在懲教、司法和我們的聯邦業務中，更多的是向那些創造落地和擴張機會的領域銷售我們的核心產品，泰瑟槍、隨身攝像頭、DEMS。因此，最終，我們每個季度都會關注這兩個指標：新產品銷量和新市場銷量。很高興地說，我們現在在每個類別中的趨勢都非常好。

The only thing we do give, and we gave it in our shareholder letter, is that the penetration rate of our Officer Safety Plan is less than 20% relative to our potential state and local law enforcement installed base. So I think we have both great ability to land as well as expand, to Josh's point.

我們在股東信中給出的唯一一件事是，相對於我們潛在的州和地方執法機構安裝基礎，我們的警員安全計劃的滲透率不到 20%。所以我認為，就喬什的觀點而言，我們都有很強的落地和擴張能力。

Jonathan Ho at William Blair.

威廉·布萊爾的喬納森·何 (Jonathan Ho)。

Congrats on the strong results. I did want to maybe get a little bit of additional color on AB4 and what your customers are most excited about in terms of new use cases around the AB4 capabilities?

祝賀取得的強勁成果。我確實想在 AB4 上獲得一些額外的色彩，以及您的客戶對圍繞 AB4 功能的新用例最感興趣的是什麼？

Maybe I'll start, and then I'll hand it over to Jeff and Rick. I think ultimately, there's some incremental improvements in there around battery and optics and so forth. But really launching the 2-way voice as part of AB4. We're most excited that it actually fits a need in the market right now and that customers have a variety of use cases where the value relative to the radio, of being able to see something playing out for the dispatcher or for a mental health expert or for a translator, watching the screen and being able to communicate through the body camera with a community member, that is something that our customers are very excited about and we're seeing more and more adoption of that feature set early on.

也許我會開始，然後我會把它交給傑夫和里克。我認為最終，圍繞電池和光學器件等方面會有一些漸進式改進。但真正推出 2 路語音作為 AB4 的一部分。我們最興奮的是，它實際上滿足了目前市場的需求，並且客戶有各種用例，其中相對於收音機的價值是能夠看到調度員或心理健康專家正在播放的內容或者對於翻譯來說，觀看屏幕並能夠通過隨身攝像頭與社區成員進行交流，這是我們的客戶非常興奮的事情，我們看到越來越多的人在早期就採用了該功能集。

So I think that's one of the key differentiators. It's also nice to bring back our POV functionality. We haven't really launched anything new there since Flex 2. And now just a simple attachment to the body camera instead of a whole new product in SKU makes that a lot more easily adopted and tailored to certain use cases and just flexible overall for our customers.

所以我認為這是關鍵的區別之一。恢復我們的 POV 功能也很好。自Flex 2 以來，我們還沒有真正推出過任何新產品。現在，只需將一個簡單的附件連接到隨身相機上，而不是SKU 中的全新產品，就可以更輕鬆地採用和針對某些用例進行定制，並且總體上對我們來說非常靈活顧客。

That's right. I mean I think just echoing on all of what Josh said. This is a category where the meat and potatoes matters a lot, and there's tons of exciting innovation. The -- no one -- everyone always wants more battery life, and we're delivering there, bringing -- turning the POV from a separate product to a no-compromise simple accessory that's an add-on, we think is a game changer for a lot of agencies.

這是正確的。我的意思是，我認為只是呼應喬什所說的所有內容。這是一個重要的類別，並且有大量令人興奮的創新。 - 沒有人- 每個人總是想要更長的電池壽命，而我們正在交付，帶來- 將POV 從一個單獨的產品轉變為一個不妥協的簡單配件，這是一個附加組件，我們認為這是一個遊戲規則改變者對於很多機構來說。

And then full circle back to Respond and really moving live streaming in this future of modern multimodal communications from a thing that feels like an add-on to a thing that feels central and native to the product itself. And 2 very specific aspects that we think resonate and the customers are telling us loud and clear they love. One is frankly, the notion of it being hands-free. The fact that not only do you have 2-way voice but I'm there in the middle of a scene having hard things go on, and I can, in a hands-free way, both talk back to who's talking to me while I'm hearing. And so that enables just a new kind of freedom and interaction that complements and adds to the other communication options they have available to them today.

