Axon Enterprise Inc (AXON) 2023 Q3 法說會逐字稿

Hi, everyone. Welcome to our third quarter earnings call. Thank you so much for joining us. Our prepared remarks today are meant to build on the information in our shareholder letter, which was published at investor.axon.com after the market closed. So we hope you've all had a chance to read that letter. 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.

大家好。歡迎參加我們的第三季財報電話會議。非常感謝您加入我們。我們今天準備的言論旨在以我們的股東信中的信息為基礎，該信在收盤後在 Investor.axon.com 上發布。所以我們希望你們都有機會閱讀這封信。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聲明均符合 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. Okay. Every quarter, we start you off with an earnings video. And we do this so you can get a closer look and feel for our business quarter by quarter. And so we're so excited this quarter we're going to double click on our federal business, which is a very exciting expansion opportunity for us.

這些評論是基於我們今天的預測和期望，並不保證未來的績效。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。好的。每個季度，我們都會向您播放收益影片。我們這樣做是為了讓您能夠更仔細地了解和感受我們每季的業務。因此，本季我們非常興奮，我們將雙擊我們的聯邦業務，這對我們來說是一個非常令人興奮的擴張機會。

So last month, we had a great showing at the AUSA conference, which is the Association of the United States Army Annual Conference. So we're going to play a video. We're going to take you there. It's about 2 minutes, and then we'll turn it over to Rick.

上個月，我們在 AUSA 會議（即美國陸軍協會年會）上表現出色。所以我們要播放一個影片。我們要帶你去那裡。大約 2 分鐘，然後我們將其交給 Rick。

(presentation)

（推介會）

Thank you, A.J., and great job to Richard and his team at AUSA. It's truly exciting to see the energy that our team brings to these events. I was on the ground at AUSA and I'm super excited about what Richard Coleman and our entire federal team is doing. Welcome, everyone, to our third quarter 2023 earnings call. It's great to be coming back to you with another fantastic quarter. We also celebrated the company's 30th anniversary in September. Let me take a big step back for a moment and reflect on our founding ethos and how that translates to today.

謝謝你，A.J.，理查德和他在 AUSA 的團隊做得很好。看到我們的團隊為這些活動帶來的能量真是令人興奮。我在 AUSA 現場，我對 Richard Coleman 和我們整個聯邦團隊正在做的事情感到非常興奮。歡迎大家參加我們的 2023 年第三季財報電話會議。很高興再次為您帶來精彩的季度。 9 月我們也慶祝了公司成立 30 週年。讓我退一步思考我們的創始精神以及它如何轉化為今天。

We've just driven seven consecutive quarters of 30% plus revenue growth while growing profitability and the formula has been very simple. First, we start by identifying a challenge or a problem that our customers face. Staying very close to our customers is part of our secret sauce. Every company says that, but we have institutionalized it through frequent technology summits at our headquarters, where we bring in a couple of dozen customers at a time to listen to them and to share with them our prototypes and ideas that might not even be products until 2025 or later.

我們剛剛連續七個季度實現了 30% 以上的收入成長，同時獲利能力不斷提高，而且公式非常簡單。首先，我們先確定客戶面臨的挑戰或問題。與客戶保持密切聯繫是我們的秘訣之一。每家公司都這麼說，但我們透過在總部舉行頻繁的技術高峰會將其製度化，我們一次邀請數十名客戶來傾聽他們的意見，並與他們分享我們的原型和想法，這些原型和想法甚至可能不是產品，直到2025 年或更晚。

We also have an annual user conference. Our engineers go on ride alongs and sit alongs, and we foster many other touch points with our customers. I cannot overstate the importance of calibrating research and development decisions off of direct customer feedback. When we develop alongside our customers, it helps us get it right on the big picture, like moving towards robotic security, virtual formality, fused intelligence, for example, and also helps us get it right on the millions of small details and user experience decisions that create a delightful product for our customers.

我們也舉辦年度用戶大會。我們的工程師會一起騎車或坐下來，我們也與客戶建立許多其他接觸點。我怎麼強調根據直接客戶回饋來校準研發決策的重要性都不為過。當我們與客戶一起開發時，它可以幫助我們在大局上做出正確的決定，例如轉向機器人安全、虛擬形式、融合智能，還可以幫助我們在數百萬個小細節和用戶體驗決策上做出正確的決定為我們的客戶創造令人愉悅的產品。

This should reassure you, our investors, that -- our investment decisions are sound. They're geared towards products that customers want, and they've told us that they will buy, and it's designed to drive growth for years to come. We also stick close to the forefront of the innovation curve so we can identify how technology can make things better or fix problems entirely.

這應該可以讓我們的投資人放心，我們的投資決策是正確的。他們面向客戶想要的產品，並且他們告訴我們他們會購買，並且旨在推動未來幾年的成長。我們也緊貼創新曲線的最前沿，以便我們能夠確定技術如何使事情變得更好或完全解決問題。

This is how we were the first to evangelize cloud software to public safety in the early 2010s and why we believe we'll be first introducing generative AI tools in the 2020s. Our engineers are some of the best and brightest in technology. Like me, they are energized to go out and fix problems and they work hard at it. As a result, we end up with undeniably best-in-class product market fit. Strong relationships with our customers and employees who are motivated to partner with our customers to drive their success. Our growth today is driven by decisions we made 5 years ago.

這就是我們在 2010 年代初期率先向公共安全宣傳雲端軟體的方式，也是我們相信我們將在 2020 年代首次引入生成式 AI 工具的原因。我們的工程師是技術領域最優秀、最聰明的工程師。和我一樣，他們充滿活力地出去解決問題，並且努力工作。因此，我們最終獲得了無可否認的最佳市場契合度產品。與我們的客戶和員工建立了牢固的關係，他們積極與客戶合作，推動他們的成功。我們今天的成長是由我們 5 年前做出的決定所推動的。

And while we enjoy an undeniable time advantage, while competitors are trying to catch up, we're now thinking 5 years ahead. We believe the R&D decisions we are making today will continue to drive growth for the decades to come. And then, of course, we must execute on all fronts. So that's the formula, customer closeness, plus long-term vision, plus day-to-day execution equals value creation across the board. For the public, for Axon, for our employees and for our shareholders. It's a winning equation, and we're excited about that decade ahead of us.

雖然我們享有無可否認的時間優勢，而競爭對手正在努力追趕，但我們現在正在考慮提前 5 年。我們相信，我們今天所做的研發決策將繼續推動未來幾十年的成長。當然，我們必須在各方面執行。這就是公式，顧客親密度，加上長期願景，加上日常執行，等於全面創造價值。為了公眾、為了 Axon、為了我們的員工和我們的股東。這是一個成功的方程式，我們對未來的十年感到興奮。

Before I turn it over to Josh, I'd be remiss if I did not acknowledge the wake of escalating global events. These conflicts, wars, violence and unspeakable acts. We're all seeing them today. We commiserate in the pain and suffering many people are facing around the world. And because we are a globally connected company, the personal pain faced by our own employees and many of you listening to this call, Axon's mission, our mission, is to protect life, and we're focused on continuing to execute and grow that mission. You're up, Josh.

在我把它交給喬許之前，如果我不承認全球事件升級的後果，那就是我的失職。這些衝突、戰爭、暴力和難以言喻的行為。今天我們都看到了他們。我們對世界各地許多人面臨的痛苦和苦難表示同情。因為我們是一家全球互聯的公司，我們自己的員工以及聽到這項呼籲的許多人所面臨的個人痛苦，Axon 的使命，我們的使命，是保護生命，我們專注於繼續執行和發展這一使命。你起來了，喬許。

Thanks a lot, Rick. Every quarter here at Axon leaves me more impressed with our team. As Rick highlighted, we just reported our seventh consecutive quarter with over 30% top line growth. This kind of growth does not happen automatically. It's fueled by our ability to drive value to our customers and the momentum we have built over many years. While I'm pleased with our results for the quarter, I'll share with you a few things that keep me confident in the long term. First, I'd like to share my vision of where we will execute over the next 5-plus years.

非常感謝，瑞克。在 Axon 的每個季度都讓我對我們的團隊印象更加深刻。正如 Rick 所強調的，我們剛剛報告了連續第七個季度營收成長超過 30%。這種成長不會自動發生。我們為客戶創造價值的能力以及我們多年來建立的勢頭推動了這一趨勢。雖然我對本季的業績感到滿意，但我將與您分享一些讓我對長期充滿信心的事情。首先，我想分享我對未來 5 年多的執行計劃的願景。

We mainly sell into four key customer categories: state and local, U.S. federal, international and enterprise. Each of those has a different path for how we tackle go-to-market, yet the overarching way to think about Axon is we are building the operating system for public safety and security across the board. A few years ago, we would say that we invited every officer trying a TASER device wearing an Axon body camera and having a seat on our software network.

我們主要銷售給四個主要客戶類別：州和地方、美國聯邦、國際和企業。對於我們如何進入市場，每一個都有不同的路徑，但考慮 Axon 的首要方式是我們正在為公共安全和安保全面建立作業系統。幾年前，我們會說，我們邀請每位佩戴 Axon 隨身攝影機嘗試泰瑟槍設備的警官，並在我們的軟體網路上佔有一席之地。

As we build out this network, division, as you can see it is expanding so that from when an officer first interacts with the civilian to when a case is adjudicated, we are powering that workflow from start to finish. We have the team and the capability and we are going to continue to challenge ourselves to execute on that vision. And we remain really excited about the opportunities that we are seeing in state and local. Agencies across the United States are facing growing challenges.

正如您所看到的，當我們建立這個網絡、部門時，它正在擴大，因此從官員第一次與平民互動到案件裁決時，我們從頭到尾都在為該工作流程提供動力。我們擁有團隊和能力，我們將繼續挑戰自己實現這個願景。我們對在州和地方看到的機會仍然感到非常興奮。美國各地的機構正面臨越來越大的挑戰。

They are understaffed, navigating increasing training requirements and have to do one of the most difficult jobs in the world every day. This segment remains our core, and we are investing and delivering solutions to help our customers. We brought two new devices to market this year. Invested in productivity-enhancing software features and relaunched a disruptive VR training portfolio. When I think about our mission to protect life and look at the inefficiencies in the existing training landscape today, I think VR can be one of our most exciting long-term opportunities.