然後繞一圈回到 Respond，在現代多模式通信的未來中，真正將直播從感覺像是附加組件的東西轉變為感覺是產品本身的核心和原生的東西。我們認為有兩個非常具體的方面能夠引起共鳴，並且客戶大聲明確地告訴我們他們喜歡。坦率地說，其中之一是免提的概念。事實上，你不僅有雙向語音，而且我在一個場景中，有困難的事情在進行，我可以以免提的方式，在我和我說話的時候與誰頂嘴。我聽到了因此，這實現了一種新的自由和互動，補充並增加了他們今天可以使用的其他通信選項。

And number two, this idea of the watch me button, you've heard us say it, but from a psychology standpoint, one of the things that has been an opportunity for agencies to think about how they'll adopt live streaming is simply who is starting it. And psychologically for an officer, there's something incredibly compelling about the notion that I'm the one who gets to say, I'm asking for help. I want someone to watch my back as opposed to, I don't know when someone might choose to drop in on me. They're both critically important, but the psychology of empowering officers to say I want someone to watch to my back right now. We are hearing loud and clear that they're super excited about.

第二，“觀看我”按鈕的想法，你已經聽我們說過了，但從心理學的角度來看，讓各機構思考如何採用直播的機會之一就是誰正在啟動它。從心理上來說，對於一名警官來說，我是那個可以說“我正在尋求幫助”的人，這一想法具有令人難以置信的吸引力。我希望有人照顧我，而不是，我不知道什麼時候有人會選擇來拜訪我。它們都非常重要，但授權警官說我現在希望有人在我背後監視的心理。我們清楚地聽到他們對此感到非常興奮。

So one last thing, I'll jump in on. When we designed AB3 a number of years ago, we had -- we faced a decision, do we put an LTE chip in every camera? Or do we bifurcate the SKUs and have a lower-cost WiFi-only camera and have a premium? We made the bet that, you know what, a connected camera will be so much more useful that we're going to put that chip in every camera so that we can turn that capability on for customers.

最後一件事，我會繼續說下去。幾年前，當我們設計 AB3 時，我們面臨一個決定，我們是否要在每台相機中都配備 LTE 芯片？或者我們是否將 SKU 分開，推出成本較低、僅支持 WiFi 的相機並提供溢價？我們打賭，你知道嗎，聯網相機會變得更加有用，因此我們將把該芯片放入每台相機中，以便我們可以為客戶啟用該功能。

Now by comparison, some of our competitors for years when asked about LTE, they were saying, well, our customers aren't asking for it. That is precisely the difference of how we think about these products. We don't think about profit optimization on the current generation. We think about what is the right thing to do that's going to enable us to create massive value over the long term. And sometimes, look, this is where Brittany holds me accountable She's got to make sure the numbers work. But we have a very productive interplay about this, about how do we make the right level of investment bets and they are bets in that the answers are not necessarily knowable.

相比之下，我們的一些競爭對手多年來在被問及 LTE 時都會說，好吧，我們的客戶並沒有要求它。這正是我們對這些產品的看法的差異。我們不考慮當前一代的利潤優化。我們思考什麼是正確的做法，才能使我們能夠長期創造巨大的價值。有時，看，這就是布列塔尼讓我負責的地方，她必須確保數字有效。但我們在這個問題上、關於我們如何做出正確水平的投資押注方面有著非常富有成效的相互作用，而這些押注的答案不一定是可知的。

But I think we're now seeing that coming true where it's like, wow, these real-time capabilities are very useful. And the agencies that have gone to live streaming every call for incidents, they survey their officers and you know what they're telling me? Unanimously, officers and dispatchers are saying they refuse to go back to a world without it. And those are the type of things we hear early in a product cycle that make us dig in hard because we know we've got -- this is a game-changing capability.

但我認為我們現在看到這一點正在成為現實，哇，這些實時功能非常有用。那些對事件進行現場直播的機構，他們調查了他們的官員，你知道他們在告訴我什麼嗎？官員和調度員一致表示，他們拒絕回到沒有它的世界。這些是我們在產品週期早期聽到的事情，這些事情讓我們努力挖掘，因為我們知道我們已經擁有——這是一種改變遊戲規則的能力。

Now it's just going to take some time for us to spread the word and get agencies to try it. And things like the watch me feature help agencies or unions that have concerns about privacy matters, have a way they can deploy it, it's responsive to those concerns. But I'm 100% convinced relying as a push-to-talk walkie talkie for the next 20 years as your only real means of communication is not how the world is going to evolve.

現在我們只需要一些時間來宣傳並讓機構嘗試一下。像“監視我”功能這樣的功能可以幫助那些擔心隱私問題的機構或工會，找到一種部署它的方法，它可以對這些問題做出響應。但我 100% 相信在未來 20 年裡，我們仍會依賴一鍵通對講機，因為世界將如何發展，這並不是您唯一真正的通信方式。

Now I'm also very clear, we are not yet a mission-critical piece of communications. The current stuff will exist for quite some time alongside what we're doing. We're augmenting with new capabilities. And these agencies that are using our live stream with 2-way voice, what they're telling me is that it's offloading tons of traffic off the radio that not everybody else on the radio needs to hear. They're having more in-depth conversations, more rich conversations because it's not taking up radio airtime and that's actually making their radio use more productive and more focused.