他們人手不足，培訓要求不斷增加，每天必須做世界上最困難的工作之一。該細分市場仍然是我們的核心，我們正在投資和提供解決方案來幫助我們的客戶。今年我們向市場推出了兩款新設備。投資於提高生產力的軟體功能，並重新推出了顛覆性的 VR 培訓產品組合。當我思考我們保護生命的使命並審視當今現有培訓環境的低效率時，我認為 VR 可能是我們最令人興奮的長期機會之一。

We are also spinning up more customers on a records product, getting TASER 10s in the hands of early adopters and ramping shipments of Axon Body 4. Something I find particularly encouraging is our new order book for TASER 10. I've talked about my excitement here for the past few quarters and even my expectations have been exceeded. Simply put, we have found product market fit very quickly, and the credit goes to Rick and our TASER pillar team led by Pat Madden for driving tremendous early results. Orders for TASER 10 after 3 quarters have already surpassed the first 6 quarters of TASER 7 orders, even as I read that, boggles my mind. That means 3 quarters in, our TASER 10 orders are pacing at over 4x the order rate we saw for TASER 7.

我們也在唱片產品上吸引更多客戶，將TASER 10 交到早期採用者手中，並增加Axon Body 4 的出貨量。我覺得特別令人鼓舞的是我們的TASER 10 新訂單。我已經談到了我的興奮在過去的幾個季度裡，甚至超出了我的預期。簡而言之，我們發現產品市場適應速度非常快，這要歸功於 Rick 和 Pat Madden 領導的 TASER 支柱團隊，他們在早期取得了巨大的成果。三個季度後 TASER 10 的訂單已經超過了 TASER 7 前 6 個季度的訂單，即使當我讀到這一點時，我還是感到難以置信。這意味著 3 個季度以來，我們的 TASER 10 訂單速度是 TASER 7 訂單速度的 4 倍以上。

What is encouraging is our top 3 TASER 10 orders each came from customers outside of our core state and local base, two being international customers and one in corrections. Another customer area that has me confident in our long-term strategy is our U.S. federal business, as you just saw in the video.

令人鼓舞的是，我們的前 3 個 TASER 10 訂單均來自我們核心州和當地基地以外的客戶，其中兩個是國際客戶，一個是矯正客戶。正如您剛剛在影片中看到的那樣，另一個讓我對我們的長期策略充滿信心的客戶領域是我們的美國聯邦業務。

Our products are meeting the needs in several applications for federal customers, where safety goes beyond the traditional state and localities and expands into the global footprint of our military bases where we can help protect those who have chosen to protect us. Five of our top 10 deals booked in the quarter came from federal customers, growing from a base of essentially 0 a few years ago. Finally, I will talk about the traction we are seeing internationally, which grew 52% in Q3.

我們的產品正在滿足聯邦客戶的多種應用需求，這些應用的安全性超越了傳統的州和地區，並擴展到我們軍事基地的全球足跡，在那裡我們可以幫助保護那些選擇保護我們的人。本季我們預訂的前 10 筆交易中有 5 筆來自聯邦客戶，而幾年前的基數基本上為 0。最後，我將談談我們在國際上看到的吸引力，第三季成長了 52%。

We think international is one of the largest opportunities in front of us today, and we are evangelizing the cloud higher in country heads in new markets and spending a lot of time growing our brand and presence overseas. We've got a line of sight into a strong close to our year, and we are building pipeline to support long-term growth. It's been an incredible journey, and it's easy to look back on what we've accomplished so far, but we don't spend a lot of time on that stuff at Axon. We're on to the next plan. Now I'll turn it over to Brittany to go through our financials in more details. Brittany?

我們認為國際化是當今我們面前最大的機會之一，我們正在新市場的國家領導人中進一步宣傳雲端運算，並花費大量時間在海外發展我們的品牌和影響力。我們已經展望了今年的強勁收官，並且正在建造管道以支持長期成長。這是一次令人難以置信的旅程，很容易回顧我們迄今為止所取得的成就，但我們在 Axon 並沒有花太多時間在這些事情上。我們正在進行下一個計劃。現在我將把它交給布列塔尼，以更詳細地了解我們的財務狀況。布列塔尼？

Thank you, Josh. We are pleased to report another strong quarter of top line revenue growth and improving profitability in 2023. Q3 2022 was my first earnings call with Axon, and we were still talking about hitting an adjusted EBITDA dollar target. So watching the team moved seamlessly to margins, over deliver and drop significantly more to the bottom line has been an exciting change that we're all proud of. I continue to be impressed each quarter by our team and the focus on operational excellence. We set hard expectations for ourselves, and we exceeded them again in Q3.

謝謝你，喬許。我們很高興地報告 2023 年又一個強勁的季度收入增長和盈利能力的提高。2022 年第三季度是我與 Axon 的第一次財報電話會議，我們仍在討論實現調整後的 EBITDA 美元目標。因此，看著團隊無縫地實現利潤、超額交付並顯著降低利潤，這是一個令人興奮的變化，我們都為此感到自豪。每個季度我們的團隊和對卓越營運的關注都給我留下了深刻的印象。我們為自己設定了嚴格的期望，並在第三季再次超越了它們。

Our top line revenue grew 33% year-over-year, and we saw adjusted EBITDA margins expand to 22.2%, which is 35% year-over-year growth. Software remains the largest driver of growth in our business with our cloud and services revenue growing 55% year-over-year. Our software business model remains a powerful growth engine. Our customers subscribe to a bundle of our products, and over time, we improve these products and deliver more new features and technology enhancements.

我們的營收年增 33%，調整後 EBITDA 利潤率擴大至 22.2%，較去年同期成長 35%。軟體仍然是我們業務成長的最大推動力，我們的雲端和服務收入年增 55%。我們的軟體業務模式仍然是強大的成長引擎。我們的客戶訂閱了我們的一系列產品，隨著時間的推移，我們改進這些產品並提供更多新功能和技術增強功能。

Our strong software growth is tied to multiple drivers. We see growth from new customers who sign new licenses and adopt future add-ons. We also see many existing customers expanding their needs and growing with us over time. This is a result of our relentless focus on solving customer problems and driving innovation in the ecosystem, as Rick discussed. You see that impact in our excellent net revenue retention rate of 122% and ARR growth of 54%. Axon Cloud and services revenue is now 36% of total revenue compared to 31% last year.

我們強勁的軟體成長與多種驅動因素​​密切相關。我們看到簽署新許可證並採用未來附加元件的新客戶的成長。我們也看到許多現有客戶不斷擴大他們的需求，並隨著時間的推移與我們一起成長。正如 Rick 所討論的，這是我們不懈地致力於解決客戶問題和推動生態系統創新的結果。您可以從我們 122% 的出色淨收入保留率和 54% 的 ARR 成長中看到這一影響。 Axon 雲端和服務收入目前佔總收入的 36%，而去年為 31%。

We are also seeing our new hardware product launches drive growth in our business. TASER 10 grew more than 50% sequentially, representing healthy demand and our ability to scale to meet that demand. Axon Body 4 made up the majority of our body camera shipments in the quarter and drove our growth in devices, along with continued strength in Fleet 3, supporting 45% annual growth in our Sensors hardware business.

我們也看到新硬體產品的推出推動了我們業務的成長。 TASER 10 環比成長超過 50%，代表健康的需求以及我們擴展以滿足該需求的能力。 Axon Body 4 占我們本季執法記錄器出貨量的大部分，推動了我們設備的成長，再加上 Fleet 3 的持續強勁，支持我們的感測器硬體業務實現 45% 的年增長。

Our third quarter gross margin of 61.7% exceeded our expectations on a higher mix of software revenue. Relative to last year, we saw our margins mix down slightly on increased TASER 10 revenue as well as increased revenue from sensors and professional services. We expect this impact to continue in Q4 with margins slightly below Q2 and Q3 on mix. Turning to operating expenses. We saw some leverage from both R&D and SG&A, supporting expansion in our adjusted EBITDA margin.

我們第三季的毛利率為 61.7%，超出了我們對更高軟體收入組合的預期。與去年相比，我們的利潤率因 TASER 10 收入增加以及感測器和專業服務收入增加而略有下降。我們預計這種影響將在第四季度持續，混合利潤率略低於第二季和第三季。轉向營運費用。我們看到研發和銷售、管理及管理方面的一些槓桿作用，支持我們調整後的 EBITDA 利潤率的擴張。

We continue to invest to ensure we are positioned for a multiyear growth opportunity and to support the continued scaling of our business. As I turn to our guidance, you will note our strengthening outlook on both revenue and adjusted EBITDA. We are pleased to increase our outlook again. We expect revenue for the fourth quarter to be in the range of $417 million to $420 million and fourth quarter adjusted EBITDA margin to be approximately 20%.

我們繼續投資，以確保我們能夠獲得多年的成長機會，並支持我們業務的持續擴展。當我轉向我們的指導時，您會注意到我們對收入和調整後 EBITDA 的展望都增強。我們很高興再次提高我們的展望。我們預計第四季度的營收將在 4.17 億美元至 4.2 億美元之間，第四季度調整後 EBITDA 利潤率約為 20%。

Our Q4 guidance implies an increase in our full year revenue outlook to approximately $1.55 billion or 30% growth year-over-year which is up from our prior guidance of $1.51 billion to $1.53 billion or 27% to 29% growth. Our fourth quarter adjusted EBITDA margin guidance implies a full year adjusted EBITDA margin expectation of approximately 20.8% or $322 million. This outlook is raised from our prior expectation of approximately 20% adjusted EBITDA margin for the full year or $302 million to $306 million.

我們的第四季指引意味著我們將全年營收前景提高至約15.5 億美元，即年增30%，高於我們先前的指引（15.1 億美元至15.3 億美元，即27% 至29% 成長） 。我們在第四季度調整後 EBITDA 利潤率指引意味著全年調整後 EBITDA 利潤率預期約為 20.8% 或 3.22 億美元。這項展望是根據我們先前預期的全年調整後 EBITDA 利潤率約為 20%（即 3.02 億美元至 3.06 億美元）而上調的。

Our increased revenue guidance factors in growing demand we are seeing across our product categories, including our premium bundle offerings and the successfully executed launches of TASER 10 and Axon Body 4. For 2024 and beyond, we remain confident in our ability to scale globally to unlock new customer segments and to introduce even more new products that drive highly profitable revenue growth. And with that, I would like to open it up to questions.