現在我也很清楚，我們還不是一個關鍵任務的通信。當前的內容將與我們正在做的事情一起存在相當長的一段時間。我們正在增強新的功能。這些機構正在使用我們的雙向語音直播，他們告訴我的是，它正在從廣播中卸載大量流量，而廣播中的其他人並不需要聽到這些流量。他們正在進行更深入、更豐富的對話，因為這不會佔用廣播時間，這實際上使他們的廣播使用更有效率、更專注。

Thank you. Jeremy Hamblin at Craig-Hallum. You're up.

謝謝。克雷格哈勒姆的傑里米·漢布林。你起來了。

Congrats on the strong results. I wanted to come back to the point that Brittany was making about the OSP bundles. And you just had tremendous acceleration in the velocity of growth in your cloud business is quite impressive over the last few quarters in particular.

祝賀取得的強勁成果。我想回到布列塔尼關於 OSP 捆綁包的觀點。您的雲業務增長速度出現了巨大的加速，尤其是在過去幾個季度，令人印象深刻。

So if less than 20% of your potential base, state and local domestic is on OSP bundle, today, what would you have said that, that percentage was a year ago? Would it have been less than 10%? And then just coming back to the cloud revenue growth. Obviously, I think you talked about it's license growth, but I wanted to just get a sense for just the expansion of the premium bundles as well. And how much of that is -- because just the value of that business has gone up tremendously in just the last 3 or 4 quarters.

因此，如果您的潛在客戶、州和當地國內用戶中不到 20% 的人使用 OSP 捆綁包，那麼今天您會怎麼說，這個百分比是一年前的？會低於10%嗎？然後回到雲收入增長。顯然，我認為您談到了許可證的增長，但我也想了解一下高級捆綁包的擴展。其中有多少——因為該業務的價值在過去的三四個季度里大幅上漲。

Yes, I'll jump in. It's been great to see and great to watch. We last gave that penetration stat in Q3 of last year, and it was less than 15%. So we have seen a nice increase in that over the last 9 months. And I think you're seeing that get reflected in some of the increase in our software revenue.

是的，我會加入進來。這真是太棒了，也太值得觀看了。我們上次給出滲透率統計數據是在去年第三季度，當時還不到 15%。因此，我們在過去 9 個月中看到了這一數字的大幅增長。我認為您已經看到這一點反映在我們軟件收入的一些增長中。

I would say that there's also things where we're adding new products, right, this call out I made on standards. This is a product we've been investing in. We've been testing with customers we've had out there, and we got it to the point where we could start recognizing revenue on it. And so those are exciting things that start to feed into our software business and our software recognition.

我想說的是，我們還添加了新產品，對吧，這是我根據標準提出的。這是我們一直在投資的產品。我們一直在與現有的客戶進行測試，我們已經達到了可以開始確認收入的程度。因此，這些令人興奮的事情開始融入我們的軟件業務和我們的軟件認可中。

I think if you're modeling it, for modeling purposes, we would still say a good 6 quarter average and maybe Q4 and Q2 of this year were particularly high because of onetime revenue in Q4 and the Standards piece in Q2. So I'm not sure it's fair to fully average those in. But I think your macro point of we're having great momentum in our software business, and our customers are loving it. And they're adding more and we're upgrading people to premium bundles, I mean that is the heart of the story around the software cloud business, and we're really excited to get to tell that story and to give those products to our customers.

我認為，如果您對其進行建模，出於建模目的，我們仍然會說6 個季度的平均值不錯，也許今年的第四季度和第二季度特別高，因為第四季度的一次性收入和第二季度的標準部分。所以我不確定完全平均這些是否公平。但我認為你的宏觀觀點是我們的軟件業務勢頭強勁，而且我們的客戶很喜歡它。他們正在添加更多內容，我們正在將人們升級到高級捆綁包，我的意思是，這是圍繞軟件雲業務的故事的核心，我們非常高興能夠講述這個故事並將這些產品提供給我們的客戶。顧客。

And then just a follow-up question is on the international side, as you think about OSP bundles. In terms of adoption rates on that segment of your business, how is that comparing to kind of the adoption curve that you saw domestically? Obviously, some different factors in terms of where taser penetration was a decade ago and so forth. So I imagine the curve could look a little bit different, but just wanted to get an understanding of what you're seeing.