我們在各個產品類別中看到需求不斷增長，包括我們的優質捆綁產品以及TASER 10 和Axon Body 4 的成功發布，收入指導因素的增加。對於2024 年及以後，我們仍然對我們在全球範圍內擴展以解鎖的能力充滿信心新的客戶群並推出更多新產品，推動高利潤的收入成長。說到這裡，我想提出一些問題。

Let's take our first question from Keith Housum at Northcoast. Go ahead, Keith.

讓我們回答 Northcoast 的 Keith Housum 提出的第一個問題。繼續吧，基斯。

Appreciate it. In terms of your guidance for the fourth quarter, a level of precision that we have rationally not seen from you guys, the $417 million to $420 million. I guess perhaps comment on what gives you that, I guess, the level off of that level of precision today? And what has to happen in order for you guys to perhaps be at the top end or even exceed that guidance?

欣賞它。就你們對第四季的指導而言，我們在理性上沒有從你們那裡看到4.17億至4.2億美元的精確度。我想也許可以評論一下是什麼讓你達到了今天的精準度？為了讓你們能夠達到最高水準甚至超過指導，必須發生什麼事？

I think a lot of what you're seeing is we're just coming into our fourth quarter. And so there's only 1 quarter left in the year. As we look at that range in terms of what we're seeing on revenue, it just doesn't give a particularly wide range as you look back at the full year, so the look at the full year looks more precise and more tight based on what we're looking at for Q4. And then in terms of what we're baking in for Q4 or what we would need to see. It's really our estimate looking at our pipeline of customer deals we think we have in the quarter. We have good momentum, as you've seen across TASER 10 across Axon Body 4. And so we're factoring those in as we look at Q4 as well as what we think we'll be able to do from a software standpoint. So again, it's the best guess. We don't always nail it perfectly, but that's what we're looking at as we look at Q4 guidance.

我認為你看到的很多情況是我們剛剛進入第四季度。那麼今年只剩下一個季度了。當我們從收入的角度來看待這個範圍時，當你回顧全年時，它並沒有給出特別寬的範圍，所以對全年的看法看起來更精確，也更緊密。關於我們對第四季度的展望。然後是我們為第四季度準備的內容或我們需要看到的內容。這實際上是我們對本季客戶交易管道的估計。正如您在Axon Body 4 的TASER 10 中所看到的那樣，我們擁有良好的勢頭。因此，在我們審視第四季度以及我們認為從軟體角度來看我們能夠做的事情時，我們將這些因素考慮在內。再說一次，這是最好的猜測。我們並不總是完美地解決這個問題，但這就是我們在查看第四季度指導時所關注的內容。

That's great. And if you're on this call, we've got you, so you can -- you don't have to put your hands up. I mean we will be calling on you in the order that the random number generator selected. Okay. Trevor Walsh at JMP, you are up next.

那太棒了。如果您正在參加這個電話會議，我們已經找到您了，所以您可以 - 不必舉手。我的意思是，我們將按照隨機數產生器選擇的順序來拜訪您。好的。 JMP 的 Trevor Walsh，下一個就是你。

Great. Rick, maybe if you or even Josh, feel free to jump in. So I know IACP is a pretty major event for you guys and large builder of pipeline. What were you, I guess, hearing from customers there in terms of priorities for them, both kind of finishing out the year, but then looking into '24 and where you see budgets sort of going around either a particular product or just a particular use case of what the -- if there was anything that kind of stood out in terms of kind of what's top of mind for customers coming out of that event.

偉大的。 Rick，也許如果你甚至是 Josh，請隨意加入。所以我知道 IACP 對你們和大型管道建設者來說是一個非常重要的活動。我想，您從那裡的客戶那裡聽到的關於他們的優先事項的信息是什麼，都結束了這一年，但隨後研究 '24，您會看到預算圍繞特定產品或僅圍繞特定用途如果有什麼事情是從該活動中出來的顧客最關心的事情的話。

Let me start first. The thing that I heard that was most interesting this year was customers really embracing the full ecosystem. So if I go back maybe 3 years ago, as we were really scaling, I think we had some customers that were saying, "Well, geez, I don't know how much of my tech stack I want to put with one vendor" like you guys are getting to be a big part of our tech stack. And when I heard this year, was pretty universally customers not saying that, but saying we can't wait to deploy dispatch, for example. And these are customers who've never seen what we're doing in dispatch, and we're still in the early innings there. But the feedback was we've had such good luck when we deploy products and technology from Axon, it all just works so well and the customer service is so good.

讓我先開始吧。我聽說今年最有趣的是客戶真正擁抱整個生態系統。因此，如果我回到三年前，當我們真正進行擴展時，我想我們有一些客戶會說，「好吧，天啊，我不知道我想把多少技術堆疊交給供應商」就像你們將成為我們技術堆疊的重要組成部分一樣。當我今年聽說時，相當普遍的客戶並不是這麼說，而是說我們迫不及待地想要部署調度等。這些客戶從未見過我們在調度方面所做的事情，而我們仍處於早期階段。但反饋是，當我們部署 Axon 的產品和技術時，我們的運氣非常好，一切都運作良好，客戶服務也非常好。

So that was a really intriguing thing to me to feel that shift in dynamic where customers were just saying, we've done enough of this now and it just works so well when we go with you. We -- I had several chiefs in pretty big cities say, I would love to just be able to run my whole department on Axon because I trust you guys will deliver it, and it will be both excellent and will give me new capabilities that maybe I haven't even thought of yet. So that was really a positive general sentiment. Josh.

因此，對我來說，感受到動態的轉變是一件非常有趣的事情，客戶只是說，我們現在已經做得足夠多了，當我們與您合作時，效果非常好。我們——我在相當大城市的幾位主管說，我很樂意能夠在Axon 上管理我的整個部門，因為我相信你們會實現它，它會非常出色，並且會給我帶來新的功能，也許我還沒想到。所以這確實是一種正面的普遍情緒。喬許。

Yes. I'd just add, I think it was an incredible combination of amazing reception around our newer products, specifically VR, TASER 10 and Axon Records. But then an equally awesome reception to kind of the early showcase products that have not hit the market yet, which gives us a lot of confidence going into the next couple of years here that the things that we will be rolling out have already the perception of really good product market fit and should have a lot of demand associated with that. Of course, we've got to do a lot on our end to execute well and to make sure we go all the way to the finish line on those products, but that's always a really exciting thing to see when what you're building and resonates so clearly with our customers.

是的。我想補充一點，我認為這是我們新產品（特別是 VR、TASER 10 和 Axon Records）令人驚嘆的反響的令人難以置信的結合。但是，對尚未推出市場的早期展示產品也同樣表現出色，這讓我們對未來幾年充滿信心，因為我們將推出的產品已經得到了人們的認可。非常適合市場的產品，並且應該有很多與之相關的需求。當然，我們必須做很多事情才能很好地執行並確保我們一路走到這些產品的終點線，但是當您正在建造和使用時，看到這些總是一件非常令人興奮的事情與我們的客戶產生了明顯的共鳴。

The last one I'd want to add in, just to go into a little microcosm in terms of the detail was I think this was the year that VR flipped from sort of conceptually interesting to ready for prime time. We decided to wait for the all-in-one headsets. We did not want to push out a few years ago when installing VR room-based centers and more complexity. We felt waiting for the all-in-ones was going to mean you could deploy at much greater scale. Now that meant we had to do a lot of hardware development to make our TASER weapons work in a virtual world. And some of the early things we tried was based around hand tracking and just using motion sensors. And to be honest, that was -- we were sort of getting feedback from our customers. It was pretty buggy.

我想補充的最後一個細節是，我認為今年 VR 從概念上的有趣轉變為黃金時段。我們決定等待一體式耳機。幾年前，我們不想在安裝 VR 房間中心和更複雜的情況下推出。我們認為等待一體機意味著您可以進行更大規模的部署。現在這意味著我們必須進行大量的硬體開發才能使我們的泰瑟武器在虛擬世界中工作。我們早期嘗試的一些事情是基於手部追蹤並僅使用運動感測器。老實說，我們正在從客戶那裡得到回饋。這是相當糟糕的。

So we've bit the bullet about 18 months ago to go all in on developing specialized hardware with the integrated infrared tracking lights, the same [emitter] in the native HTC or Oculus controllers. And that has just gotten phenomenal customer feedback where, oh my gosh, this just works. It's very accurate. It's no longer sort of buggy, it needs to be recalibrated. So I think that was pretty exciting in terms of the near-term stuff that I think we've just had another product sort of crossover from that early developmental product market fit phase to where now it's just dialing it in, getting more hardware launched and scaling content.

因此，大約 18 個月前，我們咬緊牙關，全力開發帶有集成紅外線追蹤燈的專用硬件，這與原生 HTC 或 Oculus 控制器中的[發射器]相同。這剛剛得到了驚人的客戶反饋，天哪，這確實有效。這是非常準確的。它不再是有缺陷的，它需要重新校準。因此，我認為就近期的情況而言，這是非常令人興奮的，我認為我們剛剛有了另一種產品的交叉，從早期開發產品市場適應階段到現在只是撥入它，推出更多硬件，並且縮放內容。

And as I'm going down my list here, if you have video off as a courtesy, I'm not calling on you. So if you do want me to call on you just come on video and you're ready to be called on. Joe Cardoso at JPMorgan, you're up next. Go ahead, Joe.

當我在這裡列出我的清單時，如果您出於禮貌而關閉了視頻，我不會拜訪您。因此，如果您確實希望我拜訪您，只需透過視訊即可，然後您就可以接受拜訪了。摩根大通的喬卡多佐，下一個就是你。繼續吧，喬。

Yes. So maybe a couple of questions rolled into one. You showed the video in the beginning and talked to the opportunity in federal space or the military space. Can you outline perhaps the drivers as to why this opportunity is materializing in a more material way nowadays, maybe how large this opportunity could be for you guys? And which offerings are really resonating with the military folks.