當您考慮 OSP 捆綁時，接下來的問題是國際方面。就您所在業務領域的採用率而言，與您在國內看到的採用曲線相比如何？顯然，十年前泰瑟槍穿透力等方面存在一些不同的因素。所以我想曲線可能看起來有點不同，但只是想了解你所看到的。

Yes. Thanks for the question, Jeremy. I would say that the international market is kind of bifurcated between our Tier 1 customers in the rest of world right now. In Tier 1, I think we are getting closer to OSP-like offerings. And that's because generally, you're not talking about one federal government buying everything. You're talking about cities like London and Manchester and Calgary and Edmonton and Ottawa or states in some cases and provinces in some cases. So -- and same in Australia.

是的。謝謝你的提問，傑里米。我想說的是，國際市場目前在我們世界其他地區的一級客戶之間存在分歧。在第一層，我認為我們越來越接近類似 OSP 的產品。這是因為一般來說，你並不是在談論一個聯邦政府購買一切。您談論的是倫敦、曼徹斯特、卡爾加里、埃德蒙頓和渥太​​華等城市，或者某些情況下的州或某些情況下的省。所以——在澳大利亞也是如此。

And so where there's heavy adoption of both, and it's not all federal purchasing, I think we will see OSP adopted in those markets over time. In the rest of the world, the focus is really just landing in a large way with one product and then starting that journey, which is go from one product to multiple products. And then when both of those products are more well adopted, that's when we talk about this kind of bundling concept. But the fact that you've got these large federal governments doing the buying in a lot of cases, it's both a good thing and a bad thing.

因此，如果兩者都得到大量採用，而且並非全部由聯邦採購，我認為隨著時間的推移，我們將看到 OSP 在這些市場中得到採用。在世界其他地方，重點實際上只是一種產品的大規模落地，然後開始從一種產品到多種產品的旅程。然後，當這兩種產品得到更廣泛的採用時，我們就會談論這種捆綁概念。但事實上，在很多情況下，這些大型聯邦政府都在進行購買，這既是一件好事，也是一件壞事。

It's great that the volumes can be way more exciting upfront, but it's also harder to pair 2 products like that together because it's just very different processes relating to the procurement of each. And so we're working through it. And hopefully, over the next year or 2, we'll start to see OSP kind of take a foothold in some of those Tier 1 markets.

數量可以在前期變得更加令人興奮，這很好，但將兩種這樣的產品配對在一起也很困難，因為與每種產品的採購相關的流程非常不同。所以我們正在努力解決這個問題。希望在未來一兩年內，我們將開始看到 OSP 在某些一級市場中站穩腳跟。

Thanks for all the great questions. We're going to have Rick close us out.

感謝所有提出的好問題。我們會讓里克把我們排除在外。

Before Rick closes us out, just one more thing, if it's all right. As we do the call backs tomorrow, I hope all of our analysts will wish Brittany a happy birthday. And happy birthday to you, Brittany.

在瑞克將我們拒之門外之前，如果可以的話，還有一件事。當我們明天回電時，我希望我們所有的分析師都能祝布列塔尼生日快樂。祝你生日快樂，布列塔尼。

Thanks, Josh. Sneaking that in.

謝謝，喬什。偷偷溜進去。

It's delightful to be able to share these results. Obviously, a ton of hard work went into this. I pinch myself every day that I get this fantastic job. These things don't happen by themselves. My view of this is this what happens when you have an amazing mission, you attract just unbelievably talented people, give them the freedom to operate and bring their own diverse backgrounds and talents into the team and let them run. And we're running hard, and we're going to keep running hard for you, our investors, and for our customers and, knock on wood, we'll be back to keep telling you about some of the great work our team is doing.

很高興能夠分享這些結果。顯然，這其中付出了巨大的努力。我每天都掐自己一下，因為我得到了這份出色的工作。這些事情不會自行發生。我的觀點是，當你有一個了不起的使命，你吸引了令人難以置信的才華橫溢的人，給他們自由運作並將他們自己不同的背景和才能帶入團隊並讓他們運行時，就會發生這種情況。我們正在努力工作，我們將繼續為您、我們的投資者和我們的客戶努力工作，而且，天哪，我們會回來繼續告訴您我們團隊所做的一些偉大工作。正在做。

You only get to see a handful of us. But behind the scenes, there's a cast of thousands of really talented people working really hard. So for those of you who on our team that are listening in, thank you for letting us bask in the light of results like these from the work you do. I look forward to seeing you all next quarter.

你只能看到我們中的一小部分人。但在幕後，有數千名才華橫溢的演員在努力工作。因此，對於我們團隊中正在傾聽的人來說，感謝你們讓我們享受到你們所做工作所取得的這些成果。我期待下個季度見到大家。