是的。所以也許幾個問題合而為一。您一開始就展示了視頻，並談到了聯邦太空或軍事太空的機會。您能否概述為什麼這個機會如今以更物質的方式實現的驅動因素，也許這個機會對你們來說有多大？哪些產品真正引起了軍人的共鳴。

Yes. So I would start out by saying what's resonating is our existing product suite, which has been more focused on like military policing and protecting bases. This year, I think the -- I saw the light bulb click at AUSA in previous years, it felt like we were maybe a little bit of an outsider company from over a law enforcement that was coming into federal. This year, it felt like we were home. The promotional video is showing how you use live streaming cameras, counter drone, TASER 10 all in an integrated way, our vehicle-based fleet solutions. Our partnership with fuses on integrating multiple cameras from both partner agencies as well as the existing agency really resonated to where it just -- it felt like people saw what we could do in base security. What I'm really excited about for the future is we want to get into combat operations.

是的。因此，我首先要說的是，引起共鳴的是我們現有的產品套件，它更專注於軍事治安和保護基地等。今年，我認為前幾年我在 AUSA 看到了靈光乍現，感覺我們可能是一家來自即將進入聯邦的執法部門的局外人公司。今年，我們感覺就像回到家一樣。宣傳影片展示如何以整合方式使用直播攝影機、反無人機、TASER 10，以及我們基於車輛的車隊解決方案。我們與保險絲的合作夥伴關係，整合了來自合作夥伴機構以及現有機構的多個攝像頭，這確實引起了共鳴——感覺人們看到了我們在基地安全方面可以做的事情。我對未來真正感到興奮的是我們想要進入戰鬥行動。

And you made first saying, well, geez, if your mission is protect life, why would you want to do that? Well, because I believe successful military operations in the future will be those that kill the least, right? We racked up a big body count in Vietnam, and it didn't work. We've killed a lot of people in Iraq and Afghanistan and the more people we killed, they're less successful our mission was. You look at what's happening in the Middle East right now with Israel. Imagine if they had more precise drones and robotics, it could be going into those tunnels rather than dropping 2,000-pound bombs with tons of collateral damage.

你先說，好吧，天啊，如果你的使命是保護生命，為什麼要這麼做？嗯，因為我相信未來成功的軍事行動將是那些殺戮最少的行動，對嗎？我們在越南累積了大量的死亡人數，但這沒有用。我們在伊拉克和阿富汗殺了很多人，我們殺的人越多，我們的任務就越不成功。你看看中東現在與以色列發生的事。想像一下，如果他們擁有更精確的無人機和機器人，它可能會進入這些隧道，而不是投下 2,000 磅的炸彈並造成大量的附帶損害。

We will stay true to our mission to protect life. And I think look, when I wrote my book at The End of Killing. I believe we are closer to the end of war than it turned out. I was tragically and catastrophically wrong. You're seeing what's happening in Ukraine. But I think -- I wrote, I believe, in our shareholder newsletter last year or so imagine if we had invested in counter material drones that we could have provided to the Ukrainians where those drones would go out with fully autonomous artificial intelligence, not to kill people, to avoid people but to destroy equipment. If you could have brought 150,000 Russians to have to walk home because we destroyed the treads and the barrels and the engines on their equipment while minimizing human casualties.

我們將恪守保護生命的使命。我想，當我寫《殺戮的終結》一書時。我相信我們比實際情況更接近戰爭的結束。我犯了悲慘且災難性的錯誤。你正在看到烏克蘭正在發生的事情。但我認為，我相信，我去年在股東時事通訊中寫道，想像一下，如果我們投資了反材料無人機，我們可以向烏克蘭人提供這些無人機，這些無人機將配備完全自主的人工智慧，而不是殺人，是為了躲避人，卻是為了破壞裝備。如果你能帶 15 萬名俄羅斯人步行回家，因為我們摧毀了他們設備上的履帶、槍管和發動機，同時最大限度地減少了人員傷亡。

We think about -- we have plenty of lethality. We're not giving a lot of it to the Ukrainians because we're actually trying to tow the line of not over escalating. And I believe that sort of general thought process, how do we de-escalate the level of violence and death to accomplish our nation's priorities to those of other sort of [still-lives] nations is a huge opportunity. And this year at AUSA, for the first time, I had some conversations with people in senior positions in the military and military development programs. And I got a different emotional reaction. Now that's going to be years off, but I think the message is starting to resonate. No matter what the mission is, killing should always be a last resort, and we should put a lot more creativity into how we accomplish our mission while minimizing the loss of life.

我們認為──我們有足夠的殺傷力。我們不會向烏克蘭人提供太多援助，因為我們實際上是在努力避免局勢過度升級。我相信，我們如何降低暴力和死亡的程度，以實現我們國家相對於其他[靜物]國家的優先事項，這種整體思維過程是一個巨大的機會。今年在 AUSA，我第一次與軍事和軍事發展項目中的高級職位人士進行了一些對話。我得到了不同的情緒反應。現在距離這一切還需要幾年的時間，但我認為這個訊息已經開始引起共鳴。無論使命是什麼，殺戮永遠應該是最後的手段，我們應該在如何完成使命的同時最大限度地減少生命損失方面投入更多的創造力。

Just to follow up with some stats. You'll see some of these in the shareholder letter, but we have pegged the TAM, our total addressable market for federal at about $10 billion. And the other exciting fact we shared this quarter is that 5 of the top 10 deals we booked were in our federal business. And we've given a couple of examples of where we're getting really nice traction with federal customers. So the VA has gone live on Axon Records. The Department of Homeland Security has an IDIQ for our body worn cameras and our software. The U.S. Army is renewing its TASER modernization program and our first TASER contract with the U.S. federal government agency has been signed. So we're really seeing the momentum from the customers in the deals we're doing and in the bookings, and I think there's a pretty large opportunity out there just from an addressable market size to everything Rick talked to.

只是為了跟進一些統計數據。您會在股東信中看到其中的一些內容，但我們將 TAM（聯邦的總潛在市場）定為約 100 億美元。我們本季分享的另一個令人興奮的事實是，我們預訂的前 10 筆交易中有 5 筆是在我們的聯邦業務中。我們舉了幾個例子來說明我們在哪些方面受到了聯邦客戶的極大關注。因此 VA 已在 Axon Records 上上線。國土安全部為我們的隨身攝影機和軟體提供了 IDIQ。美國陸軍正在更新其泰瑟槍現代化計劃，我們與美國聯邦政府機構簽署了第一份泰瑟槍合約。因此，我們確實在我們正在進行的交易和預訂中看到了客戶的動力，我認為從可尋址的市場規模到里克談到的一切，都存在相當大的機會。

Totally. And to speak to the timing a little bit, I think key, as you heard Josh talk about before, our market expansion and our flywheel overall is this simple 2-phase approach to every new market, which is, first, we are in the right to sell to a new class of customers by taking our existing products and tailoring them in the ways that are needed to make them resonate and have product market fit with that new customer segment while we build out that sales channel. And then once we've done that and have brought them into the fold as an existing customer segment we're strong with then we've earned the right to go even bigger by building bespoke new products that are really tailored especially for that market segment.

完全。稍微談談時機，我認為關鍵是，正如您之前聽到喬什談論的那樣，我們的市場擴張和我們的飛輪整體是針對每個新市場的簡單的兩階段方法，也就是說，首先，我們處於我們有權透過採用我們現有的產品並以所需的方式對其進行定制，以使其產生共鳴並使產品市場適應新的客戶群，同時我們建立銷售管道，從而向新類別的客戶銷售產品。然後，一旦我們做到了這一點，並將它們作為我們強大的現有客戶群納入其中，那麼我們就獲得了透過建立真正專門針對該細分市場量身定制的客製化新產品來擴大規模的權利。

And that story is playing out resoundingly in federal. So over the last several years, we've made tons of investments in the background laying pipe with things like FedRAMP compliance, FedRAMP moderate than FedRAMP and IL-4 and towards IL-5, all of those sorts of things as well as hundreds of small little adjustments to all of our core hardware and software products to make them viable and ready exactly for these federal customers. And a great example of that is the VA going nationally live with Axon Records this quarter. And then what you'll start to see over time that opens us up into more of that TAM as well in addition to selling more and more our existing, you'll see us start to develop bespoke SKUs and product lines that are even more tailored just for federal.

這個故事正在聯邦地區引起轟動。因此，在過去幾年中，我們在後台鋪設管道方面進行了大量投資，例如 FedRAMP 合規性、FedRAMP 比 FedRAMP 和 IL-4 溫和，以及針對 IL-5，所有這些類型以及數百個對我們所有核心硬體和軟體產品進行一些小的調整，使它們切實可行並為這些聯邦客戶做好準備。一個很好的例子是 VA 本季與 Axon Records 一起在全國範圍內上線。隨著時間的推移，您將開始看到，除了銷售越來越多的現有產品之外，我們還開始開發更多的TAM，您將看到我們開始開發客製化的SKU 和產品線，這些產品甚至更加量身定制只是為了聯邦。

Yes. I want to come back on one last thing. I don't want my comment to be misinterpreted. When we, for example, say we want to drive down police shootings. We're not passing judgment on whether police were justified or not. And similarly with what's happening in Gaza right now, I'm not passing any judgment about the appropriateness of the use of force. The fact is I think what the Israelis are facing right now is in order to get the military targets they're going after. Those targets are embedded deeply in civilian -- they're intentionally buried in civilian epicenters. And so if you could imagine a world where a modern military could go in and put everybody to sleep and then sort out the good people from the bad people without a loss of life, that would be an amazingly important capability.

是的。我想回到最後一件事。我不希望我的評論被誤解。例如，當我們說我們想減少警察槍擊事件。我們不會對警察是否公正做出判斷。與目前在加薩發生的情況類似，我不會對使用武力的適當性做出任何判斷。事實上，我認為以色列人現在面臨的問題是為了獲得他們想要的軍事目標。這些目標深深紮根於平民之中──它們被故意埋在平民震央。因此，如果你能想像一個現代軍隊可以進入並讓每個人都入睡，然後在不造成人員傷亡的情況下將好人與壞人區分開來的世界，這將是一項非常重要的能力。

Now of course, I'm doing the imaginary end state of putting people gently to sleep, but there are steps we can begin to think about being much more precise in ways that are certainly causing less collateral damage and less lethality. And those are problems that get us really excited because I think we're seeing today's technology puts people in unwinnable situations with catastrophic outcomes. And we think us and other technologies need to give war fighters and police and everybody better tools to be able to do the legitimate jobs that governments need to do to protect their people without such technology that just requires inflecting a lot of death.

當然，現在我正在做想像中的最終狀態，讓人們輕輕入睡，但我們可以開始考慮採取更精確的步驟，以肯定會造成更少的附帶損害和更低的殺傷力。這些問題讓我們非常興奮，因為我認為我們看到今天的技術讓人們陷入了無法獲勝的境地，並帶來了災難性的後果。我們認為，我們和其他技術需要為戰士、警察和每個人提供更好的工具，以便能夠完成政府需要做的合法工作，以保護其人民，而無需這種只需要減少大量死亡的技術。

Next, Will Power at Baird. You are up, Will.

接下來是貝爾德的意志力。你起來了，威爾。

All right. Great. Yes. I want to shift gears to international, another area where you saw nice growth in the quarter. It'd be great just to have you kind of unpacked what's driving that? And It would be intertesting to know is body camera 4 starting to help lead that. Is TASER-10 starting to lead that? What do the adoption trends look like there across the new products? And what are you kind of leading with in any particular geographic areas that are standing out for you.

好的。偉大的。是的。我想轉向國際市場，這是本季成長良好的另一個領域。如果你能解開是什麼推動了這一點，那就太好了？有趣的是，知道隨身相機 4 是否開始幫助引領這一趨勢。 TASER-10 是否開始引領這股趨勢？新產品的採用趨勢如何？您在對您來說突出的特定地理區域中的領導是什麼？

Sure. Nice to see you, Will, thanks for the question. I would say it's -- there's a couple of kind of different threats to the story here. The first one is that in our Tier 1 markets, which you can talk about a lot, the U.K., Canada and Australia, those markets were just seeing wider adoption of the Axon network. So it's not only about tasers and body cams and in DEMS, it's about our DEMS add-ons and it's about Axon Fleet and Axon interview room and moving toward Axon Records. So we're really excited about just the proliferation of our products into those markets that mirror the U.S. most similarly. And then we've got essentially a number of other markets that are starting to adopt one Axon product for the first time.

當然。很高興見到你，威爾，謝謝你的提問。我想說的是──這裡的故事有幾種不同的威脅。第一個是在我們的一級市場，你可以經常談論這些市場，英國、加拿大和澳大利亞，這些市場剛剛看到 Axon 網路得到更廣泛的採用。因此，這不僅與 DEMS 中的泰瑟槍和隨身攝影機有關，還與我們的 DEMS 附加組件有關，與 Axon Fleet 和 Axon 採訪室以及向 Axon Records 的發展有關。因此，我們對我們的產品擴散到與美國最相似的市場感到非常興奮。然後，我們基本上有許多其他市場開始首次採用 Axon 產品。

A lot of the momentum has been on the TASER side. But more recently, we're actually starting to see some really encouraging signs in a few European markets adopting the cloud for the first time. So the growth of our international business will really be driven by continued execution in the Tier 1 markets but starting to see more historically rest of world markets start to look a lot more like those markets where they're adopting cloud, they're adopting TASER, they're using dEMS. They value body cameras and other wearables and camera technology. And just the combination of those things is really going to provide that foundation of growth for the international business. I still believe it's very possible over the next 5 to 7 years that our international business could be rivaling our U.S. business in terms of bookings. And once we get to that point, we feel really good about the revenue catching up over time. So that's really our focus right now, Will.

泰瑟槍方面的動力很大。但最近，我們實際上開始在一些歐洲市場首次看到一些真正令人鼓舞的跡象，這些跡象首次採用了雲端。因此，我們國際業務的成長實際上將由一級市場的持續執行所推動，但從歷史上看，世界其他市場開始看起來更像那些採用雲端的市場，他們正在採用 TASER ，他們正在使用 dEMS。他們重視隨身相機以及其他穿戴式裝置和相機技術。這些因素的結合確實將為國際業務的成長提供基礎。我仍然相信，在未來 5 到 7 年內，我們的國際業務很有可能在預訂量方面與我們的美國業務相媲美。一旦達到這一點，我們就會對收入隨著時間的推移而追趕上來感到非常滿意。所以這確實是我們現在的重點，威爾。

Josh, 1 thing I'd like to add there is it's sort of fun to watch the company develop where there is some really healthy internal competition. But our software started out really as an enabler for body cameras. And I remember maybe 5 or 6 years ago, there was a routing cry like we need our software to stand on its own is best in class. And so the country in Scotland, basically, their biggest [indiscernible] with us was not even with body cameras. It was digital events management for their entire ecosystem. And they're not really even using our body cameras at scale. So each area of the business, it all works better together, but we're now seeing the level of maturity across each of the subsegments to where they're winning best-in-class on their own, and that gives us multiple ways to try to enter any new market.

喬希，我想補充的一件事是，看到公司在存在真正健康的內部競爭的情況下發展是一件很有趣的事情。但我們的軟體最初實際上是作為執法記錄器的推動者。我記得大約五、六年前，有一種路由呼喊，就像我們需要我們的軟體能夠獨立運行，成為同類中最好的。因此，蘇格蘭這個國家，基本上，他們對我們最大的[音頻不清晰]甚至沒有隨身攝影機。這是整個生態系的數位事件管理。他們甚至沒有真正大規模使用我們的隨身攝影機。因此，業務的每個領域都可以更好地協同工作，但我們現在看到每個細分市場的成熟度水平，以及他們自己贏得同類最佳的水平，這為我們提供了多種方法嘗試進入任何新市場。

If i could maybe just follow up quickly. International has been lumpier generally, I think, for you all over a period of years. And yet it sounds like for your comments, you're seeing broader traction across a broader set of products. I mean how are you thinking about the broader pipeline internationally versus maybe where you were 1 or 2 years we go might provide confidence that this could be a more sustainable area of growth above the corporate average.

如果我可以的話，也許可以快速跟進。我認為，多年來，對你們所有人來說，國際市場總體上都比較不穩定。然而，聽起來你的評論表明，你看到了更廣泛的產品的更廣泛的吸引力。我的意思是，你如何看待更廣泛的國際管道，也許你一兩年前的情況可能會讓人相信，這可能是一個高於企業平均水平的更可持續的成長領域。

Sure. Yes. Our Head of International Sales, named Chris Kirby is doing a really good job managing the team toward out your pipeline. So the focus has really evolved from like, hey, what can we capture this quarter or this year? to how can we do that and build a pipeline 3x to 4x the size of the goal next year to just make sure that there's a little more consistency there. So well, there'll always be some lumpiness, especially in years where we feel like we've got a lot of TASER momentum because of just the nature of the revenue recognition on TASER versus the SaaS products. And so if large international police forces are buying tasers, you'll see some of those kind of lumpy onetime revenue events. But over the long term, I think that's -- we're already starting to see that kind of balance out, and that's buoyed by a foundation of video bookings and more video adoption.

當然。是的。我們的國際銷售主管 Chris Kirby 在管理團隊方面做得非常出色，以推動您的通路建立。因此，焦點實際上已經從「嘿，本季或今年我們能捕捉到什麼？」轉變為「嘿」。我們如何做到這一點，並建立一個規模為明年目標規模 3 到 4 倍的管道，以確保那裡有更多的一致性。所以，總是會有一些不穩定的情況，尤其是在我們覺得我們有很大的 TASER 動力的年份，因為 TASER 與 SaaS 產品的收入確認的性質不同。因此，如果大型國際警察部隊購買泰瑟槍，您會看到一些一次性收入事件。但從長遠來看，我認為我們已經開始看到這種平衡，而這要歸功於視訊預訂和更多視訊採用的基礎。

Mike Ng at Goldman Sachs Europe next.

接下來是高盛歐洲公司的 Mike Ng。

Mine is just on Axon Cloud and Services. So it seems like we've seen two consecutive quarters of greater than $15 million quarter-on-quarter revenue growth. I was just wondering if you could expand a little bit about the key drivers of the strengths. I know in the letter, you talked a little bit about moving more towards premium software bundles to growing installed base. Just any additional color that you could provide there would be great. And then is that a good way to think about Axon cloud and services growth going forward and kind of this teens sequential growth?

我的只是在 Axon 雲端和服務。因此，我們似乎已經連續兩個季度實現了超過 1500 萬美元的季度收入成長。我只是想知道您是否可以擴展優勢的關鍵驅動因素。我知道在信中，您談到了更多地轉向優質軟體包以擴大安裝基礎。只要你能提供任何額外的顏色就太好了。那麼，這是思考 Axon 雲端和服務未來成長以及青少年持續成長的好方法嗎？

Sure. Yes. We're -- Mike, we're really glad you asked that question because that's one of the things we're most proud of here to see in the results is just this excitement around the Axon Cloud suite of products. And the story here has been just multiple years of investment into new feature software add-ons, new enterprise software products, just finding product market fit and being rapidly adopted by our customer base. And ultimately, more and more customers are buying our premium offerings, starting with the Officer Safety Plan and then going up to the plus version of that and then the premium version of that.

當然。是的。我們——麥克，我們真的很高興你問了這個問題，因為我們在結果中看到的最令人自豪的事情之一就是圍繞 Axon Cloud 產品套件的興奮。這裡的故事只是多年來對新功能軟體插件、新企業軟體產品的投資，只是找到了適合市場的產品並被我們的客戶群迅速採用。最終，越來越多的客戶購買我們的優質產品，從軍官安全計畫開始，然後升級到增強版，然後是高級版。

And we've seen that the last couple of years, but now it's really starting to flow through into the revenue and the results. And so just more adoption of DEMS, more adoption of software add-ons, more adoption of records management, more adoption as our standard product, and it's really exciting to see all that come together to talked a lot about our flywheel of this idea that really OSP is the driver of that flywheel into new products, and that's exactly what we're seeing right now.

過去幾年我們已經看到了這一點，但現在它真正開始影響收入和業績。因此，更多地採用DEMS、更多地採用軟體附加元件、更多地採用記錄管理、更多地採用我們的標準產品，看到所有這些人聚集在一起談論我們的飛輪這一想法，真是令人們興奮OSP 確實是飛輪進入新產品的驅動力，而這正是我們現在所看到的。

So really proud of our product team for doing a great job understanding where this platform evidence.com, can take us and listening to our customers in terms of where they see value and then doing an incredible job of building those products and our sales team is doing a great job selling them on the back end. So things are aligning really, really nicely in the cloud business, and we're really excited about it.

我們的產品團隊非常自豪，他們很好地理解了這個平台evidence.com可以帶我們去哪裡，並傾聽我們的客戶認為價值所在，然後在構建這些產品方面做出了令人難以置信的工作，我們的銷售團隊在後端銷售方面做得很好。因此，雲端業務的發展非常非常好，我們對此感到非常興奮。

From a modeling standpoint for all of you guys, the only thing I would add is we have historically guided you to take an average of the last 6 to 8 quarters and think about that as the size of the step up in that revenue. I think because of this impact that Josh talked about of more and more customers moving to our premium bundles, the size of that step will start to get bigger every quarter. It probably won't be as big as it was this quarter though because you are seeing some of the benefit of the Fleet 3 installations start to turn on and come into that. So while there was nothing one time this quarter, you are seeing Fleet 3 come in. But I think we're also comfortable saying that because of premium, we are going to see slightly larger steps up each quarter in software than we have historically averaged out.

從你們所有人的建模角度來看，我唯一要補充的是，我們歷來指導你們取過去 6 到 8 個季度的平均值，並將其視為收入成長的規模。我認為，由於喬希談到的越來越多的客戶轉向我們的優質捆綁包的影響，這一步驟的規模將開始每個季度變得更大。不過，它可能不會像本季度那麼大，因為您會看到 Fleet 3 安裝的一些好處開始顯現並發揮作用。因此，雖然本季度什麼都沒有，但你會看到 Fleet 3 出現。但我認為我們也可以放心地說，由於溢價，我們每個季度都會看到軟體方面的進步比歷史平均水平稍大一些出去。

Wonderful. And maybe if I could just have a quick follow-up. If we assume a kind of continued step up in that cloud revenue, is there something that's offsetting that as you think about the consolidated revenue guidance for the fourth quarter on the product side?

精彩的。也許我能快速跟進。如果我們假設雲端收入持續成長，那麼當您考慮產品方面第四季度的綜合收入指導時，是否有什麼東西可以抵消這一點？

Yes. So I would say, I think the step-up in software is particularly large this quarter. So I don't think there's anything offsetting it. As you look at Q4, we're putting forth pretty healthy growth year-over-year, 24% to 25% -- That's on top of a Q4 quarter last year that grew about 55%. So I think it's still a very healthy guide that is taking into -- like taking into account the premium software piece, AB 4, TASER 10, all the momentum we're seeing.

是的。所以我想說，我認為本季軟體的進步特別大。所以我認為沒有什麼可以抵消它。從第四季度來看，我們預計將實現相當健康的同比增長，即 24% 至 25%——這是在去年第四季度增長約 55% 的基礎上實現的。所以我認為這仍然是一個非常健康的指南，就像考慮到高級軟體、AB 4、TASER 10 以及我們所看到的所有勢頭一樣。

Jonathan Ho at William Blair.

威廉布萊爾的喬納森何 (Jonathan Ho)。

Congrats on the strong quarter. Can you help us understand what some of the main components were that drove the 122% net retention growth this quarter?

恭喜季度表現強勁。您能否幫助我們了解哪些主要因素推動了本季 122% 的淨留存率成長？

Sure. Hey, look, it always helps when you have new products that people want to buy. That's the underlying thing there is, again, this goes back to our product team really doing a fantastic job just building new value into evidence.com, with these new software features that save legitimate time every police officer's shift. And so when we can keep showing that type of ROI every conversation on a renewal or an upsell is not only driven by satisfaction with what the customer already has but it's driven by interest in what we're doing next and how they can participate in that.

當然。嘿，看，當你有人們想要購買的新產品時，它總是有幫助的。這就是根本性的事情，這又要歸功於我們的產品團隊確實做了出色的工作，為evidence.com 創造了新的價值，這些新的軟體功能節省了每個警官輪班的合法時間。因此，當我們能夠不斷展示這種類型的投資回報率時，每次有關續訂或追加銷售的對話不僅是由對客戶已有產品的滿意度驅動的，而且是由對我們下一步要做的事情以及他們如何參與其中的興趣所驅動的。

And so when you have that combination, we have a very, very talented customer success organization that really drives deep relationships with our customers, any side on -- any account that is managed by a customer success manager at Axon, their NPS score is 81 right now. So that's an off-the-chart high number when you think about the range of NPS going from negative 100 to 100.

因此，當你擁有這種組合時，我們就擁有了一個非常非常有才華的客戶成功組織，它真正推動了與我們客戶的深厚關係，任何一方——任何由Axon 客戶成功經理管理的帳戶，他們的NPS 得分都是81現在。因此，當您考慮 NPS 的範圍從負 100 到 100 時，這是一個非常高的數字。

And so that just shows the type of trust these customers have built in our customer success team, our product team, our sales team and so forth. And so all those things being true, it actually is -- it just comes down to execution in terms of sales and account management to get these deals across the finish line, and we see ARPUs going up as a result. And then NRR is also rising as a result of that.

這正好顯示了這些客戶對我們的客戶成功團隊、產品團隊、銷售團隊等所建立的信任類型。因此，所有這些事情都是真的，事實上，這只是歸結為銷售和客戶管理方面的執行，以完成這些交易，我們看到 ARPU 隨之上升。 NRR 也因此上升。

Great. And then in terms of the DHS and U.S. federal government contracts that you've signed. Is there potentially a halo effect here, meaning this has helped you sell to other federal law enforcement agencies or international agencies that maybe look up to these federal and defense contracts.

偉大的。然後就您簽署的國土安全部和美國聯邦政府合約而言。這裡是否存在潛在的光環效應，這意味著這可以幫助您向其他可能關注這些聯邦和國防合約的聯邦執法機構或國際機構出售產品。

Sure. I'd say within the federal government, there's certainly a network effect there, no questions. Once we've started with being FedRAMP authorized. That was kind of a big breakthrough for us and then impact Level 5, et cetera, just all the kind of table stakes and clearances that our products needed to achieve. And then once the customer as a border protection has been a really great customer of ours. We heavily value that relationship and having a lot of momentum there has just kind of permeated out into other branches of the federal civilian space, Rick talked about the opportunity in the military as well. I think there is something there to leveraging our success federally into other international governments. That's happening a little bit here and there, but there is potential that, that could accelerate. So yes, I'm really pleased to see the types of network effects we've seen in the federal space.

當然。我想說，在聯邦政府內部，毫無疑問地存在著網路效應。一旦我們開始獲得 FedRAMP 授權。這對我們來說是一個重大突破，然後影響 5 級等等，只是我們的產品需要實現的所有賭注和許可。然後，曾經作為邊境保護的客戶一直是我們真正的偉大客戶。我們非常重視這種關係，那裡的勢頭已經滲透到聯邦民用領域的其他部門，里克也談到了軍隊的機會。我認為可以將我們在聯邦方面的成功運用到其他國際政府。這種情況時有發生，但有可能會加速。所以，是的，我真的很高興看到我們在聯邦領域看到的網路效應類型。

Meta Marshall at Morgan Stanley.

摩根士丹利的梅塔·馬歇爾。

Great. Thanks and congrats on the quarter. Maybe just as a first question, just in terms of kind of the increased ways that you guys plan to use AI and automation, just where are kind of customer conversations on just ways in which they want to see you incorporate some of these features, ways in which they just kind of want to get their heads around some of that? And then just maybe as a second question for you, Brittany. Gross margins obviously took a small step down quarter-on-quarter, but were better than expected. Is that some of that just from kind of the scale? Or is some of that just the ramp of Fleet 10, just kind of having smaller headwinds than expected sorry.

偉大的。感謝並祝賀本季。也許只是作為第一個問題，就你們計劃使用人工智慧和自動化的更多方式而言，客戶在哪裡進行對話，討論他們希望看到你們整合其中一些功能的方式、方式他們只是想了解其中的一些內容？然後也許是你的第二個問題，布列塔尼。毛利率較上季明顯小幅下降，但優於預期。這只是從某種規模來看嗎？或者其中一些只是第 10 艦隊的坡道，只是阻力比預期的要小，抱歉。

Let me start with the AI question and we're going to be a little cagey here, I will tell you at IACP, I was showcasing a prototype, a functioning prototype of an AI-powered service, and it got, if not the strongest, one of the most positive strongest reactions I've ever seen in a product. Obviously, we have a ton of data that we could be running AI on. The art of this is to figure out where can we create maximum customer value while mitigating the risks that are associated with what can go wrong in AI, and we think we found at least one very powerful use case but I'm not going to give any more details for competitive reasons, but stay tuned. Exciting times ahead.

讓我從人工智慧問題開始，我們在這裡要有點謹慎，我會在 IACP 上告訴你，我展示了一個原型，一個人工智慧驅動服務的功能原型，它即使不是最強的，也有，這是我在產品中見過的最積極、最強烈的反應之一。顯然，我們擁有大量可以運行人工智慧的數據。這方面的藝術在於弄清楚我們在哪裡可以創造最大的客戶價值，同時減輕與人工智慧可能出現問題相關的風險，我們認為我們至少找到了一個非常強大的用例，但我不會給出出於競爭原因，如有更多詳細信息，請繼續關注。激動人心的時刻即將到來。

Okay. which leaves us with gross margins. So I would say gross margins were better than expected. Really, on the incredibly strong software performance in the quarter. So our software business is gross margin accretive for us. And so the more we build up there, the better overall impact for our gross margin. So I would drive most of the outperformance there. As I think about why was it down still a bit year-over-year or quarter-over-quarter, that's really just on mix of our sensors business and the fact that our Sensors business also performed incredibly well. and the fact that our TASER 10 is also performing quite well. Our TASER margins overall improved quarter-over-quarter, but the mix in there of TASER 10 was quite high.

好的。這給我們留下了毛利率。所以我想說毛利率比預期好。確實，本季軟體表現異常強勁。因此，我們的軟體業務為我們增加了毛利率。因此，我們在那裡建立的越多，對我們毛利率的整體影響就越大。所以我會推動大部分錶現出色。當我思考為什麼它仍然同比或環比下降時，這實際上只是我們的感測器業務以及我們的感測器業務也表現得非常出色這一事實的結合。事實上，我們的 TASER 10 也表現得相當出色。我們的 TASER 利潤率總體上環比有所改善，但 TASER 10 的組合相當高。

Josh Reilly at Needham, you are up.

Needham 的 Josh Reilly，你起來了。

All right. In terms of the Department of Veterans Affairs records win, can you just discuss what some of the factors were in that win? That's obviously a very large deployment. Curious if your openness to third party, your best-of-breed modules was a factor in that one.

好的。就退伍軍人事務部的獲勝記錄而言，您能否討論一下獲勝的一些因素？這顯然是一個非常龐大的部署。很好奇您對第三方的開放程度、您的最佳模組是否是其中的一個因素。

Josh, thanks for the question. And to answer it directly, no, that wasn't a big driver. Instead, it was just this connected story around digital evidence and reporting. And that, we think, is consistent across pretty much every customer interested in Axon Records, which is they just see this link where, hey, if you have the video and you see what happened in the video, like what effect does that have on the ability to write a police report easily and in a scalable and simple way. And so going back, Bryan Wheeler, we've talked about from time to time in terms of his leadership of our records product and his team just continues to perform very well in that regard, and our customers are seeing the value. And then like we've mentioned before, having a FedRAMP-authorized cloud RMS product just aids in the momentum there. So it's really a combination of those things all coming together.

喬什，謝謝你的提問。直接回答這個問題，不，這不是一個很大的驅動因素。相反，這只是圍繞數位證據和報告的相互關聯的故事。我們認為，幾乎所有對 Axon Records 感興趣的客戶都是一致的，他們只是看到這個鏈接，嘿，如果你有視頻，你會看到視頻中發生了什麼，比如這對能夠以可擴展且簡單的方式輕鬆撰寫警方報告。回過頭來，布萊恩·惠勒（Bryan Wheeler），我們不時談論他對我們唱片產品的領導力，他的團隊在這方面繼續表現出色，我們的客戶也看到了其中的價值。正如我們之前提到的，擁有 FedRAMP 授權的雲端 RMS 產品只會有助於推動這一勢頭。所以這實際上是所有這些事情的結合。

There are two other things I would add. One is just the customer relationship, namely, as they deployed our Evidence.com and other products they just had a great experience that they shared with us was just different than they have had with previous technology. So that set us up for the win. Then the other piece I would say is, we made a decision years ago and we were building records that we were not going to go try to win in RFPs for record systems because we believe that's a recipe for building bad software.

我還想補充兩件事。一是客戶關係，即，當他們部署我們的 Evidence.com 和其他產品時，他們與我們分享的體驗與他們使用以前的技術所獲得的體驗完全不同。這讓我們為勝利做好了準備。我要說的另一件事是，我們幾年前就做出了一個決定，我們正在建立記錄，但我們不會試圖贏得記錄系統的 RFP，因為我們相信這是建立糟糕軟體的秘訣。

If you build 800 check boxes that all look great on the paper report you submit for the RFP. You're going to build a lot of breadth and there's almost no reward for good user experience. And we structured a lot of our go-to-market around how do we win in the hands of the user and set this up where we can build great software that does the most important things really, really, really well and then integrate in other systems to handle sort of the fringes and the breadth of it.

如果您建立 800 個複選框，這些複選框在您為 RFP 提交的紙本報告上看起來都很棒。你將建立很大的廣度，但良好的用戶體驗幾乎沒有任何獎勵。我們的許多行銷都是圍繞著如何贏得用戶的青睞來構建的，我們可以構建出色的軟體，真正、非常、非常好地完成最重要的事情，然後整合到其他應用程式中。處理各種邊緣及其廣度的系統。

And I think that was pretty important here where what we were able to show them was a functional system that they could test out and go, wow, like this just works great in the hands of the user because we spent the time to build it that way, bringing in people with consumer backgrounds that are used to building UI that's got to be super intuitive. Not built to a large government spec document, no offense to government procurement specifications, but there's a reason government spec software is typically not great, and that's because you're building it to very large specs.

我認為這裡非常重要，我們能夠向他們展示的是一個功能係統，他們可以測試並使用，哇，就像這在用戶手中效果很好，因為我們花了時間來構建它方式，引入具有消費者背景、習慣建構必須超級直覺的使用者介面的人。不是根據大型政府規範文件構建的，無意冒犯政府採購規範，但政府規範軟體通常不太好是有原因的，那是因為您正在按照非常大的規範構建它。

And in there, there's typically not a real easy way to quantify the user experience. And we focus on user experience first and then identifying which of those specs are the really important ones to the people actually using it. And I think that philosophy, we did not expect to win a federal agency this early in records life cycle. So it was a really pleasant surprise.

在那裡，通常沒有一種真正簡單的方法來量化使用者體驗。我們首先關注使用者體驗，然後確定哪些規格對於實際使用它的人來說真正重要。我認為，按照這個理念，我們沒想到在記錄生命週期的早期就贏得了聯邦機構的支持。所以這真是個驚喜。

Got it. And then just a follow-up on the profitability piece. You've done a really nice job of managing profitability and higher margins over the last year. As we see this the growth opportunity in terms of revenue appears sustainable even in this kind of challenging macro. Should we expect additional hiring over the coming quarters? Or can you manage the growth in the business with kind of the current headcount, which would imply more operating leverage is coming.

知道了。然後是獲利部分的後續行動。去年，你們在管理獲利能力和提高利潤率方面做得非常好。正如我們所看到的，即使在這種充滿挑戰的宏觀環境下，收入的成長機會似乎也是可持續的。我們是否應該預計未來幾季會增加招募？或者您可以用目前的員工人數來管理業務的成長，這意味著即將到來更多的營運槓桿。

I think a bit of both. So we're absolutely going to keep hiring. I think, first of all, our stated goal in R&D is to invest basically top line growth back into R&D. You can hear all of the exciting things that even with what we're doing, we still feel like we can work on and we have in front of us. And so there's going to continue to be a very robust piece of hiring from an R&D standpoint. Again, we won't get ahead of our revenue growth, but we're really investing there. Then on the SG&A side, we will absolutely get leverage in SG&A, but we can't do what we need to do with flat head count from where we are today. We do need to continue to invest. Some of that is in sales.

我覺得兩者都有一點。所以我們絕對會繼續招募。我認為，首先，我們在研發方面的既定目標是將基本收入成長投資回研發。你可以聽到所有令人興奮的事情，即使我們正在做的事情，我們仍然覺得我們可以繼續努力，而且我們面前有一切。因此，從研發的角度來看，將會持續進行非常強勁的招募。再說一遍，我們不會超越收入成長，但我們確實在這方面進行了投資。然後在SG&A方面，我們絕對會在SG&A方面獲得槓桿作用，但從目前的情況來看，我們無法用扁平的員工人數做我們需要做的事情。我們確實需要繼續投資。其中一些是在銷售方面。

But honestly, a lot of that is really on the G&A side as we figure out how we can get this company to support the level of top line growth that we're delivering on better IT systems, get our material weakness remediated do a lot of that housekeeping that hopefully, we very much keep in the background and you don't see but will require investment to deliver nicely on all of these opportunities in front of us. And we'll give you some leverage too because we still have our 25% adjusted EBITDA margin target out there. So hopefully, this year shows that we can deliver and head towards that, and you all believe us that we're going to hit that. But there is a balance to do between here and there.

但老實說，其中很多確實是在一般行政費用方面，因為我們想知道如何讓這家公司支持我們正在提供更好的 IT 系統的營收增長水平，糾正我們的實質性弱點，做很多事情希望我們將內務管理放在幕後，您看不到，但需要投資才能很好地實現我們面前的所有這些機會。我們也會為您提供一些槓桿，因為我們仍然有 25% 的調整後 EBITDA 利潤率目標。因此，希望今年能表明我們能夠實現這一目標並朝著這一目標前進，並且你們都相信我們將實現這一目標。但這裡和那裡之間需要保持平衡。

And of course, world-class tech recruiting requires world-class tech recruiters. So that's also a part of that fun picture.

當然，世界一流的科技招募需要世界一流的科技招募人員。這也是那個有趣的畫面的一部分。

Awesome. I want to respect Jeremy Hamblin at Craig-Hallum. We haven't called on you, you've been off video. Do you want to ask a question? I know people are juggling multiple earnings calls. And does anybody have any follow-ups. No, we've got Jeremy. Jeremy, go ahead. You're up.

驚人的。我想尊重克雷格哈勒姆學院的傑里米·漢布林。我們還沒打電話給你，你已經關閉視訊了。你想問一個問題嗎？我知道人們正在處理多次財報電話會議。還有人有後續行動嗎？不，我們有傑里米。傑里米，繼續吧。你起來了。

Yes. Yes, juggling calls here. I wanted to -- and apologies if you've gone through this a little bit already. But I wanted to come back into the fleet product just to understand where we are in terms of -- it looks like you've really continued to gain share in that product. And in terms of where we go in the platform in tying that in more holistically with some of the things you're trying to do on the AI side of the business, as we move a couple of, let's say, years down the road. I wanted to just understand in terms of where you think about the TAM on that portion of the business. and whether or not just the total value of what the fleet business is changed from where it might have been a couple of years ago.

是的。是的，在這裡雜耍呼叫。我想——如果你已經經歷過這一點，我深感抱歉。但我想回到車隊產品，只是為了了解我們在這方面的情況——看起來你們確實在繼續獲得該產品的份額。就我們在平台中的發展方向而言，將其與您在業務的人工智慧方面嘗試做的一些事情更全面地結合起來，因為我們將在未來幾年，比如說幾年後進行。我只是想了解一下您對 TAM 對這部分業務的看法。以及車隊業務的總價值是否與幾年前相比發生了變化。

Well, let me start on this one. This is one where I was just wrong. I assumed that body cameras would obsolete in-car cameras. And I believed that once body camera became ubiquitous, there would be less reason to have camera car. And that's the one where just I was wrong. And what I learned was that customers who've had in car cameras want to keep that perspective, especially state highway patrols, where a lot happens in front of the vehicle and the availability of expert battery power and the ability to put more sensors to be able to do things like license plate reading, which would be not possible given the battery constraints in the body camera.

好吧，讓我從這個開始。這是我錯的地方。我認為隨身攝影機會淘汰車載攝影機。我相信，一旦執法記錄器變得無所不在，那麼擁有攝影機汽車的理由就會減少。這就是我錯的地方。我了解到，使用過車載攝影機的客戶希望保持這種視角，尤其是州高速公路巡邏，因為車輛前方會發生很多事情，並且需要專業的電池電源以及安裝更多感測器的能力。能夠執行諸如車牌閱讀取之類的操作，但考慮到隨身攝影機的電池限制，這是不可能的。

So I'm happy to have been wrong and had people who, together with our customers, who educated me on that, where now we have a sizable and I think the market-leading fleet product. And we're finding other areas in some adjacent markets and ambulances and EMS, I think, even in the military, starting with vehicles that are more like military policing vehicles.

因此，我很高興自己犯了錯誤，並且有人與我們的客戶一起在這方面對我進行了教育，現在我們擁有規模龐大且我認為是市場領先的車隊產品。我認為，我們正在一些鄰近市場的其他領域以及救護車和緊急醫療服務，甚至在軍隊中，從更像軍警車輛的車輛開始。

But over time, the array of capability and our ability to move at sort of commercial speed to bring AI and sensor capabilities, I think there could be opportunities for us to move up the value chain from just sort of policing vehicles into other types of vehicles where we can integrate our network, all of our workflow together with our sensor development and of course, in the future AI running on all that data. So I don't know if I could give an exact TAM comparison between the two. But I would say that the vehicle fleet business is certainly here to stay and it just -- it has different needs and requirements, and you can do more when you've got access to power and a little more space to be able to put more equipment and more powerful sensors.

但隨著時間的推移，一系列的能力以及我們以某種商業速度發展人工智慧和感測器能力的能力，我認為我們可能有機會將價值鏈從警用車輛提升到其他類型的車輛我們可以將我們的網路、所有工作流程與感測器開發整合在一起，當然，未來人工智慧也可以在所有這些數據上運作。所以我不知道是否可以對兩者進行準確的 TAM 比較。但我想說的是，車隊業務肯定會繼續存在，只是——它有不同的需求和要求，當你獲得電力和更多的空間來放置更多東西時，你可以做更多的事情。設備和更強大的感測器。

Yes. No, that's to the crux of the question. And then just a follow-up also on a comment that Brittany had made. In terms of the kind of the cloud portion of the business and thinking about these slightly larger jumps that we're going to see in that business. Just wanted to understand in terms of thinking a year or two years down the road on your gross margins, given what you're generating on that portion of the business and the bigger jumps. Is that something that we should expect the model to iterate as we drive towards 25% EBITDA margins. Is that going to be a decent portion of what gets us there?

是的。不，這才是問題的關鍵。然後是對布列塔尼發表的評論的後續行動。就業務的雲部分類型而言，並考慮我們將在該業務中看到的這些稍大的跳躍。只是想了解未來一年或兩年的毛利率，考慮到您在這部分業務上產生的收入和更大的跳躍。當我們朝著 25% 的 EBITDA 利潤率邁進時，我們應該期望模型會迭代這一點嗎？這會成為我們實現這目標的重要部分嗎？

We haven't given any commentary on how we get to that 25% between gross margins and OpEx leverage other than to say we're obviously looking really closely at both of them. I think for as much as software is a benefit to our overall gross margins. You also see incredible success in our Sensors business, and that's a drag on gross margins. I'd still take all the growth we get from there. And to your question on fleet. Right now, that's part of our $9 billion camera TAM, but I think we still feel like we've got nice penetration opportunities and good runway in front of us on fleet still. We've talked a little bit about how we were playing catch-up this year and next year will normalize a bit.

我們沒有對如何實現毛利率和營運支出槓桿之間的 25% 給出任何評論，只是說我們顯然正在密切關注這兩者。我認為軟體對我們的整體毛利率有好處。您還看到我們的感測器業務取得了令人難以置信的成功，這拖累了毛利率。我仍然會接受我們從那裡獲得的所有成長。關於你關於艦隊的問題。目前，這是我們價值 90 億美元的相機 TAM 的一部分，但我認為我們仍然感覺到我們的機隊仍然擁有很好的滲透機會和良好的跑道。我們已經討論了今年我們如何追趕，明年將趨於正常化。

But it's really some of those mix dynamics that we're going to be working on as we balance between gross margin and OpEx leverage. I think the last thing we've been focused on is improving our overall TASER gross margins as we continue to leverage and scale TASER 10. So we've got a couple of benefits to gross margin over the next couple of years and then we just have to balance that out with mix, if that makes sense.

但當我們在毛利率和營運支出槓桿之間取得平衡時，我們確實要研究其中的一些混合動態。我認為我們關注的最後一件事是隨著我們繼續利用和擴大 TASER 10 的規模，提高我們的整體 TASER 毛利率。因此，在未來幾年裡，我們的毛利率將得到一些好處，然後我們就如果有意義的話，必須透過混合來平衡這一點。

Thank you. One more from Jonathan Ho at William Blair, and then we will close out.

謝謝。威廉布萊爾 (William Blair) 的喬納森何 (Jonathan Ho) 又發了一篇文章，然後我們就結束了。

Just one final question for me. Just given the TASER 10 strength that you referenced on the call, have you been able to ship to the demand? Or is there potentially an accumulation of backlog here as well?

對我來說還有最後一個問題。考慮到您在電話中提到的 TASER 10 強度，您是否能夠滿足需求？或者這裡也可能有積壓的情況嗎？

I was going to say it's a great question. We are working really hard to ramp our capacity, but I think you can see from some of the growth numbers and some of what we have been delivering or doing a nice job getting our capacity ramped up as we continue to go into next year, what we're really working on is getting more of that capacity automated.

我想說這是一個很好的問題。我們正在非常努力地提高我們的產能，但我認為您可以從一些成長數字以及我們一直在交付或做得很好的工作中看到，隨著我們繼續進入明年，我們的產能得到了提高，什麼我們真正致力於的是讓更多的產能自動化。

All right. Rick, go ahead and close this out.

好的。瑞克，繼續吧，結束這一切。

Alright. Before me saying off, I want to take a moment to acknowledge and thank you, Andrea James. This is going to be Andrea's last quarterly earnings call with us here on Zoom. So after a fast-paced and transformative 6 years with Axon leading investor relations, strategy and communication. A.J. is going to take some time to reset and enjoy the fruits of the success that she's had and has driven here at Axon. A.J. has been one of my closest personal advisers. And so as we've got to the end of the last XSP, and we had some conversations about life and future.

好吧。在我說之前，我想花一點時間感謝你，安德里亞詹姆斯。這將是 Andrea 在 Zoom 上與我們舉行的最後一次季度財報電話會議。在 Axon 領導投資者關係、策略和溝通領域度過了快節奏、變革性的 6 年後。 A.J.需要一些時間來重新調整並享受她在 Axon 的成功成果。 A.J.是我最親密的個人顧問之一。當我們完成最後一個 XSP 時，我們進行了一些關於生活和未來的對話。

I remember one of my favorite quotes from (inaudible) the most important decisions we make are how we spend our time. And back around 2013, when my kids were in preschool, I had a wonderful opportunity to go spend a year in Europe and walk my kids to kindergarten every day and talking with A.J. about her budding and growing family. I couldn't disagree with the assessment that how she spends her time might be to take advantage of some of the success from Axon.

我記得我最喜歡的一句話（聽不清楚）是我們所做的最重要的決定是如何度過我們的時間。早在 2013 年左右，當我的孩子們上學前班時，我有一個很好的機會去歐洲度過一年，每天陪我的孩子們去幼兒園，並與 A.J. 交談。關於她正在萌芽和成長的家庭。我不能不同意這樣的評估：她如何度過自己的時間可能是為了利用 Axon 的一些成功。

So we talked about her doing advisory and board work, given the amazing experience he's had at Tesla and here in Axon. So I'll be keeping you on speed dial, A.J. And just very personally and professionally grateful to have you a colleague and a friend. I want to acknowledge your great service towards our mission. I know she's also formed relationships with so many of you, and it's not fully goodbye. She'll continue to support us behind the scenes. In an advisory role into at least the middle of next year to ensure a smooth transition.

鑑於他在特斯拉和 Axon 的出色經歷，我們討論了她從事顧問和董事會工作的情況。所以我會讓你保持快速撥號，A.J.我個人和職業上都非常感謝您成為我的同事和朋友。我要感謝您為我們的使命所做的出色服務。我知道她也和你們很多人建立了關係，但這並不是完全的告別。她將繼續在幕後支持我們。至少在明年中期擔任顧問，以確保平穩過渡。

And we are drilled that Eric joined us earlier this year to lead our IR efforts. He's really hit the ground running. He's really there to catch the baton from one of the greats. And having been an analyst in our industry for several years, Eric, that is before joining Axon. And with that, I want to thank all of you for joining. We're proud of our team's execution. We're confident in our profitable growth. We look forward to a strong finish to the year. I wish you all a happy and wonderful holiday season. I hope the world finds more peace, and we will see you all in February.

我們深知埃里克於今年早些時候加入我們，領導我們的 IR 工作。他真的是一馬當先。他確實是來接過一位偉人手中的接力棒的。 Eric，在加入 Axon 之前，已經在我們這個行業擔任分析師多年了。在此，我要感謝大家的加入。我們為我們團隊的執行力感到自豪。我們對獲利成長充滿信心。我們期待今年有一個強勁的收官。祝大家有個快樂又美好的假期。希望世界更和平，我們二月再見。